Latest / The Table with Anthony ONeal / Single and Financially Behind? My 4-Part Plan to Build Wealth and Security on One Income

Transcript

Single and Financially Behind? My 4-Part Plan to Build Wealth and Security on One Income · The Table with Anthony ONeal

0:00
[SPEAKER_00]: I want to talk to a specific group of individuals today.
0:04
[SPEAKER_00]: So if you're married, I need you to still stay with me because this still matters.
0:08
[SPEAKER_00]: I will say to you too, because all principles apply, but today I'm going to be talking directly to the man, to the brother, to the sister, to the woman who was built in their entire financial life.
0:19
[SPEAKER_00]: On one income, one name, one signature, aka the people who are like me, we singly out here in these streets.
0:28
[SPEAKER_00]: Here's what I want you to know about yourself, though, upfront.
0:32
[SPEAKER_00]: You've got a good job, maybe even a great job, right?
0:35
[SPEAKER_00]: You're responsible, you pay your bills on time, you might even be helping other people financially while you're doing it.
0:42
[SPEAKER_00]: But when you sit down at night and you think about your future, there's a question that keeps showing up.
0:48
[SPEAKER_00]: And I'm going to be honest and I want to be vulnerable.
0:54
[SPEAKER_00]: Here's the problem, almost every financial plan you've ever seen assumes two incomes, two names on the mortgages, two people splitting bills.
1:08
[SPEAKER_00]: And if that's not your life, whether you're a single man building his first real financial foundation or single woman, a single mother, tired or financial plans that don't fit her reality.
1:20
[SPEAKER_00]: You're left doing the math in your head trying to figure out which parts applies to you and which parts do not.
1:30
[SPEAKER_00]: Well, today, I'm going to end that because I've been getting this question acts a lot like Anthony, I'm single.
1:34
[SPEAKER_00]: What should I be doing with my funds as a single person?
1:38
[SPEAKER_00]: So you all hear me say this often that I'm not a relationship coach.
1:42
[SPEAKER_00]: I'm not a relationship expert.
1:45
[SPEAKER_00]: I'm not even a singles coach or expert, but I do believe that building wealth as a single man who does not come from rich, from wealth, from access, who comes from a hard work in Christian faith base, middle class family that was living paycheck to paycheck back in them days, how did I go from there to where I am at today?
2:09
[SPEAKER_00]: And this, today's episodes, I'm going to go through the plan, but for one income, one name, and one powerful future.
2:17
[SPEAKER_00]: And it's not going to matter if you're a man and a woman.
2:21
[SPEAKER_00]: It's just going to matter, will you make the decision to lock in today?
2:26
[SPEAKER_00]: Remember, I'll tell you that everything in life,
2:30
[SPEAKER_00]: is about a plan in the strategy.
2:32
[SPEAKER_00]: One of the greatest things that I've done here recently is I put the plan in the strategy called the escape plan that helped me escape living, paycheck to paycheck, at help me escape, drowning in consumer debt, to help me escape the lack of knowledge into building wealth and not just for me but for my children's children who I have and even make it.
2:54
[SPEAKER_00]: put it inside of my brand new book called Stop Living Patriot the Patriot that comes on August 25th and it is a book that is not about money, it is about freedom, as a matter of fact, check out this quick clip to see how you can get a copy of one today.
3:09
[SPEAKER_00]: I was 20 years old with exactly $6.32 to my name.
3:13
[SPEAKER_00]: I remember specifically cutting up a cheeseburger in half because it wasn't just dinner.
3:18
[SPEAKER_00]: It was dinner for two nights.
3:20
[SPEAKER_00]: I thought being broken, living paycheck, the paycheck was normal.
3:24
[SPEAKER_00]: But looking back at it, I wasn't just broke.
3:26
[SPEAKER_00]: I didn't have a system in place.
3:29
[SPEAKER_00]: Everything changed when I learned how money actually worked.
3:33
[SPEAKER_00]: That's the roadmap that I specifically put inside of my brand new book stop live in page at the paycheck.
3:39
[SPEAKER_00]: If you're tired of surviving and you're ready to start thriving and building, go to anthonyoneo.com for slashbook and order your copy today.
3:47
[SPEAKER_00]: Again, that's anthonyoneo.com for slashbook.
3:51
[SPEAKER_00]: Let's go from surviving to thriving instead of your kids up to really have work.
3:57
[SPEAKER_00]: Let me tell you something that I would say surprised me when I really started paying attention to my own audience.
4:05
[SPEAKER_00]: Almost 40% of you are single and not dating.
4:10
[SPEAKER_00]: Another chunk of you are divorced or separated.
4:14
[SPEAKER_00]: And that's not a small niche.
4:16
[SPEAKER_00]: That's a massive part of our family here, our communities,
4:25
[SPEAKER_00]: When you turn on most financial content, let's be honest, who was a built-for?
4:29
[SPEAKER_00]: I'm even guilty.
4:31
[SPEAKER_00]: It has been in a wife sitting at a kitchen table, splitting up who handles the budget and who pays the bills and who handles the investments and how do we do things for our children?
4:40
[SPEAKER_00]: I'm guilty of that.
4:42
[SPEAKER_00]: Until one of y'all call me out as an AO, can you make at least a show or two, specifically for single people, who want to at least get to the marriage table with their finances straight?
4:55
[SPEAKER_00]: When I think about this, I think about a young lady in our community that I will call it today, Monica.
5:00
[SPEAKER_00]: It's not her name specifically, but I'm going to call it Monica today.
5:03
[SPEAKER_00]: She's 41 years old.
5:05
[SPEAKER_00]: She's a project manager making six figures on paper.
5:08
[SPEAKER_00]: She's doing well.
5:09
[SPEAKER_00]: But she told me something that stuck with me for a long time.
5:13
[SPEAKER_00]: She said Anthony, does any of this apply to a single woman
5:24
[SPEAKER_00]: When she hit me with that, I was like, I'll be honest with you.
5:27
[SPEAKER_00]: Why did you ask me that?
5:28
[SPEAKER_00]: Everything that I teach works for you.
5:33
[SPEAKER_00]: But here's the same question.
5:38
[SPEAKER_00]: Barking as a hero.
5:40
[SPEAKER_00]: I hear the same question from brothers too.
5:43
[SPEAKER_00]: I talk to my guy just the other day and for today's episode, I'm going to call the Marcus.
5:48
[SPEAKER_00]: He's about 32 years old, has an amazing job, no kids, no wife yet, and he told me almost it's the exact same thing.
5:56
[SPEAKER_00]: Every fine-ass video bar I watch assumes I've got a spouse splitting bills with me, but I don't.
6:02
[SPEAKER_00]: I want to spouse, but what do I do with my funds now?
6:06
[SPEAKER_00]: How do I steward my funds now?
6:08
[SPEAKER_00]: How do I make sure that when I meet my wife, when I meet my children, when I have children, that I steward watched this, I stewarded my single season well.
6:18
[SPEAKER_00]: I thought that was beautiful.
6:20
[SPEAKER_00]: So today, we're going to build it right.
6:23
[SPEAKER_00]: I'm gonna give you four pillars that I even talk about inside my book.
6:27
[SPEAKER_00]: Stop living page at a paycheck.
6:29
[SPEAKER_00]: Four pillars that, as a single person, I focus solely on these four pillars.
6:34
[SPEAKER_00]: Income, safety, retirement, and legacy.
6:38
[SPEAKER_00]: Doesn't matter if you're man or a woman, married one day or single for life.
6:43
[SPEAKER_00]: No guessing which parts apply to you like us today on this episode, every single thing applies to you and merit people.
6:53
[SPEAKER_00]: all these pillars apply to you and some form of fashion as well.
6:58
[SPEAKER_00]: So, here's the truth, nobody, I think a lot of financial creators do not want to talk about.
7:04
[SPEAKER_00]: You see, when your single, your income is your entire financial engine.
7:10
[SPEAKER_00]: There's no second paycheck, the softened, a bad month, no partners' benefits to fall back on it.
7:16
[SPEAKER_00]: That means we protect and grow this one stream with everything we've got.
7:22
[SPEAKER_00]: It all depends on us.
7:25
[SPEAKER_00]: And the very first thing that I did, step one that I did, is I had to identify my number.
7:32
[SPEAKER_00]: I do you know your number.
7:36
[SPEAKER_00]: Not just salary, your net income.
7:39
[SPEAKER_00]: What actually lands in your account every single month after taxes?
7:44
[SPEAKER_00]: If you don't know that number code, I need to stop and go find it before you even finish the rest of this video.
7:52
[SPEAKER_00]: This means that you open up your bank account and you go look at your bank statement for the last three months.
7:57
[SPEAKER_00]: What was that amount deposited inside of my bank account?
8:01
[SPEAKER_00]: That should be inside of your end-to-black app budgeting tool.
8:07
[SPEAKER_00]: Because you can't have a zero-based budget if you are not listing out your exact net income.
8:17
[SPEAKER_00]: Which leads me on to set number two is I started building and raises on purpose.
8:25
[SPEAKER_00]: Roshas, I need you to hear me.
8:27
[SPEAKER_00]: Can you hear me?
8:28
[SPEAKER_00]: If you're single, you cannot afford to be passive about your income, the way a two income household sometimes can.
8:36
[SPEAKER_00]: You need to be strategic and ask for the race, apply for the promotion, negotiate the offer.
8:44
[SPEAKER_00]: And if you don't get it, maybe that's not the job for you to stay home for a long period of time.
8:52
[SPEAKER_00]: Monica, remember that's not her name, but Monica's real turning point wasn't a budget spreadsheet.
9:00
[SPEAKER_00]: It was a boundary.
9:02
[SPEAKER_00]: I gotta be real with you.
9:03
[SPEAKER_00]: Before I say anything goes, this does not replace the death snowball.
9:07
[SPEAKER_00]: This does not replace living below your memes.
9:10
[SPEAKER_00]: What I teach still stands period.
9:14
[SPEAKER_00]: But if you are caring more than I would say about $20,000 in consumer debt and you feel stuck, I want you to know there is an additional resource that can help you get that free a little bit quicker.
9:27
[SPEAKER_00]: I've had the opportunity to partner with some trusted debt relief companies, and what I'm asking you to do is simple.
9:32
[SPEAKER_00]: For the Anthony O'Neill.com, for SAS debt relief, filled out the free application is going to take you literally three minutes and just have a conversation.
9:40
[SPEAKER_00]: Ask the hard questions.
9:42
[SPEAKER_00]: Be completely honest about your current situation and then don't you think about it, do not rush it, do not sign anything on the spot, don't even give them any money, just take your time to think about it.
9:52
[SPEAKER_00]: This is just a tool, one more option on a table, but you'll never know if it can help you unless you have the honest conversation.
10:00
[SPEAKER_00]: It's zero cost to apply, there's zero obligations.
10:03
[SPEAKER_00]: It's just not continuing to get some more information to help you journey.
10:07
[SPEAKER_00]: The link is in the show notes, go to amphonyo.com for slash debt relief, and as always, let's get you out of the red and into the black.
10:15
[SPEAKER_00]: Let's get back to today's show.
10:18
[SPEAKER_00]: She was covering an adult sibling, rent every single month, and it was eating the margin she needed for her own future.
10:28
[SPEAKER_00]: I told her straight up, respectfully, stop giving them your best years.
10:35
[SPEAKER_00]: Your young, your bright, your sharp.
10:38
[SPEAKER_00]: Stop keeping them your best years.
10:40
[SPEAKER_00]: And in my boy Marcus had his own version of this.
10:44
[SPEAKER_00]: His boys kept hitting him up to invest in the next big thing in the crypto currency.
10:49
[SPEAKER_00]: A business idea and the next crypto play, whatever it was, because he was the one with the money.
10:57
[SPEAKER_00]: I told him that exact same thing, bro.
11:01
[SPEAKER_00]: Your income is not a group project.
11:06
[SPEAKER_00]: This ain't dissin' nobody, this ain't, you know, being different.
11:11
[SPEAKER_00]: This is what I call love and structure.
11:13
[SPEAKER_00]: You cannot build your future while quietly funding everyone else's present.
11:20
[SPEAKER_00]: I have to learn how to tell my brothers, I can't do it.
11:24
[SPEAKER_00]: I had to get comfortable with saying I can't afford it.
11:29
[SPEAKER_00]: Then when I started saying, I can't afford it, people thought I was broke.
11:33
[SPEAKER_00]: When I was really simply saying, bro, I can't afford to rob from my family's future to fund your present.
11:42
[SPEAKER_00]: Because what you ain't gonna do is fund my future and my present over your families.
11:48
[SPEAKER_00]: So I'm not about to do that.
11:51
[SPEAKER_00]: Was these move a set number three?
11:52
[SPEAKER_00]: When I really got that down, this is what you got to do too.
11:55
[SPEAKER_00]: You got to build a second string.
11:57
[SPEAKER_00]: Even if it's just a small one, this is something that I tell my team and people who are with me, listen, this is your main source of income.
12:04
[SPEAKER_00]: I got you, but go build a second string that you own that you have control over.
12:10
[SPEAKER_00]: I'm not saying go start a whole business.
12:13
[SPEAKER_00]: No, no, no.
12:14
[SPEAKER_00]: It means asking, what skill do I already have that someone would pay me for today?
12:20
[SPEAKER_00]: This is freelance work, consulting, tutoring, a trace skill on the weekends.
12:27
[SPEAKER_00]: What is something that I can do with it?
12:29
[SPEAKER_00]: I can produce that as about an extra 500 to $1,000 a month of income that's completely mine, separated from my job.
12:41
[SPEAKER_00]: One thing I want you to put in a place is to write down your exact net income.
12:47
[SPEAKER_00]: Then write down one boundary you need to set with family or friends so your income stops leaking before it even reaches your future.
12:58
[SPEAKER_00]: Think about that.
13:00
[SPEAKER_00]: Would you hate to get to your spouse and be like, damn man, I would have had to income if I were to tote my girls, no, my boys, no, but I told them, yes, they got to benefit my family, didn't.
13:16
[SPEAKER_00]: You sewed up for trials, but you failed when it came to the finals.
13:20
[SPEAKER_00]: And I refused to sew up for trials and fell my wife and my family.
13:27
[SPEAKER_00]: Here's Pillar number two.
13:29
[SPEAKER_00]: I'm gonna talk about it.
13:30
[SPEAKER_00]: All right, I really wanna talk about the part that keeps single people up at night.
13:38
[SPEAKER_00]: What happens if something goes wrong and there's no one else to help you?
13:48
[SPEAKER_00]: There's no other income to lean on.
13:52
[SPEAKER_00]: This is the pillitude that I call safety.
13:57
[SPEAKER_00]: Here's how into the structure, your money, using what I call the bucket system.
14:07
[SPEAKER_00]: Bucket one, spending.
14:10
[SPEAKER_00]: This is your regular checking account, bills, groceries, your everyday life.
14:16
[SPEAKER_00]: This bucket number one, spending.
14:19
[SPEAKER_00]: That's where you put that stuff in.
14:23
[SPEAKER_00]: Bucket number two is your security bucket.
14:26
[SPEAKER_00]: This is your emergency fund.
14:28
[SPEAKER_00]: And for a single income household, this bucket matters more than almost anyone else because you do not have anyone else to depend on.
14:36
[SPEAKER_00]: I want you to build at least a one month buffer first, one month of your net pay, sitting in a high yield savings account.
14:44
[SPEAKER_00]: Not a regular bank account, y'all.
14:46
[SPEAKER_00]: Or any basically nothing.
14:48
[SPEAKER_00]: No, we need all the extra help we can get as single people.
14:52
[SPEAKER_00]: So part that inside of a high yield savings, go to anthonyo.com for slash savings.
14:57
[SPEAKER_00]: All right, you see the best high yield savings, they are opening it up and put that bucket into place today.
15:03
[SPEAKER_00]: once you're consumer dead free.
15:05
[SPEAKER_00]: I want that number to grow for single people.
15:07
[SPEAKER_00]: I'm okay with that being at three months right now because you don't have anyone else and a single person, you can find you another job and the situation at least temporary income within 90 days.
15:18
[SPEAKER_00]: So I'm cool what you do are.
15:19
[SPEAKER_00]: I'm put three months here and I'm going to invest the rest.
15:25
[SPEAKER_00]: If you're single with no dependence, no one else depending on your income, three losses, okay.
15:30
[SPEAKER_00]: But if anyone else depends on your income, if you do have kids, I won't you close it to that six months.
15:37
[SPEAKER_00]: This is not the count for vacation, not our honor.
15:40
[SPEAKER_00]: It's not the count for your hair, for your nails, for a set of ramps, not our honor.
15:44
[SPEAKER_00]: This is the count that means when your car breaks down or you lose your job or your child got to go to the hospital, you have income set aside to make sure to help you get through it.
15:58
[SPEAKER_00]: Now, it was leaves me to buck it number three.
16:00
[SPEAKER_00]: I call this the opportunity bucket.
16:03
[SPEAKER_00]: This is a separate high yield savings account to say for a home-down payment, for a car, for an investment opportunity.
16:12
[SPEAKER_00]: Funded only after your security bucket is full.
16:16
[SPEAKER_00]: So we're not putting money into this bucket and we don't have $500 on our savings account.
16:21
[SPEAKER_00]: We don't have one month, we don't have three to six months depending on where you at.
16:25
[SPEAKER_00]: Really, I'm saying it's respectfully single people, you don't have time for other opportunities until you can lay down a solid foundation.
16:34
[SPEAKER_00]: period.
16:35
[SPEAKER_00]: This bucket doesn't get funded until the other two buckets are locked in and secured.
16:42
[SPEAKER_00]: Which these mean to bucket number four season of bucket.
16:47
[SPEAKER_00]: This thing that not this bucket right here is what I love.
16:49
[SPEAKER_00]: I should look forward to this bucket because it covers things that you know are coming.
16:53
[SPEAKER_00]: Maybe your car maintenance, holidays, birthdays, Christmas, um, anniversaries, vacations,
17:02
[SPEAKER_00]: a birthday trip.
17:06
[SPEAKER_00]: I come back right around mid July.
17:09
[SPEAKER_00]: And so what I do, as soon as I get back mid July, I go ahead and put $1,000 inside of this bucket.
17:15
[SPEAKER_00]: And every single month, I put money into that bucket because I know I'm going to want to do something next year.
17:21
[SPEAKER_00]: So I don't wait until next year in finance, it no, I start funding that bucket now.
17:27
[SPEAKER_00]: So next year when I get to it, I can spend an enjoy and now worry about what's going to go on when I get back home.
17:41
[SPEAKER_00]: But let me be real with you.
17:44
[SPEAKER_00]: Financial isolation is real.
17:47
[SPEAKER_00]: And it doesn't care if you're a man or a woman.
17:52
[SPEAKER_00]: Fill in like you're carrying all the weight in every single decision alone with less visibility or less visible progress than a two income household.
18:02
[SPEAKER_00]: Let's be honest, man.
18:02
[SPEAKER_00]: That's not weakness.
18:03
[SPEAKER_00]: That's just math.
18:05
[SPEAKER_00]: One income doing the work that sometimes feels like two.
18:12
[SPEAKER_00]: I get it.
18:15
[SPEAKER_00]: I get it.
18:17
[SPEAKER_00]: I often times sit back and be like, dang, I can be so much further if I was married.
18:23
[SPEAKER_00]: And my family could be wealthier if I had a dope wife with a dope career or what a dope, you know, business.
18:31
[SPEAKER_00]: I get it.
18:34
[SPEAKER_00]: Get it.
18:36
[SPEAKER_00]: But you're gonna be alright.
18:40
[SPEAKER_00]: Here's what I need to do.
18:43
[SPEAKER_00]: for this particular pillar, too.
18:45
[SPEAKER_00]: I need you to go open up behind your same account this week if you don't already have one.
18:50
[SPEAKER_00]: And set an automatic transfer, even if it's just 50 bucks to start building your security bucket, but your security bucket and your opportunities bucket and your seasonal bucket should be three totally different savings accounts, specifically high-yield savings accounts.
19:07
[SPEAKER_00]: Christmas comes up every single year.
19:09
[SPEAKER_00]: Some of you want to buy your nephews and you need some gifts.
19:13
[SPEAKER_00]: If you're single mother or single father, you don't want to buy your children some gifts.
19:16
[SPEAKER_00]: That goes in this seasonal bucket.
19:19
[SPEAKER_00]: Why not get a little bit extra money?
19:22
[SPEAKER_00]: Call compound entries for saving for Christmas, for saving for your birthday trip, for saving for the spring
19:31
[SPEAKER_00]: Why not get some extra money put inside of it?
19:34
[SPEAKER_00]: If you're saving to purchase a home or saving to purchase a car, why not get the extra money?
19:40
[SPEAKER_00]: So go to anthonyo.com, four slash savings, opening up three high-o save in the account and just start automatically putting money into it.
19:51
[SPEAKER_00]: Now let's talk about pillar three and what is this is specifically your future.
19:55
[SPEAKER_00]: This is what what I call the retirement bucket.
19:59
[SPEAKER_00]: That's an end to everyone goes for.
20:00
[SPEAKER_00]: I really don't believe that if you're 40 if you're 40 is any younger I really don't believe we're ever going to retire.
20:08
[SPEAKER_00]: I just think we're going to transition to a place where we no longer have to exchange our time for money.
20:13
[SPEAKER_00]: Our money buy backs our time and we're just going to do what we want to do.
20:17
[SPEAKER_00]: But we still got to have every time and bucket that is buying back our time.
20:22
[SPEAKER_00]: That's paying us to do what we love to do.
20:24
[SPEAKER_00]: Because this is where single people get quietly left behind in most financial conversations.
20:33
[SPEAKER_00]: And this is the season nine of me as a single 43-year-old guy.
20:37
[SPEAKER_00]: And here's the order I want you to follow.
20:38
[SPEAKER_00]: No matter your age, no matter your gender.
20:42
[SPEAKER_00]: The very first thing is you've got to get consumer debt free using the desk no-ball.
20:45
[SPEAKER_00]: This is where you list the smallest balance to the largest balance.
20:49
[SPEAKER_00]: All right?
20:50
[SPEAKER_00]: You need to fully fund your security bucket.
20:52
[SPEAKER_00]: Then you need to invest 12 to 15% of your income towards retirement plans.
20:57
[SPEAKER_00]: On top of, don't get it twisted.
21:02
[SPEAKER_00]: towards God.
21:04
[SPEAKER_00]: So this is what about 22 to 25% total working for your future and God's kingdom.
21:10
[SPEAKER_00]: I'll say that again.
21:11
[SPEAKER_00]: We should have at least 22 to 25%
21:15
[SPEAKER_00]: working towards our future and God's Kingdom, and I firmly believe God is the number one compound interest player that He can send us 10fold when our banks can only maybe send us 5% 8%.
21:31
[SPEAKER_00]: If your employer offers a 401k match,
21:35
[SPEAKER_00]: take every dollar of that free money first.
21:39
[SPEAKER_00]: Then max out of Roth IRA for eligible because that money grows and comes out tax free later in your 70s and 80s.
21:48
[SPEAKER_00]: Then go back and open up an HSA and increase your 401k contributions.
21:54
[SPEAKER_00]: You see, there's a strategy in your system to this, and I don't have enough time on today's show to go through it.
21:59
[SPEAKER_00]: This is why you need to get my book, stop living paycheck to paycheck, because I literally spend two chapters breaking down how to build wealth on a $55,000 salary.
22:10
[SPEAKER_00]: Extremely important.
22:12
[SPEAKER_00]: But here's why this matters more when you're single.
22:19
[SPEAKER_00]: There's no spouse retirement account to fall back on later.
22:23
[SPEAKER_00]: Your account is the account.
22:26
[SPEAKER_00]: So whether you're Monica at 41 or Mark is at 32, if you start investing at $1,000 a month consistently at an average eight to 10% return by retirement age, may you're looking at a portfolio of nearly a million dollars.
22:41
[SPEAKER_00]: Built entirely on your own income, on your own discipline,
22:49
[SPEAKER_00]: Huh, without the help of anyone else.
22:54
[SPEAKER_00]: I don't know about you, man, but if my spouse came to me and said, hey, I've been investing.
22:59
[SPEAKER_00]: I've been strategically getting ready for marriage.
23:02
[SPEAKER_00]: And I could look back at her and say, I've been doing the same thing.
23:06
[SPEAKER_00]: Now we combine our powers and our effort efforts.
23:10
[SPEAKER_00]: Man, look at what we can build together.
23:14
[SPEAKER_00]: But the question I need to ask you,
23:22
[SPEAKER_00]: Are you going to be a financial specifically, a financial burden to your spouse?
23:29
[SPEAKER_00]: Man, I'm coming into my marriage, flawed human being.
23:35
[SPEAKER_00]: There's going to be some things that, once I get married, I'm going to have the mature one because I've never been married before.
23:44
[SPEAKER_00]: A biggie said it best, I'm going to have 99 problems, but money ain't going to be one of them.
23:50
[SPEAKER_00]: And all of you, you're going to come into the marriage with some problems, that's why we got marriage counseling, that's why you should be doing a couple therapy.
23:59
[SPEAKER_00]: But if you steward your single season correctly, you should be able to come into that and money not be one of the main problems.
24:10
[SPEAKER_00]: So for pillar 3, I need you to really confirm your 401k match, percentage this week.
24:17
[SPEAKER_00]: And if you're not contributing enough to get to that full match, a y'all look at your budget and increase it before your next paycheck.
24:25
[SPEAKER_00]: If they're offering 4% you give 4% if they're offering 6% you give 6%.
24:33
[SPEAKER_00]: Because that really impacts the pillar 4,
24:38
[SPEAKER_00]: and this pillar gets skipped more than any other, or I would say this pillar is going to be applicable to everybody, not just single people, Mary people too.
24:55
[SPEAKER_00]: Here's a lie that I was telling myself for a while.
24:57
[SPEAKER_00]: I don't have the spouse.
24:59
[SPEAKER_00]: I don't have kids, so I don't need a will.
25:02
[SPEAKER_00]: I don't need live insurance.
25:03
[SPEAKER_00]: I don't need a trust.
25:05
[SPEAKER_00]: I do not need to leave anything behind.
25:07
[SPEAKER_00]: I'm a spend it off.
25:09
[SPEAKER_00]: Y'all and I was saying that maybe just three to four years ago.
25:12
[SPEAKER_00]: But here's your true.
25:14
[SPEAKER_00]: You have people who you love, parents, siblings, nieces, nephews, church family.
25:19
[SPEAKER_00]: If something happened to you tomorrow, some of it happened to handle your accounts, your debts, your belongings, some of it will have to unpack your house and sell your house.
25:30
[SPEAKER_00]: And without a plan, that becomes stress on top of grief.
25:35
[SPEAKER_00]: And I would never, ever, ever, ever, ever want to put someone who I love through all of that while also bearing me, while also missing me, while also crying over me.
25:50
[SPEAKER_00]: So no matter where you are in life, there's four things I want you to put in place.
25:54
[SPEAKER_00]: Number one, a last will and testament, decide who receives what so that the state doesn't decide for you.
26:03
[SPEAKER_00]: a power of attorney, someone you trust to make decisions if you ever are unable to.
26:12
[SPEAKER_00]: Then a term life insurance policy, even single with no kids, this can cover funeral costs remaining deaths and a gift to someone who you love.
26:23
[SPEAKER_00]: Then the last one is a trust.
26:27
[SPEAKER_00]: and all of your beneficiaries on all of your account should be going to the trust.
26:35
[SPEAKER_00]: This isn't something I want you to think about.
26:38
[SPEAKER_00]: No, this is one of the clearest ways to say I love you to the people who you've left behind.
26:50
[SPEAKER_00]: So this week, maybe for the rest of this month,
26:54
[SPEAKER_00]: I want you to check your beneficiary information on your 401k insurance policy this week.
26:58
[SPEAKER_00]: Make sure you have enough.
27:02
[SPEAKER_00]: A lot of truth is a lot of people are going to update this information for years.
27:09
[SPEAKER_00]: I honestly go through it every January and I update my estate plan, I will, my insurance, I make sure my insurance is still good.
27:18
[SPEAKER_00]: And I go back and I really look at it.
27:20
[SPEAKER_00]: And let me stretch some of you a hug.
27:23
[SPEAKER_00]: For some of you single people who are financially doing well, meaning you're not living paycheck to paycheck, meaning you're doing pretty good.
27:32
[SPEAKER_00]: I would up your insurance policy to about a million.
27:36
[SPEAKER_00]: You know, one thing that I did,
27:39
[SPEAKER_00]: and I'm being honest or vulnerable, is I don't have kids, but I have an amazing church home called Union Church.
27:48
[SPEAKER_00]: That if I was to pass the dates, Union Church would get 25% of my net worth and 25% of my insurance policy.
28:01
[SPEAKER_00]: Then, if I was to pass today, 40% of that will go to my net views and nieces.
28:07
[SPEAKER_00]: And then I have to adopt it, children, who are my cousins biologically, they will get a thing that's 15 to 20% and then my parents will get the rest.
28:24
[SPEAKER_00]: You see, stewardship is not just about what we do today.
28:40
[SPEAKER_00]: I don't want my family crying and missing me and then also stressed and having a fork out bills and money because I wasn't prepared properly.
28:53
[SPEAKER_00]: I said this on a video that I went viral on TikTok.
29:02
[SPEAKER_00]: A legacy is not leaving your kids in Mercedes that is $800 a month.
29:09
[SPEAKER_00]: a pair of go y'all are bad packs that everyone is getting into in today's day and time and I ain't knocking it and I got a go y'all a little of a time per some sunglasses that's that's that's not legacy.
29:23
[SPEAKER_00]: Legacy is a head start.
29:25
[SPEAKER_00]: Legacy is hate.
29:29
[SPEAKER_00]: My death.
29:32
[SPEAKER_00]: And it sounds so weird when I say it.
29:36
[SPEAKER_00]: My debt, because I loved you, should benefit you.
29:39
[SPEAKER_00]: Because one thing I've learned from a spiritual perspective that building what the loan is not a lesser path.
29:55
[SPEAKER_00]: It is not a backup plan while you wait for your spouse to arrive.
29:59
[SPEAKER_00]: Scripture doesn't say, your stewardship starts when you're married.
30:04
[SPEAKER_00]: It says, be faithful with what's in your hands right now, exactly as you are.
30:13
[SPEAKER_00]: Your single by circumstances are your single by choice,
30:24
[SPEAKER_00]: to steward.
30:26
[SPEAKER_00]: Well, one thing I had to tell myself as a single person, I think out of all the people who work with me, they're they're either in a series relationship or married, right?
30:38
[SPEAKER_00]: Single people.
30:39
[SPEAKER_00]: You're not incomplete because your household has one income instead of two.
30:44
[SPEAKER_00]: You are a full steward building a full future and your own terms and in your own time.
30:53
[SPEAKER_00]: Whatever pillar you need to strengthen first, whether that's your income pillar, save the pillar, your retirement pillar, your legacy pillar.
31:00
[SPEAKER_00]: The plan is the same as anyone else's.
31:02
[SPEAKER_00]: Just take the next up.
31:04
[SPEAKER_00]: Just take the next up.
31:05
[SPEAKER_00]: Focus on those pillars.
31:07
[SPEAKER_00]: My suggestion.
31:09
[SPEAKER_00]: Write down these pillars on a big O sheet of paper.
31:12
[SPEAKER_00]: And you add your own specific notes.
31:17
[SPEAKER_00]: to those pillars.
31:19
[SPEAKER_00]: Hey, I need to generate more income.
31:21
[SPEAKER_00]: Hey, you know what, I need to generate, you know what I ain't billing, like I said, I need to start really focusing on that.
31:27
[SPEAKER_00]: Let me get a will put in place and I promise you, watch God bless you even more because you showed him you wanted to be a steward.
31:36
[SPEAKER_00]: This is what we have to do as single people.
31:39
[SPEAKER_00]: It's just four main things.
31:41
[SPEAKER_00]: And then when we find our loved ones, man's going to be easy to bring those four pillars over into the families and to the marriages plan.
31:51
[SPEAKER_00]: That's important.
31:53
[SPEAKER_00]: And I can't wait.
31:54
[SPEAKER_00]: The listen, man, if you're single, let me know which pillar you need to work on down below inside the comments.
31:59
[SPEAKER_00]: If you're watching this or listening to this on podcast, come back and let me know.
32:04
[SPEAKER_00]: Which pillar do you need to work on doing this single season of your life?
32:08
[SPEAKER_00]: And if you're married, man, share today's episode with a single person with that single young person that can use his information and I highly encourage you.
32:18
[SPEAKER_00]: to share with them my brand new books stop living page at a paycheck because we cover this and so much more inside of it.
32:25
[SPEAKER_00]: It's a boy Anthony O'Neill.
32:27
[SPEAKER_00]: God bless you.
32:28
[SPEAKER_00]: I'll see you in the next show.
32:29
[SPEAKER_00]: Be down.