It's time for the Big a q a A the Big a q A. What's your second?
The Big a q eight with Manda, The b a q eight with the b a q a A. Hey, it's time for b a q A. You have questions, We have some answers. Although we're not your attorney, your financial advisor, your mama, but we are two smart brown girls who know a thing or do about money, career, in business, and finance.
So ask away, how do we do this again? It's been in minutes?
Oh god, first round, I totally forgot. We forgot to pick our questions.
Yeah, we don't have Yeah, we need to pick our questions.
Were off scheduled for two weeks and we're like, wait, what to tell you?
Oh Lord? What should we do money? We could do money, Yeah, we can do money.
We haven't done money in a while. Money in the bank?
Should you what you think? First of all, can I give you a little update, Mandra, Yes?
Is this for the show?
Yeah? Yeah, baha update. So you know how like we talked about I think it was b a key way. I think it was when we talked about my friend whose grandma got the you know, sold the house for like one point two million and got the money.
My friend listen.
They were, oh, no, the friend that you were like, I don't think they listened, So let me talk some about that friend.
Yes, but honestly they were there, like they were like, thank you for keeping me anonymous, and honestly like it was.
It was really great. You know, they were good suport about it.
Causemember, I was like, Granny be no one because Granny was like, how are you going manage world and you ain't got no money? Yeah, and no, they were like, honestly, like Tiffany was hilarious but funny but also really good advice.
Thank you so much.
Yeah.
So yeah, because you obviously I'm not going to talk some mess about my friend, but I did.
Say that, like, you know, Granny's not wrong that she ought to take her time and she ought to really lean into financial experts, that this is what they do managing wealth, and that not that she's rude not listening to her grandkids, but that you know, but it's okay to give your input. But she's not wrong for saying, hey, you know, let me work with the experts on this because it's a lot of money. So yeah, I just thought that was hilarious because when I got the text, I was like.
Grow, what did I say?
So that was a nice little all right, we're gonna do some money questions this week. We have not forgot about you. You guys really enjoyed the hot seat or whatever, so joy hopefully. I don't know if the next one next BAQA will be when we have someone in the hot seat. That's when someone outside of Mandy and myself will be in the studio. They get to ask us
both questions. If you haven't listened already, the last BAQA, I was in the hot seat, Mandy asked me question and the questions, and the one before that, Mandy was in the hot seat and we asked her question. So we like these hot seat episodes that will pepper in to our normal BAQA. But for now we're hitting up, shaking up the mail bag, and we have a message from someone who calls herself Susie Carr.
I go name that show. I'll give you two seconds regress classic. So Susie says, hello.
I have a question for the QA you always are saying right now because of the recession, Save Save Save, I'm a single homeowner in a rather affordable city, and am going doing pretty well financially, having about ten thousand in savings, that is until I had roof issues child that basically wiped out my savings. I have barely any debt outside of my home and car and have no
issues making those payments on time. I have money automatically going to a four to one k and none of that is changing as long as I still have my job. So technically I'm not struggling, but I can't help but feel anxiety not having my savings anymore, as it took quite some time to get that much saved. I guess my question is what is your advice for when an emergency actually comes.
Your way and you have to use your emergency fund? Thank you and love your show, Susan. So what device we have for the suit?
Well?
As I think we're both homeowners and I have had, what was the thing that we did? I'm trying to think what we financed?
Well.
The thing about being a homeowner, I would say, and having cash in the bank is depending on your level of like tolerance and where you're at in your headspace when it comes to debt. If you have a secure financial position, like you are employed, you've got savings in the bank. If you're you know, if you don't want to part with your cash savings and you want to remain liquid, like have that. When you're a homeowner, you know, you could look into something like a low cost home
equity loan. You could also some a lot of home improvement. Like I don't know what am I trying to say. Contractors they offer zero percent financing for repairs. You have to go through their system, and I mean these zero percent finance, Oh, this is what we did it for. We did zero percent financing for HVAC because they offered it.
And yeah, we could have come out of pocket and paid the I forget how much it costs, like twenty K, but for us, we were like, let's save that cash for other reserves because we were renovating, and let's take advantage of our great credit and have a zero percent option.
The thing is, you really want to read the fine print because typically they have that classic deferred interest clause, which basically means if you do not pay off the debt before that intro period is over, that they could pretend like you had been paying interest the whole time and tack that onto their balance. So yeah, it can
really sting, But that's an option. But again, it really depends on like Tif was saying in the last episode, are you able to pay your bills in fuld, Like, do you have money coming in regularly where you feel like you can take on some debt. If the answer is no, then I kind of feel like that's what the emergency fund is for. So don't feel bad about using it.
Yeah, I know it's hard because I love those options that Mandy gave that. Yes, sometimes, you know, having cash on hand, especially with what's happening, you know, in the economy right now, and I don't know if you looked at the market the other day, literally.
Down down d d dun, dun dun, it's looking crazy.
So with that being said, at you know, Mandy's suggestion about just so you know moving forward, is things like this happen again and you have great credit for anyone listening, you know, is there a interest free way to handle it? With that caveat of you better have that money at the end because the people don't want the coin or they're going to tack on that that interest rate, right, So, but ultimately, Susie, you know, your emergency fund is for emergencies.
But I mean, if you've listened to Mandy and that for a while, you know, both of us feel very queasy about not having savings, and so I can understand that feeling. And so the only two ways to like get more money is to spend less or make more, you know, So it might this might be the push you need to do what Mandy's always which is girl, well, the lot of time you got to raise at work one of a lot of time you had that combo about like, because it's still the job market still leans in your favor.
You know.
I don't know what industry you're in, but in general, the job market is leaning in favor for you know, for the worker. And so it's like, can I make extra work where I'm actually working? You know, I'm not always a big proponent of like side hustle because sometimes you're already tired, you know, but if you haven't gotten a raisin wall, maybe asking for that, you know, are there other expenses that you're like, oh, these are not
that serious. I can cut in order to have some some you know, some excess space so I can save a little more. So I would just lean into those two things and then I mean, I know it took you a long time to save the ten, but the fact is you did do that. And I do want anyone listening to know that. I I mean, of course I don't have a crystal ball, but I do know that there is a rebalancing happening, you know, in the economic world globally, that the pandemic you know, what'd you.
Say, I said, pray tell I'm listening, Yes, is happening.
Right, meaning that like, because of the pandemic, it forced people to to it. We were already probably heading toward because that is a cycle of things, ups and down and ups and downs and up and down. So we were already headed, you know, slowly but surely towards whatever down cycle was on its way, just because that's just the nature of things.
The tide will ebb and flow, you know.
But there was a quickening of that process because pandemic was something you know, out of the out of an extraordinary event that helped to quicken some of that downturn.
And so as a result, you know, choices were.
Made like PPP loans, like you know, you're not having the mortgage moratorium, the moratory run student loan, so all this money has been flooded where it was not before. You know, all this grace about not have to pay things, so as a result, you cannot. That's just not the way the world's work, is not the way that nature works. That you know that nature likes to be balanced, and so there has been a financial imbalance created, and so it will balance itself. And so that's what you're going
to see coming up. I don't know how long or how strong or whatever, but I do know, whether they call it a recession whatever or not, something is happening now.
We can feel it. You know.
People can see how things cost more money. You can see how the market is and you know, has hit this huge downturn, especially most recently, and so knowing that, I just want everyone to prepare, like prepare. One of the best ways to prepare is to have excess money on the side, so we all need a little emergency savings, you know, prepare by looking at our budgets to say, you know, if I had to, you don't have to do it now, but if I had to, what could
I cut if I had to? You know, to me having just even just mentally preparing and saying, you know, what if I actually had to. I could cut this, this and this and free up two hundred dollars a month, Duly noted. You know, like, you know what, I haven't asked for a race. Let me see if I can go get one now, you know what. My My lease is up. And I did say I was going to get a studio because what I do I really need this one. There's one bedroom, Duly noted.
So things like.
That, like I would just be mentally preparing and then also just actually preparing for what's ahead, because I suspect that the rebalancing is going to be equal to the unbalanced that the pandemic created, which means it's going to be a doozy. And so I just wanted people to be I'm not here doing in gloom.
But I am. I am here.
I'd rather you be like, oh, over prepared, okay, than to be like, oh, I took a kind of light. And it's like it's it's the Great Recession all over again, and it's a really really hard time for lots of us.
So batton down the financial Yeah, hatches, right, what even is a hatch? I don't know, I don't know what. I don't know, but like batten your hatches. Okay, if you god, I'm Batnam. Yeah, so for me, I think, and this is why I did a whole workshop of like recession proofing your career because it goes hand in hand with your finances too. But whatever you can do, and I think her advice she's looking for too, is like, so I've had to do this, So what do I
prioritize now? And I feel like what you're saying is prioritize rebuilding that cash fund, you know, as much as you can, as quickly as you can, and hopefully you can do it a little bit more quickly than it took to initially build it. You can do that by, like Tiffany said, looking for ways to increase your income or cutting other expenses. But yeah, it does make sense to prioritize building that emergency fund back up as soon as you can, because that does give you like financial protection.
And then what kind of steps can you take career wise to put yourself on track from more higher earnings. I mean, in one career move and one job move, if you negotiate a ten thousand dollars sign on bonus, you could have that money back. That's the beauty of quitting your way, rich Okay, and you live. I see how talk about around news Port.
We don't just be talking about it, We be about it.
Yeah, we'd be about that way. Yeah, but don't feel bad for having to use your fund. Be proud that you had it in the first place. Okay, Now it's just about rebuilding it.
And tell Tommy, Pickles and Chucky we.
Say hey and filling lit. Not that girl, Angelica, no a mess.
That was the original Karen.
Yes, Hey, Now I gotta go find where can you watch rug Rats these days? I got to go find it homeboy. I'm like, I'm sick of Paw, Patrol and Peppa. I want to get some rug Rats in this household.
Oh, what's on?
Supecar Michael? All right, let's take a quick break out. We'll be back with another of your b a Q and as. Our next question came from someone who liked to remain anonymous. Let's call her Holly. Holly says, ooh, I love this. Hey, ladies, I'm a serial job hopper. Hey, no shade. My favorite thing to do is quit a job at the slightest inconvenience. I've had up to five different jobs in one year. I've recently started my professional career as at r N, where job hopping is common
and encouraged. My first nursing job I lasted a total of eight months. Now I've just accepted a part time job with no benefits, just to get me through Christmas. My question is, what do you suggest I do with all of the roths I've collected over the years. Any suggestion on going about getting health insurance? I have an HSA. All in all, what would you tell someone who is essentially responsible for providing their own benefits from here on out? Thank you?
Well, I'll tak the first part.
So yeah, I don't know if you Well, she didn't say that she has any kids, but anybody with the kid little ones knows ten dayers in the bed and the.
Little ones say roll over, roll over. That's what I suggested to you. It's like, wait, I'm not thinking the connection. I'm like, I have to go around the world.
So you just triggered the I'm like, where's Rio because that's one of his favorite songs for.
Like, ten ross in the account and the and the little ones say roll over.
Right.
So here's the thing.
I'm so glad that you have not withdrawn the money, because you're going to trigger a because you're not fifty nine and a half, so you would trigger your fee, and if you didn't put that money back, you would.
Also trigger a tax. Well no, does she say, Oh, she says she has roths.
She has roths.
Yeah, okay, well actually never there. Well, then you wouldn't triger your fee.
It's only on the money that it's earned, not on the money that you put in there. Because roth I rays are that's where you have. You've put money, after taxes into your wrath. So you are allowed to withdraw without the fee and the taxes because but anything above and beyond what you actually put in. So let's just say it's grown by twenty percent, that additional twenty percent you would have to pay taxes and fees on that growth.
So either way, the.
Advice is still the same, which is I don't like having all these multiple accounts floating because I wish I don't know if we ever put that link where it's like do you have money out there? Like it's one of those like search if you have money?
Like right, we talked about that, I hope.
Yeah, and so like I searched Mandy and I found too. One was Chase Bank. They owe me nine hundred dollars for when like my house was foreclosed upon. I guess there was some balance that I did not get. And then also too I had something else from some other bank. It was one hundred and twenty. So I say all that to say people be leaving money behind and forgetting that there's money floating. And the best way to not do that is every time you leave, to roll it over.
Sometimes you can roll it over at your current job, or you could just roll it over. Like let's just say you have a like you know, you have your fave bank, we'll call it, you know, like Brianna bish and Bank, you know, and so like you know, that's the bank where you roll over, like you have a
rawth iray with that bank. And just any place you leave from you know that you take your bag, you take your picture frame, you know, of whatever, of your dog at the table, and you take your rath iray with you, like, you know, do that rollover and so because you don't want to leave that money and forget about it, because you know, as we get.
Older, you know, you have so many other jobs.
If you had five in one year, that's a lot of wrath ira to keep it keep you know, keep keeping your head, to remember that you have. So roll it over, says, find a place a home for them, and roll it over.
I found it missing money dot com. Yes, there's a lot of Amanda woodrofts out there. So I'm just gonna do this later, all right. So in the second part of her question, any suggestions about getting health insurance, I'm like still getting over the fact that a nurse goes around and doesn't have health insurance, like maybe she's a traveling nurse, which actually became and I've got a couple
of clients. You do that. It's really lucrative. It became super lucrative, especially during the pandemic because they were shortages. There still are and if you have the life, like if you enjoy that lifestyle, then you can make a
big bank being a traveling nurse. So I mean, I think the best thing to do, if you're going to be carrying your own insurance and you don't have any other option like a partner or you're under twenty six and you can use your piggyback on your parents' insurance, is to hit up the marketplace, which maybe you've already done. You say you have an HSA, which is a health savings account, which are only available if you have a high deductible health plan, so health high deductible health plans.
Because you have a high deductible that means you have to come out of pocket before your insurance kicks in. And so to counteract that, they allow you to put money in tax free in an HSA account like a save account that you can use for those medical expenses. So yeah, I would just go on the marketplace and choose the best plan that works for you. With the new what is it the Inflation Reduction Act that was just passed there were they extended the subsidies that they
had offered under Obamacare, which was great. So if you qualify for subsidies, that would lower the amount of your
premium on a monthly basis. But also if you're negotiating I know this isn't like technically a career question, but if you are negotiating your pay, I would factor in the fact that you're carrying your own your own insurance and definitely like factor that an plus twenty percent when you're negotiating, so that you can lead some extra cushion in there to pay for those health expenses that may pop up.
Good advice.
Yeah, if you guys have questions, we have answers, ish or whatever.
You can certainly are your self shakers.
We could ask them in our dms. On Insta.
You can go to brodivisionpodcast dot com and click like the ask us anything or contact button you can ask there. You can go to brandabishon at g Brown Ambition at gmail dot.
Com, Branhibition Podcast at gmail dot com.
I knew I was like one of these I'm gonna get wrong you've been doing.
I mean, you've been on a roll like yeah, anyone who listens to the first couple of years where man and I'd be like, when you're gonna stop so I can interject, I.
Don't forgee it. I feel like in a good mood today. I don't know, it feels good to.
Be in a goods yeah, okay, good yeah.
I mean always that's just random, but I was just thinking that today.
I was like, we're extra geekily today, but I'm like, you know what, I'm feeling a good mood today, so.
I need it. I've been waking up at four am every day the past week working on my damn webinar. I'm already I feel silly. I'm so excited though, but real quickly, I wanted to tell the people, remind them. If you want to be a potential hot seat guest for Brown Ambition Q and A, which means you will be here in the studio virtual studio with us as a guest, you need to submit your question to are Ig, So go to Brown and Mission podcast on IG but submit it as a video or a voice note, okay,
so we can make sure that you can articulate. No, no, shade, you ain't crazy. Submit your and we've already got some in the dms, but go ahead and submit them, and one of our producers will be reaching out potentially to have you on the show.
So if you hear from from a named Emani, she's our dope producer.
That's why she's not a scammer.
She's asking you about crypto. She really does know us.
It's legit, it's legit. So we'll see you next week hopefully.
I don't know if we'll have a hot seat next week, but if not next week, definitely the week after next, you know, because we want to get this party started, all right, y'all.
Hi, y'all until next week. Hey ba fam, we could not do this show without your support or the support of our team behind the scenes. The Brown Ambission podcast is produced by Cumulus Podcast Network. It's edited by the wonderful Emani Crosby and produced by Tanya Bustos. Dennistimplinsky is our house tech crew, and I am Bandy Woodard Santos your co host, and I will see y'all next week.