It's time for the b a q A b A keep a okay, the b a q A Okay, the b a q A. You have qa's, LOI you have q's, we have a's. Ish like, we're not your cousin, we're not your therapist, we're not your financial advison, your attorney.
Otherwise, but we're smarter than our cousin probably, Yes, yeah, that was a better option than their cousins. Yeah, keep it going.
But we are just two brown girls who have experienced a lot in career, business, personal finance, and we're gonna do our best to answer your questions, but take it with a grain of salt and certainly lean into the professionals around you for the final say, as well as what you think is best. With that, we actually have an update, don't we, manager.
Yeah, like a little part two of our discussion around
pyramid schemes slash multi level marketing companies. So we had a question on a recent B a Q and A where a woman was approached in a retail start was her and her boyfriend, I believe, and they were invited to join what sounded to be like a pyramid scheme, but they weren't really sure what it was, and we talked about it, and after describing her that listener's question on the last episode of BAQ and A, we got a note from Danielle who says I was listening to the latest b a Q and A and wanted to
share that I was also approached in the same manner as the guest who talked about pyramid schemes. The person who approached me was on a college campus and used the same language. It was an opportunity to get mentored by wealthy people, and that couple turned out to be a successful duo at the top of Amway track. I was already too familiar with Amway's reputation and declined to sign up. This was a year ago, but the letter you've read was to the t my exact experience. Thanks
Danielle for sharing that. Damn okay, So that puts a name to a potentially could have been See. Now here's the part where we say we're not trying to like, I'm not trying to say if that's a pyramid scheme or not, but it is definitely like an MLM type structure. Yes, where what is mwaisoluct helping me? And what she said with they was really like critical in this part. She was like, so because I'd never heard of this before.
She said, they're starting to increase recruitment by selling it as a mentorship as well, which is really clever because you know, I think people are used to the rigorar language like would you like to make some extra money? I was like, here we go, but you know, now to say, you know, we're really trying to help a
mentor folks, it's like, oh, that sounds legitimate. Remember I said before that, I'm like, I'm not sure if it's MLM or not, because certainly I have been a part of mentorship circles and it's been legitimate and they're not upselling me anything. But wow, y'all are some slicky, slicksters MLMs. So be careful out there in the MLM streets, y'all. As ever, all right, let's move on to our first question of the week. This comes from listener Kimberly, who dropped us a note on IG and is having an
existential crisis. Okay, Kimberly, we are here to help. Hello, Amandra. She says, I've been loving all of your guests on the podcast. I know it was hard without Tiffany while she was healing and giving Tiffany lots and lots of love. My question is a bit existential. I think. I know everyone talks about getting side hustles and passive income streams. While I appreciate that, I wonder if we should think about how we get to a position that pays enough
to not need side hustles. My thirties were spent getting my MAA and PhD and having to write on my weekends. So now that time is super precious, why aren't we thinking that way if we have the ability to get onto something absolutely, I mean, like the whole side hustle
culture sometimes I think can be damaging. And I even have like a session in my group coaching program where I talk about being an entrepreneur and also being entrepreneurial, like coming up with ideas and projects at your like in your date in your nine to five job, and how wonderful that can be for putting you in line for promotions and raises and other opportunities and things like that. But I probably spend like five to ten minutes at
the top of that. They probably think I'm crazy, but I'm just like you guys, We're going to talk about entrepreneurship. We're going to talk about businesses and stuff, but you know, you do not necessarily have to go out and have a fricking vending machine, an ATM machine, a trucking business, you know, a digital service on the side and ride uber and do instant cart just because you can, like
you don't. Sometimes social media, especially will have you feeling like you're missing out on all these opportunities to bring an extra income. But, like Tiffany has said, at what cost? And what I love about your question, Kimberly is you bring it up like your time is precious, So how do we work smarter not harder? In some ways? And if you're working at a job where you need several other sources of income to make ends meet, then maybe that's not the best baseline foundation job for you to have.
And yeah, hell yeah, every damn helping people try to find a job that will pay them enough so that they can rest when they're not working, you know, so that you can take a step back and only do the side hustles if you want to, but only if you want to, not because for the sake of it or because it seems like everyone else is doing it. Because it can just become like a grind and then you get to burn out and you're not really enjoying anything that you're creating.
So you know our friend Sandy and like literally her nickname is side hustles with Sandy. And you know what I love, yes most when I interviewed her, like from my book, is that she was like, first, her first lot of defense to making more money was not actually side hustles, It was getting more money out of your current job. She was like some people, she said, so many people out there, they don't actually need a side hustle.
They either need to raise or a new job. So I love that you brought this up because it's just like, you know, are there ways that you can increase your value or illustrator open more? Obviously at that job, I mean obviously with your m A and PhD sis you out here joining it already, but like you know, is there an additional education you could ask them? Is there? Like if I'm thinking about the people that you know I've hired or kept on, there are folks on the team, like,
for example, Logan on my team. When Logan first started, she was an admin for like a very famous how do I say government agency that we all know very covert. So she was super skilled in like that. But then Logan worked in customer support for us, and then she got additional she took like additional classes and certifications and things, and then she became like our lead customer support and then she did such an amazing job. I said, well,
what do you really like to do? She said, research, and then she learned how to do that, and then she started to write copy for us. And now Logan she took copywriting courses. She's one of our She's an amazing copywriter where people like vie to get Logan to write stuff for them. And just the other day, Logan was like, I'm taking an Instagram class because she does all my content now. And she's like, I'm taking a class on like she does all of our emails on
like how best to use your email system. We just took on a new text message system and Logan is getting certified in that. So as a result, you know, she's making herself more and more valuable. And so you know, even despite me having to let folks go, and even though I had to decideed, Logan's going to stay on the literature academy that makes more than the actual Budgetista makes.
I brought her over to Budgetista, but she didn't lower her salary, even though technically for the Budgetesa side, for what we can afford, it should be lower. But she's so valuable that I was like, we will find the funds. Even if it means less for me. That's fine because in the long run it makes more sense. So I just say all that to say, which is like, yes, if you are currently working somewhere, are you bringing and illustrating so not just secretly corro covertly doing a good job.
Are you showcasing the fact of all the value you bring to the table. And if you're still not being paid, what's you know, what you feel is equitable and fair? And sometimes it is equitable bull and fair and the company just can't afford more if they're smaller, you know, are you taking your skills elsewhere where they do have the money in order to pay you. Because you're right,
everything costs, especially money. Everything costs especially money. So the more that you work for that outside of your regular job, I mean, you know, some people enjoy that, which you know that's obviously me and Mandy do that now, but it's not easy. So you know, if you have a job to enjoy, you know, find more money.
They are And obviously it's not to not to diminish the power of having additional streams of income. But my perspective on that is always it's smart. I think to diversify the sources of your income. Even now as a business owner, I have several different streams of income. And I was very intentional about that, cause you know, you're nine to five is a stream of income. But can your side hustle one provide you a bit of financial security.
Like I was just talking to a coaching client earlier who's thinking about starting a consulting sort of business on the side, and I'm like, that's really brilliant, and I encourage I encourage professionals if you can take what you're doing day to day and leverage that into consulting on the side, that gives you professional resiliency, so that if your nine to five job, let's say you were laid off or your you know, cut back or whatever, you still have a source of income and you've kept your
network strong, like you're working with clients or getting testimonials and all of that. I'm a big fan of that because it adds, like I said, professional resiliency, not not doing things just for the sake of having income. You know, can you do things that have layers of benefit for you financial gain, yes, But do they give you some professional resiliency? Do they extend Do they expand your brand professionally so that more people will think of you for
opportunities in the future. Do they do they put you in potentially a position to get jobs you know, you may find through your consulting work or through another you know, quote unquote side hustle that you're doing opportunities that do pay you more and then you can leave your job. So I'm not against side hustles at all. I'm just against the side hustle for the side hustle for the sake of it, you know, because everyone feels like you've got to be grinding all the time. It's like like
you said, when is it enough? And when can you say it's enough for now?
You know, if you don't listen to any chapter this is book that I'm reading now call why I just finish it called Stillness is the Key by Ryan Holliday. He's just like a really well known stoic, and I chatted with you guys about that earlier that after Jerrell passed away, I really started to like explore stoicism, which is really just learning to lean into where you can make a difference do that, and where you can't to release it because you don't have control, you know, and
so stillness is the key. It's a really great book, but if you don't listen to anything else in that book, I prefer to do it via audible. There is a chapter called Enough that is so powerful. I probably listened to it ten times in a row. You know, each chapter is maybe like eight or nine minutes long, but it was just so powerful about the power of enough, Like.
When do you say that?
You know, like I'm not talking about if you're homeless or you can't feed your kids, we get that, but there is a moment for so many folks where there actually is enough, or you actually are enough, and you just zoom white past it. And when you do so, you have now opened yourself up to never be satiated. That you're like, you're like drowning in the in the possibilities of more, and I just am like, I don't
want to do that anymore. And I just hope that all of you listening know that you are enough and you recognize when you have enough, so you don't have to overwork yourself.
Aimen that what was it book called Ryan Holliday.
Ryan Holiday. It's called Stillness is the Key. He's got like these three. It's the obstacle. The obstacle is the way, Stillness is the key, and Ego is the enemy. So I read The Obstacles the Way, which is really good. It's like an introduction to stoicism. Stillness is the Keys excellent. And then I'm actually that I just started yesterday. Ego is the enemy, so I'll let you know how that is. But those his books thus far, I have enjoyed them.
Obviously it's not for everybody, but I've really enjoyed them, but especially that second book.
I'm a Leo, so Ego is my friend of me. That's how I feel. I'm not mad at it. Okay, let's take a quick break and we'll be right back with another question from the ba q and A. All right, we are back, and we've got a financial question. I love this person gave themselves a code name, Yes, code name Manifesting Wealth Babe, mwb Okay, roll my shoulders back. I just started listening to your podcast and I love it.
I recently turned thirty five, and my goal for this year is to become more financially stable and literate after finally making decent wages hustle in my industry for over a decade. I currently have no savings in about sixty K in student loan debt, but I'd like to start building wealth and buy a house within the next three years. My plan is to pay off seventy five hundred dollars of credit card debt and create a six month emergency
fund within the next one and a half years. I've got good credits, I want to keep that high, and eventually I like to get a home loan. I'm planning on transferring that seventy five one hundred dollars of credit card debt to a zero percent interest APR credit card and very smart and paying six hundred dollars a month on that, And then I want to open a high savings account with another bank so I can put away my emergency fund. Wow, she really has been listening to
Brown and Vessional. Then in the next one and a half years, I like to start saving for a deposit on a duplex so I can house hack and start building wealth. Here's my question, Well, opening up accounts with two new banks when I currently only use one negatively affect my credit score? Is it unwise of me to only be made making minimum payments on my student loans and being more concerned about paying off credit card debt
and building wealth. I don't want to take on odd jobs to pay off my debt and save up when work life balance and self care is so important to me at this point in my life. Please let me know if you have any additional advice for reaching my goals and if you think my plan is a wise one manifesting wealth babe.
Big girl. Actually the first time was like, ooh, it's a lot, but it's really smart. GC is really smart. Like the only thing I would say is this so okay? So the questions, no, bank accounts have nothing to do with your credit score unless you overdraft and don't pay them people back. So you can open up as many bank accounts as you want. It's not going to negatively or even positively affect your credit score, so you just know that. And then the student loans, I'm assuming you
must still because Mandy did the moratorium students. Has that lifted yet? Are people? Are the federal people still not paying do you know?
Girl? You know they're too afraid of the midterm elections coming up to stop that. Pretty sure they extended it to October or at least through the summer.
Yeah, so I'm assuming that you must have private loans if you're still paying them, And I'm all for paying the minimum to student loan debt because typically the interest rate on a credit card debt is higher. So I love the fact that you're going to be making that balance transfer to fifty. It's like, you know, because your credit score is good, so if you found a fifteen month zero percent APR credit card, that's excellent, So you know,
continue to do that. The only thing that I will say that might be helpful for you, MWB is looking to this program called NAKA n ACA. Let me see what does NACA start to stand for? You know, NACA.
I just looked it up the other day and I have to google it every time.
Yeah, it's the Neighborhood Assistance Corporation of America, whatever that means. But here's what's so great about NACA is that they help first time home buyers, which would be you. And honestly, anybody who has not had a new mortgage in four years is considered a first time first time home buyer, just so you know. So first time home buyers get homes. And what's so great about NACA is that, now here's the thing. I would start looking into NACA now because
it's a nonprofit organization. They tend to be slow, so I actually would start the process now. But they're gonna they're going to want to see your budget, they're gonna want you to raise your credit score, which you've already done. They're gonna want to see you consistently safe. So they're gonna have all of these these these parameters in place. But in exchange, NACA is going to get you an
incredible interest rate that you can't get anyplace else. During the Great Pany, people were getting interest rates of like one point five percent, which is basically like free money. And even now, so my brother in law, I think I mentioned then Drel and I had purchased like a second home that we were renovating, which we finished and we were gonna rent it out, and then it was our attention to one day give it to Alyssa, you know, like as her inheritance whatever. So obviously you know he
passed away. So as a result, it's like, what do we do at the house? Alyssa and I had a grown up conversation as much as you can with a fifteen year old, and I told her, you know, I don't really want to be a landlord. That was your daddy who wanted to do that, so but if you really want me to hold the house for you, I will. I'll just figure it out. And she was like, no, that's okay, because she doesn't want to live there anyway.
So we decided that we agreed that we're going to sell the house and then I'm going to put the proceeds away for her for college and beyond. So thankfully, his twin brother has actually been looking for a house for the last two years, and actually, because his twin brother is a master painter, painted the house for us and he was the perfect person to purchase this home. So I told him. His name is Terrell, which is funny,
Jarell and Terrell. So Terrell. My sister Carol's like, tell Terrell to sign up for NAKA and he did, and so in September, he has to show six months of positive savings growth, and so I think it's September October is when he'll be done. He feels that every other paperwork they ask for everything but your blood type. But in six months, so right now, I think interest rates were around five or six percent, because we all know
interest rates have been up. But he was able to lock in a three point five percent interest rate with NACA, which is excellent.
And so that's what it in this early m hm.
They're like, you know, with your with your credit score, with you this, with your that we're able to do this for you. And so NAKA gives like a really great So it's it's a lot of I would like put an air quotes headache because certainly it's a slow process, and if it's in a very competitive market, sometimes it's going to be hard for maybe like a homeowner to
wait for you to get your paperwork together. Thankfully, you know, I'm not selling the house to anybody but him, So I told them, you know, we'll wait for as long as it takes for you to get ready, but to be able to save, like you know, he's going to save tens of thousands of dollars if he stays there for the next whatever thirty years, you know, because of his interest rate being so low. Well, that's what I would share with you that, like your plans sound amazing,
I would just look into NAKA NACA. Yeah, what do you think, Mandra.
Or just like Google first time home buyer in your state, you may find programs too. Yeah. I mean, as far as her question and her concern around the bank account saying, going back and reading, I think what she's maybe asking is because her plan is to apply for a mortgage in a year and a half and for that and I and having a little bit of credit card debt
and having your student loans. But if you stick to your plan, you're opening up your credit card now, which is at least a year and a half from when
you plan to have your mortgage. That's fine. I mean, I think when it comes to the whole underwriting process for mortgages, when they actually look at your finances and decide if you're trustworthy and if they want to loan lend to you, they'll look at least like six months in the past, so they say like no new credit behavior, don't don't go take out a new credit card, don't you know, I don't know, get a new car or something like that, take on more debt in that six
month period before you apply for a mortgage. And if you're a W two worker, as long as you're clean for six months before you apply for that mortgage, you should be fine. And by clean, I just mean like no new credit, no new debt. And if you if you follow your plan, you should be in a really exceptional position when it comes time to be shopping for
a mortgage and shopping for your home. So I commend you. Yeah, and can you write a testimonial for brand ambition since you're a new listener and look how far you've come.
And I will say if you can add ten more points than that credits courses because seven seventy though, but seven forty is the beginning of perfect credit. Not to say she won't get like excellent, okay, you know, but you know by seven forty is like that's when you just sew it all up, you know what I mean?
Like, no, she's gonna as soon as she pays off that you write seventy five hundred dollars of debt, that credit card debt. Hell yeah, I mean your student loan's probably not that big of a deal. Lenders will consider it when they do your like debt to income ratio. They'll look at your monthly payment and all of that. But yeah, when you pay off that credit card debt and you keep your credit card debt low, you should be golden, probably walking there with a high seven hundred's,
you know, eight hundred score. I love to see you win manifesting wealth. Baby, you are a manifest Thank you so much for that, Thanks for listening, and thank you so much for the question. That was a fun one.
Well that was an excellent baqa. If you have some QA, well some ques for our a's.
Then ask them.
That just sounds really bad. I'm on your face. You're like, well, I'm married, but it I liked it. Bye. You can go to Brannimission podcast dot com and click ask us anything, is it? Ask us anything or ask anything.
It's something like that. Click around, Yeah, you act us send us a message. You can also go to Instagram and send us a d M. We are at Brannambisson podcast on ig or email us directly Brannimbission Podcast at gmail dot com dot com. Hey, ba fam, we could not do this show. Without your support or the support of our team behind the scenes. The Brown Ambision podcast is produced by Cumulus Podcast Network. It's edited by the
wonderful Emani Crosby and produced by Tanya Bustos. Dennis Deplinsky is our in house tech guru, and I am Bandy Woodard Santos your co host, and I will see y'all next week.