Latest / I Choose Me with Jennie Garth / I Choose...To Make My Money, Make ME Money with Nicole Lapin

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I Choose...To Make My Money, Make ME Money with Nicole Lapin · I Choose Me with Jennie Garth

• 0:01
  Speaker 1: You're listening to I Choose Me with Jenny Garle.
• 0:08
  Speaker 2: Hi.
• 0:08
  Speaker 1: Everyone, welcome to I Choose Me. This podcast is all
• 0:11
  Speaker 1: about the choices we make and where they lead us.
• 0:14
  Speaker 1: If I'm being honest, money and talking about finances is
• 0:19
  Speaker 1: something that I have always shied away from. Nobody ever
• 0:23
  Speaker 1: thought I needed to know these things. I never had
• 0:26
  Speaker 1: any kind of formal education about finances at all. It
• 0:29
  Speaker 1: was more like on the job training, paying men to
• 0:33
  Speaker 1: manage and advise. I handed the reins off to managers
• 0:38
  Speaker 1: and accountants, which turns out not so smart, and I've
• 0:41
  Speaker 1: learned things the hard way. But the last couple of years,
• 0:45
  Speaker 1: I've made it a focus of mine to become more
• 0:48
  Speaker 1: financially literate so that I can assume my rightly position
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  Speaker 1: as the CEO of ME. We spend our lives. We're
• 0:57
  Speaker 1: trying to make money and trying to get those end
• 1:00
  Speaker 1: to meet. As women, I believe it's important for all
• 1:03
  Speaker 1: of us to be educated about everything, and one of
• 1:06
  Speaker 1: the best ways to be independent and have that confidence
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  Speaker 1: and thrive is to know how to make and handle
• 1:14
  Speaker 1: your own hard earned money. It's time for us to
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  Speaker 1: take back those rains and invest in our cells and
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  Speaker 1: our future. I want you to become the CEO of
• 1:25
  Speaker 1: you too. The bottom line is taking steps towards investing
• 1:30
  Speaker 1: in your financial future is a huge I choose me mindset.
• 1:35
  Speaker 1: My guest Today has served as the financial correspondent for
• 1:38
  Speaker 1: shows like Morning Joe and The Today Show. She is
• 1:43
  Speaker 1: a New York Times bestselling author and the host of
• 1:46
  Speaker 1: her podcast Money Rehab. Her latest book, The Money School,
• 1:50
  Speaker 1: Twelve Simple Lessons to Master Financial Markets, is out now.
• 1:56
  Speaker 1: Please welcome Nicole Lappin to the podcast. Thank you for
• 2:00
  Speaker 1: being here, Nicole, Thank you for having I am fascinated
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  Speaker 1: with you.
• 2:04
  Speaker 3: Oh back.
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  Speaker 1: You're everything I ever wanted to be. And you're so
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  Speaker 1: smart with money, and I've always wanted to be smart
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  Speaker 1: with money. So you are, and you will be smarter.
• 2:11
  Speaker 1: I will be smarter because you brought me a copy
• 2:13
  Speaker 1: of your book. I'm so curious. Did you grow up
• 2:17
  Speaker 1: in a family where finances were talked about openly?
• 2:20
  Speaker 3: Nope, not even a little bit.
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  Speaker 2: Really grew up in an immigrant family, first generation American,
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  Speaker 2: super broken home. Actually so never have the Wall Street
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  Speaker 2: Journal in the kitchen table never talked about stocks or bonds.
• 2:32
  Speaker 2: And like a lot of immigrant families, like they just
• 2:34
  Speaker 2: use cash. If you don't have cash, you don't buy things.
• 2:37
  Speaker 2: That's all I knew about money. I started college as
• 2:40
  Speaker 2: a poetry major, like I wanted to sit under a.
• 2:43
  Speaker 4: Tree and write poetry all day along.
• 2:44
  Speaker 2: So when the people say like, I can't do it
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  Speaker 2: because I'm not a numbers person, I'm like, I started
• 2:49
  Speaker 2: as a poetry major.
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  Speaker 4: I can do it. I promise you can do it too.
• 2:52
  Speaker 1: When did you realize you wanted to learn about that?
• 2:54
  Speaker 2: Oh my gosh, I did it. I didn't want to
• 2:56
  Speaker 2: learn it about it at all. I hated finance. I
• 2:59
  Speaker 2: hated all of this stuff. My boyfriend in high school
• 3:02
  Speaker 2: said he wanted to be a hedge fund manager. I
• 3:04
  Speaker 2: thought he wanted to be in gardening, Like I was
• 3:07
  Speaker 2: the most clueless ever ever ever. When I was eighteen,
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  Speaker 2: I got a job offer though on the floor of
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  Speaker 2: the Chicago Burk.
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  Speaker 3: I went to school in Chicago.
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  Speaker 2: And I thought the mirk was a mall and it's
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  Speaker 2: a stock exchange in Chicago. And I just faked it
• 3:23
  Speaker 2: till I made it. I lied I needed a job.
• 3:25
  Speaker 2: They were like, do you know anything about business news?
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  Speaker 5: I'm like, absolutely, When you need a job, what do
• 3:30
  Speaker 5: you say, I I'll figure it out. I figured out
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  Speaker 5: harder things in life, and I did, And that's when
• 3:36
  Speaker 5: I realized that money is just a language like anything else.
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  Speaker 5: We just didn't have a Rosetta stone for that growing up,
• 3:43
  Speaker 5: and you probably didn't learn about it in school or
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  Speaker 5: if you're like me at home either. But once you
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  Speaker 5: can speak the language, you can not only understand it,
• 3:52
  Speaker 5: but you I did. I spoke it to the world,
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  Speaker 5: and just like any other language, if you went to
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  Speaker 5: Japan and didn't speak Japanese, you'd be really confused.
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  Speaker 3: If you went to Wall Street and didn't speak.
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  Speaker 2: The language of money, you'd be confused until you speak
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  Speaker 2: the language and you're like, dad, it's not that serious.
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  Speaker 1: Oh my gosh, that gives me hope. Did your parents
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  Speaker 1: model a healthy relationship with money at all? No?
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  Speaker 3: Negative?
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  Speaker 2: No, just sailed my mother out of jail using cash
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  Speaker 2: under the sink behind the Maxine.
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  Speaker 1: Okay, well, when.
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  Speaker 2: I was in middle school, Like, it's super deep.
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  Speaker 1: I want to so, I so want to ask why
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  Speaker 1: she was in jail, but I'm not going.
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  Speaker 4: To It's in one of the books.
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  Speaker 1: Okay, that's crazy, because I know how important it is
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  Speaker 1: as a parent to model things for our kids. And yeah,
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  Speaker 1: I know what it looks like when parents don't model
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  Speaker 1: healthy money relations with young people in their house. I've
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  Speaker 1: seen how it's affected certain people in my life. I
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  Speaker 1: don't I don't know, Like if you don't have that
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  Speaker 1: model as a young person.
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  Speaker 3: You just become me.
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  Speaker 1: I guess you figure it out for yourself.
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  Speaker 2: I mean, you can always break the cycle, really truly.
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  Speaker 2: Just because it was done a certain way doesn't mean
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  Speaker 2: that's the way it needs to be done.
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  Speaker 3: With everything the.
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  Speaker 2: Way you you know, grew up around religion, around eating,
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  Speaker 2: around money. You know, oftentimes we see what our parents
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  Speaker 2: are doing and we emulate that, but also you can
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  Speaker 2: look at what they're doing and say, I want something
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  Speaker 2: completely different, especially when it comes to money. Like oftentimes
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  Speaker 2: we will see that our parents, you know, splurged or
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  Speaker 2: you know, talked about dead in a negative way, or
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  Speaker 2: hid purchases from their spouse or something like that, and
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  Speaker 2: then you know, we have that sort of embedded in us.
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  Speaker 2: And I think on different levels, whether it's a micro
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  Speaker 2: sense or a macro sense, what we've experienced about money
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  Speaker 2: will definitely dictate how we feel and how we approach
• 5:45
  Speaker 2: money on a macro sense, Like if you know, I
• 5:48
  Speaker 2: saw my house foreclosed on when I was a kid,
• 5:50
  Speaker 2: the housing crisis, the dot com bubble, all of that
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  Speaker 2: will affect our choices. But you know, recognizing that is
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  Speaker 2: the first step to recovery. My you know, all my
• 6:00
  Speaker 2: books are twelve step plans, because I think the first
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  Speaker 2: step to any recovery is admitting you have a problem.
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  Speaker 2: And the only financial problem you can't fix is the
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  Speaker 2: one you don't admit you have.
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  Speaker 1: So true, you have to recognize that you have a problem.
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  Speaker 3: We all have problems.
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  Speaker 2: We all have problems, more issues than fogue.
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  Speaker 1: You talk about this in your new book, The Money School.
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  Speaker 1: But it is insane that we are not taught anything
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  Speaker 1: about money or finances in school.
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  Speaker 2: Insane, cuckoo bananas. Why do we learn the Pythagorean theorem?
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  Speaker 4: Do you remember it?
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  Speaker 1: Trigonometry? I'm sorry's triangles?
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  Speaker 3: Huh?
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  Speaker 2: Like knowing the powerhouse of a cell or mitochondria.
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  Speaker 3: I mean, never helped me.
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  Speaker 1: It's important for some people for some professions.
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  Speaker 2: Totally, Yeah, but hopefully you're getting advanced degrees if you
• 6:50
  Speaker 2: chose professions.
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  Speaker 1: Yeah, just like if you wanted to go into the
• 6:53
  Speaker 1: world of finance, you'd go to business school and you
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  Speaker 1: would study it.
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  Speaker 3: Yeah, yeah, but we didn't.
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  Speaker 1: But yeah, when I was younger, my parents taught me.
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  Speaker 1: They never really talked about money out in the open.
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  Speaker 1: They were both teachers. We weren't wealthy at all, and
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  Speaker 1: we grew our own food, and they were teachers by
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  Speaker 1: day and farmers on the weekends. So I had kind
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  Speaker 1: of the best of both worlds. But the only thing
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  Speaker 1: I remember them teaching me about money was how to
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  Speaker 1: make it, and then on how yeah that's how to
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  Speaker 1: go get a job when you're thirteen, fourteen, whatever you
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  Speaker 1: can get. I started working really early, and how to
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  Speaker 1: balance a checkbook. And I loved balancing my checkbook, honestly,
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  Speaker 1: I did you like, what where did that go? I
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  Speaker 1: want to I want to write it in the ledger,
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  Speaker 1: you know the date.
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  Speaker 2: I know that's a check on there, you know, And
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  Speaker 2: so I think it's for us as parents now, you know, checks,
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  Speaker 2: you know are probably going by the way of the BlackBerry.
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  Speaker 4: Or the noteo bird.
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  Speaker 2: But you know, those lessons I think are things that
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  Speaker 2: we can and we should, especially if they're not learning
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  Speaker 2: this stuff in school, teach our own kids. It's incumbent
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  Speaker 2: in us to do it, now, you know. I wish
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  Speaker 2: we learned how to do a business plan, or how
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  Speaker 2: to do our taxes, or you know, how to write checks.
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  Speaker 2: The craziest thing I ever heard from one of the
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  Speaker 2: book events I did with somebody said like, oh, I'm good,
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  Speaker 2: I have money.
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  Speaker 1: I have checks.
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  Speaker 2: It's so scary the lack of financial literacy out there.
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  Speaker 1: That doesn't cut it anymore.
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  Speaker 2: You got a checkbook, I know you don't have money
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  Speaker 2: because you have checks. It's I mean, it's really really
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  Speaker 2: a joke about it, but it's serious. And I think
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  Speaker 2: that especially for women. You know, too many women have
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  Speaker 2: stayed in bad relationships, whether you know, abusive personally or
• 8:45
  Speaker 2: at work, because they're too scared of handling the money
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  Speaker 2: on their own. And so I think having that money
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  Speaker 2: and having that taking back that power so important in
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  Speaker 2: all aspects of our lives.
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  Speaker 1: Yeah. I mean I have three young adults now who
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  Speaker 1: are all just starting to learn well, two of them
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  Speaker 1: are starting to learn about finances and investing. And you know,
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  Speaker 1: I am not the most illiterate at in the finances area.
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  Speaker 1: I didn't go to school, I didn't learn it. I
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  Speaker 1: was kind of told that I didn't need to know
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  Speaker 1: about anybody anything about it. Because there were other people
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  Speaker 1: that would take care of that for me that that
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  Speaker 1: wasn't such a great thing as it turns out. But
• 9:31
  Speaker 1: have a bad experience, oh gosh, you know, growing up
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  Speaker 1: going from adult lessons to teenage than teenage straight to fame. No,
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  Speaker 1: there was no college for me. There was no that
• 9:44
  Speaker 1: natural transition that most people have into coming into their
• 9:48
  Speaker 1: own or figuring out like what they want or where
• 9:51
  Speaker 1: they're going to live or any of those things. So, yeah,
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  Speaker 1: I started making money, and I didn't know what to
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  Speaker 1: do with it. So I just did what I was
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  Speaker 1: advised to do, which was hiresome, ready to handle it all.
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  Speaker 1: And I wouldn't say that I had a bad experience.
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  Speaker 1: I would say that I've learned recently that I can
• 10:10
  Speaker 1: be very influential. I can convince people of certain things,
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  Speaker 1: Like I convinced my money manager that I needed to
• 10:18
  Speaker 1: buy this or do that, or you know, and he
• 10:20
  Speaker 1: would he would let me. And sometimes you probably should
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  Speaker 1: have said, no, let's let's slow your role there for
• 10:26
  Speaker 1: a second and let's think about saving for the future
• 10:29
  Speaker 1: or investing, you know. And that all kind of came
• 10:33
  Speaker 1: later as I got into my in my twenties. For sure,
• 10:38
  Speaker 1: someone was making all of those decisions for me, and
• 10:40
  Speaker 1: they would say, we're thinking about this investment for you
• 10:43
  Speaker 1: and this one, and I'd be like, oh, I love
• 10:45
  Speaker 1: PEPSI or yeah, I'm familiar with cocoa puffs or whatever
• 10:49
  Speaker 1: they wanted to invest. So I don't think it was
• 10:51
  Speaker 1: coco puffs, but thank god, but yeah I didn't. I
• 10:54
  Speaker 1: didn't have that encouragement or guidance at all time. What
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  Speaker 1: age do you think we as parents should start encouraging
• 11:01
  Speaker 1: or teaching our kids about investing.
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  Speaker 2: I think it's never too early and it's all, you know,
• 11:05
  Speaker 2: age appropriate. And so even when they're getting allowance, is
• 11:10
  Speaker 2: it something where you have them negotiate for their allowance
• 11:13
  Speaker 2: like creating entrepreneurs and starting to build that skill.
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  Speaker 1: What would that look like if somebody if your kid
• 11:18
  Speaker 1: was negotiating for their allowance.
• 11:20
  Speaker 2: So I'd be like, so, Jenny, what do you think
• 11:22
  Speaker 2: you earned this week? It's ten dollars and you're like, no, mom,
• 11:27
  Speaker 2: I don't know we could roll.
• 11:28
  Speaker 1: Yeah, I did the dishes, I fed the dogs. I
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  Speaker 1: think that's five dollars. I made five dollars this week.
• 11:34
  Speaker 3: Why I just offered you ten dollars?
• 11:35
  Speaker 2: I know?
• 11:36
  Speaker 1: So do you want being more realistic? No, I made
• 11:38
  Speaker 1: but that's a lesson.
• 11:39
  Speaker 2: Who knows, Like maybe a kid would say something like that, right,
• 11:42
  Speaker 2: and you say, oh, so you want less than you know,
• 11:44
  Speaker 2: less than ten dollars? You want five? Do you think
• 11:46
  Speaker 2: you've got five dollars? I'm trying to give you ten dollars.
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  Speaker 1: Okay, okay, I'll take the ten dollars.
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  Speaker 2: Mom, okay, so only ten dollars. Is that everything you did?
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  Speaker 3: You did the dishes. I also saw you pick up
• 11:56
  Speaker 3: the dog poop.
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  Speaker 2: I want ten dollars?
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  Speaker 1: Yeah, I sold, maybe eleven? Could I get eleven?
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  Speaker 2: I mean, I guess I saw one dog poop that
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  Speaker 2: you didn't pick out.
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  Speaker 1: Okay, R fifty Okay, we negotiated it. I love my
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  Speaker 1: ten fifty.
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  Speaker 3: This week.
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  Speaker 1: Wall Street is intimidating for someone who's listening right now
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  Speaker 1: that has never invested in the stock market. Where do
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  Speaker 1: you suggest they start?
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  Speaker 2: I would say, remember that this amazing force of compound
• 12:32
  Speaker 2: interest that is so often used against us in the
• 12:35
  Speaker 2: financial system can be used in our favor. So the
• 12:37
  Speaker 2: way it's used against us is through credit card debt.
• 12:40
  Speaker 2: Like I got into so much credit card debt when
• 12:42
  Speaker 2: I first got a real credit card, and I had
• 12:45
  Speaker 2: to figure out how to get myself out of it
• 12:46
  Speaker 2: the hard way. And that same force can be used
• 12:50
  Speaker 2: in our favor when we start investing.
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  Speaker 4: So when it.
• 12:52
  Speaker 2: Comes to investing, it's not about timing the market. It's
• 12:56
  Speaker 2: time in the market that matters most. The earlier that
• 13:00
  Speaker 2: you start, the better, And I would suggest starting with
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  Speaker 2: low cost s and P five hundred index funds. Warren
• 13:07
  Speaker 2: Buffett okay, Well, SNP s and P five hundred, five
• 13:12
  Speaker 2: hundred okay index funds. So Warren Buffett, do we know him?
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  Speaker 1: Yes?
• 13:15
  Speaker 2: Yeah, he's granted the greatest investors of our time. He
• 13:19
  Speaker 2: put that in his will for his own wife to
• 13:22
  Speaker 2: do with their money when he passes away. And it's
• 13:25
  Speaker 2: really hard to beat the overall market. So the S
• 13:29
  Speaker 2: and P five hundred is an index for the overall market.
• 13:32
  Speaker 2: There are three major indexes. So maybe sometimes you hear
• 13:34
  Speaker 2: on the news like the Dow is up, the Dow
• 13:37
  Speaker 2: is down, the S and P five hundred is up
• 13:38
  Speaker 2: or down, the Nasdaq is up or down, And those
• 13:41
  Speaker 2: are indexes, and those just give sort of a pulse
• 13:43
  Speaker 2: check of what the overall market is doing. So overtime,
• 13:46
  Speaker 2: the greatest proxy for what the market is doing is
• 13:49
  Speaker 2: the S and P five hundred because it's the five
• 13:51
  Speaker 2: hundred biggest, most powerful stocks that we have. And when
• 13:55
  Speaker 2: one of those stocks does bad job, they get kicked.
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  Speaker 4: Out of the index.
• 13:59
  Speaker 2: And so oh time, that's yielded about ten percent inflation
• 14:03
  Speaker 2: adjusted around seven percent.
• 14:05
  Speaker 4: So when you.
• 14:06
  Speaker 2: Start in the market as soon as possible, you take
• 14:09
  Speaker 2: advantage of that beautiful, amazing force of compound interest where
• 14:13
  Speaker 2: your money is literally making money for you while you're sleeping.
• 14:18
  Speaker 3: And the earlier you start, the better. I can give
• 14:20
  Speaker 3: you an example.
• 14:20
  Speaker 2: So holder your girls like twenty two, okay, so.
• 14:25
  Speaker 4: It for easy math.
• 14:26
  Speaker 2: Let's say let's say one of them started at thirty
• 14:29
  Speaker 2: five to invest two hundred bucks a month. By the
• 14:33
  Speaker 2: time she'll retire, she'll have a little bit less than
• 14:36
  Speaker 2: five hundred thousand dollars. Five hundred thousand dollars is so
• 14:40
  Speaker 2: much money, and that's awesome. But let's say she started
• 14:43
  Speaker 2: at twenty five instead of thirty five, same amount of money,
• 14:47
  Speaker 2: same rate of return. By the time she retires, she'll
• 14:50
  Speaker 2: have almost one point three million dollars. That's just starting
• 14:54
  Speaker 2: ten years earlier. And that's not starting with you know,
• 14:57
  Speaker 2: eight hundred thousand dollars extra. That's starting with just two
• 15:01
  Speaker 2: hundred dollars a month for ten years extra, so twenty
• 15:05
  Speaker 2: four thousand dollars will yield you over time, you know,
• 15:09
  Speaker 2: eight hundred extra grand And that's just you know, one
• 15:12
  Speaker 2: example of how starting early can help. You can do
• 15:15
  Speaker 2: it as a parent with you know, custodial roth iras.
• 15:18
  Speaker 2: We can get into it if you want, we're not
• 15:21
  Speaker 2: five twenty nine's all these things that are you know,
• 15:24
  Speaker 2: that allow you to have your money grow for you
• 15:27
  Speaker 2: or for your kids over time.
• 15:29
  Speaker 1: Right to sort of set them up for success. What
• 15:32
  Speaker 1: a nice gift to give them, even if it's like
• 15:35
  Speaker 1: what's the minimum, you could start doing that to set
• 15:38
  Speaker 1: your kids up for success.
• 15:39
  Speaker 2: So for a custodial wroth diarray, so you know what
• 15:43
  Speaker 2: an IRA is like an individual retirement account a ROTH.
• 15:47
  Speaker 2: There's a ROTH and then there's a traditional So the
• 15:49
  Speaker 2: only difference there is taxes.
• 15:51
  Speaker 1: Right with a ROTH, you pay.
• 15:52
  Speaker 2: Taxes now, so you don't pay taxes when you take
• 15:55
  Speaker 2: it out, okay, So for a custodial roth iray, those
• 15:58
  Speaker 2: are basically like kitty irays. So if you start investing
• 16:02
  Speaker 2: the maximum which is seven thousand dollars a year after
• 16:06
  Speaker 2: a kid is born. That's the maximum. Maximum is seven
• 16:11
  Speaker 2: thousand a year. But like, here's where it gets good.
• 16:13
  Speaker 2: So if at eighteen they you know, they'll have three
• 16:18
  Speaker 2: hundred thousand dollars if it if it compounds in the
• 16:20
  Speaker 2: same way as the market has historically. Let's say they
• 16:23
  Speaker 2: stop investing, like they never put seven thousand dollars into that,
• 16:27
  Speaker 2: just leave it in there. So from zero to eighteen,
• 16:29
  Speaker 2: you put seven grand in there. The time they retire,
• 16:32
  Speaker 2: they'll have twenty eight million dollars.
• 16:34
  Speaker 1: Oh my god, I know sister number right.
• 16:37
  Speaker 2: And if they kept putting that seven thousand dollars in,
• 16:40
  Speaker 2: they'd have thirty six million dollars with an m million dollars.
• 16:44
  Speaker 2: I mean it will be less by then than that
• 16:47
  Speaker 2: is now because of inflation.
• 16:48
  Speaker 1: But still if that is crazy. So seven thousand dollars
• 16:52
  Speaker 1: a year, yeah.
• 16:54
  Speaker 4: And tax free.
• 16:55
  Speaker 2: And so because you know kids, if you have a business,
• 16:58
  Speaker 2: you could pay your kid fourteen six hundred anything less
• 17:03
  Speaker 2: than that, they are not paying taxes on it anyway.
• 17:06
  Speaker 1: So that's a that's a loophole right there. That's what
• 17:09
  Speaker 1: they call loop. I like that legal legal, yeah, legal
• 17:13
  Speaker 1: ones Okay, wow, Yeah, I wanted to ask you. You
• 17:17
  Speaker 1: say in your book that some of the most common
• 17:20
  Speaker 1: concerns you hear from people who are hesitant to get
• 17:23
  Speaker 1: started with investing are one they are too old to start,
• 17:27
  Speaker 1: like it's too late for them, or two they don't
• 17:29
  Speaker 1: have enough money, or three they just aren't numbers people.
• 17:34
  Speaker 1: I've used that one totally.
• 17:36
  Speaker 2: And so what I say to that is, you're never
• 17:38
  Speaker 2: as young as you are today. So as far as
• 17:41
  Speaker 2: I'm concerned, today is as.
• 17:42
  Speaker 4: Good a day as any.
• 17:43
  Speaker 2: Okay, So we talked about that. We talked about the
• 17:48
  Speaker 2: idea that it's not about how much money you have,
• 17:50
  Speaker 2: it's time in the market that matters the most. Like
• 17:53
  Speaker 2: I gave you those examples with two hundred bucks a month,
• 17:56
  Speaker 2: so that's fifty dollars a week. And so it's not
• 17:59
  Speaker 2: about having a ton of money, it's about starting as
• 18:02
  Speaker 2: early as possible. And then the numbers person thing I got.
• 18:05
  Speaker 4: I started as a poetry major.
• 18:07
  Speaker 1: Yeah, you know what I've found. I've always said, like, yeah,
• 18:11
  Speaker 1: I still say it all the time. I don't math.
• 18:13
  Speaker 1: I don't that's not for me. I don't like numbers.
• 18:15
  Speaker 1: When you talk about numbers, I think about rainbows and unicorns,
• 18:20
  Speaker 1: like I just don't like to hear about numbers. But
• 18:23
  Speaker 1: I've realized that that has just been an excuse all
• 18:25
  Speaker 1: my life to be lazy and let somebody else do
• 18:27
  Speaker 1: it for me.
• 18:28
  Speaker 2: No one's ever going to care as much about your
• 18:30
  Speaker 2: money as you are, no ever, ever, ever. And the
• 18:33
  Speaker 2: mouth is so so easy, like we're not talking about trickonometry,
• 18:36
  Speaker 2: we're not talking about calculus here.
• 18:38
  Speaker 3: It's so so.
• 18:39
  Speaker 2: Simple and once you just understand the broad strokes, you
• 18:44
  Speaker 2: can really use it in your favor. It's really not
• 18:47
  Speaker 2: about complicated numbers. Like I'm not, you know, naturally a
• 18:53
  Speaker 2: numbers person either.
• 18:55
  Speaker 1: I know people that are in their forties and have
• 18:57
  Speaker 1: not started investing yet other than through their jobs. Those
• 19:02
  Speaker 1: the funds that the corporations have set up for them.
• 19:06
  Speaker 4: But for owing cage exactly.
• 19:07
  Speaker 2: Thing like that, yeah, yeah, And you know, when it
• 19:10
  Speaker 2: comes to retirement, you don't have to put a ring
• 19:13
  Speaker 2: on any of those retirement accounts. You can have more
• 19:15
  Speaker 2: than one if you want. The more the better. And
• 19:20
  Speaker 2: you know, I.
• 19:21
  Speaker 1: Think that.
• 19:23
  Speaker 2: It's a language like anything else, like you just have
• 19:26
  Speaker 2: to jump into it and the stuff that you're saying
• 19:28
  Speaker 2: to yourself sister, Like I think that you're just you're
• 19:31
  Speaker 2: in this zone of bad talk. Like I've heard it
• 19:33
  Speaker 2: several times in this class.
• 19:35
  Speaker 1: What did I do?
• 19:36
  Speaker 3: Like I'm financially.
• 19:37
  Speaker 1: Illiterate, I'm not good at it.
• 19:39
  Speaker 2: I never you know, want to talk about it. And
• 19:41
  Speaker 2: this is stuff that you're just telling yourself, Like these
• 19:43
  Speaker 2: are just these are stories and we just need to
• 19:46
  Speaker 2: change with the story.
• 19:47
  Speaker 1: Those are stories that I told myself until I was
• 19:50
  Speaker 1: fifty years old, and at fifty, I decided now's the
• 19:54
  Speaker 1: time for me. Yeah, to get a hold of this
• 19:58
  Speaker 1: and take it over. Yeah, it's so important.
• 20:00
  Speaker 3: And also like the way.
• 20:01
  Speaker 2: We talk to our kids about it, you know, we
• 20:03
  Speaker 2: don't even think about it, you know, just basic stuff
• 20:06
  Speaker 2: like we can't afford that, or money doesn't grow on trees.
• 20:10
  Speaker 2: What is a telling kid we can't afford that?
• 20:12
  Speaker 4: So like money is fixed, we can.
• 20:14
  Speaker 2: Just never afford that. What about a growth mindset not
• 20:17
  Speaker 2: a fixed mindset, you know, or money doesn't grow on trees? Okay,
• 20:21
  Speaker 2: well does that mean like we can never get it?
• 20:24
  Speaker 2: What about saying something like it's a tool that we
• 20:26
  Speaker 2: can use to.
• 20:27
  Speaker 4: Get to our goals.
• 20:28
  Speaker 1: You know, So all this stuff.
• 20:30
  Speaker 2: We've been told has brainwashed us to think all of
• 20:32
  Speaker 2: these things that we're not good about money, that we
• 20:34
  Speaker 2: can invest like guys can do it. Guys don't know
• 20:37
  Speaker 2: more than we do about money. They just talk about
• 20:41
  Speaker 2: it more often than we do. And actually, studies have
• 20:44
  Speaker 2: shown that women are much better investors than men.
• 20:47
  Speaker 1: More instinctual. I would think.
• 20:51
  Speaker 2: It's interesting because you want to kind of shut off
• 20:53
  Speaker 2: your emotions when you're investing, like bi low sell high
• 20:56
  Speaker 2: is the best adage in the finance world, but the
• 21:01
  Speaker 2: instinct is to, you know, sell low, like when the
• 21:05
  Speaker 2: market is crashing, like you want.
• 21:06
  Speaker 1: To get it.
• 21:07
  Speaker 2: You know it's only going to go more down. But
• 21:09
  Speaker 2: actually that's when things are on sale, and so you know,
• 21:12
  Speaker 2: and when you sell you want to sell high. But
• 21:16
  Speaker 2: when the market is up, you're like, oh my gosh,
• 21:18
  Speaker 2: it's going to go up forever. I just want to
• 21:19
  Speaker 2: like put more money in there. And so sometimes we
• 21:21
  Speaker 2: have to really stay strong to stick to a strategy
• 21:26
  Speaker 2: and not follow in strict and actually, women when it
• 21:28
  Speaker 2: comes to money, are much much better at that. Studies
• 21:32
  Speaker 2: have shown that we actually beat like our portfolios beat
• 21:35
  Speaker 2: about two percent. Two percent is a lot. You know,
• 21:36
  Speaker 2: we were just talking about a few percentage points over
• 21:39
  Speaker 2: time that adds up significantly.
• 21:41
  Speaker 1: So forty five is not too late.
• 21:43
  Speaker 2: It's never too never too late.
• 21:44
  Speaker 4: It's never too late.
• 21:45
  Speaker 2: Now, if you want to get to certain goals by
• 21:48
  Speaker 2: the time you're sixty five or whatever, and you start later,
• 21:51
  Speaker 2: you're going to probably have to increase the number, Like
• 21:54
  Speaker 2: one of those variables is going to have to change.
• 21:56
  Speaker 2: So it might not be two hundred bucks a month,
• 21:57
  Speaker 2: it might be a thousand bucks a month.
• 21:59
  Speaker 1: Or I remember when I was first starting to make
• 22:02
  Speaker 1: money and they would talk to me about retirement. It
• 22:05
  Speaker 1: seems so I didn't I couldn't wrap my head around it,
• 22:09
  Speaker 1: and I would say, like, why do I need to
• 22:11
  Speaker 1: do this? I would like to spend my money now
• 22:13
  Speaker 1: when I'm older, I would say, Then when I'm an
• 22:15
  Speaker 1: old lady, I don't look kind of money am I
• 22:17
  Speaker 1: gonna need? Well, I want my money now while I
• 22:20
  Speaker 1: can go and have fun and spend it.
• 22:23
  Speaker 2: Yeah, studies have shown that we actually look at our
• 22:33
  Speaker 2: old lady sells as a whole different human being, that
• 22:36
  Speaker 2: we don't actually think of her as the same person. Yeah,
• 22:40
  Speaker 2: that's so crazy, it's true, And well, you know, I
• 22:44
  Speaker 2: think looking back, don't we wish we would have started earlier.
• 22:48
  Speaker 2: We all do you know, every time I look at
• 22:51
  Speaker 2: my even when I start seeing, you know, my brokerage
• 22:55
  Speaker 2: account increase, I'm like, oh my gosh, if I just
• 22:58
  Speaker 2: put in a little bit money of money when I started.
• 23:01
  Speaker 3: At eighteen in Apple.
• 23:03
  Speaker 2: I have these videos where I'm reporting on the floor
• 23:07
  Speaker 2: of the exchange about the first iPod that launched, or
• 23:11
  Speaker 2: like Gmail launching, I'm like, oh my god, if I
• 23:13
  Speaker 2: put money in Google back then, you were there.
• 23:17
  Speaker 1: You were there at the beginning. Oh my god.
• 23:19
  Speaker 3: I got to kick ourselves about this.
• 23:21
  Speaker 1: Said something about Apple. I'm not going to ask you
• 23:23
  Speaker 1: for specific brands unless you want to help a sister out.
• 23:26
  Speaker 1: But what areas at the market do you think are
• 23:31
  Speaker 1: going to be or could potentially be lucrative for people
• 23:35
  Speaker 1: in this coming year? And what areas do you think
• 23:37
  Speaker 1: people should stay away.
• 23:39
  Speaker 2: From as far as investments. It's such a good question
• 23:41
  Speaker 2: if you're just starting out. I really wouldn't pick individual stocks.
• 23:46
  Speaker 2: I would pick index funds, which are funds that track
• 23:50
  Speaker 2: an index. And so like the S and P five hundred,
• 23:53
  Speaker 2: there are different tickers that will follow the overall index.
• 23:58
  Speaker 2: So like voo is Van Guard words. You know, ETF,
• 24:02
  Speaker 2: that's an index fund. Stop me if ict like speaking
• 24:04
  Speaker 2: treat I don't understand.
• 24:06
  Speaker 1: Okay, but that's okay.
• 24:07
  Speaker 2: So so basically, like we talked about indexes, these sort
• 24:11
  Speaker 2: of benchmarks that follow the overall market, you can buy
• 24:15
  Speaker 2: a piece of that whole index basically through an index fund,
• 24:21
  Speaker 2: where you're investing little piece of money in all those
• 24:24
  Speaker 2: five hundred companies. So instead of just like putting your
• 24:27
  Speaker 2: money in one of those companies like in Apple or whatever,
• 24:30
  Speaker 2: then you're diversifying across a whole bunch with just one purchase. Wow,
• 24:34
  Speaker 2: And so you can invest you know, if you go
• 24:37
  Speaker 2: on to a brokerage account. You know, a brokerage account
• 24:41
  Speaker 2: is so we buy stocks in a brokerage account, unlike
• 24:45
  Speaker 2: we don't buy them at a bank. And people have
• 24:48
  Speaker 2: said to me, like, oh, I should I go to
• 24:49
  Speaker 2: the Apple store to buy Apple stock? Like we just
• 24:52
  Speaker 2: don't learn this stuff, And it's okay, Like just feel
• 24:55
  Speaker 2: comfortable asking the right questions and then you learn.
• 24:58
  Speaker 1: And so you need to get a brokerage acou help,
• 25:01
  Speaker 1: So you need a broker Do you need a financial advisor? Okay?
• 25:04
  Speaker 4: So many good questions.
• 25:05
  Speaker 2: I'm so excited so a brokerage is like a Schwab
• 25:10
  Speaker 2: or a fidelity or a vanguard this is or an
• 25:13
  Speaker 2: e trade or whatever where you can buy and sell stocks.
• 25:18
  Speaker 2: You don't need a broker because a lot of these
• 25:22
  Speaker 2: are self service. You can have an advisor. Make sure
• 25:27
  Speaker 2: that that advisor is a fiduciary, which sounds.
• 25:30
  Speaker 4: Like an SGD.
• 25:32
  Speaker 1: I learned what fiduciary is. Oh, I think I learned
• 25:35
  Speaker 1: about it the hard way. Fiduciary is someone who's got
• 25:38
  Speaker 1: your best interest, yes, as the number one priority instead
• 25:43
  Speaker 1: of their own. That's yes, this is where I think.
• 25:47
  Speaker 3: Who's financially literate? Y?
• 25:51
  Speaker 2: Yeah, So so a fiduciary is somebody that is operating
• 25:55
  Speaker 2: in your best interest for sure. If you're looking for
• 25:59
  Speaker 2: a financial advisor, if you you know, I can give
• 26:01
  Speaker 2: you like my recommendation, or just make sure that they
• 26:05
  Speaker 2: have they are a fiduciary and make sure that they
• 26:08
  Speaker 2: have these licenses. I do like a role playing in
• 26:12
  Speaker 2: the money school of what you should be asking, like
• 26:15
  Speaker 2: you know in that first conversation.
• 26:17
  Speaker 1: Or you can start of do a DIY path yeah,
• 26:20
  Speaker 1: where you just go online.
• 26:22
  Speaker 2: Yeah, and so these if you go to one of
• 26:25
  Speaker 2: those apps, if you have like Vanguard, Fidelity, Robin Hood,
• 26:29
  Speaker 2: any of these. They all do the same thing basically,
• 26:31
  Speaker 2: And when i'm somebody asks me, like, which one is
• 26:34
  Speaker 2: the best?
• 26:34
  Speaker 4: They're honestly all the same.
• 26:36
  Speaker 2: It's like, whichever u X you're into, whatever you're going
• 26:39
  Speaker 2: to stick to, is the.
• 26:40
  Speaker 3: One I like the most for you.
• 26:41
  Speaker 1: I think my daughters, since I didn't feel confident enough
• 26:45
  Speaker 1: to teach them, I have an advisor that's teaching them,
• 26:51
  Speaker 1: who helps me with my money, and they did teach
• 26:54
  Speaker 1: them to use Fidelity. To go onto Fidelity dot com
• 26:58
  Speaker 1: and just get in there. Yeah, get curious.
• 27:01
  Speaker 3: Get in there. Get curious for sure.
• 27:04
  Speaker 2: And you know the reason that you know, I suggest
• 27:07
  Speaker 2: if you're just starting out to look at those index
• 27:10
  Speaker 2: funds is that it's really hard to beat the market
• 27:14
  Speaker 2: when people are like, oh, look at this new hot stock.
• 27:17
  Speaker 2: The you know, the percentagees that we were talking about,
• 27:21
  Speaker 2: like ten percent over time is looking at the overall market.
• 27:24
  Speaker 2: It's not looking at individual stocks because those can go
• 27:27
  Speaker 2: up and down and indexes do too, but over time,
• 27:31
  Speaker 2: like you want to really put your blinders on as
• 27:33
  Speaker 2: much as possible. With all the craziness in the market.
• 27:36
  Speaker 1: Right it feels so risky, I think for so many people,
• 27:39
  Speaker 1: because things do seem to change so quickly. I think
• 27:44
  Speaker 1: maybe that's probably the main deterrent for a lot of
• 27:47
  Speaker 1: people wanting to get involved at all. What are if
• 27:50
  Speaker 1: they don't want to get into the stock market first,
• 27:52
  Speaker 1: what are some more conservative or steady options that you
• 27:55
  Speaker 1: think they should consider.
• 27:57
  Speaker 3: Oh, so your girls can always call me?
• 27:58
  Speaker 1: Okay.
• 28:02
  Speaker 2: So the way investments work are not like a seesaw.
• 28:06
  Speaker 2: So risk and reward actually work hand in hand. So
• 28:10
  Speaker 2: the more risk you take on, the more rewards you
• 28:13
  Speaker 2: take on. The less risk you take on, the less
• 28:15
  Speaker 2: rewards you take on. So lower risk investments will get
• 28:19
  Speaker 2: you less of a return. That's okay if you're just
• 28:22
  Speaker 2: starting out. I tend to write my books or talk
• 28:26
  Speaker 2: about on my podcasts, like from lowest risk to highest risk,
• 28:30
  Speaker 2: and so the lowest risk investments could be something like
• 28:33
  Speaker 2: a CD, which you do get at a bank. This
• 28:36
  Speaker 2: is a form of debt, by the way, So debt
• 28:38
  Speaker 2: can be awesome if you're the owner of the debt
• 28:41
  Speaker 2: and you don't owe the debt. So own versus oh
• 28:44
  Speaker 2: one letter makes a world of difference.
• 28:46
  Speaker 1: I didn't know you could own debt.
• 28:47
  Speaker 2: You can, Yeah, so like a CD. Have you heard
• 28:50
  Speaker 2: of a CD at the bath?
• 28:52
  Speaker 3: Okay?
• 28:52
  Speaker 2: So basically it's you give them a certain amount of money,
• 28:56
  Speaker 2: you agree on an interest rate that they'll give you
• 29:00
  Speaker 2: over time, and then they'll give you your money back. So
• 29:02
  Speaker 2: if you lock it up for a year, five years,
• 29:04
  Speaker 2: ten years, whatever, and then they'll give you your money
• 29:07
  Speaker 2: back for the privilege of being able to use your
• 29:10
  Speaker 2: money for whatever they want for that period of time. Totally,
• 29:13
  Speaker 2: and so you're basically the lender in that situation. You're
• 29:16
  Speaker 2: lending the bank money and for that right, they're going
• 29:20
  Speaker 2: to give you a present in the form of interest.
• 29:23
  Speaker 2: And so those are very low risk investments, but they're
• 29:27
  Speaker 2: not going to get you a ton of money. A
• 29:29
  Speaker 2: couple percentage points potentially right now they're a little bit higher. Actually,
• 29:33
  Speaker 2: when interest rates go up, you think it's so bad,
• 29:35
  Speaker 2: maybe if you're getting a mortgage, but if you're investing,
• 29:38
  Speaker 2: it's great because those interest rates go up for.
• 29:41
  Speaker 3: You as a saver.
• 29:43
  Speaker 2: And then you know, in the form of a government bond,
• 29:45
  Speaker 2: it's the same type of idea. US treasuries really low
• 29:49
  Speaker 2: risk because you know you're lending your money basically to
• 29:52
  Speaker 2: the US government.
• 29:53
  Speaker 1: Wait, wait, wait, why would I do that? That seems
• 29:56
  Speaker 1: like not a good idea. Well, because were the they
• 30:00
  Speaker 1: talk about, you know, America's debt being higher than totally
• 30:05
  Speaker 1: I can even imagine.
• 30:06
  Speaker 2: Yes, but if they don't pay back their loans, and
• 30:12
  Speaker 2: if the US government doesn't pay back treasuries, I promise
• 30:15
  Speaker 2: we're going to have more problems than the investment you
• 30:19
  Speaker 2: made in your treasury will have, like zombie apocalypse vibes.
• 30:22
  Speaker 1: My gosh, it's the highest.
• 30:25
  Speaker 2: It's the highest rated sovereign debt, so countrywide debt, it's
• 30:33
  Speaker 2: triple A rated. So when you're looking at investing as
• 30:37
  Speaker 2: the lender in bonds, let's say you're investing in bonds
• 30:42
  Speaker 2: issued by governments, so the US or wherever, Venezuela or whatever,
• 30:47
  Speaker 2: they all issue bonds. You can also invest in corporate
• 30:50
  Speaker 2: bonds and those are all rated. So think of it
• 30:52
  Speaker 2: as we get a credit score. Countries get a credit
• 30:56
  Speaker 2: score basically too. Companies get a credit score too. So
• 30:59
  Speaker 2: the States is triple A rated, which is the highest
• 31:02
  Speaker 2: credit rating. So the higher the rating, the lower the
• 31:06
  Speaker 2: risk the lower rate. But if let's say you're going
• 31:09
  Speaker 2: to invest in Venezuelan bonds or whatever, then it's lower rated,
• 31:12
  Speaker 2: but they're going to have to give you a higher
• 31:14
  Speaker 2: interest rate because of that risk. So think about it
• 31:18
  Speaker 2: like if I'm lending money to a friend, if I'm
• 31:19
  Speaker 2: lending money to Jenny and Hannah, and Jenny I know,
• 31:24
  Speaker 2: is like so responsible, You're gonna give me money back,
• 31:28
  Speaker 2: no problem. Oh, there's less of a risk that I'm
• 31:32
  Speaker 2: not going to get my money back, So I'm probably
• 31:34
  Speaker 2: gonna not want to.
• 31:35
  Speaker 4: Have that much of an interest rate.
• 31:38
  Speaker 2: If there's more of a risk that somebody is not
• 31:40
  Speaker 2: going to give me my money back, then I'm going
• 31:42
  Speaker 2: to want more of a return, almost like as an
• 31:44
  Speaker 2: insurance policy that I'm going to get my interest back.
• 31:47
  Speaker 2: And I made this bet, this risky bet on a
• 31:49
  Speaker 2: person or company or a country that might not give
• 31:53
  Speaker 2: me their money back. So it just goes along with
• 31:55
  Speaker 2: like higher risk, higher interest, higher reward you want to get,
• 32:00
  Speaker 2: lower risk, lower interest you're going to get.
• 32:02
  Speaker 1: Do you think it's important to have a diverse, high
• 32:05
  Speaker 1: high risk, low risk portfolio? Totally?
• 32:08
  Speaker 2: Totally, And I think the rule of them is to
• 32:11
  Speaker 2: look at like bonds and stocks using your age. That's
• 32:15
  Speaker 2: one you know rule of thumb. You can use whatever
• 32:18
  Speaker 2: you want for your situation and when you're going to
• 32:21
  Speaker 2: need your money back. So if you take your age
• 32:25
  Speaker 2: fifty in bonds, fifty percent of your portfolio would be
• 32:29
  Speaker 2: in bonds and then the rest would be in equities or.
• 32:32
  Speaker 3: Stocks like in the stock market.
• 32:34
  Speaker 2: And the thought process behind that is by the time
• 32:37
  Speaker 2: you retire or get older, you know, most people will
• 32:40
  Speaker 2: if you have a different situation than tinker based on
• 32:42
  Speaker 2: your needs. But you're going to want a lower risk
• 32:46
  Speaker 2: situation for yourself by the time you need that money out.
• 32:49
  Speaker 2: So let's say you know you're nearing the time when
• 32:52
  Speaker 2: you want to take it out. Stocks are more volatile
• 32:55
  Speaker 2: and more risky. You're not going to want to take
• 32:57
  Speaker 2: that money out when it's in a low because remember
• 33:00
  Speaker 2: by low sell.
• 33:00
  Speaker 1: High, by low sell high. Yeah, okay, how does credit work?
• 33:11
  Speaker 1: We all start out at zero?
• 33:13
  Speaker 4: Great question?
• 33:14
  Speaker 3: So that do you know your credit score?
• 33:16
  Speaker 1: I do?
• 33:17
  Speaker 3: Okay, amazing.
• 33:18
  Speaker 1: I only say that because I was looking at my
• 33:20
  Speaker 1: one of my credit card apps on my phone the
• 33:22
  Speaker 1: other day and I saw it and I was like, oh,
• 33:25
  Speaker 1: what's in the in the green? So I'm good, okay, good?
• 33:28
  Speaker 3: Usually do you want to tell me what it is?
• 33:30
  Speaker 1: Seven something?
• 33:32
  Speaker 2: Great?
• 33:32
  Speaker 1: I'm fifty. Yeah, that's good, right.
• 33:35
  Speaker 2: Yeah. All of it is really just telling lenders how
• 33:40
  Speaker 2: responsible of a person you are. So if you're going
• 33:44
  Speaker 2: to get a mortgage or a business loan or a
• 33:46
  Speaker 2: personal loan, there's really not that much of a difference.
• 33:49
  Speaker 2: Some people when they get into this, they get really
• 33:50
  Speaker 2: competitive and they're like, well, I don't want some fifty
• 33:53
  Speaker 2: on one eight hundred. It's like that you're gonna get
• 33:55
  Speaker 2: the same the best rate if you're in that green
• 33:57
  Speaker 2: zone generally, So basically it's your financial report card. It
• 34:02
  Speaker 2: tells lenders you know how responsible you are. And so
• 34:06
  Speaker 2: the higher the credit score, the lower the rate. So
• 34:09
  Speaker 2: that actually does work like a seesaw. So higher the
• 34:13
  Speaker 2: higher your credit.
• 34:14
  Speaker 3: Score, lower your interest rates.
• 34:16
  Speaker 2: So if you are coming to me as a bank,
• 34:18
  Speaker 2: you have seven fifty, then I'm going to give you,
• 34:22
  Speaker 2: let's say, you know, a two percent rate, and and
• 34:26
  Speaker 2: I think is an example of a bad that's okay
• 34:30
  Speaker 2: credit score you know has uh, you know, at six hundred,
• 34:36
  Speaker 2: then I'm going to charge her three percent or three
• 34:39
  Speaker 2: and a half percent or four year.
• 34:41
  Speaker 1: You're more concerned, there's more of a risk that she's
• 34:43
  Speaker 1: not going to be.
• 34:43
  Speaker 2: Able to put you back, like maybe she pieces out,
• 34:45
  Speaker 2: maybe she you know, God Forbaco's bankrupt or something like that.
• 34:49
  Speaker 3: So I'm taking on more risks.
• 34:50
  Speaker 2: That I'm not going to get my full amount back
• 34:54
  Speaker 2: from the mortgage or the personal owne she took out.
• 34:58
  Speaker 1: I know for like Okay, so say someone is listening,
• 35:02
  Speaker 1: is a single mom with a limited income, how should
• 35:06
  Speaker 1: she start investing in her financial future? Like what would
• 35:11
  Speaker 1: you suggest? Stock market or something else like that?
• 35:15
  Speaker 2: Roth Ira, You don't have to choose, but you also
• 35:18
  Speaker 2: have to look at your overall picture. You know, does
• 35:22
  Speaker 2: this mom have debt? What percentage is that debt? So
• 35:27
  Speaker 2: there's something called the seven percent rule. So if you look,
• 35:31
  Speaker 2: you know, I'd love to look at all of her debt,
• 35:33
  Speaker 2: all of her assets, and her liabilities. So liability is
• 35:36
  Speaker 2: just everything you owe. So if she has credit card
• 35:41
  Speaker 2: debt at twenty percent and she has you know, student
• 35:45
  Speaker 2: loans at four percent, then I would want her to
• 35:48
  Speaker 2: pay off that credit card debt at twenty percent first,
• 35:52
  Speaker 2: because that's eating into anything she could invest. And the
• 35:56
  Speaker 2: reason that seven percent rule exists is because that's general
• 36:00
  Speaker 2: how much you're going to get if you're investing in
• 36:02
  Speaker 2: the overall market and so anything above that you should
• 36:06
  Speaker 2: pay off before you invest. Anything below that you can
• 36:09
  Speaker 2: take that spread or the difference between the debt and
• 36:13
  Speaker 2: what you would get if you were investing. So if
• 36:15
  Speaker 2: you have four percent of debt, you can still invest
• 36:18
  Speaker 2: at seven percent, and you know you'll make the difference.
• 36:21
  Speaker 2: You'll still make more. Having money allows you to make
• 36:25
  Speaker 2: more money, you know, the thing your parents said is
• 36:28
  Speaker 2: really important. Making more money is a great lesson to learn.
• 36:33
  Speaker 2: But it's actually not how much you make. It's how
• 36:36
  Speaker 2: much you keep and how much you grow it that
• 36:39
  Speaker 2: matters the most. And so a salary, even if it's
• 36:42
  Speaker 2: a really really high salary, is never going to grow
• 36:45
  Speaker 2: long term generational wealth investing is, and using that power
• 36:50
  Speaker 2: for you will.
• 36:52
  Speaker 1: So you suggest getting paying off your debt depending on
• 36:56
  Speaker 1: the interest rates.
• 36:57
  Speaker 2: So if you have different types of debt, there are
• 37:00
  Speaker 2: two methods to paying off debt. I like the avalanche method,
• 37:04
  Speaker 2: which is rating your debt from highest interest rate first
• 37:07
  Speaker 2: to lowest interest rate, and so paying off the highest
• 37:10
  Speaker 2: interest rate first.
• 37:11
  Speaker 1: So let's say get in there with that one totally.
• 37:13
  Speaker 2: Yeah, Like, let's say you know she has a four
• 37:15
  Speaker 2: percent interest rate for student debt, and you know twenty
• 37:19
  Speaker 2: percent interest rate for credit card debt and you have
• 37:23
  Speaker 2: one hundred bucks, but magically that four percent is one
• 37:26
  Speaker 2: hundred dollars bill, and you're like, that feels really cathartic.
• 37:29
  Speaker 2: I'm just going to pay off that bill and be
• 37:31
  Speaker 2: done with that. It's actually better to put one hundred
• 37:33
  Speaker 2: dollars towards the twenty percent the bigger debt.
• 37:36
  Speaker 1: Yeah, even if it just chips out. Yeah, yeah, you
• 37:38
  Speaker 1: hear that. I mean I hear that all the time.
• 37:40
  Speaker 1: People don't have money, they just charge everything and they
• 37:45
  Speaker 1: end up with so much debt.
• 37:47
  Speaker 2: Yeah, it's I mean, I was in that situation and
• 37:50
  Speaker 2: I broke it down. By the day I think all
• 37:53
  Speaker 2: of this stuff, it gets really complicated and overwhelming. You know,
• 37:57
  Speaker 2: the jargon keeps a lot of people out of the conversation,
• 38:00
  Speaker 2: and I try to take as much of the jargon
• 38:02
  Speaker 2: out as humanly possible. Like I didn't work at a bank,
• 38:05
  Speaker 2: I didn't get my MBA. I just learned in the
• 38:07
  Speaker 2: school of hard knocks because.
• 38:08
  Speaker 1: I had to.
• 38:10
  Speaker 2: And so, you know, the more you get involved in
• 38:15
  Speaker 2: in debt, like if it's a big number, breaking it
• 38:18
  Speaker 2: down like I did, I think it was seven dollars
• 38:19
  Speaker 2: a day makes it more digestible. So anything hard broken
• 38:24
  Speaker 2: down into steps, you know, makes it easier for you
• 38:27
  Speaker 2: to stick to.
• 38:29
  Speaker 1: Little baby steps. Yeah, So have a goal of what
• 38:32
  Speaker 1: you want to tackle and go to that. Work on
• 38:36
  Speaker 1: that one.
• 38:37
  Speaker 2: Just day by day, just like break it down into
• 38:39
  Speaker 2: as little chunks as possible. You know, the first time
• 38:43
  Speaker 2: I did my taxes, I had, you know, all the
• 38:46
  Speaker 2: receipts crickled up, all the things that I was like,
• 38:48
  Speaker 2: I'm going to spend the whole Saturday and I'm going
• 38:51
  Speaker 2: to be done with my taxes. And what happened after
• 38:53
  Speaker 2: Saturday was I had a glass.
• 38:56
  Speaker 4: Probably a bottle of wine hog in US.
• 38:59
  Speaker 2: No taxes were done, and instead I said, Okay, all
• 39:02
  Speaker 2: I'm gonna do on day.
• 39:03
  Speaker 4: One is literally uncrinkle my receipts.
• 39:06
  Speaker 3: That's it.
• 39:07
  Speaker 2: Just uncrinkle them and I'm done, and then I could
• 39:10
  Speaker 2: stick to that. The next day, I'm gonna stack them
• 39:13
  Speaker 2: in little piles.
• 39:14
  Speaker 3: That's it.
• 39:15
  Speaker 2: Because if you try to bite off more than you
• 39:17
  Speaker 2: can doew, You're just gonna feel really frustrated and never
• 39:21
  Speaker 2: get to.
• 39:21
  Speaker 1: Okay, receipts do I have to keep receipts because I
• 39:25
  Speaker 1: feel like I just throw them out because I feel
• 39:28
  Speaker 1: like if I bought something it's on my credit card,
• 39:30
  Speaker 1: then I can just reference my credit card and look
• 39:33
  Speaker 1: it up all my charges.
• 39:36
  Speaker 3: Usually that's fine.
• 39:38
  Speaker 1: That's visually, that's fine. Yeah, Okay, I mean this whole
• 39:41
  Speaker 1: like savior receipts thing totally. I can never get a
• 39:43
  Speaker 1: handle on that.
• 39:44
  Speaker 4: It's usually fine.
• 39:45
  Speaker 2: There's so many caveats, and you know, talk to a
• 39:49
  Speaker 2: tax professional. If you really want to get a handle
• 39:52
  Speaker 2: of your situation, you should keep it for you know,
• 39:54
  Speaker 2: a certain number of years in theory, but in practice,
• 39:58
  Speaker 2: like I don't any.
• 40:01
  Speaker 1: Ordered here first, we are not holding under our receipts anymore.
• 40:05
  Speaker 1: It's just too much. It's too much clutter.
• 40:08
  Speaker 2: Well, listen, if you if you have a business and
• 40:10
  Speaker 2: you are going out, you know for business lunches or
• 40:15
  Speaker 2: dinners or you know those types of things, it's it's
• 40:18
  Speaker 2: actually good to keep what that is and the item
• 40:20
  Speaker 2: is because you can only take your abortion and all
• 40:22
  Speaker 2: these like different roles. But if you don't work for
• 40:25
  Speaker 2: yourself and you have a pretty simple tax situation.
• 40:29
  Speaker 3: You're good.
• 40:30
  Speaker 1: Yeah, I'm going to go to the like I'm going
• 40:33
  Speaker 1: to look it up on my credit card statement.
• 40:34
  Speaker 2: Yeah, or like it pulls into books or whatever.
• 40:38
  Speaker 5: Yeah.
• 40:38
  Speaker 1: Absolutely, I want to talk about money and relationships because
• 40:42
  Speaker 1: that's a big deal.
• 40:43
  Speaker 3: Yeah.
• 40:45
  Speaker 1: First of all, how long do you think you should
• 40:46
  Speaker 1: be dating somebody before you have money talks or debt
• 40:49
  Speaker 1: talks or financial goal talks.
• 40:52
  Speaker 2: I think you can have them at every step of
• 40:54
  Speaker 2: a relationship. They're just going to be different, right, So
• 40:57
  Speaker 2: when you're dating, you're not talking about wills and trusts
• 41:01
  Speaker 2: and stuff like that. But if you have kids, you
• 41:03
  Speaker 2: better be you better have a will or a trust
• 41:06
  Speaker 2: or both ideally, you know, and so it those talks
• 41:10
  Speaker 2: change as you, as life happens, and as your relationship grows.
• 41:15
  Speaker 2: When you move in with somebody, you know, you want
• 41:17
  Speaker 2: to know whose name the bills are under. If they're
• 41:21
  Speaker 2: under that other person's name and they're paying them on
• 41:25
  Speaker 2: time and you guys break up, then they're accumulating good
• 41:28
  Speaker 2: credit history. If they're under your name and the other
• 41:31
  Speaker 2: person is not paying it for whatever reason, then they're
• 41:34
  Speaker 2: screwing your credit. So you just want to have It's
• 41:39
  Speaker 2: so hard to have these conversations. It feels really taboo.
• 41:42
  Speaker 2: But we talk about way more personal stuff than money,
• 41:46
  Speaker 2: Like when.
• 41:47
  Speaker 4: We're at dinner, with our girlfriends.
• 41:48
  Speaker 2: Yeah, we will talk about sexy time, bikini waxes, all
• 41:53
  Speaker 2: the bowel movements, menopause period, all of the things. And
• 41:58
  Speaker 2: I'm like, gro you just told me about your landing
• 42:01
  Speaker 2: strip bikini wax, Like you're not gonna tell me about
• 42:04
  Speaker 2: what you're making and your investments?
• 42:05
  Speaker 1: Hey, I want to help.
• 42:06
  Speaker 3: Why can't we open up that?
• 42:08
  Speaker 2: Right?
• 42:08
  Speaker 1: It's such a secrets. It's like a secret because we
• 42:10
  Speaker 1: don't want to have less than Susie. And you know,
• 42:14
  Speaker 1: it's just it can be a very disheartening thing to
• 42:18
  Speaker 1: hear when you're not doing as you know, the same
• 42:21
  Speaker 1: things that someone else is doing and seeing them have
• 42:23
  Speaker 1: success with it totally but honestly, Yeah, actually it's about
• 42:28
  Speaker 1: talking about it so you can learn from Susie. Like,
• 42:32
  Speaker 1: I want to know what you're doing and how you
• 42:34
  Speaker 1: got to this financially stable place that you are, because
• 42:38
  Speaker 1: that's what I want for myself. Yeah.
• 42:40
  Speaker 2: And if you have these, you know, these mean girl
• 42:43
  Speaker 2: conversations with yourself, like I'm not as good as Susie
• 42:46
  Speaker 2: or Isaac or whatever.
• 42:47
  Speaker 4: My worth is not as that's on you.
• 42:50
  Speaker 3: That's like your work to do.
• 42:51
  Speaker 2: Because nobody's said that money equals value right, and so
• 42:56
  Speaker 2: money without meaning is just paper.
• 42:58
  Speaker 3: It's how you use it.
• 42:59
  Speaker 2: Money as a tool, honey is a tool, and so
• 43:02
  Speaker 2: like a hammer you can build a house, you can
• 43:04
  Speaker 2: tear it down.
• 43:05
  Speaker 4: It's a tool.
• 43:05
  Speaker 2: It has nothing to do with your own self worth
• 43:09
  Speaker 2: or your esteem. Having these conversations will only help you
• 43:12
  Speaker 2: become more educated and get ahead. Like I wish we
• 43:15
  Speaker 2: would instead have discussions about what investments you're in or
• 43:19
  Speaker 2: you know, how much you're making, you know, negotiating for yourself.
• 43:25
  Speaker 2: You know, whether you learned it as a kid with
• 43:27
  Speaker 2: your allowance or not. Most of us didn't as like
• 43:29
  Speaker 2: a skill, just like anything else, and so understanding what
• 43:33
  Speaker 2: other people are making opening up that dialogue is so
• 43:37
  Speaker 2: important if you want to do it, I would say
• 43:38
  Speaker 2: go first, go first, because the break the yeah, totally,
• 43:43
  Speaker 2: Like any hard conversation is always easier when somebody starts,
• 43:49
  Speaker 2: like addiction. You know, if somebody wants to talk about that,
• 43:52
  Speaker 2: for instance, and they say, like, my father died of
• 43:54
  Speaker 2: an overdose. And when I say something like that, people
• 43:58
  Speaker 2: are like, oh wow, you know, like I know my situation,
• 44:01
  Speaker 2: but they're not gonna bring it up on their own.
• 44:03
  Speaker 2: And so if you want to talk about it. I
• 44:05
  Speaker 2: would say, like go first, which is what I do
• 44:08
  Speaker 2: in my books on my show, Like I say, I'll
• 44:12
  Speaker 2: show you mine, hopefully if you you don't even.
• 44:15
  Speaker 4: Need to show me yours.
• 44:16
  Speaker 3: I hope you just show yourself yours. I'll take it
• 44:19
  Speaker 3: for the team.
• 44:20
  Speaker 1: You talked about negotiating, I can't even I go to
• 44:24
  Speaker 1: the farmer's market and I can't even negotiate, like with
• 44:28
  Speaker 1: for the tomatoes, like I will just give them full
• 44:30
  Speaker 1: price for everything, because I just don't feel comfortable negotiating
• 44:34
  Speaker 1: with people. It's a skill.
• 44:36
  Speaker 4: It's it's like just a muscle. Also, like the tomatoes.
• 44:40
  Speaker 1: I mean, yeah, it's that farmer star like yeah, I
• 44:44
  Speaker 1: think that, you know when you go to the school
• 44:46
  Speaker 1: meat and yeah, buy totally and they're like, oh, it's
• 44:48
  Speaker 1: thirty dollars.
• 44:49
  Speaker 2: You're like I ownly way five yeah, or like have
• 44:53
  Speaker 2: about twenty five.
• 44:54
  Speaker 1: I get uncomfortable of like just give them the money
• 44:56
  Speaker 1: they want.
• 44:57
  Speaker 2: You know, also that or like it's perspective, you know,
• 45:02
  Speaker 2: so the biggest purchases will make our houses and running
• 45:07
  Speaker 2: those numbers and making sure that you're getting what you
• 45:10
  Speaker 2: can there super worth your time. That's why your credit
• 45:14
  Speaker 2: score is super worth your time because that's connected to
• 45:17
  Speaker 2: the debt that you'll pay. So if you have a
• 45:20
  Speaker 2: lower credit score, you're going to pay more in debt
• 45:22
  Speaker 2: over time, which will be thousands of.
• 45:24
  Speaker 3: Dollars, you know, the tomato.
• 45:26
  Speaker 2: Like, I really don't know if we should sweat the
• 45:29
  Speaker 2: small stuff when it comes to money, Like relationships, the
• 45:33
  Speaker 2: little things matter so much.
• 45:34
  Speaker 1: What do you mean, Like the note that.
• 45:37
  Speaker 2: You left me, the text that you sent me matters
• 45:41
  Speaker 2: so much in like personal.
• 45:43
  Speaker 1: Things, the awful things.
• 45:44
  Speaker 4: Yeah, But with money, it's the big things.
• 45:47
  Speaker 2: It's like, don't worry about the tomato or the latte,
• 45:49
  Speaker 2: Like worry about your credit score. Worry about figuring out
• 45:52
  Speaker 2: how to get points off your mortgage. That's the big stuff.
• 45:55
  Speaker 2: Figure out how to grow your money, like this little
• 45:58
  Speaker 2: thing that we get fixated on, which is how I
• 46:01
  Speaker 2: started and this to begin with, because you know, financial
• 46:04
  Speaker 2: experts were yelling, don't buy a latte, and I.
• 46:06
  Speaker 4: Was like, oh my god, I love that.
• 46:07
  Speaker 2: I mean, And so it's not about you know, nickel
• 46:12
  Speaker 2: and dying yourself on the little things. It's focusing on
• 46:14
  Speaker 2: the big stuff so that you don't have to worry.
• 46:16
  Speaker 2: I think I always got caught up in that along
• 46:18
  Speaker 2: my journey, and I remember someone saying to me, I
• 46:20
  Speaker 2: won't name names, but saying, I was, what's the expression
• 46:24
  Speaker 2: penny smart dollar? Oh that pound foolish penny wise pound
• 46:29
  Speaker 2: foolish penny. So, like you know, you fixated on the little, yeah,
• 46:34
  Speaker 2: little things that you were buying and less so about
• 46:36
  Speaker 2: the big things. A lot of people do that because
• 46:40
  Speaker 2: it feels like something you can control, right, right, and
• 46:43
  Speaker 2: we all want the little things is easier to control totally.
• 46:46
  Speaker 1: Things. Going back to the relationship talking Okay.
• 46:49
  Speaker 3: Are we dating?
• 46:50
  Speaker 4: What's my story?
• 46:51
  Speaker 1: We might be, but I know that that it can
• 46:54
  Speaker 1: cause a lot of problems in a relationship. Money it's
• 46:56
  Speaker 1: always uncomfortable to talk about. And you don't want to
• 46:59
  Speaker 1: get too far in with somebody and find out that
• 47:01
  Speaker 1: they have this mountain of debt or they are, you know,
• 47:05
  Speaker 1: have loans that they're trying to dig out from under.
• 47:07
  Speaker 1: And some people get into relationships where one person is
• 47:12
  Speaker 1: taking on more of the financial responsibilities. How if you
• 47:17
  Speaker 1: find yourself in that situation, how do you course correct
• 47:21
  Speaker 1: that in a way that's going to protect you in
• 47:25
  Speaker 1: the big picture.
• 47:26
  Speaker 2: So I think, first of all, when it comes to
• 47:28
  Speaker 2: talking about finances, Like, it doesn't have to be scary.
• 47:32
  Speaker 4: It's not an interrogation.
• 47:33
  Speaker 2: It's not like flashlighting your eye.
• 47:35
  Speaker 4: Where were you the native Junefit.
• 47:37
  Speaker 2: Like, no, it's hey, baby, you know, what do you
• 47:40
  Speaker 2: want out of your life? Like goals have price tags.
• 47:44
  Speaker 2: So it's about talking about your life, reverse engineering to
• 47:48
  Speaker 2: figure out how to get the money to live that life.
• 47:50
  Speaker 2: Understanding how they want to spend their money, what their
• 47:53
  Speaker 2: habits are.
• 47:54
  Speaker 4: It's not like how.
• 47:55
  Speaker 2: Much is in your you know, bank account, or like
• 47:57
  Speaker 2: what's in your brokerage account or what's your credit score.
• 47:59
  Speaker 4: That's not like first eight conversations.
• 48:01
  Speaker 1: I don't think I would that would kind of be eternality.
• 48:05
  Speaker 2: But yeah, it's but I think understanding how they view
• 48:09
  Speaker 2: money is really important to do early on, and that's
• 48:13
  Speaker 2: you can get a sense of that. You can get
• 48:15
  Speaker 2: a sense of how they're spending, you know, what what
• 48:18
  Speaker 2: they what kind of brands they're buying, do they have
• 48:22
  Speaker 2: mountains of bills on their calenter Like you can just
• 48:26
  Speaker 2: just be perceptive and pay attention to maybe yellow flags,
• 48:30
  Speaker 2: and then as you get more into the relationship, you
• 48:33
  Speaker 2: can double click on those yellow flags and see if.
• 48:35
  Speaker 3: They're red or green.
• 48:37
  Speaker 2: But it's it's having an open dialogue that most divorces
• 48:41
  Speaker 2: happen because of finances in one way or another, and
• 48:46
  Speaker 2: you know, being able to talk about that earlier is
• 48:48
  Speaker 2: obviously better. But I would go back to the hard
• 48:51
  Speaker 2: conversation part, like be ready to talk about it first,
• 48:55
  Speaker 2: bring up a prenup, Like I think a lot of
• 48:57
  Speaker 2: women should bring.
• 48:58
  Speaker 4: Up a prenup.
• 48:59
  Speaker 2: This this whole narrative that we've gotten into of Like
• 49:02
  Speaker 2: he's making me get a prenup? You know what do
• 49:05
  Speaker 2: you mean? Like? What about your money? What about the
• 49:07
  Speaker 2: things that you've built? What about bringing it up and
• 49:10
  Speaker 2: taking back the power of that conversation.
• 49:13
  Speaker 1: Absolutely, it's about protecting yourself.
• 49:15
  Speaker 2: Yeah, and you can you have a prenup whether you
• 49:17
  Speaker 2: have an actual document or not. Like the state is
• 49:20
  Speaker 2: going to decide in California, in anywhere, and you are like,
• 49:24
  Speaker 2: depending on where you are, the state is going to
• 49:26
  Speaker 2: decide what happens to your assets. So it's better to
• 49:30
  Speaker 2: decide for yourself. I generally think we would want to
• 49:32
  Speaker 2: have more control. Same thing when it comes to wills.
• 49:34
  Speaker 1: And trusts and stuff like that. After listening to having
• 49:38
  Speaker 1: this conversation today, what is the one thing that you
• 49:40
  Speaker 1: hope our listeners take away.
• 49:44
  Speaker 2: I would honestly, just listening to you talk, I want
• 49:49
  Speaker 2: all of the listeners to just be mindful of the
• 49:52
  Speaker 2: self talk around money because they think it really dictates
• 49:56
  Speaker 2: what your actions are. I think, just try to tell
• 50:00
  Speaker 2: the mean girl inside your head to take several seats.
• 50:03
  Speaker 2: We all have her or mean guy. And I think
• 50:08
  Speaker 2: it's really important the way we talk to ourselves about money.
• 50:11
  Speaker 2: You know, maybe we're not there yet, like we're not
• 50:14
  Speaker 2: where we want to be right the second, but there's
• 50:17
  Speaker 2: no reason that we won't be, and there's no reason our.
• 50:19
  Speaker 4: Kids won't be.
• 50:20
  Speaker 2: And I think it's just being really mindful and how
• 50:22
  Speaker 2: we talk to ourselves and how we talk to our kids,
• 50:25
  Speaker 2: like we talked about, you know, when it comes to money,
• 50:28
  Speaker 2: because it really does affect what you do or what
• 50:31
  Speaker 2: you don't do. So right self talk, positive self talk
• 50:35
  Speaker 2: in every area.
• 50:36
  Speaker 3: Who's financially literate.
• 50:37
  Speaker 2: Now, that'd mean yeah, before I let you go, Nicole,
• 50:44
  Speaker 2: what was your last I choose me moment? Oh my goodness,
• 50:48
  Speaker 2: Oh my goodness, so my goodness, my last I choose
• 50:57
  Speaker 2: This has been a tricky one because I just had
• 51:00
  Speaker 2: a baby and I just lost my house, and it's
• 51:02
  Speaker 2: been a lot of choosing everybody else moments. My last
• 51:09
  Speaker 2: I Choose me moment was going to get blood work
• 51:14
  Speaker 2: done and finding out that I had an iron thing,
• 51:19
  Speaker 2: which is why I wasn't having energy, and then taking
• 51:23
  Speaker 2: time to go get iron infusions because that would make
• 51:27
  Speaker 2: me feel better. And they were a lot of time
• 51:30
  Speaker 2: when I have the baby and all of that, but
• 51:32
  Speaker 2: I thought it would make me a better mom, a
• 51:35
  Speaker 2: better partner, a better everything if I just went and
• 51:38
  Speaker 2: did this, like not fun thing, but I think self
• 51:40
  Speaker 2: care is not always about deep tissue massages and you know,
• 51:44
  Speaker 2: Manny petties, I love those, don't get me wrong, But
• 51:47
  Speaker 2: like sometimes self care I think is about going to
• 51:50
  Speaker 2: the doctor, doing financial self care. Investing in yourself pays
• 51:56
  Speaker 2: the most diffidence later on, I know it really does.
• 51:59
  Speaker 2: People don't don't realize that is that to choose me moment,
• 52:03
  Speaker 2: absolutely you chose to be your own health advocate, to
• 52:08
  Speaker 2: make sure that you are running at your top level
• 52:11
  Speaker 2: so that you could then in turn be there for
• 52:14
  Speaker 2: your family.
• 52:15
  Speaker 1: I love that. Thanks, this has been such a great conversation.
• 52:20
  Speaker 1: I hope that I know that our listeners will take
• 52:23
  Speaker 1: something away from it. So thank you very much, thank
• 52:25
  Speaker 1: you