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#FinancialLiteracy Financial Professional Annalisa Mungcal
236 Plays3 years ago
Financial Literacy with Annalisa Mungcal.
We Spoke On...
- Indexed Universal Life Ins
- Mutual Funds
- Roth IRAS
- 401k
- Estate Planning
Follow her @Annalisa.Mungcal
Recommended
Transcript
Introduction to Financial Fridays
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Oh, and we're back again.
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Bigger Talks, Bigger Talks, IG Live edition.
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Financial Fridays.
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I think it's going to be a new topic.
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I think financial literacy is very, very important, people.
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We can talk about followers, talk about fame.
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You can talk about being liked and loved, but we have to normalize a conversation with
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around our financial matters and about money, as well as our mental health, because our emotional EQ, emotional intelligence is usually affected by our money and our mind.
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But I have a special guest today, Annalisa Moncal.
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She's a friend of mine.
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She's very intellectually sound in the financial sector.
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She's a financial advisor.
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And she actually helped me set up
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some retirement accounts a few years ago, and she's given me so much information, books, and knowledge on financial literacy.
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So she's going to come on, I'm going to introduce her, and we're going to talk about money, you know, and investing, saving, and all these beautiful things.
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So thank you for joining us, and it's going to be special.
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One second.
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Let's see.
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I'm going to invite her.
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Let's see.
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One second.
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Hey!
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How are you?
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I'm phenomenal.
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Happy Friday.
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Happy Friday.
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Thank you for joining me on Bigger Talks.
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Thank you for having me.
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Can you hear me okay?
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Yeah, everything's good.
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We're great.
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Why sucks up here, but it's all right.
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We prayed about this.
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Okay, good, good, good.
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You know, everyone, you know, watching and listening, this is Annalisa.
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She's amazing financial advisor and expert.
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So before we get started, can you kind of give the people a little bit about what you do and what field of expertise from the financial
Transition from Wealth Management to Middle America
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space that you're in?
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Yes.
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Yes.
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So basically what I do is I do retirement planning and investment planning and business planning.
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So it's either with individuals or maybe, you know, companies and the beauty about my business now or my company, I should say.
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So I was a financial advisor for a wealth management company.
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for 12 years, right out of college, right out of business school.
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And at that firm, I could only help the wealthy.
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Oh.
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Yeah.
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So you had to have 2 million to invest with me.
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So there's companies that are intentionally out there just to help the wealthy.
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Yeah.
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So they're money management companies.
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That's what we did.
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We had a minimum of 2 million.
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And now I can help middle America.
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So basically I don't have a minimum.
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So it's more rewarding.
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I love it.
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I've been here for about seven years now.
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So that's why I'm here.
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And it's based on financial literacy.
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It's basically getting people educated and sharing information that's out there that I really didn't even know.
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I didn't even know it coming from the finance background.
Why isn't financial literacy prioritized in education?
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So, yes.
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You know, from a natural perspective, why do you think financial literacy...
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in a general space, why is it not a number one thing we educate people on in schools or a number one thing that we talk about as friends, acquaintance, family members?
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Why is that not like, why is it such a touchy or taboo subject for some of us?
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You know, it starts with mindset.
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It starts with mindset, how you grew up.
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You know, there's those phrases, money doesn't grow on trees.
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Money is the root of all evil.
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First, you have to work on your mindset.
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So a lot of people, what is your relationship with money, you know?
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And money,
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money is greedy, you know, you know, like things like that, you have to kind of ask yourself, what is my relationship with money, you know, and also it's not in a lot of schools, you know, I don't have the sticks in front of me.
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But we need financial literacy in high schools, I think, because the minute you get to college, you're getting credit card companies reaching out to you, then you're going to be in debt, people don't know about this, you know, a lot of parents don't speak to their kids about money.
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So there's a lot going on there, you know, and.
10-Week Savings Challenge
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It's important because so, you know, two weeks ago I ended my savings challenge that I was pushing out for 10 weeks.
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I'm going to save $25 every week.
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So you're going to end up with $250.
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Right.
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So $250 is not a lot of money, but this is the thing when I'm trying to get people to understand.
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Everybody wants the big bucks, right?
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But we have to learn.
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get to build a habit to understand how to have a better rapport and relationship with money.
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So, and I think what happens is people, they don't have no structure around money.
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They may have structure around work.
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They may have structure around their outfit, how they get dressed.
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They might have structure around their social media accounts, but we don't have structure around money.
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So say for instance, right, I have somebody say for instance myself,
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say $250 and now I'm like okay what do I do with this money or what could I do with this money to get some type of return on the saving because you know there's only $250 but I want to make some money off my money what is the first thing a person should think about if they have some money saved and they want to put it to use what should be the first rule of mind okay so when you say put it to use yeah what do you mean by that
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Like I want I want to invest my money in it with the intentions of potentially making some money off of it can be 5%, 10%, 20%.
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I just want to have a vehicle that if I save this money, or maybe or maybe I should put it into a fund account and just save it for
How to Outperform Inflation with Investments
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the year.
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I don't know.
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I'm just trying to give people information about because there's a lot of people who save money, but it just sits in a bank account.
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Exactly.
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It's not really making no interest.
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So from your side, what show a person, a middle American, young guy, he's 25, you know, he makes $18 an hour.
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He has a little bit of money.
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He just want to put it to use.
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What should he do?
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Got it.
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So one thing you have to think about is, so if you're saying a young guy, right?
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We want to make our money grow for us, right?
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We want our money to work for us.
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So what does that mean?
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One, we have to outpace inflation.
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So right now, inflation is, from the last time I saw, it's almost 7%.
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Right?
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It's at a high.
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It's crazy right now.
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Look at gas prices.
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Look at everything that you used to buy.
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It's gone up.
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Everything has gone up.
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Even, I don't know, like groceries, everything.
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Everything has gone up.
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Gym memberships.
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I was just at a gym.
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I was like, oh my God, it's that much now?
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um so it's inflation that's what you want to do you want to outpace inflation so what does that mean that means you have to put it in an account that's going to outpace so that means you're going to have to get a rate of return that's at least six to seven percent to outpace it okay right right so is that the bank no generally yeah
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Hold on.
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Hold on.
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Hold on.
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Hold on.
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It's not the bank.
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But we think we should put our money in the bank.
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Why shouldn't we put our money in the bank?
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Okay, why?
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Why do you put your money in the bank?
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Because it's safe, right?
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Okay.
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It's safe.
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That's the number one
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rule of thumb is it's safe.
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And that's what people mostly know.
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They don't know about other things.
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So it's really just they don't know.
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They don't know.
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They haven't sat down with a financial planner or a professional.
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And a lot of people don't do that because they think it costs money.
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Right.
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But there are financial professionals like me, anyone in my company, we don't charge.
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Yeah.
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Oh,
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My old firm, we did, you know, so it's just seeking information and we do financial literacy classes.
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So, you know, you just have to kind of get out there and, you know, I'll share my information later, but it is just because people don't know.
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I mean, the bank is,
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Hey, I have money in the bank.
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I'm not saying don't bank because the bank is it's liquid.
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You need money.
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If you need money right away, you put in the bank.
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Right.
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And you need an emergency fund at the bank.
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So any other investment is not going to be liquid.
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A lot of them are.
Importance of Emergency Funds
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But if you have access to the you know, you have to have maybe six to six.
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I recommend six months at least of savings for an emergency fund.
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Okay, six months of savings for emergency fund.
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At least.
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At least.
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It depends on your, everyone is different.
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So six to 12 months, you know, I mean, look, the pandemic happened and a lot of people were unable to work, you know, so were you saved up for that, you know, so things happen.
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Yeah.
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Absolutely.
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So, you know, take it back to the bank.
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So you said, yeah, we all have our money in some type of bank.
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But outside of the bank, if I have some some liquid, some cash that I want to kind of invest somewhere.
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Money that even it's secure or I know I can get some type of return on it.
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Right.
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Okay.
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So great question.
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If you're young, I mean, I assess this.
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I say, what's your risk tolerance?
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One, like, are you comfortable losing money?
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Because a lot of investments are high risk, right?
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So you have your stocks, you have now crypto, you have EFTs.
Understanding Index Accounts
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Those are high risk.
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Those are gambles because you don't have guarantees on that.
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Then you have index accounts, which you do have guarantees on.
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right so index accounts could be through a life insurance policy it could be through an annuity um but there are stipulations there are you know there are certain things that you have to qualify for right but what is the index account because
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At least where I was raised in words, you know, frightens some people because they don't understand the terminology.
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Right.
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Well, like we know the stock market where you can invest in stocks and stuff on a S&P 5,500, I believe.
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But what is a...
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What is this?
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Speaker
What is an index?
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Speaker
Okay, so an index fund.
00:11:05
Speaker
So I helped you with an index fund, right?
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Okay.
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Speaker
It can be through maybe a life insurance policy.
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It's called an index universal life.
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Right.
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Speaker
What I got, right?
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You got that.
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It's a permanent life insurance policy, but it's also, there's two parts of it.
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There's almost like a savings plan in there that can grow.
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Speaker
And it's guaranteed, I mean, there's no loss.
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There won't be any loss for you.
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It mirrors the market.
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versus it plays in the market, right?
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So it's just mirroring the market.
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And what I mean by that is that there's a floor.
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So there's a floor, meaning you're not going to lose any money.
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And then there's a cap rate, meaning if the market goes up maybe 30%, you're capped at maybe 15%.
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So yeah, that's what an index account looks like.
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So that's if someone doesn't want any risk.
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Speaker
Okay, so that's more like a neutral conservative?
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Like, that's more like no risk.
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Yeah, you're conservative with your money.
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You don't want any loss.
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You don't want any loss.
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Speaker
And it's also life insurance.
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It's also great because you have that life insurance aspect of it as well.
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And a lot of people, you know, we can get into this, you know, like at another time with more details on life insurance.
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But life insurance can act as a supplemental retirement fund as well.
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Well, let's talk about it now because that's what I have with you.
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Speaker
So let's unpack that.
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So to the people listening, so what about a life insurance policy that you can add supplement income?
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Speaker
Can you break that down so people understand?
00:12:42
Speaker
Yes.
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Speaker
So a lot of people think life insurance is just if I die, I'm going to get money, right?
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Not the case.
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That's called term insurance.
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That's called term life insurance.
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There is a expiration date.
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Speaker
So think of it as car insurance, right?
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Speaker
It only is going to come into play for you if something happens, if you get in an accident.
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Speaker
So with term insurance, it's only going to pay out if you die, right?
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Speaker
Right.
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Speaker
Okay.
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Speaker
So that's term insurance.
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Speaker
That's term.
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Speaker
And there's a term.
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Speaker
So it's either 10 years, 20 years, 25 to 30.
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Speaker
Right.
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Speaker
Most people do term.
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Speaker
I'll say that.
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Speaker
Okay.
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Speaker
A lot of people don't know about the other options and term is the, you know, when people think of life insurance, they think of that.
00:13:31
Speaker
But the problem with that is, or I should say, you know, an issue can come up is that you get it.
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Speaker
Let's say you're, you know, how old are you, Eric? 34.
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Speaker
34, right?
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Speaker
You do 30 years at the most.
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Speaker
At 64, you're not going to have any life insurance, right?
00:13:49
Speaker
Right.
00:13:49
Speaker
So it expired and you paid all that money into a life insurance policy and you don't, and you outlived it.
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Speaker
And you outlived it.
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Speaker
Right?
00:13:59
Speaker
Wow.
00:14:00
Speaker
So from the last time I, I checked statistics show that only 2% of term life insurance policies get paid out because most people outlive their insurance.
00:14:14
Speaker
Hmm.
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Speaker
Okay.
00:14:15
Speaker
So you spent all that money and then you don't get nothing out of it.
00:14:18
Speaker
And it could have been like, let's say it was cheap.
00:14:20
Speaker
It was like $20, $50 a month, but still 50 times, 12 times, you know, how many years?
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Speaker
Yes.
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Speaker
Money.
00:14:27
Speaker
Yeah.
00:14:30
Speaker
So then there's whole life insurance, there's index universal life insurance.
00:14:36
Speaker
So let's talk about index universal life because that's what you have.
00:14:39
Speaker
So index universal life is kind of like a hybrid, right?
00:14:45
Speaker
So it has the permanent or the death benefit.
00:14:49
Speaker
So that's what your, whoever your family is gonna get when something happens.
00:14:55
Speaker
Yeah.
00:14:56
Speaker
and a savings plan it can be so it's like two buckets right so depending on your age depending on your health you know there's so many factors in it the underwriting goes through um you're going to your premium is going to go some of it's going to go into the cost of insurance and the other is going to go into that other bucket that savings bucket and in that that's
00:15:20
Speaker
basically your cash, right?
00:15:21
Speaker
So that's like, it's called, you know, eventually, you're gonna have cash value, it's gonna grow in the market, but it's gonna mirror the market, like I said, because it's an indexed account.
00:15:32
Speaker
And you're going to be able to save money in there at a certain rate of return, right?
00:15:39
Speaker
And it's gonna depend on the market, but it's not
00:15:43
Speaker
invested in the market, if that makes sense.
00:15:45
Speaker
So say, for instance, because this year, you know, the market is a little off.
00:15:49
Speaker
Let's say we have a good year, right?
00:15:50
Speaker
The market was great in 2020, right?
00:15:53
Speaker
Right.
00:15:54
Speaker
You say it does well in.
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Speaker
Right.
00:16:00
Speaker
And so how much more can I make off if we if the market does well?
00:16:04
Speaker
Is it like six percent, seven percent?
00:16:07
Speaker
So it averages out.
00:16:08
Speaker
So every year it's so keep in mind, it's a long term plan.
00:16:12
Speaker
Yeah, it's a long term plan.
00:16:14
Speaker
You're not going to get you're not going to make money next year.
00:16:17
Speaker
Right.
00:16:17
Speaker
So you want to leave it in there for like at least 10 to 15 years if you're going to access that money.
00:16:24
Speaker
So through the years, it's going to average out.
00:16:27
Speaker
So 2020 was a great year.
00:16:29
Speaker
This year hasn't been great.
00:16:31
Speaker
It's going to like an average.
00:16:34
Speaker
But either or, I'm not going to lose no money that I'm giving to the market if it goes low, is what you're saying.
00:16:41
Speaker
Like, I'm not going to lose all my money.
00:16:43
Speaker
You're always going to have that floor that I spoke about.
00:16:46
Speaker
So even if the market crashes, you're going to still have what you have in there.
00:16:52
Speaker
Got it.
00:16:52
Speaker
Yeah.
00:16:53
Speaker
Okay.
00:16:53
Speaker
So that's the market goes up 50% though.
00:16:57
Speaker
So this is what the cap rate is.
00:16:59
Speaker
If it goes up 50%, you're not going to capture 50.
00:17:01
Speaker
You're going to capture the cap rate, whatever that plan is.
00:17:03
Speaker
Like everything's different.
00:17:05
Speaker
You know, every plan is different.
00:17:06
Speaker
So whatever you say your cap rate is within your plan of your universal life.
00:17:11
Speaker
There's a limit to what you can capture.
00:17:13
Speaker
So you can't capture the whole 30.
00:17:16
Speaker
You're going to maybe get 15.
00:17:18
Speaker
Okay.
00:17:19
Speaker
Okay.
What are the qualifications for universal life insurance?
00:17:21
Speaker
But on an average, you're going to get more than what you might get at a bank.
00:17:24
Speaker
You know, I mean, definitely.
00:17:25
Speaker
Yeah.
00:17:26
Speaker
Yeah.
00:17:27
Speaker
Because right now it's like point zero going to make 30 cents.
00:17:31
Speaker
That's Chase every month, you know, on your money.
00:17:34
Speaker
So, yeah.
00:17:36
Speaker
That makes sense.
00:17:37
Speaker
So basically you're saying, do you recommend that everybody should have universal life insurance?
00:17:43
Speaker
Do you think it's a much higher index universal life?
00:17:46
Speaker
So they're, you know, not everyone can qualify.
00:17:49
Speaker
Okay, so what's the qualifications?
00:17:51
Speaker
Health.
00:17:52
Speaker
Health is number one because it's a life insurance policy, right?
00:17:55
Speaker
You're a healthy guy.
00:17:57
Speaker
You're qualified.
00:17:58
Speaker
Or certain health issues, maybe age.
00:18:02
Speaker
Not everyone.
00:18:03
Speaker
I mean, if you're older, your health is more at risk, right?
00:18:07
Speaker
What else?
00:18:09
Speaker
Income, you have to be able to afford it.
00:18:11
Speaker
Yes.
00:18:12
Speaker
So that's another... What's the minimum to get into that?
00:18:16
Speaker
Sorry, you cut out a little bit.
00:18:19
Speaker
you froze so what i'm sorry i said what's the what's the income you need to generate to kind of like at the least to kind of be a part of the discussion to even invest your money it varies i mean if you're young you can get something for 50 a month you know if you're really young because if you're older your health is you know your mortality is is different so you're or you're
00:18:43
Speaker
to be more expensive.
00:18:45
Speaker
I should say your cost of insurance is more expensive as every year goes by.
00:18:49
Speaker
So a lot of people, you know, I encourage when you have a newborn baby to get them because and it's a lot of people can't wrap their brain around having life insurance on their child but it's a savings plan.
00:19:01
Speaker
By the time they're 18 they could have
00:19:03
Speaker
you know depending on how they fund the account it could be fifty thousand dollars and this is the best thing about it is it's tax free it grows free yeah yeah tax shelter because it's under the tax code of a life insurance policy so it's a 7702 irs code got it yeah
00:19:27
Speaker
So basically, everyone has, you say everyone has whole life insurance, right?
00:19:32
Speaker
What do you mean by everyone?
00:19:34
Speaker
I'm talking about saying, you said when you get life insurance, the number one insurance that you use.
00:19:38
Speaker
Term.
00:19:39
Speaker
Term.
00:19:39
Speaker
A lot of people have term.
00:19:40
Speaker
Everybody has term.
00:19:41
Speaker
But the thing with term, it only, on the back end of it, usually 2% of people get paid out, right?
00:19:48
Speaker
You're saying?
00:19:48
Speaker
Well, a lot of people outlive it.
00:19:50
Speaker
They outlive their term.
00:19:52
Speaker
Right.
00:19:52
Speaker
Okay.
00:19:52
Speaker
So then they don't even get no benefits of the money they was invested.
00:19:55
Speaker
And they've already paid out all that money.
00:19:57
Speaker
They don't get it back.
00:19:58
Speaker
Just like car insurance.
00:19:59
Speaker
You only use it.
00:20:00
Speaker
You only get it or it's only beneficial when an accident happens.
00:20:04
Speaker
Right.
00:20:04
Speaker
Right.
00:20:05
Speaker
Like what else?
00:20:07
Speaker
Right.
00:20:07
Speaker
Right.
00:20:07
Speaker
So then, but universal life insurance, you can potentially make money if you qualify.
00:20:14
Speaker
Right.
00:20:15
Speaker
Well, you have to qualify for both.
00:20:17
Speaker
Okay.
00:20:17
Speaker
Even term.
00:20:20
Speaker
got to qualify for life insurance in general yes got it yes okay yes but so at what age should people think about universal life insurance so it's oh so there's there is universal but this is an index universal life i mean any like age really if you can qualify so it depends i mean even if even if you're in your 50s 60s you can it's just more expensive
00:20:44
Speaker
Yeah, because the thing I want people to kind of take in and listen to is like, where should I put my money?
00:20:52
Speaker
If I have $5,000 right now, right?
00:20:56
Speaker
I always had this idea.
00:20:59
Speaker
I do it every year.
00:21:00
Speaker
Like I save $100 a week, right?
00:21:02
Speaker
It's 52 weeks in a year.
00:21:03
Speaker
So I end up with $5,200, right?
00:21:04
Speaker
Right.
00:21:06
Speaker
not a lot of money but it's enough yes where where should I put this money like oh I want to go to stock market I want to go to crypto but this is all coming from what I think right not what I know right so I'm trying to understand from your perspective
00:21:23
Speaker
to make more money and I don't have to make it right now.
00:21:26
Speaker
I can make it 10 years from now.
00:21:27
Speaker
Right.
00:21:28
Speaker
So, right.
00:21:30
Speaker
So in your case, so everyone's different, obviously you want to diversify.
00:21:34
Speaker
That's like the key word.
00:21:35
Speaker
Everyone says you have to diversify.
00:21:37
Speaker
You have to fund maybe the short term.
00:21:40
Speaker
So I like to say you need a short term, midterm and longterm.
00:21:45
Speaker
fund, right, or plan, right?
00:21:47
Speaker
So short term is one to five years, midterm would be, you know, after that five to 10 years or five to seven years, and then 10 to 15 years is a long term plan, right?
00:22:01
Speaker
So that's a retirement plan, at least.
00:22:04
Speaker
You have fund each one,
00:22:08
Speaker
You want to fund the first one first because the emergency plan is probably the most important.
00:22:13
Speaker
You need to be able to, you know, have that fund already in place and then you have extra money to diversify into maybe five to seven is like a mutual fund, right?
00:22:23
Speaker
Yeah, okay.
00:22:24
Speaker
Five to seven is a mutual fund, okay.
00:22:26
Speaker
It could be like a mutual fund.
00:22:28
Speaker
Your money is still accessible, but it's going to grow.
00:22:32
Speaker
And it's not so risky as much as a stock, right?
00:22:37
Speaker
So do you, a mutual fund is a group of stocks.
00:22:40
Speaker
Okay.
00:22:41
Speaker
So, um,
00:22:44
Speaker
So you can have one stock might go down, one stock might go up.
00:22:49
Speaker
So then you get the average.
00:22:50
Speaker
So it's not as risky.
00:22:52
Speaker
Mutual funds.
00:22:53
Speaker
Yes.
00:22:54
Speaker
Mutual funds.
00:22:55
Speaker
And then and that's that's great if you don't have a lot of money, you know, to invest because you can maybe put one hundred dollars a month into a mutual fund.
00:23:05
Speaker
Oh, hold on.
00:23:06
Speaker
Y'all hear that?
00:23:07
Speaker
Yeah.
00:23:07
Speaker
I mean, you don't.
00:23:09
Speaker
Right.
00:23:09
Speaker
You don't even need.
00:23:10
Speaker
There's no minimum is what I'm saying.
00:23:13
Speaker
No.
00:23:13
Speaker
Yeah.
00:23:15
Speaker
Certain companies.
00:23:18
Speaker
have minimum so i should say that um and then you have five to ten or no sorry ten to whatever in a long-term plan and that's retirement that might be the index universal life policy that might be a 401k or you know that type of fun you know yeah you can't access it right now so it's locked up
00:23:41
Speaker
Got it.
00:23:42
Speaker
So let's move into like, so we know that the mutual fund is more like, that's what five to seven years you were saying?
00:23:49
Speaker
So that could be a goal of like, let's say you want to buy a house, you know, in the next near future, but not right away.
00:23:57
Speaker
Right.
00:23:57
Speaker
Okay.
00:23:58
Speaker
So mutual funds, I will invest my money in that.
00:24:00
Speaker
And then universal life insurance, right?
00:24:02
Speaker
It's more long term, correct?
00:24:03
Speaker
Yes.
00:24:04
Speaker
Got it.
00:24:05
Speaker
So the next question.
00:24:07
Speaker
It's a retirement plan.
00:24:08
Speaker
It's a retirement plan.
00:24:09
Speaker
So you want some type of mutual fund if you can, and you want a retirement plan.
Maximizing 401k Benefits
00:24:14
Speaker
Or you can do also variable to index annuities.
00:24:18
Speaker
There's so many other options.
00:24:22
Speaker
I just want to keep it simple for the people.
00:24:24
Speaker
I don't want to overwhelm them.
00:24:25
Speaker
I just want to give them stuff that they can like.
00:24:27
Speaker
So let's talk about 401ks because a lot of people have invested in that 401k from a job, corporation, company.
00:24:36
Speaker
I remember working at Abercrombie & Fitch and they were like back in my 401k 50% after a year working, you get the benefits.
00:24:47
Speaker
How do you maximize a 401k?
00:24:49
Speaker
Can you maximize a 401k?
00:24:51
Speaker
How does that work?
00:24:52
Speaker
You can.
00:24:53
Speaker
So it depends.
00:24:54
Speaker
A company will match you.
00:24:57
Speaker
Right?
00:24:58
Speaker
Yeah, a lot of people don't or a lot of companies don't.
00:25:00
Speaker
But let's just say they match you 3%.
00:25:03
Speaker
That's kind of like the general rule.
00:25:05
Speaker
So I would only do 3% because you're getting money on your return.
00:25:10
Speaker
So it's like 100% match, right?
00:25:12
Speaker
So you put 3% in, they're matching you.
00:25:14
Speaker
So that's, that's great.
00:25:16
Speaker
Yeah.
00:25:17
Speaker
Um, caveat would be,
00:25:19
Speaker
it's a retirement fund so you can't touch it till you're 59 and a half yeah okay or there's penalties you can but there's going to be penalties and then it's also tax deferred right you haven't paid taxes they're deferred you might have saved some on taxes but in the end when you start withdrawing it that's when it's taxed got it yeah i've been every four
00:25:44
Speaker
Text me, baby.
00:25:46
Speaker
Right.
00:25:46
Speaker
But it's the lump sum, right?
00:25:48
Speaker
So that's, it's like your nest egg.
00:25:51
Speaker
So you're going to get texts on the nest.
00:25:53
Speaker
So,
00:25:54
Speaker
you're probably going to save let's just hypothetically say 50 50 000 in taxes but when the lump sum is there let's just say it's like 500 000 now you're now being taxed on it so you're going to probably lose 300 000 depending on your tax bracket yeah jesus yes so uncle sam wants their money at the end right so they're going to take their money
00:26:19
Speaker
Yeah, so a lot of people don't know.
00:26:21
Speaker
And you know, honestly, I sit down with so many clients and they don't know how to 401k and quite honestly, I didn't either back in the day, you know, so to, you know, get it explained that way, you know, wouldn't you rather just save on taxes and maybe put your money into something that's beneficial and it has a tax shelter.
00:26:43
Speaker
So we kind of show that.
00:26:46
Speaker
Yeah, so we got universal life insurance, retirement.
00:26:49
Speaker
We got mutual funds for the short term.
00:26:52
Speaker
Yeah.
00:26:54
Speaker
We have 401ks that people, most people can relate to or understand.
00:26:58
Speaker
Right.
Roth IRAs and Their Benefits
00:26:59
Speaker
But can we talk about a Roth IRA and the benefits of having a Roth IRA?
00:27:04
Speaker
I have a Roth IRA.
00:27:05
Speaker
Okay.
00:27:05
Speaker
Okay.
00:27:07
Speaker
three years is to put 500 a month to go in.
00:27:11
Speaker
Because you only can, you only can, I think it's the max.
00:27:13
Speaker
6,000.
00:27:14
Speaker
6,000?
00:27:14
Speaker
Yeah, you only can put 6,000 a year.
00:27:17
Speaker
But what's the benefits of a Roth over a 401k?
00:27:21
Speaker
Well, not everyone can qualify for a Roth.
00:27:23
Speaker
Oh, that's qualifications for the Roth?
00:27:26
Speaker
No, not everyone can qualify for a Roth.
00:27:30
Speaker
I thought anyone can have a Roth, no?
00:27:31
Speaker
No, if you make too much money,
00:27:34
Speaker
You can't have a Roth.
00:27:35
Speaker
So there are rules to a Roth.
00:27:38
Speaker
A Roth's great if you can get it.
00:27:41
Speaker
You maximize it.
00:27:43
Speaker
It's $6,000 a month.
00:27:44
Speaker
There is that income.
00:27:46
Speaker
What, a year you mean?
00:27:47
Speaker
$6,000 a year?
00:27:47
Speaker
No, it's $6,000 a year.
00:27:49
Speaker
Or you can do $500 a month, right?
00:27:51
Speaker
Right, right, right.
00:27:53
Speaker
I would say do $500 a month.
00:27:55
Speaker
Right.
00:27:57
Speaker
Because then you...
00:27:58
Speaker
the benefit of dollar cost averaging.
00:28:01
Speaker
That's what it's called if you do it that way because then let's just say, because the Roth is in the market, right?
00:28:09
Speaker
So if you do $6,000 in one month or let's say in one payment, the next day the market crashes.
00:28:18
Speaker
Oh yeah, you told me that.
00:28:18
Speaker
You actually told me that.
00:28:19
Speaker
Yes.
00:28:20
Speaker
So it's better to fund it monthly.
00:28:22
Speaker
Yeah.
00:28:23
Speaker
Yes.
00:28:23
Speaker
I was like, what if I can put $5,000?
00:28:24
Speaker
He's like, oh no, no, you don't want to do that because we're going to go sales tomorrow.
00:28:28
Speaker
I didn't know that.
00:28:29
Speaker
I'm thinking, well, I got all this money.
00:28:31
Speaker
And it's interesting because I tell people, the reason I wanted people to do the challenge, because I know if you can save $250 in 10 weeks, you can put $25 to $50 a month.
00:28:43
Speaker
in a Roth IRA because I started saving $50 a month when I wasn't barely making any money.
00:28:48
Speaker
Right.
00:28:48
Speaker
But I was building my habits of being consistent.
00:28:51
Speaker
Right.
00:28:52
Speaker
With the Roth IRA.
00:28:53
Speaker
Right.
00:28:54
Speaker
And you hit it right there.
00:28:55
Speaker
You hit it on the head.
00:28:56
Speaker
It's habits.
00:28:57
Speaker
It's habits.
00:28:57
Speaker
Like you have to get into those habits of saving and investing and then just, you know, learning.
00:29:03
Speaker
You have to be open to learning the ways of like fun.
00:29:09
Speaker
If you want to make money or money on your money, you have to learn and you have to read books.
00:29:15
Speaker
You have to go to classes or just
00:29:18
Speaker
You got to be patient.
00:29:19
Speaker
What?
00:29:20
Speaker
You have to be patient too, I've learned.
00:29:22
Speaker
Oh, yeah.
00:29:22
Speaker
You have to be patient.
00:29:24
Speaker
There's no, you know, I mean, yes, if you gamble, that's a different situation.
00:29:28
Speaker
You can make money, but it's a gamble, right?
00:29:31
Speaker
It's high risk.
00:29:32
Speaker
And if you can afford to gamble, that's like crypto, stocks, NFTs, all this other stuff that's going on, which, you know, I'm not, you know, I'm not saying anything bad about it.
00:29:42
Speaker
I'm just saying there are gambles.
00:29:44
Speaker
Gambles, right.
00:29:45
Speaker
Yeah.
00:29:45
Speaker
And you got to know what you're gambling on.
00:29:47
Speaker
Exactly.
00:29:47
Speaker
So, you know, Roth IRA.
00:29:51
Speaker
So Roth, I will say, is tax-free.
00:29:54
Speaker
So that's a major great thing about it.
00:29:57
Speaker
It is going to be tax-free when you withdraw from it.
00:29:59
Speaker
It's different than a traditional IRA.
00:30:02
Speaker
So, right?
00:30:02
Speaker
Right.
00:30:04
Speaker
So, so Ross, people, you hear that?
00:30:05
Speaker
Look up a Roth IRA.
00:30:07
Speaker
Yeah.
00:30:07
Speaker
Google it.
00:30:08
Speaker
Do some research.
00:30:09
Speaker
Yeah.
00:30:10
Speaker
So, you know, we talked about, like, the universal life insurance, mutual funds, 401ks, Roth IRA.
00:30:17
Speaker
Let's get into the discussion of the wealthy.
Life Insurance as a Wealth Transfer Tool
00:30:20
Speaker
Where do the wealthy put their money?
00:30:22
Speaker
How are they making money?
00:30:24
Speaker
Like, what?
00:30:24
Speaker
Okay.
00:30:26
Speaker
It depends.
00:30:27
Speaker
It depends on the individual.
00:30:31
Speaker
But I will say...
00:30:33
Speaker
We have the like, let's just say the Rockefellers of the world and Warren Buffets of the world.
00:30:38
Speaker
They do believe in life insurance because it is a tool to pass on generational wealth.
00:30:45
Speaker
Okay, I like that.
00:30:46
Speaker
Right?
00:30:46
Speaker
So they have used that and that is what we educate people on.
00:30:51
Speaker
And that is one of the ways the wealthy do it.
00:30:55
Speaker
You know, obviously there are so many other ways, but that's a major part of it.
00:31:00
Speaker
And what's the average age that people start opening up life insurance policies from that world?
00:31:07
Speaker
I would say the wealth.
00:31:08
Speaker
If you have a wealthy dad and mom who's maybe in their 60s, their son is, what, 17?
00:31:13
Speaker
Maybe they get them invested at 19.
00:31:14
Speaker
When does that really start for them?
00:31:16
Speaker
Or is it when they're kids?
00:31:18
Speaker
How do they set their family up?
00:31:21
Speaker
Yeah, it can be when they're newborn.
00:31:24
Speaker
Newborn.
00:31:25
Speaker
Yeah.
00:31:26
Speaker
I have encouraged a lot of my clients to just, hey, start a newborn.
00:31:30
Speaker
And quite honestly, I have kids, you know, and I had wished I had known back then.
00:31:36
Speaker
They have their own policies, but I wish I started them sooner, you know, because then they have this account growing when, and they have access to tax-free money.
00:31:46
Speaker
Like they could have, you know, had all this money by the time they're 18 or to even pay for their own college or whatever it is.
00:31:54
Speaker
Yeah, because I have clients who been saving.
00:31:58
Speaker
I have a client, his dad's been saving money since he was a baby.
00:32:03
Speaker
And now he's 18.
00:32:04
Speaker
He's.
00:32:09
Speaker
You know, like the tuition is already paid for because over this span of 18 years.
00:32:13
Speaker
Yeah.
00:32:14
Speaker
He's been investing in his fund for his child.
00:32:17
Speaker
Right.
00:32:18
Speaker
And I think that's the importance of having
00:32:21
Speaker
a Roth IRA, a savings account, an investment account.
00:32:25
Speaker
Yeah, you want to put the money, but it builds like the mentality, right?
00:32:28
Speaker
To be disciplined over time.
00:32:30
Speaker
And then when you build that discipline, you're able to kind of have more discipline within yourself with your money.
00:32:37
Speaker
Right.
00:32:39
Speaker
I say $50 a month, so not a lot of money.
00:32:43
Speaker
But if I do it for five years, you do the math.
00:32:46
Speaker
Now I know, oh, I've did this for five years.
00:32:48
Speaker
Now I know I can do a thousand a month.
00:32:50
Speaker
Right.
00:32:51
Speaker
Exactly.
00:32:52
Speaker
My income increases because I'm building the habits.
00:32:55
Speaker
And that's what I want to teach people is building healthy habits around financial literacy, around their relationship with money.
00:33:02
Speaker
Because, you know, growing up in the inner city of Baltimore, we want everything quick, quick, quick, because, you know, scarcity mindset.
00:33:09
Speaker
You grew up in poverty.
00:33:11
Speaker
You don't really understand it.
00:33:12
Speaker
You don't know it.
00:33:13
Speaker
It doesn't make sense.
00:33:15
Speaker
So, you know, when people don't have information, they just do what they think or what they're told, you know, and sometimes the parents don't have the information.
00:33:22
Speaker
And that's why it's people like you who helped me understand.
00:33:25
Speaker
Like, I think, like, two years or a year before, you know,
00:33:29
Speaker
I wanted to go invest in some property back home in Baltimore.
00:33:32
Speaker
All the books you gave me helped me not only improve my credit score, but also understand how money works and what I need to do to kind of benefit myself on paper.
00:33:42
Speaker
Oh, I'm glad.
00:33:43
Speaker
Yeah.
00:33:43
Speaker
And in the market.
00:33:44
Speaker
And so it's like it's the little things that I want people to understand, take from this.
Starting Investments Early
00:33:49
Speaker
There's several camps you can invest in, you know, but we must, we must start early.
00:33:55
Speaker
I really want to bring the collective together because we live in this world.
00:33:59
Speaker
It's all about the individual.
00:34:00
Speaker
Oh, I've got all these followers.
00:34:02
Speaker
I got all this fame.
00:34:02
Speaker
I got all this money.
00:34:03
Speaker
I have all this success.
00:34:07
Speaker
But if we can't, just say, Vincent, you and I, and say, you know, Annalisa, you know, I know you're in business with this.
00:34:13
Speaker
Say you want to build our own bank, right?
00:34:16
Speaker
A digital bank.
00:34:17
Speaker
Just say it.
00:34:18
Speaker
And say your company wants to back it, but they're solid partners.
00:34:22
Speaker
Right.
00:34:24
Speaker
I want people to come together and say, listen, I don't have 5,000 to invest, but I have 500.
00:34:31
Speaker
Okay, cool.
00:34:32
Speaker
The pot might be 10,000.
00:34:33
Speaker
We'll take your 500.
00:34:34
Speaker
We'll take your 1500.
00:34:36
Speaker
But together, some way, somehow based on percentages, we can make money.
00:34:41
Speaker
I think it's important for people to get life insurance, like you said.
00:34:45
Speaker
I think if your company or if you know of any courses, books,
00:34:50
Speaker
um information from a that people can go utilize right now yeah i would love for you to mention that and really really explain to people what financial literacy is because it's such a general uh name and topic that we don't really understand to be honest right so yeah there's so much information out there you have to just be open to learning um one thing i can it's an easy read it's called how money works
00:35:20
Speaker
super easy.
00:35:21
Speaker
That's a great book.
00:35:24
Speaker
Also, I think I think I think I gave that to you.
00:35:26
Speaker
And then also, what's another one?
00:35:30
Speaker
It's called let me look it up.
00:35:32
Speaker
Sorry, I just had a like a work.
00:35:38
Speaker
It's called retirement planning.
00:35:41
Speaker
Of course, like, I had it on the tip of my tongue.
00:35:44
Speaker
And now I have to look for it.
00:35:47
Speaker
Um, it's by Patrick Kelly.
00:35:50
Speaker
Okay.
00:35:51
Speaker
It's called retirement planning.
00:35:53
Speaker
Here, let me, no, I can't touch my, um, it's fine.
00:35:58
Speaker
Retirement planning.
00:35:59
Speaker
It's it, that's in the title retirement planning by Patrick Kelly.
00:36:03
Speaker
Funny works.
00:36:07
Speaker
Easy read.
00:36:08
Speaker
It talks about a lot of concepts.
00:36:10
Speaker
A lot of people need to, you know, really focus on, um, compound interest, you know, just certain terms that people need to learn.
00:36:18
Speaker
And what is compound interest?
00:36:20
Speaker
Because I think it's very important that people know what compound interest is.
00:36:24
Speaker
It's really simple to break it down, but I want to hear from you.
00:36:27
Speaker
Okay, so compound interest is basically, okay, I don't want to mess this up because it's a formula, right?
00:36:34
Speaker
It's a formula.
00:36:35
Speaker
It's by Albert Einstein.
00:36:37
Speaker
Basically, you take the amount of, you know, your investment or whatever money you have for it,
00:36:48
Speaker
basically the interest rate for it to double.
00:36:52
Speaker
So it calculates that, right?
00:36:55
Speaker
So we have to, let me, hold on one second.
00:37:00
Speaker
I don't wanna mess it up.
00:37:02
Speaker
No, it's fine.
00:37:04
Speaker
So hold on one second.
00:37:08
Speaker
Cause I don't wanna give, I don't want the,
00:37:16
Speaker
wrong example.
00:37:18
Speaker
So basically, so what's your so like, for example, if you deposit $1,000 in an account, yes, 1% annual interest, it's going to only earn $10.
00:37:31
Speaker
Right?
00:37:32
Speaker
Yeah.
00:37:33
Speaker
So that's a simple example, right?
00:37:36
Speaker
purposes.
00:37:37
Speaker
So that's what compound interest.
00:37:39
Speaker
So
00:37:40
Speaker
Do you understand?
00:37:41
Speaker
Yeah.
00:37:41
Speaker
Yeah, for sure.
00:37:42
Speaker
And that's the thing.
00:37:43
Speaker
So with my savings challenge, with the 10 weeks, $25 a week, the goal was $250.
00:37:48
Speaker
And then my next step was like, okay, cool.
00:37:52
Speaker
Now for the next 10 months, right, just say you're going to pay 10% interest on the money you have now.
00:38:00
Speaker
Right.
00:38:00
Speaker
Actually, by teaching people how to build their own bank account, right?
00:38:03
Speaker
Right.
00:38:04
Speaker
So now 10% of $250 is what?
00:38:07
Speaker
$25.
00:38:07
Speaker
So now you're going to put, for the next year, you're going to put $25 in that bucket.
00:38:14
Speaker
So then now that money is going to add up.
00:38:16
Speaker
But all these little nuances and things I'm giving people, it's really psychological switch and shift in their paradigm, how they think about money.
00:38:25
Speaker
So now they know like, oh, wow, it's so simple.
00:38:28
Speaker
I mean, $25, I mean, I spend it at the grocery store and like... Like this.
00:38:34
Speaker
Think about money.
00:38:37
Speaker
Your credit cards have interest, right?
00:38:39
Speaker
Yeah.
00:38:40
Speaker
So most of them are like in the 20s percent.
00:38:44
Speaker
So all that interest is being charged on you.
00:38:47
Speaker
Why not putting your money into an account that you collect the interest instead of you paying out the interest?
00:38:56
Speaker
Yes.
00:38:56
Speaker
Right?
00:38:57
Speaker
Yeah.
00:38:58
Speaker
That's where compound interest comes into play, making your money work for you.
How does compound interest work?
00:39:05
Speaker
That's exactly what it means.
00:39:07
Speaker
Yeah, and just building more.
00:39:08
Speaker
Earning, you know, interest on your money.
00:39:11
Speaker
Yeah, just building that money confidence.
00:39:12
Speaker
I think people need to have more confidence
00:39:15
Speaker
with their relationship with money because here's the thing.
00:39:18
Speaker
I have clients that are seven figures or more, right?
00:39:23
Speaker
And I'm asking them questions and they are also looking at their account just like someone who makes less.
00:39:30
Speaker
Like, oh, I just spent $2,000.
00:39:31
Speaker
I spent $1,500.
00:39:31
Speaker
Oh, I spent $5,000.
00:39:31
Speaker
I just spent $40,000.
00:39:32
Speaker
But someone in the lower tip might have just spent $2,000.
00:39:40
Speaker
they still have the same emotions, right?
00:39:43
Speaker
Or a client loses a lot of money in the stock market, it throws off their nervous system.
00:39:48
Speaker
So, money all has an effect on us all based
00:39:55
Speaker
one thing from a general space we're all affected when money is leaving our bank account when we like what happened so i just want to get people to benefit of the doubt and say listen look at these accounts you know follow annalisa get information from her and allow her to give you insights from where you can put your money you know we talk about universal life insurance mutual funds rafra r.a
00:40:18
Speaker
understanding the 401k tax shelters right study the rich read the books how money works retirement grow rich is a great book thinking grow rich right all these things is
00:40:36
Speaker
Listen, don't get caught up in, you know, saving a bunch of
Building Financial Habits
00:40:41
Speaker
money.
00:40:41
Speaker
Just start really small.
00:40:43
Speaker
You know, when you're dating someone, you just don't want to get married the first date.
00:40:47
Speaker
Right.
00:40:48
Speaker
You know, I want to take you as like, you want to slowly bill.
00:40:51
Speaker
Okay, let's go get tea.
00:40:53
Speaker
Let's go get coffee.
00:40:54
Speaker
Let me go get lunch.
00:40:55
Speaker
Then after lunch, we spend a few time.
00:40:56
Speaker
Oh, then we can go to dinner.
00:40:58
Speaker
But break it down, make it easy because big steps, you know, I always say baby steps equals big walks.
00:41:06
Speaker
And I think it's important.
00:41:09
Speaker
Yes.
00:41:10
Speaker
I mean, hey, it doesn't hurt.
00:41:12
Speaker
What I really recommend is to sit down with a financial professional and it doesn't cost money.
00:41:18
Speaker
Right?
00:41:19
Speaker
They don't, a lot of people don't charge, I don't charge, my company doesn't charge.
00:41:24
Speaker
We will sit back with you or sit down with you and do a free consultation, financial consultation, and just kind of go over things with you, you know?
00:41:32
Speaker
And it never hurts to have a second opinion on anything.
00:41:35
Speaker
Like even if you have an advisor,
00:41:37
Speaker
Why not just sit down with someone for a second opinion, you know, second, third, you know, fourth opinion doesn't matter.
00:41:44
Speaker
And take all that information and then educate yourself and you have a better, you know, mindset and you have better information so you can
00:41:54
Speaker
Yeah, and you have a line to people who's helping you with your money, right?
00:41:59
Speaker
So books like you said all that So how do we get invested or at least get some information about how can people reach out to you is their website?
00:42:08
Speaker
Yeah Like where should people go and look for?
00:42:12
Speaker
Okay on my Instagram.
00:42:14
Speaker
I have a link tree so it goes to all my websites.
00:42:16
Speaker
So that would be great.
00:42:18
Speaker
So it's my Instagram I
00:42:21
Speaker
what is it, Annalisa.munkall, that's it.
00:42:26
Speaker
And then reach out to me, DM, and then we can set something up on my link tree.
00:42:37
Speaker
It's like different brackets of like how to learn financial literacy or, you know, schedule a 15 minute Zoom call, you know, it's like super easy.
Significance of Estate Planning
00:42:48
Speaker
just to ask me questions.
00:42:50
Speaker
And if I don't know them, if I don't know the whole slew of people I go to, you know, with taxes, like taxes, I'm not a tax expert, you know, I'm not a CPA, but I have CPAs on my team.
00:43:03
Speaker
So we go to the CPA and ask those questions.
00:43:08
Speaker
Estate planning is a big thing.
00:43:10
Speaker
You know, a lot of celebrities out there, you know, you think they have their stuff together, but they don't.
00:43:16
Speaker
You know, Prince died.
00:43:17
Speaker
What is estate planning?
00:43:18
Speaker
What is that actually?
00:43:19
Speaker
What is that?
00:43:21
Speaker
Trust wills.
00:43:25
Speaker
You pass.
00:43:26
Speaker
Yeah.
00:43:27
Speaker
Your homes, whatever.
00:43:29
Speaker
So for instance, Prince passed away without an estate plan, without a will, without anything.
00:43:36
Speaker
So I don't remember the exact figures, but it was close to like $500 million.
00:43:40
Speaker
Damn.
00:43:41
Speaker
Yeah.
00:43:41
Speaker
What?
00:43:43
Speaker
And the key, you know, the sticky thing is, was he doesn't have an heir.
00:43:47
Speaker
He didn't have an heir, you know?
00:43:49
Speaker
So he didn't have, he didn't have any kids.
00:43:52
Speaker
He didn't have an heir for that money to go to.
00:43:55
Speaker
He didn't have estate planning done, which entertainers, a lot of people don't, you know?
00:44:01
Speaker
So that's one thing you need to do.
00:44:04
Speaker
Mm-hmm.
00:44:06
Speaker
That's the number one thing to do.
00:44:08
Speaker
And what's the best account someone can have to protect their money?
00:44:13
Speaker
Well, okay.
00:44:14
Speaker
So obviously it depends, but it depends on their estate, right?
00:44:18
Speaker
Okay.
00:44:19
Speaker
Yeah.
00:44:20
Speaker
Definitely a trust in a will is the big thing.
00:44:23
Speaker
So those two different things, the trust in a will.
00:44:25
Speaker
Totally different things.
00:44:26
Speaker
Okay.
00:44:27
Speaker
A will is just, you know, very simple.
00:44:30
Speaker
Trust is, let's say you have property, multiple properties, you know, you need a trust.
00:44:36
Speaker
Within that can come in with life insurance also, you know, like there's so many different hybrids of ways to do it, to avoid, to also avoid estate taxes.
00:44:47
Speaker
Hey, hey.
00:44:49
Speaker
I love that.
00:44:51
Speaker
Yeah, so people look it up.
00:44:53
Speaker
So many things.
00:44:54
Speaker
Yeah.
00:44:54
Speaker
So reach out to information to better your situation.
Final Thoughts on Financial Education
00:45:00
Speaker
Before we leave, it's Financial Friday, Annalisa.
00:45:04
Speaker
So give us a fun fact or fun tip for financial advice because it's Financial Friday.
00:45:10
Speaker
Leave people with to think about the benefit of them.
00:45:15
Speaker
Say it again, you cut out.
00:45:16
Speaker
What'd you say?
00:45:16
Speaker
I said it's Financial Friday, so I would love a financial fact or tip to help people that they can utilize for this week.
00:45:25
Speaker
Okay, so right now with everything going on is you need to outpace inflation and learn how to do that.
00:45:35
Speaker
That's one thing for sure because you're losing money if you don't.
00:45:41
Speaker
Right?
00:45:42
Speaker
Outpace inflation.
00:45:43
Speaker
What does that mean?
00:45:45
Speaker
something that is what is inflating right now it's probably 6.5% almost 7% it's gonna go up.
00:45:52
Speaker
So it's it's great if you can educate yourself, sit down with someone a financial professional and learn what to do.
00:46:02
Speaker
You know, you know, just educate yourself is the main thing.
00:46:06
Speaker
Educate yourself financial literacy is a huge thing that people have not done.
00:46:11
Speaker
And you, you'd be surprised even if they have money.
00:46:14
Speaker
yeah you make all this money you like yo where did my money go because i can't manage it or where do i put it right exactly people that can make it but they don't know how to manage it or invest it so that's why we need the analysis of the world and financial advisors and professionals to help us grow exactly so
00:46:35
Speaker
Annalisa, I just want to say thank you for your time and your insights.
00:46:38
Speaker
This was amazing.
00:46:40
Speaker
And we appreciate you.
00:46:42
Speaker
Everyone follow her.
00:46:43
Speaker
Get some financial advice.
00:46:45
Speaker
DM her.
00:46:45
Speaker
Go to her Linktree.
00:46:47
Speaker
Tap the Linktree.
00:46:48
Speaker
Look at her websites.
00:46:50
Speaker
And become financial savvy like she is.
00:46:52
Speaker
And get more insight and education to change your relationship with money.
00:46:57
Speaker
Exactly.
00:46:58
Speaker
This was good.
00:46:58
Speaker
Your mindset, right?
00:47:00
Speaker
Thank you.
00:47:01
Speaker
Thank you so much for having me.
00:47:03
Speaker
Have a good day.
00:47:03
Speaker
Go Utreme.
00:47:05
Speaker
Yes, no problem.
00:47:06
Speaker
You're welcome.
00:47:07
Speaker
And this was great.
00:47:08
Speaker
Thanks.
00:47:09
Speaker
Awesome.
00:47:10
Speaker
Take care.
00:47:11
Speaker
Okay.
00:47:13
Speaker
All right.
00:47:14
Speaker
Bye.
00:47:14
Speaker
See you later.
00:47:19
Speaker
Deep breaths.
00:47:20
Speaker
Deep breaths.
00:47:21
Speaker
That was good.
00:47:22
Speaker
You know what I'm saying?
00:47:23
Speaker
Hopefully you took something from there.
00:47:25
Speaker
And yeah, people, let's really get in tune with our money.
00:47:33
Speaker
And we all have money struggles.
00:47:35
Speaker
I've had them in the past, mismanaging, overspending, not understanding.
00:47:40
Speaker
And I've read multiple books.
00:47:42
Speaker
So Total Money Master the Game by Tony.
00:47:48
Speaker
Money is really good as well.
00:47:49
Speaker
Thank you Grow Rich like she said.
00:47:52
Speaker
But let's normalize the conversation around our financial well being because it's important and affects our mental health, our emotional health, our spiritual health and our physical health.
00:48:02
Speaker
So get uncomfortable to get comfortable in the money sector and
00:48:07
Speaker
I just want you guys to do better, and you will when you get the information.
00:48:10
Speaker
Have a good one.
00:48:11
Speaker
Another Bigger Talks, IG Live Edition.
00:48:14
Speaker
Subscribe for the podcast.
00:48:16
Speaker
Give me some feedback.
00:48:18
Speaker
If you liked it, comment.
00:48:20
Speaker
But let's get our money up, and let's learn.
00:48:25
Speaker
Money round.
00:48:27
Speaker
Peace, love, and peace.