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Speaker 1: Hey, hey, hey, ba fan, we just had our first

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Speaker 1: YouTube lib and it was amazing. If I do say

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Speaker 1: so myself, and I do say so myself, listen, learn,

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Speaker 1: take notes to your mama cousins. And then because we

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Speaker 1: had a time, honey, we had a time last night,

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Speaker 1: we are I'm.

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Speaker 2: Welcome to right. This is our first BRUNNABISI live. Right

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Speaker 2: it is.

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Speaker 3: I feel very like it's a party, but also it's

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Speaker 3: like a bad party.

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Speaker 2: It's like wait, yeah, wait, okay.

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Speaker 1: So this is the session day, July twenty eighth, twenty

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Speaker 1: twenty welcome you, hey, hey, hey, ba fama. This yesterday

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Speaker 1: our very first Brunnabashan live YouTube event. So it's time

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Speaker 1: for some real talk all things sess you on. It

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Speaker 1: is July twenty eighth, And if you've been listening to

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Speaker 1: the podcast, you know what it really means that after

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Speaker 1: weeks of hype, we finally have our first clues on

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Speaker 1: whether or not we are really truly in a recession

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Speaker 1: and the answer might surprise you. And we're gonna talk

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Speaker 1: about how it's going to impact you, and we're gonna

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Speaker 1: also talk about, you know, what you can do to

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Speaker 1: not only survive but thrive through whatever it is economics

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Speaker 1: or economics or economics economists are saying, right, So just

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Speaker 1: so you know, typically folks say like a because I

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Speaker 1: don't want to say economists again and say, oh, I

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Speaker 1: got it. Okay, you got it. The econdomis called a session.

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Speaker 1: It's called of a session. When the GDP, which is

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Speaker 1: the gross oh my gosh, gross semestic domestic product, I'm.

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Speaker 2: Like, we don't know. I'm gonna google real quick.

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Speaker 1: We got the sline for two consecutive quarters. That means

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Speaker 1: six months in a row. So the GDP really is

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Speaker 1: like goods and services, right, and so for a country.

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Speaker 1: And so we just found out that, yes, that has happened,

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Speaker 1: and we just completed the second quarter of the year

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Speaker 1: as of today.

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Speaker 2: So right on Q.

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Speaker 1: The US Bureau of Economic Analysis at leased their Advanced

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Speaker 1: Estimate of economic growth this morning, and many's going to

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Speaker 1: tell you what's the deal? What do they say? So

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Speaker 1: we can gorgeer loins? Ok?

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Speaker 3: Yeah, I never understood why it was pronounced gourd anyway. Yeah,

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Speaker 3: So here's what's happening, y'all. A second straight corner. The

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Speaker 3: US economy did shrink again zero point nine percent. That's

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Speaker 3: never a great thing. It's less than the first court

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Speaker 3: the last quarters you know declined, but still it's a

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Speaker 3: second quarter of straight decline. So it's bad news bears

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Speaker 3: for the US economy. A big part of that, of course,

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Speaker 3: has been the fact that consumer spending has been slowing down,

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Speaker 3: investments in business and the investments that businesses are making

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Speaker 3: have been slowing down. It's not all bad news, though,

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Speaker 3: And like this picture of what's going on in the

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Speaker 3: economy is super complex, and the way that it's affecting

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Speaker 3: you guys at home and even us, you know, in

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Speaker 3: my basement and Tiffany, you know, in her beautiful office,

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Speaker 3: it's all affecting us a little bit different. So I

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Speaker 3: think we should have like an open conversation. I welcome

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Speaker 3: you guys to ask your questions about, you know, what

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Speaker 3: is concerning you, whether it's like financially or professionally, about

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Speaker 3: the recession that we're in. And while you guys are

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Speaker 3: submitting some questions, please do live chat and for those

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Speaker 3: of you who are catching the replay, feel free to

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Speaker 3: slide into our DMS. We're at Brand Ambition Podcast on

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Speaker 3: ig with any questions that you guys have, or any

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Speaker 3: thoughts or concerns but let's talk about some of the

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Speaker 3: like what's really happening holistically, Tiff, Like, you know, yes,

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Speaker 3: the GDP is down, Yes, inflation is.

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Speaker 2: Hea Hi yes, hello, hello Hi.

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Speaker 3: That's a huge contributing factor, even more so in this

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Speaker 3: quarter to the slowdown in the GDP. Consumer spending, Like

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Speaker 3: I don't blame people for spending less, yes, you know,

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Speaker 3: I think like even personally, I'm doing things like I

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Speaker 3: wasn't doing before, Like instead of ordering my groceries like

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Speaker 3: I used to do that willy nilly, especially during the pandemic,

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Speaker 3: order the groceries so I could pick them up and

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Speaker 3: just you know, pop the trunk and they would deliver them.

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Speaker 3: But I realized I'm spending more money doing that because

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Speaker 3: of fees, and so I've actually like gone back to

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Speaker 3: just shopping in person and like planning my little grocery trip.

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Speaker 3: And I am like my husband and I it's really

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Speaker 3: hard to not spend seventy five frickin dollars when we

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Speaker 3: order out on the weekends and during the week So

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Speaker 3: we've slowed down, you know, the restaurant eating.

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Speaker 2: I'm trying to cook at home more.

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Speaker 3: Because our grocery bill is crazy, like two three hundred

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Speaker 3: dollars a week just buying regular stuff. And I feel

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Speaker 3: like that's what a lot of people are feeling, right.

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Speaker 1: No, absolutely, And something that I just want to preface

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Speaker 1: this with is that I know, sometimes with sessions seem like,

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Speaker 1: oh my gosh, what's going on? They are a natural

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Speaker 1: part of the economic cycle. The sessions usually happen every

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Speaker 1: ten to fifteen years or so. And truth be told,

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Speaker 1: we have like that we went through our longest stretch

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Speaker 1: of not having and we broke that stride in twenty

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Speaker 1: twenty because you know, we had that mini recession in

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Speaker 1: twenty twenty during that panorama, right, but that was the

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Speaker 1: longest the US had ever gone in.

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Speaker 2: Its history without a recession.

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Speaker 1: So you know, we're kind of overdue because even though

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Speaker 1: we had that panorama, we had that mini recession in

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Speaker 1: twenty twenty. I didn't really feel it, y'all didn't really

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Speaker 1: feel it. Why, because we were stimuli to death, right,

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Speaker 1: We got all that mulus money. You ain't had to

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Speaker 1: pay that mortgage, you had to pay that ring you

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Speaker 1: had it been it'st alone. So as a result, you know,

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Speaker 1: we're kind of like overdue for recession. Think of a

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Speaker 1: recession as a refresh. Mandra and I were talking offline,

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Speaker 1: and a recession is kind of like a like a

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Speaker 1: forest fire, right, So forest fires are definitely devastating, but

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Speaker 1: it is a way for mother and nature to reset.

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Speaker 1: So typically a forest has reached capacity, it can no

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Speaker 1: longer support itself. And so not the forest fires that

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Speaker 1: I started by those folks who do like the pregnancy

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Speaker 1: gender reveal and you know, pop off fireworks and burn

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Speaker 1: down you know, a neighborhood. No, no, no, we're talking

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Speaker 1: about natural forest fires that typically happen because there's a

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Speaker 1: lightning storm, the lightning hits a tree, the tree lights

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Speaker 1: everything on fire. It's because it is time for the

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Speaker 1: force to reset, and recessions are a refresh.

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Speaker 2: They helped to weed out to toxic assets.

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Speaker 1: They helped to weed out bad investments, bad companies that

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Speaker 1: are really not doing you know well and are actually

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Speaker 1: bringing down the economy.

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Speaker 2: So just I just wanted to for you to keep

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Speaker 2: that in mind.

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Speaker 1: But this was this recession non recession because the federal

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Speaker 1: government is not claiming it, you know, you know how

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Speaker 1: like your ex boyfriend wasn't trying to claim you. You know,

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Speaker 1: they're not trying to claim it. Although you're like, but

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Speaker 1: we live together. How you're not claiming me. That's how

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Speaker 1: the recess is giving that like, so two consecutive quarters

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Speaker 1: of down.

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Speaker 2: Of downturn, but you're not claiming me.

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Speaker 1: But the reason is because also I see someone asks

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Speaker 1: a question about the job market, it's because unemployment is

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Speaker 1: that a historic cloths literally generational lows. So typically during

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Speaker 1: recession that's not so. But also inflation is at historic highs.

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Speaker 1: People are not spending as much. They were support that

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Speaker 1: came out with Walmart and Target. They were both saying

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Speaker 1: how they're basically doing fire sales and selling off so

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Speaker 1: much of their inventory at a loss because they experience

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Speaker 1: inflation as well. So like companies have to pay more

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Speaker 1: for goods and services, and then we also experience inflation

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Speaker 1: as consumers, and they are cutting costs even though they've

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Speaker 1: had to pay more for the product or service in

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Speaker 1: order to present it to you. So you know, we're

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Speaker 1: on this weird yoyo of like, but there's plenty of jobs,

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Speaker 1: but people don't have, you know, the money to spend

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Speaker 1: on things that Target and Walmart unless it's necessities. So

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Speaker 1: I just wanted to give you like a broader perspective

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Speaker 1: of like, what does that kind of look like?

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Speaker 3: That's why I got a really good deal in an

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Speaker 3: at Airondack chairs. Yes, well, should we go to the

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Speaker 3: questions real quick? Hey, everybody, I see the comments. This

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Speaker 3: is my first time on YouTube live, so I'm excited.

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Speaker 3: And Tip does this like in her sleep, but I'm excited.

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Speaker 3: So we see oh heyba and the chat. Okay, we

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Speaker 3: got a question from let's say Carla. Carla asks what

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Speaker 3: does this mean for job security? Do you think there

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Speaker 3: will be layoffs?

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Speaker 2: Yeah?

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Speaker 3: Yeah, there already have been, you know, big companies. They're

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Speaker 3: smaller companies that are that are making layoffs too. I

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Speaker 3: mean we've seen companies like Twitter, Redfin, which is a

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Speaker 3: big realtor like home buying you know company Shopify. Just

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Speaker 3: this week, I have a friend out Shopify and he

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Speaker 3: he said that there was ten percent cuts at Shopify,

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Speaker 3: you know. So, yes, layoffs are happening. I think this

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Speaker 3: is to be expected. One of the key indicators for

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Speaker 3: you know GDP, which we're seeing declining, is the investments

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Speaker 3: that businesses are making. And I think the one of

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Speaker 3: the biggest investments businesses do make is people, so labor

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Speaker 3: and it's often like we're expensive. Salaries are expensive, so

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Speaker 3: you do see companies when they're trying to save, you know,

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Speaker 3: potentially have layoffs. What I'm hearing, you know, as I'm

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Speaker 3: a I do career code, and what I'm hearing from

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Speaker 3: clients is I was in the interview process for such

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Speaker 3: and such and I've been told that it's on pause

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Speaker 3: for a while, you know. And I think maybe instead

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Speaker 3: of like layoffs, which you may be encountering, is like

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Speaker 3: those hiring freezes or hiring pauses where companies are just like,

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Speaker 3: let's just chill, you know, let's just not say yes

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Speaker 3: to new headcount or you know, new hires until we

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Speaker 3: see how things shake out. But I think if you're

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Speaker 3: someone who you're working now and you're concerned, you know,

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Speaker 3: I think it's really industry specific. Have you noticed t

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Speaker 3: if like a lot of recruiters have been getting laid

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Speaker 3: off and it makes sense, yeah, you know, there's some.

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Speaker 3: I think at Twitter, for example, it was only the

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Speaker 3: first wave of layoffs were recruiters were like from the

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Speaker 3: talent acquisition part, which like makes sense when you think

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Speaker 3: about it, right, because I mean, if they're slowing down hiring,

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Speaker 3: you need as many recruiters, and I think if you're

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Speaker 3: you know, and and other jobs. By the way, you know,

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Speaker 3: I still have clients for getting jobs at places like

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Speaker 3: Google that's on job offers this week, so there's still

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Speaker 3: lots of jobs to be had. But I think it's

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Speaker 3: really like what is the skill set? Yeah, the type,

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Speaker 3: And I think it's it's a good reminder of the

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Speaker 3: importance of always investing in your skills and what and

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Speaker 3: how you can develop yourself so that you are one

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Speaker 3: of those people that it's harder for companies to lose,

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Speaker 3: you know, in that opera, illustrate your Oprah for sure,

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Speaker 3: and even thinking like okay, maybe instead of like sometimes

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Speaker 3: at companies they may try to reassign you to another team.

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Speaker 3: So what other skills do you have? What o their

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Speaker 3: team could you see yourself fitting into? But yeah, I

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Speaker 3: can understand why folks are a little concerned because layoffs

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Speaker 3: they're not like at crazy crazy highs, but you know

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Speaker 3: there are it is happening out there.

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Speaker 1: Yes, So next question we're gonna go with Jessica. Jessica

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Speaker 1: ask when do we start to see the impact later

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Speaker 1: this year or mostly next year. Good question, Jessica. So

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Speaker 1: we're already seeing the impact now. So I did see

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Speaker 1: a quick question about are we in a recession? The

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Speaker 1: answer is you're no, say meaning I don't know, right,

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Speaker 1: so we let's we are in a recession ish So

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Speaker 1: by technical definition of two consecutive quarters of economic downturn

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Speaker 1: GDP going down, down, down, Yes.

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Speaker 2: We have hit that.

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Speaker 1: So the GDP they're officially announced, it's six months straight

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Speaker 1: we've had of economic downturn. Okay, like a contraction in

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Speaker 1: the economy, so less versus more. But we also have

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Speaker 1: growth in other areas that typically would also indicate a recession.

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Speaker 1: So it's like we down bad here, we upcute here.

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Speaker 1: So they're like, eh, you know. So to answer your question, Jessica,

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Speaker 1: like when we start to see the impact, you're seeing

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Speaker 1: it now right, like one, because high inflation rates are

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Speaker 1: are one of the recession indicators, and we're seeing that

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Speaker 1: things costs more.

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Speaker 2: I know, the last time you went.

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Speaker 1: To the grocery store, you were like, oh, hell now right,

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Speaker 1: the market is all over the place.

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Speaker 2: You know, Well, she's down, down, down. I mean like

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Speaker 2: it's like.

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Speaker 1: People, I tell people, don't look at you, you don't

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Speaker 1: look at your home. K leave that thing alone. Because

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Speaker 1: that thing is haanging right now, so you're seeing that

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Speaker 1: there as well.

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Speaker 2: You might be seeing it.

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Speaker 1: Like I mentioned earlier, some retailers are slashing prices because

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Speaker 1: they have to get rid of inventory and get an

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Speaker 1: inflection of cash because people are not buying past the necessities,

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Speaker 1: so they are buying the TV.

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Speaker 2: So people are sticking to groceries as they ought to.

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Speaker 1: But groceries also have a low profit margin, meaning that

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Speaker 1: they don't make a lot of money off groceries. So

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Speaker 1: when you go to Target and you're like, ah, like

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Speaker 1: we are all to do and you buy your groceries,

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Speaker 1: Target is giving you groceries at like a discount because

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Speaker 1: they know you're going mosey on over to other things.

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Speaker 3: I have to avoid the home good section.

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Speaker 2: Oh yes, I can't.

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Speaker 3: Go over there.

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Speaker 1: Home goods also like electronics, those are high margin item,

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Speaker 1: meaning they can sell them at like at multiple So

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Speaker 1: you buy it for a dollar, they you know, they

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Speaker 1: buy it for a dollar, they settle to you for

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Speaker 1: two and so.

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Speaker 2: But people are not doing that. They're stacking just to grocery.

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Speaker 1: So that's also an indicator meaning that like you're going

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Speaker 1: to see the impact now and you will continue to

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Speaker 1: see the impact, and if we enter into a like

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Speaker 1: fully recognized a session, you will continue to see the

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Speaker 1: impact during the recession and after the recession. And so

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Speaker 1: so I hope that answers your question. Yes, so that

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Speaker 1: they're like, yes, we're in the impact now, whether they

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Speaker 1: call it a recession or not, we're feeling the impact now.

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Speaker 3: Absolutely, we feel in it. We had a late comer,

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Speaker 3: so she asked, are we in a recession? Yeah, ish,

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Speaker 3: we're in the latest data again for those late comers,

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Speaker 3: zero point nine percent decline in GDP. This is a

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Speaker 3: second quarter of straight decline. So it's not looking great.

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Speaker 3: It's not looking great, but we are trying to talk

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Speaker 3: about other indicators. And let's take a question. Where did

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Speaker 3: I see it, Ashanti? Yes, Ashanti. Ashanti says, I'm currently

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Speaker 3: unemployed due to my job ending and I'm looking for

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Speaker 3: better opportunities. Would the possibility of a recession affect my

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Speaker 3: abilities to negotiate for more money? So here's some good news, Ashanti. Actually,

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Speaker 3: wages are still up. So wages have increased somewhere between

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Speaker 3: like four and five percent this year, and labor demand

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Speaker 3: is really strong. I mean, I love this. I'm gonna

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Speaker 3: can I post a link. Anyway, there's a there's something

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Speaker 3: called the Hiring Lab and it is a study and

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Speaker 3: research set. Indeed, dot Com which is like one of

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Speaker 3: the biggest job posting sites, you guys know that. Indeed,

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Speaker 3: they have been tracking job opening since the pandemic. Job

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Speaker 3: openings are still up over fifty percent compared to the

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Speaker 3: beginning of the pandemic, so wages are up, demand for employees,

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Speaker 3: demand for labor is still strong. So if you're in

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Speaker 3: the job market, it could actually be a great time

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Speaker 3: for you to negotiate for more. And I wouldn't want

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Speaker 3: anyone to think I should accept less or let me

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Speaker 3: like low ball myself because I want to have a

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Speaker 3: good chance at getting a job. Try to resist that.

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Speaker 3: But that being said, think about the field that you're

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Speaker 3: in and is the demand of especially for your skill set.

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Speaker 3: Don't know what fel what field you are in particularly,

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Speaker 3: but you know you may have a bit of an

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Speaker 3: easier time negotiating more pay if you're in like a

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Speaker 3: high demand field versus like we were talking about earlier

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Speaker 3: about people in recruiting or the talent acquisition field. Maybe

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Speaker 3: a little bit trickier, but there's still reasons to be

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Speaker 3: optimistic about your job search for sure? Good?

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Speaker 1: All right, it looks like Tamika has a question. Tamika,

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Speaker 1: will inflation ever go back down?

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Speaker 2: Make me?

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Speaker 3: Let me get my crystal ball? Hold on where not

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Speaker 3: put it? It's around here somewhere.

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Speaker 2: Well, here's what I'll say, although we don't have a

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Speaker 2: crystal ball.

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Speaker 1: Typically, the United States has a stable inflation rate about

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Speaker 1: one to three percent, which we have maintained for many, many,

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Speaker 1: many years.

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Speaker 2: This inflation rate of like what we're over nine percent now?

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Speaker 3: Is it's Craig Cray.

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Speaker 1: Yes, it's not our typical so of course there's no

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Speaker 1: way for us to know. But if we're going to

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Speaker 1: look at history that you know, we can we can

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Speaker 1: postulate that inflation hopefully will return to a to a

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Speaker 1: you know, like our normal inflation a rate of one

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Speaker 1: to three percent, I mean, because we cannot continue to

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Speaker 1: maintain at this at this inflation rate.

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Speaker 2: This is why, honestly why you see the Feds raising rates.

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Speaker 1: Because when when things whenever there is an issue with

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Speaker 1: the economy, they don't have too many tools to navigate.

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Speaker 1: They can give away money, they can offer aid to

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Speaker 1: say you don't have to pay for things, but they

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Speaker 1: can also like restrict access to credit, and they do

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Speaker 1: this by raising rate rates, right, They're like, hey, you

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Speaker 1: know the the you know what you're going to pay

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Speaker 1: for your interest rate that you're going to pay for

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Speaker 1: a house or a car is going to eliminate some

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Speaker 1: people from being able to afford our house or car.

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Speaker 1: These are the these are the tools that the Feds

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Speaker 1: have at there and the federal government has at their disposal.

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Speaker 1: So I say all that to that they use these

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Speaker 1: tools to hope to stabilize the economy. So I would

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Speaker 1: hope that they would bring the inflation rate back then

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Speaker 1: or else we're in big trouble. And if we look

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Speaker 1: at history, history tells us that, like they should be

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Speaker 1: able to do so.

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Speaker 3: Well, let's talk about one of the biggest drivers of

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Speaker 3: inflation too, which has been the fact that, like there

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Speaker 3: has been increased demand for stuff, but because of the pandemic,

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Speaker 3: like we're still in this period where companies can't create

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Speaker 3: this stuff as fast as they used to or to

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Speaker 3: meet that demand. So like it's classic. Even me with

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Speaker 3: my B and econ, I can tell you that when

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Speaker 3: supply decreases and you got more people wanting stuff, then

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Speaker 3: you know that can lead to some inflation. So hopefully,

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Speaker 3: once you know, companies get a handle on their supply

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Speaker 3: chains and we're able to like level things out, we

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Speaker 3: may see that come back to a little bit of normalcy.

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Speaker 3: But I feel like one of the biggest things you

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Speaker 3: mentioned the FED rate hike, and I want to go

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Speaker 3: to Jessica Rogers' question.

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Speaker 2: She asks, what.

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Speaker 3: Could this mean for home buying? And this increase in

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Speaker 3: FED rates directly, it doesn't. Actually it's like a myth

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Speaker 3: that when the FED increases rates that mortgage rates fall

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Speaker 3: and stuff with that. But because because the FED rate

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Speaker 3: impacts other parts of the system, it typically like indirectly

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Speaker 3: impacts mortgage rates. So rates are getting more expensive, and

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Speaker 3: we have seen, like I was just reading this article

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Speaker 3: that said that, you know, because people are facing higher

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Speaker 3: mortgage costs, like the fact that you could get like

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Speaker 3: a two percent interest rate during the pandemic and now

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Speaker 3: it's like what four or five percent. It's it's getting

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Speaker 3: really expensive. Plus there's just not a lot of homes

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Speaker 3: out there. Yeah, we're already like Craig Cray high, So

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Speaker 3: it's actually Americans are canceling their deals to purchase homes

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Speaker 3: at the highest rate since the start of the pandemic,

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Speaker 3: And I think that must be because they're like sticker

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Speaker 3: shock one thing, and then it's like maybe weight for

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Speaker 3: rates to come back down, because obviously mortgage rates can

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Speaker 3: go up and down. So like, if you're not rest

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Speaker 3: right now to buy a home, you may want to wait.

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Speaker 3: You know, it may be the best thing for you

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Speaker 3: financially to just like let things simmer down. But yeah,

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Speaker 3: I mean, tipt didn't you tell a story about someone

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Speaker 3: who like missed out or couldn't buy afford a house.

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Speaker 1: Well, it was around the corner from where I lived.

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Speaker 1: There was a woman who she had locked in a

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Speaker 1: rate at like three point whatever percent.

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Speaker 2: You know, she was great.

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Speaker 1: Her real estate agent dropped the ball and you know,

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Speaker 1: you can only hold a rate typically for like thirty

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Speaker 1: days and you can get an extension, and so they

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Speaker 1: failed to file or whatever, do whatever so she can

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Speaker 1: get her extension.

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Speaker 2: So the house that she wanted to get, she couldn't

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Speaker 2: afford it with the new interest rate. So it's not

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Speaker 2: a house.

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Speaker 1: And cost what you're gonna pay monthly on the house

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Speaker 1: is the cost of the house, but also the cost

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Speaker 1: to borrow money to purchase at house. So if you're

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Speaker 1: buying a house cash woo woo, you don't got to

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Speaker 1: worry about interest rates. But if you are financing, it's

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Speaker 1: going to factor into what your monthly amount is. Actually

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Speaker 1: had to have a come to Jesus talk with my

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Speaker 1: brother in law this morning because you know, he's buying

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Speaker 1: my late husband, Darrell, our second property. He's purchasing it,

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Speaker 1: and then I'm going to take that money and set

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Speaker 1: it aside for my bonus daughter, Alyssa, to add to

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Speaker 1: her you know, her legacy or the legacy her father

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Speaker 1: left her. But I told him, I'm like, bruh, don't

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Speaker 1: drag yourfe eat, I said, because you might price yourself

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Speaker 1: out from that house. Thankfully, he's going through a program

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Speaker 1: called NAKA which helps to I think the interest rate

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Speaker 1: that they're offering him a three point five percent, which

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Speaker 1: is great, so they're locking that in for him. But

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Speaker 1: I'm like, make sure that you are doing everything they

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Speaker 1: ask because you know, I'm in Jersey, so housing prices

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Speaker 1: are still increasing that as dramatically as before, but with

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Speaker 1: interest rates increasing, I don't know what NACA is going

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Speaker 1: to do. You know, they have their own program about

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Speaker 1: keeping interest rates low. But I said, if these things

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Speaker 1: creep up, you might not be able to afford the

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Speaker 1: very same house you could afford six months ago. So

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Speaker 1: I put a little fear good in him. But hopefully

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Speaker 1: that puts a little fear of God in you too.

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Speaker 1: So yeah, So with housing, I mean there's no way.

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Speaker 1: I mean everyone's claiming like it's not gonna be as

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Speaker 1: bad as the two thousand and eight crash, or there

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Speaker 1: might be not a crash at all.

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Speaker 2: I don't know that you should be holding your breath

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Speaker 2: for crash or not crash.

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Speaker 1: It's if you want to purchase a house, you know,

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Speaker 1: take your time to do so smart and keep your

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Speaker 1: debt to income ratio low with lower lower debt payments

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Speaker 1: by paying off your debt, keep your credit score decent,

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Speaker 1: you know, maintain income coming in. If you do those things,

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Speaker 1: you know there are deals to be had in every market,

435
00:21:26,920 --> 00:21:28,359
Speaker 1: and if you're patient, you can find them.

436
00:21:28,480 --> 00:21:30,520
Speaker 3: Okayva Fan, We're going to take a quick break and

437
00:21:30,600 --> 00:21:33,280
Speaker 3: be right back with more Recession day, taking more of

438
00:21:33,320 --> 00:21:35,439
Speaker 3: your questions about are we in a recession? Is it's

439
00:21:35,440 --> 00:21:38,400
Speaker 3: a recession? What's going on? See y'all back after the break.

440
00:21:40,080 --> 00:21:47,480
Speaker 2: We got another question, She wrote, No, it's that he Man.

441
00:21:47,680 --> 00:21:48,880
Speaker 2: I don't remember one of those.

442
00:21:49,680 --> 00:21:53,040
Speaker 1: You know, he Man was the the whatever, the initial

443
00:21:53,720 --> 00:21:57,040
Speaker 1: like character from Hannah Barbara. I think whatever, and then

444
00:21:57,160 --> 00:21:59,919
Speaker 1: she wrote was like the girl's version. But I love

445
00:22:00,160 --> 00:22:01,879
Speaker 1: me some she row so she ro barely.

446
00:22:03,119 --> 00:22:04,400
Speaker 2: How do we prepare? Honestly?

447
00:22:04,720 --> 00:22:04,840
Speaker 1: Who?

448
00:22:05,359 --> 00:22:06,439
Speaker 2: Great question?

449
00:22:07,240 --> 00:22:08,840
Speaker 1: So one of the things I tell people, and I've

450
00:22:08,840 --> 00:22:10,520
Speaker 1: been saying this for a long time, you got to

451
00:22:10,640 --> 00:22:12,880
Speaker 1: drop down and get your noodle on. Girl, drop down

452
00:22:12,920 --> 00:22:13,680
Speaker 1: and get your noodle on.

453
00:22:14,200 --> 00:22:17,920
Speaker 2: So what is that you have to know today?

454
00:22:17,960 --> 00:22:21,840
Speaker 1: If you don't do nothing else today, calculate your noodle budget.

455
00:22:21,920 --> 00:22:25,320
Speaker 1: That is your ramen noodle budget. Think about back in college.

456
00:22:25,359 --> 00:22:27,240
Speaker 1: You know you'd eat them nasty ramen noodles. I'm not

457
00:22:27,280 --> 00:22:30,280
Speaker 1: talking about the delicious ones from like the authentic Asian restaurant.

458
00:22:30,280 --> 00:22:32,400
Speaker 1: I'm talking about the plastic ones from the twenty five

459
00:22:32,480 --> 00:22:36,080
Speaker 1: cent pack. So you know, your noodle budget really is

460
00:22:36,240 --> 00:22:39,000
Speaker 1: your If I had to eat ramen noodles, if I

461
00:22:39,040 --> 00:22:41,080
Speaker 1: had to get rid of the excess and only take

462
00:22:41,119 --> 00:22:44,760
Speaker 1: care of the necessities, you know, what would my budget be.

463
00:22:44,880 --> 00:22:47,200
Speaker 1: So maybe your life costs you four thousand dollars a month.

464
00:22:47,280 --> 00:22:48,480
Speaker 1: You know you get your hair done every once in

465
00:22:48,520 --> 00:22:50,320
Speaker 1: a while, nails a little bit, go out with the girls.

466
00:22:50,920 --> 00:22:54,320
Speaker 1: But if you were to cut out those luxuries and

467
00:22:54,560 --> 00:22:57,000
Speaker 1: just got down to the necessities, by the health and

468
00:22:57,040 --> 00:22:59,520
Speaker 1: safety things that you must have, what would your life

469
00:22:59,520 --> 00:23:01,600
Speaker 1: cost you? You could save six hundred bucks a month

470
00:23:01,640 --> 00:23:04,200
Speaker 1: and instead of four thousand, it cost you thirty four

471
00:23:04,280 --> 00:23:07,560
Speaker 1: hundred dollars. You don't have to live at your noodle budget,

472
00:23:07,720 --> 00:23:10,600
Speaker 1: but you need to know what it is in case

473
00:23:10,800 --> 00:23:14,520
Speaker 1: you hit a financial roadblock, you lose your job, things

474
00:23:14,560 --> 00:23:16,360
Speaker 1: get too expensive, like the things you need to get

475
00:23:16,400 --> 00:23:18,840
Speaker 1: too expensive. You know what your noodle budget is and

476
00:23:18,920 --> 00:23:21,560
Speaker 1: you can drop down to it because if you don't,

477
00:23:21,800 --> 00:23:25,280
Speaker 1: so many people end up losing their job and they

478
00:23:25,400 --> 00:23:27,480
Speaker 1: lose their house and their cable is still on. I

479
00:23:27,560 --> 00:23:31,040
Speaker 1: am people that was me where I still had these

480
00:23:31,119 --> 00:23:33,800
Speaker 1: like expenses that were draining me even though I had

481
00:23:33,880 --> 00:23:35,720
Speaker 1: just lost my job. And so if I would have

482
00:23:35,760 --> 00:23:37,280
Speaker 1: dropped down and got my noodle on, I would have

483
00:23:37,320 --> 00:23:40,680
Speaker 1: had excess money to live a little longer at my

484
00:23:40,800 --> 00:23:43,720
Speaker 1: current space, and then also excess money to possibly put

485
00:23:43,760 --> 00:23:46,359
Speaker 1: out for saving. So first things first is like, you know,

486
00:23:46,640 --> 00:23:50,280
Speaker 1: cut back expenses if you can save as much as

487
00:23:50,320 --> 00:23:52,320
Speaker 1: you can, because that's what's going to see you through

488
00:23:52,840 --> 00:23:56,880
Speaker 1: reduce your debt payments. You know, if you're able, definitely

489
00:23:56,960 --> 00:24:00,600
Speaker 1: call your service providers if you're experiencing hardship. They so

490
00:24:00,720 --> 00:24:02,920
Speaker 1: many of them, especially now with the pandemic, they have

491
00:24:03,119 --> 00:24:04,879
Speaker 1: hardship departments that can help you.

492
00:24:05,760 --> 00:24:08,240
Speaker 3: Talk us about like reducing your debt payments for a minute,

493
00:24:08,240 --> 00:24:11,080
Speaker 3: because I was talking to one of my one of

494
00:24:11,160 --> 00:24:13,840
Speaker 3: my Mandy money makers, and she was just saying, like

495
00:24:14,359 --> 00:24:17,360
Speaker 3: I because of interest rates rising, like credit card debt

496
00:24:17,440 --> 00:24:19,760
Speaker 3: is getting more expensive, right, So if you're carrying credit

497
00:24:19,800 --> 00:24:23,359
Speaker 3: card debt, like, there's things you can do to consolidate.

498
00:24:23,440 --> 00:24:26,240
Speaker 3: So in her example, she did a balance transfer. So

499
00:24:26,359 --> 00:24:29,480
Speaker 3: if you've got lingering consumer debt, you know, I feel like,

500
00:24:29,680 --> 00:24:32,119
Speaker 3: let's talk about some ways you can like actually tackle

501
00:24:32,200 --> 00:24:35,240
Speaker 3: that to reduce your debt. So like balance transfer, you

502
00:24:35,359 --> 00:24:38,440
Speaker 3: can do a debt consolidation loan. So if you go

503
00:24:38,520 --> 00:24:40,440
Speaker 3: to like a credit union and get a personal loan

504
00:24:40,520 --> 00:24:41,920
Speaker 3: and then you use that to pay off your credit

505
00:24:42,000 --> 00:24:44,800
Speaker 3: card debt, but actually like make a plan for it

506
00:24:45,040 --> 00:24:47,359
Speaker 3: because it's only going to get more expensive. And the

507
00:24:47,359 --> 00:24:50,800
Speaker 3: beauty of those personal loans they come with a fixed interest, right. Yeah,

508
00:24:50,840 --> 00:24:54,160
Speaker 3: So it does not change, unlike your credit card debt,

509
00:24:54,200 --> 00:24:56,000
Speaker 3: which is like all over the place.

510
00:24:57,240 --> 00:24:58,720
Speaker 2: Yeah, that's great, and you're right. I met she Ro

511
00:24:58,920 --> 00:25:02,080
Speaker 2: not she wrote ba Yeah got me. I was like sheh,

512
00:25:02,200 --> 00:25:04,280
Speaker 2: like I was where I saw she Row? Did I

513
00:25:04,320 --> 00:25:05,040
Speaker 2: read that wrong too?

514
00:25:05,560 --> 00:25:08,720
Speaker 1: Her name is she Row, but I called her she Rah,

515
00:25:09,000 --> 00:25:11,960
Speaker 1: which it was the opposite of he man she ruh.

516
00:25:12,480 --> 00:25:15,399
Speaker 2: Either way, you knew what I was talking about. Thanks poison.

517
00:25:15,440 --> 00:25:20,880
Speaker 2: I yes, Ah. Let's see who's next. Let's see Callicia.

518
00:25:22,160 --> 00:25:23,040
Speaker 2: Let's see Calicia.

519
00:25:23,119 --> 00:25:26,960
Speaker 1: How do you think federal student loan repayment may be impacted?

520
00:25:27,240 --> 00:25:30,679
Speaker 1: We're supposed to start repayment, but if we're in a recession,

521
00:25:31,040 --> 00:25:33,000
Speaker 1: are people going to be able to pay?

522
00:25:34,400 --> 00:25:34,600
Speaker 2: Yeah?

523
00:25:34,880 --> 00:25:36,760
Speaker 3: I feel like this is like a more political question

524
00:25:36,880 --> 00:25:40,920
Speaker 3: than anything else. I honestly think the listen and I mean,

525
00:25:41,560 --> 00:25:43,879
Speaker 3: we're we welcome all political beliefs here. But it's not

526
00:25:44,000 --> 00:25:46,920
Speaker 3: looking good for democrats. It's not looking good for progressives.

527
00:25:46,960 --> 00:25:50,720
Speaker 3: Like inflation, it's it's killing people, you know, not killing,

528
00:25:50,800 --> 00:25:54,159
Speaker 3: but it's really, you know, hurting people financially. And I

529
00:25:54,200 --> 00:25:56,440
Speaker 3: think I read a stat that's something like even though

530
00:25:56,440 --> 00:25:59,480
Speaker 3: we're you know, the official official recession bell has not

531
00:25:59,520 --> 00:26:02,400
Speaker 3: been rung yet still like more than half of Americans

532
00:26:02,440 --> 00:26:05,160
Speaker 3: think feeling like we're are in a recession, right, that's

533
00:26:05,240 --> 00:26:09,440
Speaker 3: bad for Democrats, And I feel like for popularity's sake,

534
00:26:09,520 --> 00:26:12,560
Speaker 3: going into the fact that we have midterm elections in November.

535
00:26:12,800 --> 00:26:15,480
Speaker 3: Midterm elections are really really important, you guys. You know,

536
00:26:15,640 --> 00:26:19,919
Speaker 3: this is when senators representatives in Congress are getting elected,

537
00:26:20,000 --> 00:26:22,480
Speaker 3: going up for re elections, So please vote. But I

538
00:26:22,560 --> 00:26:26,000
Speaker 3: think maybe to maintain popularity, I wonder if they wouldn't

539
00:26:26,080 --> 00:26:29,480
Speaker 3: just continue, like extend it again, because they said they

540
00:26:29,520 --> 00:26:31,880
Speaker 3: were going to end it almost every quarter. I feel

541
00:26:31,960 --> 00:26:34,080
Speaker 3: like for the past couple of like the past year,

542
00:26:34,720 --> 00:26:38,160
Speaker 3: and I think because of how unpopular you know, Democrats

543
00:26:38,200 --> 00:26:40,840
Speaker 3: are right now, they may try to like win us over,

544
00:26:41,359 --> 00:26:43,920
Speaker 3: which is not a bad thing. But you know, time

545
00:26:43,960 --> 00:26:44,320
Speaker 3: will tell.

546
00:26:44,760 --> 00:26:47,240
Speaker 2: What do you think to no, I agree, I think

547
00:26:47,320 --> 00:26:49,719
Speaker 2: that there's no way to know, Like you know, they

548
00:26:49,880 --> 00:26:50,240
Speaker 2: might pitch.

549
00:26:50,400 --> 00:26:51,800
Speaker 1: We don't get to decide, you know, we have to

550
00:26:51,880 --> 00:26:54,840
Speaker 1: just wait, honestly for the what the president and his

551
00:26:54,960 --> 00:26:56,119
Speaker 1: administration are going to do.

552
00:26:56,960 --> 00:26:58,800
Speaker 2: Now, will if it does come back, will people be

553
00:26:58,840 --> 00:26:59,639
Speaker 2: able to afford it?

554
00:27:00,440 --> 00:27:05,280
Speaker 1: It really depends on that individual person, you know, the

555
00:27:05,359 --> 00:27:08,840
Speaker 1: good thing about federal student loans, though, if you are

556
00:27:08,880 --> 00:27:11,520
Speaker 1: in hardship, you can still apply for some sort of

557
00:27:11,560 --> 00:27:15,680
Speaker 1: hardship assistance for bear deferment or for bearans, so you

558
00:27:15,760 --> 00:27:17,720
Speaker 1: can that that's not gonna be taken off the table.

559
00:27:17,760 --> 00:27:20,240
Speaker 1: So if you're like I can't afford it, as long

560
00:27:20,280 --> 00:27:23,760
Speaker 1: as you have not maxed out how many deferments or

561
00:27:23,760 --> 00:27:26,720
Speaker 1: how many forbearance, I'm asked, if you've taken up, then

562
00:27:26,800 --> 00:27:28,359
Speaker 1: you can still do that if you still need to help.

563
00:27:28,400 --> 00:27:31,879
Speaker 1: Because I was the deferment queen. Okay, Like I was

564
00:27:31,920 --> 00:27:37,120
Speaker 1: like girl defer deffer so until I got on my feet,

565
00:27:37,280 --> 00:27:40,920
Speaker 1: So that is also an option. Can I just say, like,

566
00:27:41,000 --> 00:27:44,200
Speaker 1: despite it being like scury time, if you have like

567
00:27:44,400 --> 00:27:47,520
Speaker 1: if you have been you know you have a stable job.

568
00:27:47,680 --> 00:27:52,080
Speaker 2: I mean no job honestly is one hundred percent right,

569
00:27:52,160 --> 00:27:53,840
Speaker 2: And so if you.

570
00:27:54,240 --> 00:27:56,480
Speaker 1: Are like, Okay, I'm pretty solid in my job. I've

571
00:27:56,520 --> 00:27:59,920
Speaker 1: got good savings, you know, I'm my dad is pretty

572
00:28:01,560 --> 00:28:04,320
Speaker 1: I'm living below my knee means, and I've got you know,

573
00:28:04,400 --> 00:28:07,359
Speaker 1: I'm ready kind of to like invest, you know, now is.

574
00:28:07,359 --> 00:28:07,960
Speaker 2: A good time.

575
00:28:08,480 --> 00:28:11,560
Speaker 1: Like so the thing about a recession, I have just

576
00:28:11,880 --> 00:28:12,960
Speaker 1: like wrote notes on it, and I was like, I

577
00:28:13,040 --> 00:28:15,840
Speaker 1: wanted to say exactly roid, which is.

578
00:28:17,480 --> 00:28:17,520
Speaker 3: What.

579
00:28:17,760 --> 00:28:21,240
Speaker 1: So what happens during a recession is that good assets

580
00:28:21,359 --> 00:28:25,760
Speaker 1: go on sale. So assets can be at homes, could

581
00:28:25,800 --> 00:28:30,320
Speaker 1: be businesses, could be the market, so bond stocks, good

582
00:28:30,480 --> 00:28:34,000
Speaker 1: assets go on sale during recession. So if you are

583
00:28:34,320 --> 00:28:38,400
Speaker 1: financially stable and you've accumulated a decent amount of savings,

584
00:28:38,800 --> 00:28:41,600
Speaker 1: you can go shopping for things that are only down

585
00:28:41,680 --> 00:28:44,960
Speaker 1: because the economy is not down, not because something happened

586
00:28:44,960 --> 00:28:45,600
Speaker 1: to that company.

587
00:28:45,880 --> 00:28:47,080
Speaker 2: And so that is an opportunity.

588
00:28:47,080 --> 00:28:51,360
Speaker 1: That's why recessions honestly generate more millionaires than any other

589
00:28:51,560 --> 00:28:55,880
Speaker 1: time in economic history, because people who start off with

590
00:28:56,480 --> 00:28:59,800
Speaker 1: you know, a few hundred thousand or or a few

591
00:28:59,840 --> 00:29:02,440
Speaker 1: things or one hundred thousand or whatever. You know, people

592
00:29:02,480 --> 00:29:04,920
Speaker 1: who start off with that and invest when in good

593
00:29:05,040 --> 00:29:07,680
Speaker 1: assets that just are currently on sale. When the sale

594
00:29:07,800 --> 00:29:11,520
Speaker 1: is over, their asset just goes up through no work

595
00:29:11,560 --> 00:29:13,200
Speaker 1: on their part, and all of a sudden, they owe

596
00:29:13,560 --> 00:29:16,000
Speaker 1: you know, they own twice as much, three times as much,

597
00:29:16,040 --> 00:29:18,600
Speaker 1: four times as much as a result of investing when

598
00:29:18,640 --> 00:29:20,960
Speaker 1: something was down, just because the economy was down.

599
00:29:21,000 --> 00:29:22,400
Speaker 2: So just keep that in mind too. That is not

600
00:29:22,520 --> 00:29:24,760
Speaker 2: all doom and gloom.

601
00:29:25,880 --> 00:29:28,320
Speaker 3: Yeah, all the more reason if you already are contributing

602
00:29:28,360 --> 00:29:30,400
Speaker 3: to your four one K or your IRA, just keep

603
00:29:30,440 --> 00:29:33,640
Speaker 3: those automatic payments going, Just keep it going, don't do anything.

604
00:29:34,400 --> 00:29:36,680
Speaker 3: Should we take another question from the crowd, How about

605
00:29:37,120 --> 00:29:37,600
Speaker 3: what's next?

606
00:29:37,680 --> 00:29:38,160
Speaker 2: Abigail?

607
00:29:38,480 --> 00:29:41,160
Speaker 3: Abigail's question? Would it be wise to ask our boss

608
00:29:41,840 --> 00:29:43,840
Speaker 3: what they are planning to do to get us by

609
00:29:43,960 --> 00:29:46,080
Speaker 3: in the recession? I love this question.

610
00:29:46,120 --> 00:29:46,960
Speaker 2: I'm getting this a lot.

611
00:29:47,080 --> 00:29:47,400
Speaker 1: I don't know.

612
00:29:47,720 --> 00:29:50,360
Speaker 3: I would not be at all afraid to ask that question.

613
00:29:50,440 --> 00:29:53,520
Speaker 3: I think it's an obvious one. I would start with

614
00:29:53,600 --> 00:29:55,360
Speaker 3: your boss. Just be prepared if your boss is like

615
00:29:56,440 --> 00:29:59,040
Speaker 3: because I'm a manager and I you know, my my,

616
00:29:59,560 --> 00:30:01,920
Speaker 3: you know, arching orders come from the top. But I

617
00:30:01,960 --> 00:30:04,160
Speaker 3: think that you can absolutely ask, you know, do you

618
00:30:04,320 --> 00:30:07,200
Speaker 3: foresee this impacting our team? And is there a plan

619
00:30:07,280 --> 00:30:10,000
Speaker 3: in place? And it's a really good time to get

620
00:30:10,040 --> 00:30:11,080
Speaker 3: a sense from your company.

621
00:30:11,200 --> 00:30:12,320
Speaker 2: Do they have some shit together?

622
00:30:12,720 --> 00:30:16,120
Speaker 3: And is there a strategy? You know, are we well prepared?

623
00:30:16,640 --> 00:30:19,320
Speaker 3: I had the benefit of working for like startups and

624
00:30:19,400 --> 00:30:22,320
Speaker 3: then big companies that had been around for decades. And

625
00:30:22,400 --> 00:30:25,239
Speaker 3: what I found at you know, places that I've been

626
00:30:25,240 --> 00:30:27,600
Speaker 3: around for decades, They've endured a couple of recessions at

627
00:30:27,640 --> 00:30:29,280
Speaker 3: this point, the same way Tiff and I have were

628
00:30:29,360 --> 00:30:33,560
Speaker 3: like old crotch d like third recession. So I feel

629
00:30:33,600 --> 00:30:35,920
Speaker 3: like companies that have been standing their ground for a

630
00:30:35,960 --> 00:30:38,520
Speaker 3: long time, they've already gone through things like this, you know,

631
00:30:38,720 --> 00:30:42,640
Speaker 3: and they've proven resilient because they're still standing. So you

632
00:30:42,680 --> 00:30:45,040
Speaker 3: can even look to the past, how has the company

633
00:30:45,120 --> 00:30:50,160
Speaker 3: in the past responded to recessions and economic downturns? And

634
00:30:50,440 --> 00:30:52,480
Speaker 3: if you're interviewing right now, I know we're talking about

635
00:30:52,480 --> 00:30:54,480
Speaker 3: someone who's working, but if you're interviewing and you're thinking

636
00:30:54,520 --> 00:30:57,280
Speaker 3: about joining a new company, ask yourself like or even

637
00:30:57,320 --> 00:31:00,280
Speaker 3: ask the recruiter or the hiring manager, how have you

638
00:31:00,360 --> 00:31:03,400
Speaker 3: guys responded to economic downturns in the past, and what's

639
00:31:03,440 --> 00:31:07,240
Speaker 3: that response looked like. I think it's definitely a fair

640
00:31:07,360 --> 00:31:09,600
Speaker 3: question to ask, for sure.

641
00:31:09,840 --> 00:31:12,320
Speaker 2: Yeah, because honestly, what we talk about.

642
00:31:12,680 --> 00:31:17,320
Speaker 1: So for my companies, during like the twenty twenty like

643
00:31:17,400 --> 00:31:21,160
Speaker 1: Minivum session, when the pandemic hit, I remember being like, okay,

644
00:31:21,160 --> 00:31:23,720
Speaker 1: because before I'm a pretty decent saver, but I said,

645
00:31:24,440 --> 00:31:27,040
Speaker 1: you know, if during the pandemic we're able to maintain

646
00:31:27,280 --> 00:31:29,560
Speaker 1: we had a really good year because quite honestly, financial

647
00:31:29,600 --> 00:31:32,080
Speaker 1: brands tend to do really well during economic downturn because

648
00:31:32,080 --> 00:31:35,560
Speaker 1: you'll be like, hey, So I said, okay, we're seeing

649
00:31:35,560 --> 00:31:39,400
Speaker 1: an uptick on like most industries. But I knew good

650
00:31:39,440 --> 00:31:40,040
Speaker 1: things don't.

651
00:31:39,880 --> 00:31:40,600
Speaker 2: Last all ways.

652
00:31:41,080 --> 00:31:43,360
Speaker 1: So what I did was, I said, okay, we're going

653
00:31:43,440 --> 00:31:46,240
Speaker 1: to push from having I think at the time, we

654
00:31:46,320 --> 00:31:48,600
Speaker 1: had two months worth of emergency savings, so like our

655
00:31:48,680 --> 00:31:53,160
Speaker 1: total operating expenses including payroll saved, and we pushed and

656
00:31:53,240 --> 00:31:55,520
Speaker 1: I pushed and I pushed to get to six months.

657
00:31:55,720 --> 00:31:59,760
Speaker 1: So all of my companies have six months worth of

658
00:32:00,000 --> 00:32:04,280
Speaker 1: operating expenses including payroll saved UMP, so just in case

659
00:32:04,680 --> 00:32:06,680
Speaker 1: I don't make it home to you know what I mean.

660
00:32:07,000 --> 00:32:11,600
Speaker 1: So that helps a lot with any instability that might

661
00:32:11,640 --> 00:32:13,680
Speaker 1: come up. I saw that Microsoft this is doing I

662
00:32:13,720 --> 00:32:15,200
Speaker 1: don't know what they're doing now, but this is during

663
00:32:15,240 --> 00:32:18,760
Speaker 1: the pandemic. They had one year worth of operating expenses,

664
00:32:19,200 --> 00:32:21,400
Speaker 1: and I said, if it's good for the goose, gosh darn,

665
00:32:21,480 --> 00:32:24,200
Speaker 1: it's good for the gander. And so that's what that's

666
00:32:24,240 --> 00:32:25,600
Speaker 1: what made me say, like, I don't know if I'm

667
00:32:25,600 --> 00:32:27,840
Speaker 1: going to do a whole year, but six months was good.

668
00:32:27,920 --> 00:32:30,440
Speaker 1: So it allows us to in the back of my head,

669
00:32:30,440 --> 00:32:32,960
Speaker 1: I think to myself, well, we have six months or

670
00:32:33,040 --> 00:32:36,440
Speaker 1: more to get to figure out and pivot just in

671
00:32:36,520 --> 00:32:38,120
Speaker 1: case something really detrimental happens.

672
00:32:39,280 --> 00:32:43,120
Speaker 3: All right, let's take a next question from Cynthia. Cynthia says,

673
00:32:43,280 --> 00:32:46,080
Speaker 3: I am in real estate law. If interest rates continue

674
00:32:46,120 --> 00:32:48,840
Speaker 3: to climb, I'm concerned that this will impact my job.

675
00:32:49,360 --> 00:32:52,240
Speaker 3: Do you think foreclosures will rise like they did in

676
00:32:52,320 --> 00:32:53,360
Speaker 3: two thousand and eight?

677
00:32:54,360 --> 00:32:55,280
Speaker 2: Very good question.

678
00:32:56,240 --> 00:32:59,280
Speaker 1: Well, could I just say that the repullman has been

679
00:32:59,320 --> 00:33:03,560
Speaker 1: coming for y'all cars, you know, the car cars. What

680
00:33:03,800 --> 00:33:06,840
Speaker 1: it's there is there's been a huge uptick Mandy in

681
00:33:07,320 --> 00:33:10,040
Speaker 1: car repossessions, which is a one of the key indicators

682
00:33:10,040 --> 00:33:10,680
Speaker 1: for a recession.

683
00:33:11,280 --> 00:33:13,680
Speaker 2: Huge uptick on car repossessions.

684
00:33:14,080 --> 00:33:16,959
Speaker 1: So of course cars are not the same as homes,

685
00:33:17,480 --> 00:33:19,160
Speaker 1: you know, because obviously, like you know, you don't have

686
00:33:19,200 --> 00:33:20,920
Speaker 1: a car and you can't get around, but you don't

687
00:33:20,960 --> 00:33:23,240
Speaker 1: have a home and where you live. But I would

688
00:33:23,320 --> 00:33:26,160
Speaker 1: just say that, like, I don't know if what that

689
00:33:26,280 --> 00:33:28,320
Speaker 1: means for foreclosures, but I do know when people have

690
00:33:28,440 --> 00:33:31,800
Speaker 1: hard financial times, they can't for their financial obligations and

691
00:33:31,920 --> 00:33:33,760
Speaker 1: they're not they're not quick to say I'm not.

692
00:33:33,760 --> 00:33:34,440
Speaker 2: Paying for my home.

693
00:33:34,640 --> 00:33:37,200
Speaker 1: So what you usually see is this if you remember

694
00:33:37,360 --> 00:33:40,880
Speaker 1: during the two thousand and like nine ten eight recession,

695
00:33:41,000 --> 00:33:44,880
Speaker 1: right that the home market, the home we didn't see

696
00:33:44,880 --> 00:33:46,400
Speaker 1: the crash until years later.

697
00:33:46,800 --> 00:33:50,240
Speaker 2: It's a delayed response because it takes people a while.

698
00:33:50,280 --> 00:33:51,800
Speaker 1: They're like, well, I'm not gonna pay my cable bill,

699
00:33:52,040 --> 00:33:54,680
Speaker 1: I'm not gonna pay my cell phone. Oh, I'm not

700
00:33:54,720 --> 00:33:57,000
Speaker 1: gonna pay my car. I'm not gonna So it's usually

701
00:33:57,120 --> 00:33:59,680
Speaker 1: what you see is a ripple, and the homes come later.

702
00:34:00,040 --> 00:34:02,800
Speaker 1: So if it's going to happen where we see this

703
00:34:02,960 --> 00:34:05,880
Speaker 1: increase in like foreclosures, you know, I don't think it's

704
00:34:05,920 --> 00:34:08,280
Speaker 1: going to be like this instant. You know that instead

705
00:34:08,800 --> 00:34:10,719
Speaker 1: that it will be a ripple of all of these

706
00:34:10,800 --> 00:34:14,640
Speaker 1: other economic downturns because people unemployment is down, so people

707
00:34:14,640 --> 00:34:16,480
Speaker 1: still have jobs in order to pay for homes. So

708
00:34:16,520 --> 00:34:18,960
Speaker 1: I just say all that to say that I don't

709
00:34:18,960 --> 00:34:20,880
Speaker 1: know that I would switch markets, you know, because at

710
00:34:20,880 --> 00:34:23,600
Speaker 1: the end of the day, people are needed in every

711
00:34:23,920 --> 00:34:27,520
Speaker 1: single sector in an industry that we have now, they

712
00:34:27,640 --> 00:34:29,719
Speaker 1: just it just means that it might look different. So

713
00:34:29,880 --> 00:34:31,440
Speaker 1: I would just keep my eyes and ears open of

714
00:34:31,600 --> 00:34:33,560
Speaker 1: like what a pivot and if you're interested in this

715
00:34:33,719 --> 00:34:36,360
Speaker 1: industry still, what a pivot might look like.

716
00:34:36,440 --> 00:34:37,560
Speaker 2: In case that does happen.

717
00:34:38,320 --> 00:34:40,319
Speaker 3: Can we also talk about you know, it's very thinks.

718
00:34:40,360 --> 00:34:41,920
Speaker 3: A lot of things are very different than they were

719
00:34:42,000 --> 00:34:43,440
Speaker 3: in two thousand and eight. There were a lot of

720
00:34:43,560 --> 00:34:47,239
Speaker 3: bad mortgages being sold to families. But prior to the

721
00:34:47,320 --> 00:34:49,800
Speaker 3: two thousand and eight housing crash, and that's why we

722
00:34:49,880 --> 00:34:52,840
Speaker 3: saw so much foreclosure because you know, people were getting

723
00:34:52,880 --> 00:34:55,359
Speaker 3: homes that they just could not afford financially, and they

724
00:34:55,400 --> 00:34:59,120
Speaker 3: were getting huge mortgages and taking on lots of yeah,

725
00:34:59,280 --> 00:35:02,400
Speaker 3: lots of dice the financial situations because they were so

726
00:35:02,560 --> 00:35:04,560
Speaker 3: close to the edge. And so when we did see

727
00:35:04,600 --> 00:35:06,719
Speaker 3: that decline in the economy and jobs were lost in

728
00:35:06,760 --> 00:35:10,120
Speaker 3: all of that, like really quickly, tons of people were

729
00:35:10,239 --> 00:35:13,359
Speaker 3: just way too over mortgaged and that's why you saw

730
00:35:13,640 --> 00:35:16,520
Speaker 3: so many foreclosures and short sales and things like that.

731
00:35:17,080 --> 00:35:20,680
Speaker 3: I feel like this time around, debt or sorry not debt,

732
00:35:20,719 --> 00:35:24,680
Speaker 3: but underwriting for mortgages is stricter now because of policies

733
00:35:24,719 --> 00:35:26,759
Speaker 3: that were put in place after the recession. You've got

734
00:35:26,880 --> 00:35:31,560
Speaker 3: institutions like the Consumer Financial Protection Bureau, which are you know,

735
00:35:32,360 --> 00:35:36,040
Speaker 3: watchdogs for lenders and making sure that they're abiding by

736
00:35:36,080 --> 00:35:39,319
Speaker 3: those policies. Also, I think we're savvyer as consumers. I mean,

737
00:35:39,320 --> 00:35:41,279
Speaker 3: i'd like to think you listening to Brian ambition, Like,

738
00:35:41,480 --> 00:35:45,480
Speaker 3: you know, hopefully we are more financially prepared. And because

739
00:35:45,520 --> 00:35:47,839
Speaker 3: of the pandemic and those stimulus checks. If you've been

740
00:35:47,920 --> 00:35:50,880
Speaker 3: like you know, stacking your coins and saving and investing,

741
00:35:51,320 --> 00:35:53,839
Speaker 3: you're more resilient if that were to happen. Maybe you're

742
00:35:53,880 --> 00:35:56,960
Speaker 3: not as quickly to like lose your house. So it's

743
00:35:57,000 --> 00:35:59,000
Speaker 3: not exactly the same as two thousand and eight, I

744
00:35:59,080 --> 00:36:03,960
Speaker 3: will say that. And so also like there's programs in place,

745
00:36:04,000 --> 00:36:06,000
Speaker 3: so if you're struggling to buy your home, like contact

746
00:36:06,040 --> 00:36:10,560
Speaker 3: your lender, you know, see what kind of hardship you know,

747
00:36:10,680 --> 00:36:13,880
Speaker 3: programs they may have, and just ask for help, you know,

748
00:36:14,480 --> 00:36:16,440
Speaker 3: before you get to that point. That's what I'll add there.

749
00:36:17,200 --> 00:36:22,120
Speaker 1: Yes, next question on the docket, lou Louly Louli MoU

750
00:36:22,400 --> 00:36:27,480
Speaker 1: I'm literally said, should I wait to get a home

751
00:36:27,640 --> 00:36:28,760
Speaker 1: improvement loan?

752
00:36:29,280 --> 00:36:30,359
Speaker 2: Not a he lock?

753
00:36:30,960 --> 00:36:33,759
Speaker 1: Okay, so a he lock just so you guys know,

754
00:36:33,880 --> 00:36:37,239
Speaker 1: it's a home equity line of credit that basically means

755
00:36:37,280 --> 00:36:39,040
Speaker 1: you borrow against the house the house is almost like

756
00:36:39,040 --> 00:36:42,839
Speaker 1: a credit card and you tap into it because banks

757
00:36:42,880 --> 00:36:44,560
Speaker 1: are like worst case scenario, don't pay me back, I

758
00:36:44,640 --> 00:36:46,800
Speaker 1: take your houses and then I use it the paybyback.

759
00:36:47,120 --> 00:36:49,800
Speaker 1: So that's my home equity line of credit. So she's asking,

760
00:36:51,280 --> 00:36:53,680
Speaker 1: you know, should she take out just you know, not

761
00:36:53,760 --> 00:36:55,640
Speaker 1: a home equity line of credit, which most people tell

762
00:36:55,640 --> 00:36:58,520
Speaker 1: you don't do it. Should she just take out an

763
00:36:58,560 --> 00:37:00,440
Speaker 1: improvement loan, which you can do to, which is different

764
00:37:01,800 --> 00:37:03,040
Speaker 1: personal personal?

765
00:37:03,400 --> 00:37:07,719
Speaker 2: So my my only conception, Well, here's the thing.

766
00:37:07,840 --> 00:37:10,400
Speaker 1: We've been spoiled with that super low interest rate that

767
00:37:10,440 --> 00:37:12,719
Speaker 1: we had, and I know it's like, oh my god, like,

768
00:37:12,840 --> 00:37:14,600
Speaker 1: oh my gosh, I'm gonna wait till the interest rate

769
00:37:14,640 --> 00:37:17,360
Speaker 1: gets back down to two or three percent. Is probably

770
00:37:17,440 --> 00:37:21,800
Speaker 1: not likely because that was a historic Wait what that

771
00:37:22,120 --> 00:37:25,560
Speaker 1: was the gap selling Jeanes for fifty cents? That's just

772
00:37:25,719 --> 00:37:29,440
Speaker 1: not you know that Like when my parents brought their

773
00:37:29,480 --> 00:37:32,319
Speaker 1: house in the eighties, it was like interest rates were

774
00:37:32,360 --> 00:37:35,120
Speaker 1: double digits. It was not uncommon to have ten twelve,

775
00:37:35,320 --> 00:37:38,800
Speaker 1: So even five percent, that's like kind of like average,

776
00:37:38,880 --> 00:37:41,120
Speaker 1: like you know, that's where So you know, I would

777
00:37:41,160 --> 00:37:43,560
Speaker 1: say that if you were going to take out a

778
00:37:43,680 --> 00:37:45,600
Speaker 1: you know, a personal loan and the house is going

779
00:37:45,680 --> 00:37:48,720
Speaker 1: to be kind of like the backing for that. Typically

780
00:37:48,800 --> 00:37:54,400
Speaker 1: personal loans where you have a a tangible asset as

781
00:37:54,440 --> 00:37:56,920
Speaker 1: the backing that, the interest rate is typically better because

782
00:37:57,400 --> 00:37:59,680
Speaker 1: companies feel like the bank feels like, worst case scenario,

783
00:37:59,719 --> 00:38:01,040
Speaker 1: we could take your house if you don't have our

784
00:38:01,120 --> 00:38:03,359
Speaker 1: money versus just like swiping a card to just having

785
00:38:03,400 --> 00:38:06,120
Speaker 1: credit where there's like nothing backing it. They just have

786
00:38:06,200 --> 00:38:07,759
Speaker 1: to like yell at you and try to get their money.

787
00:38:08,000 --> 00:38:10,439
Speaker 1: That you should get a decent interest rate. I would

788
00:38:10,480 --> 00:38:13,640
Speaker 1: look at your credit score and ask myself, okay, you know,

789
00:38:14,000 --> 00:38:15,680
Speaker 1: is my credit score enough to get me the very

790
00:38:15,719 --> 00:38:18,360
Speaker 1: best interest rate out there. I would also look to

791
00:38:18,480 --> 00:38:21,120
Speaker 1: see like are you solid in other areas if you

792
00:38:21,239 --> 00:38:22,919
Speaker 1: have other debt you're trying to pay down. I don't

793
00:38:22,960 --> 00:38:26,040
Speaker 1: suggest people getting into more debt right before or during

794
00:38:26,080 --> 00:38:29,759
Speaker 1: the pending recession unless they're super super solid in other

795
00:38:29,840 --> 00:38:32,160
Speaker 1: areas and this is like, you know, this wouldn't be

796
00:38:33,000 --> 00:38:35,640
Speaker 1: a hard burden to take on. You know, now is

797
00:38:35,719 --> 00:38:39,120
Speaker 1: not the time to buy new stuff if we are

798
00:38:39,320 --> 00:38:41,960
Speaker 1: entering into a recession. Like I said, technically, you know

799
00:38:42,719 --> 00:38:46,040
Speaker 1: it's looking like a recession. But although they're not claiming

800
00:38:46,080 --> 00:38:48,480
Speaker 1: it to be thus. So so I would just say,

801
00:38:49,000 --> 00:38:52,799
Speaker 1: be mindful of your holistic financial overlook view and whether

802
00:38:52,920 --> 00:38:54,600
Speaker 1: or not you should move forward, and if not, you

803
00:38:54,719 --> 00:38:56,160
Speaker 1: might want to wait it out.

804
00:38:57,200 --> 00:38:59,879
Speaker 3: Yeah, and shop and compare, Like, get some estimates. See

805
00:38:59,880 --> 00:39:01,960
Speaker 3: if if you can get, you know, an estimate of

806
00:39:02,080 --> 00:39:04,880
Speaker 3: what you're alone a home improvement loan, like a personal

807
00:39:04,960 --> 00:39:07,359
Speaker 3: loan rate may be, and compare that to what an

808
00:39:07,520 --> 00:39:10,080
Speaker 3: estimate of a rate may be for a heelock. If

809
00:39:10,120 --> 00:39:13,160
Speaker 3: you work with a lender or a bank, then maybe

810
00:39:13,239 --> 00:39:15,000
Speaker 3: you can compare. Maybe it's like I'll just choose the

811
00:39:15,080 --> 00:39:17,640
Speaker 3: option that has the lower rate, but definitely, like keep

812
00:39:17,640 --> 00:39:19,640
Speaker 3: in mind if you can't pay that back, your home

813
00:39:19,760 --> 00:39:21,879
Speaker 3: is on the line. So I agree with Tiff.

814
00:39:22,080 --> 00:39:23,239
Speaker 1: First of all, I love that some of you guys

815
00:39:23,280 --> 00:39:25,000
Speaker 1: are sneaking watching at work. Like, well, let me not

816
00:39:25,040 --> 00:39:26,840
Speaker 1: say love it because I got employees, but you know,

817
00:39:27,000 --> 00:39:29,480
Speaker 1: I wouldn't be mad at them, Honestly, I would.

818
00:39:29,239 --> 00:39:30,839
Speaker 2: Say, if you get to work done, star're.

819
00:39:30,560 --> 00:39:32,560
Speaker 3: Talking about it at work anyway, might as well.

820
00:39:32,840 --> 00:39:35,480
Speaker 1: Do it how you do it, you know, like oh,

821
00:39:35,760 --> 00:39:39,000
Speaker 1: the Robinson Crue, what you had to say, Robin san Cruz,

822
00:39:39,640 --> 00:39:41,600
Speaker 1: Robert Zuku, said, Oh, I love you ladies.

823
00:39:41,760 --> 00:39:44,240
Speaker 2: You have changed my life in so many good ways.

824
00:39:44,440 --> 00:39:48,799
Speaker 3: Yah, we ave a listener. We have a listener. Yuri

825
00:39:48,920 --> 00:39:52,239
Speaker 3: from Australia who says, it's two twenty five am here,

826
00:39:52,320 --> 00:39:54,680
Speaker 3: but I had to catch your live. I'm a diehard fan.

827
00:39:54,960 --> 00:40:00,800
Speaker 2: Oh yeah, we love you too, we do, we do, mate, Cracky,

828
00:40:00,960 --> 00:40:04,560
Speaker 2: I don't know. Oh my gosh. So we're going to

829
00:40:04,600 --> 00:40:11,440
Speaker 2: wrap up. You have any closing thoughts? Yes, I am

830
00:40:11,480 --> 00:40:12,279
Speaker 2: the career queen.

831
00:40:12,440 --> 00:40:14,399
Speaker 3: I think that the career is the root of all

832
00:40:14,480 --> 00:40:17,080
Speaker 3: of our you know, our wealth building and all of that.

833
00:40:17,280 --> 00:40:19,680
Speaker 3: So for me, it's all about professional resilience. You know,

834
00:40:19,960 --> 00:40:22,400
Speaker 3: whether you are worried about the job that you have

835
00:40:22,560 --> 00:40:24,520
Speaker 3: now or thinking about the job that you want in

836
00:40:24,560 --> 00:40:26,560
Speaker 3: the future and what this could mean for you, just

837
00:40:26,640 --> 00:40:28,719
Speaker 3: bring it back to what you can actually control, and

838
00:40:28,800 --> 00:40:31,719
Speaker 3: how are you building professional resilience so that you can

839
00:40:31,800 --> 00:40:34,719
Speaker 3: weather any storm, not maybe not this recession, but the

840
00:40:34,760 --> 00:40:37,120
Speaker 3: next one, because they're sure always going to be another one.

841
00:40:37,239 --> 00:40:40,799
Speaker 3: So are you expanding your professional brand? Are you letting

842
00:40:40,840 --> 00:40:43,080
Speaker 3: people know about all the excellent work that you're doing.

843
00:40:43,520 --> 00:40:46,880
Speaker 3: Are you looking for opportunities for professional development, to invest

844
00:40:46,960 --> 00:40:49,480
Speaker 3: in new skills? That are in demand for your field,

845
00:40:50,160 --> 00:40:53,160
Speaker 3: are you, Like Tiffany always says, illustrating your oprah, so

846
00:40:53,320 --> 00:40:56,880
Speaker 3: that people you're not someone's best kept secret, that they're actually,

847
00:40:57,200 --> 00:40:59,319
Speaker 3: you know, aware of all the excellent work that you're doing.

848
00:40:59,719 --> 00:41:02,920
Speaker 3: I have, I've got lots and lots of resources on

849
00:41:03,000 --> 00:41:05,680
Speaker 3: this and how do it, you know, build professional resilience.

850
00:41:05,800 --> 00:41:07,839
Speaker 3: You can check me out follow me at Mandy Money

851
00:41:08,200 --> 00:41:10,640
Speaker 3: for all career advice. But that's my key takeaway is

852
00:41:10,719 --> 00:41:14,279
Speaker 3: professional resilience. It will make you feel much more in

853
00:41:14,440 --> 00:41:16,960
Speaker 3: control during times like that's when a lot of stuff

854
00:41:17,040 --> 00:41:18,680
Speaker 3: is really out of our control at the end of

855
00:41:18,719 --> 00:41:19,000
Speaker 3: the day.

856
00:41:19,960 --> 00:41:22,239
Speaker 1: And my final words are just like kind of like,

857
00:41:22,320 --> 00:41:25,560
Speaker 1: you know, just really think about hunkering down, you know,

858
00:41:25,920 --> 00:41:28,439
Speaker 1: not getting into brand new debt right now unless it's

859
00:41:28,600 --> 00:41:32,160
Speaker 1: absolutely necessary. Really trying to book up on that saving

860
00:41:32,360 --> 00:41:34,480
Speaker 1: so you can have a little cushion just in case,

861
00:41:35,360 --> 00:41:37,200
Speaker 1: but also booke upon savings so you can lean into

862
00:41:37,239 --> 00:41:39,960
Speaker 1: invest in get the girl, get you them jeans on sale,

863
00:41:40,080 --> 00:41:45,240
Speaker 1: you know, get these assets on sale, and honestly, remember

864
00:41:45,320 --> 00:41:48,440
Speaker 1: people first, right, so checking on your people. I know

865
00:41:48,600 --> 00:41:51,040
Speaker 1: this is not super moneyish advice, but like you know,

866
00:41:51,160 --> 00:41:53,880
Speaker 1: sometimes people are struggling and they're not saying and so

867
00:41:54,239 --> 00:41:56,560
Speaker 1: you know you're not alone in this. Checking on your people,

868
00:41:56,680 --> 00:41:59,399
Speaker 1: have regular conversations. You want to make sure that if

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00:41:59,440 --> 00:42:02,080
Speaker 1: we do hit really bad economic times that you know

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00:42:02,160 --> 00:42:04,080
Speaker 1: people know they can you know, you're the people that

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00:42:04,120 --> 00:42:06,319
Speaker 1: you love and care about know that you are checking

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00:42:06,360 --> 00:42:08,319
Speaker 1: in on them. They can lean on you, you can

873
00:42:08,400 --> 00:42:11,600
Speaker 1: offer support, they can offer you support. And continue to

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00:42:11,640 --> 00:42:14,040
Speaker 1: listen to Brown Ambition. Ooh, you know what, since we're

875
00:42:14,040 --> 00:42:17,440
Speaker 1: doing and sidebar. Hello, this is like literally the recession

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00:42:17,480 --> 00:42:20,000
Speaker 1: book right here, Get Good with Money. Okay, if you're

877
00:42:20,160 --> 00:42:22,600
Speaker 1: if you're listening and you're a listener instead of watcher,

878
00:42:22,640 --> 00:42:25,279
Speaker 1: I'm holding up the book. Okay, no, but for real,

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00:42:25,480 --> 00:42:28,440
Speaker 1: I wrote it for times like this. It is to

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00:42:28,680 --> 00:42:32,160
Speaker 1: build times like this, you need a strong financial foundation.

881
00:42:32,719 --> 00:42:34,480
Speaker 1: And that is what Get Good with Money is all about.

882
00:42:34,960 --> 00:42:37,800
Speaker 1: That is what financial wholeness, that's the ten steps that

883
00:42:37,840 --> 00:42:39,240
Speaker 1: I wrote about in the book is all about.

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00:42:39,440 --> 00:42:41,480
Speaker 2: You can get you a copy at get Good with

885
00:42:41,600 --> 00:42:44,120
Speaker 2: Money dot com. And we love y'all.

886
00:42:44,600 --> 00:42:46,840
Speaker 1: We love seeing y'all ey or hearing from y'all every Wednesday,

887
00:42:46,920 --> 00:42:49,319
Speaker 1: every Friday. Just continue to listen and tell your friends

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00:42:49,320 --> 00:42:50,680
Speaker 1: about us. Because this is cute over here.

889
00:42:51,239 --> 00:42:52,319
Speaker 2: Thank you, ba fan.

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Speaker 1: We love y'all.

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00:42:54,480 --> 00:42:55,839
Speaker 3: We did Worthies. That was fun.

892
00:42:56,520 --> 00:42:57,120
Speaker 2: That was fun.

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00:42:58,440 --> 00:43:00,680
Speaker 3: Hey ba Faan. We could not do this show without

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00:43:00,719 --> 00:43:03,720
Speaker 3: your support or the support of our team behind the scenes.

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Speaker 3: The Brown Ambission podcast is produced by Cumulus Podcast Network.

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00:43:07,719 --> 00:43:11,160
Speaker 3: It's edited by the wonderful Imani Crosby and produced by

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00:43:11,280 --> 00:43:15,000
Speaker 3: Tanya Bustos. Dennis Stimplinsky is our in house tech curu,

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00:43:15,440 --> 00:43:18,120
Speaker 3: and I am Bandy Woodard Santos your co host, and

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Speaker 3: I will see y'all next week.