Speaker 1: Welcome to this show.
Speaker 2: I am your girl, Mada, and you're listening to Exactly Amada,
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Speaker 2: How do you feel, if you like it or not,
Speaker 2: if you have any similar experiences, anything you would like
Speaker 2: me to talk about all that good stuff, because remember
Speaker 2: the exactly A model was made exactly for you. I
Speaker 2: always want to connect with the audience. I always want
Speaker 2: to connect to the people that are supporting me, that
Speaker 2: listen to the show. And that's why today, yeah, as usual,
Speaker 2: I always want to do topics that are meaningful topics
Speaker 2: that connect to the audience, that connect to the people.
Speaker 1: Maybe you have been curious about how to invest your money?
Speaker 1: What are you supposed to do with it? What do
Speaker 1: you know about stocks? What do you know about a will?
Speaker 1: Do you have a will? What do you know about
Speaker 1: a trust? Have you seen this before? All these things?
Speaker 2: You know? How much money do you really need to invest?
Speaker 2: How can you flip your money? How do you even
Speaker 2: organize your money? Do you need an accountant? Where do
Speaker 2: you get an accountant from? How much are you supposed
Speaker 2: to pay them? What's the percentage? I know there are
Speaker 2: endless questions when it comes to being financially educated, And unfortunately,
Speaker 2: I get to see a lot of people in the
Speaker 2: Latino community.
Speaker 1: We're raised, you know, coming from poverty.
Speaker 2: We're raised from immigrant parents that they didn't have the
Speaker 2: opportunity to financially I mean, to go to school, write,
Speaker 2: or even around their household. They were never prepared to
Speaker 2: teach us about our finances, to teach us about you know,
Speaker 2: financial management.
Speaker 1: How are you supposed to handle it?
Speaker 2: How much are you supposed to you know deduct I
Speaker 2: know a lot of people that still to this day
Speaker 2: have never even done their taxes. There's just so much
Speaker 2: information lost, specifically in the Latino community. I feel that
Speaker 2: the lion X community has somewhat grown and we're the
Speaker 2: ones teaching our parents now thanks to social media and
Speaker 2: the Internet that now we have more access into Well,
Speaker 2: if you don't know, you may not know because you
Speaker 2: don't want to know, because the information is definitely out
Speaker 2: there on Google. You can google anything. But personally, I
Speaker 2: like to have a relationship with someone. I like to
Speaker 2: be able to talk to a real human being that
Speaker 2: if I have a thousand questions, they can answer it
Speaker 2: for me and guide me towards the best direction. I
Speaker 2: know there's a lot of young people right now that
Speaker 2: are making money from e commerce and all these things.
Speaker 2: They're investing it in cars, jewelry, all these great things.
Speaker 2: But I know that everybody has to live and go
Speaker 2: through their stages. You hit tapas, but you want to
Speaker 2: be smart enough to actually invest the money and something
Speaker 2: that later on is going to grow and it's gonna
Speaker 2: you know.
Speaker 1: The keyword assets.
Speaker 2: Well before I keep going because I could talk about
Speaker 2: this forever, because I'm very passionate about not going back
Speaker 2: to being poor ever again, not having to go back to.
Speaker 1: You know, from where my mother started off. I think
Speaker 1: we won't.
Speaker 2: But even then, you're never You're you never know too much, right,
Speaker 2: There's always space to learn, to grow, to educate yourself,
Speaker 2: surround yourself around people that know more than you. And
Speaker 2: that's why today I want to invite a very old
Speaker 2: friend of mine's. We've been friends for years now. We
Speaker 2: recent reconnected and I was like, I would love to
Speaker 2: have you on my show because to there thanking Delhi, hinte,
Speaker 2: you know so much. You also make me feel so
Speaker 2: proud as a well educated Dominican man who has really
Speaker 2: been impactful in the Latino community, teaching so many Latinos
Speaker 2: about their finances and everything else. Anyways, long story short,
Speaker 2: I want to invite today Ivan Heman is high my level?
Speaker 1: Are you how is well on his?
Speaker 2: Well? Super excited because everybody that knows me knows that
Speaker 2: I'm very passionate about money, How to invest it, what
Speaker 2: do we do, especially coming from a Latino household where
Speaker 2: a lot of people, you know, don't talk about it.
Speaker 1: And I've even said that, you know, when my girls.
Speaker 2: Grow up a little bit more and actually understand what
Speaker 2: money is, I want to start taxing them and teaching
Speaker 2: them to pay rent even in this twenty five cents.
Speaker 1: But it's more about teaching them the logistics of this
Speaker 1: is the world that you live in.
Speaker 3: Correct? Correct, So you're right. Look, we come from parents
Speaker 3: that obviously wanted to give us a much better lifestyle
Speaker 3: than they had. And one of the things that many
Speaker 3: times they did is they took the conversation of needing
Speaker 3: money off the plate. So we can have a childhood,
Speaker 3: so we can have an adolescent, so we can so
Speaker 3: we can live the American dream that comes with the price,
Speaker 3: and the price is that they that subject of money
Speaker 3: and the planning. You know, when you're first generation immigrant
Speaker 3: is the first dream is sometimes to just get your documentation,
Speaker 3: get your house in order. But the notion of assets,
Speaker 3: long term planning, investing for five, ten, thirty years. When
Speaker 3: people when I started being such an advisor, and I
Speaker 3: was twenty two and I was, you know, at the
Speaker 3: top of the world in terms of financial advisory, but
Speaker 3: I was talking about planning for thirty years, it sounded
Speaker 3: like going to it was something like twenty years, thirty
Speaker 3: year seven, so far away. As time goes by, you
Speaker 3: realize you realize that five years go by, ten years
Speaker 3: go by twenty years go by. Whether or not you
Speaker 3: invest right, whether or not you have a will, they're
Speaker 3: gonna happen. So I guess the conversation is that when
Speaker 3: you think about it, when it's sprunt and center in
Speaker 3: your daily life, it becomes part of you. And then
Speaker 3: the beauty is the things that you do that you
Speaker 3: do anyway become part of you. And I'll give you
Speaker 3: an example. Well before the show started, producer and I
Speaker 3: were talking and he was sharing with me about the
Speaker 3: purchase of his home, which you know, I mean literally
Speaker 3: wanted to do cartwheels, because that's the first thing that
Speaker 3: anyone should do, because you're gonna pay rent anyway.
Speaker 2: If you have money, or you have a couple of
Speaker 2: dollars enough to put her as a down payment for
Speaker 2: a property, you should invest it in your own property first,
Speaker 2: where you live in or should you get an investment property.
Speaker 2: For example, I have a friend of mine as who
Speaker 2: was renting. He lives renting, but just bought an investment property.
Speaker 2: What makes more sense.
Speaker 3: The concept is it doesn't matter, right if he bought
Speaker 3: a house and it is now rented, he or she
Speaker 3: can move into that house in the event that that
Speaker 3: renter leaves the first. The first and foremost is you
Speaker 3: should be, however, in the house that you live in.
Speaker 3: You should be as an as an anchor, if nothing else.
Speaker 3: You should live in your own home. You should there
Speaker 3: should be an attempt, a hardened attempt to purchase a property.
Speaker 3: Now you mentioned something, well, what if I can't afford
Speaker 3: where I am right where this area, let's say, may
Speaker 3: not be amenable at this moment for me to buy,
Speaker 3: well buy anything, then you rent it right so anywhere
Speaker 3: the first home doesn't have to be the last. So
Speaker 3: the first things first, you know, I'm gonna I'm gonna
Speaker 3: basically take it home. There are so many things that
Speaker 3: allow someone to purchase a home. For example, if someone
Speaker 3: is a veteran, you have the you have an exceptional
Speaker 3: amount of facility.
Speaker 1: No, no, no, no.
Speaker 2: For sure, there's a lot of people to get into
Speaker 2: the Army because of all the benefits.
Speaker 1: That they receive.
Speaker 2: Besides the fact that I mean benefits if you come
Speaker 2: under the out of there because you got to give
Speaker 2: them their credit when credit is due. Not everybody can
Speaker 2: take the pressure.
Speaker 3: I know very well. I was in the Army ROTC
Speaker 3: program in college, so I had friends who were officers
Speaker 3: that came out and they they were in the first
Speaker 3: war in Iraq and one of them just wasn't.
Speaker 2: Altogether, it's hard, but the benefits that you do receive
Speaker 2: are grained, including being able to purchase properties in the US.
Speaker 3: But right overall the benefit it's outweigh you know. And furthermore,
Speaker 3: you do that to service for country. But going back
Speaker 3: to business, it's one way because what are the hardships
Speaker 3: to getting to getting a property, And the hardships are
Speaker 3: credit savings and down payments, credit expense. So I'm gonna
Speaker 3: go there. So that is probably something that doesn't cost
Speaker 3: any money. Let's say, you know, to build good credit
Speaker 3: is non costly. And to put it simply, if you
Speaker 3: don't have any credit, you should have open lines. You
Speaker 3: should have you know, not that I take a little
Speaker 3: card here and there, two to three, not fifty, but
Speaker 3: three at least open lines hold on build up.
Speaker 2: But when you say credit cards, let's be clear because
Speaker 2: for example, I didn't have my first credit card, so
Speaker 2: I was like twenty six, twenty seven and never used
Speaker 2: it to like elotroa. I'm really panicky because I saw
Speaker 2: my mom, you know, having mad credit cards getting herself
Speaker 2: in debt, you know, financially, not.
Speaker 1: Knowing how to administrate it.
Speaker 2: So I was always afraid of using credit cards, and
Speaker 2: I've always used my capital, which now I understand that
Speaker 2: you're not supposed to. You're supposed to use your credit
Speaker 2: cards and you pay it off, you build your credit,
Speaker 2: you get points, all these great things. What are some
Speaker 2: just you know, just you know, what are some credit cards?
Speaker 2: You advise a lot of people that are just starting off.
Speaker 3: With so, so let's let's touch on the subject of
Speaker 3: credit cards. So on the matter of credit cards, what
Speaker 3: you want to do is use it instead of your
Speaker 3: debit card. You don't want to go to a gas
Speaker 3: station with your with your debit card. You don't want
Speaker 3: to pay your phone bill with your credit cards. You
Speaker 3: don't want to pay anything you you want you give
Speaker 3: in public. You don't want to pay that with the devil.
Speaker 3: You want to do it with a credit card. However,
Speaker 3: you want to use it with let's call it manageable purchases.
Speaker 3: Things that you're gonna that you don't that aren't permanent,
Speaker 3: right the like a car, a house. You want to
Speaker 3: be able to pay them off at the end of
Speaker 3: the month or at least keep what's called the usage,
Speaker 3: the amount of credit available versus the amount of credit
Speaker 3: that you use. Keep it below thirty percent. And the
Speaker 3: goal is not to rack up the usage on the
Speaker 3: credit card. You only do that in an emergency. Don't
Speaker 3: go on a vacation. You know, because you have money
Speaker 3: in the credit card. You don't have money in the
Speaker 3: credit card. The credit card is an available usage, it
Speaker 3: doesn't mean it's money you have. The interest rates on
Speaker 3: these things are at twenty thirty percent, so that means
Speaker 3: that that that that that amount doubles at twenty percent
Speaker 3: of doubles every three and a half years. It doubles,
Speaker 3: so three becomes six, six become twelve. That's why people,
Speaker 3: you know, get into mad as you would say, mad
Speaker 3: problems with credit cards because no one says, No one
Speaker 3: says how to use it. They just send it.
Speaker 1: Yeah, yeah, yeah, right.
Speaker 3: No one has this conversation. But the conversation is use
Speaker 3: it as a cash card where you know you have
Speaker 3: that money.
Speaker 1: There you go.
Speaker 2: Tip number one, get at least three lines of credit
Speaker 2: right with your credit card, keep it below thirty percent,
Speaker 2: and instead of using your debit card, use your credit
Speaker 2: card to pay your gas station, food is, whatever it is.
Speaker 2: Just keep your debit card at home. But that's what
Speaker 2: I would do, because if I have it for some reason,
Speaker 2: I feel like I'm going to use it, but or
Speaker 2: just put it away. Use your credit card. Pay it
Speaker 2: off little by little every month it builds up your
Speaker 2: credit and then little by little it doubles. Whatever amount
Speaker 2: it is that you currently have a card, it will
Speaker 2: double up it eventually if you pay on time. So
Speaker 2: that's our first tip, going back to firsting back to investing.
Speaker 2: The first investment, you know thing overall that you should
Speaker 2: do if you have enough money to put it as
Speaker 2: a deposit. Whether it is based off of what you
Speaker 2: want said, it doesn't matter if it's an investment property
Speaker 2: or the property that you live in, right, as long
Speaker 2: as you have purchased a property, okay, correct.
Speaker 3: And what that does is you're building wealth with time, right,
Speaker 3: and it's called leverage wealth. It's money. So you're borrowing
Speaker 3: let's say two hundred thousand dollars that you don't have
Speaker 3: in cask today. You and even if you did have them,
Speaker 3: you borrow the two hundred thousand, three hundred thousand, and
Speaker 3: guess what the increase in price is off of that number.
Speaker 3: So using math when we were in school, you know,
Speaker 3: three percent of three hundred thousand is nine thousand, which
Speaker 3: means that if that house appreciates every year by two percent,
Speaker 3: it goes up six grand. By three percent, it goes
Speaker 3: up nine grand. If it goes up four percent, and
Speaker 3: it's a three hundred thousand dollars, it increases in price
Speaker 3: by twelve thousand dollars a year. So check that out.
Speaker 3: While you're sleeping, you're making a grand a month on
Speaker 3: somebody else's money. However, however, there's something I want to
Speaker 3: I want to share it. There are two types of
Speaker 3: way to make money. There's cash, which is what the
Speaker 3: world you know, we've lived in pretty much all our life.
Speaker 3: And then there's a crewel where you're building assets. Okay,
Speaker 3: so think of it as as you know, I take
Speaker 3: it to agronomy. So let let's think of a cow.
Speaker 3: You would have one which grows to increase in weight,
Speaker 3: and then you sell it by the pound, and then
Speaker 3: you have the others that get milk every day. Then
Speaker 3: you have you have the combination. So what I'm saying
Speaker 3: is one is cash. One generates cash daily and the
Speaker 3: other one grows with time and do you always want
Speaker 3: to be in a scenario where your cash covers your
Speaker 3: expenses and then some. But you always want a crew
Speaker 3: so that you have your money is growing.
Speaker 2: Basically, you guys are to hear me talking about generation
Speaker 2: of wealth. This is a perfect way to create generation
Speaker 2: of wealth. Continue to add assets to your portfolio. That's
Speaker 2: how I see it. We would have more generational world
Speaker 2: among the Latin ex community. But the only way to
Speaker 2: do that is to get yourself educated on how to
Speaker 2: financially invest your money. And if you don't know what
Speaker 2: to do, you find experts like Yvonne that can guide you.
Speaker 1: Listen, what do you do?
Speaker 2: Y'all't know you were on e commerce or you've been
Speaker 2: selling doing washing cars, whatever it is that you've been
Speaker 2: making hustling your money. You saved up one hundred thousand dollars,
Speaker 2: eighty thousand dollars, even fifty thousand dollars. You don't even
Speaker 2: know how you can flip this money and this can
Speaker 2: become your first assets. Sometimes you don't need as much
Speaker 2: money as people think, because even a small Q department
Speaker 2: KAY is not necessarily in the best neighborhood or whatever
Speaker 2: can actually bring you you know, some type of income,
Speaker 2: whether you decide to put it on Section eight, whether
Speaker 2: you decided to put it on Airbnb, whether you just
Speaker 2: set whatever it is. There's a lot of different systems
Speaker 2: and things that you can do. Some things I want
Speaker 2: to talk about because I've heard this before, but I
Speaker 2: would want you to clarify it. I was sold by
Speaker 2: you know, my mom and you know, just you know
Speaker 2: the older Latino community. Oh, I paid off my house.
Speaker 2: You know, my house is paid. I don't have no
Speaker 2: problems the American dream. Then I was told, no, do
Speaker 2: not pay your house off by no means necessary, because
Speaker 2: you can actually leverage off the property that you have.
Speaker 1: Can you explain that to me?
Speaker 3: Right? So there again there are two different mindsets. There's
Speaker 3: a mindset of in the Latino community where the house
Speaker 3: is an important anchor for that household, and particularly when
Speaker 3: it's first generation immigrants. They come and you know, they've
Speaker 3: got through so many struggles. I want to ma cure
Speaker 3: that they have a whole that they that they have
Speaker 3: and they secure that for their children and grandchildren. So
Speaker 3: that's that's a natural event. What I recommend is that
Speaker 3: you build revenue sources. Sources okay, means of getting cash
Speaker 3: flow and that the payment on the house where you
Speaker 3: reside should not be let's call it significant relative to
Speaker 3: your to your income. So I'm gonna give you an example.
Speaker 3: If you have a house, let's just use a round number.
Speaker 3: Your house is going to be worth a million dollars.
Speaker 3: Whether it's today, tomorrow, next year, five ten years, everyone's
Speaker 3: going to listen to you from here on in is
Speaker 3: going to be the Millionaire's Club. You are going to
Speaker 3: create more millionaires amata than than home DEEPO and more marketing.
Speaker 4: Starting exactly because you are giving voice too, and you're
Speaker 4: giving a light to an area of our economy that
Speaker 4: that heretofore.
Speaker 3: Has not gotten it that much. Latina Afro descendant female
Speaker 3: and just aspiring young LATINX and and and even Americans
Speaker 3: just lane loving people who love America. That's that's what
Speaker 3: this program is about. The notion is people need to
Speaker 3: aspire and that doesn't mean you have to do it
Speaker 3: as a first round. Right, So you you nailed it.
Speaker 3: There are multiple homes all over the country that aren't
Speaker 3: two hundred, five hundred and six thousand, seven million dollar homes. No,
Speaker 3: you have you have the fifties and guess what with
Speaker 3: fifties you could buy a fifties you could buy a
Speaker 3: two one hundreds with like literally what it costs you
Speaker 3: to brave your hands.
Speaker 1: That's the thing too.
Speaker 2: Then when we think about buying a property. By the way,
Speaker 2: this is not just real estate. We're talking about finances
Speaker 2: overall today. But I thought that, you know, that's an
Speaker 2: important thing.
Speaker 1: You should start up. Where you live should be, you know,
Speaker 1: one of your main goals.
Speaker 2: But when you think about these numbers, Oh, this house
Speaker 2: cows five thousand, four thousand, three hundred thousand, whatever, maybe
Speaker 2: remember that you're not paying all.
Speaker 1: Of this off the rip.
Speaker 2: All you need is a deposit a twenty percent, you know,
Speaker 2: thirty percent and to be on it depends. Every state
Speaker 2: has their own programs in which you know, you may
Speaker 2: qualify for a program that you only have to put
Speaker 2: five percent, one percent.
Speaker 1: I mean you just never known three three.
Speaker 3: Some are none, like I said, if they have to
Speaker 3: put anything. And there are there are areas that there
Speaker 3: are incentives to let's call it populate those areas. So
Speaker 3: someone who can work remotely and you know they basically
Speaker 3: pay their duce for two or three years, they go
Speaker 3: when they live off the let's call it the making grid.
Speaker 3: And they go to a rural area. Guess what, they
Speaker 3: have a house. They now have an asset. They're building wealth.
Speaker 3: The point is, no matter how you slice it or
Speaker 3: dice it, put that as a as a goal, as
Speaker 3: a marker, and put as a marker a number you
Speaker 3: don't get on a train. And for those that live
Speaker 3: in and say all right, I'm just getting understrained, you know,
Speaker 3: and then okay, so where you're going, what's your stop?
Speaker 3: You need to stop. You need to have a marker.
Speaker 3: You need to have a place where you want to
Speaker 3: land on. And that's critically important because every single successful
Speaker 3: entrepreneur in the world has a vision of what they want.
Speaker 3: They may it may not be exactly where they at.
Speaker 3: A work towards. Many times you work towards it, and
Speaker 3: sometimes you work towards it and something else happens, but
Speaker 3: you guess what, it's a pivot. But it doesn't matter.
Speaker 1: So here goes into the tip mean not mean handed.
Speaker 2: Write this down, pay attention this this episode is very important.
Speaker 1: This is a very educational episode.
Speaker 2: So the other thing, the other tip that Ivan is
Speaker 2: giving us is focusing on our goal. What is our
Speaker 2: financial goal. What is it you're trying to establish? What
Speaker 2: are your dreams and aspirations? Financially? What numbers should you
Speaker 2: be reaching. If your bills are about, I don't know,
Speaker 2: five thousand dollars a month, obviously you want to work towards.
Speaker 1: Okay, well, how can I get eight thousand?
Speaker 2: Eight thousand would be my number, just so that you
Speaker 2: can have a little extra cash for a rainy day
Speaker 2: or even if you want to invest some of that money.
Speaker 2: So we all, we all went through the pandemic. We
Speaker 2: saw how you know, how it felt when everything's shut down.
Speaker 1: God forbid. Let's pray that never happens again. But si pasa,
Speaker 1: are you prepared?
Speaker 2: I think that that was our biggest lesson, is to
Speaker 2: prepare ourselves because we never know what can happen.
Speaker 3: Now.
Speaker 2: Something that also is important to me is for those
Speaker 2: that haven't thought about it, because we feel like we're
Speaker 2: gonna live forever and we've seen these things happen over
Speaker 2: and over again. And for the most part, this happens
Speaker 2: in more of the you know, those that are more
Speaker 2: like millionaires or financially ayahivra, the other category of the
Speaker 2: people in this world. Will you know the wills and
Speaker 2: the trust and all these things. Let's just say that
Speaker 2: you purchase this house. You purchase this beautiful home. You
Speaker 2: have a car, you have a business, you have I
Speaker 2: don't know, money in your bank, you have all these
Speaker 2: other great things.
Speaker 1: God forbid you financially, you know are well off. But
Speaker 1: you you.
Speaker 2: Forgot to do your will. You forgot to put all
Speaker 2: your asses under a trust, or maybe you put it
Speaker 2: under your name, and you just got a lawsuit. You know,
Speaker 2: they just sued you all the Now, let's talk about
Speaker 2: protecting your assets, protecting you know, your investments.
Speaker 1: What should you do, how should you go about it?
Speaker 1: And why is it important?
Speaker 3: Excellent, excellent point. So number one, everyone can have a
Speaker 3: retirement account. You can have an IRA, a roth IRA,
Speaker 3: you can have multiple be it be it through work
Speaker 3: for one K, five or three BC whatever retirement accounts.
Speaker 3: They cannot be you know, you cannot encroach through a lawsuit.
Speaker 3: So that's that's number one. Number two, annuities are also
Speaker 3: a source of a way to protect, h to protect.
Speaker 3: But more importantly, that's that's like a it's an instrument
Speaker 3: that's I can wrapt with an insurance and that's that
Speaker 3: that's a source. But to make it simple, everyone listening
Speaker 3: to us, everyone listening to you. A mada should have
Speaker 3: a will. Oh, every single person should have a will.
Speaker 3: And it doesn't matter about assets. It matters about what
Speaker 3: how you simple things like what if you get sick
Speaker 3: and you're in the hospital for three months, six months
Speaker 3: a year, what do you want your family to do
Speaker 3: you want do you want them to basically cut cut,
Speaker 3: you know, cut it at three months or six months,
Speaker 3: or you want to just to live, you know, to
Speaker 3: do pray for you forever. That's a decision you need
Speaker 3: to make if you have if you have children and
Speaker 3: you're a single mom or your single dad, or or
Speaker 3: you're in multiple you know, marriage that's intertwined with multiple
Speaker 3: children of multiple you need to literally this is something
Speaker 3: where you have to have a will like today, or
Speaker 3: at least a letter of wishes. I wish my son
Speaker 3: to be cared for by my daughter, to be cared
Speaker 3: for by in my absence or in my disability who
Speaker 3: in the event that you have either a disability or
Speaker 3: an absence a final absence, who do you want the case.
Speaker 2: By the way, in many occasions we're like, oh no,
Speaker 2: the kids automatically go to the mother meta you never know,
Speaker 2: or the father you never know what's going on, never know,
Speaker 2: God forbid. We could do a family trip. It's happened
Speaker 2: in many occasions. Both parents are gone. Now you don't
Speaker 2: have you know, A or B. What happens to your kids?
Speaker 2: Do they go to the system? Do they go to
Speaker 2: the grandparents? Maybe they don't go to the grandparents? Why
Speaker 2: because you didn't do a will where you specified right right,
Speaker 2: so it.
Speaker 3: Is of great weight. It is of great weight in
Speaker 3: the legal system, or you know, they call it the
Speaker 3: hands out of the grave, where a person basically is
Speaker 3: like handing you the note saying, hey, this is what
Speaker 3: I want to happen. So you don't want to leave
Speaker 3: that in the hands of a third person or judge
Speaker 3: or the system, or for there to be a dispute
Speaker 3: between two uncles or two parents, or for that to
Speaker 3: be a cause of aggravation or guess what it could
Speaker 3: be that that relative that everybody knows you don't want
Speaker 3: to leave your kids with you know, so so you
Speaker 3: you know what I'm saying is it's critically important that
Speaker 3: something that doesn't cost money, like a will number two
Speaker 3: that is a must must, must, must, it's called term
Speaker 3: life insurance. Term term life insurance. Anybody who's a parent
Speaker 3: of a child should have term life insurance to cover
Speaker 3: their income for that child. So it should be enough
Speaker 3: money for them to live between now the time they're eighteen,
Speaker 3: tack on four years of college, maybe another one or
Speaker 3: two years of experience. So whatever you take out as
Speaker 3: term life should cover that amount of money so that
Speaker 3: they are not a burden wherever they live. Because you
Speaker 3: know what happens, Amouna. When a child is in somebody's
Speaker 3: home the first day there too is one thing, but
Speaker 3: it's another thing when that child has now a resource
Speaker 3: to sustain themselves to be able to go to that school,
Speaker 3: that the private school that the parents may have wanted him,
Speaker 3: or the tutoring or whatever other resource that could be
Speaker 3: available to them. But because what term life does, it
Speaker 3: only ensures you in the event of a final event,
Speaker 3: in the event of death. You're not ensuring. It doesn't
Speaker 3: have a lot of bells and whistles. It's not expensive
Speaker 3: relative to the other insurances. So with let's say with
Speaker 3: fifty bucks, thirty bucks, one hundred bucks whatever a month,
Speaker 3: or even at work, everyone who works for a major corporation.
Speaker 3: They always have insurance, and they offer you the opportunity.
Speaker 3: Most of us don't even you know, we just want
Speaker 3: to judge, but they offer the opportunity to multiply your
Speaker 3: annual income times one, times two, times three and for
Speaker 3: nothing for like three, five, ten, twenty thirty bucks. More So,
Speaker 3: what I'm sa say is if nothing else out of
Speaker 3: this term life, everybody who has young children, and by
Speaker 3: the way, everything I'm sharing with you are things I
Speaker 3: did right. In other words, I made sure that what
Speaker 3: that my when I was wellline children were little, let's
Speaker 3: call it that while they got to the age of eighteen,
Speaker 3: I had insurance com heck, you know for for term
Speaker 3: life all that time.
Speaker 2: See is what I'm saying that nobody teaches us these things.
Speaker 2: So you know, we don't know what to do really
Speaker 2: quick on the will. What exactly does the will cover?
Speaker 2: Because for the most part we think about the financial part,
Speaker 2: but you hit on some points that are very important.
Speaker 2: It's not just finances, it's even making health decisions.
Speaker 1: So what should you have in there?
Speaker 3: So so you you want to cover, you want to
Speaker 3: cover let's say the last event, how do you want
Speaker 3: your your burial? Do you want to be incinerated. Do
Speaker 3: you want your your ashes to be spread over a
Speaker 3: particular park or school?
Speaker 1: Do you want to be buried in my medication.
Speaker 3: In the river? You want to be buried in your backyard? Exactly,
Speaker 3: whatever it is that you wish to do. You So,
Speaker 3: so let's cover the events, like the last ceremony. Who
Speaker 3: you want or don't want to attend it?
Speaker 1: But that's shady. Oh no, in the will it says.
Speaker 3: You can no no meaning you you make you're you're
Speaker 3: basically uninviting to be a speaker in your final ceremony.
Speaker 3: X well, make sure you know you saw it with
Speaker 3: there was a politician where they made sure that one
Speaker 3: of one of the politicians didn't get invited. You know,
Speaker 3: so they we saw it on the national stage. But
Speaker 3: it's it's sometimes it's to avoid conflict. Sometimes it's so
Speaker 3: that you know you had you know, there's so many intricacies,
Speaker 3: but that that's individualized to the person. So you have
Speaker 3: the first asset obviously is home and personal belongings. You know,
Speaker 3: you may have mementos that are evaluation.
Speaker 1: May you spread out you know what do you want this?
Speaker 2: And that?
Speaker 1: Okay?
Speaker 3: Perfect right, So personal belongings and jewelry. You may have
Speaker 3: jewelry that may have passed down multi generationally from our wilitaita.
Speaker 3: So you want to make sure that personal belongings are addressed.
Speaker 3: So you have you have burial, personal belongings, money, How
Speaker 3: do you want that those assets to be distributed? If
Speaker 3: you have a retirement account that work like a four ok,
Speaker 3: all right whatever, and you have not a signed a beneficiary.
Speaker 2: And also if you have a little you know, bootleg
Speaker 2: extra bank account for your savings that you don't want
Speaker 2: nobody else to know about, make sure that somebody knows
Speaker 2: about it, you know, have that in your will, because
Speaker 2: then that can get lost in the midst of that.
Speaker 1: I mean, there's so many topics to cover here that
Speaker 1: can get long. Have to wrap a little bit, better
Speaker 1: go go through them.
Speaker 3: Yes, yeah, so you have we're down an asset. So
Speaker 3: anything that you own of value you want to have there.
Speaker 3: And then obviously if you own other assets, you want
Speaker 3: to basically direct them into into trust or into the
Speaker 3: bequeathed and to who you.
Speaker 2: Are we never even have to talk about the trust. Well,
Speaker 2: just tell me briefly what is a trust and why
Speaker 2: is it important for us?
Speaker 1: To have it.
Speaker 3: A trust is a is a call it like an
Speaker 3: envelope where you put assets in and it's protected. So
Speaker 3: it's a it's a judicially, it's under justice. It's like
Speaker 3: its own person. So trust. But guess what A trust
Speaker 3: doesn't drive A trust doesn't get into are you they true?
Speaker 2: I'm going to sue you. But are your properties and
Speaker 2: all your money and everything is under a trust?
Speaker 3: What happens in the United States, it's a little harder.
Speaker 3: It's still they still have ways, you know, in some
Speaker 3: in some jurisdictions, but even within trusts, even within trusts,
Speaker 3: there are things there are called there are Florida land trust.
Speaker 3: Check this out. There's a concept called the Florida land
Speaker 3: trust where you don't have to in the trust document.
Speaker 3: Only the beneficiary knows it's their trust. But it doesn't say,
Speaker 3: you know, a Maria de Los Angeles revocable trust. No,
Speaker 3: it says Landmark Blue revocable trust. Who the beneficiary is
Speaker 3: is only knows to the beneficiary. So the person that
Speaker 3: appears is a trustee. The trustee gets So it's a
Speaker 3: way to make it harder because they.
Speaker 2: Know it's the best way to protect all your asses,
Speaker 2: your finances is the best way to just protect all
Speaker 2: those things from any.
Speaker 1: Lawsuits or it's it's way one of many.
Speaker 2: With the rise of new financial technology, how can people
Speaker 2: stay safe while exploring their new you know, you know,
Speaker 2: new opportunities because obviously now everything is digital, everything is
Speaker 2: just a.
Speaker 1: Tap a way. What are some of the ways.
Speaker 2: That you think that we can protect ourselves from getting scammed?
Speaker 3: That's a value, right, So you you want to crawl, walk,
Speaker 3: run when it comes to money, right, you don't want
Speaker 3: to go into this quick seeing if it's simple logic,
Speaker 3: if it's too good to be true, it is okay.
Speaker 3: If you can't explain it with a crayon, don't do it.
Speaker 3: If you can't explain it to a four year old,
Speaker 3: don't do it. That's simple. Number three is make sure
Speaker 3: you the person gets learned, you know, learn about something
Speaker 3: that's mission critical. I mean, you learned about triangles in
Speaker 3: school and parallelograms and was the last time you used
Speaker 3: a parallel gram? Okay, but they haven't taught you about
Speaker 3: things like how to avoid scamming. Guess what scams are constant?
Speaker 3: You know that even to pros. You know, we we
Speaker 3: in the financial services and we get bombarded with people
Speaker 3: that are constantly trying. So the answer is the answer
Speaker 3: to your question is that is something of utter importance.
Speaker 3: So one thing I recommend is starting out with companies
Speaker 3: or firms that are established that have in the case
Speaker 3: of securities, there's an assurance that it's called Securities and Investors'
Speaker 3: Protection Corps. It's the equivalent of the FBIC. Okay, but
Speaker 3: start with things that are tangible that you know. So
Speaker 3: for example, if you're going to buy stock, right, start
Speaker 3: with things that you know first and understand that you've
Speaker 3: got to give this time. Don't try to make a
Speaker 3: buck in a year or three months. Give it time.
Speaker 3: And but things that you know that you know. If
Speaker 3: you know coc I'm give you an example. You know
Speaker 3: Coca Cola, you know Pizza Hut, you know if you
Speaker 3: see this new this new product Chick fil A, or
Speaker 3: a new franchise that may have been public. Those are
Speaker 3: good ways for you to know.
Speaker 2: There's a small companies that no one knows about.
Speaker 3: But then what about the ubers that you you could?
Speaker 3: You could, right, you could, you could. There's a way
Speaker 3: to slice it. You could, but only with five percent
Speaker 3: of your money. In other words, five percent of your money.
Speaker 3: Speculate if you lose it, you lost it five percent,
Speaker 3: you know. But the the the answer. The uber is
Speaker 3: a is a publicly traded company. It's a company that
Speaker 3: we all know what's ubiquitous. But again, my suggestion is
Speaker 3: that that you you first learn about what is it
Speaker 3: that makes these things tick. And there's a book. It's
Speaker 3: an old book, but it's a really good book that
Speaker 3: I that I always recommend this by a guy by
Speaker 3: the name of Peter Lynch, Peter Lynch, and it's and
Speaker 3: it's the book is called One Up on Wall Street.
Speaker 3: And that book explains in like simple English, the literally
Speaker 3: the professional paradigm, the columns that they use that we
Speaker 3: use to make investment decisions. It's called One Up on
Speaker 3: Wall Street. Very good book, easier to read. It's an
Speaker 3: older book, but guess what, you get it free in
Speaker 3: the library. I recommend everybody to try to either download
Speaker 3: or get it into the library. But that book is
Speaker 3: a is an absolutely good book to read, you know,
Speaker 3: of all the things, of all the books that are
Speaker 3: out there, that's one that I simply recommended as a
Speaker 3: first book that everybody.
Speaker 2: No guys, you already heard it exactly from Evan. He
Speaker 2: gave us some amazing tips. I could talk to him
Speaker 2: forever because I have so many questions about still what
Speaker 2: to do with my money?
Speaker 1: How do I go about it? All these great things.
Speaker 2: By the way, if we wanted to get in touch
Speaker 2: with you, if we wanted to ask more questions, if
Speaker 2: we wanted to work with you directly, and any of.
Speaker 1: These things, how can we get in touch with you?
Speaker 1: Where can we follow you? Where can we see you?
Speaker 3: I basically I always reverted back to the source whenever
Speaker 3: in a medium I say, hey, contact contact recommission contact
Speaker 3: contact them, because the at the at the end of
Speaker 3: the day, you know, I think this is a you've
Speaker 3: done it, tremendous job. There are simple tips for everybody.
Speaker 3: Open open an account for your children and have them
Speaker 3: deposit that account before I forget a number two instead
Speaker 3: of when you have to see these little birthdays, open
Speaker 3: an educational account and tell your family don't buy me
Speaker 3: the sock and the COMMI said that they don't use.
Speaker 3: Just put five ten dollars in the in the educational account.
Speaker 3: And that way that conversation inspired. Just tell them that's it.
Speaker 1: I love that.
Speaker 2: By the way, Ivan, thank you so much for being
Speaker 2: with us today.
Speaker 1: I've learned so much. I hope that you guys have
Speaker 1: learned as well.
Speaker 2: I'm definitely going to be posting this on my Instagram
Speaker 2: account as well so that you guys can check it out.
Speaker 2: Tell a friend to tell a friend to check out
Speaker 2: exactly amount of this episode specifically so you can learn
Speaker 2: a few things. Okay, thank you so much for being
Speaker 2: part of exactly a Matter. Make sure to find me
Speaker 2: on YouTube. Catch my show by searching for Michael's do
Speaker 2: the podcast on YouTube and clicking on exactly a mon.
Speaker 2: Follow me obviously on Instagram at Amara Laega a L
Speaker 2: and Amada La Nigra a L.
Speaker 1: And and remember.
Speaker 2: This has been a production of Ihearts micro through that
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