WEBVTT - Financial Literacy with Ivan Jimenez 0:00:03.640 --> 0:00:05.120 Welcome to this show. 0:00:05.320 --> 0:00:09.320 I am your girl, Mada, and you're listening to Exactly Amada, 0:00:09.680 --> 0:00:11.240 a production of iHeartRadio. 0:00:11.320 --> 0:00:12.479 Thank you so much for tuning in. 0:00:13.320 --> 0:00:17.840 As usual, ya saying the same thing over and over again, 0:00:17.880 --> 0:00:20.720 but don't forget to subscribe to the podcast on your 0:00:20.760 --> 0:00:24.320 favorite podcast platform. Rate us five stars and leave us 0:00:25.000 --> 0:00:28.960 the best ratings, the best reviews you can think of. 0:00:29.560 --> 0:00:32.040 I truly appreciate it. I always go in there and 0:00:32.120 --> 0:00:34.199 check it out. I you know, love to go to 0:00:34.240 --> 0:00:36.240 the YouTube channel, which, by the way, you can listen 0:00:36.520 --> 0:00:40.080 or watch the episodes from the past right there. And 0:00:40.120 --> 0:00:41.480 now you have to do is go to the search 0:00:41.520 --> 0:00:45.360 bar right micro through that podcast and click on exactly Amada. 0:00:45.400 --> 0:00:47.319 I love to go in there and just read your 0:00:47.440 --> 0:00:48.600 comments on the show. 0:00:49.000 --> 0:00:50.599 How do you feel, if you like it or not, 0:00:51.560 --> 0:00:54.760 if you have any similar experiences, anything you would like 0:00:54.760 --> 0:00:57.160 me to talk about all that good stuff, because remember 0:00:57.200 --> 0:01:00.800 the exactly A model was made exactly for you. I 0:01:00.800 --> 0:01:02.520 always want to connect with the audience. I always want 0:01:02.520 --> 0:01:05.080 to connect to the people that are supporting me, that 0:01:05.200 --> 0:01:10.080 listen to the show. And that's why today, yeah, as usual, 0:01:10.560 --> 0:01:13.960 I always want to do topics that are meaningful topics 0:01:13.959 --> 0:01:16.600 that connect to the audience, that connect to the people. 0:01:17.319 --> 0:01:21.120 Maybe you have been curious about how to invest your money? 0:01:21.400 --> 0:01:23.280 What are you supposed to do with it? What do 0:01:23.319 --> 0:01:25.880 you know about stocks? What do you know about a will? 0:01:25.920 --> 0:01:27.640 Do you have a will? What do you know about 0:01:27.640 --> 0:01:31.000 a trust? Have you seen this before? All these things? 0:01:31.319 --> 0:01:34.039 You know? How much money do you really need to invest? 0:01:34.080 --> 0:01:36.800 How can you flip your money? How do you even 0:01:36.920 --> 0:01:39.959 organize your money? Do you need an accountant? Where do 0:01:39.959 --> 0:01:42.199 you get an accountant from? How much are you supposed 0:01:42.240 --> 0:01:45.680 to pay them? What's the percentage? I know there are 0:01:45.800 --> 0:01:52.120 endless questions when it comes to being financially educated, And unfortunately, 0:01:52.480 --> 0:01:53.880 I get to see a lot of people in the 0:01:54.000 --> 0:01:54.880 Latino community. 0:01:55.400 --> 0:01:57.520 We're raised, you know, coming from poverty. 0:01:57.840 --> 0:02:02.000 We're raised from immigrant parents that they didn't have the 0:02:02.040 --> 0:02:06.240 opportunity to financially I mean, to go to school, write, 0:02:06.600 --> 0:02:10.120 or even around their household. They were never prepared to 0:02:10.600 --> 0:02:14.400 teach us about our finances, to teach us about you know, 0:02:14.600 --> 0:02:16.359 financial management. 0:02:16.760 --> 0:02:18.200 How are you supposed to handle it? 0:02:18.360 --> 0:02:20.720 How much are you supposed to you know deduct I 0:02:20.760 --> 0:02:22.440 know a lot of people that still to this day 0:02:22.840 --> 0:02:25.799 have never even done their taxes. There's just so much 0:02:25.880 --> 0:02:31.000 information lost, specifically in the Latino community. I feel that 0:02:31.000 --> 0:02:34.040 the lion X community has somewhat grown and we're the 0:02:34.080 --> 0:02:38.400 ones teaching our parents now thanks to social media and 0:02:38.480 --> 0:02:41.320 the Internet that now we have more access into Well, 0:02:41.360 --> 0:02:44.120 if you don't know, you may not know because you 0:02:44.120 --> 0:02:46.840 don't want to know, because the information is definitely out 0:02:46.840 --> 0:02:51.040 there on Google. You can google anything. But personally, I 0:02:51.160 --> 0:02:52.959 like to have a relationship with someone. I like to 0:02:53.000 --> 0:02:56.040 be able to talk to a real human being that 0:02:56.160 --> 0:02:58.520 if I have a thousand questions, they can answer it 0:02:58.600 --> 0:03:01.680 for me and guide me towards the best direction. I 0:03:01.720 --> 0:03:04.079 know there's a lot of young people right now that 0:03:04.200 --> 0:03:06.400 are making money from e commerce and all these things. 0:03:06.600 --> 0:03:10.600 They're investing it in cars, jewelry, all these great things. 0:03:10.639 --> 0:03:13.760 But I know that everybody has to live and go 0:03:13.800 --> 0:03:19.120 through their stages. You hit tapas, but you want to 0:03:19.120 --> 0:03:22.280 be smart enough to actually invest the money and something 0:03:22.320 --> 0:03:24.680 that later on is going to grow and it's gonna 0:03:24.760 --> 0:03:25.079 you know. 0:03:25.360 --> 0:03:26.960 The keyword assets. 0:03:27.360 --> 0:03:29.640 Well before I keep going because I could talk about 0:03:29.680 --> 0:03:33.040 this forever, because I'm very passionate about not going back 0:03:33.080 --> 0:03:37.480 to being poor ever again, not having to go back to. 0:03:37.840 --> 0:03:39.880 You know, from where my mother started off. I think 0:03:39.920 --> 0:03:40.440 we won't. 0:03:40.840 --> 0:03:45.280 But even then, you're never You're you never know too much, right, 0:03:45.480 --> 0:03:48.920 There's always space to learn, to grow, to educate yourself, 0:03:49.120 --> 0:03:52.560 surround yourself around people that know more than you. And 0:03:52.600 --> 0:03:55.280 that's why today I want to invite a very old 0:03:55.360 --> 0:03:59.600 friend of mine's. We've been friends for years now. We 0:03:59.680 --> 0:04:03.200 recent reconnected and I was like, I would love to 0:04:03.200 --> 0:04:05.880 have you on my show because to there thanking Delhi, hinte, 0:04:05.920 --> 0:04:09.240 you know so much. You also make me feel so 0:04:09.400 --> 0:04:13.200 proud as a well educated Dominican man who has really 0:04:13.240 --> 0:04:17.200 been impactful in the Latino community, teaching so many Latinos 0:04:17.240 --> 0:04:20.560 about their finances and everything else. Anyways, long story short, 0:04:20.800 --> 0:04:24.679 I want to invite today Ivan Heman is high my level? 0:04:24.839 --> 0:04:27.680 Are you how is well on his? 0:04:27.839 --> 0:04:33.599 Well? Super excited because everybody that knows me knows that 0:04:33.640 --> 0:04:37.080 I'm very passionate about money, How to invest it, what 0:04:37.120 --> 0:04:40.160 do we do, especially coming from a Latino household where 0:04:40.160 --> 0:04:42.280 a lot of people, you know, don't talk about it. 0:04:42.520 --> 0:04:45.240 And I've even said that, you know, when my girls. 0:04:44.920 --> 0:04:46.960 Grow up a little bit more and actually understand what 0:04:47.080 --> 0:04:50.200 money is, I want to start taxing them and teaching 0:04:50.200 --> 0:04:52.480 them to pay rent even in this twenty five cents. 0:04:52.560 --> 0:04:56.520 But it's more about teaching them the logistics of this 0:04:56.560 --> 0:04:57.680 is the world that you live in. 0:04:58.320 --> 0:05:03.240 Correct? Correct, So you're right. Look, we come from parents 0:05:03.320 --> 0:05:06.200 that obviously wanted to give us a much better lifestyle 0:05:06.240 --> 0:05:09.320 than they had. And one of the things that many 0:05:09.360 --> 0:05:13.279 times they did is they took the conversation of needing 0:05:13.320 --> 0:05:15.800 money off the plate. So we can have a childhood, 0:05:15.839 --> 0:05:18.039 so we can have an adolescent, so we can so 0:05:18.200 --> 0:05:21.480 we can live the American dream that comes with the price, 0:05:21.520 --> 0:05:25.600 and the price is that they that subject of money 0:05:25.839 --> 0:05:30.080 and the planning. You know, when you're first generation immigrant 0:05:30.400 --> 0:05:34.760 is the first dream is sometimes to just get your documentation, 0:05:34.920 --> 0:05:39.520 get your house in order. But the notion of assets, 0:05:39.640 --> 0:05:44.039 long term planning, investing for five, ten, thirty years. When 0:05:44.040 --> 0:05:47.880 people when I started being such an advisor, and I 0:05:48.080 --> 0:05:53.279 was twenty two and I was, you know, at the 0:05:53.320 --> 0:05:55.800 top of the world in terms of financial advisory, but 0:05:55.880 --> 0:05:59.040 I was talking about planning for thirty years, it sounded 0:05:59.120 --> 0:06:03.120 like going to it was something like twenty years, thirty 0:06:03.160 --> 0:06:06.320 year seven, so far away. As time goes by, you 0:06:06.400 --> 0:06:11.000 realize you realize that five years go by, ten years 0:06:11.040 --> 0:06:13.760 go by twenty years go by. Whether or not you 0:06:13.839 --> 0:06:16.520 invest right, whether or not you have a will, they're 0:06:16.560 --> 0:06:21.960 gonna happen. So I guess the conversation is that when 0:06:21.960 --> 0:06:25.320 you think about it, when it's sprunt and center in 0:06:25.880 --> 0:06:30.120 your daily life, it becomes part of you. And then 0:06:30.200 --> 0:06:32.640 the beauty is the things that you do that you 0:06:32.680 --> 0:06:35.320 do anyway become part of you. And I'll give you 0:06:35.360 --> 0:06:38.520 an example. Well before the show started, producer and I 0:06:38.520 --> 0:06:41.080 were talking and he was sharing with me about the 0:06:41.120 --> 0:06:44.599 purchase of his home, which you know, I mean literally 0:06:44.600 --> 0:06:48.520 wanted to do cartwheels, because that's the first thing that 0:06:48.920 --> 0:06:52.880 anyone should do, because you're gonna pay rent anyway. 0:06:53.200 --> 0:06:55.440 If you have money, or you have a couple of 0:06:55.480 --> 0:06:57.640 dollars enough to put her as a down payment for 0:06:57.680 --> 0:07:01.120 a property, you should invest it in your own property first, 0:07:01.120 --> 0:07:04.279 where you live in or should you get an investment property. 0:07:04.279 --> 0:07:05.880 For example, I have a friend of mine as who 0:07:05.920 --> 0:07:09.840 was renting. He lives renting, but just bought an investment property. 0:07:10.080 --> 0:07:11.240 What makes more sense. 0:07:12.320 --> 0:07:16.680 The concept is it doesn't matter, right if he bought 0:07:16.720 --> 0:07:20.240 a house and it is now rented, he or she 0:07:20.240 --> 0:07:23.160 can move into that house in the event that that 0:07:23.240 --> 0:07:27.520 renter leaves the first. The first and foremost is you 0:07:27.680 --> 0:07:31.240 should be, however, in the house that you live in. 0:07:31.800 --> 0:07:35.480 You should be as an as an anchor, if nothing else. 0:07:35.880 --> 0:07:37.840 You should live in your own home. You should there 0:07:37.880 --> 0:07:42.560 should be an attempt, a hardened attempt to purchase a property. 0:07:42.600 --> 0:07:46.240 Now you mentioned something, well, what if I can't afford 0:07:46.320 --> 0:07:50.440 where I am right where this area, let's say, may 0:07:50.480 --> 0:07:53.800 not be amenable at this moment for me to buy, 0:07:53.840 --> 0:07:57.800 well buy anything, then you rent it right so anywhere 0:07:57.880 --> 0:08:00.760 the first home doesn't have to be the last. So 0:08:00.800 --> 0:08:03.160 the first things first, you know, I'm gonna I'm gonna 0:08:03.360 --> 0:08:06.760 basically take it home. There are so many things that 0:08:07.240 --> 0:08:11.600 allow someone to purchase a home. For example, if someone 0:08:11.680 --> 0:08:16.480 is a veteran, you have the you have an exceptional 0:08:16.480 --> 0:08:17.920 amount of facility. 0:08:17.960 --> 0:08:18.440 No, no, no, no. 0:08:18.560 --> 0:08:20.160 For sure, there's a lot of people to get into 0:08:20.280 --> 0:08:22.720 the Army because of all the benefits. 0:08:22.360 --> 0:08:23.360 That they receive. 0:08:23.680 --> 0:08:26.160 Besides the fact that I mean benefits if you come 0:08:26.200 --> 0:08:31.360 under the out of there because you got to give 0:08:31.360 --> 0:08:33.720 them their credit when credit is due. Not everybody can 0:08:33.760 --> 0:08:34.439 take the pressure. 0:08:34.679 --> 0:08:37.520 I know very well. I was in the Army ROTC 0:08:37.760 --> 0:08:42.360 program in college, so I had friends who were officers 0:08:42.360 --> 0:08:46.560 that came out and they they were in the first 0:08:46.720 --> 0:08:49.840 war in Iraq and one of them just wasn't. 0:08:49.880 --> 0:08:53.440 Altogether, it's hard, but the benefits that you do receive 0:08:53.480 --> 0:08:57.320 are grained, including being able to purchase properties in the US. 0:08:57.720 --> 0:09:02.880 But right overall the benefit it's outweigh you know. And furthermore, 0:09:03.200 --> 0:09:05.960 you do that to service for country. But going back 0:09:05.960 --> 0:09:10.640 to business, it's one way because what are the hardships 0:09:10.640 --> 0:09:14.040 to getting to getting a property, And the hardships are 0:09:14.080 --> 0:09:21.360 credit savings and down payments, credit expense. So I'm gonna 0:09:21.360 --> 0:09:25.240 go there. So that is probably something that doesn't cost 0:09:25.320 --> 0:09:28.720 any money. Let's say, you know, to build good credit 0:09:29.360 --> 0:09:33.800 is non costly. And to put it simply, if you 0:09:33.920 --> 0:09:38.960 don't have any credit, you should have open lines. You 0:09:39.040 --> 0:09:41.800 should have you know, not that I take a little 0:09:41.840 --> 0:09:45.360 card here and there, two to three, not fifty, but 0:09:45.520 --> 0:09:50.000 three at least open lines hold on build up. 0:09:50.040 --> 0:09:52.520 But when you say credit cards, let's be clear because 0:09:52.880 --> 0:09:55.960 for example, I didn't have my first credit card, so 0:09:56.080 --> 0:09:59.560 I was like twenty six, twenty seven and never used 0:09:59.600 --> 0:10:03.480 it to like elotroa. I'm really panicky because I saw 0:10:03.520 --> 0:10:06.240 my mom, you know, having mad credit cards getting herself 0:10:06.240 --> 0:10:08.720 in debt, you know, financially, not. 0:10:08.679 --> 0:10:09.880 Knowing how to administrate it. 0:10:09.960 --> 0:10:12.120 So I was always afraid of using credit cards, and 0:10:12.160 --> 0:10:14.320 I've always used my capital, which now I understand that 0:10:14.320 --> 0:10:16.720 you're not supposed to. You're supposed to use your credit 0:10:16.760 --> 0:10:18.440 cards and you pay it off, you build your credit, 0:10:18.600 --> 0:10:21.079 you get points, all these great things. What are some 0:10:21.920 --> 0:10:24.280 just you know, just you know, what are some credit cards? 0:10:24.360 --> 0:10:26.720 You advise a lot of people that are just starting off. 0:10:26.600 --> 0:10:37.320 With so, so let's let's touch on the subject of 0:10:37.400 --> 0:10:39.960 credit cards. So on the matter of credit cards, what 0:10:40.040 --> 0:10:43.040 you want to do is use it instead of your 0:10:43.080 --> 0:10:45.600 debit card. You don't want to go to a gas 0:10:45.600 --> 0:10:49.520 station with your with your debit card. You don't want 0:10:49.559 --> 0:10:52.199 to pay your phone bill with your credit cards. You 0:10:52.240 --> 0:10:56.000 don't want to pay anything you you want you give 0:10:56.040 --> 0:10:58.120 in public. You don't want to pay that with the devil. 0:10:58.160 --> 0:11:00.920 You want to do it with a credit card. However, 0:11:01.400 --> 0:11:04.800 you want to use it with let's call it manageable purchases. 0:11:05.200 --> 0:11:08.080 Things that you're gonna that you don't that aren't permanent, 0:11:08.320 --> 0:11:11.600 right the like a car, a house. You want to 0:11:11.600 --> 0:11:13.800 be able to pay them off at the end of 0:11:13.800 --> 0:11:17.200 the month or at least keep what's called the usage, 0:11:17.559 --> 0:11:20.839 the amount of credit available versus the amount of credit 0:11:20.880 --> 0:11:25.120 that you use. Keep it below thirty percent. And the 0:11:25.400 --> 0:11:29.400 goal is not to rack up the usage on the 0:11:29.400 --> 0:11:32.559 credit card. You only do that in an emergency. Don't 0:11:32.600 --> 0:11:35.880 go on a vacation. You know, because you have money 0:11:35.960 --> 0:11:37.880 in the credit card. You don't have money in the 0:11:37.920 --> 0:11:41.400 credit card. The credit card is an available usage, it 0:11:41.440 --> 0:11:44.680 doesn't mean it's money you have. The interest rates on 0:11:44.720 --> 0:11:49.680 these things are at twenty thirty percent, so that means 0:11:49.679 --> 0:11:52.880 that that that that that amount doubles at twenty percent 0:11:52.880 --> 0:11:55.360 of doubles every three and a half years. It doubles, 0:11:55.559 --> 0:11:59.360 so three becomes six, six become twelve. That's why people, 0:11:59.720 --> 0:12:02.000 you know, get into mad as you would say, mad 0:12:02.040 --> 0:12:05.360 problems with credit cards because no one says, No one 0:12:05.400 --> 0:12:07.360 says how to use it. They just send it. 0:12:07.480 --> 0:12:08.360 Yeah, yeah, yeah, right. 0:12:08.360 --> 0:12:11.920 No one has this conversation. But the conversation is use 0:12:11.960 --> 0:12:16.560 it as a cash card where you know you have 0:12:16.640 --> 0:12:17.080 that money. 0:12:17.160 --> 0:12:17.559 There you go. 0:12:17.640 --> 0:12:21.080 Tip number one, get at least three lines of credit 0:12:21.160 --> 0:12:23.840 right with your credit card, keep it below thirty percent, 0:12:24.040 --> 0:12:27.240 and instead of using your debit card, use your credit 0:12:27.320 --> 0:12:29.760 card to pay your gas station, food is, whatever it is. 0:12:29.840 --> 0:12:31.720 Just keep your debit card at home. But that's what 0:12:31.760 --> 0:12:33.520 I would do, because if I have it for some reason, 0:12:33.520 --> 0:12:35.360 I feel like I'm going to use it, but or 0:12:35.440 --> 0:12:37.800 just put it away. Use your credit card. Pay it 0:12:37.840 --> 0:12:39.800 off little by little every month it builds up your 0:12:39.840 --> 0:12:42.439 credit and then little by little it doubles. Whatever amount 0:12:42.480 --> 0:12:44.959 it is that you currently have a card, it will 0:12:45.000 --> 0:12:47.600 double up it eventually if you pay on time. So 0:12:47.640 --> 0:12:52.320 that's our first tip, going back to firsting back to investing. 0:12:52.679 --> 0:12:55.480 The first investment, you know thing overall that you should 0:12:55.480 --> 0:12:56.920 do if you have enough money to put it as 0:12:56.920 --> 0:12:59.640 a deposit. Whether it is based off of what you 0:12:59.640 --> 0:13:02.360 want said, it doesn't matter if it's an investment property 0:13:02.679 --> 0:13:04.800 or the property that you live in, right, as long 0:13:04.840 --> 0:13:09.280 as you have purchased a property, okay, correct. 0:13:09.400 --> 0:13:14.000 And what that does is you're building wealth with time, right, 0:13:14.080 --> 0:13:17.280 and it's called leverage wealth. It's money. So you're borrowing 0:13:17.760 --> 0:13:20.120 let's say two hundred thousand dollars that you don't have 0:13:20.200 --> 0:13:23.079 in cask today. You and even if you did have them, 0:13:23.120 --> 0:13:27.000 you borrow the two hundred thousand, three hundred thousand, and 0:13:27.080 --> 0:13:31.120 guess what the increase in price is off of that number. 0:13:31.679 --> 0:13:34.840 So using math when we were in school, you know, 0:13:35.440 --> 0:13:39.120 three percent of three hundred thousand is nine thousand, which 0:13:39.200 --> 0:13:43.240 means that if that house appreciates every year by two percent, 0:13:43.360 --> 0:13:46.000 it goes up six grand. By three percent, it goes 0:13:46.080 --> 0:13:48.920 up nine grand. If it goes up four percent, and 0:13:48.920 --> 0:13:51.840 it's a three hundred thousand dollars, it increases in price 0:13:51.880 --> 0:13:54.040 by twelve thousand dollars a year. So check that out. 0:13:54.200 --> 0:13:57.240 While you're sleeping, you're making a grand a month on 0:13:57.280 --> 0:14:00.960 somebody else's money. However, however, there's something I want to 0:14:01.080 --> 0:14:02.960 I want to share it. There are two types of 0:14:03.040 --> 0:14:06.440 way to make money. There's cash, which is what the 0:14:06.480 --> 0:14:10.040 world you know, we've lived in pretty much all our life. 0:14:10.480 --> 0:14:15.240 And then there's a crewel where you're building assets. Okay, 0:14:15.480 --> 0:14:19.200 so think of it as as you know, I take 0:14:19.240 --> 0:14:22.360 it to agronomy. So let let's think of a cow. 0:14:22.600 --> 0:14:25.960 You would have one which grows to increase in weight, 0:14:26.120 --> 0:14:28.040 and then you sell it by the pound, and then 0:14:28.080 --> 0:14:30.440 you have the others that get milk every day. Then 0:14:30.480 --> 0:14:34.280 you have you have the combination. So what I'm saying 0:14:34.320 --> 0:14:37.160 is one is cash. One generates cash daily and the 0:14:37.200 --> 0:14:41.720 other one grows with time and do you always want 0:14:41.720 --> 0:14:45.400 to be in a scenario where your cash covers your 0:14:45.440 --> 0:14:50.000 expenses and then some. But you always want a crew 0:14:50.640 --> 0:14:52.960 so that you have your money is growing. 0:14:53.360 --> 0:14:56.440 Basically, you guys are to hear me talking about generation 0:14:56.520 --> 0:14:59.080 of wealth. This is a perfect way to create generation 0:14:59.160 --> 0:15:02.640 of wealth. Continue to add assets to your portfolio. That's 0:15:02.640 --> 0:15:05.520 how I see it. We would have more generational world 0:15:05.760 --> 0:15:08.880 among the Latin ex community. But the only way to 0:15:08.920 --> 0:15:11.600 do that is to get yourself educated on how to 0:15:11.680 --> 0:15:19.000 financially invest your money. And if you don't know what 0:15:19.080 --> 0:15:22.880 to do, you find experts like Yvonne that can guide you. 0:15:22.960 --> 0:15:24.040 Listen, what do you do? 0:15:24.160 --> 0:15:26.760 Y'all't know you were on e commerce or you've been 0:15:26.800 --> 0:15:29.600 selling doing washing cars, whatever it is that you've been 0:15:29.600 --> 0:15:32.920 making hustling your money. You saved up one hundred thousand dollars, 0:15:32.920 --> 0:15:35.840 eighty thousand dollars, even fifty thousand dollars. You don't even 0:15:35.880 --> 0:15:38.880 know how you can flip this money and this can 0:15:38.920 --> 0:15:42.320 become your first assets. Sometimes you don't need as much 0:15:42.400 --> 0:15:45.120 money as people think, because even a small Q department 0:15:46.160 --> 0:15:49.320 KAY is not necessarily in the best neighborhood or whatever 0:15:49.560 --> 0:15:52.000 can actually bring you you know, some type of income, 0:15:52.160 --> 0:15:54.640 whether you decide to put it on Section eight, whether 0:15:54.680 --> 0:15:57.160 you decided to put it on Airbnb, whether you just 0:15:57.280 --> 0:16:00.040 set whatever it is. There's a lot of different systems 0:16:00.040 --> 0:16:01.920 and things that you can do. Some things I want 0:16:01.960 --> 0:16:04.080 to talk about because I've heard this before, but I 0:16:04.080 --> 0:16:06.280 would want you to clarify it. I was sold by 0:16:06.440 --> 0:16:08.480 you know, my mom and you know, just you know 0:16:08.520 --> 0:16:11.720 the older Latino community. Oh, I paid off my house. 0:16:11.960 --> 0:16:13.920 You know, my house is paid. I don't have no 0:16:13.920 --> 0:16:17.880 problems the American dream. Then I was told, no, do 0:16:18.120 --> 0:16:21.200 not pay your house off by no means necessary, because 0:16:21.920 --> 0:16:24.840 you can actually leverage off the property that you have. 0:16:24.880 --> 0:16:25.920 Can you explain that to me? 0:16:27.520 --> 0:16:30.520 Right? So there again there are two different mindsets. There's 0:16:30.520 --> 0:16:35.920 a mindset of in the Latino community where the house 0:16:36.120 --> 0:16:40.760 is an important anchor for that household, and particularly when 0:16:40.800 --> 0:16:43.120 it's first generation immigrants. They come and you know, they've 0:16:43.120 --> 0:16:44.720 got through so many struggles. I want to ma cure 0:16:45.080 --> 0:16:48.000 that they have a whole that they that they have 0:16:48.320 --> 0:16:51.200 and they secure that for their children and grandchildren. So 0:16:51.240 --> 0:16:56.680 that's that's a natural event. What I recommend is that 0:16:56.880 --> 0:17:03.040 you build revenue sources. Sources okay, means of getting cash 0:17:03.120 --> 0:17:08.119 flow and that the payment on the house where you 0:17:08.480 --> 0:17:13.320 reside should not be let's call it significant relative to 0:17:13.359 --> 0:17:16.399 your to your income. So I'm gonna give you an example. 0:17:16.400 --> 0:17:19.639 If you have a house, let's just use a round number. 0:17:20.000 --> 0:17:23.240 Your house is going to be worth a million dollars. 0:17:23.840 --> 0:17:27.800 Whether it's today, tomorrow, next year, five ten years, everyone's 0:17:27.840 --> 0:17:30.240 going to listen to you from here on in is 0:17:30.320 --> 0:17:32.639 going to be the Millionaire's Club. You are going to 0:17:32.680 --> 0:17:37.520 create more millionaires amata than than home DEEPO and more marketing. 0:17:37.520 --> 0:17:44.160 Starting exactly because you are giving voice too, and you're 0:17:44.160 --> 0:17:47.600 giving a light to an area of our economy that 0:17:47.600 --> 0:17:49.200 that heretofore. 0:17:48.880 --> 0:17:54.160 Has not gotten it that much. Latina Afro descendant female 0:17:54.640 --> 0:17:59.680 and just aspiring young LATINX and and and even Americans 0:17:59.680 --> 0:18:02.960 just lane loving people who love America. That's that's what 0:18:03.000 --> 0:18:05.680 this program is about. The notion is people need to 0:18:05.760 --> 0:18:08.560 aspire and that doesn't mean you have to do it 0:18:08.600 --> 0:18:11.480 as a first round. Right, So you you nailed it. 0:18:11.680 --> 0:18:16.399 There are multiple homes all over the country that aren't 0:18:16.600 --> 0:18:20.840 two hundred, five hundred and six thousand, seven million dollar homes. No, 0:18:21.320 --> 0:18:24.480 you have you have the fifties and guess what with 0:18:24.600 --> 0:18:27.840 fifties you could buy a fifties you could buy a 0:18:27.880 --> 0:18:31.480 two one hundreds with like literally what it costs you 0:18:31.600 --> 0:18:32.359 to brave your hands. 0:18:32.359 --> 0:18:33.120 That's the thing too. 0:18:33.119 --> 0:18:35.640 Then when we think about buying a property. By the way, 0:18:35.640 --> 0:18:37.760 this is not just real estate. We're talking about finances 0:18:37.800 --> 0:18:40.399 overall today. But I thought that, you know, that's an 0:18:40.400 --> 0:18:40.960 important thing. 0:18:40.960 --> 0:18:43.480 You should start up. Where you live should be, you know, 0:18:43.520 --> 0:18:44.560 one of your main goals. 0:18:44.560 --> 0:18:47.359 But when you think about these numbers, Oh, this house 0:18:47.400 --> 0:18:50.960 cows five thousand, four thousand, three hundred thousand, whatever, maybe 0:18:51.280 --> 0:18:52.920 remember that you're not paying all. 0:18:52.720 --> 0:18:53.640 Of this off the rip. 0:18:54.160 --> 0:18:58.240 All you need is a deposit a twenty percent, you know, 0:18:58.560 --> 0:19:01.359 thirty percent and to be on it depends. Every state 0:19:02.280 --> 0:19:05.720 has their own programs in which you know, you may 0:19:06.359 --> 0:19:08.360 qualify for a program that you only have to put 0:19:08.400 --> 0:19:09.919 five percent, one percent. 0:19:10.119 --> 0:19:12.919 I mean you just never known three three. 0:19:13.000 --> 0:19:15.000 Some are none, like I said, if they have to 0:19:15.000 --> 0:19:19.240 put anything. And there are there are areas that there 0:19:19.280 --> 0:19:23.120 are incentives to let's call it populate those areas. So 0:19:23.160 --> 0:19:26.120 someone who can work remotely and you know they basically 0:19:26.119 --> 0:19:28.000 pay their duce for two or three years, they go 0:19:28.400 --> 0:19:31.119 when they live off the let's call it the making grid. 0:19:31.640 --> 0:19:34.640 And they go to a rural area. Guess what, they 0:19:34.680 --> 0:19:38.600 have a house. They now have an asset. They're building wealth. 0:19:39.720 --> 0:19:42.240 The point is, no matter how you slice it or 0:19:42.280 --> 0:19:44.880 dice it, put that as a as a goal, as 0:19:44.880 --> 0:19:47.679 a marker, and put as a marker a number you 0:19:47.680 --> 0:19:50.960 don't get on a train. And for those that live 0:19:51.000 --> 0:19:54.320 in and say all right, I'm just getting understrained, you know, 0:19:54.400 --> 0:19:56.919 and then okay, so where you're going, what's your stop? 0:19:57.480 --> 0:19:59.720 You need to stop. You need to have a marker. 0:20:00.119 --> 0:20:01.800 You need to have a place where you want to 0:20:01.880 --> 0:20:07.159 land on. And that's critically important because every single successful 0:20:07.920 --> 0:20:12.320 entrepreneur in the world has a vision of what they want. 0:20:12.560 --> 0:20:14.360 They may it may not be exactly where they at. 0:20:14.520 --> 0:20:17.760 A work towards. Many times you work towards it, and 0:20:17.880 --> 0:20:20.840 sometimes you work towards it and something else happens, but 0:20:20.880 --> 0:20:23.359 you guess what, it's a pivot. But it doesn't matter. 0:20:30.920 --> 0:20:32.960 So here goes into the tip mean not mean handed. 0:20:33.040 --> 0:20:36.520 Write this down, pay attention this this episode is very important. 0:20:36.560 --> 0:20:38.200 This is a very educational episode. 0:20:38.359 --> 0:20:40.320 So the other thing, the other tip that Ivan is 0:20:40.320 --> 0:20:43.280 giving us is focusing on our goal. What is our 0:20:43.280 --> 0:20:45.440 financial goal. What is it you're trying to establish? What 0:20:45.800 --> 0:20:49.359 are your dreams and aspirations? Financially? What numbers should you 0:20:49.440 --> 0:20:52.919 be reaching. If your bills are about, I don't know, 0:20:53.640 --> 0:20:56.920 five thousand dollars a month, obviously you want to work towards. 0:20:56.960 --> 0:20:58.640 Okay, well, how can I get eight thousand? 0:20:58.840 --> 0:21:01.439 Eight thousand would be my number, just so that you 0:21:01.480 --> 0:21:04.040 can have a little extra cash for a rainy day 0:21:04.400 --> 0:21:06.720 or even if you want to invest some of that money. 0:21:07.160 --> 0:21:09.760 So we all, we all went through the pandemic. We 0:21:09.800 --> 0:21:12.680 saw how you know, how it felt when everything's shut down. 0:21:12.720 --> 0:21:15.240 God forbid. Let's pray that never happens again. But si pasa, 0:21:15.680 --> 0:21:16.440 are you prepared? 0:21:16.920 --> 0:21:18.960 I think that that was our biggest lesson, is to 0:21:19.000 --> 0:21:21.160 prepare ourselves because we never know what can happen. 0:21:21.240 --> 0:21:21.480 Now. 0:21:22.160 --> 0:21:24.520 Something that also is important to me is for those 0:21:24.600 --> 0:21:26.440 that haven't thought about it, because we feel like we're 0:21:26.440 --> 0:21:28.760