Pay Yourself First, especially during a pandemic, with The Budgetnista.

Cadine and we're the ellis Is. You may know us for posting funny videos without boys and reading each other publicly as a form of we are making me derby most days. And one more important thing to mention, we're married. Yes, so we are. We created this podcast to open dialogue about some of life's most taboo topics, things most folks don't want to talk about through the lens of a millennial married couple. Dead ass is a term that we

say every day. So when we say that ass, we're actually seeing fast the truth, the whole truth, and nothing but the truth. We're about to take pillow talk to our whole new level. Dead As starts right now. Okay, so this story time takes place about two times decades apart, two thousand nine. I told this story before two nine, come back from the NFL. Lose a lot of money during the economic crisis, during the recession boom, Me and Cane moved back to our apartment and we have no

money none. I get cut by the NFL codein is not working. We lose a lot of money in the stock market and in doing all the right things, doing all the right things, just so you know exactly buying change, buying car you did. So I just want to start there so people know that that's where coming from. Fast forward, the pandemic starts to happen in in March, they started to shut down, and the first thing going through my

mind is how can I pivot? So immediately I'm thinking about the fact that I probably won't be filming, we won't be able to do any events, we won't be able to do the Dead Ass podcast, because that was, you know, gonna gonna be huge for us, and it was what is the most important thing right now? Digital marketing,

digital content. So you know what I did. I decided to sit down and create more content, put all my finances into a secure place, speaking my financial advisors, and focused on how to recreate myself, and ultimately that's what I did for the next three months, recreated who we were in the digital space. You know, when we talk about finances, money, Dallas, coin, to have the bag, whatever you I want to talk about securing automatically, Automatically, I started to think my girl and her song. I was

born to flex diamonds on my neck. I like bored and just I like more than sex, but nothing in this world I like more than checks. Money I really want to see. It's a I don't really need to d I need the A. I got bands in the coop, but in out the roof, I got touch me. I'll shoot or maybe I won't. But you know, hey, let me tell you something. You do get super excited about spending money. Hey, I get excited about making it too, though equally so you can spend. Yeah, I get more

excited about making it. I don't really care that much about spending. You know, a lot has happened to talk about the shift, though, Talk about the shift, because you know, we had the moment in time, like you said in Storytime, back in two thousand nine, where you know, we were living a pretty decent life. You were in the NFL, you know, we made the right investments with money, we were doing our thing, um, and then lost all of that in doing the right thing, So we went back

to rock bottom. And then there was a greater respect that I'd gained as well for having to rebuild. And then through rebuilding, now I got a little Scrooge McDuck in me, I do, I will say, got a little Scrooge McDuck in me. Um. You know you and I think two more are more or more apt to help

others as well too. So it's like, you know, and I feel like that's why we continue to be blessed, because we were able to create a space and a platform where we can now employ you know, people who were friends, but also professionals, families who are professionals with their respective fields, you know. So I feel like that's

why we continue to be blessed. Look, I've said it on this platform with that, and I've said it to you that I want to be super rich and famous so that I could help provide opportunities for other people. Like that is my goal. I want to be super duper rich and famous for that soul purpose, Like I want to be able to create jobs, create industries, move markets. I really want to be able to do that, and

I want to do that for my people. I want to do that for the people who look like me, are the people who've gone through the struggle that we've gone through. I want to do that. So I am right there with you. I'm right there with you. I mean, if there's one thing the pandemic taught us, and it's that if you stay ready, you don't got to get ready,

you know what I mean. Well, however, we were not prepared for something of this magnitude, Like, let's be real, who really thought that the entire country, world for that matter, was going to shut down to the extent that it did. Well, you know, we weren't. I wasn't prepared for a pandemic, But after going through everything I went through in two thousand nine, I was super prepared for trying to maintain

my finances and try to pivot. Like to me, the pivot was the easiest part because muscle memory for you, and it was also it was also just thinking ahead, like on to be ahead of the curve, like you start to say I can't do this forever. You know, we've been saying that. What's in the past three years. Do you mean in terms of our content for example, vogging and all that, right, just with with everything, I mean, even even with the podcast, because we didn't know if

we were gonna be able to record. We know we're gonna be able to go back into the studio, So I'm like, I may not be able to create content forever. What else can I do to generate revenue to provide for my family? And I've been thinking about that for the past year. So when the pandemic hit, it was almost like, well, I've been thinking about different things, so we're kind of forcing to move, you know what I'm saying, Look at different industries. How can I make money? How

can I do different investments? You know, what can I do to create some revenue and diversify? So that was that you would say it was the main difference for you with two thou absolutely because in two thousand nine, I was playing football thinking that, well, I'm going to play until I don't want to play no more. You never think that it's going to end before you're ready

for it to end, you know. So even though I was I was tired of playing football, I wasn't ready to be done playing at that moment, I still want to make a little bit more money and secure myself financially. But then it came to an abrupt end. And at that time I had no clue where I was. I was lost, I was depressed, I was mad um, I

was angry. I blamed everybody. I blamed you, I blame my agent, I blamed the teams, I blamed the NFL, I blamed my parents, you know, because I couldn't wrap my mind around the fact that I couldn't do what I wanted to do. You know. So when this happened, and the first thing that was going through my mind is like, shoot, you know, we can't do the podcast. We can't I can't film, I'm like, man, those are the biggest ways that we make money. And then I'm like, well,

brand partnerships. I thought about different events that I was going to are supposed to be going to to speak or to attend, and it was just like like He's like you literally watch it. Think about the money that you have coming because you're planning for that, which is why my mom has my dad actually has always said to me, don't spend your money before you get it, absolutely because something may fall through and then you don't have that bag that you thought you secured, and it's

a whole fumble on the plane. And what in March? Do you remember? March we made fifteen percent of what our monthly salary usually is. And in March we were I was preparing to go back to film sisters, and we didn't know when that was gonna happen. So we were preparing our year based on our first two our first two months January February before. So then that that number goes down to and it's like, how long is

this gonna last? If anything, that incremental increase should have been absolutely making of your month, you know what I mean? That hurt. But because of where I was before, I always put money aside. And this is just a tip I'm going to give you guys when you're making money.

I was putting money aside so that we could survive two years without either one of us working, so that if worst case scenario, something happened and we could not work for two years, we can at least pay our mortgage, pay our rent, pay our car notes, whatever those monthly expenses are covered. Put that in a separate account. So I just knew and what I'm doing now continuously is I'm adding to that account. Right, So now I'll say, okay, we can exist two years. Oh, we're making more money.

Let's add three years, let's add four years. Okay, we could exist five years without doing anything because we have money and savings. You know, we would have to live modestly, you know. But the thing is, we could still live the way we were so after the emergency fund became like in case of emergency fund was actually an emergency. So many people experience job loss and financial stress following the coronavirus outbreak, and how can we better prepare ourselves

financially in anticipation for another global crisis. Since mid March, the coronavirus pandemic has taken a toll on life as we know it, and the world has not only been impacted physically by the effects of the virus, but because of mandates that we quarantine at home, the economic impact

has been devastating. Millions of Americans have suffered a loss of income and employment over the better part of the year with no end in sight, and in August, about three point three million people aged and over with bachelor's degrees or higher were unemployed. Up one point two million since February and that's according to the Bureau of Labor Statistics. So you know, we need all the help right now.

We need all the help we need to figure out what are some ways that we can strategically put ourselves into a position financially to kind of overcome this and get our footing underneath us again. So joining us again on dead as podcasts, We're always let me tell you, she is just a regular with us, Tiffany elite. The budget needs to as we know her best is back to help us make sense of this financial impact of COVID nineteen, the pandemic, and what we can do to

combat those effects. Tiffany, what's up, sack? Let me tell you anytime, I'll be talking about that money on the money because she knows what to do. Okay, girls, Since the last time we spoke, I've been good though. I mean, I'm lucky, blessed, highly favorite. Everyone is healthy, so that's what matters most. I've been good. What about y'all? We've been good. We've been good, just you know, like everyone's doing not trying to find ways to pivot and plan accordingly.

You know, Kadina and I talk all the time, and I said, you know, the biggest empires are built during times of catastrophe, So right now was a catastrophe. So whoever put, whoever is prepared, will probably come out on top of this. So I want to take this time and use our platform to help as many listeners as possible. Plan there they're come up. So you're the best person

to talk to, especially as an entrepreneur. Um. Right now, the entrepreneurial spirit is probably the greatest spirit in America because so many people have lost traditional jobs, those who are able to make additional funds, the entrepreneurs are the ones who are able to capitalize. So Tiffany, depending on the field, to the people and tell us what we need to be doing. Well, that's I'm sure a load of question for you, Tiffany. Um. I mean you can

unpack that. However, you'd like telling us where I'll to start. Well, I'll say this that I actually built the budget needs to which is now eight figures a year. Woo woo um. During the pandemic we had our first seven figure months, a second seven figure seven big months, so now we're eight figures. So but I built the budget needs to during the last recession two thousand eight, two thousand nine.

So so to your points that it's times like this are when most millionaires are made, quite honestly, And the thing is, what you're seeing is something that could have been anticipated, not the pandemic, not Corona, but the recession, right, Because so first things first is if I had to say, you know, what I would have told I'm gonna share what I wish I would have told what I was a preschool teacher back then, what I would have told

preschool teacher tiffany back then. Right, So first things first is to understand every ten to fifteen years in the US of A we have as so, meaning that so you're feeling this now you're like, oh my goodness, it's such unique times. The pandemic, yes, or a session, No, we will be back here. But how will it meet you? Yes,

you know, how will it meet you? And I mean it makes because two thousand nine was when the economic crisis hit, when Obama became president, and that's when Kadine and I were going and I remember feeling at that time like this is the worst thing that ever happened. I'm no, I'm not making any money. And then when hit in the recession. Just like I was prepared. I was like, Okay, I've been here before, It's time to

utilize that capital differently. Um So one first thing to first I would have told Tiffany back then is that girl, where is your savings? Right? So when you do get on your because you will not always be in this position, I need people to set aside, ideally six months of what I call your noodle budget. Like that is if you if I had to eat Ramen noodles budget, well, you know sometimes you got I love that, right, So

that's just your your bare bones essential budget. So let's just say your regular budget includes the nails, hair, movies, um, Netflix, all that stuff. Your noodle budget just pays for the necessary expenses. Because if you were to lose your job, you should pivot to your noodle budget right away. It's a temporary, low cost life. That's what your noodle budget is.

So you want to have six months of that set aside, because imagine if you would have had six months of your noodle budget set aside and you lost your job, say during from March April April, So then you would have had April, May, June, July, August, September, you would have just now been running out of money. You would have had some time to pivot and fig something out,

you know. So that's first things first. Um, second thing, during times like this, I tell people that not to go overboard with paying off so much debt if you don't have your savings, or if you think your job is like in limbo. Right, if I was a doctor or a nurse right now, I'm not worried, right, but if I was, um, you know, I work for a restaurant and maybe we just open back up again, but you never, you just don't know what it's gonna go, you know. Or I work for uh my sisters and engineers.

She worked for a party planning um, like they do these like um these big events company where she, as an engineer has to figure out like the configuration of like the things that they would build for people's partners. Right, so you know, she's like, it's likely not gonna happen that I'm going back, you know, So you know, knowing that that's happening, I don't want people to go over board with paying off debt because you need to keep that money close to you, because you're gonna need to

pay for food, clothing. You know where you live, you're gonna need to pay for your your noodle budget expenses and third of what I would tell people. And I wish I knew this because I had. I bought a condo when I was twenty five. I thought I was grown grown. I was like, oh yeah, right, my little too better one one bad condo. And and then but then when I was twenty nine, my school closed its doors during the recession. It was a nonprofit BA school.

They didn't have any funding. And I continue to pay the mortgage. I mean I used all my savings to pay the mortgage. I withdrew all the money for my retirement account mortgage because I was like, oh no, I've been to pay this right, yes, And guess what happened. I lost the house anyway, So now they got my retirement money, they got my saving they have everything. I

have no house and no money. And I wish I would have told Tiffany then like that that you are more important than your dead that instead, if you don't think a hundred percent you could you could save this house. If you don't think a hundred percent that this house you'll be able to maintain and keep it, then keep your money, says, because yes, and I couldn't let it go and have my tirement money. Let it go and maintain my savings. I put all my bills above my

best interest. That the same thing. I think that's important to talk about because we have been so conditioned to like not let things go. So for example, I remember when my boy Bellowed when he was, you know, don't do a little bit of economic issue, and he was working hard, but he had a condom. He brought his first condo with twenty three same thing in Connecticut, and he had told me during the economic cris he said, but I'm about to let this condo go. And I

remember saying, what you can't credit? He said, my credit is gonna get fixed, but I can't just give them all my cash. And and and probably into a couple of years later and when he told me that, and once again he's in he's you know, he works for black Rock, he's in finances, so he understands the importance of debt to cash flow. And I never understood that. And I wanted to ask you, how does someone decide what's the important amount of debt and cash flow to maintain you know,

is it how much they make per month? You know, like what is how was this someone decide what number makes sense for them. One you have to you have to decide whether you have regular cash flow. Right, So this is a job that's going to continue to pay me. I'm pretty certain the money is not going anywhere because that if I was a doctor or nurse right now, I would be pretty certain it would have to something

crazy would have to happen for me to lose my job. Right, So, knowing like, okay, my cash flow, let's just say five thousand dollars a month is pretty secure. Ok So your your debt that leaves out of the house, right, So that's your your debt to income ratio. This is actually what mortgage people look at. They look to see how much your monthly income is versus how much your monthly debt payments right right, And so they don't want more

than they don't want more than. I think it's like at of your of your income to be leaving before your mortgage because they also like between forty two because they also know that your house is gonna cost you about you know, so they're like, okay, if we use up thirty and you're already using at that leads you thirty for the rest. That leaves you an additional twenty to thirty for the rest of your life. Is that reasonable? You know? And so ideally the lower obviously the lower

your debt, the better. That's what I tell people, like save your debt for things like a mortgage, for things like you know, like maybe you have to pay off you know, I don't know, you have some sort of health thing that you have to pay for. Save your debt for you know, I don't even like really people paying getting financing a car. But sometimes you just can't

help it. You gotta get to work. Like when you have a a lamp bill, you got a side table bill, couch bill, that's when you swipe your car, So now you have all this things that could wait. You know, that's really the issue. Most people's debt is not because of this. It's like they're big bills. It's like, oh my laptop. Oh you know, I had to get that side table but the easiest came out, like you got an easy bill, but of life, and so before you know it, all the money that comes in is dedicated

to someone else. So you want to be mindful of that flow, like how much money do I have coming in versus how much money am I actually keeping? That's actually what they call your savings rate. How what percentage of your money are you keeping? That's what's critically important. Like I would never tell Oprah you can't get easy, because I'm certain that the amount of money that she has coming in versus what she has coming out, you know,

is there's a huge significant difference. High school teacher Tiffany. I think I was making like I want to say, twenty maybe like take home pay, maybe like three thousand dollars a month, maybe twenty six to three thousand dollars a month, And so I had to be mindful, like, Okay, well, how much what is gonna be my saving drape? Ideally I wanted thirty percent of my money to stay with me for investing and retirement and then ten percent for

for savings. So how do I live under that seventy If you did that first, if you paid yourself first in that way, if you said, okay, it's actually for you y'all who are really young, you're just stepping out getting your first job. If you this is what I do with mine, my bonus baby, um, she's thirteen and she don't even know. She just got his little side job. She's babysitting and stuff. I think it's not some of that money. I'm like, that's cute, thirty percent of it.

Put it up because I want to teach her that you pay you are more important than any of your bills. Put up your thirty percent first, and then you figure out your life with that seventy percent. You remember my dad did me because you don't know nothing about that life. But right, see, but you see she living way nice to that. I was like, that's how we get Organs. I'm like, oh, you've got three. I just got Jorgess

as a grown person all right over here too. I was just like, wait a second, I'm all of a sudden the sneak ahead now, and I mean I think about sneakers. I can actually afford sneakers. Now. You got Jordans because you you didn't get George because your parents are from the West Indies, And well, I got to do it. Anything that you were spoiled in other ways not having order, so I was spoiling. This wasn't stylish, yes, exactly didn't know, but that I was like, what was Jordan.

Who's Michael Jordan? Michael, I'm like, but we didn't have like tennis lessons and stuff, right, right, But so this is what I tell. This is not just what I tell like my my, my mentees, but also even grown folks. I was that I was listening to this podcast interview with um what's his face Dame dash right, and he said something that was so profound. I'm like, Yo, if

I got a tattoo, it would be that. It's that the purpose of working is to own, so that way the things that you own will eventually put you out of work. That's what Yes, your money work for you every night. I love that because here's what happened. What most people do. They work, they pay bills, they work, they get a haircut, they work, they go out, they work, they have fun, they work, they work, they work. But

there's no end to that, Psychele, you're just working. You don't, Yes, if you're not intentional with I am working to own assets. Assets put money into your pocket. So assets are cash, assets, our home, assets are real estate. Assets are like maybe

art even jewelry can be assets. Right, So things that assets our business, so appreciation purchase exactly so that way, one day, that real estate properly that you bought that business, that you have, that cash, that you can live off of the assets that you that you now that asset is put to work and you can sit down. But most people work to work, they don't work to own. And if they thought about that from the very beginning,

they'd be in a better spot. See. But this this is where people get Dame confused, because Dame talks down on people who are you. You have a boss, You have a boss. I never had a boss, he said. And then I remember he got to argument with dj m V and DJV was like, Okay, you never had a boss, but you sold drugs. You work for somebody, And he was like, no, I got my drugs on consignment. Okay, dude, it doesn't matter whether you technically there was someone above

you who allowed you to generate cash flow. And where I really rock with Dame is where I agree with him. You really only work to create cash flow so that you can own something that creates cash flow for you. That is that is the goal. And I think that's what people need to understand, and I think that's what black people need to understand. Even my mom's generation, my dad generation, your parents. Having a good job was the American dreams. I got a good job, I can retire

six five, I got my pension clock, my hours. That was never the American dream. The American dream is ownership, which we didn't have access to readily available, you know what I mean, Like, you're not gonna understand that, Oh you're a doctor, you're a lawyer. That my dad. That's all they want to do. Lawyer, pharmacist, engineer, that's you good to go. But if like now they're like, my tiffness off your house month. But and now the espreneurs two a minute ago, it was she ain't got no job. Girl.

Let me tell you your father and my father should meet and have a drink because they are the same person. And I still to this day. It wasn't until the pandemic happened and my father was quarantined with us. We were both of my parents were living with us for the four months um that we were like really locked down. And you know, my dad saw us like pulling up the ring light and the cameras and this and that, and he's just like sweet, you recorded thing and then

put it on YouTube. What do does do that makes you money? I'm like, yes, who does pay you? You have a boss on YouTube? I'm like, no, we don't have a boss on YouTube. But you know, he just could not wrap his mind around that unconventional way to him of making money. Yes, so he was is key. So I got for you number one way. Pay yourself first. Now, when you say you're savings, are we talking net or gross? I would think net? Well, I mean it can be that can be tricky. I always like, at least start

with with ned. I mean ideally, yes, gross, but if you're just starting out and things are tight, then at least you would start with net. Because what you're wanting to do is get into the practice of setting aside because people think, like, um that it means you're living less of a life when you set aside. That's why I like to start people all slow, like, or you're gonna do five percent? Do that you can do ten percent of net? Okay, fine, but yes, ideally setting aside

thirty percent of gross. But it can be hard to set aside thirty percent of growth because yes, who also gets grows the I R and people need to understand the weights between net and growth. Gross is say, for examples, you get paid ten dollars. You know you made ten dollars, that's gross. Net is the I R S gonna take four that ten dollars. So you're about to get three dollars out of the ten dollars you thought you was getting to that three dollars you actually get in your check.

That's net. So people need to understand that between gross and net when you're making plans, if you're making plans on gross, understand that other people are going to get part of that money first. So I just want to well here and here's how you can said that. It's that's the beauty of of a tax advantage retirement account. Right, So if you do a four one K, you can set aside twenty of your growth because that is the one thing the IRS allows you to do. And they'll say,

okay you okay, caudem device. You guys made ten dollars. Wait, before we take our tax money, do you want to put some in your four one K? Because guess what, we don't want to take care of you when you get over, Like, yeah, I of the ten, I would like to put two dollars in our four one K. Then the i r S says, fine, we will not tax you one ten, we will tax you one eight,

and so that it lowers your taxes now. So then what happens is but later anytime you're if you're over fifty nine and a half, then you can start with drawing that money right the penalty and you pay taxes on it later. Right. So then there's another tax advantage account called a ROTH I rate. It is also a retirement account. But then that's where you can put some

of your net money. Because what happens is you take you have your take home pay, and then you might say, you know what, I'm gonna put the other five in my wrath IRA account, and that is money that's already been taxing. The beauty of a ROTH account is that the money was already taxed to put money in that account, and then when fifty nine and a half or above you pull that money out, you don't have to pay taxes on that money or what it grew to. So you put in ten thousand, and it's now sixty tho

that whole sixty we ain't gotta worry about it. You don't have to pay taxes on it because you pay taxes on the money going in. So my so this is like some people always wonder, like what you should do for a second, so I suggest a c sell. Well, first have to say this, I'm a financial educator. I'm gonna financial girlfriend. I'm not your financial advisor, absolutely, but I'm sharing. Well, I'm just staring in general. This is like my attorney, right, I'm sharing are just the things

that I do. Do your grandma? All right, I'm gonna go all right now. So if you're like, huh, where because someone asked me this the other day, where should I put my money for retirement? And I said, one, if your if your company offers a match, then start with your four one k up to that match. So they say, you know, you put in three percent and we'll put in two percent. Whatever it is they'll give you. Get your match money there first and then stop. Then

the excess money. If you still have money left over after getting your match with them, because you're write your matches free money, then I would I would max out my wrath. If you're under fifty years old, you could put in six thousand dollars. And here's how why I want you to max out your wrath is that you can only have a raw if you are I think I don't know how much. I can't remember how much

of it. This is for a couple. But if you're single and you make under a hundred and thirty nine thousand dollars a year, so you have a limited time frame if you're gonna make big money to contribute to a row. Remember roth is when you can pull your money out tax free, okay exactly, So you want to take it. A roth is awesome, so you want to take advantage, like I can't do it rock anymore, right, So you want to get while to get thing is good, So you wanna so I am four wind k first

up to the match. If there's no match, or you already max that you form in one kid, go to raw and then after you max that you're raw. So the six is right now six thousand allars a year if you're under fifty. If you're over fifty and seven thousand, So if you can't do the raw any um or you max that your raw right, then go back to your for wine kid if you still have money, and

then you can maxie. Let me tell you Tiffany got me over here one And if Sean is doing all we gotta call our financial can we talk about financial So here's the thing about financial advisors. Okay, financial people like, what's the financial advisor? What's the financial planner? What's the financial right? So a financial advisor is the overall name of those people who give you advice right now. There are different types of financial advisors. There could be like

an investment advisor, the best thing. It could be a planner. But ideally the ideal type of financial advisor you want is a certified financial planner. Great, because here's why. But certified. That key word is certified because it would be certified. Yeah,

a CFP. They have to have three years of experience, and they have to have passed a hardass test in order and they have all this um um betting in order to be certified because almost anyone calls financial So people doing their due diligence finding that board certified plastic surgeon, do the same with your financial advice. Please. That's the c of a CFP certif And then there's different ways they can get paid. The three main ways are this is they make it so confusing. There's the only fee

based commission. I feel like commission is easy. You know what commission is. That just means that if they sell you something like insurance, they get paid off. That is the worst one, right, my dad? Right? What's because my dad would say who he who pays the piper determines the tune. Right for the young ones. Whoever pays the dj you get to play, You get to pick the If the financial planner is getting paid aid from the product, what they're not thinking about you. They're worried about what

the product, so commission base, and we're not. We're not for a commission base. Next is is this is what I have. I have fee only my CFP. So fee only is ideal because when you have someone who's fee only, it means they only get their fee from you. That means you are that you are paying the details and they have a fiduciary. Yes, that means that they are a fiduciary, meaning that by law they have to put

your interest first and they don't so mine. So my talking to my CFP Angeli, so Julie might say what she did, Typically, you're under insured. You should get more insurance. Now, a fee based or commission based, a financial um planner might sell me the insurance angelie, she already got her money. She gets a flat rate for me, and so she's just telling me, girl, you need more in charge, call

your insurance company and see exactly. So it doesn't she's not giving me advice based upon what can add money to her pocket because there is nothing. He fla exact exactly convintions. So you're looking for a fee only financial advisors that it's only you that's paying them, so that those are the those are because if you like fee base folks sometimes will get their flat fee from you, but then they also can make commissions, offer things on

the background. I'm not interested in working with someone who gets paid to sell me something. So, Tiffany, since we're you know, since we're talking about the pandemic, right, and a lot of people have lost jobs, right, I want to know who in today's world really needs a financial planner? And if you don't need one, how can you prepare your life if you if you don't make enough income to you know, particularly have a financial planner? What are the stuff The first thing I have right now, the

number one pay yourself first. I'm putting that that's going to be one of my keys to success. But what else can things do? What else can people do? If they do not need they can sign and all the people don't need financial planners because you really should have like ideally they say you should have about a hundred thousands and two hundred fikey thousand dollars worth of assets to invest, you know, because there are fees involved in it.

It may not make sense if you don't have that much, but you have maybe saying you have a special needs child, you might need a little assistance, um, because there are fees associated the when it comes to your money. The closer it gets to a human hand helping you, the more expensive it's going to be. Like the fees. So a financial planner is the most expensive of all the help. Right. So you can also use something called like UM a

robot advisor. This is not this is a an algorithm, right, So robot advisors are like UM trying to think like somewhere like a Vanguard has a child Schwab Fidelity. That's you know what I mean. That's when you go and you typically with a with a Roadbo advisor, you will you will put in your you will like fill out some sort of like a survey to say I'm this old and this is my temperament and all this kind

of stuff, and they will generate. This is the this is where we will this is where your they should go. We're gonna put it there for you. So because it's not a person if fees are less right, So that's something that you can do. Or also you can do something called like it's the d y I method, and that is a brokerage from a discount brokerage firm. So that's like, um, like, uh is it a betterment? No?

Better mean it's not brokerage firm. Um. This is one of those firms like each trade someplace where you can actually pick your things yourself. So this is for folks who are like I think trade a lot, right yep. So you can go in and say, huh, they don't want to give you much help, but they say, um, you know here all the stocks in the bonds and

everything else. You can pick those things yourself. So there's d y I. If you're someone who was like I don't mind picking myself, there's robo where you're like, look, I just want to take a survey. Here's my fifty bucks every month, and they put it places for you or there's a financial advisor, financial advisor being the most expensive, d y I and and robo being the least expensive. Those the f you're looking for is usually call your

expense ratio. But if you are someone, if you're in a during the pandemic, you're fortunate to have excess money and well one, let's let's pull back. If you're not, there are people who are not going to have enough money even to pay for their noodle budget. Right, that's when you really want to get even lower to what

I call your health and safety budget. That's when you have to acknowledge that somebody is not getting paid, but the things that will get paid are the things that maintain my health and the things that maintain my safety. And so I've been there before where I had to make a decision and say, Verizon we cool, but not cooler than my health and safe and I need mind healer.

This is important. This is important because right now, as a pandemic, people are losing jobs and they're trying to figure out how to pay prioritize what needs to get paid. And it's a tough feeling to say, you know, but here you're you're listening. You just got to go line by line because a lot of these companies, is it safe to say that they're not reassessing or reevaluating like interest payments or fees or any of that. Are they

making any entrustments time? Right, So it's such a unique time that companies are more meania that they were before. But everybody's not being cool about it. And so you before, don't you don't just stop paying. You might look and say, I've got these ten bills and other ten bills. These four bills are my health and safety bills. That's what if I could afford, everybody got something important, right, So then the other ones you will call and say, hey,

I'm having trouble. I mean, Corona, we all know, is there something you can do to help? Many will help, but some will not because you know they're just whatever, they're not interested in being helpful. But here's the thing. It as long as it's not gonna affect your health and safety, will it affect your credit score? You have? But credit scores could be fixed. At one point, my credit score was up five seven and guess what I'm

I'm I'm an eight oh seven now, baby. But they're gonna tell me, say stressing me out with that whole credit thing. And there's credit credit sets. Me is that and then those apparently are not even like your actual credit score. You have to get it from like you know, I do, ever, so well, the best to me, the best site that I found, because those are credit scores, but there are so many types of credit scores. The

most used is your FICO score. That's the most common, and if you have a good FIGHTO score, you likely have a good score every place elf, So I tell people look at that. And the website that I like, um is um what is it called? Credit scorecard dot com is because when I was thinking about getting a mortgage, I went to Discover owns it. I don't work with Discovery, but Discover owns it. But I will say that they don't you don't. They don't require you to give them

a credit card. You don't have to have a Discover card. But what I liked about it is that when I pulled my credit score and my mortgage guy pulled my credit score, it was the same. So I'm like, oh, y'all, y'all legit. So yeah, what did I say? Or card dot dot but just like us, because they will be emailing you. You want to know you know your little right, right, So I don't worry about your credit in times like this unless you're you gotta buy a house soon or

car soon during pandemic. You're not right, So I would not worry about that. Instead, worry about your health and safety bills. Everyone else can wait. And if you find that the people that you're forcing to wait start harassing you via the phone because they are apt to do. I have been harassed many a time via the phone. They will call you your mama and your cousin man. Right, So I went right down the staples in my last little seventy cents, and that's the cease and desist letter,

which is free online. Get the temp list and desist for literally. I googled. It was like, dear beep, please stop calling me at these numbers, email me and you may mail me. You are just because you owe someone, it doesn't give them the right to harass. You give

them the right. These you know, these are the people need to hear because for your mental health, you need to understand how to get people to stop harassing you, number one, and to understand to prioritize your physical health so you can actually get back to work when the pandemic is done. Health and pinances are like people are not prioritizing what's important. They're worried about their credit score. They're worried about what people might say if I have

to call and ask for help. So they're spreading themselves in and stressing out trying to do things and the tricking up all your money. I'm telling I wish I would have told, you know, twenty nine year old Tippany at the time, like YO, leave them money. You're like they can't wait like that, the bank can wait. The worst they're gonna do is they're gonna bring your credit score down. And guess what five years a girl, you got me back and better than ever and now like right,

tell me where were you and and why? I was like sure, where was that thing? I was trying to pay off, the spending money, not having no cash, trying to keeping the credit score up, knowing that we still ain't gonna have the capital or buying nothing or put down down payment on the house. So it was like I will say this, Yeah, So the point a credit score, if there's one thing you could sacrifice, If there's one thing you could say you know what you could go

it is your credit score. Because of all the things, all the money things, the debt that's saving is the budget of all the money things. Credit score is the easiest to manipulate up. So like, if there's a list of things to worry about, oh my god, my blood, and my dad, my credit score should be at the bottom because there's so many tips and tricks to raising your credit score. I'm not worrying my credit score dropped to a six hundred. I would say, okay, because that's

what Give me six months, give me a year. I'll be right back at the least of your worries, unless you are trying to buy a house right now, which if you are in financial turmoil, I don't know you why right exactly exactly Before we move on to the listener, I had one question for you, Tiffany. I grew up in a household where like my mom, my grandmother, they were a part of um. I'm not sure if it's something similar. You guys have susu a pardner, so you know it's like, oh, yeah, mom, can I get such

and such? Yeah, wait till my partner draw, Like you know, that was the thing you know, so I've seen that there are some things popping up now, like the savings flowers and things like that, and it sounds kind of similar, but it also kind of seems a little pyramid schemish to me and I we heard of one recently where it's like you put a certain amount of money in and then you as you bring people in, you get more. So it's almost like a susue partner slash pyramid scheme.

I'm not sure how to dissect it, but are these things legitimate and do they work in a time like this? And if not, what can people do instead if they're looking to kind of help each other out with a saving system. So as a chip of immigrants, I'm so pissed when they call that stuff su sue partner. It's not what my mom and your mom and all the other immigrant parents that we know we're doing was legit.

It was a group of people because I bet she was with your auntie, all of them because Auntie Sue, AUNTI Sue didn't have her money that was going to her. My grandmother even had one of her job, Like on her job, it was like a couple of her coworkers. It's like okay, And if somebody was like a couple of hours late with the drop or to pick off, it was like because he was not everyone in it. So susos are different because susu you're not actually making money.

You're passing the same amount of money around. So you if a suzu round is finished, meaning like the five people eventually get money, the same money that you put in is the same one you will that you get out. It's just it's just it's a savings It's just like I put my money in five months from now, I

see my full money back. So susu is a great way, especially for for for black and brown folks and immigrant folks to have a way to save and to have access to capital to do things when they likely would not from the bank. So susus are told interest and all that extra stuff exactly exactly. So the key to a susu is, you know, it's a legit susu. What it's the same group of people. You don't have to

add new people to get to make money. The moment, yes, the moment that everyone has to continuously add folks to get paid. You know, now you're in the pyramid scheme regardless of what they call it, right, But I have to add random folks because you have to ask yourself that I had a friend who did it. She said, Oh, I put in you know, two thousand. I was, I got that ten and she's like, oh, tip is legit. I said, it's a scam, girl, She said, how's the scam?

I got paid? I said, hello, people get a scam because we wouldn't scale, you know, like like someone's gonna snatch your purse and they're gonna get off. You know, they're like, so asked her. I said, if you put in two thousand and you got that ten, where the eight thousand comes from? Up in the business with that magical it come from? You know that naturally it came from. It came from four other people, fools that ain't gonna get their money. I said, you just came up just

and so that's that's the thing. Like you have to continuously add new people, adding people, add new people. Eventually there's going to be there's a threshold where there's not enough people who are willing to fall for it anymore, and that's when the falls and the early people got paid. But you never know what you don't know if you're early, you don't know if you're late. But the late people,

they never know that they're late ones. They're the ones that lose their two thousand, their two hundred or whatever dollars. So I tell people, yes, you can get lucky and maybe get one round off, you know, but is it worth it if you've already type for cash, you want to throw away two hundred dollars for hopeful I get get my money? Now? They away from those, Yeah, from those like if you have to. Like I said, it's so if you have a definite circle, it's the five

of us, it's the ten of us. Now we're gonna start this super that's okay, but it's the ten of us, and every every person has to bring in tent and those ten have to bring intent. And now now we're talking about eventually somebody gonna get ripped off right right right exactly. It'll be your your mama too, that you bring me in and she didn't put her money in and then it falls apart. She's looking at you like these people people don't try to im pyramid schemes. Seemed

like it's an immigrant thing. Bernie made off ran the pyramid scheme all Yeah, it was Rob Peter to pay Pole and he continued to get millions of dollars from people and then pay the people that he brought in first talk about made them think they were making money, and they just bringing more people until it was passing them right. Ultimately, Yeah, that would have been would have stiff to sniff them out. Like wait a second, you can tell you to ask me when it came out.

It came out though, that seems scheme came out when when the stimulus checks came out. If you notice people are the original scammart is the one who plants the seed. They're like they with doing refund time. Yes, they did it doing stimulus check time because they know people have cool and beyond the dust off, the blessing loom and then is the blessing low I said, the devil is a lion. I'm gonna put that as one of my

things avoid scams. When when when you get into tons of economic strife, that's when most of the biggest scam artists come out. Like you said, so people make a little bit of money from a stimulus check or a tax returning, like I gotta make some extra money, let me give it to this savory, this unsavory fellow over there with the slip back here. He said he can quadroople my money in two days. Avoid scams. I gotta

nowhere exactly. Feliks a bit smarmy to me. All right, Before we're moving to Tiffany, I just really want to touch quickly on any services that you offer, any special services, you know, let people know, of course, anything that you're doing during COVID to help any programs you may have, anything online, any courses where can people find you to educate themselves if they're looking for particular things with finance. Yes, no, absolutely,

thank you. So I am the budget LISTA at the budget lista dot com and just the budget needsta on Instagram, Facebook, YouTube, Twitter, everywhere.

Um but I do have an online school called the Live Richer Academy and specifically for women, although we do have some gods who are like, I don't give there this money, right and so so we have all these amazing experts that come in and teach typically a weekly class on everything from negotiating to buying real estate to wholesale, to starting a business, to starting a nonprofit to I mean literally we just had someone who came on. She makes money doing voiceovers and so she came to teach

us how to do that. So every week we have these amazing experts come in who are experts in their field, teach these awesome classes about how they do what they do and how you can't too, and then you get to join this awesome group. Um right now it's on it's our private Facebook group. There's about forty thousand, if not more, members of the Literature Academy. So, because I believe that we work best in community. So there's three things that you need for success. Knowledge, which the Academy

provides because when you know better, you do better. Access. You get access through folks. So I bring people who normally charge to three dollars to basically donate their time, and as a result, you get access to people who you know you might not otherwise be able to afford in their community. Right, you want to have accountability people who are going to encourage and keep you going. So if you're interested and join the Literature Academy, I've got

a forty percent off link. You can go to Literature Academy dot com to learn more, but don't sign up there because it's full price there. So The forty percent off link is join l r A dot com. That's j O I n l r A for Living Richer Academy dot com and join our forty thousand members and you know, learn to take your life and finances to the next level. There you go, I mean, because think about it ten years ago, sys te Tiffany, you know what built this eight figure business? Not crazy from school

teacher that now, because that's what I said. Let me tell you that I was just I just did alive last night, like how did I go from here to here? And you know what it was? Guidance. It's you need mentor Coors. And so that's why that's why it's in the academy on purpose that I'm not the only teacher. I barely teach on purpose because I said, who helped

me get here? Oh Sandy, who helped me get so I literally brought my guides with me to teach these classes because I'm like, how did I get to seven figures when I I lost my house, my condo and I old two twenty on it. I had a credit card debt of thirty five thousand, student loan debt fifty I owed almost three hundred thousand dollars in debt. How do you get there from ten years ago to a seven figure net worth now in an eight figure a year company? How with no debt? I don't have no debt.

I'm I'm debt free like my four year old nephew Roman, Like I have two homes, no mortgage. My husband has a car of a car, no cardinal how and it's two guidance And I put that into the young into the academy, I mean, and y'all have a I have a podcast to me and my friend Mandy called Brown Ambitions. Yes, so we talk about being black and brown women and how do you manage your finances during times like this especially but in your black and brown skins. Well, that's

a financial tribe. That's ultimately why it was so important to to have you on and to continuously because of access Number one. I feel blessed that I know who you are, Tiffany, because now that I'm making money, and even when I was making a little bit of money, I could learn from someone how to make my little

bit a lot. Because people think that you have to have a lot in order to make you know, you can have a little bit and build to ultimately live in abundance and we have to build from scratch because we were not afforded the luxuries of having anything passed on trust and you know, uh. And also, you don't have to have a super special talent dribble of basketball, dance, uh, sing wrap act. You don't have to have a special talent in order to live in abundance and be able

to create wealth for your family. You're an example of that, definitely. I don't know how. I don't think you even know how much I appreciate you always coming up, always being always ready for us. I'm like, tif, you tired, and because we're back, No, I love it because to me, the more people I want our people to hear this message, I want them to know that you literally have everything

you need and you to succeed. That is the voice that I heard inside me when I lost everything and I was like, yo, I don't even know what to do. It was Tiffany, you have everything inside you you need to succeed. I am good at one thing, and that's teaching. And I was able to take that and to flip it and flip it again and monetize it and flip it to your point of You don't have to know how to dribble a ball singer. Everyone is good at

something that is your bank account. You can tap into that bank pool and withdraw money and then reinvest there. Make those deposits, baby, They're important. And I will tell you, Tiffany, since the first time we spoke, remember my theory was budgets for me to be broken. You don't longer. No longer do I feel that way? Ye talk about it. No, I'll give you, would give you your props. I'll definitely. She has definitely been a lot more cognizant of the

money coming in, how it goes out. We've created multiple you know, I listened to you. We've created multiple fastest for income but also outcome. You know. So we have different we have different um we have different accounts. We

have to diversify. You know. She puts certain money away immediately that she's not going to such a look at me like yeah, because I'm telling you at the end of the day, like you want to really be able to like ball for real, you know, but you want to be able to say, like yo, when I get a thing, I get a thing. Yes, you know, I don't have to I want to be able to like, if I want to get my mom diamond earrings, I'm like,

it's nothing, they got it. I'm not swiping my card or if I am, I know it's because I'm putting the money right back, you know. So like I don't want to just look wealthy. I want to be wealthy. YEA yeah, I love that. Well, we are going to take a little break and move into our listener letter of the day, but we'll do that after we get

into some ants. So stick around, and now it's time for my favorite part of the show because I love to hear from y'all listener letters and I'm nosy, low key, I don't want to know, like what y'all going through? What can I help? Can I be an assistance? Can I give my two cents? There you go, it's making a sense and money. Um. You know, we have Tiffany still on. She's gonna talk to us with these listen letters.

Give her two cents as well. Um, But before we do that, we wanted to do really quickly, maybe like two or three takeaways Tiffany um of people who are now in this position where they're trying to rebuild. Um, and I just lost my question about what was my question? No? Well, I mean, first of all, I was supposed to ask. You were supposed to ask a question, my bad, questions bad. That's why I wasn't even because I wasn't supposed to

ask that. Your scammer, you'll be trying to steal questions questions, Yes, that's questions, my bad, my bad. I was like, that was not my question. I got a different question ahead. The biggest thing that I think people want to know from Tiffany is you lost your job in the pandemic. You don't know what your savings looks like because you wasn't prepared. How do you begin to rebuild? Okay, right, that's the beginning. How do you begin to rebuild during

this time? But one you first begin by hunkering down and get rid of non essential expenses like I mentioned before. Then too, you have to look for ways to make income. Is it that you're going to start looking for jobs? Like? Honestly? Facebook groups on my babe, Like a lot of times when I'm looking to hire someone, I will jump into um small business groups and I will jump in and say, hey, I'm looking for So if you join like a Facebook

group with small business owners and entrepreneurs. It's a great space because so many times entrepreneurs are looking for digital folks. I'm looking for, um, a bookkeeper, I'm looking for an admin. I'm looking for so look to see what immediate ways can you start making money, especially digitally. My sister super smart engineer. But she's like, girl, I'll have no job right now. So what she did was she was like, you know what, I can be a consultant. Instantly register

her business as an LLC. And now it's looking she is a black woman, I think, like what minority owned business, you know, and a small business? Right, So registered is that? And she found a contract for school that was looking for some sort of classes, types of classes to be taught. She's not a teacher. But what she did was then she went online found a curriculum that she could purchase. It was like, okay, hold up on that. And she found a young woman who's a teacher who said I'll

teach it. So now she's writing the contract for a couple of you know, a couple of six figures, and it's gonna pay, Yes, it's gonna pay two thousand dollars for this for this um as soon as if she gets it, then she would pay two thousand dollars for the for the curriculum, right, and then she would likely pay that the young teacher maybe say like fifty thousand or who wouldn't want that, and then she could protect you keep on fifty for herself. But do you see

how you have to you have to pivot now? How can I make money? What are things that I'm good at that I can then monetize? You know right now? You know, maybe it's tutoring. You know, you you went to school, You're an engineer, You're you were really good at math. People need two of these babies at home, don't know, they're not learning nothing to leave right now, you need to be racking your brain of how you

can bring income into your house. And then once that happens, you know, so you're you're getting rid of the excess, figuring out how you can bring income into your house, and then stacking as much of it as possible. So those are the three things that I would be focused on right now. If I lost everything during during the pandemic and I was trying to regain my footing, I wrote all of those down. I'm going to reiterate those

on my moment of truth. But I got you, so we got number one, get rid of non essential expenses. Number two, look for digital ways to make money, and number three save as much as possible. That's how you can start getting back on your feet. Ladies and gentlemen.

You have to listen to these steps, whether you are making money or not making money, because even if you're making money, you can make more money by doing these three things right here and listen, y'all ain't going nowhere right now, or we shouldn't be, at least so spending the money that you would have on that outing or on that outfit or on the here style or whatever it was that you would have had to do because you were out there being entertained or entertaining people like

now the time we're all at home. That's let's trying to make sure that we're just saving some money in the process. You know, we won't hem you up no longer than we had you know, as much as we love to keep you around and keep key and whatnot. Well, let you go, um so again, remember to find tiffany Alice the budget Nesta on all platforms right pretty much for the most part, awesome sounds appreciate you all right,

thank you. If you'd like to be featured on dead As podcast as one of our listener letters, be sure to email us at dead ass Advice at gmail dot com. Spell it out for developer D A S S A, D V I C E dot com. I'm righty baby, moment of truths of truth time, This is my moment of truth. Okay. Um. During times of economic crisis is when the majority of the economic juggernauts you see today have been built. So let's be prepared as a people

to capitalize on what's happening right now. Don't capitalize on the pain, because it's a lot of pain for people during this pandemic. But what we can do as a PEP is capitalized on these opportunities. Number One, pay yourself first. Your savings plan of your growth is ideal. Is that realistic for everybody? No, but it's ideal. Number Two, understand

that your credit scores can be easily manipulated. With that being said, do not lose any sleep over not paying a bill on time that is not going to directly affect your health, your safety, and your wellness, especially your mental health, because these bill collectors will have you going crazy thinking that your whole life will come to an end if you do not pay them on time, when the truth of the matter is you can pay them

when you're ready. Listen to what Tiffany said, get a cease and desist order so they stopped calling you and your family. Number three, use group economics. People call them sus suits. What use group economics If you need a large sum of money, get within the people in your group that you trust, the allop a susu where everyone pays into the susu. And if you need the lumps on the money at a certain time, you know that your take happens on a certain day, so you can

get something paid. For example, if you have a child in college and you have to get that tuition paid on time. There are certain ways you can use group economics amongst the people around you so you don't have to borrow money from the bank, exactly, cutting out that middleman. There's no interest when you use book economics. There's no interests. You don't have to pay more than what you and do it with people you trust to the exactly number four moments moment. This is this is important. This is

no I mean go ahead. But I love it because before we already said prioritize your health, because if you if you don't put your health first, when things do start to get on the upswing and you're not healthy, you can't perform. You can't even get a job because you're not healthy. So you must prioritize your health. That that ultimately goes with you know, knowing that your credit score could be manipulated. So not stressing over bullshit. But lastly,

number five, avoid scams. There are a lot of people out here right now being scammed because they pray on the fact that people don't have jobs. So when you get your stimulus check or you get a little bit of extra money, don't look for the quick fix. Most of the times when you're emotional and you look for the quick fix, when people can take advantage. It's true. So understand these are the things you can do to get out of this rut that went right now, this

economic rut um. Like Tiffany said, her three points was get rid of non essential expenses, look for digital ways to make money, and to save as much as possible. Please, I hope you had a pen on the paper and you wrote all of these things down and we can come out of this way better than we came in. Absolutely, And you know what, It's funny, your long moments of truth led me to my moment of truth, which was thank you. It's the perfect segue. We act like we

did this before. Like you know, we're bouncing back and forth. You be trying to con swag wasn't good. But anyway, I would like to leave you all with this one question, and this is something that Tiffany started with. We know that the recession will probabill happen in another decade. We don't know how it's gonna happen, but it's gonna happen. Where will it meet? You? Ask yourself that where will it meet you? Because it's gonna happen. History has shown

that it happens. So when it happens again, where will it meet you? Use this opportunity to cultivate, to do your research, to build your financial tribe of people who

are assisting you in whatever way. And they may not be assisting you by giving you money, but they have a certain area of expertise within this whole financial realm that they can assist with build your financial tribe and figure out and know where you want this next recession to meet you, hopefully with more money in your budget than the noodle budget, the Roman noodle budget, the ramanlestening

to that moment and truth. Oh thank you baby, I mean listen so anyway, be sure to follow us on social media please uh dead asked the podcast where you can you know, comment and share and let everybody know what's going on Instagram um and of course Cadine I am and I am devout And if you're listening when

Apple podcasts, be shure to rate, review, and subscribe. Dead Ass Baby, dead Ass is a production of I Heart Media podcast Network and is produced by nor Opinion and Triple Follow the podcast on social media at dead as the Podcast and never miss a Thing