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10 STEP TO FINANCIAL FREEDOM WITH THE BUDGETNISTA · Earn Your Leisure

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  Speaker 1: This episode is brought to you by P and C Bank.
• 0:03
  Speaker 1: A lot of people think podcasts about work are boring,
• 0:06
  Speaker 1: and sure they definitely can be, but understanding a professionals
• 0:10
  Speaker 1: routine shows us how they achieve their success little by little,
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  Speaker 1: day after day. It's like banking with P and C Bank.
• 0:18
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  Speaker 1: decisions with your bank, but keeping your money boring is
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• 0:43
  Speaker 2: One thing that I see like as my role. I
• 0:45
  Speaker 2: feel like everybody has like a role in whatever. Like
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  Speaker 2: let's just talk about like the financial space, financial education space, right,
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  Speaker 2: So I see my role the same way I saw
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  Speaker 2: my role when I used to teach Sunday school, like
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  Speaker 2: as a teenager preschool as like twenty or early thirties.
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  Speaker 2: And the budget needs to now that you know, like
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  Speaker 2: I'm here to provide you with the financial fundamentals because
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  Speaker 2: I don't care how much money you make. If you
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  Speaker 2: don't have the fundamentals, you can be wiped out, just
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  Speaker 2: like that. I've seen this wiped out. I'll give an example.
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  Speaker 2: I remember I was at speaking at this and speaking engagement.
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  Speaker 2: This woman came up to me and said, I don't
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  Speaker 2: know what I do. I don't know what I should do.
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  Speaker 2: I owe over a million dollars And I was like what.
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  Speaker 2: And she had had cancer and that was her that
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  Speaker 2: was her medical bill when it was all said and done.
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  Speaker 2: So how how are you out earning that? You know
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  Speaker 2: what I mean? Like you out earned a cancer? So like,
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  Speaker 2: those are the financial fundamentals? Are this? I actually call
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  Speaker 2: it financial holeness? Right? So these are the fundamentals. It's budgeting.
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  Speaker 2: People don't want to talk about because it's not sexy
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  Speaker 2: like GameStop that option. But right, like because now the
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  Speaker 2: caveat is this, since it's wealthy, I have multip My
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  Speaker 2: network is more about seven figures. I'm not talking about
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  Speaker 2: like theoretically in stuff. I'm talking about cash. I'm talking
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  Speaker 2: about investments. I'm talking about real estate, like I have money.
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  Speaker 2: Just to preface it with that, because because you don't
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  Speaker 2: don't play yourself play third person, because no, because sometimes
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  Speaker 2: people here and foremost don't ever play yourself. No. I
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  Speaker 2: share that because I because when people hear the fundamentals,
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  Speaker 2: they're like, wah, wah broke. No, there's nothing broke here.
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  Speaker 2: Not only am I wealthy, I'm debt free like a
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  Speaker 2: five year old. I don't owe nobody nothing, not even
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  Speaker 2: my businesses. Like I have five business here, right, we
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  Speaker 2: made eight figures last year, just over ten millions. I'm
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  Speaker 2: not saying that to brag. I'm saying that to set
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  Speaker 2: the stage four. I'm talking about fundamentals from a place
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  Speaker 2: of you can grow wealth, from a place of fundamentals
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  Speaker 2: and wealth that you can actually keep. So let's go
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  Speaker 2: over the ten financial financial fundamentals. I like to call
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  Speaker 2: it financial wholeness. It's a holistic view of your finances.
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  Speaker 2: One budgeting, two savings, three debt. You have to manage debt.
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  Speaker 2: You don't have to be debt for three. You know,
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  Speaker 2: I know people like debt free, debt free. Guess who
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  Speaker 2: else is debt free? I told y'all, like my literally,
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  Speaker 2: today is my niece's birthday, right, and she don't have
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  Speaker 2: no mortgage, no car, no no, no nothing, and she's four.
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  Speaker 2: Happy birthday. Shout out to you girl, But you're still broke.
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  Speaker 2: You know, because debt freedom doesn't equal We mentioned that before.
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  Speaker 2: Debt freedom does not equal wealth. Right, So three debt
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  Speaker 2: for credit? Right, credit is a lever. I don't think
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  Speaker 2: people understand that. Like, like, think about a door. A
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  Speaker 2: door is a lever. This small knob can can twist
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  Speaker 2: a big door. That's what credit is able to do.
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  Speaker 2: It is a small amount of money that's able to
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  Speaker 2: give you access to large amounts of money. Right, this
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  Speaker 2: is what credit is. Five. Learning to earn, increasing your income.
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  Speaker 2: I hope you're writing this down. Okay, you have to
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  Speaker 2: learn to earn, you know, Like it's not just enough
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  Speaker 2: to budget and save. You're not gonna budget and save
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  Speaker 2: your way to wealth. It's great foundational stuff, but you
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  Speaker 2: have to know how to bring money into your household. Six.
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  Speaker 2: Investing for both retirement and wealth. I make the distinction
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  Speaker 2: because to me, investing for retirement is really investing in
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  Speaker 2: a way that will help you to maintain your current lifestyle.
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  Speaker 2: That's the yes, Like, are we trying to eat cat food?
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  Speaker 2: What are we doing? No? You know, but investing for
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  Speaker 2: wealth is being able to increase your current lifestyle and
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  Speaker 2: leave money for your airs. So I like to separate
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  Speaker 2: retirement and wealth. So that is six seven. Insurance. It
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  Speaker 2: is super important. Health insurance, life insurance, disability insurance, right,
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  Speaker 2: property and casualty insurance. Think of like home and auto.
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  Speaker 2: Are you insured? Insurance is a risk management tool. Insurance
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  Speaker 2: is there to protect you and your assets just in
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  Speaker 2: case you need it. Most people are under insurance. I know.
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  Speaker 2: I was like, I thought I was good. I'm like, oh,
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  Speaker 2: I'm good out here in these streets. I sat down
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  Speaker 2: with a friend of mine who's a CFP, and she said,
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  Speaker 2: let me see your stuff. She was like, okay, everything's good, Tiffany.
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  Speaker 2: But you're insured like you're twenty. I was like, I
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  Speaker 2: look twenty. She's like, but you're not twenty, right, And
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  Speaker 2: so she was like, you needed a Brella policy. I
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  Speaker 2: was like, ooh, how much is that going to cost me?
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  Speaker 2: Because SIS is really the bunch of thees. Talk about that.
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  Speaker 2: Can you talk about that umbrella please? Yes? And so
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  Speaker 2: the umbrella policy, it's like the low key secret. I
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  Speaker 2: was like, okay, she said, let's start off. This was
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  Speaker 2: like maybe two years ago. Let's start off with so
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  Speaker 2: you have your normal basic insurance, like you know, I
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  Speaker 2: have homeowners insurance, I've got car insurance, but I also
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  Speaker 2: have business insurance. And she's like, just in case those
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  Speaker 2: things are maxed out, because something happens, someone falls, and
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  Speaker 2: they they see you for more than this other insurance
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  Speaker 2: can cover. You have this umbrella policy, right, and so
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  Speaker 2: for me an additional one million dollars, which I was like,
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  Speaker 2: ooh sounds pricey. It was four hundred dollars a year.
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  Speaker 2: It's cheap, yeah, I said, what they don't tell you
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  Speaker 2: these things in these streets. Yes, And umbrella policy is
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  Speaker 2: is just a great way to make sure. So then
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  Speaker 2: I increase it. As my wealth increases, I increase that
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  Speaker 2: umbrella policy. And it like it's a lever too. A
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  Speaker 2: little bit of money gives you access to all this covered.
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  Speaker 2: So seven, get good with insurance. Eight girl rich is
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  Speaker 2: you're in net worth. Don't tell me how much you made,
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  Speaker 2: how much you keep? Right, So that's cute that like, oh,
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  Speaker 2: I made seven million dollar last year. They won't tell
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  Speaker 2: you that they spent eight million in marketing. Right. Net
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  Speaker 2: Worth is what you own minus what you owe. If
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  Speaker 2: you owe a whole lot, it doesn't matter if you
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  Speaker 2: own a whole lot, because at the end of the day,
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  Speaker 2: if all the people that you owe come a call in,
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  Speaker 2: you're broke, right, So maintaining a positive net worth that's important. Nine.
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  Speaker 2: Picking your money team, y'all? Are you doing it? Y'all?
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  Speaker 2: Listen to these fellows right here. You want to have
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  Speaker 2: financial professionals in your life. I believe in having the
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  Speaker 2: accountability partner because I think money is a team sport.
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  Speaker 2: But I also believe like you might look into you
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  Speaker 2: might look into a insurance broker, but you want to
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  Speaker 2: have people on your financial team. And that's not least
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  Speaker 2: estate planning, you know, planning your legacy. But it doesn't
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  Speaker 2: make sense to do all of this and not to
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  Speaker 2: pass off. That's the problem that we've had a hard time.
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  Speaker 2: I've known black folks that have grown wealth, known Brown
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  Speaker 2: people that have grown wealth. But sometimes the passing on
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  Speaker 2: is what we have a hard time with. The passing
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  Speaker 2: on of knowledge, the passing on of wealth, you know,
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  Speaker 2: from one generation to the next. That's your ten components.
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  Speaker 2: Like here's the thing about financial freedom, right, I'm not
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  Speaker 2: a big fan of that phrase. Here's why, because you
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  Speaker 2: can be financially free and not be financially whole. You
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  Speaker 2: can have all the money. You could have all those things,
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  Speaker 2: but you could be missing, like for example, Prince financially free.
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  Speaker 2: We can all agree man was wealthy. Was he financially whole? No,
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  Speaker 2: he didn't have an estate plan. So when Prince died,
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  Speaker 2: he used to give a lot of money to to
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  Speaker 2: like music programs because he believed it saved them as
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  Speaker 2: a kid. So when he died, his closest relative was
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  Speaker 2: his sister. We don't know if she's big on music programs.
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  Speaker 2: You know, his money is gonna do what she wants
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  Speaker 2: it to do. So I say that not to say,
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  Speaker 2: don't go after financial freedom, but I'll go for a
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  Speaker 2: holistic view of your money. And so literally that's why,
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  Speaker 2: you know, because the fellaw's hello, That's why I w
• 8:02
  Speaker 2: Get Good with Money. Ten simple steps to becoming financially all.
• 8:06
  Speaker 2: It's available at get good with money dot com. Not
• 8:08
  Speaker 2: for real. I see myself like as like the school
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  Speaker 2: teacher of personal finance, Like I want you to get
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  Speaker 2: the fundamentals so that way, that way, no matter what
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  Speaker 2: you build on this fund this financial foundation, y'all. Like
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  Speaker 2: when this last, like the last recession two thousand and
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  Speaker 2: two thousand and twenty ten hit, You'll rock me to
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  Speaker 2: the core. I lost everything. I said never again. This
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  Speaker 2: time when a hit, I made money, you know, like
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  Speaker 2: I made money, My business tripled because I said, I'm
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  Speaker 2: going to position myself to have such a strong foundation
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  Speaker 2: that when things happen, it's the difference between being a
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  Speaker 2: tree and being an electric poll. Some of y'all out here,
• 8:51
  Speaker 2: not y'all, but some of y'all out here so interested
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  Speaker 2: in being as big and tall and obvious as possible,
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  Speaker 2: Like look at me, look at me, and you're this
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  Speaker 2: this electric pole and it looks dope because it looks
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  Speaker 2: so high. Right, it flung up quickly, and you're laughing
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  Speaker 2: at the tree. Tree is going slow. You're like, I
• 9:08
  Speaker 2: had look at the tree. Then earthquake comes that pole
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  Speaker 2: is this deep in the ground, pole falls over tree,
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  Speaker 2: got what roots? Right? And so that's what I'm wanting
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  Speaker 2: for you. I'm wandering for all of us to have
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  Speaker 2: like this deep financial foundation. So everything you're learning in
• 9:24
  Speaker 2: ey l, everything you're learning in market mondays, these are
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  Speaker 2: things that you're building on top of your financial your
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  Speaker 2: financial foundation, so that house can stand, so you can
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  Speaker 2: you can give that house to someone else. My graduates
• 9:39
  Speaker 2: from my school being forced back drop drop Mike, drop
• 9:45
  Speaker 2: backdrop drop erners. What's up?
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