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Speaker 1: Hey, hey, ba fam, it is time for another b

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Speaker 1: a qa A b a q A what you say

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Speaker 1: a b a qa with manday? I don't know why

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Speaker 1: I am singing tiffin A b a qa. All right,

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Speaker 1: Today we are breaking down all about how you can

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Speaker 1: manage your money, from planning to budgeting to spending. We

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Speaker 1: have got you covered.

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Speaker 2: Here's the thing, ba fam. If you'd like to ask

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Speaker 2: us questions, we'd love to receive them. But remember that

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Speaker 2: before you slide into our dms on ig Bandi Vision Podcast,

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Speaker 2: before you send us an email Branda Vision Podcast at

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Speaker 2: gmail dot com, before you go to Brandavision podcast dot

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Speaker 2: com and click contact us, remember that the questions that

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Speaker 2: you are asking us are not going to your doctor,

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Speaker 2: They're not going to your attorney, they are not going

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Speaker 2: to your financial advisor. Just two really smart, sillier, cute

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Speaker 2: brown girls who for entertainment purposes only. And he said

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Speaker 2: to say that are just you know, answering questions from

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Speaker 2: the BA vault. Take a listen. Do you what did

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Speaker 2: the first question?

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Speaker 1: I didn't take a breath you read it.

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Speaker 2: This is from Ashley from ig Hey, Mandy, I was

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Speaker 2: one of your first Mandy money makers. Woo woo. We

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Speaker 2: love a stand of Mandy. Thank you so much for

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Speaker 2: all that you've done and taught me. My question today

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Speaker 2: is how can I protect myself from identity theft? This

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Speaker 2: morning I woke up to new emails about small business

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Speaker 2: social security account update and a purchase of two new iPhones.

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Speaker 2: Please help, Ashley, do you have to pay for credit security?

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Speaker 1: Ooh wow, something's going on there, Like they're saying, yeah,

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Speaker 1: your social security account has been updated, purchase of two

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Speaker 1: new iPhones. The first thing I do whenever I get

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Speaker 1: those emails is check the email address that it came from,

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Speaker 1: because I just, for example, I just started to advertise

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Speaker 1: on Facebook a week ago and I got the most

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Speaker 1: legitimate looking email about my ads account being in violation

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Speaker 1: of their rules, which is like one of the It

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Speaker 1: can happen all the time with your when you're doing ads.

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Speaker 1: It's really easy to like upset the Facebook gods. And

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Speaker 1: you don't want to do that because then you waste

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Speaker 1: money in time anyway, And I was almost like, I

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Speaker 1: need to click this link and figure out what I've done,

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Speaker 1: but it just something about it, like the formatting, and

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Speaker 1: so I check the email address and it was like

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Speaker 1: from an Outlook account, you know. So I think the

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Speaker 1: first thing for to secure yourself is to be aware

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Speaker 1: of what phishing attempts look like, which seems so old school,

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Speaker 1: but they still happen, you know, So check that email address.

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Speaker 1: You can also hover over any hyperlinks and see where

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Speaker 1: it's actually trying to direct you to. And if it's

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Speaker 1: not to, you know, a legitimate website, then I would

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Speaker 1: just say, excuse me, immediately kick it to spam or

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Speaker 1: to junk. That's how I feel about email. But now

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Speaker 1: it's like, come into your text do you get do

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Speaker 1: you get phishing text?

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Speaker 2: Now?

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Speaker 3: Girl?

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Speaker 2: Yes? Talk about this the irs. I'm like, girls, are

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Speaker 2: you texted now?

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Speaker 1: With your lack of funding?

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Speaker 3: Now?

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Speaker 2: So no, first and foremost that like whatever I get

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Speaker 2: to Manny's point, you know, I checked the email to say, like,

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Speaker 2: who's the email at just coming from? And then typically

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Speaker 2: I'll call the company directly if that's available to me

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Speaker 2: to call the company directly. But one thing I had

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Speaker 2: to do so when my late husband was still here

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Speaker 2: his I don't know why, but they used to steal

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Speaker 2: that man's, that poor man's identity all the time. Like

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Speaker 2: literally one time they bought a car and we only

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Speaker 2: knew because they they were like based in I don't know,

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Speaker 2: like upstate New York or someplace far where they were

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Speaker 2: getting tickets from easy Paths and so they.

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Speaker 1: Were going on tour with Janelle's name, Jerelle's name, and

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Speaker 1: then got a loan or.

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Speaker 2: Something something, and then they were get like, you know,

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Speaker 2: they had an easy pass account they put in his

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Speaker 2: name and was not paying the ticket, so we were

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Speaker 2: getting easy Pass tickets. That's how we found out. It

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Speaker 2: was just a mess. I would say at least three

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Speaker 2: times when I was with them and he said it

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Speaker 2: happened before, Like I'm like, so I'm assuming that his

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Speaker 2: probably information was on some crazy you know, like what

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Speaker 2: it's like the dark web, you know, and so they're

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Speaker 2: probably just swapping it out. Plus two, Jerell's an identical twin.

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Speaker 2: His twins name is Terrell, So you have Jerrell Smith

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Speaker 2: Terrell Smith, both born on the same day, and so

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Speaker 2: oftentimes they would see each other's things on each other's

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Speaker 2: credit reports, because that happens too with juniors. Oftentimes that

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Speaker 2: will happen, especially if you're in the same house. Your

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Speaker 2: dad is a senior, you're a junior, but you're both

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Speaker 2: named Robert Smith and you live at the same place,

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Speaker 2: so sometimes you'll see your stuff on each other's credit report.

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Speaker 2: But it happens with twins who have similar names too.

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Speaker 1: Oh really, so what would they do then? Would they

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Speaker 1: have to like dispute it or yeah? Girl, there was

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Speaker 1: like whatever.

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Speaker 3: I was like, this is why your credit like whatever.

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Speaker 2: So when I came along, I said, bab, we got

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Speaker 2: you something about this because this is crazy. So we

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Speaker 2: actually this is not sponsored or anything like that. They

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Speaker 2: haven't give me any money like as Budgety Store or

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Speaker 2: Brown Ambition. We actually signed up for LifeLock and it stopped.

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Speaker 2: Did instantly tell me about LifeLock or these?

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Speaker 1: Yeah, because I haven't. I have never invested in something

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Speaker 1: like that.

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Speaker 2: I can't remember how much LifeLock costs because now I

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Speaker 2: just like, have it automated. I think at the time

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Speaker 2: it was like maybe like ten bucks a month. Maybe

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Speaker 2: it's a little bit more now maybe twenty bucks or something.

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Speaker 2: Whatever it is. So we got LifeLock, signed up for it.

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Speaker 2: And what I like about LifeLock is even for me.

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Speaker 2: I remember once I went to go open up a

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Speaker 2: bank account at like my regular bank or whatever, and

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Speaker 2: the bank was like we're not able to, and I'm

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Speaker 2: like why, And then I got a text from LifeLock

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Speaker 2: saying someone's trying to open up a bank account. If

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Speaker 2: that's you, click yes. If that's you, click no, And

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Speaker 2: I was like, oh, that's right. So I had to approve.

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Speaker 2: So I would get a text or emails, and typically

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Speaker 2: it's a text, email and phone call to say any

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Speaker 2: new card, any new bank account, any new debt that

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Speaker 2: I'm trying to get into. LifeLock would hit me up

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Speaker 2: and say is this you, which you know like sometimes

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Speaker 2: if you forget like me, which I always forget, and

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Speaker 2: I'm like, why can't you open it?

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Speaker 3: I'm like, oh, that's right.

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Speaker 2: So that's one thing like LifeLock, but also too you

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Speaker 2: can go directly to like Experience, Equofax, trans Union and

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Speaker 2: you can actually freeze. I did this with Durell after

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Speaker 2: he passed away. My financial advisor, Angelie said right away, Tiffany,

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Speaker 2: because when people know that someone passed away, they know

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Speaker 2: you're in grief, and they will sometimes attack that person's

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Speaker 2: you know, financial credit and background and just start using

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Speaker 2: it up. So I went into each of those specific

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Speaker 2: accounts and froze his credit. And you can freeze and unfreeze,

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Speaker 2: but I froze it obviously indefinitely, so no one can

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Speaker 2: open up anything in his name. And I just am

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Speaker 2: not paying attention because it's not me. And so that's

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Speaker 2: something so smart too.

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Speaker 1: I did that now I'm remembering because I was telling Tiffan, like,

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Speaker 1: I think I'm pretty delinquent with my identity. But I

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Speaker 1: did do the credit freeze. This was I mean, think

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Speaker 1: Equifax data breach back in like twenty sixteen really spooked me.

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Speaker 1: But I mean there's so many. It's just so many

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Speaker 1: data breaches they can't even keep It's not even that

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Speaker 1: big of a news anymore because it just happens all

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Speaker 1: the time. But yeah, credit freeze. And I remember then

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Speaker 1: I started shopping for a mortgage and I was annoyed

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Speaker 1: by it because I'm like, damn it, I got to

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Speaker 1: unfreeze and all that. So now that I'm not shopping

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Speaker 1: for a mortgage, I did. You can saw it, and

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Speaker 1: then it's just annoying because you have to like thaw

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Speaker 1: it at the bureaus where your loan. Your lender is

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Speaker 1: going to request to chut it, you know. But I

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Speaker 1: think it's totally worth it because why wouldn't you want

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Speaker 1: to have that extra layer of protection, you know, because

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Speaker 1: like even opening a cell phone, you can't do that

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Speaker 1: if you have a credit freeze nothing.

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Speaker 2: So a credit freeze to me is if you know

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Speaker 2: you're not getting anything for a while and something like

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Speaker 2: this has happened, you can freeze just to stop any activity.

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Speaker 2: Let's just say your stuff is in a dark web,

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Speaker 2: I'm freezing it for the next two months, no one

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Speaker 2: is gonna and then after that, if you don't want

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Speaker 2: the issue, like Mandy said, the thaw and freeze, saw

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Speaker 2: and freeze, you can get like a lifeblock or some

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Speaker 2: similar type of company where before anything happens, you know,

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Speaker 2: you get the text or the call.

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Speaker 3: You just have to prove.

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Speaker 2: And so those two things honestly, since then, you know,

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Speaker 2: Jerell's identity stopped being stolen and I never had my

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Speaker 2: identity stolen. But I signed up because I was like, well,

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Speaker 2: we're here now, because you could do like a family plan,

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Speaker 2: and so my identity has never been stolen, which is

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Speaker 2: you know, there have been things on there. They're like,

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Speaker 2: I don't recognize this, and I realized, like, oh, the

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Speaker 2: company sometimes has a different working name than a doing

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Speaker 2: business name, and I'm like, ah, that was me.

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Speaker 1: Oh God, I've been there. I'm like, who, I would

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Speaker 1: never spend that much. Meanwhile, it's like, yeah, the little

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Speaker 1: those four am Instagram scrolls. They always get me with

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Speaker 1: their kids' shoes ads. Oh man, what else do I was, Oh,

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Speaker 1: there's something else? So oh. A friend of a friend

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Speaker 1: recently lost eight thousand dollars right before Christmas, right before

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Speaker 1: the holiday season through like it was a phone called

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Speaker 1: tech scam. And so it started with text messages from

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Speaker 1: her bank. It was City Bank texting her and it

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Speaker 1: looked really legit, and then they escalated to calling her

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Speaker 1: and we're so convincing that she ended up giving her

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Speaker 1: account information over the phone, and then they drained her

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Speaker 1: not her, and it was her checking account, which is

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Speaker 1: really painful, you know, because with your checking account it's

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Speaker 1: sometimes harder to get those funds back. And it was

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Speaker 1: a Zell or Sorry, she didn't give them account information,

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Speaker 1: she zelled them. She zeld them. And if you guys

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Speaker 1: know anything about Zell, one of the pieces of controversy

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Speaker 1: is that you know you go through these steps when

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Speaker 1: when you send a transfer where they're like be sure

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Speaker 1: you know this person because if you don't, we are

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Speaker 1: not covering you because if it's you who hits the

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Speaker 1: submit button and you know what you're doing, like, we

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Speaker 1: are not liable libable, we're not liable for funds that

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Speaker 1: you lose. So she was I think she's still fighting

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Speaker 1: to maybe get that eight grand back. But she's like

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Speaker 1: a single mom, and you know, it's a lot of

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Speaker 1: money to lose. So if they're asking you for zell,

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Speaker 1: you deserve to be asking for every ounce of proof,

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Speaker 1: and banks probably will not be doing that. I would

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Speaker 1: just say that first and foremost. And then she ended up.

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Speaker 1: I think something struck her as and then she called

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Speaker 1: City herself and they're like, oh no, oh no. So

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Speaker 1: if they're if they're saying that they're from City, don't

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Speaker 1: bother about inconveniencing them, Like, don't worry about that, you know,

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Speaker 1: hang up, say cool, you can call me back before

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Speaker 1: they want this eight grand and call your own number directly.

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Speaker 3: That's the key.

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Speaker 2: One of the women that we know, I think her

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Speaker 2: name is Shannon. She lost her house down payment because

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Speaker 2: they have the scam where you know when you make

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Speaker 2: the transfer like the wire transfer when you're purchasing at home,

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Speaker 2: and so what they'll do is they'll they'll send you

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Speaker 2: a fake bank like, hey, I know we said this

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Speaker 2: is the wire number. This is actually the updated wire number.

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Speaker 2: She did not know because it looked official. Because what

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Speaker 2: they do is they like mimic what your bank sends,

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Speaker 2: and she sent it, and wires are notorious and once

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Speaker 2: it's gone is gone. They had me social because you know,

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Speaker 2: I bought my house cash five hundred and twenty thousand

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Speaker 2: dollars that can't go to the So what I did

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Speaker 2: was I'm mosy my way on down to the bank

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Speaker 2: and said look me and and that's when we did

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Speaker 2: the wire on the phone. Like so the key with

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Speaker 2: that is always, always always. I didn't call the number

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Speaker 2: that was on the paper when we're making the transfer.

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Speaker 2: If I think I had the money and like Ally

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Speaker 2: or something like that and I was transferred to like

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Speaker 2: their bank was like Wells FARG or whatever that like

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Speaker 2: I call. I go to the Ally website and called

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Speaker 2: that number there. I never the key with anybody. Sometimes

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Speaker 2: somebody is telling you something financial, even if it seems

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Speaker 2: up to I don't like, I want to hang up

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Speaker 2: and I'm just going to call back because I'd rather

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Speaker 2: call back the official number, so I know for sure

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Speaker 2: that like, oh, this is who I'm speaking to, versus

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Speaker 2: like who is this? So that was key I was,

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Speaker 2: but I was still nervous because you know, you just

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Speaker 2: you just feel like you never know, you never know.

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Speaker 2: So thankfully, you know, like it all worked out, because

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Speaker 2: that would have been like you would have seen a

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Speaker 2: weeping willow of a tiffany, like I love that.

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Speaker 1: And when it's wired and it's gone, you know it's

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Speaker 1: in the Canaries or you know, some other country and

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Speaker 1: you can't get that back. Man, what else? Two factory

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Speaker 1: authentication is huge for any accounts that you have, because

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Speaker 1: I feel like you break into my Gmail, you have

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Speaker 1: my life, you know everything about me. So two factor authentication,

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Speaker 1: these these basic practices. But I'm glad at least that

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Speaker 1: your like spidy sense has perked up enough to ask,

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Speaker 1: because that is wild and credit monitoring. You can with

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Speaker 1: your credit card. It's smarter to just, you know, in general,

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Speaker 1: buy big things with your credit card or or use

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Speaker 1: your credit card for most purchases if you know you

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Speaker 1: can do that responsibly, because you do have Most credit

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Speaker 1: cards offer zero dollar fraud liability, so if there is

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Speaker 1: fraud and it's on your credit card, then they will

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Speaker 1: cover it, you know, no questions ask, whereas with your

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Speaker 1: debit card, some of them have limits on how much

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Speaker 1: they'll cover or limits on you have to catch it

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Speaker 1: and report it within a certain timeframe like thirty to

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Speaker 1: sixty days, and if you don't, then there's less of

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Speaker 1: a chance that they'll be able to recover the funds

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Speaker 1: for you. So that's why there's like a bit of

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Speaker 1: a case for using credit versus debit for any big,

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Speaker 1: you know, purchases and things like that. But yes, stay vigilant, y'all,

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Speaker 1: stay woke. Two factor authenticate, look up the email addresses,

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Speaker 1: call them directly. That's our last that's a good summary,

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Speaker 1: summarized summaration. I can't talk summation, recap of our of

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Speaker 1: our of our advice. We're really really smart, trust us. Okay, cool,

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Speaker 1: Let's take a break. It's like I'm gonna get the

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Speaker 1: next one. Manny's stop, get down.

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Speaker 2: We take a break, RUSSA, pay some bills and be

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Speaker 2: right back in blank.

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Speaker 3: So we've got somebody name. Do we want to use

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Speaker 3: her name? Because what does she doys want that to

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Speaker 3: be her name?

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Speaker 1: She should have used a pseudonym Isabella. Let's go with Isabella.

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Speaker 3: That's my okay, Isabella.

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Speaker 2: So Isabella says, Hey, Mandy and Tiffany, I recently found

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Speaker 2: her show.

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Speaker 3: And I've been obsessed. We love that Isabella.

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Speaker 2: My partner and I have a goal of buying a

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Speaker 2: house in five years. I have and HYSSA. But when

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Speaker 2: I'm doing my research or what is the best place

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Speaker 2: to save, the best way to save for a down payment,

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Speaker 2: I've been getting overwhelmed with all of these ways to save.

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Speaker 2: Should I be using an HSA, HYSA investment or open

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Speaker 2: ACD account? Currently working on paying down my loans and

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Speaker 2: credit card debt while building an emergency fund. Once I

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Speaker 2: get all of these things taken care of and debt free,

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Speaker 2: my goals will start saving toward a future home.

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Speaker 3: Thank you so much, advance Love you girls.

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Speaker 1: Ea Sabla all right, okay, So high yield savings account

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Speaker 1: is hyssay. I mean the good news is that high

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Speaker 1: yield savings accounts are actually high yield again because the

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Speaker 1: FED has been raising rates. I think I'm more up

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Speaker 1: to like over two percent in online only banks. Yeah,

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Speaker 1: two whole pennies, yes, one hundred dollars yep or one dollar.

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Speaker 1: I don't know.

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Speaker 3: Uh yeah, so it's been I mean, you got.

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Speaker 1: Five years, which is a long time horizon. So the

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Speaker 1: good news is that you do have these other options

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Speaker 1: you could you know, there could be a case for

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Speaker 1: a semi aggressive ish investment account to save for that

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Speaker 1: to invest for that house. You do have to look

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Speaker 1: at the economy, of course. I mean, if you were

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Speaker 1: going to drop money into an investment account, would now

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Speaker 1: be the worst time? No, it depends on what happens

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Speaker 1: in the rest of the year. But the market has

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Speaker 1: gone down, down, down, down, downtowntown, So there could be

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Speaker 1: the expectation that you could put some money in there

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Speaker 1: and then if you weather the recession that's coming, that

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Speaker 1: it would grow five years from now. History would tell

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Speaker 1: you that that is probably the case. But you know,

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Speaker 1: I feel uncomfortable predicting the future. So there's that. So

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Speaker 1: it depends on like your level of risk, you know,

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Speaker 1: uh a version are you or risk tolerance? Can you

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Speaker 1: handle the idea that you may lose some money if

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Speaker 1: you sink it into investment account or do you want

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Speaker 1: to know that every penny you sock away will remain there? Yeah,

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Speaker 1: And if that's the case, then a CD could definitely

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Speaker 1: be a nice little alternative. With the CD, you do

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Speaker 1: have to lock up your money for a certain amount

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Speaker 1: of time, but in return for locking it up, they

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Speaker 1: will give you a much higher interest rate than what

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Speaker 1: you make it from, even the high yield savings accounts.

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Speaker 1: So yeah, that's definitely an option to what do you think?

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Speaker 2: Well, for sure, the number one thing, Isabella is that

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Speaker 2: you want to make sure that wherever you're checking is

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Speaker 2: this money ain't because Lord knows, if you're like me

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Speaker 2: at Target like ooh, checking is like sis, now you

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Speaker 2: know you don't have it. Savings is like, well we

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Speaker 2: have it, girl, And then you petch a finger on

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Speaker 2: the button and transfer from checking the savings and in

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Speaker 2: two point two seconds you have your money available. So

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Speaker 2: that's number one for Isabella or anyone listening. Any money

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Speaker 2: that you want to have saved. You have to make

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Speaker 2: your money inconvenient, because inconvenient money gets saved, So that's

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Speaker 2: first and foremost, And a highyield savings account is inconvenient

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Speaker 2: as long as you don't have a checking account at

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Speaker 2: that same bank. Investment account definitely inconvenient. That means it's

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Speaker 2: not super liquid and a CD is definitely inconvenient if

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Speaker 2: it was me. But here's the thing that I'm reading

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Speaker 2: in this is she wants to pay off her credit

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Speaker 2: card debt.

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Speaker 3: So here's the here's the thing.

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Speaker 2: Because of the way the market is, I mean, things

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Speaker 2: are down like woof, like the market is down bad.

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Speaker 2: But as Mandy said, it doesn't ever stay down bad.

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Speaker 2: It has yet to stay down in history. But then again,

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Speaker 2: we haven't had a pandemic in one hundred years, so

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Speaker 2: we don't know.

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Speaker 3: If it was me.

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Speaker 2: I don't know about you, Isabella, because you know, I

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Speaker 2: can't give you investment advice. But if it was me,

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Speaker 2: I probably would be putting some in an investment account

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Speaker 2: and then some in either high yield savings or a

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Speaker 2: CD because I would want to try my luck.

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Speaker 3: A little bit.

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Speaker 2: Like let's just say if I was aside, if I'm

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Speaker 2: paying off my credit card debt, I told myself, I'm

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Speaker 2: gonna save like, say, you know, I don't know, three

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Speaker 2: hundred dollars a month towards the house. I might do

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Speaker 2: like a hundred in my investment account or a one

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Speaker 2: to fifty, no more than that, and then the other

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Speaker 2: one fifty in either like you know, in a high

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Speaker 2: your savings and then save up enough until, like you know,

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Speaker 2: had enough to put like a good amount into a

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Speaker 2: CD for like a year or two years, whatever, you know, whatever,

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Speaker 2: whatever length of CD that you're looking for. The longer

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Speaker 2: the length of CD, the more money that they will

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Speaker 2: pay you an interest.

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Speaker 3: That's probably what I would do. It's a mix of

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Speaker 3: the two if it was me.

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Speaker 2: Because I cannot give you financial I cannot give you

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Speaker 2: investment advice. I'm talking about Tiffany. Yeah, but I will

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Speaker 2: say this, I don't know how much your what your

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Speaker 2: interest rate on your credit card debt is. If the

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Speaker 2: interest on your credit card debt is double digits, then.

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Speaker 3: You need to double down on that.

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Speaker 2: If the interest is under double digits, then I would

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Speaker 2: be saving for the house at the same time as

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Speaker 2: paying off my credit card debt. Because you basically have

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Speaker 2: to say, ask yourself, will the cost of the credit

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Speaker 2: card debt, meaning the interest, wipe out any returns that

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Speaker 2: you might get on your investment, because on average, you know,

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Speaker 2: you're looking at a ten percent return annually on investments.

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Speaker 2: I mean, some years you'll get more than ten, some

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Speaker 2: years less than ten, but it'll average out to be

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Speaker 2: about ten So if your credit cards cost you more

401
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Speaker 2: than ten, even if the market gives you ten, the

402
00:19:10,680 --> 00:19:14,640
Speaker 2: credit card debt will credit card interest rate will wipe

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Speaker 2: that way those gains. I hope that makes sense. So

404
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Speaker 2: if your credit card debt interest rate is twenty percent

405
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Speaker 2: thirty percent, pay that off, do not pass go, do

406
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Speaker 2: not collect two hundred dollars. If it's eight percent, nine percent,

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00:19:26,640 --> 00:19:29,280
Speaker 2: six percent, seven percent, I'll be doing both credit card

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Speaker 2: debt and and setting aside for the house. And when

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Speaker 2: I say set aside for a house, I mean like investing,

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Speaker 2: so that way I could take advantage of these these

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Speaker 2: of the market being down. But that's about with Tiffany,

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Speaker 2: not if I was Isabella, because they Devella got to

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Speaker 2: the side for herself.

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Speaker 3: You see see what I did there?

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Speaker 1: Yeah, assue me. I mean, the more I think about it,

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Speaker 1: I feel like because she wants to build up her

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Speaker 1: emergency fund too. I think OHIL savings accounts a great

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Speaker 1: place for an emergency fund. It is, like Tiffany said,

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Speaker 1: harder to get to, but it's still you're able to

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Speaker 1: get to it, you know, because it's supposed to be

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Speaker 1: really easy to get to. And if you wanted that

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Speaker 1: separation I like the separation of accounts for your goal.

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Speaker 1: So if you wanted that separation for your your down

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00:20:07,520 --> 00:20:10,600
Speaker 1: payment fund, then you've got five years or more. So

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Speaker 1: open that CD, you know, get a long term CD.

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Speaker 1: You can even do. You can google and you'll probably

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Speaker 1: find an old article that I edited at Magnify Money

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Speaker 1: on how to do a CD ladder, because I'll never

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Speaker 1: forget it is the labor of love. So you know,

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Speaker 1: if you don't like the idea of getting like a

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Speaker 1: five year CD and putting everything in there, you could,

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Speaker 1: you know, kind of stagger it so you can get

433
00:20:33,080 --> 00:20:35,359
Speaker 1: a twelve month CD and then like an eighteen month

434
00:20:35,440 --> 00:20:37,360
Speaker 1: and a twenty four month and like, you know, work

435
00:20:37,359 --> 00:20:40,680
Speaker 1: your way up. But I like that. It's it's really

436
00:20:40,720 --> 00:20:42,920
Speaker 1: hard to get to and it's your home fund, and

437
00:20:42,960 --> 00:20:44,360
Speaker 1: you know, when you can choose how much you want

438
00:20:44,359 --> 00:20:46,960
Speaker 1: to put into those CDs and just kind of set

439
00:20:47,000 --> 00:20:49,840
Speaker 1: them to the side, and they'll grow at a higher

440
00:20:49,920 --> 00:20:52,000
Speaker 1: rate than they would and your you know, your high

441
00:20:52,000 --> 00:20:52,760
Speaker 1: heeled savings.

442
00:20:53,160 --> 00:20:55,120
Speaker 3: I know, hopefully I know those. It's like that, That's

443
00:20:55,119 --> 00:20:56,000
Speaker 3: what I ask you, guys.

444
00:20:56,040 --> 00:20:58,320
Speaker 2: I'm like, I know, basically what we're saying is there's

445
00:20:58,320 --> 00:21:02,600
Speaker 2: no wrong answer, as long as you make your money inconvenient.

446
00:21:02,480 --> 00:21:04,520
Speaker 1: Do a little bit of all of it. She's like,

447
00:21:04,560 --> 00:21:05,639
Speaker 1: just tell me the one thing to do.

448
00:21:06,280 --> 00:21:08,760
Speaker 2: Yes, It's like, oh, that's probably what I would do.

449
00:21:08,920 --> 00:21:10,080
Speaker 2: I probably would do a little mix.

450
00:21:11,840 --> 00:21:13,040
Speaker 3: Was helpful.

451
00:21:15,600 --> 00:21:18,960
Speaker 1: On the info, good luck on saving for the house though,

452
00:21:19,119 --> 00:21:21,400
Speaker 1: very exciting, and thank goodness you're not in a rush

453
00:21:21,400 --> 00:21:23,119
Speaker 1: because I don't know. This is a tough time to

454
00:21:23,160 --> 00:21:25,639
Speaker 1: buy it is. Should take a quick break and come

455
00:21:25,720 --> 00:21:26,760
Speaker 1: right back with another question.

456
00:21:28,680 --> 00:21:32,159
Speaker 2: We're going to do some Mulah questions money Honey, you're

457
00:21:32,160 --> 00:21:36,360
Speaker 2: gonna jump right in with Ronia as no. Well, Rona

458
00:21:36,800 --> 00:21:43,320
Speaker 2: La girl that you had three different letters to read,

459
00:21:43,920 --> 00:21:49,399
Speaker 2: ron Lass, enjoying your content as per usual. Quick question,

460
00:21:50,119 --> 00:21:53,480
Speaker 2: what hurts your credit score more? Lack of credit mix

461
00:21:53,640 --> 00:21:56,280
Speaker 2: or low available credit that affects the debt to income

462
00:21:56,400 --> 00:22:01,399
Speaker 2: ratio and porquet Why keep up the great word, ron La?

463
00:22:01,640 --> 00:22:02,840
Speaker 3: Great question.

464
00:22:04,400 --> 00:22:08,080
Speaker 2: Well, ron La, there are five composers to your credit score, right,

465
00:22:08,119 --> 00:22:10,560
Speaker 2: and so these are two of the components and they're

466
00:22:10,600 --> 00:22:13,600
Speaker 2: literally on the opposite ends. So credit mix is ten

467
00:22:13,720 --> 00:22:17,359
Speaker 2: percent of your score. So credit mix just means do

468
00:22:17,520 --> 00:22:19,960
Speaker 2: you have a mix of ways that you're borrowing and

469
00:22:19,960 --> 00:22:22,720
Speaker 2: paying back money. So one of the ways is revolving debt.

470
00:22:22,760 --> 00:22:24,680
Speaker 2: That's basically credit card debt. You know you paid off,

471
00:22:24,680 --> 00:22:26,399
Speaker 2: you could use it again, paid off, use it again.

472
00:22:26,760 --> 00:22:27,720
Speaker 2: There's also.

473
00:22:29,560 --> 00:22:32,000
Speaker 1: It's a loan, but I forget the way, like the no,

474
00:22:32,640 --> 00:22:34,880
Speaker 1: what how does installment?

475
00:22:34,280 --> 00:22:36,320
Speaker 3: And yeah, installment loans.

476
00:22:36,480 --> 00:22:38,040
Speaker 2: So that's just like you know, I have a student

477
00:22:38,080 --> 00:22:41,199
Speaker 2: loan that or I've got a car note and then

478
00:22:41,240 --> 00:22:43,639
Speaker 2: I paid every month until it pays off. Right, So

479
00:22:44,000 --> 00:22:46,600
Speaker 2: they like to see a credit mix. And here's the

480
00:22:46,640 --> 00:22:50,800
Speaker 2: reason why. Let's just say you say, like Mandy says, no,

481
00:22:50,880 --> 00:22:52,680
Speaker 2: let's do me because I'm not a good cook. Let's

482
00:22:52,680 --> 00:22:54,240
Speaker 2: just say I'm like, well, I'm a good cook. And

483
00:22:54,280 --> 00:22:56,120
Speaker 2: I'm like, you're like, man, it said what you make girl?

484
00:22:56,200 --> 00:22:56,879
Speaker 2: I was like.

485
00:22:58,400 --> 00:23:03,000
Speaker 3: Spaghetti? You know, like what else? Girl? You know some

486
00:23:03,080 --> 00:23:04,560
Speaker 3: other pasts of this, And it's like, girl, you're read

487
00:23:04,600 --> 00:23:04,960
Speaker 3: a good cook.

488
00:23:04,960 --> 00:23:08,080
Speaker 2: You're good at noodles, right, because it doesn't show that

489
00:23:08,160 --> 00:23:11,840
Speaker 2: I have a wide range of experience and doing a

490
00:23:11,840 --> 00:23:14,240
Speaker 2: wide range of dishes, So I'm not really a good cook.

491
00:23:14,320 --> 00:23:17,159
Speaker 2: The same thing for your credit if you only have

492
00:23:17,359 --> 00:23:19,920
Speaker 2: you're like, oh, I have five different credit cards. It's

493
00:23:19,920 --> 00:23:23,000
Speaker 2: like Okay, great, you're good at revolving debt, not necessarily

494
00:23:23,040 --> 00:23:24,680
Speaker 2: other types of way to borrow and pay back.

495
00:23:24,760 --> 00:23:26,040
Speaker 3: Okay, but that's only ten percent.

496
00:23:26,240 --> 00:23:27,800
Speaker 2: You don't have to do anything there except for live

497
00:23:27,800 --> 00:23:30,439
Speaker 2: a little longer, right as somebody's grandma will say, you

498
00:23:30,440 --> 00:23:32,919
Speaker 2: just got a live child, because as you get older

499
00:23:33,200 --> 00:23:35,960
Speaker 2: you will incorporate naturally different types of debts.

500
00:23:36,000 --> 00:23:36,840
Speaker 3: That's ten percent.

501
00:23:37,280 --> 00:23:43,639
Speaker 2: Now thirty percent is you're basically amounts old, you know,

502
00:23:44,200 --> 00:23:46,439
Speaker 2: meaning how much When you said how much credit do

503
00:23:46,520 --> 00:23:49,679
Speaker 2: you have available? That's basically amount's old, meaning what you

504
00:23:49,840 --> 00:23:53,879
Speaker 2: could borrow from what you have borrowed. That's huge, and

505
00:23:53,920 --> 00:23:56,440
Speaker 2: that's usually the thing that's taking people score because thirty

506
00:23:56,440 --> 00:23:59,040
Speaker 2: five percent is like payment history, meaning like do you

507
00:23:59,080 --> 00:24:01,000
Speaker 2: pay off every month until you pay off in full?

508
00:24:01,200 --> 00:24:04,200
Speaker 2: That's great, but you know, people don't realize that even

509
00:24:04,240 --> 00:24:06,560
Speaker 2: if you're making your monthly payments on time, if you

510
00:24:06,640 --> 00:24:09,920
Speaker 2: keep high balances in relation to your limits, then you're

511
00:24:09,960 --> 00:24:13,760
Speaker 2: taking your score. Ideally, if you want to raise your score,

512
00:24:13,800 --> 00:24:16,119
Speaker 2: you want to be under fifteen ten percent, meaning if

513
00:24:16,160 --> 00:24:18,439
Speaker 2: you have one hundred dollars limit on your card, no

514
00:24:18,560 --> 00:24:22,000
Speaker 2: more than five ten dollars fifteen ten dollars on your

515
00:24:22,160 --> 00:24:24,600
Speaker 2: on your card. You know, if you want to maintain

516
00:24:24,760 --> 00:24:27,320
Speaker 2: your score, you could stay at about the thirty percent market

517
00:24:27,440 --> 00:24:30,600
Speaker 2: and you'll be fine. And so the reason why it's

518
00:24:30,800 --> 00:24:35,119
Speaker 2: it's more that I suspect credit bureaus think it's more important.

519
00:24:35,160 --> 00:24:39,320
Speaker 2: It's because you know, if you owe too much, then

520
00:24:39,040 --> 00:24:43,159
Speaker 2: you then you you are more likely to default and

521
00:24:43,240 --> 00:24:46,760
Speaker 2: not pay people back, versus if you have a variety

522
00:24:46,840 --> 00:24:49,359
Speaker 2: of people that you owe, you know, the credit mix,

523
00:24:49,400 --> 00:24:52,320
Speaker 2: and so like owing too much in relationship to what

524
00:24:52,359 --> 00:24:55,000
Speaker 2: you could borrow put you in a really dangerous space

525
00:24:55,040 --> 00:24:57,359
Speaker 2: that if you lose your job, if you have some

526
00:24:57,400 --> 00:25:00,119
Speaker 2: sort of crisis that comes up, that you're likely to

527
00:25:00,160 --> 00:25:03,080
Speaker 2: not be able to pay anybody back. So Ramlaw hope

528
00:25:03,080 --> 00:25:04,959
Speaker 2: that's help anything, Mandy that I missed That I missed one.

529
00:25:05,000 --> 00:25:07,320
Speaker 1: Now, Yeah, it was really hard to keep my credit

530
00:25:07,440 --> 00:25:10,760
Speaker 1: utilization low early when I was remember when I was younger,

531
00:25:10,800 --> 00:25:13,080
Speaker 1: because my limits were so low and I didn't really

532
00:25:13,119 --> 00:25:14,680
Speaker 1: know how to use cards yet. But that gets easier

533
00:25:14,720 --> 00:25:16,800
Speaker 1: the higher your limits are. And also I will say,

534
00:25:17,800 --> 00:25:20,080
Speaker 1: if you have a lot of revolving credit card debt

535
00:25:20,160 --> 00:25:23,280
Speaker 1: and it's tanking your score because it's like high in

536
00:25:23,320 --> 00:25:27,040
Speaker 1: relation to your available limit. Then maybe it's you could

537
00:25:27,080 --> 00:25:31,040
Speaker 1: look into a personal loan because like a debt consolidation loan,

538
00:25:31,080 --> 00:25:34,800
Speaker 1: because a debt consolidation loan is not revolving, that's an

539
00:25:34,800 --> 00:25:38,000
Speaker 1: installment loan. It's a fixed like you have fixed payments.

540
00:25:38,000 --> 00:25:39,840
Speaker 1: You're going to pay it off a certain you know,

541
00:25:39,920 --> 00:25:42,760
Speaker 1: after a certain period of time. So it helps you

542
00:25:42,800 --> 00:25:46,399
Speaker 1: in two ways, Like it will immediately lower your the

543
00:25:46,440 --> 00:25:49,320
Speaker 1: balance that you're revolving on credit cards, and then it

544
00:25:49,359 --> 00:25:51,560
Speaker 1: also gives you that mix of different kinds of credit.

545
00:25:51,760 --> 00:25:53,240
Speaker 1: But that's of course, like you have to look at

546
00:25:53,240 --> 00:25:57,119
Speaker 1: your own situation and you know, to like compare credit

547
00:25:57,160 --> 00:26:00,280
Speaker 1: card APR rates, like how expensive is your credit debt

548
00:26:00,359 --> 00:26:02,960
Speaker 1: versus you know, a debt consolidation loan and what rate

549
00:26:03,000 --> 00:26:05,720
Speaker 1: you can get and then actually pay that loan off

550
00:26:05,760 --> 00:26:08,280
Speaker 1: because like some people get debt consolidation loans, you paid

551
00:26:08,320 --> 00:26:09,800
Speaker 1: on your credit cards and then you're like, oh, I'm

552
00:26:09,800 --> 00:26:15,560
Speaker 1: debt free, but no, you're not debt free. Yeah, good, good, good,

553
00:26:15,640 --> 00:26:16,280
Speaker 1: solid question.

554
00:26:17,040 --> 00:26:20,120
Speaker 3: Yes, keep them questions coming. What do we have next? Mandy?

555
00:26:20,200 --> 00:26:23,480
Speaker 1: All right? Number two a question from listener Ell, who

556
00:26:23,520 --> 00:26:26,840
Speaker 1: sent us an email. Okay, Elle says, hey, Madian Tiffany.

557
00:26:26,880 --> 00:26:30,600
Speaker 1: I am a home owning single, forty something with no kids.

558
00:26:31,080 --> 00:26:32,960
Speaker 1: I have a decent job with a good income of

559
00:26:33,000 --> 00:26:36,320
Speaker 1: about ninety thousand dollars a year. Prior to this year,

560
00:26:36,320 --> 00:26:38,359
Speaker 1: I was a public school teacher and I just started

561
00:26:38,600 --> 00:26:41,440
Speaker 1: and I decided. I decided when I started the new

562
00:26:41,520 --> 00:26:44,680
Speaker 1: job to keep living as if my salary hadn't changed much.

563
00:26:44,680 --> 00:26:44,880
Speaker 2: Oh.

564
00:26:44,880 --> 00:26:48,440
Speaker 1: I love that I have money automatically deposited into specific

565
00:26:48,480 --> 00:26:51,600
Speaker 1: savings accounts, but my emergency account took a hit when

566
00:26:51,600 --> 00:26:54,240
Speaker 1: I had to replace my AC unit earlier this year,

567
00:26:54,280 --> 00:26:57,720
Speaker 1: so unfortunately, all my accounts are in a building stage.

568
00:26:58,080 --> 00:27:00,560
Speaker 1: As I mentioned, I own a home, and ideally I'd

569
00:27:00,600 --> 00:27:03,160
Speaker 1: like to own a couple of homes, but I think

570
00:27:03,200 --> 00:27:05,679
Speaker 1: it'll take me so long to build enough income to

571
00:27:05,760 --> 00:27:09,080
Speaker 1: afford another one that I don't want to wait. My

572
00:27:09,240 --> 00:27:12,399
Speaker 1: alternative is to sell the house I currently own and

573
00:27:12,480 --> 00:27:15,560
Speaker 1: rent a place wherever I want, no longer tied to

574
00:27:15,600 --> 00:27:19,199
Speaker 1: any one specific location. But I'm afraid that letting go

575
00:27:19,320 --> 00:27:21,320
Speaker 1: of this house will be a big mistake, and that

576
00:27:21,400 --> 00:27:23,840
Speaker 1: renting will open me up to a vulnerability that I

577
00:27:23,880 --> 00:27:27,560
Speaker 1: haven't experienced. How do I know if selling my home

578
00:27:27,680 --> 00:27:29,800
Speaker 1: is right? For me. Thank you all.

579
00:27:31,359 --> 00:27:31,960
Speaker 3: That's interesting.

580
00:27:31,960 --> 00:27:35,240
Speaker 1: Okay, So she's like wanting to potentially sell her home

581
00:27:35,920 --> 00:27:38,960
Speaker 1: move into a rental so that she has income to

582
00:27:39,080 --> 00:27:41,119
Speaker 1: buy another couple of homes.

583
00:27:42,080 --> 00:27:43,120
Speaker 3: Yes, and so like.

584
00:27:44,640 --> 00:27:47,080
Speaker 2: I'm just listening to reading her ps about like her

585
00:27:47,119 --> 00:27:50,200
Speaker 2: I guess her house has flooded since then, And Susan

586
00:27:50,200 --> 00:27:53,760
Speaker 2: inspired to send this letter after listening to me purchasing

587
00:27:53,760 --> 00:27:55,639
Speaker 2: a condo and wanted to be a rich auntie. She's like,

588
00:27:55,640 --> 00:27:59,360
Speaker 2: I want that too, because it just add some more context.

589
00:28:00,160 --> 00:28:00,680
Speaker 1: Yeah, so.

590
00:28:03,400 --> 00:28:04,840
Speaker 2: Well, let me take a step back, back back, So

591
00:28:04,880 --> 00:28:06,159
Speaker 2: what are you thinking, Mandy, Like, if you take a

592
00:28:06,160 --> 00:28:07,560
Speaker 2: step back, like, I mean.

593
00:28:07,640 --> 00:28:11,359
Speaker 1: I feel like renting. I'm trying to follow her thought process.

594
00:28:11,359 --> 00:28:13,200
Speaker 1: I guess what she's thinking is if I rent a place,

595
00:28:13,280 --> 00:28:15,120
Speaker 1: it'll be cheaper than maybe the cost of a home,

596
00:28:15,160 --> 00:28:18,639
Speaker 1: and I can save more for a new property. And

597
00:28:18,680 --> 00:28:21,040
Speaker 1: maybe there's so much equity in her home that she has.

598
00:28:21,640 --> 00:28:23,400
Speaker 1: I'm wondering does she need to sell it or could

599
00:28:23,440 --> 00:28:28,080
Speaker 1: she use like a home equity loan girl? Okay, good,

600
00:28:28,119 --> 00:28:30,680
Speaker 1: go good, because I'm like, I'm trying to let pieces together. Yeah,

601
00:28:30,720 --> 00:28:32,639
Speaker 1: if you if you want to leverage the equity in

602
00:28:32,680 --> 00:28:35,439
Speaker 1: your home to then purchase a second property. You know

603
00:28:35,480 --> 00:28:36,920
Speaker 1: a lot of ways that people do that is you

604
00:28:36,960 --> 00:28:39,000
Speaker 1: can take out a home equity loan and then use

605
00:28:39,400 --> 00:28:43,560
Speaker 1: that that loan as a down payment, you know, on

606
00:28:43,600 --> 00:28:47,320
Speaker 1: your next property. I mean, and I'm assuming you'd want

607
00:28:47,320 --> 00:28:49,600
Speaker 1: to like rent out that other property, which can be

608
00:28:49,640 --> 00:28:54,080
Speaker 1: a great source of additional income. So I'm like, I

609
00:28:54,120 --> 00:28:58,200
Speaker 1: don't know, I'm more opposed to like selling the not

610
00:28:58,240 --> 00:28:59,680
Speaker 1: a pose, but like I'm a little like, take a

611
00:28:59,720 --> 00:29:02,520
Speaker 1: pause about selling the house and maybe see if you can, yeah,

612
00:29:02,640 --> 00:29:05,760
Speaker 1: leverage that loan, a home equity loan, to to have

613
00:29:06,000 --> 00:29:09,240
Speaker 1: to have the funds to buy another property.

614
00:29:09,320 --> 00:29:12,280
Speaker 2: Because if you l which is itself like you did

615
00:29:12,320 --> 00:29:16,240
Speaker 2: purchase your home before twenty and nineteen, you likely have

616
00:29:16,280 --> 00:29:18,400
Speaker 2: a lot of equity because remember the houses, the prices

617
00:29:18,440 --> 00:29:20,320
Speaker 2: with the they dove run them up, growing you in Florida,

618
00:29:20,360 --> 00:29:23,240
Speaker 2: I know, they ran your prices up, meaning that you

619
00:29:23,320 --> 00:29:26,280
Speaker 2: have a lot more like almost unnatural equity. Even though

620
00:29:26,320 --> 00:29:29,320
Speaker 2: home prices have come down, it's only like the new ones,

621
00:29:29,920 --> 00:29:32,680
Speaker 2: you know, like not like the houses that were brought

622
00:29:32,680 --> 00:29:36,320
Speaker 2: prior to twenty nineteen. They got their normal boost plus

623
00:29:36,320 --> 00:29:39,840
Speaker 2: a supercharge boost, you know, So I just say all

624
00:29:39,840 --> 00:29:42,640
Speaker 2: that to say that, like, you probably have equity in

625
00:29:42,640 --> 00:29:46,240
Speaker 2: this home. And ultimately, when we're making decisions and I'm

626
00:29:46,280 --> 00:29:48,560
Speaker 2: in this space now thinking to myself, like do I

627
00:29:48,560 --> 00:29:49,240
Speaker 2: want to get this kinda?

628
00:29:49,280 --> 00:29:49,760
Speaker 3: What do I want to do?

629
00:29:49,840 --> 00:29:55,240
Speaker 2: YadA YadA yadda, that you have to ask yourself. Money

630
00:29:55,440 --> 00:29:58,200
Speaker 2: is supposed to do what's best for you. You are

631
00:29:58,240 --> 00:30:00,520
Speaker 2: not supposed to do what's best for money. Talking to

632
00:30:00,520 --> 00:30:04,479
Speaker 2: me and you L, because I almost missed out, I'm

633
00:30:04,520 --> 00:30:06,280
Speaker 2: purchasing this epic kind.

634
00:30:06,040 --> 00:30:08,200
Speaker 3: And we'll see it's still on the you know, still.

635
00:30:08,360 --> 00:30:13,120
Speaker 2: Negotiating because I wanted to get a super deal and

636
00:30:13,560 --> 00:30:18,920
Speaker 2: I underbid, and so because in my mind, I was

637
00:30:18,960 --> 00:30:22,680
Speaker 2: putting money before what Tiffany wanted, which is not always

638
00:30:22,680 --> 00:30:26,080
Speaker 2: a bad thing if you need to be in a

639
00:30:26,160 --> 00:30:31,520
Speaker 2: financial space, you know. But I'm okay, and it's like Tiffany,

640
00:30:31,560 --> 00:30:33,320
Speaker 2: what is it that you want for Tiffany? And I

641
00:30:33,360 --> 00:30:36,200
Speaker 2: want this place, so then I have to spend more money.

642
00:30:36,360 --> 00:30:37,760
Speaker 2: And so I'm just telling you L. I want you

643
00:30:37,800 --> 00:30:39,680
Speaker 2: to get clear on what does L want in general,

644
00:30:40,320 --> 00:30:43,720
Speaker 2: and so because you can potentially get that, and to

645
00:30:43,840 --> 00:30:46,239
Speaker 2: Mandy's point, you might say, you know what, because I

646
00:30:46,240 --> 00:30:48,840
Speaker 2: know you have flooding or whatever. You might fix the house,

647
00:30:49,000 --> 00:30:50,760
Speaker 2: let someone else pay the mortgage and rent it out.

648
00:30:50,960 --> 00:30:53,560
Speaker 2: If you want to go rent someplace else by yourself,

649
00:30:53,600 --> 00:30:55,520
Speaker 2: you can still do that. You could own your home,

650
00:30:55,960 --> 00:30:59,160
Speaker 2: allow it to continue to go, you know, let the

651
00:30:59,200 --> 00:31:02,320
Speaker 2: streets pay, let them world they you know, and then

652
00:31:02,600 --> 00:31:04,600
Speaker 2: you can live wherever you want and your airbnb. You

653
00:31:04,600 --> 00:31:08,000
Speaker 2: can live that fancy life while because the truth of

654
00:31:08,040 --> 00:31:10,840
Speaker 2: the matter is, home ownership is still a cornerstone for

655
00:31:10,880 --> 00:31:14,200
Speaker 2: wealth in the US of A. You know, like cause

656
00:31:14,240 --> 00:31:16,280
Speaker 2: I'll give you an example. I my husband and I

657
00:31:16,400 --> 00:31:18,360
Speaker 2: am and you know, Drella and I we had purchased

658
00:31:18,360 --> 00:31:20,880
Speaker 2: this property from the city for ten thousand dollars. Okay,

659
00:31:20,960 --> 00:31:22,840
Speaker 2: it was a tear down basically, but we put one

660
00:31:22,880 --> 00:31:25,400
Speaker 2: hundred and thirty thousand dollars into that house. We've just

661
00:31:25,480 --> 00:31:27,920
Speaker 2: now that was about the house less than five years ago.

662
00:31:28,080 --> 00:31:30,800
Speaker 2: Just sold it to his twin brother for basically three

663
00:31:30,880 --> 00:31:33,400
Speaker 2: hundred thousand, like two ninety five, three hundred thousand. So

664
00:31:33,440 --> 00:31:36,080
Speaker 2: you think to yourself, basically put one forty into it,

665
00:31:36,200 --> 00:31:39,959
Speaker 2: got back we doubled. That's what real estate can potentially,

666
00:31:40,080 --> 00:31:44,400
Speaker 2: not every market can potentially, do you know, or what

667
00:31:44,440 --> 00:31:46,120
Speaker 2: I could have done is I could have just rented

668
00:31:46,160 --> 00:31:47,880
Speaker 2: it out and pulled money out to do whatever I

669
00:31:47,880 --> 00:31:50,239
Speaker 2: wanted to do. So I'm just saying that when you

670
00:31:50,280 --> 00:31:53,320
Speaker 2: have real estate, you have the opportunity for that level

671
00:31:53,320 --> 00:31:54,280
Speaker 2: of flexibility.

672
00:31:54,560 --> 00:31:56,200
Speaker 3: So before you're like throw the.

673
00:31:56,160 --> 00:31:58,160
Speaker 2: House out the window, I'm going to sell it, really

674
00:31:58,200 --> 00:32:00,760
Speaker 2: consider maybe I should just rent it now and see

675
00:32:00,760 --> 00:32:02,920
Speaker 2: what like this rent life outside of this looks like?

676
00:32:04,320 --> 00:32:07,080
Speaker 1: Yeah, And I'm wondering too if like I get the

677
00:32:07,120 --> 00:32:09,480
Speaker 1: sense because she's so she was inspired by your story,

678
00:32:10,280 --> 00:32:13,000
Speaker 1: the rich Auntie life, and she's forty. No kids like

679
00:32:13,280 --> 00:32:16,160
Speaker 1: girl live in the dream, not the dream, but like

680
00:32:16,200 --> 00:32:18,880
Speaker 1: a different dream. Don't you wish you kind of had

681
00:32:18,880 --> 00:32:19,320
Speaker 1: it both ways?

682
00:32:19,360 --> 00:32:19,719
Speaker 3: Anyway?

683
00:32:20,000 --> 00:32:20,240
Speaker 2: Yeah?

684
00:32:20,600 --> 00:32:23,440
Speaker 1: And and like you got this new job, I really

685
00:32:23,440 --> 00:32:26,080
Speaker 1: want to know. I'm so fascinated by the public school

686
00:32:26,120 --> 00:32:28,280
Speaker 1: teacher like journey, and I want to know what your

687
00:32:28,320 --> 00:32:29,600
Speaker 1: new job is and how you got it because I'm

688
00:32:29,600 --> 00:32:32,080
Speaker 1: just fascinated anyway. But I'm like, if this is what

689
00:32:32,240 --> 00:32:34,680
Speaker 1: and you sound like you know renting what you like

690
00:32:34,800 --> 00:32:37,920
Speaker 1: is you're not no longer tied tied to just one place.

691
00:32:38,400 --> 00:32:40,440
Speaker 1: If you want some freedom, there's nothing stopping you from

692
00:32:40,480 --> 00:32:42,600
Speaker 1: renting for a while figuring out if you want to

693
00:32:42,600 --> 00:32:44,280
Speaker 1: buy a property somewhere else, if you want to live

694
00:32:44,280 --> 00:32:47,840
Speaker 1: in that property and just have some freedom. You mentioned

695
00:32:47,840 --> 00:32:50,280
Speaker 1: like the vulnerabilities that renting could open you up to,

696
00:32:50,520 --> 00:32:54,760
Speaker 1: and I don't know what vulnerabilities. They may be different

697
00:32:54,800 --> 00:32:58,000
Speaker 1: than owning a home. I don't like, Tiff, what do

698
00:32:58,040 --> 00:33:02,640
Speaker 1: you think like potential if you can't make your rent

699
00:33:02,640 --> 00:33:03,640
Speaker 1: payments but then you have.

700
00:33:03,560 --> 00:33:05,680
Speaker 2: A house, say like you know, with renting, I mean

701
00:33:06,080 --> 00:33:08,560
Speaker 2: to me, there's financial vulnerabilities because you don't really grow

702
00:33:08,640 --> 00:33:11,440
Speaker 2: anything right, and it's not necessary depending on because I mean,

703
00:33:11,480 --> 00:33:12,840
Speaker 2: for meet, I can almost scare in my head a

704
00:33:13,440 --> 00:33:15,240
Speaker 2: home owner said, it doesn't always it going to what

705
00:33:15,280 --> 00:33:17,520
Speaker 2: I know re meet, we knew like for example, in

706
00:33:17,560 --> 00:33:20,280
Speaker 2: New York that makes sense because the amount that you're

707
00:33:20,320 --> 00:33:23,880
Speaker 2: going to spend or pay, you know, because you know,

708
00:33:24,040 --> 00:33:26,480
Speaker 2: owning in New York, it actually probably makes more sense

709
00:33:26,720 --> 00:33:28,960
Speaker 2: in New York City to rent, you know, in a

710
00:33:29,000 --> 00:33:32,120
Speaker 2: long financial run. But you know, for many parts of

711
00:33:32,120 --> 00:33:34,680
Speaker 2: the country that's not necessarily true. So I just think

712
00:33:34,680 --> 00:33:36,800
Speaker 2: that like I want you to have both. I want

713
00:33:36,800 --> 00:33:39,000
Speaker 2: you to have like if you notice, even though I'm

714
00:33:39,040 --> 00:33:41,600
Speaker 2: leaning into my rich Auntie life. I'm still the budgetista.

715
00:33:41,880 --> 00:33:44,800
Speaker 2: At the end of the day, right sold that house

716
00:33:44,880 --> 00:33:47,680
Speaker 2: double my money, you know, and was like, but I'm

717
00:33:47,720 --> 00:33:50,440
Speaker 2: still keeping the house I live in right now. Because

718
00:33:50,840 --> 00:33:53,000
Speaker 2: I put this house I bought for one eighty, put

719
00:33:53,000 --> 00:33:54,680
Speaker 2: one eighty into it, was that three sixty.

720
00:33:54,960 --> 00:33:57,320
Speaker 3: The house is now worth well over four fifty. But

721
00:33:57,480 --> 00:33:58,320
Speaker 3: I'm not selling it.

722
00:33:58,560 --> 00:34:00,280
Speaker 2: I'm keeping it because it's going to con you to

723
00:34:00,360 --> 00:34:02,680
Speaker 2: raise you know, my sister and her kids will live

724
00:34:02,680 --> 00:34:05,120
Speaker 2: in here, and I'll like likely live in the condo

725
00:34:05,440 --> 00:34:08,520
Speaker 2: that condo. You know. We're closing around the five hundred thousand,

726
00:34:08,640 --> 00:34:11,399
Speaker 2: you know, Mark, but I suspect, you know, in five

727
00:34:11,440 --> 00:34:13,040
Speaker 2: to ten years that place will be worth more. Although

728
00:34:13,080 --> 00:34:15,440
Speaker 2: I'm not necessarily going to be selling it, you know.

729
00:34:15,480 --> 00:34:16,080
Speaker 3: So I'm just.

730
00:34:16,000 --> 00:34:19,000
Speaker 2: Saying that, Like, as you are pursuing the softer rich

731
00:34:19,040 --> 00:34:24,400
Speaker 2: auntie life, it has to be fueled by financial wisdom,

732
00:34:24,719 --> 00:34:26,319
Speaker 2: you know, So just keep that in mind as you're

733
00:34:26,400 --> 00:34:29,200
Speaker 2: making these decisions that we're not just here like remember,

734
00:34:29,239 --> 00:34:30,759
Speaker 2: you're here to tell money what to do, but you

735
00:34:30,840 --> 00:34:33,360
Speaker 2: want to be telling your money what to do. Like, hey, money,

736
00:34:33,400 --> 00:34:34,880
Speaker 2: this is the life I want to live. Let me

737
00:34:34,960 --> 00:34:36,080
Speaker 2: be smart in these choices.

738
00:34:36,239 --> 00:34:38,520
Speaker 3: So, but welcome sis. It's cute over here.

739
00:34:40,680 --> 00:34:42,959
Speaker 1: Yeah, well, thank you so much for sending your question

740
00:34:43,000 --> 00:34:46,160
Speaker 1: into Oh crap was her name? El Ela el Ell?

741
00:34:46,400 --> 00:34:48,040
Speaker 1: That was really great of you to send a question.

742
00:34:48,120 --> 00:34:50,319
Speaker 1: Thank you so much. I want to know. My follow

743
00:34:50,360 --> 00:34:52,560
Speaker 1: up question is like, what was your curer pivot from

744
00:34:52,600 --> 00:34:54,320
Speaker 1: being a school teacher? Because I love that kind of

745
00:34:54,360 --> 00:34:57,640
Speaker 1: stuff and keep us posted all right on your journey

746
00:34:57,760 --> 00:34:59,640
Speaker 1: rich auntie journey. I feel like we have a lot

747
00:34:59,680 --> 00:35:01,200
Speaker 1: of rich and he's listening to Brown ambition.

748
00:35:01,320 --> 00:35:01,760
Speaker 3: What girl?

749
00:35:02,040 --> 00:35:03,760
Speaker 1: I is here for the rich aunt.

750
00:35:05,160 --> 00:35:06,960
Speaker 3: I'm new to this riche auntie life. Well you know,

751
00:35:07,160 --> 00:35:08,080
Speaker 3: well that's not true. I've been ever.

752
00:35:08,640 --> 00:35:11,120
Speaker 2: I made it, but I wasn't married with Johnty. So

753
00:35:11,200 --> 00:35:13,400
Speaker 2: now that I'm a single rich aunty, I'm like, what

754
00:35:13,520 --> 00:35:14,160
Speaker 2: y'all do out here?

755
00:35:14,200 --> 00:35:14,239
Speaker 1: Like?

756
00:35:14,239 --> 00:35:16,080
Speaker 2: What else should I be up to? I'm I think

757
00:35:16,120 --> 00:35:18,480
Speaker 2: I want to take up crocheting. I know that doesn't satisfancy,

758
00:35:18,520 --> 00:35:20,080
Speaker 2: but I'm like, what happens is that.

759
00:35:20,480 --> 00:35:22,480
Speaker 1: For Michelle Obama? It's good enough for anyone?

760
00:35:22,480 --> 00:35:25,480
Speaker 3: Okay, you know, I'm in my.

761
00:35:27,040 --> 00:35:30,040
Speaker 1: I'm in my we got food at home stage, the

762
00:35:30,080 --> 00:35:34,000
Speaker 1: stage I'm in. Just ask my husband every day this week.

763
00:35:34,040 --> 00:35:38,759
Speaker 1: I'm like, the menu will be leftovers. I love it

764
00:35:38,920 --> 00:35:41,400
Speaker 1: all right, y'all. Well, we'll see y'all next week. For

765
00:35:41,480 --> 00:35:45,080
Speaker 1: more Brown Ambition, send us your questions and we will

766
00:35:45,280 --> 00:35:47,640
Speaker 1: see y'all later. Talk to you later. Bye,