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EVERYONE.AND WELCOME TO WORKSHOP NUMBER SIX.
THIS IS THE FINAL WEBINAR IN OUR SERIES OF OUR FINANCIAL LITERACY FOR THE MONTH OF APRIL WORKSHOP, SIX IS ENTITLED ASSESSING SPENDING HABITS DURING COVID 19 AND BEYOND A NEW NORMAL FOR ME.
I AM THE ASSISTANT CHIEF ADMINISTRATIVE OFFICER FOR THE CITY OF BATON ROUGE, PARISH EAST BATON ROUGE UNDER THE ADMINISTRATION OF SHARON WESTERN ROOM.
SO LET'S BEGIN OUR WORKSHOP BEFORE WE START, I DO WANT TO POINT OUT TWO QUICK THINGS.
AND THE FIRST IS TO OUR ATTENDEES.
YOUR ACTUAL SYSTEMS WILL BE MUTED DURING THIS TIME.
HOWEVER, YOU DO HAVE THE OPPORTUNITY TO ASK QUESTIONS.
SO AT THE BOTTOM, YOU HAVE ACCESS TO THE Q AND A SECTION, AND PLEASE GO AHEAD AND TYPE IN YOUR QUESTIONS AND FEEL FREE DURING THE COURSE OF THE PRESENTATION.
AND WE'LL TRY TO GET TO AS MANY QUESTIONS AS WE CAN.
SO WELCOME AGAIN, NOT ONLY TO OUR ONLINE AUDIENCE OF REGISTRANT'S, BUT ALSO TO THOSE WHO ARE JOINING US VIA FACEBOOK AND ALSO A METRO 21.
THE PURPOSE OF OUR FINANCIAL LITERACY WORKSHOP SERIES WAS TO REALLY ALIGN WITH THE FACT THAT APRIL IS FINANCIAL LITERACY MONTH.
AND SO THE SOLE PURPOSE WAS TO AID IN BUILDING AWARENESS ABOUT THE POINTS ABOUT THE IMPORTANCE OF FINANCIAL LITERACY, BUT ALSO TO BE ABLE TO BRING IN A GROUP OF PARTNERS THAT WILL HELP US TO DISCUSS THE NEED FOR EFFECTIVE FINANCIAL EDUCATION IN LIGHT OF THE ROLLOUT OF THE FEDERAL STIMULUS CHECKS THAT WERE RECEIVED BY THE PUBLIC.
AND SO, AS WE BEGIN TO THINK ABOUT THIS WHOLE CONCEPT OF FINANCIAL LITERACY, WE REALIZE THAT IT PLAYS A CRITICAL ROLE, ESPECIALLY MORE NOW THAN EVER BEFORE.
IN LIGHT OF THIS WHOLE COVID CRISIS.
WE SEE THAT THERE HAS BEEN ACTUALLY MANY FAULT LINES WITHIN THE COUNTRY, BUT ALSO WITHIN OUR OWN WAYS OF HOW WE MANAGE OUR MONEY.
AND SO WE HAVE TO BUILD NEW SPENDING HABITS AS A RESULT OF THIS.
ONE OF THE KEY THINGS THAT I THINK ABOUT ALL THE TIME IS THAT THIS IS NOT EVEN IT'S HITTING THE GLOBE WORLDWIDE, BUT MORE IMPORTANTLY, I THINK ABOUT TEACHERS, PARENTS, STUDENTS, THOSE BUS DRIVERS THAT ARE WORKING AND EVEN EXECUTIVES IT'S IT'S SPAN HAS NO DISCRIMINATION IN TERMS OF THOSE WHO TRULY NEED TO FUNNEL IN AND BEGIN TO FOCUS ON MAKING THEIR MONEY STRETCH INTO WORK FOR THEM IN BETTER WAYS.
AND SO WITH THE IMPETUS OF THESE WORKSHOPS TODAY IS ALL ABOUT HONING IN ON HOW TO PROVIDE A HIGH LEVEL SUMMARY OF INFORMATION FROM ALL OF THE FIVE PREVIOUS WORKSHOPS THAT WE'VE DONE.
WE'RE ALSO GOING TO HIGHLIGHT THE BENEFIT OF UTILIZING A BUDGET, STRETCHING YOUR MONEY DOLLARS, READING, NEW SPENDING HABITS AND STRATEGIES, HOW TO SHOP AND SAY, PARDON ME, AND ALSO HELPS YOU ADDRESS RETIREMENT PLANNING AND PROTECTING YOUR CREDIT DURING A CRISIS.
AS I MENTIONED, WE HAVE AN INCREDIBLE, UH, OLIN NATION FOR TODAY OF THIS, UH, IN THIS SERIES.
WHAT I WOULD LIKE TO SAY THOUGH, IS THAT WE HAVE SOME SPECIAL GUESTS ON THE LINE.
AND SO I HAVE THE PLEASURE OF INTRODUCING IN BRINGING IN NOW THEY'RE SHARING WESTERN ROOM, WE'LL INTRODUCE OUR GUEST SPEAKER AND ALSO SERVE AS MODERATOR FOR TODAY.
WELL, THANK YOU SO MUCH, UM, FOR THE INTRODUCTION DR.
JONES, AND FOR SO GRACIOUSLY HOSTING A WORKSHOP, A SERIES, YOU KNOW, UH, WHEN WE LAUNCHED THE FINANCIAL LITERACY WORKSHOP SERIES, THE INTENTION WAS TO PROVIDE OPPORTUNITIES FOR OUR COMMUNITY TO GROW AND TO BE CONNECTED TO RESOURCES THAT WOULD CHANGE THE TRAJECTORY OF YOUR FINANCES AND LEARN MONEY MANAGEMENT WHILE LIVING IN A COVID 19 CULTURE.
WITH THAT BEING SAID, IT IS MY PLEASURE TO WELCOME IT IS MY PLEASURE TO WELCOME A VERY, VERY SPECIAL GUESTS TO THE BATON ROUGE COMMUNITY BY WAY OF THE BAHAMAS.
ONE POSITIVE THING TO NOTE ABOUT LIVING IN A COVID-19 CULTURE IS THE ABILITY TO CONNECT TO PEOPLE ACROSS THE WORLD.
AND AS WE PREPARE TO DIVE INTO A DIALOGUE THAT WILL LEAVE EACH OF YOU WITH A WEALTH
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OF INSIGHT, I WANT TO BEGIN BY TELLING YOU A LITTLE BIT ABOUT OUR SPECIAL GUESTS TODAY.SUSIE ARMAND IS THE AUTHOR OF 10 CONSECUTIVE, NEW YORK TIMES, BEST SELLERS, A TWO TIME EMMY AWARD WINNING TELEVISION HOST, AND ONE OF THE TOP MOTIVATIONAL SPEAKERS IN THE WORLD TODAY.
ALL IN ADDITION TO BEING A PERSONAL FINANCE EXPERT, SHE HAS RECEIVED AN UNPRECEDENTED EIGHT GRACIE AWARDS, WHICH RECOGNIZE THE NATION'S BEST RADIO, TELEVISION AND CABLE PROGRAMMING BY FOR AND ABOUT WOMEN.
SHE WAS TWICE NAMED TO THE TIME 100 AND RANKED AMONG THE WORLD'S 100 MOST POWERFUL WOMEN BY FORCE AND WAS THE HOST OF THE SUSIE ORMAN SHOW ON CNN, BC FOR 13 YEARS AND A CONTRIBUTING EDITOR TO O THE OPRAH MAGAZINE FOR 16 YEARS, SUSIE IS KNOWN TO MIX ESSENTIAL FINANCIAL ADVICE WITH A FRANK DISCUSSION OF THE MANY EMOTIONAL ISSUES, SUCH AS FEAR, SHAME, AND ANGER THAT STAND IN THE WAY OF ACHIEVING OUR FINANCIAL GOALS.
WE ALREADY HAD A PRELIMINARY CONVERSATION THAT REALLY FIRED ME UP.
AND SO SUSIE, I WAS SO DELIGHTED TO HAVE THE BEST IN THE WORLD JOINING US TODAY.
AND I KNOW YOUR GUIDANCE WILL BE BENEFICIAL TO OUR COMMUNITY, ESPECIALLY DURING THE CORONA VIRUS PANDEMIC.
TELL ME WHAT YOU WANT TO KNOW.
WELL, THE, YOU KNOW, ACCORDING TO THE DEPARTMENT OF LABOR AND LOUISIANA HAD AN UNEMPLOYMENT RATE OF 6.9% IN MARCH, 2020, WHICH, WHICH WAS UP FROM 5.2% IN FEBRUARY OF 2020.
AND OF COURSE, MANY OF OUR COMMUNITY MEMBERS ARE RECEIVING INCOME TAX RETURNS, A STIMULUS PAYMENT, AND NOW UNEMPLOYMENT CHECKS THAT MAY BE HIGHER THAN THE WAGES FROM THEIR PREVIOUS JOBS.
SO HOW IT'S CRITICAL TO NOTE, HOWEVER, THAT THIS IS A TEMPORARY SITUATION, RIGHT AFTER 26 WEEKS, MANY OF US SHOULD EXPECT OUR INCOMES TO CHANGE.
SO WHAT ADVICE CAN YOU SHARE ABOUT ADJUSTING SPENDING HABITS NOW IN WAYS THAT WILL HAVE A BIG IMPACT DOWN THE ROAD? YEAH.
YOU KNOW, THE TRUTH OF THE MATTER IS WE SHOULDN'T HAVE HAD TO GO THROUGH A CRISIS LIKE THIS FOR US TO ADJUST OUR SPENDING HABITS.
THE TRUTH OF THE MATTER IS WE SHOULD HAVE ADJUSTED OUR SPENDING HABITS YEARS AGO, SO THAT OUR MAIN PRIORITY IN OUR LIFE WAS TO HAVE AT LEAST AN EIGHT MONTH EMERGENCY FUND WAS TO BE TOTALLY OUT OF CREDIT CARD DEBT WAS TO REALLY LIVE BELOW OUR MEANS, BUT WITHIN OUR NEEDS, BUT YOU KNOW, MAYOR, THAT'S NOT HOW WE WERE LIVING.
UNEMPLOYMENT WAS RELATIVELY OKAY.
THE STOCK MARKET WAS GOING UP.
AND SO PEOPLE CONTINUE TO SPEND AND SPEND AND SPEND VERSUS SAVE AND SAVE AND SAVE.
SO TODAY WE ARE FACED WITH PEOPLE WHO ARE REALLY TOTALLY FLIPPED OUT BECAUSE THEY DON'T HAVE ANY MONEY.
THEY HAVE ALL THESE THINGS, THEY HAVE NEW CARS, THEY HAVE HOUSES THAT POSSIBLY THEY CAN'T AFFORD ANYMORE, BUT THEY DON'T HAVE MONEY.
SO WHAT I'M ASKING PEOPLE TO DO IS NOT JUST ADJUST YOUR SPENDING HABITS RIGHT NOW, RIGHT NOW, COMMIT TO YOURSELF THAT YOU ARE GOING TO CHANGE YOUR LIFE'S FOREVER, THAT YOU ARE NEVER GOING TO BE CAUGHT AGAIN IN A SITUATION WHERE IF SOMETHING HAPPENS LIKE THIS AND IT WILL HAPPEN AGAIN, IT HAPPENED IN 2008, ANOTHER CRISIS, BUT CRISIS IS, WILL ALWAYS HAPPEN, BUT YOU NEVER WANT TO BE CAUGHT IN A SITUATION LIKE THIS AGAIN, WHERE YOU HAVE TO COUNT ON A STIMULUS, CHECK, UNEMPLOYMENT, THE FOOD LINES, WHATEVER IT IS JUST FOR YOU TO GET BY.
SO IF YOU COULD START FROM THAT PREMISE AND UNDERSTAND THAT EVERY PENNY THAT YOU MAKE NOW AND IN THE FUTURE, YOUR NUMBER ONE GOAL OF THAT MONEY SHOULD BE SECURITY BECAUSE YOU KNOW, WHAT IS THE GOAL OF MONEY? THE GOAL OF MONEY IS FOR YOU TO BE SECURE.
DOES YOUR CAR MAKE YOU FEEL SECURE? DOES YOUR HOME MAKE YOU FEEL SECURE? DO YOUR CLOTHES AND YOUR JEWELRY AND ALL THAT STUFF MAKE YOU FEEL SECURE.
NO MONEY WILL MAKE YOU FEEL SECURE BECAUSE THAT IS THE GOAL OF MONEY.
SO RIGHT NOW WE FIND OURSELVES IN A SITUATION WHERE YOU HAVE A STIMULUS CHECK COMING IN, WHAT SHOULD YOU DO WITH THAT STIMULUS CHECK? WHAT SHOULD YOU DO WITH YOUR UNEMPLOYMENT? SHOULD YOU TAKE UNEMPLOYMENT VERSUS A JOB NOW THAT MAY PAY YOU LESS THAN UNEMPLOYMENT? SO HERE'S THE THING THEY ARE.
I CAN JUST GO AND GIVE YOU A TALK RIGHT NOW, OR YOU CAN ASK ME QUESTIONS, BUT SINCE THIS IS YOUR SHOW GIRLFRIEND,
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YOU TELL ME WHAT YOU WANT ME TO DO.WELL, THAT WAS SOME VERY WISE COUNSEL THAT YOU SHARED WITH OUR AUDIENCE.
AND OF COURSE, FOR ME TO, UH, YOU KNOW, SOME PEOPLE THINK SUSIE, JUST BECAUSE YOU'RE THE LEADER THAT YOU GOT EVERYTHING INTACT.
UH, BUT THAT WAS SOME WISE COUNSEL, CERTAINLY FOR ME TO ADHERE TO.
AND CERTAINLY FOR OUR AUDIENCE, BECAUSE I HAVE HEARD A NUMBER OF PEOPLE SAY THAT BECAUSE OF THE INCOME, ALBEIT TEMPORARY RIGHT NOW THAT THEY'RE RECEIVING THAT SOME PEOPLE ARE MAKING MORE THAN THEY WERE ON THEIR JOBS AS A SERVER IN A RESTAURANT.
AND SO I, I WOULD SAY, UH, HOW, WHAT ARE YOUR THOUGHTS THAT YOU CAN OFFER, UH, TO BATON ROUGE? LET'S JUST SAY, UH, BELLS, THAT MEAT MAY BE CONCERNED ABOUT THE STOCK MARKET HIT, OR THEY HAVE RETIREMENT.
AND THEY'RE THINKING ABOUT, SHOULD I GO INTO MY RETIREMENT FUND BECAUSE I DON'T HAVE, UH, THE MONEY TO MAKE IT THROUGH THIS CRISIS.
I, SO EVERYBODY LISTENED TO ME VERY, VERY CLOSELY.
LET'S JUST DEAL WITH THE STOCK MARKET HERE FOR ONE SECOND.
IT IS TRUE THAT WHEN ALL OF THIS HAPPENED, THAT THE STOCK MARKET INDEXES ESSENTIALLY FELL 38% AND YOU WERE ALL FREAKING OUT AND YOU WERE LIKE, I HAVE TO SELL, I HAVE TO GET OUT.
HOWEVER, FROM THAT POINT TILL RIGHT NOW, DO YOU KNOW THAT THE MARKETS ARE UP ABOUT 34%? SO WHAT SHOULD YOU BE DOING? NOW? LISTEN, CLOSELY MONEY THAT IS IN THE STOCK MARKET ONLY BELONGS IN THE STOCK MARKET.
IF YOU HAVE AT LEAST THREE, FIVE OR 10 YEARS OR LONGER TILL YOU NEED THAT MONEY.
SO IF YOU HAVE TIME ON YOUR SIDE AND YOU ARE INVESTED AND YOU'RE DIVERSIFIED IN GOOD MUTUAL FUNDS OR EXCHANGE TRADED FUNDS, OR A VARIETY OF STOCKS, THINGS LIKE THAT.
AND YOU KNOW THAT THEY'RE GOOD.
HOWEVER, IF YOU ARE SOMEBODY OUT THERE AND YOU ARE OLDER, OR YOU HAVE YOUR CHILD'S COLLEGE FUND IN, YOU KNOW, THE STOCK MARKET RIGHT NOW, AND THEY'RE GOING TO NEED THAT MONEY IN LESS THAN A FEW MONTHS OR A YEAR, THAT IS NOT MONEY THAT BELONGS IN THE STOCK MARKET.
SO WHILE THE MARKETS NOW HAVE COME BACK UP AGAIN, I PERSONALLY WOULD BE GETTING OUT OF THE STOCK MARKET, LISTEN CLOSELY IF YOU NEED THIS MONEY IN A YEAR OR LESS, IF YOU HAVE TIME ON YOUR SIDE AND YOU'RE INVESTED IN GOOD QUALITY STOCKS, MUTUAL FUNDS, EXCHANGE, TRADED FUNDS, AND YOU'RE DIVERSIFIED, I PERSONALLY WOULD STAY IN NOW WITH THAT SAID, EVEN THOUGH THE MARKETS HAVE COME BACK UP AGAIN, DO NOT BE SURPRISED IF IN THE MIDDLE OF THIS MONTH, HERE WE ARE.
IT MAY NOT VERY SHORTLY THAT YOU'RE GOING TO SEE THESE MARKETS RETREAT AGAIN, AND THE ECONOMY CAN HAVE A REALLY ROUGH TIME, BUT EXCUSE ME, DON'T BE AFRAID OF THAT.
HOWEVER, JUST KNOW OVER TIME, ESPECIALLY BY FEBRUARY OF NEXT YEAR, I THINK YOU WILL BE, OH, HEY, NEXT, YOU HAVE MONEY IN A RETIREMENT ACCOUNT.
AND YOU HAVE BEEN MADE AN OFFER BY THE FEDERAL GOVERNMENT THAT MANY OF YOU CAN TAKE UP TO A HUNDRED THOUSAND DOLLARS OUT OF A RETIREMENT ACCOUNT TO PAY YOUR BILLS.
AND YOU HAVE THREE YEARS TO PAY THAT MONEY BACK OR TO PAY THE TAXES ON IT.
LISTEN CLOSELY TO ME AGAIN, LET'S SAY YOU DON'T HAVE ANY MONEY.
AND ALL THE MONEY THAT YOU HAVE TO YOUR NAME IS MAYBE $5,000 IN A RETIREMENT ACCOUNT.
AND YOU ARE ATTEMPTED TO TAKE THAT MONEY OUT NOW TO PAY YOUR BILLS.
THE QUESTION IS, WHEN THAT MONEY'S GONE, THEN WHAT YOU HAVE PROBABLY NOTHING.
DO YOU KNOW THAT MONEY IN A RETIREMENT ACCOUNT IS PROTECTED AGAINST BANKRUPTCY.
SO IF YOU HAVE A SMALL AMOUNT OF MONEY IN YOUR RETIREMENT ACCOUNT AND YOU HAVE NO OTHER PASH, YOU WILL NOT.
AND I REPEAT, DO NOT TAKE MONEY OUT OF A RETIREMENT ACCOUNT TO PAY BILLS, TO GET YOU BY FOR ONE OR TWO MONTHS, THEN YOU'RE STILL NOT WORKING.
AND THEN YOU HAVE TO CLAIM BANKRUPTCY OR SOMETHING LIKE THAT.
PROTECT THE MONEY IN YOUR RETIREMENT ACCOUNT.
IF YOU HAVE A LOT OF MONEY IN A RETIREMENT ACCOUNT AND YOU HAVE CASH AND YOU KNOW, YOU'RE GOING TO HAVE A JOB AND YOU WANT TO TAKE SOME OUT, OKAY, BUT NOT IF YOU DON'T HAVE ANY MONEY AT ALL NEXT, IT'S NOT HOW MUCH MONEY YOU ARE MAKING.
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DO YOU HAVE IN A RETIREMENT? I, SORRY.IT'S HOW MUCH MONEY DO YOU HAVE IN AN EMERGENCY FUND? YOU KNOW, I'VE LEARNED OVER THE YEARS, THE MORE MONEY YOU MAKE, THE MORE MONEY YOU SPEND.
SO THERE ARE PEOPLE OUT THERE I'M SURE THAT ARE LISTENING RIGHT NOW, MAYOR THAT HAVE PROBABLY, THEY WERE MAKING $150,000 A YEAR, BUT THEY HAVE A BIGGER HOUSE.
THEY HAVE MORE CARS, THEY HAVE ALL THESE EXPENSES AND THE TRUTH IS THEY DON'T HAVE A POT TO PEE IN.
SO IT'S NOT HOW MUCH INCOME YOU HAVE.
IT'S WHAT HAVE YOU DONE WITH THAT INCOME? AND IF YOU DO NOT HAVE AN EIGHT MONTH EMERGENCY FUND RIGHT HERE, AND RIGHT NOW THAT IS YOUR NUMBER ONE PRIORITY.
SO GOING BACK TO, WHAT SHOULD YOU DO WITH YOUR STIMULUS CHECK? WHAT SHOULD YOU DO WITH UNEMPLOYMENT AND THINGS LIKE THAT.
IF YOU DON'T HAVE AN EMERGENCY FUND, I WOULD BE TAKING ADVANTAGE OF THE POSSIBILITY AND PROBABILITIES THAT MAYBE YOU DON'T HAVE TO PAY YOUR STUDENT LOAN UNTIL SEPTEMBER 30TH.
MAYBE YOU CAN HAVE A POSTPONEMENT ON YOUR MORTGAGE PAYMENTS.
MAYBE YOU CAN POSTPONE YOUR CAR PAYMENTS OR YOUR INSURANCE PAYMENTS WITH THE PERMISSION OF YOUR CREDITORS.
IF YOU CAN POSTPONE PAYMENTS WITHOUT IT HURTING YOUR CREDIT SCORE AND WHERE YOU'RE NOT AT AN EXORBITANT INTEREST RATE ON CREDIT CARDS, YOU ARE FAR BETTER OFF TAKING ADVANTAGE RIGHT NOW BECAUSE LENDERS ARE WILLING TO LET YOU DO THAT AND TAKE THAT MONEY AND PUT IT IN AN EMERGENCY FUND FOR YOURSELF AND PLAY CATCH UP.
BECAUSE IF THIS EVER HAPPENS AGAIN, THAT IS THE BEGINNING OF YOUR SECURITY FUNDS.
SO DON'T THINK ABOUT IT AS AN EMERGENCY FUND.
THINK ABOUT IT AS, AS SECURITY FUN, IF THIS EVER HAPPENS AGAIN.
AND I JUST HAVE TO SAY THIS IN REGARDS TO YOUR QUESTION ABOUT YOU'RE OFFERED A JOB, BUT THE JOB IS GOING TO PAY YOU LESS THAN YOU'RE GETTING ON UNEMPLOYMENT.
WHAT SHOULD YOU DO? THAT'S A HARD ONE.
MAYBE YOU'RE SINGLE, YOU KNOW, YOU'RE A SINGLE PARENT OR WHATEVER IT IS, AND YOU HAVE CHILDREN AT HOME AND YOU DON'T WANT TO SEND THEM BACK TO SCHOOL, OR THEY'RE NOT OLD ENOUGH TO GO TO SCHOOL AND YOU CAN'T LEAVE THEM.
AND YOU DON'T WANT A STRANGER COMING IN BECAUSE MAYBE THE STRANGER IS BEEN, YOU KNOW, SOMEBODY WHO HAS BEEN EXPOSED TO THE VIRUS WHO KNOWS WHAT IT IS WHEN THAT'S THE CASE.
AND IT'S A REASON LIKE THAT, THEN YOU HAVE TO STAY ON UNEMPLOYMENT.
IF THAT ISN'T YOUR EXCUSE, YOU DON'T HAVE ELDERLY PARENTS THAT YOU HAVE TO TAKE CARE OF, BUT WHATEVER IT IS AND IT'S YOU, AND IT'S JUST A MONEY QUESTION.
DO I CHOOSE MORE MONEY ON UNEMPLOYMENT? WHERE DO I GO BACK TO WORK? HERE'S WHAT I WANT TO SAY TO YOU.
I HAVE TO TELL YOU, IN MOST CASES I WOULD GO BACK TO WORK.
AND HERE IS THE REASON WHY, IF YOU GO BACK TO WORK, CHANCES ARE, YOU'RE ALSO GOING TO BE COVERED BY HEALTH INSURANCE.
AND NOW GOING WITHOUT HEALTH INSURANCE RIGHT NOW IS ONE OF THE BIGGEST MISTAKES YOU CAN EVER MAKE.
I CAN TELL YOU HORROR STORIES OF PEOPLE WHO DID NOT HAVE HEALTH INSURANCE, AND THEY ARE NO LONGER ALIVE TODAY BECAUSE THE HOSPITALS WON'T ACCEPT THEM BECAUSE THEY WERE ALREADY OVERRUN WITH PATIENTS.
SO HEALTH INSURANCE IS A MUST.
YOU'RE ALSO WHEN YOU'RE WORKING, WORKING FOR A COMPANY THAT OFFERS YOU A RETIREMENT ACCOUNT, WHERE THEY MATCH YOUR CONTRIBUTION, THAT IS FREE MONEY TO YOU.
ALSO, YOU DO KNOW THAT YOU OWE TAXES ON YOUR UNEMPLOYMENT CHECKS.
YOU KNOW THAT, RIGHT? AND THAT'S NOT CONTRIBUTING TO YOUR SOCIAL SECURITY PAYMENTS ON ANY LEVEL.
AND REMEMBER, YOU'RE GOING TO WANT, WHEN YOU HAVE A JOB, WHEN YOU HAVE SOMEBODY WHO'S EMPLOYING YOU, THEY CONTRIBUTE TO SOCIAL SECURITY FOR YOU, WHICH HELPS YOU LATER ON IN LIFE.
SO IT'S A TOSS UP, BUT IT'S ALSO A TOSS UP OF WHAT DO YOU FEEL GOOD ABOUT? THE SYSTEMS ARE STRAINED RIGHT NOW.
THERE ISN'T ENOUGH MONEY TO GO AROUND TO THE 30 MILLION PEOPLE THAT ARE ON UNEMPLOYMENT.
SO IF YOU ARE OFFERED A JOB, TAKE THAT JOB.
IF IT ISN'T A FAMILY ISSUE, TAKE THAT JOB.
EVEN THOUGH YOU'RE MAKING LESS LOW, FEEL BETTER ABOUT YOURSELF.
AND YOU'LL FREE UP MONEY FOR THOSE WHO HAVE NOT BEEN OFFERED A JOB.
AND I JUST WANTED TO SAY, YOU DON'T TAKE THAT JOB.
IT MIGHT NOT BE THERE SIX MONTHS FROM NOW, WHEN YOU GO TO GET IT AGAIN, THAT WAS GREAT, UH, FEEDBACK.
AND IT REALLY, UH, SUZY CONNECTS TO MY NEXT QUESTION.
BEFORE WE TAKE QUESTIONS FROM OUR AUDIENCE AND THAT IS HERE IN, UM, EAST BATON ROUGE, PARISH AND BATON ROUGE.
WE HAVE A DIVERSE POPULATION OF PEOPLE WHO HAVE, UH, FROM ALL DIFFERENT INCOME LEVELS.
UH, AND SO MANY PEOPLE, UNFORTUNATELY, THE WAY
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I SEE IT, UM, LOOK TO ENTITIES LIKE PAYDAY LOANS TO TRY TO CLOSE THE GAPS.AND, UH, THERE'S SOME PEOPLE WHO ARE ON THE TOTAL OTHER END, WHO HAVE HAD WEALTH.
AND SO HOW DO WE ENCOURAGE PEOPLE NO MATTER WHAT IN THEY'RE ON, IF THEY'RE TRYING TO MAKE ENDS MEET AND YOU'VE TOUCHED ON THIS A LITTLE BIT, BUT WHAT ADVICE DO YOU HAVE IN TERMS OF, UH, THE POTENTIAL TO CREATE LOVE SONGS THAT WILL HELP THEM, UH, UH, PAY AND PRIORITIZE THEIR BILLS? YEAH.
SO FIRST LET'S ADDRESS PAYDAY LOANS.
YOU ARE NEVER, EVER, EVER TO TAKE OUT A PAYDAY PAYDAY LOANS MAY LOOK ATTRACTIVE, BUT I'M HERE TO TELL YOU, ONCE YOU HAVE TAKEN ONE OUT, YOU WILL NEVER GET OUT OF THEM AND YOU WON'T BE ABLE TO DISCHARGE THEM IN BANKRUPTCY.
THEY CHARGE APPROXIMATELY 300% IN INTEREST AND THEY RENEGOTIATE YOUR CONTRACT EVERY 90 DAYS BECAUSE THE CONTRACT IS RENEGOTIATED.
EVERY 90 DAYS, YOU CAN'T DISCHARGE IT IN BANKRUPTCY.
IF YOU EVER HAVE TO CLAIM BANKRUPTCY, BECAUSE LOANS THAT WERE TAKEN OUT WITHIN 90 DAYS ARE NOT DISCHARGEABLE IN BANKRUPTCY BECAUSE THE COURT SYSTEM THINKS, OH, YOU TOOK OUT THAT MODE JUST TO CLAIM BANKRUPTCY.
SO THE PAYDAY LOAN COMPANIES ARE VERY, VERY SMART.
DON'T DO IT FOR THOSE OF YOU OUT THERE THAT HAVE WEALTH THAT HAVE EXTRA MONEY.
THIS IS THE TIME THAT YES, YOU COULD ALWAYS FALL INTO FEAR AND YOU CAN DO THINGS LIKE THAT.
EVERYBODY, THIS WORLD NEEDS MONEY RIGHT NOW.
THE PEOPLE IN THESE PARISHES, MANY OF THEM TO NO FAULT OF THEIR OWN, MANY OF THEM DON'T HAVE ANY MONEY TO FEED THEIR KIDS.
THIS IS THE TIME WHERE YOU TAKE CARE OF YOUR OWN.
YOU REACH INTO YOUR POCKETS AND YOU CONSULT WITH THE MAYOR'S OFFICE AND YOU FIGURE OUT WHAT KIND OF FUN COULD BE CREATED TO HELP PEOPLE, OR YOU DO IT ON YOUR OWN.
YOU KNOW, PEOPLE WHO ARE SUFFERING, YOU KNOW, PEOPLE WHO YOU ARE, WHO YOU LOVE, REACH INTO YOUR POCKET, NOT AS A LOAN, NO, BUT AS A GIFT, LET MONEY COME IN THROUGH YOUR HEART, RIGHT? AND OUT THROUGH YOUR HANDS TO THEM, OPEN YOUR HANDS.
WHEN YOU'RE GENEROUS OF SPIRIT AND YOUR HANDS ARE OPEN, HONEST TO GOD, WE'RE ALL GIVEN EVERYTHING THAT WE'RE MEANT TO HAVE.
AREN'T OPEN TO RECEIVE THAT, WHICH YOU ARE MEANT TO HAVE FOR THOSE OF YOU THAT ARE OUT THERE RATHER THAN TRYING TO FIND A LUMP SUM OF MONEY OR SOMETHING TO PAY YOUR BILLS.
I'M ASKING YOU RIGHT NOW TO HAVE COURAGE.
YOU KNOW, I WAS TALKING TO THE MAYOR BEFORE THIS STARTED AND WE WERE TALKING ABOUT HOW FEAR IS THE MAIN INTERNAL OBSTACLE TO WEALTH.
THERE'S ACTUALLY THREE, YOU'VE READ MY BOOKS.
SIDE'S THE POINT, RIGHT? FEAR, SHAME, AND ANGER.
AND ALL THREE OF THOSE EMOTIONS ARE CLICKY FULL STEAM AHEAD.
RIGHT NOW YOU'RE ANGRY THAT THIS HAS HAPPENED BECAUSE IT DIDN'T REALLY HAVE TO HAPPEN, RIGHT? YOU'RE ASHAMED THAT YOU DON'T HAVE ANY MONEY THAT YOU CAN'T FEED YOUR KIDS.
YOU'RE ASHAMED OF THE SITUATION YOU'RE IN AND FEAR, WHICH IS THE MAIN ONE.
AND FEAR IS THE EXACT OPPOSITE OF SECURITY.
SO HOW DO YOU CONQUER FEAR? THERE'S ONLY ONE WAY TO CONQUER FEAR AND THAT IS THROUGH ACTION.
SO WHAT ACTION DO I WANT YOU TO TAKE? I WANT YOU TO BE COURAGEOUS RIGHT NOW.
I WANT YOU TO TAKE THE STANCE OF A WARRIOR AND NOT TURN YOUR BACK ON THE BATTLEFIELD THAT ALL OF US ARE ON.
IT'S A GLOBAL WAR THAT WE'RE IN TRYING TO SURVIVE WITH HEALTH, AS WELL AS OUR WEALTH.
AND I WANT YOU TO LOOK AT ALL YOUR BILLS AND I WANT YOU TO DIVIDE THEM FROM ESSENTIAL BILLS.
WHAT BILLS HAVE GOT TO BE PAID.
AND THEN IF YOU HAVEN'T YET, I WANT YOU TO EITHER PICK UP THE PHONE OR GO ONLINE AND CONTACT THAT LENDER AND ASK THEM FROM YOUR HEART.
COULD YOU PLEASE HELP ME NOW? I UNDERSTAND THAT YOU PROBABLY WILL GET A NO, BUT HERE'S WHAT I WANT YOU TO UNDERSTAND.
THE PEOPLE THAT ARE ANSWERING THEIR PHONES, THERE ARE NO DIFFERENT LIGHT THAN YOU.
THEY'RE AFRAID THEY'RE GOING TO GET SICK.
REMEMBER, IT'S A PERSON TALKING TO ANOTHER PERSON.
SO DON'T BE MAD AT THEM BECAUSE YOU DON'T KNOW WHAT THEY'VE JUST GONE THROUGH.
MAYBE THEY LOST THEIR MOTHER OR THEIR CHILD HAVE COMPASSION FOR THEM AS YOU WANT THEM TO HAVE FOR YOU.
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SAY, OKAY, PICK UP THE PHONE AND CALL AGAIN, BECAUSE IT'S NOT THAT PERSON THAT YOU'RE GOING TO GET AGAIN, YOU'RE GOING TO GET A BANK OF PEOPLE AND TRUST ME, YOU WILL FIND ONE PERSON.IF YOU KEEP GOING BACK AND BACK AND BACK AGAIN, THAT WILL SAY YES TO YOU BECAUSE YOU HAVE TO REMEMBER EVERY, NO LEADS YOU THAT MUCH CLOSER TO A YES, YOU HAVE TO KNOW THAT.
AND YOU HAVE TO HAVE FAITH THAT EVERYTHING HAPPENS FOR THE BEST.
YOU HAVE TO KNOW THAT GOD WOULD NEVER GIVE YOU ANYTHING THAT YOU CANNOT HANDLE, AND THAT YOU ARE FAR STRONGER THAN YOU HAVE ANY IDEA.
SO DON'T TURN YOUR BACK ON THIS.
THIS IS YOUR OPPORTUNITY FOR YOU TO SEE THE BLESSINGS AND HOW STRONG YOU REALLY ARE, BECAUSE YOU HAVE TO BE STRONG TO GET THROUGH THIS.
AND IN LOUISIANA, THERE, YOU HAVE GOTTEN TO A LOT OVER THE YEARS, YOU HAVE GOTTEN THROUGH THINGS THAT MOST PEOPLE HAVE NEVER GONE THROUGH IN THEIR ENTIRE LIFE.
WHY ARE YOU HERE TODAY? NOT TO GIVE UP.
YOU ARE HERE TODAY TO GET THROUGH IT ONCE AGAIN.
SO PICK UP THE PHONE, SEND THE EMAIL.
IF YOU'RE TRYING TO GET UNEMPLOYMENT AND YOU CAN'T GET THROUGH, YOU KEEP CALLING AND CALLING AND CALLING UNTIL YOU GET THROUGH YOU ARE A WARRIOR AND YOU'RE NOT GOING TO TURN YOUR BACK ON THE BATTLEFIELD.
DO YOU HEAR ME, LOUISIANA? WE HEAR YOU, SUSIE.
THANK YOU SO, SO MUCH FOR THAT ENCOURAGEMENT, WE'RE GOING TO TAKE A FEW QUESTIONS FROM OUR AUDIENCE.
UH, FIRST WE HAVE AARON FULBRIGHT.
UH, AARON, THANKS FOR JOINING US.
WHAT IS YOUR QUESTION FOR SUSIE? THANK YOU, MARY GRAHAM.
UM, BACK TO THE EMERGENCY FUNDS.
WHAT ARE SOME WAYS THAT YOU CAN START BUILDING YOUR EMERGENCY FUND? WHEN WE ARE ALREADY STRETCHING OUR FUNDS OUTSIDE OF POSTPONING? UM, THOSE PAYMENTS LIKE OUR, UH, STUDENT LOANS THAT YOU JUST MENTIONED, WHAT ARE SOME OTHER WAYS TO START? CAUSE I WISH I DID START THIS WAY BEFORE ALL OF THIS HAPPENED, BUT WHAT CAN I DO NOW? HERE'S WHAT YOU CAN DO NOW.
YOU CAN OBVIOUSLY, WHEN YOU'RE NOT WORKING AND IF THERE'S NOT MONEY COMING IN, IT'S VERY DIFFICULT TO START IT RIGHT NOW.
BUT NOW IT'S NOT GOING TO BE A MONTH FROM NOW OR SIX MONTHS FROM NOW OR EIGHT MONTHS FROM NOW OR A YEAR FROM NOW.
SO WHEN THE TIME COMES AND YOU HAVE MONEY COMING BACK IN, YOU SHOULD KIND OF KEEP A JOURNAL AND IT'S LIKE, LESSONS LEARNED, WHAT HAVE YOU LEARNED? AND IF I WERE TO ASK YOU, DID YOU TAKE A VACATION IN THE LAST YEAR? DID YOU, YOU KNOW, GET GIFTS FOR YOUR KIDS? IF YOU HAVE CHILDREN FOR THE HOLIDAYS, DID YOU BUY CLOTHES? DID YOU DO THIS? DID YOU DO THAT? AND IF YOU LOOK AT ALL OF THOSE THINGS RIGHT NOW, WOULD YOU RATHER HAVE THOSE THINGS OR THE MONEY THAT YOU SPENT ON THOSE THINGS? SO HERE'S HOW YOU CREATE MONEY FOR YOURSELF.
NUMBER ONE, YOU'VE HEARD ME SAY IT BEFORE YOU NEED TO LIVE BELOW YOUR MEANS, BUT WITHIN YOUR NEEDS.
OKAY? WHEN EVERYTHING GOES BACK TO HOW YOU WANT IT TO BE, HOW DO YOU DO THAT? WITH EVERY PURCHASE THAT YOU MAKE, YOU ARE TO ASK THE QUESTION, IS THIS A WANT, OR IS THIS A NEED? IF IT'S A NEED, YOU HAVE TO BUY IT.
IF IT IS A WANT, YOU DON'T BUY IT.
WHAT DO YOU DO? YOU TAKE THAT MONEY THAT YOU ARE GOING TO SPEND AND YOU PUT IT INTO YOUR EMERGENCY FUND.
AND HERE'S THE BEST THING THAT I COULD TELL YOU.
CAN YOU TRY TO GET AS MUCH PLEASURE OUT OF SAVING AS YOU DO SPENDING BECAUSE YOU SHOULD WANT TO SAVE MONEY.
IT SHOULDN'T BE LIKE, UGH, I CAN'T BELIEVE THAT I CAN'T GO OUT TO LUNCH.
YOU KNOW, I DON'T KNOW IF YOU FOLLOW ME ON MY WOMEN AND MONEY PODCAST AND ALL OF YOU, YOU REALLY SHOULD KNOW.
I HAVE A PODCAST CALLED WOMEN AND MONEY AND THE MEN SMART ENOUGH TO LISTEN.
LIKE IT TELLS YOU EVERY, IT WILL TELL YOU EVERYTHING THAT YOU NEED TO KNOW, ESPECIALLY ABOUT THIS TIME, BUT TO HELP MAKE YOU STRONG, SMART, AND SECURE.
THE PRICE IS RIGHT, BUT IT'S LIKE, YOU KNOW, AND I TELL THE STORIES ABOUT HOW KATIE, WHO IS MY SPOUSE.
SHE GETS SO EXCITED WHEN SHE GOES INTO A STORE AND SHE STAYED $25.
SHE COMES OUT, SHE GOES, SUSAN, LOOK, LOOK AT HOW MUCH MONEY I JUST SAVED.
AND WE ARE VERY, VERY WEALTHY WOMEN.
AND YOU WOULD WANT US TO BE PROUD OF THAT BECAUSE YOU WOULDN'T WANT THE PERSONAL FINANCE EXPERT OF THE WORLD NOT TO BE, WOULD YOU, RIGHT? SO YOU HAVE TO HAVE PRIDE IN WHO YOU ARE, NOT JUST WHAT YOU HAVE.
AND I TAKE MORE PRIDE IN THAT.
WE STILL CHERISH EVERY SINGLE PENNY, MORE THAN EVERYTHING THAT WE HAVE AROUND US HAS THAT'S ALL THAT MATTERS IN THE END.
YOUR SELF-WORTH HAS TO BE MORE IMPORTANT THAN YOUR NET WORTH, BUT WHEN YOU HAVE SELF-WORTH WATCH WHAT HAPPENS TO YOUR NETWORK? SO GIRLFRIEND, YOU BETTER BE JOINING ME.
[00:30:01]
TODAY.YOU BETTER GO TO THE WOMEN IN MONEY PODCAST AND LISTEN TO ME.
UH, NEXT WE HAVE, UH, LAURA, UH, ASHLEY HARRISON.
LAURA, WHAT IS YOUR QUESTION FOR SUSIE? HI, THANK YOU AGAIN FOR, FOR ALLOWING US TO, TO PARTICIPATE IN AND BE A PART OF THIS.
UM, MY QUESTION IS USUALLY I DO, UM, THE 50, 30, 20 RULE WITH SAVING AND EVERYTHING AND WITH THE PANDEMIC AND EVERYTHING HAPPENING.
I WANT TO KNOW IF ONCE, WHILE WE'RE IN IT, DOES THAT RULE STILL APPLY? AND THEN WAIT, GO BACK TO OUR NEW NORMAL.
DOES IT NEED TO CHANGE? SO HERE'S MY QUESTION FOR YOU WITH THAT RULE IN PLACE.
DO YOU HAVE RIGHT HERE AND RIGHT NOW IN EIGHT MONTH EMERGENCY FUND? NO, I DON'T HAVE EIGHT MONTHS.
I NOT GONNA NOT GONNA WORK HERE.
SO YOUR NUMBER ONE PRIORITY IS SCREW THE 50, 30, 20.
I CARE ABOUT THAT, RIGHT? I CARE ABOUT THAT.
CAN YOU, AT THIS POINT IN TIME PUT AS MUCH MONEY OR WHENEVER THAT TIME ALLOWS YOU, CAN YOU PUT THE MONEY SIMPLY IN AN EMERGENCY FUND? OBVIOUSLY, YOU KNOW, WHETHER IT'S YOU'RE, YOU'RE CHARITABLY INCLINED AND YOU TIDE OR WHATEVER, THAT'S ANOTHER SITUATION.
BUT AFTER THAT, YOUR MAIN PRIORITY REALLY NEEDS TO BE YOUR EMERGENCY FUND, BECAUSE I CAN TELL YOU FROM THE MILLIONS AND MILLIONS OF PEOPLE THAT I'VE BEEN LUCKY ENOUGH TO TOUCH OVER ALL THESE YEARS.
CAUSE I'VE BEEN DOING THIS NOW ALMOST 40 YEARS, THE EMAILS THAT I'M GETTING SAYING, THANK GOD I LISTENED TO YOU.
I HAVE AN EIGHT MONTH EMERGENCY FUND.
I CAN'T TELL YOU HOW THAT PUTS A SMILE ON MY FACE, BUT IT'S NOT MY FACE THAT MATTERS.
AND WHAT REALLY MATTERS IS THAT YOU HAVE TAKEN THE ACTIONS WHEN YOU CAN TODAY TO PROTECT YOUR TOMORROWS.
AND SO YOUR MAIN PRIORITY NEEDS TO BE THE EMERGENCY FUND.
AND WE'RE NOW CALLING IT THE SECURITY FUND, BECAUSE CAN YOU IMAGINE HOW YOU WOULD FEEL IF YOU HAD THAT RIGHT NOW? BECAUSE WHAT YOU HAVE NOW COULD GO INTO A THREE MONTHS, RIGHT? AND IF YOU HAD THAT, YOU WOULD FEEL MORE POWERFUL.
AND THE NUMBER ONE LAW OF MONEY IS THIS POWER ATTRACTS MONEY.
AND WHEN YOU'RE POWERLESS, IT REPELS IT.
SO IF YOU CAN JUST STAY POWERFUL AND USE MY THREE BALLS, I JUST GAVE YOU LIVE BELOW YOUR MEETINGS RIGHT.
ONLY BY NEEDS VERSUS WANTS AND GET AS MUCH PLEASURE OUT OF SAVING AS YOU DO SPENDING GIRLFRIEND YOU'LL HAVE A REAL SMILE, NOT ONLY ON YOUR FACE, BUT IN YOUR HEART AS WELL.
THANK YOU, LAR UH, SARAH WEST HAS A QUESTION.
SARAH, YOU ARE AN ENTREPRENEUR.
YOU HAVE A QUESTION ABOUT ENTREPRENEURSHIP.
CAN Y'ALL HEAR ME NOW? YES, YES.
UM, SO I, UM, RECENTLY SELF-EMPLOYED, UM, I'VE BEEN HAVING, UM, YOU KNOW, I'VE STARTED MY OWN BUSINESS ABOUT A YEAR AGO AND UM, MY BUSINESS IS MAINLY GOING INTO CLIENTS' HOMES, WHICH I CAN'T REALLY DO RIGHT NOW.
SO I'VE SWITCHED UP YOUR, MY SERVICES TO VIRTUAL.
UM, BUT BASICALLY I JUST WANT TO KNOW IF YOU HAVE ANY ADVICE SPECIFICALLY FOR SELF EMPLOYED PEOPLE, UM, TO KIND OF GET A LITTLE BIT MORE SECURITY, UM, RIGHT NOW.
AND, YOU KNOW, WHENEVER WE GET TO THE NEW NORMAL OF, UH, WAYS TO JUST KIND OF KEEP YOURSELF SECURE, I GUESS YOU COULD SAY, UM, IN CASE SOMETHING LIKE THIS HAPPENS AGAIN.
SO WHEN YOU'RE DOING THIS, ESPECIALLY WITH WOMEN WHO ARE SELF-EMPLOYED, THEY CARE MORE ABOUT THEIR CLIENTS AND SERVICING THEM THAN THEY DO ABOUT WHAT THEY DO WITH THE MONEY FROM SERVICING THOSE CLIENTS.
SO MY QUESTION TO YOU IS DO YOU HAVE AN EIGHT MONTH EMERGENCY FUND? AND THE ANSWER TO THAT IS NO.
DO YOU HAVE A ROTH RETIREMENT ACCOUNT FOR YOURSELF? AND THE ANSWER TO THAT IS WHAT ACTUALLY, YES.
I JUST STARTED ONE A FEW MONTHS AGO.
AND ARE YOU PUTTING UP TO THE $6,000 A YEAR THAT YOU'RE ALLOWED TO IN THERE? UM, I THINK I STARTED, I DON'T THINK I STARTED WITH THAT QUITE YET.
ARE YOU DOING IT MONTH BY MONTH? LIKE, ARE YOU PUTTING AT LEAST $500 A MONTH IN
[00:35:01]
NO, NOT QUITE 500.LET'S SAY IT LIKE WHAT, LISTEN, 300 IS BETTER THAN 100, 100 IS BETTER THAN 50 GIRLFRIEND.
WHATEVER YOU HAVE IS BETTER THAN NOT.
HERE'S WHAT I WANT TO TELL YOU ABOUT A ROTH IRA.
IF YOU DON'T ALREADY KNOW OUR ROTH IRA CAN ALSO SERVE AS AN EMERGENCY FUND BECAUSE YOU CAN WITHDRAW ANY MONEY THAT YOU ORIGINALLY PUT IN WITHOUT TAXES OR PENALTIES, REGARDLESS OF YOUR AGE OR HOW LONG YOU'VE HAD THAT ACCOUNT OPEN.
DO YOU KNOW THAT? NO, I DIDN'T.
NOW THAT'S WHY, WHAT THE MAYOR'S DOING HERE IS SO IMPORTANT BECAUSE EDUCATION AND KNOWING MORE ABOUT WHAT YOU HAVE FINANCIALLY SPEAKING OPENS UP THE DOORS OF OPPORTUNITY TO YOU.
SO IF I WERE YOU, I WOULD CONTINUE TO FUND WHATEVER I COULD INTO MY ROTH IRA.
HOWEVER, IT SHOULD BE KEPT IN A MONEY MARKET ACCOUNT WITHIN THE ROTH IRA, BECAUSE REMEMBER WHAT I SAID EARLIER, MONEY THAT YOU NEED WITHIN ONE YEAR, IT DOES NOT BELONG IN THE STOCK MARKET, BUT REMEMBER YOU'RE ONLY ALLOWED AND YOU HAVE TILL JULY 15TH OF THIS YEAR TO FUND FOR 2019 AS WELL, JUST SO YOU KNOW, RIGHT? THAT EVERY YEAR THAT CLOCK ENDS, BUT YOU WANT TO GET AS MUCH MONEY INTO A ROTH IRA, ROTH IRA, AS YOU POSSIBLY CAN, BECAUSE THEN ONCE YOU HAVE AT LEAST EIGHT MONTHS IN THERE, THEN YOU CAN START INVESTING.
AND THEN MAYBE ON THE SIDE, YOU CAN ALSO START SAVING MONEY IN A HIGH BUILDING, YOU KNOW, SAVINGS ACCOUNT THAT YOU CAN GO ONLINE AND FIND, OR AT A CREDIT UNION.
AND ONCE YOU HAVE EIGHT MONTHS HERE, THEN YOU CAN GO BACK AND DOLLAR COST AVERAGE, THE MONEY THAT YOU HAVE IN YOUR ROTH IRA INTO THE VANGUARD TOTAL STOCK MARKET INDEX FUND, OR ACTUALLY THE ETF SYMBOL IS V T I OR THE MOTLEY FOOL.
AND YOU WOULD TAKE A SPECIFIC SUM OF MONEY EVERY MONTH.
I PUT THAT INTO THOSE TWO FUNDS.
THEY WOULD GIVE YOU DIVERSIFICATION.
AND WHEN THE MARKET GOES DOWN, YOUR DOLLARS, BUY MORE SHARES.
WHEN THE MARKET GOES UP, YOUR DOLLARS BUY LESS SHARES, BUT OVER TIME, YOUR DOLLARS ARE AVERAGE.
SO YOU'LL BE FINE OVER THE LONG RUN.
THE BEST PLACE THAT YOU MIGHT WANT TO DO THAT IS AT A DISCOUNT BROKERAGE FIRM THAT OFFERS SEAL PERCENT COMMISSIONS, SUCH AS TD AMERITRADE FIDELITY CHARLES SCHWAB.
MY PERSONAL FAVORITE IS TD AMERITRADE.
I DO NOT GET PAID TO SAY THAT I HAVE NO DEAL WHATSOEVER, JUST SO YOU KNOW, BUT I LIKE THEIR SERVICE A LOT.
SO THAT WOULD BE THE ADVICE THAT I WOULD BE GIVING YOU.
BUT AS AN ENTREPRENEUR WHERE YOU PUT YOURSELF FIRST, MAKE SURE THAT WHEN YOU SERVICE YOUR CLIENTS, YOU'RE ALSO SERVICING YOURSELF AND, YOU KNOW, MAKE THAT WORK BECAUSE THE STRONGER YOU BECOME FINANCIALLY, THE MORE YOUR BUSINESS WILL FLOURISH.
FOR YOUR QUESTION, WE JUST HAVE A FEW MORE QUESTIONS.
UH, SUSIE, LET'S SEE, WE HAVE TYRA BANKS, ALL WHO HAS A QUESTION.
THANKS SO MUCH MAYOR FOR, UH, HAVING THIS, UH, I'M A BUSINESS COACH AT METRO MORPHOSIS AND I MEET A LOT OF BUSINESS OWNERS, ESPECIALLY WOMEN WHO ARE TAKING CARE OF AGING PARENTS, HELPING KIDS THROUGH COLLEGE.
AND I KNOW THAT THERE ARE CERTAIN LEGAL DOCUMENTS AND THESE ARE EXPENSIVE.
WASN'T THE CHEAPEST THING I EVER DID.
CAN YOU GIVE US TIPS ON ACCOUNTS AND LEGAL DOCUMENTS? IT WOULD BE GOOD TO PRIORITIZE, RIGHT? I CALL THEM THE MUST HAVE DOCUMENTS AND THERE ARE FOUR DOCUMENTS THAT EVERY SINGLE ONE OF YOU SHOULD HAVE.
AND THE LESS MONEY YOU HAVE, THE MORE YOU SHOULD HAVE THESE DOCUMENTS.
THEY ARE A WILL A LIVING REVOKABLE TRUST, AN ADVANCED DIRECTIVE AND DURABLE POWER OF ATTORNEY FOR HEALTHCARE AND A FINANCIAL POWER OF ATTORNEY.
NOW I WILL BE THE FIRST TO TELL YOU, WHEN YOU GO TO GET THOSE DOCUMENTS, MOST PEOPLE GO TO AN ATTORNEY, THEY GET THEM.
AND THEY'RE $2,500 WHO CAN AFFORD $2,500 TODAY.
MOST OF YOU REALLY CAN'T AFFORD TO DO WHATEVER YOU KNOW, TO, TO MAKE MONEY.
YOU CAN'T, YOU DON'T HAVE ANY MONEY RIGHT NOW.
SO, AND I'M NOT SAYING THIS JUST BECAUSE I CREATED THEM WAY BACK WHEN IN 2001, WHEN CERTAIN THINGS HAPPENED, SEPTEMBER 11, 2001, I HAD PEOPLE CALLING ME AND SAYING, SUSIE,
[00:40:01]
I LOST MY SPOUSE.OH MY GOD, I DON'T HAVE RIGHTS TO MY CHILDREN.
SO I CREATED WHAT I CALL THE MUST HAVE DOCUMENTS.
AND I'M THE WOMEN AND MONEY WEBSITE.
AND ON THAT APP, WHICH IS REALLY FABULOUS.
SO YOU WOULD GO TO APPLE APPS OR YOU WOULD GO TO GOOGLE PLAY SEARCH, SUSIE ORMAN, S U Z E O R M A N, DOWNLOAD THE APP.
AND WHEN YOU HAVE THE APP, I ACTUALLY ANSWER QUESTIONS.
I DO THESE THINGS ALL THE TIME.
IT'S A WOMEN'S COMMUNITY THAT I AM WARMING AND IT WILL BE WORLDWIDE.
AND EVENTUALLY I'LL HAVE INVESTMENT GROUPS AND TEACH YOU EVERYTHING THAT YOU NEED TO KNOW.
AND ON THEIR THING, IT SAYS MUST HAVE DOCUMENTS.
AND IF YOU CLICK THERE, YOU'LL BE ABLE TO GET DOCUMENTS CREATED BY MY OWN TRUST LAWYER, THEY ARE MY OWN DOCUMENTS OR $69.
AND WE'RE HAVING AN AFFILIATE PROGRAM THAT YOU'LL BE ABLE TO SEE SHORTLY, WHERE THAT YOU CAN BECOME AN AFFILIATE AND JUST REFER PEOPLE TO GET THOSE DOCUMENTS FOR EVERY REFERRAL WHERE SOMEBODY DOES IT, YOU'LL EARN $10.
AND SO IT'S, I'M TRYING TO FIND A WAY FOR EVERYBODY TO HELP THE WORLD WITH THE DOCUMENTS THAT THEY NEED, AS WELL AS MAKE MONEY FOR THEMSELVES, ALL AT A PRICE THAT THEY CAN AFFORD.
AND THE GREAT ABOUT THESE DOCUMENTS IS YOU CAN SHARE THEM WITH ALL YOUR FAMILY MEMBERS.
I AM ON H S N AT 6:00 PM THIS SATURDAY, EAST COAST TIME LIVE.
AND YOU'LL SEE ME PRESENT OR THE PACKAGE THERE THAT INCLUDES THESE AND THE BOOKS AND EVERYTHING ELSE FOR $72.
SO THAT'S PROBABLY A BETTER DEAL TO TELL YOU THE TRUTH, BUT IT'S THERE THAT I WILL EXPLAIN TO YOU WHY YOU NEED IT, WHAT YOU NEED TO KNOW AND EVERYTHING.
SO JUST SO THAT YOU CAN UNDERSTAND WHY THESE DOCUMENTS ARE ABSOLUTELY SO IMPORTANT, BUT THOSE ARE THE DOCUMENTS THAT YOU MUST, YOU MUST, MUST GET BUY IN MORE TIME.
I WOULD EXPLAIN IT TO YOU NOW, BUT I DON'T THINK THE MAYOR WOULD WANT ME, BUT YOU KNOW WHAT I'M GOING TO DO, SUSIE.
WE HAVE TWO MORE QUESTIONS, BUT LET ME TELL YOU WHAT I'M GOING TO DO RIGHT NOW.
CAUSE YOU TALKED ABOUT GIVING AND I LIKE TO THINK I'M A GIVER.
SO I AM GOING TO INVEST IN THREE INDIVIDUALS LIVES THAT PACKAGE THAT YOU SAID FOR $72, WITH ALL THAT INFORMATION, IF THEY EMAIL ME@MAYERATBRLA.GOV, MAYOR BR LA.GOV, AND I HAVE THE ABILITY TO SEE WHAT TIME THAT EMAIL COMES IN.
AND SO THE FIRST THREE, I'M GOING TO SOAK THAT INTO THEIR LIVES.
AND HERE'S THE OTHER THING I'D LIKE TO SOW INTO THEIR LIVES IF THAT'S ALL RIGHT, WHICH IS, YOU KNOW, I HAVE A BOOK THAT CAME OUT FEBRUARY 25TH CALLED THE ULTIMATE RETIREMENT GUIDE FOR 50 PLUS WINNING STRATEGIES TO MAKE YOUR MONEY LAST A LIFETIME.
IT'S STILL ON THE BEST SELLER LIST AT NUMBER TWO, THE NEW YORK TIMES BESTSELLER LIST.
HOWEVER, I'M NOT TALKING ABOUT THE BOOK.
NOW, I WENT IN TO THE AUDIO STUDIO AND I RECORDED THAT BOOK AND I WENT OFF SCRIPT AND I GAVE THE TALKS LIKE I'M GIVING RIGHT NOW IT'S 12 HOURS AND 30 MINUTES.
IF YOU ALL GO TO SUSIE S U Z E SUSIE ORMAN, AUDIO.COM, YOU CAN DOWNLOAD MY GIFT TO ALL OF YOU IS YOU CAN DOWNLOAD THE AUDIO OF THAT BOOK, ABSOLUTELY FREE.
YOU CAN STREAM IT FOR 30 DAYS AND IT'S, AND THAT STREAMING THAT AUDIO THAT YOU CAN LEARN ABOUT WHAT YOU NEED TO DO, HOW, WHAT INVESTMENTS YOU SHOULD MAKE, THE CONVERSATIONS YOU SHOULD HAVE WITH YOUR KID, BUT ALL ABOUT THE MUST HAVE DOCUMENTS AS WELL.
SO ALL OF YOU, MY GIFT TO ALL OF YOU GO TO SUSIE ORMAN, AUDIO.COM AND YOU CAN STREAM IT FREE FOR 30 DAYS.
FABULOUS, FABULOUS, FABULOUS BOOK.
THANK YOU SO MUCH FOR YOUR GENEROSITY, SUSAN, WE GOT TWO MORE QUESTIONS.
I THINK THAT CAME FROM OUR CHAT ROOM AND THIS KIND OF GOES BACK TO ALMOST WHAT WE STARTED OUT WITH.
UM, YOU KNOW, PEOPLE FROM ALL INCOME LEVELS RECEIVED A STIMULUS CHECK.
UM, I BELIEVE IF THEY PAID THEIR, UM, INCOME TAX.
UH, SO WHAT IS BEST WAY, REGARDLESS IF YOU ARE LOW TO MIDDLE INCOME, MIDDLE TO ELEVATED INCOME, WHAT IS THE, WHAT SHOULD YOU DO WITH THAT STIMULUS CHECK? AND I KNOW THAT'S A BROAD, YOU KNOW, INCOME BASE, BUT WHAT, WHAT WOULD YOU ADVISE FOLKS TO DO WITH THEIR STIMULUS CHECKS IF THEY HAVEN'T ALREADY SPENT THEM? SO FIRST LET'S MAKE SURE EVERYBODY'S GETTING THE STIMULUS CHECK.
AND IF YOU HAVE FILED YOUR 2018
[00:45:01]
TAXES, SO LISTEN CLOSELY.AND HOWEVER, IN 2019, MAYBE YOU MADE TOO MUCH MONEY TO QUALIFY 75,000, 150,000 FOR THE FULL $1,200 STIMULUS.
IF YOU'RE MARRIED FINALLY JOINTLY AND $500 PER KID THAT, UH, THAT ARE UNDER, YOU KNOW, 17.
THEN IF YOU JUST FILE 2018, YOU'LL QUALIFY.
IF YOU DID FOLLOW UP FILE 2018 AND 2019, BECAUSE YOU DID MAKE ENOUGH MONEY TO EVEN FILE INCOME TAXES.
SO YOU NEED THIS MONEY MORE THAN ANYBODY GO TO I R S.GOV AND CLICK WHERE IT SAYS, GET MY PAYMENT.
AND THEN YOU CAN UPDATE YOUR RECORDS WHERE YOU GIVE THEM YOUR BANK ACCOUNT OR WHERE TO SEND AN AUTOMATED PAYMENT.
CAUSE YOU SHOULD BE ABLE TO GET YOUR STIMULUS CHECK AS WELL.
IF YOU FIND THAT YOU MADE TOO MUCH MONEY IN 2018 AND 2019, BUT HERE WE ARE IN 2020 AND YOU'RE NOT MAKING ANY MONEY WHEN YOU FILE YOUR STIMULANT.
WHEN YOU FILE YOUR TAX RETURN FOR 2020 AND YOU MADE UNDER THE AMOUNTS, IT WILL BE AS A CREDIT ON THAT TAX RETURN.
ALSO, IF YOU GO TO GET MY PAYMENT ON IRS.GOV, IT WILL TELL YOU EXACTLY WHEN YOU'RE GOING TO GET YOUR PAYMENT, WHEN IT SHOULD COME AND EVERYTHING YOU NEED TO KNOW.
AND IF YOU HAVEN'T YET GIVEN THEM INFORMATION TO SEND A DIRECT DEPOSIT, YOU CAN DO THAT THERE AS WELL.
WHAT SHOULD YOU DO WITH THIS MONEY NOW? YOU KNOW, MAY, ARE YOU JUST SET TO SOME SOMETHING INTERESTING? YOU SAID BASED ON YOUR INCOME LEVELS, WHAT SHOULD YOU DO WITH THIS MONEY? NO, THAT'S NOT HOW I WANT YOU TO THINK ABOUT IT.
IT DOESN'T MATTER YOUR INCOME LEVEL.
IT MATTERS HOW MUCH OF AN EMERGENCY FUND OR A SECURITY FUND YOU HAVE.
SO IF YOU DON'T HAVE A SECURITY FUN, YOU DON'T HAVE EIGHT MONTHS OF EMERGENCY OR LIVING EXPENSES IN AN ACCOUNT SOMEWHERE.
THEN ALL OF YOU, REGARDLESS OF YOUR INCOME SHOULD BE HOLDING ON TO THOUGH THAT MONEY AS IF EVERY PENNY OF IT WAS GOAL, BECAUSE WE DON'T KNOW WHAT'S GOING TO HAPPEN.
AND I KNOW A LOT OF YOU ARE TAKING THAT MONEY AND PAID OFF YOUR CREDIT CARDS WITH IT.
AND YOU THINK THAT IS A SMART MOVE AND I'M NOT SURE THAT'S A SMART MOVE BECAUSE I REMEMBER BACK IN 2008, WHEN THE CREDIT CARD COMPANIES CLOSED DOWN YOUR CREDIT CARDS, THEY DECREASED YOUR CREDIT LIMITS AND YOU HAD NO MONEY.
AND YOU TOOK ALL THE CASH THAT YOU HAD AND PAID OFF YOUR CREDIT CARDS THINKING, OH, I'LL BE SMART.
IF I NEED TO BUY SOMETHING, I'LL JUST USE MY CREDIT CARD AGAIN.
WHAT IF THEY CLOSE YOU DOWN AGAIN? CAUSE I DON'T PERSONALLY TRUST THEM.
IF THE ECONOMY GETS BAD, REMEMBER RIGHT NOW WE HAVE A STOCK MARKET.
ALTHOUGH I DON'T KNOW HOW LONG THAT WILL LAST THE STOCK MARKET AND THE ECONOMY ARE TWO DIFFERENT ANIMALS.
WE HAVE 30 MILLION PEOPLE IN THE UNITED STATES OF AMERICA THAT ARE ON UNEMPLOYMENT.
WE PROBABLY ARE GOING TO SEE A 20 TO 25% UNEMPLOYMENT RATE WILL BUSINESSES BE ABLE TO OPEN UP ONE BUSINESS WILL AFFECT ANOTHER BUSINESS THAT AFFECTS ANOTHER BUSINESS.
SO HOW DO WE KNOW HOW THAT'S GOING TO AFFECT OR CLOSURES REAL ESTATE? I WERE YOU AND I WAS GOING TO BUY A PIECE OF REAL ESTATE.
I THINK PLENTY PROPERTIES ARE GOING TO BE ON THE MARKET.
THEN INTEREST RATES ARE NOT GOING ANYWHERE.
SO DON'T WORRY ABOUT THAT, RIGHT? BUT WE DON'T KNOW WHAT'S GOING TO HAPPEN.
USE YOUR CREDIT CARDS, PAY THE MINIMUM PAYMENT DUE ON THOSE CREDIT CARDS.
AND IF YOU HAVE A CREDIT CARD WITH A HIGH INTEREST RATE AND YOU STILL HAVE MONEY COMING IN, BUT YOU DON'T HAVE AN EIGHT MONTH EMERGENCY FUND.
SEE IF YOU CAN DO A BALANCE TRANSFER FOR A 0% BALANCE TRANSFER FEE AT A 0% INTEREST RATE FOR THE NEXT 21 MONTHS, GO TO BANK RATE.COM OR NERDWALLET.COM AND SEE WHAT KIND OF OFFERS YOU CAN GET.
BUT I WOULD BE HOLDING ON TO THOSE STIMULUS CHECKS.
ON THE OTHER HAND, IF YOU HAVE AN EIGHT MONTH EMERGENCY FUND AND YOU'RE FINE, NOW WE GO BACK TO CHARITABLE GIVING AGAIN THERE THAT MAY BE THAT $1,200 FOR YOU.
YOU KNOW, IT JUST ADDS TO YOUR POT.
YOU'RE REALLY FINE ON ALL LEVELS.
YOU HAVE YOUR RETIREMENT ACCOUNTS.
GIFT THAT $1,200 TO SOME FAMILY THAT YOU KNOW, ABSOLUTELY IS SUFFERING RIGHT NOW.
THEY, THIS WORLD A BETTER PLACE MAKE THIS WORLD A BETTER PLACE.
[00:50:01]
EVEN THE LAST QUESTION THAT WAS ASKING ABOUT, UM, DO YOU RECOMMEND ASKING A PART AND TO BUILD ON YOUR EMERGENCY FUNDS? SO YOU'RE SAYING THAT EMERGENCY FUND, UH, SHOULD BE THE TOP PRIORITY.BECAUSE I KNOW THAT WE ALL ARE VERY HELPFUL RIGHT NOW.
WE ALL THINK EVERYTHING'S OPENING UP NOW AND WE'RE THROUGH THIS.
I DON'T THINK WE'RE GOING TO BE REALLY THROUGH THIS UNTIL AT LEAST.
I HOPE FOR THE BEST, BUT I PLAN FOR THE WORST.
AND IF YOU COULD LIVE YOUR LIFE BY JUST THE FEW THINGS THAT I SHARED WITH YOU FROM MY HEART, HONEST TO GOD, EVERYBODY FROM MY HEART TO YOU, IF YOU COULD LIVE BY THE THINGS WE TALKED ABOUT HERE AND MAKE IT YOUR NUMBER ONE GOAL TO BE SECURE, THEN YOU DON'T BECOME A BURDEN ON THE SYSTEM.
IF ANYTHING GOES WRONG AGAIN, AND YOU KNOW WHO ELSE YOU DON'T BECOME A BURDEN ON YOU DON'T BECOME A BURDEN ON GOD BECAUSE YOU KNOW, IT'S FUNNY MAYOR.
I'VE ALWAYS FOUND PEOPLE ONLY TALK TO GOD ABOUT MONEY WHEN THEY SAY, OH GOD, I WISH I HAD SOME MORE.
GOD HAS HIS HANDS FULL RIGHT NOW, TAKING CARE OF THE PEOPLE THAT ARE DYING.
THE PEOPLE THAT ARE ILL, THE PEOPLE THAT CAN'T GET TESTED.
THE PEOPLE THAT NOBODY IN THIS UNITED STATES CARES ABOUT GOD IS TRYING TO DO HIS BEST TO TAKE CARE OF ALL OF YOU.
SO DON'T GO BE ASKING GOD FOR MONEY, BUT HE ASKING GOD FOR GRACE RIGHT NOW FOR THIS WORLD, BECAUSE THIS WORLD NEEDS IT MORE THAN IT'S EVER NEEDED IT BEFORE.
YOU TAKE THOSE ACTIONS, YOU CHANGE YOUR SPENDING HABITS.
YOU CHANGE HOW YOU LIVE YOUR LIFE IN THE FUTURE.
YOU MAKE YOUR PRIORITIES, YOUR SECURITY FUNDS IN YOUR RETIREMENT ACCOUNTS.
AND YOUR MUST HAVE DOCUMENTS, NOT THE VACATIONS THAT YOU CAN TAKE, NOT THE CARS THAT YOU DRIVE, NOT THE CLOTHES THAT YOU BUY, NOT THE JEWELRY, NOT THE MANAGERS, NOT YOUR HAIR CUTS.
YOU MATTER, YOU MATTER, DO YOU MATTER TO YOURSELF? THAT IS THE QUESTION AT HAND THERE.
WELL, SUSIE, YOU HAVE PROVIDED US WITH A WEALTH OF INFORMATION THAT WE ALL CAN USE, INCLUDING THE MAYOR HERE, UH, TO CREATE NEW MONEY MANAGEMENT IN A COVID 19 CULTURE.
I THINK, UH, WHAT YOU JUST SHARED WITH US CERTAINLY, UH, WAS VERY IMPACTFUL.
IT WAS POWERFUL WORDS TO LIVE BY, AND WE'RE JUST NOT GOING TO BE HERE, BUT WE'RE GOING TO BE DOERS OF THE WORDS THAT YOU HAVE SHARED WITH US TODAY.
ANY CLOSING COMMENTS THAT YOU WANT TO ADD IS THAT THE MAIN THING REALLY IS, AND THE MOST IMPORTANT THING ALL OF YOU CAN HAVE IN YOUR LIFE IS FAITH.
BUT I DON'T HAVE TO TELL YOU THAT YOU REALLY HAVE TO HAVE FAITH, THAT EVERYTHING HAPPENS FOR THE BEST AND FROM THIS, WHETHER IT'S A YEAR FROM NOW OR TWO YEARS FROM NOW OR WHATEVER, BUT VERY SHORTLY HERE, BECAUSE TIME GOES SO FAST.
WE'LL LOOK BACK AT THIS AND WE'LL GO, AH, THAT WAS THE BLESSING IN COVID NINE TEEN.
YOU HAVE TO KEEP YOUR HEART AND YOUR FAITH OPEN TO EXPERIENCE IT AND TO SEE IT THERE.
SO FOR INVITING ME, IT WAS MY TOTAL HONOR.
AND IF I'M EVER IN BATON ROUGE, I THINK WE NEED TO DO THIS LIVE A LIVE EVENT WHERE YOU WOULD INVITE EVERYBODY IN EVERY PARISH AND LET THEM COME.
AND THAT WILL BE MY GIFT FREE TO ALL OF YOU BECAUSE YOU INVITED ME INTO YOUR HEARTS AND I WANT TO STAY THERE NOW BECAUSE IT KIND OF FEELS GOOD.
WELL, YOU ARE DEFINITELY IN OUR HEARTS AND WE LOOK FORWARD TO ONCE WE OPEN UP AGAIN AND GET TO OUR NEW REALITY, YOU WILL BE TOP ON THE AGENDA, SUSIE FOR BATON ROUGE, YOU GOT IT, GIRLFRIEND.
AND TO ALL OF YOU AND STAY SAFE, STAY HEALTHY.
I MEAN, MEMBER, YOU ARE ALL WARRIORS AND DO NOT TURN YOUR BACK ON THIS BATTLEFIELD.
WELL, UH, I WANT TO THANK EVERYBODY FOR JOINING US TODAY AND I HOPE YOU WILL JOIN AGAIN IN THE FUTURE.
I ALSO WANT TO ACKNOWLEDGE ALL OF OUR PARTNERS CAPITAL AREA, UNITED WAY, HOPE MINISTRIES, JUNIOR LEAGUE OF BATON ROUGE, LOUISIANA JUMPSTART, THE EMPLOYEE BE OUR PROGRAM FOR THE CONTRIBUTIONS THAT YOU HAVE MADE TO OUR DISCUSSIONS ON FINANCIAL PREPAREDNESS AS WE CLOSE OUT FINANCIAL AWARENESS MONTH.
WHAT A WAY TO CLOSE OUT OUR MONTH.
AND GOD BLESS YOU TO EVERYONE WHO HAS JOINED.
NOW, I'M GOING TO PASS THE TORCH BACK TO DR.
[00:55:01]
FOR THE REST OF OUR PRESENTATION.THANK YOU SO MUCH, MAYOR BROOM.
UM, WE ARE JUST DELIGHTED TO HAVE HAD SUSIE AND SUCH A RICH DIALOGUE BETWEEN THE TWO OF YOU.
UH, HER WORDS WERE SO POWERFUL.
I WAS TAKING COPIOUS NOTES AS I LOVE TO DO, BUT I CAN'T GET AWAY FROM THE FACT THAT SHE KEPT STRESSING TO US TO BE WARRIORS.
AND SO THERE'S SO MUCH MORE INFORMATION THAT WE ARE GOING TO HAVE IN THIS PRESENTATION FROM OUR WONDERFUL PARTNERS.
AND SO I'D LIKE TO GO TO THE NEXT SIDE AND INTRODUCE THE REST OF OUR PARTNERS FOR THIS WEBINAR.
SO OUR PRESENTING PARTNERS REPRESENTING LOUISIANA STATE UNIVERSITY, MS. VALERIE VINSON IS WITH LSU AG CENTER AND DR.
WE ALSO HAVE JUNIOR LEAGUE PARTNERS WITH US.
NIMISHA PATEL BASENJI BASENJI.
PARDON ME IS OUR JUNIOR LEAGUE REPRESENTATIVE.
ALSO THE AUBREY WOULD BE ONE BANK.
WE HAVE ASHLEY, TOM WITH NEW YORK LIFE INSURANCE COMPANY, LOUISIANA JUMPSTART PARTNER, MR. LANE MCDANIEL IS WITH INNOVATIVE ANALYTICS.
AND THEN OF COURSE, MYSELF REPRESENTING THE OFFICE OF THE MAYOR, PRESIDENT DR.
AND I WILL DO A WRAP UP FOR US AT THE END.
SO, SO OUR AUDIENCE PLEASE STAY WITH US.
THE, THAT WE HAVE IS DEFINITELY WORTH THE WAIT.
SO LET'S GO INTO OUR NEXT SLIDE.
SO THE WHEEZY IN THE STATE, VINCENT HOWERY, THANK YOU SO MUCH.
UM, SO WE WANT TO GO AHEAD AND TALK ABOUT, SO SUSIE HAD SOME AMAZING POINTS FOR US AND WE WANT TO TALK ABOUT BASIC BUDGETING.
SO THE FIRST THINGS THAT WE REALLY NEED TO DO ARE HAVE A BUDGET.
SO WHATEVER YOUR METHODS ARE, WHETHER YOU USE A SPREADSHEET OR A LEDGER, WHATEVER YOUR METHOD IS, MAKE SURE THAT YOU ARE CALCULATING YOUR MONTHLY NET INCOME AND THEN ESTIMATING YOUR MONTHLY EXPENSES AND THEN SIMPLY COMPARING THE TWO GUYS.
SO WE'RE TALKING ABOUT YOUR NET INCOME.
SO THINK OF IT LIKE YOU'RE GOING FISHING AND YOU'RE PULLING IN AND OUT.
THAT'S WHAT YOU ACTUALLY BRING A HOME IN THAT NET, RIGHT? SO CALCULATE YOUR NET INCOME.
WE'RE GOING TO COMPARE IT TO OUR EXPENSES AND THEN SUBTRACT THE TWO, ONE THING WE WANT TO TAKE INTO ACCOUNT OUR PERIODIC EXPENSES.
OUR PERIODIC EXPENSES ARE REALLY IMPORTANT WHEN WE'RE BUDGETING.
SO FOR THE COVID CRISIS, OBVIOUSLY WE COULDN'T PLAN FOR THIS.
WE DIDN'T KNOW THAT CERTAIN THINGS WERE GOING TO BE HAPPENING, THAT WE COULD BUDGET FOR.
HOWEVER, OUR PERIODIC EXPENSES ARE THINGS THAT ARE OFTEN PERHAPS MORE PLANNING OUR BUDGETS, BUT REALLY NEEDS TO BE TAKEN INTO ACCOUNT.
SO THOSE ARE THINGS LIKE INSURANCE, PREMIUMS, BIRTHDAYS.
IF YOU HAVE A BIG BARBECUE, EVERY FOURTH ISSUE OF LIKE PUT THAT IN THERE, IT'S A PERIODIC EXPENSE.
WHAT YOU'RE GOING TO DO IS ADD UP ALL OF YOUR PERIODIC EXPENSES FOR THE YEAR AND DIVIDE THEM BY 12.
SO LET'S SAY OUR PERIODIC EXPENSES WERE 1200 FOR THE YEAR.
AND THEN I WOULD KNOW THAT I WOULD NEED TO BUDGET A HUNDRED DOLLARS A MONTH, EACH MONTH TO HAVE PERIODIC EXPENSES COVERED IN MY BUDGET.
YOU HAVE LIKE SUSIE GAVE GREAT ADVICE, SOME PAYING YOUR BILLS TO SIGN, WHICH BILLS TO PAY FOR.
LET'S SAY YOUR INCOME, THE STRANGE TO THE COVID-19 CRISIS.
THE MOST IMPORTANT THING YOU CAN DO IS TAKE YOUR BUDGET.
FIND OUT HOW MUCH YOU CAN PAY ON YOUR BILLS AND START CALLING THOSE CREDITORS AND LENDERS AND ASKING THEM, DO THEY HAVE DEFERMENTS OR CAN THEY WAIVE YOUR LATE FEES DURING THE COVID CRISIS OR ANY CRISIS THAT'S GOING ON? YOU WANT TO MAKE SURE TO REACH OUT TO THEM.
SOME LENDERS HAVE ALREADY REACHED OUT TO PEOPLE, LETTING THEM KNOW THAT THERE WERE GOING TO BE SOME FORBEARANCES AND DEFERMENT OF INTEREST.
IF THEY HAVE NOT REACHED OUT TO YOU JUST KNOW THAT THAT'S PROBABLY NOT A PROGRAM.
YOU HAVE TO REACH OUT TO THEM AND LET THEM KNOW YOUR CIRCUMSTANCES, LET THEM KNOW WHAT YOU CAN DO AND WHAT YOU CAN PAY.
SO ONE REALLY IMPORTANT THING THAT WE CAN DO.
SO EVERYTHING'S OUT OF CONTROL RIGHT NOW.
THERE'S NOT A LOT THAT'S WITHIN OUR CONTROL, BUT ONE VERY SIMPLE THING.
WHEN IT COMES TO BUDGETING IS STRETCHING YOUR FOOD DOLLAR.
NOW, YOU KNOW, WE USED TO HAVE, YOU KNOW, KIDS OUR WAY EATING LUNCH AT SCHOOL, VARIOUS THINGS HAD GONE ON, UH, NOW EVERYONE'S HOME YOU'RE WITH YOUR FAMILY, WHATEVER YOUR FAMILY SITUATION LOOKS LIKE.
AND NOW YOU NEED TO PLAN FOR 24 SEVEN FOR MEALS FOR EVERYONE, WHICH PROBABLY WASN'T THE CASE BEFORE THE WARRANTY.
SO FOOD SHOPPING STARTS AT HOME, SAVE MONEY AT THE GROCERY STORE.
THAT'S THE EASIEST WAY TO SAVE MONEY.
WE'RE SEEING THAT WITH OUR TAKEOUT BILLS, PEOPLE WERE SAYING THAT THEY WERE SPENDING ALMOST
[01:00:01]
50% OTHER FOOD BUDGET PRIOR TO COVID-19 ON TAKEOUT.SO NOW WHEN WE'RE COOKING AT HOME MORE, WE SHOULD BE PLANNING THOSE MEALS.
THE FIRST THING YOU SHOULD DO IS LOOK ON THOSE WEBSITES, LOOK INTO NEWSPAPER, CIRCULARS, AND FIND OUT WHAT'S GOING TO BE ON SALE.
PLAN YOUR MEALS AROUND THAT, CHECK OUT THE APPS AT THE STORE.
HAVE THERE ARE EACH COUPONS THAT STORES HAVE AND, YOU KNOW, PLAN YOUR MEALS AROUND REALLY ECONOMICAL, NUTRITIOUS ITEMS IN MY HOUSE.
WE USED TO HAVE RED BEANS AND RICE ON MONDAY, MAYBE TUESDAY.
NOW IT'S A MONDAY, TUESDAY, WEDNESDAY ITEMS. SO MONDAY WE'RE DOING RED BEANS AND RICE TUESDAY THAT LEFTOVER RICE FOR LUNCH GIFTS MEANT TO A START CRY AT NIGHT.
WE'RE MAKING IT INTO A CHILI THAT THIRD DAY GRABBED SOME STOCK AND MAKE IT INTO BEAN SOUP.
SO SUDDENLY WE'VE GOT FOUR MEALS OUT OF A $5 ITEMS, THE BEANS AND RICE.
SO MADE SURE TO PLAN THE USE OF YOUR LEFTOVERS, MAKE A SHOPPING LIST.
THIS IS THE SIMPLEST EASIEST THING THAT YOU CAN DO RIGHT NOW, ESPECIALLY WITH THE COVID PRICES.
WE SHOULDN'T BE GOING INTO THE STORES AND LINGERING AND SPENDING A LOT OF TIME IN THERE.
YOU SHOULD KNOW WHAT YOU'RE GOING TO BUY BEFORE YOU GO.
AND WHEN YOU RUN OUT OF STAPLE ITEMS, JOTTED DOWN, ORGANIZE YOUR LIST OF PUDDINGS WITH THE STORE LAYOUT, YOU KNOW, MAKE SURE THAT YOU'RE NOT RUNNING BACK AND FORTH FROM THE STORE.
SPEND AS LITTLE TIME IN THERE AS POSSIBLE.
ONE REALLY IMPORTANT TOOLS TO USE.
AND THE STORES OFTEN DO THIS FOR YOU.
IS UNIT PRICING, USE UNIT PRICING TO YOUR ADVANTAGE UNIT PRICING IS SIMPLY, UM, TAKING, YOU KNOW, UH, AN ITEM AND THEN DIVIDING IT OUT, UM, BY THE NUMBER OF UNITS OR OUNCES THAT IT ACTUALLY CONTAINS.
SO WE HAVE AN EXAMPLE HERE ON THE SCREEN, WE HAVE A 32 ROUNDS OF YOGURT, AND THEN WE HAVE A SIX OUNCE YOGURT AND YOU CAN SEE THAT OUR EQUITY BUYER 32 OUNCE YOGURT IS SIGNIFICANTLY CHEAPER THAN OUR SIX OUNCE YOGURT.
IF YOU GO TO THE STORE, HOW MANY TIMES DO WE SEE THESE TABS? UM, NEXT EACH ITEM IN ITS PRICE, BUT WE KIND OF OVERLOOK IT.
WE GET WHAT WE GET, MAKE SURE TO USE UNIT PRICING.
NOW THE LARGER ITEM, ISN'T ALWAYS THE CHEAPEST ITEM, BUT MAKE SURE TO LOOK FOR YOUR UNIT PRICING.
IT'S A REALLY GREAT WAY TO SAVE MONEY AT THE STORE.
SO SHOPPING TIPS TO SAVE MONEY AGAIN, CLAN, I AM THOSE GROCERIES OF STORES REPS, MAKE SURE TO LOOK AT THE SPECIALS, LOOK AT THOSE CIRCULARS PRIOR TO GOING TO THE STORE, UM, AND THEN PLAN HEALTHY MEALS AND SNACKS USING WHAT'S ON SALE IN THOSE STORES.
MAKE SURE THAT YOU LOOK IN YOUR REFRIGERATOR AND YOUR CABINETS PRIOR TO GOING INTO THE STORE.
YOU MAY NOT EVEN NEED TO MAKE THE TRIP TO THE STORE JUST BECAUSE YOU'RE USED TO GOING TO THE STORE EVERY SUNDAY.
DOES IT MEAN IN THIS TIME, BUT YOU NEED TO GO PLAN AND MAKE SURE THAT IT'S SOMETHING THAT YOU ACTUALLY NEED TO GO AND DO, AND DON'T IGNORE OR DISCARD FOODS THAT YOU HAVE ON HAND.
YOU CAN MAKE SOME WONDERFUL MEALS WITHIN THINGS THAT YOU DO HAVE IN YOUR PANTRY, STAPLES, MAKE YOUR LIST, STICK TO IT.
SO WHEN YOU GOES WITH THE STORE, WE TEND TO, WE TEND TO PURCHASE THINGS THAT WE KNOW OUR FAVORITE BRAND, MAKING SURE TO LOOK FOR THOSE GENERIC OR STORE BRANDS.
UM, OFTENTIMES THERE ARE A LOT CHEAPER THAN OTHER BRANDS STRIVE THEM ON.
THEY'LL SAVE YOU A LOT OF MONEY, MAKE SURE WHEN YOU'RE SHOPPING TO LOOK UP AND DOWN, MOST OF THE ITEMS THAT YOU TEND TO PURCHASE MY BE AT EYE LEVEL, BUT THE SALES MAY BE A LITTLE HIGHER OR LOWER.
SO MAKE SURE TO CHECK FOR THAT.
AND THEN AGAIN, PULLING IT FOR LOW COST RECIPES.
SO YOU CAN GO TO THE YELLOW SHOE BOX, THEN OUR DOT-COM WEBSITE, OR YOU CAN GO TO CHOOSE MY PLATE.GOV.
THEY ALL HAVE WONDERFUL RESOURCES AND RECIPES SO THAT YOU CAN PLAN TO STRETCH YOUR FAMILY'S FOOD DOLLAR.
RENE CASTRO, MY COLLEAGUE AT THE LSU AX CENTER.
SHE'S GOING TO TALK TO YOU ABOUT THE LIVING, YOUR FINANCIAL EXPERIENCE FOR YOU, RENEE.
I'M SO GLAD I WAS ABLE TO BE A PART OF THIS PRESENTATION TODAY BECAUSE I HAVE ALSO BEEN TAKING DOWN NOTES THE WHOLE TIME.
AND SO I CAN'T WAIT TO GO BACK AND LOOK AT THAT AFTERWARDS AND COME UP WITH WHAT I'M GOING TO DO FOR MY EIGHT MONTH EMERGENCY FUND.
SO AS VALERIE SAID, I AM WITH THE LSU AG CENTER, BUT I ACTUALLY WORK WITH OUR FOUR H YOUTH DEVELOPMENT PROGRAM, WHICH IS WORKING WITH KIDS.
AND IN A FEW SECONDS, I'M GOING TO SHOW YOU A ONE MINUTE VIDEO WHEN A PROGRAM THAT WE HAVE, THAT'S ACTUALLY GEARED TOWARD HIGH SCHOOL KIDS.
UM, IT'S CALLED THE LIFE PROGRAM AND IT MEANS LIVING YOUR FINANCIAL EXPERIENCE AND, UH, EFFECTIVE JULY 1ST OF 2019, WE HAVE A LEGISLATIVE ACT THAT STATES THAT, UM, EACH
[01:05:01]
STUDENT WHO ENTERS THE NINTH GRADE ON OR AFTER THAT DATE IS REQUIRED TO RECEIVE FINANCIAL EDUCATION INSTRUCTION AS A REQUIREMENT OF THEIR HIGH SCHOOL GRADUATION.SO LOUISIANA FOUR H TOOK THE OPPORTUNITY TO DO THIS PROGRAM.
AND LIKE I SAID, IT'S CALLED LIFE LIVE IN YOUR FINANCIAL EXPERIENCE.
IT'S RESEARCH-BASED LEARNING PROGRAM THAT IS DESIGNED TO SUPPORT LOUISIANA SCHOOLS IN EFFORTS TO PROVIDE FINANCIAL EDUCATION FOR STUDENTS ACROSS THE STATE.
SO I'M GOING TO SHOW THIS, UM, ONE MINUTE VIDEO AND THEN AFTER I'M GOING TO TELL YOU A FEW THINGS ABOUT THE LEFT AND TELL YOU HOW YOU CAN SIGN UP FOR IT.
IF YOU ARE AN EDUCATOR, UM, IN THE SCHOOL SYSTEM, IF YOU'RE INTERESTED IN THIS.
SO COULD WE SHOW THE VIDEO AT THIS TIME PLEASE?
SO THAT WAS JUST A LITTLE BRIEF VIDEO ON THE ACTUAL LESSONS, JUST TO GO THROUGH THEM AGAIN, THE LESSONS THAT WE PRESENT TO THE KIDS ARE CALLED IN ROUTE TO YOUR DREAMS, WHICH IS A GOAL SETTING LESSON, THE BARE NECESSITIES, WHICH IS TALKING ABOUT NEEDS VERSUS ONCE, UM, IT'S PAYDAY, WHICH TALKS ABOUT HOW TO INTERPRET, HOW TO INTERPRET YOUR PAYDAY STUB, INSURANCE AND INTERVENTION, WHICH TALKS TO KIDS ABOUT, UM, THE IMPORTANCE OF HAVING INSURANCE BANKING BASICS, WHICH TALKS ABOUT BASIC BANKING SKILLS SAVINGS.
SO PIGS CAN FLY, WHICH ARE SAVING STRATEGIES, UH, STACKING YOUR BENJAMINS, WHICH IS A BUDGETING LESSON.
AND THEN HITTING THAT REPAID BUTTON, WHICH IS A LESSON ON CREDIT CARDS.
UM, AND ONCE THE CHILDREN GET, UH, FINISHED THESE LESSONS, THE WHOLE THING ENDS.
THE BIG CULMINATING EVENT THAT WE HAVE IS A SIMULATION WHERE THE KIDS ACTUALLY GET A DEBIT CARD AND THEY GET A SALARY AND WHAT THEIR SALARY, THEY HAVE TO GO THROUGH DIFFERENT STATIONS AND THEY HAVE TO DECIDE WHAT KIND OF CAR THEY'RE GOING TO DRIVE, WHAT KIND OF HOUSE THEY'RE GOING TO LIVE IN, UM, WHAT THEIR GROCERY BILL IS GOING TO BE FOR THE MONTH.
SO DIFFERENT, UH, THINGS LIKE THAT, MUCH INSURANCE THEY'RE GOING TO HAVE.
SO IT REALLY GIVES THEM A LESSON ON BEING ABLE TO BUDGET, UH, THEIR PAYCHECK FOR THE MONTH.
AND IT'S VERY INTERESTING BECAUSE WE DO THIS WITH HIGH SCHOOL KIDS, BUT I THINK THIS WOULD ALSO BE, I THINK SOME ADULTS COULD USE SOME LESSONS IN THIS AS WELL.
I MEAN, I KNOW JUST FROM GETTING TO DO THE SIMULATIONS WITH THE KIDS, I KNOW THAT I'LL LEARN A LOT.
SO I'M GOING TO PUT MY EMAIL ADDRESS IN THE CHAT BOX.
AND IF ANY OF YOU EDUCATORS OUT THERE, WHETHER YOU'RE A SCHOOL TEACHER OR YOU DO SOMETHING OUT OF SCHOOL OR YOU ARE, OR A COMMUNITY ORGANIZATION THAT REACHES HIGH SCHOOL KIDS, YOU CAN EMAIL ME AND I WILL SEND YOU A LINK TO REGISTER FOR THE FREE RESOURCES ON THIS PROGRAM.
THANK YOU SO MUCH FOR INVITING ME ON TODAY.
THANK YOU, RENEE, FOR YOUR PARTICIPATION.
AT THIS TIME, I'D LIKE TO GO TO THE NEXT SLIDE AND I'D LIKE TO INTRODUCE OUR NEXT PARTNER, WHICH IS JUNIOR LEAGUE OF BATON ROUGE.
AND I'D LIKE TO INTRODUCE MS. NIMISHA PATEL, THE SANJAY.
NO MEESHA THANK YOU FOR BEING ON IN.
PLEASE INTRODUCE YOUR PARTNER.
TRANS FOR HAVING ME TODAY, THE LEAGUE IS SO GRATEFUL TO HAVE THE OPPORTUNITY TO PARTNER WITH THE MAYOR'S OFFICE AND BRINGING THESE TYPES OF FINANCIAL WORKSHOPS WITH OUR COMMUNITY.
THE LEAGUE'S MISSION REALLY IS TO PROMOTE VOLUNTEERISM, MAKE AN IMPACT ON OUR COMMUNITY AND TRAIN OUR MEMBERS PERSONALLY AND PROFESSIONALLY.
WE ARE A GROUP OF 1600 DIVERSE WOMEN THAT RANGE FROM MOMS, ATTORNEYS, DOCTORS, CPAS, AND BUSINESS OWNERS.
SO THESE TYPES OF WORKSHOPS REALLY FIT WITHIN OUR MISSION.
THAT IS WHY TODAY WE HAVE PARTNERED WITH
[01:10:01]
AND ALSO YOU'LL HEAR FROM ASHLEY, TOM, WHO IS WITH NEW YORK LIFE INSURANCE AND A FELLOW LEAGUE MEMBER OF 13 YEARS.MISTY AHLBERG IS THE VP OF MARKETING AND MARKETING DIRECTOR AT
AND HER 17 PLUS YEAR SPENT IN THE COMMUNICATION FIELD.
SHE HAS SPENT A MAJORITY OF TIME IN THE BANKING AND AUTOMOTIVE INDUSTRIES.
SO WITH THAT MISTY, I'LL TURN IT OVER TO YOU.
THANK YOU EVERYONE FOR LETTING BE ONE BANK CONTRIBUTE TO THIS.
WE'VE HEARD FROM SOME REALLY WONDERFUL SPEAKERS THROUGHOUT THIS THEORIES.
UM, TODAY IS NO EXCEPTION WITH THE SUSIE, WITH ALL OF HER GREAT TIPS AND THEN THE BUDGETING INFORMATION THAT WAS SHARED EARLIER AS WELL.
SO WE WANT TO DIVE IN A LITTLE BIT DEEPER AND TALK ABOUT HOW TO ANALYZE YOUR SPENDING.
SO YOU CAN BE SUCCESSFUL WITH A BUDGET.
I MEAN, WE ALL KNOW THAT A BUDGET IS TELLING YOUR MONEY, WHERE TO GO, INSTEAD OF SAYING, HEY, WHERE DID MY MONEY GO? UM, SO TO BE SUCCESSFUL WITHIN A BUDGET, YOU HAVE TO KNOW WHERE YOU'RE SPENDING.
SO YOU WANT TO ANALYZE, AND A LOT HAS CHANGED IN THE PAST COUPLE OF MONTHS.
THE WAY WE SPENT IN JANUARY IS NOT THE WAY WE'RE SPENDING NOW GAS PRICES ARE DOWN.
I MEAN, WE'RE BUYING STACKS FOR OUR KIDS.
I DON'T, I DON'T KNOW ANYBODY ELSE.
I'M SURE EVERYBODY ELSE IS BUYING TONS AND TONS OF SNACKS CAN'T BELIEVE HOW MUCH.
UM, BUT YOU WANT TO TAKE A LOOK AT HOW YOU WERE SPENDING BEFORE COVID-19, HOW ARE YOU SPENDING NOW? AND WHERE ARE THOSE OPPORTUNITIES THAT WE CAN TRACK AND IDENTIFY? SO WHEN WE COME OUT OF THIS, YOU KNOW, MAYBE SUSIE SAID, YOU KNOW, YOU'RE NOT IN A PLACE RIGHT NOW WHERE YOU CAN BUILD THOSE EIGHT MONTHS WORTH OF RESERVES OR YOUR SECURITY POCKET.
BUT WHEN WE COME OUT, WE CAN IDENTIFY THOSE OPPORTUNITIES TO HELP US HAVE THAT EIGHT MONTH RESERVE OR TO MEET OUR LONG-TERM FINANCIAL GOALS OF RETIREMENT, OR MAYBE THERE'S A DREAM VACATION OR THE SWIMMING POOL OR SOMETHING WE'RE ALL WORKING TOWARDS.
UM, SO LET'S TALK ABOUT HOW WE ANALYZE THAT SPENDING.
UM, AND I THINK THE SLIDES ARE A LITTLE BIT OUT OF ORDER AND I DIDN'T CATCH THAT THIS MORNING.
CAN YOU GO TO THE NEXT SLIDE FIRST PLEASE? SO THE NEXT ONE, THE FORWARD YOU'RE GOING BACKWARDS FORWARD.
I THINK THEY GOT OUT OF ORDER AND WE DIDN'T CATCH THAT IN TIME.
SO HE STRATEGIES TO ANALYZE YOUR SPENDING.
UM, SO HOW YOU DO THIS IS YOU NEED TO KNOW WHERE ALL OF YOUR SPENDING IS.
ARE YOU SPENDING OUT OF YOUR CREDIT CARD? ARE YOU USING A DEBIT CARD? ARE YOU PULLING MONEY OUT OF YOUR SAVINGS? ALSO, DO YOU HAVE SOME INVESTMENT ACCOUNTS, RETIREMENT FUNDS, UM, PULL IN ALL OF YOUR ACCOUNT STATEMENTS AND YOU WANT TO LOOK AT IT FROM BEFORE COVID 19 AND JANUARY.
HOW ARE YOU SPENDING? YOU COULD GO BACK A LITTLE FURTHER.
IF YOU WANT TO LOOK AT NOVEMBER, I WOULD DISCARD DECEMBER BECAUSE THAT'S CHRISTMAS SPENDING IN, THAT'S NOT YOUR TRADITIONAL, UM, SPENDING PATTERNS.
UM, SO YOU'D HAVE, YOU'D SEE SOME WEIRD THINGS POP UP THERE.
YOU KNOW, LIKE CHRISTMAS PRESENTS, BIG GROCERY FIELDS, THINGS LIKE THAT.
SO I WOULD REVIEW JANUARY AND FEBRUARY.
WE'LL ALL OF THOSE STATEMENTS AND ALSO MARCH STATEMENTS AS THEY START BECOMING, UM, AVAILABLE.
IF YOU DON'T ALREADY HAVE THEM, THEY SHOULD BE AVAILABLE.
SO YOU'VE PULLED IN ALL OF YOUR STATEMENTS AND THAT TELLS YOU WHERE YOUR MONEY IS GOING, BUT YOU NEED TO FIND A WAY TO PUT EVERYTHING TOGETHER.
THERE'S A LOT OF GREAT FINANCIAL TOOLS AVAILABLE.
THERE'S MINT, THERE'S QUICKBOOKS, EVEN YOUR FINANCIAL INSTITUTION AT BEING ONE BANK.
WE HAVE A GREAT BUDGETING TOOL WITHIN OUR ONLINE BANKING THAT WILL ALLOW YOU TO BRING IN YOUR STATEMENTS IN YOUR, YOUR EXPENSES FROM OTHER FINANCIAL PLATFORMS TO HELP YOU GET A FULL FINANCIAL PICTURE OF WHERE YOU ARE AND WHERE YOU'RE SPENDING.
SO WE KNOW WHERE WE'RE SPENDING, BUT WE ALSO HAVE TO CALCULATE WHERE THE INCOME'S COMING IN.
SO WHERE IS THAT COMING FROM? ARE YOU GETTING A PAYCHECK EVERY TWO WEEKS? ARE YOU NOW ON UNEMPLOYMENT AND THAT COMES IN WEEKLY.
UH, DID YOU GET A STIMULUS FUND? HAVE YOU GOTTEN YOUR REFUND CHECK YET? ARE YOU A COMMISSION-BASED EMPLOYEE? AND NOW THAT COMMISSION'S DIFFERENT.
SO THINK OF ALL OF THOSE DIFFERENT WAYS THAT YOU GET INCOME.
I MEAN, CHILD SUPPORT EVEN COMING IN THAT'S CONSIDERED INCOME AND GOES TOWARDS HOW YOU SPEND ON YOUR EXPENSES.
UM, CAN WE BACK UP TWO SLIDES, PLEASE? THERE YOU GO.
UM, SO NOW THAT WE'VE GOT ALL OF OUR EXPENSES, THERE'S SOME KEY QUESTIONS OF WHAT TO ASK AND HOW TO TRACK YOUR EXPENSES ARE AS MENTIONED BEFORE, YOU KNOW, FIXED EXPENSES, THE THINGS WE KNOW THAT OCCUR EVERY MONTH, THINGS THAT ARE FLEXIBLE AND THEN THINGS THAT ARE DISCRETIONARY AND WHAT WE SPEND, BUT AS YOU'RE ANALYZING YOUR EXPENSES, IT'S REALLY IMPORTANT TO ASK YOURSELF TWO QUESTIONS.
WHEN DO THOSE EXPENSES OCCUR THAT ARE A LITTLE BIT DIFFERENT.
AND IS THERE A PATTERN TO OUR DISCRETIONARY SPENDING, KNOWING THESE TWO THINGS IS GOING TO HELP YOU FIND AN OPPORTUNITY WITH A LOT OF PEOPLE, WE'VE DONE SOME, A LOT OF RESEARCH WITH WOMEN AND MONEY AND MONEY IS VERY EMOTIONAL.
A LOT OF US MAKE THESE SPENDING DECISIONS BASED ON EMOTIONS.
ARE WE SAD? ARE WE HAPPY? WAS THERE A BAD DAY AT WORK THAT I HAVE A FIGHT WITH MY SPOUSE, WE MAKE THESE DECISIONS AND WE MAY NOT EVEN BE AWARE OF THEM.
AND ALL OF A SUDDEN WE LOOK UP AND WE'RE LIKE, HOW DID I BREAK MY BUDGET? HOW DO I, WHERE DID MY MONEY GO? SO BY ANALYZING YOUR SPENDING YOUR ALOUD, YOU ARE ABLE TO LOOK BACK AND SAY, HEY, WHY DID YOU SPEND $250
[01:15:01]
TARGET THAT DAY? WHAT, WHAT HAPPENED? AND IT MAKES YOU AWARE OF THOSE PATTERNS AND THOSE BEHAVIORS THAT YOU HAVE.SO THAT CREATES THAT OPPORTUNITY.
SO WHEN YOU HAVE THAT, THAT BAD DAY, OR YOU'VE HAD A STRESSFUL DAY AT WORK, OR YOU'RE JUST REALLY HAPPY AND YOU WANT TO GO OUT AND CELEBRATE, YOU CAN NOW SAY, OKAY, I'M AWARE OF THIS FEELING, BUT DO I NEED TO GO SHOPPING? DO I NEED TO SPEND THIS? IS THAT A WANT, MAYBE I'LL DO LIKE WHAT SUSIE SAYS, AND I'M GOING TO PUT IT IN SAVINGS AND CELEBRATE THAT.
LIKE I WAS HAVING A REALLY BAD DAY, BUT I MADE IT A GOOD DECISION MONEY IN SAVINGS INSTEAD.
SO IDENTIFY THOSE OPPORTUNITIES AND PATTERNS IS REALLY IMPORTANT FOR HELPING YOU TO STICK ON BUDGET AND IDENTIFY THOSE EMOTIONS TIED TO OUR SPENDING AND HOW WE CAN ACHIEVE OUR GOALS.
SO WHEN WE'RE ABLE TO DO THAT AND RECOGNIZE HOW WE SPEND, WE CAN MOVE TOWARDS ACHIEVING OUR GOALS OUR EIGHTH MONTH OR EIGHT MONTHS, UM, SECURITY.
NOW I WOULD SAY, UM, AS SUSIE SAID, OR INVESTING TOWARDS OUR FUTURE.
I HOPE THAT YOU'RE ABLE TO GO THROUGH YOUR EXPENSES OVER THE NEXT COUPLE OF WEEKS, THAT WE'RE STILL AT HOME AND HAVE A LITTLE BIT OF DOWNTIME AND GET A PLAN IN PLACE AND IDENTIFY WHERE YOU CAN SPEND AND SAVE ON THOSE OPPORTUNITIES AND HOW YOU SPEND.
SO, UM, NOW I'LL TURN IT OVER TO ASHLEY, TOM, WHO IS WITH NEW YORK LIFE.
AND SHE'S ALSO A JUNIOR LEAGUE MEMBER OF 13 YEARS.
AND SHE'S GOING TO TALK ABOUT HELPING US MOVE TO OUR LONGER GOALS.
THANK YOU SO MUCH MISTY FOR THAT.
AND I'M THINKING OF YOUR BRAIN FOR HAVING US.
I'M JUST GOING TO SPEND A FEW MINUTES TALKING ABOUT THE IMPORTANCE OF FLEXIBILITY AND RETIREMENT, AND REALLY BUILD ON, UM, SOME OF THE IDEAS THAT SUSIE SHARED WITH US LET'S FACE IT.
RETIREMENT HAS CHANGED FROM WHAT OUR PARENTS EXPERIENCED TO BEGIN WITH.
PEOPLE ARE LIVING LONGER THAN EVER.
SO THEY'RE SPENDING MORE TIME IN RETIREMENT THAN THEY DID BEFORE.
IN THE MIDST OF THIS CHANGING LANDSCAPE, MANY OF THEM FESTIVAL HAVE TO DO WITHOUT THE STEADY, DEPENDABLE INCOME OF A TRADITIONAL PINTON THAT'S BECAUSE MANY EMPLOYERS HAVE BROUGHT THEIR ALTOGETHER OR HAVE REPLACED THEM WITH 401K AND OTHER DEFINED CONTRIBUTION PLANS.
LET ME SHOW YOU WITHOUT THE STEADY INCOME OF EMPLOYMENT OR A PENSION TO TAKE ITS PLACE, DAY'S RETIREES WILL HAVE TO MAKE THE DIFFICULT TRANSITION FROM INCOME PRODUCER TO INCOME CONSUMER.
WE HAVE THE NEXT SLIDE, PLEASE.
WHAT DO I MEAN BY THAT? AS THIS SLIDE SHOWS DURING OUR WORKING YEARS, WE ARE ACCUSTOMED TO EARNING MONEY ON A REGULAR BASIS USING THAT MONEY TO LIVE ON AND DOING WHATEVER WE CAN WITH WHAT'S LEFT OVER TO ADD TO OUR SAVINGS AND INVESTMENT AND RETIREMENT.
THAT DYNAMIC CHANGES AS WE ARE NO LONGER GENERATING INCOME THERE, OUR JOB, WE NEED OUR RETIREMENT ASSETS, OUR SAVINGS INVESTMENTS, REAL ESTATE TO DO MORE OF THE HEAVY LIFTING.
AND AS THE NEXT SLIDE SHOWS, THAT'S A VERY DIFFERENT MINDSET.
SINCE TODAY'S RETIREES ARE HEAVILY DEPENDENT ON THEIR ASSETS, IT'S UNDERSTANDABLE.
THEY WOULD HAVE A MORE DEFENSIVE MINDSET PRE-RETIREES AND GENERAL RETIREES HAVE A LOWER RISK TOLERANCE.
IT'S THEY HAVE A LIMITED AMOUNT OF MONEY.
THERE ARE MORE FOCUSED ON WEALTH PRESERVATION.
THEY FOCUS ON ASSET DISTRIBUTION.
THEY'RE LOOKING FOR THE MOST EFFECTIVE WAY TO USE THE RESOURCES THEY HAVE AVAILABLE.
THEY WANT TO REDUCE THEIR TAXES IS OFTEN THEY'RE WITHDRAWING MONEY FROM TAX ADVANTAGE.
I'VE HELPED LIKE AN HOUR RAY OR A 401K SUPPORT IT TO MANAGE THIS PROCESS AND MINIMIZE THE IMPACT OF TAXES OR RETIREES ARE ALSO MORE VULNERABLE TO DOWNMARKET.
IT MAKES SENSE BECAUSE THEY HAVE LESS TIME THAN PRE-RETIREES, UM, FOR THEIR ASSETS TO RECOVER FROM A DOWN MARKET.
AND NOW THAT WE KNOW THAT OUR ASSETS ARE GOING UP, THE BIG ROLLOUT RETIREMENT, LET'S GET MORE SPECIFIC.
WHAT DO WE NEED OUR MONEY TO DO FOR US WHILE WE ALL HAVE LOTS OF INDIVIDUAL GOALS, OUR MONEY, FOR THE MOST PART, I CAN DIVIDE THEM INTO FOUR PRIMARY BUCKETS.
I LIKE TO CALL THEM BEFORE L'S FOR RETIREMENT LIFE, ISLE, LIQUIDITY, LONGEVITY, AND LEGACY.
WE WANT TO MAXIMIZE OUR SPENDING POWER TO CREATE THE DESIRED STANDARD OF LIVING THAT WE WANT.
WE WANT TO, UM, BUILD A RESERVE, A CUSHION IN CASE WE HAVE AN UNEXPECTED EMERGENCY YOU'RE HINTING AT LIKE WHAT WE'RE LIVING IN NOW.
AND WE WANT TO LEAVE SOMETHING BEHIND TO ENHANCE THE QUALITY OF LIFE BY OUR FUTURE GENERATIONS IN A PERFECT WORLD.
TRADITIONAL WORK WORKOUT ENDING WOULD PROBABLY MAKE A SMOOTH TRANSITION, UH, FULFILLS OUR GOALS.
THE ONLY PROBLEM IS THERE ARE RISKS THAT COULD GET IN THE WAY AND KEEP US FROM ACHIEVING THOSE GOALS.
[01:20:02]
SOME OF THOSE RISKS ARE LONGEVITY RISK THAT PEOPLE LIVING LONGER THAN EVER.THERE'S A, THAT YOU COULD RUN OUT OF MONEY.
THIS IS ESPECIALLY PREVALENT AMONG WOMEN, SINCE THEY GENERALLY HAVE A LONGER LIFESPAN AND HAVE LESS MONEY SET ASIDE MARKET RISKS THAT RETIREES ARE OFTEN LIVING OFF THEIR ASSETS.
AND THEY'RE PARTICULARLY VULNERABLE TO MARKET FLUCTUATIONS.
FOR EXAMPLE, IF YOU WERE PLANNING ON SELLING YOUR HOME AND THE MARKET TANKS, OR WHAT IF THE STOCK MARKET HAS A COUPLE OF DOWN YEARS OR ON THE LEFT, LIKE WE'VE HAD OVER THE PAST COUPLE OF MONTHS AND IMAGINE THE IMPACT THAT HAVE ON YOUR LIFESTYLE.
DON'T FORGET ABOUT INFLATION OR DEFLATION.
IF YOU HAVE A LOT OF MONEY IN CDS AND THE INTEREST RATES GO DOWN AND THEY SUDDENLY HAVE LESS TO LIVE ON THAN YOU PLANNED, OR IF YOU HAVE MONEY IN BONDS AND THE INTEREST RATE RISE, THE VALUE OF YOUR PORTFOLIO MAY DROP AS WELL AS YOU MIGHT IMAGINE, THERE ARE ALSO BIG TAKE THE ITEMS THAT YOU HAVEN'T ACCOUNTED FOR IN YOUR BUDGET.
UNEXPECTED EMERGENCIES, SUCH AS FAMILY ILLNESS, DIVORCE, HOME REPAIRS, OR MILESTONE EVENTS LIKE WEDDINGS OR PAYING FOR COLLEGE.
AS RETIREES HAVE TO TAKE CONTROL OF THEIR RETIREMENT PLAN AND USE INVESTMENTS TO BUILD THEIR NEST EGG.
LET'S FOCUS FOR US FOR A MINUTE ON MARKET RISK AND HOW A RETIREE CAN MANAGE THE RISK.
A RETIREE CAN CREATE A CONSERVATIVE LIVE BENEATH YOUR MEANS AND PAY STUFF THAT HAPPENS IN THE MARKET LIKE THIS SEEN OVER THE LAST COUPLE OF MONTHS, GESTURE SPENDING MY TIME AND YOUR BELT DURING DOWNMARKET REDUCE OVERALL EXPOSURE BY USING THE ANNUITIES TO GENERATE INCOME AND TAP INTO OTHER RESOURCES.
WHAT WE LIKE TO CALL BUFFER RESOURCE OFFSET THE IMPACT OF A DOWNMARKET ON YOUR PORTFOLIO.
WHY IS THIS IMPORTANT? AND THIS SAVVY RETIREES WORK WITH FINANCIAL PROFESSIONALS CREATE A DIVERSIFIED RETIREMENT PORTFOLIO TO OFFSET MARKET RISK.
AS WE LEARNED IN 2008 AND WE'RE LEARNING RIGHT NOW, IT IS HARD TO BE IMMUNE TO A SUBSTANTIAL MARKET LOSS.
YOU CAN'T FAST FORWARD AND SKIP THE DOWN YEARS.
AND AS YOU CAN SEE ABOUT THESE STATISTICS, EVERYTHING I'LL HOLD BECAUSE THE TIMING IS AT THAT.
THE QUESTION IS, WHAT CAN YOU DO? STAY ON TRACK, KEEP DOING WHAT YOU'RE DOING, CONTINUE TO CONTRIBUTE TO YOUR RETIREMENT ACCOUNTS, CONTINUE WORKING WITH YOUR FINANCIAL ADVISORS, TO BE SURE THAT YOUR PLAN IS STILL WORKING FOR YOU, OR IF, TO SEE IF YOU NEED TO MODIFY YOUR PORTFOLIO.
AND LASTLY, AND MOST IMPORTANTLY, STAY CALM, STAY CALM FOR THE SHORT TERM AND FOCUS ON THE LONG-TERM GOALS THAT YOU HAVE.
I APPRECIATE YOUR TIME AND VISITING WITH YOU.
ABSOLUTELY FOR THIS INFORMATION AND ESPECIALLY POINTING OUT JUST SOME OF THE KEY THINGS THAT INDIVIDUALS NEED TO KNOW IN TERMS OF RETIREMENT.
I'D LIKE FOR US TO ADDITION INTO OUR NEXT PART, YOU WERE REPRESENTING LOUISIANA JUMPSTART.
MR. LANE LAMEY IS WITH GNOSIS DATA AND PUT BACK SALES AGENT.
THANK YOU SO MUCH FOR BEING WITH US TODAY.
JONES, THANK YOU FOR THIS OPPORTUNITY, UH, TO REPRESENT JUMPSTART.
UH, WHAT I WANT TO TALK A LITTLE BIT ABOUT TODAY IS PROTECTING OUR CREDIT.
UH, OBVIOUSLY OUR PHYSICAL HEALTH AND OUR MENTAL HEALTH IS EXTREMELY IMPORTANT DURING THIS CRISIS, BUT WE CAN'T FORGET ABOUT OUR FINANCIAL HEALTH BECAUSE THAT THE IMPACT OF THAT COULD BE LONG LASTING.
UH, THE OPPORTUNITY TO TAKE CARE OF THAT CREDIT NOW IS TO MAKE SURE THAT YOU'VE GOT YOUR FINANCES IN ORDER, SO THAT ANY MISTAKES THAT YOU MAKE DURING THIS CRISIS, DOESN'T LAST WITH YOU FOR THE, YOUR LIFETIME.
SO THE FIRST THING THAT I SUGGEST IS THAT THERE'S A STRATEGY.
THERE'S SOME SIX STEPS THAT WE CAN TAKE NOW TO AVOID FINANCIAL PROBLEMS DOWN THE ROAD.
AND THE FIRST ONE IS TO GET A COPY OF YOUR CREDIT THAT LETS YOU KNOW, WHERE YOU STAND.
UH, IF YOU MOVE ON TO THE NEXT SLIDE, UH, THERE'S A LOT OF OFFERS THAT GIVE YOU FREE CREDIT REPORTS OR FREE CREDIT SCORES, BUT UNDER THE FAIR CREDIT REPORTING ACT, WHICH IS THE LEGISLATION THAT GOVERNS CREDIT BUREAUS AND AGENCIES, UH, CREDITORS WHO REPORT TO THEM ANNUAL CREDIT REPORT.COM IS THE FREE SITE.
THERE'S NO GIMMICKS, THERE'S NO STRINGS OF TESTS AND THERE'S NO FEES.
YOU'RE ENTITLED AS A CONSUMER TO ONE FREE CREDIT REPORT EVERY 12 MONTHS FROM THE THREE MAJOR CREDIT BUREAUS THAT BEING EXPERIENCED EQUIFAX AND TRANS YOU.
AND SO I WOULD HIGHLY SUGGEST THAT YOU GO AND GET A COPY OF THAT.
THERE'S A COUPLE OF DIFFERENT WAYS YOU CAN DO IT.
ONE IS YOU CAN GET ALL THREE AT THE SAME TIME
[01:25:01]
OR YOU CAN GET ONE EVERY FOUR MONTHS, WHICH IS BASICALLY LIKE MONITORING YOUR OWN CREDIT.NOW THE GOOD NEWS IS DURING THIS PANDEMIC CAN, IF YOU GO TO THE NEXT SLIDE, THIS IS GOING TO MAKE A LOT OF PEOPLE HAPPY BECAUSE, UH, THE CREDIT REPORTING AGENCIES, ALL THREE EQUIFAX, EXPERIAN AND TRANSUNION HAVE AGREED TO ALLOW ALL CONSUMERS IN AMERICA TO GET A FREE COPY OF REPORT EVERY WEEK FOR THE NEXT YEAR.
AND IT'S THROUGH THE SAME SITE, ANNUAL CREDIT REPORT.COM.
SO ON APRIL 20TH, THEY ANNOUNCED THAT ALL CONSUMERS CAN GO GET A COPY OF THEIR CREDIT REPORT ON ANNUAL CREDIT REPORT.COM WEEKLY FOR THE NEXT, UH, 12 MONTHS.
AND I WILL TELL YOU IT'S VERY IMPORTANT BECAUSE WE'LL TALK A LITTLE BIT IN A MINUTE ABOUT THE TYPES OF THINGS THAT YOU CAN DO TO AVOID NEGATIVE INFORMATION AFFECTING YOUR CREDIT REPORT.
BUT THE FACT OF THE MATTER IS, AND NO OFFENSE TO MY CREDIT UNION AND BANKING FRIENDS ON THE CALL HERE, BUT TECHNOLOGY DOESN'T WORK THE WAY THAT YOU THINK SO WHILE THEY MAY TAKE THE NECESSARY STEPS TO PREVENT REPORTING NEGATIVE INFORMATION ON YOUR FILE TODAY, SOMETHING IN THE SYSTEM TECHNOLOGY WISE OR OTHERWISE SIX MONTHS FROM NOW MAY CAUSING GLITCH.
AND THAT MAY END UP NEGATIVE ON YOUR CREDIT REPORT.
I'M NOT SAYING YOU NEED TO GO PULL IT EVERY WEEK, BUT CERTAINLY AS OFTEN AS YOU FEEL COMFORTABLE KNOWING THAT THERE COULD BE AN OPPORTUNITY MONTHLY, FOR SURE TO MAKE SURE THAT THERE'S NOTHING ON THAT AND IT'S, YOU'RE NOT AWARE OF IT.
SO ONCE YOU GET A COPY OF YOUR CREDIT REPORT, YOU HAVE A CHANCE TO REVIEW IT.
AND THERE'S A COUPLE OF THINGS YOU NEED TO LOOK AT.
UH, IF YOU GO TO THE NEXT SLIDE, YOU NEED TO LOOK AT THE INDIVIDUAL TRADE LINES, THEY CALL THEM, WHICH ARE YOUR INDIVIDUAL ACCOUNTS AND YOU NEED TO MAKE SURE THAT THEY'RE CORRECT.
UH, AND IF THERE'S ANY INACCURACIES IN YOUR CREDIT REPORT, YOU NEED TO DISPUTE IT AND YOU CAN JUST SPEWED IT ONLINE, VIA MAIL, AND WE CAN MOVE TO THE NEXT SLIDE.
UH, EACH OF THE CREDIT REPORTING AGENCIES AND SALES, UH, YOU CAN DISPUTE INFORMATION WITH NOW, THAT'S ONE OF THE THINGS THAT THERE IS NO CENTRAL DISPUTE PROCESS.
SO YEAH, YOU NEED TO LOOK AT EACH OF YOUR CREDIT REPORTS INDIVIDUALLY AND DISPUTE WITH EACH OF THE CREDIT BUREAUS INDIVIDUALLY, TO MAKE SURE THAT YOU HAVE THAT INFORMATION CORRECT ON THOSE CREDIT REPORTS.
UH, NOW THE OTHER THING YOU WANT TO LOOK FOR IS IDENTITY THEFT POSSIBLE.
SO EVEN IN THE, UH, INQUIRIES, YEAH, IF THERE IS A INQUIRY MADE BY A COMPANY THAT YOU'RE NOT FAMILIAR WITH, UH, YOU NEED TO INVESTIGATE AND MAKE SURE THAT SOMEONE'S NOT TRYING TO OPEN UP CREDIT IN YOUR NAME.
UH, SOMETIMES THERE'S A NAME THAT YOU MIGHT MACRA.
YOU MAY NOT RECOGNIZE ON THE CREDIT REPORT.
THAT'S, UH, AN XYZ FINANCIAL COMPANY.
WELL THAT MAY BE YOUR HOME DEPOT CREDIT CARD AND YOUR LOWEST CREDIT CARD.
UH, BUT YOU JUST NEED TO INVESTIGATE, LOOK AT THE ACCOUNT NUMBERS AND MAKE SURE THE ACCOUNT NUMBERS MATCH.
SO ONCE YOU GO THROUGH THIS PROCESS AND YOU HIGHLIGHT THE DIFFERENT THINGS THAT ARE GOOD OR BAD ON YOUR CREDIT REPORT, YOU NEED TO DISPUTE ANYTHING THAT YOU DON'T DISAGREE WITH.
ANYTHING THAT YOU DISAGREE WITH THAT.
AND SO THAT BEGINS THAT PROCESS OF MAKING SURE THAT YOU MAINTAIN A GOOD CREDIT REPORT.
HEY, YOU GET IT CLEANED UP AND BE YOU, UH, MAINTAIN IT.
SO ONCE YOU'VE GOTTEN THESE ISSUES RESOLVED, THEN YOU NEED TO, WE MONITOR THAT CREDIT REPORT.
EVEN BEYOND THIS POINT, YOUR PERIOD, THAT THE, THAT THE, UH, CREDIT BUREAUS ARE ALLOWING YOU TO PULL YOUR CREDIT REPORT THREE, YOU NEED TO GO ONCE A YEAR AND PULL THAT CREDIT REPORT AND MAINTAIN.
NOW, NEXT THING YOU NEED TO DO IS CALL YOUR CREDIT, YOUR LENDER, YOUR, UH, SERVERS PROVIDE ANYBODY THAT YOU'RE DOING BUSINESS WITH, WHEREAS YOU CAN'T, UH, YEAH.
UH, YOU NEED TO MAKE SURE THAT THEY UNDERSTAND WHAT YOUR SITUATION IS AND THAT YOU'RE NOT ABLE TO MAKE PAYMENTS IN FULL.
UH, AND SO THERE ARE A COUPLE OF DIFFERENT SYSTEMS IN PLACE.
THEY WILL ALLOW ALL BERETS, EXTENSIONS, DEFERMENT, FLEXIBLE PAYMENT STRATEGIES.
THEY CAN REDUCE YOUR PAYMENT, BUT UNDERSTAND THAT MOST ALL OF THESE CASES, YOUR INTEREST WILL CONTINUE TO ACCRUE.
SO JUST BECAUSE YOU CAN DEFER A PAYMENT OR JUST BECAUSE YOU CAN EXTEND YOUR LOAN, YOU DON'T NECESSARILY WANT TO DO THAT BECAUSE IT'S GONNA END UP COSTING MORE MONEY.
NOW, THE THING ABOUT IT IS, IS THAT YOU ALSO NEED TO UNDERSTAND HOW THAT LOAN IS BEING RESTRUCTURED AT THE END OF THIS.
IF THEY'RE TELLING YOU, THEY'LL GIVE YOU THREE MONTHS TO FIRM, DOES THAT MEAN THAT AT THE END OF THOSE THREE MONTHS, YOU HAVE TO MAKE ALL ON THE AMOUNT
[01:30:01]
AND SPEND A BIRD AND THEN PICK UP WHERE YOU LEFT OFF OR ARE THESE EXTENSIONS WHERE AFTER THOSE THREE MONTHS YOU CAN PICK UP WHERE YOU LEFT OFF AND THEN THE THREE MONTHS ARE ADDED TO THE END OF YOUR LONG TERM.SO AGAIN, ASK DETAILED QUESTIONS, GETTING IN WRITING AND MAKE SURE YOU KNOW EXACTLY HOW THAT LOAN IS BEING RESTRUCTURED OR ACCOMMODATE.
NOW, THE GOOD NEWS ABOUT THAT IS, IS THAT THE CARES ACT INCLUDED A PROVISION TO THE FAIR CREDIT REPORTING ACT, WHERE AS IF YOU USE A DISASTER CODE, IT'S AN A W FOR THOSE IN THE BUSINESS.
BUT IF YOU CONTACT YOUR BANK OR YOUR CREDIT UNION, YOUR LENDER AND TELL THEM IT'S YOUR ASS, AND YOU ASK THEM TO PUT AN A W CODE ON YOUR LOAN BECAUSE OF FORBEARANCE OR MODIFICATION OF TERMS OR DEFERMENT, WHATEVER THE CASE IS, THEY CANNOT REPORT THAT NOTE DELINQUENT.
IF IT WAS CURRENT AT THE TIME YOU MADE THE REQUEST.
SO DON'T WAIT UNTIL YOU CAN'T MAKE THE PAYMENT, GO AHEAD AND MAKE THOSE ACCOMMODATIONS NOW, BECAUSE IF YOU'RE DELINQUENT AT THE TIME YOU MAKE THOSE REQUESTS, THEY WILL CONTINUE TO REPORT THAT AS DELINQUENT THROUGHOUT THE LIFE OF THE LOAN.
OKAY? SO YOU NEED TO ART OR THE HISTORY OF THAT AND BLANKETS WOULD BE ON YOUR CREDIT REPORT, UH, FOR THE LIFE OF THAT LOAN.
SO WHAT YOU NEED TO UNDERSTAND IS, AGAIN, ACT CURRENTLY AND PROACTIVE TO GET THAT DONE.
NOW, AGAIN, BACKING UP ONE SLIDE.
I JUMPED AHEAD OF MYSELF THAT TIME, THAT WAS NOT Y'ALL'S FAULT.
THAT WAS MY THOUGHT I WAS ON TO HIT MYSELF, BUT MAKE THE MINIMUM PAYMENT, AT LEAST OKAY.
IF YOU'RE NOT ABLE TO MAKE FULL PAYMENT, MAKE MINIMUM PAYMENTS.
AND IF YOU'RE NOT ABLE TO MAKE MINIMUM PAYMENTS, CONTACT THOSE CREDITORS, LIKE WE JUST TALK ABOUT REASON BEING OKAY, NEGATIVE PAYMENT HISTORY AS 35% TO DO READ-THROUGH CREDITS.
AND I CAN ASSURE YOU THAT ONE DELINQUENCY HAS A SIGNIFICANT IMPACT ON YOUR CREDIT SCORE.
IF YOU HAVE A GOOD ONE CREDIT SCORE.
NOW, THE BAD NEWS IS IS THAT IF YOU HAVE A POOR CREDIT SCORE, ONE DELINQUENCIES, PROBABLY NOT GOING TO HURT YOU THAT MUCH, BECAUSE YOU ALREADY HAVE NEGATIVE INFORMATION OUT THERE.
BUT IF YOU HAVE A GOOD CREDIT SCORE, YOU WANT TO MAINTAIN THAT GOOD CREDIT SCORE.
YOU WANT TO MAKE SURE THAT YOU MAKE AT LEAST THE MINIMUM PAYMENTS SO THAT YOU'RE NOT DELAYING PAYMENT ON TIME.
AGAIN, WE'VE TALKED TO A COUPLE OF THEM.
PREVIOUS SPEAKERS TALKED ABOUT THIS AND BUDGETING STANDPOINT, AS I TELL PEOPLE ALL THE TIME, IF I WAS AFRAID OF NO, I'D STILL BE SINGLE.
SO ASK YOUR BANK, ASKED YOUR CREDIT UNION, ASK YOUR SERVICE PROVIDER.
UH, CAN I EXTEND MY CABLE? CAN, CAN I SUSPEND MY SERVICE FOR THREE WEEKS, THREE MONTHS? AND I SUSPEND MY, UH, INTERNET SERVICE FOR THREE MONTHS AND I SUSPEND MY NETFLIX PAYMENT FOR THREE MONTHS.
THE WORST THING THEY CAN DO IS TELL YOU NO, BUT SOMEWHERE ALONG THE LINES, YOU'RE GOING TO FIND A COMBINATION OF PEOPLE LIKE SUSIE TALKED ABOUT EARLIER, WHO UNDERSTAND THE SITUATION.
SO MAYBE YOU DON'T GET ALL YOUR REQUEST ON HER, BUT MAYBE YOU GET ENOUGH REQUESTS THAT YOU CAN SHUFFLE YOUR PAYMENTS AROUND AND MAKE MINIMUM PAYMENTS ON EVERYTHING THAT YOU NEED TO MAKE THEM PAY.
AND THEN FINALLY, THE, AFTER YOU TALKED TO YOUR CREDITORS, YOU'VE MADE ARRANGEMENTS, UH, YOU'VE LOOKED AT THE INFORMATION YOU CREDIT.
UH, YOU WANT TO CONSIDER ADDING A CONSUMER STATEMENT TO YOUR CREDIT FILE.
UH, YOU'RE ALLOWED TO DO THAT ON THE FCRA.
YOU COULD ADD A HUNDRED WORD STATEMENT, 200 IN THE MAIN A HUNDRED WORD STATEMENT.
SO YOUR CREDIT REPORT, IT BASICALLY SAYS, LOOK, I'VE GOT AFFECTED BY THE BURRATA BOX.
THIS HAPPENED MULTIPLE TIMES AFTER NINE 11 HAPPENED MULTIPLE TIMES AFTER KATRINA LOCALLY.
IT HAPPENED A LOT AFTER THE 2016 FLOODS.
SO THIS IS NOT A, IS IT COMMON FOR A CONSUMER TO PUT THAT ON THEIR CREDIT REPORT? AND WHEN THAT CREDITOR, WHEN THAT LENDER LOOKS AT THAT CREDIT REPORT AND THE UNDERWRITING PROCESS, AND THEY SEE THAT THEY LOOK FOR THOSE KINDS OF THINGS.
SO IF YOU WERE DELINQUENT FOR THREE MONTHS, IF YOU DIDN'T GET A CHANCE TO TALK TO YOUR CREDIT, TO YOUR CREDIT, IT WOULDN'T WORK WITH YOU.
IF YOU WERE DELINQUENT FOR THREE MONTHS.
AND THEN ALL OF A SUDDEN YOU STARTED BEING CURRENT.
AGAIN, THEY UNDERSTAND THERE WAS A REASON FOR THAT, OKAY? YOU WERE DELINQUENT BECAUSE OF THE CORONAVIRUS.
UH, THEY UNDERSTAND AND CAN WORK WITH YOU A LOT OF THOSE SITUATIONS.
AND THEN FINALLY, THE ONE THING THAT ALL OF THESE STRATEGIES HAVE IN COMMON IS YOU HAVE TO BE PROACTIVE.
OKAY? I WILL TELL YOU, THE BANK IS NOT GOING TO CALL YOU AND ASK YOU IF YOU WANT TO WORK YOUR LOAN AND FOR YOUR PAYMENTS ARE YOU WANT TO, FOR BANKS, YOUR MORTGAGE COMPANY IS NOT GOING TO CALL YOU.
YOUR CABLE COMPANY IS NOT GOING TO ASK YOU IF YOU WANT TO SUSPEND SERVICE FOR THREE MONTHS.
OKAY? SO YOU HAVE TO BE PROACTIVE IN ASKING THESE PEOPLE.
AND AGAIN, MUCH LIKE SUSIE SAID, THERE'S NOTHING WRONG OR SHAMED
[01:35:01]
ABOUT HAVING TO DO THIS.THERE'S A LOT OF PEOPLE WHO ARE IN A VERY, UH, UH, UNIQUE POSITION.
UH, THEY'VE NEVER BEEN HERE BEFORE.
MAYBE THEY DON'T HAVE THE EIGHT MONTHS OF SAVINGS AS SOON AS YOU TALKED ABOUT, BUT THEY'VE GOT A LITTLE BIT, AND THEY'RE LOOKING AT THAT AND GOING, RUNNING OUT ANY MINUTE NOW.
SO AGAIN, BE PROACTIVE, CONTACT YOUR CREDIT TEAMS, CONTACT YOUR SERVICE PROVIDERS, ASK FOR SOME TYPE OF, OF, UH, DEFERMENT, UH, REDUCTION OF, OF FEES.
MATTER OF FACT, I GOT ONE THE OTHER DAY IN MY BUSINESS, A FINANCIAL INSTITUTION REACHED OUT TO ME AND SAID, WE'RE IN A POSITION TO WHERE WE'RE NOT SURE WHAT THE FUTURE'S GOING TO HOLD.
WE'RE ASKING THAT YOU DO ONE OF THREE THINGS FOR US, PROVIDE US FREE SERVICE FOR TWO MONTHS, 50% SERVICE FOR, UH, FOUR MONTHS OR REDUCTION IN OVERALL COST FOR A YEAR.
SO AGAIN, IT'S NOT JUST THE CONSUMERS, BUSINESSES ARE DOING THIS AS WELL.
SO AGAIN, FINALLY IN WRAPPING UP, LIKE I SAID, BE PROACTIVE.
YOU'RE THE ONE WHO CONTROLS YOUR FINANCES.
AND IF YOU DON'T DO IT, YOU'RE GOING TO END UP WITH A MISTAKE THAT LASTS YOU A LOT LONGER THAN THIS VIRUS IS GOING TO DR.
I'LL TURN IT BACK OVER TO YOU.
AND AGAIN, THANK YOU FOR THE OPPORTUNITY LANE.
THAT WAS REALLY GREAT INFORMATION.
I WANT TO STICK WITH YOU FOR A MOMENT BECAUSE NOW IT'S TIME TO GO INTO OUR QA SESSION.
AND I HAVE A QUESTION FOR YOU.
SO THE FIRST QUESTION IS HOW DO YOU ACTUALLY DETERMINE WHAT A GOOD CREDIT SCORE IS? AND IF IT'S NOT IN THAT RANGE, HOW DO YOU GET IT TO WHERE IT NEEDS TO BE? OKAY.
I WOULD TELL YOU THAT EACH LENDER HAS THEIR OWN DEFINITION OF WHAT A GOOD CREDIT SCORE IS BY AND LARGE.
ANYTHING ABOVE SIX 40 IS CONSIDERED GOOD.
ANYTHING ABOVE 700 IS CONSIDERED EXCELLENT.
UH, THE CREDIT SCORE RANGES FROM 300 TO EIGHT 50 IS THE TYPICAL SCORE RANGE ON PIKO SCORES.
UH, YOU MET PELLA MORE INTEREST AT THAT RATE, UH, BUT CERTAINLY ANYTHING OVER 700 IS GOING TO GET YOU ALONG.
UH, THERE'S UH, THERE'S NO QUICK FIX.
I WILL TELL YOU, YOU GOTTA BE CAUTIOUS OF THOSE CREDIT REPAIR CLINICS AND QUICK FIXES THAT ARE OUT THERE.
THEY, THEY MAY, UH, THEY'RE GOING TO CHARGE YOU FOR SOME OF THAT.
AND YOU'RE PROBABLY NOT GONNA GET AN A, IF THERE'S AN ERROR CAUSING THAT SCORE TO BE LESS THAN WHAT YOU WANT IT TO BE, THEN YES, THERE'S A PROCESS YOU CAN GO THROUGH AND ACTUALLY HAVE THAT CORRECT.
BUT IF IT'S A TRUE DELINQUENCY THAT YOU HAVE ON YOUR CREDIT REPORT OR NEGATIVE INFORMATION THAT YOU HAVE ON YOUR CREDIT REPORT, THAT IS ACCURATE, TIME IS THE ONLY THING THAT'S REALLY GONNA HELP YOU, UH, GET RID OF THAT SCORE AND BRING THAT SCORE UP AFTER A COUPLE OF TWO OR THREE YEARS.
MOST OF THAT NEGATIVE INFORMATION HAS VERY LITTLE WEIGHT.
IT JUST STAYS ON YOUR CREDIT REPORT.
SO THE NEXT QUESTION IS FOR ASHLEY I'M PARDON ME FOR VALERIE? I DIDN'T KNOW THAT VALERIE IS STILL WITH US, BUT THE QUESTION IS THE VALERIE NO LONGER HAPPENING NOW IN THE COVID IN COMING BACK TO WANE OF COOKING IN HOME AND PLANNING MEALS, WHAT STATES? YEAH.
SO COOKING AT HOME IS REALLY GREAT.
I WOULD SAY THE FIRST THING HAS TO REALLY DO A LOT OF MEAL PLANNING.
SO USE THE TIME THAT WE HAVE NOW WHILE YOU'RE IN WARRANTY AND REALLY PLAN OUT THOSE MEALS, USE RESOURCES LIKE DOLLAR SHOE ACCIDENT OR.COM.
CHOOSE MY PLATE.GOV AND YOU GUYS SEE, IT ALSO HAS A WONDERFUL SITE CALLED A MIXING BALL, UM, WITH WONDERFUL ECONOMICAL RECIPES AND GO BACK TO USING A BUILDING MEALS AROUND STAPLE PRODUCTS.
THERE ARE SOME WONDERFUL VIDEOS ON THE LSU, ACCENTURE OR SITE THAT TAKE YOU THROUGH, UM, COOKING ONCE AT EATING THREE TIMES.
SO YOU'RE COOKING ONE THING AND THEN YOU'RE EATING IT SEVERAL TIMES.
SO USING THOSE STAPLE ITEMS AND RELATE, YOU KNOW, USING FREE STORING IN ORDER TO MAKE YOUR FOOD DOLLAR STRETCH.
ONE MORE QUESTION, IF YOU COULD, VALERIE, SO YOU HAVE SOME INCREDIBLE HANDOUTS THAT YOU'VE PROVIDED FOR US TO SHARE WITH OUR VIEWERS.
UM, ONE OF THE SECTIONS ACTUALLY TALKS ABOUT WHO GETS SAVED, AND I KNOW THAT THAT THING THAT IS, IS SOMEWHAT DIFFICULT FOR SOME TOOLS TO UNDERSTAND THE CONCEPT OF PAYING YOURSELF.
YOU WANT TO TALK ABOUT THIS WHOLE, UM, IDEOLOGY SHOULD BE FIRST AND WHAT SHOULD YOU BE WORKING ON TO PAY DOWN? ABSOLUTELY.
[01:40:01]
OUR HANDOUTS, WE PROVIDE US, YOU GUYS, I THINK YOU'RE GOING TO PUT SOME ON THE WEBSITE ALSO THE ONLY LSU ACCIDENT, OUR WEBSITE AS WELL.SO AGAIN, I KNOW WE'RE IN CRISIS MODE RIGHT NOW, AS SOON AS HE HAD SOME GREAT ADVICE DURING THAT, IF WE WERE IN THE WHOLE TIME AND WE ALL HAD OUR EIGHT MONTHS PLUS, YOU KNOW, WE WOULD ALL CONTINUE TO WORK TOWARDS THAT IN CRISIS MANAGEMENT MODE.
AND SO WE KNOW IN SOUTH LOUISIANA, WE DO WANT TO PAY THOSE BILLS FIRST TO DECIDE WHICH BILLS TO PAY FIRST AND CONTINUE TO TRY TO PAY OURSELVES FIRST WHEN WE CAN.
SO OUR NEXT QUESTION GOES TO ASHLEY AND ASHLEY, YOU SHARE RICH INFORMATION IN REGARDS TO THE RETIREMENT ACCOUNTS.
WHEN SHOULD A PERSON, THE QUESTION IS WHEN SHOULD A PERSON TRULY BEGIN THINKING ABOUT RETIREMENT PLANNING AND WHAT'S THE FIRST STEPS? WELL, YOU SHOULD BEGIN THINKING ABOUT RETIREMENT PLANNING.
UM, ANYTIME, I MEAN THE SOONER, THE BETTER AND YOUR TIME HORIZON, THE LONGER YOUR TIME HORIZON IS THE MORE YOU HAVE TO PLAN FOR.
SO, UM, IF YOU HAVE AN OPPORTUNITY, UH, FOR 401K YOU'RE AT WORK, UM, YOU KNOW, TAKE ADVANTAGE OF THAT, LIKE SUSIE SAID, IT'S FREE MONEY.
UM, IF YOU HAVE AN OPPORTUNITY TO OPEN A RA RA, UM, YOU KNOW, THAT YOU'RE INTERPRETING AFRIC TAX DOLLARS, THAT'S A GREAT OPPORTUNITY AS WELL, BUT WITH IT, WHATEVER YOUR DECISION IS OR WHATEVER OPPORTUNITY YOU HAVE, YOU NEED TO DO IT AS SOON AS POSSIBLE.
IT'S NEVER TOO EARLY TO START PLANNING FOR RETIREMENT.
SO WE ALSO HAVE MR. DEREK BEAD ON THE CALL, DEREK WAS WITH US PREVIOUSLY.
THEY'RE GONNA KNOW IF YOU'RE, UM, SO LIKE ACCESSIBLE, BUT WE HAVE CONVERSATIONS ON BUDGETING AND IN DISCUSSING THE WHOLE CONCEPT OF BUDGETING.
I KNOW THAT VALERIE ALSO TOUCHED ON THIS.
I'M OPEN TO EITHER VIEW CALORIE OR TO DEREK, AND THEN DISCUSSING, UM, WITH OUR AUDIENCE, THE REAL IMPORTANCE OF BUDGETING AND HOW TRULY TO GET STARTED IF YOU'VE NEVER DONE IT BEFORE.
THERE'S TONS OF DIFFERENT SPREADSHEETS, BUT IF YOU COULD TOUCH ON THE ONE THAT YOU'VE PROVIDED VALERIE, THAT WOULD BE HELPFUL TOO.
SO, SO AGAIN, WITH THE ONE THAT WE PROVIDED AND THERE IS A WORKSHEET, WELL, YOU'RE REALLY GOING TO LOOK AT YOUR NECK.
SO THAT'S YOUR TAKE ON YOUR NET IN COPY SCHMUCK, HERE'S YOUR EXPENSES.
SO I KNOW SOME OF THE OTHER SPEAKERS TALKS ABOUT, YOU KNOW, OUR VARIABLE EXPENSES, OUR PERIODIC EXPENSES, THOSE ALL COME INTO PLAY, AND THEN YOU'RE GOING TO LOOK, I'M GONNA TAKE THE TUBE.
AND IT COULD BE AS SIMPLE AS KEEPING A LEDGER GOING TO NOTEBOOK, OR IT COULD BE A WORKSHEET OR A SPREADSHEET THAT YOU HAVE ON THE COMPUTER, BUT YOU HAVE TO HAVE A BUDGET.
YOU HAVE TO KNOW WHERE YOU'RE STARTING FROM.
UM, AND IT'S VERY SIMPLE TO GET STARTED.
SO DON'T BE INTIMIDATED BY THIS.
AGAIN, YOU CAN VISIT ALL OF OUR PARTNER WEBSITES THAT ARE ON TODAY, AS WELL AS ON THE SHABAK CENTER TO FIND THE BASIC INFORMATION THAT'S WITH US, DEREK.
UM, MOST DEFINITELY, UM, WHENEVER CREATING A BUDGET, IF YOU'VE NEVER DONE IT BEFORE, THERE'S NO WRONG WAY TO DO IT.
YOU KNOW, UM, BASICALLY JUST START, YOU CAN DEFINITELY, YOU KNOW, TWEAK THINGS AS YOU GO ALONG, ESPECIALLY AS SOMEONE WAS MENTIONING, UM, QUARTERLY OR SEMI-ANNUAL EXPENSES THAT COME ALONG, BUT FOR YOU TO SEE IT IS A LOT EASIER TO, TO PLAN THAN TO JUST KIND OF, OH YEAH.
DO YOU KNOW? I ALWAYS PUT IT ON PAPER.
UM, AND YOU KNOW, AS STATED YOU CAN ADJUST THAT ACCORDINGLY DUE TO INCOME, DIFFERENT EXPENSES THAT COME UP AND IT CAN REALLY HELP YOU WITH YOUR MONTHLY BUDGET AND TO SAVE FOR THE FUTURE.
THANK YOU SO MUCH FOR THAT, DEREK.
AND THANKS AGAIN FOR BEING WITH US ON THIS, UH, FINAL WEBINAR.
THERE'S ONE OTHER QUESTION THAT HAS COME UP IN THIS QUESTION IS, UM, HOW, AGAIN, HOW LONG DOES IT TAKE FOR NEGATIVE INFORMATION? HOW LONG DOES NEGATIVE INFORMATION STAY ON YOUR CREDIT REPORT? UH, QUESTION, UH, NEGATIVE INFORMATION TYPICALLY STAYS ON YOUR CREDIT REPORT FOR SEVEN YEARS, WITH THE EXCEPTION OF A BANKRUPTCY WOULD STAYS ON THERE 10 YEARS.
UH, THERE IS SOME LEGISLATION CURRENTLY PENDING IN CONGRESS THAT IS LOOKING TO REDUCE THAT TIMEFRAME.
BUT AS OF TODAY, NEGATIVE INFORMATION DELINQUENCY CHARGE OFF COLLECTIONS.
THAT'S GOING TO STAY ON YOUR CREDIT REPORT FOR SEVEN YEARS, AND THAT'S WHY THEY CALL THE BANKRUPT THROUGH THE 10 YEAR MISTAKE BECAUSE IT'LL STAY ON THERE FOR 10 YEARS.
[01:45:01]
EXCELLENT.SO I WANT TO SAY, UM, THIS WILL CONCLUDE OUR Q AND A PORTION OF THE PRESENTATION, AND WE WILL NOW MOVE INTO OUR CLOSING ITEMS. UM, IN PARTICULAR, I WANT TO SAY A SPECIAL THANK YOU TO EVERYONE WHO HAS HELPED US IN THIS SIX PART SERIES TO THE DEPARTMENT OF HUMAN DEVELOPMENT AND SERVICES.
THANK YOU SO MUCH TO MS. BERNADINE MABRY INTO HER TEAM WHO HAS BEEN ON OUR CALLS AND PARTICIPATED IN ONE OF OUR WORKSHOP SERIES ALSO TO HELP MINISTRIES TO JANET SIMMONS INTO THE MINI PARTNERS THAT SHE BROUGHT ON BOARD A SPECIAL THANK YOU TO THE CAPITAL AREA UNITED WAY, MR. GEORGE BELL, CEO, AND PRESIDENT OF THE ORGANIZATION, INTIMACY DELORES, HERS WHO HELPED US TREMENDOUSLY WITH OUR PARTNERS.
I ALSO WANT TO SAY SPECIAL, THANK YOU TO JUNIOR LEAGUE, TO MISHA AND TO ALL OF YOUR PARTNERS THAT JOINED WITH US.
THANK YOU ALL FOR TRULY PUTTING TOGETHER RICH CONTENT AND BEING SO PATIENT IN EXECUTING THIS FOR US AND BEING A PART OF THE FINAL, UM, WORKSHOP.
AND THEN TO ALSO TO JUMPSTART AND JESSICA SHARON, WHO, UM, HAD JUST BEEN A TREMENDOUS ASSET FOR US TO HAVE PUT THIS TOGETHER, WORKING WITH HER AND ALL OF THE MANY PARTNERS THAT SHE BROUGHT IN, INCLUDING LAYNE, WHO'S BEEN ON THE CALL.
I WANT TO TOUCH ON A COUPLE OF QUICK REMINDERS, AND THAT IS FOR ANYONE WHO WANTS TO VIEW, UH, ANY OF OUR WORKSHOPS, THE PREVIOUS FIVE, INCLUDING THIS ONE, IT IS FOUND ON THE CITY OF BATON ROUGE, FACEBOOK.
WE ALSO HAVE THE CITY OF BATON ROUGE WEBSITE.
WE'LL HAVE, UH, A LINK WHERE YOU CAN GO EACH OF THOSE.
AND THAT IS B R L A.GOV FORWARD SLASH A LITTLE BIT ORG SHOP.
AND YOU CAN FIND THE CONTENT THERE.
THERE ARE SOME OTHER FOLKS BEHIND THE SCENES THAT HAVE HELPED US FOR EACH OF THESE WORKSHOPS.
I WOULD LIKE TO THANK MS. TAMMY ARMEN, MR. ERIC, UH, ROMERO, AND TO ALL OF THE, UM, INDIVIDUALS WHO HAVE HELPED FROM THE ADMINISTRATION, PARTICULARLY TO PAGE COURSE, AND ALSO A SPECIAL, SPECIAL THANK YOU TO SIMONE COLLETTE AND TO OUR COMMUNICATIONS TEAM THAT HELPED US WITH PUSHING THIS OUT.
SO THANK YOU EVERYONE INTO OUR AUDIENCE FOR VIEWING, AND WE APPRECIATE THE WORK THAT HAS BEEN DONE.
IF YOU HAVE ANY QUESTIONS ABOUT ANY OF THESE, PLEASE FEEL FREE TO REACH THE CITY OF BATON ROUGE AND DO TWO FIVE, THREE EIGHT, NINE 3,100.
AND WE'LL BE HAPPY TO ANSWER ANY QUESTIONS THAT YOU HAVE.
AND WE LOOK FORWARD TO CONNECTING WITH YOU SOON, TAKE CARE.