Speaker 1: Yo, this is real talk. I am not afraid of
Speaker 1: what's happening in the pandemic financially because this is not
Speaker 1: my first financial crisis and I've been broken before, so
Speaker 1: we have definitely been collectively broken. Yes, And you know what,
Speaker 1: if I had to be broke with anybody, I want
Speaker 1: to be broke with you. You're saying that because you've
Speaker 1: already been broke with me. Dead As Baby. Hey, I'm
Speaker 1: Cadine and we're the ellis Is. You may know us
Speaker 1: for posting funny videos without boys and reading each other
Speaker 1: publicly as a form of we are making me derby
Speaker 1: most days. And one more important thing to mention, we're married. Yes,
Speaker 1: so we are. We created this podcast to open dialogue
Speaker 1: about some of life's most taboo topics, things most folks
Speaker 1: don't want to talk about through the lens of a
Speaker 1: millennial married couple. Dead ass is a term that we
Speaker 1: say every day. So when we say that ass, we're
Speaker 1: actually seeing fast the truth, the whole truth, and nothing
Speaker 1: but the truth. We're about to take pillow talk to
Speaker 1: our whole new level. Dead As starts right now. Okay,
Speaker 1: so this story time takes place about two times decades apart,
Speaker 1: two thousand nine. I told this story before two nine,
Speaker 1: come back from the NFL. Lose a lot of money
Speaker 1: during the economic crisis, during the recession boom, Me and
Speaker 1: Cane moved back to our apartment and we have no
Speaker 1: money none. I get cut by the NFL codein is
Speaker 1: not working. We lose a lot of money in the
Speaker 1: stock market and in doing all the right things, doing
Speaker 1: all the right things, just so you know exactly buying change,
Speaker 1: buying car you did. So I just want to start
Speaker 1: there so people know that that's where coming from. Fast forward,
Speaker 1: the pandemic starts to happen in in March, they started
Speaker 1: to shut down, and the first thing going through my
Speaker 1: mind is how can I pivot? So immediately I'm thinking
Speaker 1: about the fact that I probably won't be filming, we
Speaker 1: won't be able to do any events, we won't be
Speaker 1: able to do the Dead Ass podcast, because that was,
Speaker 1: you know, gonna gonna be huge for us, and it
Speaker 1: was what is the most important thing right now? Digital marketing,
Speaker 1: digital content. So you know what I did. I decided
Speaker 1: to sit down and create more content, put all my
Speaker 1: finances into a secure place, speaking my financial advisors, and
Speaker 1: focused on how to recreate myself, and ultimately that's what
Speaker 1: I did for the next three months, recreated who we
Speaker 1: were in the digital space. You know, when we talk
Speaker 1: about finances, money, Dallas, coin, to have the bag, whatever
Speaker 1: you I want to talk about securing automatically, Automatically, I
Speaker 1: started to think my girl and her song. I was
Speaker 1: born to flex diamonds on my neck. I like bored
Speaker 1: and just I like more than sex, but nothing in
Speaker 1: this world I like more than checks. Money I really
Speaker 1: want to see. It's a I don't really need to
Speaker 1: d I need the A. I got bands in the coop,
Speaker 1: but in out the roof, I got touch me. I'll
Speaker 1: shoot or maybe I won't. But you know, hey, let
Speaker 1: me tell you something. You do get super excited about
Speaker 1: spending money. Hey, I get excited about making it too,
Speaker 1: though equally so you can spend. Yeah, I get more
Speaker 1: excited about making it. I don't really care that much
Speaker 1: about spending. You know, a lot has happened to talk
Speaker 1: about the shift, though, Talk about the shift, because you know,
Speaker 1: we had the moment in time, like you said in Storytime,
Speaker 1: back in two thousand nine, where you know, we were
Speaker 1: living a pretty decent life. You were in the NFL,
Speaker 1: you know, we made the right investments with money, we
Speaker 1: were doing our thing, um, and then lost all of
Speaker 1: that in doing the right thing, So we went back
Speaker 1: to rock bottom. And then there was a greater respect
Speaker 1: that I'd gained as well for having to rebuild. And
Speaker 1: then through rebuilding, now I got a little Scrooge McDuck
Speaker 1: in me, I do, I will say, got a little
Speaker 1: Scrooge McDuck in me. Um. You know you and I
Speaker 1: think two more are more or more apt to help
Speaker 1: others as well too. So it's like, you know, and
Speaker 1: I feel like that's why we continue to be blessed,
Speaker 1: because we were able to create a space and a
Speaker 1: platform where we can now employ you know, people who
Speaker 1: were friends, but also professionals, families who are professionals with
Speaker 1: their respective fields, you know. So I feel like that's
Speaker 1: why we continue to be blessed. Look, I've said it
Speaker 1: on this platform with that, and I've said it to
Speaker 1: you that I want to be super rich and famous
Speaker 1: so that I could help provide opportunities for other people.
Speaker 1: Like that is my goal. I want to be super
Speaker 1: duper rich and famous for that soul purpose, Like I
Speaker 1: want to be able to create jobs, create industries, move markets.
Speaker 1: I really want to be able to do that, and
Speaker 1: I want to do that for my people. I want
Speaker 1: to do that for the people who look like me,
Speaker 1: are the people who've gone through the struggle that we've
Speaker 1: gone through. I want to do that. So I am
Speaker 1: right there with you. I'm right there with you. I mean,
Speaker 1: if there's one thing the pandemic taught us, and it's
Speaker 1: that if you stay ready, you don't got to get ready,
Speaker 1: you know what I mean. Well, however, we were not
Speaker 1: prepared for something of this magnitude, Like, let's be real,
Speaker 1: who really thought that the entire country, world for that matter,
Speaker 1: was going to shut down to the extent that it did. Well,
Speaker 1: you know, we weren't. I wasn't prepared for a pandemic,
Speaker 1: But after going through everything I went through in two
Speaker 1: thousand nine, I was super prepared for trying to maintain
Speaker 1: my finances and try to pivot. Like to me, the
Speaker 1: pivot was the easiest part because muscle memory for you,
Speaker 1: and it was also it was also just thinking ahead,
Speaker 1: like on to be ahead of the curve, like you
Speaker 1: start to say I can't do this forever. You know,
Speaker 1: we've been saying that. What's in the past three years.
Speaker 1: Do you mean in terms of our content for example,
Speaker 1: vogging and all that, right, just with with everything, I mean,
Speaker 1: even even with the podcast, because we didn't know if
Speaker 1: we were gonna be able to record. We know we're
Speaker 1: gonna be able to go back into the studio, So
Speaker 1: I'm like, I may not be able to create content forever.
Speaker 1: What else can I do to generate revenue to provide
Speaker 1: for my family? And I've been thinking about that for
Speaker 1: the past year. So when the pandemic hit, it was
Speaker 1: almost like, well, I've been thinking about different things, so
Speaker 1: we're kind of forcing to move, you know what I'm saying,
Speaker 1: Look at different industries. How can I make money? How
Speaker 1: can I do different investments? You know, what can I
Speaker 1: do to create some revenue and diversify? So that was
Speaker 1: that you would say it was the main difference for
Speaker 1: you with two thou absolutely because in two thousand nine,
Speaker 1: I was playing football thinking that, well, I'm going to
Speaker 1: play until I don't want to play no more. You
Speaker 1: never think that it's going to end before you're ready
Speaker 1: for it to end, you know. So even though I
Speaker 1: was I was tired of playing football, I wasn't ready
Speaker 1: to be done playing at that moment, I still want
Speaker 1: to make a little bit more money and secure myself financially.
Speaker 1: But then it came to an abrupt end. And at
Speaker 1: that time I had no clue where I was. I
Speaker 1: was lost, I was depressed, I was mad um, I
Speaker 1: was angry. I blamed everybody. I blamed you, I blame
Speaker 1: my agent, I blamed the teams, I blamed the NFL,
Speaker 1: I blamed my parents, you know, because I couldn't wrap
Speaker 1: my mind around the fact that I couldn't do what
Speaker 1: I wanted to do. You know. So when this happened,
Speaker 1: and the first thing that was going through my mind
Speaker 1: is like, shoot, you know, we can't do the podcast.
Speaker 1: We can't I can't film, I'm like, man, those are
Speaker 1: the biggest ways that we make money. And then I'm like, well,
Speaker 1: brand partnerships. I thought about different events that I was
Speaker 1: going to are supposed to be going to to speak
Speaker 1: or to attend, and it was just like like He's
Speaker 1: like you literally watch it. Think about the money that
Speaker 1: you have coming because you're planning for that, which is
Speaker 1: why my mom has my dad actually has always said
Speaker 1: to me, don't spend your money before you get it,
Speaker 1: absolutely because something may fall through and then you don't
Speaker 1: have that bag that you thought you secured, and it's
Speaker 1: a whole fumble on the plane. And what in March?
Speaker 1: Do you remember? March we made fifteen percent of what
Speaker 1: our monthly salary usually is. And in March we were
Speaker 1: I was preparing to go back to film sisters, and
Speaker 1: we didn't know when that was gonna happen. So we
Speaker 1: were preparing our year based on our first two our
Speaker 1: first two months January February before. So then that that
Speaker 1: number goes down to and it's like, how long is
Speaker 1: this gonna last? If anything, that incremental increase should have
Speaker 1: been absolutely making of your month, you know what I mean?
Speaker 1: That hurt. But because of where I was before, I
Speaker 1: always put money aside. And this is just a tip
Speaker 1: I'm going to give you guys when you're making money.
Speaker 1: I was putting money aside so that we could survive
Speaker 1: two years without either one of us working, so that
Speaker 1: if worst case scenario, something happened and we could not
Speaker 1: work for two years, we can at least pay our mortgage,
Speaker 1: pay our rent, pay our car notes, whatever those monthly
Speaker 1: expenses are covered. Put that in a separate account. So
Speaker 1: I just knew and what I'm doing now continuously is
Speaker 1: I'm adding to that account. Right, So now I'll say, okay,
Speaker 1: we can exist two years. Oh, we're making more money.
Speaker 1: Let's add three years, let's add four years. Okay, we
Speaker 1: could exist five years without doing anything because we have
Speaker 1: money and savings. You know, we would have to live modestly,
Speaker 1: you know. But the thing is, we could still live
Speaker 1: the way we were so after the emergency fund became
Speaker 1: like in case of emergency fund was actually an emergency.
Speaker 1: So many people experience job loss and financial stress following
Speaker 1: the coronavirus outbreak, and how can we better prepare ourselves
Speaker 1: financially in anticipation for another global crisis. Since mid March,
Speaker 1: the coronavirus pandemic has taken a toll on life as
Speaker 1: we know it, and the world has not only been
Speaker 1: impacted physically by the effects of the virus, but because
Speaker 1: of mandates that we quarantine at home, the economic impact
Speaker 1: has been devastating. Millions of Americans have suffered a loss
Speaker 1: of income and employment over the better part of the
Speaker 1: year with no end in sight, and in August, about
Speaker 1: three point three million people aged and over with bachelor's
Speaker 1: degrees or higher were unemployed. Up one point two million
Speaker 1: since February and that's according to the Bureau of Labor Statistics.
Speaker 1: So you know, we need all the help right now.
Speaker 1: We need all the help we need to figure out
Speaker 1: what are some ways that we can strategically put ourselves
Speaker 1: into a position financially to kind of overcome this and
Speaker 1: get our footing underneath us again. So joining us again
Speaker 1: on dead as podcasts, We're always let me tell you,
Speaker 1: she is just a regular with us, Tiffany elite. The
Speaker 1: budget needs to as we know her best is back
Speaker 1: to help us make sense of this financial impact of
Speaker 1: COVID nineteen, the pandemic, and what we can do to
Speaker 1: combat those effects. Tiffany, what's up, sack? Let me tell
Speaker 1: you anytime, I'll be talking about that money on the
Speaker 1: money because she knows what to do. Okay, girls, Since
Speaker 1: the last time we spoke, I've been good though. I mean,
Speaker 1: I'm lucky, blessed, highly favorite. Everyone is healthy, so that's
Speaker 1: what matters most. I've been good. What about y'all? We've
Speaker 1: been good. We've been good, just you know, like everyone's
Speaker 1: doing not trying to find ways to pivot and plan accordingly.
Speaker 1: You know, Kadina and I talk all the time, and
Speaker 1: I said, you know, the biggest empires are built during
Speaker 1: times of catastrophe, So right now was a catastrophe. So
Speaker 1: whoever put, whoever is prepared, will probably come out on
Speaker 1: top of this. So I want to take this time
Speaker 1: and use our platform to help as many listeners as possible.
Speaker 1: Plan there they're come up. So you're the best person
Speaker 1: to talk to, especially as an entrepreneur. Um. Right now,
Speaker 1: the entrepreneurial spirit is probably the greatest spirit in America
Speaker 1: because so many people have lost traditional jobs, those who
Speaker 1: are able to make additional funds, the entrepreneurs are the
Speaker 1: ones who are able to capitalize. So Tiffany, depending on
Speaker 1: the field, to the people and tell us what we
Speaker 1: need to be doing. Well, that's I'm sure a load
Speaker 1: of question for you, Tiffany. Um. I mean you can
Speaker 1: unpack that. However, you'd like telling us where I'll to start. Well,
Speaker 1: I'll say this that I actually built the budget needs
Speaker 1: to which is now eight figures a year. Woo woo um.
Speaker 1: During the pandemic we had our first seven figure months,
Speaker 1: a second seven figure seven big months, so now we're
Speaker 1: eight figures. So but I built the budget needs to
Speaker 1: during the last recession two thousand eight, two thousand nine.
Speaker 1: So so to your points that it's times like this
Speaker 1: are when most millionaires are made, quite honestly, And the
Speaker 1: thing is, what you're seeing is something that could have
Speaker 1: been anticipated, not the pandemic, not Corona, but the recession, right,
Speaker 1: Because so first things first is if I had to say,
Speaker 1: you know, what I would have told I'm gonna share
Speaker 1: what I wish I would have told what I was
Speaker 1: a preschool teacher back then, what I would have told
Speaker 1: preschool teacher tiffany back then. Right, So first things first
Speaker 1: is to understand every ten to fifteen years in the
Speaker 1: US of A we have as so, meaning that so
Speaker 1: you're feeling this now you're like, oh my goodness, it's
Speaker 1: such unique times. The pandemic, yes, or a session, No,
Speaker 1: we will be back here. But how will it meet you? Yes,
Speaker 1: you know, how will it meet you? And I mean
Speaker 1: it makes because two thousand nine was when the economic
Speaker 1: crisis hit, when Obama became president, and that's when Kadine
Speaker 1: and I were going and I remember feeling at that
Speaker 1: time like this is the worst thing that ever happened.
Speaker 1: I'm no, I'm not making any money. And then when
Speaker 1: hit in the recession. Just like I was prepared. I
Speaker 1: was like, Okay, I've been here before, It's time to
Speaker 1: utilize that capital differently. Um So one first thing to
Speaker 1: first I would have told Tiffany back then is that girl,
Speaker 1: where is your savings? Right? So when you do get
Speaker 1: on your because you will not always be in this position,
Speaker 1: I need people to set aside, ideally six months of
Speaker 1: what I call your noodle budget. Like that is if
Speaker 1: you if I had to eat Ramen noodles budget, well,
Speaker 1: you know sometimes you got I love that, right, So
Speaker 1: that's just your your bare bones essential budget. So let's
Speaker 1: just say your regular budget includes the nails, hair, movies, um, Netflix,
Speaker 1: all that stuff. Your noodle budget just pays for the
Speaker 1: necessary expenses. Because if you were to lose your job,
Speaker 1: you should pivot to your noodle budget right away. It's
Speaker 1: a temporary, low cost life. That's what your noodle budget is.
Speaker 1: So you want to have six months of that set aside,
Speaker 1: because imagine if you would have had six months of
Speaker 1: your noodle budget set aside and you lost your job,
Speaker 1: say during from March April April, So then you would
Speaker 1: have had April, May, June, July, August, September, you would
Speaker 1: have just now been running out of money. You would
Speaker 1: have had some time to pivot and fig something out,
Speaker 1: you know. So that's first things first. Um, second thing,
Speaker 1: during times like this, I tell people that not to
Speaker 1: go overboard with paying off so much debt if you
Speaker 1: don't have your savings, or if you think your job
Speaker 1: is like in limbo. Right, if I was a doctor
Speaker 1: or a nurse right now, I'm not worried, right, but
Speaker 1: if I was, um, you know, I work for a
Speaker 1: restaurant and maybe we just open back up again, but
Speaker 1: you never, you just don't know what it's gonna go,
Speaker 1: you know. Or I work for uh my sisters and engineers.
Speaker 1: She worked for a party planning um, like they do
Speaker 1: these like um these big events company where she, as
Speaker 1: an engineer has to figure out like the configuration of
Speaker 1: like the things that they would build for people's partners. Right,
Speaker 1: so you know, she's like, it's likely not gonna happen
Speaker 1: that I'm going back, you know, So you know, knowing
Speaker 1: that that's happening, I don't want people to go over
Speaker 1: board with paying off debt because you need to keep
Speaker 1: that money close to you, because you're gonna need to
Speaker 1: pay for food, clothing. You know where you live, you're
Speaker 1: gonna need to pay for your your noodle budget expenses
Speaker 1: and third of what I would tell people. And I
Speaker 1: wish I knew this because I had. I bought a
Speaker 1: condo when I was twenty five. I thought I was
Speaker 1: grown grown. I was like, oh yeah, right, my little
Speaker 1: too better one one bad condo. And and then but
Speaker 1: then when I was twenty nine, my school closed its
Speaker 1: doors during the recession. It was a nonprofit BA school.
Speaker 1: They didn't have any funding. And I continue to pay
Speaker 1: the mortgage. I mean I used all my savings to
Speaker 1: pay the mortgage. I withdrew all the money for my
Speaker 1: retirement account mortgage because I was like, oh no, I've
Speaker 1: been to pay this right, yes, And guess what happened.
Speaker 1: I lost the house anyway, So now they got my
Speaker 1: retirement money, they got my saving they have everything. I
Speaker 1: have no house and no money. And I wish I
Speaker 1: would have told Tiffany then like that that you are
Speaker 1: more important than your dead that instead, if you don't
Speaker 1: think a hundred percent you could you could save this house.
Speaker 1: If you don't think a hundred percent that this house
Speaker 1: you'll be able to maintain and keep it, then keep
Speaker 1: your money, says, because yes, and I couldn't let it
Speaker 1: go and have my tirement money. Let it go and
Speaker 1: maintain my savings. I put all my bills above my
Speaker 1: best interest. That the same thing. I think that's important
Speaker 1: to talk about because we have been so conditioned to
Speaker 1: like not let things go. So for example, I remember
Speaker 1: when my boy Bellowed when he was, you know, don't
Speaker 1: do a little bit of economic issue, and he was
Speaker 1: working hard, but he had a condom. He brought his
Speaker 1: first condo with twenty three same thing in Connecticut, and
Speaker 1: he had told me during the economic cris he said,
Speaker 1: but I'm about to let this condo go. And I
Speaker 1: remember saying, what you can't credit? He said, my credit
Speaker 1: is gonna get fixed, but I can't just give them
Speaker 1: all my cash. And and and probably into a couple of
Speaker 1: years later and when he told me that, and once
Speaker 1: again he's in he's you know, he works for black Rock,
Speaker 1: he's in finances, so he understands the importance of debt
Speaker 1: to cash flow. And I never understood that. And I
Speaker 1: wanted to ask you, how does someone decide what's the
Speaker 1: important amount of debt and cash flow to maintain you know,
Speaker 1: is it how much they make per month? You know,
Speaker 1: like what is how was this someone decide what number
Speaker 1: makes sense for them. One you have to you have
Speaker 1: to decide whether you have regular cash flow. Right, So
Speaker 1: this is a job that's going to continue to pay me.
Speaker 1: I'm pretty certain the money is not going anywhere because
Speaker 1: that if I was a doctor or nurse right now,
Speaker 1: I would be pretty certain it would have to something
Speaker 1: crazy would have to happen for me to lose my job. Right, So,
Speaker 1: knowing like, okay, my cash flow, let's just say five
Speaker 1: thousand dollars a month is pretty secure. Ok So your
Speaker 1: your debt that leaves out of the house, right, So
Speaker 1: that's your your debt to income ratio. This is actually
Speaker 1: what mortgage people look at. They look to see how
Speaker 1: much your monthly income is versus how much your monthly
Speaker 1: debt payments right right, And so they don't want more
Speaker 1: than they don't want more than. I think it's like
Speaker 1: at of your of your income to be leaving before
Speaker 1: your mortgage because they also like between forty two because
Speaker 1: they also know that your house is gonna cost you
Speaker 1: about you know, so they're like, okay, if we use
Speaker 1: up thirty and you're already using at that leads you
Speaker 1: thirty for the rest. That leaves you an additional twenty
Speaker 1: to thirty for the rest of your life. Is that reasonable?
Speaker 1: You know? And so ideally the lower obviously the lower
Speaker 1: your debt, the better. That's what I tell people, like
Speaker 1: save your debt for things like a mortgage, for things
Speaker 1: like you know, like maybe you have to pay off
Speaker 1: you know, I don't know, you have some sort of
Speaker 1: health thing that you have to pay for. Save your
Speaker 1: debt for you know, I don't even like really people
Speaker 1: paying getting financing a car. But sometimes you just can't
Speaker 1: help it. You gotta get to work. Like when you
Speaker 1: have a a lamp bill, you got a side table bill,
Speaker 1: couch bill, that's when you swipe your car, So now
Speaker 1: you have all this things that could wait. You know,
Speaker 1: that's really the issue. Most people's debt is not because
Speaker 1: of this. It's like they're big bills. It's like, oh
Speaker 1: my laptop. Oh you know, I had to get that
Speaker 1: side table but the easiest came out, like you got
Speaker 1: an easy bill, but of life, and so before you
Speaker 1: know it, all the money that comes in is dedicated
Speaker 1: to someone else. So you want to be mindful of
Speaker 1: that flow, like how much money do I have coming
Speaker 1: in versus how much money am I actually keeping? That's
Speaker 1: actually what they call your savings rate. How what percentage
Speaker 1: of your money are you keeping? That's what's critically important.
Speaker 1: Like I would never tell Oprah you can't get easy,
Speaker 1: because I'm certain that the amount of money that she
Speaker 1: has coming in versus what she has coming out, you know,
Speaker 1: is there's a huge significant difference. High school teacher Tiffany.
Speaker 1: I think I was making like I want to say,
Speaker 1: twenty maybe like take home pay, maybe like three thousand
Speaker 1: dollars a month, maybe twenty six to three thousand dollars
Speaker 1: a month, And so I had to be mindful, like, Okay, well,
Speaker 1: how much what is gonna be my saving drape? Ideally
Speaker 1: I wanted thirty percent of my money to stay with
Speaker 1: me for investing and retirement and then ten percent for
Speaker 1: for savings. So how do I live under that seventy
Speaker 1: If you did that first, if you paid yourself first
Speaker 1: in that way, if you said, okay, it's actually for
Speaker 1: you y'all who are really young, you're just stepping out
Speaker 1: getting your first job. If you this is what I
Speaker 1: do with mine, my bonus baby, um, she's thirteen and
Speaker 1: she don't even know. She just got his little side job.
Speaker 1: She's babysitting and stuff. I think it's not some of
Speaker 1: that money. I'm like, that's cute, thirty percent of it.
Speaker 1: Put it up because I want to teach her that
Speaker 1: you pay you are more important than any of your bills.
Speaker 1: Put up your thirty percent first, and then you figure
Speaker 1: out your life with that seventy percent. You remember my
Speaker 1: dad did me because you don't know nothing about that life.
Speaker 1: But right, see, but you see she living way nice
Speaker 1: to that. I was like, that's how we get Organs.
Speaker 1: I'm like, oh, you've got three. I just got Jorgess
Speaker 1: as a grown person all right over here too. I
Speaker 1: was just like, wait a second, I'm all of a
Speaker 1: sudden the sneak ahead now, and I mean I think
Speaker 1: about sneakers. I can actually afford sneakers. Now. You got
Speaker 1: Jordans because you you didn't get George because your parents
Speaker 1: are from the West Indies, And well, I got to
Speaker 1: do it. Anything that you were spoiled in other ways
Speaker 1: not having order, so I was spoiling. This wasn't stylish, yes,
Speaker 1: exactly didn't know, but that I was like, what was Jordan.
Speaker 1: Who's Michael Jordan? Michael, I'm like, but we didn't have
Speaker 1: like tennis lessons and stuff, right, right, But so this
Speaker 1: is what I tell. This is not just what I
Speaker 1: tell like my my, my mentees, but also even grown folks.
Speaker 1: I was that I was listening to this podcast interview
Speaker 1: with um what's his face Dame dash right, and he
Speaker 1: said something that was so profound. I'm like, Yo, if
Speaker 1: I got a tattoo, it would be that. It's that
Speaker 1: the purpose of working is to own, so that way
Speaker 1: the things that you own will eventually put you out
Speaker 1: of work. That's what Yes, your money work for you
Speaker 1: every night. I love that because here's what happened. What
Speaker 1: most people do. They work, they pay bills, they work,
Speaker 1: they get a haircut, they work, they go out, they work,
Speaker 1: they have fun, they work, they work, they work. But
Speaker 1: there's no end to that, Psychele, you're just working. You don't, Yes,
Speaker 1: if you're not intentional with I am working to own assets.
Speaker 1: Assets put money into your pocket. So assets are cash, assets,
Speaker 1: our home, assets are real estate. Assets are like maybe
Speaker 1: art even jewelry can be assets. Right, So things that
Speaker 1: assets our business, so appreciation purchase exactly so that way,
Speaker 1: one day, that real estate properly that you bought that business,
Speaker 1: that you have, that cash, that you can live off
Speaker 1: of the assets that you that you now that asset
Speaker 1: is put to work and you can sit down. But
Speaker 1: most people work to work, they don't work to own.
Speaker 1: And if they thought about that from the very beginning,
Speaker 1: they'd be in a better spot. See. But this this
Speaker 1: is where people get Dame confused, because Dame talks down
Speaker 1: on people who are you. You have a boss, You
Speaker 1: have a boss. I never had a boss, he said.
Speaker 1: And then I remember he got to argument with dj
Speaker 1: m V and DJV was like, Okay, you never had
Speaker 1: a boss, but you sold drugs. You work for somebody,
Speaker 1: And he was like, no, I got my drugs on consignment. Okay, dude,
Speaker 1: it doesn't matter whether you technically there was someone above
Speaker 1: you who allowed you to generate cash flow. And where
Speaker 1: I really rock with Dame is where I agree with him.
Speaker 1: You really only work to create cash flow so that
Speaker 1: you can own something that creates cash flow for you.
Speaker 1: That is that is the goal. And I think that's
Speaker 1: what people need to understand, and I think that's what
Speaker 1: black people need to understand. Even my mom's generation, my
Speaker 1: dad generation, your parents. Having a good job was the
Speaker 1: American dreams. I got a good job, I can retire
Speaker 1: six five, I got my pension clock, my hours. That
Speaker 1: was never the American dream. The American dream is ownership,
Speaker 1: which we didn't have access to readily available, you know
Speaker 1: what I mean, Like, you're not gonna understand that, Oh
Speaker 1: you're a doctor, you're a lawyer. That my dad. That's
Speaker 1: all they want to do. Lawyer, pharmacist, engineer, that's you
Speaker 1: good to go. But if like now they're like, my
Speaker 1: tiffness off your house month. But and now the espreneurs
Speaker 1: two a minute ago, it was she ain't got no job. Girl.
Speaker 1: Let me tell you your father and my father should
Speaker 1: meet and have a drink because they are the same person.
Speaker 1: And I still to this day. It wasn't until the
Speaker 1: pandemic happened and my father was quarantined with us. We
Speaker 1: were both of my parents were living with us for
Speaker 1: the four months um that we were like really locked down.
Speaker 1: And you know, my dad saw us like pulling up
Speaker 1: the ring light and the cameras and this and that,
Speaker 1: and he's just like sweet, you recorded thing and then
Speaker 1: put it on YouTube. What do does do that makes
Speaker 1: you money? I'm like, yes, who does pay you? You
Speaker 1: have a boss on YouTube? I'm like, no, we don't
Speaker 1: have a boss on YouTube. But you know, he just
Speaker 1: could not wrap his mind around that unconventional way to
Speaker 1: him of making money. Yes, so he was is key.
Speaker 1: So I got for you number one way. Pay yourself first. Now,
Speaker 1: when you say you're savings, are we talking net or gross?
Speaker 1: I would think net? Well, I mean it can be
Speaker 1: that can be tricky. I always like, at least start
Speaker 1: with with ned. I mean ideally, yes, gross, but if
Speaker 1: you're just starting out and things are tight, then at
Speaker 1: least you would start with net. Because what you're wanting
Speaker 1: to do is get into the practice of setting aside
Speaker 1: because people think, like, um that it means you're living
Speaker 1: less of a life when you set aside. That's why
Speaker 1: I like to start people all slow, like, or you're
Speaker 1: gonna do five percent? Do that you can do ten
Speaker 1: percent of net? Okay, fine, but yes, ideally setting aside
Speaker 1: thirty percent of gross. But it can be hard to
Speaker 1: set aside thirty percent of growth because yes, who also
Speaker 1: gets grows the I R and people need to understand
Speaker 1: the weights between net and growth. Gross is say, for examples,
Speaker 1: you get paid ten dollars. You know you made ten dollars,
Speaker 1: that's gross. Net is the I R S gonna take
Speaker 1: four that ten dollars. So you're about to get three
Speaker 1: dollars out of the ten dollars you thought you was
Speaker 1: getting to that three dollars you actually get in your check.
Speaker 1: That's net. So people need to understand that between gross
Speaker 1: and net when you're making plans, if you're making plans
Speaker 1: on gross, understand that other people are going to get
Speaker 1: part of that money first. So I just want to
Speaker 1: well here and here's how you can said that. It's
Speaker 1: that's the beauty of of a tax advantage retirement account. Right,
Speaker 1: So if you do a four one K, you can
Speaker 1: set aside twenty of your growth because that is the
Speaker 1: one thing the IRS allows you to do. And they'll say,
Speaker 1: okay you okay, caudem device. You guys made ten dollars. Wait,
Speaker 1: before we take our tax money, do you want to
Speaker 1: put some in your four one K? Because guess what,
Speaker 1: we don't want to take care of you when you
Speaker 1: get over, Like, yeah, I of the ten, I would
Speaker 1: like to put two dollars in our four one K.
Speaker 1: Then the i r S says, fine, we will not
Speaker 1: tax you one ten, we will tax you one eight,
Speaker 1: and so that it lowers your taxes now. So then
Speaker 1: what happens is but later anytime you're if you're over
Speaker 1: fifty nine and a half, then you can start with
Speaker 1: drawing that money right the penalty and you pay taxes
Speaker 1: on it later. Right. So then there's another tax advantage
Speaker 1: account called a ROTH I rate. It is also a
Speaker 1: retirement account. But then that's where you can put some
Speaker 1: of your net money. Because what happens is you take
Speaker 1: you have your take home pay, and then you might say,
Speaker 1: you know what, I'm gonna put the other five in
Speaker 1: my wrath IRA account, and that is money that's already
Speaker 1: been taxing. The beauty of a ROTH account is that
Speaker 1: the money was already taxed to put money in that account,
Speaker 1: and then when fifty nine and a half or above
Speaker 1: you pull that money out, you don't have to pay
Speaker 1: taxes on that money or what it grew to. So
Speaker 1: you put in ten thousand, and it's now sixty tho
Speaker 1: that whole sixty we ain't gotta worry about it. You
Speaker 1: don't have to pay taxes on it because you pay
Speaker 1: taxes on the money going in. So my so this
Speaker 1: is like some people always wonder, like what you should
Speaker 1: do for a second, so I suggest a c sell. Well,
Speaker 1: first have to say this, I'm a financial educator. I'm
Speaker 1: gonna financial girlfriend. I'm not your financial advisor, absolutely, but
Speaker 1: I'm sharing. Well, I'm just staring in general. This is
Speaker 1: like my attorney, right, I'm sharing are just the things
Speaker 1: that I do. Do your grandma? All right, I'm gonna
Speaker 1: go all right now. So if you're like, huh, where
Speaker 1: because someone asked me this the other day, where should
Speaker 1: I put my money for retirement? And I said, one,
Speaker 1: if your if your company offers a match, then start
Speaker 1: with your four one k up to that match. So
Speaker 1: they say, you know, you put in three percent and
Speaker 1: we'll put in two percent. Whatever it is they'll give you.
Speaker 1: Get your match money there first and then stop. Then
Speaker 1: the excess money. If you still have money left over
Speaker 1: after getting your match with them, because you're write your
Speaker 1: matches free money, then I would I would max out
Speaker 1: my wrath. If you're under fifty years old, you could
Speaker 1: put in six thousand dollars. And here's how why I
Speaker 1: want you to max out your wrath is that you
Speaker 1: can only have a raw if you are I think
Speaker 1: I don't know how much. I can't remember how much
Speaker 1: of it. This is for a couple. But if you're
Speaker 1: single and you make under a hundred and thirty nine
Speaker 1: thousand dollars a year, so you have a limited time
Speaker 1: frame if you're gonna make big money to contribute to
Speaker 1: a row. Remember roth is when you can pull your
Speaker 1: money out tax free, okay exactly, So you want to
Speaker 1: take it. A roth is awesome, so you want to
Speaker 1: take advantage, like I can't do it rock anymore, right,
Speaker 1: So you want to get while to get thing is good,
Speaker 1: So you wanna so I am four wind k first
Speaker 1: up to the match. If there's no match, or you
Speaker 1: already max that you form in one kid, go to
Speaker 1: raw and then after you max that you're raw. So
Speaker 1: the six is right now six thousand allars a year
Speaker 1: if you're under fifty. If you're over fifty and seven thousand,
Speaker 1: So if you can't do the raw any um or
Speaker 1: you max that your raw right, then go back to
Speaker 1: your for wine kid if you still have money, and
Speaker 1: then you can maxie. Let me tell you Tiffany got
Speaker 1: me over here one And if Sean is doing all
Speaker 1: we gotta call our financial can we talk about financial
Speaker 1: So here's the thing about financial advisors. Okay, financial people like,
Speaker 1: what's the financial advisor? What's the financial planner? What's the
Speaker 1: financial right? So a financial advisor is the overall name
Speaker 1: of those people who give you advice right now. There
Speaker 1: are different types of financial advisors. There could be like
Speaker 1: an investment advisor, the best thing. It could be a planner.
Speaker 1: But ideally the ideal type of financial advisor you want
Speaker 1: is a certified financial planner. Great, because here's why. But certified.
Speaker 1: That key word is certified because it would be certified. Yeah,
Speaker 1: a CFP. They have to have three years of experience,
Speaker 1: and they have to have passed a hardass test in
Speaker 1: order and they have all this um um betting in
Speaker 1: order to be certified because almost anyone calls financial So
Speaker 1: people doing their due diligence finding that board certified plastic surgeon,
Speaker 1: do the same with your financial advice. Please. That's the
Speaker 1: c of a CFP certif And then there's different ways
Speaker 1: they can get paid. The three main ways are this
Speaker 1: is they make it so confusing. There's the only fee
Speaker 1: based commission. I feel like commission is easy. You know
Speaker 1: what commission is. That just means that if they sell
Speaker 1: you something like insurance, they get paid off. That is
Speaker 1: the worst one, right, my dad? Right? What's because my
Speaker 1: dad would say who he who pays the piper determines
Speaker 1: the tune. Right for the young ones. Whoever pays the
Speaker 1: dj you get to play, You get to pick the
Speaker 1: If the financial planner is getting paid aid from the product,
Speaker 1: what they're not thinking about you. They're worried about what
Speaker 1: the product, so commission base, and we're not. We're not
Speaker 1: for a commission base. Next is is this is what
Speaker 1: I have. I have fee only my CFP. So fee
Speaker 1: only is ideal because when you have someone who's fee only,
Speaker 1: it means they only get their fee from you. That
Speaker 1: means you are that you are paying the details and
Speaker 1: they have a fiduciary. Yes, that means that they are
Speaker 1: a fiduciary, meaning that by law they have to put
Speaker 1: your interest first and they don't so mine. So my
Speaker 1: talking to my CFP Angeli, so Julie might say what
Speaker 1: she did, Typically, you're under insured. You should get more insurance. Now,
Speaker 1: a fee based or commission based, a financial um planner
Speaker 1: might sell me the insurance angelie, she already got her money.
Speaker 1: She gets a flat rate for me, and so she's
Speaker 1: just telling me, girl, you need more in charge, call
Speaker 1: your insurance company and see exactly. So it doesn't she's
Speaker 1: not giving me advice based upon what can add money
Speaker 1: to her pocket because there is nothing. He fla exact
Speaker 1: exactly convintions. So you're looking for a fee only financial
Speaker 1: advisors that it's only you that's paying them, so that
Speaker 1: those are the those are because if you like fee
Speaker 1: base folks sometimes will get their flat fee from you,
Speaker 1: but then they also can make commissions, offer things on
Speaker 1: the background. I'm not interested in working with someone who
Speaker 1: gets paid to sell me something. So, Tiffany, since we're
Speaker 1: you know, since we're talking about the pandemic, right, and
Speaker 1: a lot of people have lost jobs, right, I want
Speaker 1: to know who in today's world really needs a financial planner?
Speaker 1: And if you don't need one, how can you prepare
Speaker 1: your life if you if you don't make enough income
Speaker 1: to you know, particularly have a financial planner? What are
Speaker 1: the stuff The first thing I have right now, the
Speaker 1: number one pay yourself first. I'm putting that that's going
Speaker 1: to be one of my keys to success. But what
Speaker 1: else can things do? What else can people do? If
Speaker 1: they do not need they can sign and all the
Speaker 1: people don't need financial planners because you really should have
Speaker 1: like ideally they say you should have about a hundred
Speaker 1: thousands and two hundred fikey thousand dollars worth of assets
Speaker 1: to invest, you know, because there are fees involved in it.
Speaker 1: It may not make sense if you don't have that much,
Speaker 1: but you have maybe saying you have a special needs child,
Speaker 1: you might need a little assistance, um, because there are
Speaker 1: fees associated the when it comes to your money. The
Speaker 1: closer it gets to a human hand helping you, the
Speaker 1: more expensive it's going to be. Like the fees. So
Speaker 1: a financial planner is the most expensive of all the help. Right.
Speaker 1: So you can also use something called like UM a
Speaker 1: robot advisor. This is not this is a an algorithm, right,
Speaker 1: So robot advisors are like UM trying to think like
Speaker 1: somewhere like a Vanguard has a child Schwab Fidelity. That's
Speaker 1: you know what I mean. That's when you go and
Speaker 1: you typically with a with a Roadbo advisor, you will
Speaker 1: you will put in your you will like fill out
Speaker 1: some sort of like a survey to say I'm this
Speaker 1: old and this is my temperament and all this kind
Speaker 1: of stuff, and they will generate. This is the this
Speaker 1: is where we will this is where your they should go.
Speaker 1: We're gonna put it there for you. So because it's
Speaker 1: not a person if fees are less right, So that's
Speaker 1: something that you can do. Or also you can do
Speaker 1: something called like it's the d y I method, and
Speaker 1: that is a brokerage from a discount brokerage firm. So
Speaker 1: that's like, um, like, uh is it a betterment? No?
Speaker 1: Better mean it's not brokerage firm. Um. This is one
Speaker 1: of those firms like each trade someplace where you can
Speaker 1: actually pick your things yourself. So this is for folks
Speaker 1: who are like I think trade a lot, right yep.
Speaker 1: So you can go in and say, huh, they don't
Speaker 1: want to give you much help, but they say, um,
Speaker 1: you know here all the stocks in the bonds and
Speaker 1: everything else. You can pick those things yourself. So there's
Speaker 1: d y I. If you're someone who was like I
Speaker 1: don't mind picking myself, there's robo where you're like, look,
Speaker 1: I just want to take a survey. Here's my fifty
Speaker 1: bucks every month, and they put it places for you
Speaker 1: or there's a financial advisor, financial advisor being the most expensive,
Speaker 1: d y I and and robo being the least expensive.
Speaker 1: Those the f you're looking for is usually call your
Speaker 1: expense ratio. But if you are someone, if you're in
Speaker 1: a during the pandemic, you're fortunate to have excess money
Speaker 1: and well one, let's let's pull back. If you're not,
Speaker 1: there are people who are not going to have enough
Speaker 1: money even to pay for their noodle budget. Right, that's
Speaker 1: when you really want to get even lower to what
Speaker 1: I call your health and safety budget. That's when you
Speaker 1: have to acknowledge that somebody is not getting paid, but
Speaker 1: the things that will get paid are the things that
Speaker 1: maintain my health and the things that maintain my safety.
Speaker 1: And so I've been there before where I had to
Speaker 1: make a decision and say, Verizon we cool, but not
Speaker 1: cooler than my health and safe and I need mind healer.
Speaker 1: This is important. This is important because right now, as
Speaker 1: a pandemic, people are losing jobs and they're trying to
Speaker 1: figure out how to pay prioritize what needs to get paid.
Speaker 1: And it's a tough feeling to say, you know, but
Speaker 1: here you're you're listening. You just got to go line
Speaker 1: by line because a lot of these companies, is it
Speaker 1: safe to say that they're not reassessing or reevaluating like
Speaker 1: interest payments or fees or any of that. Are they
Speaker 1: making any entrustments time? Right, So it's such a unique
Speaker 1: time that companies are more meania that they were before.
Speaker 1: But everybody's not being cool about it. And so you before,
Speaker 1: don't you don't just stop paying. You might look and say,
Speaker 1: I've got these ten bills and other ten bills. These
Speaker 1: four bills are my health and safety bills. That's what
Speaker 1: if I could afford, everybody got something important, right, So
Speaker 1: then the other ones you will call and say, hey,
Speaker 1: I'm having trouble. I mean, Corona, we all know, is
Speaker 1: there something you can do to help? Many will help,
Speaker 1: but some will not because you know they're just whatever,
Speaker 1: they're not interested in being helpful. But here's the thing.
Speaker 1: It as long as it's not gonna affect your health
Speaker 1: and safety, will it affect your credit score? You have?
Speaker 1: But credit scores could be fixed. At one point, my
Speaker 1: credit score was up five seven and guess what I'm
Speaker 1: I'm I'm an eight oh seven now, baby. But they're
Speaker 1: gonna tell me, say stressing me out with that whole
Speaker 1: credit thing. And there's credit credit sets. Me is that
Speaker 1: and then those apparently are not even like your actual
Speaker 1: credit score. You have to get it from like you know,
Speaker 1: I do, ever, so well, the best to me, the
Speaker 1: best site that I found, because those are credit scores,
Speaker 1: but there are so many types of credit scores. The
Speaker 1: most used is your FICO score. That's the most common,
Speaker 1: and if you have a good FIGHTO score, you likely
Speaker 1: have a good score every place elf, So I tell
Speaker 1: people look at that. And the website that I like,
Speaker 1: um is um what is it called? Credit scorecard dot
Speaker 1: com is because when I was thinking about getting a mortgage,
Speaker 1: I went to Discover owns it. I don't work with Discovery,
Speaker 1: but Discover owns it. But I will say that they
Speaker 1: don't you don't. They don't require you to give them
Speaker 1: a credit card. You don't have to have a Discover card.
Speaker 1: But what I liked about it is that when I
Speaker 1: pulled my credit score and my mortgage guy pulled my
Speaker 1: credit score, it was the same. So I'm like, oh, y'all,
Speaker 1: y'all legit. So yeah, what did I say? Or card
Speaker 1: dot dot but just like us, because they will be
Speaker 1: emailing you. You want to know you know your little right, right,
Speaker 1: So I don't worry about your credit in times like
Speaker 1: this unless you're you gotta buy a house soon or
Speaker 1: car soon during pandemic. You're not right, So I would
Speaker 1: not worry about that. Instead, worry about your health and
Speaker 1: safety bills. Everyone else can wait. And if you find
Speaker 1: that the people that you're forcing to wait start harassing
Speaker 1: you via the phone because they are apt to do.
Speaker 1: I have been harassed many a time via the phone.
Speaker 1: They will call you your mama and your cousin man. Right,
Speaker 1: So I went right down the staples in my last
Speaker 1: little seventy cents, and that's the cease and desist letter,
Speaker 1: which is free online. Get the temp list and desist
Speaker 1: for literally. I googled. It was like, dear beep, please
Speaker 1: stop calling me at these numbers, email me and you
Speaker 1: may mail me. You are just because you owe someone,
Speaker 1: it doesn't give them the right to harass. You give
Speaker 1: them the right. These you know, these are the people
Speaker 1: need to hear because for your mental health, you need
Speaker 1: to understand how to get people to stop harassing you,
Speaker 1: number one, and to understand to prioritize your physical health
Speaker 1: so you can actually get back to work when the
Speaker 1: pandemic is done. Health and pinances are like people are
Speaker 1: not prioritizing what's important. They're worried about their credit score.
Speaker 1: They're worried about what people might say if I have
Speaker 1: to call and ask for help. So they're spreading themselves
Speaker 1: in and stressing out trying to do things and the
Speaker 1: tricking up all your money. I'm telling I wish I
Speaker 1: would have told, you know, twenty nine year old Tippany
Speaker 1: at the time, like YO, leave them money. You're like
Speaker 1: they can't wait like that, the bank can wait. The
Speaker 1: worst they're gonna do is they're gonna bring your credit
Speaker 1: score down. And guess what five years a girl, you
Speaker 1: got me back and better than ever and now like right,
Speaker 1: tell me where were you and and why? I was
Speaker 1: like sure, where was that thing? I was trying to
Speaker 1: pay off, the spending money, not having no cash, trying
Speaker 1: to keeping the credit score up, knowing that we still
Speaker 1: ain't gonna have the capital or buying nothing or put
Speaker 1: down down payment on the house. So it was like
Speaker 1: I will say this, Yeah, So the point a credit score,
Speaker 1: if there's one thing you could sacrifice, If there's one
Speaker 1: thing you could say you know what you could go
Speaker 1: it is your credit score. Because of all the things,
Speaker 1: all the money things, the debt that's saving is the
Speaker 1: budget of all the money things. Credit score is the
Speaker 1: easiest to manipulate up. So like, if there's a list
Speaker 1: of things to worry about, oh my god, my blood,
Speaker 1: and my dad, my credit score should be at the
Speaker 1: bottom because there's so many tips and tricks to raising
Speaker 1: your credit score. I'm not worrying my credit score dropped
Speaker 1: to a six hundred. I would say, okay, because that's
Speaker 1: what Give me six months, give me a year. I'll
Speaker 1: be right back at the least of your worries, unless
Speaker 1: you are trying to buy a house right now, which
Speaker 1: if you are in financial turmoil, I don't know you
Speaker 1: why right exactly exactly Before we move on to the listener,
Speaker 1: I had one question for you, Tiffany. I grew up
Speaker 1: in a household where like my mom, my grandmother, they
Speaker 1: were a part of um. I'm not sure if it's
Speaker 1: something similar. You guys have susu a pardner, so you
Speaker 1: know it's like, oh, yeah, mom, can I get such
Speaker 1: and such? Yeah, wait till my partner draw, Like you know,
Speaker 1: that was the thing you know, so I've seen that
Speaker 1: there are some things popping up now, like the savings
Speaker 1: flowers and things like that, and it sounds kind of similar,
Speaker 1: but it also kind of seems a little pyramid schemish
Speaker 1: to me and I we heard of one recently where
Speaker 1: it's like you put a certain amount of money in
Speaker 1: and then you as you bring people in, you get more.
Speaker 1: So it's almost like a susue partner slash pyramid scheme.
Speaker 1: I'm not sure how to dissect it, but are these
Speaker 1: things legitimate and do they work in a time like this?
Speaker 1: And if not, what can people do instead if they're
Speaker 1: looking to kind of help each other out with a
Speaker 1: saving system. So as a chip of immigrants, I'm so
Speaker 1: pissed when they call that stuff su sue partner. It's
Speaker 1: not what my mom and your mom and all the
Speaker 1: other immigrant parents that we know we're doing was legit.
Speaker 1: It was a group of people because I bet she
Speaker 1: was with your auntie, all of them because Auntie Sue,
Speaker 1: AUNTI Sue didn't have her money that was going to her.
Speaker 1: My grandmother even had one of her job, Like on
Speaker 1: her job, it was like a couple of her coworkers.
Speaker 1: It's like okay, And if somebody was like a couple
Speaker 1: of hours late with the drop or to pick off,
Speaker 1: it was like because he was not everyone in it.
Speaker 1: So susos are different because susu you're not actually making money.
Speaker 1: You're passing the same amount of money around. So you
Speaker 1: if a suzu round is finished, meaning like the five
Speaker 1: people eventually get money, the same money that you put
Speaker 1: in is the same one you will that you get out.
Speaker 1: It's just it's just it's a savings It's just like
Speaker 1: I put my money in five months from now, I
Speaker 1: see my full money back. So susu is a great way,
Speaker 1: especially for for for black and brown folks and immigrant
Speaker 1: folks to have a way to save and to have
Speaker 1: access to capital to do things when they likely would
Speaker 1: not from the bank. So susus are told interest and
Speaker 1: all that extra stuff exactly exactly. So the key to
Speaker 1: a susu is, you know, it's a legit susu. What
Speaker 1: it's the same group of people. You don't have to
Speaker 1: add new people to get to make money. The moment, yes,
Speaker 1: the moment that everyone has to continuously add folks to
Speaker 1: get paid. You know, now you're in the pyramid scheme
Speaker 1: regardless of what they call it, right, But I have
Speaker 1: to add random folks because you have to ask yourself
Speaker 1: that I had a friend who did it. She said, Oh,
Speaker 1: I put in you know, two thousand. I was, I
Speaker 1: got that ten and she's like, oh, tip is legit.
Speaker 1: I said, it's a scam, girl, She said, how's the scam?
Speaker 1: I got paid? I said, hello, people get a scam
Speaker 1: because we wouldn't scale, you know, like like someone's gonna
Speaker 1: snatch your purse and they're gonna get off. You know,
Speaker 1: they're like, so asked her. I said, if you put
Speaker 1: in two thousand and you got that ten, where the
Speaker 1: eight thousand comes from? Up in the business with that
Speaker 1: magical it come from? You know that naturally it came from.
Speaker 1: It came from four other people, fools that ain't gonna
Speaker 1: get their money. I said, you just came up just
Speaker 1: and so that's that's the thing. Like you have to
Speaker 1: continuously add new people, adding people, add new people. Eventually
Speaker 1: there's going to be there's a threshold where there's not
Speaker 1: enough people who are willing to fall for it anymore,
Speaker 1: and that's when the falls and the early people got paid.
Speaker 1: But you never know what you don't know if you're early,
Speaker 1: you don't know if you're late. But the late people,
Speaker 1: they never know that they're late ones. They're the ones
Speaker 1: that lose their two thousand, their two hundred or whatever dollars.
Speaker 1: So I tell people, yes, you can get lucky and
Speaker 1: maybe get one round off, you know, but is it
Speaker 1: worth it if you've already type for cash, you want
Speaker 1: to throw away two hundred dollars for hopeful I get
Speaker 1: get my money? Now? They away from those, Yeah, from
Speaker 1: those like if you have to. Like I said, it's
Speaker 1: so if you have a definite circle, it's the five
Speaker 1: of us, it's the ten of us. Now we're gonna
Speaker 1: start this super that's okay, but it's the ten of us,
Speaker 1: and every every person has to bring in tent and
Speaker 1: those ten have to bring intent. And now now we're
Speaker 1: talking about eventually somebody gonna get ripped off right right
Speaker 1: right exactly. It'll be your your mama too, that you
Speaker 1: bring me in and she didn't put her money in
Speaker 1: and then it falls apart. She's looking at you like
Speaker 1: these people people don't try to im pyramid schemes. Seemed
Speaker 1: like it's an immigrant thing. Bernie made off ran the
Speaker 1: pyramid scheme all Yeah, it was Rob Peter to pay
Speaker 1: Pole and he continued to get millions of dollars from
Speaker 1: people and then pay the people that he brought in
Speaker 1: first talk about made them think they were making money,
Speaker 1: and they just bringing more people until it was passing
Speaker 1: them right. Ultimately, Yeah, that would have been would have
Speaker 1: stiff to sniff them out. Like wait a second, you
Speaker 1: can tell you to ask me when it came out.
Speaker 1: It came out though, that seems scheme came out when
Speaker 1: when the stimulus checks came out. If you notice people
Speaker 1: are the original scammart is the one who plants the seed.
Speaker 1: They're like they with doing refund time. Yes, they did
Speaker 1: it doing stimulus check time because they know people have
Speaker 1: cool and beyond the dust off, the blessing loom and
Speaker 1: then is the blessing low I said, the devil is
Speaker 1: a lion. I'm gonna put that as one of my
Speaker 1: things avoid scams. When when when you get into tons
Speaker 1: of economic strife, that's when most of the biggest scam
Speaker 1: artists come out. Like you said, so people make a
Speaker 1: little bit of money from a stimulus check or a
Speaker 1: tax returning, like I gotta make some extra money, let
Speaker 1: me give it to this savory, this unsavory fellow over
Speaker 1: there with the slip back here. He said he can
Speaker 1: quadroople my money in two days. Avoid scams. I gotta
Speaker 1: nowhere exactly. Feliks a bit smarmy to me. All right,
Speaker 1: Before we're moving to Tiffany, I just really want to
Speaker 1: touch quickly on any services that you offer, any special services,
Speaker 1: you know, let people know, of course, anything that you're
Speaker 1: doing during COVID to help any programs you may have,
Speaker 1: anything online, any courses where can people find you to
Speaker 1: educate themselves if they're looking for particular things with finance. Yes, no, absolutely,
Speaker 1: thank you. So I am the budget LISTA at the
Speaker 1: budget lista dot com and just the budget needsta on Instagram, Facebook, YouTube, Twitter, everywhere.
Speaker 1: Um but I do have an online school called the
Speaker 1: Live Richer Academy and specifically for women, although we do
Speaker 1: have some gods who are like, I don't give there
Speaker 1: this money, right and so so we have all these
Speaker 1: amazing experts that come in and teach typically a weekly
Speaker 1: class on everything from negotiating to buying real estate to wholesale,
Speaker 1: to starting a business, to starting a nonprofit to I
Speaker 1: mean literally we just had someone who came on. She
Speaker 1: makes money doing voiceovers and so she came to teach
Speaker 1: us how to do that. So every week we have
Speaker 1: these amazing experts come in who are experts in their field,
Speaker 1: teach these awesome classes about how they do what they
Speaker 1: do and how you can't too, and then you get
Speaker 1: to join this awesome group. Um right now it's on
Speaker 1: it's our private Facebook group. There's about forty thousand, if
Speaker 1: not more, members of the Literature Academy. So, because I
Speaker 1: believe that we work best in community. So there's three
Speaker 1: things that you need for success. Knowledge, which the Academy
Speaker 1: provides because when you know better, you do better. Access.
Speaker 1: You get access through folks. So I bring people who
Speaker 1: normally charge to three dollars to basically donate their time,
Speaker 1: and as a result, you get access to people who
Speaker 1: you know you might not otherwise be able to afford
Speaker 1: in their community. Right, you want to have accountability people
Speaker 1: who are going to encourage and keep you going. So
Speaker 1: if you're interested and join the Literature Academy, I've got
Speaker 1: a forty percent off link. You can go to Literature
Speaker 1: Academy dot com to learn more, but don't sign up
Speaker 1: there because it's full price there. So The forty percent
Speaker 1: off link is join l r A dot com. That's
Speaker 1: j O I n l r A for Living Richer
Speaker 1: Academy dot com and join our forty thousand members and
Speaker 1: you know, learn to take your life and finances to
Speaker 1: the next level. There you go, I mean, because think
Speaker 1: about it ten years ago, sys te Tiffany, you know
Speaker 1: what built this eight figure business? Not crazy from school
Speaker 1: teacher that now, because that's what I said. Let me
Speaker 1: tell you that I was just I just did alive
Speaker 1: last night, like how did I go from here to here?
Speaker 1: And you know what it was? Guidance. It's you need
Speaker 1: mentor Coors. And so that's why that's why it's in
Speaker 1: the academy on purpose that I'm not the only teacher.
Speaker 1: I barely teach on purpose because I said, who helped
Speaker 1: me get here? Oh Sandy, who helped me get so
Speaker 1: I literally brought my guides with me to teach these
Speaker 1: classes because I'm like, how did I get to seven
Speaker 1: figures when I I lost my house, my condo and
Speaker 1: I old two twenty on it. I had a credit
Speaker 1: card debt of thirty five thousand, student loan debt fifty
Speaker 1: I owed almost three hundred thousand dollars in debt. How
Speaker 1: do you get there from ten years ago to a
Speaker 1: seven figure net worth now in an eight figure a
Speaker 1: year company? How with no debt? I don't have no debt.
Speaker 1: I'm I'm debt free like my four year old nephew Roman,
Speaker 1: Like I have two homes, no mortgage. My husband has
Speaker 1: a car of a car, no cardinal how and it's
Speaker 1: two guidance And I put that into the young into
Speaker 1: the academy, I mean, and y'all have a I have
Speaker 1: a podcast to me and my friend Mandy called Brown Ambitions. Yes,
Speaker 1: so we talk about being black and brown women and
Speaker 1: how do you manage your finances during times like this
Speaker 1: especially but in your black and brown skins. Well, that's
Speaker 1: a financial tribe. That's ultimately why it was so important
Speaker 1: to to have you on and to continuously because of
Speaker 1: access Number one. I feel blessed that I know who
Speaker 1: you are, Tiffany, because now that I'm making money, and
Speaker 1: even when I was making a little bit of money,
Speaker 1: I could learn from someone how to make my little
Speaker 1: bit a lot. Because people think that you have to
Speaker 1: have a lot in order to make you know, you
Speaker 1: can have a little bit and build to ultimately live
Speaker 1: in abundance and we have to build from scratch because
Speaker 1: we were not afforded the luxuries of having anything passed
Speaker 1: on trust and you know, uh. And also, you don't
Speaker 1: have to have a super special talent dribble of basketball, dance, uh,
Speaker 1: sing wrap act. You don't have to have a special
Speaker 1: talent in order to live in abundance and be able
Speaker 1: to create wealth for your family. You're an example of that, definitely.
Speaker 1: I don't know how. I don't think you even know
Speaker 1: how much I appreciate you always coming up, always being
Speaker 1: always ready for us. I'm like, tif, you tired, and
Speaker 1: because we're back, No, I love it because to me,
Speaker 1: the more people I want our people to hear this message,
Speaker 1: I want them to know that you literally have everything
Speaker 1: you need and you to succeed. That is the voice
Speaker 1: that I heard inside me when I lost everything and
Speaker 1: I was like, yo, I don't even know what to do.
Speaker 1: It was Tiffany, you have everything inside you you need
Speaker 1: to succeed. I am good at one thing, and that's teaching.
Speaker 1: And I was able to take that and to flip
Speaker 1: it and flip it again and monetize it and flip
Speaker 1: it to your point of You don't have to know
Speaker 1: how to dribble a ball singer. Everyone is good at
Speaker 1: something that is your bank account. You can tap into
Speaker 1: that bank pool and withdraw money and then reinvest there.
Speaker 1: Make those deposits, baby, They're important. And I will tell you, Tiffany,
Speaker 1: since the first time we spoke, remember my theory was
Speaker 1: budgets for me to be broken. You don't longer. No
Speaker 1: longer do I feel that way? Ye talk about it. No,
Speaker 1: I'll give you, would give you your props. I'll definitely.
Speaker 1: She has definitely been a lot more cognizant of the
Speaker 1: money coming in, how it goes out. We've created multiple
Speaker 1: you know, I listened to you. We've created multiple fastest
Speaker 1: for income but also outcome. You know. So we have
Speaker 1: different we have different um we have different accounts. We
Speaker 1: have to diversify. You know. She puts certain money away
Speaker 1: immediately that she's not going to such a look at
Speaker 1: me like yeah, because I'm telling you at the end
Speaker 1: of the day, like you want to really be able
Speaker 1: to like ball for real, you know, but you want
Speaker 1: to be able to say, like yo, when I get
Speaker 1: a thing, I get a thing. Yes, you know, I
Speaker 1: don't have to I want to be able to like,
Speaker 1: if I want to get my mom diamond earrings, I'm like,
Speaker 1: it's nothing, they got it. I'm not swiping my card
Speaker 1: or if I am, I know it's because I'm putting
Speaker 1: the money right back, you know. So like I don't
Speaker 1: want to just look wealthy. I want to be wealthy.
Speaker 1: YEA yeah, I love that. Well, we are going to
Speaker 1: take a little break and move into our listener letter
Speaker 1: of the day, but we'll do that after we get
Speaker 1: into some ants. So stick around, and now it's time
Speaker 1: for my favorite part of the show because I love
Speaker 1: to hear from y'all listener letters and I'm nosy, low key,
Speaker 1: I don't want to know, like what y'all going through?
Speaker 1: What can I help? Can I be an assistance? Can
Speaker 1: I give my two cents? There you go, it's making
Speaker 1: a sense and money. Um. You know, we have Tiffany
Speaker 1: still on. She's gonna talk to us with these listen letters.
Speaker 1: Give her two cents as well. Um, But before we
Speaker 1: do that, we wanted to do really quickly, maybe like
Speaker 1: two or three takeaways Tiffany um of people who are
Speaker 1: now in this position where they're trying to rebuild. Um,
Speaker 1: and I just lost my question about what was my question? No? Well,
Speaker 1: I mean, first of all, I was supposed to ask.
Speaker 1: You were supposed to ask a question, my bad, questions bad.
Speaker 1: That's why I wasn't even because I wasn't supposed to
Speaker 1: ask that. Your scammer, you'll be trying to steal questions questions, Yes,
Speaker 1: that's questions, my bad, my bad. I was like, that
Speaker 1: was not my question. I got a different question ahead.
Speaker 1: The biggest thing that I think people want to know
Speaker 1: from Tiffany is you lost your job in the pandemic.
Speaker 1: You don't know what your savings looks like because you
Speaker 1: wasn't prepared. How do you begin to rebuild? Okay, right,
Speaker 1: that's the beginning. How do you begin to rebuild during
Speaker 1: this time? But one you first begin by hunkering down
Speaker 1: and get rid of non essential expenses like I mentioned before.
Speaker 1: Then too, you have to look for ways to make income.
Speaker 1: Is it that you're going to start looking for jobs? Like? Honestly?
Speaker 1: Facebook groups on my babe, Like a lot of times
Speaker 1: when I'm looking to hire someone, I will jump into
Speaker 1: um small business groups and I will jump in and say, hey,
Speaker 1: I'm looking for So if you join like a Facebook
Speaker 1: group with small business owners and entrepreneurs. It's a great
Speaker 1: space because so many times entrepreneurs are looking for digital folks.
Speaker 1: I'm looking for, um, a bookkeeper, I'm looking for an admin.
Speaker 1: I'm looking for so look to see what immediate ways
Speaker 1: can you start making money, especially digitally. My sister super
Speaker 1: smart engineer. But she's like, girl, I'll have no job
Speaker 1: right now. So what she did was she was like,
Speaker 1: you know what, I can be a consultant. Instantly register
Speaker 1: her business as an LLC. And now it's looking she
Speaker 1: is a black woman, I think, like what minority owned business,
Speaker 1: you know, and a small business? Right, So registered is that?
Speaker 1: And she found a contract for school that was looking
Speaker 1: for some sort of classes, types of classes to be taught.
Speaker 1: She's not a teacher. But what she did was then
Speaker 1: she went online found a curriculum that she could purchase.
Speaker 1: It was like, okay, hold up on that. And she
Speaker 1: found a young woman who's a teacher who said I'll
Speaker 1: teach it. So now she's writing the contract for a
Speaker 1: couple of you know, a couple of six figures, and
Speaker 1: it's gonna pay, Yes, it's gonna pay two thousand dollars
Speaker 1: for this for this um as soon as if she
Speaker 1: gets it, then she would pay two thousand dollars for
Speaker 1: the for the curriculum, right, and then she would likely
Speaker 1: pay that the young teacher maybe say like fifty thousand
Speaker 1: or who wouldn't want that, and then she could protect
Speaker 1: you keep on fifty for herself. But do you see
Speaker 1: how you have to you have to pivot now? How
Speaker 1: can I make money? What are things that I'm good
Speaker 1: at that I can then monetize? You know right now?
Speaker 1: You know, maybe it's tutoring. You know, you you went
Speaker 1: to school, You're an engineer, You're you were really good
Speaker 1: at math. People need two of these babies at home,
Speaker 1: don't know, they're not learning nothing to leave right now,
Speaker 1: you need to be racking your brain of how you
Speaker 1: can bring income into your house. And then once that happens,
Speaker 1: you know, so you're you're getting rid of the excess,
Speaker 1: figuring out how you can bring income into your house,
Speaker 1: and then stacking as much of it as possible. So
Speaker 1: those are the three things that I would be focused
Speaker 1: on right now. If I lost everything during during the
Speaker 1: pandemic and I was trying to regain my footing, I
Speaker 1: wrote all of those down. I'm going to reiterate those
Speaker 1: on my moment of truth. But I got you, so
Speaker 1: we got number one, get rid of non essential expenses.
Speaker 1: Number two, look for digital ways to make money, and
Speaker 1: number three save as much as possible. That's how you
Speaker 1: can start getting back on your feet. Ladies and gentlemen.
Speaker 1: You have to listen to these steps, whether you are
Speaker 1: making money or not making money, because even if you're
Speaker 1: making money, you can make more money by doing these
Speaker 1: three things right here and listen, y'all ain't going nowhere
Speaker 1: right now, or we shouldn't be, at least so spending
Speaker 1: the money that you would have on that outing or
Speaker 1: on that outfit or on the here style or whatever
Speaker 1: it was that you would have had to do because
Speaker 1: you were out there being entertained or entertaining people like
Speaker 1: now the time we're all at home. That's let's trying
Speaker 1: to make sure that we're just saving some money in
Speaker 1: the process. You know, we won't hem you up no
Speaker 1: longer than we had you know, as much as we
Speaker 1: love to keep you around and keep key and whatnot. Well,
Speaker 1: let you go, um so again, remember to find tiffany
Speaker 1: Alice the budget Nesta on all platforms right pretty much
Speaker 1: for the most part, awesome sounds appreciate you all right,
Speaker 1: thank you. If you'd like to be featured on dead
Speaker 1: As podcast as one of our listener letters, be sure
Speaker 1: to email us at dead ass Advice at gmail dot com.
Speaker 1: Spell it out for developer D A S S A,
Speaker 1: D V I C E dot com. I'm righty baby,
Speaker 1: moment of truths of truth time, This is my moment
Speaker 1: of truth. Okay. Um. During times of economic crisis is
Speaker 1: when the majority of the economic juggernauts you see today
Speaker 1: have been built. So let's be prepared as a people
Speaker 1: to capitalize on what's happening right now. Don't capitalize on
Speaker 1: the pain, because it's a lot of pain for people
Speaker 1: during this pandemic. But what we can do as a
Speaker 1: PEP is capitalized on these opportunities. Number One, pay yourself first.
Speaker 1: Your savings plan of your growth is ideal. Is that
Speaker 1: realistic for everybody? No, but it's ideal. Number Two, understand
Speaker 1: that your credit scores can be easily manipulated. With that
Speaker 1: being said, do not lose any sleep over not paying
Speaker 1: a bill on time that is not going to directly
Speaker 1: affect your health, your safety, and your wellness, especially your
Speaker 1: mental health, because these bill collectors will have you going
Speaker 1: crazy thinking that your whole life will come to an
Speaker 1: end if you do not pay them on time, when
Speaker 1: the truth of the matter is you can pay them
Speaker 1: when you're ready. Listen to what Tiffany said, get a
Speaker 1: cease and desist order so they stopped calling you and
Speaker 1: your family. Number three, use group economics. People call them
Speaker 1: sus suits. What use group economics If you need a
Speaker 1: large sum of money, get within the people in your
Speaker 1: group that you trust, the allop a susu where everyone
Speaker 1: pays into the susu. And if you need the lumps
Speaker 1: on the money at a certain time, you know that
Speaker 1: your take happens on a certain day, so you can
Speaker 1: get something paid. For example, if you have a child
Speaker 1: in college and you have to get that tuition paid
Speaker 1: on time. There are certain ways you can use group
Speaker 1: economics amongst the people around you so you don't have
Speaker 1: to borrow money from the bank, exactly, cutting out that middleman.
Speaker 1: There's no interest when you use book economics. There's no interests.
Speaker 1: You don't have to pay more than what you and
Speaker 1: do it with people you trust to the exactly number
Speaker 1: four moments moment. This is this is important. This is
Speaker 1: no I mean go ahead. But I love it because
Speaker 1: before we already said prioritize your health, because if you
Speaker 1: if you don't put your health first, when things do
Speaker 1: start to get on the upswing and you're not healthy,
Speaker 1: you can't perform. You can't even get a job because
Speaker 1: you're not healthy. So you must prioritize your health. That
Speaker 1: that ultimately goes with you know, knowing that your credit
Speaker 1: score could be manipulated. So not stressing over bullshit. But lastly,
Speaker 1: number five, avoid scams. There are a lot of people
Speaker 1: out here right now being scammed because they pray on
Speaker 1: the fact that people don't have jobs. So when you
Speaker 1: get your stimulus check or you get a little bit
Speaker 1: of extra money, don't look for the quick fix. Most
Speaker 1: of the times when you're emotional and you look for
Speaker 1: the quick fix, when people can take advantage. It's true.
Speaker 1: So understand these are the things you can do to
Speaker 1: get out of this rut that went right now, this
Speaker 1: economic rut um. Like Tiffany said, her three points was
Speaker 1: get rid of non essential expenses, look for digital ways
Speaker 1: to make money, and to save as much as possible. Please,
Speaker 1: I hope you had a pen on the paper and
Speaker 1: you wrote all of these things down and we can
Speaker 1: come out of this way better than we came in. Absolutely,
Speaker 1: And you know what, It's funny, your long moments of
Speaker 1: truth led me to my moment of truth, which was
Speaker 1: thank you. It's the perfect segue. We act like we
Speaker 1: did this before. Like you know, we're bouncing back and forth.
Speaker 1: You be trying to con swag wasn't good. But anyway,
Speaker 1: I would like to leave you all with this one question,
Speaker 1: and this is something that Tiffany started with. We know
Speaker 1: that the recession will probabill happen in another decade. We
Speaker 1: don't know how it's gonna happen, but it's gonna happen.
Speaker 1: Where will it meet? You? Ask yourself that where will
Speaker 1: it meet you? Because it's gonna happen. History has shown
Speaker 1: that it happens. So when it happens again, where will
Speaker 1: it meet you? Use this opportunity to cultivate, to do
Speaker 1: your research, to build your financial tribe of people who
Speaker 1: are assisting you in whatever way. And they may not
Speaker 1: be assisting you by giving you money, but they have
Speaker 1: a certain area of expertise within this whole financial realm
Speaker 1: that they can assist with build your financial tribe and
Speaker 1: figure out and know where you want this next recession
Speaker 1: to meet you, hopefully with more money in your budget
Speaker 1: than the noodle budget, the Roman noodle budget, the ramanlestening
Speaker 1: to that moment and truth. Oh thank you baby, I
Speaker 1: mean listen so anyway, be sure to follow us on
Speaker 1: social media please uh dead asked the podcast where you
Speaker 1: can you know, comment and share and let everybody know
Speaker 1: what's going on Instagram um and of course Cadine I
Speaker 1: am and I am devout And if you're listening when
Speaker 1: Apple podcasts, be shure to rate, review, and subscribe. Dead
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