Latest / Earn Your Leisure / Study Hall: Prenups & Child Support for The Middle Class

Transcript

Study Hall: Prenups & Child Support for The Middle Class · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will.
• 0:57
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: The average person probably even listening to this right now,
• 1:03
  Speaker 3: is in that one hundred thousand dollars rain.
• 1:05
  Speaker 2: A little bit above, a little bit below.
• 1:07
  Speaker 3: So yeah, just to ask a context to that, can
• 1:09
  Speaker 3: you talk about the pre nump.
• 1:11
  Speaker 2: Is it necessary for that? If so, how do you
• 1:15
  Speaker 2: go about that? Yeah?
• 1:16
  Speaker 4: I think that's where the kind of the frame is
• 1:18
  Speaker 4: because people are just not aware of it. And so,
• 1:20
  Speaker 4: like I said, first, I have to have a lot
• 1:22
  Speaker 4: of married friends, which a handful of them married, but
• 1:25
  Speaker 4: they don't even know that the education behind the prenup.
• 1:28
  Speaker 5: Yeah, so let's talk about the fact that, yeah, this
• 1:31
  Speaker 5: is not a conversation for the wealth class. And I
• 1:33
  Speaker 5: think ultimately people feel that way because of the way
• 1:36
  Speaker 5: it's been framed by those of us in the media.
• 1:39
  Speaker 5: The very first prenup I drew up was for one
• 1:42
  Speaker 5: of my sorority sisters who, between her and her future
• 1:47
  Speaker 5: husband didn't even bring in two hundred not didn't even,
• 1:49
  Speaker 5: but they were not clearing two hundred thousand dollars between
• 1:52
  Speaker 5: the two of them, and a prenup was a very
• 1:54
  Speaker 5: good idea for them. Why the gentleman brought in a
• 1:57
  Speaker 5: couple of assets into the marriage. And listen, most states
• 2:01
  Speaker 5: and family law, which is what we're talking about, right, guys,
• 2:04
  Speaker 5: can you tell me about spousal support which is another word
• 2:06
  Speaker 5: for alimony, child support, These things, prenups, those are all
• 2:10
  Speaker 5: governed by local jurisdictions, meaning state by state, and most
• 2:15
  Speaker 5: states have basic statutes or laws in place that say
• 2:18
  Speaker 5: when you bring assets to the relationship or the marriage,
• 2:22
  Speaker 5: those are considered separate property pieces and they will be
• 2:25
  Speaker 5: protected anyway. But why risk it, right because then facts
• 2:30
  Speaker 5: get conflated where because in this case of this young
• 2:34
  Speaker 5: woman in my story, she was going to be moving
• 2:36
  Speaker 5: into his house that he had already owned. You know,
• 2:39
  Speaker 5: indeed we still had a mortgage on it, but it
• 2:41
  Speaker 5: was deeded to him singularly. So we would like to
• 2:45
  Speaker 5: believe that it would be designated as separate property. But
• 2:48
  Speaker 5: why risk it? So go ahead. That's something you want
• 2:50
  Speaker 5: to put in a prenup. Something else to put in
• 2:52
  Speaker 5: a prenup? What happens to your pensions? You know a
• 2:56
  Speaker 5: lot of people in this conversation right now have great
• 2:58
  Speaker 5: jobs from various municipalities and government. We're talking about people
• 3:01
  Speaker 5: in law enforcement, people that are teachers, people that are
• 3:04
  Speaker 5: in nurses, whatever it is. You know, you want to
• 3:07
  Speaker 5: make sure those things are deser So, yes, when you're
• 3:10
  Speaker 5: specifically in that kind of like sixty five to like
• 3:13
  Speaker 5: one hundred and twenty five thousand dollars income range pre
• 3:18
  Speaker 5: nups are for you. Let me be very clear. Pre
• 3:21
  Speaker 5: nups are for you. It allows you to designate some
• 3:24
  Speaker 5: you know, they're whether they're separate property, income, properties that
• 3:27
  Speaker 5: people might come into the relationship with, because otherwise, if
• 3:31
  Speaker 5: it goes left, you know, or even if it goes
• 3:33
  Speaker 5: halfway left. Now, now it's a problem. Now it's messy.
• 3:36
  Speaker 5: Now it's well, I've added a new roof to a
• 3:38
  Speaker 5: house that's in your name. Only where does that leave me?
• 3:41
  Speaker 5: How do I recoup the equity that the home has
• 3:43
  Speaker 5: grown in the seven years I've been here, contributing to
• 3:46
  Speaker 5: the mortgage or even paying the mortgage out right, see
• 3:48
  Speaker 5: what I'm saying. So that's where a prenup is helpful.
• 3:51
  Speaker 5: Now child support, child support totally separate, meaning you don't
• 3:55
  Speaker 5: even have to be married, as many people find out,
• 3:58
  Speaker 5: to be designated somebody who's going to be responsible for
• 4:01
  Speaker 5: child support. That has to do with the fact that
• 4:03
  Speaker 5: you are legally the father. And let me be clear here,
• 4:06
  Speaker 5: this is why paternity tests are very important. And I
• 4:09
  Speaker 5: know again they're not sexy. How do you ask somebody
• 4:11
  Speaker 5: you've been having sex with, probably unprotected, probably for some
• 4:14
  Speaker 5: length of time. Yo, I need you to get opporternity
• 4:17
  Speaker 5: test rather. Well, here's the problem when you don't do that.
• 4:21
  Speaker 5: After a year, in most jurisdictions, you are presumed you
• 4:25
  Speaker 5: are presumed to be the father, like if you're the husband,
• 4:28
  Speaker 5: you're presumed to be the legal father. And let's say
• 4:30
  Speaker 5: you're not the biological father after a year, if you
• 4:32
  Speaker 5: have not made that case legally in the court, you're
• 4:36
  Speaker 5: on the hook financial yeah, period period. So that also
• 4:42
  Speaker 5: you're not married. Young lady says the baby's yours. You say, Okay,
• 4:47
  Speaker 5: I'm gonna take it on the chain. I'm gonna be
• 4:48
  Speaker 5: a man, step up to whatever your situation. You find
• 4:51
  Speaker 5: out again after that year of time is run out,
• 4:54
  Speaker 5: all the while, you are not the biological father. Too late,
• 4:58
  Speaker 5: unless the new actual biological father is willing to take
• 5:02
  Speaker 5: that legal responsibility voluntarily, which is very high risk because
• 5:06
  Speaker 5: the government's position is we're not trying to pay out
• 5:09
  Speaker 5: social Security or any other financial assistance to this child who,
• 5:13
  Speaker 5: through our eyes, had a father upon birth. So y'all
• 5:16
  Speaker 5: figure it out. That's the government's mentality around it. So
• 5:19
  Speaker 5: you got to really be willing to ask some unromantic
• 5:23
  Speaker 5: questions and really do some unromantic things. If fiscal stability
• 5:28
  Speaker 5: is the priority.
• 5:31
  Speaker 3: Inflation is higher than ever, rent is higher than ever.
• 5:34
  Speaker 3: We talked about this, well, you put a.
• 5:36
  Speaker 2: Pin in it. But how much is enough money for
• 5:39
  Speaker 2: each state?
• 5:39
  Speaker 3: I know sometimes we'll say how much is needed to survive,
• 5:42
  Speaker 3: but I think it would be great from your perspective,
• 5:45
  Speaker 3: from your lands and your viewpoint, like how much does
• 5:48
  Speaker 3: each person need to be financially comfortable or free?
• 5:51
  Speaker 5: I think in New York just because again I've been
• 5:53
  Speaker 5: having this conversation recently with a lot of folks, and
• 5:56
  Speaker 5: folks by the way, that they're not in our industry.
• 5:58
  Speaker 5: Let's be clear. I think a lot of times when
• 6:00
  Speaker 5: we have this conversation kind of amongst ourselves as industry peers,
• 6:04
  Speaker 5: to third parties listening in, it's like, okay, well they're
• 6:06
  Speaker 5: talking about you know when they sitting around talking to
• 6:08
  Speaker 5: Charlemagne and Yee, and you know you see a man
• 6:12
  Speaker 5: in them. No, no, no, no, no, I'm talking about outside about.
• 6:16
  Speaker 2: Right that.
• 6:18
  Speaker 5: Motherfuckers. We love you dearly. And now let's talk about
• 6:22
  Speaker 5: some people that are not necessarily in that space, right, So,
• 6:25
  Speaker 5: people that are out here working jobs or in smaller businesses.
• 6:30
  Speaker 5: These the number is about three hundred grand in New
• 6:33
  Speaker 5: York to be candid, you know, when we start really
• 6:35
  Speaker 5: talking about it, it takes about three hundred thousand somewhere
• 6:38
  Speaker 5: like that. If you're making two fifty, you're living very comfortably.
• 6:43
  Speaker 5: If you're making a little more, very comfortably. Once you
• 6:45
  Speaker 5: get to me above the seven eight hundred thousand, now
• 6:48
  Speaker 5: you're starting to talk about being in the upper middle
• 6:50
  Speaker 5: class of a New York City or a d C
• 6:53
  Speaker 5: or in LA. But if you're talking about those big metropolitans, uh,
• 6:57
  Speaker 5: San Francisco, La.
• 7:03
  Speaker 4: Maya, Erners, what's up? You ever walk into a small
• 7:06
  Speaker 4: business and everything just works like the checkout is fast,
• 7:10
  Speaker 4: the receipts are digital, tipping is a breeze, and you're
• 7:14
  Speaker 4: out the door before the line even builds Odds are
• 7:17
  Speaker 4: they're using Square. We love supporting businesses that run on
• 7:20
  Speaker 4: Square because it just feels seamless. Whether it's a local
• 7:23
  Speaker 4: coffee shop, a vendor at a pop up market, or
• 7:26
  Speaker 4: even one of our merch partners. Square makes it easy
• 7:29
  Speaker 4: for them to take payments, manage inventory, and run their
• 7:32
  Speaker 4: business with confidence, all from one simple system. If you're
• 7:36
  Speaker 4: a business owner or even just thinking about launching something soon,
• 7:40
  Speaker 4: Square is hands down one of the best tools out
• 7:43
  Speaker 4: there to help you start, run and grow. It's not
• 7:46
  Speaker 4: just about payments, it's about giving you time back so
• 7:49
  Speaker 4: you can focus on what matters most ready. To see
• 7:52
  Speaker 4: how Square can transform your business, visit Square dot com
• 7:56
  Speaker 4: backslash go backslash eyl to learn more that Square dot
• 8:01
  Speaker 4: Com backslash, go backslash eyl. Don't wait, don't hesitate, Let
• 8:06
  Speaker 4: Square handle the back end so you can keep pushing
• 8:08
  Speaker 4: your vision forward. This episode is brought to you by
• 8:14
  Speaker 4: P and C Bank. A lot of people think podcasts
• 8:17
  Speaker 4: about work are boring, and sure, they definitely can be,
• 8:21
  Speaker 4: but understanding a professionals routine shows us how they achieve
• 8:24
  Speaker 4: their success little by little, day after day. It's like
• 8:28
  Speaker 4: banking with P and C Bank. It might seem boring
• 8:31
  Speaker 4: to save, plan and make calculated decisions with your bank,
• 8:34
  Speaker 4: but keeping your money boring is what helps you live
• 8:37
  Speaker 4: a more happily fulfilled life. P and C Bank Brilliantly
• 8:41
  Speaker 4: Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty
• 8:46
  Speaker 4: five is a service mark of the PNC Financial Service Group, Inc.
• 8:49
  Speaker 4: P and C Bank National Association Member FDIC.
• 8:55
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 8:58
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 9:02
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 9:07
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 9:11
  Speaker 1: some of the heinous migrant criminals caught because of President
• 9:14
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 9:18
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 9:23
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 9:26
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 9:30
  Speaker 1: are here illegally, your next you will be fine nearly
• 9:34
  Speaker 1: one thousand dollars a day, imprisoned and deported, you will
• 9:38
  Speaker 1: never return. But if you register using our CBP home
• 9:41
  Speaker 1: app and leave now, you could be allowed to return legally.
• 9:45
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 9:50
  Speaker 1: border and families will be protected.
• 9:53
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 9:55
  Speaker 5: Miami a bit, but I would say Miami is probably
• 9:58
  Speaker 5: a little more on part with DC. I would say
• 10:01
  Speaker 5: two fifty you should be better, but and I only
• 10:05
  Speaker 5: say that because of the housing. I'm only talking about
• 10:07
  Speaker 5: places where your starter house, your one bedroom, one bathroom
• 10:10
  Speaker 5: condo in New York is a million dollars. In La
• 10:12
  Speaker 5: your two maybe three bedroom, one bath, maybe one and
• 10:16
  Speaker 5: a half bath bungalow starter home is a million dollars.
• 10:19
  Speaker 5: So that's kind of where this is coming from. So
• 10:20
  Speaker 5: if you want to kind of be in that starter
• 10:22
  Speaker 5: home position, you want to enjoy the amenities of living
• 10:25
  Speaker 5: in those cities. Well, nobody has to live in New York, right,
• 10:28
  Speaker 5: And we get that all the time as New Yorkers,
• 10:30
  Speaker 5: and I'm sure people in La here and in San Francisco, right,
• 10:33
  Speaker 5: Why would you choose to live in one of the
• 10:34
  Speaker 5: most expensive cities in the world. Well, because of the amenities,
• 10:38
  Speaker 5: Because I like being able to hop on the train
• 10:40
  Speaker 5: and go one stop to Midtown and go to see
• 10:42
  Speaker 5: a Broadway show. The Whiz is coming in a couple
• 10:44
  Speaker 5: of weeks. Like that hype of stuff matters to me.
• 10:47
  Speaker 5: I like being able to go and have, you know,
• 10:49
  Speaker 5: a six course meal at Michelin Star restaurants. Those amenities
• 10:53
  Speaker 5: are white here. But guess what, You're not enjoying any
• 10:55
  Speaker 5: of those amenities if you're making one hundred and fifty
• 10:57
  Speaker 5: thousand dollars a year. I know that because I've made
• 11:00
  Speaker 5: eight one hundred and fifty thousand dollars a year and
• 11:01
  Speaker 5: lived in New York at one period of time, and
• 11:03
  Speaker 5: it was I'm not gonna be so kind of out
• 11:06
  Speaker 5: of touch to say a struggle as in, I never
• 11:09
  Speaker 5: didn't think I knew where my next meal was coming from.
• 11:12
  Speaker 5: But it was not eating out three four times a
• 11:15
  Speaker 5: week and running up Bartack. It just wasn't that. It
• 11:17
  Speaker 5: wasn't going on vacations. It just wasn't that lifestyle. So that, yeah,
• 11:22
  Speaker 5: if you like that, you need a good three hundred
• 11:24
  Speaker 5: thousand in those metropolitans. Now, let's let's go to some
• 11:27
  Speaker 5: other places where we know our people are. Let's go
• 11:29
  Speaker 5: to Charlotte, North Carolina. Let's go to Atlanta. Let's go
• 11:32
  Speaker 5: to Durham, North Carolina. Let's go to maybe some other
• 11:37
  Speaker 5: places in San Francisco. Excuse me, in California, there are
• 11:40
  Speaker 5: not San Francisco or La kind of mid parts of
• 11:44
  Speaker 5: that state and whatever, even Chicago, right, I think if
• 11:47
  Speaker 5: you're making a couple hundred grand, even like probably one
• 11:50
  Speaker 5: seventy five to two twenty five, you should be living
• 11:54
  Speaker 5: very well in those cities, for sure.
• 11:57
  Speaker 2: That's why you're the voice of reason.
• 12:01
  Speaker 5: Yeah, I mean, I mean, stop me when I started
• 12:04
  Speaker 5: lying or sounding crazy. But that's what I've lived, and
• 12:07
  Speaker 5: that's when I have conversations.
• 12:09
  Speaker 2: It's true what that's what it is.
• 12:11
  Speaker 5: So I think when we even talk about who the
• 12:14
  Speaker 5: wealth class is, I think that even has to be
• 12:16
  Speaker 5: adjusted for. Right, A lot of us out here are
• 12:19
  Speaker 5: just approaching the space where we're really entering that part
• 12:22
  Speaker 5: of the conversation. So again, if we're talking about that
• 12:25
  Speaker 5: level of income, why then would it make a lot
• 12:29
  Speaker 5: of sense if we started this whole conversation guys, with
• 12:32
  Speaker 5: marriage specifically being a business transaction where you are jointly
• 12:37
  Speaker 5: liable for both assets and liabilities. Why would a woman
• 12:41
  Speaker 5: making five to a million dollars of income a year
• 12:46
  Speaker 5: be desirous of financially partnering with a very lovely gentleman
• 12:53
  Speaker 5: who made one hundred and fifty thousand dollars a year.
• 12:55
  Speaker 5: And one hundred fifty thousand dollars a year is a
• 12:57
  Speaker 5: lot of money, and in a lot of places you
• 12:59
  Speaker 5: could do a lot, but that one fifty doesn't even
• 13:01
  Speaker 5: probably touch that woman's tax liability. So now, and and
• 13:05
  Speaker 5: and it's not just what that looks like. And I
• 13:07
  Speaker 5: think a lot of people think that when they hear,
• 13:09
  Speaker 5: especially black women say that, it's like, Oh, you just
• 13:11
  Speaker 5: want to run your little sorority events and your little
• 13:13
  Speaker 5: you know this Galley and Jack and Jeeling all this
• 13:15
  Speaker 5: shit and flex. No, we're talking about when it's time
• 13:18
  Speaker 5: to put this child in Dalton or this other private school.
• 13:23
  Speaker 2: What you got on its?
• 13:25
  Speaker 5: What you have on it? Sir?
• 13:29
  Speaker 4: On it?
• 13:30
  Speaker 5: Can you give me it? And it's going to be
• 13:35
  Speaker 5: difficult when it's one sixty coming in the door from you.
• 13:38
  Speaker 5: That's all I'm saying. When my daughter's wanting to go
• 13:42
  Speaker 5: on her ski trip with her fucking friends, whose dad
• 13:45
  Speaker 5: is Jamie Diamond? What do you have on it?
• 13:51
  Speaker 3: Seventeen thousand.
• 13:54
  Speaker 5: And see this is the part right, So now y'all
• 13:57
  Speaker 5: gotta y'all roused up, Thanks fellas. This is part of
• 13:59
  Speaker 5: the conversation that you know, the nuance is found. Now
• 14:04
  Speaker 5: you could say, well, who the hell needs all that?
• 14:06
  Speaker 5: And that's true. Nobody needs to go on ski tripe,
• 14:10
  Speaker 5: nobody needs ballet lessons, nobody needs lacrosse classes. But if
• 14:14
  Speaker 5: that is your desire, and oh, I'm gonna really piss
• 14:18
  Speaker 5: of people off If that's how God has called you
• 14:20
  Speaker 5: to live, then why why is that so demonized too?
• 14:26
  Speaker 2: There's a there's a way.
• 14:27
  Speaker 5: To live out here, period, and when our favorite rappers
• 14:30
  Speaker 5: and ball players do it, everybody celebrates it. But when
• 14:33
  Speaker 5: you're just a regular calm major from A and T,
• 14:37
  Speaker 5: or you're neeering major from FAM, you you get shitted
• 14:41
  Speaker 5: on because you aspire to live that way and I'm not.
• 14:44
  Speaker 5: I don't like it. I don't like it.
• 14:46
  Speaker 2: We don't. We don't have to. That's a fact. Oh wow,
• 14:50
  Speaker 2: A lot to talk about that.
• 14:51
  Speaker 3: But I want to give a shout to the ak are.
• 14:55
  Speaker 2: Yes you are the pinky has gone.
• 14:59
  Speaker 5: Up, Jinky's in full salute, Yeah.
• 15:03
  Speaker 2: Full salute.
• 15:04
  Speaker 3: We recently got honored by the Aka's and my grandmother
• 15:06
  Speaker 3: was AKA.
• 15:07
  Speaker 5: I saw that the honor. Yeah, well you guys, listen.
• 15:10
  Speaker 5: I have a girlfriend who is got it. You know,
• 15:12
  Speaker 5: she's one of these great black women right the NBA.
• 15:15
  Speaker 5: This is this she's looking at doing some career transitioning
• 15:19
  Speaker 5: actually coming from the nonprofit space, getting into more of
• 15:22
  Speaker 5: the financial advising sector. And one of the first resource
• 15:24
  Speaker 5: she's like, where are some resources? I said on your
• 15:26
  Speaker 5: leisure booth, Like just start there, because if you're talking
• 15:29
  Speaker 5: about where the culture is kind of baseline consuming this
• 15:35
  Speaker 5: information and educating themselves and trying to either enter this
• 15:40
  Speaker 5: conversation or expand and elevate it, it is right here
• 15:44
  Speaker 5: in this con it's you guys. You guys have branded
• 15:47
  Speaker 5: that in a way that is unmatched. And y'all know that,
• 15:51
  Speaker 5: so you know it means a lot. I'm glad to
• 15:54
  Speaker 5: hear the sores are honoring and and you know, giving
• 15:56
  Speaker 5: you your flowers because you deserve them.
• 15:58
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 16:02
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 16:06
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 16:10
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 16:14
  Speaker 1: some of the heinous migrant criminals caught because of President
• 16:18
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 16:21
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 16:26
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 16:30
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 16:33
  Speaker 1: are here illegally, your next you will be fined. Nearly
• 16:37
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 16:41
  Speaker 1: never return. But if you register using our CBP home
• 16:45
  Speaker 1: app and leave now, you could be allowed to return legally.
• 16:48
  Speaker 1: Do what's right. Leave now. Under President Trump America's laws,
• 16:53
  Speaker 1: border and families will be protected.
• 16:56
  Speaker 2: Sponsored by the United States Department of Homeland Security,