WEBVTT - BA QA: Managing Your Money 0:00:06.080 --> 0:00:08.039 Hey, hey, ba fam, it is time for another b 0:00:08.160 --> 0:00:12.000 a qa A b a q A what you say 0:00:12.160 --> 0:00:15.319 a b a qa with manday? I don't know why 0:00:15.320 --> 0:00:20.520 I am singing tiffin A b a qa. All right, 0:00:20.560 --> 0:00:22.600 Today we are breaking down all about how you can 0:00:22.640 --> 0:00:25.239 manage your money, from planning to budgeting to spending. We 0:00:25.320 --> 0:00:26.800 have got you covered. 0:00:27.000 --> 0:00:29.080 Here's the thing, ba fam. If you'd like to ask 0:00:29.200 --> 0:00:32.960 us questions, we'd love to receive them. But remember that 0:00:33.040 --> 0:00:37.000 before you slide into our dms on ig Bandi Vision Podcast, 0:00:37.880 --> 0:00:41.040 before you send us an email Branda Vision Podcast at 0:00:41.080 --> 0:00:44.200 gmail dot com, before you go to Brandavision podcast dot 0:00:44.240 --> 0:00:47.599 com and click contact us, remember that the questions that 0:00:47.640 --> 0:00:50.520 you are asking us are not going to your doctor, 0:00:50.880 --> 0:00:53.239 They're not going to your attorney, they are not going 0:00:53.280 --> 0:00:56.520 to your financial advisor. Just two really smart, sillier, cute 0:00:56.520 --> 0:01:00.440 brown girls who for entertainment purposes only. And he said 0:01:00.480 --> 0:01:03.120 to say that are just you know, answering questions from 0:01:03.160 --> 0:01:07.080 the BA vault. Take a listen. Do you what did 0:01:07.080 --> 0:01:07.680 the first question? 0:01:08.040 --> 0:01:09.240 I didn't take a breath you read it. 0:01:09.280 --> 0:01:12.760 This is from Ashley from ig Hey, Mandy, I was 0:01:12.800 --> 0:01:15.440 one of your first Mandy money makers. Woo woo. We 0:01:15.640 --> 0:01:18.640 love a stand of Mandy. Thank you so much for 0:01:18.880 --> 0:01:21.479 all that you've done and taught me. My question today 0:01:21.600 --> 0:01:24.720 is how can I protect myself from identity theft? This 0:01:24.840 --> 0:01:28.240 morning I woke up to new emails about small business 0:01:28.360 --> 0:01:32.360 social security account update and a purchase of two new iPhones. 0:01:32.400 --> 0:01:37.959 Please help, Ashley, do you have to pay for credit security? 0:01:39.440 --> 0:01:44.040 Ooh wow, something's going on there, Like they're saying, yeah, 0:01:44.720 --> 0:01:47.360 your social security account has been updated, purchase of two 0:01:47.400 --> 0:01:50.160 new iPhones. The first thing I do whenever I get 0:01:50.200 --> 0:01:53.240 those emails is check the email address that it came from, 0:01:53.480 --> 0:01:55.640 because I just, for example, I just started to advertise 0:01:55.680 --> 0:01:57.840 on Facebook a week ago and I got the most 0:01:57.920 --> 0:02:02.800 legitimate looking email about my ads account being in violation 0:02:02.880 --> 0:02:04.760 of their rules, which is like one of the It 0:02:04.800 --> 0:02:07.320 can happen all the time with your when you're doing ads. 0:02:07.360 --> 0:02:10.600 It's really easy to like upset the Facebook gods. And 0:02:10.639 --> 0:02:12.200 you don't want to do that because then you waste 0:02:12.200 --> 0:02:15.080 money in time anyway, And I was almost like, I 0:02:15.120 --> 0:02:17.200 need to click this link and figure out what I've done, 0:02:17.280 --> 0:02:19.440 but it just something about it, like the formatting, and 0:02:19.480 --> 0:02:21.600 so I check the email address and it was like 0:02:21.600 --> 0:02:24.760 from an Outlook account, you know. So I think the 0:02:24.800 --> 0:02:27.840 first thing for to secure yourself is to be aware 0:02:28.040 --> 0:02:31.240 of what phishing attempts look like, which seems so old school, 0:02:31.280 --> 0:02:34.520 but they still happen, you know, So check that email address. 0:02:35.280 --> 0:02:38.160 You can also hover over any hyperlinks and see where 0:02:38.160 --> 0:02:40.839 it's actually trying to direct you to. And if it's 0:02:40.880 --> 0:02:43.760 not to, you know, a legitimate website, then I would 0:02:43.800 --> 0:02:47.200 just say, excuse me, immediately kick it to spam or 0:02:47.240 --> 0:02:50.840 to junk. That's how I feel about email. But now 0:02:50.880 --> 0:02:52.440 it's like, come into your text do you get do 0:02:52.480 --> 0:02:54.000 you get phishing text? 0:02:54.120 --> 0:02:54.320 Now? 0:02:54.639 --> 0:02:54.880 Girl? 0:02:55.000 --> 0:02:57.720 Yes? Talk about this the irs. I'm like, girls, are 0:02:57.760 --> 0:02:58.440 you texted now? 0:03:00.840 --> 0:03:02.080 With your lack of funding? 0:03:02.919 --> 0:03:03.239 Now? 0:03:03.760 --> 0:03:06.280 So no, first and foremost that like whatever I get 0:03:06.320 --> 0:03:08.640 to Manny's point, you know, I checked the email to say, like, 0:03:08.680 --> 0:03:12.480 who's the email at just coming from? And then typically 0:03:12.560 --> 0:03:14.840 I'll call the company directly if that's available to me 0:03:14.880 --> 0:03:17.639 to call the company directly. But one thing I had 0:03:17.639 --> 0:03:20.160 to do so when my late husband was still here 0:03:20.480 --> 0:03:22.200 his I don't know why, but they used to steal 0:03:22.240 --> 0:03:25.080 that man's, that poor man's identity all the time. Like 0:03:25.160 --> 0:03:27.119 literally one time they bought a car and we only 0:03:27.200 --> 0:03:31.240 knew because they they were like based in I don't know, 0:03:31.360 --> 0:03:34.079 like upstate New York or someplace far where they were 0:03:34.080 --> 0:03:37.040 getting tickets from easy Paths and so they. 0:03:36.920 --> 0:03:40.280 Were going on tour with Janelle's name, Jerelle's name, and 0:03:40.280 --> 0:03:41.560 then got a loan or. 0:03:41.480 --> 0:03:43.520 Something something, and then they were get like, you know, 0:03:43.600 --> 0:03:45.160 they had an easy pass account they put in his 0:03:45.280 --> 0:03:47.280 name and was not paying the ticket, so we were 0:03:47.320 --> 0:03:50.360 getting easy Pass tickets. That's how we found out. It 0:03:50.400 --> 0:03:52.120 was just a mess. I would say at least three 0:03:52.120 --> 0:03:53.760 times when I was with them and he said it 0:03:53.800 --> 0:03:56.880 happened before, Like I'm like, so I'm assuming that his 0:03:57.080 --> 0:04:00.920 probably information was on some crazy you know, like what 0:04:00.960 --> 0:04:03.600 it's like the dark web, you know, and so they're 0:04:03.600 --> 0:04:07.520 probably just swapping it out. Plus two, Jerell's an identical twin. 0:04:07.920 --> 0:04:10.520 His twins name is Terrell, So you have Jerrell Smith 0:04:10.720 --> 0:04:13.880 Terrell Smith, both born on the same day, and so 0:04:14.000 --> 0:04:16.719 oftentimes they would see each other's things on each other's 0:04:16.880 --> 0:04:20.600 credit reports, because that happens too with juniors. Oftentimes that 0:04:20.640 --> 0:04:23.160 will happen, especially if you're in the same house. Your 0:04:23.200 --> 0:04:25.719 dad is a senior, you're a junior, but you're both 0:04:25.800 --> 0:04:28.120 named Robert Smith and you live at the same place, 0:04:28.240 --> 0:04:32.119 so sometimes you'll see your stuff on each other's credit report. 0:04:32.160 --> 0:04:34.440 But it happens with twins who have similar names too. 0:04:35.240 --> 0:04:37.320 Oh really, so what would they do then? Would they 0:04:37.320 --> 0:04:40.880 have to like dispute it or yeah? Girl, there was 0:04:41.000 --> 0:04:41.640 like whatever. 0:04:41.800 --> 0:04:47.640 I was like, this is why your credit like whatever. 0:04:48.240 --> 0:04:49.880 So when I came along, I said, bab, we got 0:04:49.880 --> 0:04:51.960 you something about this because this is crazy. So we 0:04:52.040 --> 0:04:54.279 actually this is not sponsored or anything like that. They 0:04:54.320 --> 0:04:56.240 haven't give me any money like as Budgety Store or 0:04:56.240 --> 0:05:00.000 Brown Ambition. We actually signed up for LifeLock and it stopped. 0:05:00.040 --> 0:05:03.240 Did instantly tell me about LifeLock or these? 0:05:03.360 --> 0:05:05.680 Yeah, because I haven't. I have never invested in something 0:05:05.720 --> 0:05:06.080 like that. 0:05:06.360 --> 0:05:08.120 I can't remember how much LifeLock costs because now I 0:05:08.240 --> 0:05:09.760 just like, have it automated. I think at the time 0:05:09.800 --> 0:05:11.240 it was like maybe like ten bucks a month. Maybe 0:05:11.240 --> 0:05:13.240 it's a little bit more now maybe twenty bucks or something. 0:05:13.279 --> 0:05:17.839 Whatever it is. So we got LifeLock, signed up for it. 0:05:17.880 --> 0:05:21.560 And what I like about LifeLock is even for me. 0:05:21.680 --> 0:05:23.560 I remember once I went to go open up a 0:05:23.600 --> 0:05:26.400 bank account at like my regular bank or whatever, and 0:05:26.520 --> 0:05:28.640 the bank was like we're not able to, and I'm 0:05:28.640 --> 0:05:32.000 like why, And then I got a text from LifeLock 0:05:32.040 --> 0:05:33.960 saying someone's trying to open up a bank account. If 0:05:34.000 --> 0:05:36.000 that's you, click yes. If that's you, click no, And 0:05:36.000 --> 0:05:38.880 I was like, oh, that's right. So I had to approve. 0:05:39.160 --> 0:05:41.560 So I would get a text or emails, and typically 0:05:41.600 --> 0:05:45.040 it's a text, email and phone call to say any 0:05:45.080 --> 0:05:49.080 new card, any new bank account, any new debt that 0:05:49.080 --> 0:05:51.960 I'm trying to get into. LifeLock would hit me up 0:05:52.000 --> 0:05:55.360 and say is this you, which you know like sometimes 0:05:55.800 --> 0:05:57.640 if you forget like me, which I always forget, and 0:05:57.640 --> 0:05:58.919 I'm like, why can't you open it? 0:05:58.920 --> 0:05:59.680 I'm like, oh, that's right. 0:06:01.800 --> 0:06:04.880 So that's one thing like LifeLock, but also too you 0:06:04.920 --> 0:06:07.880 can go directly to like Experience, Equofax, trans Union and 0:06:07.920 --> 0:06:11.240 you can actually freeze. I did this with Durell after 0:06:11.279 --> 0:06:15.599 he passed away. My financial advisor, Angelie said right away, Tiffany, 0:06:15.640 --> 0:06:18.000 because when people know that someone passed away, they know 0:06:18.120 --> 0:06:21.320 you're in grief, and they will sometimes attack that person's 0:06:21.560 --> 0:06:24.960 you know, financial credit and background and just start using 0:06:25.000 --> 0:06:28.039 it up. So I went into each of those specific 0:06:28.040 --> 0:06:32.599 accounts and froze his credit. And you can freeze and unfreeze, 0:06:32.960 --> 0:06:35.840 but I froze it obviously indefinitely, so no one can 0:06:35.880 --> 0:06:37.840 open up anything in his name. And I just am 0:06:37.880 --> 0:06:40.120 not paying attention because it's not me. And so that's 0:06:40.120 --> 0:06:41.240 something so smart too. 0:06:42.240 --> 0:06:44.400 I did that now I'm remembering because I was telling Tiffan, like, 0:06:44.400 --> 0:06:47.040 I think I'm pretty delinquent with my identity. But I 0:06:47.160 --> 0:06:49.599 did do the credit freeze. This was I mean, think 0:06:49.839 --> 0:06:53.400 Equifax data breach back in like twenty sixteen really spooked me. 0:06:53.720 --> 0:06:55.200 But I mean there's so many. It's just so many 0:06:55.279 --> 0:06:56.960 data breaches they can't even keep It's not even that 0:06:57.000 --> 0:06:59.080 big of a news anymore because it just happens all 0:06:59.120 --> 0:07:01.840 the time. But yeah, credit freeze. And I remember then 0:07:01.880 --> 0:07:04.240 I started shopping for a mortgage and I was annoyed 0:07:04.240 --> 0:07:05.480 by it because I'm like, damn it, I got to 0:07:05.560 --> 0:07:08.560 unfreeze and all that. So now that I'm not shopping 0:07:08.600 --> 0:07:11.320 for a mortgage, I did. You can saw it, and 0:07:11.400 --> 0:07:13.520 then it's just annoying because you have to like thaw 0:07:13.560 --> 0:07:16.400 it at the bureaus where your loan. Your lender is 0:07:16.400 --> 0:07:18.280 going to request to chut it, you know. But I 0:07:18.280 --> 0:07:21.600 think it's totally worth it because why wouldn't you want 0:07:21.920 --> 0:07:24.680 to have that extra layer of protection, you know, because 0:07:24.680 --> 0:07:26.560 like even opening a cell phone, you can't do that 0:07:26.600 --> 0:07:28.280 if you have a credit freeze nothing. 0:07:28.480 --> 0:07:30.560 So a credit freeze to me is if you know 0:07:30.600 --> 0:07:32.880 you're not getting anything for a while and something like 0:07:32.920 --> 0:07:36.000 this has happened, you can freeze just to stop any activity. 0:07:36.080 --> 0:07:37.560 Let's just say your stuff is in a dark web, 0:07:37.840 --> 0:07:39.720 I'm freezing it for the next two months, no one 0:07:39.800 --> 0:07:42.640 is gonna and then after that, if you don't want 0:07:42.640 --> 0:07:45.040 the issue, like Mandy said, the thaw and freeze, saw 0:07:45.080 --> 0:07:49.000 and freeze, you can get like a lifeblock or some 0:07:49.080 --> 0:07:52.360 similar type of company where before anything happens, you know, 0:07:52.400 --> 0:07:53.480 you get the text or the call. 0:07:53.600 --> 0:07:54.520 You just have to prove. 0:07:54.960 --> 0:07:57.640 And so those two things honestly, since then, you know, 0:07:57.760 --> 0:08:00.880 Jerell's identity stopped being stolen and I never had my 0:08:00.920 --> 0:08:02.840 identity stolen. But I signed up because I was like, well, 0:08:02.840 --> 0:08:04.600 we're here now, because you could do like a family plan, 0:08:05.000 --> 0:08:08.360 and so my identity has never been stolen, which is 0:08:08.720 --> 0:08:10.760 you know, there have been things on there. They're like, 0:08:10.800 --> 0:08:13.440 I don't recognize this, and I realized, like, oh, the 0:08:13.480 --> 0:08:16.120 company sometimes has a different working name than a doing 0:08:16.200 --> 0:08:18.760 business name, and I'm like, ah, that was me. 0:08:21.440 --> 0:08:23.679 Oh God, I've been there. I'm like, who, I would 0:08:23.760 --> 0:08:27.640 never spend that much. Meanwhile, it's like, yeah, the little 0:08:27.600 --> 0:08:31.360 those four am Instagram scrolls. They always get me with 0:08:31.400 --> 0:08:36.480 their kids' shoes ads. Oh man, what else do I was, Oh, 0:08:36.559 --> 0:08:39.840 there's something else? So oh. A friend of a friend 0:08:40.360 --> 0:08:44.959 recently lost eight thousand dollars right before Christmas, right before 0:08:44.960 --> 0:08:47.920 the holiday season through like it was a phone called 0:08:47.960 --> 0:08:50.760 tech scam. And so it started with text messages from 0:08:50.760 --> 0:08:53.400 her bank. It was City Bank texting her and it 0:08:53.440 --> 0:08:56.040 looked really legit, and then they escalated to calling her 0:08:56.760 --> 0:09:01.880 and we're so convincing that she ended up giving her 0:09:01.920 --> 0:09:05.679 account information over the phone, and then they drained her 0:09:05.920 --> 0:09:09.200 not her, and it was her checking account, which is 0:09:09.280 --> 0:09:11.920 really painful, you know, because with your checking account it's 0:09:11.960 --> 0:09:14.880 sometimes harder to get those funds back. And it was 0:09:14.920 --> 0:09:17.440 a Zell or Sorry, she didn't give them account information, 0:09:17.520 --> 0:09:20.560 she zelled them. She zeld them. And if you guys 0:09:20.559 --> 0:09:23.679 know anything about Zell, one of the pieces of controversy 0:09:23.760 --> 0:09:25.880 is that you know you go through these steps when 0:09:26.120 --> 0:09:28.200 when you send a transfer where they're like be sure 0:09:28.240 --> 0:09:30.480 you know this person because if you don't, we are 0:09:30.520 --> 0:09:32.400 not covering you because if it's you who hits the 0:09:32.400 --> 0:09:35.000 submit button and you know what you're doing, like, we 0:09:35.040 --> 0:09:39.080 are not liable libable, we're not liable for funds that 0:09:39.120 --> 0:09:41.720 you lose. So she was I think she's still fighting 0:09:42.000 --> 0:09:44.000 to maybe get that eight grand back. But she's like 0:09:44.040 --> 0:09:46.760 a single mom, and you know, it's a lot of 0:09:46.800 --> 0:09:50.200 money to lose. So if they're asking you for zell, 0:09:50.760 --> 0:09:53.240 you deserve to be asking for every ounce of proof, 0:09:53.280 --> 0:09:55.400 and banks probably will not be doing that. I would 0:09:55.400 --> 0:09:58.079 just say that first and foremost. And then she ended up. 0:09:58.280 --> 0:10:01.240 I think something struck her as and then she called 0:10:01.280 --> 0:10:05.400 City herself and they're like, oh no, oh no. So 0:10:06.160 --> 0:10:08.840 if they're if they're saying that they're from City, don't 0:10:08.840 --> 0:10:12.720 bother about inconveniencing them, Like, don't worry about that, you know, 0:10:12.800 --> 0:10:14.600 hang up, say cool, you can call me back before 0:10:14.600 --> 0:10:17.840 they want this eight grand and call your own number directly. 0:10:18.400 --> 0:10:19.080 That's the key. 0:10:19.600 --> 0:10:20.680 One of the women that we know, I think her 0:10:20.720 --> 0:10:25.080 name is Shannon. She lost her house down payment because 0:10:25.080 --> 0:10:27.480 they have the scam where you know when you make 0:10:27.520 --> 0:10:30.240 the transfer like the wire transfer when you're purchasing at home, 0:10:30.880 --> 0:10:33.360 and so what they'll do is they'll they'll send you 0:10:33.400 --> 0:10:35.120 a fake bank like, hey, I know we said this 0:10:35.160 --> 0:10:37.560 is the wire number. This is actually the updated wire number. 0:10:37.960 --> 0:10:40.160 She did not know because it looked official. Because what 0:10:40.200 --> 0:10:42.360 they do is they like mimic what your bank sends, 0:10:42.360 --> 0:10:44.640 and she sent it, and wires are notorious and once 0:10:44.679 --> 0:10:47.680 it's gone is gone. They had me social because you know, 0:10:47.760 --> 0:10:51.320 I bought my house cash five hundred and twenty thousand 0:10:51.320 --> 0:10:53.960 dollars that can't go to the So what I did 0:10:54.160 --> 0:10:56.240 was I'm mosy my way on down to the bank 0:10:56.640 --> 0:11:01.280 and said look me and and that's when we did 0:11:01.320 --> 0:11:04.120 the wire on the phone. Like so the key with 0:11:04.280 --> 0:11:07.680 that is always, always always. I didn't call the number 0:11:07.760 --> 0:11:10.560 that was on the paper when we're making the transfer. 0:11:10.679 --> 0:11:12.080 If I think I had the money and like Ally 0:11:12.160 --> 0:11:13.520 or something like that and I was transferred to like 0:11:13.559 --> 0:11:15.920 their bank was like Wells FARG or whatever that like 0:11:16.080 --> 0:11:18.960 I call. I go to the Ally website and called 0:11:19.080 --> 0:11:22.080 that number there. I never the key with anybody. Sometimes 0:11:22.080 --> 0:11:25.080 somebody is telling you something financial, even if it seems 0:11:25.160 --> 0:11:27.000 up to I don't like, I want to hang up 0:11:27.000 --> 0:11:28.719 and I'm just going to call back because I'd rather 0:11:28.800 --> 0:11:31.120 call back the official number, so I know for sure 0:11:31.480 --> 0:11:34.040 that like, oh, this is who I'm speaking to, versus 0:11:34.520 --> 0:11:36.640 like who is this? So that was key I was, 0:11:36.760 --> 0:11:38.560 but I was still nervous because you know, you just 0:11:39.120 --> 0:11:41.240 you just feel like you never know, you never know. 0:11:41.760 --> 0:11:44.080 So thankfully, you know, like it all worked out, because 0:11:44.080 --> 0:11:45.280 that would have been like you would have seen a 0:11:45.320 --> 0:11:47.800 weeping willow of a tiffany, like I love that. 0:11:49.440 --> 0:11:51.400 And when it's wired and it's gone, you know it's 0:11:51.400 --> 0:11:53.960 in the Canaries or you know, some other country and 0:11:53.960 --> 0:11:57.440 you can't get that back. Man, what else? Two factory 0:11:57.440 --> 0:12:00.480 authentication is huge for any accounts that you have, because 0:12:00.480 --> 0:12:02.160 I feel like you break into my Gmail, you have 0:12:02.240 --> 0:12:06.079 my life, you know everything about me. So two factor authentication, 0:12:06.160 --> 0:12:09.959 these these basic practices. But I'm glad at least that 0:12:10.000 --> 0:12:12.200 your like spidy sense has perked up enough to ask, 0:12:12.559 --> 0:12:17.240 because that is wild and credit monitoring. You can with 0:12:17.320 --> 0:12:19.920 your credit card. It's smarter to just, you know, in general, 0:12:20.120 --> 0:12:23.000 buy big things with your credit card or or use 0:12:23.000 --> 0:12:25.040 your credit card for most purchases if you know you 0:12:25.080 --> 0:12:28.000 can do that responsibly, because you do have Most credit 0:12:28.000 --> 0:12:31.400 cards offer zero dollar fraud liability, so if there is 0:12:31.480 --> 0:12:34.040 fraud and it's on your credit card, then they will 0:12:34.040 --> 0:12:36.600 cover it, you know, no questions ask, whereas with your 0:12:37.000 --> 0:12:39.960 debit card, some of them have limits on how much 0:12:40.000 --> 0:12:42.960 they'll cover or limits on you have to catch it 0:12:43.280 --> 0:12:45.920 and report it within a certain timeframe like thirty to 0:12:45.960 --> 0:12:48.599 sixty days, and if you don't, then there's less of 0:12:48.600 --> 0:12:50.520 a chance that they'll be able to recover the funds 0:12:50.520 --> 0:12:53.160 for you. So that's why there's like a bit of 0:12:53.200 --> 0:12:56.320 a case for using credit versus debit for any big, 0:12:56.720 --> 0:13:01.560 you know, purchases and things like that. But yes, stay vigilant, y'all, 0:13:02.520 --> 0:13:07.640 stay woke. Two factor authenticate, look up the email addresses, 0:13:08.240 --> 0:13:12.160 call them directly. That's our last that's a good summary, 0:13:12.240 --> 0:13:17.160 summarized summaration. I can't talk summation, recap of our of 0:13:17.200 --> 0:13:21.439 our of our advice. We're really really smart, trust us. Okay, cool, 0:13:22.760 --> 0:13:25.520 Let's take a break. It's like I'm gonna get the 0:13:25.520 --> 0:13:27.440 next one. Manny's stop, get down. 0:13:28.960 --> 0:13:31.839 We take a break, RUSSA, pay some bills and be 0:13:32.040 --> 0:13:33.080 right back in blank. 0:13:35.160 --> 0:13:39.120 So we've got somebody name. Do we want to use 0:13:39.160 --> 0:13:40.840 her name? Because what does she doys want that to 0:13:40.840 --> 0:13:41.280 be her name? 0:13:42.440 --> 0:13:45.559 She should have used a pseudonym Isabella. Let's go with Isabella. 0:13:45.600 --> 0:13:48.560 That's my okay, Isabella. 0:13:48.960 --> 0:13:52.600 So Isabella says, Hey, Mandy and Tiffany, I recently found 0:13:52.640 --> 0:13:53.080 her show. 0:13:52.960 --> 0:13:54.920 And I've been obsessed. We love that Isabella. 0:13:55.840 --> 0:13:57.680 My partner and I have a goal of buying a 0:13:57.720 --> 0:14:02.360 house in five years. I have and HYSSA. But when 0:14:02.360 --> 0:14:04.640 I'm doing my research or what is the best place 0:14:04.720 --> 0:14:07.280 to save, the best way to save for a down payment, 0:14:07.440 --> 0:14:09.839 I've been getting overwhelmed with all of these ways to save. 0:14:10.160 --> 0:14:14.640 Should I be using an HSA, HYSA investment or open 0:14:14.720 --> 0:14:17.800 ACD account? Currently working on paying down my loans and 0:14:17.880 --> 0:14:20.560 credit card debt while building an emergency fund. Once I 0:14:20.560 --> 0:14:23.320 get all of these things taken care of and debt free, 0:14:23.440 --> 0:14:26.760 my goals will start saving toward a future home. 0:14:27.080 --> 0:14:29.280 Thank you so much, advance Love you girls. 0:14:29.600 --> 0:14:35.400 Ea Sabla all right, okay, So high yield savings account 0:14:35.480 --> 0:14:38.760 is hyssay. I mean the good news is that high 0:14:38.800 --> 0:14:42.160 yield savings accounts are actually high yield again because the 0:14:42.240 --> 0:14:44.800 FED has been raising rates. I think I'm more up 0:14:44.800 --> 0:14:48.320 to like over two percent in online only banks. Yeah, 0:14:48.400 --> 0:14:53.560 two whole pennies, yes, one hundred dollars yep or one dollar. 0:14:53.600 --> 0:14:53.960 I don't know. 0:14:54.560 --> 0:14:57.040 Uh yeah, so it's been I mean, you got. 0:14:56.880 --> 0:14:59.360 Five years, which is a long time horizon. So the 0:14:59.360 --> 0:15:01.480 good news is that you do have these other options 0:15:01.520 --> 0:15:03.920 you could you know, there could be a case for 0:15:04.720 --> 0:15:08.840 a semi aggressive ish investment account to save for that 0:15:08.920 --> 0:15:11.160 to invest for that house. You do have to look 0:15:11.160 --> 0:15:13.760 at the economy, of course. I mean, if you were 0:15:13.800 --> 0:15:16.880 going to drop money into an investment account, would now 0:15:17.080 --> 0:15:20.880 be the worst time? No, it depends on what happens 0:15:21.040 --> 0:15:23.400 in the rest of the year. But the market has 0:15:23.560 --> 0:15:27.920 gone down, down, down, down, downtowntown, So there could be 0:15:28.000 --> 0:15:30.000 the expectation that you could put some money in there 0:15:30.000 --> 0:15:32.360 and then if you weather the recession that's coming, that 0:15:32.440 --> 0:15:35.560 it would grow five years from now. History would tell 0:15:35.600 --> 0:15:38.040 you that that is probably the case. But you know, 0:15:38.760 --> 0:15:43.040 I feel uncomfortable predicting the future. So there's that. So 0:15:43.080 --> 0:15:45.120 it depends on like your level of risk, you know, 0:15:46.200 --> 0:15:49.560 uh a version are you or risk tolerance? Can you 0:15:49.720 --> 0:15:51.760 handle the idea that you may lose some money if 0:15:51.800 --> 0:15:53.800 you sink it into investment account or do you want 0:15:53.800 --> 0:15:58.480 to know that every penny you sock away will remain there? Yeah, 0:15:58.640 --> 0:16:01.480 And if that's the case, then a CD could definitely 0:16:01.520 --> 0:16:05.520 be a nice little alternative. With the CD, you do 0:16:05.640 --> 0:16:07.600 have to lock up your money for a certain amount 0:16:07.640 --> 0:16:09.760 of time, but in return for locking it up, they 0:16:09.800 --> 0:16:11.920 will give you a much higher interest rate than what 0:16:12.000 --> 0:16:15.200 you make it from, even the high yield savings accounts. 0:16:16.320 --> 0:16:19.600 So yeah, that's definitely an option to what do you think? 0:16:20.400 --> 0:16:22.880 Well, for sure, the number one thing, Isabella is that 0:16:22.960 --> 0:16:25.120 you want to make sure that wherever you're checking is 0:16:25.160 --> 0:16:28.600 this money ain't because Lord knows, if you're like me 0:16:28.880 --> 0:16:31.120 at Target like ooh, checking is like sis, now you 0:16:31.120 --> 0:16:33.400 know you don't have it. Savings is like, well we 0:16:33.480 --> 0:16:35.920 have it, girl, And then you petch a finger on 0:16:35.960 --> 0:16:38.200 the button and transfer from checking the savings and in 0:16:38.200 --> 0:16:41.360 two point two seconds you have your money available. So 0:16:41.520 --> 0:16:44.360 that's number one for Isabella or anyone listening. Any money 0:16:44.360 --> 0:16:46.280 that you want to have saved. You have to make 0:16:46.280 --> 0:16:50.560 your money inconvenient, because inconvenient money gets saved, So that's 0:16:50.560 --> 0:16:53.720 first and foremost, And a highyield savings account is inconvenient 0:16:53.760 --> 0:16:55.560 as long as you don't have a checking account at 0:16:55.560 --> 0:16:58.880 that same bank. Investment account definitely inconvenient. That means it's 0:16:58.920 --> 0:17:03.000 not super liquid and a CD is definitely inconvenient if 0:17:03.040 --> 0:17:05.200 it was me. But here's the thing that I'm reading 0:17:05.240 --> 0:17:07.399 in this is she wants to pay off her credit 0:17:07.400 --> 0:17:07.880 card debt. 0:17:08.240 --> 0:17:11.040 So here's the here's the thing. 0:17:12.720 --> 0:17:14.440 Because of the way the market is, I mean, things 0:17:14.440 --> 0:17:18.400 are down like woof, like the market is down bad. 0:17:18.440 --> 0:17:21.200 But as Mandy said, it doesn't ever stay down bad. 0:17:21.240 --> 0:17:23.280 It has yet to stay down in history. But then again, 0:17:23.680 --> 0:17:25.600 we haven't had a pandemic in one hundred years, so 0:17:25.680 --> 0:17:26.159 we don't know. 0:17:26.920 --> 0:17:27.560 If it was me. 0:17:27.880 --> 0:17:29.399 I don't know about you, Isabella, because you know, I 0:17:29.400 --> 0:17:31.480 can't give you investment advice. But if it was me, 0:17:32.240 --> 0:17:36.120 I probably would be putting some in an investment account 0:17:37.080 --> 0:17:39.240 and then some in either high yield savings or a 0:17:39.320 --> 0:17:41.760 CD because I would want to try my luck. 0:17:41.600 --> 0:17:42.120 A little bit. 0:17:42.520 --> 0:17:44.800 Like let's just say if I was aside, if I'm 0:17:44.840 --> 0:17:46.880 paying off my credit card debt, I told myself, I'm 0:17:46.880 --> 0:17:49.760 gonna save like, say, you know, I don't know, three 0:17:49.840 --> 0:17:52.440 hundred dollars a month towards the house. I might do 0:17:52.680 --> 0:17:55.600 like a hundred in my investment account or a one 0:17:55.640 --> 0:17:57.240 to fifty, no more than that, and then the other 0:17:57.280 --> 0:18:00.000 one fifty in either like you know, in a high 0:18:00.040 --> 0:18:02.520 your savings and then save up enough until, like you know, 0:18:02.560 --> 0:18:04.520 had enough to put like a good amount into a 0:18:04.560 --> 0:18:08.719 CD for like a year or two years, whatever, you know, whatever, 0:18:10.080 --> 0:18:12.200 whatever length of CD that you're looking for. The longer 0:18:12.200 --> 0:18:14.920 the length of CD, the more money that they will 0:18:14.920 --> 0:18:15.760 pay you an interest. 0:18:16.040 --> 0:18:17.919 That's probably what I would do. It's a mix of 0:18:17.920 --> 0:18:19.000 the two if it was me. 0:18:19.320 --> 0:18:21.159 Because I cannot give you financial I cannot give you 0:18:21.240 --> 0:18:25.840 investment advice. I'm talking about Tiffany. Yeah, but I will 0:18:25.880 --> 0:18:27.960 say this, I don't know how much your what your 0:18:28.000 --> 0:18:30.439 interest rate on your credit card debt is. If the 0:18:30.440 --> 0:18:33.600 interest on your credit card debt is double digits, then. 0:18:33.440 --> 0:18:34.760 You need to double down on that. 0:18:35.320 --> 0:18:39.280 If the interest is under double digits, then I would 0:18:39.320 --> 0:18:42.479 be saving for the house at the same time as 0:18:42.480 --> 0:18:45.199 paying off my credit card debt. Because you basically have 0:18:45.280 --> 0:18:49.240 to say, ask yourself, will the cost of the credit 0:18:49.240 --> 0:18:52.439 card debt, meaning the interest, wipe out any returns that 0:18:52.480 --> 0:18:57.399 you might get on your investment, because on average, you know, 0:18:57.440 --> 0:19:02.240 you're looking at a ten percent return annually on investments. 0:19:02.240 --> 0:19:03.760 I mean, some years you'll get more than ten, some 0:19:03.840 --> 0:19:05.399 years less than ten, but it'll average out to be 0:19:05.400 --> 0:19:07.760 about ten So if your credit cards cost you more 0:19:07.840 --> 0:19:10.639