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EYL #158 The Real Deal: Getting Real About Taboo Money Questions · Earn Your Leisure

0:00
Speaker 1: Coach, the energy out there felt different. What changed for
0:03
Speaker 1: the team today?
0:03
Speaker 2: It was the new game day scratches from the California
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Speaker 2: Lottery players.
0:07
Speaker 3: Everything.
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Speaker 4: Those games sent the team's energy through the roof.
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Speaker 1: Are you saying it was the off field play that
0:11
Speaker 1: made the difference on the field.
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Speaker 4: Hey, little play makes your day, and today it made
0:15
Speaker 4: the game.
0:16
Speaker 1: That's all for now, Coach, one more question play the
0:19
Speaker 1: new Los Angeles Chargers, San Francisco forty nine ers and
0:22
Speaker 1: Los Angeles Rams scratchers from the California Lottery. A little
0:25
Speaker 1: play can make your day. Peace made responsibly. Must be
0:28
Speaker 1: eighteen years or older to purchase late or claim.
0:32
Speaker 5: My graduates from my school being forced back drop.
0:36
Speaker 4: Bag drop, Mike drop back drop b drop.
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Speaker 2: Have you shared in this episode of Personal Opinions and
0:52
Speaker 2: Not endorsed by Google or Google Pay?
0:55
Speaker 6: Thanks to Google Pay for sponsoring this episode. Alright, guys,
0:59
Speaker 6: welcome to a very special episode of Early a Lisia.
1:03
Speaker 6: So you know, this is something that we haven't done
1:07
Speaker 6: in the past, but we're looking forward to where we're
1:09
Speaker 6: going to talk about some real topics related to finance
1:14
Speaker 6: that you know people have questions about, people always ask,
1:18
Speaker 6: but nobody really ever touches these things. So we're gonna
1:24
Speaker 6: get into it. And you know, we got some familiar
1:27
Speaker 6: faces that's joining us today.
1:30
Speaker 3: So legends in the game for sure.
1:32
Speaker 6: So the first one. If you're watching Lisia, if you
1:35
Speaker 6: have watched Lidia, I'm pretty sure you get very, very
1:39
Speaker 6: familiar with Kizzia. She has been on market Monday, she's
1:45
Speaker 6: been on Earn Alesia, and she was a start investvest
1:50
Speaker 6: So yeah, the Holy Trilogy. So yeah, I'm pretty sure
1:55
Speaker 6: you know Professor Keys if you're on Instagram, if you
1:58
Speaker 6: follow Earn a Lisia, it's just killing the game. A
2:01
Speaker 6: brilliant entrepreneur, extremely gifted and talented. Uh you know, one
2:08
Speaker 6: of the best speakers that we have come across, and
2:11
Speaker 6: she really really knows her stuff. So teaching, teaching, entrepreneur,
2:14
Speaker 6: teaching financial literacy, there's no one better in the game
2:18
Speaker 6: than Professor Keys. So uh, Professor.
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Speaker 3: Keyese, it's gonna be fun.
2:23
Speaker 6: Welcome, Welcome back to e y l Hi, guys.
2:27
Speaker 7: It is a pleasure to be here with the ghosts
2:30
Speaker 7: the greatest of all time. Y'all know, I absolutely love
2:34
Speaker 7: you you guys, and I love giving you all hugs,
2:36
Speaker 7: hugging your nack in Atlanta. Congratulations on all of your
2:41
Speaker 7: success you already know, I mean your stories, I mean
2:43
Speaker 7: your timeline, I mean your feed. So thank you so
2:46
Speaker 7: much for having me back on the show. I can't
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Speaker 7: wait to have conversations about taboo topics related to money.
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Speaker 3: Yeah, this is going to be fun, and we brought
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Speaker 3: some folks along with us.
2:55
Speaker 2: So I wanted to give a quick shout out to
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Speaker 2: the good folks at Google pay for sponsoring this episode
3:00
Speaker 2: and your Lidia. Y'all know if you don't Google pay,
3:02
Speaker 2: is it safe and simple and helpful way to manage money?
3:05
Speaker 2: And since we always talk about ways of making money
3:07
Speaker 2: and how to earn money right earn your Lesia, it's
3:10
Speaker 2: the most important that we know how to manage that money.
3:12
Speaker 2: So Google pay is an app that can definitely help
3:14
Speaker 2: you with that. It gives you insight into your spending
3:16
Speaker 2: through features like weekly summaries, tracking trends over time, and
3:19
Speaker 2: showing what you spent at every business so you can
3:22
Speaker 2: do what you really want to do with your money.
3:24
Speaker 3: I remember you come from the days of where you
3:26
Speaker 3: kept every receipt after you spend none of those days.
3:27
Speaker 2: Yeah, so when you got to app like Google pay,
3:30
Speaker 2: do all that and one another thing that it does
3:32
Speaker 2: track is obviously you're spending.
3:34
Speaker 3: Since we're on the.
3:34
Speaker 2: Road a lot and we eat out all the time,
3:37
Speaker 2: you get to see what the money is really going.
3:38
Speaker 3: Man, So remember what we got to come back on
3:40
Speaker 3: them spending for our food and we got to fix
3:42
Speaker 3: our eyes.
3:46
Speaker 6: You get to track everything that you spend, So shout
3:48
Speaker 6: out the shop to Google. The Google always decided the time,
3:51
Speaker 6: So yeah, yeah, a Google pay. So let's get into this.
3:55
Speaker 6: So all right, we're going to talk about a variety
3:57
Speaker 6: of different things today and it's going to be a
3:59
Speaker 6: free flowing conversation. So the first thing we want to
4:02
Speaker 6: talk about is financial etiquette as far as like what's
4:06
Speaker 6: table right, because this is something that's extremely important not
4:09
Speaker 6: only for adults, but for adults that's teaching their children.
4:14
Speaker 6: And I feel like children learn about financial literacy through us,
4:18
Speaker 6: through adults, through their parents. So sometimes I feel like
4:22
Speaker 6: we're teaching children bad habits without even actually realizing. So
4:29
Speaker 6: I'm going to talk about a couple of different things.
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Speaker 6: I want to get your opinion, and I want you
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Speaker 6: to rate these things on the taboo scale, one being
4:37
Speaker 6: not tabled at all, ten being extremely table, and then
4:41
Speaker 6: I'm going to ask you, you know, if it's the
4:43
Speaker 6: wrong way to actually phrase the question, what will be
4:46
Speaker 6: the right way to phrase the question? So the first
4:48
Speaker 6: one that I want to ask you is this.
4:50
Speaker 3: We got to see if she's ready?
4:51
Speaker 8: You ready, I'm ready.
4:54
Speaker 7: I feel like this is double Dutch and I'm on
4:56
Speaker 7: the outside. Just kind of do it like this like
4:57
Speaker 7: tack me in, guys on.
5:00
Speaker 3: That was a rhetorical question.
5:02
Speaker 6: We always the first one. This is something that I
5:07
Speaker 6: actually recently gave a Ted talk about this. I used
5:11
Speaker 6: to always ask adult this all the time and I
5:13
Speaker 6: got I never really got a real answer. How much
5:18
Speaker 6: money do you make? This is extremely important question. I'm
5:20
Speaker 6: going to explain is why this is important because I
5:22
Speaker 6: feel like, especially for children, in order for them to
5:26
Speaker 6: aspire to be something, it's good to actually have a
5:30
Speaker 6: gauge of what to expect. So it's like, all right,
5:32
Speaker 6: you might want to be an architect, but how much
5:35
Speaker 6: money does an architect make? Depending on how much money
5:37
Speaker 6: an architect makes, that might determine if you actually want
5:40
Speaker 6: to be an architect or not. So it's easy to
5:42
Speaker 6: find out how much a sports player makes because we
5:46
Speaker 6: could just look and see how Hey, Lebron James makes
5:48
Speaker 6: forty million dollars a year, so that's easy. But you
5:52
Speaker 6: know a lot of these other professions are not listed
5:55
Speaker 6: and you don't know. So when I used to ask
5:57
Speaker 6: these questions a lot, you know, sometimes people tell you,
6:00
Speaker 6: but a lot of times they'd be like, you know,
6:01
Speaker 6: that's rule, don't ask adults, and even as adults sometimes,
6:06
Speaker 6: like being a financial advisor, I used to have to
6:10
Speaker 6: sit down with clients and I would ask them, you
6:13
Speaker 6: know how much money you made? After a while, people
6:16
Speaker 6: started telling me. But a couple of times people would
6:19
Speaker 6: get a little nervous and they'd be like they were
6:22
Speaker 6: it was weird. So I could tell that they were
6:24
Speaker 6: wired from a young age to not not to discuss
6:28
Speaker 6: how much money they make. So how do you feel
6:30
Speaker 6: about that? Is that a taboot question to ask or not?
6:34
Speaker 7: Okay, So I'm gonna write this guys, and Rashad you've
6:38
Speaker 7: already kind of tap into it. On a scale from
6:41
Speaker 7: one ten, I would rate this like an ad like
6:45
Speaker 7: a nine, maybe nine.
6:47
Speaker 8: And a half.
6:48
Speaker 7: And the reason why I say that is some of
6:50
Speaker 7: the reasons that you already alluded to, and it's that
6:53
Speaker 7: I think that society sometimes erroneously associates someone's personal wealth
7:00
Speaker 7: but the economic value that they create specifically in the workforce,
7:04
Speaker 7: and we know that this correlation is absolutely incorrect.
7:08
Speaker 3: Right.
7:08
Speaker 7: People can create value in many different ways, both inside
7:12
Speaker 7: and outside the workplace. So when we enter into conversations
7:15
Speaker 7: and we know that this is very much a taboo topic,
7:18
Speaker 7: I think we enter into what some folks call the
7:21
Speaker 7: numbers game, right, where the person who has the highest
7:25
Speaker 7: number is somehow perceived as being the winner, that number
7:29
Speaker 7: being your wage and your salary, and those folks who
7:31
Speaker 7: have the lower number, right, those folks feel a little shame,
7:35
Speaker 7: maybe you feel a little disappointment because you feel like
7:37
Speaker 7: you can't compete with that individual. But here's the thing, right,
7:41
Speaker 7: there are so many different ways in which salary and
7:44
Speaker 7: earning can be influenced.
7:46
Speaker 8: One of those things is negotiation.
7:48
Speaker 7: But there's also a few things that you can't really
7:50
Speaker 7: control to a certain extent.
7:52
Speaker 8: Office politics.
7:53
Speaker 7: We know offices have their own little political ideologies and
7:57
Speaker 7: the ways that people operate.
7:58
Speaker 8: There's also the wage gain.
8:00
Speaker 7: So people of color and also women specifically are affected
8:04
Speaker 7: by that. I'm a black woman, I've been affected by that.
8:07
Speaker 7: But then also company budgets. So when you think about
8:09
Speaker 7: the social sector, there are people who create maximum value
8:13
Speaker 7: in really phenomenal ways, but the way in which the
8:16
Speaker 7: budget is set up, perhaps they can't be compensated to
8:18
Speaker 7: the extent to which is they contribute. So when we're
8:21
Speaker 7: talking about the numbers game, one of the things that
8:24
Speaker 7: I think is it becomes taboo because people are trying
8:27
Speaker 7: not to.
8:27
Speaker 8: Quote unquote lose.
8:29
Speaker 7: On the other hand, though, I think it's important that
8:31
Speaker 7: we absolutely have those conversations. I was reading or report
8:34
Speaker 7: by Society of Human Resource Managers and one of the
8:37
Speaker 7: things that they said is women negotiate their salary. Only
8:41
Speaker 7: forty five percent of women negotiate their salary.
8:44
Speaker 8: And when you're talking about.
8:45
Speaker 7: Men, sixty eight percent of men negotiate their salary. And
8:49
Speaker 7: the way that you come in at a job, that
8:50
Speaker 7: starting salary can influence the ways in which you earn
8:53
Speaker 7: over the years.
8:55
Speaker 6: Well, let me just follow up on that, because that
8:58
Speaker 6: actually fly a follow up. So negotiation of job this
9:03
Speaker 6: is also a very awful conversation. I want to ask
9:05
Speaker 6: you a two part questions. The first one is going
9:08
Speaker 6: to be from an employee standpoint. So when you're at
9:11
Speaker 6: a job, interview and you get through all of this
9:15
Speaker 6: situation and all of that, at what point should you
9:20
Speaker 6: ask how much you're going to be paid? Or should
9:24
Speaker 6: you say this is how much I would like to
9:26
Speaker 6: be paid, because this is something that's real. You know,
9:29
Speaker 6: everybody's kind of nervous with their job, so a lot
9:32
Speaker 6: of people are going in and they're scared to say
9:36
Speaker 6: how much they want to be paid. They don't even
9:38
Speaker 6: ask how much, and then it's like you just take
9:40
Speaker 6: whatever is offered to you. So at what point should
9:45
Speaker 6: you bring up salary and how should you bring that up?
9:49
Speaker 3: And then we got to rate that because that's a
9:50
Speaker 3: great question. But on one to ten, what are we
9:52
Speaker 3: going with this?
9:54
Speaker 7: Yeah, well, I mean I think it's a not for
9:56
Speaker 7: a table conversation, but we have to rate the extent
9:58
Speaker 7: to which you should be asking the question. It should
10:00
Speaker 7: be an absolute ten. And I think that's where the
10:03
Speaker 7: research comes into play. And you always like to say,
10:06
Speaker 7: don't swim in the ocean of knowledge and drowning ignorance.
10:09
Speaker 7: You want to make sure that you're doing your research
10:11
Speaker 7: about that particular position even as you're applying to the job.
10:15
Speaker 7: But you also want to find people who are in
10:17
Speaker 7: that industry and you want to have a courageous conversation.
10:21
Speaker 7: Maybe you don't approach it like young ershad and you say, hey,
10:24
Speaker 7: how much money you do?
10:25
Speaker 8: You may, but you.
10:26
Speaker 7: Say in context, I'm trying to enter into your industry, right,
10:31
Speaker 7: and I see the position that you work.
10:33
Speaker 8: I aspire to be where you are.
10:35
Speaker 7: Can you give me the range in which people in
10:38
Speaker 7: this position make in regard to salary. What I've learned
10:42
Speaker 7: is sometimes people are more comfortable to give you a range.
10:44
Speaker 7: Remember they're making one hundred thousand dollars, but they don't
10:46
Speaker 7: want to tell you that, and they'll say you can
10:48
Speaker 7: make between ninety one hundred and fifteen. You pair that
10:50
Speaker 7: up with the research that you find on the internet,
10:53
Speaker 7: and I think that sets you up in a good
10:54
Speaker 7: position so that when you go into the interview, you
10:57
Speaker 7: can ask what are they offering?
10:59
Speaker 8: And you know, at least from your negotiation position, what
11:02
Speaker 8: may be fair or not.
11:04
Speaker 2: Yeah, I'm going to go back to the beginning question
11:06
Speaker 2: because twenty years ago, that's exactly how I got into
11:09
Speaker 2: the professional teaching. I asked the teacher, my favorite phys
11:12
Speaker 2: that teacher, I said, how much you make? He told
11:13
Speaker 2: me one hundred and fifty thousand. I said, you.
11:16
Speaker 3: Can make that as a teacher, and he told me
11:17
Speaker 3: again he had a whole plan.
11:21
Speaker 9: This was it.
11:22
Speaker 3: He had base salary, which is one hundred and twenty.
11:24
Speaker 3: He had been working for twenty five years.
11:26
Speaker 2: And then he coached sports that he thought nobody really
11:28
Speaker 2: cared about at the school. So he was the golf
11:30
Speaker 2: coach in our community. People weren't really playing golf. He
11:33
Speaker 2: was the bowling coach. We didn't even know we had
11:35
Speaker 2: a bowling team, and ye had soccer coach, and so
11:38
Speaker 2: he combined all those salaries, and I said, that's what
11:40
Speaker 2: I want to be. And so I'm glad that you
11:42
Speaker 2: asked that shot, that you asked that question and the
11:44
Speaker 2: way your answered perfect. But I'm going to ask you
11:47
Speaker 2: one and you can rate this one to ten on
11:48
Speaker 2: taboo because how much you make is important, But how
11:51
Speaker 2: much do you owe is another conversation that we really
11:55
Speaker 2: have and it can be a little country and be
11:59
Speaker 2: a little embarrassed. But how you rate it and how
12:01
Speaker 2: do we ask this in a more comforment.
12:04
Speaker 7: Yeah, that's a really good question. I would say I
12:06
Speaker 7: would rate that up at a nine or ten. A
12:10
Speaker 7: lot of us experience a lot of anxiety, you know,
12:13
Speaker 7: as it relates to money, right, And a lot of
12:15
Speaker 7: that anxiety is triggered by life experiences.
12:18
Speaker 2: Right.
12:18
Speaker 7: Maybe you're going through a divorce. You're trying to figure
12:20
Speaker 7: out how much just separation is going to cause. Maybe
12:23
Speaker 7: you spend all the way up to your credit limit. Right,
12:26
Speaker 7: maybe you're behind on your car payments. And a lot
12:28
Speaker 7: of this has to do with, right, the money that
12:31
Speaker 7: you owe or that you could owe, And a lot
12:33
Speaker 7: of people feel a lot of embarrassment around that because
12:35
Speaker 7: they think that people might judge them. I think the
12:38
Speaker 7: way in which you approach that conversation is going to
12:40
Speaker 7: go back to the C word that I mentioned earlier,
12:43
Speaker 7: and that has to do with contexts.
12:45
Speaker 8: Why are you asking me?
12:47
Speaker 7: Like when you ask that question to another individual, is
12:50
Speaker 7: it because you're asking that question because you want to
12:52
Speaker 7: support them? Are you asking that question because you would
12:55
Speaker 7: like to share information? Are you asking that question for
12:57
Speaker 7: real practical things like maybe you're in a relationship and
13:00
Speaker 7: you're about to move in together. Right, you're thinking that
13:03
Speaker 7: you're about to get into a relationship get married to somebody,
13:05
Speaker 7: but you're marrying them and you're marrying their earning And
13:08
Speaker 7: also their debt and so having that type of conversation
13:11
Speaker 7: can help sex you up with the type of financial
13:14
Speaker 7: plan to platform you in a position where you can
13:16
Speaker 7: be successful. I think context around the ways in which
13:20
Speaker 7: we manage currency is the best ways in which we
13:23
Speaker 7: can have these conversations.
13:26
Speaker 6: Let me ask you this for business owners, this is
13:30
Speaker 6: another awkward conversation to have when people ask how much
13:37
Speaker 6: are their services? And I see this all the time.
13:40
Speaker 6: People kind of get nervous. Some people say, you can
13:44
Speaker 6: give me what you think is worth. People they'll say, like, well,
13:48
Speaker 6: it's cost this, but for you, I'll do this. Like
13:52
Speaker 6: I feel like this is extremely important for entrepreneurs to
13:55
Speaker 6: be confident in their in their price points. So how
14:01
Speaker 6: do you develop confidence in your price points? And how
14:04
Speaker 6: do you know? Because I know why people short change
14:07
Speaker 6: themselves because they're thinking that they're going to say a
14:10
Speaker 6: number that's too high and people are going to walk
14:13
Speaker 6: away and they'll rather take some money than no money.
14:16
Speaker 6: But doing that actually compromising the business and technrituy. Really,
14:22
Speaker 6: what's your advice for business owners?
14:24
Speaker 7: Listen you speaking my language. Now, that's entrepreneurship. I always
14:29
Speaker 7: tell folks, if you are selling a product or service,
14:32
Speaker 7: then nobody wants to buy.
14:34
Speaker 8: You don't have a business, you have a hib B.
14:37
Speaker 7: But on the other hand, sometimes you absolutely do have
14:40
Speaker 7: a business, but you have the wrong customer. As an entrepreneur,
14:44
Speaker 7: it is absolutely important that you price the product according
14:48
Speaker 7: to what it took for you to craft that product.
14:51
Speaker 7: What are all the materials, right? What are all the
14:53
Speaker 7: services that you have to pay for in order for
14:56
Speaker 7: you to bring that product to market. After you do that,
14:59
Speaker 7: you have to the type of customer for which your
15:02
Speaker 7: product or service is a solution. And when you find
15:05
Speaker 7: that person, it's important for you to understand this. You
15:08
Speaker 7: need to charge what it costs, unapologetically, and they need
15:12
Speaker 7: to pay what it's absolutely worth. I heard you mentioned, Hey,
15:17
Speaker 7: you know, I know these individuals right pay you know
15:20
Speaker 7: whatever it is because we have a relationship.
15:22
Speaker 8: But here's the thing with friends and family discounts.
15:25
Speaker 7: Right one, there's a lot of people asking for the
15:27
Speaker 7: friends and family discount and they're not even related to you.
15:31
Speaker 8: And number two, when it comes out for.
15:33
Speaker 7: Friends and family discounts and people pricing out products, they
15:37
Speaker 7: weren't there when you started your t shirt business and
15:39
Speaker 7: you had to figure out whether it was going to
15:41
Speaker 7: be direct to government print, whether you had to get
15:43
Speaker 7: an envelope, whether you was going to stamp it, whether
15:45
Speaker 7: it was going to be a drop ship. They weren't
15:48
Speaker 7: there looking at your cash flow statements, cash and cash out,
15:52
Speaker 7: So asking them to make a business decision as a consumer,
15:56
Speaker 7: it's just not the right entrepreneurial approach.
16:00
Speaker 3: You professor keys for nothing.
16:04
Speaker 8: What I had to fend the family discount.
16:06
Speaker 7: I was like, listen, I just grewen these and just
16:08
Speaker 7: that y'all trying to, you know, snatch them out.
16:10
Speaker 6: Listen, crazy family they just met yesterday exactly.
16:18
Speaker 3: We passed that segment with flying colors.
16:20
Speaker 2: We're going to move on to our next sevent It's
16:22
Speaker 2: called best move, worst move, And so a lot of
16:25
Speaker 2: times we have a relationship with money.
16:27
Speaker 3: Could be positive, it could be negative.
16:29
Speaker 2: But everybody's gonna have a relationship with it, and everybody's
16:31
Speaker 2: gonna have a journey that comes along with it. So
16:33
Speaker 2: I want to start with what is the best move
16:36
Speaker 2: somebody can have in the beginning or in the middle
16:39
Speaker 2: part of their financial journey.
16:43
Speaker 7: I always tell people that you have to put your
16:46
Speaker 7: money to work. I like to think of my money
16:50
Speaker 7: as a person. Right in my financial life. And what
16:53
Speaker 7: that means is that money can't live in my house
16:57
Speaker 7: and not go get yourself a job. What what I
17:00
Speaker 7: mean by that? That means that your money needs to
17:02
Speaker 7: be going to work for you and your savings account. Right,
17:06
Speaker 7: are you saving money in an account that accrues interest?
17:10
Speaker 8: Right?
17:11
Speaker 7: Your money needs to be going to work for you
17:14
Speaker 7: in investments, however, that looks like whether you're investing in
17:17
Speaker 7: real estate or whether you're investing through.
17:18
Speaker 8: A brokerage account. Inflation is real.
17:21
Speaker 7: I mean this year, I think they're estimateing that inflation
17:24
Speaker 7: is going to be between four percent and six percent.
17:26
Speaker 7: And that means that your dollar today is not worth
17:29
Speaker 7: the same as your dollar last year.
17:31
Speaker 8: So how is your money going to work?
17:32
Speaker 7: In investments where the returns can be much higher than
17:35
Speaker 7: what inflations could be ten percent, twelve percent? That is
17:38
Speaker 7: money going to work. Finally, you need to be thinking
17:41
Speaker 7: about how your money could be going to work in
17:43
Speaker 7: multiple streams of income. I have perhaps a similar story
17:47
Speaker 7: to you, Troy.
17:48
Speaker 2: I don't know, but.
17:49
Speaker 8: I was working a job for a little bit.
17:51
Speaker 7: I got hired into the job as an events manager,
17:55
Speaker 7: and I inherited a really talented administrative assistant we work
17:59
Speaker 7: together for two years.
18:00
Speaker 8: She went and she found another position, another job.
18:04
Speaker 7: But when she left, she said, now I'm going to
18:06
Speaker 7: make sixty thousand dollars. It's ten thousand more than what
18:09
Speaker 7: I'm making now, which would have been fifty thousand. Well,
18:11
Speaker 7: the crazy thing about it is at that time I
18:14
Speaker 7: was making forty two thousand dollars. My administrative assistant was
18:18
Speaker 7: making more than me for two years. And when I
18:22
Speaker 7: heard that conversation, one of the promises that I made
18:24
Speaker 7: to myself. One, I would be having a courageous conversation
18:27
Speaker 7: as it relates to negotiations. But two, I need to
18:29
Speaker 7: make sure that I put the money that I'm earning
18:32
Speaker 7: to work in a side business, in a side hustle.
18:37
Speaker 7: The thing that I want people to realize and understand
18:39
Speaker 7: when it comes down to best money moves is that
18:41
Speaker 7: if your money is in your house, eating up all
18:43
Speaker 7: your food, drinking up all your water, leaving your lights on,
18:46
Speaker 7: running your life, buila, then your money is proverbally under
18:50
Speaker 7: your mattress.
18:51
Speaker 3: So all right, so those are the best moves.
18:54
Speaker 2: What are some of the worst moves that people can
18:57
Speaker 2: make and have made in their financial journce.
19:01
Speaker 7: I would say this not getting all up in your
19:04
Speaker 7: money's business. And I don't know how y'all grew up
19:07
Speaker 7: in your household, but this is how I grew up.
19:10
Speaker 7: We don't lock no doors in my house because when
19:12
Speaker 7: you lock a door in your house, when you a child.
19:14
Speaker 8: Gets taken off the hinges.
19:15
Speaker 2: Right.
19:16
Speaker 7: When it comes down to privacy, of course, you want
19:18
Speaker 7: to respect the privacy of your child. But if you're
19:20
Speaker 7: you know, paying all the bills in your house, let
19:22
Speaker 7: me tell you something, there's not going to be too
19:24
Speaker 7: many secrets up in that house. I think sometimes when
19:27
Speaker 7: it comes down to money, people make guestiments when it
19:31
Speaker 7: comes to spending and also when it comes to earning.
19:35
Speaker 7: And so I'd like to tell people you need to
19:37
Speaker 7: get all up in your money's business.
19:39
Speaker 8: What does that look like?
19:40
Speaker 7: So we're talking about savings, people say, okay, you need
19:43
Speaker 7: to have three to six months worth of emergency savings.
19:46
Speaker 7: In order to calculate that, you need to understand how
19:50
Speaker 7: much you make each month.
19:52
Speaker 8: Have you taken a critical look.
19:54
Speaker 7: At your earnings, at your deposits and also looked at
19:57
Speaker 7: what you spend so cash in and cash oh, and gotten.
20:01
Speaker 8: Down to that bottom number.
20:02
Speaker 7: That's a big reason why like Google pay because you
20:04
Speaker 7: can see the money that you spent. You can also
20:07
Speaker 7: search like deposits, and it lets you know how many
20:09
Speaker 7: deposits have come in and you can also see what
20:11
Speaker 7: you spent. The other thing is I think it's important
20:14
Speaker 7: for you to understand if you're investing in let's say
20:18
Speaker 7: you're retirement, so an individual retirement account of four one K,
20:21
Speaker 7: four three B. Have you opened up that account and
20:25
Speaker 7: started asking yourself critical questions about the mutual funds or
20:29
Speaker 7: the securities in which you selected, right, So that's getting
20:31
Speaker 7: into your money's business, like do you know why you
20:34
Speaker 7: chose that mutual fund?
20:35
Speaker 8: Do you know why you want.
20:36
Speaker 7: To invest in a specific index? Also, separately, as it
20:41
Speaker 7: relates to a side business, as I've brought up earlier,
20:44
Speaker 7: you need to make sure that you're understanding how much
20:47
Speaker 7: money your side hustle is bringing in and also how
20:49
Speaker 7: much your side hustle or your side business is costing you.
20:52
Speaker 7: And I think the applications work very well in helping
20:55
Speaker 7: you understand the ways of which you can manage your finances.
20:59
Speaker 3: Every dollar as a worker.
21:00
Speaker 8: What better way to say, yeah, you can't set up now.
21:07
Speaker 6: All y'all work in I'm gonna just follow up on
21:10
Speaker 6: that real quick before we leave this segment. You have
21:13
Speaker 6: mentioned something that was very important. You said that it's
21:16
Speaker 6: important for people to know like what they're invested in,
21:18
Speaker 6: and you mentioned the four one K, and that's something
21:21
Speaker 6: that's extremely important because most people, the average person, that
21:25
Speaker 6: the majority of their investment portfolio is in retirement accounts
21:30
Speaker 6: and that most of their net worth is in a
21:33
Speaker 6: retirement account or their home. That's the average Americans network
21:36
Speaker 6: is tied up in those two things. But a lot
21:38
Speaker 6: of people don't have any idea what they're invested in
21:42
Speaker 6: their four one K. They don't even know, like you know,
21:45
Speaker 6: what their options are. They just money just comes out
21:48
Speaker 6: of their paycheck and that's all they know. Can you
21:50
Speaker 6: just give them a little like education on how to
21:52
Speaker 6: actually go about investing properly in a retirement plan?
21:56
Speaker 7: Absolutely first, though I want to I'm going to talk
21:59
Speaker 7: of then in a second. One particular rule that I
22:02
Speaker 7: think is of importance and relevance to this conversation that
22:05
Speaker 7: brings a little more structure and parameters in.
22:07
Speaker 8: The ways of what you manage your money.
22:09
Speaker 7: Is a rule that I follow that has helped me
22:11
Speaker 7: get to the financial place that I'm in now, and
22:14
Speaker 7: that is the fifty to thirty twenty rule. Fifty percent
22:18
Speaker 7: of your money should absolutely go towards what your needs are.
22:22
Speaker 7: So those are the bills that you have to pay,
22:24
Speaker 7: making at least the minimum contribution on your credit card,
22:28
Speaker 7: or the payment on your credit card, that's paying.
22:30
Speaker 8: Your rent or your mortgage.
22:32
Speaker 7: Thirty percent of your resources should go to whatever your
22:36
Speaker 7: wants are.
22:37
Speaker 8: So what are those ones? Is that a subscription you.
22:40
Speaker 7: Know that you're paying for, Is that you want to
22:42
Speaker 7: go turn up at brunch with your friends every other week?
22:45
Speaker 7: And then the final twenty percent is exactly what you
22:47
Speaker 7: just asked about with Shad, and that is your savings.
22:51
Speaker 7: And when you hear savings, you automatically think of a
22:53
Speaker 7: savings account. You should absolutely have one of those, but
22:56
Speaker 7: it also relates to your.
22:58
Speaker 8: Retirement account as well.
23:00
Speaker 7: With your retirement account, you can look at your four
23:03
Speaker 7: one K, your four O three B, your TSP which
23:05
Speaker 7: is your third savings plan, and also your i R
23:08
Speaker 7: which is your individual retirement account as the vehicle, but
23:12
Speaker 7: what fuels the vehicle are the mutual funds that you select.
23:16
Speaker 7: So there's two ways that you can look at that
23:18
Speaker 7: you can look at perhaps investing in a fund that
23:23
Speaker 7: tracks your age, right, so that specific.
23:26
Speaker 8: Fund, a target date fund.
23:32
Speaker 7: You invest in that fund, and the fund managers as
23:35
Speaker 7: you get older, your investments in that fund become more conservative.
23:39
Speaker 7: When you're younger, it's a little more aggressive, so the
23:41
Speaker 7: fund ages with you. Perhaps when you're younger's investing in
23:44
Speaker 7: equities and stops, but when you're older, they're investing in
23:47
Speaker 7: more conservative assets like bonds. But you can also invest
23:51
Speaker 7: in funds that follow major indices.
23:53
Speaker 2: A whole lot of game, profess, we got one more set,
23:58
Speaker 2: and you got some time.
23:59
Speaker 3: For us a whole so I do.
24:01
Speaker 6: Yeah, it is.
24:03
Speaker 9: You got here.
24:04
Speaker 3: We're gonna call this questions for Keys. That's what we're
24:06
Speaker 3: gonna call this segment.
24:07
Speaker 10: Questions You're a little bit, A little bit so we
24:13
Speaker 10: don't go with some scenarios and case studies, and I
24:15
Speaker 10: want you to point a pinpoint some important questions that
24:18
Speaker 10: people should be asking if they're in those situations.
24:22
Speaker 2: I'm gonna start with one that's near and dear to me,
24:24
Speaker 2: and that's understanding your student loans. If we're in this situation,
24:30
Speaker 2: what are the questions we should be asking in the scenario.
24:33
Speaker 7: Okay, so that is near and dear to my heart
24:37
Speaker 7: as well. I think it's important for you to know
24:40
Speaker 7: whether you have a federal loan or whether you have
24:43
Speaker 7: a private loan, because the ways in which you pay
24:46
Speaker 7: back those loans may have different parameters. Right, So, if
24:49
Speaker 7: you have a federal loan, perhaps there are some assistance
24:52
Speaker 7: available to you, like right now with headlining in the
24:55
Speaker 7: news the public student loan forgiveness. If you have a
24:58
Speaker 7: federal loan, a specific for or a loan, you may
25:00
Speaker 7: be able to work at a nonprofit organization, You may
25:03
Speaker 7: be able to work for the government, and if you
25:05
Speaker 7: make one hundred and twenty qualifying payments that could be
25:08
Speaker 7: used towards.
25:09
Speaker 8: Potentially getting your student loans forgiven.
25:12
Speaker 7: One of the things you should also understand is what
25:15
Speaker 7: type of repayment plans are available to you.
25:18
Speaker 8: You can repay based off.
25:20
Speaker 7: Of the income that you earn, but you could also
25:22
Speaker 7: repay based off of other methodologies. Another question that I
25:26
Speaker 7: would ask in regard to student loans or what are
25:29
Speaker 7: some ways that you can pay off your student loans early.
25:31
Speaker 7: I was able to pay off my student loans before
25:35
Speaker 7: ten years and a big reason for that is I
25:37
Speaker 7: started a nonprofit organization and a for profit business. Two
25:41
Speaker 7: years after I graduated from school and the money that
25:44
Speaker 7: I earned, I specifically asked my loan service provider if
25:49
Speaker 7: I can make those contributions towards the principle balance of
25:53
Speaker 7: my student loan, and that helped me reduce my balance
25:57
Speaker 7: in a more significant and sustainable way so that I
26:00
Speaker 7: paid off a little bit earlier.
26:02
Speaker 2: Yeah, I'm glad that you brought up that point about
26:04
Speaker 2: one hundred and twenty qualifying payments because if you have
26:06
Speaker 2: been paying attention, that has now changed.
26:08
Speaker 3: The literature has changed on it.
26:10
Speaker 2: The way that they now define qualifying payments has differentiated
26:14
Speaker 2: from how it used to be. Whereas when people were
26:16
Speaker 2: applying a couple of years ago, no one was getting accepted. Right,
26:20
Speaker 2: So now you got one D twelve, one hundred and
26:22
Speaker 2: twenty qualified payments and plus ten years of service. Like
26:25
Speaker 2: you said, depend on your profession, you can be forgiven.
26:27
Speaker 2: So keep me so with that point.
26:31
Speaker 6: Yeah, So another big one. What question should you ask
26:35
Speaker 6: or what should you know when you are in the
26:37
Speaker 6: process of buying a car? Extremely extremely important.
26:42
Speaker 7: The first question you should ask is what is your
26:44
Speaker 7: credit score? I think that that is one hundred percent important.
26:48
Speaker 7: And one of the things that I didn't know until
26:50
Speaker 7: I was in a market to buy a home and
26:52
Speaker 7: also a new vehicle. Shout out to Asada, that's the
26:56
Speaker 7: name to my car rip. She died a couple of
26:59
Speaker 7: weeks ago.
27:00
Speaker 3: But I've heard.
27:04
Speaker 7: Is that there are different credit scores assigned to different
27:07
Speaker 7: assets like your car and also lack, your home. And
27:10
Speaker 7: so when I was going car shoping, just like when
27:12
Speaker 7: I was going house shop, and I went and looked
27:14
Speaker 7: for the specific fight folks score that was associated with
27:17
Speaker 7: that particular asset.
27:19
Speaker 8: And one of the things that people.
27:20
Speaker 7: Don't know is sometimes that score might be a little
27:23
Speaker 7: higher than the score that you might see and experience equifacts,
27:28
Speaker 7: et cetera on just a general level.
27:30
Speaker 8: So that would be one question I would ask.
27:33
Speaker 7: Second question I would ask, is is this something that
27:35
Speaker 7: you could really afford comfortably? So we talked about the
27:39
Speaker 7: fifty to thirty twenty rule, right, so fifty percent is
27:42
Speaker 7: dedicated towards your your needs. And so are you buying
27:46
Speaker 7: a car because you want to flex, right, and so
27:49
Speaker 7: you're trying to buy at the top of your budget?
27:51
Speaker 7: Are you buying a car that you absolutely can afford?
27:55
Speaker 7: And a way which you can determine that is making
27:57
Speaker 7: sure again that you get all in your money business
28:00
Speaker 7: and you know the cash coming in and also the
28:02
Speaker 7: cash going out.
28:04
Speaker 2: Yeah, I'm saving the best for last. And we spoke
28:06
Speaker 2: about kind of sharing with other people. So what are
28:10
Speaker 2: the questions you should be asking when you're sharing your
28:12
Speaker 2: expenses with someone a spouse, a girlfriend, like when when
28:17
Speaker 2: and when's the appropriate time to do it? What are
28:19
Speaker 2: the questions we should be asking?
28:21
Speaker 7: You know, that's something that I'm still exploring, you know,
28:25
Speaker 7: out here, Sigle in these streets. When I have a
28:28
Speaker 7: conversation with someone who I'm getting serious about, I think
28:33
Speaker 7: it's important to make sure that your financial philosophy is
28:36
Speaker 7: as compatible as you are as people. Right, So perhaps
28:40
Speaker 7: your values around money may differ from the person with
28:44
Speaker 7: whom you're dating, and I think the ways in which
28:46
Speaker 7: you can have that conversation a lot of it has
28:49
Speaker 7: to do with what I think is again contextualizing conversations.
28:52
Speaker 7: If you want to move in together, you want to
28:54
Speaker 7: have a conversation about how much you're earning, but you
28:57
Speaker 7: also want to have a conversation about who's can distributing,
29:00
Speaker 7: and then how much is it going to be fifty
29:02
Speaker 7: to fifty, Is it going to be sixty forty? Is
29:03
Speaker 7: it going to be a seventy thirty split. You want
29:06
Speaker 7: to have a conversation about credit scores, you know, I
29:10
Speaker 7: think that that's important. A lot of people leverage credit
29:13
Speaker 7: in order to buy assets, right, But if one person
29:16
Speaker 7: has an excellent credit score and the other person does not,
29:20
Speaker 7: then that means perhaps you're only leveraging one person's credit
29:23
Speaker 7: score over the other, unless.
29:24
Speaker 8: Of course, you add them as an authorized user to
29:26
Speaker 8: your account.
29:27
Speaker 7: I think the other thing is you want to have
29:30
Speaker 7: conversations perhaps about some of the different things happening in
29:33
Speaker 7: the news, right, So instead of it seeming like a
29:35
Speaker 7: Q and A like an interview, perhaps you can look
29:38
Speaker 7: at what's happening on some of these major network and
29:41
Speaker 7: when you have those conversations, sometimes the values come out.
29:45
Speaker 6: So then you have it. Ladies and gentlemen, pess the
29:49
Speaker 6: keys always a pleasure certified gym drop plas.
30:01
Speaker 8: Thank you so much.
30:01
Speaker 9: For having me.
30:02
Speaker 7: Guys, you already know I want one hundred percent support
30:06
Speaker 7: are your leisure Thank you Google pay for having us
30:08
Speaker 7: for a real deal conversation and I look forward to
30:12
Speaker 7: continue conversations you.
30:15
Speaker 2: Have, Thank you, thank you amazing.
30:18
Speaker 6: Yes, yes, so for the second half of this show,
30:23
Speaker 6: we are bringing on another heavy hited. This is a
30:26
Speaker 6: highly inticispendable situation. Yes, it was only amount of time.
30:35
Speaker 6: Anthony O nil for a long, long time number one
30:40
Speaker 6: bestseller killing the podcast game. That's why I used to
30:43
Speaker 6: I used to see him as a competition on the podcast.
30:48
Speaker 6: So it's not the word time, first time that I
30:50
Speaker 6: got familiar with him, but really dynamic business leader, thought leader,
30:56
Speaker 6: and he also has a very good way with words,
31:02
Speaker 6: very good.
31:03
Speaker 3: Or accomplished speaker.
31:05
Speaker 11: Yes, oh yeah, this is this is like I said,
31:11
Speaker 11: I know people have been anticipating in this collaboration for
31:14
Speaker 11: a while, so I'm glad that we're able to, you know,
31:16
Speaker 11: do this and hopefully this could be the startup a
31:18
Speaker 11: lot of other things that.
31:19
Speaker 6: We can do together. So first and foremo Anthony, how
31:23
Speaker 6: are you, brother? Thank you for joining us. Appreciate it.
31:25
Speaker 12: Man, earn your leisures man. There's no competition, brother. You
31:28
Speaker 12: know what I'm saying, y'all are earned your leisure. So y'all,
31:30
Speaker 12: y'all are the goats right now. I'm coming for you.
31:32
Speaker 12: But you know what I'm saying, I respect the generals
31:34
Speaker 12: in the space. Man, such an honor to be on
31:36
Speaker 12: y'all platform.
31:37
Speaker 3: Bro, we appreciate you being. Congratulations on everything man.
31:41
Speaker 12: Man, thank you all so much. Man, appreciate what y'all
31:43
Speaker 12: doing for the community. Uh, invest fast was off the chain, man,
31:46
Speaker 12: so again, solute, thank.
31:48
Speaker 6: You, thank you, thank you, brother, appreciate that. So all right,
31:52
Speaker 6: so let's jump into this, Troy. Yeah, first segment.
31:54
Speaker 2: So we had a few segments with the Professor Keezier
31:57
Speaker 2: Williams prior to you coming on, and we got a
31:59
Speaker 2: couple of seid is you want to do with you now?
32:01
Speaker 3: The first one I'll call this cannot afford this right now?
32:05
Speaker 3: All right? So exactly that's what's it.
32:11
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35:03
Speaker 13: We start right away, so we're gonna be discussing how
35:06
Speaker 13: to determine whether or not.
35:08
Speaker 2: You can afford different financial commitments by taking on honest
35:12
Speaker 2: look at your expenses.
35:13
Speaker 3: Are you cool with that?
35:14
Speaker 12: Yeah, let's do it, man, let's do it. That's hand
35:16
Speaker 12: some fun. I'm gonna be real. Now, y'all may not agree,
35:18
Speaker 12: but I'm gonna be real. I'm gonna keep it real
35:20
Speaker 12: since it is a real deal.
35:21
Speaker 3: All right.
35:22
Speaker 6: So first one that I want to start with. This
35:26
Speaker 6: is probably the most common thing anybody is faced with.
35:30
Speaker 6: Vacation trips just happens all the time. You know, whether
35:34
Speaker 6: it's college kids a spring break, but it's adults going
35:37
Speaker 6: on a destination wedding that they really can't afford but
35:41
Speaker 6: they don't want to. You know, financial pair pressure is
35:43
Speaker 6: a very real thing. So how do you feel about
35:46
Speaker 6: vacations that you may not be able to afford?
35:50
Speaker 12: I mean, here's the truth. I love vacations. I'm gonna
35:52
Speaker 12: keep it real with you. You know I love them,
35:54
Speaker 12: But I also love staycations. Now, staycations is when you
35:59
Speaker 12: know I may not have the financial means to go
36:02
Speaker 12: out of state, to go out of the country because
36:04
Speaker 12: I'm focused on my vision for my life. So if
36:06
Speaker 12: your vision is to get out of debt, if you're
36:09
Speaker 12: married watching this and your vision is to build your
36:12
Speaker 12: first home, or maybe you're single and you're like, yo,
36:14
Speaker 12: my vision is to pay off my student loans. Well,
36:16
Speaker 12: you may need to step back and look at your
36:18
Speaker 12: budget and see, all right, cool, can I go on
36:21
Speaker 12: this vacation or should I stay on this staycation? Maybe
36:24
Speaker 12: just go to the hotel downtown and save me three
36:27
Speaker 12: grand and put that towards my debt.
36:29
Speaker 4: So you got to really ask yourself can you afford it?
36:32
Speaker 3: Now?
36:32
Speaker 12: If you were on my show and you telling me
36:34
Speaker 12: you're drowning in a bunch of debt, I'm gonna tell
36:36
Speaker 12: you now you really can't afford to do nothing, No dates,
36:38
Speaker 12: no ice cream shops, pretty much nothing.
36:42
Speaker 3: Man.
36:42
Speaker 12: But you know, right now, the key thing is what's
36:44
Speaker 12: your vision and make sure that everything that you're doing
36:47
Speaker 12: is aligning to your vision and helping you get there
36:49
Speaker 12: and not slowing you down or preventing you from getting there.
36:53
Speaker 3: Yeah.
36:53
Speaker 2: I'm glad we're having this segment with Google pay because
36:56
Speaker 2: obviously that's going to help everybody see the financial situations
36:59
Speaker 2: a lot clearer.
37:00
Speaker 3: And I know you're a death free guy. You don't
37:02
Speaker 3: like living death free, you like living death free. You
37:05
Speaker 3: don't like having debt as part as the portfolio.
37:07
Speaker 2: So this is another key one, right, Like vacations are important,
37:11
Speaker 2: but deciding when to buy or can I afford to buy?
37:16
Speaker 3: Versus am I going to have to rent? You know what?
37:19
Speaker 12: Man, I think one thing that we really got to
37:21
Speaker 12: have a conversation about, especially within our culture, is that
37:24
Speaker 12: there's nothing wrong with renting. You know, I think buying
37:27
Speaker 12: is is very important because ownership is very important. I
37:30
Speaker 12: want to be clear up front, owning your home, ownership
37:34
Speaker 12: in general, owning your business, et cetera, is very very important.
37:36
Speaker 12: But you want to make sure that you're not house poor.
37:39
Speaker 12: And what I mean is you go out there and
37:40
Speaker 12: you get this great mortgage, this huge mortgage, this beautiful home,
37:44
Speaker 12: but you can't afford to put a bed in your bedroom,
37:46
Speaker 12: You can't afford to put a couch inside of the
37:48
Speaker 12: living room, you can't afford to cut the grass. You
37:50
Speaker 12: are scared to cut on the water because you're already
37:53
Speaker 12: maxed out. And so what I tell people is again,
37:55
Speaker 12: step back and look at your budget. And what I
37:57
Speaker 12: teach people is make sure that your mortgage is less
38:00
Speaker 12: than twenty five percent of your take home pay. Now
38:03
Speaker 12: if you're going to stretch it a little bit past that.
38:05
Speaker 4: That's cool. I'm with it, but ballpark even with me.
38:07
Speaker 12: I'm right at about twenty two percent with my personal mortgage,
38:10
Speaker 12: but that is the only debt that I actually rock with.
38:12
Speaker 12: But there's nothing one with renting. Rent until you are
38:15
Speaker 12: ready to purchase a home.
38:17
Speaker 3: You know.
38:17
Speaker 12: One of the key things I'll tell people is how
38:19
Speaker 12: do you know you're ready to purchase a home? Key
38:21
Speaker 12: thing is do you have twenty percent to put down
38:23
Speaker 12: on your home? You guys know this because if we
38:25
Speaker 12: can put down twenty percent, we'll avoid a p and
38:27
Speaker 12: mind that's a private mortgage insurance. So if we avoid
38:30
Speaker 12: that p and mind, that can save you anywhere from
38:32
Speaker 12: one hundred up to five hundred dollars if you're going
38:35
Speaker 12: through the FAHA route.
38:36
Speaker 4: So that's one key. Number Two key is you know,
38:40
Speaker 4: do you have enough money.
38:41
Speaker 12: To at least get you into the home and you
38:43
Speaker 12: have six months on reserve to where if you lost
38:46
Speaker 12: your job during the transition, if the pandemic hit again,
38:50
Speaker 12: at least you have something to get you and your
38:51
Speaker 12: family through. So there's nothing wrong with renting, y'all. To
38:54
Speaker 12: be real with you, I've been making my kind of
38:56
Speaker 12: money now for about six seven, about seven years. I
38:59
Speaker 12: just for purchased my first home about four years ago
39:02
Speaker 12: because I wanted to make sure when I got in
39:03
Speaker 12: my home, I had the bread and I can afford it,
39:06
Speaker 12: and I was at peace every time I walked into
39:08
Speaker 12: my home.
39:09
Speaker 6: So let me just follow up on that real quick.
39:11
Speaker 6: So you said you said twenty percent.
39:12
Speaker 4: Right, twenty five percent of your take home pay, so
39:16
Speaker 4: all right?
39:16
Speaker 6: So, and take on pay is extremely important because you
39:20
Speaker 6: could be getting paid ten thousand dollars a month, but
39:23
Speaker 6: your take on pay is seven thousand, so maybe.
39:27
Speaker 4: Yeah, yeah.
39:28
Speaker 12: And they keep in mind too, the banks, y'all know,
39:30
Speaker 12: if you use worked for the bank man, they're going
39:31
Speaker 12: to approve you off of your gross income. They're not
39:34
Speaker 12: going to approve you off of your net income. So
39:36
Speaker 12: that's why it's very important for you. Before you get
39:39
Speaker 12: your pre approval, you sit down, you look at your
39:41
Speaker 12: budget and say, no, what I can afford three thousand
39:44
Speaker 12: dollars a money. You take that to the bank, tell
39:46
Speaker 12: them send me a pre approval based upon that right there,
39:49
Speaker 12: nothing more, because if you can, if you know you
39:51
Speaker 12: can afford three thousand and let's say your gross is
39:53
Speaker 12: eight thousand, they're going to approve you at forty five
39:55
Speaker 12: hundred to five thousand dollars mortgage payment and you don't
39:58
Speaker 12: want that.
39:59
Speaker 6: Yeah, that's extremely that's a gym right there. I just
40:02
Speaker 6: want to take one minute to just let that soak
40:03
Speaker 6: in because I shot to our part of MBO mortgage.
40:05
Speaker 6: He always talked about that old time. Don't be house
40:08
Speaker 6: rich in cash poor, and a lot of people are
40:10
Speaker 6: over extending themselves for their dream home but they really
40:14
Speaker 6: can't afford it. And what you said is extremely important.
40:16
Speaker 6: You get a mortgage based off of your gross, not
40:18
Speaker 6: your net. But you don't live off of growth, you
40:20
Speaker 6: live off of net. So it's up to you to
40:22
Speaker 6: actually have enough financial responsibility, enough education to understand that
40:26
Speaker 6: even though you're getting a mortgage for one hundred thousand,
40:29
Speaker 6: if you're only taking home sixty five thousand, you got
40:32
Speaker 6: to work off the sixty five thousand, not one hundred thousand.
40:34
Speaker 3: All that's a big fan.
40:35
Speaker 4: Well, that's big facts, man, big facts.
40:38
Speaker 2: And I want to go to one because this one's personal.
40:41
Speaker 2: It's there and there I actually went through it. Can
40:44
Speaker 2: I afford a new car?
40:46
Speaker 3: Right now?
40:46
Speaker 2: I'll tell you and Rashade was there when I did it.
40:49
Speaker 2: I said, how much of the payment that kill me?
40:51
Speaker 2: Five hundred and seventy four dollars a month? I said, man,
40:54
Speaker 2: I'm only making twelve hundred a month.
40:56
Speaker 3: Let's do it. So if I can I afford this
41:04
Speaker 3: right now, a new car, that's a scenario.
41:06
Speaker 12: Hey man, Now this is where people may hate me
41:09
Speaker 12: when I say this. Listen, if you have to finance it,
41:13
Speaker 12: you can't afford the car. My own personal opinion is
41:17
Speaker 12: if I can pay cash for it, I got a
41:18
Speaker 12: fully funded emergency fund. I can afford whatever I can
41:21
Speaker 12: pay cash for. You know, I just purchased my dream car.
41:26
Speaker 12: Maybe about what's February February sixteenth is when I purchased
41:29
Speaker 12: my my dream car. The cars is a depreciating asset
41:32
Speaker 12: in my in my personal opinion, and so if I
41:34
Speaker 12: have to finance it, if I have to finance it,
41:37
Speaker 12: then I can't afford the car.
41:39
Speaker 4: So I went financial freedom.
41:41
Speaker 2: That was the wise word. They said, if you can't
41:42
Speaker 2: buy it twice, you can't afford it.
41:44
Speaker 4: Yeah, jay Z is the man.
41:47
Speaker 6: So you don't believe at least in cars at all.
41:49
Speaker 12: No, I don't, man, And I know on the business side.
41:51
Speaker 12: I know Professor Keys would probably go off on me,
41:54
Speaker 12: you know, but you know, I understand. I understand the
41:56
Speaker 12: business method, and I don't knock people who who belie
42:00
Speaker 12: even that method. That's totally totally cool, you know. But
42:03
Speaker 12: for me, I just believe in ownership. I believe in
42:05
Speaker 12: owning everything that I have. I don't do any debt.
42:08
Speaker 12: I pay cash for it that you have it?
42:11
Speaker 6: All right, let's move on.
42:12
Speaker 3: Yeah, man, And this one I haven't experienced in about
42:15
Speaker 3: ten years because I've been a married man. But let's
42:18
Speaker 3: talk about dating.
42:20
Speaker 4: Oh nah, man, let me all right. End of the show, brother,
42:24
Speaker 4: end of the show.
42:27
Speaker 3: Will we face out of dating? Can we afford it? Now?
42:30
Speaker 3: What's going on? Give us some advice?
42:33
Speaker 4: If you just started dating, can you afford to date? Man?
42:38
Speaker 4: You know, here's my thing.
42:39
Speaker 12: Man, If you can't afford to pay your bills at home,
42:43
Speaker 12: then you can't afford to day. If you're struggling to
42:46
Speaker 12: pay your life bill, if you're struggling to you know,
42:48
Speaker 12: put food on your table personally by yourself, then not
42:51
Speaker 12: you can't afford to day. If you can't afford to
42:55
Speaker 12: even feed yourself, now you can't afford today. But if
42:58
Speaker 12: you got it, man, go out there, get you a date.
43:00
Speaker 12: I'm trying to get me a date, to be honest,
43:02
Speaker 12: So I want you to date. I want you to
43:04
Speaker 12: find someone. You know, we all need our helpmate, we
43:06
Speaker 12: all need our soulmate. I just want to make sure though,
43:09
Speaker 12: like when we do actually find the person, especially as
43:13
Speaker 12: a man, we're brothers. I'm gonna keep it real here
43:15
Speaker 12: as a brother, let's just make sure we're in a
43:17
Speaker 12: good place, at least a stable place financially when we
43:20
Speaker 12: do start dating.
43:22
Speaker 6: Let's let's talk about moving on from a dating conversation
43:26
Speaker 6: to the wedding conversation. And that's something that This is
43:29
Speaker 6: something that's extremely important because etiquette is something that I
43:34
Speaker 6: realize not everybody has because not everybody is taught etiquette,
43:39
Speaker 6: and unfortunately a lot of people just don't know. So
43:44
Speaker 6: when you don't know what to do, you do what
43:45
Speaker 6: you know. So this is a big issue. It's a
43:51
Speaker 6: big issue. So okay, let me ask you this question.
43:56
Speaker 6: If you can't afford a wedding gift or in a
44:00
Speaker 6: appropriate wedding gift, should you go to the wedding? Should
44:04
Speaker 6: give a bogus gift? And I'll give it to you
44:07
Speaker 6: later when I have it. What's the etiquette for that man?
44:11
Speaker 4: Go to the wedding, you know, really you know what
44:14
Speaker 4: I'm saying.
44:15
Speaker 12: I mean my thing is, go to the wedding if
44:16
Speaker 12: you have the right motives. You know, I don't want
44:19
Speaker 12: you to be focused on like, well, I don't have
44:21
Speaker 12: any I don't have any money, so.
44:22
Speaker 4: I don't want to go.
44:23
Speaker 12: No, go, because your prayers, your support, your mission to
44:27
Speaker 12: help them win is more important. Now give them look
44:30
Speaker 12: a bit of something something, give them a card. Don't
44:32
Speaker 12: go there, you know, empty empty handed. But you don't
44:34
Speaker 12: need to go there with a big old thousand dollars
44:36
Speaker 12: gift or the big old box gift. Now give them
44:39
Speaker 12: something that comes from your heart and they'll receive it. Well,
44:43
Speaker 12: I remember I went to a wedding and I didn't
44:45
Speaker 12: have any money. Actually made a card and a girlfriend
44:48
Speaker 12: at the time who I was dating, she actually gave
44:51
Speaker 12: me a very creative idea. And you'll believe it or not,
44:53
Speaker 12: it costs me maybe seven dollars to do that whole gift.
44:56
Speaker 12: And they sent both of us a letter saying thank
44:58
Speaker 12: you so much because they really felt it came from
45:00
Speaker 12: the heart.
45:01
Speaker 4: And it wasn't just a gift just to be a gift.
45:04
Speaker 2: I'm glad that with Sean, I'm glad you brought up
45:06
Speaker 2: the word etiquette because we're gonna move right to our
45:08
Speaker 2: next seven perfect segue.
45:09
Speaker 7: Man.
45:09
Speaker 2: The next seven we're gonna do, Anthony. It's called money manners, right,
45:13
Speaker 2: So that's all about etiquette. So this segment, we're gonna
45:15
Speaker 2: ask you some questions about etiquette when it comes to money.
45:19
Speaker 2: So I'm gonna start with all, are you ready for this?
45:21
Speaker 4: Yeah, let's good.
45:22
Speaker 3: Okay. How late is it too late to pay someone back.
45:28
Speaker 4: On time? That's too late?
45:33
Speaker 12: I mean, if you pay me back on the date
45:34
Speaker 12: that we agreed, I think that's too late. You know,
45:37
Speaker 12: I think you should be focused on, you know, getting
45:40
Speaker 12: me my money back or giving I don't really loan
45:42
Speaker 12: out money.
45:42
Speaker 4: If I give you money, I'm giving it to you.
45:45
Speaker 12: I don't expect you to pay it back to me,
45:47
Speaker 12: because I just believe that just messages up friendships and relationships.
45:50
Speaker 12: So if I can't afford to give you the money,
45:52
Speaker 12: I'm not going to give you the money. But if
45:55
Speaker 12: you did agree to pay someone back, here's what I
45:58
Speaker 12: want you to do.
45:59
Speaker 4: That's your number one assignment.
46:00
Speaker 12: Don't go by nothing to eat, don't be going out
46:02
Speaker 12: on dates, don't be spending any extra money nowhere else.
46:05
Speaker 12: If your friend loans you money, if your family loaned
46:08
Speaker 12: you money, you know you agreed to pay them back
46:11
Speaker 12: by X date. You'll try to pay them back before then.
46:14
Speaker 12: If you cannot, then you need to have a clear
46:17
Speaker 12: conversation with them, be like, Yo, I'm struggling. Here's where
46:19
Speaker 12: I'm at. I just want to over and I want
46:21
Speaker 12: to over communicate and be honest with you and just
46:24
Speaker 12: let you know, Hey, this is where I'm at.
46:26
Speaker 3: I hope everyone's listening.
46:27
Speaker 2: I'm sure somebody has a friend right now that is
46:30
Speaker 2: like I'm that person or this person owes.
46:32
Speaker 6: Me let me ask you this. As far as the
46:37
Speaker 6: relationship conversation is concerned, I believe forty eight percent of
46:41
Speaker 6: marriages that end in divorce are because of financial reasons.
46:46
Speaker 6: It's like the number one cause divorce. A lot of
46:49
Speaker 6: these issues are because the conversation was never brought up
46:52
Speaker 6: at the beginning. So there's a lot of issues that
46:55
Speaker 6: people have in relationships. Like some people want to have
46:59
Speaker 6: joint bank account, some people are strung against that. Some
47:02
Speaker 6: people believe that you should only pay cash for things
47:05
Speaker 6: and have no debt. Some people believe that you can
47:07
Speaker 6: have that and just use your credit card. So a
47:10
Speaker 6: lot of issues come in relationships, but nobody ever really
47:14
Speaker 6: talks about it until they actually get into it. So
47:17
Speaker 6: what are some ways how do you start the conversation
47:21
Speaker 6: about finances when you're courting somebody, when you're in a relationship,
47:24
Speaker 6: At what stage should you start and how do you start?
47:27
Speaker 12: You're not so funny, man, I just did a show
47:28
Speaker 12: on that, bro and I think the opinion is not popular,
47:33
Speaker 12: But I believe before you get into any committed relationship,
47:36
Speaker 12: you should have a serious conversation about finances. Because you're right,
47:40
Speaker 12: nearly forty eight percent of them marriages in because of money.
47:44
Speaker 12: Now check this out. It's not because of the lack
47:46
Speaker 12: of money, it's because of the thought process behind the money.
47:50
Speaker 12: And so it's very important to know upfront, do we
47:53
Speaker 12: align with the same vision when it comes to our money.
47:56
Speaker 12: You know, are we on the let's avoid debt track
47:59
Speaker 12: or are on the I want to just use other
48:01
Speaker 12: people's money to build wealth. Now, whatever side you on,
48:05
Speaker 12: just make sure that you are aligned on the same
48:08
Speaker 12: side when it comes to finances, when it comes to
48:10
Speaker 12: raising your children, when it comes to your spiritual walk,
48:12
Speaker 12: you know, you just got to really just have the
48:14
Speaker 12: healthy conversation. So for me, I suggest, if you're dating
48:18
Speaker 12: with the intent of settling into a committed relationship that
48:22
Speaker 12: ultimately leads to a marriage, before you get into a
48:25
Speaker 12: committed relationship, have the conversation, and the conversation is simple.
48:28
Speaker 12: You know, can we just talk about your vision? What's
48:30
Speaker 12: your vision for your life, what's your vision for your family,
48:33
Speaker 12: what's your vision for your finances? What are some of
48:35
Speaker 12: your goals. Do you want to build a home, do
48:37
Speaker 12: you want to have multiple homes? Do you want to
48:39
Speaker 12: pay for your kids college? I mean, do you want
48:41
Speaker 12: to leave a legacy? And I think that's the easy
48:43
Speaker 12: way to have the conversation without going into I know,
48:46
Speaker 12: Professor Key said that talk about the credit score and
48:48
Speaker 12: stuff like that. For me, I don't care about your
48:50
Speaker 12: credit score. I don't know what's up here in your mind?
48:52
Speaker 12: What exactly do you do? And then honestly, where do
48:57
Speaker 12: you spend your money? You know, I would definitely ask
48:59
Speaker 12: some do you have the Google pay app? Can we
49:01
Speaker 12: look and see where do you spend your money? You know,
49:06
Speaker 12: you know, But at the same time, I mean, I
49:08
Speaker 12: just think the conversation has to happen because what you
49:11
Speaker 12: don't want to do is get married. Then you have
49:14
Speaker 12: the conversation, and then you find out that you're lin
49:17
Speaker 12: aligned and going in the same direction.
49:19
Speaker 4: That's where the start of divorce starts happening.
49:22
Speaker 12: So before you get committed, before you fall in love,
49:25
Speaker 12: before you all get deep into this thing, have the
49:28
Speaker 12: important conversations. And one of that is and where do
49:30
Speaker 12: we staying when it comes to our finances?
49:32
Speaker 2: Yeah, this sounds like a conversation that we're happening at
49:35
Speaker 2: a nice restaurant, you know, in top of the line
49:37
Speaker 2: of food, maybe some red wines on the table.
49:40
Speaker 3: My question is when we come to money, man, is
49:43
Speaker 3: what's the out of care for? Who pays for the date? Man?
49:51
Speaker 4: Are we talking about the first day?
49:52
Speaker 3: Bro?
49:52
Speaker 4: We're talking about like any dates?
49:55
Speaker 13: What we're talking about, Well, let's start with the first
49:57
Speaker 13: one and hopefully we get to some more.
49:59
Speaker 3: Right, this might be the reason we don't get number two.
50:03
Speaker 12: One of my godsister, she went out in the first
50:05
Speaker 12: date with this guy and she didn't have any money.
50:07
Speaker 12: I literally gave her some money and said, he listen,
50:09
Speaker 12: he's going to pay for the date. But if something
50:12
Speaker 12: goes down and you're uncomfortable, leave your half, call me
50:14
Speaker 12: and I'll come get you. So I want to make
50:16
Speaker 12: sure our queens are prepared. But at the same time, brothers, listen,
50:20
Speaker 12: first date, take her out. Now, check this out. I'm
50:23
Speaker 12: gonna be real and pot myself on blasts on earn
50:26
Speaker 12: your leader's network, your.
50:27
Speaker 4: Boy, Anthony.
50:28
Speaker 12: I'm not spending no more than fifty dollars, two one
50:30
Speaker 12: hundred dollars on the first day. I'm not dropping two
50:32
Speaker 12: three four hundred dollars on the first day.
50:34
Speaker 4: Broft, fifty dollars.
50:37
Speaker 12: Man, We're going no, no, no, not See, That's what
50:42
Speaker 12: I'm saying. It's like, I don't want to go for me.
50:44
Speaker 12: I don't want to go to a restaurant on the
50:46
Speaker 12: first date and we're sitting across the table and we're
50:49
Speaker 12: a little uncomfortable with each other, just staring at each other,
50:52
Speaker 12: eating food, having to talk loud over the people that's
50:54
Speaker 12: in the restaurant. So I want to get creative and
50:57
Speaker 12: I want to find something. What does she enjoy? What
50:59
Speaker 12: is what is I want to see her personality. I
51:01
Speaker 12: want to see Can she smile? Can she laugh? Can
51:03
Speaker 12: she have a good time? I'm always serious. We're always serious.
51:06
Speaker 12: We do this for a living. So I want to
51:08
Speaker 12: go somewhere we can actually have fun. I can see
51:09
Speaker 12: her character, I can see how she laughs, I can
51:12
Speaker 12: see if she can have fun, and let's do that.
51:14
Speaker 12: Then the second date. I'm a wined diner. But the
51:17
Speaker 12: first day, I just wanted to get to know you.
51:18
Speaker 12: I want to laugh, I want to smile. I want
51:20
Speaker 12: to see can we vibe? And then we go from there.
51:22
Speaker 12: Now we're talking about a fifty seventy five dollars a day.
51:25
Speaker 12: That's fun, that's creative. I put effort into it. I'm
51:29
Speaker 12: going to plan the whole thing out. I'll get a
51:31
Speaker 12: second date. Don't get it twisted.
51:35
Speaker 6: Let me ask you this. This is a big question
51:37
Speaker 6: that once again, not a lot of people was taught tipping.
51:40
Speaker 6: Tipping is extremely important and I was always taught, you
51:43
Speaker 6: know twenty that's like will dump, but that tipping waiters
51:50
Speaker 6: is only one part of tipping. Yeah, you tip your driver?
51:53
Speaker 6: Do you tip your the guy that takes your your
51:56
Speaker 6: trash out? Like at the end of the year, do
51:58
Speaker 6: you get like do you tip? How do you go
52:01
Speaker 6: about tipping, how do you know if it's the right
52:04
Speaker 6: amount to tip? It becomes very complicated. Like even the
52:06
Speaker 6: kid the bus drobbers for the kids, Yeah, they got
52:10
Speaker 6: to get tipped.
52:10
Speaker 3: Yeah. At Christmas time, I tip the bus line.
52:12
Speaker 6: So so yeah, what's the etiquette on tipping?
52:16
Speaker 3: Man?
52:16
Speaker 12: Tipping is very important. Tipping for me is just showing
52:19
Speaker 12: your your generosity spirit. I'm very big on being a giver.
52:22
Speaker 12: I believe it's best to give than it is to receive.
52:24
Speaker 12: So I tip. You know, I tip like crazy restaurants.
52:28
Speaker 12: I try to do my goal depending on where I
52:31
Speaker 12: go and how much money and much bread, I drops
52:33
Speaker 12: about thirty to forty percent for me, because when you tip,
52:37
Speaker 12: then every time you walk into that establishment, every time
52:39
Speaker 12: you walk into that restaurant, now they're going to take
52:42
Speaker 12: very good care of you because they know, hey, yo,
52:44
Speaker 12: Anthony just tipped me thirty percent last time, right around
52:47
Speaker 12: the holidays. I love to get about fifty percent, but
52:49
Speaker 12: bare minim, like you all said, twenty percent. That's your barber,
52:52
Speaker 12: that's your bus drivers, that's the guy who cuts your grass,
52:56
Speaker 12: that's the young lady that's watching your kids, your babysitters.
52:59
Speaker 12: You know, I have a dog, and so every time
53:01
Speaker 12: I drop her off when I'm out of town, I
53:03
Speaker 12: tip them. You know, I just want to show people that, hey,
53:05
Speaker 12: I am grateful for you taking care good care of me.
53:09
Speaker 12: And I know people who are living off of tips.
53:11
Speaker 12: Their base pay is horrible, so let's help them out.
53:14
Speaker 12: And let's that's be a good blessing. But really bare
53:17
Speaker 12: minimum twenty percent. And any time you can tip within
53:21
Speaker 12: your budget, make sure you're tipping. If you can't afford
53:24
Speaker 12: to tip, man or a woman, just don't go to
53:26
Speaker 12: that establishment.
53:27
Speaker 3: Oh man, that's some sound advice. Sound advice, man. So
53:30
Speaker 3: if you can't hold it the stake in tip people
53:33
Speaker 3: down on that dude. All right, we got a few
53:35
Speaker 3: more mens with you. We're going to do a lightning round.
53:37
Speaker 4: All right, you ready for this? How how fast? How
53:39
Speaker 4: fast you want me to go.
53:41
Speaker 3: With the answer as fast as you can? And then
53:43
Speaker 3: we're just going to ask your next one. We're gonna
53:45
Speaker 3: start the lightning around. Are you ready, my man? All right?
53:48
Speaker 3: All right, here we go. All right, here's the first
53:50
Speaker 3: question I'm throwing at you.
53:50
Speaker 2: All right, what are some options to start creating generational wealth?
53:54
Speaker 3: Man?
53:54
Speaker 4: Ownership?
53:55
Speaker 12: I mean, for me, it's going to be eliminating that.
53:57
Speaker 12: Get you a fully funded emergency funds. That way you're
53:59
Speaker 12: not going back into that and start taking advantage of
54:01
Speaker 12: like your fro one cage, your your wroth I rays,
54:04
Speaker 12: maxing out your some other growth mutual funds, and getting
54:09
Speaker 12: into some land. You know, one of my mentors said, hey,
54:11
Speaker 12: it's not just about actually buying property, it's also about
54:15
Speaker 12: buying land. So if you're looking for wealth and true
54:18
Speaker 12: wealth and long lasting wealth, purchase some land because you know, hey,
54:21
Speaker 12: we can't make no more land. We can build buildings.
54:23
Speaker 12: So if you get that land, let it sit, pass
54:25
Speaker 12: it down to your kids. Now you're talking about true
54:28
Speaker 12: generational wealth. So the key thing for me when it
54:30
Speaker 12: come to building wealth, it's about eliminating that, making sure
54:33
Speaker 12: you have a solid plan to fall on a case
54:35
Speaker 12: of emergency and start ownership.
54:38
Speaker 6: Let me ask you this, how much money is wealth?
54:41
Speaker 6: This is an interesting conversation because everybody gauges wealth differently,
54:45
Speaker 6: but you know, we all have aspirations of being wealthy,
54:47
Speaker 6: a lot of us so, but it's kind of hard
54:50
Speaker 6: to do that if you don't have a measure in stake.
54:52
Speaker 6: What is wealth?
54:53
Speaker 4: What is what is wealthy man. Wealth to me is
54:55
Speaker 4: way more than just money.
54:57
Speaker 2: Man.
54:57
Speaker 12: I'm gonna keep it above with you actual, I'm gonna
54:58
Speaker 12: keep it real since it is, it's a real deal.
55:00
Speaker 12: Wealth to me is about options. Wealth to me is
55:02
Speaker 12: about peace. Wealth to me is about education. Wealth to
55:06
Speaker 12: me is about influence. But since we are talking about
55:09
Speaker 12: money today, a simple basic understanding when it comes to wealth,
55:13
Speaker 12: how long can you last without physically working or physically
55:17
Speaker 12: having to make money. So, if you have enough money
55:20
Speaker 12: in your savings account to last a year, you're wealthy
55:22
Speaker 12: for one year from a financial perspective. But if you
55:26
Speaker 12: have the education, if you mind your business, which is
55:29
Speaker 12: our mind, you know, and your mind is your number
55:31
Speaker 12: one asset your business, if you continue to grow this,
55:34
Speaker 12: you'll be wealthy forever. If you continue to get the education,
55:37
Speaker 12: if you continue to rock out with Google pay, if
55:39
Speaker 12: you continue to watch earn your leisure and then come
55:41
Speaker 12: check me out at the table, you know, we will
55:43
Speaker 12: help you get the education and the information to build
55:46
Speaker 12: long lasting wealth. And I just want people to hear
55:49
Speaker 12: me when I say this, wealth from a financial perspective is, Hey,
55:52
Speaker 12: how long can you live without physically working and doing
55:56
Speaker 12: anything to make money. But when you really look at it, well,
56:01
Speaker 12: for generational wealth is what are you passing down to
56:03
Speaker 12: your kids, not just financially. You can give them a
56:06
Speaker 12: million dollars, but if you don't give them the education
56:09
Speaker 12: and the information and the opportunity to take that million
56:12
Speaker 12: and flip it to two three million, you're not passing
56:15
Speaker 12: them down wealth. You're just giving them opportunities that more
56:18
Speaker 12: than likely they will lose it. When there was a
56:20
Speaker 12: study that came out said the first generation makes it,
56:22
Speaker 12: the second generation maintains it, then the third generation they
56:26
Speaker 12: lose it. And why do they lose It's because they
56:28
Speaker 12: didn't have the education. They didn't have the wealth of
56:30
Speaker 12: knowledge to maintain it. So wealth is not just about money,
56:34
Speaker 12: It's all just about the education and the information.
56:37
Speaker 3: I used that quote a lot.
56:38
Speaker 2: The first generation works hard, the second generation gets to
56:40
Speaker 2: see the hard work. They add education plus experience to it.
56:44
Speaker 2: The third generation never just see the hard work, so
56:46
Speaker 2: they end up spandering money. And I'm glad you brought
56:48
Speaker 2: up the word education because my next question is coming
56:50
Speaker 2: directly from that topic.
56:52
Speaker 3: Why isn't financial literacy taught in schools? What's your thoughts? Man?
56:56
Speaker 12: You know, I'm frustrated about that because it's funny. Education
57:01
Speaker 12: is teachers how to read, write, process information, and add
57:05
Speaker 12: they're giving us this information so we can go off
57:07
Speaker 12: to school, get an education, rack.
57:09
Speaker 4: Up in debt so we can get a job.
57:11
Speaker 12: So education from a school perspective is to get a job,
57:14
Speaker 12: and a job and or business produces what income. So
57:18
Speaker 12: it bothers me that our schools are not teaching us
57:21
Speaker 12: how to be good stewards of the income that you're
57:24
Speaker 12: giving us the education to get. But we got to
57:27
Speaker 12: start changing that around. We got to start doing more
57:29
Speaker 12: stuff like this with like what Google pay is doing today,
57:32
Speaker 12: and start bringing education to the table.
57:35
Speaker 6: Let me gonna ask you this as far as for
57:37
Speaker 6: parents allow I never had an allowance growing up. So
57:41
Speaker 6: how do you feel about allowance? How do you feel
57:43
Speaker 6: about chores? Should should children get paid for things that
57:47
Speaker 6: they should already be doing, like making up their bed?
57:51
Speaker 6: Is allowance a hindrance? Is chores good?
57:55
Speaker 3: Bad?
57:55
Speaker 6: What's your thoughts on that?
57:57
Speaker 12: You know, bro Man, I grew up in a very strong,
57:59
Speaker 12: strong home man in a very spiritual home right, and
58:02
Speaker 12: my mom and dad said, I remember going over to
58:05
Speaker 12: my best friend's house and his Dad paid them twenty
58:08
Speaker 12: dollars for keeping his room cleaned all week. So I
58:10
Speaker 12: came home and I said, Mom and Dad, where's my
58:13
Speaker 12: twenty dollars? My mom and dad said for what it
58:15
Speaker 12: was like because I made up my bed all week,
58:18
Speaker 12: and said, I'm not going to pay you for what
58:20
Speaker 12: you need to be doing and what you should be doing.
58:23
Speaker 12: But what I will do, go out there and cut
58:25
Speaker 12: the grass. I'll pay you.
58:27
Speaker 4: As a matter of fact.
58:28
Speaker 12: Go out there, get the lawnmower, go across the street
58:31
Speaker 12: and ask your neighbor can you cut their grass? And
58:34
Speaker 12: you'll get paid. I think we got to start teaching
58:36
Speaker 12: our young people, you know, commission base rather than chore base.
58:40
Speaker 12: You know, what they do inside the house, that's just
58:44
Speaker 12: part of them because the world's not going to pay
58:46
Speaker 12: them for making up their bed when they turn twenty
58:47
Speaker 12: five years old. The world's not going to pay them
58:49
Speaker 12: for washing their own dishes. So we got to start
58:52
Speaker 12: raising up our child, our children in the way that
58:54
Speaker 12: they should go. So I'm commission based. Hey son, hey daughter,
58:57
Speaker 12: I'm not going to pay to do this around here,
58:59
Speaker 12: because I'm teaching you how to be an adult when
59:01
Speaker 12: you get older, when you get your own home. But
59:03
Speaker 12: let me teach you how to be a young teen entrepreneur.
59:05
Speaker 12: Let's go get you a dog walking business. Let's go
59:08
Speaker 12: get you a cutting grass business. Hey, you know what
59:11
Speaker 12: you're real good at hair, Let's go get you a
59:13
Speaker 12: hair business at fifteen years old. Let's start teaching our
59:17
Speaker 12: young people that money doesn't grow on trees, and it
59:19
Speaker 12: doesn't You don't get money just because you're my child. Now,
59:22
Speaker 12: you do have privileges, and I will give you some
59:24
Speaker 12: of those privileges, but I'm not going to make your
59:26
Speaker 12: life easy simply because you're my child. You're going to
59:29
Speaker 12: work for it because your mom and dad had to
59:30
Speaker 12: work for it.
59:31
Speaker 6: That's very profound. I had just spoke about this all
59:33
Speaker 6: the day, and I feel like that definitely can hurt
59:35
Speaker 6: a child. And when I used to love when it
59:38
Speaker 6: snowed because I used to shuffle my neighbors cars out.
59:42
Speaker 6: And you make a couple hundred dollars on a good
59:44
Speaker 6: on a good day, and I feel like stuff like
59:47
Speaker 6: that you start developing an entrepreneurial mindset as opposed to
59:51
Speaker 6: just being handed things that, like you said, in the
59:55
Speaker 6: grand Scheme of things, are kind of like trivial things
59:58
Speaker 6: that you already have to do in life anyway, like
1:00:01
Speaker 6: wash the dishes, things of that nature. Yeah, so now
1:00:04
Speaker 6: you're already kind of developing a dependent employee mindset as
1:00:08
Speaker 6: opposed to a business own an entrepreneur mindset. So sometimes
1:00:12
Speaker 6: when we think we're actually helping people, we can actually
1:00:16
Speaker 6: be hurting them.
1:00:17
Speaker 4: Absolutely absolutely.
1:00:18
Speaker 12: You know one of my kids that I mentored, he
1:00:21
Speaker 12: made five thousand dollars last summer just from walking dogs.
1:00:25
Speaker 4: Just from walking dogs.
1:00:27
Speaker 12: He made enough money in one summer to go buy
1:00:30
Speaker 12: his dream car for his age, just simply because he said, Hey, you.
1:00:33
Speaker 4: Know what, I'm gonna go out here and walk dogs.
1:00:35
Speaker 12: And some of those people who are saying you can welcome,
1:00:38
Speaker 12: they said, hey, can you watch my dog over the
1:00:40
Speaker 12: weekend since we're going out of town. His mom and
1:00:42
Speaker 12: dad turned their backyard into a kennel. But we got
1:00:45
Speaker 12: to start teaching our young people at a young age
1:00:47
Speaker 12: how to be entrepreneurs, how to think about ownership, so
1:00:50
Speaker 12: this way they can start producing money.
1:00:52
Speaker 4: And I think we got to start doing that with
1:00:53
Speaker 4: our young people.
1:00:54
Speaker 3: That's a great example.
1:00:55
Speaker 2: I'm glad that you that you used that right because
1:00:58
Speaker 2: you said he saved the money to buy the card
1:01:01
Speaker 2: that you want it. So what are some strategies What
1:01:03
Speaker 2: can you do to save money when you don't make
1:01:06
Speaker 2: much money?
1:01:08
Speaker 4: Number one, go make more money. You know what I mean.
1:01:11
Speaker 4: Let's be real.
1:01:12
Speaker 12: You know, it's like, let's never say that we cannot
1:01:14
Speaker 12: make any more money.
1:01:15
Speaker 4: We can make money.
1:01:16
Speaker 12: But one of the key things that I'm very very
1:01:19
Speaker 12: big on is two things, budgeting and Google pay. I
1:01:23
Speaker 12: want you to get on a straight, solid, zero based budget.
1:01:25
Speaker 12: You can list all your money, list all of your expenses,
1:01:28
Speaker 12: and it's your equals zero. When you're at your expenses,
1:01:30
Speaker 12: go over to Google pay. Look at all of your
1:01:32
Speaker 12: money that you've actually been spending. When it comes to
1:01:34
Speaker 12: your debit card if you got a credit card, you know,
1:01:38
Speaker 12: look at all the ways you're spending money. And so
1:01:39
Speaker 12: that way you can see, okay, hey, where can I
1:01:41
Speaker 12: cut off at? You know, I'm spending too much money
1:01:43
Speaker 12: on food, I'm spending too much money on you know,
1:01:45
Speaker 12: these particular apps. So how you can save money is
1:01:48
Speaker 12: by looking at your detailed budget and see where where
1:01:51
Speaker 12: can you eliminate some things from I do that often,
1:01:54
Speaker 12: and I do it at least once a quarter person
1:01:56
Speaker 12: with myself, really look at your budget.
1:01:58
Speaker 4: You can go from there.
1:01:59
Speaker 6: Let me ask you this before we rat. Everybody talks
1:02:01
Speaker 6: about generational wealth all the time. It's a very catchy phrase.
1:02:05
Speaker 6: But what are some practical steps that the average person
1:02:08
Speaker 6: can take to start the path of creating generational wealth?
1:02:14
Speaker 4: Man? I think the first thing is education.
1:02:15
Speaker 3: Man.
1:02:16
Speaker 12: You know, I think oftentimes you want to jump in like, hey,
1:02:18
Speaker 12: how do I get more money? How do I flip
1:02:20
Speaker 12: this money? But the key thing is where there is
1:02:23
Speaker 12: no wisdom, where there is no knowledge, that's where people perish.
1:02:26
Speaker 12: And so I think that if we can honestly get
1:02:28
Speaker 12: the if you really want to build true generational wealth,
1:02:30
Speaker 12: you got to start, you know, listening to podcasts. You
1:02:33
Speaker 12: got to start getting the education, reading the books. So
1:02:35
Speaker 12: that way, when you do get the opportunity to start,
1:02:38
Speaker 12: you know, investing into certain things, start a business, you
1:02:41
Speaker 12: have the education and knowledge to keep what you actually are.
1:02:44
Speaker 4: Able to get.
1:02:45
Speaker 12: So I think number one is get the education. Number
1:02:47
Speaker 12: two is I'm very big on it, y'all know me.
1:02:50
Speaker 12: You got to eliminate that. You got to take debt
1:02:51
Speaker 12: off of the table, so that way you're moving forward
1:02:54
Speaker 12: not paying for your past. And when you start doing that,
1:02:57
Speaker 12: A prime thing man is start investing, take advantage of
1:03:01
Speaker 12: you know, your four to one k matches if they have,
1:03:03
Speaker 12: you know, a wroth. There's three things when it comes
1:03:05
Speaker 12: like to four one k. I always say, look at
1:03:07
Speaker 12: the match, first, look at the wrath, then look at
1:03:09
Speaker 12: the traditional you know, so max that out. I always
1:03:13
Speaker 12: say to invest fifteen percent of your income you know,
1:03:15
Speaker 12: so that can either go to your four one k,
1:03:17
Speaker 12: then go over to like a wrath of wroth ira
1:03:20
Speaker 12: or traditional ira, depending on where you are. You can
1:03:23
Speaker 12: do that and then start looking at ownership, businesses, land
1:03:27
Speaker 12: that kind of stuff. But the key thing I want
1:03:29
Speaker 12: to tell you upfront is get the education. Get the information.
1:03:33
Speaker 12: Because you can be watching er your leader, you can
1:03:35
Speaker 12: watch myself, you can watch professor Keys, you can have
1:03:38
Speaker 12: Google pay app and see where you're doing. But if
1:03:40
Speaker 12: you don't have the information and the knowledge and continuing
1:03:42
Speaker 12: to grow your business, which is your mind, your number
1:03:45
Speaker 12: one asset, you'll never get there because you don't have
1:03:47
Speaker 12: the information to get there.
1:03:49
Speaker 6: All for words, allords, did you have, ladies and gentlemen,
1:03:54
Speaker 6: I appreciate it. Words of wisdom from the Great Anthony O'Neil.
1:03:58
Speaker 6: We call that cough talk, thank you, thank you, And
1:04:05
Speaker 6: like you said, it comes down to education. And I
1:04:07
Speaker 6: think that you know, we're in the age now where
1:04:10
Speaker 6: you can't really make an excuse, not like you know previously,
1:04:14
Speaker 6: you know you could make an excuse for not knowing,
1:04:17
Speaker 6: but now you know, we're in the information age where
1:04:19
Speaker 6: everything is readily available to you on you know, YouTube, Google,
1:04:24
Speaker 6: social media apps, podcast apps. It's just a matter of
1:04:27
Speaker 6: how you use it. You can use to waste time
1:04:31
Speaker 6: and do a lot of frivolous nonsense, or you can
1:04:33
Speaker 6: use it to educate yourself. So you know, we just
1:04:35
Speaker 6: have to make the right decisions. And you'd be surprised
1:04:38
Speaker 6: how many doors education can actually open. It kind of
1:04:41
Speaker 6: sounds stable, it's true. The more you know, it's just
1:04:44
Speaker 6: like it's like mind blowing, you know what opportunities present itself,
1:04:50
Speaker 6: because it's opportunities in front of you right now, but
1:04:51
Speaker 6: you're just not able to take advantage of it because
1:04:53
Speaker 6: you're not educated, so you don't even realize the opportunities
1:04:55
Speaker 6: actually there.
1:04:56
Speaker 3: The more you know, the more you know, that is
1:04:57
Speaker 3: a fact.
1:04:58
Speaker 6: That is a fat fact.
1:04:59
Speaker 2: Yeah yeah, And there was a lot of actual items
1:05:03
Speaker 2: giving out today.
1:05:03
Speaker 3: I want to again thank Professor Keys Keysier Williams and
1:05:07
Speaker 3: Anthony on Neil, but just delivering some powerful insight.
1:05:11
Speaker 2: And as we always say, man, we can give you
1:05:13
Speaker 2: the information, but don't turn it into information overtle, don't
1:05:16
Speaker 2: hoard it, actually.
1:05:17
Speaker 3: Apply it and execute on information. Right.
1:05:19
Speaker 2: We always say information is on us, executions on you,
1:05:22
Speaker 2: and those words live true today and I want to
1:05:25
Speaker 2: thank them again for come along.
1:05:26
Speaker 3: I appreciate you.
1:05:26
Speaker 6: Yeah, I feel like today was a very important day
1:05:28
Speaker 6: because we always talk about a lot of complex stuff
1:05:31
Speaker 6: like you know, stock marketing options and things that nature.
1:05:33
Speaker 6: But these are like regular everyday issues, topics that get
1:05:39
Speaker 6: looked over a lot, but they're extremely important. And you
1:05:43
Speaker 6: can't build the house but not a solid foundation. So
1:05:46
Speaker 6: all of this stuff is solid foundation work. So it's
1:05:49
Speaker 6: extremely extremely important that we cover it.
1:05:51
Speaker 2: So yeah, and again I'm glad we got to do
1:05:53
Speaker 2: it with Google pay because that is one of those
1:05:55
Speaker 2: tools that can absolutely help you. And I know that's
1:05:57
Speaker 2: one of the things that we work on ourselves, is
1:05:59
Speaker 2: like being more organized, and so having all your financial
1:06:02
Speaker 2: uh portfolio right in front of you and having it
1:06:05
Speaker 2: done in a very helpful and simple way is extremely beneficial.
1:06:08
Speaker 3: Yeah, I want to thanks Google Pay for sponsoring this
1:06:11
Speaker 3: episode of Anglesha. This is really fun, man. We gotta
1:06:13
Speaker 3: do this again.
1:06:15
Speaker 6: For sure, for sure. Thank you guys for rocking with us.
1:06:18
Speaker 6: We'll see you next week.
1:06:19
Speaker 5: Piece my graduates from my school being forced back drop
1:06:27
Speaker 5: drop drop.
1:06:41
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