September 7, 2023 • 37 mins
Amara talks to Financial Advisor Ivan Jimenez, who explains the benefits of investing, buying a home, and having a will and life insurance. He also shares the steps we need to take to protect our loved ones and assets if we lose our life suddenly.
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Speaker 1 (00:03):
Welcome to this show.
Speaker 2 (00:05):
I am your girl, Mada, and you're listening to Exactly Amada,
a production of iHeartRadio.
Speaker 1 (00:11):
Thank you so much for tuning in.
Speaker 2 (00:13):
As usual, ya saying the same thing over and over again,
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I truly appreciate it. I always go in there and
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(00:34):
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Speaker 1 (00:45):
I love to go in there and just read your
comments on the show.
Speaker 2 (00:49):
How do you feel, if you like it or not,
if you have any similar experiences, anything you would like
me to talk about all that good stuff, because remember
the exactly A model was made exactly for you. I
always want to connect with the audience. I always want
to connect to the people that are supporting me, that
listen to the show. And that's why today, yeah, as usual,
(01:10):
I always want to do topics that are meaningful topics
that connect to the audience, that connect to the people.
Speaker 1 (01:17):
Maybe you have been curious about how to invest your money?
What are you supposed to do with it? What do
you know about stocks? What do you know about a will?
Do you have a will? What do you know about
a trust? Have you seen this before? All these things?
Speaker 2 (01:31):
You know? How much money do you really need to invest?
How can you flip your money? How do you even
organize your money? Do you need an accountant? Where do
you get an accountant from? How much are you supposed
to pay them? What's the percentage? I know there are
endless questions when it comes to being financially educated, And unfortunately,
(01:52):
I get to see a lot of people in the
Latino community.
Speaker 1 (01:55):
We're raised, you know, coming from poverty.
Speaker 2 (01:57):
We're raised from immigrant parents that they didn't have the
opportunity to financially I mean, to go to school, write,
or even around their household. They were never prepared to
teach us about our finances, to teach us about you know,
financial management.
Speaker 1 (02:16):
How are you supposed to handle it?
Speaker 2 (02:18):
How much are you supposed to you know deduct I
know a lot of people that still to this day
have never even done their taxes. There's just so much
information lost, specifically in the Latino community. I feel that
the lion X community has somewhat grown and we're the
ones teaching our parents now thanks to social media and
(02:38):
the Internet that now we have more access into Well,
if you don't know, you may not know because you
don't want to know, because the information is definitely out
there on Google. You can google anything. But personally, I
like to have a relationship with someone. I like to
be able to talk to a real human being that
if I have a thousand questions, they can answer it
(02:58):
for me and guide me towards the best direction. I
know there's a lot of young people right now that
are making money from e commerce and all these things.
They're investing it in cars, jewelry, all these great things.
But I know that everybody has to live and go
through their stages. You hit tapas, but you want to
(03:19):
be smart enough to actually invest the money and something
that later on is going to grow and it's gonna
you know.
Speaker 1 (03:25):
The keyword assets.
Speaker 2 (03:27):
Well before I keep going because I could talk about
this forever, because I'm very passionate about not going back
to being poor ever again, not having to go back to.
Speaker 1 (03:37):
You know, from where my mother started off. I think
we won't.
Speaker 2 (03:40):
But even then, you're never You're you never know too much, right,
There's always space to learn, to grow, to educate yourself,
surround yourself around people that know more than you. And
that's why today I want to invite a very old
friend of mine's. We've been friends for years now. We
recent reconnected and I was like, I would love to
(04:03):
have you on my show because to there thanking Delhi, hinte,
you know so much. You also make me feel so
proud as a well educated Dominican man who has really
been impactful in the Latino community, teaching so many Latinos
about their finances and everything else. Anyways, long story short,
I want to invite today Ivan Heman is high my level?
Speaker 1 (04:24):
Are you how is well on his?
Speaker 2 (04:27):
Well? Super excited because everybody that knows me knows that
I'm very passionate about money, How to invest it, what
do we do, especially coming from a Latino household where
a lot of people, you know, don't talk about it.
Speaker 1 (04:42):
And I've even said that, you know, when my girls.
Speaker 2 (04:44):
Grow up a little bit more and actually understand what
money is, I want to start taxing them and teaching
them to pay rent even in this twenty five cents.
Speaker 1 (04:52):
But it's more about teaching them the logistics of this
is the world that you live in.
Speaker 3 (04:58):
Correct? Correct, So you're right. Look, we come from parents
that obviously wanted to give us a much better lifestyle
than they had. And one of the things that many
times they did is they took the conversation of needing
money off the plate. So we can have a childhood,
so we can have an adolescent, so we can so
we can live the American dream that comes with the price,
(05:21):
and the price is that they that subject of money
and the planning. You know, when you're first generation immigrant
is the first dream is sometimes to just get your documentation,
get your house in order. But the notion of assets,
long term planning, investing for five, ten, thirty years. When
(05:44):
people when I started being such an advisor, and I
was twenty two and I was, you know, at the
top of the world in terms of financial advisory, but
I was talking about planning for thirty years, it sounded
like going to it was something like twenty years, thirty
year seven, so far away. As time goes by, you
(06:06):
realize you realize that five years go by, ten years
go by twenty years go by. Whether or not you
invest right, whether or not you have a will, they're
gonna happen. So I guess the conversation is that when
you think about it, when it's sprunt and center in
your daily life, it becomes part of you. And then
(06:30):
the beauty is the things that you do that you
do anyway become part of you. And I'll give you
an example. Well before the show started, producer and I
were talking and he was sharing with me about the
purchase of his home, which you know, I mean literally
wanted to do cartwheels, because that's the first thing that
anyone should do, because you're gonna pay rent anyway.
Speaker 2 (06:53):
If you have money, or you have a couple of
dollars enough to put her as a down payment for
a property, you should invest it in your own property first,
where you live in or should you get an investment property.
For example, I have a friend of mine as who
was renting. He lives renting, but just bought an investment property.
What makes more sense.
Speaker 3 (07:12):
The concept is it doesn't matter, right if he bought
a house and it is now rented, he or she
can move into that house in the event that that
renter leaves the first. The first and foremost is you
should be, however, in the house that you live in.
You should be as an as an anchor, if nothing else.
(07:35):
You should live in your own home. You should there
should be an attempt, a hardened attempt to purchase a property.
Now you mentioned something, well, what if I can't afford
where I am right where this area, let's say, may
not be amenable at this moment for me to buy,
well buy anything, then you rent it right so anywhere
(07:57):
the first home doesn't have to be the last. So
the first things first, you know, I'm gonna I'm gonna
basically take it home. There are so many things that
allow someone to purchase a home. For example, if someone
is a veteran, you have the you have an exceptional
amount of facility.
Speaker 1 (08:17):
No, no, no, no.
Speaker 2 (08:18):
For sure, there's a lot of people to get into
the Army because of all the benefits.
Speaker 1 (08:22):
That they receive.
Speaker 2 (08:23):
Besides the fact that I mean benefits if you come
under the out of there because you got to give
them their credit when credit is due. Not everybody can
take the pressure.
Speaker 3 (08:34):
I know very well. I was in the Army ROTC
program in college, so I had friends who were officers
that came out and they they were in the first
war in Iraq and one of them just wasn't.
Speaker 2 (08:49):
Altogether, it's hard, but the benefits that you do receive
are grained, including being able to purchase properties in the US.
Speaker 3 (08:57):
But right overall the benefit it's outweigh you know. And furthermore,
you do that to service for country. But going back
to business, it's one way because what are the hardships
to getting to getting a property, And the hardships are
credit savings and down payments, credit expense. So I'm gonna
(09:21):
go there. So that is probably something that doesn't cost
any money. Let's say, you know, to build good credit
is non costly. And to put it simply, if you
don't have any credit, you should have open lines. You
should have you know, not that I take a little
(09:41):
card here and there, two to three, not fifty, but
three at least open lines hold on build up.
Speaker 2 (09:50):
But when you say credit cards, let's be clear because
for example, I didn't have my first credit card, so
I was like twenty six, twenty seven and never used
it to like elotroa. I'm really panicky because I saw
my mom, you know, having mad credit cards getting herself
in debt, you know, financially, not.
Speaker 1 (10:08):
Knowing how to administrate it.
Speaker 2 (10:09):
So I was always afraid of using credit cards, and
I've always used my capital, which now I understand that
you're not supposed to. You're supposed to use your credit
cards and you pay it off, you build your credit,
you get points, all these great things. What are some
just you know, just you know, what are some credit cards?
You advise a lot of people that are just starting off.
Speaker 3 (10:26):
With so, so let's let's touch on the subject of
credit cards. So on the matter of credit cards, what
you want to do is use it instead of your
debit card. You don't want to go to a gas
station with your with your debit card. You don't want
(10:49):
to pay your phone bill with your credit cards. You
don't want to pay anything you you want you give
in public. You don't want to pay that with the devil.
You want to do it with a credit card. However,
you want to use it with let's call it manageable purchases.
Things that you're gonna that you don't that aren't permanent,
right the like a car, a house. You want to
(11:11):
be able to pay them off at the end of
the month or at least keep what's called the usage,
the amount of credit available versus the amount of credit
that you use. Keep it below thirty percent. And the
goal is not to rack up the usage on the
credit card. You only do that in an emergency. Don't
(11:32):
go on a vacation. You know, because you have money
in the credit card. You don't have money in the
credit card. The credit card is an available usage, it
doesn't mean it's money you have. The interest rates on
these things are at twenty thirty percent, so that means
that that that that that amount doubles at twenty percent
(11:52):
of doubles every three and a half years. It doubles,
so three becomes six, six become twelve. That's why people,
you know, get into mad as you would say, mad
problems with credit cards because no one says, No one
says how to use it. They just send it.
Speaker 1 (12:07):
Yeah, yeah, yeah, right.
Speaker 3 (12:08):
No one has this conversation. But the conversation is use
it as a cash card where you know you have
that money.
Speaker 1 (12:17):
There you go.
Speaker 2 (12:17):
Tip number one, get at least three lines of credit
right with your credit card, keep it below thirty percent,
and instead of using your debit card, use your credit
card to pay your gas station, food is, whatever it is.
Just keep your debit card at home. But that's what
I would do, because if I have it for some reason,
I feel like I'm going to use it, but or
just put it away. Use your credit card. Pay it
(12:37):
off little by little every month it builds up your
credit and then little by little it doubles. Whatever amount
it is that you currently have a card, it will
double up it eventually if you pay on time. So
that's our first tip, going back to firsting back to investing.
The first investment, you know thing overall that you should
do if you have enough money to put it as
a deposit. Whether it is based off of what you
(12:59):
want said, it doesn't matter if it's an investment property
or the property that you live in, right, as long
as you have purchased a property, okay, correct.
Speaker 3 (13:09):
And what that does is you're building wealth with time, right,
and it's called leverage wealth. It's money. So you're borrowing
let's say two hundred thousand dollars that you don't have
in cask today. You and even if you did have them,
you borrow the two hundred thousand, three hundred thousand, and
guess what the increase in price is off of that number.
(13:31):
So using math when we were in school, you know,
three percent of three hundred thousand is nine thousand, which
means that if that house appreciates every year by two percent,
it goes up six grand. By three percent, it goes
up nine grand. If it goes up four percent, and
it's a three hundred thousand dollars, it increases in price
(13:51):
by twelve thousand dollars a year. So check that out.
While you're sleeping, you're making a grand a month on
somebody else's money. However, however, there's something I want to
I want to share it. There are two types of
way to make money. There's cash, which is what the
world you know, we've lived in pretty much all our life.
And then there's a crewel where you're building assets. Okay,
(14:15):
so think of it as as you know, I take
it to agronomy. So let let's think of a cow.
You would have one which grows to increase in weight,
and then you sell it by the pound, and then
you have the others that get milk every day. Then
you have you have the combination. So what I'm saying
is one is cash. One generates cash daily and the
(14:37):
other one grows with time and do you always want
to be in a scenario where your cash covers your
expenses and then some. But you always want a crew
so that you have your money is growing.
Speaker 2 (14:53):
Basically, you guys are to hear me talking about generation
of wealth. This is a perfect way to create generation
of wealth. Continue to add assets to your portfolio. That's
how I see it. We would have more generational world
among the Latin ex community. But the only way to
do that is to get yourself educated on how to
financially invest your money. And if you don't know what
(15:19):
to do, you find experts like Yvonne that can guide you.
Speaker 1 (15:22):
Listen, what do you do?
Speaker 2 (15:24):
Y'all't know you were on e commerce or you've been
selling doing washing cars, whatever it is that you've been
making hustling your money. You saved up one hundred thousand dollars,
eighty thousand dollars, even fifty thousand dollars. You don't even
know how you can flip this money and this can
become your first assets. Sometimes you don't need as much
money as people think, because even a small Q department
(15:46):
KAY is not necessarily in the best neighborhood or whatever
can actually bring you you know, some type of income,
whether you decide to put it on Section eight, whether
you decided to put it on Airbnb, whether you just
set whatever it is. There's a lot of different systems
and things that you can do. Some things I want
to talk about because I've heard this before, but I
would want you to clarify it. I was sold by
(16:06):
you know, my mom and you know, just you know
the older Latino community. Oh, I paid off my house.
You know, my house is paid. I don't have no
problems the American dream. Then I was told, no, do
not pay your house off by no means necessary, because
you can actually leverage off the property that you have.
Speaker 1 (16:24):
Can you explain that to me?
Speaker 3 (16:27):
Right? So there again there are two different mindsets. There's
a mindset of in the Latino community where the house
is an important anchor for that household, and particularly when
it's first generation immigrants. They come and you know, they've
got through so many struggles. I want to ma cure
that they have a whole that they that they have
(16:48):
and they secure that for their children and grandchildren. So
that's that's a natural event. What I recommend is that
you build revenue sources. Sources okay, means of getting cash
flow and that the payment on the house where you
(17:08):
reside should not be let's call it significant relative to
your to your income. So I'm gonna give you an example.
If you have a house, let's just use a round number.
Your house is going to be worth a million dollars.
Whether it's today, tomorrow, next year, five ten years, everyone's
going to listen to you from here on in is
(17:30):
going to be the Millionaire's Club. You are going to
create more millionaires amata than than home DEEPO and more marketing.
Speaker 4 (17:37):
Starting exactly because you are giving voice too, and you're
giving a light to an area of our economy that
that heretofore.
Speaker 3 (17:48):
Has not gotten it that much. Latina Afro descendant female
and just aspiring young LATINX and and and even Americans
just lane loving people who love America. That's that's what
this program is about. The notion is people need to
aspire and that doesn't mean you have to do it
as a first round. Right, So you you nailed it.
(18:11):
There are multiple homes all over the country that aren't
two hundred, five hundred and six thousand, seven million dollar homes. No,
you have you have the fifties and guess what with
fifties you could buy a fifties you could buy a
two one hundreds with like literally what it costs you
to brave your hands.
Speaker 1 (18:32):
That's the thing too.
Speaker 2 (18:33):
Then when we think about buying a property. By the way,
this is not just real estate. We're talking about finances
overall today. But I thought that, you know, that's an
important thing.
Speaker 1 (18:40):
You should start up. Where you live should be, you know,
one of your main goals.
Speaker 2 (18:44):
But when you think about these numbers, Oh, this house
cows five thousand, four thousand, three hundred thousand, whatever, maybe
remember that you're not paying all.
Speaker 1 (18:52):
Of this off the rip.
Speaker 2 (18:54):
All you need is a deposit a twenty percent, you know,
thirty percent and to be on it depends. Every state
has their own programs in which you know, you may
qualify for a program that you only have to put
five percent, one percent.
Speaker 1 (19:10):
I mean you just never known three three.
Speaker 3 (19:13):
Some are none, like I said, if they have to
put anything. And there are there are areas that there
are incentives to let's call it populate those areas. So
someone who can work remotely and you know they basically
pay their duce for two or three years, they go
when they live off the let's call it the making grid.
And they go to a rural area. Guess what, they
(19:34):
have a house. They now have an asset. They're building wealth.
The point is, no matter how you slice it or
dice it, put that as a as a goal, as
a marker, and put as a marker a number you
don't get on a train. And for those that live
in and say all right, I'm just getting understrained, you know,
and then okay, so where you're going, what's your stop?
(19:57):
You need to stop. You need to have a marker.
You need to have a place where you want to
land on. And that's critically important because every single successful
entrepreneur in the world has a vision of what they want.
They may it may not be exactly where they at.
A work towards. Many times you work towards it, and
(20:17):
sometimes you work towards it and something else happens, but
you guess what, it's a pivot. But it doesn't matter.
Speaker 1 (20:30):
So here goes into the tip mean not mean handed.
Speaker 2 (20:33):
Write this down, pay attention this this episode is very important.
Speaker 1 (20:36):
This is a very educational episode.
Speaker 2 (20:38):
So the other thing, the other tip that Ivan is
giving us is focusing on our goal. What is our
financial goal. What is it you're trying to establish? What
are your dreams and aspirations? Financially? What numbers should you
be reaching. If your bills are about, I don't know,
five thousand dollars a month, obviously you want to work towards.
Speaker 1 (20:56):
Okay, well, how can I get eight thousand?
Speaker 2 (20:58):
Eight thousand would be my number, just so that you
can have a little extra cash for a rainy day
or even if you want to invest some of that money.
So we all, we all went through the pandemic. We
saw how you know, how it felt when everything's shut down.
Speaker 1 (21:12):
God forbid. Let's pray that never happens again. But si pasa,
are you prepared?
Speaker 2 (21:16):
I think that that was our biggest lesson, is to
prepare ourselves because we never know what can happen.
Speaker 3 (21:21):
Now.
Speaker 2 (21:22):
Something that also is important to me is for those
that haven't thought about it, because we feel like we're
gonna live forever and we've seen these things happen over
and over again. And for the most part, this happens
in more of the you know, those that are more
like millionaires or financially ayahivra, the other category of the
people in this world. Will you know the wills and
(21:42):
the trust and all these things. Let's just say that
you purchase this house. You purchase this beautiful home. You
have a car, you have a business, you have I
don't know, money in your bank, you have all these
other great things.
Speaker 1 (21:56):
God forbid you financially, you know are well off. But
you you.
Speaker 2 (22:00):
Forgot to do your will. You forgot to put all
your asses under a trust, or maybe you put it
under your name, and you just got a lawsuit. You know,
they just sued you all the Now, let's talk about
protecting your assets, protecting you know, your investments.
Speaker 1 (22:14):
What should you do, how should you go about it?
And why is it important?
Speaker 3 (22:17):
Excellent, excellent point. So number one, everyone can have a
retirement account. You can have an IRA, a roth IRA,
you can have multiple be it be it through work
for one K, five or three BC whatever retirement accounts.
They cannot be you know, you cannot encroach through a lawsuit.
So that's that's number one. Number two, annuities are also
(22:41):
a source of a way to protect, h to protect.
But more importantly, that's that's like a it's an instrument
that's I can wrapt with an insurance and that's that
that's a source. But to make it simple, everyone listening
to us, everyone listening to you. A mada should have
a will. Oh, every single person should have a will.
(23:04):
And it doesn't matter about assets. It matters about what
how you simple things like what if you get sick
and you're in the hospital for three months, six months
a year, what do you want your family to do
you want do you want them to basically cut cut,
you know, cut it at three months or six months,
or you want to just to live, you know, to
(23:24):
do pray for you forever. That's a decision you need
to make if you have if you have children and
you're a single mom or your single dad, or or
you're in multiple you know, marriage that's intertwined with multiple
children of multiple you need to literally this is something
where you have to have a will like today, or
(23:47):
at least a letter of wishes. I wish my son
to be cared for by my daughter, to be cared
for by in my absence or in my disability who
in the event that you have either a disability or
an absence a final absence, who do you want the case.
Speaker 2 (24:04):
By the way, in many occasions we're like, oh no,
the kids automatically go to the mother meta you never know,
or the father you never know what's going on, never know,
God forbid. We could do a family trip. It's happened
in many occasions. Both parents are gone. Now you don't
have you know, A or B. What happens to your kids?
Do they go to the system? Do they go to
(24:24):
the grandparents? Maybe they don't go to the grandparents? Why
because you didn't do a will where you specified right right,
so it.
Speaker 3 (24:31):
Is of great weight. It is of great weight in
the legal system, or you know, they call it the
hands out of the grave, where a person basically is
like handing you the note saying, hey, this is what
I want to happen. So you don't want to leave
that in the hands of a third person or judge
or the system, or for there to be a dispute
(24:54):
between two uncles or two parents, or for that to
be a cause of aggravation or guess what it could
be that that relative that everybody knows you don't want
to leave your kids with you know, so so you
you know what I'm saying is it's critically important that
something that doesn't cost money, like a will number two
(25:16):
that is a must must, must, must, it's called term
life insurance. Term term life insurance. Anybody who's a parent
of a child should have term life insurance to cover
their income for that child. So it should be enough
money for them to live between now the time they're eighteen,
(25:39):
tack on four years of college, maybe another one or
two years of experience. So whatever you take out as
term life should cover that amount of money so that
they are not a burden wherever they live. Because you
know what happens, Amouna. When a child is in somebody's
home the first day there too is one thing, but
(26:00):
it's another thing when that child has now a resource
to sustain themselves to be able to go to that school,
that the private school that the parents may have wanted him,
or the tutoring or whatever other resource that could be
available to them. But because what term life does, it
only ensures you in the event of a final event,
(26:25):
in the event of death. You're not ensuring. It doesn't
have a lot of bells and whistles. It's not expensive
relative to the other insurances. So with let's say with
fifty bucks, thirty bucks, one hundred bucks whatever a month,
or even at work, everyone who works for a major corporation.
They always have insurance, and they offer you the opportunity.
(26:46):
Most of us don't even you know, we just want
to judge, but they offer the opportunity to multiply your
annual income times one, times two, times three and for
nothing for like three, five, ten, twenty thirty bucks. More So,
what I'm sa say is if nothing else out of
this term life, everybody who has young children, and by
(27:07):
the way, everything I'm sharing with you are things I
did right. In other words, I made sure that what
that my when I was wellline children were little, let's
call it that while they got to the age of eighteen,
I had insurance com heck, you know for for term
life all that time.
Speaker 2 (27:25):
See is what I'm saying that nobody teaches us these things.
So you know, we don't know what to do really
quick on the will. What exactly does the will cover?
Because for the most part we think about the financial part,
but you hit on some points that are very important.
It's not just finances, it's even making health decisions.
Speaker 1 (27:41):
So what should you have in there?
Speaker 3 (27:43):
So so you you want to cover, you want to
cover let's say the last event, how do you want
your your burial? Do you want to be incinerated. Do
you want your your ashes to be spread over a
particular park or school?
Speaker 1 (27:57):
Do you want to be buried in my medication.
Speaker 3 (27:59):
In the river? You want to be buried in your backyard? Exactly,
whatever it is that you wish to do. You So,
so let's cover the events, like the last ceremony. Who
you want or don't want to attend it?
Speaker 1 (28:11):
But that's shady. Oh no, in the will it says.
Speaker 3 (28:14):
You can no no meaning you you make you're you're
basically uninviting to be a speaker in your final ceremony.
X well, make sure you know you saw it with
there was a politician where they made sure that one
of one of the politicians didn't get invited. You know,
so they we saw it on the national stage. But
(28:35):
it's it's sometimes it's to avoid conflict. Sometimes it's so
that you know you had you know, there's so many intricacies,
but that that's individualized to the person. So you have
the first asset obviously is home and personal belongings. You know,
you may have mementos that are evaluation.
Speaker 1 (28:59):
May you spread out you know what do you want this?
Speaker 2 (29:04):
And that?
Speaker 1 (29:04):
Okay?
Speaker 3 (29:05):
Perfect right, So personal belongings and jewelry. You may have
jewelry that may have passed down multi generationally from our wilitaita.
So you want to make sure that personal belongings are addressed.
So you have you have burial, personal belongings, money, How
do you want that those assets to be distributed? If
(29:29):
you have a retirement account that work like a four ok,
all right whatever, and you have not a signed a beneficiary.
Speaker 2 (29:37):
And also if you have a little you know, bootleg
extra bank account for your savings that you don't want
nobody else to know about, make sure that somebody knows
about it, you know, have that in your will, because
then that can get lost in the midst of that.
Speaker 1 (29:48):
I mean, there's so many topics to cover here that
can get long. Have to wrap a little bit, better
go go through them.
Speaker 3 (29:54):
Yes, yeah, so you have we're down an asset. So
anything that you own of value you want to have there.
And then obviously if you own other assets, you want
to basically direct them into into trust or into the
bequeathed and to who you.
Speaker 2 (30:12):
Are we never even have to talk about the trust. Well,
just tell me briefly what is a trust and why
is it important for us?
Speaker 1 (30:18):
To have it.
Speaker 3 (30:20):
A trust is a is a call it like an
envelope where you put assets in and it's protected. So
it's a it's a judicially, it's under justice. It's like
its own person. So trust. But guess what A trust
doesn't drive A trust doesn't get into are you they true?
Speaker 2 (30:40):
I'm going to sue you. But are your properties and
all your money and everything is under a trust?
Speaker 3 (30:44):
What happens in the United States, it's a little harder.
It's still they still have ways, you know, in some
in some jurisdictions, but even within trusts, even within trusts,
there are things there are called there are Florida land trust.
Check this out. There's a concept called the Florida land
(31:04):
trust where you don't have to in the trust document.
Only the beneficiary knows it's their trust. But it doesn't say,
you know, a Maria de Los Angeles revocable trust. No,
it says Landmark Blue revocable trust. Who the beneficiary is
is only knows to the beneficiary. So the person that
(31:25):
appears is a trustee. The trustee gets So it's a
way to make it harder because they.
Speaker 2 (31:31):
Know it's the best way to protect all your asses,
your finances is the best way to just protect all
those things from any.
Speaker 1 (31:38):
Lawsuits or it's it's way one of many.
Speaker 2 (31:41):
With the rise of new financial technology, how can people
stay safe while exploring their new you know, you know,
new opportunities because obviously now everything is digital, everything is
just a.
Speaker 1 (31:52):
Tap a way. What are some of the ways.
Speaker 2 (31:55):
That you think that we can protect ourselves from getting scammed?
Speaker 3 (32:00):
That's a value, right, So you you want to crawl, walk,
run when it comes to money, right, you don't want
to go into this quick seeing if it's simple logic,
if it's too good to be true, it is okay.
If you can't explain it with a crayon, don't do it.
If you can't explain it to a four year old,
don't do it. That's simple. Number three is make sure
(32:23):
you the person gets learned, you know, learn about something
that's mission critical. I mean, you learned about triangles in
school and parallelograms and was the last time you used
a parallel gram? Okay, but they haven't taught you about
things like how to avoid scamming. Guess what scams are constant?
(32:47):
You know that even to pros. You know, we we
in the financial services and we get bombarded with people
that are constantly trying. So the answer is the answer
to your question is that is something of utter importance.
So one thing I recommend is starting out with companies
or firms that are established that have in the case
(33:11):
of securities, there's an assurance that it's called Securities and Investors'
Protection Corps. It's the equivalent of the FBIC. Okay, but
start with things that are tangible that you know. So
for example, if you're going to buy stock, right, start
with things that you know first and understand that you've
got to give this time. Don't try to make a
(33:33):
buck in a year or three months. Give it time.
And but things that you know that you know. If
you know coc I'm give you an example. You know
Coca Cola, you know Pizza Hut, you know if you
see this new this new product Chick fil A, or
a new franchise that may have been public. Those are
good ways for you to know.
Speaker 2 (33:53):
There's a small companies that no one knows about.
Speaker 3 (33:58):
But then what about the ubers that you you could?
You could, right, you could, you could. There's a way
to slice it. You could, but only with five percent
of your money. In other words, five percent of your money.
Speculate if you lose it, you lost it five percent,
you know. But the the the answer. The uber is
a is a publicly traded company. It's a company that
(34:22):
we all know what's ubiquitous. But again, my suggestion is
that that you you first learn about what is it
that makes these things tick. And there's a book. It's
an old book, but it's a really good book that
I that I always recommend this by a guy by
the name of Peter Lynch, Peter Lynch, and it's and
it's the book is called One Up on Wall Street.
(34:45):
And that book explains in like simple English, the literally
the professional paradigm, the columns that they use that we
use to make investment decisions. It's called One Up on
Wall Street. Very good book, easier to read. It's an
older book, but guess what, you get it free in
the library. I recommend everybody to try to either download
(35:07):
or get it into the library. But that book is
a is an absolutely good book to read, you know,
of all the things, of all the books that are
out there, that's one that I simply recommended as a
first book that everybody.
Speaker 2 (35:18):
No guys, you already heard it exactly from Evan. He
gave us some amazing tips. I could talk to him
forever because I have so many questions about still what
to do with my money?
Speaker 1 (35:27):
How do I go about it? All these great things.
Speaker 2 (35:30):
By the way, if we wanted to get in touch
with you, if we wanted to ask more questions, if
we wanted to work with you directly, and any of.
Speaker 1 (35:37):
These things, how can we get in touch with you?
Where can we follow you? Where can we see you?
Speaker 3 (35:42):
I basically I always reverted back to the source whenever
in a medium I say, hey, contact contact recommission contact
contact them, because the at the at the end of
the day, you know, I think this is a you've
done it, tremendous job. There are simple tips for everybody.
(36:03):
Open open an account for your children and have them
deposit that account before I forget a number two instead
of when you have to see these little birthdays, open
an educational account and tell your family don't buy me
the sock and the COMMI said that they don't use.
Just put five ten dollars in the in the educational account.
(36:24):
And that way that conversation inspired. Just tell them that's it.
Speaker 1 (36:30):
I love that.
Speaker 2 (36:32):
By the way, Ivan, thank you so much for being
with us today.
Speaker 1 (36:36):
I've learned so much. I hope that you guys have
learned as well.
Speaker 2 (36:39):
I'm definitely going to be posting this on my Instagram
account as well so that you guys can check it out.
Tell a friend to tell a friend to check out
exactly amount of this episode specifically so you can learn
a few things. Okay, thank you so much for being
part of exactly a Matter. Make sure to find me
on YouTube. Catch my show by searching for Michael's do
the podcast on YouTube and clicking on exactly a mon.
(37:00):
Follow me obviously on Instagram at Amara Laega a L
and Amada La Nigra a L.
Speaker 1 (37:06):
And and remember.
Speaker 2 (37:10):
This has been a production of Ihearts micro through that
podcast network.
Speaker 1 (37:13):
For more podcasts from my Heart, visit.
Speaker 2 (37:15):
The iHeartRadio app, Apple Podcasts, or wherever you listen to
your favorite show. You just heard exactly Amada
Welcome to this show.
Speaker 2 (00:05):
I am your girl, Mada, and you're listening to Exactly Amada,
a production of iHeartRadio.
Speaker 1 (00:11):
Thank you so much for tuning in.
Speaker 2 (00:13):
As usual, ya saying the same thing over and over again,
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(00:34):
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now you have to do is go to the search
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Speaker 1 (00:45):
I love to go in there and just read your
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Speaker 2 (00:49):
How do you feel, if you like it or not,
if you have any similar experiences, anything you would like
me to talk about all that good stuff, because remember
the exactly A model was made exactly for you. I
always want to connect with the audience. I always want
to connect to the people that are supporting me, that
listen to the show. And that's why today, yeah, as usual,
(01:10):
I always want to do topics that are meaningful topics
that connect to the audience, that connect to the people.
Speaker 1 (01:17):
Maybe you have been curious about how to invest your money?
What are you supposed to do with it? What do
you know about stocks? What do you know about a will?
Do you have a will? What do you know about
a trust? Have you seen this before? All these things?
Speaker 2 (01:31):
You know? How much money do you really need to invest?
How can you flip your money? How do you even
organize your money? Do you need an accountant? Where do
you get an accountant from? How much are you supposed
to pay them? What's the percentage? I know there are
endless questions when it comes to being financially educated, And unfortunately,
(01:52):
I get to see a lot of people in the
Latino community.
Speaker 1 (01:55):
We're raised, you know, coming from poverty.
Speaker 2 (01:57):
We're raised from immigrant parents that they didn't have the
opportunity to financially I mean, to go to school, write,
or even around their household. They were never prepared to
teach us about our finances, to teach us about you know,
financial management.
Speaker 1 (02:16):
How are you supposed to handle it?
Speaker 2 (02:18):
How much are you supposed to you know deduct I
know a lot of people that still to this day
have never even done their taxes. There's just so much
information lost, specifically in the Latino community. I feel that
the lion X community has somewhat grown and we're the
ones teaching our parents now thanks to social media and
(02:38):
the Internet that now we have more access into Well,
if you don't know, you may not know because you
don't want to know, because the information is definitely out
there on Google. You can google anything. But personally, I
like to have a relationship with someone. I like to
be able to talk to a real human being that
if I have a thousand questions, they can answer it
(02:58):
for me and guide me towards the best direction. I
know there's a lot of young people right now that
are making money from e commerce and all these things.
They're investing it in cars, jewelry, all these great things.
But I know that everybody has to live and go
through their stages. You hit tapas, but you want to
(03:19):
be smart enough to actually invest the money and something
that later on is going to grow and it's gonna
you know.
Speaker 1 (03:25):
The keyword assets.
Speaker 2 (03:27):
Well before I keep going because I could talk about
this forever, because I'm very passionate about not going back
to being poor ever again, not having to go back to.
Speaker 1 (03:37):
You know, from where my mother started off. I think
we won't.
Speaker 2 (03:40):
But even then, you're never You're you never know too much, right,
There's always space to learn, to grow, to educate yourself,
surround yourself around people that know more than you. And
that's why today I want to invite a very old
friend of mine's. We've been friends for years now. We
recent reconnected and I was like, I would love to
(04:03):
have you on my show because to there thanking Delhi, hinte,
you know so much. You also make me feel so
proud as a well educated Dominican man who has really
been impactful in the Latino community, teaching so many Latinos
about their finances and everything else. Anyways, long story short,
I want to invite today Ivan Heman is high my level?
Speaker 1 (04:24):
Are you how is well on his?
Speaker 2 (04:27):
Well? Super excited because everybody that knows me knows that
I'm very passionate about money, How to invest it, what
do we do, especially coming from a Latino household where
a lot of people, you know, don't talk about it.
Speaker 1 (04:42):
And I've even said that, you know, when my girls.
Speaker 2 (04:44):
Grow up a little bit more and actually understand what
money is, I want to start taxing them and teaching
them to pay rent even in this twenty five cents.
Speaker 1 (04:52):
But it's more about teaching them the logistics of this
is the world that you live in.
Speaker 3 (04:58):
Correct? Correct, So you're right. Look, we come from parents
that obviously wanted to give us a much better lifestyle
than they had. And one of the things that many
times they did is they took the conversation of needing
money off the plate. So we can have a childhood,
so we can have an adolescent, so we can so
we can live the American dream that comes with the price,
(05:21):
and the price is that they that subject of money
and the planning. You know, when you're first generation immigrant
is the first dream is sometimes to just get your documentation,
get your house in order. But the notion of assets,
long term planning, investing for five, ten, thirty years. When
(05:44):
people when I started being such an advisor, and I
was twenty two and I was, you know, at the
top of the world in terms of financial advisory, but
I was talking about planning for thirty years, it sounded
like going to it was something like twenty years, thirty
year seven, so far away. As time goes by, you
(06:06):
realize you realize that five years go by, ten years
go by twenty years go by. Whether or not you
invest right, whether or not you have a will, they're
gonna happen. So I guess the conversation is that when
you think about it, when it's sprunt and center in
your daily life, it becomes part of you. And then
(06:30):
the beauty is the things that you do that you
do anyway become part of you. And I'll give you
an example. Well before the show started, producer and I
were talking and he was sharing with me about the
purchase of his home, which you know, I mean literally
wanted to do cartwheels, because that's the first thing that
anyone should do, because you're gonna pay rent anyway.
Speaker 2 (06:53):
If you have money, or you have a couple of
dollars enough to put her as a down payment for
a property, you should invest it in your own property first,
where you live in or should you get an investment property.
For example, I have a friend of mine as who
was renting. He lives renting, but just bought an investment property.
What makes more sense.
Speaker 3 (07:12):
The concept is it doesn't matter, right if he bought
a house and it is now rented, he or she
can move into that house in the event that that
renter leaves the first. The first and foremost is you
should be, however, in the house that you live in.
You should be as an as an anchor, if nothing else.
(07:35):
You should live in your own home. You should there
should be an attempt, a hardened attempt to purchase a property.
Now you mentioned something, well, what if I can't afford
where I am right where this area, let's say, may
not be amenable at this moment for me to buy,
well buy anything, then you rent it right so anywhere
(07:57):
the first home doesn't have to be the last. So
the first things first, you know, I'm gonna I'm gonna
basically take it home. There are so many things that
allow someone to purchase a home. For example, if someone
is a veteran, you have the you have an exceptional
amount of facility.
Speaker 1 (08:17):
No, no, no, no.
Speaker 2 (08:18):
For sure, there's a lot of people to get into
the Army because of all the benefits.
Speaker 1 (08:22):
That they receive.
Speaker 2 (08:23):
Besides the fact that I mean benefits if you come
under the out of there because you got to give
them their credit when credit is due. Not everybody can
take the pressure.
Speaker 3 (08:34):
I know very well. I was in the Army ROTC
program in college, so I had friends who were officers
that came out and they they were in the first
war in Iraq and one of them just wasn't.
Speaker 2 (08:49):
Altogether, it's hard, but the benefits that you do receive
are grained, including being able to purchase properties in the US.
Speaker 3 (08:57):
But right overall the benefit it's outweigh you know. And furthermore,
you do that to service for country. But going back
to business, it's one way because what are the hardships
to getting to getting a property, And the hardships are
credit savings and down payments, credit expense. So I'm gonna
(09:21):
go there. So that is probably something that doesn't cost
any money. Let's say, you know, to build good credit
is non costly. And to put it simply, if you
don't have any credit, you should have open lines. You
should have you know, not that I take a little
(09:41):
card here and there, two to three, not fifty, but
three at least open lines hold on build up.
Speaker 2 (09:50):
But when you say credit cards, let's be clear because
for example, I didn't have my first credit card, so
I was like twenty six, twenty seven and never used
it to like elotroa. I'm really panicky because I saw
my mom, you know, having mad credit cards getting herself
in debt, you know, financially, not.
Speaker 1 (10:08):
Knowing how to administrate it.
Speaker 2 (10:09):
So I was always afraid of using credit cards, and
I've always used my capital, which now I understand that
you're not supposed to. You're supposed to use your credit
cards and you pay it off, you build your credit,
you get points, all these great things. What are some
just you know, just you know, what are some credit cards?
You advise a lot of people that are just starting off.
Speaker 3 (10:26):
With so, so let's let's touch on the subject of
credit cards. So on the matter of credit cards, what
you want to do is use it instead of your
debit card. You don't want to go to a gas
station with your with your debit card. You don't want
(10:49):
to pay your phone bill with your credit cards. You
don't want to pay anything you you want you give
in public. You don't want to pay that with the devil.
You want to do it with a credit card. However,
you want to use it with let's call it manageable purchases.
Things that you're gonna that you don't that aren't permanent,
right the like a car, a house. You want to
(11:11):
be able to pay them off at the end of
the month or at least keep what's called the usage,
the amount of credit available versus the amount of credit
that you use. Keep it below thirty percent. And the
goal is not to rack up the usage on the
credit card. You only do that in an emergency. Don't
(11:32):
go on a vacation. You know, because you have money
in the credit card. You don't have money in the
credit card. The credit card is an available usage, it
doesn't mean it's money you have. The interest rates on
these things are at twenty thirty percent, so that means
that that that that that amount doubles at twenty percent
(11:52):
of doubles every three and a half years. It doubles,
so three becomes six, six become twelve. That's why people,
you know, get into mad as you would say, mad
problems with credit cards because no one says, No one
says how to use it. They just send it.
Speaker 1 (12:07):
Yeah, yeah, yeah, right.
Speaker 3 (12:08):
No one has this conversation. But the conversation is use
it as a cash card where you know you have
that money.
Speaker 1 (12:17):
There you go.
Speaker 2 (12:17):
Tip number one, get at least three lines of credit
right with your credit card, keep it below thirty percent,
and instead of using your debit card, use your credit
card to pay your gas station, food is, whatever it is.
Just keep your debit card at home. But that's what
I would do, because if I have it for some reason,
I feel like I'm going to use it, but or
just put it away. Use your credit card. Pay it
(12:37):
off little by little every month it builds up your
credit and then little by little it doubles. Whatever amount
it is that you currently have a card, it will
double up it eventually if you pay on time. So
that's our first tip, going back to firsting back to investing.
The first investment, you know thing overall that you should
do if you have enough money to put it as
a deposit. Whether it is based off of what you
(12:59):
want said, it doesn't matter if it's an investment property
or the property that you live in, right, as long
as you have purchased a property, okay, correct.
Speaker 3 (13:09):
And what that does is you're building wealth with time, right,
and it's called leverage wealth. It's money. So you're borrowing
let's say two hundred thousand dollars that you don't have
in cask today. You and even if you did have them,
you borrow the two hundred thousand, three hundred thousand, and
guess what the increase in price is off of that number.
(13:31):
So using math when we were in school, you know,
three percent of three hundred thousand is nine thousand, which
means that if that house appreciates every year by two percent,
it goes up six grand. By three percent, it goes
up nine grand. If it goes up four percent, and
it's a three hundred thousand dollars, it increases in price
(13:51):
by twelve thousand dollars a year. So check that out.
While you're sleeping, you're making a grand a month on
somebody else's money. However, however, there's something I want to
I want to share it. There are two types of
way to make money. There's cash, which is what the
world you know, we've lived in pretty much all our life.
And then there's a crewel where you're building assets. Okay,
(14:15):
so think of it as as you know, I take
it to agronomy. So let let's think of a cow.
You would have one which grows to increase in weight,
and then you sell it by the pound, and then
you have the others that get milk every day. Then
you have you have the combination. So what I'm saying
is one is cash. One generates cash daily and the
(14:37):
other one grows with time and do you always want
to be in a scenario where your cash covers your
expenses and then some. But you always want a crew
so that you have your money is growing.
Speaker 2 (14:53):
Basically, you guys are to hear me talking about generation
of wealth. This is a perfect way to create generation
of wealth. Continue to add assets to your portfolio. That's
how I see it. We would have more generational world
among the Latin ex community. But the only way to
do that is to get yourself educated on how to
financially invest your money. And if you don't know what
(15:19):
to do, you find experts like Yvonne that can guide you.
Speaker 1 (15:22):
Listen, what do you do?
Speaker 2 (15:24):
Y'all't know you were on e commerce or you've been
selling doing washing cars, whatever it is that you've been
making hustling your money. You saved up one hundred thousand dollars,
eighty thousand dollars, even fifty thousand dollars. You don't even
know how you can flip this money and this can
become your first assets. Sometimes you don't need as much
money as people think, because even a small Q department
(15:46):
KAY is not necessarily in the best neighborhood or whatever
can actually bring you you know, some type of income,
whether you decide to put it on Section eight, whether
you decided to put it on Airbnb, whether you just
set whatever it is. There's a lot of different systems
and things that you can do. Some things I want
to talk about because I've heard this before, but I
would want you to clarify it. I was sold by
(16:06):
you know, my mom and you know, just you know
the older Latino community. Oh, I paid off my house.
You know, my house is paid. I don't have no
problems the American dream. Then I was told, no, do
not pay your house off by no means necessary, because
you can actually leverage off the property that you have.
Speaker 1 (16:24):
Can you explain that to me?
Speaker 3 (16:27):
Right? So there again there are two different mindsets. There's
a mindset of in the Latino community where the house
is an important anchor for that household, and particularly when
it's first generation immigrants. They come and you know, they've
got through so many struggles. I want to ma cure
that they have a whole that they that they have
(16:48):
and they secure that for their children and grandchildren. So
that's that's a natural event. What I recommend is that
you build revenue sources. Sources okay, means of getting cash
flow and that the payment on the house where you
(17:08):
reside should not be let's call it significant relative to
your to your income. So I'm gonna give you an example.
If you have a house, let's just use a round number.
Your house is going to be worth a million dollars.
Whether it's today, tomorrow, next year, five ten years, everyone's
going to listen to you from here on in is
(17:30):
going to be the Millionaire's Club. You are going to
create more millionaires amata than than home DEEPO and more marketing.
Speaker 4 (17:37):
Starting exactly because you are giving voice too, and you're
giving a light to an area of our economy that
that heretofore.
Speaker 3 (17:48):
Has not gotten it that much. Latina Afro descendant female
and just aspiring young LATINX and and and even Americans
just lane loving people who love America. That's that's what
this program is about. The notion is people need to
aspire and that doesn't mean you have to do it
as a first round. Right, So you you nailed it.
(18:11):
There are multiple homes all over the country that aren't
two hundred, five hundred and six thousand, seven million dollar homes. No,
you have you have the fifties and guess what with
fifties you could buy a fifties you could buy a
two one hundreds with like literally what it costs you
to brave your hands.
Speaker 1 (18:32):
That's the thing too.
Speaker 2 (18:33):
Then when we think about buying a property. By the way,
this is not just real estate. We're talking about finances
overall today. But I thought that, you know, that's an
important thing.
Speaker 1 (18:40):
You should start up. Where you live should be, you know,
one of your main goals.
Speaker 2 (18:44):
But when you think about these numbers, Oh, this house
cows five thousand, four thousand, three hundred thousand, whatever, maybe
remember that you're not paying all.
Speaker 1 (18:52):
Of this off the rip.
Speaker 2 (18:54):
All you need is a deposit a twenty percent, you know,
thirty percent and to be on it depends. Every state
has their own programs in which you know, you may
qualify for a program that you only have to put
five percent, one percent.
Speaker 1 (19:10):
I mean you just never known three three.
Speaker 3 (19:13):
Some are none, like I said, if they have to
put anything. And there are there are areas that there
are incentives to let's call it populate those areas. So
someone who can work remotely and you know they basically
pay their duce for two or three years, they go
when they live off the let's call it the making grid.
And they go to a rural area. Guess what, they
(19:34):
have a house. They now have an asset. They're building wealth.
The point is, no matter how you slice it or
dice it, put that as a as a goal, as
a marker, and put as a marker a number you
don't get on a train. And for those that live
in and say all right, I'm just getting understrained, you know,
and then okay, so where you're going, what's your stop?
(19:57):
You need to stop. You need to have a marker.
You need to have a place where you want to
land on. And that's critically important because every single successful
entrepreneur in the world has a vision of what they want.
They may it may not be exactly where they at.
A work towards. Many times you work towards it, and
(20:17):
sometimes you work towards it and something else happens, but
you guess what, it's a pivot. But it doesn't matter.
Speaker 1 (20:30):
So here goes into the tip mean not mean handed.
Speaker 2 (20:33):
Write this down, pay attention this this episode is very important.
Speaker 1 (20:36):
This is a very educational episode.
Speaker 2 (20:38):
So the other thing, the other tip that Ivan is
giving us is focusing on our goal. What is our
financial goal. What is it you're trying to establish? What
are your dreams and aspirations? Financially? What numbers should you
be reaching. If your bills are about, I don't know,
five thousand dollars a month, obviously you want to work towards.
Speaker 1 (20:56):
Okay, well, how can I get eight thousand?
Speaker 2 (20:58):
Eight thousand would be my number, just so that you
can have a little extra cash for a rainy day
or even if you want to invest some of that money.
So we all, we all went through the pandemic. We
saw how you know, how it felt when everything's shut down.
Speaker 1 (21:12):
God forbid. Let's pray that never happens again. But si pasa,
are you prepared?
Speaker 2 (21:16):
I think that that was our biggest lesson, is to
prepare ourselves because we never know what can happen.
Speaker 3 (21:21):
Now.
Speaker 2 (21:22):
Something that also is important to me is for those
that haven't thought about it, because we feel like we're
gonna live forever and we've seen these things happen over
and over again. And for the most part, this happens
in more of the you know, those that are more
like millionaires or financially ayahivra, the other category of the
people in this world. Will you know the wills and
(21:42):
the trust and all these things. Let's just say that
you purchase this house. You purchase this beautiful home. You
have a car, you have a business, you have I
don't know, money in your bank, you have all these
other great things.
Speaker 1 (21:56):
God forbid you financially, you know are well off. But
you you.
Speaker 2 (22:00):
Forgot to do your will. You forgot to put all
your asses under a trust, or maybe you put it
under your name, and you just got a lawsuit. You know,
they just sued you all the Now, let's talk about
protecting your assets, protecting you know, your investments.
Speaker 1 (22:14):
What should you do, how should you go about it?
And why is it important?
Speaker 3 (22:17):
Excellent, excellent point. So number one, everyone can have a
retirement account. You can have an IRA, a roth IRA,
you can have multiple be it be it through work
for one K, five or three BC whatever retirement accounts.
They cannot be you know, you cannot encroach through a lawsuit.
So that's that's number one. Number two, annuities are also
(22:41):
a source of a way to protect, h to protect.
But more importantly, that's that's like a it's an instrument
that's I can wrapt with an insurance and that's that
that's a source. But to make it simple, everyone listening
to us, everyone listening to you. A mada should have
a will. Oh, every single person should have a will.
(23:04):
And it doesn't matter about assets. It matters about what
how you simple things like what if you get sick
and you're in the hospital for three months, six months
a year, what do you want your family to do
you want do you want them to basically cut cut,
you know, cut it at three months or six months,
or you want to just to live, you know, to
(23:24):
do pray for you forever. That's a decision you need
to make if you have if you have children and
you're a single mom or your single dad, or or
you're in multiple you know, marriage that's intertwined with multiple
children of multiple you need to literally this is something
where you have to have a will like today, or
(23:47):
at least a letter of wishes. I wish my son
to be cared for by my daughter, to be cared
for by in my absence or in my disability who
in the event that you have either a disability or
an absence a final absence, who do you want the case.
Speaker 2 (24:04):
By the way, in many occasions we're like, oh no,
the kids automatically go to the mother meta you never know,
or the father you never know what's going on, never know,
God forbid. We could do a family trip. It's happened
in many occasions. Both parents are gone. Now you don't
have you know, A or B. What happens to your kids?
Do they go to the system? Do they go to
(24:24):
the grandparents? Maybe they don't go to the grandparents? Why
because you didn't do a will where you specified right right,
so it.
Speaker 3 (24:31):
Is of great weight. It is of great weight in
the legal system, or you know, they call it the
hands out of the grave, where a person basically is
like handing you the note saying, hey, this is what
I want to happen. So you don't want to leave
that in the hands of a third person or judge
or the system, or for there to be a dispute
(24:54):
between two uncles or two parents, or for that to
be a cause of aggravation or guess what it could
be that that relative that everybody knows you don't want
to leave your kids with you know, so so you
you know what I'm saying is it's critically important that
something that doesn't cost money, like a will number two
(25:16):
that is a must must, must, must, it's called term
life insurance. Term term life insurance. Anybody who's a parent
of a child should have term life insurance to cover
their income for that child. So it should be enough
money for them to live between now the time they're eighteen,
(25:39):
tack on four years of college, maybe another one or
two years of experience. So whatever you take out as
term life should cover that amount of money so that
they are not a burden wherever they live. Because you
know what happens, Amouna. When a child is in somebody's
home the first day there too is one thing, but
(26:00):
it's another thing when that child has now a resource
to sustain themselves to be able to go to that school,
that the private school that the parents may have wanted him,
or the tutoring or whatever other resource that could be
available to them. But because what term life does, it
only ensures you in the event of a final event,
(26:25):
in the event of death. You're not ensuring. It doesn't
have a lot of bells and whistles. It's not expensive
relative to the other insurances. So with let's say with
fifty bucks, thirty bucks, one hundred bucks whatever a month,
or even at work, everyone who works for a major corporation.
They always have insurance, and they offer you the opportunity.
(26:46):
Most of us don't even you know, we just want
to judge, but they offer the opportunity to multiply your
annual income times one, times two, times three and for
nothing for like three, five, ten, twenty thirty bucks. More So,
what I'm sa say is if nothing else out of
this term life, everybody who has young children, and by
(27:07):
the way, everything I'm sharing with you are things I
did right. In other words, I made sure that what
that my when I was wellline children were little, let's
call it that while they got to the age of eighteen,
I had insurance com heck, you know for for term
life all that time.
Speaker 2 (27:25):
See is what I'm saying that nobody teaches us these things.
So you know, we don't know what to do really
quick on the will. What exactly does the will cover?
Because for the most part we think about the financial part,
but you hit on some points that are very important.
It's not just finances, it's even making health decisions.
Speaker 1 (27:41):
So what should you have in there?
Speaker 3 (27:43):
So so you you want to cover, you want to
cover let's say the last event, how do you want
your your burial? Do you want to be incinerated. Do
you want your your ashes to be spread over a
particular park or school?
Speaker 1 (27:57):
Do you want to be buried in my medication.
Speaker 3 (27:59):
In the river? You want to be buried in your backyard? Exactly,
whatever it is that you wish to do. You So,
so let's cover the events, like the last ceremony. Who
you want or don't want to attend it?
Speaker 1 (28:11):
But that's shady. Oh no, in the will it says.
Speaker 3 (28:14):
You can no no meaning you you make you're you're
basically uninviting to be a speaker in your final ceremony.
X well, make sure you know you saw it with
there was a politician where they made sure that one
of one of the politicians didn't get invited. You know,
so they we saw it on the national stage. But
(28:35):
it's it's sometimes it's to avoid conflict. Sometimes it's so
that you know you had you know, there's so many intricacies,
but that that's individualized to the person. So you have
the first asset obviously is home and personal belongings. You know,
you may have mementos that are evaluation.
Speaker 1 (28:59):
May you spread out you know what do you want this?
Speaker 2 (29:04):
And that?
Speaker 1 (29:04):
Okay?
Speaker 3 (29:05):
Perfect right, So personal belongings and jewelry. You may have
jewelry that may have passed down multi generationally from our wilitaita.
So you want to make sure that personal belongings are addressed.
So you have you have burial, personal belongings, money, How
do you want that those assets to be distributed? If
(29:29):
you have a retirement account that work like a four ok,
all right whatever, and you have not a signed a beneficiary.
Speaker 2 (29:37):
And also if you have a little you know, bootleg
extra bank account for your savings that you don't want
nobody else to know about, make sure that somebody knows
about it, you know, have that in your will, because
then that can get lost in the midst of that.
Speaker 1 (29:48):
I mean, there's so many topics to cover here that
can get long. Have to wrap a little bit, better
go go through them.
Speaker 3 (29:54):
Yes, yeah, so you have we're down an asset. So
anything that you own of value you want to have there.
And then obviously if you own other assets, you want
to basically direct them into into trust or into the
bequeathed and to who you.
Speaker 2 (30:12):
Are we never even have to talk about the trust. Well,
just tell me briefly what is a trust and why
is it important for us?
Speaker 1 (30:18):
To have it.
Speaker 3 (30:20):
A trust is a is a call it like an
envelope where you put assets in and it's protected. So
it's a it's a judicially, it's under justice. It's like
its own person. So trust. But guess what A trust
doesn't drive A trust doesn't get into are you they true?
Speaker 2 (30:40):
I'm going to sue you. But are your properties and
all your money and everything is under a trust?
Speaker 3 (30:44):
What happens in the United States, it's a little harder.
It's still they still have ways, you know, in some
in some jurisdictions, but even within trusts, even within trusts,
there are things there are called there are Florida land trust.
Check this out. There's a concept called the Florida land
(31:04):
trust where you don't have to in the trust document.
Only the beneficiary knows it's their trust. But it doesn't say,
you know, a Maria de Los Angeles revocable trust. No,
it says Landmark Blue revocable trust. Who the beneficiary is
is only knows to the beneficiary. So the person that
(31:25):
appears is a trustee. The trustee gets So it's a
way to make it harder because they.
Speaker 2 (31:31):
Know it's the best way to protect all your asses,
your finances is the best way to just protect all
those things from any.
Speaker 1 (31:38):
Lawsuits or it's it's way one of many.
Speaker 2 (31:41):
With the rise of new financial technology, how can people
stay safe while exploring their new you know, you know,
new opportunities because obviously now everything is digital, everything is
just a.
Speaker 1 (31:52):
Tap a way. What are some of the ways.
Speaker 2 (31:55):
That you think that we can protect ourselves from getting scammed?
Speaker 3 (32:00):
That's a value, right, So you you want to crawl, walk,
run when it comes to money, right, you don't want
to go into this quick seeing if it's simple logic,
if it's too good to be true, it is okay.
If you can't explain it with a crayon, don't do it.
If you can't explain it to a four year old,
don't do it. That's simple. Number three is make sure
(32:23):
you the person gets learned, you know, learn about something
that's mission critical. I mean, you learned about triangles in
school and parallelograms and was the last time you used
a parallel gram? Okay, but they haven't taught you about
things like how to avoid scamming. Guess what scams are constant?
(32:47):
You know that even to pros. You know, we we
in the financial services and we get bombarded with people
that are constantly trying. So the answer is the answer
to your question is that is something of utter importance.
So one thing I recommend is starting out with companies
or firms that are established that have in the case
(33:11):
of securities, there's an assurance that it's called Securities and Investors'
Protection Corps. It's the equivalent of the FBIC. Okay, but
start with things that are tangible that you know. So
for example, if you're going to buy stock, right, start
with things that you know first and understand that you've
got to give this time. Don't try to make a
(33:33):
buck in a year or three months. Give it time.
And but things that you know that you know. If
you know coc I'm give you an example. You know
Coca Cola, you know Pizza Hut, you know if you
see this new this new product Chick fil A, or
a new franchise that may have been public. Those are
good ways for you to know.
Speaker 2 (33:53):
There's a small companies that no one knows about.
Speaker 3 (33:58):
But then what about the ubers that you you could?
You could, right, you could, you could. There's a way
to slice it. You could, but only with five percent
of your money. In other words, five percent of your money.
Speculate if you lose it, you lost it five percent,
you know. But the the the answer. The uber is
a is a publicly traded company. It's a company that
(34:22):
we all know what's ubiquitous. But again, my suggestion is
that that you you first learn about what is it
that makes these things tick. And there's a book. It's
an old book, but it's a really good book that
I that I always recommend this by a guy by
the name of Peter Lynch, Peter Lynch, and it's and
it's the book is called One Up on Wall Street.
(34:45):
And that book explains in like simple English, the literally
the professional paradigm, the columns that they use that we
use to make investment decisions. It's called One Up on
Wall Street. Very good book, easier to read. It's an
older book, but guess what, you get it free in
the library. I recommend everybody to try to either download
(35:07):
or get it into the library. But that book is
a is an absolutely good book to read, you know,
of all the things, of all the books that are
out there, that's one that I simply recommended as a
first book that everybody.
Speaker 2 (35:18):
No guys, you already heard it exactly from Evan. He
gave us some amazing tips. I could talk to him
forever because I have so many questions about still what
to do with my money?
Speaker 1 (35:27):
How do I go about it? All these great things.
Speaker 2 (35:30):
By the way, if we wanted to get in touch
with you, if we wanted to ask more questions, if
we wanted to work with you directly, and any of.
Speaker 1 (35:37):
These things, how can we get in touch with you?
Where can we follow you? Where can we see you?
Speaker 3 (35:42):
I basically I always reverted back to the source whenever
in a medium I say, hey, contact contact recommission contact
contact them, because the at the at the end of
the day, you know, I think this is a you've
done it, tremendous job. There are simple tips for everybody.
(36:03):
Open open an account for your children and have them
deposit that account before I forget a number two instead
of when you have to see these little birthdays, open
an educational account and tell your family don't buy me
the sock and the COMMI said that they don't use.
Just put five ten dollars in the in the educational account.
(36:24):
And that way that conversation inspired. Just tell them that's it.
Speaker 1 (36:30):
I love that.
Speaker 2 (36:32):
By the way, Ivan, thank you so much for being
with us today.
Speaker 1 (36:36):
I've learned so much. I hope that you guys have
learned as well.
Speaker 2 (36:39):
I'm definitely going to be posting this on my Instagram
account as well so that you guys can check it out.
Tell a friend to tell a friend to check out
exactly amount of this episode specifically so you can learn
a few things. Okay, thank you so much for being
part of exactly a Matter. Make sure to find me
on YouTube. Catch my show by searching for Michael's do
the podcast on YouTube and clicking on exactly a mon.
(37:00):
Follow me obviously on Instagram at Amara Laega a L
and Amada La Nigra a L.
Speaker 1 (37:06):
And and remember.
Speaker 2 (37:10):
This has been a production of Ihearts micro through that
podcast network.
Speaker 1 (37:13):
For more podcasts from my Heart, visit.
Speaker 2 (37:15):
The iHeartRadio app, Apple Podcasts, or wherever you listen to
your favorite show. You just heard exactly Amada
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