Speaker 1: Hey, hey, BA fam. We love mondays around here because
Speaker 1: when we publish our how to Throwback episode, so we
Speaker 1: dig into the BA archives and bring out the ones
Speaker 1: where we really teach you some incredible skills you could
Speaker 1: use to advance your career, bring home the bacon and
Speaker 1: actually know what to do with it. And that's exactly
Speaker 1: what today's throwback episode is about, because we talk about
Speaker 1: how to invest beyond your four oh one K. In
Speaker 1: this episode, we're going to break down why it's finally
Speaker 1: time for you to start thinking beyond basic savings and
Speaker 1: retirement accounts and taking advantage of what else there may
Speaker 1: be out there. Play the field with your money a
Speaker 1: little bit, okay, and I might tell you a secret
Speaker 1: about my My money habits a bit of a cash hoarder.
Speaker 1: Y'all might have known that. But I don't know if
Speaker 1: I can even compete with Tiffany, y'all, because that girl
Speaker 1: loves to hold on some cold, hard cash. I think
Speaker 1: if she didn't have Angelie, you know, her financial planner,
Speaker 1: I think Tiffany would probably I love that. I'm doom
Speaker 1: shit about her because she's not here, but I bet
Speaker 1: she would have like there would be a drawer in
Speaker 1: her house with just cashing it, just cold heart cash,
Speaker 1: it would be like a duffel bag and be under
Speaker 1: her couch cushion somewhere. She'd be that lady. But without
Speaker 1: further ado, here is our throwback this week, don't forget
Speaker 1: to rate and review the show. We love hearing from
Speaker 1: our listeners so much. In fact, I'm going to go
Speaker 1: and read one of the most recent reviews that we got,
Speaker 1: because why the hell not? All right? This listener Kansas
Speaker 1: City Diana. Oh, she left us a review just a
Speaker 1: week ago. A week ago? Can I speak? Listen, y'all,
Speaker 1: I've been doing this podcast for how long? Let me
Speaker 1: get a sentence out of my mouth without a verbal typo.
Speaker 1: This review is from Kansas City Diana, who left us
Speaker 1: a review on Apple about a week ago. She says,
Speaker 1: these two ladies have inspired me with their advice and
Speaker 1: hype while interviewing some of the most interesting and helpful guests.
Speaker 1: I have laughed and cried and felt so uplifted by
Speaker 1: hearing these stories every week.
Speaker 2: Five stars.
Speaker 1: Thank you, Diana. That is so freaking kind. I wish
Speaker 1: we had started reading these reviews out loud a lot
Speaker 1: a long time ago, but no better time than the present.
Speaker 1: If y'all want to leave a review, please, it means
Speaker 1: so much to us. We really genuinely read each and
Speaker 1: every one. You can go to wherever you get your podcasts,
Speaker 1: Apple Podcasts primarily and leave us a review there. All right,
Speaker 1: let's get into this week's How To episode.
Speaker 3: Hey, hey, hey, it's not my usual Vigor. It's been
Speaker 3: a long day.
Speaker 1: It's been a long day, and Skype is trying us
Speaker 1: earlier today.
Speaker 4: I know.
Speaker 3: Honestly, Skype is a hater.
Speaker 1: Skype did not want brund Ambition to happen tonight.
Speaker 4: But Skype lost Brown Ambition one whoop whoop because we
Speaker 4: back and we black and we brown.
Speaker 2: So how was your birthday?
Speaker 3: Honestly it was awesome.
Speaker 4: So Superman brought me some diamond ear rings, which he
Speaker 4: was so proud, I know. He made me open them
Speaker 4: in front of everybody's like good, passed them around because
Speaker 4: I was like, when am I getting my gift? He
Speaker 4: was like later on tonight he was like waiting for
Speaker 4: more people to come.
Speaker 3: Oh.
Speaker 4: So part of the gift was also that he invited
Speaker 4: like my family and friends to the house on my
Speaker 4: actual birthday, which was.
Speaker 3: Really nice and he you know, got food.
Speaker 4: He even got like vegan food for me for my
Speaker 4: favorite vegan restaurant, and even a vegan cake.
Speaker 3: It was a chocolate moose cake that was delicious, awesome.
Speaker 4: I know, I was like, look at you because once
Speaker 4: I found out, at first it was going to be
Speaker 4: a little bit of a surprise, and then I think
Speaker 4: he was just kind of like, well, let me just
Speaker 4: tell her. So once I found out, you know, I
Speaker 4: tried to take over and he was like, yeah, so no,
Speaker 4: I'm the project manager.
Speaker 3: You just sit back.
Speaker 1: Not a gift though, because it's so much so it's
Speaker 1: so hard to sit back.
Speaker 3: Yeah. What I was like calling all my friends secretly
Speaker 3: like okay.
Speaker 4: Girl, so you know you could do it for her, right,
Speaker 4: Like what do he say to brain? Okay, no, this
Speaker 4: is what you need to do. But it was great,
Speaker 4: and especially when we opened up. He was like open
Speaker 4: up the present and I can barely look at that.
Speaker 4: Before he took them, was like passing them around the table.
Speaker 4: I'm like, honestly, okay, sorry, no, yeah, but honestly, it was.
Speaker 3: An awesome, awesome, awesome birthday. Oh happy birthday, yes, oh child.
Speaker 4: So you know it's so crazy, you know, how last week,
Speaker 4: like I talked about the and I know you got
Speaker 4: some mail about that that almost rape moment that I
Speaker 4: had back when I was like in college.
Speaker 1: Oh right, last still last week on the show, we
Speaker 1: were talking about all the Harvey Weinstein stuff. Just in case,
Speaker 1: y'all and Tiffany, you opened up about.
Speaker 2: A really strange, scary.
Speaker 1: Like sexual encounter you had.
Speaker 3: Mom.
Speaker 2: Was that in college?
Speaker 3: Yeah?
Speaker 4: It was like, yeah, I think I had to be
Speaker 4: maybe a freshman in college and then so I wasn't raped.
Speaker 3: For those of you are like, what, so listen to
Speaker 3: the show before.
Speaker 4: But I then then to home me Too. So this
Speaker 4: was relating back to kind of like what's happening now.
Speaker 4: There's this campaign going around called me Too, where women
Speaker 4: are sharing their own sexual harassment or rape or molestation
Speaker 4: or whatever that looks like.
Speaker 3: And it's so powerful. And that's seeing women that I
Speaker 3: know and.
Speaker 4: I'm like really and seeing their stories and it's I
Speaker 4: don't know that any woman has not said basically me too,
Speaker 4: hashtag me too. It's just been really powerful. Have you
Speaker 4: seen it?
Speaker 3: Oh?
Speaker 1: Yeah, I mean how could you miss it? I mean
Speaker 1: it's sad sadly, how could you miss it? It seems
Speaker 1: like half the women I'm on my Facebook feed, you know,
Speaker 1: are either writing it's it's nice because it's such a
Speaker 1: simple hashtag and it leaves it leaves you with the
Speaker 1: ability to not have to say too much, like you
Speaker 1: can just say me too, but not have to expand
Speaker 1: on it. But then some of my friends and colleagues
Speaker 1: and family have been like, you know, taking an opportunity
Speaker 1: to share, you know, more details and stuff.
Speaker 3: But yeah, it is, so.
Speaker 4: This is kind of I'm just like, did you see
Speaker 4: did you hear about the story about American Airlines? And uh,
Speaker 4: Tamika said, Tamika Maori. This is her name.
Speaker 3: She is a mirror maworie. No, it's Tamika, That's what
Speaker 3: it is. She's a black activist.
Speaker 4: So I guess I'm just saying this is just coming
Speaker 4: out that like she was booted from an American Airlines plane.
Speaker 3: Now they have this big.
Speaker 4: Well she's starting kind of like a campaign, I guess
Speaker 4: against American Airlines. So apparently she tried to switch her seat,
Speaker 4: wasn't able to. I guess a pilot overheard her going
Speaker 4: back and forth with the gate agent, so after she
Speaker 4: would seate it. So I guess at a Kiosk. She
Speaker 4: switched her seat from middle to aisle, but it didn't
Speaker 4: take at the gate, so she was going back and
Speaker 4: forth with the gate agent like no, no, I had an
Speaker 4: aisle seat, a middle seat or whatever. The pilot overheard,
Speaker 4: and I guess when she got seated then had her removed.
Speaker 4: This is like after they she went back and forth
Speaker 4: with the gate agent. So anyway, it's just kind of random,
Speaker 4: and I was just like, what, you would think these
Speaker 4: airlines would be more more careful these days about removing people,
Speaker 4: Like not just for me reading it now, of course
Speaker 4: I'm not hearing what American Airlines is having to say,
Speaker 4: but reading it now, it seems like so, but you
Speaker 4: would think that they'd be more careful with how they've
Speaker 4: been sued so many times for improper removing people, improperly
Speaker 4: removing people. One of my friends works for an airline,
Speaker 4: so whenever something like this happens, I always ask him, like,
Speaker 4: you know, so, like what you know, did they did
Speaker 4: they follow procedure? What could what what they what were
Speaker 4: they allowed to do or not allowed to do? And
Speaker 4: his his insights always really interesting when he's like, oh, yeah,
Speaker 4: they totally messed up or actually that's the procedure and
Speaker 4: unfortunately just went left.
Speaker 3: So yeah, that's airlines.
Speaker 1: Well, I mean it's not just the airlines, it's like
Speaker 1: the people working, you know, it's like the PR, the
Speaker 1: PR person that the airline definitely would handle it differently,
Speaker 1: but like when it's down to like the individual at
Speaker 1: the gate and like and who they're hiring, and like
Speaker 1: so many.
Speaker 3: People, it is especially you know, it's not easy.
Speaker 4: I mean, I'm not saying that America, I didn't make
Speaker 4: a mistake, but customer support and service can be because
Speaker 4: you know, everyone's just so many personalities to deal with,
Speaker 4: and you know, just managing that like the person before
Speaker 4: might have just yelled at you, the other person is
Speaker 4: like I'm going to get.
Speaker 3: You fired, and it's just so much. I don't even
Speaker 3: know how.
Speaker 4: I mean, I guess you could say I work in
Speaker 4: customer support in some ways, and sometimes I'm like I'm
Speaker 4: all right on the other side, yeah, well, being on
Speaker 4: the side of like service, you know, because like you'll
Speaker 4: try to serve somebody.
Speaker 3: Yo, there is what is that saying about, like no
Speaker 3: good deedgos unpunished.
Speaker 4: Like literally I could give something like hey, guys, I'm
Speaker 4: going to give you this present.
Speaker 3: It's so great here and it's totally free. It will
Speaker 3: change your life.
Speaker 4: And somebody will still be like it's not purple though,
Speaker 4: and I'm like, what, like somebody will complain about something
Speaker 4: so random of this free gift.
Speaker 3: Oh.
Speaker 4: I remember one time a woman signed up for my
Speaker 4: Live Ritual Challenge, which is completely free, and it's already
Speaker 4: years in, so you know, in the beginning, I can
Speaker 4: understand people are a little sketchy about like, oh, is
Speaker 4: this really free or is it like fake free? When
Speaker 4: they're like it got you, but it's like year four now,
Speaker 4: so there's no gotcha, gotcha. And so she wanted a
Speaker 4: one on one so she emailed and me was like, Hey,
Speaker 4: you know I'm doing the challenge.
Speaker 3: I have a question. Can I can I get a
Speaker 3: phone call?
Speaker 4: And I was like, you know, unfortunately, because there's so
Speaker 4: many women at this time, it was a few hundred thousand,
Speaker 4: and you know that I can't do one on one
Speaker 4: phone call. But you police post in the group because
Speaker 4: there's literally hundreds of thousands of women and someone has
Speaker 4: the answer for you. And she wrote back, and I'll
Speaker 4: never forget this. I remember looking at the screen and blinking. Well, clearly,
Speaker 4: this is not a program for me. If you can't
Speaker 4: take the time out of your day to get on
Speaker 4: the phone to help somebody, I think i'll remove myself.
Speaker 4: I'm like, from the from the free program. Like I
Speaker 4: was thinking to myself, ma'am, I'm literally this is okay.
Speaker 3: You could leave. I'd prefer if you don't. But I'm like,
Speaker 3: it's a free program.
Speaker 4: Why are you mad at me because I won't take
Speaker 4: a call from all three hundred thousand women who hit
Speaker 4: me up.
Speaker 3: That's why I created the group, because because I kept
Speaker 3: getting so many requests to talk that I.
Speaker 4: Said, there has to be a way that people still
Speaker 4: get help if I can't speak to anyone individually, everyone individually,
Speaker 4: and so it's like you still get the help for free,
Speaker 4: no matter what. And so I just remember thinking like, wow,
Speaker 4: you could do a lot of good, but there's always
Speaker 4: going to be somebody who's going to be like.
Speaker 3: I know you gave your arm, but you didn't give
Speaker 3: you a shoulder, you know. Oh my gosh.
Speaker 4: Yeah.
Speaker 1: The service industry, Yes, that service.
Speaker 4: Industry, it can be well, I mean I'm great, so
Speaker 4: on truth, people are nice.
Speaker 3: Yeah, So I was gonna say like, yeah, I have
Speaker 3: a lot.
Speaker 4: I mean, ninety nine percent of the dream catches are honestly,
Speaker 4: it's the thing that keeps me going.
Speaker 3: But then you get that one and you're like, girl,
Speaker 3: get on my inbox.
Speaker 1: Hey, did you see the Google doodle today? Yes, Elena,
Speaker 1: I didn't realize today. What is it the anniversary of
Speaker 1: her very first album in nineteen.
Speaker 3: What people?
Speaker 1: What an icon there?
Speaker 3: I know, isn't that so crazy? There's some people who
Speaker 3: because how old was she?
Speaker 1: She was twenty three twenty four when she died.
Speaker 3: I mean she was like a baby exactly.
Speaker 4: And I mean I wonder what it is about some
Speaker 4: people who are who leaves such a mark on the
Speaker 4: world that they literally change it and are forever remembered,
Speaker 4: you know what I mean, Like like what is that
Speaker 4: magic sauce that some people have, because like I'm not
Speaker 4: even like into like necessarily, like I'm not sure what
Speaker 4: you would call the music, the type like her genre music.
Speaker 1: It was well, she started out doing tehano music, I think,
Speaker 1: and then she was crossing over into pop music.
Speaker 4: So I'm not like, you know, but still I knew
Speaker 4: about Selena like and her impact. So it just sometimes
Speaker 4: people just leave this Mark and it's in you know,
Speaker 4: it's just forever part of the fabric of I don't know,
Speaker 4: of our culture. And that's Selena. I'm like, oh, man,
Speaker 4: like yeah, what a beautiful young soul. And you're right,
Speaker 4: she was a baby, and it's such a shame.
Speaker 1: We could use this today.
Speaker 2: Man.
Speaker 1: I think what she represented too, the combination of culture
Speaker 1: from Mexico to America, because you know, she was grew
Speaker 1: up in Texas with Mexican American, but that's like a
Speaker 1: different culture than straight Mexican than straight American. And I
Speaker 1: think she represented both worlds so so great, so well,
Speaker 1: and she was like both of ours, and you know,
Speaker 1: represented like a new generation of young Mexican American immigrants.
Speaker 1: And of course she died so young.
Speaker 2: It's also just like.
Speaker 1: The fact of someone dying so young and being so bright,
Speaker 1: like Aliyah. Think about Alia when you think about Selena.
Speaker 1: But if you want to go feel some kills and
Speaker 1: have like a little pick me up, go check out
Speaker 1: the Google all you have until midnight.
Speaker 2: Actually it's over by now.
Speaker 1: When you're listening to this, it's like it's that it's
Speaker 1: gonna be on YouTube though, no, no, it's on YouTube.
Speaker 3: If you go to them.
Speaker 1: They had the video that they have is on YouTube.
Speaker 2: You can just you can go to.
Speaker 1: YouTube and look up Selena Google doodle pop up.
Speaker 3: Okay, do you want to break? Do you want to boost?
Speaker 3: Because I won't want to. I don't know what do
Speaker 3: I want to do? Break or boost? What do you
Speaker 3: want to do?
Speaker 1: I want to break? Well, I always get torn. I
Speaker 1: want to do a break from more money, more problems. Okay,
Speaker 1: here's the problem. I feel like I'm at that place
Speaker 1: now where we had to have a you know, we
Speaker 1: had a financial planner and she was really useful to us,
Speaker 1: especially this last year. She was a feeling planner, and
Speaker 1: we would pay her a monthly fee for her services.
Speaker 1: Then she would she would come sometimes visit New York
Speaker 1: to meet this in person and she would just offer
Speaker 1: a lot of advice and help us everything from comparing
Speaker 1: you know, life insurance plans to when we got married,
Speaker 1: looking at our health insurance plans and you know, recommend
Speaker 1: ending which one to go with and like really helpful
Speaker 1: and and anyway, so we've had we've had a great
Speaker 1: year and it's been really helpful, you know, having this
Speaker 1: this this planner. But it's like now it's getting to
Speaker 1: a point.
Speaker 2: Where we have we have our goals, and we have
Speaker 2: money in the bank.
Speaker 1: But she's like, you have way too much in cash.
Speaker 1: And I feel like we're becoming that millennial prophecy or
Speaker 1: like the millennial stereotype of like we keep too much
Speaker 1: in our savings because we're afraid of investing. I'm afraid
Speaker 1: of investing, but just like we're hesitant to start investing
Speaker 1: with our with our savings, our cash money, you know
Speaker 1: a note, both of us max out our four to one.
Speaker 1: K's like, we have no problem doing that. But other
Speaker 1: than that, it's always been we're sort of like squirling
Speaker 1: and hoarding. And I say we but really it's me. Yeah,
Speaker 1: I'm sort of like nurturing this little that's like my little.
Speaker 3: Little like.
Speaker 1: My frescious.
Speaker 3: It's a white, fluffy cat.
Speaker 1: And I'm like, what do you mean there's too much?
Speaker 4: Yes, oh my god, that must be the millennial like,
Speaker 4: because I'm like, I'm generation is an X.
Speaker 3: Right, is that what is white before millennial?
Speaker 1: Yes?
Speaker 4: But I'm like on the I'm like I said generation yes,
Speaker 4: but I'm like a super like I'm on the young
Speaker 4: side of Generation X, and that so I have a
Speaker 4: lot of millennial tendencies, and that is so me. I've
Speaker 4: got a little stockpile for when the wear from the
Speaker 4: one the war comes, right, I'm ready, you know, I
Speaker 4: have so much cash sitting My financial advisor just looked
Speaker 4: at me like, Tiffany, what are you doing. I'm like,
Speaker 4: I don't know because I am afraid to invest. I'm
Speaker 4: not gonna lie. I do I have my I have
Speaker 4: my you know, my my retirement fund set up. So
Speaker 4: the superman, but there there's a part of me that
Speaker 4: it's really afraid to like not see the stockpile, you know,
Speaker 4: like no, no, because when the war comes and if
Speaker 4: recession hits, I'm ready.
Speaker 3: You know, I got my gold bars underneath the bed.
Speaker 3: So no, I totally feel you.
Speaker 2: Oh well, one of the.
Speaker 1: Things that she she gave us a plan, an action plan,
Speaker 1: because she gave us an action plan last month and
Speaker 1: I've been really like procrastinating and actually doing it. But
Speaker 1: it's actually a plan on how much. So a lot
Speaker 1: of we've gotten this question before. You know, after your
Speaker 1: four oh one k, what are you supposed to do
Speaker 1: with everything else that you earn over your lifetime? And
Speaker 1: you know you're blessed to earn money beyond that point,
Speaker 1: but like, what are you supposed to do with it?
Speaker 3: How?
Speaker 1: How is the best way to invest? And she's sort
Speaker 1: of had I mean, everyone's situation is different, but she
Speaker 1: started off by asking us our goals, which is one,
Speaker 1: we want to we want to save a down payment
Speaker 1: for a house. I guess in my mind, I've just
Speaker 1: been stockpiling, stockpiling, stockpiling.
Speaker 2: I live in New York.
Speaker 1: City, so I'm like, oh, I don't know how much
Speaker 1: it's going to be enough for house a million dollars.
Speaker 1: I guess I'll never stop saving. But that's not actually true.
Speaker 2: She, you know, crunched the numbers. We actually, you know,
Speaker 2: for our budget.
Speaker 1: We decided how much we actually needed to save for
Speaker 1: a down payment realistically, and then how much we have
Speaker 1: left over when we're going to want to use that
Speaker 1: down payment money, how much we actually want to budget
Speaker 1: for our annual vacationing and those larger expenses that we
Speaker 1: spent throughout the year. That was pretty much our only
Speaker 1: big or two big earmarks for savings, one for the
Speaker 1: retire sorry, one for a down payment on a house,
Speaker 1: and two for annual vacations and trips. Because we have,
Speaker 1: you know, vacations and also like seventy five weddings.
Speaker 3: To go to a year.
Speaker 1: Now outside of that, she's like, you really don't end
Speaker 1: your emergency fund, of course, which is you know, we
Speaker 1: have about six months of income. She suggests a six months.
Speaker 1: I like to keep twelve, but we're going back and
Speaker 1: forth on that. Maybe we'll settle on nine after that.
Speaker 1: So one is obviously emergency fund. Two the down payment
Speaker 1: for the house. Three the vacations. So once you have
Speaker 1: that set aside, she's like, now with this extra money.
Speaker 1: In my mind, I hadn't been letting myself see it
Speaker 1: as extra. I it'd sort of been, like I said,
Speaker 1: just tricking or like telling myself that I needed tosave
Speaker 1: all this money for the down payment when I don't
Speaker 1: really need to. He's like, okay, we're gonna start by
Speaker 1: create investing in some CDs, which is like a baby
Speaker 1: step above a c.
Speaker 3: Yeah, and that's what see he told me that to
Speaker 3: Frank mind. Okay, I'm listening. I'm like, oh, Frank said that, okay.
Speaker 1: Okay, So CDs for you guys. So CDs was a
Speaker 1: CD was the thing that my grandma bought me when
Speaker 1: I was born, and.
Speaker 2: It's like a certificate. And I literally got like.
Speaker 1: This pink certificate check like thing when I turned eighteen,
Speaker 1: and I don't even know where that thing ended up, I think,
Speaker 1: But anyway, a certificate deposit is just it's basically a
Speaker 1: savings account with some more rules, and it has slightly
Speaker 1: higher rates than what you'll get on a savings account,
Speaker 1: a regular old savings account today.
Speaker 2: And the longer you keep your money in.
Speaker 1: A CD, they sell three month CDs, six months CDs,
Speaker 1: nine month, twelve month, five years, on and on, and
Speaker 1: the longer you keep your money in, the higher your
Speaker 1: rate can be. The caveat is that that time limit
Speaker 1: is if you take the money out before that time
Speaker 1: limit three months, six month, twelve month, you'll pay a
Speaker 1: penalty for withdrawing the funds. So it really has to
Speaker 1: be money that you're not going to use anytime soon
Speaker 1: or anytime within that window. And of course the higher
Speaker 1: the longer you put the money away for, the higher
Speaker 1: your reward. So she suggested, you know, putting a small
Speaker 1: chunk into a five year CD, putting a little bit
Speaker 1: of a larger chunk into like a I think a
Speaker 1: three year CD, and then putting an even larger chunk
Speaker 1: into a one year CD and letting the money grow there.
Speaker 1: And then from there, she suggested opening up one both
Speaker 1: of us opening up an i RA outside of our
Speaker 1: four one K investments and under i r S rules
Speaker 1: were both allowed to contribute what is it, fifty five
Speaker 1: hundred into an i RA.
Speaker 4: Oh really, even after you've maxed that, even if you've
Speaker 4: maxed that your your four to one K.
Speaker 1: Yeah, this is outside of your employer contribution, your four
Speaker 1: one K. This is your personal individual retirement account.
Speaker 3: Okay.
Speaker 1: And and you know I actually already have one because
Speaker 1: I had like a rollover IRAY from before through Vanguard.
Speaker 1: That's kind of just sitting there and I can contribute.
Speaker 1: I can just can keep I can just contribute fifty
Speaker 1: five hundred dollars to that for the year. And then
Speaker 1: my husband he doesn't have one yet, so opening up
Speaker 1: him an IRA.
Speaker 2: And I know the next.
Speaker 1: Question people are wondering is like, well, where do you
Speaker 1: open an IRA at? But you can do it at Vanguard.
Speaker 1: We can get a betterment account if we wanted to
Speaker 1: do TD in error trade. Charles Schwab, there's a bunch
Speaker 1: of discount they call them discount.
Speaker 2: Brokerages or whatever.
Speaker 1: That are out there, and they typically have like a
Speaker 1: minimum deposit, you know, requirement of like I don't know,
Speaker 1: five hundred bucks to one thousand bucks. And anyway, that
Speaker 1: was the next step is opening up those roth iras
Speaker 1: and putting money in there.
Speaker 4: So she a financial advisor that she's advising and she's
Speaker 4: going to do this or she's.
Speaker 3: Like a planet.
Speaker 1: He's not doing it. She's That's The's why I've been
Speaker 1: procrastinating because I have to actually do it anyway. So
Speaker 1: and I had her, you know, send the email with
Speaker 1: the whole plan. And there's other things too, like of
Speaker 1: course maxing out the four O one K. Here's here's
Speaker 1: the thing that I've learned about. So I've been you know,
Speaker 1: I've been talking about personal finance for so long. You
Speaker 1: know how you hear those like rules of thumb and
Speaker 1: you just like repeat them and then you're like, oh,
Speaker 1: that's always been the way it is. You know, whether
Speaker 1: it's saved six months retire or save six months emergency
Speaker 1: fund or save ten percent for retirement. I always hear
Speaker 1: this rule every year at the end of the year.
Speaker 1: There's all these articles that come out saying end of
Speaker 1: year texts or end of your financial planning advice, and
Speaker 1: the first thing is usually max out your four one
Speaker 1: K if you have additional funds.
Speaker 2: Or you get a bonus or whatever.
Speaker 1: And our planner says, you know your income has increased
Speaker 1: throughout the year, you haven't been contributing, You're not going
Speaker 1: to max out your four to one case, You've got
Speaker 1: to boost your contributions to your four O one K
Speaker 1: to make sure you max it out before the end
Speaker 1: of the year. Now it's easier said than done, is
Speaker 1: what I've realized. Like, it's not like your four to
Speaker 1: one K through your employer tells you when you've max
Speaker 1: at your account. You have to actually do the math
Speaker 1: and be like, I mean, some of them might do that,
Speaker 1: but mine doesn't. You have to actually say, Okay, well,
Speaker 1: i have year.
Speaker 2: What month is it October?
Speaker 1: I've got three months more.
Speaker 2: In the year. I've got six pay periods, so I've got.
Speaker 1: To figure out how much how much more I have
Speaker 1: to get to my limit, which is eighteen thy five
Speaker 1: hundred that's how much anyone who has a four to
Speaker 1: one K can contribute for the year, the tax year.
Speaker 1: How much I can contribute to hit that mark? And
Speaker 1: then divide it by the six pay periods and then
Speaker 1: go into my retirement planner, my direct deposit back end
Speaker 1: stuff on my employee website and change my contributions. And
Speaker 1: then you have to really watch it because if you
Speaker 1: go over then you can get penalized for it by
Speaker 1: the IRS. So it's like trickier and more complex than
Speaker 1: it's just one of those rules that I always hear about.
Speaker 1: And so I'm actually doing the thing that I feel
Speaker 1: like people have been asking, you know, what do you
Speaker 1: do when you've like you got your retirement kind of covered,
Speaker 1: you played at your debt, and like, now what to
Speaker 1: do with the money. And That's That's what I'm doing.
Speaker 1: It's what I should be doing. Anyway, I'm gonna do it.
Speaker 1: I'm gonna do it.
Speaker 3: It's done, it's done, it's done.
Speaker 1: I did do the increase your four win k of contributions.
Speaker 3: What a racket?
Speaker 1: Though, I'm like, why do I feel like I'm still broke?
Speaker 1: It's because I'm putting like half my page check away.
Speaker 4: Yes, yeah, I remember those days where I used to
Speaker 4: be like, but then you try to tell yourself, well,
Speaker 4: you're not really broke, but you're like.
Speaker 3: What I feel like I'm broke.
Speaker 1: Yeah, it's it's fine, We're doing fine, but it does
Speaker 1: feel kind of like, well, what do you mean I
Speaker 1: have to I can't, I can't have it. But yeah,
Speaker 1: we've rune max at the four one k for the year.
Speaker 1: I'm going to open the CDs. I think I've picked.
Speaker 1: I think I've picked. I mean, honestly, with CDs, it's
Speaker 1: really just like pick the ones that give you the
Speaker 1: highest rate. So there's a great website called the Positi
Speaker 1: Accounts dot Com. It's really nerdy, but if you're looking
Speaker 1: to just really compare CD rates to Posit Accounts dot com,
Speaker 1: you can't go wrong. They're actually our sister site under
Speaker 1: lending Tree, and they are like they have I mean,
Speaker 1: I just got briefed on like the technology that they
Speaker 1: use to scrape banks for their rates and they will
Speaker 1: find rates everywhere. So anyway, that's where I'm like comparing rates.
Speaker 1: And ally Bank has a no penalty CD. Those do
Speaker 1: exist where okay, you put it away and you actually
Speaker 1: won't get penalized if you take it out. They have
Speaker 1: a no penalty I think eleven month CD, which isn't bad.
Speaker 1: And there's there's other ones that I'm kind of looking
Speaker 1: at I think I might. I might. I don't know
Speaker 1: if I'm gonna do all my CDs in one place
Speaker 1: or not. It kind of depends on I'm not sure
Speaker 1: how how much I can tolerate managing accounts that like
Speaker 1: a bunch of different banks right now, which seems like
Speaker 1: a lot of work. But anyway, I'm gonna try, and
Speaker 1: I'm gonna I'm gonna do what she says. I'm gonna
Speaker 1: prop it up. I'm gonna I'm gonna feel better because honestly,
Speaker 1: it's right, It's logical, Like the money you have sitting
Speaker 1: in your savings account, even if it's earning the maximum
Speaker 1: right now, which it's.
Speaker 4: Still losing because inflation is eating up anything that you
Speaker 4: might be earning.
Speaker 3: Yeah, so I know, and you know how you know that? You?
Speaker 3: I mean, I know that. And for those of you,
Speaker 3: like what's inflation, Inflation is.
Speaker 4: That the cost of money lowers each year, Like so
Speaker 4: thanks for yourself. Like when you used to get a
Speaker 4: bag of chips when you were a kid, and maybe
Speaker 4: those chips cost twenty five cents, and by the time
Speaker 4: you're an adult, those same chips, your money can do less,
Speaker 4: those same chips cost fifty cents, and so inflation means
Speaker 4: over time your money can do less basically, so the
Speaker 4: same thing costs more and more money. And so that
Speaker 4: means if you are saving and your money is growing
Speaker 4: at one percent, but inflation, so your money is growing,
Speaker 4: but inflation is actually lowering your money's buying power by
Speaker 4: three percent, you're actually gaining one but losing three, so
Speaker 4: you're losing two.
Speaker 3: So if you do the math, so hopefully that explains it.
Speaker 4: So my brown boose break is going to be a break.
Speaker 4: I had something else, like something about the house, just
Speaker 4: because I'm so over this process, but whatever, Hopefully by
Speaker 4: next time we speak, I'll be in the house.
Speaker 3: But I was just like whatever, So.
Speaker 4: Instead I'm gonna brown boost from because it's happened. A
Speaker 4: couple of clients have reached out to me to work
Speaker 4: with me and then totally trying to undercut and I'm like,
Speaker 4: I'm not like what, and so it's just I just
Speaker 4: saw I just saw this like thing scroll across my timeline.
Speaker 4: It said the hookup is a drain on black entrepreneurs.
Speaker 4: Charge folks and they will respect you more. And so
Speaker 4: this is not necessarily the hookup because you know, these
Speaker 4: are like bigger companies whatever. But I just don't like
Speaker 4: that because one, you know, I've worked really hard to
Speaker 4: bring like clear value to the table.
Speaker 3: I could see like when I was first starting out,
Speaker 3: and I was like, well, you know, it's a long shot.
Speaker 4: No, I want I over deliver, and I when I'm
Speaker 4: showing the numbers, I'm always conservative, and even then it
Speaker 4: always exceeds like what clients are typically looking for, and
Speaker 4: they'll admit that like ooh, yes, girl, that's way more
Speaker 4: than we thought. And that's still I will still undershoot
Speaker 4: because I'd rather overdeliver. And then when you tell them
Speaker 4: a number which is more than reasonable, more like like
Speaker 4: it's the industry standard because I've asked around and I
Speaker 4: know this is what colleagues are getting or whatever. That's
Speaker 4: why I love that we have our own like financial
Speaker 4: groups online, because people will ask.
Speaker 3: And I'll know and then they're like, oh no.
Speaker 4: Half that I'm like, are you kidding me? And so
Speaker 4: that's happened a couple of times. But you know what,
Speaker 4: this is what I realized that it's one of the
Speaker 4: reasons why I'm so glad that my business model is
Speaker 4: not I want to say, my mom, maybe twenty five
Speaker 4: percent of my business model is working with clients, meaning
Speaker 4: like companies or whatever want to work for. Everything else
Speaker 4: for the most part is B two C, meaning like
Speaker 4: directly to the customer. So when that happens, like lately
Speaker 4: I've been walking away from It's not that the number
Speaker 4: that they're giving me is not a lot of money,
Speaker 4: because it is relative to what I used to make before,
Speaker 4: but it's not fair compensation for the ask, especially me
Speaker 4: knowing what the industry number is and me even knowing
Speaker 4: sometimes what you're paying other people. So that is my
Speaker 4: roundbreak because it's honestly, it's frustrating because I'm.
Speaker 3: Like, really, because definitely what you made such.
Speaker 4: As such, even though they probably not supposed to tell me,
Speaker 4: so I'm like whatever, but still I'm still like or
Speaker 4: like what you know, like I can deliver or I've
Speaker 4: delivered before, and you're still trying to tell me like this.
Speaker 4: So I've just been saying no, no, and I'd never
Speaker 4: said no before because I'm like, oh, Tippy, that's still
Speaker 4: good money girl.
Speaker 3: But I'm like, you know what.
Speaker 4: For twenty eighteen, one of the things I really want
Speaker 4: to focus on because I learned like even when before
Speaker 4: I started dating Superman, I remember calling a friend of
Speaker 4: mine who was married, and she too was like an
Speaker 4: influencer and had her own business, and she was she
Speaker 4: was she had just had a baby, and I was
Speaker 4: calling her and I.
Speaker 3: Was like, I'm tired of being by myself. And she
Speaker 3: was like, well, do you make a relationship a priority?
Speaker 3: And I was like, what do you mean.
Speaker 4: She's like, Tiffany, I know you go hard for your business,
Speaker 4: but are you going hard for your love life? And
Speaker 4: I was like, well, girl, I mean I look you
Speaker 4: when I go out. She's like, do you go out?
Speaker 4: I'm like, I mean no, I did not go out.
Speaker 4: She's like, so unless you're dating a ups guy, which
Speaker 4: there's no harm in that, Like, where are you gonna.
Speaker 3: Find this magic person?
Speaker 4: You have to make the thing that you want a priority,
Speaker 4: just like you make your business a priority.
Speaker 3: And so I did, and Voilac, Superman. We's buried now.
Speaker 4: So all y'all know that I want a little bambino
Speaker 4: or Bambina, And so for twenty eighteen, I told myself
Speaker 4: that I'm gonna make that a priority. And so as
Speaker 4: a result, I'm really learning to say no to things
Speaker 4: that are not in alignment. Well one I've said, I
Speaker 4: say no to things that are not emotionally in alignment
Speaker 4: or not alignment with my values. But now I'm learning
Speaker 4: to say things like because I'm I have to make
Speaker 4: time for like taking care of myself, relaxing so I
Speaker 4: can be, you know, a vessel for a beautiful baby,
Speaker 4: a healthy vessel for a beautiful baby. So I am
Speaker 4: not selling myself short anymore because I'm like, why you know?
Speaker 3: And so it's just bothered me because it's happened a couple.
Speaker 4: Of times and I'm I'm like, what the heck. So
Speaker 4: I'm just like, no, girl, kick rocks and if they
Speaker 4: come back, they do, if they don't. The good thing
Speaker 4: about like I said, the way my company is set
Speaker 4: up is most of my income comes from treating the
Speaker 4: DreamCatcher as well. And as long as I do that,
Speaker 4: I'll never be broke. So yeah, so it's just but
Speaker 4: it's just and.
Speaker 1: There's nothing wrong with that either.
Speaker 2: Yeah, it's honestly the only way to do.
Speaker 1: You just can't focus on everything one hundred percent.
Speaker 3: Exactly.
Speaker 2: Did this episode feel.
Speaker 1: Different to you?
Speaker 3: What in a bad way and a good one and
Speaker 3: a good way?
Speaker 1: Do you realize this is a one hundredth episode. Oh
Speaker 1: my god, I remember it, and then I forgot well
Speaker 1: you mentioned I meant to mention at the beginning of
Speaker 1: the show. We're just an old married couple, now old
Speaker 1: married podcast couple. Forgetting our wow one hundred half of
Speaker 1: one hundred episode Ofversary.
Speaker 4: I can't remember what I personed that you, Maddy. Weren't
Speaker 4: you working at I don't think we just spoke on
Speaker 4: the phone.
Speaker 3: You're working at.
Speaker 4: Yes, and you did an interview, and I remember I
Speaker 4: was so excited, like, oh my god, I'm famous.
Speaker 1: Now, and then we were and everything happened for you.
Speaker 3: Right, I was not famous then I was just like
Speaker 3: what okay? And then you I met you at Think
Speaker 3: and I was.
Speaker 4: Like, wow, I like her in real life. And we
Speaker 4: took like a long walk like it was like, yo,
Speaker 4: we really corded, we really recording. Remember, we were like,
Speaker 4: you know what, let's get the the finn contestivities.
Speaker 3: Let's just take a long walk on the buyou.
Speaker 4: And I think you were talking to me about husband
Speaker 4: at the time, but he wasn't husband and my superman
Speaker 4: at the time.
Speaker 3: If he wasn't my husband, yo, look how far we've come, We've.
Speaker 4: Gotten married, Maddy has gone natural. Oh my goodness, there's
Speaker 4: somebody right.
Speaker 3: I started a new business. You started a new job.
Speaker 3: I mean, so many things have happened.
Speaker 4: I'm pregnant, just kidding, I right, hopefully you know next podcast.
Speaker 3: But yeah, that's awesome. Thank you guys for listening our
Speaker 3: hundredth episode.
Speaker 1: Thank you for wanting a hundred episodes because I remember
Speaker 1: not even knowing if this was a good idea. I
Speaker 1: knew I really wanted to do it, and y'ah who
Speaker 1: told me no? And I was like, I'm a dude anyway,
Speaker 1: and I was gonna help. Okay, okay, Oh what a
Speaker 1: fun walk down memory lane. We hope you guys enjoyed
Speaker 1: this episode of the Throwback b A. Make sure to
Speaker 1: check out Brown Ambition every week three times a week Monday, Wednesday,
Speaker 1: and Friday for more great career and financial advice. Until
Speaker 1: next time, Bye,