Latest / Earn Your Leisure / Study Hall: Budgeting, & Retirement Planning with The Budgetnista

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Study Hall: Budgeting, & Retirement Planning with The Budgetnista · 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
0:46
Speaker 1: app and leave now, you could be allowed to return legally.
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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
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Speaker 1: 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: Budgeting.
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Speaker 4: I think it's budgeting is extremely underrated when it comes
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Speaker 4: to financial planning for individuals. I always say, like, if
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Speaker 4: you look at a corporation, budgeting is like the major
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Speaker 4: thing that they do like you. I mean, like Apple
1:11
Speaker 4: knows every dollar that comes in and comes out, Like
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Speaker 4: they pay accountants millions of dollars. They have a whole
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Speaker 4: team of accountant to keep track of the books. And
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Speaker 4: budgeting is like that's everything. Budgeting is everything. But it's
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Speaker 4: like most entrepreneurs and most regular people that just have
1:25
Speaker 4: jobs have no idea of the budget, Like they don't
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Speaker 4: have any idea of how much money comes in, they
1:29
Speaker 4: have no idea of how much money goes out. They're
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Speaker 4: just wringing it and just you know, spending money whenever
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Speaker 4: you know they need to, and the money comes in
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Speaker 4: and it just goes to their bank. And that's kind
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Speaker 4: of like how most people run not only their business
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Speaker 4: but their life. So budgeting, budgeting one oh one right
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Speaker 4: for somebody that has never budgeted before, but they first
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Speaker 4: and foremost why why is budgeting essential? And then we'll
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Speaker 4: go into like some different hacks that can help people
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Speaker 4: to get better with budgeting.
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Speaker 5: So budgeting is a sense of because it is a
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Speaker 5: physical picture of what your money is doing. Right, So
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Speaker 5: if you have kids and you're in the other room
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Speaker 5: and your two year old is quiet, You're like, wait,
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Speaker 5: what the hell are they breaking because you know they're
2:13
Speaker 5: cutting up, putting a you know, putting a knife enough
2:16
Speaker 5: in the socket whatever, you know. And so it's the
2:18
Speaker 5: same thing with your money. Like you you have to
2:21
Speaker 5: be on top of your money. I would say, like
2:22
Speaker 5: your money is like a bad two year old, Like,
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Speaker 5: if you leave it to its own devices, it's gonna
2:26
Speaker 5: be breaking shit that I can curse. Yeah, right, So
2:31
Speaker 5: you want to be on it when it comes to
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Speaker 5: your money and be present. You are the adult. You
2:37
Speaker 5: decide what your money does. And so that's what a
2:38
Speaker 5: budget allows you to do. And it allows you to
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Speaker 5: be the adult of you of your life. And so
2:44
Speaker 5: it's important. You know, I don't care how much money
2:46
Speaker 5: you make, you can outspend like great wealth. There are
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Speaker 5: people who have been millionaires and even billionaires and have
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Speaker 5: been less penniless. So I think sometimes people think, like, well,
2:56
Speaker 5: if I had ten million dollars, was like mc hammer
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Speaker 5: from somebody, You're like, who's that? Okay, Tody Braxton, right,
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Speaker 5: Alan Iverson. So many people have outspent their wealth. It
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Speaker 5: is more than possible.
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Speaker 4: So what kind of all right, so what are the
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Speaker 4: different strategies for budgeting?
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Speaker 5: Right?
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Speaker 4: Like it's someone okay, I realize the budgeting is important.
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Speaker 4: I want to do it. So how do I go
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Speaker 4: about it? Is it spreadsheet software? Like is there formulas
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Speaker 4: that you should use? Because some people say, like your
3:24
Speaker 4: housing should only be like twenty or thirty percent of
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Speaker 4: your total budget. So yeah, what's your what's your philosophy?
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Speaker 4: As far as like the one on one, the person
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Speaker 4: realizes they need to budget now they actually want to
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Speaker 4: start a budget.
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Speaker 5: So let's just start super super easy, because I mean, yes,
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Speaker 5: I use this spride seat all that stuff, but most
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Speaker 5: people are not going to do that to start. It's
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Speaker 5: the difference between I want to lose some weight and
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Speaker 5: so tomorrow, like you're gonna run you know, ten miles,
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Speaker 5: You're not gonna run ten mouse. You might the first day,
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Speaker 5: and the second day you're going to go back to
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Speaker 5: the couch. So I want you to start off walking.
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Speaker 5: So for someone who's like I don't budget, I never
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Speaker 5: took to a budget. First things first is start with
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Speaker 5: having separate bank accounts, right, So I believe in having
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Speaker 5: a bill's account to pay your bills and having a
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Speaker 5: spend account to spend from your bills account. Should not
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Speaker 5: have a debit card attached to it that's a debit
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Speaker 5: card is a choice. I don't think people realize that
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Speaker 5: the bank issues you a debit card. But you could
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Speaker 5: be like, nah, I'm good. So my bill's account does
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Speaker 5: not have a debit card. My spend account, it's both.
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Speaker 5: These are checking accounts that the same bank has a
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Speaker 5: debit card. And then you want to least one savings
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Speaker 5: account not at that bank. So you want to at
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Speaker 5: least one safets account at an online only bank. And
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Speaker 5: so what it looks like is that your money comes in.
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Speaker 5: Some of it goes into your I like to call
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Speaker 5: it my deposit account, slash your spend account, so that's
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Speaker 5: where your money lands. Some of it goes into your
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Speaker 5: bills account to pay bills, and you know how much
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Speaker 5: to go into your bills account by what bills are due.
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Speaker 5: And then some of it goes into your savings. So
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Speaker 5: in the beginning you're not going to have the math perfect.
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Speaker 5: You might just be like, I don't care if ten
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Speaker 5: dollars goes into your savings. When I was at my brocus,
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Speaker 5: I was literally transferring two dollars. You know, just contin
5:00
Speaker 5: just to have the habit of savings. You never you
5:03
Speaker 5: never want to get out of the habit of putting
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Speaker 5: something away in your savings account. That's important. So what
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Speaker 5: I did for my husband, for example, he's not gonna
5:10
Speaker 5: sit down and spreadsheet. That's just not happening. He's like,
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Speaker 5: what breaks city, dope? So we do instead? Now, is
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Speaker 5: we budget for him anywhere? Because I like the spreadsheet.
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Speaker 5: We budget before his money even gets there, I said, Babe,
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Speaker 5: go to HR. Here's what you're gonna tell them. Hey,
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Speaker 5: before you give me my money. Some of it goes
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Speaker 5: into his retirement account check, some of it goes into
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Speaker 5: his into his spend account. That the deposit account where
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Speaker 5: things are depositives right, check by his direct deposit account, right.
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Speaker 5: Some of it goes into our joint bill's account check,
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Speaker 5: some goes into his personal savings check, and some goes
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Speaker 5: into our joint savings. So he basically his budget is
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Speaker 5: done automatically through HR, so it lands and all he
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Speaker 5: has to think about is when it comes to his
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Speaker 5: personal savings, whatever you want to do to that, that's
5:57
Speaker 5: your business, as tabit. That would saying the vegan begon
6:00
Speaker 5: chef that ready loves right now, and that's your business,
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Speaker 5: right and all he has to worry about too, it's
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Speaker 5: his basically his allowance in his deposit account, in his
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Speaker 5: spending account. So whatever's in his spending account. If I
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Speaker 5: see my husband with some new JS on. Back in
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Speaker 5: the day, I used to be like, oh, that's what
6:14
Speaker 5: we're doing. I enjoyers with the bread money. Now it's
6:19
Speaker 5: no more right because I know one thing. He didn't
6:22
Speaker 5: take it from the bills account. He didn't take it
6:24
Speaker 5: from our joint savings. So if he took it from
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Speaker 5: his personal savings or his spending account, that's fine. And
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Speaker 5: so like if you don't know how to do anything else,
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Speaker 5: if you just have at least those three accounts and
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Speaker 5: have your money automatically split from well really four because
6:38
Speaker 5: you want to have a retirement account and have your
6:40
Speaker 5: money split from work, then you will be ahead of
6:44
Speaker 5: the game. And so for people who want to go
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Speaker 5: a little bit deeper. For me, you know, like I,
6:48
Speaker 5: like I said, I like to have spread to you.
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Speaker 5: I like to know how much we're spending on on
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Speaker 5: on groceries, how much we're spending on gas, So I
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Speaker 5: keep track of that. I just the tool I like
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Speaker 5: to use message, just excel, So I like to keep
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Speaker 5: track of that. There, but you don't necessarily have to.
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Speaker 5: You set aside a you know, an allowance for yourself.
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Speaker 5: Typically things are led by bills. So if ideally you
7:08
Speaker 5: want to be setting aside twelve to fifteen percent for
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Speaker 5: your retirement, and you probably are saying like, I can't
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Speaker 5: afford to lose twelve to fifteen percent of my pay,
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Speaker 5: or to start with one percent, and every six months
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Speaker 5: you boosted up, start with a half percent, and every
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Speaker 5: six months you boosted up, start with something towards retirement.
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Speaker 5: And then your bills. I like to do bills every
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Speaker 5: two weeks, so the money I have transferred to the
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Speaker 5: bills account, you ask yourself, okay, how much are my
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Speaker 5: bills from the first to the fifteenth, and how much
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Speaker 5: are my bills from the fifteen to the thirtieth, And
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Speaker 5: that's how you know how much to be going into
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Speaker 5: the bill's account. You know, so it might be or
7:41
Speaker 5: you might just have a select number. You might say, well,
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Speaker 5: my bills are around three thousand dollars a month, so
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Speaker 5: every paycheck or every pay period, my bi weekly or
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Speaker 5: my bi monthly pay period, fifteen hundred dollars is going
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Speaker 5: to go into my bill's account. And having your bills account,
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Speaker 5: paid bills automatically for you is really going to be
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Speaker 5: like clutch, Like I don't pay bills, bills pay themselves,
8:01
Speaker 5: so it lands on my bill's account and then dark
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Speaker 5: my bills already know I pay my pay the electric bill,
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Speaker 5: pay the water bill, pay these bills for me automatically,
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Speaker 5: and like I said, what's left in mind, spend account
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Speaker 5: is attached to my debtit card and I can spend
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Speaker 5: and when that money is done, so on mine. What's
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Speaker 5: really important too about a budget is is the savings account.
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Speaker 5: I don't want you to save at your regular bank
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Speaker 5: because it makes it easy to transfer. We've all been
8:27
Speaker 5: there at Target right and been like, oh man, like
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Speaker 5: I really want whatever this thing is, this bleunder this dress,
8:33
Speaker 5: this shirt, and you look at check in. You know
8:35
Speaker 5: Daril William got no money and check in, but you
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Speaker 5: know who got money there, savings, And then you're in
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Speaker 5: line making that transfer, like happy about it to like
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Speaker 5: making a transfer even though you're like that was supposed
8:45
Speaker 5: to be for powers. You're like pass, can wait, tease
8:47
Speaker 5: your care make that transfer and you're like dang. Later
8:50
Speaker 5: you're like this, why I don't never go nowhere because
8:52
Speaker 5: I'm always at Target to buy a toilet tissue and
8:54
Speaker 5: then I leave but three hundred dollars worth of stuff.
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Speaker 5: If you put your savings in an online only savings account, though,
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Speaker 5: then you're gonna have to wait at least twenty four
9:03
Speaker 5: to seventy two hours for your savings at your online
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Speaker 5: only savings account to transfer back to your checking to
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Speaker 5: your spend account. And so what that means is it
9:13
Speaker 5: makes your money inconvenient, and inconvenient money get saved. So
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Speaker 5: I like this website called magnify money dot com to
9:20
Speaker 5: look for an online only savings account because they grade
9:22
Speaker 5: savings accounts from A to F. So you're gonna look
9:25
Speaker 5: for an a account that's one. Two, you're gonna look
9:27
Speaker 5: for an account that's FDIC insured that's two. Three, You're
9:32
Speaker 5: gonna look for an account that's gonna give the highest
9:33
Speaker 5: interest rate because your big bank is not gonna give
9:36
Speaker 5: you much of an interest rate. So online only savings
9:39
Speaker 5: accounts don't have as much overhead, so they pass that
9:41
Speaker 5: on to you and you earn a higher interest. And
9:44
Speaker 5: then for you're going to look for a bank that
9:47
Speaker 5: has low deposit requirement. So that means in order to
9:50
Speaker 5: open up the bank account. Maybe you have to you
9:53
Speaker 5: have to put in a dollar and also too in
9:55
Speaker 5: order to maintain and get that interest. You don't want
9:58
Speaker 5: them to say you have to have ten thousand dollars
9:59
Speaker 5: in the make account in order for you to earn
10:01
Speaker 5: the interests that they've advertised. So those are the four
10:04
Speaker 5: components you're going to look for in your online safe account.
10:07
Speaker 5: So I hate to say like, oh, twenty percent here,
10:09
Speaker 5: thirty percent there, unless you have an irregular income. You
10:13
Speaker 5: don't have to live by percentages. You would live by amounts.
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Speaker 5: So one hundred dollars here, three hundred dollars there, four
10:20
Speaker 5: hundred dollars here, that's what you're That's the split that
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Speaker 5: you should be doing regularly every month. If your money
10:25
Speaker 5: it fluctuates because you have an irregular income, then you
10:28
Speaker 5: might say, you know, forty percent goes into my bills.
10:33
Speaker 5: You know five percent goes into spending. But you have
10:36
Speaker 5: to work backwards, like how much are your bills Unless
10:38
Speaker 5: you're starting from scratching your twenty one you're just moving
10:40
Speaker 5: out that you can force your bills to fit within
10:43
Speaker 5: that percentage. But it's easy for people to say, oh
10:45
Speaker 5: seventy thirty Yeah, but like, so, what are your bills
10:48
Speaker 5: actually though your bills might be seventy percent of your
10:50
Speaker 5: income right now, you know, so that's so you have
10:53
Speaker 5: to pay your bills and you're I'm not worried about
10:55
Speaker 5: the percentage, just now, like how much you actually need
10:58
Speaker 5: to pay bills? Put that in the bills accoun Okay,
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Speaker 5: how much ideally do you want to save once those
11:03
Speaker 5: bills are paid? I want to save one hundred dollars
11:05
Speaker 5: a month, So make that a bill. Now that one
11:07
Speaker 5: hundred dollars a month is automatically put into that savings
11:09
Speaker 5: account directly from your job. And then what's left over,
11:12
Speaker 5: like I said, is your spending money. You know, you
11:14
Speaker 5: might tell yourself, I'm going to give myself fifty dollars
11:17
Speaker 5: every two weeks for spending. Okay, great, and for whatever reason,
11:21
Speaker 5: if there's not enough money, then you take care of bills.
11:23
Speaker 5: You say, I guess I can't save this month, and
11:25
Speaker 5: I guess I can't. I don't spending money this month
11:29
Speaker 5: for like, you know, spending money for things that are
11:31
Speaker 5: like you know, like hair nails, grooming, this and that.
11:34
Speaker 5: You know, so sometimes you don't have it, and that's okay.
11:37
Speaker 5: So there are times when I didn't have it, but
11:39
Speaker 5: I had to pay bills, and even sometimes I didn't
11:41
Speaker 5: have enough for bills and I had to say, well,
11:42
Speaker 5: I have to pay my noodle budget bills, my essential bills.
11:45
Speaker 5: Verizon can wait. Rising is not going to shoot you
11:48
Speaker 5: if you don't pay. Yes, we'll affect your credit score,
11:51
Speaker 5: but credit scores are things that you can you can
11:53
Speaker 5: you can increase later. I much rather you take care
11:56
Speaker 5: of things that are going to make you happy, I
11:57
Speaker 5: mean healthy and safe.
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Speaker 2: I was just thinking about that because one of the things,
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Speaker 2: the powerful things you talk about is identifying ifs, Like
12:05
Speaker 2: we can have anything we want if we just identify
12:07
Speaker 2: our ifs in control them so that we can budget.
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Speaker 3: Right.
12:10
Speaker 2: So if I want to say four hundred dollars, maybe
12:13
Speaker 2: I don't go to the barbershop twice a week. Right,
12:17
Speaker 2: So can you talk about the your points of identifying
12:19
Speaker 2: the ifs and how they can translate to having more
12:21
Speaker 2: money in your budget?
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Speaker 5: Absolutely, there are four questions you should ask yourself before
12:24
Speaker 5: you spend any money. Do I need it? Do I
12:27
Speaker 5: love it? Do I like it? Do I want it?
12:30
Speaker 5: Need it? Love it like it? Want it, need it,
12:32
Speaker 5: love it like it? What you need to switch on right.
12:37
Speaker 5: So your needs come first. That's food, cholter, clothing, water,
12:40
Speaker 5: the absolute necessities you must have to stay healthy and safe.
12:43
Speaker 5: You pay for those first. Most of us are here
12:45
Speaker 5: to that. That's why you're alive. Then your loves are
12:49
Speaker 5: those things that enhance your life. What are things five
12:53
Speaker 5: ten years from now that's still our value even though
12:56
Speaker 5: that thing might not be there right. So if you
12:58
Speaker 5: had Oprah's bank account, I tell people what would you
13:00
Speaker 5: do or do more of? So a lot of people
13:02
Speaker 5: say travel, maybe they'd start a business, maybe they go
13:05
Speaker 5: back to school, maybe the philanthropy, whatever that is. So
13:08
Speaker 5: those are your loves. Those are things that give you
13:10
Speaker 5: long term joy, even when that thing is not physically
13:14
Speaker 5: there right. And then your likes are short term joy.
13:18
Speaker 5: So you know that's your target, run, that's your that's
13:22
Speaker 5: that dress that you're like, oh, this is super cute.
13:25
Speaker 5: You know that might be I don't know, eating out
13:27
Speaker 5: with friends or eating out with friends might be a
13:29
Speaker 5: love because you might be like, yo, I'm such a foodie.
13:31
Speaker 5: Five years from now, I'm remembering that restaurant. So there's
13:34
Speaker 5: no judgment, you get to decide, But likes our short
13:36
Speaker 5: term joy. And wants are just things to get. I
13:39
Speaker 5: really try to stay away from just frivolous spending, which
13:41
Speaker 5: is what wants are. It doesn't mean I never do it,
13:44
Speaker 5: but it doesn't make sense to trick up your money
13:46
Speaker 5: and wants when you can have more things for loves
13:49
Speaker 5: and your needs. And so what I try to do
13:52
Speaker 5: is so I try to live in the second half,
13:54
Speaker 5: the first half of life, my needs and my loves,
13:56
Speaker 5: because that's an enriched, fulfilled life. I'm not really a foodie,
14:01
Speaker 5: although my belly would to just otherwise, but I'm not
14:05
Speaker 5: really a foodie. But I used to go eat brunch
14:08
Speaker 5: every weekend with my friends and then one day I
14:10
Speaker 5: was like, why thew am I going to bunch. I
14:11
Speaker 5: have not been on vacation in like two years, so
14:13
Speaker 5: I stopped going. They're likeyos Hilly, You're so cheap, right,
14:16
Speaker 5: And I'm like, I'm not cheap. It's just that, like,
14:18
Speaker 5: I don't want to spend my money on bunch anymore.
14:19
Speaker 5: I don't want to spend thirty dollars a week eating brunch,
14:22
Speaker 5: And so I started saving my brunch money that I
14:24
Speaker 5: made it a game every time they asked me to
14:25
Speaker 5: go to brunch, I would put I would transfer thirty
14:27
Speaker 5: dollars to my savings account, and then within a few
14:30
Speaker 5: months I had enough money. I went for my first
14:32
Speaker 5: solo travel trip. I went to Albuquerque, New Mexico because
14:35
Speaker 5: I had on my bucket list I wanted to ride
14:37
Speaker 5: in a hot air balloon. In Albuquerque, New Mexico's the
14:40
Speaker 5: high air bloon capital of the world. Who knew? Now
14:42
Speaker 5: you do yes, right? And so I was like, okay.
14:45
Speaker 5: So I remember my friend called me Tijana. She was like, hey, girl,
14:49
Speaker 5: we're about to have We're gonna have brunch tomorrow. But
14:51
Speaker 5: I know you and yo cheap behind you ain't going.
14:53
Speaker 5: I was like, cause I was like slight flex, well,
14:55
Speaker 5: actually major flex. I was like, ooh girl, I'm about
14:58
Speaker 5: to get in a hot air balloon. The captain said,
14:59
Speaker 5: I turn off my phone. Can I call you later?
15:01
Speaker 5: She was like, I had an air Ballottle and Newer.
15:04
Speaker 5: I'm like, no, girl, New Mexico. That's when I do
15:07
Speaker 5: with my brunch money. Mike drop. Okay, So now don't
15:12
Speaker 5: I stop telling my friends. I don't say I don't say.
15:14
Speaker 3: No to brunch.
15:15
Speaker 5: I'll tell them like, ah Na, girl, I can't go
15:17
Speaker 5: right now, because I'm saying yes to Paris, I'm saying
15:20
Speaker 5: yes to Istanbul, I'm saying yes to Santorina. These are
15:23
Speaker 5: places I've been. I'm saying yes to Morocco. And so
15:26
Speaker 5: I started to decide for myself what my needs and
15:28
Speaker 5: my loves were. So I'm not against spending money. I'm
15:31
Speaker 5: against spending money on things that don't matter to you.
15:34
Speaker 5: Prioritize what your more is, like some of us are
15:37
Speaker 5: spending our whole life spending money on someone else's idea
15:41
Speaker 5: of more. Tajuanta is a foodie, not me. That's her more,
15:45
Speaker 5: that's less for me. You know, let her eat out
15:47
Speaker 5: with another food if she can come to my house
15:49
Speaker 5: and chill out for free. And so that's really how
15:51
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15:54
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15:59
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Speaker 6: Coach, the energy out there felt different. What changed for
17:59
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18:00
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18:06
Speaker 6: Are you saying it was the off field play that
18:08
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18:09
Speaker 7: Hey, little play makes your day, and today it made
18:12
Speaker 7: the game.
18:13
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18:15
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18:24
Speaker 8: Must be eighteen years or older to purchase plate or
18:26
Speaker 8: claim my savings.
18:26
Speaker 4: That was a good point, I tell people all the time,
18:28
Speaker 4: like you got to treat your savings like a bill,
18:30
Speaker 4: like how you have your bill, your car bill, Like
18:32
Speaker 4: you can't afford to not pay your car bill. You
18:34
Speaker 4: can't afford to not pay your cell phone bill. So savings,
18:37
Speaker 4: like you said, no matter how much it is, it
18:38
Speaker 4: should be a line item in a bill, I think,
18:41
Speaker 4: but I wanted touch on.
18:42
Speaker 3: I had a few questions.
18:43
Speaker 4: So first when you had mentioned with your husband with HR, soho,
18:47
Speaker 4: I didn't even know that was possible. So somebody's paycheck
18:49
Speaker 4: can be split into different bank accounts for direct depositis.
18:53
Speaker 5: Typically up to four. So most mid size so like
18:57
Speaker 5: even my company. I don't have some huge company, but
18:58
Speaker 5: we're able to do that. So typically a to four splits.
19:01
Speaker 5: And so if you're if you're a single, ready to mingle,
19:05
Speaker 5: I would say your bill's account a like, and your
19:09
Speaker 5: savings account and your spending account. So I would do
19:11
Speaker 5: the three right. So but if you are in a
19:16
Speaker 5: relationship where you're like sharing expenses, then I would have four.
19:19
Speaker 5: I believe that you should have some autonomy over your
19:21
Speaker 5: finances as well as responsibility because you're with someone, So
19:25
Speaker 5: that would be a personal savings. Each person a joint savings,
19:30
Speaker 5: a joint bills, and and and and then your own
19:34
Speaker 5: spending account. So to checking two savings. So one of
19:37
Speaker 5: the checking one of the savings is yours, and the
19:40
Speaker 5: other checking the other savings is someone else's well belongs
19:43
Speaker 5: to collectively to the whole.
19:45
Speaker 4: And all you have to do is just go to
19:47
Speaker 4: HR And it's like a form like the regular direct
19:50
Speaker 4: deposit form that you fill out, but it's just like
19:52
Speaker 4: you can just add different bank accounts to it, yes,
19:54
Speaker 4: and tell them.
19:54
Speaker 5: This is the amount, like like you know, my check
19:56
Speaker 5: is five thousand dollars. You know, let's just say a
19:59
Speaker 5: pay period, a thousand goes here, a thousand goes here,
20:01
Speaker 5: a thousand goes here, and so now like the other day,
20:04
Speaker 5: because because because it's online only savings, we don't look
20:06
Speaker 5: at it all the time, my husband is like, yo, babe,
20:10
Speaker 5: I got mad money in my savings. I'm like, okay,
20:14
Speaker 5: you're welcome, I upgrade right, But he was like, I
20:19
Speaker 5: never had this much save because he doesn't think about it.
20:21
Speaker 5: It's been like the last two or three years that
20:23
Speaker 5: money would just land. So my husband is the type
20:27
Speaker 5: maybe this is all man with your boys, and you know,
20:28
Speaker 5: your boys be like, yo, yo, you can let me
20:30
Speaker 5: hold thirty dollars. You gonna let me hear, you know,
20:33
Speaker 5: And so he would always be like, yo, bhabe such
20:36
Speaker 5: and such as you know, such a such a struggling
20:38
Speaker 5: to be And I'd be like, who tone, I don't
20:41
Speaker 5: even like tone, right, but like you know so now
20:44
Speaker 5: because so we would have to be talking back and
20:46
Speaker 5: forth to take money out of our our joint pot.
20:48
Speaker 5: So now there's none of that because one, you have
20:51
Speaker 5: your own allowance money and you have your own savings.
20:53
Speaker 5: You want to give tone all your safe and that's
20:55
Speaker 5: how you won't live your life.
20:56
Speaker 2: Go ahead, you know, joint account exactly.
21:00
Speaker 5: I was like, I'm looking at the joint saving in
21:02
Speaker 5: the doorbell. I was like, okay, long, I'll see no
21:04
Speaker 5: tone bill in that. So it allows you, you know,
21:07
Speaker 5: so everyone to feel like you're part of this community
21:09
Speaker 5: where you're all contributing, but allows you to have autonomy,
21:12
Speaker 5: like he could do whatever he wants with well, not
21:14
Speaker 5: whatever he wants, but you know what I mean, Like
21:16
Speaker 5: with his money, he can decide. And so I think
21:18
Speaker 5: that works best for if you're in a significant relationship
21:21
Speaker 5: with someone.
21:22
Speaker 4: And another thing the last question. So the online savings,
21:25
Speaker 4: like I said, I believe the same thing you said,
21:27
Speaker 4: as far as it's good to have it, not with
21:28
Speaker 4: the bank like I Chase. I have Chase from my
21:30
Speaker 4: business and my personal bank account, but I have Capital
21:33
Speaker 4: one my online savings. And the reason is that it's
21:36
Speaker 4: not it's a whole hassle to get the money. You
21:38
Speaker 4: gotta wait like three days. So psychologically it's like out
21:41
Speaker 4: of sight, out of mind when you when you when
21:43
Speaker 4: I log on and Chase app, I don't see it.
21:45
Speaker 4: I even forget about it. I was just thinking about
21:47
Speaker 4: it just now, like I forgot about I forgot about it.
21:49
Speaker 4: I haven't really even you know what I'm saying. So
21:52
Speaker 4: what what do you have any top banks that you're
21:56
Speaker 4: recommending like or like interest rates that we should be
21:59
Speaker 4: because I figure, I get what my interest rate is.
22:01
Speaker 4: I know it's slightly higher, like you said, because online
22:02
Speaker 4: banks don't have the same brick and water expenses as
22:05
Speaker 4: regular traditional banks do. So it's always good to have
22:08
Speaker 4: online bank for the higher interest rate. But are there
22:11
Speaker 4: any ones that in particular right now that's paying higher
22:15
Speaker 4: interest rates than others?
22:17
Speaker 5: There was, so here's being like one. I'm like these
22:20
Speaker 5: banks will pay my bills. People always no, but honestly,
22:22
Speaker 5: so the reason why I tell people like I, I'm currently
22:26
Speaker 5: with Ally Bank a L L Y right. But here's
22:29
Speaker 5: the thing. Ally Bank, back in the day they had
22:32
Speaker 5: the best They had the best interest rate. They don't anymore.
22:36
Speaker 5: Their interest rate is okay. I think last why I
22:37
Speaker 5: check it was like well one point five percent. But
22:40
Speaker 5: there are banks out there. There was a Credit Union
22:42
Speaker 5: when I looked at Magnifying Money the other day, that
22:44
Speaker 5: was given two percent. So I definitely say go for
22:48
Speaker 5: the bank that's giving the highest interust rate. There's also
22:51
Speaker 5: Goldman Sacks has a has a bank account called like
22:53
Speaker 5: Marcus my Goldman Sachs. You know, that's another one. So
22:57
Speaker 5: you know, I say that there isn't a best bank.
23:01
Speaker 5: If the bank is FDIC insured and they're paying you
23:03
Speaker 5: the highest interest rate, that's the best bank. Like I said,
23:06
Speaker 5: I like Ally but I'm only there now because I
23:08
Speaker 5: signed out with them originally. But best believed. Go with
23:11
Speaker 5: the coins are you don't have to be loyal to
23:13
Speaker 5: your bank. They're not loyal to you, you know, go
23:16
Speaker 5: with who's give you them coins. Yeah.
23:18
Speaker 2: One of the things you said about having a joint account.
23:20
Speaker 3: You know I can attest to.
23:21
Speaker 2: I think it's a great idea, especially for married couples.
23:25
Speaker 2: I heard you preach about prepared to invest, right, So
23:27
Speaker 2: if you have that a joint account, what is something
23:29
Speaker 2: that couples could think about investing?
23:32
Speaker 5: So this is great. So people ask me, like, here's
23:36
Speaker 5: the steps to prepare to invest so you don't have
23:38
Speaker 5: to wait to invest for retirement. So to be clear,
23:41
Speaker 5: when I say retirement is an investment, the purpose of
23:44
Speaker 5: retirement is not so you're going You're not gonna live
23:46
Speaker 5: on no private island in retirement unless you're living on
23:49
Speaker 5: a private island now. Retirement is so you can maintain
23:53
Speaker 5: your current lifestyle. If you set aside twelve to fifteen
23:57
Speaker 5: percent of your income now your gross income now, and
24:00
Speaker 5: that's all you ever do. What that will inability to
24:03
Speaker 5: do is maintain your current lifestyle. So if you don't
24:06
Speaker 5: see palm trees next to you now, you ain't gonna
24:08
Speaker 5: see palm trees when you eighty, right, So then so
24:11
Speaker 5: if you do that first and foremost, because you must
24:13
Speaker 5: set aside for your future self and it's your younger
24:16
Speaker 5: self job to look after your future self. So that
24:18
Speaker 5: comes first. Then after you're doing that, then you have
24:21
Speaker 5: to have a budget, right, you have to have some
24:24
Speaker 5: sort of physical plan of what your money is doing.
24:28
Speaker 5: This much is going to build, this much is going
24:31
Speaker 5: to spend him something. So that's step two. Do you
24:34
Speaker 5: have a budget? Check before people say or I want
24:35
Speaker 5: to invest, I'm like, slow down, slow down, Sun, You're
24:38
Speaker 5: killing them. Who's filling them? What I obtained? You didn't not
24:41
Speaker 5: have bods? Right, So that's too. Do you have a budget? Great? Now?
24:47
Speaker 5: Step number three? Right, do you have savings? Right? So,
24:52
Speaker 5: do you have emergency savings at minimum minimum minum during
24:55
Speaker 5: the recession I say six months. During a nonversession, I
24:58
Speaker 5: say at least three months of your noodle budget? Meaning
25:02
Speaker 5: do you have three months of your essential bills saved?
25:05
Speaker 5: Because we already talked about if you were to lose
25:08
Speaker 5: your job, you're gonna drop down to get your noodle on.
25:10
Speaker 5: You're not gonna be living at the same You're not
25:11
Speaker 5: gonna be living at your three thousand dollar bus. You're
25:13
Speaker 5: gonna be living at your twenty five hundred dollars budget.
25:15
Speaker 5: So do you have at least three months of your
25:17
Speaker 5: noodle budget saved? That's important because that is going to
25:20
Speaker 5: help you if times get rough and tough. Do you
25:22
Speaker 5: have that great? Then number four, do you have high
25:27
Speaker 5: interest debt? Meaning how are you going to invest when
25:32
Speaker 5: you owe visa at eighteen nineteen twenty five thirty percent?
25:37
Speaker 5: Do you think you're gonna get a return of fifteen thirteen?
25:41
Speaker 5: You know, thirty percent? No? On average, the market yields
25:44
Speaker 5: about seven to eight percent a year. So what that
25:47
Speaker 5: means is you put your money in the market, on average,
25:51
Speaker 5: you're going to get back eight cents. Let's just say,
25:55
Speaker 5: but because you have credit card debt, you're losing eighteen
25:58
Speaker 5: cents or year. So you make it eight cents and
26:03
Speaker 5: losing eighteen cents. The best thing you can do is
26:05
Speaker 5: pay off the credit card debt, the high interest credit
26:08
Speaker 5: card debt, because you're losing more than you're likely to
26:11
Speaker 5: gain in the market. So before you start investing, you
26:13
Speaker 5: and your boo like, get rid of that high interest
26:16
Speaker 5: credit card debt first and foremost. So that's four. So
26:19
Speaker 5: now you've done all those four things. You feeling cute, okay,
26:21
Speaker 5: you feeling spicy. Now we can leap into investing for wealth.
26:25
Speaker 5: So investing for wealth if you are a couple, if
26:28
Speaker 5: you don't know how to do nothing else, like, you know,
26:30
Speaker 5: so most people are like they're not really willing to
26:31
Speaker 5: do like everybody wants to like trade options. They don't
26:34
Speaker 5: even know what that is. They want to, you know,
26:35
Speaker 5: everybody wants to buy stock. Then you bought Delta. How's
26:37
Speaker 5: that working out for you right now?
26:38
Speaker 3: How's Delta doing?
26:39
Speaker 5: It's doing terrible. I can tell you because I have Delta,
26:43
Speaker 5: and so most people want to do that. But truth is,
26:45
Speaker 5: most people are not willing to do the work for investing.
26:47
Speaker 5: That's okay, So this is what I tell people that instead,
26:51
Speaker 5: you can invest in a mutual fund. I prefer target
26:56
Speaker 5: date funds because it's like super super handholding. A target
26:59
Speaker 5: date fun is a mutual fund that you pick the
27:04
Speaker 5: target date the date you want to pull out that money.
27:06
Speaker 5: So typically most target date funds are the date that
27:10
Speaker 5: you want to pull out that money. Typically is the
27:11
Speaker 5: date that you want to retire, So you might say
27:14
Speaker 5: twenty fifty, twenty forty five, twenty thirty five. They're usually
27:17
Speaker 5: five years apart. So you're going to pick a mutual
27:19
Speaker 5: fund that's a target date fund, right, a mutual fund.
27:22
Speaker 5: Just so you know, for those listening I'm sure you know,
27:24
Speaker 5: but you never know. It's a collection of investments. I
27:29
Speaker 5: like mutual funds that tend to be index funds, so
27:31
Speaker 5: they follow a particular index, like the S and P
27:33
Speaker 5: five hundred, which is basically like the market. So that
27:37
Speaker 5: means you're invested in a mutual fund that's an index fund,
27:41
Speaker 5: and it follows the market and your money. The reason
27:45
Speaker 5: why I like target date funds is that it rebalances
27:47
Speaker 5: like a true investor knows that they have to shift
27:50
Speaker 5: based upon how life like where they are in life.
27:54
Speaker 5: Most people don't do that, so a target date fund
27:56
Speaker 5: does it for you. A target date fund says, you
27:58
Speaker 5: pick the target date of twenty fifty. It is now
28:00
Speaker 5: twenty twenty. We have thirty years. We got time, so
28:03
Speaker 5: we the target day fund is going to be invested
28:06
Speaker 5: more aggressively because you have thirty years. The closer you
28:09
Speaker 5: get to twenty fifty, the more conservative automatically your investment
28:14
Speaker 5: is going to be invested because the target day fund
28:17
Speaker 5: is aware of twenty fifty is coming up. So the
28:20
Speaker 5: closer we get if it's twenty forty nine, then you're
28:23
Speaker 5: super You might be invested in all cash accounts in bonds,
28:27
Speaker 5: super super conservative investments, right, so you don't not do
28:30
Speaker 5: anything else. You can buy mutual fund that that's that's
28:34
Speaker 5: that follows an index fund like I said, the S
28:35
Speaker 5: and P five hundred. Typically you can you can follow
28:39
Speaker 5: you look for a mutual fund. That's that's called a
28:41
Speaker 5: total market fund, meaning that your fund mimics a particular market,
28:46
Speaker 5: like I said the S and P five hundred one hundred.
28:48
Speaker 5: So when the when the market goes up, your money
28:50
Speaker 5: goes up. When the market goes down, your money goes down.
28:52
Speaker 5: But we like we, like I mentioned before, on average,
28:55
Speaker 5: the market yields about seven to eight percent a year.
29:00
Speaker 5: You will you will over the over the next thirty years,
29:02
Speaker 5: you're gonna see about a seven eight percent game, which
29:05
Speaker 5: is great, you know, even like that's for people who
29:07
Speaker 5: are like I, don't want to do nothing else like
29:09
Speaker 5: And so when you're looking for a target date fund
29:12
Speaker 5: or mutual fund, you're looking for something called the expense ratio,
29:15
Speaker 5: and that is the fee that that fund is charging
29:18
Speaker 5: you the percentage of the money that you have invested
29:21
Speaker 5: with that fund. And so right now, like a Vanguard,
29:24
Speaker 5: they have one of the lowest expense ratio. So the
29:27
Speaker 5: brokers accounts that have mutual funds and target date funds,
29:31
Speaker 5: and these total market funds are like Vanguard, Fidality, child Swab.
29:35
Speaker 5: So you're gonna google expense ratio for First Fidelity, expense
29:39
Speaker 5: ratio for child Swab. I think, like, right now, it's
29:41
Speaker 5: like the target fund for a total market target date
29:45
Speaker 5: fund for Vanguard. Right now, it's like point zero six percent,
29:48
Speaker 5: which is great, right, not even point zero zero six percent,
29:51
Speaker 5: which is like something ridiculous, like a piece of a
29:54
Speaker 5: piece of a piece of piece of a penny. And
29:57
Speaker 5: so that's great because the average financial advisor is going
30:00
Speaker 5: to charge you one percent of the assets of your
30:03
Speaker 5: of your money that they've invested. So the financial advisor
30:05
Speaker 5: is gonna charge you one percent. Bandguard's going to charge
30:07
Speaker 5: you a piece of a piece of a piece of
30:09
Speaker 5: one percent, so you get to keep more of your money.
30:11
Speaker 5: Fees are the biggest hindrance to earning money. You know,
30:16
Speaker 5: I'm not anti financial advisor, but you're spending a lot
30:21
Speaker 5: of money sometimes for them to do automatically what some
30:24
Speaker 5: of these automatic funds can do. Unless you have other
30:26
Speaker 5: things your financial advisor's doing for you. If there's just
30:28
Speaker 5: investing your money bruh sis. Just put it in a
30:31
Speaker 5: target day fund and let the fund automatically balance for
30:34
Speaker 5: you and you can keep most of your money. So
30:36
Speaker 5: if you're investing with your significant other, what I love
30:38
Speaker 5: is that you can literally say, hey, Vanguard, we're going
30:40
Speaker 5: to open up a mutual fund. Well prefer a target
30:43
Speaker 5: day fund that's invested in an index. So do you
30:46
Speaker 5: have like I know, Vanguard literally has one called their
30:48
Speaker 5: total market fund, or you have a total market fund, Okay,
30:50
Speaker 5: open it up. We're gonna putting two hundred dollars a month.
30:53
Speaker 5: Just you can have that transferred automatically from your savings account.
30:57
Speaker 5: Transfer your two hundred bucks a month because you already
30:59
Speaker 5: have your three months of savings trets for your three
31:01
Speaker 5: hundred bucks a month or two hundred bucks a month
31:03
Speaker 5: into that account and let it grow. You kind of
31:05
Speaker 5: set it and set I forget it. So that's like
31:07
Speaker 5: the easiest possible way to start investing. If you do that,
31:10
Speaker 5: you will be better off than ninety nine or nine
31:12
Speaker 5: point most people. And just keep it really simple. I
31:15
Speaker 5: think investing should be really simple unless like you really
31:18
Speaker 5: are interested in learning how to buy individual stocks, but
31:21
Speaker 5: you have to when it comes to investing, like in
31:23
Speaker 5: the traditional sense and like the market, keep it simple.
31:26
Speaker 5: And then you can also invest by starting a business.
31:28
Speaker 5: You can invest by writing a book. There's other ways
31:31
Speaker 5: to invest. You can invest by real estate like I
31:33
Speaker 5: do all those things. I have residual investments where I
31:36
Speaker 5: have books that pay me a few thousand dollars a
31:38
Speaker 5: month from books I've written years ago. I have a
31:40
Speaker 5: business that you know, that's an investment as well. I
31:43
Speaker 5: put money into that business and it yields money back.
31:46
Speaker 5: I also have real estate. You know, even in your
31:48
Speaker 5: primary your primary residence, you have to think about that
31:50
Speaker 5: as an investment, and you have to understand that the
31:53
Speaker 5: key with investing is you should make money on the buy,
31:58
Speaker 5: not necessarily the seal. Meaning this is then if you
32:02
Speaker 5: always make sure you make money on the buy, you
32:04
Speaker 5: never lose. But it's time to sell. So bought this
32:07
Speaker 5: house that living in now cash SLFE flex but it
32:11
Speaker 5: was a foreclosure so it was worth at the time
32:14
Speaker 5: maybe three twenty because it was kind of like a
32:17
Speaker 5: little bit beat up, and we bought it for one eighty.
32:20
Speaker 5: So we made money on a buy even if nothing
32:23
Speaker 5: else we didn't fix it up. We're like, you know,
32:25
Speaker 5: we tired, we ran out of money to fix it up.
32:27
Speaker 5: We bought it for one eighty a house that's worth
32:29
Speaker 5: three twenty, So we made money on the buy, no
32:31
Speaker 5: matter what. So even now they're talking about the market
32:33
Speaker 5: it's gonna drop, I'm not worried about it. Would have
32:35
Speaker 5: to drop a whole hell of a lot for a
32:37
Speaker 5: house worth three twenty to drop down to one eighty,
32:40
Speaker 5: you know, exactly, so we so then we then we
32:45
Speaker 5: renovated the place. So now I just got the house
32:47
Speaker 5: of praise. We renovated it. The house is now worth
32:49
Speaker 5: three ninety. So it's like even if we never renovated,
32:52
Speaker 5: we was gonna win. So same thing with stocks, you
32:55
Speaker 5: know that, like you make money on the buy, you know,
32:58
Speaker 5: not necessarily, like you don't want to have to wait
33:00
Speaker 5: for the out. But not enough people do that. They
33:02
Speaker 5: want to jump into the market right now because you know,
33:05
Speaker 5: your your neighbor's like, oh I bought, Oh you're not in,
33:08
Speaker 5: but yeah, I me h, oh little bitcoin. Meanwhile, you
33:11
Speaker 5: don't know nothing, know what they're talking about. Don't jump
33:13
Speaker 5: in and lose your money. Like if you're not going
33:15
Speaker 5: to do the research, you're going to be broke. Get
33:17
Speaker 5: you an index fund, you know, invest in things that
33:20
Speaker 5: you're willing to do the research on, or invest in
33:22
Speaker 5: semi automated, super simple investments, and you'll be fine. You
33:25
Speaker 5: don't have to have your investments so honestly largely be boring.
33:28
Speaker 5: You don't have to have the hottest stock.
33:30
Speaker 6: So, Coach, the energy out there felt different. What changed
33:34
Speaker 6: for the team today?
33:34
Speaker 7: It was the new game day scratches from the California
33:37
Speaker 7: Lottery players.
33:38
Speaker 3: Everything. Those games sent the team's energy through the roof.
33:40
Speaker 6: Are you saying it was the off field play that
33:42
Speaker 6: made the difference on the field.
33:44
Speaker 7: Hey, little play makes your day, and today it made
33:46
Speaker 7: the game. That's all for now, Coach.
33:49
Speaker 5: One more question.
33:50
Speaker 8: Played the new Los Angeles Chargers, San Francisco forty nine
33:52
Speaker 8: ers and Los Angeles Rams scratchers from the California Lottery.
33:56
Speaker 8: A little play can make your day. Peace may responsible.
33:59
Speaker 8: You must be eighteen years old older to purchase plate
34:00
Speaker 8: or claim