1
00:00:06,240 --> 00:00:09,680
Speaker 1: It's time for the b a q a A. The

2
00:00:09,760 --> 00:00:12,119
Speaker 1: b a q A what to say? The b a

3
00:00:12,600 --> 00:00:15,200
Speaker 1: q A with Manday although she's out sick today, the

4
00:00:15,280 --> 00:00:18,239
Speaker 1: b a q A with him today, the b a.

5
00:00:18,480 --> 00:00:19,319
Speaker 2: Q a A.

6
00:00:20,960 --> 00:00:23,919
Speaker 1: It is time for Brianna Vision Questions and answers. You

7
00:00:23,920 --> 00:00:26,239
Speaker 1: have some questions, We have some answers. Well today is

8
00:00:26,320 --> 00:00:29,000
Speaker 1: just me because maybe have the nerve to have lost

9
00:00:29,040 --> 00:00:31,120
Speaker 1: her voice, honey. But I'll be the voice for both

10
00:00:31,120 --> 00:00:33,480
Speaker 1: of us. So although we have some answers, I don't

11
00:00:33,479 --> 00:00:34,080
Speaker 1: have all the answers.

12
00:00:34,120 --> 00:00:34,239
Speaker 3: Right.

13
00:00:34,280 --> 00:00:35,960
Speaker 1: I'm not your auntie, I'm not your mom, not your

14
00:00:36,000 --> 00:00:39,680
Speaker 1: financial advisor, your attorney, but I am a smart brown

15
00:00:39,800 --> 00:00:44,960
Speaker 1: girl when it comes to some money, career, business, etcetera.

16
00:00:45,600 --> 00:00:47,360
Speaker 2: So we have a guest today on b a q

17
00:00:47,440 --> 00:00:49,720
Speaker 2: A with day Shante.

18
00:00:49,280 --> 00:00:53,520
Speaker 1: To be exactly, she's be a listener and she has

19
00:00:53,560 --> 00:00:54,640
Speaker 1: a really great question.

20
00:00:55,040 --> 00:00:56,240
Speaker 2: So we invited her. Come on.

21
00:00:56,320 --> 00:00:57,720
Speaker 1: If you want to be invited to come on, and

22
00:00:57,760 --> 00:01:00,920
Speaker 1: you know you don't do go head on to Branna

23
00:01:00,960 --> 00:01:04,120
Speaker 1: Vision podcast, especially on Instagram. Leave us a voice note,

24
00:01:04,160 --> 00:01:08,240
Speaker 1: like a message voice note. When you do that, our

25
00:01:09,000 --> 00:01:12,520
Speaker 1: producer MANI will listen, and you know she might invite

26
00:01:12,560 --> 00:01:15,240
Speaker 1: you on okay, just like you won't be like you

27
00:01:15,280 --> 00:01:15,560
Speaker 1: know you do.

28
00:01:17,120 --> 00:01:19,959
Speaker 2: Welcome Sante. How are you? I'm good and you I'm

29
00:01:20,000 --> 00:01:22,479
Speaker 2: good good. Where are you from, Santa? I am from

30
00:01:22,800 --> 00:01:25,520
Speaker 2: the West Coast. I think I put that in the message.

31
00:01:25,560 --> 00:01:27,560
Speaker 4: I don't know why I had to go so hard

32
00:01:27,640 --> 00:01:30,759
Speaker 4: for it, but I've been born and raised in California.

33
00:01:30,880 --> 00:01:34,280
Speaker 1: Okay, Okay, West Coast Okay. So Sata, you have a

34
00:01:34,400 --> 00:01:35,280
Speaker 1: question for me?

35
00:01:35,440 --> 00:01:35,840
Speaker 2: What does that?

36
00:01:36,440 --> 00:01:41,959
Speaker 5: My question is when it comes to emergency savings, should

37
00:01:42,000 --> 00:01:46,760
Speaker 5: you be putting your emergency savings in a high deal

38
00:01:47,040 --> 00:01:52,640
Speaker 5: savings account or should you invest it into ETFs?

39
00:01:52,960 --> 00:01:55,160
Speaker 2: So, first of all, great question.

40
00:01:55,640 --> 00:02:02,080
Speaker 1: I'll say this, So one, emergency savings is a safety

41
00:02:02,120 --> 00:02:06,360
Speaker 1: net right, meaning that it is there to protect you

42
00:02:06,640 --> 00:02:09,640
Speaker 1: in case of loss of income or in case you

43
00:02:09,680 --> 00:02:12,720
Speaker 1: experience some sort of financial trauma or drama, to protect you.

44
00:02:13,200 --> 00:02:16,000
Speaker 1: The purpose of savings is not to make you money.

45
00:02:16,919 --> 00:02:18,720
Speaker 1: So I think that, like I want to like it's

46
00:02:18,720 --> 00:02:20,280
Speaker 1: almost like and some people be mad at me when

47
00:02:20,280 --> 00:02:22,320
Speaker 1: I talk about insurance, right, because you have like whole

48
00:02:22,320 --> 00:02:25,640
Speaker 1: life which I'm like boom right, Because the purpose of

49
00:02:25,720 --> 00:02:27,840
Speaker 1: insurance is not to make you money, is to protect

50
00:02:27,880 --> 00:02:32,959
Speaker 1: your assets, so emergency now, because we confuse emergency savings

51
00:02:32,960 --> 00:02:35,840
Speaker 1: with just money in general. Yes, we love our money

52
00:02:35,840 --> 00:02:39,200
Speaker 1: to make money, but emergency savings is literally a safety net.

53
00:02:39,680 --> 00:02:41,680
Speaker 1: So you don't want to put in a position not

54
00:02:41,720 --> 00:02:44,680
Speaker 1: to be there to protect you. Right, So, if you

55
00:02:44,760 --> 00:02:46,920
Speaker 1: put it in a high yield savings account like Allline

56
00:02:46,960 --> 00:02:50,320
Speaker 1: Only Bank or whatever, as long as I only only

57
00:02:50,360 --> 00:02:54,760
Speaker 1: bank is FDIC insured, meaning that you get your money

58
00:02:54,800 --> 00:02:57,880
Speaker 1: back up to like two fifty if you if the

59
00:02:57,919 --> 00:03:01,639
Speaker 1: bank should go under, then you can be pretty much

60
00:03:01,639 --> 00:03:04,720
Speaker 1: assured that when you need this safety net, the money

61
00:03:04,760 --> 00:03:07,280
Speaker 1: will be there. Now, the reason why we like high

62
00:03:07,320 --> 00:03:10,360
Speaker 1: yield savings is because although the perfect purpose of savings

63
00:03:10,400 --> 00:03:12,560
Speaker 1: is not to make you money, we don't want to

64
00:03:12,560 --> 00:03:14,760
Speaker 1: lose so much to the inflation. You know, right now

65
00:03:14,800 --> 00:03:18,000
Speaker 1: inflation is super on the high side, but back in

66
00:03:18,040 --> 00:03:21,400
Speaker 1: the day, inflation was like two or three percent. Emergency

67
00:03:21,440 --> 00:03:23,639
Speaker 1: savings accounts for yielding like you know, one or two percent,

68
00:03:23,919 --> 00:03:25,960
Speaker 1: so you were basically net net even it was there

69
00:03:26,040 --> 00:03:27,480
Speaker 1: ready for you in case.

70
00:03:27,280 --> 00:03:29,360
Speaker 2: Of and emergency. I want you to think about this,

71
00:03:29,400 --> 00:03:29,920
Speaker 2: like let's.

72
00:03:29,720 --> 00:03:32,360
Speaker 1: Just say you're on a on a like a flight

73
00:03:32,800 --> 00:03:36,280
Speaker 1: and the you know, like the air the mask comes down, right,

74
00:03:36,760 --> 00:03:39,200
Speaker 1: So the purpose of like the air mask coming down,

75
00:03:39,280 --> 00:03:42,520
Speaker 1: it's not for fashion, like girl, we're not looking turning looks,

76
00:03:42,840 --> 00:03:44,400
Speaker 1: is to save you in the in the case of

77
00:03:44,440 --> 00:03:46,360
Speaker 1: emergen Can you imagine like if you were like, but

78
00:03:47,240 --> 00:03:48,760
Speaker 1: it would be cute if it was like, you know,

79
00:03:48,840 --> 00:03:51,360
Speaker 1: giving a look or whatever. It's like, that's not the purpose.

80
00:03:52,280 --> 00:03:54,320
Speaker 1: So like, so that so the reason that's why so

81
00:03:54,360 --> 00:03:58,360
Speaker 1: I like ETFs. But the problem with putting your emergency savings.

82
00:03:58,400 --> 00:04:01,560
Speaker 1: So let me, I always forget what like ETF stands

83
00:04:01,560 --> 00:04:06,120
Speaker 1: for e TF, right, so at ETF, I always forget

84
00:04:06,120 --> 00:04:07,720
Speaker 1: the name. I just could I just call them ETFs

85
00:04:07,720 --> 00:04:08,119
Speaker 1: all the time?

86
00:04:08,400 --> 00:04:11,760
Speaker 2: Right me? ETF is an exchange traded fund.

87
00:04:11,920 --> 00:04:15,520
Speaker 1: So what that is is basically, it's a basket of investments.

88
00:04:15,560 --> 00:04:20,080
Speaker 1: Typically it could be stocks, bonds, and some other investments. Right,

89
00:04:20,279 --> 00:04:23,159
Speaker 1: It's a basket that is traded like a stock a

90
00:04:23,240 --> 00:04:26,120
Speaker 1: mutual fund. The difference is just it's a basket, but

91
00:04:26,160 --> 00:04:28,039
Speaker 1: it's not traded back and forth like a stock during

92
00:04:28,040 --> 00:04:30,479
Speaker 1: the day. You can only buy mutual funds after the

93
00:04:30,520 --> 00:04:32,240
Speaker 1: market is closed. You can buy it like you know,

94
00:04:32,320 --> 00:04:35,400
Speaker 1: you can purchase a mutual fund, but it's not traded

95
00:04:35,440 --> 00:04:36,080
Speaker 1: back and forth.

96
00:04:36,400 --> 00:04:37,800
Speaker 2: So an ETF is almost like.

97
00:04:37,760 --> 00:04:40,320
Speaker 1: A love child between a stock, which you can buy

98
00:04:40,320 --> 00:04:42,839
Speaker 1: and sell all day, but it's one singular piece of

99
00:04:42,839 --> 00:04:46,080
Speaker 1: a company and a mutual fund, which is a basket

100
00:04:46,160 --> 00:04:46,800
Speaker 1: of stocks.

101
00:04:47,160 --> 00:04:48,720
Speaker 2: You know, So at ETF is like.

102
00:04:48,640 --> 00:04:51,320
Speaker 1: The love child between those two things because it's also

103
00:04:51,360 --> 00:04:53,640
Speaker 1: a basket, but it could also be traded. Hold that

104
00:04:53,720 --> 00:04:57,520
Speaker 1: thought before we continue. Let's go to break because you know,

105
00:04:57,520 --> 00:05:02,200
Speaker 1: we got more to talk about and we're back. And

106
00:05:02,240 --> 00:05:04,680
Speaker 1: what I what I do like about ETFs too, is

107
00:05:04,720 --> 00:05:09,520
Speaker 1: that the more hands on someone is on the other

108
00:05:09,640 --> 00:05:13,200
Speaker 1: side to help you manage that money, the more you're.

109
00:05:13,000 --> 00:05:14,960
Speaker 2: Going to be charged. So i'll tell you what that means.

110
00:05:15,000 --> 00:05:18,400
Speaker 1: Meaning then with a mutual fund, there is typically a

111
00:05:18,480 --> 00:05:21,200
Speaker 1: person that is picking the fund, and that the so

112
00:05:21,400 --> 00:05:26,520
Speaker 1: mutual funds the expense ratio, meaning the cost to invest

113
00:05:26,960 --> 00:05:31,960
Speaker 1: is higher because there is somebody typically actively choosing the fund. Okay, right,

114
00:05:32,040 --> 00:05:34,120
Speaker 1: so you have to pay more money because that person's like, oh,

115
00:05:34,160 --> 00:05:34,760
Speaker 1: I need to get.

116
00:05:34,600 --> 00:05:35,080
Speaker 2: Paid to this.

117
00:05:36,160 --> 00:05:41,680
Speaker 1: ETFs are typically like electronically generated and so there is

118
00:05:41,680 --> 00:05:44,040
Speaker 1: still an expense ratio. There's still there's still a cost.

119
00:05:44,200 --> 00:05:46,600
Speaker 1: But because it's not this person picking it, the cost

120
00:05:46,720 --> 00:05:50,360
Speaker 1: is less. And with stocks, it's you picking it, it's

121
00:05:50,360 --> 00:05:52,440
Speaker 1: not a person behind the scenes. So oftentimes there is

122
00:05:52,440 --> 00:05:54,760
Speaker 1: no expense ratio, There is no no, no fee for

123
00:05:54,839 --> 00:05:56,479
Speaker 1: trading a stock except for, like, you know, whatever the

124
00:05:56,480 --> 00:05:58,520
Speaker 1: platform is charging you. You see, the further way you

125
00:05:58,520 --> 00:06:01,200
Speaker 1: get away from human intervention, the less and less money

126
00:06:01,200 --> 00:06:02,479
Speaker 1: you pay to actually play.

127
00:06:02,720 --> 00:06:04,960
Speaker 2: Does that make sense? It makes perfect sense, you know.

128
00:06:05,080 --> 00:06:06,760
Speaker 1: And so I just say all that to say that

129
00:06:06,880 --> 00:06:09,480
Speaker 1: I do want you to invest he but not with

130
00:06:09,680 --> 00:06:13,679
Speaker 1: your emergency fund, because now that you've worn your face

131
00:06:13,760 --> 00:06:16,400
Speaker 1: masks for fashion, the plane is going down. What you're

132
00:06:16,400 --> 00:06:19,880
Speaker 1: gonna breathe with? You know what I mean. So it's like,

133
00:06:20,080 --> 00:06:22,000
Speaker 1: so I, at the very least, what.

134
00:06:21,960 --> 00:06:23,159
Speaker 2: You could do? Do you like, do you have an

135
00:06:23,200 --> 00:06:25,279
Speaker 2: emergency fund? Do you have money set aside?

136
00:06:25,279 --> 00:06:25,440
Speaker 5: Now?

137
00:06:25,600 --> 00:06:28,040
Speaker 2: I sure do? Okay? Good.

138
00:06:28,040 --> 00:06:30,720
Speaker 1: So what you might consider tay is say, once I

139
00:06:30,760 --> 00:06:34,840
Speaker 1: get to three months, anything excessive over three months, I.

140
00:06:34,800 --> 00:06:36,960
Speaker 2: Can invest, okay, or.

141
00:06:36,960 --> 00:06:40,040
Speaker 1: You might say any depending on Now three months is

142
00:06:40,080 --> 00:06:43,920
Speaker 1: the bare minimum, depending on how quickly you can replace

143
00:06:43,920 --> 00:06:47,599
Speaker 1: your income if necessary. So like three months for a

144
00:06:47,680 --> 00:06:50,040
Speaker 1: nurse is more than enough, three months for a teacher

145
00:06:50,120 --> 00:06:51,080
Speaker 1: probably more than enough.

146
00:06:51,200 --> 00:06:51,599
Speaker 2: Three months.

147
00:06:51,640 --> 00:06:54,400
Speaker 1: For maybe an engineer, they might need six months. So

148
00:06:54,440 --> 00:06:57,080
Speaker 1: whatever your bare minimum is that you would need months

149
00:06:57,120 --> 00:06:59,960
Speaker 1: to replace your income. Once you get to that, then

150
00:06:59,839 --> 00:07:03,240
Speaker 1: anything outside of that, absolutely you ought to invest it.

151
00:07:03,640 --> 00:07:09,760
Speaker 2: Okay, that makes sense. Okay, it's hard sense, yes, right.

152
00:07:09,880 --> 00:07:11,160
Speaker 1: So I just want you to I want you to

153
00:07:11,240 --> 00:07:13,720
Speaker 1: visualize when you're like, oh man, this money's not making

154
00:07:13,760 --> 00:07:15,720
Speaker 1: money for you. I want you to visualize someone walking

155
00:07:15,760 --> 00:07:18,200
Speaker 1: down the street with their air masks from the airplane,

156
00:07:18,320 --> 00:07:20,720
Speaker 1: turning a look. Meanwhile, someone's up in the sky, like

157
00:07:20,800 --> 00:07:23,800
Speaker 1: I need my mask. Who took the mask from the plane?

158
00:07:24,360 --> 00:07:26,880
Speaker 1: You know they want the stunt and now we need it, Like,

159
00:07:26,960 --> 00:07:28,440
Speaker 1: you know, you don't want to take that money that

160
00:07:28,480 --> 00:07:31,960
Speaker 1: you need. The purpose of emergency savings is protective. There's

161
00:07:31,960 --> 00:07:34,760
Speaker 1: some money that's meant to earn, there's some money that's

162
00:07:34,760 --> 00:07:36,480
Speaker 1: meant to grow, and there's some money that's.

163
00:07:36,360 --> 00:07:41,320
Speaker 2: Meant to protect. And that's protective money. Okay, protecting money, Yeah,

164
00:07:41,360 --> 00:07:42,120
Speaker 2: that's protecting money.

165
00:07:42,160 --> 00:07:43,880
Speaker 1: Is there to protect you in the case of emergency

166
00:07:44,160 --> 00:07:46,600
Speaker 1: at least three months, more and more if you feel

167
00:07:46,600 --> 00:07:47,280
Speaker 1: more comfortable.

168
00:07:47,360 --> 00:07:49,520
Speaker 2: But I will say it is possible to save too much.

169
00:07:49,520 --> 00:07:51,600
Speaker 1: I think that's what you're thinking about, because there might

170
00:07:51,600 --> 00:07:53,200
Speaker 1: be people who have five years worth to save.

171
00:07:53,240 --> 00:07:56,480
Speaker 2: I'm just making that up. That's too much. That's too much.

172
00:07:56,600 --> 00:07:58,880
Speaker 1: You know, once you get to whatever that thresholders, you're

173
00:07:58,880 --> 00:08:01,360
Speaker 1: three months or six months. Anything above that, you're right

174
00:08:01,400 --> 00:08:03,120
Speaker 1: that money is being wasted.

175
00:08:03,240 --> 00:08:04,880
Speaker 2: And I have been there. I'm sorry.

176
00:08:04,960 --> 00:08:06,800
Speaker 4: I just think like I have to switch my mind

177
00:08:07,000 --> 00:08:09,040
Speaker 4: from like you said, it's not meant.

178
00:08:08,880 --> 00:08:12,040
Speaker 2: To make you money, it's meant to protect you. I

179
00:08:12,080 --> 00:08:13,200
Speaker 2: have to switch my mind to that.

180
00:08:13,720 --> 00:08:15,800
Speaker 1: You know, it's like your warm winter coat versus your

181
00:08:15,840 --> 00:08:16,560
Speaker 1: cute winter coat.

182
00:08:16,760 --> 00:08:19,680
Speaker 2: Right, you're like, it's really gold out.

183
00:08:19,720 --> 00:08:22,600
Speaker 1: Well, you wouldn't know because you're in California or whatever.

184
00:08:21,640 --> 00:08:26,080
Speaker 1: It does get a little cold, right, But don't you

185
00:08:26,160 --> 00:08:28,640
Speaker 1: have some things where you're like, this is my big, old,

186
00:08:28,640 --> 00:08:31,320
Speaker 1: ignorant coat, where it's not about cuteness, it's just because

187
00:08:31,360 --> 00:08:31,880
Speaker 1: it's cold out.

188
00:08:31,880 --> 00:08:32,920
Speaker 2: And then I have like something else.

189
00:08:32,920 --> 00:08:34,719
Speaker 1: It's like it don't really keep me warm, but it's

190
00:08:34,720 --> 00:08:36,040
Speaker 1: really so I could be cute when I go out.

191
00:08:36,160 --> 00:08:38,960
Speaker 4: Yes, like I got the jacket I would buy versus

192
00:08:38,960 --> 00:08:41,520
Speaker 4: the jacket my mama brought me exactly.

193
00:08:42,840 --> 00:08:44,840
Speaker 1: So I want you to be like, this money is

194
00:08:44,840 --> 00:08:47,120
Speaker 1: saving that's my mama bought jacket.

195
00:08:47,200 --> 00:08:49,040
Speaker 2: Right, It's like, all right, this is.

196
00:08:48,960 --> 00:08:52,320
Speaker 1: My responsible you know, and anything above that then I

197
00:08:52,320 --> 00:08:54,720
Speaker 1: can start looking at jackets that I'm purchasing for myself.

198
00:08:54,760 --> 00:08:57,520
Speaker 2: Okay, So just like you know, yeah, that's really good. Okay, good?

199
00:08:57,640 --> 00:08:58,560
Speaker 2: Well was it helpful?

200
00:08:58,800 --> 00:08:59,000
Speaker 5: Yeah?

201
00:08:59,080 --> 00:09:01,720
Speaker 2: It was so much like I'm wanted to change my

202
00:09:01,720 --> 00:09:04,520
Speaker 2: whole game plan. So thank you. Good, I appreciate it.

203
00:09:04,559 --> 00:09:04,760
Speaker 5: Good.

204
00:09:05,559 --> 00:09:06,240
Speaker 2: Now you're welcome.

205
00:09:07,280 --> 00:09:10,200
Speaker 3: I talked to you though, because oh my god, I

206
00:09:10,240 --> 00:09:10,960
Speaker 3: cannot wait.

207
00:09:12,400 --> 00:09:13,760
Speaker 2: I will tell you mom, what's your mom?

208
00:09:13,840 --> 00:09:14,200
Speaker 1: You bet?

209
00:09:14,240 --> 00:09:17,640
Speaker 2: What's her name? Help woe.

210
00:09:20,440 --> 00:09:22,560
Speaker 1: Over here to ask you a good, smart and relevant

211
00:09:22,559 --> 00:09:23,280
Speaker 1: financial question.

212
00:09:23,360 --> 00:09:26,120
Speaker 2: You did a good job to Sevet. Oh she'd let

213
00:09:26,160 --> 00:09:26,480
Speaker 2: me hear that.

214
00:09:26,760 --> 00:09:27,960
Speaker 5: So thank you so much.

215
00:09:28,520 --> 00:09:29,760
Speaker 2: I appreciated so much.

216
00:09:30,559 --> 00:09:34,280
Speaker 3: Here we go, bye bye, Hey ba fan, we could

217
00:09:34,280 --> 00:09:36,880
Speaker 3: not do this show without your support or the support

218
00:09:36,880 --> 00:09:40,040
Speaker 3: of our team behind the scenes. The Brown Emission Podcast

219
00:09:40,120 --> 00:09:43,400
Speaker 3: is produced by Cumulus Podcast Network. It's edited by the

220
00:09:43,559 --> 00:09:48,160
Speaker 3: wonderful Emani Crosby and produced by Tanya Bustos. Dennis Stimplinsky

221
00:09:48,280 --> 00:09:50,960
Speaker 3: is our in house tech guru, and I am Bandy

222
00:09:50,960 --> 00:09:54,040
Speaker 3: Woodrid Santos your co host, and I will see y'all

223
00:09:54,120 --> 00:09:58,439
Speaker 3: next week,