Latest / Earn Your Leisure / 🚨10 STEPS TO FINANCIAL FREEDOM & HOW ANYONE CAN MAKE MORE MONEY WITH THE BUDGETNISTA

Transcript

🚨10 STEPS TO FINANCIAL FREEDOM & HOW ANYONE CAN MAKE MORE MONEY WITH THE BUDGETNISTA · Earn Your Leisure

• 0:00
  Speaker 1: People don't have the money that they want, not because
• 0:02
  Speaker 1: they're not competent, but they're not confident.
• 0:05
  Speaker 2: I'm like, how do you go broke when all this
• 0:06
  Speaker 2: information is out here?
• 0:07
  Speaker 3: What are some methods to get out of debt?
• 0:09
  Speaker 1: You pick a method of debt pay down and then
• 0:11
  Speaker 1: you automate it and then put your focus toward growing
• 0:14
  Speaker 1: wealth because what you focus on is what grows.
• 0:16
  Speaker 3: What's the biggest mistake people make when they're trying to
• 0:18
  Speaker 3: budget or manage money?
• 0:19
  Speaker 2: You cannot budget and save your way to wealth. Absolutely.
• 0:21
  Speaker 2: Money needs to actively grow on purpose.
• 0:23
  Speaker 4: Is there a difference between being financially free and financially whole?
• 0:27
  Speaker 1: Financial freedom means you have a ton of money that
• 0:29
  Speaker 1: you don't have to work anymore. But financial wholeness means
• 0:31
  Speaker 1: that your life is working for the.
• 0:33
  Speaker 2: Best benefit of you.
• 0:34
  Speaker 3: How do you make more money?
• 0:35
  Speaker 2: I would start looking, can I make more money where
• 0:37
  Speaker 2: I currently am?
• 0:38
  Speaker 1: And if not, can I put those two things, something
• 0:40
  Speaker 1: I have a degree or certificate in and something that's
• 0:43
  Speaker 1: not a new skill set I have to learn so
• 0:44
  Speaker 1: I can start getting to the money faster.
• 0:46
  Speaker 3: What's some investing tips for people that just are beginning
• 0:49
  Speaker 3: to start their investment journey?
• 0:50
  Speaker 2: The best place to start investing is in the education.
• 0:53
  Speaker 4: How do you deal with, hey, there's an emotional side
• 0:55
  Speaker 4: to investing as well that you have to conquer?
• 0:57
  Speaker 1: Get yourself to a place where your money is solid
• 1:00
  Speaker 1: enough that you don't have to be so pressed about
• 1:01
  Speaker 1: whether your investments went up or down because that's going
• 1:03
  Speaker 1: to happen.
• 1:05
  Speaker 3: Okay.
• 1:06
  Speaker 5: Welcome back, EYL. We here.
• 1:08
  Speaker 3: We are here. We got a special guest.
• 1:10
  Speaker 5: Legendary.
• 1:11
  Speaker 3: Somebody that we haven't had on the program in a while.
• 1:13
  Speaker 5: Yeah.
• 1:14
  Speaker 3: But definitely family when it comes to Earn Your Leisure.
• 1:16
  Speaker 3: We did Earn Your Leisure. We've done InvestFest. We've done
• 1:19
  Speaker 3: Market Mondays.
• 1:19
  Speaker 5: This is the first time in person. Yeah. Right?
• 1:23
  Speaker 3: Yeah.
• 1:24
  Speaker 5: It was pandemic times the first time we sat down.
• 1:26
  Speaker 5: I mean, I did InvestFest. InvestFest, yeah.
• 1:29
  Speaker 2: But yes, first time on the podcast in person.
• 1:31
  Speaker 5: Fire.
• 1:31
  Speaker 3: Well, Tiffany Aliche, better known as the Budgetnista. I mean-
• 1:38
  Speaker 3: kind of don't even really need a introduction, but bestselling author, um,
• 1:43
  Speaker 3: advocate for financial literacy in schools. I think you have
• 1:45
  Speaker 3: a bill named after you in New Jersey. Um, to
• 1:49
  Speaker 3: build the community online was actually one of the people
• 1:51
  Speaker 3: that actually taught us about in the community early during
• 1:54
  Speaker 3: the pandemic days. Um, somebody that has been an advocate
• 1:59
  Speaker 3: for budgeting and credit and investing and 401ks and real estate.
• 2:06
  Speaker 3: And yeah, business, entrepreneurship, and really, really, really been a
• 2:11
  Speaker 3: pioneer in the space that we occupy as far as
• 2:15
  Speaker 3: financial literacy and entrepreneurship and investing, and has approached it
• 2:20
  Speaker 3: from a very different standpoint. I think like a very
• 2:23
  Speaker 3: common sense, easy, digestible, straight to the point way, and
• 2:30
  Speaker 3: it's resonated with millions of people. So Always a great
• 2:34
  Speaker 3: time when we get to have this conversation. So thank
• 2:36
  Speaker 3: you for joining us.
• 2:37
  Speaker 1: I'm going to bring you on the road, which I'm like, play.
• 2:41
  Speaker 4: I'm thinking like if there was a Financial Avengers, you
• 2:44
  Speaker 4: would definitely be part of that.
• 2:45
  Speaker 2: Thank you.
• 2:46
  Speaker 4: You've definitely been part of our journey. I still remember
• 2:48
  Speaker 4: when you told about building community. We're like, all right,
• 2:51
  Speaker 4: we got to do that. And you tell us the numbers.
• 2:52
  Speaker 4: We're like, oh, we definitely have to do that. Then
• 2:54
  Speaker 4: you're like, yeah, you got to get a book, the book. Oh,
• 2:56
  Speaker 4: we definitely got to do that. And so here we
• 2:58
  Speaker 4: are doing all the things that you had recommended and hopefully,
• 3:02
  Speaker 4: you know, making the community proud while we do it.
• 3:04
  Speaker 2: No, you are. You know, like, I mean, it's so crazy.
• 3:06
  Speaker 1: I feel like there's nowhere I can't go where, especially
• 3:08
  Speaker 1: a man, which I really love, will be like.
• 3:10
  Speaker 2: You ever heard of Earn Your Leisure?
• 3:11
  Speaker 1: And their face lights up. And I just, because there
• 3:15
  Speaker 1: wasn't that before. You know what I mean? Because, you know,
• 3:17
  Speaker 1: my community is largely women and there wasn't anything. I mean,
• 3:20
  Speaker 1: I know y'all don't just do men, but they didn't
• 3:22
  Speaker 1: feel seen it really until y'all came along. And so
• 3:25
  Speaker 1: that's pretty amazing, especially black men.
• 3:26
  Speaker 5: Appreciate that.
• 3:28
  Speaker 3: OK, so we got a lot to talk about, but
• 3:30
  Speaker 3: I see you got the book. So what have you
• 3:34
  Speaker 3: been up to? Talk about the book. Let's let's get into,
• 3:37
  Speaker 3: you know, 2.0 version of Budget Nista as far as
• 3:41
  Speaker 3: what you're doing now and, you know, how you have actually,
• 3:46
  Speaker 3: you know, transitioned from what we the last time we
• 3:49
  Speaker 3: spoke to you to now.
• 3:51
  Speaker 2: Well, I think since then, so the book is a
• 3:53
  Speaker 2: New York Times bestseller.
• 3:54
  Speaker 5: Congratulations.
• 3:54
  Speaker 2: Eight weeks on the list.
• 3:56
  Speaker 5: Congrats.
• 3:56
  Speaker 1: You know, and it kind of opened the door because
• 4:00
  Speaker 1: before then, there's nothing wrong with being the influencer, but
• 4:03
  Speaker 1: I feel like that was kind of like the label,
• 4:05
  Speaker 1: you know, and I really wanted to be seen as
• 4:07
  Speaker 1: an expert. And so with the book doing so well
• 4:11
  Speaker 1: and selling so many, like almost 400,000 copies.
• 4:14
  Speaker 5: Congrats.
• 4:15
  Speaker 1: It just really helped to elevate me from, from content creator,
• 4:18
  Speaker 1: influencer to financial expert.
• 4:21
  Speaker 2: And so the paperback version came out to make it
• 4:26
  Speaker 2: more affordable for people to have access.
• 4:28
  Speaker 1: So typically the paperback version will come out a year
• 4:30
  Speaker 1: after your book comes out.
• 4:32
  Speaker 2: But the hardcover just kept selling. So it's like year
• 4:36
  Speaker 2: four now.
• 4:37
  Speaker 1: So it took four years for the sales to get
• 4:39
  Speaker 1: to a place where they're like, all right, Let's kick
• 4:41
  Speaker 1: out the paperback. But it's just been amazing because people
• 4:44
  Speaker 1: stop me every day. At first, I didn't want to
• 4:46
  Speaker 1: be on the cover of the book at first because
• 4:47
  Speaker 1: I was like, oh, but what if I know my
• 4:50
  Speaker 1: people will buy it. But I wasn't sure if it
• 4:53
  Speaker 1: would appeal to everyone. But I love it now because
• 4:56
  Speaker 1: people stop me and they just look at me like,
• 4:58
  Speaker 1: I know your face. And they're like, oh, my God,
• 5:01
  Speaker 1: you're on that cover of that book, you know. And
• 5:04
  Speaker 1: so I love that. I remember there was one woman
• 5:05
  Speaker 1: in particular. I was out to dinner in D.C. And
• 5:08
  Speaker 1: she kept looking at me and looking at me. And
• 5:09
  Speaker 1: she's like, I know your face. And her boyfriend was like,
• 5:12
  Speaker 1: that's what we saw at the time when we was
• 5:14
  Speaker 1: going to Target. I told you to get that book.
• 5:17
  Speaker 1: She had told her boyfriend when she was at Target,
• 5:18
  Speaker 1: if God wants me to get that book, he'll send
• 5:20
  Speaker 1: me a sign.
• 5:21
  Speaker 2: And so not me sitting next to her at dinner.
• 5:23
  Speaker 2: She was like, oh, that's my sign.
• 5:25
  Speaker 5: Here's the sign.
• 5:26
  Speaker 2: Get your money together.
• 5:28
  Speaker 1: But now, honestly, now the budget needs to, I mean,
• 5:31
  Speaker 1: it's been largely B2C for a while, but we've been
• 5:34
  Speaker 1: doing a lot of movement into B2B.
• 5:37
  Speaker 2: Working with schools, colleges, a lot of nonprofits.
• 5:42
  Speaker 1: Just like the market has shifted because a lot of
• 5:44
  Speaker 1: people who, the B to Cs, the Cs don't have
• 5:48
  Speaker 1: as much money as they used to. And so I've
• 5:50
  Speaker 1: been trying to offset how can I get organizations, nonprofits, schools,
• 5:54
  Speaker 1: and things to pay for things so I can then
• 5:56
  Speaker 1: offer it to my community for free because community is
• 5:58
  Speaker 1: still the core for me.
• 5:59
  Speaker 4: That's interesting because, I mean, obviously this is a space
• 6:02
  Speaker 4: where we're known for and going into, but it's a process.
• 6:07
  Speaker 4: And talk about that, getting into school, something that, you know,
• 6:10
  Speaker 4: you've been working hard on, doing nonprofit work, getting funds
• 6:13
  Speaker 4: so that you can give out the information. Talk about
• 6:15
  Speaker 4: the process of actually trying to go about that and
• 6:18
  Speaker 4: the difficulties of when you're doing it.
• 6:20
  Speaker 2: So it's a long process.
• 6:22
  Speaker 1: I think one of the mistakes that people make is
• 6:25
  Speaker 1: believing people on social media, thinking that things take like
• 6:28
  Speaker 1: You know, a few months or.
• 6:29
  Speaker 2: No, no, this has been years in the making. First,
• 6:32
  Speaker 2: we got certified in everything. Right.
• 6:34
  Speaker 1: Small business, women owned, black owned business, all the things
• 6:37
  Speaker 1: because you just don't know what people are going to need.
• 6:39
  Speaker 1: Then there was a lot of relationship building. I heard
• 6:41
  Speaker 1: you guys saw you at Brooklyn Tech. You know, you
• 6:44
  Speaker 1: were there and I saw you, Rashad, say how relationships
• 6:47
  Speaker 1: are such a critical component for business growth.
• 6:50
  Speaker 2: Because you can.
• 6:51
  Speaker 1: Have the best tool or resource, but if you don't
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  Speaker 1: know the person on the inside, you might not even
• 6:57
  Speaker 1: get a chance to share it, you know? And so
• 7:00
  Speaker 1: I just spent a lot of time building relationships. And
• 7:04
  Speaker 1: then understanding what do people actually need? Because I was
• 7:08
  Speaker 1: coming to them with things and they're like, that's cool,
• 7:10
  Speaker 1: but we don't want that. So I had to start
• 7:12
  Speaker 1: to ask and listen and say, oh, this is what
• 7:14
  Speaker 1: you want me to build. So building that and then
• 7:16
  Speaker 1: building it to a level of excellence. So it's been
• 7:20
  Speaker 1: honestly probably like a three or four year process. One
• 7:22
  Speaker 1: thing I think that I'm good at and my team
• 7:24
  Speaker 1: is good at is we do a lot of.
• 7:27
  Speaker 2: Like, future-focused planning.
• 7:30
  Speaker 1: Like, I will look ahead into the future and say,
• 7:32
  Speaker 1: I see a shift coming and start to do the
• 7:34
  Speaker 1: work now.
• 7:36
  Speaker 2: I also call it pre-pivoting.
• 7:38
  Speaker 1: So that way I don't wait until the last minute
• 7:40
  Speaker 1: and now you're scrambling when your business is slowly declining.
• 7:44
  Speaker 1: So now that the sales for B2C have slowed, I
• 7:47
  Speaker 1: knew they were. Even when they were high, I was like,
• 7:49
  Speaker 1: like in our peak phase. We were making like $ 10
• 7:51
  Speaker 1: million a year. But I was like, this is just
• 7:54
  Speaker 1: pandemic money, which that's fine.
• 7:56
  Speaker 2: I'll go get it.
• 7:56
  Speaker 1: But I knew it wasn't going to stay like that.
• 7:58
  Speaker 1: So I started planning for what should B2B look like.
• 8:01
  Speaker 1: And now we're starting to get the contracts for B2B.
• 8:04
  Speaker 1: And like we're up 75% last quarter from last year
• 8:08
  Speaker 1: because of our B2B contracts.
• 8:10
  Speaker 2: But I couldn't have done that in three months, six months.
• 8:12
  Speaker 2: It took years to get to a place where we
• 8:14
  Speaker 2: are now. But it's not easy work.
• 8:16
  Speaker 3: And the B2B is like school districts. What, what, what
• 8:18
  Speaker 3: businesses are you selling?
• 8:20
  Speaker 2: So, so yes, like definitely school districts.
• 8:22
  Speaker 1: Like we have like a, um, we've got a contract with, uh,
• 8:25
  Speaker 1: the board of education in Newark, um, in New York,
• 8:28
  Speaker 1: which is great.
• 8:29
  Speaker 2: Cause you can get the big ones. You can roll
• 8:31
  Speaker 2: to the other ones. Some of the smaller ones too.
• 8:33
  Speaker 1: We've had like, um, Different colleges like Rutgers, Montclair State,
• 8:37
  Speaker 1: Bloomfield College. There's a there's a college in California, one
• 8:42
  Speaker 1: of these little colleges. And we're also looking at HBCUs.
• 8:45
  Speaker 1: But we're hearing more and more, though, that when it
• 8:49
  Speaker 1: comes to financial education for kids, that even that you're
• 8:53
  Speaker 1: getting pushed out because these larger entities are given away
• 8:56
  Speaker 1: for free.
• 8:57
  Speaker 4: Mm hmm.
• 8:58
  Speaker 2: And so I'm like, okay, so what else do you need?
• 9:00
  Speaker 2: So we're doing trainings for teachers.
• 9:03
  Speaker 1: But then we partnered, I have a really good relationship
• 9:05
  Speaker 1: with the United Way in Newark. And so as a
• 9:09
  Speaker 1: result of that, we created tools and resources for them.
• 9:13
  Speaker 1: And now they're bringing us to other United Ways to
• 9:15
  Speaker 1: do the same. So one of the best pieces of
• 9:18
  Speaker 1: advice I ever got secondhand was one of my homeboys,
• 9:23
  Speaker 1: I think it was Raphael, Raphael Gordon.
• 9:25
  Speaker 2: I don't know if y'all know him, but anyway.
• 9:27
  Speaker 1: He had gone to this concert and he saw Jay-Z
• 9:31
  Speaker 1: and he was like, him and his homeboy waited by
• 9:33
  Speaker 1: the tour bus. This is like years ago, probably 20
• 9:35
  Speaker 1: years ago, because they really wanted to talk to Jay
• 9:37
  Speaker 1: and be like, you know, I want to be a
• 9:38
  Speaker 1: rapper like you.
• 9:39
  Speaker 2: I want to.
• 9:40
  Speaker 1: And so finally Jay comes out after the concert, you know,
• 9:42
  Speaker 1: they ask him all these questions and Jay asked them,
• 9:46
  Speaker 1: have you locked your hometown down?
• 9:48
  Speaker 4: Hmm.
• 9:49
  Speaker 2: And he was like, no, but I want to be
• 9:50
  Speaker 2: in China. I want to be in Japan.
• 9:51
  Speaker 1: He's like, yeah, but have you locked your hometown down?
• 9:54
  Speaker 1: If you cannot lock down your hometown, you're not going
• 9:56
  Speaker 1: to those other places because your hometown is the one
• 9:59
  Speaker 1: who's going to propel you.
• 10:00
  Speaker 5: There.
• 10:00
  Speaker 2: Because let's just say you lock Brooklyn down.
• 10:02
  Speaker 1: Brooklyn's going to tell their cousin in Harlem and Queens
• 10:05
  Speaker 1: and Newark and California. And I never forgot that when
• 10:08
  Speaker 1: he told me that story. And so one of the
• 10:10
  Speaker 1: things that you have to do for B2B is lock
• 10:13
  Speaker 1: your hometown down. Like if my name doesn't come up
• 10:15
  Speaker 1: in Newark where I live for financial education or whatever,
• 10:18
  Speaker 1: I'm I've done something wrong because I've locked Newark down.
• 10:22
  Speaker 1: Then Newark tells New York and New York tells California,
• 10:25
  Speaker 1: California tells Louisiana, Louisiana tells, you see what I mean?
• 10:28
  Speaker 1: And so, so that's what I've been doing is that like,
• 10:30
  Speaker 1: I've locked Newark down, build such great relationships there that
• 10:34
  Speaker 1: they take me to other places.
• 10:36
  Speaker 5: As you were saying it, I'm thinking like she's locked
• 10:39
  Speaker 5: down Newark.
• 10:39
  Speaker 2: I have.
• 10:40
  Speaker 5: Yeah. And that's how it spreads. That's how community spreads.
• 10:43
  Speaker 5: That's how information spreads. And that's how relationships get built.
• 10:46
  Speaker 2: Exactly.
• 10:47
  Speaker 1: Because the CEO of the United Way in Newark, that's
• 10:50
  Speaker 1: my homegirl. So I'm like, well, homegirl, who's your homegirl
• 10:53
  Speaker 1: in Louisiana? She's like, oh, that's my homegirl. Well, let's
• 10:56
  Speaker 1: all be homegirls. And then all of a sudden you
• 10:58
  Speaker 1: cool with them. And then you're like, who else do
• 10:59
  Speaker 1: y'all know? I know San Diego. We'll bring them to
• 11:01
  Speaker 1: the mix. So that's how you relationship build, you know,
• 11:04
  Speaker 1: because you don't have to be everywhere. You be one
• 11:07
  Speaker 1: place and let those people do right by them and
• 11:09
  Speaker 1: let them take you to other places.
• 11:11
  Speaker 5: It's interesting.
• 11:12
  Speaker 4: The last time we interviewed you for Earn Your Leisure,
• 11:14
  Speaker 4: it was mid pandemic. I wonder how you look at
• 11:17
  Speaker 4: the landscape now as we've been putting out information about
• 11:20
  Speaker 4: how to, you know, save, how to budget, how to
• 11:22
  Speaker 4: be appropriate with your income.
• 11:24
  Speaker 5: Obviously, what we've been doing as well. How do you
• 11:26
  Speaker 5: look at the landscape today?
• 11:27
  Speaker 4: Like, are you proud? Are you saying, hey, we still
• 11:30
  Speaker 4: got a long way to go? How are you viewing this?
• 11:33
  Speaker 1: I mean, I'll say the good part. The good part
• 11:36
  Speaker 1: is that people are more conscious about their money. They're
• 11:39
  Speaker 1: not just kind of waiting like they used to. More
• 11:42
  Speaker 1: people are investing than ever before, you know, and I
• 11:44
  Speaker 1: know that's as a result of the work that we've
• 11:45
  Speaker 1: all done. People of color, especially black folks, are more
• 11:49
  Speaker 1: interested in personal finance. I know that's because of the
• 11:52
  Speaker 1: work that's that we've all done. So that's the part
• 11:54
  Speaker 1: that's great. But there's also a lot of misinformation. And
• 11:57
  Speaker 1: I think in general, the economy has become harder, but
• 12:00
  Speaker 1: people are more open to learning.
• 12:02
  Speaker 2: So it's like the, you know, the good and the bad.
• 12:04
  Speaker 1: So I'm proud of the work that I've done, but
• 12:07
  Speaker 1: I know there's still more work to be done because.
• 12:10
  Speaker 2: The marker keeps shifting.
• 12:12
  Speaker 1: So you teach people how to do a thing and
• 12:13
  Speaker 1: then they shift, you know, like, well, now you got
• 12:16
  Speaker 1: to learn how to do this. And so but at
• 12:17
  Speaker 1: least people are more open to learning about that now.
• 12:20
  Speaker 3: So, all right, let's get into it. Financial wholeness. You
• 12:23
  Speaker 3: talk about financial wholeness a lot, right? What does that
• 12:25
  Speaker 3: actually mean and why do so many high income earners
• 12:29
  Speaker 3: still feel broke?
• 12:30
  Speaker 1: Well, so financial wholeness is like when these 10 components
• 12:34
  Speaker 1: of your financial life, that's what Get Good With Money
• 12:35
  Speaker 1: is all about, these 10 parts.
• 12:37
  Speaker 2: So that's budgeting, savings, debt, credit, income.
• 12:41
  Speaker 1: That's also investing, your net worth, your financial team, insurance,
• 12:46
  Speaker 1: and estate planning. So if you master those 10 things,
• 12:50
  Speaker 1: you might not be rich, but you're going to be
• 12:51
  Speaker 1: all right. To me, that's what financial wholeness means. You'll
• 12:54
  Speaker 1: be able to take care of yourself, your family, pay
• 12:57
  Speaker 1: your bills, go on vacation every once in a while.
• 13:00
  Speaker 1: So I want people to master financial wholeness, those 10 things,
• 13:03
  Speaker 1: and get good with money. That's what I teach in
• 13:05
  Speaker 1: the book. Honestly, all my friends, I have a lot
• 13:07
  Speaker 1: of rich friends. I'm talking about rich friends. I have
• 13:09
  Speaker 1: one friend that's worth over 100 M's. And they are
• 13:13
  Speaker 1: still like, I don't know what I'm going to do
• 13:15
  Speaker 1: in this economy.
• 13:16
  Speaker 3: I'm like.
• 13:18
  Speaker 2: What are you even talking about? You are the economy.
• 13:21
  Speaker 1: And even me, you know, I'm a multimillionaire and I'm
• 13:23
  Speaker 1: not going to lie. It don't feel, I mean, I know,
• 13:26
  Speaker 1: but I think it's because one, for many of us,
• 13:30
  Speaker 1: it's our first time like in this space. Like I
• 13:32
  Speaker 1: didn't grow up in a wealthy household. My parents were
• 13:34
  Speaker 1: born and raised in Nigeria. So one, it still feels
• 13:37
  Speaker 1: so new. And two, there's more to lose now. When
• 13:41
  Speaker 1: I was being a preschool teacher making $ 39, 000, I mean,
• 13:43
  Speaker 1: I could replace a $ 39, 000 a year job.
• 13:47
  Speaker 2: Now, as a budget nista, you know, my take home
• 13:49
  Speaker 2: is seven figure.
• 13:51
  Speaker 1: Who paying little black girl Tiffany seven figures out in
• 13:53
  Speaker 1: the economy except for myself?
• 13:55
  Speaker 2: And so there's more to lose.
• 13:57
  Speaker 1: And I think that's why people feel a little broke
• 14:00
  Speaker 1: because I'm not an overspender. And most of my friends,
• 14:03
  Speaker 1: even the wealthy ones, I don't find to be overspenders.
• 14:06
  Speaker 1: I just think that there's just so much to lose
• 14:09
  Speaker 1: if this doesn't work out, that people are afraid.
• 14:11
  Speaker 3: Can you expand on that whole because you went through
• 14:14
  Speaker 3: that list? Can you expand on like each individual one?
• 14:17
  Speaker 2: So like budgeting, right? So do you have, is your
• 14:21
  Speaker 2: money automatically doing what it's supposed to do?
• 14:23
  Speaker 1: That's what a budget is. It's money in, money out,
• 14:26
  Speaker 1: but it's doing what it's supposed to do. It's paying
• 14:27
  Speaker 1: your bills. It's paying down debt. It's being saved. It's
• 14:31
  Speaker 1: being vested, right? So that's budgeting, right? Then there's saving.
• 14:35
  Speaker 1: Are you automatically saving? Do you have enough emergency savings?
• 14:39
  Speaker 1: At least three months, ideally six months, 12 months.
• 14:42
  Speaker 2: If you're an entrepreneur, right?
• 14:44
  Speaker 4: Yeah.
• 14:45
  Speaker 1: Credit, is your credit score ideally a 740 or more?
• 14:49
  Speaker 1: You know, at least in the high 600s, low 700s,
• 14:53
  Speaker 1: but 740 is the beginning of perfect credit. Meaning when
• 14:56
  Speaker 1: you go to borrow money, then you shouldn't have a
• 14:58
  Speaker 1: problem getting like the best rates.
• 14:59
  Speaker 2: So that's credit. Debt, right?
• 15:02
  Speaker 1: So it doesn't mean you have to be debt free,
• 15:04
  Speaker 1: but is your debt under control or is it controlling you?
• 15:07
  Speaker 2: You know, like, are you on time?
• 15:10
  Speaker 1: Is your debt navigating in such a way that if
• 15:12
  Speaker 1: you need to borrow, that you can for the next
• 15:14
  Speaker 1: thing that you want to buy? Then there's income. Are
• 15:17
  Speaker 1: you making enough income to both support your day-to-day life,
• 15:20
  Speaker 1: your budget, but also enough to pay down debt and
• 15:23
  Speaker 1: also enough to save? And so if not, I show
• 15:26
  Speaker 1: you ways of how do you increase your income? One
• 15:28
  Speaker 1: of the best ways is to see if your current
• 15:30
  Speaker 1: job to pay you more. And if they can't, are
• 15:33
  Speaker 1: there external ways from your job that you can make more?
• 15:35
  Speaker 1: So those are the foundational five. Then investing for both
• 15:39
  Speaker 1: retirement and wealth.
• 15:40
  Speaker 2: Right.
• 15:41
  Speaker 1: So are you investing in a way that retirement just
• 15:44
  Speaker 1: means look around at your life now?
• 15:46
  Speaker 2: Can you maintain this current life when you're no longer working?
• 15:49
  Speaker 1: Investing for wealth means that you get to improve your
• 15:51
  Speaker 1: life now and leave a legacy for your family.
• 15:53
  Speaker 2: So that's investing. Right.
• 15:55
  Speaker 1: Then there is insurance. Do you have enough insurance to
• 15:59
  Speaker 1: cover and protect your assets? So assets are things like
• 16:03
  Speaker 1: your money, your job, your life, your dog, your house, right,
• 16:06
  Speaker 1: your car.
• 16:07
  Speaker 2: Are you covered?
• 16:09
  Speaker 1: So if something should happen, then insurance can kick in.
• 16:11
  Speaker 1: Then there is your financial team. And so do you
• 16:15
  Speaker 1: have an accountant if you need one? If you have
• 16:17
  Speaker 1: a job or a business, do you have a CFO
• 16:19
  Speaker 1: if you need one? Do you have a bookkeeper? Do
• 16:22
  Speaker 1: you have a financial advisor if you want one?
• 16:24
  Speaker 2: Who's on your team?
• 16:25
  Speaker 1: At least I say you should have an accountability partner
• 16:28
  Speaker 1: to help you with your financial goals. Then your net worth.
• 16:32
  Speaker 1: Do you own more than you owe? So that's critical
• 16:36
  Speaker 1: because I know people who are like, well, I own
• 16:38
  Speaker 1: $ 20 million.
• 16:39
  Speaker 2: Worth of stuff.
• 16:40
  Speaker 1: I'm like, yeah, but you owe 30. You're upside down
• 16:42
  Speaker 1: in all your homes. You know, you're tapped out. And
• 16:45
  Speaker 1: so your net worth is an indicator of your financial health.
• 16:47
  Speaker 1: And lastly, estate planning. Do you have a will? Do
• 16:51
  Speaker 1: you have a trust, if it makes sense? So a
• 16:53
  Speaker 1: will everyone should have so that way your family knows
• 16:55
  Speaker 1: what to do with your things. And a trust, if
• 16:58
  Speaker 1: you have a net worth of $ 500, 000 or more, consider
• 17:02
  Speaker 1: it a million dollars or more, which is really just
• 17:04
  Speaker 1: a house many places. Definitely should look to have a
• 17:07
  Speaker 1: trust because this will help to.
• 17:11
  Speaker 1: I won't say minimize the tax burden, but at least
• 17:13
  Speaker 1: manage the tax burden for the people that you leave behind.
• 17:16
  Speaker 1: And so those are the 10 things that I walk
• 17:18
  Speaker 1: through every single thing in Get Good With Money, my book.
• 17:20
  Speaker 1: And I really walk you through how do you do
• 17:23
  Speaker 1: every single one of those things well, no matter if
• 17:26
  Speaker 1: you're the 22-year-old who just started working or the 102-year-old
• 17:29
  Speaker 1: who has been retired for 30 years.
• 17:32
  Speaker 5: Yeah, it's a lot.
• 17:33
  Speaker 4: It made me think, as you're saying it, Is there
• 17:36
  Speaker 4: a difference between being financially free and financially whole?
• 17:40
  Speaker 5: Yeah.
• 17:40
  Speaker 2: Right.
• 17:40
  Speaker 5: Because the person you would assume that has 100 million
• 17:42
  Speaker 5: or 50 million. Mm hmm.
• 17:45
  Speaker 4: Financially free, but the wholeness may not be there because
• 17:48
  Speaker 4: of all the things you just listed.
• 17:50
  Speaker 1: I'm glad you, honestly, Troy, I'm glad you pointed that
• 17:52
  Speaker 1: out because that's the reason why I wrote it because
• 17:54
  Speaker 1: I was like, I'm financially free, but I wasn't whole.
• 17:58
  Speaker 2: Right.
• 17:58
  Speaker 1: So when, so my husband passed away in 2021 and
• 18:02
  Speaker 1: we had everything, but we didn't have a will and
• 18:04
  Speaker 1: trust because we were 41.
• 18:04
  Speaker 2: I was like, I'll get to it. I'll get to it.
• 18:06
  Speaker 1: So we had more than enough money. But then when
• 18:09
  Speaker 1: he passed away, it was like kind of the wild,
• 18:11
  Speaker 1: wild West figuring out, I mean, people were coming out
• 18:14
  Speaker 1: the woodwork. I'm like, it didn't make sense because we
• 18:18
  Speaker 1: didn't have that in place. And so that's the difference
• 18:22
  Speaker 1: is that, yes, you can have a ton of money,
• 18:24
  Speaker 1: but it doesn't mean that you're whole. It doesn't mean
• 18:26
  Speaker 1: that you have your will or your trust. It doesn't
• 18:28
  Speaker 1: mean that your credit is where it's supposed to be.
• 18:30
  Speaker 1: It doesn't mean that you have the people in place
• 18:32
  Speaker 1: on your team. So, for example, you could be an
• 18:34
  Speaker 1: athlete or.
• 18:35
  Speaker 2: Something like that.
• 18:36
  Speaker 1: You may have a $ 30 million contract, but they took
• 18:39
  Speaker 1: your money. Who was it that we just saw the
• 18:40
  Speaker 1: accountant took $ 2 million?
• 18:43
  Speaker 2: Was it Nick Cannon?
• 18:45
  Speaker 1: He was just in the news that his accountant ran
• 18:47
  Speaker 1: away with $ 2 million of his money. That's not financial
• 18:49
  Speaker 1: wholeness because you have a team member who's a thief.
• 18:54
  Speaker 2: You know what I mean?
• 18:54
  Speaker 1: And so financial freedom means you have a ton of
• 18:56
  Speaker 1: money that you don't have to work anymore. But financial
• 18:59
  Speaker 1: wholeness means that your life is working for the best
• 19:01
  Speaker 1: benefit of you.
• 19:02
  Speaker 2: Your financial life is working for the best benefit of you.
• 19:05
  Speaker 4: So how are we building it, right? We want to
• 19:07
  Speaker 4: have financial freedom. We want to have both. Is there
• 19:11
  Speaker 4: a number that we should say, hey, we should start getting...
• 19:14
  Speaker 4: thinking about becoming whole, right? Or you do that from
• 19:16
  Speaker 4: the start?
• 19:17
  Speaker 2: No, I don't think there's a number.
• 19:18
  Speaker 1: So, for example, like financial wholeness for when I was 21,
• 19:22
  Speaker 1: estate planning just looked like my mom was the beneficiary
• 19:25
  Speaker 1: of my bank account.
• 19:26
  Speaker 2: You know what I mean?
• 19:27
  Speaker 1: But for me, Tiffany, at 46, that looks like I
• 19:31
  Speaker 1: have a trust in place.
• 19:32
  Speaker 2: I have four properties.
• 19:34
  Speaker 1: And so some of them are in a holding company.
• 19:37
  Speaker 1: And then my will is tight. And then, you know
• 19:39
  Speaker 1: what I mean? So you can be financially whole no
• 19:41
  Speaker 1: matter where you are on the spectrum, even if you
• 19:44
  Speaker 1: don't have enough money to not work anymore. To me,
• 19:46
  Speaker 1: the number one goal is financial wholeness. And if you
• 19:49
  Speaker 1: get to financial wholeness, great, because you can still live
• 19:51
  Speaker 1: a good life financially whole, but you can have the
• 19:54
  Speaker 1: freedom and not have a good life. You know, I know,
• 19:56
  Speaker 1: I mean, y'all know people with a ton of money
• 19:58
  Speaker 1: that are not living well. You know, they're not enjoying themselves.
• 20:02
  Speaker 1: They don't have no free time. You know, like they're
• 20:04
  Speaker 1: like a slave to the thing that they built. I
• 20:06
  Speaker 1: know somebody right now who is a slave to the
• 20:08
  Speaker 1: thing that he built. And he's worth over $ 60 million.
• 20:11
  Speaker 1: He has no joy. And I'm like, well, I don't
• 20:13
  Speaker 1: want that. Financial wholeness is what I'm looking for. Even
• 20:16
  Speaker 1: if it means I have less than you, I still
• 20:18
  Speaker 1: have more of a life.
• 20:20
  Speaker 3: So you had talked about this briefly, but for people
• 20:25
  Speaker 3: that know, you had a very unfortunate situation with your
• 20:28
  Speaker 3: husband passing away young. Can you speak on that as
• 20:33
  Speaker 3: far as the lessons that you've learned? You talked about having...
• 20:37
  Speaker 3: the trust, not having the trust, right? You also spoke
• 20:40
  Speaker 3: about life insurance and people have gone through similar situations
• 20:46
  Speaker 3: or they might be going through a situation currently, right?
• 20:48
  Speaker 3: Where they actually have somebody that may have, you know,
• 20:51
  Speaker 3: cancer or they're dealing with things themselves. How did that
• 20:56
  Speaker 3: change your perspective and what valuable lessons did you learn
• 20:59
  Speaker 3: from that experience?
• 21:00
  Speaker 1: I see, which I learned so much, so much so
• 21:03
  Speaker 1: that I'm writing a book called The Gifts of Grief.
• 21:06
  Speaker 1: It's nothing to do with money. Just because it just
• 21:09
  Speaker 1: like I learned so much. So this happened 2021, November 2021.
• 21:14
  Speaker 1: And probably the number one lesson I learned was what
• 21:17
  Speaker 1: was really important. You know, we spent so much time
• 21:21
  Speaker 1: like I used to be a beast. Like if it
• 21:23
  Speaker 1: was to be gotten, I was getting it. You know,
• 21:25
  Speaker 1: I went from preschool teacher to In a number of years,
• 21:28
  Speaker 1: you know, the first five years in business, I think
• 21:30
  Speaker 1: I made, it took me five years to make six figures.
• 21:32
  Speaker 1: But then two years after that to make my first seven.
• 21:35
  Speaker 1: And then a year and a half after that to
• 21:37
  Speaker 1: make my first eight. And, you know, and I'm just
• 21:39
  Speaker 1: like collectively probably made over $ 60 million in business. So
• 21:42
  Speaker 1: I was like, yo, I'm going to get it. But
• 21:46
  Speaker 1: then after Jarrell passed away, I was like, to what end?
• 21:49
  Speaker 1: You know, I remember I was so stressed. I was
• 21:53
  Speaker 1: working all the time. I felt like seven days a week.
• 21:55
  Speaker 1: And I'm like, well, this is what it looks like. Yeah,
• 21:57
  Speaker 1: but to what end? Because we didn't really need anything,
• 22:00
  Speaker 1: you know? And he was so chill. He was born
• 22:03
  Speaker 1: and raised in Newark. And like, just like, yo, babe,
• 22:06
  Speaker 1: you good?
• 22:07
  Speaker 2: I'm good. So, I mean, I don't need nothing else.
• 22:09
  Speaker 1: As long as you good, baby girl's good, my stepdaughter Alyssa,
• 22:12
  Speaker 1: then what else is necessary? So one of the biggest
• 22:16
  Speaker 1: lessons I learned from him, Jarrell, was enough. And so
• 22:20
  Speaker 1: I have slowed down significantly and the business makes less,
• 22:24
  Speaker 1: but we actually keep more, which is funny because I
• 22:26
  Speaker 1: don't kill myself anymore. I don't do much of what
• 22:29
  Speaker 1: I don't want to do. I used to have, it
• 22:33
  Speaker 1: might be like five or six meetings in a day.
• 22:35
  Speaker 1: That would be a crazy week for me now. Next year,
• 22:38
  Speaker 1: I'm taking all next year off. I'm just taking a sabbatical.
• 22:41
  Speaker 1: The business will continue to run because we have our B2B.
• 22:43
  Speaker 1: I could never do that before. I take way more vacations. Alyssa,
• 22:47
  Speaker 1: my stepdaughter, she lives with me. She goes to school.
• 22:50
  Speaker 1: And so I spend way more time with family and friends.
• 22:53
  Speaker 1: I'm a better daughter. I'm a better sister. I'm a
• 22:56
  Speaker 1: better friend.
• 22:57
  Speaker 2: I'm a better neighbor.
• 22:57
  Speaker 1: And so losing Jarrell taught me that it really sharpened
• 23:03
  Speaker 1: what was really, really important. And on the financial side.
• 23:07
  Speaker 1: Because we had done just about everything except for the
• 23:09
  Speaker 1: estate planning. And we did some estate planning. So candidly, Jarrell,
• 23:14
  Speaker 1: and I think I mentioned this on the podcast before,
• 23:17
  Speaker 1: never made over $ 60, 000 a year. He was a regular dude,
• 23:19
  Speaker 1: worked for Newark Housing Authority, was a super, didn't make
• 23:22
  Speaker 1: a ton of money. I met him when I was
• 23:24
  Speaker 1: teaching preschool, so I was making like... 39.
• 23:26
  Speaker 2: So at that time, that sixie was looking good. Like, okay.
• 23:29
  Speaker 3: He a baller.
• 23:30
  Speaker 2: Right?
• 23:30
  Speaker 5: He a baller. Right?
• 23:32
  Speaker 2: But, you know, it just kind of tapped out at
• 23:34
  Speaker 2: that space.
• 23:34
  Speaker 1: But I remember when I was starting at Budget Nista,
• 23:37
  Speaker 1: and he was like, you're moving with me.
• 23:39
  Speaker 2: And I was like, oh, no.
• 23:41
  Speaker 1: And I was like, well, I guess because he worked
• 23:44
  Speaker 1: for houses, so he lived on campus.
• 23:46
  Speaker 5: I like that we call it campus.
• 23:47
  Speaker 2: I know, right? You see how I kind of slide
• 23:49
  Speaker 2: up here? Because I remember one time I came out
• 23:50
  Speaker 2: the door, and this girl was like... Budget Easter? What
• 23:53
  Speaker 2: the hell you doing here? I was like, mind your business, girl.
• 23:56
  Speaker 5: I live on campus too.
• 23:58
  Speaker 2: We lived in housing. So it was like $ 900 a month.
• 24:01
  Speaker 5: Yeah, yeah, yeah.
• 24:02
  Speaker 2: And I was like, okay, I'll give you half. He
• 24:03
  Speaker 2: was like, what I'd like to have, Tiffany? Like, I
• 24:05
  Speaker 2: was paying bills before you got here.
• 24:07
  Speaker 1: And so, but it allowed me to focus and really
• 24:10
  Speaker 1: take the budget Easter to the next.
• 24:11
  Speaker 2: That's when I went from my six figures to my
• 24:13
  Speaker 2: seven figures.
• 24:14
  Speaker 1: And what people don't realize is, is that even before
• 24:17
  Speaker 1: we got together and got married, He had life insurance
• 24:21
  Speaker 1: like laid out. He was really big on life insurance.
• 24:23
  Speaker 1: I don't know why, but he was. And so between
• 24:26
  Speaker 1: the two of us, Alyssa and I, he left us
• 24:27
  Speaker 1: seven figures. This is somebody who never made over 60.
• 24:30
  Speaker 1: I think people think you have to have a lot
• 24:31
  Speaker 1: of money to do right by money. So, I mean,
• 24:36
  Speaker 1: I was able to like, I had, we had purchased
• 24:38
  Speaker 1: a property together.
• 24:39
  Speaker 2: We had two.
• 24:40
  Speaker 1: And I was able to get my third because I
• 24:42
  Speaker 1: was like, I didn't want to live in the house
• 24:44
  Speaker 1: where we had kind of built together because it was
• 24:46
  Speaker 1: too much. So I told one of my sisters, y'all
• 24:48
  Speaker 1: can live here. Just pay me the carrying cost. And
• 24:51
  Speaker 1: I bought a condo around the corner that I bought
• 24:53
  Speaker 1: for $ 520. Now it's worth $ 820 because Newark is the
• 24:56
  Speaker 1: fastest growing market in the country, just about. The country
• 25:00
  Speaker 1: is growing at about half a percentage. Newark is growing
• 25:02
  Speaker 1: at 6.7%. And so, like, everything I bought in Newark
• 25:06
  Speaker 1: had six figures plus worth of equity. And so, yeah,
• 25:11
  Speaker 1: that loss really just made clear for me, like, what
• 25:15
  Speaker 1: was important. I just don't, like, I don't go hard
• 25:17
  Speaker 1: like that anymore because I'm like, for what?
• 25:19
  Speaker 2: Now, here's the thing. This is as someone who made
• 25:21
  Speaker 2: my wealth. You know what I mean? Like, I'm not
• 25:24
  Speaker 2: talking about, you know, for somebody like, oh, I'm not. No, no, no.
• 25:27
  Speaker 2: If you have nothing, you better keep going.
• 25:29
  Speaker 5: You know what I mean?
• 25:31
  Speaker 2: That part. Yes. You know, exactly. Because you should.
• 25:33
  Speaker 5: You've earned your leisure.
• 25:34
  Speaker 2: Yes. Oh, yeah. Oh, okay. I see what you did there.
• 25:36
  Speaker 5: I like that.
• 25:37
  Speaker 2: But I will say that, like, so, but the thing is,
• 25:41
  Speaker 2: I used to go so hard, even though I had
• 25:43
  Speaker 2: earned my leisure.
• 25:44
  Speaker 1: But I wasn't leisuring. And that's the part that shifted
• 25:47
  Speaker 1: for me. They're like, Tiffany, why don't you take the
• 25:49
  Speaker 1: chips off the table? Because you have your money, girl.
• 25:52
  Speaker 1: You have plenty. You can look at a bank account.
• 25:54
  Speaker 1: It's not just assets that are worth millions. I can
• 25:57
  Speaker 1: look and see millions in the bank. So what does
• 26:00
  Speaker 1: it take for you to relax some and enjoy?
• 26:02
  Speaker 4: He has this thing all the time about being paranoid
• 26:04
  Speaker 4: at that level. I wonder what part of it. Paranoia
• 26:08
  Speaker 4: or anxiety of saying that I could go back to
• 26:12
  Speaker 4: fall back to zero was a lot further.
• 26:14
  Speaker 2: Hell yeah.
• 26:15
  Speaker 1: I'm going to try to be broke again. I remember
• 26:17
  Speaker 1: what broke felt like. I remember ramen noodles. And this
• 26:20
  Speaker 1: was in my early 30s. I remember because I teaching preschool,
• 26:23
  Speaker 1: I was all right. And then the recession hit. And
• 26:27
  Speaker 1: that's when I went all the way down, lost my
• 26:28
  Speaker 1: property that I purchased. I was in all this debt.
• 26:31
  Speaker 1: It was a bad time. I said, I can't go back.
• 26:33
  Speaker 1: I'm not going back there. And so it was a
• 26:36
  Speaker 1: lot of, I still have a little bit of power.
• 26:37
  Speaker 1: And I call it a post-traumatic broke syndrome. Cause I'm like,
• 26:41
  Speaker 1: I ain't going back. Cause I've been broke. I've been broke, broke.
• 26:44
  Speaker 1: I remember sleeping on my sister's couch, broke. You know,
• 26:47
  Speaker 1: I remember renting a room. Like I just came home.
• 26:49
  Speaker 1: Some of y'all don't even know what that means. Like
• 26:52
  Speaker 1: literally renting a room. Like I just came home.
• 26:54
  Speaker 2: Like that kind of broke.
• 26:54
  Speaker 1: Cause I could only afford $ 500 a month for, for,
• 26:58
  Speaker 1: for my rent. And so like, I'm like, I'm not
• 27:00
  Speaker 1: going back there. And so even the way that I
• 27:02
  Speaker 1: navigate my money, like I'm, My sisters, one of my
• 27:05
  Speaker 1: sisters is always like, if I had the money, they
• 27:07
  Speaker 1: would get sick of me because I still live fairly like,
• 27:10
  Speaker 1: I mean, yes, I own a bunch of properties, but,
• 27:13
  Speaker 1: you know, like I'm not Miss Ball out of control.
• 27:15
  Speaker 1: You know, you're not going to see me on a
• 27:16
  Speaker 1: private jet unless somebody else is paying for it. But
• 27:20
  Speaker 1: I have curated my life in such a way that
• 27:23
  Speaker 1: most of my properties are paid off. I always think
• 27:25
  Speaker 1: to myself, if I had to go back to teaching preschool,
• 27:27
  Speaker 1: I can maintain my life because my overhead is so
• 27:29
  Speaker 1: low because I don't really carry any mortgages. I don't
• 27:32
  Speaker 1: carry credit card debt. My car is paid for by
• 27:34
  Speaker 1: the budgetista.
• 27:36
  Speaker 2: You know what I mean?
• 27:36
  Speaker 1: So even the way I navigate that is like, well,
• 27:39
  Speaker 1: let me make sure I don't carry too much overhead.
• 27:42
  Speaker 1: So that way, if things go low, I can still
• 27:45
  Speaker 1: maintain my life. So that helps me with the anxiety
• 27:46
  Speaker 1: a little.
• 27:47
  Speaker 5: Yeah, living well below your means.
• 27:48
  Speaker 2: Well below my means.
• 27:49
  Speaker 4: You said something earlier, and I hope they caught it
• 27:51
  Speaker 4: because a lot of entrepreneurs do listen to the show.
• 27:54
  Speaker 4: You said three to six months, regular person for savings.
• 27:58
  Speaker 4: Entrepreneurs have a year.
• 28:00
  Speaker 2: Yes.
• 28:00
  Speaker 5: Tell them why.
• 28:01
  Speaker 1: Because entrepreneurship is a crazy rollercoaster ride. So three months,
• 28:06
  Speaker 1: it really is. You're somebody who could get a job
• 28:08
  Speaker 1: very easily. My mom was a nurse. Nurses, I remember
• 28:11
  Speaker 1: when we were in high school, her hospital closed down.
• 28:15
  Speaker 1: I mean, they were stalking her on the phone because
• 28:17
  Speaker 1: nurses were high in demand and are still so high
• 28:20
  Speaker 1: in demand.
• 28:21
  Speaker 2: Three months, if you're a nurse or a job like that,
• 28:23
  Speaker 2: you good. A pilot, for example, right? Six months for
• 28:26
  Speaker 2: the average person.
• 28:27
  Speaker 1: So because, you know, things get rough, especially in an
• 28:30
  Speaker 1: economy like now. Hopefully in six months you can replace
• 28:33
  Speaker 1: your income. But as an entrepreneur, it could take you
• 28:36
  Speaker 1: a year to recalibrate. And so it allows, I say this,
• 28:42
  Speaker 1: nothing kills creativity like brokenness. And so when I've really
• 28:46
  Speaker 1: struggled with business is because I knew in the back
• 28:49
  Speaker 1: of my mind, dang, I don't have that many more
• 28:50
  Speaker 1: months left to see myself through. Even in my business,
• 28:53
  Speaker 1: we have seven months worth of emergency savings, of overhead, right?
• 28:58
  Speaker 1: Because I remember a time when we had two or
• 29:00
  Speaker 1: three and then we hit a rough patch.
• 29:02
  Speaker 2: I said, oh, this is not enough.
• 29:03
  Speaker 1: My aim for the business itself, not just for Tiffany,
• 29:06
  Speaker 1: is to have a year's worth of overhead. That way,
• 29:08
  Speaker 1: if something happens in the business, we have a whole
• 29:10
  Speaker 1: year to figure it out, which is plenty of time.
• 29:13
  Speaker 3: What's the biggest mistake people make when they're trying to
• 29:16
  Speaker 3: budget or manage money?
• 29:18
  Speaker 1: I think the biggest mistake is not automating. You don't
• 29:22
  Speaker 1: have to be a wizard to If you set it
• 29:27
  Speaker 1: and forget it, semi-forget it, then that is one of
• 29:31
  Speaker 1: the best things you can do because automation really is.
• 29:33
  Speaker 2: A new discipline.
• 29:35
  Speaker 5: Yeah.
• 29:35
  Speaker 3: Automation. So, okay. So follow up on that. Most people
• 29:39
  Speaker 3: think of automation think of like a business, right? But
• 29:41
  Speaker 3: in this economy, you have to kind of treat your
• 29:44
  Speaker 3: life like a business, right? So what systems, what systems
• 29:47
  Speaker 3: should everybody have in place for their financial life?
• 29:51
  Speaker 1: So I like to do what I call split it
• 29:53
  Speaker 1: before I get it. So that means you go to HR,
• 29:55
  Speaker 1: go to payroll and say, I have these four accounts,
• 29:57
  Speaker 1: two checking, two savings. Checking one is for spending. Checking
• 30:02
  Speaker 1: two is for bills. Savings one is for emergencies. Savings
• 30:06
  Speaker 1: one is for goals. You do your math and say, okay,
• 30:08
  Speaker 1: how much money needs to go into each? How much
• 30:11
  Speaker 1: money needs to go into my bills account? How much
• 30:13
  Speaker 1: money into my spending account, to my goals account, and
• 30:15
  Speaker 1: to my emergency account? And then you have your checks
• 30:18
  Speaker 1: split before you get there. So that's one of the
• 30:21
  Speaker 1: first automations, right? But even before that... So they send
• 30:24
  Speaker 1: it to four different bank accounts.
• 30:25
  Speaker 2: Four different bank accounts.
• 30:26
  Speaker 3: And they can do that?
• 30:27
  Speaker 5: Mm-hmm.
• 30:27
  Speaker 2: Like, I don't have some huge company.
• 30:29
  Speaker 1: We've got, like, 15 employees, right? And so we're able
• 30:32
  Speaker 1: to split your check up into four. And if they can't,
• 30:35
  Speaker 1: you can have them split it into two, and then
• 30:37
  Speaker 1: you can have the money from those accounts go to
• 30:39
  Speaker 1: where you want.
• 30:40
  Speaker 2: But, like, ideally, you have those four bank accounts. Now,
• 30:43
  Speaker 2: the key is.
• 30:44
  Speaker 1: The checking accounts are at the regular big banks, like
• 30:46
  Speaker 1: the banks that we see outside.
• 30:47
  Speaker 2: They don't pay me no money, so I ain't say
• 30:48
  Speaker 2: no names.
• 30:49
  Speaker 5: Right?
• 30:49
  Speaker 1: The banks you see on the corners, that's where you're
• 30:52
  Speaker 1: checking for ease, you know? One of the checking, your
• 30:55
  Speaker 1: bill checking, take that debit card off. Because when you're
• 30:58
  Speaker 1: swiping away at wherever you go shopping, I don't want
• 31:01
  Speaker 1: you swiping your bill money. So the debit card can
• 31:04
  Speaker 1: stay on your spending account.
• 31:05
  Speaker 2: That's fine. Right.
• 31:06
  Speaker 1: And then the two savings I like to have at
• 31:08
  Speaker 1: a high yield savings account, but at a different bank,
• 31:11
  Speaker 1: ideally one of these online banks, you know, that are
• 31:13
  Speaker 1: FDIC insured. So you're insured up to $ 250, 000.
• 31:16
  Speaker 2: And here's why.
• 31:18
  Speaker 1: Because if your savings and checking are in the same
• 31:20
  Speaker 1: bank account and you're really trying to save, you're just
• 31:23
  Speaker 1: going to make the transfer easily like everybody else. But
• 31:26
  Speaker 1: if you're transferring from an online only or high yield
• 31:28
  Speaker 1: savings to your regular checking, you're looking at 24, sometimes
• 31:32
  Speaker 1: up to 72 hours, depending if it's a holiday or whatever.
• 31:35
  Speaker 1: So it slows down your spending of your savings. And
• 31:38
  Speaker 1: so if I'm going to transfer like, oh, I really
• 31:40
  Speaker 1: want that like dress from wherever, you know, then if
• 31:43
  Speaker 1: I'm going to make that transfer while I'm at Macy's
• 31:45
  Speaker 1: or something, unless I have a sleeping bag, I'm not
• 31:47
  Speaker 1: getting that dress today because that money is going to
• 31:49
  Speaker 1: take at least 24 hours to hit. And so that's
• 31:52
  Speaker 1: what I tell people, that automation. But then even the
• 31:54
  Speaker 1: pre-automation before that, automating your retirement. So, like, are you
• 31:59
  Speaker 1: putting money in your 401K, your 403B, your Roth IRA,
• 32:02
  Speaker 1: your IRA? Are you setting aside money for your older self?
• 32:06
  Speaker 1: Because if not, what you going to do? Like, who's
• 32:09
  Speaker 1: going to take care of, I call my older self, Wanda.
• 32:12
  Speaker 2: Who going to take care of Wanda?
• 32:14
  Speaker 1: You know, like, Wanda is not trying to eat cat food.
• 32:17
  Speaker 1: And so Tiffany can work hard so Wanda can chill.
• 32:20
  Speaker 1: And so I set aside money, I max out every year.
• 32:23
  Speaker 1: I match for my employees. Does your employer match?
• 32:26
  Speaker 2: Match that.
• 32:27
  Speaker 1: I'm always constantly looking and running the numbers to see
• 32:31
  Speaker 1: how much money does Wanda have. If I wanted to
• 32:36
  Speaker 1: retire now, just asking my financial advisor, if I wanted
• 32:40
  Speaker 1: to retire now, I could live my current life now.
• 32:43
  Speaker 2: But I was like, no, but what if I want to.
• 32:44
  Speaker 1: Retire and make half a million dollars a year doing nothing?
• 32:49
  Speaker 1: You know, and she said, well, then here's the numbers
• 32:51
  Speaker 1: that you have to have. I'm like, all right, then
• 32:52
  Speaker 1: I have a few more years left to work. Because
• 32:54
  Speaker 1: I want to retire in such a way, like I
• 32:55
  Speaker 1: don't spend half a million dollars a year now, but
• 32:57
  Speaker 1: I want to retire in such a way that I
• 32:58
  Speaker 1: have a huge bucket of money that still comes to
• 33:01
  Speaker 1: me annually, even though I'm not doing any work. It's
• 33:05
  Speaker 1: just my investments and other things that are growing for me.
• 33:08
  Speaker 1: And so like, but that doesn't happen accidentally. So pre
• 33:12
  Speaker 1: your very first year, Automation is retirement. Second, split that check. Third,
• 33:17
  Speaker 1: pay your bills automatically if you can. You know if
• 33:20
  Speaker 1: you got it or not, right? And so you want
• 33:22
  Speaker 1: to pay your bills automatically and have it come out
• 33:24
  Speaker 1: of your bills account so that way you don't have
• 33:27
  Speaker 1: to think about it. Because the reason why automation is
• 33:29
  Speaker 1: so powerful, especially for bills, it's going to help with
• 33:31
  Speaker 1: that credit score because like 35% of your credit.
• 33:35
  Speaker 2: Score is paying your bills on time.
• 33:37
  Speaker 1: And if you have good credit, it allows you to
• 33:39
  Speaker 1: have access to more money And access to more money
• 33:42
  Speaker 1: means oftentimes you can make more money. Like the house
• 33:45
  Speaker 1: that Jarell and I purchased in Newark, our first house
• 33:47
  Speaker 1: was $ 180, 000. It was a foreclosure. So we bought it.
• 33:53
  Speaker 1: Then we put $ 180, 000 into it. And now the houses
• 33:56
  Speaker 1: were $ 550, 000. But access to credit allows us to do that.
• 34:01
  Speaker 1: Then we bought another house in the city. They sold
• 34:04
  Speaker 1: it for $ 10, 000. It was literally falling apart. It was
• 34:06
  Speaker 1: cats everywhere. I mean, falling apart. Bought it for $ 10, 000.
• 34:11
  Speaker 1: put like $ 120, 000 into it, so that's $ 130, 000, then sold
• 34:14
  Speaker 1: it for about $ 300, 000 to his twin. And even then,
• 34:19
  Speaker 1: that was me being generous, because after Joel passed away,
• 34:22
  Speaker 1: one of his desires was that his twin would also
• 34:25
  Speaker 1: own a home in Newark where they were born and raised.
• 34:27
  Speaker 2: And so I said, fine.
• 34:28
  Speaker 1: I'll sell it to you at like a solid rate.
• 34:30
  Speaker 2: I'm going to take that money, put it aside for Alyssa.
• 34:34
  Speaker 1: And then, even though I knew that they were building Lionsgate,
• 34:38
  Speaker 1: so Lionsgate is coming to Newark, right around the corner,
• 34:40
  Speaker 1: like the southward of Newark. When people say Newark, that's
• 34:42
  Speaker 1: the Newark they be talking about. So I was like,
• 34:44
  Speaker 1: I don't want to live there. But Twin was like,
• 34:47
  Speaker 1: I don't mind.
• 34:48
  Speaker 2: I was born and raised. It doesn't bother me, you know.
• 34:50
  Speaker 1: But Lionsgate is coming there, which the value of his
• 34:53
  Speaker 1: home is going to explode exponentially because of the fact
• 34:56
  Speaker 1: that this huge life project is being built there, this
• 35:01
  Speaker 1: huge studio project. But that's another, you know, like that's
• 35:04
  Speaker 1: how wealth can be built. People think like homeownership can
• 35:06
  Speaker 1: make you wealthy. Certainly depends where you live. But even
• 35:09
  Speaker 1: the condo that I purchased in 2023, I bought it
• 35:11
  Speaker 1: for $ 1, 000. $ 520, 000. I put about $ 100, 000 into it. That's $ 620, 000.
• 35:17
  Speaker 1: And I just got it appraised.
• 35:18
  Speaker 2: It's worth $ 820, 000.
• 35:19
  Speaker 1: $ 200, 000 in two years ain't bad. And I just bought
• 35:23
  Speaker 1: two more. And so now I've got, because I sold
• 35:27
  Speaker 1: the other one, I have those four properties. But all
• 35:30
  Speaker 1: of them, collectively, they're seven figures. But a lot of
• 35:34
  Speaker 1: that is in equity, which is amazing.
• 35:36
  Speaker 5: When you're talking about splitting the check.
• 35:37
  Speaker 3: Mm-hmm.
• 35:38
  Speaker 4: I know that there's some people listening, like, how do
• 35:40
  Speaker 4: I split it? Is there a formula for splitting it, right? Like,
• 35:43
  Speaker 4: in our book, we talk about that 100% circle.
• 35:46
  Speaker 5: How are we dividing it?
• 35:48
  Speaker 4: Is it 55% for your bills and necessities, 25% for investing,
• 35:53
  Speaker 4: which people seem to love.
• 35:54
  Speaker 5: Is there a formula that you use when you're thinking
• 35:56
  Speaker 5: about that?
• 35:57
  Speaker 1: When people first start off, I'm like, the formula is,
• 35:59
  Speaker 1: what that money doing? Like, I say, start with your bills.
• 36:03
  Speaker 1: How much are they? Because, you know, we can tell you, OK,
• 36:06
  Speaker 1: 30 percent goes here and the bills.
• 36:08
  Speaker 2: Are like 30. Please, you know, we 60. And so
• 36:12
  Speaker 2: to me, I like to people for people to start
• 36:14
  Speaker 2: by doing the math.
• 36:16
  Speaker 1: So this is for people who it's a little tight.
• 36:17
  Speaker 1: Like for me, yes, I do like 30 percent here,
• 36:19
  Speaker 1: 20 percent here. But for someone who's starting off, I
• 36:22
  Speaker 1: just want you to look at your actual like what
• 36:25
  Speaker 1: are you spending money on and say, how much do
• 36:27
  Speaker 1: my bills cost me monthly? And then maybe you want
• 36:29
  Speaker 1: to split that in half. So let's just say your
• 36:31
  Speaker 1: bills are five thousand dollars a month. So maybe you
• 36:34
  Speaker 1: put $ 2, 500 per check into the bills account. And then
• 36:38
  Speaker 1: you say, okay, how much does everything else cost? So grooming, nails, lashes,
• 36:45
  Speaker 1: the kids, trips or whatever. And then so that can
• 36:49
  Speaker 1: go in your spending account. And then you say, okay,
• 36:51
  Speaker 1: maybe I'll split that in half and put it per check.
• 36:54
  Speaker 1: And then is there money left over for savings? And
• 36:56
  Speaker 1: then you tell yourself, okay, I can commit, you know,
• 36:58
  Speaker 1: based upon what's left over, $ 100 into emergency savings and
• 37:02
  Speaker 1: maybe $ 200 into my goal savings, whatever that kind of
• 37:05
  Speaker 1: looks like. And so in the beginning, just do what's true,
• 37:08
  Speaker 1: you know, and then as you get a little tighter,
• 37:10
  Speaker 1: you start to make more, then you can start to
• 37:12
  Speaker 1: add more to each bucket as necessary.
• 37:14
  Speaker 2: But to me, in the beginning, you know, you have
• 37:16
  Speaker 2: to do what's true.
• 37:18
  Speaker 3: So for people that are just nine to five struggling
• 37:22
  Speaker 3: that paycheck to paycheck, right? What's the first step to
• 37:26
  Speaker 3: get them to actually be able to even have enough
• 37:28
  Speaker 3: money to start to do an emergency fund, to start
• 37:32
  Speaker 3: to split? Because it's hard to split if you don't
• 37:34
  Speaker 3: have any money to split.
• 37:35
  Speaker 4: Yeah, you said $ 2, 500 split. I'm like, that's the whole check.
• 37:38
  Speaker 1: Yeah, no, and that was for me, too. In the beginning,
• 37:40
  Speaker 1: it was like savings was like, ain't no savings. I
• 37:42
  Speaker 1: just had, so that's the idea of those four accounts.
• 37:45
  Speaker 1: But in the beginning, all I had was two checking.
• 37:47
  Speaker 1: And so I opened the savings as like almost like
• 37:51
  Speaker 1: a hope account, like one day. And then I said,
• 37:53
  Speaker 1: you know what, Tiffany, what if you just.
• 37:54
  Speaker 2: Did $ 1 a month?
• 37:56
  Speaker 1: Because I told myself, you could do $ 1, maybe one
• 37:58
  Speaker 1: day you could do $ 10. And if you could do
• 38:00
  Speaker 1: $ 10 consistently, maybe one day you could.
• 38:02
  Speaker 2: Do $ 100.
• 38:03
  Speaker 1: And so open the two savings, even if you're not
• 38:05
  Speaker 1: putting anything into it, because savings doesn't cost any money.
• 38:07
  Speaker 1: They don't typically carry like a carrying cost. And see
• 38:10
  Speaker 1: if you could commit to just something monthly just so
• 38:13
  Speaker 1: you could prove to yourself, I can put something in here.
• 38:15
  Speaker 1: And if it's OK, if it's just checking for, you know,
• 38:19
  Speaker 1: your regular everyday spending and your bills for right now,
• 38:22
  Speaker 1: you know, because what happens is, is that nothing moves
• 38:25
  Speaker 1: until you move.
• 38:26
  Speaker 2: So it's when you start.
• 38:27
  Speaker 1: To organize your money, then all of a sudden you're like, okay,
• 38:30
  Speaker 1: you know, I'm paying my bills kind of on time.
• 38:33
  Speaker 1: You know, I have a little something left over for spending.
• 38:35
  Speaker 1: I don't have nothing for savings, but I am going
• 38:37
  Speaker 1: to put this dollar into savings.
• 38:38
  Speaker 2: And if you don't feel comfortable with that, get you
• 38:40
  Speaker 2: a coffee can.
• 38:41
  Speaker 1: I'm gonna put a dollar in here because you have to,
• 38:43
  Speaker 1: you have to create this new synapse in your brain
• 38:47
  Speaker 1: that says, I can do it.
• 38:49
  Speaker 2: You know, when people fight back on me, I'm like,
• 38:50
  Speaker 2: all right, you win, broke forever. What do you want
• 38:53
  Speaker 2: me to say? You know what I mean? Meaning that,
• 38:56
  Speaker 2: Why do you want to win at losing? You're fighting
• 38:59
  Speaker 2: me to say, I can't, I can't, I can't. Well,
• 39:01
  Speaker 2: guess what?
• 39:01
  Speaker 1: Your brain believes it, so now your hand believes it. Like,
• 39:04
  Speaker 1: what if you told yourself, maybe in this moment it's
• 39:06
  Speaker 1: a little tight, but, you know, I have some change
• 39:08
  Speaker 1: in my pocket.
• 39:08
  Speaker 2: I could put it into a can. And then, you
• 39:10
  Speaker 2: know what? I could put a dollar in there. And
• 39:12
  Speaker 2: you know what? I do have $ 10.
• 39:13
  Speaker 1: And so you start with what you can do until
• 39:16
  Speaker 1: you can do more. What you will find is if
• 39:18
  Speaker 1: you are a good steward with what you have, more
• 39:21
  Speaker 1: money is attracted to you.
• 39:22
  Speaker 2: I think people don't understand that fully.
• 39:24
  Speaker 5: Yeah, how strong of that split is investing?
• 39:29
  Speaker 4: Because I see it a lot of times when people
• 39:31
  Speaker 4: have these ideas of like, got to save, got to save.
• 39:34
  Speaker 4: And people start with, like you said, maybe it's.
• 39:36
  Speaker 1: $ 2, 500.
• 39:38
  Speaker 5: Yes, you get the three to six months, but saving
• 39:41
  Speaker 5: won't build wealth.
• 39:42
  Speaker 3: No, it won't. Right?
• 39:43
  Speaker 5: It creates a foundation in an event of investing is
• 39:46
  Speaker 5: what builds wealth.
• 39:46
  Speaker 3: Yes.
• 39:47
  Speaker 4: So- even at that stage, is investing like a core
• 39:51
  Speaker 4: principle or is it something that.
• 39:52
  Speaker 5: We should wait till we have this three to six
• 39:53
  Speaker 5: month in your estimation?
• 39:55
  Speaker 1: So one of those savings accounts, the goal one, to me,
• 39:58
  Speaker 1: one of the goals should be when I build this
• 40:00
  Speaker 1: up enough, I'm going to then transfer this money into wealth.
• 40:04
  Speaker 1: So to me, anything saved beyond, so I used to over-save.
• 40:08
  Speaker 1: I remember one time I had in saving seven figures.
• 40:10
  Speaker 1: I say, you know you bugging. I'm like, I know,
• 40:11
  Speaker 1: but I'm scared. I said, Tiffany, seven figures?
• 40:14
  Speaker 2: And we were still living in a house. I'm like, yo,
• 40:16
  Speaker 2: you're wild to me. But I just was too scared
• 40:18
  Speaker 2: to let it go into the market. I'm like, what
• 40:20
  Speaker 2: if it never comes back?
• 40:21
  Speaker 5: What if the campus finds out? I know.
• 40:23
  Speaker 3: I know.
• 40:24
  Speaker 2: Yeah, I used to try to keep it so low-key.
• 40:26
  Speaker 2: Because they'd be like, ain't you? Nope, not me. I
• 40:29
  Speaker 2: drove an old car. They used to be like, can't
• 40:31
  Speaker 2: be her. Look at her car.
• 40:32
  Speaker 5: I'm like, yeah.
• 40:33
  Speaker 2: Can't be me.
• 40:35
  Speaker 1: And so, but, so what I say is that like that,
• 40:38
  Speaker 1: that goal account, anything to me, now I have a
• 40:41
  Speaker 1: year's worth of emergency savings, anything above that has to
• 40:45
  Speaker 1: go into investing, you know? So if three months is
• 40:47
  Speaker 1: enough for you because you're a nurse, anything above that
• 40:50
  Speaker 1: should go into investing. That goal account is just a
• 40:53
  Speaker 1: place to hold it until you put it into the market,
• 40:56
  Speaker 1: you know? And so that's what, no, you have to,
• 40:57
  Speaker 1: because you cannot, you cannot budget and save your way
• 40:59
  Speaker 1: to wealth.
• 41:00
  Speaker 2: Absolutely. Money needs to actively grow on purpose.
• 41:03
  Speaker 3: So, Okay. For people, you were a school teacher that
• 41:07
  Speaker 3: was making like $ 30, 000 a year, right?
• 41:08
  Speaker 5: $ 39, 000.
• 41:08
  Speaker 3: Put some respect to my nine. Another aspect is how
• 41:13
  Speaker 3: do you make more money? Like what are some ways
• 41:15
  Speaker 3: if somebody's coming to you and they just, they're doing
• 41:17
  Speaker 3: everything financially correct, they're packing their own lunch, but they
• 41:20
  Speaker 3: still don't, at some point in time, you got to
• 41:21
  Speaker 3: start to make more money, right? So what are some
• 41:25
  Speaker 3: tips that you would give people as far as how
• 41:26
  Speaker 3: they can actually grow their income?
• 41:29
  Speaker 1: So one, first place to look to make more money
• 41:31
  Speaker 1: is where you actually work. So let's just say, like,
• 41:34
  Speaker 1: I know Troy, you were a teacher, right? So teachers
• 41:36
  Speaker 1: sometimes can become coaches, boom, some more money. Sometimes also
• 41:40
  Speaker 1: after school program, boom, some more money. If you are like,
• 41:43
  Speaker 1: say you work for me and you're like, Tiffany, what
• 41:45
  Speaker 1: would happen if I took on this additional role?
• 41:48
  Speaker 2: What would that look like? Boom, more money. Like the
• 41:51
  Speaker 2: people on my team, they started asking for commission, right?
• 41:55
  Speaker 2: I was like, you all would ask for them damn commission,
• 41:57
  Speaker 2: but they was right though. And I said, what you mean?
• 41:59
  Speaker 1: They're like, well, if we bring in more money from
• 42:02
  Speaker 1: this affiliate program and this other contract, can I get
• 42:07
  Speaker 1: a piece of it?
• 42:08
  Speaker 2: And I was like, you know what? All right.
• 42:10
  Speaker 1: They went balls to the wall. I remember like, I
• 42:12
  Speaker 1: was like, How much did we make this month?
• 42:15
  Speaker 2: Six figures.
• 42:15
  Speaker 1: We never made six figures in a month from affiliate
• 42:17
  Speaker 1: because that was not our focus. But because they knew
• 42:19
  Speaker 1: they were going to get some back end, they went
• 42:22
  Speaker 1: really hard. And so asking your job, is it a raise?
• 42:27
  Speaker 1: Is it that you have to apply for a different
• 42:28
  Speaker 1: position at your job? So stay where you currently are.
• 42:32
  Speaker 1: I'd be looking and exploring ways to make more money there.
• 42:35
  Speaker 1: For some people, you're like, my boss ain't giving me more.
• 42:38
  Speaker 1: This is kind of dead end.
• 42:39
  Speaker 2: There's no excess. Then you're going to look to make
• 42:41
  Speaker 2: money external to that. Right.
• 42:43
  Speaker 1: So is there anything you could do on the side?
• 42:45
  Speaker 1: So when I'm looking for a side hustle. So when
• 42:48
  Speaker 1: I was a teacher, one of my side hustles was teaching,
• 42:50
  Speaker 1: not teaching, babysitting and tutoring.
• 42:53
  Speaker 2: You know, and so that was extra.
• 42:55
  Speaker 5: Right.
• 42:55
  Speaker 1: Because the thing is, who doesn't want a teacher to
• 42:58
  Speaker 1: tutor your kid or babysit your kid? And so the
• 43:00
  Speaker 1: reason why that works is that one, when looking for
• 43:02
  Speaker 1: a side hustle, I look for these two things.
• 43:05
  Speaker 2: Is it a new skill set I have to learn?
• 43:06
  Speaker 2: I don't want to learn it.
• 43:08
  Speaker 1: So what are you currently already doing so you don't
• 43:10
  Speaker 1: have to learn a new skill set?
• 43:12
  Speaker 2: So Jarrell used to make extra money. He used to
• 43:14
  Speaker 2: do people's floors.
• 43:15
  Speaker 1: Like, oh, he'd be like, yo, I'm going to strip
• 43:17
  Speaker 1: your floor, wax your floor, whatever, on the weekends, make
• 43:19
  Speaker 1: extra money doing that work or handyman work he would
• 43:22
  Speaker 1: do because not a new skill set. And then two,
• 43:25
  Speaker 1: I look for a side hustle where something that is
• 43:28
  Speaker 1: matched to like a degree or certificate that I already
• 43:31
  Speaker 1: have because then I can demand more money. So when
• 43:33
  Speaker 1: I used to babysit, you know, it's like, yeah, maybe
• 43:36
  Speaker 1: you're paying this person, 40 bucks an hour to babysit
• 43:38
  Speaker 1: but you gotta pay me 60 because I have my
• 43:41
  Speaker 1: masters in teaching you know and you know and I've
• 43:44
  Speaker 1: been an educator for so many years and so those
• 43:47
  Speaker 1: two things help you to make more externally so those
• 43:51
  Speaker 1: that's where I would start if I was looking to
• 43:52
  Speaker 1: make more money I would start looking can I make
• 43:54
  Speaker 1: more money where I currently am and if not can
• 43:58
  Speaker 1: I put those two things something I have a degree
• 44:00
  Speaker 1: or certificate in and something it's not a new skill
• 44:03
  Speaker 1: set I have to learn so I can start getting
• 44:05
  Speaker 1: to the money faster.
• 44:06
  Speaker 4: Yeah, I just had a colleague I spoke to recently
• 44:10
  Speaker 4: because we know that STEAM and STEM programs are huge.
• 44:12
  Speaker 4: There's actually colleges that will pay you to come back.
• 44:15
  Speaker 4: And so a couple of my colleagues were paid $ 20, 000
• 44:18
  Speaker 4: to go back to school to get certified.
• 44:20
  Speaker 1: Wow.
• 44:21
  Speaker 4: Same thing is happening in AI in tech, right? Like
• 44:24
  Speaker 4: somebody's going to get certified. The school doesn't have it
• 44:26
  Speaker 4: right now. This becomes an opportunity.
• 44:28
  Speaker 3: Yeah.
• 44:28
  Speaker 2: There's so many opportunities.
• 44:30
  Speaker 5: I wonder how you're viewing AI in the educational space
• 44:34
  Speaker 5: and even in your workplace now.
• 44:35
  Speaker 4: How is that being used? Have you seen it become
• 44:38
  Speaker 4: more efficient for the work that you're doing?
• 44:40
  Speaker 2: No, absolutely.
• 44:41
  Speaker 1: I mean, there's still nothing like hands-on people because.
• 44:45
  Speaker 2: We all still call customer support online.
• 44:47
  Speaker 1: Representative representative we don't want to talk to anybody I'm
• 44:50
  Speaker 1: like zero zero zero zero right people still want to
• 44:53
  Speaker 1: talk to the representative but I will say it makes
• 44:56
  Speaker 1: things faster obviously like blog posts are easier um social
• 45:01
  Speaker 1: media posts are easier um And even like, I'm not
• 45:05
  Speaker 1: going to talk like low key, like whenever I do
• 45:08
  Speaker 1: TV interviews, you know, they always want you to like, can.
• 45:10
  Speaker 2: You come up with six tips for whatever? I'm like,
• 45:13
  Speaker 2: I always hated that.
• 45:14
  Speaker 1: I'm like, AI, about to be on Kelly and Mark,
• 45:16
  Speaker 1: about to be on Good Morning America, today's show, six
• 45:20
  Speaker 1: tips that the budget needs to say for how to.
• 45:21
  Speaker 1: And then, of course, you review and you're like, they're
• 45:23
  Speaker 1: just going to pull your stuff and your information.
• 45:25
  Speaker 5: Keep the dose of the pre-interview.
• 45:26
  Speaker 2: So I'm like, oh, my God, because it's so annoying
• 45:28
  Speaker 2: when they, I mean, I get it.
• 45:29
  Speaker 1: And like when I cry me a river, you get
• 45:31
  Speaker 1: to be on Good Morning America, but you be busy,
• 45:33
  Speaker 1: you know? And so now I'm like, my tips are like, boom, boom, boom,
• 45:37
  Speaker 1: here you go. And the AI is like, do you
• 45:38
  Speaker 1: want me to make them, you know, like shorter or
• 45:42
  Speaker 1: longer or whatever it is that they asked for?
• 45:43
  Speaker 2: And I'm like, sure.
• 45:45
  Speaker 1: So I've seen it can make things much easier, but
• 45:47
  Speaker 1: you have to be so careful. I don't want to
• 45:48
  Speaker 1: become AI stupid. Some people live and breathe off AI.
• 45:53
  Speaker 1: I have people who won't even think. I ask AI,
• 45:56
  Speaker 1: you know, should I go outside today?
• 45:58
  Speaker 2: I ask AI, I'm like, I need you to touch grass.
• 46:02
  Speaker 1: Because what's going to happen is, is that a muscle
• 46:05
  Speaker 1: that's not used atrophies. If you don't use your brain,
• 46:09
  Speaker 1: like honestly, I rarely use AI. I'm like, let me
• 46:12
  Speaker 1: try to figure it out because I want my brain
• 46:14
  Speaker 1: to stay strong. So if you don't use your brain
• 46:16
  Speaker 1: to think through a problem, to do things, then what's
• 46:20
  Speaker 1: going to end up happening is then they're going to sell.
• 46:23
  Speaker 2: You your own brain back to you. That's what AI
• 46:25
  Speaker 2: is getting. Because it's always free in the beginning. And
• 46:27
  Speaker 2: if something is free, you're the product.
• 46:30
  Speaker 1: And so I'm really mindful to not overuse AI in
• 46:33
  Speaker 1: such a way that.
• 46:35
  Speaker 2: I don't know.
• 46:36
  Speaker 1: I can't manage without it. And so I feel, I mean,
• 46:40
  Speaker 1: these young kids, I feel, because I have a 19-year-old.
• 46:41
  Speaker 1: Alyssa is 19 now. And I think about it because
• 46:44
  Speaker 1: I'm like, girl. Do you know how to speak?
• 46:46
  Speaker 2: Is this mic on? Do you know how to think, girl?
• 46:50
  Speaker 2: Like everything can't be, you don't even take out the dashes.
• 46:52
  Speaker 3: You know?
• 46:54
  Speaker 2: People be so damn lazy.
• 46:56
  Speaker 5: Take out the dashes, please.
• 46:58
  Speaker 2: I mean, dag. And you can literally ask AI to
• 47:00
  Speaker 2: take out the dashes.
• 47:00
  Speaker 5: Telltale sign.
• 47:01
  Speaker 2: Yes.
• 47:02
  Speaker 1: And so I think it's an amazing tool, but just
• 47:05
  Speaker 1: like any tool could be overused to your own detriment.
• 47:08
  Speaker 3: So how important is credit in 2026? And the flip
• 47:13
  Speaker 3: side of that is for people that are in debt.
• 47:14
  Speaker 5: Mm-hmm.
• 47:16
  Speaker 3: Struggling with debt? What are some methods to get out
• 47:19
  Speaker 3: of debt?
• 47:19
  Speaker 1: So I think credit, honestly, is really important, especially now,
• 47:24
  Speaker 1: because if you don't have money, I mean, credit card
• 47:26
  Speaker 1: companies hate to hear this, but it could be like
• 47:28
  Speaker 1: your backup tool until you get back on your feet
• 47:31
  Speaker 1: for credit. But also good credit is going to allow
• 47:35
  Speaker 1: you to pay less of a life, you know, because
• 47:38
  Speaker 1: if your credit is bad, then everything that you borrow,
• 47:40
  Speaker 1: they're going to charge you more. And so even when
• 47:44
  Speaker 1: I purchased the last two properties, I was debating whether
• 47:46
  Speaker 1: to buy them cash because the other two properties, they're
• 47:49
  Speaker 1: paid off.
• 47:49
  Speaker 2: And I said, do I buy cash? Do I use credit?
• 47:53
  Speaker 1: But I always have an excellent credit score because credit
• 47:55
  Speaker 1: is like you need to know me before you need me.
• 47:58
  Speaker 1: And so my financial advisor was like, girl, you could
• 48:01
  Speaker 1: do something called a pledged asset line.
• 48:02
  Speaker 2: I was like, what's that? She said, this is what
• 48:05
  Speaker 2: them rich people do. I said, do tell.
• 48:07
  Speaker 1: And she was like, this is what you can borrow
• 48:08
  Speaker 1: again from yourself.
• 48:10
  Speaker 2: I was like, wait, what?
• 48:11
  Speaker 1: She's like, yeah, girl, you can. She's like, here is
• 48:13
  Speaker 1: your portfolio. You could borrow up to 60%. And I
• 48:17
  Speaker 1: didn't need all that. And she was like, then you
• 48:19
  Speaker 1: borrow from yourself. And because you're borrowing from yourself, the
• 48:22
  Speaker 1: interest rate is lower.
• 48:23
  Speaker 2: I was like, what?
• 48:25
  Speaker 1: And she was like, yeah, then you just pay it back.
• 48:27
  Speaker 1: She said, or you could be like Elon Musk and
• 48:29
  Speaker 1: never pay it back and just be paying the interest
• 48:30
  Speaker 1: for the rest of your life.
• 48:31
  Speaker 3: Where's the Elon Musk?
• 48:33
  Speaker 1: Because she was just saying, this is what a lot
• 48:35
  Speaker 1: of people do. They literally borrow, very wealthy people will
• 48:38
  Speaker 1: borrow from themselves and then just pay interest payments. And
• 48:42
  Speaker 1: then I'm like, yeah, but what happens to the principal?
• 48:44
  Speaker 1: Aren't their kids going to have to pay for that?
• 48:45
  Speaker 1: She said, no, because then they'll do this thing called
• 48:47
  Speaker 1: step up in basis.
• 48:49
  Speaker 2: And then that.
• 48:49
  Speaker 1: Debt, for many people, kind of gets eliminated from the
• 48:53
  Speaker 1: heirs because they're basically like, yes, what I paid for
• 48:56
  Speaker 1: is not what it's currently worth now.
• 48:58
  Speaker 2: And so it kind of erases what you owed.
• 49:00
  Speaker 3: And I was like- Or you just get insurance to just- Yeah.
• 49:03
  Speaker 1: So I was just like, honestly, once you sit down
• 49:06
  Speaker 1: and really talk to people, I'm confused at how anybody
• 49:09
  Speaker 1: ever grows broke.
• 49:10
  Speaker 2: You know what I mean?
• 49:11
  Speaker 1: I'm like, how do you go broke when all this
• 49:13
  Speaker 1: information is out here? And so that's what I did.
• 49:16
  Speaker 1: The last two properties, I essentially, I have a mortgage
• 49:19
  Speaker 1: against myself.
• 49:19
  Speaker 3: From your brokerage account?
• 49:20
  Speaker 2: Uh-huh.
• 49:21
  Speaker 1: And so it's just, I mean, some people call it margin,
• 49:23
  Speaker 1: but like the particular brokerage I use calls it a
• 49:26
  Speaker 1: pledge asset line.
• 49:27
  Speaker 3: Charles Wall?
• 49:29
  Speaker 5: Yeah. Yeah.
• 49:30
  Speaker 2: I was like, don't be giving no shout out. Are
• 49:31
  Speaker 2: you going to buy me some coin?
• 49:33
  Speaker 5: Shout out to them.
• 49:35
  Speaker 2: No, I'm just joking. Yeah, so they call it a
• 49:39
  Speaker 2: pledge asset line.
• 49:40
  Speaker 1: So I borrowed from myself and I pay myself back
• 49:43
  Speaker 1: every single month. And I can, you know, because she
• 49:46
  Speaker 1: was like, Tiffany, why this money could be used in
• 49:48
  Speaker 1: the market?
• 49:50
  Speaker 2: You know what I mean? To make you more.
• 49:51
  Speaker 1: And also the interest was significantly lower than what a
• 49:54
  Speaker 1: bank would have given me. And she was like, girl,
• 49:56
  Speaker 1: think about it. The market you're going to make at
• 49:58
  Speaker 1: min 7%. You know, like that's what the market typically,
• 50:01
  Speaker 1: you know, generates on average annually. And so she was like,
• 50:06
  Speaker 1: and meanwhile, you know, your interest rate is way below that.
• 50:10
  Speaker 1: You know, so I was like, yes, let's do that.
• 50:12
  Speaker 1: So that's what I ended up doing. And so, you know,
• 50:15
  Speaker 1: for the first time in, I don't know, 10, 15 years,
• 50:17
  Speaker 1: I actually have a mortgage, but a mortgage against Tiffany,
• 50:20
  Speaker 1: you know, for these last two properties that I purchased.
• 50:22
  Speaker 5: The more you know.
• 50:23
  Speaker 1: I know, but that's what credit allows you to have, like,
• 50:26
  Speaker 1: more options. Credit is like a leverage. So think about, like,
• 50:30
  Speaker 1: a door. A door is really heavy, but the knob
• 50:34
  Speaker 1: allows you to pull this heavy thing, you know, with
• 50:37
  Speaker 1: less effort.
• 50:38
  Speaker 2: And so that's what credit allows you to do.
• 50:40
  Speaker 1: Like, yes, a house is very expensive, but credit allows
• 50:43
  Speaker 1: you to get that house with less money. And so
• 50:46
  Speaker 1: credit is always going to be important. And then getting
• 50:49
  Speaker 1: out of debt... Honestly, it really is a function to
• 50:52
  Speaker 1: me of automation, especially our people. What I found, Prudential,
• 50:56
  Speaker 1: I did this study, and they found that the number
• 50:59
  Speaker 1: one goal for our people was to become debt-free. And
• 51:03
  Speaker 1: the number one goal for people at large was to
• 51:06
  Speaker 1: grow wealth. The problem with making your goal debt-freedom is
• 51:11
  Speaker 1: that that's not enough. I have a nephew, Roman. He
• 51:15
  Speaker 1: has no car note, no mortgage, no student loan, no nothing.
• 51:18
  Speaker 1: But Roman is broke because he's 10. So what does
• 51:21
  Speaker 1: debt freedom mean? Like y'all got kids, they debt free
• 51:24
  Speaker 1: too and they broke. I know they be in your pockets.
• 51:26
  Speaker 1: So debt freedom by itself does not equal wealth, you know?
• 51:30
  Speaker 1: And so yes, debt freedom is nice to have, but
• 51:34
  Speaker 1: when you grow wealth, you.
• 51:35
  Speaker 2: Can have debt freedom and everything else.
• 51:37
  Speaker 1: And so if you want to get or manage your
• 51:39
  Speaker 1: debt well, one, pick a method of how you're going
• 51:43
  Speaker 1: to pay it down, a method that you can automate.
• 51:46
  Speaker 1: So whether it's the snowball method, when you pay down
• 51:48
  Speaker 1: the debt with the lowest, um, balance first, or whether
• 51:52
  Speaker 1: it's the avalanche method, where you pay down the debt
• 51:56
  Speaker 1: with the highest interest rate first, or what I call
• 51:59
  Speaker 1: the blizzard method, where you pay down the debt with
• 52:02
  Speaker 1: the highest anxiety attached to it first.
• 52:05
  Speaker 2: But you pick a method of debt pay down, and
• 52:07
  Speaker 2: then you automate it. And then you kind of just
• 52:09
  Speaker 2: leave it to the side, and then put your focus
• 52:11
  Speaker 2: toward growing wealth, because what you focus on is what grows.
• 52:14
  Speaker 4: I'm going to throw some words at you, because we
• 52:16
  Speaker 4: get asked this question a lot. Inflation, layoffs, Volatility, recession,
• 52:24
  Speaker 4: all those words in the lexicon of the financial space
• 52:27
  Speaker 4: right now. How do you see and what would you
• 52:30
  Speaker 4: tell somebody who's dealing with this anxiety for this year
• 52:33
  Speaker 4: but going into the next few years as technology changes,
• 52:37
  Speaker 4: the market changes? What do you tell that person who's like, man,
• 52:42
  Speaker 4: I don't know how I'm.
• 52:42
  Speaker 5: Going to get out of this?
• 52:43
  Speaker 2: There's nothing new under the sun. Like, welcome to the world.
• 52:47
  Speaker 2: I came up under the recession.
• 52:49
  Speaker 1: I lost my condo. Like I was my brokest at 30.
• 52:52
  Speaker 1: I was negative $ 300, 000. That was my net worth. By 37,
• 52:55
  Speaker 1: I was a millionaire. And so, and also too, I
• 52:58
  Speaker 1: tell people, everybody ain't broke. Like really sit with that.
• 53:02
  Speaker 1: Everybody ain't broke. Meaning that money doesn't just burn up.
• 53:07
  Speaker 1: So if there's a pile of money here, there are
• 53:10
  Speaker 1: people on this side who are receiving it and people
• 53:12
  Speaker 1: on this side who are losing it. So your job
• 53:15
  Speaker 1: is to figure out how to be on the winning side,
• 53:17
  Speaker 1: not to say, oh, you know, oh, my God, the economy.
• 53:20
  Speaker 2: Yeah, well, tell that during the during the Black Plague.
• 53:22
  Speaker 1: And then, you know, you know, inflation. OK, people live
• 53:25
  Speaker 1: through the Depression. You know, and then, and we lived
• 53:28
  Speaker 1: through the pandemic. It's always going to be some mess.
• 53:30
  Speaker 2: Always, always, always. But you get to decide for yourself,
• 53:34
  Speaker 2: what side of the equation do I want to be on?
• 53:36
  Speaker 1: And what do I need to do to be there?
• 53:38
  Speaker 1: You know, before it was dot com. Then it was, okay, like,
• 53:42
  Speaker 1: you know, investing in homes. And then it was, so
• 53:45
  Speaker 1: you have to keep your ear to the streets of like,
• 53:46
  Speaker 1: what do I need to do? The key is, how
• 53:49
  Speaker 1: do I make enough to cover my bills so there's
• 53:52
  Speaker 1: excess left over to invest? That's really it. How do
• 53:56
  Speaker 1: I make enough? So preschool teacher Tiffany making $ 39, 000. I
• 54:00
  Speaker 1: still lived under my means. It was hard then.
• 54:02
  Speaker 2: I had a roommate, all the other things.
• 54:03
  Speaker 1: But I was like, I made enough to have just
• 54:06
  Speaker 1: enough extra to set aside for retirement.
• 54:08
  Speaker 2: And so wealthy Tiffany now.
• 54:11
  Speaker 1: I make significantly more and I set aside even more
• 54:15
  Speaker 1: to set aside to grow wealth.
• 54:17
  Speaker 2: And so that's the key. All of this that we're
• 54:19
  Speaker 2: talking about is to make enough to pay your bills,
• 54:22
  Speaker 2: to make enough to save for a rainy day.
• 54:24
  Speaker 1: And to make enough that there's excess so you could
• 54:26
  Speaker 1: put to work. Because if you don't put money to work,
• 54:29
  Speaker 1: They're just going to stay in the same place. Actually,
• 54:31
  Speaker 1: you don't stay in the same place. You just get broker,
• 54:33
  Speaker 1: you know? And so that's the thing is that like,
• 54:35
  Speaker 1: you can give into the hopelessness of it all, but
• 54:37
  Speaker 1: everybody ain't broke. There, there are some people who are
• 54:39
  Speaker 1: doing the thing with less than you. There's some, there's
• 54:42
  Speaker 1: a teacher out there right now making 50,000 killing it.
• 54:45
  Speaker 1: You know, and so it is out there. But first,
• 54:49
  Speaker 1: believing that it's possible. And then what do I need
• 54:52
  Speaker 1: to do? What book do I need to read? What
• 54:54
  Speaker 1: podcast do I need to listen to? What rooms do
• 54:57
  Speaker 1: I need to be in?
• 54:57
  Speaker 2: What networking?
• 54:58
  Speaker 1: Do I need to wake up early every morning to
• 55:00
  Speaker 1: practice trading on this practice account? You know, do I
• 55:03
  Speaker 1: need to, you know, on the way to school when
• 55:05
  Speaker 1: I take the kids? We're not listening to music right now.
• 55:08
  Speaker 1: We're listening to this e-book. Get your, you know, get
• 55:11
  Speaker 1: good with money. You know, like, so that's really the
• 55:14
  Speaker 1: key is I'm here as a result of those years
• 55:16
  Speaker 1: of grind and hustle because I didn't know anything. And
• 55:19
  Speaker 1: now I get to sit back and say, like, well,
• 55:21
  Speaker 1: how do I want life to go now? But that's
• 55:23
  Speaker 1: what I say to those people, that those things will
• 55:25
  Speaker 1: always be there, but you don't have to be there
• 55:27
  Speaker 1: with them.
• 55:28
  Speaker 5: Amen.
• 55:28
  Speaker 3: What's some investing tips for people that just are beginning
• 55:31
  Speaker 3: to start their investment journey?
• 55:33
  Speaker 2: Well, one, start with retirement. If your job has like,
• 55:37
  Speaker 2: what is that called? A TDR?
• 55:39
  Speaker 5: Oh, my gosh.
• 55:40
  Speaker 2: What's that?
• 55:40
  Speaker 4: TSA?
• 55:40
  Speaker 5: TSA.
• 55:41
  Speaker 3: TDA?
• 55:41
  Speaker 2: TDA, no.
• 55:42
  Speaker 5: That's tax deferred annuity. No, no, no, no, no.
• 55:44
  Speaker 2: It's, oh my gosh.
• 55:47
  Speaker 5: 401k?
• 55:48
  Speaker 1: Not a 401k, but it's an investment inside the 401k.
• 55:51
  Speaker 3: A match?
• 55:53
  Speaker 2: Not the match. Dang. See, now you'll say every word
• 55:56
  Speaker 2: except for the word I knew. I'll be in the
• 56:00
  Speaker 2: car at home like, damn.
• 56:02
  Speaker 1: So essentially, you want to be putting money aside and
• 56:05
  Speaker 1: making sure it's being invested.
• 56:07
  Speaker 2: There are people who I know, they're like, oh.
• 56:09
  Speaker 3: A money market account.
• 56:10
  Speaker 2: Yeah, but there's like, I forget there's a name. Oh,
• 56:13
  Speaker 2: it's like specifically tied to how old you are.
• 56:17
  Speaker 3: Target date fund.
• 56:17
  Speaker 2: Yes, please. Thank you, Jesus. Yes, target date fund.
• 56:21
  Speaker 5: Financial advisor.
• 56:22
  Speaker 2: Right, exactly. So target date fund.
• 56:23
  Speaker 1: So if you don't know how to do nothing else,
• 56:26
  Speaker 1: you can at least choose. Typically, there's a target date fund.
• 56:29
  Speaker 2: You will choose money. what the date is that you
• 56:31
  Speaker 2: think you're going to retire.
• 56:32
  Speaker 1: So if you think it's 65 or whatever that is,
• 56:35
  Speaker 1: then you would choose the target date fund that has
• 56:36
  Speaker 1: the year closest to that year. And what happens is
• 56:39
  Speaker 1: you put your money into it, your hundred bucks a
• 56:41
  Speaker 1: month or whatever it is, and then it will rebalance
• 56:43
  Speaker 1: itself every year to become more and more conservative the
• 56:47
  Speaker 1: closer you are to your target date. So if you
• 56:48
  Speaker 1: don't know nothing else, you can just say, I'm about
• 56:50
  Speaker 1: to put $ 20 a paycheck And this is the target
• 56:53
  Speaker 1: date fund because this is the year I think I'm
• 56:55
  Speaker 1: going to retire. And even though there's fees and everything
• 56:57
  Speaker 1: else you don't know about, it's fine because you're still
• 56:59
  Speaker 1: doing better than most, you know? And so I would
• 57:01
  Speaker 1: just start there. Then if before you jump into the
• 57:06
  Speaker 1: market and like you said, let's just say they're going
• 57:08
  Speaker 1: to take one of your classes, right? About investing, right?
• 57:12
  Speaker 1: I would be practicing with one of those practices like
• 57:15
  Speaker 1: Sink or Swim.
• 57:16
  Speaker 2: I think, who is it that has it? Is it Fidelity? No.
• 57:18
  Speaker 1: Maybe it's Charles Schwab that has one of those accounts
• 57:20
  Speaker 1: where it's paper money. You know, I'd be paper money
• 57:23
  Speaker 1: at least for six months to a year before I
• 57:25
  Speaker 1: jumped in with my real money. Like, can you actually
• 57:27
  Speaker 1: stick to it? You know, you get that gym membership
• 57:29
  Speaker 1: and you never go. You know what I mean? But
• 57:32
  Speaker 1: the stakes are too high here. And so if I
• 57:35
  Speaker 1: was going to be investing on my own, then I
• 57:37
  Speaker 1: would ask myself, okay, can I do this for six months? Like,
• 57:39
  Speaker 1: I have a friend, you know, that's how she made
• 57:41
  Speaker 1: so much of her money, trading. And so, or investing.
• 57:45
  Speaker 2: Not everybody trades.
• 57:45
  Speaker 1: Maybe you, you know, day trading obviously is not for everybody,
• 57:48
  Speaker 1: but at least even if you're investing long-term. So that's
• 57:51
  Speaker 1: what I tell people to start, that the best place
• 57:53
  Speaker 1: to start investing is in the education. And then when
• 57:58
  Speaker 1: you're like, I feel pretty solid, then you can step out.
• 58:01
  Speaker 1: But don't be afraid to join groups too. There's so
• 58:03
  Speaker 1: many online groups that may be free. There's all these
• 58:06
  Speaker 1: Reddit groups. And I'm not talking about buying some hot stock.
• 58:09
  Speaker 1: You know, but about like solid foundational education and moving
• 58:12
  Speaker 1: through there.
• 58:13
  Speaker 5: Foundation is important. That getting started piece is super important.
• 58:16
  Speaker 2: Yes.
• 58:17
  Speaker 5: The next step, because statistics have shown that women are
• 58:20
  Speaker 5: better investors.
• 58:21
  Speaker 2: Yes, I can see that.
• 58:22
  Speaker 5: You can see why. The emotional piece.
• 58:24
  Speaker 3: Yeah.
• 58:25
  Speaker 4: How do people get, because again, this is something I
• 58:28
  Speaker 4: feel like I'm coaching Ellen every day.
• 58:29
  Speaker 5: Relax, patience, patience.
• 58:31
  Speaker 4: How do you deal with that piece of, hey, there's
• 58:33
  Speaker 4: an emotional side to investing as well that you have
• 58:36
  Speaker 4: to conquer?
• 58:36
  Speaker 1: Yeah. Well, one, I think like if you're like your
• 58:42
  Speaker 1: money outside of investing is doing okay, meaning is your
• 58:46
  Speaker 1: debt under control?
• 58:47
  Speaker 2: Make sure this person, I know it's spam. The hell?
• 58:51
  Speaker 1: Is your debt under control? is your credit score solid?
• 58:55
  Speaker 1: Do you have enough emergency savings? That helps you to
• 58:58
  Speaker 1: relax a little bit to know that in your day-to-day life,
• 59:02
  Speaker 1: you're okay, right? And then, you know, the money that
• 59:05
  Speaker 1: you set aside for investing, you're not getting it now anyway.
• 59:08
  Speaker 1: So if I know I have three months, six months
• 59:10
  Speaker 1: of years worth of emergency savings, it's like, well, I
• 59:13
  Speaker 1: don't need my investments right now. So get yourself to
• 59:15
  Speaker 1: a place where your money is solid enough that you
• 59:18
  Speaker 1: don't have to be so pressed about whether your investments
• 59:20
  Speaker 1: went up or down because that's going to happen. And
• 59:23
  Speaker 1: then invest in a way that matches your personality. In
• 59:25
  Speaker 1: the beginning, I was really conservative, like too conservative. I
• 59:29
  Speaker 1: was like 70% stocks. My dad was more, he's in
• 59:34
  Speaker 1: his 80s, was more invested into the market.
• 59:38
  Speaker 2: Now I'm 90%. But also invest in a way that
• 59:42
  Speaker 2: makes you feel comfortable. So if you're just really scared.
• 59:45
  Speaker 1: About the market going up and down, then maybe you
• 59:47
  Speaker 1: want to invest in a way where not all of
• 59:51
  Speaker 1: your money is invested in equity.
• 59:52
  Speaker 2: That's a little more volatile.
• 59:55
  Speaker 1: But that's why that That's why education is so key
• 59:58
  Speaker 1: because education helps you. Knowledge helps you feel less worried
• 1:00:02
  Speaker 1: because you understand what's happening. Like I have friends now who,
• 1:00:06
  Speaker 1: because they've invested in the market so long, they're like up, down,
• 1:00:08
  Speaker 1: I'm up.
• 1:00:10
  Speaker 2: Like when you really understand, like I can, you know,
• 1:00:12
  Speaker 2: like I know how to put a, um, I could
• 1:00:14
  Speaker 2: put a call in where, like, you know, I won't
• 1:00:18
  Speaker 2: lose past this amount of money because then it's going
• 1:00:21
  Speaker 2: to sell the stocks for me.
• 1:00:22
  Speaker 5: You know what I mean?
• 1:00:22
  Speaker 1: Like, there are ways to set your money up in
• 1:00:24
  Speaker 1: such a way where you won't lose what you don't
• 1:00:27
  Speaker 1: intend to lose.
• 1:00:28
  Speaker 2: But that only comes with education and practice.
• 1:00:30
  Speaker 3: Oh, for sure.
• 1:00:32
  Speaker 1: And try not to look at your stuff every day.
• 1:00:33
  Speaker 1: I don't look at my stuff every day because it's
• 1:00:35
  Speaker 1: just too much.
• 1:00:36
  Speaker 2: I'm like, what? I lost $ 300, 000. Okay, don't worry about it.
• 1:00:38
  Speaker 2: Don't worry about it.
• 1:00:38
  Speaker 1: Because you was just up five, so.
• 1:00:41
  Speaker 3: You know.
• 1:00:42
  Speaker 5: Comes with it. Mm-hmm.
• 1:00:43
  Speaker 3: Well, thank you for joining us. Any last words? Tell
• 1:00:47
  Speaker 3: the people where they can get the book, all the information.
• 1:00:50
  Speaker 2: Well, let me hold it up. My band of black on.
• 1:00:52
  Speaker 2: Get good with money.
• 1:00:53
  Speaker 1: So, yeah, you can get get good with money. Literally
• 1:00:56
  Speaker 1: the same website as the name. Get good with money
• 1:00:59
  Speaker 1: dot com. And if I was going to give you
• 1:01:01
  Speaker 1: one piece of advice to leave is that oftentimes people
• 1:01:05
  Speaker 1: don't have the money that they want because not because
• 1:01:08
  Speaker 1: they're not competent, but they're not competent enough.
• 1:01:12
  Speaker 2: That's a bar, just so you know.
• 1:01:15
  Speaker 1: No, but seriously, meaning that you haven't done the research,
• 1:01:18
  Speaker 1: you haven't done the work, and so therefore the confidence
• 1:01:21
  Speaker 1: is not quite there. But you have to know that
• 1:01:23
  Speaker 1: you're more than smart enough. If you're raising kids, I
• 1:01:26
  Speaker 1: promise you kids are harder. You figured out that the
• 1:01:29
  Speaker 1: low taper fade ain't really for your head shape, there
• 1:01:31
  Speaker 1: you go. If you can figure out that, you figured
• 1:01:34
  Speaker 1: out the last curl that you want. I promise you
• 1:01:36
  Speaker 1: the decisions that you're making are harder than managing your
• 1:01:40
  Speaker 1: money day to day.
• 1:01:41
  Speaker 2: A lot of it is automation.
• 1:01:43
  Speaker 1: And so work on your financial confidence through acquiring knowledge,
• 1:01:47
  Speaker 1: because I promise you that you're way more competent than
• 1:01:49
  Speaker 1: you think. And yes, I'm Tiffany the Budgetnista on all
• 1:01:53
  Speaker 1: the social platforms, Instagram.
• 1:01:54
  Speaker 2: I don't really TikTok much, but YouTube, thebudgetnista.com.
• 1:01:59
  Speaker 1: And yeah, I'm just your friendly neighborhood financial lady.
• 1:02:04
  Speaker 2: There you have it.
• 1:02:06
  Speaker 5: All right, guys.
• 1:02:07
  Speaker 3: Thank you for rocking with us. We'll see you next week.
• 1:02:08
  Speaker 5: Peace. Peace.