Hey, hey, hey, watch it. Ah, this is Tiffany and Mandy.
I didn't have coffee today. I couldn't handle it extra octave and we are around ambition round.
Ohday is Q two tax day for me?
Ooh exciting?
Yeah, it really was. I was like, so that's when for those of you who are business owners, you know that. Well, even if you're not a business owner, you know you might know that the taxier for business owners is split in two quarters, and a quarter is just three months at a time. So first three months out of the year, I paid my taxes and now the second three months out of the year, which is what is that? So,
Jenny Fevry March, April, May June. So I have to pay taxes on the income that I earned minus expenses on April, May and June. So I met with my my big accountant, Carlos. And Carlos and I were just going over the numbers. It was you know, the business is doing, you know well, but it's like one, paying taxes it's not fun, but two as business grows. Manday, I'm like, oh, so for those who know, you know I have three well, yes, three companies. I've got the
budgetist to the original company. I've got the Liverature Academy, you know, my online school, and then I have a marketing company. And so because I have three companies and I have like folks that work for me that kind of do work on all of the companies, payroll was getting really crazy. And so Arloso, just give me some really good advice about how to manage that.
It's the next level of your business man, your media empire, your bud just needs to empire.
What is.
Yeah interested about quarterly taxes? Because you know, I've always heard that it's a good practice for entrepreneurs, small business owners, self employed people basically to pay taxes quarterly. So what do you do to prepare for that? Because even just every three months, if you don't prepare for it could be a lot of money. So, like, what are you doing month to month to make sure you're ready for that quarterly tax bill? And what is that?
Like?
What does that actually entail? Do you keep it in a separate account, does your accountant keep it? Do you do automatic debits? How do you even like calculate? Oh? So many questions.
All right, So, honestly, three years ago, well the first three or four, maybe even five years of business. Honestly, I didn't have all of this, but now I have my profit and laws statement for each of my three businesses. And then what Rachel does is that when it's time for me to meet with Carlos every quarter, she combines
them into the quarterly statement and then that's what I bring. Literally, it's usually like like a one to two page paper where it just looks like just like a I don't know, not an Excel spreadsheet, but just like like a word doc in three columns, where it's like, this is how much Tiffany made, this is how much she spent each of these months, and this is what's left over, and this is what kind of like the category she spent on.
And Carlos will review it. If something looks off, he might say, you know you're missing this or something is off or whatever, and then from that Carlos says, well, based upon what you've made, this is what your taxes are.
And then he gives me some paper that basically says, because my tax is the way I pay them, I pay them as an individual, so my companies passed through me and I because I own es Corpse, so well, my companies are LLCs but I'm taxed as an X corpse or an es corp is your tax like kind of allocation, and so that means that I'm not self employed. I actually work for my companies and so as a result, I pay my taxes. And you really, once you reach a certain amount of money, you have to pay requarter.
So what Carlos having to do when I first started is I used to set aside twenty five percent of every every time my companies paid me because that was enough. And then when it wasn't enough, I had to set up thirty five percent, and most recently, as of this year, I had to start setting inside thirty five percent in order to cover. And I honestly like I say that in like an ALLY savings account, I'm not super fancy. They have, you know, a decent interest rate for their savings.
And I look at my ALLY savings and I'm like, yep, there's money there, Thank goodness, because I've been saving. And then I pay online and that way the IRS doesn't come for me.
Is that ALA account set up with your business entity or do you personally? Is like your personal ALLY account.
My personal because one, this is money that been already paid out to me so, and I don't. I actually asked called the ally decease they had an allied business account, they did it? They yeah, no they didn't. So it's just my person because like I'm at this point, I'm paying these are this is personal taxes that I'm paying. So now that I'm married, my husband no longer gets a tax refund because our taxes are now jointly done together. And so because because I'm married and because of him working,
he actually helps me save money on taxes. So I asked Carlos what's better should we do? Married filing separately or married filing jointly, and Carlos running both numbers and found that I could save Like last year, I saved like almost fifteen thousand dollars in real money and taxes by filing jointly. And so we filed jointly. But he doesn't get a tax refund anymore. So instead I know
what his refund would only be. So instead I just break him off a little bit and was like, you know, babe, this is you know you said.
You're nicer than me. I don't do that stuff.
Well what we do is like he because now my husband's getting good at it, where he has, So I think normally his refund might be like, I don't know, three thousand dollars, so I would just be like, Okay, here's three thousand dollars. And he typically is like a thousand for Supergirl, a thousand for savings, five hundred for fun, and another five hundred for like paying down bill, so
he has like his own system. So but yeah, but I'm like at this, you know, but you saved me money, so I don't mind, you know, because if it wasn't for him, I'd be paying an additional fifteen thousand and real money, like actually writing an additional check for fifteen thousand dollars because I pay taxes, doesn't get withdrawn from my paycheck.
Do you watch a profit?
Do I have one?
Do you watch the profit on SANBC?
I've watched some of it, like I've watched like everyone and why, I've caught a show or two.
What it's good Marcus lamonas he's just like this billionaire who goes around helping struggling businesses while he scoops up like forty to fifty percent of the equity in the process. But now it's fascinating. It's like you get to watch these businesses fail and he shows them what they're doing wrong. I don't know, I learned a lot to learn a little bit more about business. I like it better than
Shark Tank. I feel like it really shows you the day to day operations of running a business and what can go wrong when people let themselves get in the way. Shame No. I like I free Plug.
I've seen like. I saw this one where it was like a cookie lady and her son and that was so good. I remember that one. I felt bad for he because she said like a bad deal where someone was going to own ninety percent of her company and I was like, wait, how is that legal? You know that you signed away ninety percent and she didn't know, and so yeah, I remember that one. Okay, maybe I'll watch it more to get some more inspiration.
There was a recent one where it was a Atlanta based company, so shout out to them. It was what are they called Southern Comfort Foods or something they do like Southern foods prepared and it's this it's a young African American woman and her mom together running this business out of the Squarehouse and they were part of Oprah's favorite things and they had all this early sex and then they were all of a sudden struggling, and turns out that she has signed up for these short term
business loans, which I've been learning a lot more about recently. Do you, I don't know if you've ever been in a place, hopefully not where you've had to consider short term business loans. They're terrible products. I mean, they are really expensive. First of all. Sometimes the repayment terms are like a week, a month, two months, six months. They're really short term. And because there are such short term loans, they put crazy interest rates on them, like double digit,
you know, forty percent. She had a forty percent loan that she took out originally for fifty thousand dollars. I had a balloon to like hundreds of thousands of dollars. And it's nuts. And these products are out there, man, Like, the more that we write about small business loans or business loans in general, the more I'm just like, man, I've been wasting my time writing about payday loans like business loans and merchant cash advances, these nasty products. That's
where it's at. So if you're out there and you're considering, you know, or if you have or you're considering, you know, taking out a business loan. I would love to get more questions about that kind of stuff, because that's where I feel like young entrepreneurs can easily make like really expensive mistakes that can haunt them forever.
Yeah, no, I could see that I have.
I have it.
I mean the only one I ever took out was from my ex boyfriend. He was the worst because.
You took out a business loan for your ex.
Well, look though, this is like when I very first started. We had just broken up, Like I broke up with him because I was like I knew I wanted to pursue more in life, and I knew that he wanted to be like barefoot and pregnant. But we tried to remain cool for like two years, two or three years after breaking up, and so he lent me money, like to like buy like a laptop and stuff cause I had lost my job at the time, so and then to also helped me stay afloat with my with my
my my condo at the time. But meanwhile, I mean, really is it lending money because or is it payback? Because I for six years we were together, I was young and foolish and he was younger than I was, so while he was in school, I was working, So I used to pay for all the bills, so he lived with me. I bought a condo, pay no mortgage, pay no electricity, no water. I mean it was to
a point where he was literally like my child. One of the reasons why I broke up with him is because I remember one day we went to go get like ice cream, and like, he ordered his ice cream and walked away, and I remember thinking, like, what is happening. At the time, I was like twenty eight or something, and I was like, did I just bring my son to get ice cream?
Yeah?
And I thought like wow. I remember it was such a good lesson because it wasn't all his fault. I had turned it into this, you know, because I was like, oh, well, I'm a little older than him. I was like two or three years older than him. I'm a little older than him, and I'm more established, and when he gets more established, he's gonna contribute. And it got to be I mean, it got to be bad. I mean it was so bad, only the only kind of bad that
you could do when you're in your twenties. I mean, Mandy, we used to go out to dinner, and I would put money on the dining room table so he could put in his wallet so we'd go out to eat. He looked like he paid. It was I know it was, and I told myself, never eva again. So you imagine
my shock and surprise, you know. So he quote unquote let me money after we broke up for you know, like a laptop, and maybe it was like three or four hundred dollars, And of course I'm struggling to pay it back because you know, I'm broke, I don't have a job, so I you know, the business is doing was doing. I can't even say okay. But then he kind of like demanded his money back because his new girlfriend needed a purse and he wanted to buy it
for her. Can you imagine it took everything in me to be like kick Rocks, dude, like you owe me your life, like you lived with me like a child for like four years, and I paid for everything. But you know what I said, I didn't want him to have any tie to me, so I gave him a little punk four hundred dollars back. But yeah, but I'm sure he and her get to enjoy watching me skyrocking
my way to the top. But no, but I just can't believe that he asked for the money back and had the nerve to tell me he was going to use it to buy her a coach bag. And I just remember being like, yo, I'm like eating and you want you want your four hundred dollars back. But yeah, it was just it just was another like confirmation of why he was not the one, the two, or the three, and now Superman is the exact He's the exact opposite. Like, although I make more, we live off his income and
save and invest. Mind, So it feels nice to have someone who is a giver and not a taker.
Amen, right, Yes, you know what?
We forgot to hit up the social street.
Oh you're right, okay.
So actually just one really cute one which I thought was great. This young woman tweeted us. Her name is Mish and her Twitter name is at the Underscore Tamish and she said, praise report, I just made a final payment on a personal loan. Exclamation, exclamation, so thankful for the resources. An inspiration game from the b A podcast cash Haag is a journey. I love that. And she has this meme of like her with like this money bag on her back and it says payment. I just
thought that that was awesome. Now paying off a loan is it's honestly, it's awesome and so and then she shout us out. She was like, if you're looking to increase your financial literacy to be in a community with others, you know, check out the Buganista and Brown Ambition. So thank you.
What was her name or her handle?
Her handle was at the Underscore t a m I s.
H tell me at girlfriends, yes, and if you.
Want to go to the Praise Report or just you know, you want to tell us it was so awesome. You just want to say whatever. You know, you can tweet us. We are at the b a podcast on Twitter.
And on Instagram. We're at brann Ambition podcast all one word and I wanted to give a shout out to our Instagram follower nothos and a not Chosen Day. Okay, she says. She shouted us out. On another podcast page. She was asking for people to list their favorite podcasts, and she says more hashtag brown Boost for the Budgetnista and Mandy on at Brown Ambition podcast. Their podcast is so beautiful and the Black Girl magic is so real.
I think that I was like, thank you, you love us.
I love when they brag on us to other on other people's pages.
That's I know. That is kind of fun. I'm like, hey, I didn't write it, she wrote it. I'm just here to gloat.
And one more from if this Instagram slash listener If These Kinks Could Talk, she says, she posted her own post shouting us out. She said, has should I get your Financial Life Brand and Vision podcast. Thank you, Thank you, Thank you for creating this podcast. I learned something new every day. If you're looking for financial guidance, check out this podcast. Too Beautiful Soul sharing great information for free ninety nine. That's how you know she listens because she quotes one of your sayings.
You know, I love the silmory love it now. That's awesome. Yeah, well, this is a good little transition into brown boosts or brown break. What's your finna do?
I'm gonna boost this week me, So you want to go first? Very optimistic? Yeah, I'm late. I'm late to the party, but I'm going to do my boost this week for YELP cash back. Oh I never heard of that, right, It's been around since twenty seventeen, I started doing some research because I wondered how long it's been since I've
been out of the loop. But Yelp, if you order food on Yelp, because you know, you can actually order takeout or delivery through the app, I think in most cities, definitely in New York, and if you get enrolled, you can earn up to ten percent cash back just for ordering through the app. You link a credit card and they just once a month deposit money into your account, which is just awesome. So it's kind of like ebates, but specifically for Yelp, and I've been using it ever
since we moved to our new neighborhood. A couple of restaurants near us participate, And yeah, I just made like five bucks cash back on our dinner the other day. And I just checked my bank statement and I made another two dollars cash back from Yelp. So it adds up.
And the beauty of it is that, at least in my experience, so I have a cash back credit card where I earn three points when I order from restaurants, when I when I go to restaurants, and I was sometimes these these like restaurant and food apps can be tricky, and sometimes they do trigger the three points for restaurants
spending with credit cards, and sometimes they don't. So I was just double checking because I was thinking, Man, if I make five percent cash back by using Yelp cash back plus three percent cash back by using this rewards credit card, then I'm just almost saving ten percent of my dinner, which is pretty dope. So I double checked with my credit card and my Yelp grub Hub. They yeah, it counted as three points for every dollar I spent, so I basically earned eight percent cash bag. Just dope.
That is dope. Honestly, cash back is like it's like the chocolate icing on a yellow cake. It's just it's just get any better than that. It's the extra chocolate chip in the chocolate chip cookie, an extra chocolate chunk in a chocolate chip cookie.
It's the pineapple jam and a Dominican birthday cake.
Whoa, it is the.
Girl on your on your ding dong.
It is the strip in your in your in your payea. Honestly, it's like it's like, I don't know when when people don't decide it for cash back programs, I'm like, so you just don't like money, so you just don't you know, you don't like money. Oh okay, No, it.
Doesn't even require that much work exactly.
It's just so awesome cash back programs like ebays, this Yelp cash back. It's just literally live your life like link whatever you have to link, and they live your life and enjoy the fruits of your labor. So that's awesome.
Yeah, dope. And it's not something that I'm not shopping to get the cash back. It's just like one I'm if I'm gonna order from this trushaurant anyway, maybe I'm gonna use Yelp to do it, and maybe I'll get a little money back.
That's all I'm saying exactly. Well, my Brown booths are two people, one Brown Boosts for Damon Young. You know, have you ever heard of Very Smart Brothers?
Yeah, so I love that website. They're really funny.
They are really funny. And he is I guess I don't want to say he's the CEO, but anyway, he's got a memoir coming out like he's super smart, super funny, super woke, young Brown ambition and young man. And his book is called What Doesn't Kill You Makes you blacker, which I'm like, thank god, I a memoir in Essays by Damon Young. Honestly, I feel like this is gonna be a New York Times bestseller and it's going to
be everything. So I'm excited. He is. It's going to be on HarperCollins and so yeah, so fun facts, which you know what, you know what I'm gonna say it. So remember I told you that the doctors the TV show reached out to me.
The doctors, no, but yes, okay.
So I feel like I said it maybe like an episode or two ago. So anyway, the doctors reached out to me, which is like, you know, one of these daytime talk shows and like, you know, my dad loves it, right, so why do they reach out? And they said, hey, Damon Young, we saw your article in the New York Times about post traumatic broke syndrome. Would you like to come on? I said, my name is not Daman Young.
But wait you snatched it.
Oh yeah, but you know, I said, my name's not Dami Young, but you know, like I mean, you're free obviously to go with Daman Young. But this is Tiffany, but I too talk about financial education. They're like, well, grandma on girl. So the lady wrote me back. She's like, no, I'm a DreamCatcher. I knew about you. She's like, I was thinking about both of you and him, and I guess when I press enter to you, you know, And I was like, okay, so thanks Damon.
So is that why you're giving him the brown boos because you feel guilty?
I do, and I'm like, sorry, but David honestly is fine. He is like or slaying and yeah, just like living his best life. But I just thought that was funny because I was like, oh, I didn't write that article, but I could certainly speak to it.
And then you know, we need to have him on the show because I think post traumatic broke syndrome is a is. I don't even know what it is, but I feel like I suffer from it, so I would like to talk to him about it.
I don't, but you know what, I know people who know him, so you never know. Maybe I'll reach out to my connects and the thing to think I do. And my second of brown booth is a the first black woman to earn her PhD in nuclear engineering from MIT. Did you see this?
No? No?
So her name is Maria Marina Robinson Snowden. She became the first black woman to earn a PhD in nuclear engineering at MI T. MIT is like the smarty smarty smarty school. It's like the school for the smarty smarties. And yeah, I just like like, According to her, her degree was a culmination of eleven years a whole secondary study. She was often the only black woman or a black person in her nuclear engineering classes, but she took them
as an opportunity to represent and shine. And she actually, which I thought was so sweet, this is why representation matters. She said, I had a picture of Catherine Johnson on my wall right after Hidden Figures came out because she was one of the women. I don't know who played Catherine Johnson and Hidden Figures Hudson, right, I think so, And she said, because she was a role model for me, and so yeah, and I just thought that that was awesome.
And she was like, people asked who her mole model was, and she was like, you know, you pick and choose from different places, and she was like, now she has a tangible woman, Catherin Johnson, who was a mathematician and a black woman killing it. So I just want to say, go ahead, and Marina Robinson and she is fly. So you go ahead being the first black woman to earn a PhD in nuclear engineering from MIT. I'm not sure what you do with it, but I'm sure you used to lay the world.
I mean it sounds dangerous, so I'm glad that you're on our side exactly.
Don't forget that. SI cool. So that's my two great, my two booths.
How positive we are today?
I know right, I don't know why because this weather has be irritated. Question on, I'm sure we have some great ones in the inbox. Anything good?
Yeah, let's get some questions. So if you guys want to email us a question, you can hit us up directly at Brand Ambition Podcast at gmail dot com, or you can go to brand Ambition podcast dot com and click that ask us anything tab and leave us a question there. Let me know if you want me to say your name or if you want to be anonymous. We love getting your questions, and this week we have two great questions from some listeners. Question number one comes
from listeners Simone. Simone says, if you close your credit card account and start to pay it off, does it still add interest? My mom has a heavy balance on a closed credit card and she needs to stop paying the interest.
Oh child, if it was that easy, we'd all be closed back right. No, girl, you will still have to pay interests on that credit card. What it does do is means that you can't continue to add charges, which is good. But yes, like the credit card companies would never because that's their bread and butter. They get paid by charging you for still having a balance.
A better thing to do if your mom wants to give herself extra time to pay off the card and to save money on interest, is to look and see if she qualifies for any good balance transfer options because a balance What a balance transfer does is you open up a different credit card with a zero percent intro APR for twelve months or however long, and you use that new credit card to pay to transfer the balance from your old credit card onto it, and then you
have that period of time to pay it down without having any interest. Because interest is what kills people because you're trying to get one step ahead, but then interest is piling up and you're not actually making any progress. So I would say look into balance transfer options. I can. I can send you a link to a good page
with zero percent intro APR balance transfers. Just read the fine print, because sometimes they say you have to you have to actually complete the transfer within a certain number of days, like forty five or sixty days in order to qualify for the intro APR and then watch out for deferred interest balance transfer options.
Yeah.
Yeah, it's kind of sneaky. So they say we'll give you zero percent for twelve months, what they mean is in the fine print it'll say if you so much as miss a single payment during that year, or if you don't pay off the full balance by the end of the twelve months, we're actually going to charge you interest as if you were earning it for the full year and tack it on to you to your transfer.
That sense don't make ident But honestly, I found my very first well maybe not my very first, but I found at the time of my balance transfer card actually from magnify money dot com Woo woo, where Mandy works.
So it's a great resource, honestly because you get to kind of I think I last time I remember, there was like this sliding little like scale where you could put in your your credit score and they would say basically what you would be like cards that would be good for you for balance trenchs or like you can literally just a drop down menu like credit cards, which
credit card you are you looking for? You choose balance transfer, you put in your your score, and literally sometimes Magna Fund of Money will play you and be like, girl, ain't nobody giving you a balance tres for card? Which I think is how Larry's But I love that.
Because I don't think that's the exact language, but that's not.
But it's so funny. I was like, you know, okay, okay, you got that, and then you know, but then if your score is good, then you know, then it'll tell you like what cards would be more most likely to get the yes from. So it's a really good resource.
I want to add a pop up video that comes up every time someone has bad credit and puts their puts their info, just of like your voice saying.
That, yeah, it would not be fun.
Well, yeah, that's a good point. Though. A lot of balance transfer cards do you require decent credit, you know, mid six hundreds to get approved, So if you have poor credit already, your options are more limited. But one thing that you can do is look into personal loans and use them to consolidate credit card debt, and I'll also send a link because personal loans can be great, but there's some bad ones out there, bad ones that
are almost as bad as payday loans. So we do a lot, a lot, a lot of reviews of different personal loan companies, like every single one you can imagine. So and we've actually found some good options for people who have poor credit to so I'll I'll try and post something in there too, But definitely, someone closing your credit card is not going to fix it. It's only gonna, you know, put it out of sight, out of mind, probably for you, but it's still going to be accruing.
So tell your mom to see if she qualifies for any balance transfer options. And over and one last thing with the balance transfer, So let's say it's only twelve months. What you can do is set a reminder on your calendar for eleven months and then say, okay, see if you can qualify for another balance transfer option, and then transfer that balance onto the new card, a different balance
transfer card. If you're approaching that twelve month period and you look like you're not going to pay it off, that's something that you can do as long as you're not transferring funds to the same to a credit card from the same bank. A lot of banks don't let you do that.
Yeah, say, we got your girl, Well, we got your mama. Yep.
When I learned about balance transfers, I was like, oh, hallelujah, where was that when I was, you know, had my little one thousand dollars student credit card and kept getting eleven dollars finance charges every month. You can never pay it down. Didn't know what I was doing then, But when I know better, I.
Tell you better exactly.
Okay, how about one more question real quick? Yeah, let's do it, Okay, listener, James, Oh hey, James, got a man up in here.
What was our fake What was our guy name that we had for Jamal?
Jamal? Yeah, we forgot about Jama. Yeah, I love that named James. Okay. So, James says, I have almost fifty thousand dollars of student loan debt that I'm working to get rid of. My wife and I have saved about one hundred and sixty thousand dollars, mostly saved by my wife prior to our marriage. Other than our mortgage, this
is the only debt in our household. While discussing an unrelated financial topic, my wife mentioned that she would be hesitant to dip into one hundred and sixty thousand dollars long term saving for fear of weakening our long term security to pay off that fifty thousand dollars of student loan debt paying the student loan. If we paid our student loan at the current pace we're on, we would actually end up spending almost one hundred thousand dollars on
the loan after interest charges. Should we a fifty thousand dollars check and get that cleared up? Or just our saving amount to pay it in installments? But attack it with ferocity? This is an excellinquish it is.
I'm like, ooh, Jane, you sound like you're married to me, So I too, I too, am a money hoarder because one hundred and sixty thousand dollars in cash and depending on like what your lifestyle looks like. But for the average person, that's really a lot of money to have in a savings account.
I wonder if that's if and he didn't specify, but I wonder if that's like in a regular savings account, or if he's including their retirement money in with that, because it's not you know, I mean, unless I mean by all means you know, you can have that much saved for the average person, I think it'd be a little hard to imagine having that much in the bank. I wonder if it's like, you know, a four one K, but that that would change the answer a little bit differently.
But maybe just for our questions, for our answers, we can let's just let's just say that it's regular savings, just like a regular checking a savings account versus a four to one K.
So, well, one thing, I will so remember one thing that we learned from Angela that she said, if you have the money to pay off an alump sum member, you can negotiate down like up to fifteen fifteen one five percent yep, saying hey, I've got it, So what is what is fifteen percent? All fifty thousand? You know how to do the massa good? Let me see, let me get.
The five hundred. Ooh, did I do it right? I seventy five hundred, seventy five hundred.
So you could potentially save seventy five hundred by negotiating saying I have a lump sum amount. So that's instead of paying fifty thousand, you'd be paying minus seventy five hundred. I'm doing on my part four forty two five, so you'll be paying forty two thousand, five hundred dollars. So one, you're saving that way, right. But two, my assumption is that your student loan interest rate in this way you
can share with your wife is large. It's likely greater than the interest that you're earning from your savings accoun So let's say, for the sake of an argument, that you have one hundred and sixty thousand dollars in a savings account and it's yielding you right. I think right now, allies giving you like well one point seventy five. I think that's like their interest rate and your student loans, even on the low end, I highly doubt they're giving
you your interest rate with lower than this. So let's just say it's four percent. So that means that you are your student loans are costing you four percent while your savings is only making you let's say about two percent.
So you're losing on that account. And then, like you mentioned, by the time you pay off your student loans that you really have well have paid double So honestly, you can share if you to me someone like your wife, because I hold money too, because I'm I'm we have way too much money in savings and I'm trying to let go of that. But what would help me is to see the numbers in comparison, like, if we keep the money here and work on and stay on your track,
this is what will actually be spending and have. And if we if we make this decision and pay down the student loan, that this is what we'll actually spend in half. And what might help her is how quickly can you get back to the one sixty because that would help me a lot.
Yeah, yes, that's the question that our financial planners started asking to help me get over that hurdle. Yes, I'm a hoarder. You know, this was the thing right before we got Wait, when did I last summer? The summer before we paid off and we paid off my husband's student loan debt, it was about twenty thousand dollars and that was you know, it was a joint effort, but
I was in the same position as his wife. And that's and that's also a layer here that we haven't talked about yet, is the fact that he says, it's basically her money that she's say prior to their marriage, and I think that that might be contributing to maybe the little bit of a hesitancy, because when we paid off my husband's debt, we were using money that I had accumulated myself.
I got.
I mean, it wasn't it wasn't a huge mental block for me using my need to pay off his student loan debt, because I really do believe, you know, when you're married, you're you're you're merging finances, and his debt was holding me back all of a sudden, you know, so I wanted to pay it off, and you know, I was eager to. But yeah, my our financial planner, she started asking that question. Okay, well, let's be realistic. Yes, it will put a dent in your savings now, but
how much longer? How much? How long would it take you to get back to a place where you're replenishing that And then she laid it out, oh, three months to you know, six months or whatever, And then I'm thinking, Okay, that's that's not that bad. It's not like we're never going to start saving again. And if you got here once,
you can get there again. And I mean, you guys would still have one hundred and ten thousand even if you didn't get a fifteen percent discount, you know, if you weren't able to you know, negotiate it down, although you probably can, you'd still be left with over one
hundred thousand dollars in savings, which is phenomenal. And it's and you don't you know, it's like TIF said, you don't want to let the psychological hang up get in the way of the pure math of it, which is that it's costing you more money to keep the stet on your balance sheet than it would be to pay it down.
And you know, move along, mass her to death. Just be like, yeah, babe, honestly, here's some math. Here's some more math. Here's a maths on top of math that will help significantly. A friend of mine helped me with that decision when we were deciding to buy the house cash, because my husband was kind of like, well, it's up to you, because you know, we were still really newly married,
so it was like, that's your money. And I'm like, even though we were living off of his income, and I'm like, well, no, not really, because although it might be my money we save and invest, Like if it wasn't for a living off your income, we wouldn't have this money to save an invest But basically he left it up to me, and so I called him a friend of mine, Mark who owns he's a business owner and owns several launder matchs in Charlottees and other businesses,
and I said, what do you think you know? I was asking my other like friends who are trusted their financial advice, and he mastered me to death. Basically, he was like, well, how quickly could you replace the cost of your house, because I know you're nervous, And I was like, you know, we did the math and I said, Okay, I could have this money back in my account in under eight months, maybe sooner if I have a really good month or two. And I said, he was like, well,
it sounds like it makes sense. It's not like it would take you five years to get this money back that within a year you'd be right back where you were. And it helped me make the decision to yes, let's let's buy this home cash. So yeah, math is your friend when you're afraid and you are suffering from post traumatic broke syndrum, like me and Mandy math is going to be your.
Friend, and consider if you don't, because sometimes when it's coming from the person who wants some money, it's you know,
I understand it, it's it's you love each other. But it can be awkward and it can cause arguments when you try to talk about money, even if you are completely right, because I've been there, I'm always right about money, right, but hiring a financial planner for a couple hundred bucks, you know, for you know, a couple hundred bucks, you know, to have someone look at our finances and then basically
tell husbe what everything that I had been saying. It helped because it got it helped get have a third party who was objective, independent, who you don't really know so well, so you're not going to talk over them and you listen like I feel like there was. It really helped us communicate better, and we had someone who was directing us versus us kind of arguing with one another.
So you know, if you guys feel if you feel like you're not really if he's not really hearing you, even when you bring the bring the math to the table. After what Tiff and I have said, you know, consider that as an option, you don't have to hire a financial planner for forever. Get a fee only planner, you know who charges you an hourly rate just to have the same kind of conversation and see if that helps.
Yeah. No, so yeah, I think that's a really good idea too. It is. That's why I ask you know, like I said, I asked more because sometimes you're right. It is hard to get past your own kind of like wall, and it's hard to hear from someone. I feel like around the world are like rolling their eyes because like somebody will tell me something and I'll come home and be like, oh my god, superman. So I was thinking we should do this. He's like, I just I just I'm like, did you you know I'm the
worst of that. I'm like, did you say that?
So were sounded better when someone else said it? Yeah?
Ah so yeah, so maybe you need to, like if you are cool with her family, like tell my wife. So no, but yeah, those are really good. That was really good advice. Manby.
Thank you all right, well, thank thank you James, thanks for listening, get your wife to listen, bring her on to the Brown Mission train. And to Simone, thanks for your question too. Again, you guys hit us up at Brownambission podcast dot com with your questions. We love taking them.
I just feel like you guys have been asking really great questions. Sometimes I am always afraid every week, like are they going to be like the same questions? But nope, you know, all these years later, you guys bring dope and awesome questions.
So keep them coming, keep them coming, especially more. I want more questions from small business owners and entrepreneurs. I think that that's some of the most those are. That's what I want to answer. That's what I want to get into.
Because that's oh yeah, yes, bring it on, all.
Right, miss Tiff, another fabulous show.
Yes, and now it's signed to say goodbye to all our companies. Name name that show, Mandy, let's see millennial. Name the show.
This is Mickey Mounce Club. This is why we need insurance because you're gonna get a sued for the rights for singing these songs I.
Don't belong to us. Well, you know what, I only did a line, and I think as long as you sing it and we're not playing the actual recording, we should be fine.
Okay, put me in my place.
Guy, I'm saying that, but I have no idea.
It sounds smart though, and you're not married to me, so you obviously I trust you.
What I just said, that this is not from me, well no,