271: [Acquania Escarne] Life Insurance Secrets: Building Wealth and Financial Freedom

Acquania Escarne: 00:00:00

But over time, that builds up into

Acquania Escarne: 00:00:03

thousands and thousands of dollars of tax

Acquania Escarne: 00:00:06

free money that can be accessed while

Acquania Escarne: 00:00:09

you're alive. So my husband and I, for

Acquania Escarne: 00:00:11

example, we took 40,000 out of a, uh, life insurance

Acquania Escarne: 00:00:14

policy and we invested in real estate. And

Acquania Escarne: 00:00:17

we started out with residential real estate and rentals,

Acquania Escarne: 00:00:20

but now I invest in commercial real estate, like

Acquania Escarne: 00:00:23

hotels and apartment syndications.

Acquania Escarne: 00:00:25

So that was how we used it. But I've had

Acquania Escarne: 00:00:28

people use the cash value in their policies for

Acquania Escarne: 00:00:31

emergency loans. I've had them use them for

Acquania Escarne: 00:00:34

investments in their own businesses and other

Acquania Escarne: 00:00:37

things that they needed for their family. So it is a

Acquania Escarne: 00:00:40

nice additional source of money

Acquania Escarne: 00:00:43

when you want to get creative and you don't want to go

Acquania Escarne: 00:00:46

to traditional lenders for whatever reason, um,

Acquania Escarne: 00:00:49

you can go into your insurance policy. So that's the

Acquania Escarne: 00:00:52

simplest way to explain how it works.

Anthony: 00:00:58

Welcome, everybody, back to another exciting show with the about

Anthony: 00:01:01

that wild podcast, where we help you

Anthony: 00:01:04

find that confidence by, uh, building strong

Anthony: 00:01:07

financial habits so that you can actually talk

Anthony: 00:01:10

about money, spend money, and actually

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enjoy your money. Today I have a

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wonderful person who's gonna help us with our

Anthony: 00:01:18

insurance. And one of the things about insurance is

Anthony: 00:01:21

that a lot of us really don't know about it. But this person

Anthony: 00:01:24

is a financial coach, a hotel owner,

Anthony: 00:01:27

podcast host, and also a life insurance

Anthony: 00:01:30

producer. Today, she is

Anthony: 00:01:33

committed to helping people find financial freedom

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and build wealth. As a financial

Anthony: 00:01:38

coach, she equips her clients with

Anthony: 00:01:41

outside the box finance tips,

Anthony: 00:01:45

payment plans, retirement planning, and

Anthony: 00:01:48

so much more. With her advice, clients

Anthony: 00:01:51

can exceed their financial and personal goals.

Anthony: 00:01:54

Welcome to the show Aquania. How you doing today?

Tiffany Holmes: 00:01:58

I am awesome. Thank you so much, Anthony, for having me

Tiffany Holmes: 00:02:01

on the show.

Anthony: 00:02:02

Yeah, you're so welcome. Actually, this is the

Anthony: 00:02:05

first time we actually did a pre recorded. So instead of

Anthony: 00:02:08

you coming in with my live shows and we be kicking it

Anthony: 00:02:11

and just laughing just about everything.

Anthony: 00:02:16

And so you've been doing quite a lot lately,

Anthony: 00:02:19

and one of the things that I do

Anthony: 00:02:21

appreciate what you've been doing for the financial

Anthony: 00:02:24

community is constantly giving us

Anthony: 00:02:27

actionable tips and how that we can

Anthony: 00:02:30

be better at our finances. And not just our

Anthony: 00:02:33

finances, but our estate planning and

Anthony: 00:02:36

really looking into how we can outline our

Anthony: 00:02:39

features. So I really wanted to bring you on.

Anthony: 00:02:42

It's about life insurance. And why is it important

Anthony: 00:02:45

for the black and brown community?

Tiffany Holmes: 00:02:47

Oh, man, this is super, super important

Tiffany Holmes: 00:02:50

because people need to understand

Tiffany Holmes: 00:02:53

that there are two things in life that are

Tiffany Holmes: 00:02:55

guaranteed. Death and taxes. And so

Tiffany Holmes: 00:02:58

let's prepare for death because the taxes we really

Tiffany Holmes: 00:03:01

can't get around. So I really want to

Tiffany Holmes: 00:03:04

tell people, think of life insurance as

Tiffany Holmes: 00:03:07

the way to provide for your family when you're no longer

Tiffany Holmes: 00:03:10

here. Because if. If you think about it any other

Tiffany Holmes: 00:03:13

way, it gets a little. You know, people get

Tiffany Holmes: 00:03:16

nervous or scared, and they don't like to talk about death. So

Tiffany Holmes: 00:03:19

I like to talk about, you know, would you want

Tiffany Holmes: 00:03:22

your family to be okay financially if you weren't

Tiffany Holmes: 00:03:25

here? And if the answer is yes, then you need

Tiffany Holmes: 00:03:28

life insurance. And so that is why

Tiffany Holmes: 00:03:30

I really go around and I educate people about it,

Tiffany Holmes: 00:03:33

but also encourage you to get it. And it's really important

Tiffany Holmes: 00:03:36

that you have life insurance outside of work.

Tiffany Holmes: 00:03:39

But more specifically, when it comes to

Tiffany Holmes: 00:03:42

communities of color, this is critical

Tiffany Holmes: 00:03:45

because it can literally change the trajectory

Tiffany Holmes: 00:03:48

of a family's life. It can also be

Tiffany Holmes: 00:03:51

what makes or breaks the family after a primary

Tiffany Holmes: 00:03:54

breadwinner passes away. So, being

Tiffany Holmes: 00:03:57

the fact that 52%

Tiffany Holmes: 00:03:59

of Americans have life insurance, which is

Tiffany Holmes: 00:04:02

great, that's more than 50%, most

Tiffany Holmes: 00:04:05

of them don't have enough or wish they got it

Tiffany Holmes: 00:04:08

sooner. So for those who don't have

Tiffany Holmes: 00:04:11

insurance, I hope this encourages you to get it and

Tiffany Holmes: 00:04:14

understand why you need it. But for those who do have

Tiffany Holmes: 00:04:17

insurance, I hope this conversation encourages you to

Tiffany Holmes: 00:04:19

review what you have and see if this is a time

Tiffany Holmes: 00:04:22

to get more.

Anthony: 00:04:24

When should we start looking into m getting life

Anthony: 00:04:26

insurance?

Tiffany Holmes: 00:04:28

You should get life insurance when you have

Tiffany Holmes: 00:04:30

someone who depends on you for income. And

Tiffany Holmes: 00:04:33

so I try to tell people that has nothing to do with your

Tiffany Holmes: 00:04:36

marital status, and it also doesn't have to

Tiffany Holmes: 00:04:39

do with the fact that you have kids or not, because,

Tiffany Holmes: 00:04:42

truth be told, a lot of our people are

Tiffany Holmes: 00:04:45

also primary breadwinners for their parents.

Tiffany Holmes: 00:04:48

And so if your parents are financially

Tiffany Holmes: 00:04:51

dependent on you, you need life insurance. If you

Tiffany Holmes: 00:04:54

are financially supporting siblings

Tiffany Holmes: 00:04:56

or even other members of your

Tiffany Holmes: 00:04:59

family, you need life insurance. And then, of course,

Tiffany Holmes: 00:05:02

if you have a spouse or children, you

Tiffany Holmes: 00:05:05

definitely need life insurance, because they are,

Tiffany Holmes: 00:05:08

um, depending on your income while you're alive. And if you

Tiffany Holmes: 00:05:11

don't have life insurance, they won't have money

Tiffany Holmes: 00:05:14

to prepare or pay for their finances

Tiffany Holmes: 00:05:17

after you're gone. So, um, think outside the

Tiffany Holmes: 00:05:20

box, guys. Like, don't just think, I'm not married. I don't

Tiffany Holmes: 00:05:22

have kids, because parents might also be a reason to

Tiffany Holmes: 00:05:25

get insured. Um, and the same

Tiffany Holmes: 00:05:29

goes for parents who might want to consider

Tiffany Holmes: 00:05:32

life insurance on their kids.

Tiffany Holmes: 00:05:34

So, um, it's not something you

Tiffany Holmes: 00:05:37

want to think about, but you also want

Tiffany Holmes: 00:05:40

to prepare your children for success. So, like, I have

Tiffany Holmes: 00:05:43

gotten insurance on my children so that they're

Tiffany Holmes: 00:05:45

covered because I just don't know what's going to happen

Tiffany Holmes: 00:05:48

when it comes to their health. And I want to make sure they get covered

Tiffany Holmes: 00:05:51

when they're young and healthy. But at the same time, if you

Tiffany Holmes: 00:05:54

have adult children who you're still either

Tiffany Holmes: 00:05:57

supporting, contributing to, you may also

Tiffany Holmes: 00:06:00

want to make sure the two of you have life insurance.

Tiffany Holmes: 00:06:03

So if something happens to your adult children,

Tiffany Holmes: 00:06:06

um, you're able to cover their final expenses, their

Tiffany Holmes: 00:06:09

student loan debt, especially if you co

Tiffany Holmes: 00:06:12

sign for it, and any other things that can come

Tiffany Holmes: 00:06:15

up that come with being a parent of an adult child.

Tiffany Holmes: 00:06:18

Right?

Anthony: 00:06:18

Yeah.

Tiffany Holmes: 00:06:19

Like, they never, ever are not our

Tiffany Holmes: 00:06:22

responsibility, if that makes sense.

Anthony: 00:06:24

It does. And, um, because there's so many different flavors of

Anthony: 00:06:27

insurance. There's like term insurance, whole

Anthony: 00:06:30

life insurance. What is the,

Anthony: 00:06:33

can you go like, just kind of vaguely talk about

Anthony: 00:06:36

the different types of life insurance?

Tiffany Holmes: 00:06:38

Absolutely. And I'll give you something that'll help you

Tiffany Holmes: 00:06:41

remember. So I like to break insurance

Tiffany Holmes: 00:06:43

into two categories. There is term m life

Tiffany Holmes: 00:06:46

insurance, which you just mentioned, and then there's permanent life

Tiffany Holmes: 00:06:49

insurance. Permanent sounds exactly like it

Tiffany Holmes: 00:06:52

says. It doesn't go away. Right. But

Tiffany Holmes: 00:06:55

let's talk about term first. So I like to kind of use the

Tiffany Holmes: 00:06:58

analogy. Term is like an apartment lease. It

Tiffany Holmes: 00:07:01

is a contract that you have with an insurance

Tiffany Holmes: 00:07:03

company, and you get that lease

Tiffany Holmes: 00:07:06

for the amount of time you choose. You can do one year,

Tiffany Holmes: 00:07:09

five year, 1015, 20, and sometimes even

Tiffany Holmes: 00:07:12

30 year leases. But what that

Tiffany Holmes: 00:07:15

contract says is, if I die in the

Tiffany Holmes: 00:07:18

time in which I have asked for

Tiffany Holmes: 00:07:21

coverage, the life insurance company will pay your

Tiffany Holmes: 00:07:24

family the check. Right. If you get a million dollar

Tiffany Holmes: 00:07:26

term policy for 30 years and you die within

Tiffany Holmes: 00:07:29

those 30 years, they write a million dollar check to your

Tiffany Holmes: 00:07:32

family, and that check is completely tax

Tiffany Holmes: 00:07:35

free because life insurance proceeds are not

Tiffany Holmes: 00:07:37

taxable. However, if by the

Tiffany Holmes: 00:07:40

grace of God, you live longer than the 30

Tiffany Holmes: 00:07:43

years at, uh, year 31, if you

Tiffany Holmes: 00:07:45

pass away, they don't write any checks because your

Tiffany Holmes: 00:07:48

contract expired or your lease was up.

Tiffany Holmes: 00:07:51

And the only way to continue coverage is to get

Tiffany Holmes: 00:07:54

another policy, um, or request. And when you

Tiffany Holmes: 00:07:57

have is extended. Right. So

Tiffany Holmes: 00:08:00

apartment leases are great temporarily,

Tiffany Holmes: 00:08:03

right? But eventually you want to get your forever home.

Tiffany Holmes: 00:08:06

So that leads me to my second analogy, which is

Tiffany Holmes: 00:08:09

permanent life insurance. It's more like your forever

Tiffany Holmes: 00:08:12

home. Once you get permanent life insurance, you're

Tiffany Holmes: 00:08:14

covered for the rest of your life. As long

Tiffany Holmes: 00:08:17

as you pay your premiums and

Tiffany Holmes: 00:08:20

it doesn't expire. It could last you another

Tiffany Holmes: 00:08:23

50 years or another ten years.

Tiffany Holmes: 00:08:26

However long you live, it's going to cover you

Tiffany Holmes: 00:08:29

and it doesn't matter how old you are,

Tiffany Holmes: 00:08:31

but permanent life insurance has a lot of

Tiffany Holmes: 00:08:34

different names. Whole life is one of them. Index universal

Tiffany Holmes: 00:08:37

life variable universal life fixed life.

Tiffany Holmes: 00:08:40

And people, uh, get confused because whole life's

Tiffany Holmes: 00:08:43

like the oldest one, so everyone just calls permanent

Tiffany Holmes: 00:08:46

insurers whole life, but it's actually, that's one type of it.

Tiffany Holmes: 00:08:49

But the best thing to think about is one. It's your

Tiffany Holmes: 00:08:52

forever home. So you really

Tiffany Holmes: 00:08:55

may not need more, unless you have a need for more

Tiffany Holmes: 00:08:57

insurance, like you didn't get enough the first time or your life

Tiffany Holmes: 00:09:00

changed, you got more dependents, or you have a bigger

Tiffany Holmes: 00:09:03

estate. Um, but it's also more

Tiffany Holmes: 00:09:06

expensive, right? Term is cheap because

Tiffany Holmes: 00:09:08

mathematically you're not expected to die.

Tiffany Holmes: 00:09:11

Most people do not die. Only 2% of term

Tiffany Holmes: 00:09:14

policies are actually paid out, and that's why

Tiffany Holmes: 00:09:17

they sell them at a low cost, because the insurance

Tiffany Holmes: 00:09:20

company is betting that you won't pass away.

Tiffany Holmes: 00:09:23

But permanent insurance, it's

Tiffany Holmes: 00:09:26

100% guaranteed. You're going to die, everybody's going to die,

Tiffany Holmes: 00:09:29

so they know that there's 100% chance

Tiffany Holmes: 00:09:32

they're going to pay that policy unless you default on your

Tiffany Holmes: 00:09:35

payments. So they charge you more for permanent

Tiffany Holmes: 00:09:38

insurance to be able to cover those

Tiffany Holmes: 00:09:41

costs. Um, so I always tell people,

Tiffany Holmes: 00:09:43

if you are in a financial position where

Tiffany Holmes: 00:09:46

cost is of, ah, important

Tiffany Holmes: 00:09:49

essence and you don't have a large budget, go with term,

Tiffany Holmes: 00:09:52

because it's the most affordable way to protect

Tiffany Holmes: 00:09:55

your family, and you can get a million dollar

Tiffany Holmes: 00:09:57

policy for pennies on the dollar, depending on your

Tiffany Holmes: 00:10:00

health. But when you either have

Tiffany Holmes: 00:10:03

lower need for insurance or

Tiffany Holmes: 00:10:06

um, want to be more strategic with

Tiffany Holmes: 00:10:09

how you use your insurance, then permanent life

Tiffany Holmes: 00:10:12

insurance could be a good option for you. Um,

Tiffany Holmes: 00:10:15

what I normally recommend for my clients

Tiffany Holmes: 00:10:18

is convertible insurance. So that's

Tiffany Holmes: 00:10:21

like a term policy that starts out inexpensive and

Tiffany Holmes: 00:10:23

cheap, and then you have 1015 or

Tiffany Holmes: 00:10:27

20 years to turn it into permanent insurance.

Tiffany Holmes: 00:10:30

And then when you do that conversion, that's when

Tiffany Holmes: 00:10:32

the person has insurance that doesn't expire. So

Tiffany Holmes: 00:10:36

that's a lot, I know, but that's the best way to

Tiffany Holmes: 00:10:39

think about it. And hopefully the analogies will help

Tiffany Holmes: 00:10:42

you.

Anthony: 00:10:43

Yes, and we also hear about these

Anthony: 00:10:45

terms, like you hear all the time on social

Anthony: 00:10:48

media that people keep saying, well, you invest all this money into

Anthony: 00:10:51

these whole life insurance, or the permanent life insurance, correct

Anthony: 00:10:54

me on that one. And they talk about

Anthony: 00:10:57

withdrawing money, that you can live on it today.

Anthony: 00:11:00

How is that, uh, possible?

Tiffany Holmes: 00:11:02

That's a great question. And so this is a part of my

Tiffany Holmes: 00:11:05

story. So right now I'm going to preface this with, this is

Tiffany Holmes: 00:11:08

not for everyone, but this is definitely something I've done. So I'm not

Tiffany Holmes: 00:11:11

just theoretically telling you what's possible, but when

Tiffany Holmes: 00:11:14

you have permanent insurance and you get it, like my

Tiffany Holmes: 00:11:17

husband and I did when we were young, healthy, and

Tiffany Holmes: 00:11:20

didn't have no kids, um, you can

Tiffany Holmes: 00:11:23

really build a lot of cash in a policy,

Tiffany Holmes: 00:11:25

because every time you make a payment,

Tiffany Holmes: 00:11:28

a portion of your payment is going to cover the cost of life insurance. The

Tiffany Holmes: 00:11:31

rest is going to go into a cash bank. That

Tiffany Holmes: 00:11:34

cash bank has the potential to earn interest or

Tiffany Holmes: 00:11:37

dividends, depending on what type of policy you

Tiffany Holmes: 00:11:39

have. And so everybody likes the word dividends.

Tiffany Holmes: 00:11:42

Normally they think about it with stock, but it can also be

Tiffany Holmes: 00:11:45

paid out with life insurance, too. But what that

Tiffany Holmes: 00:11:48

essentially means is you have money in a

Tiffany Holmes: 00:11:51

policy that earns money, and all you're

Tiffany Holmes: 00:11:54

doing is paying for your life insurance every month. You don't have to do

Tiffany Holmes: 00:11:57

anything. What most insurance companies do,

Tiffany Holmes: 00:12:00

however, is they take your money or their

Tiffany Holmes: 00:12:03

money and they put it in the stock market, and then

Tiffany Holmes: 00:12:06

that stock market money makes money, right?

Tiffany Holmes: 00:12:09

That's why most people invest. Well, when you have

Tiffany Holmes: 00:12:12

a permanent insurance policy that builds cash value,

Tiffany Holmes: 00:12:15

the insurance company is going to share

Tiffany Holmes: 00:12:18

that profit with you. So they will take

Tiffany Holmes: 00:12:21

their profits and they will spread them out amongst all the

Tiffany Holmes: 00:12:23

policyholders. And so you get

Tiffany Holmes: 00:12:26

interest every year or every quarter.

Tiffany Holmes: 00:12:29

You'll get a dividend check every year or every quarter, depending

Tiffany Holmes: 00:12:32

on your insurance company. Right.

Tiffany Holmes: 00:12:35

But over time, that builds up

Tiffany Holmes: 00:12:37

into thousands and thousands of

Tiffany Holmes: 00:12:40

dollars of tax free money that

Tiffany Holmes: 00:12:42

can be accessed while you're alive. So

Tiffany Holmes: 00:12:45

my husband and I, for example, we took 40,000 out of

Tiffany Holmes: 00:12:48

a, uh, life insurance policy, and we invested in real

Tiffany Holmes: 00:12:51

estate. And we started out with residential real estate

Tiffany Holmes: 00:12:55

and rentals, but now I invest in commercial real

Tiffany Holmes: 00:12:57

estate, like hotels and apartment syndications.

Tiffany Holmes: 00:13:00

So that was how we used it. But I've had

Tiffany Holmes: 00:13:03

people use the cash value in their policies for

Tiffany Holmes: 00:13:06

emergency loans. I've had them use them for

Tiffany Holmes: 00:13:09

investments in their own businesses and other

Tiffany Holmes: 00:13:12

things that they needed for their family. So it is a

Tiffany Holmes: 00:13:15

nice additional source of money

Tiffany Holmes: 00:13:18

when you want to get creative and you don't want to go

Tiffany Holmes: 00:13:21

to traditional lenders for whatever reason. Um,

Tiffany Holmes: 00:13:24

you can go into your insurance policy. So that's the

Tiffany Holmes: 00:13:27

simplest way to explain how it works. But

Tiffany Holmes: 00:13:30

how much cash you have depends on your

Tiffany Holmes: 00:13:32

contract, depends on the performance of your life

Tiffany Holmes: 00:13:35

insurance company and how the market

Tiffany Holmes: 00:13:38

is going. But most of the policies

Tiffany Holmes: 00:13:41

are not directly invested in the stock market.

Tiffany Holmes: 00:13:43

Most, there are some that are, and as a

Tiffany Holmes: 00:13:46

result, this money is not as volatile as the

Tiffany Holmes: 00:13:49

stock market. So this is also a way that some

Tiffany Holmes: 00:13:52

people choose to diversify what they're invested

Tiffany Holmes: 00:13:55

in, because they'll have their investments in the stock

Tiffany Holmes: 00:13:58

market, they'll have life insurance to protect their

Tiffany Holmes: 00:14:01

family, say, a large term policy. And then they

Tiffany Holmes: 00:14:04

might get a permanent policy to have

Tiffany Holmes: 00:14:06

additional tax free dollars they can leverage while they're

Tiffany Holmes: 00:14:09

alive.

Anthony: 00:14:10

Yeah. Cause that's kind of what I do. I have the hybrid

Anthony: 00:14:13

approach. Makes life a little easier for

Anthony: 00:14:16

me, mostly, um, for the way how

Anthony: 00:14:19

my situation is. Um, and I think

Anthony: 00:14:22

that's helpful. And it good to know that people can

Anthony: 00:14:25

actually play around with it, almost like basket robbins. Like, if

Anthony: 00:14:28

you got the money, go for it.

Tiffany Holmes: 00:14:30

Pick your flavor. Right. But that's why

Tiffany Holmes: 00:14:33

I tell people, work with a professional life

Tiffany Holmes: 00:14:36

insurance producer. Don't try to

Tiffany Holmes: 00:14:39

piecemeal it on your own or call the people you see on tv

Tiffany Holmes: 00:14:42

commercials because they are promising you cheap

Tiffany Holmes: 00:14:45

policies for $10 a month or whatever, because

Tiffany Holmes: 00:14:48

sometimes. Sometimes that one policy doesn't fit your

Tiffany Holmes: 00:14:51

entire plan. Right. And

Tiffany Holmes: 00:14:53

finances are personal, so you

Tiffany Holmes: 00:14:56

have to really look at what is my situation.

Tiffany Holmes: 00:14:59

You know, how much insurance do I really need?

Tiffany Holmes: 00:15:02

And if I need a lot and I have a small budget,

Tiffany Holmes: 00:15:05

what do I need to do to make this all work right?

Tiffany Holmes: 00:15:08

And so that's why I'm a math person, I'm a numbers

Tiffany Holmes: 00:15:11

person, but I'm also a big picture person. If

Tiffany Holmes: 00:15:14

you're honest with me and you tell me what your big picture

Tiffany Holmes: 00:15:17

is, then we can work on the numbers and give you a

Tiffany Holmes: 00:15:20

plan that works for you.

Anthony: 00:15:21

Awesome. Now we enter the third segment, which is the

Anthony: 00:15:24

futures. What skills or habits that you feel is going

Anthony: 00:15:27

to take you to the next level?

Tiffany Holmes: 00:15:29

Ooh, that is a good question.

Tiffany Holmes: 00:15:33

Well, I love to network, I love to talk, and I love

Tiffany Holmes: 00:15:35

to teach. And I've been doing that throughout my

Tiffany Holmes: 00:15:38

life in different stages, phases, and with different levels of

Tiffany Holmes: 00:15:41

confidence. But I'm proud to say that that's what's

Tiffany Holmes: 00:15:44

held me down. So I definitely believe in my next

Tiffany Holmes: 00:15:47

phase, I'm going to be doing more networking,

Tiffany Holmes: 00:15:49

teaching, um, and teaching, because I. I

Tiffany Holmes: 00:15:52

love to take complex stuff and break it down.

Tiffany Holmes: 00:15:55

I love to make things

Tiffany Holmes: 00:15:58

accessible that used to seem impossible. So

Tiffany Holmes: 00:16:00

my big thing right now is encouraging more people to

Tiffany Holmes: 00:16:03

pursue hotel investments and hotel ownership,

Tiffany Holmes: 00:16:06

because that's a space where we need more people of color.

Tiffany Holmes: 00:16:09

So I've been doing free webinars and sessions to talk

Tiffany Holmes: 00:16:12

about that. I've also done a lot to educate on, um,

Tiffany Holmes: 00:16:15

life insurance, like this show so thank you so much for the

Tiffany Holmes: 00:16:18

opportunity and then networking. You

Tiffany Holmes: 00:16:21

and I literally met through a powerful network of

Tiffany Holmes: 00:16:24

financial nerds, and I plan to do that until

Tiffany Holmes: 00:16:27

the day I die.

Anthony: 00:16:28

There we go. Uh, is there anything that you want to leave

Anthony: 00:16:31

the audience before we dive into the final four

Anthony: 00:16:33

questions?

Tiffany Holmes: 00:16:34

Just do your necessary financial

Tiffany Holmes: 00:16:37

checkups every year, and don't forget

Tiffany Holmes: 00:16:40

to change or, uh, update your beneficiaries after

Tiffany Holmes: 00:16:43

major milestones. So, marriage, divorce, and new

Tiffany Holmes: 00:16:46

kids. And because we have plenty of examples

Tiffany Holmes: 00:16:49

where celebrities, Kobe

Tiffany Holmes: 00:16:51

Bryant, Prince, Aretha

Tiffany Holmes: 00:16:54

Franklin, have not done proper estate planning,

Tiffany Holmes: 00:16:57

and it has resulted in very costly

Tiffany Holmes: 00:16:59

probate processes for their families. So

Tiffany Holmes: 00:17:02

let's just do our families a ah, solid and give them the

Tiffany Holmes: 00:17:05

gift of peace by getting our affairs in order

Tiffany Holmes: 00:17:08

ourselves.

Anthony: 00:17:09

Awesome. All right, you ready for the final four?

Tiffany Holmes: 00:17:12

Yes. I'm nervous. What should

Tiffany Holmes: 00:17:15

I prepare for?

Anthony: 00:17:21

Number one, what does wealth

Anthony: 00:17:24

mean to you?

Tiffany Holmes: 00:17:26

Oh, I love this question, because I have a

Tiffany Holmes: 00:17:28

platform, the purpose of money. And I do feel like

Tiffany Holmes: 00:17:31

the purpose of money is unique to each person. So wealth means

Tiffany Holmes: 00:17:34

for me the ability to have the time and freedom

Tiffany Holmes: 00:17:37

to spend with my family, doing the things I

Tiffany Holmes: 00:17:40

love whenever the heck I want to.

Anthony: 00:17:43

Number two, what was your worst money

Anthony: 00:17:46

mistake?

Tiffany Holmes: 00:17:48

Hmm? M my worst money mistake?

Tiffany Holmes: 00:17:51

Probably not taking risks

Tiffany Holmes: 00:17:54

sooner. Uh, I started

Tiffany Holmes: 00:17:56

building for my future and retirement early

Tiffany Holmes: 00:17:59

at 16. But I did it in a very

Tiffany Holmes: 00:18:02

conservative way. You know, putting money into a Roth

Tiffany Holmes: 00:18:05

IRA, but not really investing that money

Tiffany Holmes: 00:18:07

in the most aggressive options I could at the time,

Tiffany Holmes: 00:18:11

um, because I didn't know. And

Tiffany Holmes: 00:18:13

now that I'm in a position where I have wealth and I

Tiffany Holmes: 00:18:16

have money, that I'm willing to risk investing

Tiffany Holmes: 00:18:19

in personal ventures, private equity

Tiffany Holmes: 00:18:21

opportunities, I'm getting access to

Tiffany Holmes: 00:18:24

more ways to multiply my money

Tiffany Holmes: 00:18:26

faster. But I didn't take those risks

Tiffany Holmes: 00:18:29

until now. But I am okay with the timeline because

Tiffany Holmes: 00:18:32

I feel like that's the way God wanted it to be.

Tiffany Holmes: 00:18:35

But I could have taken risk probably five

Tiffany Holmes: 00:18:38

years earlier and been a little further along

Tiffany Holmes: 00:18:41

at this time.

Anthony: 00:18:43

Yeah. Time and place for everything, right.

Anthony: 00:18:47

Number three, what is your favorite financial

Anthony: 00:18:50

or non financial book?

Tiffany Holmes: 00:18:53

Okay, so, favorite book

Tiffany Holmes: 00:18:56

was rich dad, poor dad by Robert Kiyosaki, because

Tiffany Holmes: 00:18:59

that's what really turned me into a money nerd,

Tiffany Holmes: 00:19:02

and it is a financial book. Favorite

Tiffany Holmes: 00:19:04

non financial book. Um,

Tiffany Holmes: 00:19:07

Pearl Clay. I read it a while ago. A long

Tiffany Holmes: 00:19:10

time ago, actually. But, um, I actually like any of her

Tiffany Holmes: 00:19:13

books. Um,

Tiffany Holmes: 00:19:16

but I'm trying. Why is the title escaping me now?

Tiffany Holmes: 00:19:19

But it's one of her first books where she writes about a woman

Tiffany Holmes: 00:19:22

who contracts HIV and how she

Tiffany Holmes: 00:19:25

navigates love in life afterwards. Um,

Tiffany Holmes: 00:19:28

it's a great, great book. So, Pearl Clage, if you ever

Tiffany Holmes: 00:19:31

look her up, look up her book. One of her first ones is

Tiffany Holmes: 00:19:34

one of my favorites, but now I read nonfiction, so

Tiffany Holmes: 00:19:37

it's so hard for me to remember the fiction books I used to read.

Anthony: 00:19:40

That's okay. Number four,

Anthony: 00:19:43

what is your favorite dish to make?

Tiffany Holmes: 00:19:47

Ooh, that's a good one. Um, so

Tiffany Holmes: 00:19:50

I am a cooker who cooks

Tiffany Holmes: 00:19:53

out of love, but not that often

Tiffany Holmes: 00:19:55

anymore. And so when I do cook, I

Tiffany Holmes: 00:19:58

cook large portions, like thanksgiving dinners for 20 something

Tiffany Holmes: 00:20:01

people or, um, a lot of food.

Tiffany Holmes: 00:20:04

So, um, sweet potatoes are, ah, one of

Tiffany Holmes: 00:20:07

my faves, and my family loves my sweet potato

Tiffany Holmes: 00:20:10

casserole with the marshmallows on top.

Anthony: 00:20:12

Okay. Might try that out one day.

Tiffany Holmes: 00:20:15

Yeah, come to thanksgiving.

Anthony: 00:20:21

Uh, the very last question of the show is, where

Anthony: 00:20:24

could people find out more about you?

Tiffany Holmes: 00:20:27

Of course. Check me out on Instagram. That's my favorite

Tiffany Holmes: 00:20:30

place to play at. The purpose of

Tiffany Holmes: 00:20:32

money. The t h e purpose of money.

Tiffany Holmes: 00:20:35

Make sure the is there. And

Tiffany Holmes: 00:20:37

thepurposeofmoney.com is my website.

Tiffany Holmes: 00:20:40

On both platforms, I have an ability to connect with me

Tiffany Holmes: 00:20:43

for free. So if you guys want to hang out and have a

Tiffany Holmes: 00:20:46

quick chat, I'm here for it. I'm also,

Tiffany Holmes: 00:20:49

um, always hanging out wherever

Tiffany Holmes: 00:20:52

I can on YouTube. So aquania escarnay

Tiffany Holmes: 00:20:55

is my name. On YouTube. You can check out some old

Tiffany Holmes: 00:20:57

podcast episodes as well as videos.

Tiffany Holmes: 00:21:01

Awesome.

Anthony: 00:21:01

Uh, awesome. And thank you so much, Aquania,

Anthony: 00:21:04

for coming on the show and actually providing so much

Anthony: 00:21:06

information. Definitely about life insurance. And if you guys

Anthony: 00:21:09

got anything out of this and you just want to learn more

Anthony: 00:21:12

about quania or if you just want her to have

Anthony: 00:21:14

her, I mean, I can ask her to come back on the

Anthony: 00:21:17

show. We can do a little deeper dive into any of the

Anthony: 00:21:20

life insurance policies or even just talk about her syndication

Anthony: 00:21:23

for real estate and so many other avenues.

Anthony: 00:21:27

Uh, just let me know in a comment. Uh, just even email

Anthony: 00:21:30

me at, uh, anthonyboutthatwallet.com. make

Anthony: 00:21:33

sure you all sign up for the Aboutthatwallet.com

Anthony: 00:21:35

newsletter@aboutthatwallet.com.

Anthony: 00:21:38

newsletter. And I look forward to talking to you

Anthony: 00:21:41

all and have a great time and enjoy the rest

Anthony: 00:21:44

of y'all day. We out.

Tiffany Holmes: 00:21:45

Thank you.

Anthony: 00:21:46

Peace in the port au foon.

Anthony: 00:21:49

A, uh, prince.

Tiffany Holmes: 00:21:51

Oh, my gosh, port au prince. You could just say Haiti.

Tiffany Holmes: 00:21:53

Okay, you start over. Do whatever you do.

Anthony: 00:21:57

All right. The person I'm having on coming today

Anthony: 00:22:00

is, uh, um,

Anthony: 00:22:04

you know, what? We're just gonna go straight

Anthony: 00:22:07

in. Okay?

Tiffany Holmes: 00:22:07

Anthony, what's my name? Do you remember?

Anthony: 00:22:10

Yes, I know,

Anthony: 00:22:13

Connie. I wanted to say, you know, save you for the last

Anthony: 00:22:16

part. All right?

Anthony: 00:22:19

I.