EYL #158 The Real Deal: Getting Real About Taboo Money Questions

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Thanks to Google Pay for sponsoring this episode. Alright, guys, welcome to a very special episode of Early a Lisia. So you know, this is something that we haven't done in the past, but we're looking forward to where we're going to talk about some real topics related to finance that you know people have questions about, people always ask, but nobody really ever touches these things. So we're gonna get into it. And you know, we got some familiar faces that's joining us today.

So legends in the game for sure.

So the first one. If you're watching Lisia, if you have watched Lidia, I'm pretty sure you get very, very familiar with Kizzia. She has been on market Monday, she's been on Earn Alesia, and she was a start investvest So yeah, the Holy Trilogy. So yeah, I'm pretty sure you know Professor Keys if you're on Instagram, if you follow Earn a Lisia, it's just killing the game. A brilliant entrepreneur, extremely gifted and talented. Uh you know, one of the best speakers that we have come across, and

Keyese, it's gonna be fun.

Welcome, Welcome back to e y l Hi, guys.

It is a pleasure to be here with the ghosts the greatest of all time. Y'all know, I absolutely love you you guys, and I love giving you all hugs, hugging your nack in Atlanta. Congratulations on all of your success you already know, I mean your stories, I mean your timeline, I mean your feed. So thank you so much for having me back on the show. I can't wait to have conversations about taboo topics related to money.

Yeah, this is going to be fun, and we brought some folks along with us.

So I wanted to give a quick shout out to the good folks at Google pay for sponsoring this episode and your Lidia. Y'all know if you don't Google pay, is it safe and simple and helpful way to manage money? And since we always talk about ways of making money and how to earn money right earn your Lesia, it's the most important that we know how to manage that money. So Google pay is an app that can definitely help

I remember you come from the days of where you kept every receipt after you spend none of those days.

Yeah, so when you got to app like Google pay, do all that and one another thing that it does track is obviously you're spending.

Since we're on the.

Road a lot and we eat out all the time, you get to see what the money is really going.

Man, So remember what we got to come back on them spending for our food and we got to fix our eyes.

You get to track everything that you spend, So shout out the shop to Google. The Google always decided the time, So yeah, yeah, a Google pay. So let's get into this. So all right, we're going to talk about a variety of different things today and it's going to be a

We got to see if she's ready?

You ready, I'm ready.

I feel like this is double Dutch and I'm on the outside. Just kind of do it like this like tack me in, guys on.

That was a rhetorical question.

We always the first one. This is something that I actually recently gave a Ted talk about this. I used to always ask adult this all the time and I got I never really got a real answer. How much money do you make? This is extremely important question. I'm going to explain is why this is important because I feel like, especially for children, in order for them to aspire to be something, it's good to actually have a

Okay, So I'm gonna write this guys, and Rashad you've already kind of tap into it. On a scale from one ten, I would rate this like an ad like a nine, maybe nine.

And a half.

And the reason why I say that is some of the reasons that you already alluded to, and it's that I think that society sometimes erroneously associates someone's personal wealth but the economic value that they create specifically in the workforce, and we know that this correlation is absolutely incorrect.

Right.

People can create value in many different ways, both inside

One of those things is negotiation.

But there's also a few things that you can't really control to a certain extent.

Office politics.

We know offices have their own little political ideologies and the ways that people operate.

There's also the wage gain.

So people of color and also women specifically are affected by that. I'm a black woman, I've been affected by that. But then also company budgets. So when you think about the social sector, there are people who create maximum value in really phenomenal ways, but the way in which the budget is set up, perhaps they can't be compensated to

Quote unquote lose.

On the other hand, though, I think it's important that we absolutely have those conversations. I was reading or report by Society of Human Resource Managers and one of the things that they said is women negotiate their salary. Only forty five percent of women negotiate their salary.

And when you're talking about.

Men, sixty eight percent of men negotiate their salary. And the way that you come in at a job, that starting salary can influence the ways in which you earn over the years.

Well, let me just follow up on that, because that actually fly a follow up. So negotiation of job this is also a very awful conversation. I want to ask you a two part questions. The first one is going to be from an employee standpoint. So when you're at a job, interview and you get through all of this situation and all of that, at what point should you ask how much you're going to be paid? Or should you say this is how much I would like to

And then we got to rate that because that's a great question. But on one to ten, what are we going with this?

Yeah, well, I mean I think it's a not for a table conversation, but we have to rate the extent to which you should be asking the question. It should be an absolute ten. And I think that's where the research comes into play. And you always like to say, don't swim in the ocean of knowledge and drowning ignorance. You want to make sure that you're doing your research about that particular position even as you're applying to the job.

You may, but you.

Say in context, I'm trying to enter into your industry, right, and I see the position that you work.

I aspire to be where you are.

Can you give me the range in which people in this position make in regard to salary. What I've learned is sometimes people are more comfortable to give you a range. Remember they're making one hundred thousand dollars, but they don't want to tell you that, and they'll say you can

And you know, at least from your negotiation position, what may be fair or not.

Yeah, I'm going to go back to the beginning question because twenty years ago, that's exactly how I got into the professional teaching. I asked the teacher, my favorite phys that teacher, I said, how much you make? He told me one hundred and fifty thousand. I said, you.

Can make that as a teacher, and he told me again he had a whole plan.

This was it.

He had base salary, which is one hundred and twenty. He had been working for twenty five years.

And then he coached sports that he thought nobody really cared about at the school. So he was the golf coach in our community. People weren't really playing golf. He was the bowling coach. We didn't even know we had a bowling team, and ye had soccer coach, and so he combined all those salaries, and I said, that's what I want to be. And so I'm glad that you asked that shot, that you asked that question and the

Yeah, that's a really good question. I would say I would rate that up at a nine or ten. A lot of us experience a lot of anxiety, you know, as it relates to money, right, And a lot of that anxiety is triggered by life experiences.

Right.

Maybe you're going through a divorce. You're trying to figure out how much just separation is going to cause. Maybe you spend all the way up to your credit limit. Right, maybe you're behind on your car payments. And a lot of this has to do with, right, the money that you owe or that you could owe, And a lot of people feel a lot of embarrassment around that because

Why are you asking me?

Like when you ask that question to another individual, is it because you're asking that question because you want to support them? Are you asking that question because you would like to share information? Are you asking that question for real practical things like maybe you're in a relationship and

Let me ask you this for business owners, this is another awkward conversation to have when people ask how much are their services? And I see this all the time. People kind of get nervous. Some people say, you can give me what you think is worth. People they'll say, like, well, it's cost this, but for you, I'll do this. Like I feel like this is extremely important for entrepreneurs to be confident in their in their price points. So how do you develop confidence in your price points? And how

Listen you speaking my language. Now, that's entrepreneurship. I always tell folks, if you are selling a product or service, then nobody wants to buy.

You don't have a business, you have a hib B.

But on the other hand, sometimes you absolutely do have a business, but you have the wrong customer. As an entrepreneur, it is absolutely important that you price the product according to what it took for you to craft that product. What are all the materials, right? What are all the services that you have to pay for in order for you to bring that product to market. After you do that, you have to the type of customer for which your product or service is a solution. And when you find

But here's the thing with friends and family discounts.

Right one, there's a lot of people asking for the friends and family discount and they're not even related to you.

And number two, when it comes out for.

Friends and family discounts and people pricing out products, they weren't there when you started your t shirt business and you had to figure out whether it was going to be direct to government print, whether you had to get an envelope, whether you was going to stamp it, whether it was going to be a drop ship. They weren't there looking at your cash flow statements, cash and cash out, So asking them to make a business decision as a consumer, it's just not the right entrepreneurial approach.

You professor keys for nothing.

What I had to fend the family discount.

I was like, listen, I just grewen these and just that y'all trying to, you know, snatch them out.

Listen, crazy family they just met yesterday exactly.

We passed that segment with flying colors.

We're going to move on to our next sevent It's called best move, worst move, And so a lot of times we have a relationship with money.

Could be positive, it could be negative.

But everybody's gonna have a relationship with it, and everybody's gonna have a journey that comes along with it. So I want to start with what is the best move somebody can have in the beginning or in the middle part of their financial journey.

I always tell people that you have to put your money to work. I like to think of my money as a person. Right in my financial life. And what that means is that money can't live in my house and not go get yourself a job. What what I mean by that? That means that your money needs to be going to work for you and your savings account. Right, are you saving money in an account that accrues interest?

Right?

Your money needs to be going to work for you in investments, however, that looks like whether you're investing in real estate or whether you're investing through.

A brokerage account. Inflation is real.

I mean this year, I think they're estimateing that inflation is going to be between four percent and six percent. And that means that your dollar today is not worth the same as your dollar last year.

So how is your money going to work?

In investments where the returns can be much higher than what inflations could be ten percent, twelve percent? That is money going to work. Finally, you need to be thinking about how your money could be going to work in multiple streams of income. I have perhaps a similar story to you, Troy.

I don't know, but.

I was working a job for a little bit.

I got hired into the job as an events manager, and I inherited a really talented administrative assistant we work together for two years.

She went and she found another position, another job.

But when she left, she said, now I'm going to make sixty thousand dollars. It's ten thousand more than what I'm making now, which would have been fifty thousand. Well, the crazy thing about it is at that time I was making forty two thousand dollars. My administrative assistant was making more than me for two years. And when I heard that conversation, one of the promises that I made to myself. One, I would be having a courageous conversation

So all right, so those are the best moves.

What are some of the worst moves that people can make and have made in their financial journce.

I would say this not getting all up in your money's business. And I don't know how y'all grew up in your household, but this is how I grew up. We don't lock no doors in my house because when you lock a door in your house, when you a child.

Gets taken off the hinges.

Right.

When it comes down to privacy, of course, you want to respect the privacy of your child. But if you're you know, paying all the bills in your house, let me tell you something, there's not going to be too many secrets up in that house. I think sometimes when it comes down to money, people make guestiments when it comes to spending and also when it comes to earning. And so I'd like to tell people you need to get all up in your money's business.

What does that look like?

So we're talking about savings, people say, okay, you need to have three to six months worth of emergency savings. In order to calculate that, you need to understand how much you make each month.

Have you taken a critical look.

At your earnings, at your deposits and also looked at what you spend so cash in and cash oh, and gotten.

Down to that bottom number.

That's a big reason why like Google pay because you can see the money that you spent. You can also search like deposits, and it lets you know how many deposits have come in and you can also see what

Do you know why you want.

To invest in a specific index? Also, separately, as it relates to a side business, as I've brought up earlier, you need to make sure that you're understanding how much money your side hustle is bringing in and also how much your side hustle or your side business is costing you. And I think the applications work very well in helping you understand the ways of which you can manage your finances.

Every dollar as a worker.

What better way to say, yeah, you can't set up now.

All y'all work in I'm gonna just follow up on that real quick before we leave this segment. You have mentioned something that was very important. You said that it's important for people to know like what they're invested in, and you mentioned the four one K, and that's something that's extremely important because most people, the average person, that the majority of their investment portfolio is in retirement accounts and that most of their net worth is in a

Absolutely first, though I want to I'm going to talk of then in a second. One particular rule that I think is of importance and relevance to this conversation that brings a little more structure and parameters in.

The ways of what you manage your money.

Is a rule that I follow that has helped me get to the financial place that I'm in now, and that is the fifty to thirty twenty rule. Fifty percent of your money should absolutely go towards what your needs are. So those are the bills that you have to pay, making at least the minimum contribution on your credit card, or the payment on your credit card, that's paying.

Your rent or your mortgage.

Thirty percent of your resources should go to whatever your wants are.

So what are those ones? Is that a subscription you.

Know that you're paying for, Is that you want to go turn up at brunch with your friends every other week? And then the final twenty percent is exactly what you just asked about with Shad, and that is your savings. And when you hear savings, you automatically think of a savings account. You should absolutely have one of those, but it also relates to your.

Retirement account as well.

With your retirement account, you can look at your four one K, your four O three B, your TSP which is your third savings plan, and also your i R which is your individual retirement account as the vehicle, but what fuels the vehicle are the mutual funds that you select. So there's two ways that you can look at that you can look at perhaps investing in a fund that tracks your age, right, so that specific.

Fund, a target date fund.

You invest in that fund, and the fund managers as you get older, your investments in that fund become more conservative. When you're younger, it's a little more aggressive, so the fund ages with you. Perhaps when you're younger's investing in equities and stops, but when you're older, they're investing in more conservative assets like bonds. But you can also invest in funds that follow major indices.

A whole lot of game, profess, we got one more set, and you got some time.

For us a whole so I do.

Yeah, it is.

You got here.

We're gonna call this questions for Keys. That's what we're gonna call this segment.

Questions You're a little bit, A little bit so we don't go with some scenarios and case studies, and I want you to point a pinpoint some important questions that people should be asking if they're in those situations.

I'm gonna start with one that's near and dear to me, and that's understanding your student loans. If we're in this situation, what are the questions we should be asking in the scenario.

Okay, so that is near and dear to my heart as well. I think it's important for you to know whether you have a federal loan or whether you have a private loan, because the ways in which you pay back those loans may have different parameters. Right, So, if you have a federal loan, perhaps there are some assistance available to you, like right now with headlining in the

Potentially getting your student loans forgiven.

One of the things you should also understand is what type of repayment plans are available to you.

You can repay based off.

Of the income that you earn, but you could also repay based off of other methodologies. Another question that I would ask in regard to student loans or what are some ways that you can pay off your student loans early. I was able to pay off my student loans before ten years and a big reason for that is I

Yeah, I'm glad that you brought up that point about one hundred and twenty qualifying payments because if you have been paying attention, that has now changed.

The literature has changed on it.

The way that they now define qualifying payments has differentiated from how it used to be. Whereas when people were applying a couple of years ago, no one was getting accepted. Right, So now you got one D twelve, one hundred and twenty qualified payments and plus ten years of service. Like you said, depend on your profession, you can be forgiven. So keep me so with that point.

Yeah, So another big one. What question should you ask or what should you know when you are in the process of buying a car? Extremely extremely important.

The first question you should ask is what is your credit score? I think that that is one hundred percent important. And one of the things that I didn't know until I was in a market to buy a home and also a new vehicle. Shout out to Asada, that's the name to my car rip. She died a couple of weeks ago.

But I've heard.

Is that there are different credit scores assigned to different assets like your car and also lack, your home. And so when I was going car shoping, just like when I was going house shop, and I went and looked for the specific fight folks score that was associated with that particular asset.

And one of the things that people.

Don't know is sometimes that score might be a little higher than the score that you might see and experience equifacts, et cetera on just a general level.

So that would be one question I would ask.

Second question I would ask, is is this something that you could really afford comfortably? So we talked about the fifty to thirty twenty rule, right, so fifty percent is dedicated towards your your needs. And so are you buying a car because you want to flex, right, and so you're trying to buy at the top of your budget? Are you buying a car that you absolutely can afford?

Yeah, I'm saving the best for last. And we spoke about kind of sharing with other people. So what are the questions you should be asking when you're sharing your expenses with someone a spouse, a girlfriend, like when when and when's the appropriate time to do it? What are the questions we should be asking?

You know, that's something that I'm still exploring, you know, out here, Sigle in these streets. When I have a conversation with someone who I'm getting serious about, I think it's important to make sure that your financial philosophy is

Of course, you add them as an authorized user to your account.

I think the other thing is you want to have conversations perhaps about some of the different things happening in the news, right, So instead of it seeming like a Q and A like an interview, perhaps you can look at what's happening on some of these major network and when you have those conversations, sometimes the values come out.

So then you have it. Ladies and gentlemen, pess the keys always a pleasure certified gym drop plas.

Thank you so much.

For having me.

Guys, you already know I want one hundred percent support are your leisure Thank you Google pay for having us for a real deal conversation and I look forward to continue conversations you.

Have, Thank you, thank you amazing.

Yes, yes, so for the second half of this show, we are bringing on another heavy hited. This is a highly inticispendable situation. Yes, it was only amount of time. Anthony O nil for a long, long time number one bestseller killing the podcast game. That's why I used to I used to see him as a competition on the podcast. So it's not the word time, first time that I got familiar with him, but really dynamic business leader, thought leader, and he also has a very good way with words, very good.

Or accomplished speaker.

Yes, oh yeah, this is this is like I said, I know people have been anticipating in this collaboration for a while, so I'm glad that we're able to, you know, do this and hopefully this could be the startup a lot of other things that.

We can do together. So first and foremo Anthony, how are you, brother? Thank you for joining us. Appreciate it.

Man, earn your leisures man. There's no competition, brother. You know what I'm saying, y'all are earned your leisure. So y'all, y'all are the goats right now. I'm coming for you. But you know what I'm saying, I respect the generals in the space. Man, such an honor to be on y'all platform.

Bro, we appreciate you being. Congratulations on everything man.

Man, thank you all so much. Man, appreciate what y'all doing for the community. Uh, invest fast was off the chain, man, so again, solute, thank.

You, thank you, thank you, brother, appreciate that. So all right, so let's jump into this, Troy. Yeah, first segment.

So we had a few segments with the Professor Keezier Williams prior to you coming on, and we got a couple of seid is you want to do with you now?

The first one I'll call this cannot afford this right now? All right? So exactly that's what's it.

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We start right away, so we're gonna be discussing how to determine whether or not.

You can afford different financial commitments by taking on honest look at your expenses.

Are you cool with that?

Yeah, let's do it, man, let's do it. That's hand some fun. I'm gonna be real. Now, y'all may not agree, but I'm gonna be real. I'm gonna keep it real since it is a real deal.

All right.

So first one that I want to start with. This is probably the most common thing anybody is faced with. Vacation trips just happens all the time. You know, whether it's college kids a spring break, but it's adults going on a destination wedding that they really can't afford but they don't want to. You know, financial pair pressure is a very real thing. So how do you feel about vacations that you may not be able to afford?

I mean, here's the truth. I love vacations. I'm gonna keep it real with you. You know I love them, But I also love staycations. Now, staycations is when you know I may not have the financial means to go out of state, to go out of the country because I'm focused on my vision for my life. So if your vision is to get out of debt, if you're married watching this and your vision is to build your first home, or maybe you're single and you're like, yo,

So you got to really ask yourself can you afford it?

Now?

If you were on my show and you telling me you're drowning in a bunch of debt, I'm gonna tell you now you really can't afford to do nothing, No dates, no ice cream shops, pretty much nothing.

Man.

But you know, right now, the key thing is what's your vision and make sure that everything that you're doing is aligning to your vision and helping you get there and not slowing you down or preventing you from getting there.

Yeah.

I'm glad we're having this segment with Google pay because obviously that's going to help everybody see the financial situations a lot clearer.

And I know you're a death free guy. You don't like living death free, you like living death free. You don't like having debt as part as the portfolio.

So this is another key one, right, Like vacations are important, but deciding when to buy or can I afford to buy?

Versus am I going to have to rent? You know what?

Man, I think one thing that we really got to have a conversation about, especially within our culture, is that there's nothing wrong with renting. You know, I think buying is is very important because ownership is very important. I want to be clear up front, owning your home, ownership in general, owning your business, et cetera, is very very important. But you want to make sure that you're not house poor.

That's cool. I'm with it, but ballpark even with me.

I'm right at about twenty two percent with my personal mortgage, but that is the only debt that I actually rock with. But there's nothing one with renting. Rent until you are ready to purchase a home.

You know.

One of the key things I'll tell people is how do you know you're ready to purchase a home? Key thing is do you have twenty percent to put down on your home? You guys know this because if we can put down twenty percent, we'll avoid a p and mind that's a private mortgage insurance. So if we avoid that p and mind, that can save you anywhere from one hundred up to five hundred dollars if you're going through the FAHA route.

So that's one key. Number Two key is you know, do you have enough money.

To at least get you into the home and you have six months on reserve to where if you lost your job during the transition, if the pandemic hit again, at least you have something to get you and your family through. So there's nothing wrong with renting, y'all. To be real with you, I've been making my kind of

So let me just follow up on that real quick. So you said you said twenty percent.

Right, twenty five percent of your take home pay, so all right?

So, and take on pay is extremely important because you could be getting paid ten thousand dollars a month, but your take on pay is seven thousand, so maybe.

Yeah, yeah.

And they keep in mind too, the banks, y'all know, if you use worked for the bank man, they're going to approve you off of your gross income. They're not going to approve you off of your net income. So that's why it's very important for you. Before you get your pre approval, you sit down, you look at your budget and say, no, what I can afford three thousand

Yeah, that's extremely that's a gym right there. I just want to take one minute to just let that soak in because I shot to our part of MBO mortgage. He always talked about that old time. Don't be house rich in cash poor, and a lot of people are over extending themselves for their dream home but they really can't afford it. And what you said is extremely important. You get a mortgage based off of your gross, not your net. But you don't live off of growth, you

All that's a big fan.

Well, that's big facts, man, big facts.

And I want to go to one because this one's personal. It's there and there I actually went through it. Can I afford a new car?

Right now?

I'll tell you and Rashade was there when I did it. I said, how much of the payment that kill me? Five hundred and seventy four dollars a month? I said, man, I'm only making twelve hundred a month.

Let's do it. So if I can I afford this right now, a new car, that's a scenario.

Hey man, Now this is where people may hate me when I say this. Listen, if you have to finance it, you can't afford the car. My own personal opinion is if I can pay cash for it, I got a fully funded emergency fund. I can afford whatever I can pay cash for. You know, I just purchased my dream car. Maybe about what's February February sixteenth is when I purchased

So I went financial freedom.

That was the wise word. They said, if you can't buy it twice, you can't afford it.

Yeah, jay Z is the man.

So you don't believe at least in cars at all.

No, I don't, man, And I know on the business side. I know Professor Keys would probably go off on me, you know, but you know, I understand. I understand the business method, and I don't knock people who who belie even that method. That's totally totally cool, you know. But for me, I just believe in ownership. I believe in owning everything that I have. I don't do any debt. I pay cash for it that you have it?

All right, let's move on.

Yeah, man, And this one I haven't experienced in about ten years because I've been a married man. But let's talk about dating.

Oh nah, man, let me all right. End of the show, brother, end of the show.

Will we face out of dating? Can we afford it? Now? What's going on? Give us some advice?

If you just started dating, can you afford to date? Man? You know, here's my thing.

Man, If you can't afford to pay your bills at home, then you can't afford to day. If you're struggling to pay your life bill, if you're struggling to you know, put food on your table personally by yourself, then not you can't afford to day. If you can't afford to even feed yourself, now you can't afford today. But if you got it, man, go out there, get you a date. I'm trying to get me a date, to be honest, So I want you to date. I want you to find someone. You know, we all need our helpmate, we

Let's let's talk about moving on from a dating conversation to the wedding conversation. And that's something that This is something that's extremely important because etiquette is something that I realize not everybody has because not everybody is taught etiquette, and unfortunately a lot of people just don't know. So when you don't know what to do, you do what you know. So this is a big issue. It's a big issue. So okay, let me ask you this question. If you can't afford a wedding gift or in a

Go to the wedding, you know, really you know what I'm saying.

I mean my thing is, go to the wedding if you have the right motives. You know, I don't want you to be focused on like, well, I don't have any I don't have any money, so.

I don't want to go.

No, go, because your prayers, your support, your mission to help them win is more important. Now give them look a bit of something something, give them a card. Don't go there, you know, empty empty handed. But you don't need to go there with a big old thousand dollars gift or the big old box gift. Now give them something that comes from your heart and they'll receive it. Well, I remember I went to a wedding and I didn't

And it wasn't just a gift just to be a gift.

I'm glad that with Sean, I'm glad you brought up the word etiquette because we're gonna move right to our next seven perfect segue.

Man.

The next seven we're gonna do, Anthony. It's called money manners, right, So that's all about etiquette. So this segment, we're gonna ask you some questions about etiquette when it comes to money. So I'm gonna start with all, are you ready for this?

Yeah, let's good.

Okay. How late is it too late to pay someone back.

On time? That's too late?

I mean, if you pay me back on the date that we agreed, I think that's too late. You know, I think you should be focused on, you know, getting me my money back or giving I don't really loan out money.

If I give you money, I'm giving it to you.

I don't expect you to pay it back to me, because I just believe that just messages up friendships and relationships. So if I can't afford to give you the money, I'm not going to give you the money. But if you did agree to pay someone back, here's what I want you to do.

That's your number one assignment.

Don't go by nothing to eat, don't be going out on dates, don't be spending any extra money nowhere else. If your friend loans you money, if your family loaned you money, you know you agreed to pay them back by X date. You'll try to pay them back before then. If you cannot, then you need to have a clear conversation with them, be like, Yo, I'm struggling. Here's where

I hope everyone's listening.

I'm sure somebody has a friend right now that is like I'm that person or this person owes.

Me let me ask you this. As far as the relationship conversation is concerned, I believe forty eight percent of marriages that end in divorce are because of financial reasons. It's like the number one cause divorce. A lot of these issues are because the conversation was never brought up at the beginning. So there's a lot of issues that people have in relationships. Like some people want to have

You're not so funny, man, I just did a show on that, bro and I think the opinion is not popular, But I believe before you get into any committed relationship, you should have a serious conversation about finances. Because you're right, nearly forty eight percent of them marriages in because of money. Now check this out. It's not because of the lack of money, it's because of the thought process behind the money.

That's where the start of divorce starts happening.

So before you get committed, before you fall in love, before you all get deep into this thing, have the important conversations. And one of that is and where do we staying when it comes to our finances?

Yeah, this sounds like a conversation that we're happening at a nice restaurant, you know, in top of the line of food, maybe some red wines on the table.

My question is when we come to money, man, is what's the out of care for? Who pays for the date? Man?

Are we talking about the first day?

Bro?

We're talking about like any dates?

What we're talking about, Well, let's start with the first one and hopefully we get to some more.

Right, this might be the reason we don't get number two.

One of my godsister, she went out in the first date with this guy and she didn't have any money. I literally gave her some money and said, he listen, he's going to pay for the date. But if something goes down and you're uncomfortable, leave your half, call me and I'll come get you. So I want to make sure our queens are prepared. But at the same time, brothers, listen, first date, take her out. Now, check this out. I'm gonna be real and pot myself on blasts on earn your leader's network, your.

Boy, Anthony.

I'm not spending no more than fifty dollars, two one hundred dollars on the first day. I'm not dropping two three four hundred dollars on the first day.

Broft, fifty dollars.

Man, We're going no, no, no, not See, That's what I'm saying. It's like, I don't want to go for me. I don't want to go to a restaurant on the first date and we're sitting across the table and we're a little uncomfortable with each other, just staring at each other, eating food, having to talk loud over the people that's in the restaurant. So I want to get creative and I want to find something. What does she enjoy? What is what is I want to see her personality. I

Let me ask you this. This is a big question that once again, not a lot of people was taught tipping. Tipping is extremely important and I was always taught, you know twenty that's like will dump, but that tipping waiters is only one part of tipping. Yeah, you tip your driver? Do you tip your the guy that takes your your trash out? Like at the end of the year, do you get like do you tip? How do you go about tipping, how do you know if it's the right

Yeah. At Christmas time, I tip the bus line.

So so yeah, what's the etiquette on tipping?

Man?

Tipping is very important. Tipping for me is just showing your your generosity spirit. I'm very big on being a giver. I believe it's best to give than it is to receive. So I tip. You know, I tip like crazy restaurants.

Oh man, that's some sound advice. Sound advice, man. So if you can't hold it the stake in tip people down on that dude. All right, we got a few more mens with you. We're going to do a lightning round.

All right, you ready for this? How how fast? How fast you want me to go.

With the answer as fast as you can? And then we're just going to ask your next one. We're gonna start the lightning around. Are you ready, my man? All right? All right, here we go. All right, here's the first question I'm throwing at you.

All right, what are some options to start creating generational wealth?

Man?

Ownership?

I mean, for me, it's going to be eliminating that. Get you a fully funded emergency funds. That way you're not going back into that and start taking advantage of like your fro one cage, your your wroth I rays, maxing out your some other growth mutual funds, and getting into some land. You know, one of my mentors said, hey, it's not just about actually buying property, it's also about

Let me ask you this, how much money is wealth? This is an interesting conversation because everybody gauges wealth differently, but you know, we all have aspirations of being wealthy, a lot of us so, but it's kind of hard to do that if you don't have a measure in stake. What is wealth?

What is what is wealthy man. Wealth to me is way more than just money.

Man.

I'm gonna keep it above with you actual, I'm gonna keep it real since it is, it's a real deal. Wealth to me is about options. Wealth to me is about peace. Wealth to me is about education. Wealth to me is about influence. But since we are talking about money today, a simple basic understanding when it comes to wealth, how long can you last without physically working or physically having to make money. So, if you have enough money in your savings account to last a year, you're wealthy

I used that quote a lot.

The first generation works hard, the second generation gets to see the hard work. They add education plus experience to it. The third generation never just see the hard work, so they end up spandering money. And I'm glad you brought up the word education because my next question is coming directly from that topic.

Why isn't financial literacy taught in schools? What's your thoughts? Man?

You know, I'm frustrated about that because it's funny. Education is teachers how to read, write, process information, and add they're giving us this information so we can go off to school, get an education, rack.

Up in debt so we can get a job.

So education from a school perspective is to get a job, and a job and or business produces what income. So it bothers me that our schools are not teaching us how to be good stewards of the income that you're giving us the education to get. But we got to start changing that around. We got to start doing more stuff like this with like what Google pay is doing today, and start bringing education to the table.

Let me gonna ask you this as far as for parents allow I never had an allowance growing up. So how do you feel about allowance? How do you feel about chores? Should should children get paid for things that they should already be doing, like making up their bed? Is allowance a hindrance? Is chores good?

Bad?

What's your thoughts on that?

You know, bro Man, I grew up in a very strong, strong home man in a very spiritual home right, and my mom and dad said, I remember going over to my best friend's house and his Dad paid them twenty dollars for keeping his room cleaned all week. So I came home and I said, Mom and Dad, where's my twenty dollars? My mom and dad said for what it was like because I made up my bed all week, and said, I'm not going to pay you for what you need to be doing and what you should be doing.

As a matter of fact.

Go out there, get the lawnmower, go across the street and ask your neighbor can you cut their grass? And you'll get paid. I think we got to start teaching our young people, you know, commission base rather than chore base. You know, what they do inside the house, that's just part of them because the world's not going to pay them for making up their bed when they turn twenty five years old. The world's not going to pay them

That's very profound. I had just spoke about this all the day, and I feel like that definitely can hurt a child. And when I used to love when it snowed because I used to shuffle my neighbors cars out.

Absolutely absolutely.

You know one of my kids that I mentored, he made five thousand dollars last summer just from walking dogs.

Just from walking dogs.

He made enough money in one summer to go buy his dream car for his age, just simply because he said, Hey, you.

Know what, I'm gonna go out here and walk dogs.

And some of those people who are saying you can welcome, they said, hey, can you watch my dog over the weekend since we're going out of town. His mom and dad turned their backyard into a kennel. But we got to start teaching our young people at a young age how to be entrepreneurs, how to think about ownership, so this way they can start producing money.

And I think we got to start doing that with our young people.

That's a great example.

I'm glad that you that you used that right because you said he saved the money to buy the card that you want it. So what are some strategies What can you do to save money when you don't make much money?

Number one, go make more money. You know what I mean. Let's be real.

You know, it's like, let's never say that we cannot make any more money.

We can make money.

But one of the key things that I'm very very big on is two things, budgeting and Google pay. I want you to get on a straight, solid, zero based budget. You can list all your money, list all of your expenses, and it's your equals zero. When you're at your expenses, go over to Google pay. Look at all of your money that you've actually been spending. When it comes to your debit card if you got a credit card, you know,

You can go from there.

Let me ask you this before we rat. Everybody talks about generational wealth all the time. It's a very catchy phrase. But what are some practical steps that the average person can take to start the path of creating generational wealth?

Man? I think the first thing is education.

Man.

You know, I think oftentimes you want to jump in like, hey, how do I get more money? How do I flip this money? But the key thing is where there is no wisdom, where there is no knowledge, that's where people perish. And so I think that if we can honestly get the if you really want to build true generational wealth, you got to start, you know, listening to podcasts. You

Able to get.

So I think number one is get the education. Number two is I'm very big on it, y'all know me. You got to eliminate that. You got to take debt off of the table, so that way you're moving forward not paying for your past. And when you start doing that, A prime thing man is start investing, take advantage of you know, your four to one k matches if they have,

All for words, allords, did you have, ladies and gentlemen, I appreciate it. Words of wisdom from the Great Anthony O'Neil. We call that cough talk, thank you, thank you, And

The more you know, the more you know, that is a fact.

That is a fat fact.

Yeah yeah, And there was a lot of actual items giving out today.

I want to again thank Professor Keys Keysier Williams and Anthony on Neil, but just delivering some powerful insight.

And as we always say, man, we can give you the information, but don't turn it into information overtle, don't hoard it, actually.

Apply it and execute on information. Right.

We always say information is on us, executions on you, and those words live true today and I want to thank them again for come along.

I appreciate you.

Yeah, I feel like today was a very important day because we always talk about a lot of complex stuff like you know, stock marketing options and things that nature. But these are like regular everyday issues, topics that get looked over a lot, but they're extremely important. And you can't build the house but not a solid foundation. So all of this stuff is solid foundation work. So it's extremely extremely important that we cover it.

So yeah, and again I'm glad we got to do it with Google pay because that is one of those tools that can absolutely help you. And I know that's one of the things that we work on ourselves, is like being more organized, and so having all your financial uh portfolio right in front of you and having it done in a very helpful and simple way is extremely beneficial.

Yeah, I want to thanks Google Pay for sponsoring this episode of Anglesha. This is really fun, man. We gotta do this again.

For sure, for sure. Thank you guys for rocking with us. We'll see you next week.

Piece my graduates from my school being forced back drop drop drop.

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