Whats up beautiful people, it's your girl, Shameless all up in your building with the
lovely Budgetista Tiffany. Please introduce yourself - Hi! I am the Budgetista
I am hopefully your favorite financial educator and I help women take
their money from where they are to where they wanted to be.
-We met in Atlanta for Summit 21 at held by 21Ninety (Labadie) and I was hosting the tech track and you
were hosting the finance track I missed. (Yup) So that's why we doing this right
here in your home your 'ba-trum', (Laugh) your living room, wherever you're at to get
some tips and tricks (Yeah) on how to save money (Yes) specifically (Yes) 10k (Yes 10k)
But before we get there talk about some of what the misconceptions about money
finances planning all that - That money is hard. (Uh Huh) That money is elusive. (Mm-hmm)
I think that people think that money is something that they can, they'll never
get a handle on. (Right). Okay so part of why I also brought you in, there's
multiple reasons. One, I think it's 2019 we got to get our 'ish' together all of us
myself included. And two, when I was cocktailing here in New York (Mm-hmm) , I was
able to save more money than (Mm-hmm) then I am (Now) now (Yeah) and I made a fraction
of what I make now. - I know exactly why. -- You know, okay break it down. - Well, I find that
people who make less are actually better than with their money the people
who make more because um we've got this it's like this weird inflation when it
comes to money when you have just a little bit of it, (Yeah) you're very
conscious of it. (Yes) You're like nickel, penny, dime, quarter, you know? (Yes) But when you're
making a lot, for some reason, let's just say you're making a hundred thousand
(Yeah) you feel like you're making two hundred thousand and when you're making
thirty thousand you feel like you're making twenty thousand. So you're super
careful. For some reason once we get past a certain level of earning (Yeah) you
start to spend more than what your money can really do. (Laugh) - Okay, so this is all helpful and
previous to this video I uploaded a video on I spent on 'I Spend 10k on new tech gear'
cause I don't shop I don't ever buy, I shouldn't say that
I don't like reinvest in the gear that I have like a lot of people do hauls like
tech hauls are like makeup beauty and I'm like I don't buy tech because I'm
like I don't want the latest and greatest I want to use what I have okay
but then I splurge so I need that 10k back (Laugh) - Well (Giveaway) one, that's
right off, right? (It is.) And then two if that 10k makes you 100K then it's worth.
We have to remember it all things that you do that there should be a
return on your investment, right? So, let's just say like I bought this cute little blouse, I'm like, 'oooo look, no elbows', right? From Target,
right? So, lets just say this was probably like, I don't know, 20 dollars, right? Now,
if I wear it once, then I got $20 for one wear. But if I wear this a hundred times think
about that how much really this is worth. So, I don't mind people buying expensive
things if you're gonna use them a lot because then you break down something
that was maybe a thousand dollars really cost you ten dollars a wear, because you
really use it now if you only use it once or twice you're not getting your
return on investment. - Facts. Okay, (Yeah) okay, so, the other kind of, let me be more
honest and truthful. (Okay) So when I went from being a youtuber who films at home
with like one staff I started to have a surplus of money (Okay) and I, this is
actually this is the full story I haven't even told them. (Okay) So, I had a
surplus of money and I didn't have, I didn't have a game plan (Okay) and I had
like, I saved and I wanted to buy a house but instead we moved into an office. (Okay)
So, I got an office then I got equipment for the office then I got more staff
and they just kind of started to build and build. And then I also got a
business manager (Okay) and I think that's where it started to go south because I
was like I have money I'm gonna put you in charge of the money because I can
focus on the creative. So I just focused on like I want editors I want, like
videographers I want XY and Z and they never really keep and eye on what I
was spending my money or like said, 'Do you really need that?' - Yeah, they
weren't looking at your return on investment. (Yes) So, there's nothing wrong was
getting a business manager so for example I've got a CFO, Rachel.
Shout out to Rachel. right and so what and then I've got so Rachel it's my day-to-day and
she's got her master's in in accounting so she's my day-to-day finance person
right when it comes to the business I'm the budget nice stuff but then I also
have Carlos who's my bigot Carlos so Carlos is my big accountant so I meet
with in every quarter and I sit down so there's nothing wrong with having people
cuz you ought to have people yes in your corner so but Rachel and I speak
probably at least two to four times a week and so I can understand so I can't
hire anyone without being like Rachel I want to bring someone on yeah so let me
know what girl who from what money right or she's saying okay we can but this is
a matter of money that we can spend Rachel well let me know when it comes to
even ad spending you know that you spent ten thousand dollars but you only made
eleven that ad is not doing well you know but this one is doing well so maybe
let's shut this one off so she she so although she is in charge of them
moderate moderating with the money right I have to be in that's something you
can't just kind of set it I get I did that and it wasn't until like they got
our line of credit and then one of the accountants was like Maya I'm concerned
that we don't have money to pay the staff next month and I'm like nah what
what do you mean we don't have money to pay the staff and then I was like we
gotta figure it out then my friends alone do any money and
when that happened I was like this is only gonna last like a month literally
but before I'm gonna have to like get more work and then I started to work
just to pay the pay and that's the work that's called getting a job I was
working to just feed the Machine and I'm actually doing the things that were like
viewing my soul so I had a breakdown because I was just like I can't like
just the stress of thinking and like feeding mission machines so I had to
shut it down and then I spent twenty eighteen so that was 2017 ok 2018
literally tunnels own good getting banked so I can pay I paid my friends
back shoutout to my friends for even being able to loan me my that
and then my credit cards are now back because they were all maxed out and my
line of credit is paid so now I'm back at my back at 11:00 so what that means
so what that means now is it so I always say there's two types of business you
are truly a business or you look like a business right so this is a trillion
business there's a little girl Chantay who lives like two doors down from me
Shantae is about like 14 or 15 a little girl but to me yeah right 14 to 15 years
old Shantae braids hair but on one weekend the moms like you have to go to
school so her friends come over and she breaks their hair they sit in the front
stupid during the summer they stay here Shantae makes money Shante has business
Shantae has a product or service that people want so product or service people
wanted and they pay that and they pay part is critical that means you have a
business look like a business is friends of mine who have the website
girl what's your service has anyone bought it well you know is it no no I
have anyone paid for this thing that you have well great and you look like a
business right and so be like Shawn hey you know it should be a business you
don't have to have all of them yeah pintubi Thanks when you're growing your
business you want to focus on what I call direct ROI return on investment
meaning that you are a baker in the beginning you don't need a bakery you
need eggs you need sugar you do flour whatever else goes into cake because
then you can bake the cake sell the cake get your money right back right so
you're investing in things that right away you get your money right back in
the beginning right and then when there's enough of a buffer now you can
invest in things that you'll get your return on investment a little bit later
yeah but in the beginning so for me I was a speaker so I would invest in
making copies at the time when I was like speaking like at the United Way I
would invest it I had to have a lot of times I had to be able to work on right
I didn't have a website I didn't have I didn't need those things because I
couldn't sell it to get my money right up right away yeah yeah so make sure
like growing like they I'm Nigerian and there's an African proverb is that you
cut your quote according to your size right so like don't put this big old
voluminous coat on you're not ready for all of that yet
right grow according to that and so if you do that and then you mind your
personal finances then you'll be like I mean now I can honestly say which is
crazy to say that I'm a self-made millionaire just because it doesn't feel
like cuz I'm still like I was gonna take the train here today but when I tell you
if you were to go to my apartment now you'd be like wait but you know but but
this year I bought my husband and I bought a home it was um it was a
foreclosure so we got a 50% off but it was still $180,000 paid for cash yeah
got a second home investment property $10,000 paid for a cash renovating the
home it's gonna be six figures to renovate into what we want paying for
that cash my cash money yes my mom retired earlier then then anticipated
and so my dad wasn't quite ready with it with the retirement plan based upon her
schedule and so they were like oh we thought we'd be done with the house they
owe six figures on the house I was like well I got you paid that off this year
and then I also paid off my student loans fifty three thousand dollars all
that this yeah yeah I am a hundred percent debt free no credit no mortgages
no no pardon oh my car I paid for cash last year but I'm saying all this ice be
a preschool teacher in here in New Jersey making thirty nine thousand
dollars a year less than ten years ago and so but I lived really simply and now
what happens when you live simply you do right by your money you're gonna be able
to make a jump when you see my new house five bedrooms three and a half bathrooms
it's beautiful but I'm living in this little small apartment for now I love it
until I had the money to make the leap you know yeah okay
so we're gonna get into these tips yes about this money and how to like save it
because it's not that well you know I shouldn't speak for everyone because I
feel like we do come across money yeah but we also let it slip through our
hands yeah so the tips on how to save 10k
you can break it down I'm a break okay okay no one tip number one be you right
so no honestly a budget is critical it is the foundation for the rest of your
financial life no one wants to hear about a budget but you know I don't want
to hear about this but and it doesn't have to be super complicated it's just a
list of everything you spend money on yeah how much it cost you a month versus
how much you're spending a month so grooming hair going out bills the kids
whatever right so like that hole I call that my money listen and then I write
down what the monthly cost is of that so I look at like my um statement plans
sometimes get averages because if it's you're right it's the same but if it's
your I don't know maybe it's your hair so you know like I get my locs retighten
it's a hundred dollars and I do it every three months and so that's about 33
dollars a month and so you want to write all that down right and then you want to
add up your money list and then subtract it from your monthly take-home pay so
you get an idea of what your money is doing and if you're negative which a lot
of people are then you have to start going line item by line either it's
saying like oh do I really need I can't do I really mean I was literally just
thinking the same thing because I have so many subscriptions yes and I was like
girl you got a 100 here 100 there you start you got to go through that yup
inter cancelling because it adds up you know but it's not just enough so that
feel that's number one bucket budget so number two is make savings a bill yes so
that's that that that lens so what you're saying my about your subscription
so let's just say you can't sell subscription let's just add on them it's
a magazine subscription and let's just say for the sake of math it's a hundred
bucks a month okay yeah right so you tell yourself cancel it yeah I'm saving
no put that into a savings account because saving without putting it
somewhere it's just loose money waiting to get
spent right and so you know just because you're not spending it doesn't mean
you're saving it so you want to make savings a bill that's number two so what
you're gonna do is you're gonna say okay I'm no longer paying those hundred
dollars and watch for the subscription what I'm gonna actually do is I'm going
to now make still pay that same bill of a hundred thousandth
toward pay it to the savings plan that's how I was able to save 10 K what about
Patrol agents I saved 10% of everything I brought you may think I made it like
put it in it doesn't it's a priority you may save it's a bill
so that's number two okay right so number three is automation automation is
a new discipline what is this so automation just means that you are
automatically sending money to a savings account every single okay you know so if
you like when I was teaching preschool I made the same amount of money every two
weeks so that meant I knew that what my savings was gonna be it was like the
same was a hundred dollars so I didn't I didn't have to transfer the hundred if I
knew I got paid on the 1st and the 15th so on the 2nd and the 16th I used to
have my bank account transfer $100 every pay period automatically yeah because
when you are automatic your bills automate your savings automate your
investing Automation is a new discipline because you don't have to remember yeah
the Machine remembers for you number four is where you're gonna put it
is an online-only bank that's number four so there's all these bags you have
regular banks like yeah they're Wells Fargo or whatever and so that's great
for your checking account because you want convenience right the savings you
want it like you want so can't touch that yeah so you're wanting three types
of banking institutions you're wanting a normal regular Bank for ease of checking
in on it yeah you're wanting a credit union for when you're when it's time to
borrow because credit unions are typically nonprofits so the nonprofit's
only business is to write a non-profit business is to is to make sure that they
make enough money to stay open not to make a profit so that means the interest
rate that you're gonna so if you're borrowing $100,000
you're not gonna charge you maybe you say yeah they're like inflated like 25
28 so they're like you know what well we only need six percent from you because
we just try to keep our doors open you see so that's what it so that criteria
okay right and then the third type of banking institution is an online-only
bank and that's where you save you don't open a checking there just say here's
why I feel like I use Ally Bank for example I just saw the ads for that yes
right so but in photography there's a website called magnify money where you
can see whatever other online-only banks are out there and and choose a bank
that's best for you you really want to look for a bank no fees and the highest
interest rate okay so you find your bank and what I love about it an online-only
bank because they're online they don't have all these brick and
mortars that means their expenses are lower right that means they can pay more
interest so a regular brick and mortar right now I just look I think Bank of
America their interest rating right now that they're paying out to you it's
point zero one percent yes literally a piece of a piece of piece of a penny
right but like for example Ally Bank right now you look it's two percent they
give me two pennies for your dog so nothing that's like a but it's way more
edge two pennies versus a piece of a piece right so another thing I love
about an online-only Bank is to make sure money inconvenient right right
because you have your rake I need that checking I need that so when it's right
to your savings right because it's online where you gonna go
you can't go to the ATM yeah right and touch that right so you want to pull
your money back you have to wait at minimum 24 hours sometimes up to three
days for that money to come back to your regular bag yeah for you to spending so
inconvenient money gets saved okay so you're just like a convenient money gets
it right so that's number four online only baking and then number five really
is a low number five is side hustling because here's the thing like you if you
make twenty thousand dollars a year savings ten thousand it's probably not
gonna happen unless you're fifteen you live at home right right so if you're
wanting to save more sometimes you just have to make more but those other things
are critical your budget you're making savings avail automating and putting
your money in an online-only savings account but so once you do all of that
figuring out other ways that you can make income so you can add to that only
only savings account automatically right you know so cuz what you can do is if
you're a regular job pays you enough money you can get your side hustle job
and say hey this is the bank account I want you to deposit my money into and
it's your own only savings you do those four things girl
why tell you you owe me dinner and lunch a cruise but I do have a brother I share
bonus yes please alright started this online challenge called the live richer
challenge it's completely free we're in year five now the literature challenge
every year I do a different edition so the first year was the fundamentals
we've got a credit in additions but to the sake of of y'all
today I want to tell you about the savings Edition so it's not about
getting the book you don't have to get the book I just want you to see so the
savings Edition totally free not the book I just put it inside a book cuz
some people like the physical version but the savings edition if you go to LRC
for live richer challenge save LRC save you signup and it's 22 days three weeks
so I used to be a teacher I wrote the curriculum and I know you don't know
where to start so for 22 days I'm gonna be in your inbox like hey you don't know
what open up okay you don't know how to save you like you don't have to say
you're literally like teach food like bread come and so by the end you will
have a sort of made it saving time I'm here for all of them seven hundred
thousand women have signed up I started off thinking oh which it's crazy how
many women have signed up changed their lives this year alone about three women
that were homeless hit me up and said I'm a homeowner now yeah so I was
weeping so but that's like but you know like I said giving activates abundance
is not just abundance in my life but in abundance in others so yeah so this is
just my game I do it every year I come up with a new one but all the old ones
are just automated yeah so at any moment in time so even if you just go to
leverage your challenge.com you can see all of them listed but the savings
addition is a really good one if you're having struggling if you're struggling
saving and you want step-by-step help and you get to join the community over
700,000 women awesome so I'm going to list everything
in the info box below make sure you go follow Tiffany across every social media
platform and what's the budget Easter I love that because I'm like I don't even
know your new Pro yeah I like it that way but yeah I'll share all the info but
thank you so much oh so helpful follow make sure you
subscribe turn your notifications on and until next time remember to do you be
you stay true boo be shameless budget all that