0:00

When I think about my business, when I

0:02

think about anything that's been successful, it

0:04

has not been accidental. I

0:06

figure out what I want. I figure out who already

0:08

has what I want. I ask them, can you share

0:10

some of those steps with me? And then

0:12

I do those steps to the best of my ability. And then

0:14

I put the work in and they call

0:17

it the law of detachment, which is like you

0:19

are in charge of the input and you release

0:21

yourself from what the output is because that's not

0:23

on you. Hi,

0:27

Financial Feminists. Welcome back to the

0:29

show. Hello. If you're

0:31

an older bit of gutty, welcome back. And if you're new to

0:33

the show, hi, I'm so excited to see you. Thanks for being

0:35

here. Thanks for listening to our show. We talk

0:37

about how money affects women differently and I fight the pay share

0:39

keep on making you rich. That's enough

0:41

intro for me. Let's talk about our guest,

0:44

three time guest of Financial Feminist. She is

0:46

our most popular guest, both in terms of

0:48

how many times she's been here, but also

0:50

in terms of how many times you've all

0:52

requested her. Tiffany, my good

0:54

friend and fellow finance expert who we

0:56

have had on the show previously two

0:58

times returns to do a fun little

1:00

like Q&A, almost like live coaching money

1:02

episode where we listen to some

1:05

voicemails and then get into our answers. So

1:07

if you've ever wanted to be financially coached

1:09

by both of us, it's a fun

1:11

little episode about starting a business, about

1:13

how to win the credit card game,

1:15

and even answer a very common question

1:17

about investing versus real estate. We

1:20

also talk about Tiffany's new workbook, Made

1:22

Whole. We joke that this is an

1:24

Ask TNT episode because we're dynamite. It's

1:27

my least favorite joke I've ever made. Okay,

1:29

let's talk about Tiffany. Tiffany the budgetista, Alicia

1:31

is America's favorite personal finance educator and author

1:33

of the New York Times bestseller, Get Good

1:35

With Money. Through her live

1:38

richer movement, she's helped over 2 million women

1:40

save, manage and pay off hundreds of millions

1:42

of dollars. A former teacher

1:44

of 10 years with a master's

1:46

degree in education, Tiffany was instrumental

1:49

in getting the budgetista law passed

1:51

in January of 2019, making financial

1:53

education mandatory for middle school students

1:55

in New Jersey. All right,

1:57

team, we're so excited for this episode and to have

1:59

Tiffany back. As always, let's go ahead and get into it.

2:06

But first, a word from our sponsors. This

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Talk to your local agent today. Tiffany,

4:01

welcome back to the show. I'm so excited

4:03

you're back. Thank you, Tori. I love

4:05

being here. You know that girl. We were

4:08

joking. We're TNT. Tiffany and Tori,

4:10

TNT, we're dynamite together. Yes.

4:14

For those who may be new to the

4:16

show or haven't listened to the first two

4:19

times you've been on, give us the really

4:21

quick TLDR that you've answered a million times

4:23

of who you are and what your work's

4:25

mission is. I'm a financial

4:27

educator, a New York Times bestselling author,

4:29

whatever. Well, you know, there's nothing I

4:31

found here so.

4:34

Netflix star.

4:38

Honestly, I'm a teacher, a financial educator that

4:40

helps women, especially women of color,

4:42

especially black women, get and stay

4:44

on financial track. And I've been doing it for 15 years. And

4:46

yeah. What

4:48

have you been up to since we last shouted? I know

4:51

you've traveled a ton. Yes. You said like

4:53

last time you're here, you're like rich

4:55

auntie era. Talk to me about that.

4:58

So honestly, I just I bought a condo.

5:00

I don't know if I bought one when I yeah,

5:02

I think you talked about it. I think you were like, I

5:04

bought it all cash even though I probably wasn't supposed to.

5:06

Yeah, I know. I'm glad that I did.

5:08

I don't know. Like I'm debt

5:10

free and you know, I had it. And so

5:12

I'm renovating it now. And I'm

5:15

not doing it in budget new fashion. We're doing

5:17

all the marbles and all the things which I

5:19

love fun. And I have just been the last

5:22

year. Last year, 2023 was actually a

5:24

really rough year in business. It

5:27

was slower than any year I'd had for a

5:29

very, very long time. But there

5:31

was really great lessons and it actually

5:33

made the team better and it made me

5:35

a better leader. So I think you're forged from the

5:37

fire. Yes. And so this year, I mean, it started

5:39

off great so far, which is good. And

5:42

honestly, I am just excited about

5:44

how life is unfolding. That

5:46

what does it look like to incorporate other

5:48

interests into my life? Like I want to

5:51

do another children's book. I want

5:53

to do a new podcast. That's not about

5:55

business or personal finance, just for fun. So

5:57

I'm just exploring things that are like hobby.

6:00

Like, you remember those hobbies? That's

6:03

literally I've had so many conversations with like my

6:05

partner and my friends in the last year or

6:07

two Where I'm like, I don't I don't have

6:10

hobbies. I don't know what they are anymore I

6:12

don't do anything for just fun and like that's

6:14

not how I want to live my life.

6:16

Yeah. Yeah I'm right

6:18

there with you girl. Well, and this is a

6:20

question we actually got so we're gonna do some

6:23

Listener submitted questions We have some

6:25

questions from Instagram that people submitted

6:27

and one of them was actually

6:29

very very similar to kind of what we're

6:31

talking about Which is like did either one of

6:33

us ever imagine writing a bestseller? I did

6:36

actually me too, right? I know

6:38

people want to be like man. I mean no girl I

6:41

literally say this all the time people will ask

6:43

me they're like did you ever Imagine that you

6:45

this would be possible and the answer is a

6:47

woman as you go. Oh my god. No This

6:50

is beyond my wild dream and I never

6:52

thought I'm like no bitch like I knew

6:54

I was capable of this like yes Yeah,

6:56

now, you know, you can't you can't decide

6:58

the outcome but we could decide the input

7:01

Yeah, you know and so but there's literally

7:03

this a picture of me in 2010

7:06

I want to say that my first book which

7:08

was self-published called the one-week budget. Yeah, I'm

7:10

at Barnes & Noble I put my book

7:12

because it's how published it didn't have it

7:14

I put my books on the shelf under

7:17

the personal finance sign and I got dressed

7:19

in the bathroom Like my like Sunday's finest

7:21

and a friend of mine who was like,

7:24

uh, you know a budding photographer We took

7:26

all these pictures and I still had them

7:28

with my book next to like all the

7:30

Susie's and the days You know,

7:32

yeah, and we got in trouble because we've got a

7:34

lot to do a photo So

7:37

literally I'm laughing because as I look at that picture

7:39

I think to myself the the manager is

7:41

behind my friend who's taking pictures yelling at

7:43

us And I'm like, I'll leave in a moment between

7:45

poses And

7:49

so when I put that picture side by side with

7:52

my book in my books Giga with

7:54

money and my newest the

7:56

workbook version of it made whole are

7:58

on the shelves legitimately And

8:00

so yes, I saw it because I put

8:02

myself in that position to be like one

8:04

day, my book will be here.

8:06

And it is. And so I think

8:09

that that is one of the fastest ways to get

8:11

to the place where you want to be is to

8:13

envision yourself and hopefully to go take pictures in that

8:15

place and say I'll be there too one day. Yeah,

8:18

I would love to talk with you

8:20

a little bit about even

8:22

the word manifest because that's what you're doing. And

8:24

that's what I do. And I think both of

8:26

us are clearly very good at it. But I

8:29

think one of the things that really the internet

8:31

gets wrong about manifestation is we're told, oh, it's

8:33

like, listen to this,

8:35

you know, audio frequency, or,

8:38

you know, comment, I'm going to

8:40

claim this down below. And it's

8:42

like, that's fine. But manifestation is

8:45

doing the work and putting in the

8:47

work to be able to carry

8:49

out the goals that you have for yourself. Exactly.

8:52

There's no coincidence. Like

8:54

if I had not done everything possible. So I, all

8:57

my friends that had New York Times bestsellers, I

8:59

said, what do you know about getting a New

9:01

York Times bestseller? And they were

9:03

like, okay, you want to sell at least 10,000

9:05

books, or you want to make sure people buy

9:07

them all over the country, you want to make

9:09

sure you get good press, you know, so there

9:11

are like a few things that I knew. So

9:13

I said, well, then let me do those things

9:15

to the extent that I could do them. How

9:17

do I get my audience to buy as

9:20

many books as possible? I promoted to

9:22

them, you know, I had a brand new

9:24

publicist who I was like, these are the

9:26

shows I need to be on, you know,

9:28

and I let my audience know, you know,

9:30

wherever you live around the country, around the

9:32

world purchase books, ideally, locally, right, you know,

9:34

so let's support. So I did all that

9:36

I could do. And you hope that if

9:38

the rules are fair, I knew my numbers

9:40

were enough. But I've known people who've had

9:43

the numbers and they haven't made the list,

9:45

you know, so that part is not my

9:47

control. But I knew that I had checked

9:49

off all the boxes that I knew. So

9:51

yeah, you have to do the work and

9:53

on all things, you know, and I think

9:55

about my, my business, when I think about

9:57

anything that's been successful, it has not been

9:59

accidental. I figure out what I

10:01

want. I figure out who already has what I

10:03

want. I ask them, can you share some of those

10:06

steps with me? And then I do those steps to

10:08

the best of my ability. And then I put the

10:10

work in and they call the law of detachment, which

10:12

is like you are in charge of the input

10:14

and you release yourself from what the output is

10:16

because that's not on you. Right.

10:19

And I always want to highlight to your

10:21

credit as the true community builder you are.

10:23

The moment you knew the

10:25

formula for New York Times bestseller,

10:27

I got a phone call. Here's

10:30

how you do it. Here's how you replicate. And

10:32

just so much credit to you. Like you practice

10:34

what you preach. It's so helpful. But I

10:36

completely agree. And it's just, I think there's,

10:38

there's two ways I think people get goals wrong

10:40

is one, they just go, I want

10:43

this thing. And then they never actually make a plan

10:45

to achieve it. Right? Whether that's personal finance or something

10:47

else, right? Oh, I want, I want to be a

10:49

New York Times bestseller someday. Okay. Well,

10:52

what are you doing to

10:54

actually get yourself there? Because

10:56

the road from never writing anything

10:58

to New York Times bestseller is a long

11:00

one and requires a lot of steps. Right? So I think

11:03

that's one thing is like, I say this

11:05

in my book, a goal without a plan is just a

11:07

wish, right? You have to have an actual plan to get

11:09

there. And then I think the

11:11

second thing is just like, when

11:14

you're progressing towards that goal,

11:16

whether again, set free New York Times

11:18

bestseller, like building the business, I think

11:21

it's just so easy to get these

11:23

roadblocks and think, Oh, this is impossible.

11:25

I don't want to do this. And

11:27

you and I, of course have hit

11:29

multiple dozens, hundreds of those roadblocks of

11:31

like, things telling us, Oh, you can't

11:34

do it. And it's like, no,

11:36

I believe I can. I know I can. I've

11:38

already got it. So let's go out and get

11:40

it. Yeah. No, it's true. And

11:42

also too, I think that you've touched on

11:44

something that and because you've texted me, you

11:47

were doing something really successful on social

11:49

where you were using like this Automated system.

11:51

And I was like, Oh, this is great. We

11:53

still are. It's going great for us. Yeah. Right.

11:55

And then so Tory saw that. I think like,

11:57

you know, like I had commented in their comments.

12:00

It and right away that me like girl you

12:02

wanted her to have it. Person who have we

12:04

do I love that because that is also part

12:06

of it's is that. The. Fastest.

12:08

To me, the fastest way to success is

12:10

usually to other people. It's like

12:13

why should you figure out something if

12:15

I know. You. Know Like let me

12:17

say or what I've learned. You know that like

12:19

and at any moment Tories gonna know something that

12:21

out know and you're willing to sear and any

12:24

moment ice but a know something that you might

12:26

not know and I'm willing to Sheriff's And so

12:28

it also is that it's important to build community

12:30

like in the community and then we can ask

12:33

for help but also to be of help to

12:35

the community. Yeah. And. I'll say as

12:37

one last point. To this question the if

12:39

I ever pictured myself as a best seller

12:41

yes but like not for a second personal

12:44

finance bus stop was not part of my

12:46

plan. That like I literally wrote in every

12:48

part about us and. Our marketing like I wrote

12:51

when I was like seven or eight. I want to

12:53

write a book them day and for me I was

12:55

just like obsessed with reading and writing and that it

12:57

was can be like a novel because that's all of

12:59

the things I was reading and so I think that's

13:01

the other thing with goals is that they he can.

13:03

Safe and sisters you grow older because of course eight

13:05

year old me wasn't. Readings wasn't reading the

13:08

books that you're writing now. has like

13:10

wasn't you know? didn't know Oh, a

13:12

Personal Finance Experts is a career out

13:14

there. That's a potential possibility. For you

13:16

so like your goal should and could

13:19

ebb and flow in chains. As. You get

13:21

older and you have more information and nice

13:23

your circumstances. Teams: Exactly. I

13:25

love that question. Let's go to

13:27

our next one which is. Also

13:30

related say like growing a business.

13:33

Tiffany. How does you know it was time

13:35

to quit your job and take your business full?

13:37

Time so my job close

13:39

down. I didn't that that's

13:41

so that though, as I

13:43

suspect so. He was the recess in

13:45

A and then I was. A a daycare

13:47

center where I was working as a teacher.

13:50

And although I had my masters in education,

13:52

everyone loved working with the little ones. They

13:54

were non profit based. They lost their funding.

13:57

so three days it was the summertime. Three

13:59

days before. We're supposed to open backup.

14:01

They. Said hey we'd never got are finding. And.

14:04

So there's just no school. And. I

14:06

was like wait like forever. And.

14:08

So I had started the budget nice.

14:11

the in two thousand like seven a

14:13

I was doing it as I kind

14:15

of like volunteer. Work. You know I was

14:18

kind of board teaching what I love teaching, but

14:20

after a while it gets to be really easy.

14:22

You know, And plus I taught preschool for

14:24

the kids were nothing for like an hour to

14:26

every day and I'm like well in that time

14:28

I was kind of like all the what else

14:30

would I do I love finance education and so

14:32

I started to create what I thought was gonna

14:35

be a non profit because I'm like I teach

14:37

are created a nonprofit. Well, I'd donate my

14:39

time to teach financial education in my

14:41

community. As are as I was building

14:43

that I wrote that that that on. My

14:45

first little book one week but it will have

14:47

enough. a little cause wouldn't always do that Now and

14:49

what? My first book? It was sub

14:52

sub list the one week budget while. The kids slept

14:54

and so you know a It wasn't until

14:56

I lost my job that I was looking.

14:58

for new jobs. But it was the new school

15:00

year so they weren't hiring because you have to

15:02

have you teachers before before you start. And

15:05

it was then the my friend was like well.

15:07

You been helping people with their money. What if you

15:09

started to charge for that? and I was. I Can

15:11

I do that? And. So that's really

15:14

what it was. I'm actually pretty risk

15:16

adverse snap as much now, but that

15:18

simply then was very risk adverse but

15:20

elicits a blessing to lose such a

15:22

safe job because it literally rewired my

15:25

brain about what safety look like. Yes,

15:27

it was like who actually a job

15:29

is that says. He. Betting on

15:31

us Safe. You. Know could at least you

15:33

know what's happening and so that's how it happened. For me. I

15:36

forgot what you just said like betting on

15:38

you as safe can I say we are

15:40

told is women all of the time to

15:42

not trust yourself to not trust your on

15:44

and saying say yeah always pick the those

15:47

sable ops and slept all the sorry before

15:49

but i wasn't late offer my judgment and

15:51

but it was a very similar thing where

15:53

like as my business was getting more success

15:55

it was. very clear that it's time for me

15:57

to leave even internally at the company like Things

16:00

were just getting bad and it was

16:02

very obvious that it was

16:04

time to go, but because I had parents

16:06

who were always picking the stable choice, which

16:08

I was thankful for, I grew

16:11

up feeling like entrepreneurship is a risk.

16:13

Going full time is a risk. And I had my

16:16

parents calling me and saying, you need to keep

16:18

your job. You need to do everything

16:20

you can to keep your job. And of course now,

16:22

tomorrow, my dad's flying out to tour the New York

16:24

Stock Exchange with me. So I love

16:26

that for you. I know. I'm going to tell them every

16:28

once in a while when I'm feeling a little petty and be

16:30

like, remember that advice and how terrible it was? But

16:33

because they had always chosen the stable choice,

16:35

which was stable paycheck, 401k, health insurance.

16:39

And that felt like such a risk to me even though

16:41

it wasn't. So I actually, I was

16:43

at an event last night and got asked a

16:45

similar question and I would love your take on

16:48

this. I think there's like two kinds of entrepreneurs

16:50

or like potential entrepreneurs. I think one of them

16:52

is the, okay, before I quit, I need

16:54

to have every duck in a row. I need

16:56

to have the safety net and then the safety net

16:58

for the safety net and then the backup, backup, backup

17:00

safety net. And that's very much me, which was like,

17:02

okay, I'm going to grow my business. I'm going to

17:05

get it to a point where, you know, it's already

17:07

making money. It has momentum. I have 100k in the

17:09

bank, right? My 100k at 25. That

17:11

was like the permission slip I needed to quit my job. And

17:14

only then, and even really with a huge asterisk,

17:16

I don't know if I ever felt 100% comfortable,

17:20

but it was like, okay, I needed to

17:23

completely feel prepped and ready to do it. And

17:25

then there's the second kind of entrepreneur that's like fling

17:28

themselves off the cliff and figure it out on the

17:30

way down of like that

17:32

desperate energy actually kind of works for

17:34

them because it's either like it's think

17:36

or swim. It's like I either figure

17:38

this out and I figure out

17:40

the parachute or I fall flat on my face. I

17:42

don't know. Does that ring true for

17:44

you? Yeah, I think so. I'm definitely not a

17:47

fling myself off. I'm a nervous Nelly. Yeah. I

17:49

was like, I mean, ideally I wouldn't have, you

17:51

know, I wouldn't have left teaching,

17:54

you know, if I had the choice. Yeah.

17:57

Because unless I had all my ducks in a row. I

18:00

feel like because I'm more confident

18:02

in my abilities that I'm more

18:04

of a hybrid because I certainly

18:06

will try something new as Long

18:09

as I have a little bit of reserves,

18:11

you know, I'm like, you know what?

18:13

Let's try this thing Yeah, it might not work. But you

18:15

know what? We've got a few months worth of savings Let's

18:18

just see how this goes and so I think over

18:20

time as you grow your confidence, you

18:22

know Yeah You can adapt more risk

18:24

because risk looks different when you are

18:27

more prepared in the broader sense So

18:29

I'm not the same Tiffany from 15 years

18:32

ago, you know, I've got better relationships. I've

18:34

got additional knowledge You know,

18:36

I know how to make money and

18:38

so I could take a more calculated

18:40

risk, you know Then I could before

18:42

where it's literally a risk risk. Well

18:45

in that trust in yourself is huge

18:47

Mm-hmm I remember thinking oh if I'm

18:49

getting this much done and this is just

18:51

a side hustle like imagine the possibility Of

18:55

if I'm all in like just from a time

18:57

standpoint like wow I get to not have to

18:59

work 40 hours a week for somebody else I

19:01

get to take that time and work for myself and

19:04

it's already going this well Well, imagine what

19:06

happens if I have much more

19:08

time much more resources much more energy

19:10

Yes, one of the things I'll say

19:12

that I love about having a business is it grows

19:14

you up so much. Yes, right I'm

19:17

not gonna let you ever get off the phone. You know, I'm a bad.

19:19

Yeah Well, you're gonna be like

19:21

you might you know, yeah, and you're like right

19:23

and you're like, yo look at me I'm

19:26

like nobody does this shit better than I do Okay

19:30

And the thing is I was highly insecure

19:32

in high school like so many of us were you

19:34

know I was how can I be a small how can

19:36

I shrink? You know just because

19:38

I didn't have the confidence in myself, you

19:40

know, so many teenagers don't but I should

19:43

nor shit My therapist

19:45

calls it corrective experiences You

19:48

know, which is you tell yourself I'm not a

19:50

good speaker, but then you speak and you do

19:52

well and you're like wait That's

19:54

not true. Oh that experience

19:56

corrected your thinking and so

19:58

I used to tell myself not to Tyson.

20:01

And I'm like, really girl, because you make decisions all day. So I'm

20:04

like, Oh, my brain's like, actually, let's

20:06

recorrect that experience. Because that's not true.

20:09

The rewiring. Yeah. Yeah. And so like

20:11

entrepreneurship has all these things I would tell

20:13

myself about myself, or maybe the world has

20:15

told me about me, you know, like, Oh,

20:17

as a woman, you're not able as a

20:19

woman of color, this is that you're all

20:21

that is like, Yeah, this a lie, cuz I'm out

20:24

here doing it. Like, even for me,

20:26

there were lies I told myself, like, if I'm

20:28

on the cover of my book, it won't sell.

20:30

I remember talking. Yeah, I think the first time

20:32

you came on the show, I remember that just broke

20:34

my heart. Yeah, I can't I can't be in a couple of

20:36

a money. Yeah. Well,

20:38

260,000 books later,

20:40

I well, yes, I can. I corrected

20:42

my own experience. Yeah. And so yeah,

20:44

that's that is one of my favorite

20:46

parts. It's not for everyone. But one of my

20:49

favorite parts of entrepreneurship is that it

20:51

has grown me up in such a way and

20:53

given me such confidence in my abilities by showing

20:55

me I am capable and able of doing anything

20:58

that put my mind to Yep. Couldn't

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pod. We

23:19

have a voicemail that we're going to

23:21

go ahead and listen to somebody asking about a credit

23:25

line increase. Okay. Hi,

23:28

Tori and Tiffany. I

23:30

am wondering about increasing the

23:33

available credit on my Capital One

23:35

card. So I have the Capital

23:37

One venture card for travel

23:39

and for the points and they keep

23:42

sending me emails about reevaluating

23:44

my income for a potential

23:46

credit increase. And I'm not

23:48

interested in using the increased

23:51

credit, but I've been thinking more about

23:54

is it worth getting that increased

23:56

limit so that

23:59

my ratio of credit

24:01

usage goes down. If I use the

24:03

credit card spending the

24:05

same amount and I have a

24:07

bigger limit, I'd have that smaller

24:10

percentage of credit usage. So my

24:12

question is, is it worth

24:15

the credit check

24:17

that would happen in order

24:19

to get that increased credit or

24:22

will they do a credit check for that?

24:24

Thank you. Doubleheader. If

24:26

you're watching this on YouTube, you just watched

24:29

Tiffany and I in exact

24:31

like we are both nodding at

24:33

the same part. Yes. Yes. You

24:35

don't have to say, Tori,

24:39

you have clearly done such a good job with educating

24:41

your audience. Oh, thanks. Because the

24:43

question she asked and how she asked

24:45

it lets me know that because people,

24:48

it's a very educated question. I just

24:50

love that. Oh, this is an educated

24:52

person. So one, yeah, I just say,

24:54

well, kudos for understanding that yes, there's

24:57

a huge benefit to being able to,

24:59

if you have the discipline not to

25:01

spend more of increasing your

25:03

limit because 30% of

25:06

your score is based upon your utilization.

25:09

So how much you are using versus how much

25:11

you could be using. So if you

25:14

have like, say like you have

25:16

a credit card balance or a credit

25:18

card limit of $100 and right now

25:21

you consistently keep $50 on

25:23

their card. That's a 50% utilization. That's

25:25

too high. But if let's just say

25:27

they want to double it from $100 limit to a

25:29

$200 limit. Now that same $50 is a 25% utilization.

25:32

That is much, much,

25:36

much better. And you will see a score increase.

25:38

So that's, that's the first part that yes, it's

25:41

great if they want to raise your credit limit. Now here's

25:43

the thing, not all credit card companies need

25:45

to check your credit to do so. So

25:48

ask that question because they're already making

25:50

you the offer. Typically they're going to

25:52

check typically if they're going to check

25:54

your credit, if you make the ask

25:56

like, Hey, I would love to raise

25:59

my limit. My check your score

26:01

so asks are you get it Checked My

26:03

score. In order to do so, it was the something they

26:05

to just do based upon. The way I'm

26:07

navigating my card in such a healthy weight

26:09

the this is an indicator that's you pay

26:11

their they feel safe with you, they're willing

26:13

to issue an additional line like increase your

26:16

your limits and so if they're not going

26:18

to check your score and you know I

26:20

trust yourself you trust myself not to overspend

26:22

then go for it. Any that they are

26:24

going to check your score it might be

26:27

offset by the fact that you'd utilization will

26:29

go down as so you'll get those points

26:31

that anyways long. Enough time to buy a house

26:33

or car with a month or so much. Yeah

26:36

I mean I plus one all of. Our and

26:38

to your points we don't know the. Exact

26:40

trade off rate the credit bureaus or never

26:42

telling us. if you do this it'll increase

26:44

your score. This many points is way more

26:46

veiled. A than that. so it's hard to say. Okay

26:48

if you do a credit sachs but then

26:50

you're utilization. Goes down. What is actually gonna

26:52

do depends on a lot of different factors

26:55

including like what's your credit score right now

26:57

but yeah, if you can get a credit

26:59

line increase without a credit check how yeah

27:01

take get to. So you that because it'll boost

27:03

your score. Yeah club.

27:05

Requests and written. It was male. Hi

27:09

Tory and Tiffany's I am a

27:11

fellow satellite and also a student

27:13

of finance and I have been

27:15

dying to ask this question ever

27:17

since I became a part of

27:19

the her first Woman Stay community.

27:22

What are your best tips and

27:24

tricks for a. Student like

27:26

myself. To. Tell

27:28

when the credit card race a and

27:30

you know navigate through student loans and

27:33

things like that and still comment on

27:35

top maybe even graduating with that that

27:37

first hundred k. Oh. Wow,

27:39

This is like I've. Solved

27:42

my entire financial life, Like

27:47

Ah said, howdy to open.

27:49

Heart Surgery and. I'll.

27:52

Get a Visa by the way out of

27:55

S I let me let me we interpret

27:57

this question. Maybe with something. that we can answer

27:59

which is like okay If I am a student,

28:01

if I'm in college, how do I set myself

28:03

up financially the best that I can? So

28:06

one, back in the day, back in my day,

28:08

in order to establish credit, you would

28:10

have to get a store card. Thank God you don't have to

28:12

do that anymore. You have to understand

28:14

that there are different types of ways

28:16

to borrow. There's reoccurring, which are

28:18

credit cards, and then there's installment, which

28:21

is your student loan. So

28:23

you already have your installment borrowing down

28:25

because you have your student loans. So

28:27

I would look for, you might have

28:29

what they call a thin file, so you might not

28:31

actually get approved for a regular credit card,

28:33

which is fine. You can look for

28:36

a secured card if you don't get approved for

28:38

a regular credit card. And so a

28:40

secured card is a card that's secured with your

28:42

money, sometimes $200, $300, and then

28:45

they say, here is your credit card with a $300 limit. So

28:49

if you don't pay us, we're just going to take the money that we

28:51

put up in a money market account or

28:53

a savings account where we have secured your money. And

28:56

then the key really is to win the

28:58

game, is to actually not use

29:00

your card, like for real, for real. You're

29:02

going to do like for fake. So you're going

29:05

to put like your cheapest bill, like, you know,

29:07

your $9 gym membership, something

29:10

reoccurring on that card. You're going to leave that

29:12

card at home, and then you're going to have

29:14

your checking account pay off that bill every month

29:16

in full automatically. And

29:19

if you start that freshman year, you do the

29:21

all the way to senior year, you're going to

29:23

have amazing credit, because it don't look

29:25

like, oh my God, she pays off every single month.

29:28

And so your score is going to be awesome,

29:30

because bad credit leads to an expensive life. So

29:33

your score is going to be awesome, you're going to

29:35

be able to get your first apartment more easily, you're going

29:37

to be able to get a car, you know, more easily,

29:39

you're going to be able to get so many things,

29:41

it'll cost you less, because the interest rates will be

29:43

better for you. Now, I'm going

29:45

to let Tori answer, like, how do you kind of like save

29:47

more money to get to your first 100k? I

29:50

mean, I don't know about that should be your aim

29:52

by the time you graduate college. I mean, that's not

29:54

crazy. But to me, I'm focusing on like, let me

29:56

just focus on the credit part. But yeah, if you

29:58

do that, you'll have an amazing credit. score and

30:00

be able to borrow to your heart's consent

30:02

as needed when you graduate college. Yeah,

30:04

clearly this person is incredibly ambitious, which

30:06

we love. I will say like, slow

30:09

your roll, girl. Like,

30:11

everybody told me this and then I didn't

30:13

fucking listen. But like, when I was in

30:15

college, everybody told me like, enjoy these four

30:17

years because you won't get them back. And

30:19

then I'm like, yeah, yeah, yeah, yeah. No,

30:21

I did. I mean, I am, but also

30:23

I'm stressed about a job. Like

30:25

truly, everything is going to work

30:27

out the way it's going to work out. I know

30:30

this is like not financial advice, but isn't it though?

30:32

Take a deep breath. Like truly just it

30:35

sounds like even that you're thinking about this,

30:37

you're doing things right already. So

30:39

yes, exactly what Tiffany said is what I

30:41

did unintentionally, which is like, I just didn't

30:43

have a lot of money. And I had

30:45

my cute little discover card that I still

30:47

own and just like, yeah, I would go

30:49

out to eat twice with friends and

30:52

could only eat appetizers. And that was what went

30:54

on the credit card. And then I would just pay that off

30:56

from my checking account. So yeah, that's exactly right. I

30:58

would say focus in college, your goal

31:01

in college is to personally

31:03

have the best time possible and make great

31:05

friends and make great memories professionally, right? Your

31:08

job is to set yourself up for success.

31:11

And that can mean for me,

31:13

my senior year, it was going

31:15

and having informational interviews with

31:18

every single person I could possibly talk to. Like

31:20

I made a secret goal with myself of like,

31:23

okay, once a week, you're going to do a

31:25

coffee or a 15 minute phone

31:27

call with somebody whose career

31:29

you admire or who works at a

31:31

job you think you might want to do someday.

31:33

And that was a really great way for me

31:36

to just kind of start feeling like I was

31:38

getting myself in a place to think about my

31:40

career. The other thing too,

31:42

is I attended any free event on campus

31:44

that I felt like I could meet somebody,

31:46

I could get some new information.

31:49

There are so many incredible free things

31:51

that your college puts on all of

31:53

the time that you will never get

31:55

to do again, right? Because

31:58

when you're a college student, that's like your ultimate.

32:00

card of like, yeah, I'm a college student, can

32:02

I have 50 minutes of your time or I'm going to

32:04

go to this auditorium and I know this will personally be

32:06

there and I'll pick their brain. So I think

32:09

take advantage of all of those opportunities. And

32:11

in terms of financially, if you can graduate

32:13

college without going into debt, because you were

32:15

mentioning like the student debt dance, if

32:18

there's any way you can get out of college debt

32:20

free, that is going to help you

32:23

hit your 100k that's going to help with everything

32:25

else. So whether that is, you

32:27

know, merit scholarships, one of

32:29

my favorite tips that I

32:31

wish more people talked about

32:33

is like departmental scholarships. So when

32:35

I, you know, went to

32:37

college, I got two degrees, I got an

32:40

organizational communication degree, which was like marketing with

32:42

less math that was in the communication school.

32:44

And then I got a theater degree and

32:46

I got departmental specific scholarships, I got a

32:48

communication scholarship and I got a theater scholarship.

32:51

And I actually had to audition for the

32:53

theater scholarship before I was even like

32:55

before I entered university. And I only knew that

32:57

because I had done some digging, I had like

33:00

perused the website and figured out, oh, you

33:02

can audition for the theater

33:04

scholarship. And I think with communication scholarships, like

33:06

there wasn't a lot that was offered and it was

33:09

more like specific need based, but I think I got

33:11

like $500 a semester,

33:13

which doesn't sound like a lot, but

33:15

like that's better than nothing. So that's

33:17

books, right, right. So start figuring out

33:20

like, again, if you can graduate college

33:22

debt free, there's scholarships and there's,

33:24

there's some finagling you can do. And if

33:26

you do have to take out loans, try not

33:28

to do them from a private institution, try

33:30

to do federal loans because those are going

33:32

to be more flexible. And they're also open

33:34

to student loan forgiveness versus the private loans.

33:36

I don't know, Tiffany, anything to add there? No, I

33:38

love it. And I think my favorite part is just like,

33:41

use that I mean, college card as much

33:44

as possible. Yeah. Cause you don't know what you'd

33:46

have until you don't have it. Yeah. People will

33:48

sit down with you. They'll give you the space and

33:50

the grace and the, yes, I'd love to pour in.

33:52

Yes. I'd love to have 15 minutes. If you're, you

33:54

know, it's different being 40 being like, can I pick

33:56

your brain? People are like, no, girl, pay

33:58

me, pay me. So

34:00

lean in, lean in, lean in. And good luck

34:03

to you. You're already on such a great path

34:05

if you're here listening to Tori. I know. Even

34:07

in fact, you're asking about this question. I'm

34:09

like, oh man, you're fine. I'm

34:11

not worried about you. You're fine. And I know because

34:13

I'm the same way, even me saying that to you,

34:15

you're going to be like, no, I'm not fine. You're

34:17

fine. You're fine. You're good.

34:19

You're doing all the right things. All

34:21

right. We got one last voicemail. Hi,

34:24

Tori. My name is Marenia. I'm a big fan of

34:26

yours. I'm 22 years old. So

34:28

trying to figure out how I should

34:30

be budgeting, how I should be prioritizing

34:32

my investing and how I should be

34:34

saving up for retirement, all that good

34:37

stuff. So along that vein, I

34:39

wanted to ask you a question about investing

34:41

in land slash real estate. I

34:43

have a friend who claims that instead

34:46

of maxing out her retirement account, she

34:49

is going to be buying land and

34:51

just watching it appreciate in

34:53

value faster and a lot

34:55

more than it would be if it were just sitting in

34:58

a 401k account. So I wanted to

35:00

ask you on your opinion on that, if

35:02

I have the ability to, should I be

35:04

investing land as opposed to putting

35:06

that money into the stock market or putting that

35:08

money into a retirement account? Huh.

35:14

First of all, just I don't know, Krista,

35:16

we didn't even plan this. All of

35:18

these are like 22 year old

35:21

ambitious as fuck, props

35:23

to everybody calling in today. That's fucking incredible.

35:25

Tiffany, why does this remind me of your

35:27

credit card scam? Yeah. I

35:29

was going to say, she said, my friend,

35:32

I'm like, I know, I'm like, MLM

35:34

is this like, like, well,

35:36

I'll say this, you get this question

35:38

a lot, like real estate or the

35:40

market. I'm sure both. Why not both?

35:43

I was going to say both of

35:45

them. BOS both. Right. Because here's

35:47

the thing that typically

35:49

what happens is that just

35:52

with anything, there's a seesaw effect, you know,

35:54

like when the market's up, real estate is

35:56

maybe not as strong when real estate is strong,

35:58

maybe the market's not up. So. maybe

36:00

the question to ask yourself is like where to

36:02

start. Because I did, I want

36:04

to say my 401k, that

36:07

kind of traditional investing first, and

36:09

now I had three properties, I just sold one.

36:11

But later on in life, I started to invest

36:13

into real estate, not happy. Just

36:16

like if something comes up and it makes sense,

36:18

I lean in. What I love is

36:20

that I get to see, certainly

36:22

because I live in New Jersey and real estate

36:25

appreciates much faster, and on the coast

36:27

than it does typically other places of

36:29

the country. I have seen, I bought

36:31

my house that I live in now, it was a foreclosure. I

36:33

bought it for 180 in 2017, it's

36:36

now worth 500,000. That's

36:40

likely better than the market, but

36:42

there are places I've seen during

36:44

the recession, I purchased a condo for $220,000

36:46

right before the recession, and

36:51

then ended up losing it because it depreciated down

36:53

to 150. If

36:56

all my money was in real estate, and

36:58

depending on the market, I could get

37:01

rich or I could be broke. I

37:03

don't like the idea of all your

37:05

money ever being in one

37:07

space, period. At

37:09

22, it is easier to

37:11

get into 401k because your job probably offers

37:13

it, you could do your 50 bucks

37:16

a month or whatever, than it is to

37:18

jump feet first into real estate. I

37:21

would start simply your 401k's right there, I

37:25

erase it right there, then learn more about because

37:28

what land you're going to buy, sis? Where? Ohio?

37:31

Do you want to live there? Also,

37:34

sorry, anybody left me from Ohio. I

37:36

personally don't want to live in Ohio, I've been to Ohio,

37:39

it's lovely. I'm like, no. No.

37:42

That's the thing that, that to me real

37:44

estate takes a little bit more money typically,

37:46

and it takes a little more knowledge. So

37:48

accumulate that first before you start jumping into

37:50

that space. But 401k doesn't

37:52

require as much knowledge, it's like here's my 100 bucks, here's

37:55

the, I want to put my in a

37:57

mutual fund that mirrors or ETF that mirrors.

38:00

the S&P 500, you don't need to know

38:02

nearly as much. So that would be my suggestion. And

38:05

before people in Ohio get pissed, anybody who's

38:07

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38:09

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38:12

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38:14

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40:35

I, I, again, plus one, everything you just

40:37

said, I think also putting all

40:39

of your eggs in one basket for anything is

40:41

not good, right? Putting all of your money in

40:43

a high yield savings account, not good, right? Like

40:45

a high yield savings account is meant for short

40:47

term goals. You also need to invest putting all

40:49

of your money in investments and not having a

40:51

high yield savings account for an emergency or something

40:53

else. That's not good, right? Saying, okay, I'm 22

40:55

and I'm going to put all of my money

40:57

in real estate. Like that's

41:00

especially and like not doing my 401k. That

41:03

just makes me super duper nervous. If you

41:05

want to buy land, great, but maybe

41:08

I'm reading too much into it. It doesn't sound

41:10

like you want to. It sounds like your friend

41:12

has told you this is what

41:14

she's doing and it's making you question

41:16

everything, which is fine. If that's something

41:18

you actually want to do, great, something

41:20

to explore, but it's not the, I'm

41:23

going to opt out of a 401k or opt

41:25

out of other things so that

41:27

I can do this. I think that that's potentially

41:29

really damaging. So yeah, first ask yourself, do I

41:31

want to be a landowner or is this just

41:33

something that somebody told me is a smart idea?

41:36

I infamously do not own property. It

41:39

works for me at this stage in my life. I'm 29. I'm

41:42

getting to the point where like the house

41:45

itch is happening, but like also land in

41:47

Seattle or land in Seattle is expensive yet

41:49

alone a house, right? So for

41:52

me, it's, it's, you know, not on my radar

41:54

right now because it's just, it doesn't fit the

41:56

stage in my life I'm in. So actually ask yourself,

41:58

like, do I want to own land? And if I'm

42:00

using it as an investment like is Like

42:04

it doesn't have to be this is not

42:06

the only investment You can literally invest in the

42:08

stock market and then also potentially buy land or

42:10

whatever else you want to do But

42:13

yeah, it sounds like this is a I heard

42:15

from a friend that this might be lucrative

42:17

should I do it? I'm like who knows

42:19

who knows yeah, and there's other ways to

42:21

invest right because you and I both have

42:23

businesses This is an investment as well, you

42:25

know hundred percent. The number one investment is

42:27

always yourself I'm just leaving that there preach.

42:30

Okay. All right Tiffany So we

42:32

got a lightning round really quick and I would love

42:34

your take on these questions. You ready? Okay Okay, use

42:37

car paid for in cash or nicer car with

42:39

a payment use car paid for in cash I

42:42

would agree. However, if you are at a

42:44

place financially where you're fine And

42:47

this is just a car that's fun for you. Great

42:49

nice car with a payment It's very similar to your

42:51

house thing where you're just like no I'm just gonna

42:53

do the thing that might not be financially smart because

42:55

that's what I want to do. Cool Is

42:57

there such a thing as too many credit cards? Yes,

43:00

if you're using all of them and you

43:02

are not paying them off, but if you're

43:04

responsible then I mean do you I got

43:06

Eight credit cards. I just don't use them all exactly.

43:08

I've got like three that I use So yeah, the

43:10

rest are in a drawer. What if

43:12

your income is too much for a Ross IRA girl?

43:15

They call that door. I Yep.

43:18

I'm go ahead and ask the financial advisor

43:20

about that or it Literally looks like rolling

43:22

over money from one place to another foot

43:24

through the back door If

43:26

you don't know how to do it, I mean you definitely don't want to do it on your own

43:28

You typically have to work with a financial institution to

43:30

do so Weirdest budgeting

43:33

hacks you've ever tried or like weirdest way

43:35

you've tried to save money The

43:38

weirdest way what I was really really

43:40

broke. I used to save like foil

43:42

bag plastic baggy a Little

43:44

ketchup packet. Yes. I literally go to

43:47

parties because I'm like, oh is their food involved? Yes to

43:49

change for dinner I don't have to pay for it. Mm-hmm.

43:52

So yeah, I just I remember Well,

43:54

I think I would say not weirdest

43:56

but I used to bring a calculator with me to

43:58

the grocery store at a all

44:00

of my food before I got to the cashier because

44:02

I didn't want to be embarrassed by not having

44:04

enough money to put have to put things

44:06

back. And this is pretty like calculator on

44:08

an iPhone, right? So you actually brought a

44:10

calculator with you? Yeah, yeah. I love that.

44:13

That's lovely. I think mine. This is

44:16

like such a weird one. Alaska Airlines shout

44:18

out used to do a like

44:20

if you submitted surveys, like

44:23

they worked with a marketing company and then every

44:25

survey you filled out you got like 500 Alaska

44:28

miles. And

44:30

so on my commute to work on the light

44:32

rail, I would just sit there and you know, they'd be

44:34

like, that's right. How old are you? Like, and so

44:36

I just like, you know, in my free time and

44:39

then some of the ones, you know, you didn't qualify

44:41

for and I was shoot. But yeah,

44:43

it was like, I think I got probably a

44:45

couple thousand miles. I love that. Just

44:48

like a 22 on my commute plugging it

44:50

in when in my 15 minute train ride,

44:52

I always do study. Oh, I'm like, Yes,

44:54

I have sleep apnea with $2,000. Like,

44:57

you're like, you're gonna pay me $2,000? Yeah,

44:59

I have hemorrhoids. Yes,

45:06

I do have trouble sitting down. It hurts.

45:13

Didn't think I'd ever say the word hemorrhoid on this podcast.

45:15

But here we are. All right. I

45:17

can't let you go without talking to you

45:19

about the workbook. And when we say workbook,

45:21

we do not mean like little cute pamphlet,

45:24

we mean like 200 pages

45:26

full like teaching background. Yes,

45:29

it's on full display here. So walk

45:31

us through first off what your concept of

45:34

financial wholeness is. And you might remember if

45:36

you've listened to our previous episodes, but give

45:38

us a refresh. And then talk

45:40

to us about what does this workbook help you to

45:42

do? So financial wholeness, which is what

45:44

the workbook is based off of, are these 10

45:47

components to your financial life that

45:49

create the foundation you need for

45:51

the rest of your financial life.

45:53

So that's budgeting, savings, debt, credit

45:55

income, investing insurance, your

45:57

financial team, your net worth.

46:00

estate planning. That if you master these ten

46:02

things, there's nothing you can't do with your

46:04

money. And so when I wrote Get

46:06

Good With Money, the original book, it was the

46:09

ten simple steps to financial homeless. And

46:11

it did so well, but people were like, I

46:14

wish I had a place to do the work

46:16

alongside of the lesson. So the teacher in me

46:18

was like, well why not create a comprehensive workbook?

46:21

Because the Get Good With Money is like

46:23

a textbook. A workbook that you

46:25

can do these ten steps. And so you

46:27

get to learn the steps, you get to

46:29

see it visually represented, and then you get

46:31

a space to do the work as you're

46:34

learning the step. And so it is just

46:36

my way of being like, let's really solidify

46:38

these lessons into your conscience and subconsciously

46:40

can change your financial life. And

46:43

our researcher mentioned this concept of emotional

46:45

housekeeping that she really loved. Can you

46:47

define that for us and talk a

46:49

bit more about it? So when you

46:51

have, I think that it's really

46:53

important that before you start doing tactical work,

46:55

that you have to like, almost like how

46:57

it's like when you're seasoning food, you have

46:59

to like season your brain. Because if you

47:01

can't shift your thinking, you're gonna go right

47:03

back to what you know, and then you're

47:05

gonna go right back to those financial habits.

47:08

And so a lot of those things like shame

47:10

and fear and the judgment

47:13

you've brought with you because you've heard people tell

47:15

you you're terrible, you know. And people who don't

47:17

even know you, you know, we follow some folks

47:19

online and you know, they, you hear them talk

47:21

so terribly about people who have made financial choices

47:23

that may not be in their best interest.

47:25

Dave Ramsey. Right. I'll say it. I'll

47:27

say it. We call it, we call it Baltimore over

47:30

at Brown ambition, my podcast. Yeah, I just start out

47:32

all the vowels in the same. Like

47:34

it's a curse word. And

47:37

so, and so like, that

47:39

is not helpful. And so

47:41

I, so I start, okay, let's open

47:43

up the book with like, let us

47:45

release all of that stuff, because shame

47:47

shields solutions. So that way, when you

47:49

learn the thing, you're able, you're actually

47:51

able to, to not only do it,

47:53

but stay there and maintain the new, the

47:56

new tips and tools that I've shown you. When I

47:58

love it, the ones you punch, it's like, okay. Get

48:00

good with money, made whole, it's

48:02

like an Avengers team together. It's like,

48:04

yeah, Batman and Robin. We've got like,

48:07

yeah, superhero and superhero sidekick, which

48:09

I think is so impactful. Yeah.

48:11

It's so surreal. Like when I went

48:13

to Barnes and Nobles, yeah, and to see both

48:15

of them next to each other. I'm like, OMG.

48:18

And my pictures on both of them. Your name

48:20

twice. Yeah. Yeah. It just is so cool. Although,

48:22

like I said, I put my books on Barnes and

48:25

Nobles over 10 years ago, 15

48:27

years ago, thinking one day my book will

48:29

be here. But it still does feel surreal

48:31

to see yourself at a Target. Yeah. It

48:33

does. That, but to see myself next

48:35

to like Tori and like Jamila and like

48:37

other people in the space that I'm like,

48:39

I know these women like, right. You're looking

48:42

at this book. I know her. Oh

48:44

no. She's here. And I'm not going to be moving all my

48:46

books to the front. I'm like, girl, I

48:48

literally, I think the first time Vivian near BFF, I

48:50

think the first time she saw her book in a

48:52

store was I called her at Barnes and Noble four

48:54

days before her release date. And I FaceTimed her and

48:57

I'm like, look who it is. And she's like,

48:59

wait, I haven't seen it yet. And I'm like,

49:01

yeah. And of course, you know, I go to Dave

49:03

Ramsey's book and I cover it with yours and

49:05

I cover it with yours. And yeah, it's just

49:07

like, it's so cool. I just love that

49:09

though. Yeah. We are just, there's like this amazing

49:11

takeover that like, no, we actually don't have to

49:14

take, take personal finance the way you've been giving

49:16

it that we get to have a say in

49:18

how we receive education in this space. Well,

49:20

and it's starting to finally look

49:23

like what one, I want the

49:25

world to look like, but to what the world actually does look

49:27

like, which is black and brown

49:29

people and queer people and women.

49:32

And like, it's just so cool to finally

49:35

go into the business or

49:37

finance section and have other

49:39

options other than fucking

49:42

rich dad, poor dad. And yes,

49:44

Dave. Yeah, that's great. Thank

49:46

you as always for being here. Made

49:48

whole is the workbook. Tell us where we can find it

49:51

as well as how we can connect with you. Well,

49:53

I am the budget niece on all

49:55

the platforms. And budgetista.com. And

49:58

if you want made whole, it's available. at

50:01

madewholeworkbook.com. Amazing. Thank

50:03

you as always for being here. You're my favorite

50:05

person to have back. Thank you for having me.

50:09

Thank you, Tiffany, for joining us for

50:12

this fun CNT Q&A episode. Tiffany's new

50:14

workbook, Made Whole, is out wherever you

50:16

get your books and makes a perfect

50:18

companion to her original book, Good with

50:20

Money. You can buy both wherever you

50:22

get your books. Thank you as

50:24

always for being here. We appreciate you sharing the

50:26

show, if it connected with you, and subscribing wherever

50:28

you're listening right now. And if you

50:30

want to submit a voicemail for your own question, you can

50:32

also do so down below. And we'll potentially

50:34

use it in a future episode and then answer

50:37

your question. So if you have a question about money,

50:39

about running a business, about paying a debt, about

50:41

investing, about something else, feel free to absolutely best

50:43

of both in it and we hope to talk

50:45

to you soon. Thanks for being here, Financial Feminist.

50:47

Have a great last week. Talk to you later. Bye. Thank

50:55

you for listening to Financial Feminist, a Her First

50:58

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51:00

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