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Study Hall: Wealth Building Fundamentals · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
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  Speaker 1: filming and selling child pornography in Michigan. These are just
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  Speaker 1: some of the heinous migrant criminals caught because of President
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  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
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  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
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  Speaker 1: crossings are at the lowest levels ever recorded, and over
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  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
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  Speaker 1: are here illegally, your next you will be fined nearly
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  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
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  Speaker 1: never return. But if you register using our CBP home
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  Speaker 1: app and leave now, you could be allowed to return legally.
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  Speaker 1: Do what's right.
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  Speaker 2: Leave now.
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  Speaker 1: Under President Trump, America's laws, border and families will be protected.
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  Speaker 2: Sponsored by the United States Department of Homeland Security.
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  Speaker 3: Thought off of where we left off of budgeting and budgeting,
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  Speaker 3: I think it's budgeting is extremely underrated when it comes
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  Speaker 3: to financial planning for individuals. I always say, like, if
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  Speaker 3: you look at a corporation, budgeting is like the major
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  Speaker 3: thing that they do. Like you, I mean, like Apple
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  Speaker 3: knows every dollar that comes in and comes out, Like
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  Speaker 3: they pay accountants millions of dollars. They have a whole
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  Speaker 3: team of accountant to keep track of the books. And
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  Speaker 3: budgeting is like that's everything. Budgeting is everything. But it's
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  Speaker 3: like most entrepreneurs and most regular people that just have
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  Speaker 3: jobs have no idea of the budget, Like they don't
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  Speaker 3: have any idea of how much money comes in, they
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  Speaker 3: have no idea of how much money goes out. They're
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  Speaker 3: just wringing it and just you know, spending money whenever
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  Speaker 3: you know they need to, and the money comes in
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  Speaker 3: and it just goes to their bank. And that's kind
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  Speaker 3: of like how most people run not only their business
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  Speaker 3: but their life. So budgeting, budgeting one oh one right
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  Speaker 3: for somebody that has never budgeted before, but they first
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  Speaker 3: and foremost why why is budgeting essential? And then we'll
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  Speaker 3: go into like some different hacks that can help people
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  Speaker 3: to get better with budgeting.
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  Speaker 4: So budgeting is essential because it is a physical picture
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  Speaker 4: of what your money is doing. Right, So if you
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  Speaker 4: have kids and you're in the other room and your
• 2:10
  Speaker 4: two year old is quiet, You're like, wait, what the
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  Speaker 4: hell are they breaking?
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  Speaker 2: Because you know they're cutting.
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  Speaker 4: Up, putting a you know, putting a knife enough in
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  Speaker 4: the socket whatever, you know.
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  Speaker 2: And so it's the same thing with your money.
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  Speaker 4: Like you you have to be on top of your money.
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  Speaker 4: I would say, like, your money's like a bad two
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  Speaker 4: year old, Like if you leave it to its own devices,
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  Speaker 4: it's gonna be breaking shit that I can curse. Yeah, right,
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  Speaker 4: So you want to be on it when it comes
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  Speaker 4: to your money and be present.
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  Speaker 2: You are the adult. You decide what your money does.
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  Speaker 4: And so that's what a budget allows you to do
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  Speaker 4: and allows you to be the adult of your of
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  Speaker 4: your life. So it's important, you know, I don't care
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  Speaker 4: how much money you make. You can outspend like great wealth.
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  Speaker 2: There are people who.
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  Speaker 4: Have been millionaires and even billionaires and have been less penniless.
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  Speaker 4: So I think sometimes people think, like, well, if I
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  Speaker 4: had ten million dollars was like mc.
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  Speaker 2: Hammer from Somebody'll You're like, who's that?
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  Speaker 4: Okay, Tony Braxton, right, Alan Iverson. So many people have
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  Speaker 4: outspent their wealth. It is more than possible.
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  Speaker 3: So what kind of all right, So what are the
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  Speaker 3: different strategies for budgeting right, Like, it's someone Okay, I
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  Speaker 3: realize the budgeting is important. I want to do it.
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  Speaker 3: So how do I go about it? Is it spreadsheet software?
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  Speaker 3: Like is there formulas that you should use? Because some
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  Speaker 3: people say, like the housing should only be like twenty
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  Speaker 3: or thirty percent of your total budget. So yeah, what's
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  Speaker 3: your what's your philosophy as far as like the one
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  Speaker 3: on one the person realizes they need to budget now
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  Speaker 3: they actually want to start a.
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  Speaker 4: Budget, So let's just start super super easy, because I mean, yes,
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  Speaker 4: I use a sprite sheat all that stuff, but most
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  Speaker 4: people are not going to do that to start.
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  Speaker 2: It's the difference between I want to lose some.
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  Speaker 4: Weight and so tomorrow, like you're gonna run you know,
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  Speaker 4: ten miles, you're not gonna run ten mouse You might
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  Speaker 4: the first day, and the second day you're going to
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  Speaker 4: go back to the couch. So I want you to
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  Speaker 4: start off walking. So for someone who's like I don't budget,
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  Speaker 4: I never.
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  Speaker 2: Took to a budget.
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  Speaker 4: First things first is start with having separate bank accounts, right,
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  Speaker 4: So I believe in having a bill's account to pay
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  Speaker 4: your bills and having a spend account to spend from
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  Speaker 4: your bills account. Should not have a debit card attached
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  Speaker 4: to it. That's a debit card is a choice. I
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  Speaker 4: don't think people realize that the bank issues you a
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  Speaker 4: debit card. But you could be like, nah, I'm good.
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  Speaker 4: So my bill's account does not have a debit card.
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  Speaker 4: My spend account.
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  Speaker 2: It's both.
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  Speaker 4: These are checking account that the same bank has a
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  Speaker 4: debit card. And then you want to least one savings
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  Speaker 4: account not at that bank. So you want to at
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  Speaker 4: least one safets account at an online only bank. And
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  Speaker 4: so what it looks like is that your money comes in.
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  Speaker 4: Some of it goes into your I like to call
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  Speaker 4: it my deposit account, slash your spend accounts, so that's.
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  Speaker 2: Where your money lands.
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  Speaker 4: Some of it goes into your bills account to pay bills,
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  Speaker 4: and you know how much to go into your bills
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  Speaker 4: account by what bills are due. And then some of
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  Speaker 4: it goes into your savings. So in the beginning you're
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  Speaker 4: not going to have the math perfect. You might just
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  Speaker 4: be like, I don't care if ten dollars goes into
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  Speaker 4: your savings. When I was at my brocus, I was
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  Speaker 4: literally transferring to you know, just to continue, just to
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  Speaker 4: have the habit of savings. You never you never want
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  Speaker 4: to get out of the habit of putting something away
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  Speaker 4: in your savings account.
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  Speaker 2: That's important.
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  Speaker 4: So what I did for my husband, for example, he's
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  Speaker 4: not gonna sit down and spreadsheet.
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  Speaker 2: That's just not happening. He's like, what breaks city, dope,
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  Speaker 2: So we're doing stead Now? Is we budget for him anywhere?
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  Speaker 2: Because I like the spreadsheet.
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  Speaker 4: We budget before his money even gets there, I said, Babe,
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  Speaker 4: go to HR, here's what you're gonna tell them. Hey,
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  Speaker 4: before you give me my money, some of it goes
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  Speaker 4: into his retirement account check. Some of it goes into
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  Speaker 4: his into his spend account, that deposit account where things
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  Speaker 4: are depositives right check by his direct deposit account, right.
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  Speaker 4: Some of it goes into our joint bill's account check,
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  Speaker 4: some goes into his personal savings check, and some goes
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  Speaker 4: into our joint savings. So he basically his budget is
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  Speaker 4: done automatically.
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  Speaker 2: Through HR, so it lands.
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  Speaker 4: And all he has to think about is when it
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  Speaker 4: comes to his personal savings, whatever you want to do
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  Speaker 4: to that, that's your business, as tab it. That would say,
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  Speaker 4: the vegan vegan chef that ready loves right now, and
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  Speaker 4: that's your business, right And it. All he has to
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  Speaker 4: worry about too, is his basically his allowance in his
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  Speaker 4: deposit account, in his spending account. So whatever is in
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  Speaker 4: his spending account. If I see my husband with some
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  Speaker 4: new JS on. Back in the day, I used to
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  Speaker 4: be like, oh, that's what we're doing.
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  Speaker 2: I enjoyers with the bread money. Now it's not no
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  Speaker 2: more right because I know one thing.
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  Speaker 4: He didn't take it from the bills account. He didn't
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  Speaker 4: take it from our joint savings.
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  Speaker 2: So if he took it from his.
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  Speaker 4: Personal savings or his spending account, that's fine.
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  Speaker 2: And so like if you don't know how.
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  Speaker 4: To do anything else, if you just have at least
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  Speaker 4: those three accounts and have your money automatically split from
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  Speaker 4: well really four because you want to have a retirement
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  Speaker 4: account and have your money split from work, then you
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  Speaker 4: will be ahead of the game. And so for people
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  Speaker 4: who want to go a little bit deeper. For me,
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  Speaker 4: you know, like I, like I said, I like to
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  Speaker 4: have spread to you.
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  Speaker 2: I like to know how much we're.
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  Speaker 4: Spending on on on groceries, how much we're spending on gas,
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  Speaker 4: so I keep track of that. I just the tool
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  Speaker 4: I like to use message Just so I like to
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  Speaker 4: keep track of that there, but you don't necessarily have to.
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  Speaker 4: You set aside a you know, an allowance for yourself.
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  Speaker 4: Typically things are led by bills. So if ideally you
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  Speaker 4: want to be setting aside twelve to fifteen percent for
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  Speaker 4: your retirement, and you probably are saying like, I can't
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  Speaker 4: afford to lose twelve to fifteen percent of life pay,
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  Speaker 4: or to start with one percent, and every six months
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  Speaker 4: you boosted up, start with a half percent, and every
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  Speaker 4: six months you boosted up start with something towards retirement.
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  Speaker 2: And then your bills.
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  Speaker 4: I like to do bills every two weeks, so the
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  Speaker 4: money I have transferred to the bills account, you ask yourself, okay,
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  Speaker 4: how much are my bills from the first to the fifteenth,
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  Speaker 4: and how much are my bills from the fifteen to
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  Speaker 4: the thirtieth, And that's how you know how much to
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  Speaker 4: be going into the bill's account, you know, So it
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  Speaker 4: might be or you might just have a select number.
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  Speaker 2: You might say, well, my.
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  Speaker 4: Bills are around three thousand dollars a month, so every
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  Speaker 4: paycheck or every pay period, my bi weekly or my
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  Speaker 4: bi monthly pay period, fifteen hundred dollars is going to
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  Speaker 4: go into my bill's account, and having your bills account
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  Speaker 4: paid bills automatically for you is really going to be
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  Speaker 4: like clutch, Like I don't pay bills, bills pay themselves,
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  Speaker 4: so it lands on my bill's account, and then my
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  Speaker 4: bills already know I pay my pay the electric bill,
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  Speaker 4: pay the water bill, pay these bills for me automatically,
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  Speaker 4: and like I said, what's left in mind, spend account
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  Speaker 4: is attached to my DEBTIT card and I can spend
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  Speaker 4: and when that money is done, so on mine.
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  Speaker 2: What's really important too about a budget is is the
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  Speaker 2: savings account.
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  Speaker 4: I don't want you to save at your regular bank
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  Speaker 4: because it makes it easy to transfer.
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  Speaker 2: We've all been there at Target right and been like,
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  Speaker 2: oh man, like I really want.
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  Speaker 4: Whatever this thing is, this bleunder this dress, this shirt,
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  Speaker 4: and you look at check in. You know Daril William
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  Speaker 4: got no money and check in, but you know who
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  Speaker 4: got money there, savings, And then you're in line making
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  Speaker 4: that transfer like happy about it, tode like making a
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  Speaker 4: transfer even though you're like that was supposed to be
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  Speaker 4: for powers, You're like pass, can wait, tease your care
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  Speaker 4: make that.
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  Speaker 2: Transfer and you're like dang.
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  Speaker 4: Later you're like this, why I don't never go nowhere
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  Speaker 4: because I'm always at Target to buy a toilet tissue
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  Speaker 4: and then I leave but three hundred dollars worth of stuff.
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  Speaker 4: If you put your savings in an online only savings account, though,
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  Speaker 4: then you're gonna have to wait at least twenty four
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  Speaker 4: to seventy two hours for your savings at your online
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  Speaker 4: only savings account to transfer back to your checking to
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  Speaker 4: your spend account.
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  Speaker 2: And so what that means is it makes your.
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  Speaker 4: Money inconvenient, and inconvenient money get saved. So I like
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  Speaker 4: this website called magnify money dot com to look for
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  Speaker 4: an online only savings account because they grade savings accounts.
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  Speaker 2: From A to F. So you're gonna look for an
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  Speaker 2: a account that's one.
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  Speaker 4: Two, you're gonna look for an account that's FDIC insured.
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  Speaker 2: That's two.
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  Speaker 4: Three, You're gonna look for an account that's gonna give
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  Speaker 4: the highest interest rate because your your big bank is
• 9:37
  Speaker 4: not gonna give you much of an interest rate. So
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  Speaker 4: online only savings accounts don't have as much overhead, so
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  Speaker 4: they pass that on.
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  Speaker 2: To you and you earn a higher interest.
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  Speaker 4: And then four, you're going to look for a bank
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  Speaker 4: that has low deposit requirement, so that means in order
• 9:52
  Speaker 4: to open up the bank account, maybe you have to
• 9:54
  Speaker 4: you have to put in a dollar and also too
• 9:56
  Speaker 4: in order to maintain and get that interest. You don't
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  Speaker 4: want that to say you have to have ten thousand
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  Speaker 4: dollars in the bank account in order for you to
• 10:02
  Speaker 4: earn the interests that they've advertised. So those are the
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  Speaker 4: four components you're going to look for in your online
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  Speaker 4: safe account.
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  Speaker 2: So I hate to say, like, oh, twenty percent here,
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  Speaker 2: thirty percent there. Unless you have an irregular income.
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  Speaker 4: You don't have to live by percentages. You would live
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  Speaker 4: by amounts. So one hundred dollars here, three hundred dollars there,
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  Speaker 4: four hundred dollars here. That's what you're That's the split
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  Speaker 4: that you should be doing regularly every month. If your
• 10:26
  Speaker 4: money it fluctuates because you have an irregular income, then
• 10:30
  Speaker 4: you might say, you know, forty percent goes into my bills.
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  Speaker 4: You know five percent goes into spending.
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  Speaker 2: But you have to.
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  Speaker 4: Work backwards, like how much are your bills Unless you're
• 10:40
  Speaker 4: starting from scratching your twenty one you're just moving out
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  Speaker 4: that you can force your bills to fit within that percentage.
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  Speaker 2: But it's easy for people to say oh, seventy thirty. Yeah,
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  Speaker 2: but like, so what are your bills actually?
• 10:50
  Speaker 4: Though your bills might be seventy percent of your income
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  Speaker 4: right now, you know, so that's so you have to
• 10:55
  Speaker 4: pay your bills and you're I'm not worried about the percentage.
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  Speaker 4: Just now, like how much you actually need to pay bills?
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  Speaker 4: Put that in the bill's account. Okay, how much ideally
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  Speaker 4: do you want to save once those bills are paid.
• 11:05
  Speaker 4: I want to save one hundred dollars a month, So
• 11:07
  Speaker 4: make that a bill. Now that one hundred dollars a
• 11:09
  Speaker 4: month is automatically put into that savings account directly from
• 11:12
  Speaker 4: your job. And then what's left over, like I said,
• 11:15
  Speaker 4: is your spending money. You know, you might tell yourself,
• 11:17
  Speaker 4: I'm going to give myself fifty dollars every two weeks
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  Speaker 4: for spending. Okay, great, and for whatever reason, if there's
• 11:23
  Speaker 4: not enough money, then you take care of bills. You say,
• 11:26
  Speaker 4: I guess I can't save this month, And I guess
• 11:27
  Speaker 4: I can't. I don't have spending money this month for like,
• 11:31
  Speaker 4: you know, spending money for things that.
• 11:33
  Speaker 2: Are like you know, like hair nails, grooming, this and that.
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  Speaker 2: You know, so sometimes you don't have it and that's okay.
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  Speaker 4: So there are times when I didn't have it, but
• 11:41
  Speaker 4: I had to pay bills, and even sometimes I didn't
• 11:43
  Speaker 4: have enough for bills, and I had to say, well,
• 11:44
  Speaker 4: I have to pay my noodle budget bills, my essential bills.
• 11:47
  Speaker 4: Verizon can wait. Rising is not going to shoot you
• 11:50
  Speaker 4: if you don't pay. Yes, we'll affect your credit score,
• 11:53
  Speaker 4: but credit scores are things that you can you can
• 11:55
  Speaker 4: you can increase later. I much rather you take care
• 11:58
  Speaker 4: of things that are going to make you happy, I
• 11:59
  Speaker 4: mean healthy and safe.
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  Speaker 5: I was just thinking about that because one of the things,
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  Speaker 5: the powerful things you talk about is identifying ifs, Like
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  Speaker 5: we can have anything we want if we just identify
• 12:09
  Speaker 5: our ifs in control them so that we can budget.
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  Speaker 2: Right.
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  Speaker 5: So if I want to say four hundred dollars, maybe
• 12:15
  Speaker 5: I don't go to the barbershop twice a week, right,
• 12:18
  Speaker 5: So can you talk about the your points of identifying
• 12:20
  Speaker 5: the ifs and how they can translate to having more
• 12:22
  Speaker 5: money in your budget?
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  Speaker 2: Absolutely?
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  Speaker 4: There are four questions you ask yourself before you spend
• 12:26
  Speaker 4: any money.
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  Speaker 2: Do I need it? Do I love it? Do I
• 12:30
  Speaker 2: like it? Do I want it? Need it? Love it
• 12:33
  Speaker 2: like it, want it, need it, love it, like it one.
• 12:35
  Speaker 2: We need to switch on right. So your needs come first.
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  Speaker 4: That's food, cholter, clothing, water, the absolute necessities you must
• 12:43
  Speaker 4: have to stay healthy and safe.
• 12:45
  Speaker 2: You pay for those first. Most of us are here
• 12:47
  Speaker 2: to that. That's why you're alive.
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  Speaker 4: Then your loves are those things that enhance your life.
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  Speaker 4: What are things five ten years from now that's still
• 12:56
  Speaker 4: our value even though that thing might not be there right.
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  Speaker 2: So if you had Oprah's bank account, I always tell
• 13:01
  Speaker 2: people what would you do or do more of?
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  Speaker 4: So a lot of people say travel, maybe they'd start
• 13:05
  Speaker 4: a business, maybe they go back to school.
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  Speaker 2: Maybe the philanthropy, whatever that is. So those are your loves.
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  Speaker 4: Those are things that give you long term joy, even
• 13:14
  Speaker 4: when that thing is not physically there right. And then
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  Speaker 4: your likes are short term joy. So you know that's
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  Speaker 4: your target. Run, that's your that's that dress that you're like, oh,
• 13:25
  Speaker 4: this is super cute. You know that might be I
• 13:28
  Speaker 4: don't know, eating out with friends or eating out with
• 13:30
  Speaker 4: friends might be a love because you might be like, yo,
• 13:32
  Speaker 4: I'm such a foodie.
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  Speaker 2: Five years from now, I'm remembering that restaurant. So there's
• 13:35
  Speaker 2: no judgment. You get to decide, but.
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  Speaker 4: Likes our short term joy and wants are just things
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  Speaker 4: to get. I really try to stay away from just
• 13:42
  Speaker 4: frivolous spending, which is what wants are. It doesn't mean
• 13:44
  Speaker 4: I never do it, but it doesn't make sense to
• 13:47
  Speaker 4: trick up your money and wants when you can have
• 13:49
  Speaker 4: more things for loves and your needs. And so what
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  Speaker 4: I try to do is so I try to live
• 13:55
  Speaker 4: in the second half, the first half of life, my
• 13:57
  Speaker 4: needs and my loves, because that's an.
• 13:59
  Speaker 2: Enriched, fuck filled life. So I'm not.
• 14:02
  Speaker 4: Really a foodie, although my belly would to just otherwise,
• 14:06
  Speaker 4: but I'm I'm not really a foodie. But I used
• 14:08
  Speaker 4: to go eat brunch every weekend with my friends and
• 14:11
  Speaker 4: then one day I was like, why thew am I
• 14:12
  Speaker 4: going to bunch? I have not been on vacation in
• 14:14
  Speaker 4: like two years, So I stopped going. They're like, yo, Hilly,
• 14:16
  Speaker 4: you're so cheap, right, And I'm like, I'm not cheap.
• 14:19
  Speaker 4: It's just that, like, I don't want to spend my
• 14:20
  Speaker 4: money on bunch anymore.
• 14:21
  Speaker 2: I don't want to spend thirty dollars a week eating brunch.
• 14:24
  Speaker 4: And so I started saving my brunch money that I
• 14:26
  Speaker 4: made it a game. Every time they asked me to
• 14:27
  Speaker 4: go to brunch, I would put I would transfer thirty
• 14:29
  Speaker 4: dollars to my savings account, and then within a few
• 14:32
  Speaker 4: months I had enough money. I went for my first
• 14:34
  Speaker 4: solo travel trip. I went to Albuquerque, New Mexico because
• 14:37
  Speaker 4: I had on my bucket list I wanted to ride
• 14:39
  Speaker 4: in a hot air balloon. In Albuquerque, New Mexico is
• 14:42
  Speaker 4: the high air bloon capital of the world.
• 14:43
  Speaker 2: Who knew?
• 14:44
  Speaker 4: Now you does, right, and so I was like, okay,
• 14:47
  Speaker 4: So I remember my friend called me Tajana.
• 14:50
  Speaker 2: She was like, hey, girl, we're about to have We're
• 14:52
  Speaker 2: gonna have brunch tomorrow. But I know you and Yo
• 14:54
  Speaker 2: cheap behind you ain't going.
• 14:55
  Speaker 4: I was like, cause, I was like slight flex, well,
• 14:57
  Speaker 4: actually major flex. I was like, ooh, girl, I was
• 14:59
  Speaker 4: about to getting a hot air balloon. The captain said,
• 15:01
  Speaker 4: I gotta turn off my phone.
• 15:02
  Speaker 2: Can I call you later? She was like, I had
• 15:04
  Speaker 2: an air balloon and Newer. I'm like, no, girl, New Mexico.
• 15:08
  Speaker 2: That's when I do with my brunch money. Mike drop.
• 15:12
  Speaker 4: Okay, So now I don't I stop telling my friends.
• 15:15
  Speaker 2: I don't say I don't say no to brunch.
• 15:17
  Speaker 4: I'll tell them like, ah Na, girl, I can't go
• 15:19
  Speaker 4: right now because I'm saying yes to Paris, I'm saying
• 15:22
  Speaker 4: yes to Istanbul, I'm saying yes to Seratarina. These are
• 15:25
  Speaker 4: places I've been. I'm saying yes to Morocco. And so
• 15:27
  Speaker 4: I started to decide for myself.
• 15:29
  Speaker 2: What my needs and my loves were.
• 15:31
  Speaker 4: So I'm not against spending money. I'm against spending money
• 15:34
  Speaker 4: on things that don't matter to you. Prioritize what your
• 15:37
  Speaker 4: more is, like some of us are spending our whole
• 15:41
  Speaker 4: life spending money on someone else's idea of more. Tajuana
• 15:45
  Speaker 4: is a foodie, not me. That's her more, that's less
• 15:47
  Speaker 4: for me. You know, let her eat out with another
• 15:49
  Speaker 4: food if she can come to my house and chill
• 15:51
  Speaker 4: out for free. And so that's really how you start
• 15:53
  Speaker 4: to prioritize, just to ask yourself, like.
• 15:55
  Speaker 2: What does more of a life truly mean?
• 15:58
  Speaker 4: You know, for me, I don't want an You know,
• 16:00
  Speaker 4: your spending should be reflective of your values and how
• 16:03
  Speaker 4: you want your life to go.
• 16:04
  Speaker 3: So you said, Ernests, what's up.
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  Speaker 3: With the online savings. That was a good point I
• 18:59
  Speaker 3: tell people to all, it's like you got to treat
• 19:00
  Speaker 3: your savings like a bill, like how you have your bill,
• 19:03
  Speaker 3: your car bill. Like you can't afford to not pay
• 19:05
  Speaker 3: your car bill. You can't afford to not pay your
• 19:07
  Speaker 3: cell phone bill. So savings, like you said, no matter
• 19:09
  Speaker 3: how much it is, it should be a line item
• 19:11
  Speaker 3: and a bill. I think, but I wanted touch on.
• 19:13
  Speaker 3: I had a few questions. So first when you had
• 19:16
  Speaker 3: mentioned with your husband with HR, so I didn't even
• 19:19
  Speaker 3: know that was possible. So somebody's paycheck can be split
• 19:21
  Speaker 3: into different bank accounts for direct depositis.
• 19:24
  Speaker 4: Typically up to four so most mid size so like
• 19:28
  Speaker 4: even my company, I don't have some huge company, but
• 19:30
  Speaker 4: we're able to do that. So typically up to four splits.
• 19:33
  Speaker 4: And so if you're if you're a single.
• 19:35
  Speaker 2: Ready to mingle, I would say your bill's.
• 19:38
  Speaker 4: Account a like, and your savings account and your spending account.
• 19:42
  Speaker 2: So I would do the three right.
• 19:45
  Speaker 4: So, but if you are in a relationship where you're
• 19:48
  Speaker 4: like sharing expenses, then I would have four. I believe
• 19:51
  Speaker 4: that you should have some autonomy over your finances as
• 19:53
  Speaker 4: well as responsibility because you're with someone. So that would
• 19:57
  Speaker 4: be a personal savings each person, a joint safe thanks
• 20:01
  Speaker 4: and joint bills and and and then your own spending accounts.
• 20:07
  Speaker 4: So to checking two savings, so one of the checking
• 20:09
  Speaker 4: one of the savings is yours and the other checking
• 20:12
  Speaker 4: the other savings is someone else's I'm well belongs to
• 20:15
  Speaker 4: collectively to the whole.
• 20:17
  Speaker 3: And all you have to do is just go to
• 20:19
  Speaker 3: HR And it's like a form like the regular direct
• 20:22
  Speaker 3: depositive form that you fill out, but it's just like
• 20:23
  Speaker 3: you can just add different bank accounts to it, yes,
• 20:25
  Speaker 3: and tell them this.
• 20:26
  Speaker 4: Is the amount, like well, like you know, my check
• 20:28
  Speaker 4: is five thousand dollars, you know, like to say a
• 20:31
  Speaker 4: pay period, a thousand goes here, a thousand goes here,
• 20:33
  Speaker 4: a thousand goes here and so now like the other day,
• 20:35
  Speaker 4: because because because it's online only savings, we don't look
• 20:38
  Speaker 4: at it all the time.
• 20:39
  Speaker 2: My husband is like, yo, babe, I got mad money
• 20:43
  Speaker 2: in my savings. I'm like, okay, you're welcome, I upgrade, right.
• 20:49
  Speaker 4: But he was like, never had this much save because
• 20:52
  Speaker 4: he doesn't think about it. It's been like the last
• 20:54
  Speaker 4: two or three years, and money will just land. So
• 20:57
  Speaker 4: my husband is the type maybe this is all.
• 20:59
  Speaker 2: Man with their boys. You know, your boys be like yo, yo,
• 21:01
  Speaker 2: you can let me hold thirty dollars. You will let me,
• 21:04
  Speaker 2: you know.
• 21:04
  Speaker 7: And so he would always be like, yo, behave such
• 21:07
  Speaker 7: and such as you know such and such a struggling
• 21:09
  Speaker 7: to be and I'd be like, who tone, I don't
• 21:13
  Speaker 7: even like tone, right, but like you know so now
• 21:16
  Speaker 7: because so we would have to be talking back and
• 21:17
  Speaker 7: forth to take money out of.
• 21:18
  Speaker 2: Our joint pot.
• 21:20
  Speaker 4: So now there's none of that because one you have
• 21:22
  Speaker 4: your own allowance money and you have your own savings.
• 21:24
  Speaker 4: You want to give tone all your savior and that's
• 21:26
  Speaker 4: how you want to live your life.
• 21:27
  Speaker 2: Go ahead, you know its joint account exactly.
• 21:31
  Speaker 4: I was like, I'm looking at the joint saving and
• 21:33
  Speaker 4: the doorbell, I say, okay, long as I'll see no
• 21:35
  Speaker 4: tone bill and that So it allows you, you know,
• 21:39
  Speaker 4: so everyone to feel like you're part of this.
• 21:40
  Speaker 2: Community where you're all contributing.
• 21:42
  Speaker 4: But allows you to have autonomy, like he could do
• 21:44
  Speaker 4: whatever he wants with well, not whatever he wants, but
• 21:46
  Speaker 4: you know what I mean, like with his money, he
• 21:48
  Speaker 4: can decide. And so I think that works best for
• 21:51
  Speaker 4: if you're in a significant relationship with someone.
• 21:53
  Speaker 3: And another thing, the last question showed the online savings.
• 21:56
  Speaker 3: Like I said, I believe the same thing you said,
• 21:58
  Speaker 3: as far as it's good to have it now with
• 22:00
  Speaker 3: the bank like I Chase. I have Chase from my
• 22:02
  Speaker 3: business and my personal bank account, but I have Capital
• 22:04
  Speaker 3: one my online savings. And yeah, the reason is that
• 22:08
  Speaker 3: it's notice a whole hassle to get the money. You
• 22:10
  Speaker 3: gotta wait like three days. So psychologically it's like out
• 22:12
  Speaker 3: of sight, out of mind when you when you when
• 22:14
  Speaker 3: I log on the Chase app, I don't see it.
• 22:16
  Speaker 3: I even forget about it. I was just thinking about
• 22:18
  Speaker 3: it just now, like I forgot about haven't I forgot
• 22:21
  Speaker 3: about it? I haven't really been you know what I'm saying. So,
• 22:23
  Speaker 3: but what do you have any top banks that you're
• 22:27
  Speaker 3: recommending like or like interest rates that we should be
• 22:30
  Speaker 3: because I figure, I forget what my interest rate is.
• 22:32
  Speaker 3: I know it's slightly higher, like you said, because online
• 22:34
  Speaker 3: banks don't have the same brick and mortar expenses as
• 22:36
  Speaker 3: regular traditional banks do. So it's always good to have
• 22:40
  Speaker 3: an online bank for the higher interest rate. But are
• 22:43
  Speaker 3: there any ones that in particular right now that's paying
• 22:45
  Speaker 3: higher interest rates than others?
• 22:49
  Speaker 4: There was so his being like one, I'm like, these
• 22:51
  Speaker 4: banks will pay my bills.
• 22:52
  Speaker 2: People always might know, but honestly, so the reason.
• 22:55
  Speaker 4: Why I tell people like I, I'm currently with Ally
• 22:58
  Speaker 4: Bank A L L Y right.
• 23:00
  Speaker 2: But here's the thing.
• 23:01
  Speaker 4: Ali Bank, back in the day they had the best
• 23:05
  Speaker 4: They had the best interest rate.
• 23:06
  Speaker 2: They don't anymore. Their interest rate is okay.
• 23:08
  Speaker 4: I think last of my check it was like, well
• 23:10
  Speaker 4: on one point five percent. But there are banks out there.
• 23:12
  Speaker 4: There was a Credit Union when I looked at Magnifying
• 23:14
  Speaker 4: Money the other day that was given two percent. So
• 23:17
  Speaker 4: I definitely say go for the bank that's giving the
• 23:20
  Speaker 4: highest indust rate. There's also Goldman Sachs has a has
• 23:24
  Speaker 4: a bank account called like Marcus my Goldman Sachs you know.
• 23:26
  Speaker 4: That's another one. So you know, I say that there
• 23:30
  Speaker 4: isn't a best bank. If the bank is FDIC insured
• 23:34
  Speaker 4: and they're paying you the highest interest rate, that's the
• 23:36
  Speaker 4: best bank. Like I said, I like ally, but I'm
• 23:38
  Speaker 4: only there now because I signed up with them originally.
• 23:41
  Speaker 4: But best believe, go with the coins are you don't
• 23:44
  Speaker 4: have to be loyal to your bank.
• 23:45
  Speaker 2: They're not loyal to you. You know, go with who's
• 23:48
  Speaker 2: giving you them coins. Yeah.
• 23:50
  Speaker 5: One of the things you said about having a joint account,
• 23:51
  Speaker 5: you know I can attest to. I think it's a
• 23:53
  Speaker 5: great idea, especially for married couples. I heard you preach
• 23:57
  Speaker 5: about prepared to invest, right, So if you have that
• 24:00
  Speaker 5: join account, what is something that couples could think about investing?
• 24:04
  Speaker 2: So this is great.
• 24:05
  Speaker 4: So people ask me, like, here's the steps to preparing
• 24:08
  Speaker 4: to invest so you don't have to wait to invest
• 24:11
  Speaker 4: for retirement. So to be clear, when I say retirement
• 24:14
  Speaker 4: is an investment, the purpose of retirement is not so
• 24:17
  Speaker 4: you're going You're not gonna live on no private island
• 24:19
  Speaker 4: in retirement unless you're living on.
• 24:21
  Speaker 2: A private island. Now.
• 24:23
  Speaker 4: Retirement is so you can maintain your current lifestyle if
• 24:26
  Speaker 4: you set aside twelve to fifteen percent of your income
• 24:30
  Speaker 4: now your gross income now, and that's all you ever do.
• 24:33
  Speaker 4: What that will inability to do is maintain your current lifestyle.
• 24:37
  Speaker 4: So if you don't see palm trees next to you now,
• 24:39
  Speaker 4: you ain't gonna see palm trees when you eighty.
• 24:41
  Speaker 2: Right.
• 24:41
  Speaker 4: So then so you do that first and foremost, because
• 24:44
  Speaker 4: you must set aside for your future self and it's
• 24:47
  Speaker 4: your younger self job to look after your future self,
• 24:49
  Speaker 4: so that comes first. Then after you're doing that, then
• 24:52
  Speaker 4: you have to have a budget. Right, you have to
• 24:55
  Speaker 4: have some sort of physical plan of what your money
• 24:59
  Speaker 4: is doing. This much is going to build, this much
• 25:02
  Speaker 4: is going to spend him something.
• 25:04
  Speaker 2: So that's step two. Do you have a budget? Check
• 25:06
  Speaker 2: before people say or I want to invest, I'm like
• 25:08
  Speaker 2: slow down, slow down? Son? You killing them? Who's filling
• 25:11
  Speaker 2: them with? Obtained? You didn't not have boss? Right, So
• 25:15
  Speaker 2: that's too. Do you have a budget? Great? Now, step
• 25:19
  Speaker 2: number three right, do you have savings? Right? So, do
• 25:24
  Speaker 2: you have emergency.
• 25:25
  Speaker 4: Savings at minimum minimum minum during the recession I say
• 25:28
  Speaker 4: six months. During a non recession, I say at least
• 25:30
  Speaker 4: three months three months of your noodle budget? Meaning do
• 25:33
  Speaker 4: you have three months of your essential bills saved? Because
• 25:36
  Speaker 4: we already talked about if you were to lose your job,
• 25:40
  Speaker 4: you're gonna drop down and get your noodle on. You're
• 25:41
  Speaker 4: not gonna be living at the same You're not gonna
• 25:43
  Speaker 4: be living at your three thousand dollar budge. You're gonna
• 25:45
  Speaker 4: be living at your twenty five hundred dollar budget. So
• 25:47
  Speaker 4: do you have at least three months of your noodle
• 25:49
  Speaker 4: budget saved? That's important because that is going to help
• 25:52
  Speaker 4: you if times get rough and tough.
• 25:54
  Speaker 2: Do you have that great? Then number four, do you
• 25:57
  Speaker 2: have high interest debt?
• 26:01
  Speaker 4: Meaning how are you going to invest when you owe
• 26:04
  Speaker 4: visa at eighteen nineteen twenty five thirty percent?
• 26:08
  Speaker 2: Do you think you've got to get a.
• 26:09
  Speaker 4: Return of fifteen thirteen you know, thirty percent? No, On average,
• 26:15
  Speaker 4: the market yields about seven to eight percent a year.
• 26:18
  Speaker 2: So what that means is you put your.
• 26:20
  Speaker 4: Money in the market, on average, you're going to get
• 26:23
  Speaker 4: back eight cents. Let's just say, but because you have
• 26:28
  Speaker 4: credit card debt, you're losing eighteen cents a month or year.
• 26:32
  Speaker 4: So you make it eight cents and losing eighteen cents
• 26:36
  Speaker 4: the best thing you can do is pay off the
• 26:37
  Speaker 4: credit card debt, the high interest credit card debt, because
• 26:40
  Speaker 4: you're losing more than you're likely to gain in the market.
• 26:43
  Speaker 4: So before you start investing, you and your boo, like,
• 26:46
  Speaker 4: get rid of that high interest credit card debt first
• 26:49
  Speaker 4: and foremost.
• 26:50
  Speaker 2: So that's four. So now you've done all those four things.
• 26:52
  Speaker 4: You feeling cue, Okay, you feeling spicy. Now we can
• 26:54
  Speaker 4: leap into investing for wealth. So investing for wealth if
• 26:58
  Speaker 4: you are a couple, if you don't know how to
• 27:00
  Speaker 4: do nothing else, like you know, so most people are like,
• 27:02
  Speaker 4: they're not really willing to do Like everybody wants to
• 27:05
  Speaker 4: like trade options. They don't even know what that is.
• 27:06
  Speaker 4: They want to, you know, everybody wants to buy stock.
• 27:08
  Speaker 4: Then you bought Delta. How's that working out for you?
• 27:09
  Speaker 2: Right now? How's Delta doing? It's doing terrible.
• 27:12
  Speaker 4: I can tell you because I have Delta, and so
• 27:15
  Speaker 4: most people want to do that. But truth is, most
• 27:17
  Speaker 4: people are not willing to do the work for investing.
• 27:19
  Speaker 4: That's okay, So this is what I tell people that instead,
• 27:22
  Speaker 4: you can invest in a mutual fund. I prefer target
• 27:27
  Speaker 4: date funds because it's like super super handholding a target
• 27:31
  Speaker 4: date fund is a mutual fund that you pick the
• 27:35
  Speaker 4: target date the date you want to pull out that money.
• 27:38
  Speaker 4: So typically most target date funds are the date that
• 27:41
  Speaker 4: you want to pull out that money. Typically is the
• 27:43
  Speaker 4: date that you want to retire, so you might say
• 27:45
  Speaker 4: twenty fifty, twenty forty five, twenty thirty five.
• 27:48
  Speaker 2: They're usually five years apart.
• 27:49
  Speaker 4: So you're going to pick a mutual fund that's a
• 27:51
  Speaker 4: target date fund, right, A mutual fund, just so you know,
• 27:55
  Speaker 4: for those listening, I'm sure you know, but you never know.
• 27:57
  Speaker 2: It's a collection of investment.
• 28:00
  Speaker 4: I like mutual funds that tend to be index funds,
• 28:03
  Speaker 4: so they follow a particular index, like the S and
• 28:05
  Speaker 4: P five hundred, which.
• 28:06
  Speaker 2: Is basically like the market.
• 28:07
  Speaker 4: So that means you're invested in a mutual fund that's
• 28:11
  Speaker 4: an index fund.
• 28:13
  Speaker 2: And it follows the market and your money.
• 28:16
  Speaker 4: The reason why I like target date funds is that
• 28:18
  Speaker 4: it rebalances like a true investor knows that they have
• 28:21
  Speaker 4: to shift based upon how life like where they are
• 28:25
  Speaker 4: in life. Most people don't do that, so a target
• 28:27
  Speaker 4: date fund does it for you. A target date fund
• 28:29
  Speaker 4: says you pick the target date of twenty fifty, it
• 28:32
  Speaker 4: is now twenty twenty.
• 28:33
  Speaker 2: We have thirty years.
• 28:34
  Speaker 4: We got time, so the target day fund is going
• 28:36
  Speaker 4: to be invested more aggressively because you have thirty years.
• 28:40
  Speaker 2: The closer you get to twenty fifty.
• 28:43
  Speaker 4: The more conservative automatically your investment is going to be
• 28:46
  Speaker 4: invested because the target date fund is aware of twenty
• 28:50
  Speaker 4: fifty is coming up. So the closer we get if
• 28:53
  Speaker 4: it's twenty forty nine, then you're super You might be
• 28:55
  Speaker 4: invested in all cash accounts, in bonds, super super conservative investments, right,
• 29:01
  Speaker 4: so you don't not do anything else.
• 29:03
  Speaker 2: You can buy a mutual.
• 29:03
  Speaker 4: Fund that that's that's that follows an index fund like
• 29:07
  Speaker 4: I said the S and P five hundred.
• 29:09
  Speaker 2: Typically you can you can follow you look for a
• 29:11
  Speaker 2: mutual fund.
• 29:11
  Speaker 4: That's that's called a total market fund, meaning that your
• 29:15
  Speaker 4: fund mimics a particular market like I said the S
• 29:18
  Speaker 4: and P five hunder one hundred. So when the when
• 29:20
  Speaker 4: the market goes up, your money goes up. When the
• 29:22
  Speaker 4: market goes down, your money goes down. But we like
• 29:24
  Speaker 4: we like I mentioned before, on average, the market yields
• 29:28
  Speaker 4: about seven to eight percent a year, so you will
• 29:32
  Speaker 4: you will over the over the next thirty years, you're
• 29:34
  Speaker 4: gonna see about a seven eight percent game, which is great,
• 29:37
  Speaker 4: you know, even like that's for people who are like
• 29:39
  Speaker 4: I don't want to do.
• 29:39
  Speaker 2: Nothing else like. And so when you're looking for a
• 29:43
  Speaker 2: target date.
• 29:43
  Speaker 4: Fund or mutual fund, you're looking for something called the
• 29:45
  Speaker 4: expense ratio, and that is the fee that that fund
• 29:49
  Speaker 4: is charging you the percentage of the money that you
• 29:52
  Speaker 4: have invested with that fund. And so right now, like
• 29:55
  Speaker 4: a Vanguard, they have one of the lowest expense ratio.
• 29:57
  Speaker 4: So the broker's accounts that have ne funds and target
• 30:02
  Speaker 4: date funds and these total market funds are like Vanguard, Fidality,
• 30:06
  Speaker 4: Child Schwab. So you're gonna google expense ratio for First Fidelity,
• 30:10
  Speaker 4: expense ratio for child Swab. I think like, right now,
• 30:13
  Speaker 4: it's like the target fund for a total market target
• 30:16
  Speaker 4: date fund for Vanguard. Right now it's like point zero
• 30:19
  Speaker 4: six percent, which is great, right, not even points zero
• 30:22
  Speaker 4: zero six percent, which is like something ridiculous, like a
• 30:25
  Speaker 4: piece of a piece of a piece of piece of
• 30:27
  Speaker 4: a penny. And so that's great because the average financial
• 30:31
  Speaker 4: advisor is going to charge you one percent of the
• 30:34
  Speaker 4: assets of your of your money that they've invested.
• 30:35
  Speaker 2: So the financial advisor is gonna charge you one percent.
• 30:37
  Speaker 4: Vanguard's going to charge you a piece of a piece
• 30:40
  Speaker 4: of a piece of one percent, so you get to
• 30:42
  Speaker 4: keep more of your money.
• 30:43
  Speaker 2: Fees are the biggest hindrance to earning money.
• 30:47
  Speaker 4: You know, I'm not anti financial advisor, but you're spending
• 30:52
  Speaker 4: a lot of money sometimes for them to do automatically
• 30:55
  Speaker 4: what some of these automatic funds can do. Unless you
• 30:57
  Speaker 4: have other things your financial advisor's doing for you. If
• 30:59
  Speaker 4: there's just an'sting your money, bruh sis, just put it
• 31:02
  Speaker 4: in a target day fund and let the fund automatically
• 31:05
  Speaker 4: balance for you and you can keep most of your money.
• 31:07
  Speaker 4: So if you're investing with your significant other, what I
• 31:10
  Speaker 4: love is that you can literally say, hey, Vanguard, we
• 31:12
  Speaker 4: want to open up a mutual fund. Would prefer a
• 31:15
  Speaker 4: target day fund that's invested in an index. So do
• 31:17
  Speaker 4: you have like I know, Vanguard literally has one called
• 31:20
  Speaker 4: your total market fund, or you have a total market fund, Okay,
• 31:22
  Speaker 4: open it up. We're going to be putting two hundred
• 31:24
  Speaker 4: dollars a month. Just you can have that transferred automatically
• 31:27
  Speaker 4: from your savings account.
• 31:28
  Speaker 2: Transfer your two hundred bucks a month.
• 31:30
  Speaker 4: Because you already have your three months of savings, transfer
• 31:32
  Speaker 4: your three hundred bucks a month or two hundred bucks
• 31:34
  Speaker 4: a month into that account and let it grow.
• 31:36
  Speaker 2: You kind of set it in and semi forget it.
• 31:38
  Speaker 2: So that's like the easiest possible way to start investing.
• 31:41
  Speaker 4: If you do that, you will be better off than
• 31:43
  Speaker 4: ninety nine or nine point most people.
• 31:45
  Speaker 2: And just keep it really simple.
• 31:46
  Speaker 4: I think investing should be really simple, unless, like you
• 31:49
  Speaker 4: really are interested.
• 31:50
  Speaker 2: In learning how to buy individual stocks.
• 31:52
  Speaker 4: But you have to when it comes to investing in
• 31:54
  Speaker 4: the traditional sense and like the market, keep it simple.
• 31:57
  Speaker 4: And then you can also invest by starting a business.
• 32:00
  Speaker 4: You can invest by writing a book. There's other ways
• 32:02
  Speaker 4: to invest. You can invest by real estate, like I
• 32:05
  Speaker 4: do all those things. I have residual investments where I
• 32:07
  Speaker 4: have books that pay me a few thousand dollars a
• 32:10
  Speaker 4: month from books I've written years ago. I have a
• 32:12
  Speaker 4: business that you know, that's an investment as well. I
• 32:14
  Speaker 4: put money into that business and it yields money back.
• 32:17
  Speaker 4: I also have real estate. You know, even in your
• 32:19
  Speaker 4: primary your primary residence, you have to think about that
• 32:22
  Speaker 4: as an investment, and you have to understand that The
• 32:24
  Speaker 4: key with investing is you should make money on the buy,
• 32:29
  Speaker 4: not necessarily to sell.
• 32:31
  Speaker 2: So meaning this is then if you always make sure
• 32:34
  Speaker 2: you make money on the buy, you never lose.
• 32:36
  Speaker 4: But it's time to sell. So bought this house I'm
• 32:39
  Speaker 4: living in now cash s life flex. But it was
• 32:43
  Speaker 4: a foreclosure so it was worth at the time maybe
• 32:47
  Speaker 4: three twenty because it was kind of like a little
• 32:48
  Speaker 4: bit beat up, and.
• 32:50
  Speaker 2: We bought it for one eighty.
• 32:52
  Speaker 4: So we made money on a buy even if nothing
• 32:55
  Speaker 4: else we didn't fix it up.
• 32:56
  Speaker 2: We're like, yo, we tired, we ran out of money
• 32:58
  Speaker 2: to fix it up. We bought it for one eighty.
• 33:00
  Speaker 4: House that's worth three twenty, So we made money on
• 33:02
  Speaker 4: the buy, no matter what. So even now they're talking
• 33:04
  Speaker 4: about the market.
• 33:05
  Speaker 2: It's gonna drop, I'm not worried about it.
• 33:06
  Speaker 4: It would have to drop a whole hell of a
• 33:08
  Speaker 4: lot for a house worth three twenty to drop down
• 33:10
  Speaker 4: to one eighty, you know.
• 33:14
  Speaker 2: Exactly. So we so then we then we renovated the place.
• 33:17
  Speaker 2: So now I just got the house of praise.
• 33:19
  Speaker 4: We renovated it. The house is now worth three ninety.
• 33:22
  Speaker 4: So it's like even if we never renovated, we was
• 33:24
  Speaker 4: gonna win. So same thing with stocks, you know that
• 33:27
  Speaker 4: like you make money on the buy, you know, not necessarily,
• 33:31
  Speaker 4: like you don't want to have to wait for the cell.
• 33:32
  Speaker 2: But not enough people do that.
• 33:33
  Speaker 4: They want to jump into the market right now because
• 33:36
  Speaker 4: you know your your neighbor's like, oh I bought.
• 33:39
  Speaker 2: Oh you're not in, but yond me? Uh oh you
• 33:41
  Speaker 2: don't do bitcoin. Meanwhile, you don't know nothing. Know what
• 33:43
  Speaker 2: they're talking about.
• 33:44
  Speaker 4: Don't jump in and lose your money. Like, if you're
• 33:46
  Speaker 4: not going to do the research, you're gonna be broke.
• 33:48
  Speaker 4: Get you an index fund, you know, invest in things
• 33:51
  Speaker 4: that you're willing to do the research on, or invest
• 33:53
  Speaker 4: in semi automated super simple investments, and you'll be fine.
• 33:57
  Speaker 4: You don't have to have your investment should honestly largely
• 33:59
  Speaker 4: be boring. You don't have to have the hottest stock.
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