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Approve the Economist Hello. Welcome to one more episode of Economics Tata your Podcast Finance. I am Kim and Yolau and we are around here where we want to discuss an issue that is a primary goal of many people and is an extremely aggressive goal, true, and not only aggressive because you love to do it because you enjoy the result, but also because it carries a good
money. Today we are going to be talking about finances for your home, dream, for that goal, to decorate a space of your house, to remodel certain areas of your house, that you are going to move and you
want to have all the nice space. So, obviously, we want first Laura to start that everyone understands that this is a METAA, it' s a life project, I would say, it' s a goal like you said, aggressive, because it carries a good money, gentlemen, but it also takes time, it takes patience, because it' s a project that can take months, in some cases, it can take up to a year, up to years, exact years, plural because it' s something we
can' t definitely do overnight. I say it relates to the investment issue that many people say ah is that I already want to be rich tomorrow double my money. Sir, that doesn' t happen, I mean, look what happened to butter. Please, it happens the same when you' re going to decorate or remodel a part of your home is in stages, it
' s for time. You can' t do it all overnight, but I' m going to prioritize which areas are more functional for me now or priority areas that may not be accurate for you, that is, for example, in my case, right now I' m going to start in my new home to remodel the kitchen. But maybe a person, i e the kitchen is fine, a person who doesn' t have that like me,
who cooks every day, maybe doesn' t prioritize the kitchen. For me it is fundamental, because I cook every day, I like to receive people in my house and it is literally something that for me has to be functional full and I have to feel comfortable in the kitchen. Then I prioritized it. But maybe for someone else, it' s not the kitchen, maybe it' s the family or maybe it' s your room. Yeah,
yeah, yeah. It' s pretty funny when you ask people like that ok which is the first area of your house, which you want to start remodeling and how. Everyone has different views. There is a person who says in my room definitely because I have to be comfortable, but there are others who say it doesn' t have to be the studio, because I get a lot of visitors. I like watching movies and I want to be there all the time. My best friend would tell you the kitchen 100%.
I prefer to sleep on the mattress, the floor, but that my kitchen is tenti I mean, that everyone has quite different friorities, and that' s not bad just reflects reality and is that everyone is different and is also at points of their different life. But, in short, we want to make a disclay mary is that they understand that ay yes, very economics, tata, very, very financial, etcetera. But Lesens of this episode is
not that you think we' re going to tell you. Oh how to decorate your house in a cheap way, how you can model with three pesos. We don' t know she' s a metagrasive. That' s why we said it from the start. We know that it requires money and a lot of money usually, and we also know that we need to plan so that that goal can be achieved or those goals from different areas of the house and be less stressful. Yeah, yeah, but is there gonna be
stress? Stress? Is there going to be? But let it be less because of the fact that you have a plan, you saved and invested and I' m going to tell you something for me, I mean, I ' m faithful believing as you say that we' re not going to tell you to do it all just to save you money and make it cheap. I don' t think so. I do, I have the believer that you need advice from an expert, because I' m going to tell you
something. Kmerly, I was a few weeks ago at Home Bey, because I went there to go ahead without my decorator, because I was already on trips and my designer and I said oh, no, I' m going to go forward, because the one about sew, I mean, I lasted ten minutes in that store and we become an eight. Yes, yes, it has happened to me when Anton turns choosing Fabrics or cushions I go in I turn eton for myself, to God I left and I resound, because
it is a whole science for something is studied. For that totally the light studies is the illumination. It has to see you have to take sample of everything, take it into space, the lighting of the store. It is not the same lighting of your home, visualizing everything, all the colors that go in harmony, not only of one area of the house, but of the whole house. No, no, it' s not a science.
So I am pro to hire someone who helps me, who assists me in the process, who makes me the most bearable process, who helps me the same with the budget from the beginning, that we can also see comparisons of different materials that, obviously, my economist mind, will not get there. No. No, no, not mine. So we already know that this is a goal and it' s an aggressive goal, so how can we set that goal the time for people to reach it, because it' s
a crazy one. Neither and say that I want my dream room. You stayed in, stayed in the dream and it' s never gonna happen and you' re gonna keep going. So I have to remodel it. I have to remodel it and you' re gonna spend the years. Like every goal, whether it' s a trip, your wedding, buying a property,
buying a vehicle. The goal has to have three specific characteristics. It has to be real, I mean, I can' t say overnight that I' m going to have in my situation, the financial work situation is currently not real I say, I' m going to remodel all the spaces in my house. That' s not real. According to what I can save, according to my current financial situation, then it has to be something real, according to what you can save every month and not say like that
overnight I will have everything. Not that you have to evaluate your priorities and set yourself a goal that you are real. It has to be a measurable goal. Tell yourself what that means, because I know how much I' m going to spend every month for that project, for that exact money goal and I don' t say savings, because that amount has to become investment.
That is, that moment that you are going to spend every month, you must invest it by the time the payment arrives to make them to the suppliers or buy the materials, but you must take advantage of that time to generate those interests and very important also the deadline so that it does not pass like ah yes, I want to remodel that one. I' m crazy, parrama of that kitchen. I' m crazy, but it' s cooking and you spend five years and you don' t because you didn'
t set a deadline, you didn' t set a deadline. So it ' s very important according to that amount that you' re going to spend every month, seeing how long it' s going to take you to reach
that amount. And so you say Ok look really I can start remodeling my kitchen in five months, in six months, in eight months, and that ' s going to allow you to ok commit yourself and also choose financial instruments that match that deadline exactly we, as a financial advisor, will never tell you that the blow clearly warns you that you don' t have to plan, You have to set that goal right. As Laura explained to them,
it has to be something real. I can' t say Laura, I want well, I can say it from the mouth out my house, whole, I want it. Ready in two months, ready with furniture, with decoration, with evanist, in my case, that our water. And when I moved into the two thousand and twenty- one I was almost giving birth,
sir call, nine months to a barribon. At that time and I, I mean, remodeled what was totally priority at that time, which baby room that the bathrooms at that time were priority two or three important furniture. My room obviously already with your bed on and then from there, because we said this is a stage. This is the first stage. The baby' s born. We have his room, which was the most important thing at
the time. And then we' ve gone through phases south fan and we ' re in two thousand twenty- four and still that' s going on with fas and now there' s a new family member, a new baby, very important to say, because maybe someone who comes to your house says wow. and we' re still remodeling that room now. And that' s
But I want that house from Kimberley overnight. But they don' t know that you did it by the way, that is for time, that you were prioritizing and that' s what we always recommend, So don' t go crazy, because I remember when I got married that they even gave me a lot of things like I already lived with my husband before I got
married, because I already had furniture and everything else. But as you like, we moved to a larger space than you have to furnish, and I remember, ok let' s first furnish what' s missing and then, little by little we' re doing the few decorations we needed, because we knew we were going to be in that apartment for a short time. But I couldn' t go crazy, because even I felt when I had to buy everything, I allied myself with the Black Fride that we' re going
to talk about it to buy that which I lacked. But I couldn' t do it all at once because if I didn' t mean it would affect my financial situation I wanted to be I didn' t want it.
This wasn' t negotiable for me. Sure, this reminds me a little bit when I started to stop buying those hair products at the supermarket, like it was a trance for me. But, well, when I stopped buying them it was worth the wedge because I trained myself with a drmatologist and with the company on social networks and they both said you can' t pretend to
buy it all at once and I didn' t understand how. So, when I' m going to give myself the prices of each pot, I immediately understood that you can' t all at once, because the same thing happens with the furniture of the house. I mean, if you have no idea how much a dining table, a bed, a studio furniture is worth
right now. We have to quote, because the truth is that the prices, that is, inflation, have been felt in everyone, gentlemen, especially on the subject of decoration and home furniture, and there comes the importance of comparing from your ally of those dates, where there are discounts that we already know, as, for example, Black Frider is in the case of the Dominican Republic, also the month of mothers, which is no longer just the
weekend of mothers, but already the full month, because the shops are putting or I have already seen clim because many people say that not in the month of father only they put offers for tyson so clothes not apa reo de casa. You go to bed, ladies, and I' ve already seen several tents riding in the ball and I or all I haven' t seen are dishes, like they don' t associate parents much like b but eron appliances. I' ve seen a few. So he has also joined the parents
' month to take advantage of those exact discounts. So we have a discount map, just as we presented it at this Homery Paar Home Experience event, which was a little while ago and we talked about precisely everything we' re talking about today, because that' s where we present and even give attendees a discount map so that they can keep track of those dates of the year
where discounts come for your planning. Because, gentlemen, there' s nothing that hurts more than you give that card and see next week this twenty percent squan. No. No, no, no, no? No, So May Mothers' Month July Fathers' Month, November Black Frayve December Christmas, which sometimes also put many days off at Christmas. And because the Amazon is like a little doll there, the exact yes can' t take advantage of it. There are like vaster, more temperamental ones that can do it in
your product if you can bring it in your stream. Take advantage of that. And apart from those discounts, because ally yourself with the cashbacks of your cards, seper important, super important monitor those discounts that come every certain time with the card. Gentlemen, in short, there are credit cards that are better than others. There are credit cards that have better offers in the interim
of the year than others. Then you have to do the homework, too, you have to find out what are those coughs that every year give me good discounts in the shops that interest me. And so I can, then, take advantage when those discounts arrive that are good cash back. I' ve seen cashback of twenty- five percent, thirty percent more, a discount that they usually put for the special month of mothers or fathers. I mean,
we' re talking about important savings. And there comes the philosophy that, whatever you want, you' re going to do that expense, so why don' t you take advantage of that cashback if you don' t have that card. Right there, well, they call my son your mom to take advantage of that. I have a friend Kimberley, who remodeled his house last year and saved himself. More than 17, 000 pesos were saved in the later, in discounts and casha, i e, the Union cashback
discounts. Both here were appliances and furniture, of course, but and that one hundred and seventeen an hour serve them for many things clear outside, for
example, from perhaps paying a loan or paying the card, etcetera. It can also help you to have an area of your specific home that is better than you expected, because you can cover it, because you can include some decorative materials that maybe were not contemplated, that you cushion, that is, that is, it is a money that of course can be used, of course you can raise those products that you have to something of higher quality.
Because I too, I mean, we always recommend comparing then a little break to ask a question that will help us save time, as well as when you' re in a hurry and you don' t want to waste a minute' s time and pre- involves by Whatsapp your next clinical laboratory reference tests that this is a great novelty, as we go to the question and calaura which you think is the best time to start saving or investing for a person who starts his family life. Well, for me, yesterday we all
have to start investing no matter how old we are. Even reborn my goddaughter with two years, she already has her investments. So regardless of your age, all savings, as he says, our problem has to become investment regardless of whether you have a thousand pesos or need it in several days, because this, in the end, is going to generate interests, that what it will do is support each of those dreams that we have exactly. I mean,
the right answer is as soon as possible. And it' s not that you feel like I' m late, it' s not that you ' re worried and you' re gonna get started right away. Gentlemen, the savings. I know it' s the first thing they teach us in finance when they give us the first piggy bank for others to place the first moneditas. But now when you open your mind and start to understand about investments,
everything saves is going to become investment. And this, in the end, this little decision is the one that changes your life in all the goals that you' re going to have all the time, including the goal that we' re talking about today, which is to remodel an area of your house. Also, that is, we always recommend comparing and not necessarily.
For example, the cheapest product is the one you have to choose, because many times, for example, if you don' t choose a good piece of furniture, in the end, you will change it every certain time and it won' t last. So, in the end it' s also swinging. That' s to understand that we' re buying that it'
s something that lasts you, that it' s something of quality. Quality for me is super important, like sometimes we feel like we' re eating it, because wow came out super cheap and the flecao furniture in domesa stained on five table, that something one always uses and you have to buy again. Yes, you have to re- decorate and you have to incur expenses
again. Then the same thing happens to her how I know the shoes and so items that you use a lot of basic pieces of your clothes, that you buy the white shirt and go back, buy it and buy it back. They spend ten months shopping for a white shirt because it comes back and stains, comes back and breaks. So sometimes it' s better to give
a little more at the beginning and make it totally quality. And I' m going to tell you I' ve been guilty of that because when I moved or yours but I bought myself, sir, in my Amazon mattress of a hundred and bill of dollars, two hundred dollars and a bed frame, that is, the bed also on Amazon. Very cheap, gentlemen, but in the end this mattress, I mean, it didn' t turn out to be incredibly bad, the bra I see the mattress, but that'
s not the one I tell you is the mattress. Gentlemen, literally when kenbr comes to my house, he' s going to sleep This one' s going to see you soon Laura Camacho mattress shop. But I' m telling you, after I bought that cheap one, it wasn' t quality. The mattress is something you lynch every day and it' s not a remodeling thing, but it' s something very important in your house. If, then, when we move to where we live now, because we said
not two years ago, we have to buy a good mattress. Yeah, yeah, yeah, and you know, I' ve sold you too much that mattress, which I mention too much, but there we do invest some money. I mean, it wasn' t$ 200 anymore and we even used that page. I had zero- percent interest payment plans and that' s what we did, I mean, maybe we had that money at the time, but we said oh look you know they don' t have it
with interest. We' re going to do it in time and that money we' re investing and we' re generating a little bit more, so it' s something we should take advantage of when we' re remodeling the house. It is a payment plan that if I have it at zero percent interest, even if I have the money, because I am paying it in term and I am investing the other, for example, excellent Also, gentlemen, the part of the budget, the word that many detest do not run
away. Please don' t go away that we' re going to say
cute crying about starting a decoration project. You need to define how much you are willing to spend and you obviously need to know your complete financial picture, how much you already have saved, how much you can keep saving in case you live with each other, because also how much the other person will contribute to your partner, your husband or your roommates, if you have investments that are also destined for that, that is, with everything you count on,
and also if there is any specific bonus in certain months that you can count on a good part to support you with this amendment. You have to know that, but you also have to know what you' re going to do? I mean, we' ve already defined priorities, we' ve already talked about the areas you want to focus on, but what are you going
to do in those areas? And you can' t make up a number, which is what I always say, because sometimes you say no. I can' t. I don' t want to spend more than a hundred zero weight, more than five hundred thousand pesos, but you have no idea how much the door you want to make costs and he doesn' t know the work of cabinets that have to be done there. If you have no idea about that, or you' re going to have to do it yourself and start category by category, that the truth isn' t so efficient,
because you don' t know about it. If you didn' t study that, you won' t know about it or hire someone to contact in the beginning to go comparing too and that they can help you set that budget that they tell you look. What you need is all this, all this, okay, this, this, this, this, this, this, this, this well broken. And there you really know what you need to get out of your pocket to make that project a reality, so that goal
will be cancer. And there is very important to compare, to compare also the quotations, that is to say once you have it maybe that budget that they gave you initially, because it has some appliances. Oh, well, you can' t compare that one they put you in with others. And now technology, after the pandemic, has come here to make life easier for
us. There are already many stores that you have your website and that facilitate that process of your comparison, that is to say that once you have that budget with everyone, whether it is the suppliers, the materials, the furniture, the appliances, because you don' t just stay with that and take it for granted, don' t compare go further, It doesn' t have to take long, I mean, we' re not sending you to
five store and you' re going to lose a whole day. You can ally yourself from those web pages filter by the product you want and by the prices you want and then go to the store, but you won' t waste any time. So that also makes it easier for you to compare prices, because maybe that' s what you had at the beginning of the initial
budget, because they gave you a single electroméstico, a single option. But it is always good to see what other options there are in the exact market to see to be a bit practical, what are those pages where you can
go comparing the different furniture of the house. You have a house, it costs a classic, it is illumal, it is illumilated, stá alice, there is qia, till low sony gentlemen, what more labras that occurs to you gravel aha high fimen and another one that is called appliances, as I also recommend them this friend of mine who became master in that of remodeling. Yeah, and he was comparing there he did his excell and then that' s what we should do, because who else is going to take care of
your money than you are. What grows the grieving, clear and truly so much that one complains Sometimes the Instagram algorithm, but literally you just have to look for more setter on Instagram one day and you' re going to spend there for at least a month, seeing more of different suppliers, from different parts of the country. And already on Instagram it helps and does the job for you too to compare prices and, even in different parts of the country,
from different cities, they send it here. Yeah, yeah, now there' s a very strong disclaimer. The aura is that there are many pages in instagrams, on Instagram that are fake, pages with thousands of followers, thousands of followers. Whether you know one, please tell it below so other people can find out. They have thousands of followers, they have fake comments, they have fake photos and you buy them, you have to make one they talk to you very formal. Laura by whatsapp, you have to
make a transfer and all of a sudden they call you that. In fifteen days, the fifteen days pass. Oh, don' t be a little late. In two more days, the two days pass and continue to lengthen, lengthening, lengthening, lengthening, until you already despair, you begin to denounce and disappear from the fate of the earth. Several friends have happened to him. I remember myself. When I was in decoration at two thousand twenty
- one, my chair is in the dining room. I wanted to buy them through one of those Instagram pages and thanks to my decorator, I didn ' t buy it, because she called me fifth as weird. I' ve never heard that cheaper to make. It' s too cheap for the stuff they tell you. That doesn' t seem real to me. I ' m super excited to see a hatch just like I wanted it and at a super economical price compared to everything we' ve seen, because I almost fell already told me no. That' s fake. Gentlemen, I Googled
you and found a lot of comments from a lot of scammed people. That ' s what I was going to say that you have to ally with Google, look for reviews, look for word of mouth, see if Google has an address, find it, Google Maps, have a sign, if they have a phone, call and if you go you don' t have a phone or you have a cell phone. That' s weird. Gentlemen, then we always have to go a little further, because those scams, those scammers, they are. Then we can' t get out of every venue
without us taking a little shit. Not sure, because there we go back to the same thing as good one for wanting to save yourself a little bit more comes and loses everything. I mean, you had a budget of fifty thousand pesos for such and such a thing and you decided to take it out there, on Instagram, an unknown page. You paid thirty- eight, you lost thirty- eight. Or you didn' t save yourself, you didn' t save yourself, you didn' t lose it. Yeah,
and there you are. Another thing that we recommend is to ally, to rely on extraordinary income, because this is a very aggressive goal, because to take advantage of that double salary, those bonds that you have and you invest part of that money for that goal that you have to remodel, because really you see a strong money. Yeah, of course, it even goes away
more than you' re told in the initial budget. Yes, yes, we went to a podcast recording with some designers and architects and they told us that in all the projects they have done, around, that is, the cost they estimate for furnishing, decorating, etc, your property is about thirty percent of the value of it. We' re talking about a lot of money, a lot of calculate that there' s an exact, that'
s a calculation for you to then go estimating. Yeah, how much they have to allocate and for that too, the areas and you' re going to do everything and everything. But definitely, lean on an expert. There are also people who want to take financing to decorate, furnish and others that even include it in the mortgage loan, also that they are going to take for us. This is not bad, I mean, it' s really
depending on each other' s financial situation. But we return to the Council more practical to compare entities, compare cups, deadlines for how long that cup is going to be fixed, what cost that loans carry, those bank costs also the initial ones they need given that they do not go together with the mortgage loan, if they allow you to do extraordinary amonos advance importation, of course so that you will not last there ten years with a debt with artistic
interests another area of your exact house. So here when you' re going to evaluate this debt, take into account that if the debt, the quota goes over thirty, thirty- five percent of what you enter, you' re already on your way to the overdoing, that is, that first analyzes your financial picture. Maybe we, as financial advisors, can help you make this decision through our financial medical consultations, so that you don' t take a wrong step, right, and then you' re over- indebted to
a very pretty house. But you' re very sad because your pockets are hurt. Yes, because the truth is that there are many things that you have to have pending when you are either buying a property or remodeling your home, which is hospital the organization, and you not only take into account ok the mortgage loan fee, but if you are going to take that loan,
because every month you also have to pay that fee. Then see that it doesn' t exceed that thirty- five percent of your net monthly income so that in the end you' re not uphill or you don' t feel too suffocated with all the monthly expenses you have. So it' s very important, to compare funding and support that same double salary and bonuses to make
those extraordinary credits. And if you take for a period of five years, let' s say that loan, you don' t have to stay exactly those five if you don' t also propose a plan to settle that debt as soon as possible, which will allow you to pay less interest and support other goals you have. Yeah, I' d love to hear someone tell
me they feel like this is already cheap. I mean, if you' re on YouTube, write it down, you feel that some decoration process in your remodeling house has gone cheap, because it' s really a goal that needs planning, requires a lot of effort or a lot of monetary sacrifice that
we can, gentlemen, set all the goals right. I mean, all we' ve talked about here is I say a class for you to build a good financial base to remodel that area or your dream house and even apply even to a business for an office as well, so it' s very
important to hear this episode. I believe that with a libretto in hand yes and already once they have that amount, for example, they can ally themselves with different investment instruments as the accounts save you high return that we already have pariahs in our country, with rates from four percent to seven percent annually in pesos. If you want to save in dollars, we also have an account in our high- performing country in dollars, which is giving a two point
twenty- five percent per year. And also, that is, you have the advantage that you can get your money out easily in case, for example, that I have a money now I have to pay some suppliers to the cabinetmaker, which is the one that disappears in a month or, in a month and a half. Well, while that money I' m putting it in my high- performing abrro account or a liquid investment fund that' s in an investment fund manager and we know that this good fund is a piggy
bank that invests in different instruments. It gives us a variable rate unlike the high- performance savings account, but it has the advantage that it allows me to make extra contributions. How many times I want to take out my money
every twenty- four hours on working days as well. It happened to me that, for example, I had a money here that I had already taken out of an investment and I wasn' t going to use it for about three weeks, because while I put it in a liquid investment fund and after three weeks I took out that money and I had already generated a good interest that if I had left it on the regular account, it would have been the three weeks and I would not have generated almost anything, yes, yes
no. And before that, maybe for so little time, for many people they didn' t make sense because they had to incur transfer spending that from zero, point zero point, fifteen percent. But since that was eliminated. Sir, that' s free of charge for your money. Free of charge. You move your money to your investment fund manager, it doesn' t cost you anything, and you take it back in a week, two weeks, three weeks, and you earn the interest. You had no cost by
any means other than the taxes of profit you generate. It' s just that what I have in the regular mud account is also, so yes, if even in the interim of planning, of saving, of growing the capital that you' re going to invest in this goal of remodeling, you can also use, that is to use those products that you say the account to your performance pesos or dollars, the investment fund, but also mix it with the mutual in the stalls bag you and make like that little game that we
love looking at. I am saving here on your performance account or on the liquid bottom and every certain time I pass it on to mutual, depending on the different payment terms that I have to execute for that project. Well, gentlemen, we' ve come to the end of this episode. If you learned something, you can share it so that someone else will also go into this topic, just like with your partner, with your friends. It' s a goal that' s usually made together, so it' s an
episode to see someone else we' ll see next time. I hope you ' ve learned a lot. Bye.