Episode 284
284: [Lisa J. Stocks & Anthony Weaver] Mastering Budgeting: Your Blueprint to Financial Freedom
Budgeting is the foundation of financial freedom and successful investing. In this video, Lisa J-Stocks teams up with Anthony Weaver from About That Wallet @ABOUTTHATWALLET to break down budgeting essentials, strategies, and tips for beginners and seasoned savers alike.
Watch on youtube - https://www.youtube.com/live/qyKeyxC568g?si=MqgJ6lE5Fc1B-eRG
What You’ll Learn:
✔️ What a budget is and why it matters in today’s financial world
✔️ Different budgeting methods, including the Zero-Based Budget and the 50/30/20 Rule
✔️ How to choose the right budgeting method for your lifestyle
✔️ The best tools and strategies for tracking your budget
✔️ Tips to avoid common budgeting pitfalls and stay consistent
Budgeting is more than just numbers—it’s about mindset and aligning your finances with your goals. Whether you’re saving for an emergency fund, investing, or tackling debt, this conversation is packed with actionable insights to help you succeed.
💬 Question of the Day: What budgeting method are you using, or which one are you excited to try? Share in the comments below!
💡 Follow Anthony:
For more budgeting and financial advice, connect with Anthony on About That Wallet!
🔔 Don’t forget to subscribe, like, and hit the notification bell for more videos on investing and financial freedom.
=||Chapters||=
00:00 Intro
01:50 What is a Budget
11:25 50/30/10/10 Rule defined
14:00 Invest 10%
15:45 Types of Budgets Planning
18:52 Deep Dive Into 50/30/10/10 Rule
26:25 Making Your Budget Work for You
30:04 Automation/Sinking Funds/HYSA
38:10 Budget Killers
42:36 Ask yourself these 3 Ques
43:45 401K Ques
47:30 Exp Ratios
48:17 Align Finances w/goals
54:00 Sandwich generation
56:40 Wrapping Up
01:00:10 Outro
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DISCLAIMER: The content in this audio is for educational purposes only. Conduct your own research and make the best choice for you. If you need advice, contact a qualified professional.
Transcript
>> Lisa J. Stocks: Hello, I am Lisa J. Stocks, and I
Speaker:am dual streaming this.
Speaker:>> Anthony Weaver: Evening with Anthony Weaver, the
Speaker:hosted about that Water podcast.
Speaker:>> Lisa J. Stocks: Okay. So on my channel, I'm usually
Speaker:sharing about investing and saving
Speaker:and staying out of debt, but there are other
Speaker:elements that I like to share
Speaker:that will help you on your journey to
Speaker:build wealth. And today, I'm partnering with
Speaker:Anthony to share on another
Speaker:topic that I definitely wanted
Speaker:some support ins presenting because it is
Speaker:not a strong point when it comes to what
Speaker:I'm doing, and that is
Speaker:the importance of, budgeting.
Speaker:So, Anthony, what are we gonna be going
Speaker:over tonight?
Speaker:>> Anthony Weaver: Wow. So one of the things that we'll be
Speaker:going over is pretty much, what is a
Speaker:budget? The importance of having a budget and
Speaker:the different types of budgets that are out there that can actually help
Speaker:you build a confidence in it. Because
Speaker:I noticed that a lot of people, especially in
Speaker:America, just don't have the confidence in
Speaker:themselves to pull themselves out of the
Speaker:debt that they have dug themselves into.
Speaker:And I don't want to say you dig yourself out of debt, because with
Speaker:the shovel, you can dig us out further into debt.
Speaker:I want you to start pulling yourself out of debt and how
Speaker:you can make that happen.
Speaker:>> Lisa J. Stocks: Okay.
Speaker:Okay. So
Speaker:what tools or systems do you
Speaker:recommend for tracking your
Speaker:expenses? Or what is the first step? Is
Speaker:it even tracking? What is the first step
Speaker:in, getting on board with
Speaker:having a full understanding of your budget and
Speaker:where every dollar is going?
Speaker:>> Anthony Weaver: Well, here's the truth. First, we have to understand what
Speaker:is a budget and understanding that it's
Speaker:not just a restrictions, but you have to think about it
Speaker:as a freedom of your finances.
Speaker:So budget isn't just punishment. It's about
Speaker:a financial blueprint and just spending,
Speaker:saving, and really just growing your wealth and
Speaker:confidence. And the way how we can get
Speaker:started is by really getting financially
Speaker:naked. And what I mean by that is
Speaker:by taking a moment to look at
Speaker:all of your expenses, just lay it out all on the
Speaker:table, log into all of your accounts,
Speaker:and document everything. And the
Speaker:reason why you want to document that is so that you
Speaker:can understand, hey, this is my baseline.
Speaker:There is no judgment. We
Speaker:listen and we don't judge. And
Speaker:this is what we have to do is be honest with ourselves, is
Speaker:like, this is something that we all
Speaker:need to do. I do this. I do this
Speaker:on a monthly basis. And because I've
Speaker:been doing it for so long, it only takes me about, you know,
Speaker:20 minutes to document everything and just get everything
Speaker:updated on my spreadsheet. But when it comes
Speaker:to if it's your first time doing this,
Speaker:it could actually take you about an hour or two.
Speaker:And that is something that you have to actually set time
Speaker:out to actually do because it's important.
Speaker:It's your money. You should know where it's going. You should
Speaker:know who has it and who keeps asking for
Speaker:it, especially with those subscriptions. So
Speaker:this is where I would say to start for
Speaker:everybody.
Speaker:>> Lisa J. Stocks: Okay, so you, you've laid that out.
Speaker:Now how, how do you personally go about doing your
Speaker:tracking? Do you just use pen and paper? Do you use a
Speaker:spreadsheet or, you know, I hope it's a free
Speaker:way of that you're doing this tracking, but if it's not, it's
Speaker:not. But share how you would go about
Speaker:it. And can you give other people that, you know, might
Speaker:something different might resonate with them as opposed to,
Speaker:to, you know, a regular notebook? Can you give us a few
Speaker:different ways? Apps, spreadsheets, what do you think?
Speaker:What is, what do you recommend on tracking those
Speaker:expenses?
Speaker:>> Anthony Weaver: well, to let you know, well, the way how I started, I started this
Speaker:whole. The way, how I started with my budget in
Speaker:the very beginning was actually using those free calendars. Have you ever gotten those
Speaker:calendars where the people just leave them m out like, hey, calendar
Speaker:2025, like 2025 is coming around and you always
Speaker:get those free ones at work or whatever.
Speaker:And so that's where I start. I like to visually
Speaker:see when I'm getting paid
Speaker:on a calendar, I can write that down. Okay,
Speaker:I know I'm getting paid this week. I know I'm getting paid that week.
Speaker:Okay, now you got it laid out on when you get
Speaker:paid. Now it's actually this is where
Speaker:you start documenting one of your bills due.
Speaker:So you want to go down and take a moment and write it down. I'm
Speaker:a visual person, so I like to have everything written out.
Speaker:If you don't have one of those free calendars, you can
Speaker:always go to Excel, just type
Speaker:in a calendar, ah, template or just
Speaker:print out any calendar template, really go to Canva
Speaker:get one, print it out. And the
Speaker:reason why you want to print that out, have it on pen and
Speaker:paper. So'visually you can put this on a
Speaker:refrigerator, put this by your bed. where are you going to
Speaker:see this all the time?
Speaker:>> Lisa J. Stocks: That's for people that don't need privacy, I guess.
Speaker:Well, I mean, yeah, I'm just joking.
Speaker:But you go,
Speaker:>> Anthony Weaver: And if you want to take it digital, there's a couple ways.
Speaker:So if you have Excel, if you already paid for
Speaker:Microsoft 365, yes, you can use Excel,
Speaker:but you can also use Google Sheets. That's also another
Speaker:option as well, so that you can actually
Speaker:document when things coming in, when things are
Speaker:going out. And this is just a start.
Speaker:Now what do you want to put on that Excel sheet?
Speaker:You want me to go there?
Speaker:>> Lisa J. Stocks: Yes. And can talk about how
Speaker:okayus you might have bills that you pay on
Speaker:different credit cards. And I just want to know how do
Speaker:we find all the bills? How do we know where the money leaks are?
Speaker:How do we know when we're, you know, buying gas and
Speaker:buying snacks and we're just doing a little bit
Speaker:too much and then saying, I don't have money
Speaker:or, you know, you're a little short and
Speaker:just, yeah, just share.
Speaker:>> Anthony Weaver: What'S up.
Speaker:>> Lisa J. Stocks: You have an Apple, you have a, Mac.
Speaker:>> Anthony Weaver: Yes, I do.
Speaker:>> Lisa J. Stocks: Yeah. I must have made some motion because
Speaker:the thumbs up popped up on you.
Speaker:>> Anthony Weaver: well, one of the things about, where to start
Speaker:and the thing about it, so you don't have anxiety around
Speaker:money and a lot of people have anxiety around it because they have,
Speaker:they don't know where everything is, that the best way to start is to
Speaker:actually write it down. Just be dirty with it.
Speaker:Hey, you got that credit card? Write it down. You want to
Speaker:write down what you want to write down from this credit card statement. You want
Speaker:to write down, the last four digits of it so at least you
Speaker:know what credit card it is. the bank name.
Speaker:I'GOING to write down the interest rate of that particular credit
Speaker:card. You'going to write down the due
Speaker:date, the notification date of
Speaker:when it actually gets reported to the
Speaker:credit bureaus. And then also you want to notify,
Speaker:you want to know when the statement dates are. So those are three dates. So you
Speaker:need to make sure you write down on your spreadsheet. On top of
Speaker:that, you want to know what day that
Speaker:they are asking for this, because you need to know
Speaker:mean. I'm sorry, not today. You need to know what the minimum amount
Speaker:is, for that particular credit card. So at least you know
Speaker:what the minimum amount is. Because when you go to,
Speaker:pull up your credit report, they're going to show you what the
Speaker:minimums are and they already calculate the total amount that you're
Speaker:going to pay per month, on your credit report.
Speaker:Experian, if you don't have that account, just go ahead on and go to
Speaker:experperian.com comm, set up your free account. It's nice
Speaker:and easy. You don't have to pay for it. The beautiful
Speaker:thing about having it that way is you can see everything right in front of
Speaker:you. Next thing you want to do it with the next credit card and the
Speaker:next credit card, then you want to have another tab.
Speaker:If you want to do your bills, so you're looking
Speaker:into your gas, electric, water,
Speaker:your house, your mortgage, your car
Speaker:bills, you want to make sure those are all in there.
Speaker:Third thing you want to do is to make sure
Speaker:that you write down all of your annual
Speaker:expenses. Your subscriptions, do you have
Speaker:Amazon? when does that come out? Do you have any
Speaker:credit cards with annual fees? You want to also make sure that the
Speaker:annual fee is listed on your
Speaker:spreadsheet and when it is actually due
Speaker:Chase most of their cards are like $95
Speaker:annually. So you have those options.
Speaker:Having this ability to actually see everything
Speaker:in skeleton form will
Speaker:provides you a better resource and a better way to
Speaker:kind of take things to that next level of
Speaker:understanding your budget and where to start. I
Speaker:know it's a lot, but it's hard to
Speaker:do this without making sure that you know where
Speaker:everything is at before you even start your budget.
Speaker:>> Lisa J. Stocks: I think the hardest part is the most like painful
Speaker:part is putting when you do have credit card
Speaker:debt, putting the balance in the interest rate. And
Speaker:yeah, that's the hard part looking at all that
Speaker:in one place. But
Speaker:okay, so
Speaker:how, how do you go about making sure you capture
Speaker:all of the charges if they're hitting your credit card or
Speaker:hitting your checking account or do you have anything that you want
Speaker:to share on that or am I going to deep?
Speaker:>> Anthony Weaver: Oh no, you're fine. So the way how I do it
Speaker:is to make sure first that you log
Speaker:into all of your credit card companies accounts. And
Speaker:you reason why you want to do this is because you can start
Speaker:setting up your notifications. The notification
Speaker:threshshells depending on your bank and also
Speaker:the card, you can get it as low as $1.
Speaker:So that means that anything over a dollar you'll
Speaker:get a notification. Some banks only allow you to go down
Speaker:as 5 and some is only 10. I know
Speaker:American Express will only do as low as dollars.
Speaker:So if you spend something like going snacks or whatever,
Speaker:it only rings up like
Speaker:$9.59. It will not show up in
Speaker:your notification so you won't get a text message or anything like that.
Speaker:So these are the reasons why you want to set up those notifications
Speaker:so you're aware what's going on.
Speaker:>> Lisa J. Stocks: Okay, I see the importance of tracking, but no
Speaker:that would be like way too much.
Speaker:But,
Speaker:Okay, so let's talk. Well, I don't
Speaker:know what you're going to be covering in your slides, so't I
Speaker:don't really know what, where I should go with my
Speaker:questions. Do you want to start sharing or what do you think?
Speaker:>> Anthony Weaver: we can go down and start sharing because one of the things is
Speaker:that, I just want before we.
Speaker:>> Lisa J. Stocks: Do that, what type of budget are you going to be sharing
Speaker:with us? Is it a zero based budget? You
Speaker:know, what do you think is kind of a
Speaker:budget that is kind of in line that
Speaker:anybody can use?
Speaker:>> Anthony Weaver: Yes.
Speaker:>> Lisa J. Stocks: So the budget or is it not a one size
Speaker:kind of fitd all that most could fit into
Speaker:this type of budget? do we really need a
Speaker:variety to, to kind pick from?
Speaker:>> Anthony Weaver: Well, let's take it this way. So did you know
Speaker:that only like 60% Americans only live
Speaker:paycheck to paycheck. So by doing so, having
Speaker:a budget, any kind of budget,
Speaker:that suits your needs, that's at least you
Speaker:have something. But what I'm going to talk about today, and one of the things that
Speaker:I love the Most is the 50, 30, 10,
Speaker:10 rule when it comes to your budget, which
Speaker:is 50% of your needs,
Speaker:30% is your wants,
Speaker:10% your savings, and another 10%
Speaker:is for your investments because you want to invest in your future. And
Speaker:this is the one that I've seen has worked
Speaker:the best. And also for all of my clients that I work
Speaker:with, this is the budget that I put them on. And they
Speaker:have been thriving in this arena and they've been
Speaker:doing amazing work. So s so much so that they only come to
Speaker:me for one session and then it was like, hey, I don't need you
Speaker:anymore.
Speaker:>> Lisa J. Stocks: Like, okay, okay. You're that
Speaker:good, Anthony. I get you.
Speaker:>> Anthony Weaver: I try.
Speaker:>> Lisa J. Stocks: All right. All right. So since we are live, let's take
Speaker:a station break. I have that built into my nightbot
Speaker:so that you know, because when I first started
Speaker:doing lives, I was told that I was
Speaker:not, you know, taking my breaks and talking to the chat.
Speaker:And I was kind of like, well, I've gotten over it. I
Speaker:think I've gotten a little better.
Speaker:>> Anthony Weaver: Butout out to the shout out to the folks in the chat.
Speaker:That's what you're go going to do.
Speaker:>> Lisa J. Stocks: Just acknowledge. Just take a quick station break.
Speaker:Like, subscribe. Hit the notification bell if you're
Speaker:not subscribed. I'm, dou streaming tonight
Speaker:with about that Wallet. About
Speaker:that Wallet. Who is Anthony Weaver?
Speaker:It's that. That is his,
Speaker:YouTube, channel. If you're watching from
Speaker:Anthony'side, I am Lisa J. Stocks.
Speaker:Subscribe to my channel. And thank
Speaker:you everyone who is tuning in tonight. We are having
Speaker:a discussion about budgeting, another
Speaker:element that is important to your
Speaker:financial freedom.
Speaker:so, okay, let's get back to the show. Unless you have something else to
Speaker:share in the station break.
Speaker:>> Anthony Weaver: yeah, I just want to give a shout out to everybody that's joining
Speaker:right now. So we got cutting edge. Ms.
Speaker:Frdile. Missal. I'm sorry,
Speaker:Karen.
Speaker:>> Lisa J. Stocks: That's my channel number.
Speaker:>> Anthony Weaver: Yes. M. Well, because I
Speaker:was glancing. I'm sorry. I'm so sorry. Please don't beat me
Speaker:up. Tamika,
Speaker:points blank travel.
Speaker:DJ Ron, what's going on, everybody?
Speaker:Hopefully you guys are having a good time out there. Please throw your
Speaker:questions out there if you'have any. so we can make sure we address
Speaker:them today instead of you waiting, later
Speaker:on. He has a question like, man, I really wish I answer that question.
Speaker:>> Lisa J. Stocks: So,
Speaker:okay, so we'll just take this one question and then
Speaker:we'll get back to our slides. He's saying,
Speaker:Anthony, did I hear you say invest 10% of. Of your
Speaker:check?
Speaker:>> Anthony Weaver: Hey, yes. because it can
Speaker:be invest in either
Speaker:yourself. It could be
Speaker:invest in your,
Speaker:get 401k. So these are things that you want to
Speaker:look into. Is. Is
Speaker:your budget. Does your budget actually allow for
Speaker:that? Even if you're not able to get to 10%, you can start
Speaker:off at 1%. But the fact of the matter is that you
Speaker:want to get to that level.
Speaker:>> Lisa J. Stocks: So the fact of the matter is we need to
Speaker:invest for our future, for our future older
Speaker:selves. And, you know,
Speaker:especially if we're behind, we need to be doing a substantial
Speaker:amount. Yes. Pay yourself first.
Speaker:So, Anthony, I know you. You,
Speaker:have some slides and some things that you prepare to
Speaker:share. So I'm going to stop asking questions because I think it's just going to
Speaker:confuse things because I feel like I'm going to ask the
Speaker:questions that you already are ready to
Speaker:cover and probably have, you know, whatever you want
Speaker:to share. So I'm going to let you, get
Speaker:going with what you want to present, and then
Speaker:I'll try to see, keep track of my questions
Speaker:and see if there's anything left for me to ask.
Speaker:And if there is anything as you're going along,
Speaker:I'll. I'll jump in. But are
Speaker:you okay to share? Do you need me to give you.
Speaker:>> Anthony Weaver: you have to present it, I think, because it's
Speaker:the same PowerPoint that I provided you.
Speaker:>> Lisa J. Stocks: Oh, I need to put it up. But you'll be able to move it or not?
Speaker:>> Anthony Weaver: I'll be able to move it once you put it up.
Speaker:>> Lisa J. Stocks: Okay. So I'm going to add it. All
Speaker:right. Okay.
Speaker:>> Anthony Weaver: So you all can see. I can move it. Oay.
Speaker:>> Lisa J. Stocks: Okay, good.
Speaker:>> Anthony Weaver: All right.
Speaker:with this one right here, I just want to throw out a
Speaker:little fun. Fact is that
Speaker:obviously we talked about budgeting. It's not a one size fits
Speaker:all. So one way of doing it is that you
Speaker:can do zero based budgeting. You have that envelope
Speaker:system. I'm sure some of you guys remember that if you're old enough
Speaker:to know that it's like an old school cash budgeting
Speaker:option, for better discipline. So you kind
Speaker:of do still have those different buckets of
Speaker:percentages. You just dump your dollars into
Speaker:that, and then kind of keep it going. And
Speaker:then obviously you have the other budget, which is
Speaker:pay yourself first, which isioritizing paying yourself
Speaker:that 10%. If you guys have read the book the Richards man
Speaker:in Babylon, I highly recommend that, to
Speaker:pay yourself first before you pay anybody else, because
Speaker:that's the way to go.
Speaker:All right? so if there's anything in here that you
Speaker:guys want to ask, please do so just go down and
Speaker:throw that up there and I'm sure at Lisa will put the question
Speaker:up so I can see it as well.
Speaker:we got to understand what is the budget. We
Speaker:talked about it a little earlier. but this right here is a
Speaker:little bit of detail. So if you want to go and take a
Speaker:screenshot of this so you have it,
Speaker:to understand what the heck is a budget. So when people keep
Speaker:talking to you about what is a budget, it could be the
Speaker:red be word that's in your house.
Speaker:This is the foundation. You can call it a
Speaker:spending plan, I call it a financial strategy session.
Speaker:So you can actually sit down and actually tell where your
Speaker:money is going, what's the importance of it?
Speaker:Because let's think about it. We live our lives
Speaker:by the seat of our pants. Every second of the day we, ah,
Speaker:are to thinking about what can we eat,
Speaker:what's planning out for dinner,
Speaker:what's going on for lunch, you know, am I going to have breakfast
Speaker:tomorrow? you know, do I
Speaker:really want new shoes? My shoes. Be like, we
Speaker:always thinking of things that we need in our lives, but
Speaker:then it's like, well, do I really need that now?
Speaker:Or is this something that I want to invest into myself in the
Speaker:future. So, like, if you look at
Speaker:Lisa's pink, you
Speaker:know, cover for her microphone,
Speaker:I love the ve of white
Speaker:if you looking for that. And I was asking her
Speaker:recently, I was like, hey, where did you get that? Because, for some reason
Speaker:I cannot take mine off. And I'm thinking about to myself,
Speaker:like, do I have that in my budget right
Speaker:now to actually invest into a different color
Speaker:mic?
Speaker:Yes. But do I really want to spend that on that right
Speaker:now? Or, would I rather spend it
Speaker:on giving away a free
Speaker:book, doing a live show, or
Speaker:would I rather, you know, invest
Speaker:into a different service? So this is
Speaker:where you actually have the opportunity to kind of think
Speaker:about long term. This is where you want to start thinking
Speaker:about what do you want to do with your life later
Speaker:on. Is this something that you looking
Speaker:into? And so we're just going to take
Speaker:a deep dive and just jump right into it.
Speaker:So the 50, 30,
Speaker:1010 rule. And this is a very simple
Speaker:budget framework. Remember, this is just a
Speaker:suggestion. And if you ever
Speaker:looking this for educational purposes only,
Speaker:please consult a professional.
Speaker:if you're actually planning on doing more deep
Speaker:dive into like investments and so forth. But this is,
Speaker:remember, this is just the foundations,
Speaker:presentation because I want to make sure that you all at
Speaker:least have some type of foundation if you don't have a budget
Speaker:already. Matter of fact, how many of you actually have a budget?
Speaker:just put that in the comments, let me know how many of you all have a budget right
Speaker:now.
Speaker:>> Lisa J. Stocks: Ms. Frugel definitely has a budget.
Speaker:>> Anthony Weaver: Do you have a budget, Lisa?
Speaker:>> Lisa J. Stocks: I have somewhat of a budget. It's not perfect,
Speaker:but m. I'm admitting it.
Speaker:>> Anthony Weaver: Hey, there you go. Because,
Speaker:and for me, I've gotten down. I'm
Speaker:so laxed. I
Speaker:actually kind of don't. And
Speaker:I kind of do, but because I know where all my
Speaker:money is at. It's just kind of like, all right, cool. I know I can
Speaker:get this in how things going to work
Speaker:around. Let's see,
Speaker:Leastis. I agree with you. When you're young,
Speaker:without children, going hard, investing first
Speaker:get, to 100,000 in the
Speaker:bank. No. Oh, and then back off.
Speaker:Okay. Delay gratification. They
Speaker:off definitely.
Speaker:>> Lisa J. Stocks: Eddie has his budget.
Speaker:YesJ. DJ Ron has.
Speaker:Yes.
Speaker:>> Anthony Weaver: Okay. Okay.
Speaker:>> Lisa J. Stocks: Ms. Brugel, of course, because she, she shares her
Speaker:budget on her YouTube channel and I watch her do her
Speaker:budget. Nice, Nice budget.
Speaker:Okay. David's budgeting.
Speaker:>> Anthony Weaver: Hey, we got to get that down on paper.
Speaker:All right, so it's okay that you have it in your head, but,
Speaker:you know, sometimes writing it out does help out.
Speaker:So the reason why I want to bring that up is because
Speaker:personal finance is personal. And
Speaker:no matter what budget you like, you'll find a budget
Speaker:that will suit you based on your lifestyle. And
Speaker:this one right here is just a concept that you can utilize and
Speaker:you'll hear different variations of this particular
Speaker:one. you know, so right now you're
Speaker:actually thinking to yourself which is best digital versus printed
Speaker:paper. So here's the truth
Speaker:about budgeting tools. There's no wrong choice.
Speaker:Okay, so apps like every dollar that's out there, we're not
Speaker:sponsored by it, are a great
Speaker:automation and to dealing with
Speaker:the pen and paper offer more of a personal
Speaker:connection to your finances. Because if you actually take the time out to
Speaker:really write down everything, you kind of feel that be
Speaker:like, man, I got to write all these zeros
Speaker:and extra numbers of how much I actually
Speaker:owe. When you think about that, it's quite a
Speaker:bit and understanding
Speaker:of where your money is at, you actually feel that connection.
Speaker:So, you know, this will
Speaker:actually kind of blow your mind. Just asking the right questions
Speaker:that makes all the difference. And I was thinking about this
Speaker:driving yesterday. is that
Speaker:a question, when asked
Speaker:during a fragile
Speaker:time in your life, could
Speaker:actually take your life to a whole, not other direction
Speaker:than you even thought it was. So I, want you
Speaker:to kind of ask yourself, what is the biggest
Speaker:financial goal right now?
Speaker:Secondly, am I
Speaker:comfortable using tech or do our
Speaker:preferred simplicity? And
Speaker:third, how often can
Speaker:I realistically review my budget?
Speaker:And the reason why you want to ask these questions is
Speaker:because this is something that this is going to have to
Speaker:change a lifestyle for you. This is no longer
Speaker:just kind of like, hey, I do it in passing. If
Speaker:you really want to make this happen, you have
Speaker:to put into work. You have to
Speaker:really take time out and be
Speaker:vulnerable to yourself. You have to make sure
Speaker:that this is something that you want.
Speaker:>> Lisa J. Stocks: Oh, Anthony, you're getting that we're talking budgeting. You're
Speaker:getting, you're getting. Making this so deep and emotional.
Speaker:I mean, let me, let me lighten it for a
Speaker:second. I'm getting emotional with the way you're talking.
Speaker:Like, o. okay, but let me, let me share because I said I'm
Speaker:not so great at it, but let me, let me tell. Let me share what
Speaker:I am actually doing when it comes to my budgeting. So
Speaker:I don't do my Google Docs spreadsheet
Speaker:every month. I probably do it
Speaker:quarterly in real detail. And that's
Speaker:where I track my full net worth also. So I'll
Speaker:check the values of the properties and
Speaker:put all of the detail in there. But that's
Speaker:not. I don't do it every single month. and then
Speaker:I use the happy Planner and that has a
Speaker:layout that gives the full month in
Speaker:one view, like you're saying. And then
Speaker:in between there's individual pages
Speaker:that I can track in more detail down to the
Speaker:day. But I always like to have a planner that
Speaker:gives me, a layout where I can see the whole
Speaker:month in one shot, like you're saying, so you can see the
Speaker:payday and, when
Speaker:things are due, all in one shot at least. And
Speaker:then I make
Speaker:sure to be able to,
Speaker:list out everything so that I can see
Speaker:throughout the year. Certain things are going to fluctuate, like the
Speaker:electricity and stuff, but just to have a handle on it
Speaker:and to see when things are really,
Speaker:really shifting. And I have to figure out what happened
Speaker:here, you know, or I have to talk to the household and say
Speaker:we need to calm down on the. Using that heater or
Speaker:using, you know, right now I have some areas of the house that
Speaker:have like, electric heater. So just stuff like that.
Speaker:Which I know it's going to happen because it'
Speaker:it's the dead of winter, but
Speaker:we also have to be mindful because
Speaker:the budget is the budget, so.
Speaker:>> Anthony Weaver: Okay, so you want take a station
Speaker:break before we move on?
Speaker:>> Lisa J. Stocks: I don't. I think we've. Nate, thanks for
Speaker:tuning in. I think we're good. I think we're good. Do you have anything
Speaker:else?
Speaker:>> Anthony Weaver: Oh, I got plenty. I mean.
Speaker:>> Lisa J. Stocks: No, I'm saying, did you. Anything else that you wanted to,
Speaker:to mention? I don't think you have any other
Speaker:questions or anything that we missed?
Speaker:>> Anthony Weaver: No, I was just saying, like, if you're already enjoying this,
Speaker:obviously if. you know, I do have a
Speaker:monthly newsletter that I put out from time to time, like
Speaker:from, obviously from time to time, once a
Speaker:month that talks about other
Speaker:budgeting things that are happening in the news. And also
Speaker:some AI prompts if you starting a business or even just
Speaker:want to talk to your kids about finances,
Speaker:different AI prompts that you can actually utilize with that. So that's
Speaker:all in my monthly budget. Me. My
Speaker:monthly newsletter. I'm looking at the word
Speaker:budget.
Speaker:>> Lisa J. Stocks: Yeah. Guys, this is a special. This is a
Speaker:special event tonight with me dual streaming with
Speaker:Anthony. But every Thursday night, 8:00pm Eastern
Speaker:Standard Time, Anthony streams on his
Speaker:channel.
Speaker:>> Anthony Weaver: Okay, awesome. Thank you. So
Speaker:this is where we get down to actually putting everything into
Speaker:a budget. We kind of talked about this already on a prior slide,
Speaker:so don't have to go into detail. If you guys want to take a
Speaker:screenshot of this one, you can go for it.
Speaker:so I'll give you a second there.
Speaker:Okay. So this is where we start getting
Speaker:into making the budget work for you.
Speaker:And the reason why I'm doing this more, like, in
Speaker:a presentation style is because I actually, I used to
Speaker:be a teacher. I think I. Once you're a teacher, you're always a
Speaker:teacher. So it's just kind of like, this is
Speaker:comfortable for me. And obviously, I don't use
Speaker:too many words, but enough to actually convey. So if you
Speaker:want to take a screenshot out of these particular slides, you
Speaker:at least have something to,
Speaker:help you out with this. So one of the things we
Speaker:talked about tracking your expenses, but also
Speaker:we talked about reviewing regularly. So, Lisa, you'saying
Speaker:like, you review, you know, you try to do
Speaker:monthly, but when you get around to it, you think about it,
Speaker:you get to it. which is good
Speaker:and which is keeping it
Speaker:flexible in the sense where it's not. It doesn't sound
Speaker:like a job, and you feel like, oh, man, I got
Speaker:to do this budget thing again. Or,
Speaker:man, why do I got to keep sitting
Speaker:here by myself drinking wine, doing this budget
Speaker:thing? You can have it down if, depending on the app
Speaker:that you use, you can actually sit down and just do it.
Speaker:Couple seconds on your phone. I like to
Speaker:just have everything spread out. I try not to do it.
Speaker:Oh. The most important thing of just doing it is
Speaker:also the location of where you're actually doing your
Speaker:budget. So if you're always at the dinner
Speaker:table trying to do your budget, and
Speaker:then you got to eat there as well. Try
Speaker:not to mix those. I, challenge you to go
Speaker:to a different area of the house or of the
Speaker:apartment just to kind of sit down. And even
Speaker:if you need to go to a library, you can just go
Speaker:to the library and just do your budget. It's free. You can get one of
Speaker:those free study rooms and just
Speaker:do everything right then and there because you don't want
Speaker:to mix money, and I don't like to mix money and
Speaker:food. I'm not sure if it's just me, but I don't
Speaker:like to have that same energy of, like, I'm
Speaker:stressed, and then I gott go get something to eat. And then, like,
Speaker:when you're making your food, you feel stressed. Because it's in that
Speaker:same space, you know?
Speaker:>> Lisa J. Stocks: Yeah, I understand what you mean. When we first went
Speaker:into, you know, having to work from home and couldn't go
Speaker:outside at all, I didn't have. I really didn't have
Speaker:a home set up. I would work from home sometimes,
Speaker:but it would be like a day, a half a day here and there.
Speaker:And then I went to 100% home all of
Speaker:the time. and the job that I was in when
Speaker:we. When that happened, I was going to the office
Speaker:100% of the time. So
Speaker:I was, you know, when I had to start working from home, I was working from the
Speaker:kitchen table, and I worked from the kitchen table for a long
Speaker:time. And then I said, okay, this is real. This is not
Speaker:changing. So then I got a desk, and
Speaker:when I sit at my. I have a desk downstairs. so when
Speaker:I sit at that desk, I hear what you're saying. I
Speaker:have. I'm in a different mode when I sit at
Speaker:that desk. And when I come up here to the studio, I'm in
Speaker:a different mode. You know, Like, I. It gets me in the,
Speaker:in that. Right. Headspace to. To do what I have to
Speaker:do and stay focused on it, you know.
Speaker:>> Anthony Weaver: And it's almost like you're giving yourself like a financial gym
Speaker:where it's like, you know, you get your gym clothes on, like, you
Speaker:can actually have some fun with it. Like, hey, this is my budgeting shirt. You
Speaker:just put on a different shirt. You know, I just want to. Want to
Speaker:budget out and just knock it out. But you're in that
Speaker:space that you have where you like, hey,
Speaker:I'm locked in, ready to go.
Speaker:yeah. So that's one things I like about it. So change your
Speaker:environment, change your lifestyle,
Speaker:and let's make it happen.
Speaker:>> Lisa J. Stocks: Okay. I saw on that slide that we had there
Speaker:about automating savings and
Speaker:yes, let's get into. To what we're really
Speaker:the. Let's
Speaker:do the topic, Anthony, because I think that
Speaker:that's a really good point, and I think that's something that can help a lot
Speaker:of people is making sure to automate those bills. That's going to
Speaker:help you towards your credit score and just all the things, you know,
Speaker:because sometimes life gets in the way and you could forget to pay your
Speaker:bills, but automating, your
Speaker:savings, your investing automation.
Speaker:>> Anthony Weaver: Yeah. So one of the things that I
Speaker:like to do is actually have multiple bank
Speaker:accounts. So some people just
Speaker:have the money in for like, hey, you got your checking account.
Speaker:Okay. And then you got Your savings. That's
Speaker:most of the two that people have. Well, so
Speaker:I actually have one that's called for the car because
Speaker:anything can happen with my car. I'll put somebody into that
Speaker:one. I have one for the house. So if
Speaker:there's anything else that I need to get for the house. Cool,
Speaker:I got money for that. Then I have money
Speaker:for, my splurge fund.
Speaker:So I can actually go splurge out and geek out
Speaker:on tech stuff. And then
Speaker:I have one for vacations because
Speaker:going to these different, venues thr
Speaker:us on the business side, I have the business set up for that as
Speaker:well. But as far as when I'm going on
Speaker:vacation, I have my vacation fund
Speaker:and automating all of that. This is the beautiful
Speaker:thing about having it automated'like a set of forget it type
Speaker:thing. So I'm not sure if you know, Lisa,
Speaker:but when you go to,
Speaker:your bank and you go to hr, not even go to your bank. You just go to
Speaker:HR at work and you can tell them saying
Speaker:like, hey, I want you to allocate
Speaker:10% of my paycheck to this particular account.
Speaker:I want you to do 2% to this account
Speaker:or this dollar amount to these different accounts
Speaker:and have all of that automated as soon as you get
Speaker:paid.
Speaker:>> Lisa J. Stocks: Yeah, you don't have to manually do that. I did
Speaker:know that. But I've never gone about doing it that way. I
Speaker:just have my check. I've always had my
Speaker:employer with just one place to send my
Speaker:entire check. And then from there, you know,
Speaker:I allocated over to my accounts that.
Speaker:Discover the way you're describing. I have
Speaker:multiple accounts too. Like that.
Speaker:>> Anthony Weaver: Yeah, like you have like a set of forget accounts.
Speaker:Like you haveah. Like a whole nother bank where you're throw everything over
Speaker:to.
Speaker:>> Lisa J. Stocks: Yeah, I used a local bank for. That's
Speaker:where the, the direct deposit goes. But then
Speaker:once I pay the bills out of the checking
Speaker:account, the remainder has to go
Speaker:into those different buckets.
Speaker:>> Anthony Weaver: Yeah. And that's the beauty of automation.
Speaker:>> Lisa J. Stocks: Including over to my investment apps,
Speaker:you.
Speaker:>> Anthony Weaver: Got to make those right.
Speaker:>> Lisa J. Stocks: There's a good apy over there too. So I have
Speaker:no problem with having money sitting over
Speaker:there.
Speaker:>> Anthony Weaver: I love that. And because, when it comes to it
Speaker:also, for some of you who haven't heard of
Speaker:this, which is a high yield savings account, which is
Speaker:hya. So you might hear other. so
Speaker:when you. I want to make sure I educate you as well, not
Speaker:you, Lisa, but I mean like you as a total you who are
Speaker:Listening is the
Speaker:Hya. the High Yield Savings accounts,
Speaker:which are providing interest rates are a
Speaker:lot higher than your typical big
Speaker:banks. So like Bank Ve America might got,
Speaker:0.01%
Speaker:for your checking or even your savings
Speaker:if you switch it over to a high Yield savings account,
Speaker:which are a little smaller banks. Some of them are
Speaker:online. You're actually looking around like
Speaker:3% right now. And I know during COVID
Speaker:and when things were like, heavy, it was around like
Speaker:5%, which I thought was amazing. So,
Speaker:you know, having those, different opportunities that are
Speaker:available to you to actually automate
Speaker:that process so that you're never
Speaker:missing a beat, you're never
Speaker:missing, a build, you're never
Speaker:missing anything. And I think this is great to
Speaker:have. So.
Speaker:Hey, what's going on? Thriveiving Glob
Speaker:with Joe. Thank you. Come through.
Speaker:>> Lisa J. Stocks: so I'm still getting
Speaker:3.75%, at
Speaker:Discover on my regular savings, and I think I'm getting about
Speaker:3.9 on Webull
Speaker:and about the same on MUU, just to
Speaker:mention. So it has come down from the around
Speaker:5% that you mentioned, but I'm still
Speaker:not down to 3 yet. Close to
Speaker:4. So close to 4.
Speaker:>> Anthony Weaver: Yeah. Because I utilize Marcus, which is backed
Speaker:by Goldman Sachs. So that's been helping out really
Speaker:well. I think they, last I checked, I
Speaker:think was a couple days ago, it was like, a 3
Speaker:75. So
Speaker:it's a lot out there, you guys. So please do not
Speaker:leave money on the table by not taking advantage of
Speaker:this. And then also with the automated. I'm thinking about this even with their
Speaker:retirement accounts, like automate that stuff. I
Speaker:mean, yeah, it's a savings account, but it's
Speaker:for your retirement when you get older, so
Speaker:you'it's still saving something
Speaker:versus nothing. And if you're just starting
Speaker:out, it's okay, start with 1%,
Speaker:start with $1, put something in
Speaker:there and then grow from that
Speaker:because at least you're investing in something and have that
Speaker:delayed gratification for
Speaker:later use. And even with the $1, it's a
Speaker:start. So you can even start doing your seed money if
Speaker:you want to get making hundreds of
Speaker:thousands of dollars. Like Lisa is over here with the, with
Speaker:her socockks and stuff.
Speaker:>> Lisa J. Stocks: I'm saying, with myix.
Speaker:>> Anthony Weaver: Yeah. Ah, yeah, yeah.
Speaker:>> Lisa J. Stocks: I hope everybody's watched that video.
Speaker:>> Anthony Weaver: Because we want to make sure that we can have that kind of money. And,
Speaker:and if you're new to investing and you just don't know where to start,
Speaker:it's okay, start with your seed money. Automate that
Speaker:process where you actually putting that dollar into that savings
Speaker:account. Let's call it seeve money, or you call it my investment
Speaker:fund or my,
Speaker:my future life fund. Like, you can go in and
Speaker:rename all your accounts. Do that. Automate that
Speaker:process. So when it hit a certain threshold, you're like, all right, cool. Lisa
Speaker:about talk stocks.
Speaker:All right, I got my seed money. What are we
Speaker:getting into the dailies? And then, you know, you
Speaker:can invest on that. And that's the beauty
Speaker:spe Speaking of.
Speaker:>> Lisa J. Stocks: That, I did open a new account. It's called. It's
Speaker:called the Lisa J. Stocks account.
Speaker:>> Anthony Weaver: There you go. There you
Speaker:love it.
Speaker:so these are the common
Speaker:challenges when it comes to investing. I just want
Speaker:to highlight this. When it comes to budgeting,
Speaker:one of the things is identifying your budget killers.
Speaker:One of the things that I'LIKE to look into are your habits.
Speaker:Because remember, this is a lifestyle. This
Speaker:is an acronym that's done for,
Speaker:you know, people that are coming out of rehab. So I'm,
Speaker:stealing that thing. But it works in all areas,
Speaker:which is halt ha A l T.
Speaker:Majority of the times that people actually
Speaker:fall out of their habits is because either
Speaker:they are hungry, they're angry,
Speaker:they're lonely, or tired.
Speaker:I'm going to say that again. Either you're
Speaker:hungry, you're angry,
Speaker:you're lonely, or you're tired.
Speaker:When you're feelling anyone, four of those things
Speaker:make sure you either go get something to eat,
Speaker:you find somebody to lift your spirits up, you
Speaker:kind of get moving, not get tired before you
Speaker:make any judgments, because this could
Speaker:actually impact your finances
Speaker:and impact your lifestyle or relapse
Speaker:into whatever bad habits that you had.
Speaker:So you want to continue on to build up that momentum. I'm
Speaker:starting from top down.
Speaker:So let's talk about these subscription services.
Speaker:These are like the, how can
Speaker:you say, the
Speaker:parasites of your budget. Think about a subscription as a
Speaker:parasite. Like they won't kill you,
Speaker:but they just there nothing, you know,
Speaker:sucking along, taking whatever resources
Speaker:that you have. And they won't
Speaker:kill your budget completely because if you ever notice, they try to
Speaker:stay under that $20 budget, they say in around
Speaker:20, 25, 25. I think it's the max
Speaker:for what people can handle right now in that budget
Speaker:per service. One of the things I could tell you right
Speaker:now, I was paying $20 for Hulu and I was
Speaker:like, why am I paying so much for
Speaker:Hulu? And then I looked at it and I was like,
Speaker:oh, they recently partnered with Disney. Disney
Speaker:already owns Hulu. Anyway, so
Speaker:for extra 80 cents,
Speaker:I'm getting Hulu and Disney plus at the same time.
Speaker:So you might want to take a look into some of those old subscriptions
Speaker:and see what, what is available to
Speaker:you now. Not just your Netflix and
Speaker:gym memberships, your streaming services, but
Speaker:you also want to look into your car
Speaker:insurance. That is a subscription. You
Speaker:don't have to be locked into that bank. You can switch
Speaker:over. I do a six month,
Speaker:payment for my subscriptions mean not subscriptions
Speaker:for my car insurance. Yeah.
Speaker:Because for me I get like a little extra discount for doing that. So
Speaker:you might want to talk to your,
Speaker:insurance companies. One of the things that you can also
Speaker:do to help out with yoururance, this is an added tip
Speaker:here, is that during the fall,
Speaker:during the winter, that's a lot of accidents happening.
Speaker:So you can actually go in,
Speaker:modify your insurance to
Speaker:have that. make sure you get the max insurance or whatever if
Speaker:you can play around with it without really comfortable with, but you want to have a
Speaker:little bit more insurance during that time fr, because there's a lot of accidents
Speaker:happening. Then in the spring, in the
Speaker:summer, you can adjust that, change it
Speaker:back, bring it down a little bit so that,
Speaker:hey, not too many accidents happen, but at least you have
Speaker:enough where you're comfortable with. Now again, you want
Speaker:to double check on what's comfortable for you. For me, I
Speaker:have all the deductibles, at like $1,000, because I was
Speaker:like, cool, I can do $1,000. Just knock that
Speaker:out. Some of you might not, so you might have to bring
Speaker:that down to like maybe even $50. That's all you want to
Speaker:pay. You can play around with that. That's the
Speaker:beauty of, you know, shopping around and making sure
Speaker:that you're looking at your subscriptions and also eliminating
Speaker:unlimited unnecessary expenses. That's my goal this
Speaker:year. That's my personal goal, is to
Speaker:actually get rid of a lot of these
Speaker:unnecessary expenses. so like I
Speaker:got rid of prime, so I'm waiting the
Speaker:extra couple days for things to come
Speaker:through. so much so that,
Speaker:you know, I just don't I even forget that I even ordered it.
Speaker:So it's not like a, an extra day, but it comes
Speaker:through.
Speaker:So Lis, is there anything that you trying to eliminate
Speaker:this year or you
Speaker:looking into any unnecessary expenses?
Speaker:>> Lisa J. Stocks: No, I think I've combed through everything. There is
Speaker:something that I feel like I could live
Speaker:without, that I could do without it' The
Speaker:XM radio in the car.
Speaker:but everything else I had in. See, I knew you were
Speaker:just going to be covering the things without me having. I have all
Speaker:these questions. I wasted a piece of paper on
Speaker:you. But
Speaker:because you have your whole thing to
Speaker:you had your whole plan going on here. Sorry, I'm just sharing
Speaker:out the live. So
Speaker:when it comes to subscriptions. No,
Speaker:I think everything. I have it at the lowest level.
Speaker:Now what you were saying about changing up the insurance
Speaker:based on the different time of year, I never thought about
Speaker:that one. But as far as like gym
Speaker:memberships and you know, the
Speaker:subscriptions and
Speaker:the. I have a house phone.
Speaker:All these different things I think I've got. I have them
Speaker:at the lowest price point that
Speaker:I can have them at. You know, I've evaluated
Speaker:them and I've also. I had this written
Speaker:down in my notes that we should ask ourselves.
Speaker:Is this item adding value? Can
Speaker:we cut back and. Or can we stop it
Speaker:allether? So that's what I wanted to
Speaker:share about going through your budget and going
Speaker:through all these different subscriptions
Speaker:and just taking. Asking yourself those three
Speaker:questions and then deciding could this money
Speaker:be used better throughout my budget
Speaker:or you know, for, for debt repayment,
Speaker:for investing, for saving, whatever you're
Speaker:working on right now. And then you can,
Speaker:then you'll know truly am. Am I doing the
Speaker:best that I can? So I think I'm.
Speaker:I'm trying to, I've combed through and tried
Speaker:to get to that place.
Speaker:>> Anthony Weaver: Yeah, we all. And I think that's beautiful that
Speaker:you've taken time out to really have like a self
Speaker:reflection, an annual reflection of where
Speaker:your expense is going.
Speaker:U. can we highlight one of the questions from
Speaker:nerdy film girl? You can bring
Speaker:that up.
Speaker:>> Lisa J. Stocks: Nerdy. Nerdy. Nerdy. Nerdy. Let's
Speaker:see. Is this, this big one right here?
Speaker:>> Anthony Weaver: Yep. Okay, so she says
Speaker:I have a 401k from an old job,
Speaker:that I'm no longer at and I don't qualify for one at
Speaker:my new job until I'm there with the company for over a year.
Speaker:Should I be contributing to my old 401k or
Speaker:just let it cook? Now that is
Speaker:actually. Now remember this is for educational
Speaker:purposes only. and
Speaker:one of the things that you can do,
Speaker:and this is just options that you have
Speaker:the ability to. You can actually roll that 401k
Speaker:over now that you're no longer with that particular
Speaker:company to your own self directed
Speaker:ira. So like you can either utilize
Speaker:Vanguard or Fidelity and they
Speaker:will easily work with you to transfer that over
Speaker:if your company is already invested with that.
Speaker:Say if your 401k is already within those
Speaker:particular entities, they will just open up another
Speaker:account, roll everything over, close the old account and
Speaker:it's all within the same thing. They'll just change,
Speaker:allow it to be self directed at that point. So
Speaker:when it comes to contributions then you can actually start contributing
Speaker:to it and so forth. And then once you get
Speaker:your new one in, you can actually start working with that.
Speaker:So that's a really good question because a lot of people
Speaker:are changing jobs and, or
Speaker:getting laid off because they are letting a
Speaker:lot of people go. These companies are not
Speaker:playing around this season. That's a whole
Speaker:nother episode about that part.
Speaker:>> Lisa J. Stocks: Yes, I think I agree with everything that you were saying. So it's
Speaker:basically no longer a 401k.
Speaker:You're going to have to roll it over, make sure that you do
Speaker:it in the proper way. So it's not to
Speaker:you know, create any, any tax
Speaker:implications. If you're not staying with the same broker,
Speaker:evaluate the broker that you're with because this could be an
Speaker:opportunity to move to a better broker. I don't know
Speaker:which company you know you were with. I know I
Speaker:was with, I had a job, my very first job
Speaker:that I was with for a long time. It was with
Speaker:empowerment. And I was not having a good experience
Speaker:with empowerment. So when I had the opportunity, when
Speaker:I had the, when I had the money mindset and I
Speaker:finally got my life together, I
Speaker:made sure to do a rollover to
Speaker:Fidelity and I got started and
Speaker:the video that I was mentioning about what that
Speaker:I invested into FX aax. That
Speaker:is a portion of the money that I rolled over from
Speaker:empowerment. So
Speaker:once you do that I, and if you are
Speaker:working and re. You're limited, I would say
Speaker:definitely do that and contribute to it.
Speaker:Contributes to the max, which is probably gonna be 7,000 do for you
Speaker:if you're under 50 years old. contribute.
Speaker:Yes. And do your own thing until you're
Speaker:able to be on your companies, your
Speaker:new companies. 401k. And then hopefully you'll be getting a
Speaker:match. So after the year I would then
Speaker:see about transitioning to focusing on
Speaker:that if the company gives a match.
Speaker:>> Anthony Weaver: And the beauty of actually investing in yourself
Speaker:now with this whole year, you have a year
Speaker:make sure that you are changing your adjustable gross
Speaker:income or your AGI. I talk about that
Speaker:on my show annually. There's a lady that comes on
Speaker:Angelina king, with 718 tax services.
Speaker:So she comes on every year, to talk about this
Speaker:exact thing. So please check out my channel.
Speaker:and we can take a deeper dive in. You can learn
Speaker:a lot more into that because we did a full, deep dive
Speaker:into rolling over your 401k.
Speaker:All right. and also eliminating your expenses.
Speaker:I just thought about that. Unnecessary expenses. So,
Speaker:like, Lisa, you and I, we talked about this, what, on
Speaker:Sunday, I believe. And when it came to
Speaker:having, your
Speaker:expense ratios for your investments,
Speaker:if you take time out to really look into that, because that's
Speaker:an expense that could be easily
Speaker:creeping up on you that you're not familiar with or you're
Speaker:not aware of. So please take a moment to look into
Speaker:those ETFs that you're looking into mean your.
Speaker:>> Lisa J. Stocks: And sometimes with. When you're.
Speaker:When it is a 401k with certain companies,
Speaker:you're limited into what you can invest
Speaker:into. It might just be a targetated fund, or, you
Speaker:know, it might be very limited. So this
Speaker:could be a great opportunity for you to get
Speaker:into better investments.
Speaker:>> Anthony Weaver: Yeah. Okay.
Speaker:we got, like, one more slide after this. And,
Speaker:so this right here is. That's actually aligning your
Speaker:finances with your goals. So if you
Speaker:guys haven't done this yet, I highly
Speaker:recommend. I mean, matter of fact, how about this?
Speaker:How many people actually do vision boards? I don't do
Speaker:a vision board. how many of you do vision boards? Do you
Speaker:do vision board, Lisa?
Speaker:>> Lisa J. Stocks: No, I did. I did once. I did one in
Speaker:life, and I have. I haven't gotten what I
Speaker:put on that board accomplished, so I'm not doing
Speaker:anymore.
Speaker:>> Anthony Weaver: You like trash.
Speaker:>> Lisa J. Stocks: It was kind of like you. Like, you had me before. It's
Speaker:a little emotional, like.
Speaker:>> Anthony Weaver: Because, the reason why I asked this is because with these
Speaker:vision boards, this is something that you want to do with your
Speaker:finances. You want to actually take yourself on a
Speaker:financial journey, a financial dream journey.
Speaker:And you can even do this when you're dating somebody. Ask
Speaker:them, like, so, what are your ambitions in life?
Speaker:Where, what would you like your life to be
Speaker:if you had all of your expenses paid? Where would you like
Speaker:to go? what would you like to see?
Speaker:what is it that you hope to experience before
Speaker:you leave this earth? You know, these are the things that I want
Speaker:you start thinking about. Because if this
Speaker:is where you want to go, is what you're doing today
Speaker:helping you out, get to where you want to go.
Speaker:If it's a no. Then you need to
Speaker:adjust. These are the things that
Speaker:we have to start asking ourselves. Is this
Speaker:something that we want to have?
Speaker:And is this something that we are
Speaker:really taking, a moment to
Speaker:understand ourselves? Is this a realistic
Speaker:dream, you know, based on your situation?
Speaker:What things?
Speaker:All right, let me. I'm sorry. I need to get real with this because this
Speaker:one right here is this like this whole year,
Speaker:is about sacrifices. Because in order for you to
Speaker:grow or go to the next level, you need to let some things
Speaker:go. And this is where you need
Speaker:to take that moment. And hopefully, if you guys are
Speaker:listening to this, take time out to write this down.
Speaker:Where the heck do you want to go? and who do you need to
Speaker:get rid of? When I say who, I mean actual bodies.
Speaker:Like, you need to get rid of some family members. Not like, get
Speaker:rid of them. Get rid of them. But, like, you need to separate yourself
Speaker:from them. It's okay to do that. This is
Speaker:your time to actually be selfish. I'm giving you permission to
Speaker:be selfish. Say I'm selfish in the chat. This
Speaker:is about me because this is something
Speaker:that I want you to focus on for
Speaker:yourself. You have what it takes
Speaker:to take yourself to that next level. And in order for you to
Speaker:do that, you need to
Speaker:be humble. Not. No, no't need to be humble.
Speaker:You need to be selfish. Be selfish
Speaker:because nobody else is going to do it for you.
Speaker:You can sit here and listen to Lisa. Now. We're not in your
Speaker:budget. We don't live your life. We don't pay your bills.
Speaker:We are here as a guide on the side
Speaker:to help you along your journey. Maybe if you
Speaker:tuning in into the first time and you just hearing about us.
Speaker:Hey, thank you for being here. I'm
Speaker:happy. But honestly,
Speaker:we're just random people. on the Internet, somebo.
Speaker:>> Lisa J. Stocks: Rand m. I'm not random.
Speaker:>> Anthony Weaver: You're not random.
Speaker:>> Lisa J. Stocks: I'm your best friends. I am.
Speaker:I got somebody over here messaging me and telling me
Speaker:to. To pay attention to my stream.
Speaker:>> Anthony Weaver: Oh, my gosh.
Speaker:>> Lisa J. Stocks: But I'm. Thank you for holding it down so well,
Speaker:Anthony.
Speaker:>> Anthony Weaver: Oh, no problem. That's what I'm here for.
Speaker:because TR me I'll be. I'do the same thing. But,
Speaker:you know, but Lisa, you also. You're the host. So you're actually
Speaker:looking at. I'm thinking that you're looking at questions. So
Speaker:if you're looking down, it's fine. U.
Speaker:No judgment here. And the beauty of
Speaker:having a moment of understanding of where you
Speaker:want to be and where you want to go is that
Speaker:you know what you need to cut.
Speaker:So, all right, you reap what you sow.
Speaker:What they always say, right? But reaping is one
Speaker:skill. What you so is a whole nother skill. So
Speaker:if you want to plant oranges in your yard,
Speaker:you need to figure out when you need to start planting that tree, which
Speaker:is today, and when you start
Speaker:to start reaping it, which is
Speaker:all the fruit from there. You need a ladder. Do you
Speaker:need, some hats or whatever. These are
Speaker:different things that you need to know on how to reap
Speaker:what you sow. So right now we're just helping plant in the
Speaker:seeds. It's going to be up to you to
Speaker:kind of figure out what skills that you need to start
Speaker:taking that, some of that money. Because when you're doing
Speaker:your investments, that's one skill. Okay, cool. How do
Speaker:I invest? All right, boom, boom, boom. I put my money in
Speaker:there, all right. My seeds are growing. And this is
Speaker:why I asked you, Lisa was like, how do you know
Speaker:when to sell your stock? How do you know when to
Speaker:reap what you sown already?
Speaker:These are things you need to think about. When is the
Speaker:right time? You need to figure out what is it that
Speaker:you want in life and is this a goal that you want to have?
Speaker:Okay, well, you adjust, you
Speaker:grow, you re prune off the dead leaves, you prune
Speaker:off the dead people that's in your life. You prune off those dead
Speaker:conversations, you prune off
Speaker:the low
Speaker:energy, low brow stuff that's showing up
Speaker:on your social media pages. You know, it's
Speaker:okay to do that.
Speaker:But you're here now learning about
Speaker:finances. But I'm sorry, this is not strictly numbers. This
Speaker:is about the mindset. This is a lifestyle.
Speaker:And this is what I heavily focus on, is the sandwich
Speaker:generation and the lifestyle around their
Speaker:finances. Because anybody know how everybody know how to
Speaker:make money?
Speaker:>> Lisa J. Stocks: A person on the street about it. But can you please
Speaker:define the sandwich generation for people that don't
Speaker:use that term on a regular basis?
Speaker:I am the sandwich generation. So. But let
Speaker:everyone know, please.
Speaker:>> Anthony Weaver: Okay, so the sandwich generation are
Speaker:people between the ages, I would say around
Speaker:35 to about, about 50. So those are
Speaker:the people who have kids and
Speaker:also, dealing with their parents,
Speaker:not dealing with them, but in a sense they, are caretaker for their
Speaker:parents. Now you also have what
Speaker:they call is the club sandwich. Whereas if you had
Speaker:your children young, now you got grandchildren.
Speaker:So the grandchildren are in the mix, your children
Speaker:in the mix. And now you have aging parents, you're
Speaker:in the middle. It's a lot going on in that sandwich.
Speaker:And then you have some people, what they call as an open face
Speaker:sandwich, which is where you just
Speaker:have your parent, you're a caregiver for your parents, but you don't have
Speaker:any kids or vice versa.
Speaker:And I'm actually in the open sandwich generation. I
Speaker:don't have any kids. And
Speaker:this is something that we, all have to kind of think about. It's like,
Speaker:how do we actuallyign our finances with
Speaker:our aging parents or without aging
Speaker:kids? You know, these are real
Speaker:conversations when your parent is getting old
Speaker:and they're about to pass away. You know they're about to pass
Speaker:away. How are you actually aligning your finances and your
Speaker:goals? Are your goals still the same? You know,
Speaker:you don't have that energy or you don't. You want to take
Speaker:that trip to Belize or you want to go to
Speaker:Bora Borow just for a weekend or a month
Speaker:or something like that. But now you got an aging parent.
Speaker:How are you going to deal with that parent? With your finances the way. How they currently
Speaker:looking? Are they moving on their own?
Speaker:You know, I'm saying, like, and.
Speaker:>> Lisa J. Stocks: I often say to look to the older
Speaker:people around you that seem to be living
Speaker:well and comfortably in retirement and see
Speaker:what you can learn from them. Because I
Speaker:think, a lot of people are not in that
Speaker:situation. They're more what you're describing where,
Speaker:there is some struggle and they do not have
Speaker:enough. They did not have enough invested to
Speaker:be able to manage their
Speaker:lifestyle comfortably in retirement.
Speaker:>> Anthony Weaver: And it's tough. So it's like, how do, how
Speaker:do we deal with that though? Like,
Speaker:like these are, these are questions you got to ask.
Speaker:>> Lisa J. Stocks: Put the work in now.
Speaker:So, Anthony, thank you for being with me.
Speaker:I. I'm sorry, what? Go ahead, go ahead.
Speaker:>> Anthony Weaver: No, I didn't realize we coming up on time
Speaker:pass.
Speaker:>> Lisa J. Stocks: Okay. We are coming up on our
Speaker:hour, but I wanted to say I
Speaker:got to 5,000 on our live stream on Sunday. I
Speaker:did update my Nightbot. So next.
Speaker:Next, goal is 6,000, but I did update
Speaker:that.
Speaker:>> Anthony Weaver: Nice. Yeah, so my goal is 10%
Speaker:of that. So I'm trying to get to 600. I
Speaker:currently have 592.
Speaker:So let's go to make it happen.
Speaker:If you haven't subscribed to my channel, please do.
Speaker:>> Lisa J. Stocks: Okay, so. So I guess we need to start
Speaker:wrapping it up for this evening. Thanks for
Speaker:tuning in. I know this is something different because my,
Speaker:my, you know, My channel is primarily
Speaker:investing, so I hope you don't mind when I mix these
Speaker:different things in. but it seems like
Speaker:the people were in the chat and they were enjoying this topic tonight.
Speaker:Anthony, what do you think?
Speaker:>> Anthony Weaver: I think this was actually a good live. I
Speaker:appreciate it, and thank you so much for doing a
Speaker:reverse interview for me on my live show.
Speaker:>> Lisa J. Stocks: A, reverse interview? What do you mean? Y.
Speaker:>> Anthony Weaver: Because I'NEVER been an interview like doing my live
Speaker:shows, so this is actually pretty. Why she. No, this is
Speaker:second time to be interviewed on my last
Speaker:show.
Speaker:>> Lisa J. Stocks: Okay.
Speaker:>> Anthony Weaver: Don.
Speaker:>> Lisa J. Stocks: I don't know. I don't. This is al live and Sunday.
Speaker:Well, I have to talk to you offline.
Speaker:>> Anthony Weaver: Okay.
Speaker:>> Lisa J. Stocks: So, and
Speaker:nerdy film girl. It seems like she discovered both of
Speaker:us today. Welcome, welcome.
Speaker:I don't know if we got into some.
Speaker:We're not. We're not vertical, so I don't know why she
Speaker:discovered us today, but that's great.
Speaker:>> Anthony Weaver: Yeah. Let'give you some ad homes for this.
Speaker:All right. Appreciate it.
Speaker:>> Lisa J. Stocks: See, Joe didn't know about this sandwich generation
Speaker:stuff. I knew you needed to explain,
Speaker:but you explained it all different kind of ways. I just
Speaker:think of it because I guess I just think of it the way that I
Speaker:am. I'm in the middle and I have,
Speaker:you know, there's young people that can. Cannot drive
Speaker:yet and. And obviously cannot
Speaker:work yet. So you're providing all the financials for
Speaker:them. And then I have older family members
Speaker:that either cannot afford a car or have health
Speaker:concerns. And, you know, so I understand
Speaker:that helping the younger and the older
Speaker:generation, I'm definitely in that. That boat.
Speaker:thank you, Ms. Frugal. She said it was a great
Speaker:live O.
Speaker:>> Anthony Weaver: Thank you.
Speaker:>> Lisa J. Stocks: Thank you for sharing good information.
Speaker:Joe loved it, right?
Speaker:Yes.
Speaker:>> Anthony Weaver: well, one of the things is that because I know Joe asking
Speaker:about what are the people over 50? So there's
Speaker:difference between. So the sandwich generation will always be
Speaker:the same. So everybody will be moving in and
Speaker:moving out of that generation. So, like, how
Speaker:the names for, like, if you're born between this time and this
Speaker:time, you're a boomer or Gen X or Gen Z
Speaker:and Gen Beta and all these different things,
Speaker:the sandwich generation will always be the same
Speaker:because people move into it and move out of it based
Speaker:on their family dynamics and
Speaker:the way how it's set up. So I just wanted to let
Speaker:people know about that.
Speaker:>> Lisa J. Stocks: Yeah, yeah. Not tied to age, but. Okay.
Speaker:So you'renn, you want to bring this down?
Speaker:>> Anthony Weaver: Okay.
Speaker:>> Lisa J. Stocks: O. I can kill this or do I do it. Okay.
Speaker:I just wanted us to be the, back
Speaker:prominent, just to, say goodnight to our
Speaker:guests. But yeah, let us know if you have any
Speaker:questions even after the live. We will try to
Speaker:respond to them. And thank you for tuning in.
Speaker:I know this is a different time slot. I'm only usually
Speaker:live on Sundays, so
Speaker:any closing remarks?
Speaker:Anthony?
Speaker:>> Anthony Weaver: I just want to say, everybody, that you have
Speaker:what it takes to be successful in. In finances.
Speaker:You are the CEO
Speaker:of your finances and of your life. So please make
Speaker:sure that you take good care of it
Speaker:and run it like a business, because you deserve it.
Speaker:>> Lisa J. Stocks: Okay. Good night, everyone. Thanks for tuning
Speaker:in.
Speaker:>> Anthony Weaver: All right, everybody. Ye. Peace.
