WEBVTT - Making Your Money Work For You with Ash Cash 0:00:16.160 --> 0:00:21.240 Hey, hey, hey, we're black. We're back, We're brown. 0:00:22.000 --> 0:00:24.880 Hey, Mandy, what's up to a little shaky on the 0:00:24.960 --> 0:00:25.640 dismount there? 0:00:25.920 --> 0:00:29.280 I what's my order? What's my line? 0:00:29.400 --> 0:00:29.720 Line? 0:00:30.240 --> 0:00:32.080 Are we black? Are we back? Which one comes first? 0:00:32.760 --> 0:00:34.760 I know, I don't know, and you know I got it. 0:00:34.760 --> 0:00:38.080 It's okay. We're We're in here in cheer. Have you been. 0:00:38.840 --> 0:00:42.560 I've been great, you know, making making moves per usue 0:00:43.120 --> 0:00:46.160 trying to wake up from the Super Bowl. I'm still 0:00:46.200 --> 0:00:48.960 like half asleep because it was the boringest event in 0:00:49.040 --> 0:00:49.760 all of history. 0:00:49.800 --> 0:00:51.760 But you know, it's nice to have snacks. 0:00:53.080 --> 0:00:54.920 I didn't even honestly, I spent the day at like 0:00:55.000 --> 0:00:59.120 my parents' house, helping well superman put all the stuff together. 0:00:59.160 --> 0:01:01.200 You know, your parents taken when you come fixes one thing. 0:01:01.600 --> 0:01:05.000 Three hours later, the whole house is done. 0:01:05.360 --> 0:01:08.640 And this is why I moved States, because this is 0:01:08.640 --> 0:01:10.320 my brother, is the one that my dad calls. 0:01:10.920 --> 0:01:11.680 Yeah. 0:01:11.720 --> 0:01:13.720 I just like yeah, I mean, I mean he didn't mind, 0:01:13.760 --> 0:01:15.480 which is nice, you know, But still I was like 0:01:15.480 --> 0:01:17.319 I told her, mamm like, just the door, Mommy, just 0:01:17.400 --> 0:01:17.680 the door. 0:01:17.959 --> 0:01:21.199 She looked at me like, girl, bye, I'm not even. 0:01:21.080 --> 0:01:21.600 Speaking to you. 0:01:21.480 --> 0:01:23.600 You don't even do anything. I'm speaking to your husband. 0:01:24.920 --> 0:01:26.360 So he said he loved it. 0:01:26.400 --> 0:01:28.399 He was his mom passed away when he's twenty, so 0:01:28.440 --> 0:01:29.959 he's like, you know, your parents are my parents. 0:01:29.959 --> 0:01:33.400 So I was like, oh, nice, you're a great one. 0:01:33.440 --> 0:01:34.800 Like your husband's nicer than you are. 0:01:34.920 --> 0:01:36.760 You're like I know, because I was sure, like she'll 0:01:36.840 --> 0:01:38.559 just get this door done and have to wait. 0:01:39.760 --> 0:01:43.000 I look like, if you say so, no, but it 0:01:43.080 --> 0:01:46.480 was awesome. But I'm super excited if speaking about good men, 0:01:46.920 --> 0:01:48.960 I'm excited because we've got an awesome guest today. 0:01:49.160 --> 0:01:52.480 Correct though, Yeah, I've actually you we both kind of 0:01:52.520 --> 0:01:55.440 known Ash Cash, the man that met the legend going 0:01:55.520 --> 0:01:56.400 on a few years now. 0:01:56.400 --> 0:01:58.480 When did you first meet Ash? What's your Ash story? 0:01:58.880 --> 0:02:00.880 You know, I don't even remember, you know, I feel 0:02:00.880 --> 0:02:03.080 like I've always known, as you know what I mean, 0:02:03.680 --> 0:02:06.200 just like I can never not remember, honestly. 0:02:06.240 --> 0:02:08.840 I'm like, well, ask if you remember, like I don't. Honestly, 0:02:08.880 --> 0:02:11.480 I don't know for a fin con I don't know. 0:02:11.440 --> 0:02:15.360 Before you don't remember it was? I remember, I remember this. 0:02:15.600 --> 0:02:19.320 I remember it was, Uh what year was this? It 0:02:19.480 --> 0:02:23.560 had to be two thousand. 0:02:24.040 --> 0:02:25.320 I forget what year it was. 0:02:25.800 --> 0:02:31.240 You're both at memory but it was christ Wow, you 0:02:31.240 --> 0:02:32.080 have a great memory. 0:02:33.280 --> 0:02:38.359 A little kid was like last year. 0:02:39.040 --> 0:02:41.480 I'm the last you know. I wasn't even that think 0:02:41.480 --> 0:02:42.119 called last year. 0:02:42.160 --> 0:02:45.520 But anyway, if you don't know who we're speaking to 0:02:45.960 --> 0:02:49.480 and of Ash Cash is a personal finance expert. He's 0:02:49.480 --> 0:02:54.680 a speaker radio TV. But honestly, he's like really like 0:02:54.720 --> 0:02:58.720 my brother from another mother. He is super inspiring. He 0:02:58.880 --> 0:03:02.000 was in the banking industry for about a decade, worked 0:03:02.040 --> 0:03:06.960 his way up from a teller to a manager and 0:03:07.040 --> 0:03:09.720 then was the CEO. What is it when you're when 0:03:09.720 --> 0:03:12.160 you basically run a credit union presidency? 0:03:12.560 --> 0:03:14.040 Yeah, I was the CEO of a credit union. 0:03:14.120 --> 0:03:19.560 Yeah, that's incredible, you know, incredible And just recently he 0:03:20.080 --> 0:03:22.400 so just like me. I well, I ended up losing 0:03:22.440 --> 0:03:25.600 my home during the Great Recession, and Ash was on 0:03:25.639 --> 0:03:27.960 the verge of that. But there was a program he 0:03:28.040 --> 0:03:30.400 used that helped him save his home, and recently he 0:03:30.639 --> 0:03:34.440 sold that home for a huge windfall. So that's what 0:03:34.560 --> 0:03:37.560 we've been to talk about today. So we're just really 0:03:37.560 --> 0:03:40.360 happy to have you'll. You'll know, his tagline is mind 0:03:40.440 --> 0:03:43.120 right money right or mind right life right. I mean, 0:03:43.120 --> 0:03:44.720 but mind right is kind of like how it's like 0:03:44.800 --> 0:03:46.839 my live Richard. So thank you for joining us. 0:03:47.360 --> 0:03:49.720 Thank you so much for having me. You know, well 0:03:49.720 --> 0:03:53.440 we always connect. It's always great energy. And Mandy has 0:03:53.480 --> 0:03:56.120 been on my radio show and she has great energy 0:03:56.560 --> 0:03:59.560 set Mandy show. 0:03:59.600 --> 0:03:59.960 I didn't know. 0:04:00.320 --> 0:04:03.040 First of all, you knew that. I think we were 0:04:03.040 --> 0:04:06.320 supposed to be on it together. But whatever, we won't 0:04:06.320 --> 0:04:07.400 go into your bad memory. 0:04:07.520 --> 0:04:10.960 And that's I wasn't gonna say anything. But it was 0:04:11.240 --> 0:04:14.200 Tiff was supposed to be on as well. It was 0:04:14.320 --> 0:04:16.960 a little bit last minute, so many held it down. 0:04:17.160 --> 0:04:21.600 You know, we're we're here to mend fences. We're not 0:04:21.600 --> 0:04:24.799 trying to dig up. Let's focus on the man himself. 0:04:24.800 --> 0:04:27.400 So Ash, I mean, I think you have so much 0:04:27.440 --> 0:04:29.120 going on. I mean, TIF didn't even mention the fact 0:04:29.120 --> 0:04:30.400 that how many books have you written? 0:04:30.680 --> 0:04:30.960 Seven? 0:04:31.320 --> 0:04:33.880 Ten? Seven books? Yep, I'm at number seven. 0:04:33.920 --> 0:04:36.800 Now, well, forget all that for a second, because beyond 0:04:36.839 --> 0:04:39.960 your financial expertise, I'm just mostly interested in your personal 0:04:40.000 --> 0:04:42.880 story and your real estate experience. So take us back 0:04:42.880 --> 0:04:45.440 to when you and your wife first decided to buy 0:04:45.440 --> 0:04:47.640 a home. It was in New York, right in the Bronx. 0:04:48.000 --> 0:04:52.160 Yeah, New York, in the Bronx the Wakefield area who 0:04:52.440 --> 0:04:56.120 we were young. So it's funny because my wife and 0:04:56.160 --> 0:05:01.960 I have been together for fifteen years for eleven and 0:05:02.040 --> 0:05:04.360 when we first met, uh, you know, we we met 0:05:04.400 --> 0:05:06.520 at work actually, so so my you know, I work, 0:05:06.800 --> 0:05:09.200 I worked at Chase. Uh, I was a banker at 0:05:09.240 --> 0:05:11.560 the time. She was a teller and we and we 0:05:11.800 --> 0:05:14.040 you know, we met. We dated for about I mean 0:05:14.080 --> 0:05:15.880 we knew each other for about two years before we 0:05:15.920 --> 0:05:19.600 started dating. And so as we started to date, we 0:05:19.600 --> 0:05:21.719 were thinking about I want to say, we were together 0:05:21.760 --> 0:05:25.520 like four or five years or four years and then, uh, 0:05:25.560 --> 0:05:28.000 we had the news that we were gonna have my 0:05:28.000 --> 0:05:31.080 my daughter. And so at the time, you know, we 0:05:31.120 --> 0:05:34.479 had planned this big wedding we were gonna go to, uh, 0:05:34.520 --> 0:05:35.920 We're gonna have a destination wedding. 0:05:35.960 --> 0:05:38.080 We would get married in Jamaica and all this stuff. 0:05:38.360 --> 0:05:41.800 And my wife, you know, feash out to her, being 0:05:41.920 --> 0:05:45.320 financially savvy, said you know, why are we gonna spend all. 0:05:45.120 --> 0:05:48.159 Of this money to entertain other people? You know? 0:05:48.279 --> 0:05:51.040 And see she jokingly said, you know what, how about 0:05:51.080 --> 0:05:52.799 we just take all this money that we were gonna 0:05:52.960 --> 0:05:56.160 pay for this wedding. Let's buy a house and if 0:05:56.200 --> 0:05:58.600 we last ten years, then we'll have the wedding after 0:05:58.640 --> 0:06:01.040 the ten years. And you know, I said, oh, that 0:06:01.120 --> 0:06:03.799 sounds like a great idea. And so we like literally, 0:06:04.320 --> 0:06:05.640 uh we were we were. 0:06:05.680 --> 0:06:07.239 She was twenty four, I was twenty five. 0:06:07.839 --> 0:06:11.160 We bought our first home and we you know, we 0:06:11.440 --> 0:06:14.280 bought the house in the Bronx, uh Wakefield area. 0:06:14.839 --> 0:06:17.680 Uh you know again I was I was already a banker. 0:06:17.720 --> 0:06:20.640 I was already in banking and so financially, that just 0:06:20.680 --> 0:06:23.320 made sense for me. And instead of buying a home 0:06:23.400 --> 0:06:26.240 that was just a single parent a single family home, 0:06:26.279 --> 0:06:29.000 we we bought a two family home, you know, thinking 0:06:29.440 --> 0:06:31.960 that we can either you know, rent it out or 0:06:32.800 --> 0:06:34.719 you know, have you know, maybe you know, you know, 0:06:34.760 --> 0:06:37.280 at the time, her mother lived in the Bronx, so 0:06:37.360 --> 0:06:39.800 we were thinking about maybe you know having you know, 0:06:39.839 --> 0:06:42.000 my uh my mother in law lived with us so 0:06:42.040 --> 0:06:44.520 that she could help take care of the baby. And 0:06:44.600 --> 0:06:46.320 so that's what that's what we wind up doing. And 0:06:46.360 --> 0:06:49.040 so we bought the home, I want to say, two 0:06:49.080 --> 0:06:51.360 thousand and seven and. 0:06:51.240 --> 0:06:52.599 Good timing, good time. 0:06:53.000 --> 0:06:55.040 Yet a way to spend money then. 0:06:55.400 --> 0:06:58.240 Yeah, yeah, exactly and at the height though, right, so 0:06:58.279 --> 0:07:00.840 this is right when you know, you know, the real 0:07:00.920 --> 0:07:05.200 estate bubble, you know, you know, everything was pricey, and 0:07:05.279 --> 0:07:06.640 so you know, we bought the house. 0:07:06.680 --> 0:07:09.760 Then how much was it? 0:07:09.760 --> 0:07:12.880 It was four to twenty five at the time. Okay, 0:07:13.320 --> 0:07:16.560 so four hundred and twenty five thousand dollars for two 0:07:16.600 --> 0:07:21.360 family home in the Bronx and Man two thousand and 0:07:21.400 --> 0:07:25.280 eight hit two thousand to die, and we lost a 0:07:25.320 --> 0:07:28.960 lot of you know, we lost a lot of value 0:07:29.000 --> 0:07:33.160 in the home. Like literally, you know, the house was 0:07:33.200 --> 0:07:35.360 worth you know, for twenty five and we bought it. 0:07:35.480 --> 0:07:38.400 By two thousand and nine, two years later, the house 0:07:38.480 --> 0:07:42.440 was worth about two hundred and fifty thousand dollars. 0:07:42.080 --> 0:07:43.880 And you had taken out a mortgage. So how much 0:07:43.880 --> 0:07:45.160 mortgage did you have at the time. 0:07:45.640 --> 0:07:47.960 So at the time, so we we took out we 0:07:48.080 --> 0:07:51.440 used the fah loan, and so we had put down 0:07:52.880 --> 0:07:55.480 you know, the I want to say, like ten percent 0:07:56.400 --> 0:07:58.040 or maybe less than that. We I want to say, 0:07:58.040 --> 0:08:00.360 we put put down about twenty thousand, which is less 0:08:00.360 --> 0:08:02.160 than ten percent, right, So we put it. We put 0:08:02.200 --> 0:08:05.320 down a lot about like twenty twenty thousand. So you know, 0:08:05.400 --> 0:08:07.920 our mortgage was was around like four hundred you know, 0:08:07.920 --> 0:08:11.320 four hundred thousand for four oh seven some somewhere along 0:08:11.320 --> 0:08:13.840 those lines. I don't remember exactly the numbers, but it 0:08:13.880 --> 0:08:15.920 was it was four hundred and some changes what our 0:08:16.000 --> 0:08:19.560 mortgage was, and you know, and so so each you know, 0:08:19.640 --> 0:08:20.400 each month. 0:08:20.160 --> 0:08:22.320 We were we were paying a hefty penny. 0:08:22.560 --> 0:08:25.480 You know, I want to say, close to twenty five 0:08:25.560 --> 0:08:27.960 hundred dollars if I if I'm not mistaken, was was 0:08:27.960 --> 0:08:28.760 our mortgage? 0:08:28.960 --> 0:08:31.120 And yet your house is worth like one hundred and 0:08:31.120 --> 0:08:32.720 fifty k less than that. 0:08:33.160 --> 0:08:34.920 Then what we yep, then what we were paying? 0:08:35.080 --> 0:08:38.040 Yeah, do you remember what your interest rate was back 0:08:38.080 --> 0:08:38.880 then that you locked in? 0:08:40.480 --> 0:08:44.160 So luckily? I want to say that I had. I 0:08:44.240 --> 0:08:47.600 was working at the bank, so I was at the 0:08:47.640 --> 0:08:49.160 time that we bought the house. 0:08:49.400 --> 0:08:51.040 I was a private. 0:08:50.679 --> 0:08:54.320 Banker working at a Bank of America, And so I 0:08:54.440 --> 0:08:57.440 want to say it was it might have been like 0:08:57.600 --> 0:09:00.680 five six percent something like that, somewhere on those lines, 0:09:00.720 --> 0:09:01.679 like five six percent. 0:09:01.840 --> 0:09:05.720 Yeah, So what happened? I mean, what was the worst? 0:09:05.720 --> 0:09:07.560 What was like the bottom for you guys when you 0:09:07.640 --> 0:09:10.320 realized what in what terrible shape you were? And then 0:09:10.320 --> 0:09:11.680 and how did you bounce back? 0:09:11.920 --> 0:09:12.520 What did you meant? 0:09:13.200 --> 0:09:17.880 So so so right around? I want to say, two 0:09:17.920 --> 0:09:20.199 thousand and nine, so I'm still working at the bank. 0:09:20.400 --> 0:09:22.160 You know, we lose all this value in the home, 0:09:22.240 --> 0:09:24.400 but you know, everything is all good. You know, we 0:09:24.960 --> 0:09:29.360 still sort of like budget you know, budgeted for to 0:09:29.440 --> 0:09:31.680 make the monthly payments, so we were still making the payments. 0:09:31.720 --> 0:09:35.040 Everything was all good. Right Around two thousand and nine, 0:09:35.760 --> 0:09:38.040 I wrote my first book, Mind Right, Money Right, Tellos 0:09:38.080 --> 0:09:41.920 of Financial Freedom. And at the time I just kind 0:09:41.920 --> 0:09:45.600 of had this bug for entrepreneurship and to just kind 0:09:45.600 --> 0:09:46.920 of take it back a little bit. You know, I 0:09:46.920 --> 0:09:49.559 grew up in a single parent home. You know, I 0:09:49.640 --> 0:09:51.959 grew up into projects in Harlem, Saint Nicholas projects, and 0:09:52.000 --> 0:09:55.120 so I didn't really have any role models, anybody in 0:09:55.200 --> 0:09:58.160 business that could teach me and know mentors anything like that. 0:09:58.679 --> 0:10:01.080 And so when I had I knew how to passion 0:10:01.640 --> 0:10:04.360 to teach, to teach money, and so you know, I 0:10:04.679 --> 0:10:08.280 you know, I wrote this book, I started doing speaking engagements, 0:10:08.400 --> 0:10:11.280 was traveling, was making some money, and so I decided 0:10:11.320 --> 0:10:14.000 to take a leap of faith and just leave my 0:10:13.800 --> 0:10:16.280 my my bank position. And I was making six figures 0:10:16.320 --> 0:10:20.240 at the time managing a branch, and I, you know, 0:10:20.320 --> 0:10:22.280 decided to jump out the window. I said, you know, 0:10:22.320 --> 0:10:27.160 I'm passionate about I jumped out the window. 0:10:27.200 --> 0:10:29.640 I was, uh, you know, I just. 0:10:29.800 --> 0:10:32.160 Not literally no no, no, no, no, no, that. 0:10:32.160 --> 0:10:35.719 Was that's a figuratively speaking, you know, because. 0:10:35.440 --> 0:10:38.000 That was happening. I mean it was it was troubling time. 0:10:38.080 --> 0:10:39.480 Yeah, it was troubling time. 0:10:39.720 --> 0:10:40.040 Right. 0:10:40.240 --> 0:10:42.960 But but think about this though, Even during that troubling time, 0:10:43.640 --> 0:10:46.839 I I quit my job, right, I like, I said, 0:10:46.880 --> 0:10:50.079 you know what, I have this passion for financial education, 0:10:50.280 --> 0:10:52.240 and so you know, I want a tour. You know, 0:10:52.280 --> 0:10:55.200 I was getting a good publicity. I was on you know, 0:10:55.280 --> 0:10:57.800 Black Amprist seven. I was doing a lot of interviews, 0:10:58.040 --> 0:11:00.320 and so at the time, I thought fame equals money. 0:11:00.320 --> 0:11:03.000 I said, whoa, you know, people know me now, and 0:11:03.040 --> 0:11:05.400 so you know I'm gonna make money now, right, And 0:11:05.440 --> 0:11:07.480 so I just prematurely. 0:11:06.720 --> 0:11:07.880 Decided to quit my job. 0:11:08.520 --> 0:11:11.160 And once I did that, I was making some money 0:11:11.200 --> 0:11:14.920 as an entrepreneur, but I wasn't making enough to manage everything. 0:11:15.280 --> 0:11:17.200 It wasn't making enough to manage my bills, none of 0:11:17.200 --> 0:11:21.120 that stuff. And so you know, things started to catch up, 0:11:21.520 --> 0:11:24.320 and you know, we couldn't afford the mortgage anymore. 0:11:24.920 --> 0:11:26.800 And so you know, like I. 0:11:26.720 --> 0:11:31.839 Literally remember it was like two ten, twenty eleven ish. 0:11:31.880 --> 0:11:35.160 In fact, if you look at my Facebook page, you 0:11:35.200 --> 0:11:38.679 will see that I threw myself a retirement party in 0:11:38.800 --> 0:11:42.600 twenty ten because I retired from banking. I was like, 0:11:42.880 --> 0:11:45.840 I'm retiring from banking. I'm gonna start this new career. 0:11:45.880 --> 0:11:47.959 I was. I was just about to turn thirty. 0:11:48.080 --> 0:11:52.200 So twenty ten, November twenty ten, it was my thirtieth birthday, 0:11:52.880 --> 0:11:56.400 and so I threw myself a retirement party, a thirtieth 0:11:56.960 --> 0:11:58.360 birthday retirement party. 0:11:58.360 --> 0:12:00.000 That's how full of myself. 0:12:00.800 --> 0:12:03.000 The universe was just like, we're about. 0:12:02.760 --> 0:12:07.040 To show yeah, like we finished, you know what the state. 0:12:07.720 --> 0:12:09.679 I didn't realize that, but go ahead, yeah, yeah. 0:12:09.520 --> 0:12:09.680 You know. 0:12:09.840 --> 0:12:13.080 Universe was like, wait, hold on, hold on, watch watch 0:12:13.160 --> 0:12:15.600 let me show Let me show this guy, right, and 0:12:15.679 --> 0:12:17.760 so yeah, shortly after, I want to say, you know, 0:12:18.080 --> 0:12:20.959 uh uh not sure, but maybe like six, six or 0:12:21.000 --> 0:12:24.560 seven months afterwards, I started to realize that I wasn't 0:12:24.600 --> 0:12:27.760 making as much money as an entrepreneur as as I 0:12:27.840 --> 0:12:31.760 was in my nine to five. I didn't plan, you know, 0:12:31.920 --> 0:12:34.920 I didn't plan accordingly. My mother in law was staying 0:12:34.920 --> 0:12:37.040 with us at the time, and so, you know, when 0:12:37.080 --> 0:12:40.520 everything was going on, you know, we had to make 0:12:40.559 --> 0:12:44.120 a decision. Right we we had this mortgage that we 0:12:44.160 --> 0:12:48.040 couldn't afford. The home was wasn't worth what we were paying, 0:12:48.679 --> 0:12:51.440 and so we we were missing out on payments. They 0:12:51.480 --> 0:12:54.640 were gonna, you know, put the house on foreclosure, and 0:12:54.679 --> 0:12:56.800 so we we did, uh, you know, we contacted the 0:12:56.800 --> 0:12:59.240 bank and we did what's called a deed in lieu 0:12:59.280 --> 0:13:03.599 of foreclosure where we put the home up for a 0:13:03.679 --> 0:13:06.880 short sale and so that that way, if someone buys 0:13:06.920 --> 0:13:09.240 a home, then we went and you know, we wouldn't 0:13:09.280 --> 0:13:11.679 have to have you know, anybody knocking on our door 0:13:11.840 --> 0:13:13.880 and you know, come come in and take the house. 0:13:14.360 --> 0:13:16.400 And the most embarrassing part of it was that I 0:13:16.440 --> 0:13:18.920 was still the hottest I ever was though, right My 0:13:18.920 --> 0:13:19.720 book was still. 0:13:19.559 --> 0:13:21.480 Selling, I was still on radio, I was still a 0:13:21.559 --> 0:13:23.040 television I was still doing all this stuff. 0:13:23.280 --> 0:13:27.000 But you know, you know, in real life, you know, 0:13:27.040 --> 0:13:28.720 I'm struggling about to lose my home. 0:13:29.040 --> 0:13:31.360 My neighbors are coming up to me like, Ash, what's 0:13:31.360 --> 0:13:32.720 going on? Why are you selling the house? 0:13:32.760 --> 0:13:35.040 And you know, and so it was like not only 0:13:35.080 --> 0:13:39.480 the worst time that I had, but also the most embarrassing, 0:13:39.880 --> 0:13:41.720 but the most humbling, you know, and I'm happy it 0:13:41.800 --> 0:13:46.199 happened because if you fast forward during that time, you know, 0:13:46.240 --> 0:13:48.120 I kind of like I ate humble pie. I said, 0:13:48.120 --> 0:13:49.800 you know what, I need to go back to work. 0:13:50.040 --> 0:13:51.800 And so, you know, good thing. I had a great 0:13:51.840 --> 0:13:55.360 resume still, and so you know, I decided that, you know, 0:13:55.440 --> 0:14:00.720 why struggle, right, why struggle unnecessarily decided to go back 0:14:00.760 --> 0:14:02.520 to work. And so I, you know, got a got 0:14:02.960 --> 0:14:06.000 a branch manager position at City Bank, managing one of 0:14:06.040 --> 0:14:10.120 their branches in Harlem. Was making good money again, and 0:14:10.240 --> 0:14:13.680 so you know, now I'm I'm living right like now, 0:14:13.760 --> 0:14:17.320 we could afford the mortgage. But at the time, uh, 0:14:17.360 --> 0:14:20.440 you know, fash out the President Obama had the Making 0:14:20.560 --> 0:14:24.560 Home Affordable program and so we you know, we're in 0:14:24.600 --> 0:14:27.920 a short short sell we qualify, and so we applied 0:14:27.960 --> 0:14:30.840 for it. And what what what essentially what it did 0:14:31.040 --> 0:14:34.800 was anybody who had a mortgage that was underwater, Uh, 0:14:34.840 --> 0:14:38.000 they would they would if you qualify, they would recalibrate 0:14:38.040 --> 0:14:41.800 the loan so that you would now, uh they would 0:14:41.840 --> 0:14:45.040 forgive you for the excess amount. Right, And so you know, 0:14:45.080 --> 0:14:46.640 at the time, let's say, you know, my mortgage was 0:14:46.680 --> 0:14:50.920 four hundred and seven thousand, got rid of the excess, 0:14:51.120 --> 0:14:54.080 you know, one fifty and so now you know, my 0:14:54.160 --> 0:14:57.320 mortgage is now two hundred and fifty thousand, and so 0:14:58.000 --> 0:15:00.240 you know, you know, now I have a job, you know, 0:15:00.440 --> 0:15:03.200 you know, making making money again. And so my mortgage 0:15:03.200 --> 0:15:06.360 payment went went from close to three thousand dollars to 0:15:06.480 --> 0:15:09.080 now like twelve hundred dollars or eleven hundred something somewhere 0:15:09.120 --> 0:15:12.480 along those lines. And the great thing that happened with 0:15:12.520 --> 0:15:16.080 that was we had a two family house, and you know, 0:15:16.120 --> 0:15:17.720 my mother in law was staying with us, and so 0:15:17.920 --> 0:15:21.680 now once we went through the whole short cell process, 0:15:21.720 --> 0:15:24.480 she decided to move out. And so we also you know, 0:15:24.640 --> 0:15:29.560 now when the when the home was was was refinance 0:15:29.760 --> 0:15:31.880 or or when they when they redid the loan. We're 0:15:31.920 --> 0:15:34.600 now paying a two hundred and fifty thousand dollars loan. 0:15:35.000 --> 0:15:38.040 Plus we have an apartment downstairs that we could rent out. 0:15:38.640 --> 0:15:40.880 And so it was a double blessing, right, so now 0:15:40.920 --> 0:15:42.160 we were able to save the home. 0:15:42.680 --> 0:15:43.880 We could afford the mortgage. 0:15:43.880 --> 0:15:46.720 But now we found a tenant, someone to live in 0:15:46.760 --> 0:15:49.080 the home, and they were they were paying us eleven 0:15:49.120 --> 0:15:53.520 hundred dollars in rent, and so you know, this, this curse, right, 0:15:53.560 --> 0:15:56.360 this thing that was almost the worst thing that could 0:15:56.360 --> 0:15:58.720 have ever happened to us, wound up being a blessing 0:15:58.800 --> 0:16:02.880 because our you know, out of pocket expense for the 0:16:02.920 --> 0:16:05.560 mortgage was less than one hundred dollars one hundred and 0:16:05.560 --> 0:16:07.760 two hundred dollars and I was it. And so the 0:16:07.760 --> 0:16:10.800 money that we would have spent on uh or we 0:16:10.800 --> 0:16:13.600 would have used on the mortgage, we're now able to 0:16:13.680 --> 0:16:16.640 save and start to rebuild our our account. 0:16:17.240 --> 0:16:18.840 I mean, that's the key difference. The fact that you 0:16:18.920 --> 0:16:21.280 guys had invested in a two family homes so you 0:16:21.320 --> 0:16:23.200 had the ability to rent it. Because like, at the 0:16:23.200 --> 0:16:26.480 same time home values were dropping, demand for rent was 0:16:26.480 --> 0:16:27.000 going up. 0:16:27.520 --> 0:16:28.840 So shout out, let's pour. 0:16:28.720 --> 0:16:32.040 One out for the home Affordable Modification Plan, which was 0:16:32.080 --> 0:16:33.520 the program you guys took advantage of. 0:16:33.640 --> 0:16:36.120 It's no longer offered, but let's pour one out for it. 0:16:36.760 --> 0:16:38.720 Thank god, you guys took advantage of it when you did, 0:16:38.720 --> 0:16:41.280 because that was, you know, a huge game changer. 0:16:41.800 --> 0:16:43.160 Yeah, no, absolutely, and it was. 0:16:43.200 --> 0:16:44.600 It was it was like a you know, at first, 0:16:44.640 --> 0:16:46.640 we were like, man, this is too good to be true, 0:16:47.040 --> 0:16:50.120 but no, we accepted the blessing you know, you know, 0:16:50.160 --> 0:16:52.760 I ate my humble pie learned from it and it 0:16:52.800 --> 0:16:56.320 really made me appreciate or that's what opened my eyes 0:16:57.280 --> 0:17:00.680 to you know, residual income and have your money work 0:17:00.760 --> 0:17:03.440 for you because you know, again you know having that. 0:17:03.760 --> 0:17:06.240 I mean, it wasn't really foresight, but you know, for us, 0:17:06.400 --> 0:17:08.440 it was more about you know, babysitting. We were like, 0:17:08.440 --> 0:17:10.720 all right, let's get this two family house so you know, 0:17:10.800 --> 0:17:12.760 mother in law can stay with us, could help us 0:17:12.800 --> 0:17:15.560 out when we need, you know, when we need babysitting. 0:17:16.000 --> 0:17:19.000 But it actually wound up you know, helping us because 0:17:19.040 --> 0:17:22.000 that extra that extra apartment, you know, allowed us to 0:17:22.320 --> 0:17:25.200 create a source of a source of income. And so 0:17:25.400 --> 0:17:28.320 now we weren't only relying on our physical labor, but 0:17:28.359 --> 0:17:31.600 we were actually relying on you know, you know, uh, 0:17:31.720 --> 0:17:34.040 residual income through through rental payments. 0:17:35.680 --> 0:17:36.200 That's awesome. 0:17:36.200 --> 0:17:38.320 It's a way to turn something that could have been 0:17:38.520 --> 0:17:41.720 like the worst possible thing into something that end up 0:17:41.760 --> 0:17:44.719 being like a positive change for you and your family. 0:17:45.200 --> 0:17:48.560 Absolutely, absolutely, I was gonna say, you've dodged this bullet, 0:17:48.760 --> 0:17:51.200 You've saved your home. You guys are in good shape. 0:17:51.200 --> 0:17:54.000 You have rent you have rental income coming in your mortgage, 0:17:54.119 --> 0:17:56.919 Like you know, your share of the mortgage is shrinking. 0:17:57.440 --> 0:18:01.280 You're back to launching your own business. Can you talk 0:18:01.320 --> 0:18:05.480 about sort of the the years following the loan modification 0:18:05.520 --> 0:18:07.000 when you were getting back on your feet? 0:18:07.480 --> 0:18:10.720 Yeah, absolutely so, so you know through you know, after 0:18:10.800 --> 0:18:12.960 that happened again. You know, I you know, a couple 0:18:13.000 --> 0:18:16.720 of things happened. Right first, I realized that the reason 0:18:16.840 --> 0:18:19.960 why I needed the humble myself was because I was 0:18:19.960 --> 0:18:22.480 making it about me. Uh when when when I when 0:18:22.520 --> 0:18:25.840 I came, when I started to my journey of personal 0:18:25.880 --> 0:18:29.760 finance and teaching about financial education, it felt good helping people, 0:18:29.800 --> 0:18:32.720 helping people manage their money, helping people learn how to 0:18:33.160 --> 0:18:34.600 uh you know, be better stewards of. 0:18:34.560 --> 0:18:36.159 Their money and change their mindset. 0:18:36.760 --> 0:18:39.119 And but but the moment where I started getting a 0:18:39.119 --> 0:18:42.119 little notoriety, getting a little fame, I started making it 0:18:42.119 --> 0:18:44.800 about me. And that's when, you know, the rug got 0:18:44.800 --> 0:18:48.000 pulled over from under my legs. But now I realized 0:18:48.040 --> 0:18:49.760 my second go round, it was like, you know what, 0:18:49.880 --> 0:18:50.840 this is not about you. 0:18:51.200 --> 0:18:53.880 Uh, you know now that you have this new added you. 0:18:53.840 --> 0:18:57.080 Know, humbleness, but this this story, this uh, this this 0:18:57.200 --> 0:19:00.640 obstacle that you overcame. Now now you're able to use 0:19:00.720 --> 0:19:05.240 that to help people even further and full disclosure. Tiffany 0:19:05.280 --> 0:19:07.280