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Speaker 1: Hey, hey, Hey, happy Brown Ambition. Wednesday, We are back

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Speaker 1: with another show for you. This is Tiffany's last week

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Speaker 1: of vacation, which means she will be back this week.

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Speaker 1: But once again I am here with one of my

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Speaker 1: favorite guests returning to the show. Why don't you go

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Speaker 1: ahead and say, hey, the.

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Speaker 2: Listeners, how you doing? This? Is Marcus Garrett of Paychecks

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Speaker 2: and Balances?

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Speaker 1: What you sound nothing like Sandy Smith?

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Speaker 2: I should say, one half of Paychecks and Balances.

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Speaker 1: One half very humble. Well, Marcus obviously is not Sandy Smith,

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Speaker 1: founder of Yes I Am Cheap, who we teased in

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Speaker 1: last week's show as being this week's co host. Unfortunately,

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Speaker 1: Sandy had a medical emergency and she's really taken ill,

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Speaker 1: and we just wanted to wish Sandy first and foremost

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Speaker 1: a speedy recovery of Sandy. Marcus and I both have

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Speaker 1: known her for a while and really respect and admire

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Speaker 1: all that she's done and just wish her, you know,

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Speaker 1: a safe recovery.

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Speaker 2: Same.

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Speaker 3: Sandy just put me up on game recently and helped

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Speaker 3: me out personally behind the streets in the DM, so

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Speaker 3: I appreciate her and wish her well.

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Speaker 1: Thanks to you, Marcus, for jumping in. I know it

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Speaker 1: was last minute. I emailed you in a frantic you know,

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Speaker 1: Hayes this morning like please be on the show. So

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Speaker 1: thank you so much for taking the time.

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Speaker 2: So good Black actors got to stick together, right.

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Speaker 1: So you guys have been in the game, the podcast

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Speaker 1: game about as long as we have. We had both

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Speaker 1: you and your co host co host Rich on the

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Speaker 1: show a few months ago, Battle of the Sexes dun

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Speaker 1: Dune done. It was a fun show, it was.

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Speaker 2: It was a good time.

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Speaker 1: But I'm excited to get to know you a little

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Speaker 1: bit better. So first of all, to remind you, guys,

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Speaker 1: Marcus Scarett, on top of being one of the co

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Speaker 1: hosts of Paychecks and Balances, which is forever in the

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Speaker 1: roundups of best personal finance podcasts, is also an author

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Speaker 1: author of the book called Debt Free or Die Trying.

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Speaker 1: Debt is something that Marcus knows a little bit about,

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Speaker 1: having paid off thirty thousand dollars worth of was it

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Speaker 1: just credit card debt.

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Speaker 3: Mostly credit card dead but broadly consumer did There was

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Speaker 3: a car Loan in there with rims of course, because

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Speaker 3: I have my taste of flat screen TV. For three

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Speaker 3: thousand dollars and then just generally having a good time.

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Speaker 1: There's always rooms involved when talking about debt. Exactly, well,

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Speaker 1: thirty thousand debt by thirty thousand dollars in debt paid

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Speaker 1: off by age thirty, right, that's correct, So pretty impressive,

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Speaker 1: And he writes all about it in the book Debt

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Speaker 1: Free or Die Trying. And let's just jump right in

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Speaker 1: and talk about some of the headlines that are happening today.

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Speaker 1: Cool first and foremost. Now, I just read that T Mobile,

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Speaker 1: which is a phone company, all of a sudden, wants

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Speaker 1: to be a bank. T Mobiles launching a four percent

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Speaker 1: yield checking account. Have you heard of us?

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Speaker 3: I haven't heard of this, but I have noticed everyone's

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Speaker 3: rolling out the banks. Like I think Uber's getting in

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Speaker 3: the game. I think they try to sell me a

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Speaker 3: credit card. Chase just came out with like Chase Freedom Unlimited,

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Speaker 3: but it ain't unlimited, it's just higher APR. Like the

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Speaker 3: game is getting a little bit weird out there.

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Speaker 1: Yeah, so like Uber, Yeah, Uber has a credit card.

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Speaker 1: And it feels like a lot of companies are wanting

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Speaker 1: to launch these like hybrid checking slash savings accounts where

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Speaker 1: usually you expect to get a high yield on a

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Speaker 1: savings account like an ally or Capital one three sixty,

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Speaker 1: like these online banks have these really high yields on savings.

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Speaker 1: But now there are these, you know, what they call

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Speaker 1: cash management accounts where they want you to put all

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Speaker 1: your money in one pot and they give you that

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Speaker 1: higher yield. And that seems to be what T Mobile

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Speaker 1: is launching with its new T Mobile Money account. But

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Speaker 1: like your phone company and your bank, it's kind of

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Speaker 1: net to me.

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Speaker 2: Can you run that by me? A git? Did you

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Speaker 2: say four percent?

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Speaker 1: Four percent? Doesn't that get you excited?

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Speaker 3: I mean, yeah, that does have mob with the beard strokes,

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Speaker 3: because and I do not get paid by this company's

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Speaker 3: city was trying to lure me with two point four

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Speaker 3: six percent, So I mean they might need to go

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Speaker 3: back and revisit. So I don't have T Mobile. I'm

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Speaker 3: not gonna drop who I have because I'm not really

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Speaker 3: happy with them right now. So but yeah, I'm stroking

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Speaker 3: a beard right now. I'm stroking a beard.

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Speaker 1: Well, don't stroke your beard for very long, like you know,

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Speaker 1: your beard deserves better. Because here's the thing. When I

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Speaker 1: hear four percent, the first thing I ask is, what

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Speaker 1: do you have to do to get that four percent,

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Speaker 1: because there is gonna be some fine print, So I

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Speaker 1: checked it out for you guys. Is this offer as

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Speaker 1: sexy as it sounds? You know, the average apy on

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Speaker 1: savings accounts is something like zero point two percent right now,

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Speaker 1: you know, so four percent is huge. So the actual

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Speaker 1: fine print is this? Okay, it's not, first of all,

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Speaker 1: as exciting as it sounds. One, you have to be

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Speaker 1: in a qualifying T Mobile wireless plan, which means you

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Speaker 1: got to like ditch your wile wireless service and switch

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Speaker 1: to T Mobile. Right number One, he's just like they've

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Speaker 1: lost a bunch of people, including me. Two, you've got

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Speaker 1: to register for something they call vaguely perks with your

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Speaker 1: T Mobile ID. I have no idea what those perks are.

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Speaker 1: But here's the real kicker. You have to have at

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Speaker 1: least two hundred dollars in qualifying deposits and you're checking

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Speaker 1: it count each month. And the four percent is only

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Speaker 1: applicable to the first three thousand dollars you save once

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Speaker 1: you've hit those first three requirements.

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Speaker 3: Right, So then what happens after the three thousand is

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Speaker 3: it go down to the point two percent that we're

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Speaker 3: all used to or what's the These perks sound like scams.

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Speaker 2: That's why I'm asking. I'm just kind of.

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Speaker 1: Scam because you know, they got the fighting print, they

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Speaker 1: covered their bases. It's actually not that bad. It's still

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Speaker 1: one percent apy, but you can get that from any

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Speaker 1: old bank, Like you don't need to go to T

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Speaker 1: Mobiles bank to get that. You can go to ally

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Speaker 1: Capital one, three sixty, Synchrony. I mean, there's a lot

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Speaker 1: that we talk all the time about online banks that

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Speaker 1: offer really competitive ap Wise's stay. So my vote, my

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Speaker 1: personal vote, is it's a no for me.

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Speaker 2: Dog.

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Speaker 3: Yeah, I feel like that average is out. If you

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Speaker 3: do hit that three thousand, then that's what within a

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Speaker 3: one percent return from there, if you did that for

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Speaker 3: the next what I don't know how many months that

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Speaker 3: would take the average person, but I just feel like

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Speaker 3: the average of that is going to get you down

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Speaker 3: to two percent. So then you're back to just sticking

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Speaker 3: with your bank and your phone company, assuming you're happy

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Speaker 3: with both exactly, because.

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Speaker 1: I mean, at the end of the day, like why

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Speaker 1: would what's in it for this company to be? You know,

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Speaker 1: when banks compete on rates, they usually compete by like

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Speaker 1: a fraction of a percent, So it's like, ooh, I'm

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Speaker 1: going to raise mine one basis point. Well, I'm going

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Speaker 1: to raise mine another half basis point. You know, they

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Speaker 1: don't compete like to a factor of two, like you know,

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Speaker 1: double what other people are offering, unless there's a bunch

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Speaker 1: of quid pro quos. So you're totally right when you

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Speaker 1: actually look at the average rate over the you know,

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Speaker 1: over a year, you're right on tracks to what you

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Speaker 1: could be earning at like a regular you know, high

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Speaker 1: yield savings account from an online bank or something like that.

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Speaker 2: Yeah, it's a it's a pass for me too.

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Speaker 1: Dug do you have are you one of those? Be

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Speaker 1: cause Tiffany is always like on the down low, has

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Speaker 1: some big banks in her you know what I mean,

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Speaker 1: She's not all at the high yield account. It's hard

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Speaker 1: to quit your big bank sometimes. So I'm wondering, like,

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Speaker 1: when you choose banks, are you up on like the

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Speaker 1: new online savings you know, online brokerage, you know, robo everything,

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Speaker 1: or do you still stick with the old guys that

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Speaker 1: have the brand names in the history.

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Speaker 3: So the other half of the show, Rich Jones is

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Speaker 3: better at this and that's his real name. I'm not

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Speaker 3: making that up nor name dropping. That's actually his government name.

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Speaker 2: He's better at this. I think he has like eight

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Speaker 2: accounts or something to that effect. I have. I don't know.

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Speaker 2: I think it does.

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Speaker 3: More better managing his money. So I have two. I'm

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Speaker 3: a simple man. I'll go ahead and name drop. So

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Speaker 3: I bank with Chase for the day to day direct depositive,

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Speaker 3: and like you said, I'm probably getting like point two

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Speaker 3: percent return. The thing is, I'm not using it, and

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Speaker 3: it's gotten better, you know, the two percent. It used

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Speaker 3: to be like you couldn't get a high return anywhere.

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Speaker 3: So because interest rates are going up, you can get

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Speaker 3: better returns. And so I have, because of that, started

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Speaker 3: looking with more interest, uh not no pun, Like I'm

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Speaker 3: literally interested. And so I have been looking around ally

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Speaker 3: things like that, Like I said that before you told

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Speaker 3: me about T mobile, and then I stroked my beard

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Speaker 3: and then I stopped stroking. I was looking at city cards,

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Speaker 3: and so I am becoming more interested in it. But

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Speaker 3: I've been putting all my money either in the stock market,

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Speaker 3: and I got in trouble with a financial planner that

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Speaker 3: we actually on her show because I don't have an

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Speaker 3: emergency fund, and that makes me like a black sheep

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Speaker 3: of a literal black sheep, I guess of the personal

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Speaker 3: finance community, but it just hasn't been a priority for me.

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Speaker 3: I got a fairly secure job. I got fairly secure.

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Speaker 3: I've never been laid off pay. I got a significant

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Speaker 3: amount in savings. And I'm saying some of this to

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Speaker 3: make myself feel better, so I have not gone out

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Speaker 3: and explored. And then the other one is a credit union,

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Speaker 3: which I have through my car loan at a one

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Speaker 3: point nine percent interest rate, and I went to them

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Speaker 3: specifically to get that low interest rate.

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Speaker 1: Gotta love I love credit unions.

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Speaker 2: Yeah, those are my two accounts right.

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Speaker 1: Now, except for we all know who's listening to the

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Speaker 1: show that Georgia Telco credit Union still has my fifty

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Speaker 1: dollars that I had to posit it in college and

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Speaker 1: I forgot my password ten years ago and they're just

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Speaker 1: holding my money but still study sending me statements like

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Speaker 1: on the down low, just sending me statements. The shade

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Speaker 1: is real, anyway, So talk to me about this no

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Speaker 1: emergency fund thing. I think this is actually a dude thing.

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Speaker 1: Because my little brother, I call him little he's twenty

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Speaker 1: seven years old. He came to you know. He he

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Speaker 1: likes because he knows. He knows I'm in personal finance,

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Speaker 1: and so he likes to pretend that he comes to

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Speaker 1: me for advice. What he really comes to me for

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Speaker 1: is to get my advice and then question it. Like

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Speaker 1: when I telled him, you know, oh, you know, save

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Speaker 1: your ten percent for retirement, but first, you know, contribute

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Speaker 1: to emergency funds. He was like, why why would I

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Speaker 1: do that? And he had the same reason as you.

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Speaker 1: My job is stable. You know, he's in a sales,

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Speaker 1: high commission paying job. He gets these big cash bonuses

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Speaker 1: once a quarter, so why, you know, save his little

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Speaker 1: five percent for emergency fund when he knows he's going

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Speaker 1: to get these windfalls down the line. And I was like, what,

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Speaker 1: you don't have to, and I just hung up the phone.

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Speaker 1: But I'm curious because for me, on the other hand,

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Speaker 1: like I'm a much more, I'm just a saverer. I

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Speaker 1: get really nervous if I don't if my emergency fund

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Speaker 1: gets low, I like to look at the numbers there

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Speaker 1: and feel comfort. I was laid off from my first job,

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Speaker 1: so I feel like that had a big impact on

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Speaker 1: me too, of that sense of nothing is really in

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Speaker 1: your control. When you're working from somewhere else. So tell

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Speaker 1: me more.

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Speaker 3: Well, I guess it's a three part and I'll try

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Speaker 3: to hit it quick, and if we need to go

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Speaker 3: in depth in any of them, just let me know.

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Speaker 3: So the first part is I think you should save

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Speaker 3: as much as you need to feel secure. And I

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Speaker 3: have always felt secure, So savings hasn't really been a

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Speaker 3: big priority to me lately later in my life. And

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Speaker 3: I'll be writing about this on the site I write

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Speaker 3: every week, typically on Thursdays, about you know, that's a privilege.

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Speaker 3: I think what you're speaking to is a privilege that

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Speaker 3: I have right now that I worked towards. So when

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Speaker 3: I first came out of college, I made twenty thousand

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Speaker 3: dollars a year. I thought I was gonna make six figures,

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Speaker 3: but the industry on its ear didn't quite work out

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Speaker 3: that way.

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Speaker 2: And when I finally.

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Speaker 3: Did get more security and I was like, okay, a

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Speaker 3: savings account, typically where I would put my emergency fund,

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Speaker 3: wasn't a priority for me. However, my I guess there's

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Speaker 3: a bucket number two. My priority was investing, and so

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Speaker 3: I started putting more of my money at originally ten percent.

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Speaker 3: It got as high as eighteen percent, I'm back around

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Speaker 3: ten percent.

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Speaker 2: For some other things.

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Speaker 3: I'm interested right now the stock market, which I funded

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Speaker 3: through a four to one K provided by two different employers,

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Speaker 3: but at one current employer. And I don't regret that

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Speaker 3: because I was able to take advantage of all the

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Speaker 3: growth it's been in the stock lately. You know is

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Speaker 3: having eighteen twenty percent returns, apparently all these returns that

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Speaker 3: millennials will never see again. So I benefited from that,

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Speaker 3: and I have a secure amount of money there.

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Speaker 2: Now.

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Speaker 3: Mind you, it's difficult access. There's all kind of penalties

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Speaker 3: to get to it and things like that. I'm aware

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Speaker 3: of that, but I kind of look at it. And

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Speaker 3: I talked about this on another show, and I won't

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Speaker 3: name Joub because I don't know how that works a year.

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Speaker 3: Some people don't like that, But basically what I said was,

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Speaker 3: you shul should just be conscious about your spending. A

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Speaker 3: lot of people are kind of like zombies, going through

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Speaker 3: life unconsciously spending on whatever feels good, instant gratification. I

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Speaker 3: want this, I want that. I want to live paycheck

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Speaker 3: to paycheck, or I will just get it my next

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Speaker 3: commission check. Like it sounds like your brother. That's cool.

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Speaker 3: As long as it's a consciousness. It sounds like that's

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Speaker 3: a choice that he's made. Bucket number three would be

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Speaker 3: you can also do as I say it, not as

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Speaker 3: I do. And I typically tell people so, the average

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Speaker 3: American right now, and I'm sure you've brought quote these

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Speaker 3: stats cannot afford a four hundred dollars emergency. So clearly

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Speaker 3: it's about seventy percent can't afford a four hundred dollars

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Speaker 3: emurgency without using a credit card or borrowing it from

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Speaker 3: a friend, peer payday loan, which I would definitely never do.

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Speaker 3: So to me, I hear that, and I say, well,

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Speaker 3: you need to start at five hundred dollars. The recommendation

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Speaker 3: is typically one thousand dollars or three to six months.

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Speaker 3: But when I say that to people who have zero dollars,

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Speaker 3: I might as well tell them to go out and

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Speaker 3: catch a leprechaun in the streets, because I try to

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Speaker 3: make my advice practical, So conscious decision. Bucket number one.

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Speaker 3: If you have a secure job and you have secure

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Speaker 3: pay and you are doing something responsible with your money,

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Speaker 3: typically I recommend ten to twenty percent something responsible. I

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Speaker 3: automate everything because I am not naturally responsible with money.

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Speaker 3: It's kind of humorous to me that I'm in this space.

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Speaker 3: I am not good with money. I'm good with process.

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Speaker 3: I'm an auditor by day. I do that for a

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Speaker 3: dollar and doing it for fifteen years. I put processes

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Speaker 3: in place that make me successful with money.

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Speaker 1: I see and you know, like, oh, sorry to interrupt.

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Speaker 3: You, No, I would say, then the other two is

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Speaker 3: and if that doesn't work for you, are you like

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Speaker 3: you said, I think you're more comfortable having that money available.

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Speaker 3: So to a person like that, I would say, yeah,

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Speaker 3: start with five hundred dollars because that'll cover most emergency expenses.

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Speaker 3: Just by that that statistic and study is shown, and

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Speaker 3: then work your way up to three to six months

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Speaker 3: and then do either what I'm doing, or then start

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Speaker 3: looking at greater investment in returns because as we open

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Speaker 3: with four percent returns at Team Mobe, especially on three

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Speaker 3: thousand dollars, isn't going to get you there. I mean

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Speaker 3: typically inflations is between one or two percent. So every

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Speaker 3: year you need to find something to either if you

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Speaker 3: want to break even, you need to be making two

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Speaker 3: percent returns, but if you want to make a profit,

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Speaker 3: that's why people start investing in stocks, bonds and other

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Speaker 3: secure investments, and then you just got to find what's

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Speaker 3: your risk appetite.

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Speaker 1: Right and pushing yourself because I feel like what you're

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Speaker 1: saying right now is the reason why you know, I'm

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Speaker 1: a recession graduate baby, and I feel like that had

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Speaker 1: a profound impact on a lot of the people. You're

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Speaker 1: not that much older than I were both kind of

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Speaker 1: recession era. You know, came up started building wealth in

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Speaker 1: our twenties around the time the recession was going on,

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Speaker 1: and I think they had a profound impact on me

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Speaker 1: and a lot of our peers to the point where,

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Speaker 1: you know, you read these studies about millennials being afraid

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Speaker 1: to invest in the market because they saw what their

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Speaker 1: families went through and what their parents went through losing

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Speaker 1: their homes and their four to one K investments and

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Speaker 1: all that. But it's really to our detriment, like if

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Speaker 1: you're not getting in the market, because look at people

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Speaker 1: who left the market after the recession, took their money

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Speaker 1: and ran, they actually would the people who who hung

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Speaker 1: in there and stayed in the market have made back

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Speaker 1: what they've lost and then some and actually came out

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Speaker 1: ahead of people who left the market, and you know,

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Speaker 1: the market is not It's not just what happens in

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Speaker 1: one year. It's what happens over a decade or decades.

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Speaker 1: And that's the kind of like I'm a logical person. Yes,

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Speaker 1: I'm like a risk averse in the sense that like, yes,

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Speaker 1: I want to have my little cash fund so I

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Speaker 1: can see it and touch it. But I also listened

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Speaker 1: to logic, which is the logic of investing in the

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Speaker 1: market and looking at how people who have invested have

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Speaker 1: done over the years to build wealth and how that

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Speaker 1: really is in this country at this time, the best

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Speaker 1: way to build wealth, you know, for regular people is

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Speaker 1: to get into the market. Somehow, that logic is what

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Speaker 1: drives me to stay invested. So I have it just

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Speaker 1: takes me more. It's just we both get to the

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Speaker 1: same place. But I have to, like, you know, really

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Speaker 1: force my brain to get over what my gut in

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Speaker 1: my heart is saying, like no, like we don't want

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Speaker 1: you know, we're scared. You know, I got to like

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Speaker 1: talk myself out of it.

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Speaker 3: Yeah, And it's interesting to say that. So for context

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Speaker 3: for people listening, I'm thirty six and I got a

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Speaker 3: job twice during the recession, so I kind of had

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Speaker 3: a different takeaway from that, and I was saving the

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Speaker 3: whole time that proof well, I mean, I kind of

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Speaker 3: go through that, and I'm like, my greater fear. I

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Speaker 3: took a different takeaway from the recession. My greater fear

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Speaker 3: would be running out of money. So I'd rather take

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Speaker 3: chances now while I'm thirty, thirty five, thirty six, and

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Speaker 3: I can just work more jobs, because there was a

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Speaker 3: point where I was working three jobs to talk about

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Speaker 3: that the book, So I'm more geared towards I'll just

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Speaker 3: work harder, I'll find something. I'll work six jobs if

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Speaker 3: that's what's necessary. But I'd rather be financially secure at

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Speaker 3: sixty seven when I want to chill, kick back with

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Speaker 3: my cigars and whiskey.

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Speaker 2: I'm a maker's mark man.

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Speaker 3: I'd rather that sixty seven year old Marcus be secure

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Speaker 3: for the sacrifice of thirty six year old Marcus. And

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Speaker 3: so if that means thirty six year old Markets, that's

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Speaker 3: to go a few years without an emergency fund, So

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Speaker 3: sixty seven year old Markets can chill that.

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Speaker 2: I'm more comfortable with that reality.

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Speaker 1: And it's not like you're out there racking up debt

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Speaker 1: to the point where you know, for people who are

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Speaker 1: living paycheck to paycheck and then they have credit cards

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Speaker 1: that they're just making the minimum payments on, but the

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Speaker 1: debt is you know, astronomical, and then like in that situation,

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Speaker 1: losing a job really does mean financial ruin because you

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Speaker 1: have no way of keeping up with that, you know,

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Speaker 1: those debt payments any longer. And that's where people get stuck.

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Speaker 1: So as long as you like you talk about budgeting

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Speaker 1: and again like being really conscious about your spending so

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Speaker 1: that if something were to happen, it wouldn't be like catastrophic,

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Speaker 1: you know for your finance, and you have time to

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Speaker 1: get another job.

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Speaker 3: Yes, And I tell people, not everybody, And you know,

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Speaker 3: this is where it starts to get You know, you

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Speaker 3: can't make this one size fits all planned for everyone,

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Speaker 3: and I don't. That's actually I think what makes the

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Speaker 3: show popular is like, this is our experience, this is

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Speaker 3: our recommendation, here's our takeaway.

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Speaker 2: Apply where it fits, walk if it doesn't. And that

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Speaker 2: is that.

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Speaker 3: It's not going to work for everyone. But I do

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Speaker 3: believe that you can do it all. Now, mind you,

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Speaker 3: some of that is my experience, but I did it

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Speaker 3: at twenty thousand dollars, and I do it differently at

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Speaker 3: where I am in my stage of my life. But

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Speaker 3: I just had to automate it. I had to literally

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Speaker 3: cut myself out of the process. So I set up

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Speaker 3: the credit card payments and I will drop this because

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Speaker 3: I still use them. It's bank rad dot com backslash.

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Speaker 3: I always get this confused slash backslash. It's the slash

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Speaker 3: on the bottom row of the keyboard calculators and I

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Speaker 3: use their tools to figure out the exact amount of

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Speaker 3: money I had to page month to reach my goal. So,

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Speaker 3: for example, at that time, obviously I had a goal

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Speaker 3: of paying off thirty thousand dollars in debt. My current

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Speaker 3: goal right now is to fund my four to one

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Speaker 3: K and then figure out what I'm gonna do next

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Speaker 3: to one hundred thousand. And I've written about this as well.

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Speaker 3: And the reason I want to do that is because

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Speaker 3: I did the analysis. I used investor dot gov for

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Speaker 3: this to see if that one hundred thousand, let's say

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Speaker 3: I never contributed to it again, I want to get

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Speaker 3: there by forty what would happen? And if it had

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Speaker 3: an average return about five to seven, but I used

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Speaker 3: seven percent, it would grow to six hundred thousand on

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Speaker 3: its own, me doing nothing. And so I was like, okay, Marcus,

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Speaker 3: thirty six year old, you need to race rally relay

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Speaker 3: marathon to one hundred thousand, because then you can kind

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Speaker 3: of take your foot off the pedal.

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Speaker 1: And to me, to have one hundred thousand saved in

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Speaker 1: your four to one k, yeah, I see, gotcha. Not

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Speaker 1: like one hundred thousand dollars saved starting from scratch.

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Speaker 3: Oh no, no, no, that's my place of security. I'm

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Speaker 3: much more secure. And because I look at that, like

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Speaker 3: my four one k. Now, mind you, this is my

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Speaker 3: current employer. I can take a loan against it at

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Speaker 3: a fairly low interest rate. I think last time I

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Speaker 3: looked at was like three to four percent. And so

436
00:19:08,920 --> 00:19:12,480
Speaker 3: to me having that six figures growing in the market,

437
00:19:12,560 --> 00:19:15,440
Speaker 3: and I use a target date retirement fund, that gives

438
00:19:15,440 --> 00:19:18,560
Speaker 3: me security, and then I will start to explore other

439
00:19:18,600 --> 00:19:20,879
Speaker 3: things I can do with money my money. But I

440
00:19:20,920 --> 00:19:23,720
Speaker 3: think most people, as I said, I feel like in

441
00:19:23,760 --> 00:19:25,679
Speaker 3: the questions we get, they're just kind of unconscious what

442
00:19:25,680 --> 00:19:28,560
Speaker 3: they're spending. They're intimidated by it, so they're not making

443
00:19:28,680 --> 00:19:32,080
Speaker 3: any decisions. So to your point, they're not making anything

444
00:19:32,119 --> 00:19:35,159
Speaker 3: in a good checking account. They're not making anything at

445
00:19:35,200 --> 00:19:37,560
Speaker 3: a credit union, you're not making anything in the stock market,

446
00:19:37,840 --> 00:19:40,760
Speaker 3: and then they're possibly also spending it all month to month. Now,

447
00:19:41,000 --> 00:19:46,200
Speaker 3: I'm just like that. The no plan is also a plan.

448
00:19:46,480 --> 00:19:47,639
Speaker 3: It's just the worst one to have.

449
00:19:48,119 --> 00:19:50,560
Speaker 1: It's like the self fulfilling prophecy. You know, I don't

450
00:19:50,560 --> 00:19:52,439
Speaker 1: have any money, I don't have enough, I don't know

451
00:19:52,560 --> 00:19:54,280
Speaker 1: enough to save and invest. Well, then you're never going

452
00:19:54,320 --> 00:19:56,959
Speaker 1: to build that wealth that way. I'm one hundred percent behind.

453
00:19:57,200 --> 00:19:59,960
Speaker 1: I started automating my retirement fund before even you really

454
00:20:00,160 --> 00:20:03,040
Speaker 1: what it was when I was twenty four at my

455
00:20:03,200 --> 00:20:06,240
Speaker 1: not my first job, my second job post getting laid off.

456
00:20:06,520 --> 00:20:08,640
Speaker 1: But I finally got it together and it's almost been

457
00:20:08,680 --> 00:20:12,080
Speaker 1: ten years and I have this this now. I like

458
00:20:12,080 --> 00:20:14,360
Speaker 1: you mentioned because I've worked at three different places where

459
00:20:14,359 --> 00:20:16,000
Speaker 1: I've had a four to one k and at at

460
00:20:16,040 --> 00:20:18,280
Speaker 1: a certain point I have one of them separate like

461
00:20:18,320 --> 00:20:21,280
Speaker 1: in a Vanguard now or my first two job four

462
00:20:21,320 --> 00:20:23,040
Speaker 1: to one k's, I combine there and just kind of

463
00:20:23,119 --> 00:20:27,840
Speaker 1: left it. And I'm just like, I have twenty thousand

464
00:20:27,880 --> 00:20:32,040
Speaker 1: dollars extra because I didn't do anything. And when I

465
00:20:32,080 --> 00:20:35,399
Speaker 1: was twenty four, I did a small thing. So if

466
00:20:35,480 --> 00:20:37,719
Speaker 1: you're but even if you're thirty four or forty four, like,

467
00:20:38,320 --> 00:20:41,960
Speaker 1: just start, you know, just start and give yourself the

468
00:20:42,040 --> 00:20:44,720
Speaker 1: time because sixty seven year old starting to save in

469
00:20:44,760 --> 00:20:47,400
Speaker 1: your retirement fund, you don't have as much time as

470
00:20:47,440 --> 00:20:49,639
Speaker 1: you did, you know, in your twenties and thirties to

471
00:20:49,680 --> 00:20:52,959
Speaker 1: bounce back if there are any you know, downturns and stuff.

472
00:20:53,640 --> 00:20:54,160
Speaker 2: Yeah, you said.

473
00:20:54,160 --> 00:20:56,680
Speaker 3: Their recipes to success for most people that I've seen

474
00:20:56,840 --> 00:21:00,720
Speaker 3: is get started and start young, remain sistant, and get.

475
00:21:00,640 --> 00:21:04,720
Speaker 2: Out of your own way one hundred percent. Keep it simple,

476
00:21:05,119 --> 00:21:05,399
Speaker 2: keep it.

477
00:21:05,640 --> 00:21:07,679
Speaker 1: I literally have that on my cubicle at work, is

478
00:21:07,760 --> 00:21:10,320
Speaker 1: keep it simple, stupid, like, just get out of your

479
00:21:10,320 --> 00:21:12,960
Speaker 1: own way. But I gotta, you know, and I find

480
00:21:12,960 --> 00:21:15,520
Speaker 1: that the you know, I'm planning for a family now

481
00:21:15,520 --> 00:21:18,600
Speaker 1: where just bought a house, my risk averseness has gotten

482
00:21:18,840 --> 00:21:21,560
Speaker 1: more acute. It's a lot easier to say I can

483
00:21:21,560 --> 00:21:23,639
Speaker 1: take more risks with my money and be like ninety

484
00:21:23,640 --> 00:21:25,399
Speaker 1: five percent in the stock market with my four to

485
00:21:25,480 --> 00:21:28,719
Speaker 1: one K when I'm like twenty five and now in

486
00:21:28,760 --> 00:21:31,919
Speaker 1: my thirties, I'm wondering is it time to be more conservative?

487
00:21:31,920 --> 00:21:34,320
Speaker 1: And I'm you know, I'm having different conversations now, so

488
00:21:34,640 --> 00:21:36,399
Speaker 1: you know it changes with every decade. I feel like

489
00:21:37,400 --> 00:21:40,040
Speaker 1: ta change. We're going to take a quick break, be

490
00:21:40,200 --> 00:21:43,480
Speaker 1: right back with Marcus Garrett from Pigchecks and Balances. He's

491
00:21:43,520 --> 00:21:45,520
Speaker 1: going to help me answer some of your questions and

492
00:21:45,560 --> 00:22:20,520
Speaker 1: our read your mailbag. All right, we're back with my guests,

493
00:22:20,520 --> 00:22:24,040
Speaker 1: Marcus Garrett of Paychecks and Balances, and I am combing

494
00:22:24,240 --> 00:22:26,800
Speaker 1: the mailbox again. You guys can send us your questions

495
00:22:27,040 --> 00:22:30,159
Speaker 1: at Brandambision Podcast at gmail dot com or hit up

496
00:22:30,200 --> 00:22:33,000
Speaker 1: Brandnambition podcast dot com and click to ask us anything

497
00:22:33,040 --> 00:22:35,840
Speaker 1: tab if you want to send your questions as well.

498
00:22:36,240 --> 00:22:39,040
Speaker 1: Love hearing from our listeners. Let's see what we got.

499
00:22:39,359 --> 00:22:41,359
Speaker 1: I love when you guys have some fun aliases and

500
00:22:41,400 --> 00:22:44,320
Speaker 1: you don't want your real names out there. That's very safe.

501
00:22:44,440 --> 00:22:47,480
Speaker 1: So first question from listeners, Simone, I have some thoughts

502
00:22:47,560 --> 00:22:49,840
Speaker 1: on this. Simone wants to know is it okay to

503
00:22:49,960 --> 00:22:52,679
Speaker 1: date in the corporate office or should we ask women

504
00:22:53,119 --> 00:22:58,320
Speaker 1: focus on climbing the corporate ladder with tunnel vision? Good question, Simone.

505
00:22:58,640 --> 00:23:02,160
Speaker 1: When it comes to dating and the corporate environment, honestly,

506
00:23:02,280 --> 00:23:05,240
Speaker 1: keep it on the down low until you are like legit.

507
00:23:05,280 --> 00:23:08,040
Speaker 1: Sure if there's a commitment there, because it's not worth

508
00:23:08,040 --> 00:23:11,040
Speaker 1: the drama to have the rumors swirling at the office.

509
00:23:11,200 --> 00:23:15,280
Speaker 1: I have seen a lot of people's reputations be tarnished

510
00:23:15,440 --> 00:23:19,800
Speaker 1: by rumors about relationships happening at the office place. And

511
00:23:19,840 --> 00:23:22,440
Speaker 1: you also want to like protect yourself, right. I don't

512
00:23:22,440 --> 00:23:25,040
Speaker 1: know if you also work in corporate America, Marcus, so

513
00:23:25,640 --> 00:23:28,520
Speaker 1: going to HR when you're you know, in a committed

514
00:23:28,560 --> 00:23:31,600
Speaker 1: relationship to tell them about it is important too, so

515
00:23:31,640 --> 00:23:35,919
Speaker 1: you can protect yourself. You know, let's say this person

516
00:23:36,040 --> 00:23:39,320
Speaker 1: is your superior or could potentially be your superior one day.

517
00:23:39,680 --> 00:23:41,400
Speaker 1: You want to have it on the record that there

518
00:23:41,480 --> 00:23:44,800
Speaker 1: was a relationship in case anything ever goes south.

519
00:23:46,160 --> 00:23:46,639
Speaker 2: I agree.

520
00:23:46,920 --> 00:23:49,719
Speaker 3: I think it's different for each environment, which you know,

521
00:23:49,960 --> 00:23:52,399
Speaker 3: I'm sure she would know better than us. Typically, you're

522
00:23:52,480 --> 00:23:54,000
Speaker 3: right that you do have to report it to HR

523
00:23:54,080 --> 00:23:56,480
Speaker 3: once you are in a relationships. I guess my only

524
00:23:57,119 --> 00:23:59,119
Speaker 3: takeaway would be, I don't think you can limit it

525
00:23:59,160 --> 00:24:01,840
Speaker 3: because we're at work too much. I read some crazy

526
00:24:01,840 --> 00:24:04,840
Speaker 3: study it's like eighty percent of your total life is

527
00:24:04,840 --> 00:24:07,199
Speaker 3: actually spent with your coworkers, not your friends and family.

528
00:24:07,280 --> 00:24:11,120
Speaker 3: Like everyone else tips off like it's like a bell curve,

529
00:24:11,280 --> 00:24:13,640
Speaker 3: except for work where it like plateaus, which makes sense

530
00:24:13,640 --> 00:24:16,719
Speaker 3: because you're there for forty hours after college. And so

531
00:24:16,800 --> 00:24:18,800
Speaker 3: what I would look at it more is, okay, is

532
00:24:18,840 --> 00:24:21,000
Speaker 3: this somebody in a chain of command? So I'm definitely

533
00:24:21,040 --> 00:24:24,320
Speaker 3: kind of finger wag or no, I guess a firm

534
00:24:24,400 --> 00:24:26,679
Speaker 3: note to anybody like either in my chain of command

535
00:24:26,800 --> 00:24:29,760
Speaker 3: above or below me. But you know, if you're on

536
00:24:29,800 --> 00:24:32,760
Speaker 3: another floor, if you're in another building, you're in another division,

537
00:24:32,760 --> 00:24:35,359
Speaker 3: you're on another campus, shout out to my technology workers.

538
00:24:35,720 --> 00:24:37,879
Speaker 2: I mean, hey, you know, hey, it is what it is.

539
00:24:37,880 --> 00:24:39,280
Speaker 2: We're we're all adults.

540
00:24:39,800 --> 00:24:42,320
Speaker 3: But I just think it gets messy when it's like

541
00:24:42,320 --> 00:24:43,520
Speaker 3: you're in the next cubicle.

542
00:24:44,320 --> 00:24:46,879
Speaker 1: Oh no, one hundred percent, and especially if they're like

543
00:24:46,920 --> 00:24:49,280
Speaker 1: the chain of command's important. So if there, if they're

544
00:24:49,440 --> 00:24:51,280
Speaker 1: what do you call it? If they're not your superior,

545
00:24:51,480 --> 00:24:55,000
Speaker 1: your direct report or something, or you know, could one

546
00:24:55,000 --> 00:24:57,359
Speaker 1: but date could one day potentially be reporting to you

547
00:24:57,480 --> 00:24:59,760
Speaker 1: or vice versa, like you report to them. It can

548
00:24:59,800 --> 00:25:03,160
Speaker 1: get really messy, and some companies forbid it. I believe

549
00:25:03,320 --> 00:25:05,440
Speaker 1: there's some rules around, you know, not being able to

550
00:25:05,520 --> 00:25:08,439
Speaker 1: date someone who's your subordinate or you're superior. So you

551
00:25:08,440 --> 00:25:11,080
Speaker 1: want to definitely check the fine print of your employee contract.

552
00:25:11,840 --> 00:25:16,000
Speaker 1: I think, honestly I agree that in the fact that like,

553
00:25:16,040 --> 00:25:18,520
Speaker 1: if you're you know, if you're in marketing and you're

554
00:25:18,960 --> 00:25:21,719
Speaker 1: and you really are interested in this person who's you know,

555
00:25:22,119 --> 00:25:25,320
Speaker 1: uh in it or something like that, that probably isn't

556
00:25:25,359 --> 00:25:27,480
Speaker 1: a big deal. And a lot of people do meet

557
00:25:27,680 --> 00:25:31,240
Speaker 1: their significant others in the workplace. But if you're just

558
00:25:31,280 --> 00:25:34,320
Speaker 1: trying to casually date and there's someone in your immediate

559
00:25:34,680 --> 00:25:37,440
Speaker 1: you know, one arm away or in the same floor

560
00:25:37,480 --> 00:25:41,440
Speaker 1: as you, I think it's just a recipe for awkwardness

561
00:25:41,480 --> 00:25:45,960
Speaker 1: at the very least and at the very worst opportunity

562
00:25:46,000 --> 00:25:48,159
Speaker 1: for the rumor mill to get going, and for you

563
00:25:48,240 --> 00:25:53,320
Speaker 1: to be even potentially treated differently by your colleagues. Yeah,

564
00:25:53,440 --> 00:25:58,280
Speaker 1: I agree, so date with caution. I have you ever,

565
00:25:58,440 --> 00:26:01,160
Speaker 1: I actually have never dated any one at the office.

566
00:26:01,240 --> 00:26:03,600
Speaker 1: I've just seen what happened when I was in my

567
00:26:03,640 --> 00:26:06,879
Speaker 1: early twenties and one of my first jobs, all the

568
00:26:06,880 --> 00:26:08,959
Speaker 1: intro office dating. It was too messy for me. I

569
00:26:09,000 --> 00:26:10,280
Speaker 1: was like, no, thank you, ma'am.

570
00:26:10,960 --> 00:26:14,520
Speaker 3: So first of all, work in a weird industry. So

571
00:26:15,400 --> 00:26:18,439
Speaker 3: I've never dated anyone at my nine to five If

572
00:26:18,440 --> 00:26:20,879
Speaker 3: you will since like age sixteen and maybe that was

573
00:26:20,920 --> 00:26:23,600
Speaker 3: the last time I had to learn my lesson. But

574
00:26:23,880 --> 00:26:26,680
Speaker 3: I will say it's a weird industry because for us,

575
00:26:26,720 --> 00:26:28,160
Speaker 3: and I think a lot of people can relate, it's

576
00:26:28,160 --> 00:26:31,199
Speaker 3: the conferences. So the work is pretty purified and sanctified,

577
00:26:31,280 --> 00:26:34,680
Speaker 3: but like these conferences are like you just got to

578
00:26:34,680 --> 00:26:35,680
Speaker 3: trade carefully, you.

579
00:26:35,640 --> 00:26:37,360
Speaker 1: Know, that's where shit goes down.

580
00:26:37,760 --> 00:26:40,639
Speaker 3: Yeah, yeah, yeah, so it's like the conference getaways is

581
00:26:40,800 --> 00:26:42,840
Speaker 3: And like I said, that's why it's interesting how each

582
00:26:42,880 --> 00:26:46,800
Speaker 3: industry has its own culture. But you know, most like

583
00:26:46,960 --> 00:26:49,920
Speaker 3: there's some rumors that are accurate about auditors, mostly introverts,

584
00:26:49,960 --> 00:26:53,320
Speaker 3: mostly keep to ourselves, So that's not socializing. Is it

585
00:26:53,359 --> 00:26:54,919
Speaker 3: really one of our strong suits? So it's really not

586
00:26:54,920 --> 00:26:56,920
Speaker 3: had something I've had to do with Fortunately.

587
00:26:58,160 --> 00:27:02,080
Speaker 1: That's funny. Yeah, an auditor's conference is not where I

588
00:27:02,080 --> 00:27:05,720
Speaker 1: would think there'd be like a lot of romantic entanglements

589
00:27:05,720 --> 00:27:10,080
Speaker 1: and like excitement. So you're safe there.

590
00:27:10,320 --> 00:27:11,560
Speaker 2: You gotta let your hair down some.

591
00:27:11,520 --> 00:27:16,280
Speaker 1: Point, all right, simone. I mean hopefully that was a

592
00:27:16,280 --> 00:27:20,000
Speaker 1: good answer. Again, just just think things through and you know,

593
00:27:20,080 --> 00:27:22,639
Speaker 1: focus on your career. But as far as like I

594
00:27:22,640 --> 00:27:26,040
Speaker 1: think finding a partner who helps you elevate your professional

595
00:27:26,040 --> 00:27:28,920
Speaker 1: and personal life. That's the ouldimate goal. Like finding someone

596
00:27:28,960 --> 00:27:31,320
Speaker 1: who lifts you up in your career and in your

597
00:27:31,359 --> 00:27:36,040
Speaker 1: personal life. That is a recipe for success. So good luck.

598
00:27:37,800 --> 00:27:40,680
Speaker 1: Let's see next question. Oh, I saw a good one.

599
00:27:40,680 --> 00:27:41,280
Speaker 1: Where did it go?

600
00:27:41,400 --> 00:27:42,040
Speaker 3: Where did it go?

601
00:27:42,760 --> 00:27:46,200
Speaker 1: Ah? Here we go from listener Brianna. Brianna says, first,

602
00:27:46,200 --> 00:27:48,960
Speaker 1: I love the podcast. Second, I am a recent graduate

603
00:27:49,000 --> 00:27:51,919
Speaker 1: with a bachelor's of science and psychology. I have plans

604
00:27:51,920 --> 00:27:55,240
Speaker 1: to continue my education within the next one to two years,

605
00:27:55,600 --> 00:27:58,639
Speaker 1: buying a new car along with moving out of my parents' house.

606
00:27:59,080 --> 00:28:02,040
Speaker 1: What advice would you get someone like me making about

607
00:28:02,080 --> 00:28:05,080
Speaker 1: thirty five thousand dollars a year with about twenty five

608
00:28:05,119 --> 00:28:07,720
Speaker 1: thousand dollars a student loan debt? Should I get a

609
00:28:07,760 --> 00:28:10,159
Speaker 1: financial advisor? Or am I just being extra because I

610
00:28:10,200 --> 00:28:15,040
Speaker 1: don't make that much? That's the question from Brianna. Good question.

611
00:28:16,760 --> 00:28:20,480
Speaker 3: I mean my first response is to pump the brakes.

612
00:28:20,520 --> 00:28:24,280
Speaker 3: I heard three pre break pumps in there, so because

613
00:28:24,280 --> 00:28:26,080
Speaker 3: I made those mistakes. So this is one of those

614
00:28:26,160 --> 00:28:27,400
Speaker 3: you know, do as I say, not as I did.

615
00:28:27,440 --> 00:28:29,679
Speaker 2: Type of thing. Is the new car?

616
00:28:30,119 --> 00:28:33,359
Speaker 3: Nope, thirty five thousand, especially with new cars, So I

617
00:28:33,359 --> 00:28:36,160
Speaker 3: mean the average APR if it's new, it's like thirty

618
00:28:36,200 --> 00:28:38,640
Speaker 3: eight thousand right now. I saw recently because I was

619
00:28:38,640 --> 00:28:40,920
Speaker 3: putting a course together, that's twenty eight thousand dollars for

620
00:28:41,880 --> 00:28:44,280
Speaker 3: a car Loans. So that's probably going to eat up

621
00:28:44,280 --> 00:28:46,480
Speaker 3: all your budget right there. So maybe the first takeaway

622
00:28:46,520 --> 00:28:48,320
Speaker 3: is to put a budget together with your thirty five

623
00:28:48,360 --> 00:28:50,840
Speaker 3: thousand dollars and you'll probably have the takeaway that you

624
00:28:50,880 --> 00:28:53,120
Speaker 3: can't afford a car. I just did a write up

625
00:28:53,160 --> 00:28:55,160
Speaker 3: on this, so I know that if you search Google

626
00:28:55,320 --> 00:28:58,640
Speaker 3: car calculator, Google actually now has a car calculator which

627
00:28:58,680 --> 00:29:01,120
Speaker 3: is both weird and cool, and they'll tell you your exact

628
00:29:01,160 --> 00:29:03,840
Speaker 3: monthly payments based on your estimated APR, and so you

629
00:29:03,840 --> 00:29:05,560
Speaker 3: can figure out if that would fit in your budget.

630
00:29:06,120 --> 00:29:08,960
Speaker 3: And then the other two is I moved out, so

631
00:29:09,040 --> 00:29:10,080
Speaker 3: at age twenty two, I.

632
00:29:10,040 --> 00:29:11,080
Speaker 2: Was like, I got to get out of here.

633
00:29:11,120 --> 00:29:12,680
Speaker 3: I need to be free, let a bird fly, And

634
00:29:12,720 --> 00:29:16,200
Speaker 3: then immediately went into additionally and more debt, just because

635
00:29:16,600 --> 00:29:19,240
Speaker 3: in hindsight, I was moderately annoyed with my parents.

636
00:29:19,800 --> 00:29:21,360
Speaker 2: And thus that takes me to number three.

637
00:29:21,360 --> 00:29:23,960
Speaker 3: If I had probably stayed home for like six to

638
00:29:24,040 --> 00:29:27,320
Speaker 3: eight more months put a financial plan together. So I'll

639
00:29:27,320 --> 00:29:29,400
Speaker 3: defer to you if you think she needs a financial planner,

640
00:29:29,680 --> 00:29:31,120
Speaker 3: she can get a cheap one. On my ANSWER's going

641
00:29:31,160 --> 00:29:34,440
Speaker 3: to be yes or a free one. But if I

642
00:29:34,560 --> 00:29:36,880
Speaker 3: just stayed home for like six to eight months instead

643
00:29:36,880 --> 00:29:38,640
Speaker 3: of that seven year journey to get out of debt,

644
00:29:38,680 --> 00:29:41,240
Speaker 3: I probably could have had a really focused plan to

645
00:29:41,240 --> 00:29:43,800
Speaker 3: get out of debt because seventy percent of your expenses

646
00:29:43,880 --> 00:29:46,840
Speaker 3: are going to be food, transportation, and housing, with housing

647
00:29:46,880 --> 00:29:51,000
Speaker 3: being the largest cost. So I guess to wrap all

648
00:29:51,040 --> 00:29:55,640
Speaker 3: that up, Pumpy Brakes three times and Tree, I would

649
00:29:55,680 --> 00:29:56,480
Speaker 3: take some time to.

650
00:29:56,360 --> 00:29:57,440
Speaker 2: Reflect over those things.

651
00:29:57,520 --> 00:29:59,520
Speaker 3: Is it worth going in the further deb especially with

652
00:29:59,520 --> 00:30:02,200
Speaker 3: that student loan birding that you're coming out with, or like,

653
00:30:02,320 --> 00:30:04,160
Speaker 3: is there six months where you can at least knock

654
00:30:04,200 --> 00:30:05,120
Speaker 3: one of those things out?

655
00:30:06,080 --> 00:30:09,520
Speaker 1: Listen? I agree with literally literally every single word that

656
00:30:09,600 --> 00:30:12,120
Speaker 1: just came out of your face just now, because first

657
00:30:12,120 --> 00:30:14,280
Speaker 1: of all, Brianna, you have to go back two episodes

658
00:30:14,320 --> 00:30:16,560
Speaker 1: ago and listen to the entire We dedicate an entire

659
00:30:16,640 --> 00:30:19,480
Speaker 1: show to auto loan debt, because that is how infuriating

660
00:30:19,520 --> 00:30:22,720
Speaker 1: I find it that people really put their financial security

661
00:30:22,760 --> 00:30:26,440
Speaker 1: at jeopardy with these crazy expensive cars, and it's new cars,

662
00:30:26,480 --> 00:30:29,400
Speaker 1: you know, thirty thousand dollars cars with you know, double digit,

663
00:30:29,640 --> 00:30:32,880
Speaker 1: double digit interest rates even because people still don't shop

664
00:30:32,920 --> 00:30:35,120
Speaker 1: around for auto loans. So I'm not going to go

665
00:30:35,240 --> 00:30:37,320
Speaker 1: on and on about that. Go check out that episode.

666
00:30:37,320 --> 00:30:39,640
Speaker 1: But no, I totally agree, you know, pump the brakes.

667
00:30:39,920 --> 00:30:42,280
Speaker 1: Why not stay home for the next one to two years.

668
00:30:42,280 --> 00:30:44,880
Speaker 1: You said you were looking to continue your education, you know,

669
00:30:44,920 --> 00:30:47,000
Speaker 1: why not spend those next to you know, next couple

670
00:30:47,000 --> 00:30:50,600
Speaker 1: of years living at home, rent free, hopefully and honestly,

671
00:30:50,680 --> 00:30:52,640
Speaker 1: twenty five thousand dollars a student loan debt is not

672
00:30:52,840 --> 00:30:55,200
Speaker 1: a lot of debt relative to like what the average

673
00:30:55,280 --> 00:30:57,200
Speaker 1: is and what a lot of people are dealing with.

674
00:30:57,440 --> 00:31:00,000
Speaker 1: I feel like, even on thirty five thousand dollars year,

675
00:31:00,520 --> 00:31:02,280
Speaker 1: if you take the money you'd be saving on the

676
00:31:02,320 --> 00:31:04,719
Speaker 1: new car note and you know, the rent for an

677
00:31:04,720 --> 00:31:07,120
Speaker 1: apartment in your area, and just take that out of

678
00:31:07,160 --> 00:31:09,040
Speaker 1: your paycheck and put it toward your debt, I bet

679
00:31:09,040 --> 00:31:11,000
Speaker 1: you could pay that off in a few years one

680
00:31:11,040 --> 00:31:13,440
Speaker 1: hundred percent if you wanted to be aggressive about it,

681
00:31:14,160 --> 00:31:16,080
Speaker 1: and at the very least, you know, save it in

682
00:31:16,160 --> 00:31:18,480
Speaker 1: a savings account if you want to give a really

683
00:31:18,480 --> 00:31:21,760
Speaker 1: good head start for yourself, you know, emergency fund wise,

684
00:31:21,880 --> 00:31:24,000
Speaker 1: or just saving for a down payment on a house

685
00:31:24,120 --> 00:31:26,680
Speaker 1: or something. You know, think about the type of investments

686
00:31:26,720 --> 00:31:28,560
Speaker 1: you can make in your future by taking that time

687
00:31:28,600 --> 00:31:28,960
Speaker 1: to save.

688
00:31:30,200 --> 00:31:32,640
Speaker 3: Yeah, I agree, And I'm gonna hit this one more time,

689
00:31:32,680 --> 00:31:34,320
Speaker 3: just in case I didn't say it right the first time.

690
00:31:34,320 --> 00:31:38,000
Speaker 3: If you Google car loan calculator, that'll bring up Google's calculator.

691
00:31:38,280 --> 00:31:39,480
Speaker 3: And then if you want to run some of those

692
00:31:39,480 --> 00:31:41,600
Speaker 3: analysis for the credit card, and you can just put

693
00:31:41,600 --> 00:31:43,240
Speaker 3: this all and just see most people don't even know

694
00:31:43,280 --> 00:31:45,080
Speaker 3: if they can afford it. What I noticed is people

695
00:31:45,080 --> 00:31:46,600
Speaker 3: go out by the car. They get a few months in,

696
00:31:46,640 --> 00:31:49,040
Speaker 3: they're like, oh, I can't afford this. And so the

697
00:31:49,120 --> 00:31:51,400
Speaker 3: other one that you could use is banker rate, dot

698
00:31:51,440 --> 00:31:54,600
Speaker 3: com slash calculators. So between those two you can literally

699
00:31:54,640 --> 00:31:57,680
Speaker 3: put your entire budget together. And I mean, maybe I'm wrong,

700
00:31:57,760 --> 00:31:59,600
Speaker 3: maybe you can ball out get you the home, maybe

701
00:31:59,600 --> 00:32:01,120
Speaker 3: you live in a casts to live, get you to home,

702
00:32:01,200 --> 00:32:05,200
Speaker 3: to the car, and the student loans. But I'm pretty confident

703
00:32:05,280 --> 00:32:07,320
Speaker 3: that these numbers might shock you when you crunch them.

704
00:32:07,360 --> 00:32:09,760
Speaker 3: So i'd recommend recommend you at least hit those two

705
00:32:09,840 --> 00:32:11,640
Speaker 3: tools one hundred percent.

706
00:32:12,160 --> 00:32:14,480
Speaker 1: But thank you for the question. On the financial advisor front,

707
00:32:14,520 --> 00:32:16,760
Speaker 1: I do feel like you're being a little bit extra like.

708
00:32:16,800 --> 00:32:18,440
Speaker 1: I don't think you need to worry about that level

709
00:32:18,440 --> 00:32:21,120
Speaker 1: of advice just yet. The advice for you is simple

710
00:32:21,280 --> 00:32:24,040
Speaker 1: is keep your expenses low. See if you can stay

711
00:32:24,040 --> 00:32:26,440
Speaker 1: home another one to two years, even if you need

712
00:32:26,480 --> 00:32:29,000
Speaker 1: to leave, you know, get an apartment near near mass

713
00:32:29,040 --> 00:32:31,800
Speaker 1: transit so that you can, you know, stay away from

714
00:32:31,840 --> 00:32:34,000
Speaker 1: buying that new car, or at least, you know, buy

715
00:32:34,120 --> 00:32:36,600
Speaker 1: a used car. Don't buy a new car, you know,

716
00:32:36,720 --> 00:32:39,200
Speaker 1: save money wherever you can. You can get a nice

717
00:32:39,240 --> 00:32:42,240
Speaker 1: little used car for you know, fifteen k maybe less,

718
00:32:43,080 --> 00:32:48,120
Speaker 1: that can be reliable and financial advisor somewhere down the

719
00:32:48,160 --> 00:32:51,000
Speaker 1: line for sure. One of the things that we recommend

720
00:32:51,000 --> 00:32:53,479
Speaker 1: sometime on the show is the xy Planning Network. That's

721
00:32:53,480 --> 00:32:56,280
Speaker 1: actually how I found my financial planner and she was

722
00:32:56,320 --> 00:32:59,400
Speaker 1: helpful to me. But you know, if you're just graduating college,

723
00:32:59,840 --> 00:33:02,880
Speaker 1: the basics is all you need. And if you get stuck,

724
00:33:03,400 --> 00:33:06,239
Speaker 1: literally google it. There's so much good content out there

725
00:33:06,280 --> 00:33:08,640
Speaker 1: that can help you with the first stage is post

726
00:33:08,720 --> 00:33:10,480
Speaker 1: college and it's free.

727
00:33:10,720 --> 00:33:13,480
Speaker 3: Yeah, I say, best of luck, and I hope that

728
00:33:13,560 --> 00:33:15,080
Speaker 3: wasn't too negative. I'm just trying to, you know, give

729
00:33:15,120 --> 00:33:17,120
Speaker 3: some advice and some insights from the things I've learned

730
00:33:17,160 --> 00:33:18,560
Speaker 3: and the mistakes that I've made.

731
00:33:19,040 --> 00:33:21,200
Speaker 1: Don't say sorry. I think it's real talk. I mean,

732
00:33:21,240 --> 00:33:23,520
Speaker 1: this is the advice. The problem is the reason we're

733
00:33:23,560 --> 00:33:25,520
Speaker 1: so passionate about it is because you and I probably

734
00:33:25,560 --> 00:33:28,040
Speaker 1: made the same mistakes or similar mistakes, and you just

735
00:33:28,080 --> 00:33:30,160
Speaker 1: want to help people from doing the same dumb shit

736
00:33:30,240 --> 00:33:30,760
Speaker 1: that you did.

737
00:33:30,880 --> 00:33:33,520
Speaker 3: Right, Well, I don't want to prevent the millennials or

738
00:33:33,560 --> 00:33:35,200
Speaker 3: I guess actually she be zenial.

739
00:33:35,280 --> 00:33:36,680
Speaker 2: I actually don't know what's after me.

740
00:33:36,760 --> 00:33:38,000
Speaker 3: But you know, I also want to you know, the

741
00:33:38,040 --> 00:33:40,240
Speaker 3: balance of fomo and yolo and all the things which

742
00:33:40,240 --> 00:33:42,760
Speaker 3: I'm sure kids don't say anymore, but I don't want

743
00:33:42,800 --> 00:33:46,000
Speaker 3: them to completely miss out. Just maybe go back hash

744
00:33:46,040 --> 00:33:47,880
Speaker 3: those three things out and see if that's really something

745
00:33:47,920 --> 00:33:49,760
Speaker 3: you afford. I don't think you can, but you know,

746
00:33:49,800 --> 00:33:51,400
Speaker 3: if you can prove me wrong, more power to you.

747
00:33:51,760 --> 00:33:54,280
Speaker 1: Listen, used car, Just take it a step back the

748
00:33:54,480 --> 00:33:56,800
Speaker 1: used car. Maybe don't move all the way out of

749
00:33:56,840 --> 00:34:01,160
Speaker 1: the house. Maybe just rent something nearby, like just baby steps,

750
00:34:01,280 --> 00:34:02,280
Speaker 1: and you'll be fine.

751
00:34:02,800 --> 00:34:04,960
Speaker 2: Conscious money decisions all.

752
00:34:04,960 --> 00:34:06,840
Speaker 1: Right, that was fun. Thank you guys for your questions.

753
00:34:06,880 --> 00:34:07,080
Speaker 2: Again.

754
00:34:07,160 --> 00:34:10,200
Speaker 1: Hit us up Brandabisionpodcast at gmail dot com or go

755
00:34:10,239 --> 00:34:17,600
Speaker 1: to brannibisionpodcast dot com and select ask us anything. All right,

756
00:34:17,640 --> 00:34:19,240
Speaker 1: are you ready to close the show with a boost

757
00:34:19,320 --> 00:34:19,720
Speaker 1: or break?

758
00:34:20,800 --> 00:34:21,120
Speaker 2: Cool?

759
00:34:22,080 --> 00:34:24,320
Speaker 1: I'm gonna make you go first as my guest of honor.

760
00:34:24,560 --> 00:34:26,359
Speaker 1: Just put you on the spot with the first booster break.

761
00:34:27,719 --> 00:34:30,520
Speaker 3: So my boost is also a hashtag plug, and I

762
00:34:30,560 --> 00:34:32,200
Speaker 3: realized I could drop two, so I'd like to be

763
00:34:32,239 --> 00:34:34,399
Speaker 3: respectful the show and can hold my plugs for the end.

764
00:34:35,719 --> 00:34:38,480
Speaker 3: I no longer yeah, I no longer work for this organization,

765
00:34:38,520 --> 00:34:39,960
Speaker 3: but I did have a good time with them. So

766
00:34:40,000 --> 00:34:42,480
Speaker 3: I freelance write for go Banking Rates and actually I

767
00:34:42,560 --> 00:34:44,520
Speaker 3: answered a few of these questions. Y'all can find that

768
00:34:44,600 --> 00:34:47,960
Speaker 3: at Paychecks and Balances dot com slash GBR.

769
00:34:48,239 --> 00:34:49,280
Speaker 2: Now you might be wondering.

770
00:34:49,040 --> 00:34:50,920
Speaker 3: Where the heck that's gonna take you, It's gonna route

771
00:34:50,960 --> 00:34:53,120
Speaker 3: you to my article, so feel free to visit that.

772
00:34:53,120 --> 00:34:55,280
Speaker 3: That's my boost, But my other one is I'm actually

773
00:34:55,280 --> 00:34:57,920
Speaker 3: putting a course together that talks about this. And so

774
00:34:57,960 --> 00:35:00,600
Speaker 3: I'm six years removed from the thirty and now I'm

775
00:35:00,680 --> 00:35:03,200
Speaker 3: kind of I read fifteen personal finance and investment books

776
00:35:03,239 --> 00:35:05,320
Speaker 3: which I read and reviewed, and I'm kind of putting

777
00:35:05,320 --> 00:35:07,600
Speaker 3: that in a course that I'm putting together. So it's

778
00:35:07,600 --> 00:35:10,719
Speaker 3: a four week debt free starter course that will be

779
00:35:10,760 --> 00:35:14,239
Speaker 3: out in a national financial literacy month. Our goal is

780
00:35:14,400 --> 00:35:16,759
Speaker 3: a date to be determined, but we have promised that

781
00:35:16,760 --> 00:35:19,160
Speaker 3: it'll come out sometime this month, in April twenty nineteen.

782
00:35:19,280 --> 00:35:21,400
Speaker 3: But y'all can follow any updates that are be available

783
00:35:21,440 --> 00:35:24,200
Speaker 3: at Paychecks and Balances dot com slash Debt.

784
00:35:24,000 --> 00:35:25,920
Speaker 2: Free and my break.

785
00:35:26,640 --> 00:35:28,880
Speaker 3: I was thinking about this and I find myself in

786
00:35:28,880 --> 00:35:31,880
Speaker 3: the existential place lately for several reasons, just being in

787
00:35:31,920 --> 00:35:34,400
Speaker 3: my mid thirties, a lot of things going on with work,

788
00:35:34,840 --> 00:35:36,799
Speaker 3: and the post that I'll be writing this week for

789
00:35:36,800 --> 00:35:38,680
Speaker 3: those of you make it way over to the website,

790
00:35:38,760 --> 00:35:41,120
Speaker 3: is just kind of reflecting back on Actually all the

791
00:35:41,200 --> 00:35:43,759
Speaker 3: money I've made in my cutoff was from college to

792
00:35:43,840 --> 00:35:46,839
Speaker 3: thirty six, and so I tried to go out.

793
00:35:46,880 --> 00:35:49,160
Speaker 2: You can get this from the Social Security SSA dot go.

794
00:35:49,680 --> 00:35:49,879
Speaker 3: Yeah.

795
00:35:49,960 --> 00:35:52,000
Speaker 1: I love this little pdf they give you with your

796
00:35:52,040 --> 00:35:53,400
Speaker 1: Social Security benefits statement.

797
00:35:54,160 --> 00:35:56,520
Speaker 3: Well, funny you say that, because I ran into a

798
00:35:56,520 --> 00:35:59,160
Speaker 3: whole bunch of technical difficulties and basically they're like, I

799
00:35:59,200 --> 00:36:01,080
Speaker 3: don't think this is just security number. You know, they

800
00:36:01,080 --> 00:36:02,640
Speaker 3: gave me to fade, they gave me the curve. So

801
00:36:02,719 --> 00:36:04,040
Speaker 3: it took a whole bunch of work. I was a

802
00:36:04,080 --> 00:36:08,640
Speaker 3: little bit I got frustrated. I'm easily frustrated. No, yeah, yeah,

803
00:36:09,239 --> 00:36:10,719
Speaker 3: I mean they wanted me to send in some extra

804
00:36:10,760 --> 00:36:12,520
Speaker 3: documents to prove who I was. I was like, you

805
00:36:12,520 --> 00:36:14,600
Speaker 3: know what, I ain't got time for this. So I

806
00:36:14,680 --> 00:36:16,960
Speaker 3: went out, got all my resumes, looked at all the

807
00:36:16,960 --> 00:36:19,160
Speaker 3: money that I've made from age twenty two to thirty six,

808
00:36:19,200 --> 00:36:22,360
Speaker 3: and I basically did a reflective analysis on where the

809
00:36:22,400 --> 00:36:25,440
Speaker 3: money's gone, where I wish the money has went. And

810
00:36:25,520 --> 00:36:28,319
Speaker 3: so y'all might find this interesting, especially the leader who

811
00:36:28,360 --> 00:36:30,520
Speaker 3: just wrote in who just graduated college, Because I graduated

812
00:36:30,560 --> 00:36:33,080
Speaker 3: at twenty two. I talk about that made twenty thousand

813
00:36:33,080 --> 00:36:36,319
Speaker 3: dollars that has now grown. I talk about I did

814
00:36:36,640 --> 00:36:39,720
Speaker 3: a Yahoo Finance interview about how I grew my income

815
00:36:39,760 --> 00:36:42,400
Speaker 3: four hundred percent. That's in there, and it's really just

816
00:36:42,440 --> 00:36:45,799
Speaker 3: a reflective piece on where the money's gone, mistakes I've made.

817
00:36:46,200 --> 00:36:48,960
Speaker 3: Kind of one takeaway, for example, is that because of

818
00:36:49,000 --> 00:36:51,799
Speaker 3: the irresponsible choices I made in my twenties, which you know,

819
00:36:51,880 --> 00:36:55,200
Speaker 3: I think twenties are wont to do. I delayed financial

820
00:36:55,239 --> 00:36:58,120
Speaker 3: independence by ten years very easily. And so if I

821
00:36:58,200 --> 00:37:00,360
Speaker 3: had just made some of these decisions are different choices

822
00:37:00,360 --> 00:37:02,440
Speaker 3: that I'm talking about on this particular show and several

823
00:37:02,480 --> 00:37:05,719
Speaker 3: other shows, I'd probably it's like you're like, oh, hereby,

824
00:37:05,760 --> 00:37:08,040
Speaker 3: I'd be balling out of control, out of bought apple stock.

825
00:37:08,080 --> 00:37:09,600
Speaker 3: I'd have had a little bit of Walmart stock.

826
00:37:09,640 --> 00:37:10,680
Speaker 2: You know. Boom, boom boom.

827
00:37:10,719 --> 00:37:13,520
Speaker 3: I's already this, you know nobody, but it didn't cry out.

828
00:37:13,640 --> 00:37:15,600
Speaker 3: It didn't quite work out that way. And so this

829
00:37:15,640 --> 00:37:18,320
Speaker 3: piece will kind of walk you through the last fifteen

830
00:37:18,400 --> 00:37:21,279
Speaker 3: years and where I foresee the next fifteen years.

831
00:37:21,480 --> 00:37:23,320
Speaker 1: And where can they find that? That's in the Paychecks

832
00:37:23,320 --> 00:37:24,360
Speaker 1: and Balances website.

833
00:37:24,440 --> 00:37:27,959
Speaker 3: Yeah, that'll be the most recent post. Excuse me, that'll

834
00:37:28,000 --> 00:37:29,880
Speaker 3: be the most recent post. So actually they just go

835
00:37:29,880 --> 00:37:32,080
Speaker 3: to Paychecks and Balances dot com. They can see both

836
00:37:32,080 --> 00:37:34,000
Speaker 3: our podcasts and our blog. But if they want to

837
00:37:34,000 --> 00:37:37,080
Speaker 3: get directly to the bog, it's Paychecks and Balances dot

838
00:37:37,120 --> 00:37:38,200
Speaker 3: Com slash blog.

839
00:37:38,480 --> 00:37:40,919
Speaker 1: Look at you guys. Even writing on the blog post show,

840
00:37:41,000 --> 00:37:43,160
Speaker 1: you guys make me feel like a lazy podcast host,

841
00:37:43,480 --> 00:37:45,279
Speaker 1: just like, here's the episode, what more do you want

842
00:37:45,280 --> 00:37:49,239
Speaker 1: from me? Here's your links to stuff? Dope, I'll leave.

843
00:37:49,440 --> 00:37:51,120
Speaker 1: I'll put a link obviously to the show and the

844
00:37:51,120 --> 00:37:53,319
Speaker 1: show notes. You guys can check out that post. That's

845
00:37:53,360 --> 00:37:55,360
Speaker 1: a lot though, Man, I've downloaded. If you guys, go

846
00:37:55,400 --> 00:37:59,280
Speaker 1: to SSA dot gov and download your Social Security benefit statement,

847
00:37:59,320 --> 00:38:01,520
Speaker 1: you will literally see from the year you started paying

848
00:38:01,960 --> 00:38:05,000
Speaker 1: taxes on your paycheck. It won't do under the table

849
00:38:05,000 --> 00:38:07,600
Speaker 1: babysitting money money, or you know, working for your uncle's

850
00:38:07,960 --> 00:38:09,680
Speaker 1: you know company in the summer and getting paid under

851
00:38:09,719 --> 00:38:12,719
Speaker 1: the table, but any government check that you've gotten or

852
00:38:12,760 --> 00:38:15,360
Speaker 1: government approof chech you've gotten, it'll it'll appear there and

853
00:38:15,400 --> 00:38:17,120
Speaker 1: it will show you what you've earned. And it was

854
00:38:17,160 --> 00:38:19,839
Speaker 1: a big wake up call, the unpacking of like where

855
00:38:19,840 --> 00:38:21,480
Speaker 1: did that money go? I don't know if I'm quite

856
00:38:21,520 --> 00:38:24,359
Speaker 1: ready for that kind of soul searching yet, but that's

857
00:38:24,400 --> 00:38:27,320
Speaker 1: a good no, I mean, it's it's good to reflect

858
00:38:27,360 --> 00:38:29,920
Speaker 1: and to see what you would have been differently, and

859
00:38:30,000 --> 00:38:32,719
Speaker 1: then at least celebrate some of the positives, which is

860
00:38:32,719 --> 00:38:35,719
Speaker 1: that you have any savings at all, which puts you

861
00:38:35,719 --> 00:38:37,840
Speaker 1: well ahead of the nation honestly.

862
00:38:37,960 --> 00:38:41,400
Speaker 3: Yeah, there was and I don't want a hashtag spoiler,

863
00:38:41,440 --> 00:38:42,920
Speaker 3: but there was a lot of takeaways, a lot of

864
00:38:42,960 --> 00:38:44,560
Speaker 3: lessons learn, and like I said, they put me in

865
00:38:44,560 --> 00:38:47,000
Speaker 3: a reflective place. I did it for a National Financial

866
00:38:47,000 --> 00:38:51,279
Speaker 3: Literacy Month and really a listener question. So I do

867
00:38:51,360 --> 00:38:53,520
Speaker 3: presentations that you're out and I think you might have

868
00:38:53,560 --> 00:38:55,760
Speaker 3: seen this picture. I think we follow each other on Instagram.

869
00:38:55,760 --> 00:38:58,759
Speaker 3: But I did a presentation for Minti's and I like

870
00:38:58,800 --> 00:39:00,239
Speaker 3: to talk about it. I like to, you know, set

871
00:39:00,239 --> 00:39:01,920
Speaker 3: the bar high. So I was like, the first millions

872
00:39:01,960 --> 00:39:03,680
Speaker 3: the hardest, you know, that perks them up. You know,

873
00:39:03,760 --> 00:39:05,520
Speaker 3: they set up in their sheets, you know, I quote

874
00:39:05,560 --> 00:39:07,879
Speaker 3: Drake and everything like that, try to be relevant. And

875
00:39:08,800 --> 00:39:11,240
Speaker 3: I can't to this detail if it was a genuine

876
00:39:11,239 --> 00:39:14,000
Speaker 3: comment or I got trolled. This person leans on the

877
00:39:14,000 --> 00:39:16,320
Speaker 3: trolling side. They've been trolling a number of different comments

878
00:39:16,360 --> 00:39:18,279
Speaker 3: and they're like, man, you ain't got no million, And

879
00:39:18,360 --> 00:39:21,359
Speaker 3: so I was like, well actually, and so I went

880
00:39:21,400 --> 00:39:23,480
Speaker 3: back and did this analysis and just wanted to talk

881
00:39:23,520 --> 00:39:26,600
Speaker 3: about it. And you're right, it's it's pretty intimidating to

882
00:39:26,640 --> 00:39:29,480
Speaker 3: see all the tax dollars ihould say government reported money

883
00:39:29,480 --> 00:39:31,600
Speaker 3: that has come and gone, and then Uncle Sam has

884
00:39:31,600 --> 00:39:35,040
Speaker 3: got his hands on. So I hope people like it

885
00:39:35,080 --> 00:39:36,520
Speaker 3: as much as I enjoyed writing it.

886
00:39:37,000 --> 00:39:40,000
Speaker 1: Yeah, I'll check that out. Okay, my boost. Because we're

887
00:39:40,000 --> 00:39:42,880
Speaker 1: talking about investing and we get this question. We've actually

888
00:39:42,880 --> 00:39:45,040
Speaker 1: gotten a few questions about this, which is, how do I,

889
00:39:45,160 --> 00:39:48,239
Speaker 1: when I'm choosing investments, how do I pick companies that

890
00:39:48,320 --> 00:39:51,120
Speaker 1: are doing good for the environment or just doing good

891
00:39:51,160 --> 00:39:53,640
Speaker 1: for the world in general. So there's this movement of

892
00:39:53,719 --> 00:39:59,000
Speaker 1: socially conscious investing which is growing. So your robo advisor

893
00:39:59,080 --> 00:40:01,920
Speaker 1: tools that are more you know, more modern, like Betterment

894
00:40:01,960 --> 00:40:05,520
Speaker 1: Wealth Front, they tend to have portfolios where you can

895
00:40:05,640 --> 00:40:07,880
Speaker 1: choose that have these types of investments, and you can

896
00:40:07,960 --> 00:40:11,600
Speaker 1: choose like eco conscious, you know, portfolio that has companies

897
00:40:11,600 --> 00:40:16,160
Speaker 1: that pass certain metrics or certain guidelines for being considered

898
00:40:16,200 --> 00:40:19,319
Speaker 1: an eco conscious company and all kinds of stuff. So

899
00:40:19,640 --> 00:40:21,440
Speaker 1: what I thought was cool is I just read that

900
00:40:21,760 --> 00:40:26,960
Speaker 1: SMP five hundred is now putting out a social social

901
00:40:27,040 --> 00:40:30,880
Speaker 1: conscious index fund to kind of fall underneath the umbrella

902
00:40:30,960 --> 00:40:34,680
Speaker 1: of its really popular SMP five hundred index fund, which

903
00:40:34,800 --> 00:40:38,560
Speaker 1: real quick definition is index funds are think of it

904
00:40:38,600 --> 00:40:41,440
Speaker 1: as taking like a buffet, like going to the buffet,

905
00:40:41,520 --> 00:40:44,160
Speaker 1: but all the food is different companies, and you get

906
00:40:44,160 --> 00:40:46,359
Speaker 1: to have a little piece of each company versus having

907
00:40:46,360 --> 00:40:49,000
Speaker 1: to choose just one. And an index fund lets you

908
00:40:49,080 --> 00:40:51,640
Speaker 1: kind of broadly expose yourself to a bunch of different

909
00:40:51,640 --> 00:40:55,520
Speaker 1: companies versus a few different companies, and that just balances

910
00:40:55,520 --> 00:40:59,040
Speaker 1: out your risk. And honestly, again and again, the S

911
00:40:59,120 --> 00:41:03,000
Speaker 1: and P following these index funds and investing in index

912
00:41:03,080 --> 00:41:06,520
Speaker 1: funds has proven to often beat people who are like

913
00:41:06,640 --> 00:41:10,279
Speaker 1: actively choosing individual stocks and stuff like that. So I

914
00:41:10,320 --> 00:41:14,520
Speaker 1: personally am an index fund investor. I always have been,

915
00:41:14,560 --> 00:41:16,640
Speaker 1: and like I said, it's been working out fine for me.

916
00:41:17,200 --> 00:41:19,120
Speaker 1: So I was looking at this and I thought it

917
00:41:19,160 --> 00:41:22,279
Speaker 1: sounded really interesting, and I have you know, I have

918
00:41:22,400 --> 00:41:24,640
Speaker 1: like an era on the side where I've invested one

919
00:41:24,680 --> 00:41:27,919
Speaker 1: hundred percent in an S and P five hundred index fund,

920
00:41:27,960 --> 00:41:30,440
Speaker 1: and I was just thinking, Okay, this is easy because

921
00:41:30,600 --> 00:41:33,480
Speaker 1: with this fund they have done the work. Vanguard's done

922
00:41:33,480 --> 00:41:36,520
Speaker 1: the work for you and selected companies that they've deemed

923
00:41:36,719 --> 00:41:41,840
Speaker 1: to fit a certain profile of like a socially conscious company.

924
00:41:42,080 --> 00:41:44,080
Speaker 1: And I can feel a little bit better. And what

925
00:41:44,120 --> 00:41:46,440
Speaker 1: that means is like you may not be like when

926
00:41:46,480 --> 00:41:49,080
Speaker 1: you get these the downside of index funds rather is

927
00:41:49,120 --> 00:41:52,799
Speaker 1: that you know, you could be investing in like gun companies,

928
00:41:53,000 --> 00:41:56,720
Speaker 1: like companies that you know don't pay their workers well,

929
00:41:56,800 --> 00:42:00,400
Speaker 1: companies that are maybe backed by people or politics that

930
00:42:00,440 --> 00:42:02,480
Speaker 1: you may not support yourself. And it's kind of hard

931
00:42:02,520 --> 00:42:05,399
Speaker 1: to see what's actually wrapped up in this big index fund.

932
00:42:05,840 --> 00:42:08,279
Speaker 1: So when you can actually, you know, choose a fund

933
00:42:08,360 --> 00:42:11,480
Speaker 1: that has been vetted for you and meets these social

934
00:42:11,480 --> 00:42:14,640
Speaker 1: conscious parameters, it gives you a little bit of peace

935
00:42:14,640 --> 00:42:16,640
Speaker 1: of mind, at least for me to know that I'm

936
00:42:16,680 --> 00:42:18,920
Speaker 1: investing in companies that are doing some good in the world.

937
00:42:20,120 --> 00:42:23,000
Speaker 3: Yeah, for what it's worth, I use a different but

938
00:42:23,160 --> 00:42:25,759
Speaker 3: index fund as well, so minds of target date index fund.

939
00:42:25,840 --> 00:42:27,440
Speaker 3: So yeah, I'm being a proponent as well, and I

940
00:42:27,440 --> 00:42:28,919
Speaker 3: plan to keep it in there. Like I said, until

941
00:42:28,920 --> 00:42:30,600
Speaker 3: I reached that one hundred thousand dollars goal and then

942
00:42:30,600 --> 00:42:32,360
Speaker 3: to your point, And that's kind of what I was

943
00:42:32,400 --> 00:42:34,480
Speaker 3: trying to get at earlier. I feel like once you

944
00:42:34,520 --> 00:42:36,799
Speaker 3: reach whatever your security point is, you can start to

945
00:42:36,840 --> 00:42:40,040
Speaker 3: make different investment choices or maybe take greater risk or

946
00:42:40,040 --> 00:42:42,840
Speaker 3: maybe more conservative risks, whatever the case may be. But I,

947
00:42:42,920 --> 00:42:45,040
Speaker 3: as we said earlier, you got to get started somewhere,

948
00:42:45,120 --> 00:42:48,360
Speaker 3: and these are safe for not completely risk free, but

949
00:42:48,440 --> 00:42:50,400
Speaker 3: save for low risk investment strategies.

950
00:42:50,920 --> 00:42:52,719
Speaker 1: I was just double checking because of what you said

951
00:42:52,760 --> 00:42:55,080
Speaker 1: about one hundred k between the two four to one

952
00:42:55,120 --> 00:42:56,840
Speaker 1: case that I have. I'm finally at that one hundred

953
00:42:56,920 --> 00:42:59,080
Speaker 1: K mark for my retirement savings. So you're saying I'm

954
00:42:59,080 --> 00:43:00,840
Speaker 1: an ad two hundred grand any decade.

955
00:43:01,760 --> 00:43:03,080
Speaker 2: That's actually exactly what I'm saying.

956
00:43:03,560 --> 00:43:05,399
Speaker 1: Okay, I'm just going to stop. Then I'm done.

957
00:43:05,640 --> 00:43:08,160
Speaker 3: I feel like those are all the appropriate questions to ask,

958
00:43:08,200 --> 00:43:10,400
Speaker 3: because in some ways you can say it's never enough,

959
00:43:10,840 --> 00:43:13,960
Speaker 3: but once you've reached whatever your goal may be, which

960
00:43:14,000 --> 00:43:16,279
Speaker 3: is a personal decision, like you said, is it fifty five?

961
00:43:16,400 --> 00:43:18,560
Speaker 3: Is it sixty seven? I read something and I'm a

962
00:43:18,560 --> 00:43:20,640
Speaker 3: butcher this, but it's like some analysis where they were

963
00:43:20,680 --> 00:43:23,520
Speaker 3: saying the difference between retiring at sixty seven and seventy two,

964
00:43:23,800 --> 00:43:25,960
Speaker 3: it could be one hundreds of dollars a month on

965
00:43:26,040 --> 00:43:27,640
Speaker 3: how much you need to get as a return because

966
00:43:27,640 --> 00:43:30,680
Speaker 3: you're not depending on those funds for a longer period

967
00:43:30,680 --> 00:43:33,200
Speaker 3: of time in retirement, Whereas if you're going to try

968
00:43:33,200 --> 00:43:35,840
Speaker 3: to reach let's say, fire financial independence, retire early and

969
00:43:35,840 --> 00:43:37,880
Speaker 3: most of those people are striving for thirty or forty

970
00:43:38,120 --> 00:43:40,680
Speaker 3: Those people are living on like fifty percent or forty

971
00:43:40,719 --> 00:43:43,240
Speaker 3: percent of their income in the present, So they can

972
00:43:43,440 --> 00:43:46,840
Speaker 3: you know, fund a retirement for sixty seventy years, whereas

973
00:43:46,960 --> 00:43:49,239
Speaker 3: you just have to fund a retirement for ten twenty years.

974
00:43:49,239 --> 00:43:52,400
Speaker 3: That that's a completely different math, that different analysis, different

975
00:43:52,440 --> 00:43:55,399
Speaker 3: funding goal. But like I said, most people just aren't

976
00:43:55,440 --> 00:43:58,120
Speaker 3: even asking those questions, let alone answering them.

977
00:43:58,320 --> 00:44:00,600
Speaker 1: I have my skepticism about those fire people. But we

978
00:44:00,640 --> 00:44:03,320
Speaker 1: can get to that note show and just a quick correction,

979
00:44:03,360 --> 00:44:05,759
Speaker 1: and so it's S and P dow jone indicase. I

980
00:44:05,760 --> 00:44:08,160
Speaker 1: think I said Vanguard before, but that's where the new

981
00:44:08,800 --> 00:44:11,840
Speaker 1: It's an environmental, social and governance version of the S

982
00:44:11,880 --> 00:44:14,160
Speaker 1: and P five hundred index. So I'll put a link

983
00:44:14,200 --> 00:44:17,239
Speaker 1: to that CNBC story. And again, Marcus and I are

984
00:44:17,640 --> 00:44:21,240
Speaker 1: lovely people with backgrounds, you know, obviously in personal finance.

985
00:44:21,480 --> 00:44:23,919
Speaker 1: But what are not we Wait, that doesn't make sense.

986
00:44:23,960 --> 00:44:27,600
Speaker 1: What are we not investment advisors or financial planners? So

987
00:44:28,040 --> 00:44:29,920
Speaker 1: if you guys, you know, want to take our advice,

988
00:44:29,960 --> 00:44:32,880
Speaker 1: that's fine, but just remember talking to us is like

989
00:44:32,960 --> 00:44:34,960
Speaker 1: talking to your brother, your sister, You know, take it

990
00:44:35,000 --> 00:44:37,680
Speaker 1: with a grain of salt, and of course consult a

991
00:44:37,800 --> 00:44:41,600
Speaker 1: personal finance expert or financial planner if you want advice

992
00:44:41,640 --> 00:44:44,480
Speaker 1: that's really applicable to your day to day finances.

993
00:44:44,920 --> 00:44:47,000
Speaker 2: Agreed, don't come for us.

994
00:44:47,440 --> 00:44:51,560
Speaker 1: In either words, Hi, this was so much fun. Thank

995
00:44:51,600 --> 00:44:54,080
Speaker 1: you for making this happen Marcus, couldn't have done the

996
00:44:54,080 --> 00:44:54,840
Speaker 1: show without.

997
00:44:54,560 --> 00:44:56,480
Speaker 2: You today, of course, thank you for having me.

998
00:44:56,880 --> 00:44:59,400
Speaker 1: Yeah, and again to Sandy feel better soon. We're thinking

999
00:44:59,400 --> 00:45:00,000
Speaker 1: of you.

1000
00:45:00,560 --> 00:45:02,120
Speaker 2: Please do get Willson and.

1001
00:45:02,200 --> 00:45:04,960
Speaker 1: Next week Tiffany is back. Were back with a regular

1002
00:45:05,360 --> 00:45:09,359
Speaker 1: schedule programming with my co host with the most Tiffany, Alice.

1003
00:45:09,480 --> 00:45:23,400
Speaker 1: So we'll see you guys next week.