WEBVTT - Money Moves We Need For 2026 | Angela Rye SoloPod 0:00:00.160 --> 0:00:03.720 Native lamdpod is a production of iHeartRadio in partnership with 0:00:03.880 --> 0:00:05.040 Reason Choice Media. 0:00:05.559 --> 0:00:09.160 Welcome Welcome, Welcome, Welcome, Welcome, Welcome, Welcome. 0:00:09.840 --> 0:00:13.160 Welcome Home, Everybody. It is another solo pod. I'm your host, 0:00:13.200 --> 0:00:17.919 Angela Raie or Native lamppod, and today I am I 0:00:17.960 --> 0:00:20.920 don't know if I want to say nerve sighted, scar sighted, 0:00:21.400 --> 0:00:24.759 eager sighted. I'm excited, but I also got some nerves 0:00:24.800 --> 0:00:28.760 about this topic. Let me tell you why money is funny, mane. 0:00:29.040 --> 0:00:33.479 It really just is. I want to be rich. I 0:00:33.840 --> 0:00:37.159 have had some high moments, I've had some low moments. 0:00:37.479 --> 0:00:41.239 I think, at forty six years old, I am so 0:00:41.440 --> 0:00:44.120 ashamed about where I am financially. 0:00:44.240 --> 0:00:46.240 I feel like I should be much better off. 0:00:46.280 --> 0:00:48.159 I had a dream of where I would be at 0:00:48.159 --> 0:00:51.519 this age, you know, probably when I was five, six, seven, eight, nine, ten, 0:00:51.640 --> 0:00:54.160 twenty five. You know, like all of that, like so 0:00:54.320 --> 0:00:57.000 many of us, and there are things that happen in 0:00:57.080 --> 0:01:00.000 our lives where we feel out of control of our finances. 0:01:00.080 --> 0:01:02.160 And I think, right now, in this environment we are 0:01:02.160 --> 0:01:04.640 in this country, it's definitely one of them. There are 0:01:04.720 --> 0:01:10.160 so many unpredictable factors that dictate our financial outcomes that 0:01:10.200 --> 0:01:13.040 we're not in control of. So how do we gain 0:01:13.120 --> 0:01:16.880 control of this space that we so desperately need to 0:01:16.920 --> 0:01:20.080 have control over? And I got to tell y'all, this 0:01:20.120 --> 0:01:22.600 ain't none of my business. It should be my business, 0:01:23.160 --> 0:01:26.440 but this ain't an area where I excel. So I 0:01:26.480 --> 0:01:29.120 called it in a lifeline. I saw this sister on 0:01:29.360 --> 0:01:32.520 Instagram and I was so intrigued by what she was saying. 0:01:32.600 --> 0:01:36.479 I have a financial advisor. He's done some amazing work 0:01:36.520 --> 0:01:39.240 for me. He's grown my retirement account and all of that. 0:01:39.280 --> 0:01:42.160 But I'm also someone that has withdrawn. Oh they hate 0:01:42.200 --> 0:01:46.040 to hear that from my retirement account. You know, there 0:01:45.720 --> 0:01:48.640 are places in life, For example, I talk about this 0:01:48.720 --> 0:01:52.480 all the time in church, in law school, I would 0:01:52.520 --> 0:01:55.840 tithe off of my student loans. That ain't my increase, 0:01:55.920 --> 0:01:58.640 that's my decrease. What you're doing, sis, I don't know, 0:01:59.080 --> 0:02:02.880 but I've been afraid to ask questions. My family did 0:02:02.920 --> 0:02:06.160 well financially, but we didn't necessarily budget the best, and 0:02:06.200 --> 0:02:08.799 so I've avoided the things where I've been afraid. As 0:02:08.840 --> 0:02:11.800 we go in to twenty twenty six, I said, you 0:02:11.880 --> 0:02:14.200 know what, self, We're gonna. 0:02:14.000 --> 0:02:15.399 Turn over a new lead. 0:02:15.639 --> 0:02:18.200 We're gonna ask the tough questions, we are gonna get 0:02:18.520 --> 0:02:20.440 the good advice. And if we want to think and 0:02:20.480 --> 0:02:23.079 grow rich, like my guy Napoleon said, we gotta talk 0:02:23.080 --> 0:02:25.360 to somebody about it cause you ain't the one. 0:02:25.639 --> 0:02:27.239 So there is someone who's the one. 0:02:27.280 --> 0:02:29.440 And before we bring this sister on, I want to 0:02:29.520 --> 0:02:30.160 roll this clip. 0:02:30.680 --> 0:02:32.600 Did you know that dor in this holiday season, for 0:02:32.760 --> 0:02:34.959 every pair of Airmaxes that you buy your family, you 0:02:35.000 --> 0:02:37.200 can buy one share of n Video, a company that 0:02:37.240 --> 0:02:40.760 has worth over four trillion dollars. And for every pair 0:02:40.800 --> 0:02:43.320 of sunglasses that you buy your family during holiday season, 0:02:43.560 --> 0:02:45.880 let's take a pair of givon Chi glasses, you can 0:02:45.919 --> 0:02:49.360 buy three shares of Amazon, the company that everybody's shopping 0:02:49.440 --> 0:02:50.960 at door holiday season. 0:02:51.240 --> 0:02:51.720 And get this. 0:02:51.840 --> 0:02:55.360 For every Louis Baton, perse Louis Vaton Duffel you buy 0:02:55.400 --> 0:02:57.639 your family, do you know that you can own LVMH, 0:02:57.919 --> 0:03:00.919 Louis Vaton, Moa Hennessy and buy Oprah sixty shares of 0:03:00.960 --> 0:03:03.760 this company and they own Louis Baton, Moet. 0:03:03.720 --> 0:03:08.600 Hennessy, Celine, Lowave, Sophora, companies that a lot of people 0:03:08.639 --> 0:03:10.519 are going to be shopping at door holiday season. 0:03:10.600 --> 0:03:12.639 Listen, we are going to spend a ton of money 0:03:12.720 --> 0:03:13.600 during holiday season. 0:03:13.760 --> 0:03:15.680 But what if we give the gift of wealth. 0:03:15.919 --> 0:03:17.919 What if we start owning some of the companies We're 0:03:17.960 --> 0:03:20.160 giving all of our money too. This is the way 0:03:20.160 --> 0:03:23.280 for us to create ownership and create a financial legacy 0:03:23.320 --> 0:03:24.160 for the people we love. 0:03:24.919 --> 0:03:26.920 Well, just so y'all know, I still want to make 0:03:26.960 --> 0:03:29.519 sure we supporting black businesses and all of that too. 0:03:30.000 --> 0:03:31.040 I know she does too. 0:03:31.080 --> 0:03:34.720 We are thrilled to have joining native Lampid today Ashley M. 0:03:34.800 --> 0:03:35.160 Fox. 0:03:35.400 --> 0:03:37.640 She is the founder and CEO of Emplify, and she 0:03:37.800 --> 0:03:41.320 has become my ad hoc financial planner and advisor. She 0:03:41.320 --> 0:03:43.360 doesn't even know now, I just gotta follow the advice. 0:03:43.480 --> 0:03:48.640 So Ashley, help us to stay out and happy holidays. 0:03:48.680 --> 0:03:50.960 Happy holidays. How are you doing? How are you doing? 0:03:51.720 --> 0:03:52.760 Oh man, I'm good. 0:03:52.800 --> 0:03:54.720 I'm trying to be better though, So just so you know, 0:03:54.760 --> 0:03:56.960 while we recorded this podcast, we know it's gonna air 0:03:57.000 --> 0:03:58.200 a little bit later, but. 0:03:58.240 --> 0:04:00.000 I paid played the power ball today. 0:04:00.080 --> 0:04:02.880 You might not like that. You probably rather mea that 0:04:03.000 --> 0:04:05.800 play my investments. We're gonna get that, right, Ashley, But 0:04:05.840 --> 0:04:07.520 I just ain't gonna lie to you. It's one point 0:04:07.520 --> 0:04:09.640 seven billion today. So I just sent my dad to 0:04:09.680 --> 0:04:11.840 the store, my best friend to the store, my other 0:04:11.920 --> 0:04:14.640 friends to the store. We just gotta see what happens. 0:04:16.000 --> 0:04:18.159 By the time this podcast airs, we might be having 0:04:18.160 --> 0:04:19.120 a different conversation. 0:04:19.240 --> 0:04:21.640 But I want to hear from you what you think, 0:04:22.000 --> 0:04:24.400 what you think, what should I do? Help, help help? 0:04:24.680 --> 0:04:27.039 I think I think the first part is the is 0:04:27.120 --> 0:04:30.119 owning the fact that you know you deserve more help, 0:04:30.560 --> 0:04:33.279 You own the fact that you have made mistakes. I 0:04:33.279 --> 0:04:36.320 think I love that you are fearless and vulnerable. I 0:04:36.320 --> 0:04:38.000 think a lot of times when we talk about money, 0:04:38.000 --> 0:04:40.960 we're embarrassed. We don't talk about it as a taboo topic, 0:04:41.200 --> 0:04:44.000 when in reality, we all deserve to have wealth. But 0:04:44.040 --> 0:04:46.560 if we are just constantly spending our money, we are 0:04:46.600 --> 0:04:49.800 always guaranteeing that we're decreasing our net worth. And I'm 0:04:49.800 --> 0:04:51.640 not telling everybody that you have to go start a 0:04:51.680 --> 0:04:55.440 business or quit your job. But every time you spend money, 0:04:55.520 --> 0:04:59.040 somebody else is building wealth. So why not consider owning 0:04:59.080 --> 0:05:01.000 the companies we're get even our money to we have. 0:05:01.240 --> 0:05:02.960 We live in a world now where there are trillion 0:05:03.000 --> 0:05:06.640 dollar businesses because of our consumption, and so it's really 0:05:06.640 --> 0:05:09.599 about shifting our mindset where you don't have to go 0:05:09.640 --> 0:05:11.159 build a big business. You don't have to start with 0:05:11.160 --> 0:05:14.120 thousands of dollars. I always tell people my company, impithy, like, 0:05:14.360 --> 0:05:16.080 you can start with five dollars. If we have the 0:05:16.160 --> 0:05:18.640 five dollars, our way to a million. How about we 0:05:18.720 --> 0:05:21.560 getting the habit of paying ourselves so while we go 0:05:21.680 --> 0:05:25.040 and play the lottery ticket, I would also recommend paying 0:05:25.120 --> 0:05:25.960 you because you. 0:05:26.080 --> 0:05:27.919 Matter just as much as that lottery ticket. 0:05:28.960 --> 0:05:29.440 I love that. 0:05:29.520 --> 0:05:31.440 Okay, now here's a cool question for you. Had to 0:05:31.480 --> 0:05:33.960 tell the truth. When was the last time you played 0:05:33.960 --> 0:05:34.520 the lottery? 0:05:34.720 --> 0:05:36.480 I've actually never played the lottery before. 0:05:38.360 --> 0:05:40.840 Okay, Ashley in here showing out, y'all, she's showing out. 0:05:40.880 --> 0:05:43.080 Okay, tell me why this is a good question. Tell 0:05:43.080 --> 0:05:43.440 me why. 0:05:44.880 --> 0:05:46.920 I guess it just was never on my to do list. 0:05:47.000 --> 0:05:47.320 I don't. 0:05:47.880 --> 0:05:49.960 I didn't come from a family who played the lottery, 0:05:50.000 --> 0:05:51.680 and I just if I'm being honest, Like I went 0:05:51.720 --> 0:05:54.480 to Howard, I wanted to work on Wall Street, and 0:05:54.560 --> 0:05:57.000 so when I got my first internship on Wall Street 0:05:57.040 --> 0:05:59.800 making money, I'm around people with money, and so I 0:05:59.800 --> 0:06:02.599 think I started to adapt to that environment and I 0:06:02.720 --> 0:06:04.440 just wasn't around people who played the lot like I'm 0:06:04.440 --> 0:06:06.880 pretty sure if my environment was surrounded by that. But 0:06:07.040 --> 0:06:09.919 I was in an environment of people who invested, and 0:06:10.000 --> 0:06:14.080 so I'm watching millionaires and billionaires and that'st their money, 0:06:14.120 --> 0:06:16.120 so that's what I'm doing. So I think it's just 0:06:16.440 --> 0:06:19.400 I am a product of the environment I was in 0:06:19.640 --> 0:06:22.960 post Howard University and so much that you can't tell 0:06:22.960 --> 0:06:24.880 me I'm not going to be a billion dollar CEO 0:06:25.040 --> 0:06:28.560 because I'm around billionaires. I'm in their bank accounts, showing wealthy, 0:06:28.640 --> 0:06:30.800 wealthy people how to protect their money, how to preserve it, 0:06:30.839 --> 0:06:33.800 how to grow it. And I'm literally like, successful these clues, 0:06:33.839 --> 0:06:36.720 I'm going to follow the blueprint. So I just wasn't 0:06:36.760 --> 0:06:38.919 always around it, so I can't say that if I was, 0:06:38.960 --> 0:06:41.720 I wouldn't. But in reality, I have the power in 0:06:41.720 --> 0:06:44.040 my mind to create whatever it is I want to do, 0:06:44.320 --> 0:06:45.640 however it comes to me. 0:06:45.800 --> 0:06:49.240 So I love that. So talk about that blueprint. 0:06:49.279 --> 0:06:53.040 What is the blueprint that you have learned and seen 0:06:53.120 --> 0:06:56.960 from advising billionaires and millionaires on their path forward to 0:06:57.080 --> 0:06:58.480 financial success and wealth? 0:06:58.960 --> 0:06:59.880 What is that blueprint? 0:07:00.000 --> 0:07:01.520 I think the first thing is you have to get 0:07:01.520 --> 0:07:03.800 really clear on what you want. I think sometimes we 0:07:03.880 --> 0:07:06.400 are afraid to dream because we base our future on 0:07:06.440 --> 0:07:09.159 our current reality. So despite where you are, what you 0:07:09.200 --> 0:07:11.200 look like, how much money or your credit score? 0:07:11.480 --> 0:07:13.080 What do you want life to look like? 0:07:13.440 --> 0:07:16.240 And so then reverse engineering get so we sat here 0:07:16.280 --> 0:07:18.160 and think, Okay, how much money do I want coming 0:07:18.200 --> 0:07:20.600 in every single month, whether I choose to work or 0:07:20.680 --> 0:07:23.560 I don't want to work, how much is that? And 0:07:23.640 --> 0:07:25.560 then getting to a point where you accept how much 0:07:25.600 --> 0:07:28.320 money you have and make a decision to pay yourself. 0:07:28.360 --> 0:07:30.600 When I say pay yourself, that doesn't mean using a 0:07:30.640 --> 0:07:31.360 savings account. 0:07:31.520 --> 0:07:35.160 That means investing it, giving yourself the opportunity to grow 0:07:35.200 --> 0:07:37.000 your network. And so one of the biggest things I 0:07:37.040 --> 0:07:40.120 saw on Wall Street investing was a standard right like 0:07:40.320 --> 0:07:44.280 they had multiple accounts connected to different goals. So when 0:07:44.320 --> 0:07:45.960 I started working, I had a checking account and I 0:07:45.960 --> 0:07:47.760 had a saving as account. But I'm in these bank 0:07:47.760 --> 0:07:51.400 accounts and they have multiple accounts with multiple titles for 0:07:51.480 --> 0:07:54.800 multiple reasons. And so I started to open accounts for 0:07:54.920 --> 0:07:57.760 different purposes. So this is the account that I have 0:07:57.920 --> 0:07:59.880 where I'm going to buy my house, This is my 0:08:00.160 --> 0:08:02.520 travel the world account, this is my I am built 0:08:02.520 --> 0:08:03.800 for this account just. 0:08:03.720 --> 0:08:05.080 In case something were to happen. 0:08:05.600 --> 0:08:07.960 So I started to separate my money based off of 0:08:08.000 --> 0:08:10.600 the purpose and the goal. So every account number you 0:08:10.600 --> 0:08:13.520 have should be in alignment with a desire, a goal 0:08:13.560 --> 0:08:16.120 that you have. And then also paying myself. And when 0:08:16.120 --> 0:08:18.400 I say pay myself, I'm investing in my brokers account. 0:08:18.400 --> 0:08:20.640 And I know you mentioned like your retirement account. You 0:08:20.720 --> 0:08:24.160 have to really think about where you're going to need money, 0:08:24.320 --> 0:08:26.280 when you're going to need it, and why you're going 0:08:26.320 --> 0:08:28.320 to need it. Right, So I'm thirty six years old, 0:08:28.440 --> 0:08:31.640 the government sells us to work until where sixty sixty 0:08:31.640 --> 0:08:34.080 five years old and then wait for Social Security. 0:08:34.080 --> 0:08:35.400 I mean, we also grew up in an era. I 0:08:35.440 --> 0:08:37.520 know I did. You talked to go to school, get 0:08:37.520 --> 0:08:37.920 the job. 0:08:38.080 --> 0:08:40.080 You get the job, and you pay for school, and 0:08:40.120 --> 0:08:42.560 if you're special, you get a government job. And we 0:08:42.679 --> 0:08:46.120 now know nowadays government jobs aren't even safe. Right, So 0:08:46.480 --> 0:08:49.719 we can't just rely on that college degree and then 0:08:49.760 --> 0:08:52.880 just sitting mountains of debt. We have to do something more. 0:08:53.200 --> 0:08:55.600 And so my more was yes, I had a job. 0:08:55.720 --> 0:08:58.000 My more was yes I set money aside for saving. 0:08:58.280 --> 0:09:01.240 But my more was also investing in these companies that 0:09:01.280 --> 0:09:04.880 are literally making millionaires and billionaires every day, and their 0:09:04.920 --> 0:09:08.520 network is growing because I'm consuming their products right, and 0:09:08.559 --> 0:09:11.040 so really opening a brokerage account, which there is no 0:09:11.200 --> 0:09:14.560 minimum requirement to start, and just starting with companies you know, 0:09:14.600 --> 0:09:16.800 you use and believe in. And so I just saw 0:09:16.840 --> 0:09:19.400 wealthy people investing in their brokerage account. I saw them 0:09:19.400 --> 0:09:22.160 investing for their children in their brokerage account. So I said, look, 0:09:22.200 --> 0:09:24.280 I'm gonna start with three hundred dollars. I'm going to 0:09:24.320 --> 0:09:27.440 open a brokerage account, and I'm just going to start investing. 0:09:27.440 --> 0:09:30.080 And that was literally years ago when I did this, 0:09:30.160 --> 0:09:32.520 and I'm just continuously growing. And the other thing I 0:09:32.520 --> 0:09:36.080 would say, as you make more, you pay yourself more. 0:09:36.280 --> 0:09:38.880 So while you might start with twenty dollars a month, 0:09:39.280 --> 0:09:42.040 let's say every ninety days you now at you put 0:09:42.080 --> 0:09:44.920 twenty five a month, you go to thirty dollars a month, 0:09:44.920 --> 0:09:47.600 and let's say you get that bonus. So I started 0:09:47.679 --> 0:09:50.920 with three hundred dollars, but every time I grew or 0:09:50.960 --> 0:09:54.680 my income grew, I invested more, so much that investing 0:09:54.760 --> 0:09:56.960 no longer was just an option. 0:09:57.120 --> 0:09:58.319 It was like a bill. 0:09:58.080 --> 0:10:00.800 That I paid every single month, the same way I 0:10:00.840 --> 0:10:03.439 pay my cell phone bill or my car note. I'm 0:10:03.480 --> 0:10:06.920 actually paying Ashley so much that if Ashley never makes 0:10:06.960 --> 0:10:09.679 money again, at least she has something working for her 0:10:09.720 --> 0:10:10.280 on the side. 0:10:10.320 --> 0:10:11.480 And I think that's what we need. 0:10:11.400 --> 0:10:14.680 To do, just starting with what we have, but getting 0:10:14.679 --> 0:10:16.640 to the destination of who we want to be and 0:10:16.640 --> 0:10:17.920 who we ultimately deserve to be. 0:10:19.120 --> 0:10:22.280 I want to say this as a lawyer. Ashley is 0:10:22.320 --> 0:10:25.160 not giving any of y'all financial advice. She is talking 0:10:25.200 --> 0:10:28.120 about her own experience and sharing her journey. If you 0:10:28.240 --> 0:10:30.120 try it at home, you try it at home, but 0:10:30.160 --> 0:10:31.800 it is not on her one way or the other. 0:10:31.880 --> 0:10:33.439 If you win and lose or draw. 0:10:33.800 --> 0:10:36.560 So, Ashley, I want to also ask you about this 0:10:36.600 --> 0:10:39.720 because I think this is some of what happens for people, 0:10:39.760 --> 0:10:43.520 and I'll actually own this. You're talking about a brokerage account. 0:10:43.679 --> 0:10:48.560 I talked about a retirement fund the video that we 0:10:48.600 --> 0:10:51.520 showed earlier. You talked about investing in some of the 0:10:51.559 --> 0:10:53.880 companies that we know we buy bags from and kind 0:10:53.920 --> 0:10:55.400 of luxury items. 0:10:55.880 --> 0:10:57.600 Where do you think is the on ramp? 0:10:57.800 --> 0:11:01.240 Like do people start with like an eye roth ira 0:11:02.200 --> 0:11:04.600 to get started? Do they start with this twenty dollars 0:11:04.640 --> 0:11:07.400 twenty five dollars set aside plan? Do they go get 0:11:07.440 --> 0:11:10.839 a life insurance policy? If you're a young professional. I'm 0:11:10.840 --> 0:11:12.920 not young anywhere. But if you're a young professional in 0:11:12.920 --> 0:11:15.280 this space starting out, where do you recommend people start. 0:11:15.559 --> 0:11:16.800 So it's a couple things. 0:11:16.800 --> 0:11:19.000 So the first thing most people know is their retirement 0:11:19.040 --> 0:11:20.960 account at their job. So you're four to one K, 0:11:21.080 --> 0:11:24.559 four to three B, and I recommend getting that account now. 0:11:24.600 --> 0:11:26.560 While you can't touch it till fifty nine and a half, 0:11:26.880 --> 0:11:27.520 you want to. 0:11:27.440 --> 0:11:30.000 Get that account because one, they're automatically taking money from 0:11:30.000 --> 0:11:32.080 your check. I would challenge you to know the type 0:11:32.080 --> 0:11:34.920 of investments the mutual funds in there. But if your 0:11:35.000 --> 0:11:38.160 company matches you, that is a return on an investment. 0:11:38.240 --> 0:11:40.360 That is free money. And that's one of the things 0:11:40.400 --> 0:11:42.400 I did when I worked on Wall Street. I was 0:11:42.440 --> 0:11:45.880 investing what they were willing to contribute. That is free money. Now, 0:11:45.920 --> 0:11:48.520 although it is that long term strategy, if you are 0:11:48.640 --> 0:11:51.160 let's say you're under forty or your thirties or your twenties, 0:11:51.400 --> 0:11:53.360 if you don't want to wait till sixty to retire, 0:11:53.640 --> 0:11:54.920 retirement is not an age. 0:11:54.960 --> 0:11:55.840 It's a dollar amount. 0:11:56.200 --> 0:11:59.040 So now I'm thinking, okay, yes, I'm setting money aside 0:11:59.080 --> 0:12:01.280 for sixty and I'm in my twenties. I want to 0:12:01.320 --> 0:12:04.680 retire at forty, so getting a brokerage account allows you 0:12:04.800 --> 0:12:08.920 allows that flexibility. There's no age requirement, there's no minimum 0:12:09.000 --> 0:12:12.480 or maximum to start with, and you're not penalized just 0:12:12.520 --> 0:12:14.680 in case you need the money, so you're able to 0:12:14.720 --> 0:12:17.520 start small, bill big. And those retirement accounts they have 0:12:17.600 --> 0:12:21.440 income limitations, they have age restrictions, and their penalties. 0:12:21.000 --> 0:12:21.920 If you try to withdraw. 0:12:22.120 --> 0:12:24.680 Not that it's bad, but you have to understand every 0:12:24.720 --> 0:12:27.400 account you have is for a different purpose and for 0:12:27.480 --> 0:12:29.760 a different season in your life. And the reason why 0:12:29.760 --> 0:12:31.880 I like brokerage accounts is because you have flexibility. 0:12:31.960 --> 0:12:34.440 Right Like, I've been kicked out of places before. 0:12:34.440 --> 0:12:37.080 When I left my Wall Street job, I got kicked 0:12:37.080 --> 0:12:39.480 out of my Harlem apartment and I maxed out every 0:12:39.520 --> 0:12:41.760 all my credit cards eighty thousand dollars in debt. 0:12:41.920 --> 0:12:43.120 But I had the stocks in. 0:12:43.080 --> 0:12:45.760 My investment account and I sold those and that's how 0:12:45.800 --> 0:12:47.920 I was able to build my company Implify. There were 0:12:47.960 --> 0:12:49.640 times where I had to sell my stocks to make 0:12:49.720 --> 0:12:53.160 payroll in my business. So you have the flexibility to withdraw, 0:12:53.720 --> 0:12:56.720 whereas your retirement accounts are just that set for you 0:12:56.800 --> 0:12:59.679 to retirement. So I'm planning for my life now and 0:12:59.760 --> 0:13:02.040 life and you want to be able to do both. Now, 0:13:02.080 --> 0:13:05.320 when it comes to life insurance, that is more so, 0:13:05.640 --> 0:13:07.960 how can I set my family up? That's the number 0:13:08.000 --> 0:13:10.200 one reason you would get life insurance if you have 0:13:10.320 --> 0:13:12.040 family that you want to pass down wealth to. And 0:13:12.040 --> 0:13:14.920 I think everybody I encourage to put yourself in that 0:13:14.960 --> 0:13:17.920 position to take care of your family regards, especially if 0:13:18.000 --> 0:13:18.719 your family. 0:13:18.480 --> 0:13:19.160 Is dependent on you. 0:13:19.280 --> 0:13:21.520 But there's other life insurance policies where you can build 0:13:21.600 --> 0:13:24.800 wealth and extract that money while you're alive. But it's 0:13:24.800 --> 0:13:27.720 a case by case basis, so depending on your age, 0:13:27.760 --> 0:13:31.400 your health, your income. A brokerage account has no color, 0:13:31.640 --> 0:13:34.520 has no credit score, has no gender. It looks like 0:13:34.559 --> 0:13:36.959 all of us. We can build wealth, and we can 0:13:37.000 --> 0:13:39.360 do so with a brokerage account. So whether it's my 0:13:39.400 --> 0:13:41.680 eight year old niece who has a brokerage account, whether 0:13:41.679 --> 0:13:44.760 it's somebody who's in their sixties or their seventies, it's 0:13:44.800 --> 0:13:48.120 one of the most easiest ways to start with as 0:13:48.240 --> 0:13:51.120 little but just in case you need it, it's liquid 0:13:51.200 --> 0:13:53.280 enough for you to be able to withdraw without any 0:13:53.320 --> 0:13:54.679 major rules or restrictions. 0:13:55.960 --> 0:14:00.280 So with the brokerage account, are there certain companies that 0:14:00.360 --> 0:14:02.560 you like ranked and you check like these are the 0:14:02.720 --> 0:14:05.800 best companies to do a brokerage account with? And why 0:14:05.920 --> 0:14:09.720 and explain for people at home what is a brokerage account? 0:14:09.760 --> 0:14:12.280 So brokerage account is simple. It connects the buyer of 0:14:12.320 --> 0:14:15.720 an investment to the seller. It takes five minutes opening accounts. 0:14:15.720 --> 0:14:18.480 You don't learn anything from this session. If you aren't investing, 0:14:18.600 --> 0:14:21.720 at least get a brokerage account right now. When you 0:14:21.800 --> 0:14:24.960 open a brokerage account as an individual, you want to 0:14:25.000 --> 0:14:27.800 make sure that you know how much you want to 0:14:27.840 --> 0:14:31.080 start with. But I come from a Wall Street background, 0:14:31.120 --> 0:14:33.760 so when I started investing in twenty eleven twenty twelve, 0:14:33.760 --> 0:14:36.040 a lot of the new apps didn't exist. They weren't 0:14:36.040 --> 0:14:38.840 talking about finance on social So the accounts that I 0:14:38.920 --> 0:14:41.120 use are accounts I see the millionaires a billionaires using. 0:14:41.160 --> 0:14:43.400 So when it comes to just even the members inside 0:14:43.400 --> 0:14:47.160 of our WB app, I like Fidelity, I like Charles Schwab, I. 0:14:47.120 --> 0:14:48.680 Like Vanguard, I like E Trade. 0:14:49.360 --> 0:14:53.040 Now, if you're starting small, both Smart small meeting let's 0:14:53.040 --> 0:14:56.120 say fifty dollars or less. Fidelity and Charles Schwab lets 0:14:56.160 --> 0:14:59.240 you buy fractional shares, and fractional shares mean if the 0:14:59.280 --> 0:15:01.640 share is the the cost of the stock, the investment 0:15:01.640 --> 0:15:04.359 you would make is one hundred dollars, but you only. 0:15:04.120 --> 0:15:06.800 Have fifty, you're able to get a half of a share. 0:15:07.040 --> 0:15:09.800 Both Fidelity and Charles Schwab allow you to do that. 0:15:10.080 --> 0:15:12.520 I'm also the type of person when you have my money, 0:15:12.520 --> 0:15:14.280 I like to call you at two o'clock in the morning. 0:15:14.600 --> 0:15:16.680 I like to be able to have that customer service 0:15:16.680 --> 0:15:19.240 access at twenty four to seven support. Now that's not 0:15:19.280 --> 0:15:21.080 to say the newer apps are bad. You'll never hear 0:15:21.120 --> 0:15:23.520 me talk bad about a person or a company. It's 0:15:23.680 --> 0:15:26.000 just they're just new, so they might not have the 0:15:26.000 --> 0:15:28.640 customer support, they might not have the access or all 0:15:28.640 --> 0:15:31.240 the features. But those are the top accounts that I use, 0:15:31.360 --> 0:15:34.120 My family use, the members inside of our app use, 0:15:33.920 --> 0:15:37.080 those are the companies that you can utilize. Now, again, 0:15:37.240 --> 0:15:39.200 it doesn't mean the newer apps are bad. They just 0:15:39.280 --> 0:15:42.200 might not have all the features and benefits, but they 0:15:42.280 --> 0:15:43.600 serve the same purpose for you. 0:15:54.360 --> 0:15:56.920 Okay, what about crypto. So there's been this kind of 0:15:56.960 --> 0:16:00.960 crypto boom. People are like, oh, okay, well I don't 0:16:00.960 --> 0:16:03.640 need to invest in stock now because now there's this 0:16:04.200 --> 0:16:07.040 there's bitcoin and there's all of this stuff there. 0:16:07.160 --> 0:16:09.440 People buy trump Coin. 0:16:09.520 --> 0:16:12.120 Like there are all of these these entities, famous folks 0:16:12.120 --> 0:16:15.520 who are coming up with their own cryptocurrency. What do 0:16:15.600 --> 0:16:19.480 you say to folks who are relying now on crypto 0:16:19.560 --> 0:16:21.920 to make their money quick? And all of the influencers 0:16:21.960 --> 0:16:25.280 online who've talked about how rich they become on crypto. 0:16:25.400 --> 0:16:26.440 So there's two things. 0:16:26.720 --> 0:16:29.320 One, I'm not an expert in crypto, so I won't 0:16:29.320 --> 0:16:31.440 even stay hearing a lot of you and tell you 0:16:31.440 --> 0:16:33.800 what to buyer how to do it. The second thing, 0:16:33.800 --> 0:16:35.280 I would say one of the words you said, and 0:16:35.320 --> 0:16:37.840 you don't even realize you said it was quick. When 0:16:37.840 --> 0:16:40.160 it comes to building wealth and just how I've learned 0:16:40.200 --> 0:16:42.560 to do it, there is nobody that I worked with 0:16:42.600 --> 0:16:43.520 that got rich quick. 0:16:43.880 --> 0:16:46.280 And I think we for so long we may have 0:16:46.360 --> 0:16:47.280 been without that. 0:16:47.360 --> 0:16:51.000 Our desire to have money fast, we think that's what 0:16:51.000 --> 0:16:54.000 we're gonna need, when in reality, you can't eat all 0:16:54.040 --> 0:16:57.000 your food on a Thanksgiving plate quickly. So when it 0:16:57.000 --> 0:16:59.280 comes to building wealth, this is a journey. That is, 0:16:59.440 --> 0:17:01.880 it becomes a of who you are. Not saying that 0:17:01.960 --> 0:17:04.720 crypto has not made people wealthy. I'm not here to 0:17:04.720 --> 0:17:07.200 count anybody's pockets. But the one thing I can say 0:17:07.320 --> 0:17:10.159 is not regulated. So if you are somebody who is 0:17:10.200 --> 0:17:12.960 afraid of losing money or not being able to get 0:17:13.000 --> 0:17:15.240 your money and things like that, it's not regulated. 0:17:15.280 --> 0:17:18.320 It's so new that it's not regulated, not that it won't. 0:17:18.440 --> 0:17:20.920 But just because something is sexy and it's hot doesn't 0:17:20.960 --> 0:17:23.000 mean it's going to change your life right now and 0:17:23.119 --> 0:17:26.119 might not satisfy your risk tolerance. So I can't speak 0:17:26.160 --> 0:17:28.239 to how to do it, what to do, but I 0:17:28.280 --> 0:17:30.760 can tell you that if you are not someone that 0:17:30.840 --> 0:17:33.800 wants to take risk and you want regulation and you 0:17:33.840 --> 0:17:36.000 want protection and all of that, it might not be 0:17:36.080 --> 0:17:38.640 the best thing to start. Maybe as time progresses there'll 0:17:38.680 --> 0:17:41.520 be a lot more regulation. But just because something is 0:17:41.560 --> 0:17:44.359 sexy and hot the same day that is hot tomorrow, 0:17:44.560 --> 0:17:47.920