Embark on a journey with us, Anton Leftwich and Michel Dupoux, as we wrap up our March finance series with a recap into tax planning's pivotal role in personal and business finance. Whether it's grappling with personal taxes or navigating the complexities of an LLC, we've got the strategies to streamline your financial voyage and minimize tax headaches. Our chat isn't just about staying compliant; it's about making savvy choices that could slash your tax bills while bolstering your business awareness.
Our conversation doesn't stop at taxes; we equip you, our beloved "Wealthians," with the tools to take charge of your money matters. Discover the transformative power of a simple Google spreadsheet for budgeting and why Roth IRAs and IULs could be your golden tickets to financial prosperity. We dissect the perks of employer-sponsored plans like 401(k)s, and touch briefly on the world of whole life insurance and annuities. Embrace the mantra of 'paying yourself first' and watch as your financial empire grows with each wise decision.
Curiosity about digital currency is skyrocketing, and we're here to guide you through the digital finance frontier. We quickly revisit the ABCs of digital currency, from distinguishing coins from tokens to unraveling the mysteries of blockchain. As we ponder the future of digital currencies against the might of the dollar, you'll gain insights that could inform your next investment move. Plus, don't miss our special bonus episode this March – an extra slice of wisdom to enrich your wealth-building repertoire, all courtesy of our new home at HHN TV.
Learn more about the FBN initiative and get access to all social media platforms at https://linktr.ee/fbnlinks
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
First and foremost, we want to be clear that what we
are sharing with you arestrategies and concepts that can
be implemented by individualswho understand the logistics of
how these techniques work.
We are not giving you specifictax or financial advice.
We are simply giving you threekey elements of how to approach
(00:24):
such platforms, as far as theliteral, the mental and
spiritual format needed to besuccessful with your aspirations
.
Speaker 4 (00:57):
What's up world?
You're tuning in to FBN andthis is another episode of
Finance Bros Network.
I am the one half of FinanceBros, anton Lefwich, and this is
Michael.
Speaker 3 (01:08):
DePauw the other half .
Yes, sir, and we are coming toyou live with Finance for the
Unknown.
We are, or Finance forEverybody, my bad Finance for
Everybody.
That's all good.
We are honored to be here andto be able to serve diverse
communities as usual.
Speaker 4 (01:28):
Amen, mike.
Hey, we at the March Wrap Upalready for the end of March
2024.
I mean, this year is going byso fast, man, it's so crazy how
fast you are going through this.
Speaker 3 (01:42):
So it's a lot.
We've been doing a lot.
We've been doing a lot forHHNTV coming soon to you guys,
but we still love our dedicatedpodcast listeners, so we
continue to bring some goodstuff for you.
But, as you know, near the endof the month yeah, we got
(02:03):
probably one more week and we'regoing to try to throw in the
bonus.
Yeah, yeah, because it's a fiveweek month we don't have a lot
of those Little surprise.
Speaker 4 (02:12):
Little bonus.
Speaker 3 (02:16):
So you can still get to hear us every week, but today
we're going to be talking aboutall the stuff we talked about
this month, absolutely,absolutely.
Speaker 4 (02:26):
And I believe we started the month with taxes,
right, and then we went to themiddle of the month with
managing your funds as a wealthy, and then we ended with, oh,
the crypto currency, crypto,yeah, yeah, digital currency,
digital currency.
Speaker 3 (02:44):
So, yeah, just to go back with the taxes.
So pretty much with the taxes.
What we were looking to do ismake sure that our wealthians
understand when it comes totaxes is definitely planning,
planning, planning.
Like we focus so much on theplanning aspect, and it just
makes sense.
You know, I even gave a shoutout to my friend out there, the
(03:08):
auto paint depot.
I said it right this time.
I said it right.
Speaker 4 (03:15):
The hookup is back.
The plug is back.
Speaker 3 (03:18):
He's my friend again.
Right, right right.
But yeah, and he kind ofsuggested, like man, businesses
don't realize that if they don'tplan the taxes ahead, they
don't know what is coming.
It's like, at the end of theday, when you do your taxes,
like I could have deduct this, Icould have did that.
(03:39):
Yes, and we also said that'salso so applicable to you as an
individual.
As an individual, and if you'redoing a 1099 or you have an LLC
, you have a business like thator you're a 1099, as I mentioned
, to figure out what you wouldhave to pay for taxes.
(04:01):
And it's not going to becomplicated because, again,
unless you're making, you know,hundreds and hundreds of
thousands of dollars and youbetter not be at 1099 doing that
.
But if you are, because we haveeverybody out there who's doing
what they got to do for theirhustle, plan it plan to see how
much taxes that you will have topay and you know where you
(04:24):
could put your money in, whereyou could organize the taxes.
So it doesn't affect you becausetaxes is not going anywhere,
right?
Speaker 4 (04:36):
No, it's not.
And if you are a thrivingbusiness out there and you have
substantial things to injectinto your tax returns or
whatever you want to call it taxplanning maybe be filing
quarterly, well, you're notwaiting until the end of the
year.
In other words, I had a mentorwho told me one time begin with
(04:58):
the end in mind, there you go.
He said.
He was telling me that mostpeople who do there, who
communicate or do there I guessyou call IE like quote unquote
presentations they do it andthen can't wait to see what
happens at the end.
But somebody who is well versedand skilled at it, they already
(05:20):
begin with the end in mind.
They are going through theprocess knowing what the outcome
should be when the end comes.
So with taxes, you know, don'tI mean I had to say the word
don't, like don't do something.
We encourage you to planthroughout the year with the end
(05:42):
in mind, knowing that if we doABC then XYZ will happen, rather
than get to the end of the yearand then try to look back at
what we've done and hope itturns out in our favor.
Speaker 3 (05:56):
And it's also again going back to the planning
aspect.
If you are looking at, okay,what do I, I'm going to have to
pay for taxes by the end of theyear, you can run your business
a lot better with that in mind,because it might be like, okay,
yeah, we can, let's say we coulddo a company party.
(06:17):
Or or, yeah, we can go out andget pizzas for everybody,
because that's a write off andwe need those write offs.
We need certain write offs thatyou might end up paying taxes
on, and if you do them, you takeaway that tax liability,
because that's one of the thingsthe government understands that
in a company you might want tohave to do.
(06:39):
You know if you, if, let's say,you know you're driving, let's
say how much mileage I need toput, I can't keep keep going
here, keep going here, you knowto drop off the supplies or
whatever.
But then if you have the duckshins for doing that, you help
you more, run your business moreefficiently, because you know
(07:00):
You'll be able to deduct that atthe end or what, while you're
doing your taxes here.
This is the percentage that I'mutilizing to run my business,
so I'm not paying taxes on it.
So it so, as opposed to themoney going to the bottom line,
to the profit, and then they hitnew with that.
(07:21):
You know 20%, 25% tax thatyou're going to pay as a small
business.
You know you're able to avoidthat 25% tax because it's able
to, that contribution is able togo to a deduction for something
that you already know, becauseyou plan for it Absolutely.
And then and that's a greatsegue into our managing funds as
(07:43):
a wealthy managing funds as awealthy.
Speaker 4 (07:46):
It really does go together.
Speaker 3 (07:48):
Yes, it does.
It does that P b and c and theP b and j you know they go
together like Well, definitelyas a wealthy, and you know, to
make sure you're what apersistent yeah, well, yeah, p,
b and c.
Speaker 4 (08:04):
Yeah, be persistent, be on time.
Well, no, no, no, be patient,patience, sorry.
Be on time Right and beconsistent.
And then we, you know, we addedin the P, b and j Right With
the.
You know, be polite, be boldand be joyful for it.
So if you can do all thosethings while being polite and
being bold and being joyful.
(08:25):
Isn't, I mean, come on, mike?
Is that the way to maximize thepatience, being on time and
being consistent Also?
Speaker 3 (08:33):
if you, if you do that, you know what I mean,
definitely, if you're doing thatin, during the process and
throughout the process, right, Imean people have to be
attracted to that Well like Isaid, we just have to have that
wealthy and mindset Right andthen that's where the planning
comes in and managing our fundsas a wealthy and you know, there
(08:54):
are several things that wetouch based on.
We touch based on a budgetingyeah.
Speaker 4 (08:59):
Yeah, we did, yeah, definitely we did a wealthy and
plan a wealthy and Epian wealthyand planner, right, right and
as usual, we always promote ourwealthy and planner to help our
wealthians out there to helpplan their personal life.
Speaker 3 (09:15):
And again, it's a simple Google spreadsheet.
If you DM us we'll send it toyou.
It's not a big deal, but wewant you to succeed for free.
99 for free 99 for free 99.
Speaker 4 (09:30):
I want to see our wealthians win out there, right,
right, but we also spoke aboutthe saving aspects Absolutely.
Yes, yes, we went into RothIRAs Right.
Roth IRAs kind of the the, thestrategy aspect behind the Roth
IRAs, the strategy aspect behindyour IULs how to maximize those
(09:51):
particular financialinstruments and make them work
for you, not only in the shortterm, but in the long term.
Speaker 1 (09:58):
Right, right.
Speaker 4 (09:59):
And then, as far as the retirement planning, we were
talking about another.
Well, we did talk about alittle bit about our IRAs, right
?
Speaker 2 (10:07):
I mean, you can use those 401k things like that
Right, right, right.
Speaker 4 (10:10):
These are because these are employee sponsored
plans, exactly.
Okay, right so while youremployer is giving you free
money to participate insomething.
Ie a match, okay.
Speaker 3 (10:23):
Right.
Speaker 4 (10:23):
If you're going to get, if you I mean take the free
money, please, please all day.
All day, all day, all right.
But, above that, if youremployer is and this some some
may not have mentioned in thatepisode, but I'll mention it now
if your employee is matchingyou 3%, then you'll do.
Then maybe do the 3%, right.
Right, which are notrecommending anything, but I'm
(10:44):
we're just pointing out, right,that if you're getting a match
of 3%, which is free money, thenmaybe match the 3% right.
And, you know, if anything abovethat, maybe, maybe you would
want to consider an outside ofyour job vehicle Right which
IULs and Roth IRAs are availableright to us out there.
Speaker 3 (11:06):
Yeah, and we had mentioned whole life, we had
mentioned right annuity.
Yes, absolutely, absolutely.
So all those things are ways tosave money.
Speaker 4 (11:14):
These are all vehicles that are, that are that
are available to us.
Now, we all know that financialeducation out there and
literacy is not, is not so muchfully taught, and some of these
things may not be made ofreadily available to us, but
we're here to let you guys knowthat there are resources out
there.
If you don't know resources,obviously we're happy to be a
(11:37):
resource to our wealthings outthere Right and point them in
the right direction if it's agood fit for what it where it is
they're trying to go Right, andthe whole point of this
wealthiness is to manage yourfunds in a way that it's going
to come back and work for youExactly.
Speaker 3 (11:54):
You know it's, it's.
It's a hard Pills to swallowwhen you say you make this much
and you just have this much leftfor savings.
But if you have, let's say, 10%of checks so let's say, an
average person is bringing homea thousand dollars, right?
With a decent job, you bringhome a thousand dollars.
(12:14):
But, and in our society and oureconomy these days, that
thousand dollars is not gonna gofar week, you know it's really
not between whether it's yourmortgage You're paying, or rent
you're paying.
You know, by the time you buyfood, by the time you you pay
credit cards because youpurchase clothes to go to work.
Speaker 4 (12:33):
I mean, that's what we used to talk about the free
check.
My free is my free check.
I could actually do something.
Speaker 3 (12:42):
And in some steps, some stages, you might say, oh,
I only have 10%.
Some scenarios you might have20% at the end of the week,
putting that in savings at theend of the day.
And if you do decide to gotowards in like an IU, well, you
put you, you're contributingthat amount in every week.
(13:03):
It builds.
You're gonna blink your eye,it's gonna build compound
interest.
Speaker 4 (13:10):
Einstein called it the eighth wonder of the world.
Speaker 1 (13:12):
There you go.
Speaker 4 (13:13):
If I'm not misquoting , I do believe that's what he
said.
He said it was a force morepowerful than gravity.
Right, right, you know.
And if you, if you guys want tounderstand the logistics of
that, go back and listen to someof the FBN episodes.
We talk about the rule of 72and all those things and how
those work, because we've brokenall that down, right, guys?
Speaker 3 (13:32):
right and just to reiterate, managing your funds
as a wealthy, and it's soimportant to just kind of Plan
to to make that part happen, tomanage the fund.
Yeah, we spoke about taxesplanning.
Why not?
As you're planning for yourtaxes, you plan for your, for
for your budget, for you to save.
(13:53):
You know you planned for, okay,a rainy day, you plan for all
these different scenarios, butbut looking for the right tools
to plan with.
So I eat putting it Becauseit's easy, the banks make it
easy for us putting it in aregular savings account, not
(14:15):
good planning.
Speaker 4 (14:16):
Right and look, if you want to build the muscle,
your savings.
We always talk about build themuscle and some people might be
well, what is that?
You know what I mean?
So.
So look, if we all need atarget to hit, okay, very, not.
Maybe beginner savers startsaving 5% of what you make.
There you go, every month,before taxes, there you go.
(14:36):
All right, as we start buildingthe muscle a little bit, start
to put away 10%, 10%.
You'll be intermediate saver andthen more advanced savers will
will start to put away eitheranywhere between 15 to 20% Of
what you bring home before taxes.
Speaker 3 (14:51):
Right, give yourself the first piece and the best
piece right, right, right, andand do it for you, because what
you're doing is is You're payingyourself right right, paying
yourself, building a next day,and they are tools out there.
Even with the, the amount ofmoney that you're bringing in
now and we we hope is it growsand you're doing more of making
(15:13):
better financial Decisions tokeep growing whatever you have
left to leverage it, becausethere are a lot of ways to
leverage it and we have thataccessibility and there's,
there's, there's a products outthere for that, you know, even
at you know, a thirty fivethousand or fifty, sorry, a
(15:35):
fifty thousand Dollar salary youknow, there are, there are
tools for that.
I would even say out at thirty,thirty five thousand.
But that would be a stretch,because if you're making thirty
five thousand, I mean maybe insomewhere in the middle states
where the cost of living is nottoo high.
If you're out here, here, youmight be able to do the same
(15:58):
scenario.
But most of our population, ifyou're making thirty five
thousand, forty thousand, withthe way Prices for groceries and
everything, the cost of livingdown, it's really hard to Save
but you know it's hard out here.
(16:24):
But all the whole point is, ifyou, let's say, you, you want to
save, you want to manage yourfunds that way, oh, you got your
primary work and it allows youto do a side hustle.
Yeah, yeah, take that money andsave it.
You know, take that money andput it away and something that
is gonna grow.
So, yeah, maybe this is yourQualification at this time for a
(16:48):
thirty, five, forty thousanddollar job.
Way, just at the end of themonth, it might just you might
be at zero, but you decided todo a side hustle now that money
is not at zero, right?
That's not a zero, because whatyou're doing primarily Maybe
it's a nine to five situationthat you're doing Monday through
Friday Some people are lucky tohave jobs like that but then
(17:11):
you have time after five o'clock, like, say, a six to nine.
You're doing a side hustle.
And maybe one day during theweekends You're doing a side
hustle.
Take that money, manage it, sowhere it could save you and you
can leverage it, Absolutely.
Speaker 4 (17:27):
Look, do more than what we're paid to do and
eventually We'll be paid morefor what we do.
Right at the end of the day,it's just doing a little bit,
doing a little bit extra andlook, this is life right now.
Yeah, know that, going throughthe process and being at the job
and whatnot, and, look, some ofus are career people, we have
(17:49):
jobs and we actually thrive inthose jobs because, yeah, we may
have a position where we feelfulfilled by that thing.
That's right.
I mean, we're not, we're not,we're not maybe, we're maybe not
all meant to be entrepreneurs,but we have a purpose within our
position, that we're workingwithin this nine to five, right,
and so we can have, we can haveFulfillment, knowing that just
(18:10):
doing a little bit extra withinthat might give us that
promotion, give us that bump up,give us that ability to, to
move into a position where nownot only, yeah, maybe we're
expected of more, but now we'realso able to, to do and create
more, right, right.
So, because we're talking to ourwe're definitely talking to our
entrepreneurs out there but,hey, look, if you love your job,
(18:32):
that's great.
Yeah, that's awesome, because Iguess what you know, we all
need people To be loyal withinthe businesses that we create,
right?
So maybe we are that, that,that entrepreneur, that we're
somebody's boss and we want tomake that life.
We want to, we want to create,help them create the life that's
fulfilling for them so they cancome do their best for us right
(18:52):
.
Right, fbns gonna have employees.
There you go and we want tomake their life.
We want to make their lifeprosperous, definitely.
You know I'm saying pouringinto those people.
So you know whether you'reentrepreneur or you are not a
five-person or employee, what,whatever you want to call it,
you know, just just know that ifwe are in the play, if we're
not feeling fulfilled, of coursego out there and create our
(19:12):
life.
But if you are feelingfulfilled and we are moving in
our gift, within that model,whatever it is there's a job or
being an entrepreneur doing thatlittle bit of extra Will
Multiply, it will compound, andthis is going back to my point.
This is life right now right.
Meaning things soon will bedifferent, change.
(19:37):
Go in our favor if it's notfeeling like it's in our favor
right now, whatever that meansfor us, right?
This is just like I was tellingthat message about a friend
that I had and I was, I was.
It was a time in my life when Iwas just going through you know,
I was going through somethingand he and I asked him I said
how do you deal, how do youremember?
And yeah, remember it, rememberall the time.
(19:58):
Yeah, and he said he says realsimple, I just tell myself this
is life right now.
Yeah, I, this is life right now.
Speaker 1 (20:08):
Not.
This is life forever.
Speaker 4 (20:09):
Yeah, this is how it's gonna be from now on no
this is life until I figure itout and I implement strategies
and change my direction andchange my life forever.
Speaker 3 (20:24):
And now it's the other power to do that, and I'm
glad you went through that wholething because the t-shirt for
that episode was financialfreedom is not a fantasy.
Speaker 4 (20:34):
It will be my future, man come on now, does that not?
Speaker 3 (20:40):
fit, of course.
Of course you put that on at-shirt, you know, whatever
you're going through to yourpoint, this is my life right now
.
This is, you know, not gonna bemy life forever.
Speaker 4 (20:50):
It's just right now, so it's just right now it's a
season, that's what I call itseasons.
That's right, this is plantingseason, then this is harvest
season.
There you go.
Every season is not harvest.
There are planting seasons too.
Speaker 3 (21:04):
Yeah, but and then that we could segue right into
our episode for digital currency.
What it is, all right, or whatis it.
Speaker 1 (21:17):
Sorry A digital currency.
Speaker 3 (21:20):
what is it?
And we spoke about a lot ofthings and this was a little bit
of a complicated episodebecause I don't know who is
trying to get into digitalcurrency Right now.
The stage of digital currencyis hot.
When I say it's hot, financenetwork finance.
(21:40):
Bro's network is letting youknow digital currency is hot
right now, so the one thing thatwas very important that I said
was make sure you do yourresearch.
You decide to go into it.
We spoke about side hustle.
Yeah, we did.
You decide and that would be aside hustle because you are not
(22:01):
a digital currency expert,You're not a financial expert
but you decide oh, I'm gonna gointo digital currency and make
money, You're gonna have tolearn platform.
It's a beast within itself.
Yes, absolutely, you can makeextra money with digital
currency.
Absolutely, but if you don'tknow, you will not make any
(22:27):
money.
I'll be honest you will notmake any money with digital
currency if you don't know.
Speaker 4 (22:35):
Hey, I was gonna say you gonna go from digital
currency to digitaldiscouragenessy.
Speaker 3 (22:44):
What is that?
Speaker 4 (22:44):
an Antonism, yeah that's an Antonism right there.
But, you know, we spoke.
That's real, though, that isreal.
Very serious stuff.
Speaker 3 (22:56):
But within the episode, I kind of gave the
break out some of thefundamental things that you
needed to understand, like, whatis digital currency as far as
how it was created?
And we gave the example of acountry creating a currency and
having assets or gold or sometype of element to back it, some
(23:16):
type of element of value toback it.
So same thing with digitalcurrency is something that's
created.
It may not have something toback it yet, but you know,
people are creating thesecurrency, putting a value on it
and say, well, this could bebacked up with it, or that.
Or people are purchasing thecurrency and say, oh, I'm gonna
have my company back this upwith it, because what they're
(23:39):
doing they're setting up forwhen the currency or when the
whole process, digital currencybecomes regulated and they could
build.
Because some of these digitalcurrencies are built based on an
idea, or they built based on aproduct somebody might have, and
(24:00):
I guess it's a ways to raisemoney for it too.
But if it's a good enoughproduct that this is being
backed by it, maybe it'll havevalue.
It'll have value.
So, and then I also gave like,okay, how does it work?
We spoke about blockchain.
(24:20):
What is blockchain?
Speaker 4 (24:22):
Oh, yeah the storage closet, the storage closet, you
remember?
Speaker 3 (24:25):
Yeah, yeah, the blockchain is a storage, and
then there's a differencebetween a token and a coin.
So a coin would pretty muchhave its own storage room, but a
token is like okay, you wouldrent from that person who's?
Speaker 4 (24:43):
in that storage room, yeah, yeah, and put something
in there.
Put something in there, butthat's a good analogy.
Yeah, because I've never reallyunderstood it.
Speaker 3 (24:51):
Right.
Right, a blockade has a storageroom where you can put all of
your information for that cointo be validated, and then
there's a lot of other peoplewho have computers and this is
how they validated that.
Yes, that's what's in thatstorage room.
(25:11):
I concurred, that's what's inthat storage room and that's the
process called mining, wherepeople are validating.
That that's what you put inthat storage room, aka
blockchain.
That's what's supposed to be inthat blockchain.
And then when the validation,the validation is like I mean,
(25:33):
it's like 13 to 14 differentcharacteristics, meaning letters
and numbers, and then all thesedifferent people and it could
be anywhere in the country thatare validating.
And all of this is done toensure the security of the
currency Because, remember,we're talking about currency,
which is equating to somethingthat could be a value for assets
(25:58):
.
It could be a value forwhatever that person created the
currency for, and for you toobtain it, to purchase it or
sell it, it needs to bevalidated.
And the mining comes in, whichis and it's an unregulated thing
(26:19):
right now, but people find thatit's a more secure way to
create some type of bartersystem.
You know what I mean.
So it's a different way.
So, just like all thesedifferent countries have their
different dollars, theirdifferent currency.
You go to the airport, youswitch, you trade currency.
All these different digitalcurrencies is mimicking that,
(26:43):
but all online, it's all incomputers, it's all digital.
There's nothing tangible thatyou can have, and we did talk
about making it tangible.
And then literally downloadingit into your computer,
downloading it into a thumbdrive, you know, saving it that
(27:04):
way.
So that way, when you haveaccess to it, with Whoever's
willing to pay you for the valueof that currency you can get
for it.
So if you want to switch it andwe did mention coin base, yeah,
which is a platform, oneplatform.
I changed the currency for realdollars, for for for dollars
for a matter of dollars.
Speaker 4 (27:22):
That was my biggest thing is that I it's easy to put
money in.
Speaker 3 (27:25):
How to get it out exactly, and it's in anything
you do.
It's always easy to put moneyin.
So, yeah, that's true.
So, but but you the reason whyyou know we still us dollar, no
matter how bad you say thingsare, and everything us dial is
the most traded company Currency, sorry, worldwide, that's why
(27:47):
he?
has a lot of value dollar, yeah,yeah, the US dollar has a lot
of value.
So when you think about that,when you say, okay, I'm gonna
buy digital currency for it,well, what value does it have?
It could be a future value ofthat dollar, of that currency,
or that digital Dollar thatyou've given them now.
A US dollar that could growinto okay, I give you one dollar
(28:11):
for this digital currency andthen, ten years later, that
currency could be worth $10.
And now it's like well, I will,I have this currency.
It says it's worth ten dollars,us dollars.
Now, you see how that invests,right, right, it's so.
You get that money back in USdollar.
But US dollar is still the king, you know, still king as far as
(28:35):
currency.
But there's a lot happening.
We have, you know, billionpeople on this planet and
Everybody's trying to figure outa way to leverage and make
money, to be better thansomebody else, and that's why
these things come about, andthat's one of the reason why
digital currency was created.
It was an unregulated type ofcurrency.
(28:55):
We could trade it for.
For it, we could say, hey, yougive me this much, I'll give you
this.
And we mentioned Bitcoin.
Right now, you could purchase ahouse.
You could purchase a car.
You could purchase it becausethey see the value in it and
truth be formed versus thedollar.
Now, as we speak in today,bitcoin is at about $60,000 to
(29:19):
one Bitcoin.
Hmm, 60,000 out to one Bitcoin,so there's value in that coin,
okay, you know.
So, yeah, we were able to talkabout that and I also like the
t-shirt, for that.
One, which was my crypto wallet, is like an onion.
When I open it, you want to cryit's because of the volatility.
(29:42):
One day you'll see it.
Oh man, fact-n-tile.
You were looking at yourBitcoin, you're like oh wow,
wait a minute.
It was, it was this much thatwas down.
Speaker 4 (29:53):
9% happen the value it happens, it happens, don't
get a moth don't let it, don'tget emotional.
No, yeah, don't let emotionsspend your money exactly exactly
, or keep you from making money.
Speaker 3 (30:07):
So, so this goes.
So we, as we do the breakdownfor the month.
Speaker 4 (30:12):
Yeah, yeah, the little, the mental, so gotta
give them the breakdown.
Speaker 3 (30:15):
We gotta give them the breakdown.
So the literal for the monthcame from episode number six,
managing funds, which is usingyour fund, a finance, a finance
tools to manage your funds as aWealthy in FBM wealthy, impander
right out your budget, puttingyour funds in different finance
(30:38):
products.
So that's a way to manage yourfunds.
So that's a literal thing thatwe can do To manage.
So it doesn't have to be theFBM wealthy and planner, but it
could also.
It could be Something that youuse to manage your funds.
And that that was the literalfor the month.
So we just want our wealthiestto continue to think about
(31:02):
planning right.
Think about managing theirfunds Right we want to emphasize
on that.
You want to give them the mental.
Let me do the spiritual man.
Speaker 1 (31:10):
Oh, I'll get, I'll let you.
Speaker 3 (31:16):
So the the mental comes from Episode five, which
was taxes, and mental is a setup for your taxes at the
beginning of every tax season,with your job or Planning as a
1099 or a business owner.
So mentally, yeah, what we'resaying is to set it up so that
(31:40):
way you know where you're going.
It's not something you have tothink about For you, especially
for your taxes, and I thinkthat's very important that we
emphasize plan, plan, plan foryour taxes, because it's a
expense that's not going away,because what are the two things
(32:00):
that are guaranteed in life anddeath in taxes.
Speaker 4 (32:03):
There you go, it ain't going away.
Speaker 3 (32:05):
So Plan, plan, plan.
We felt that was very importantthat, yeah, we mentioned that
for the month as the mental andwhat is the spiritual?
Mr Anton alright brother.
Speaker 4 (32:15):
So and this came from managing funds is a wealthy and
as well, yep, alright.
So, after you manage your fundsand You're still going to zero
or less, mm-hmm, have faith andBelieve that you're going to
find other resources To help yougrow as a wealthy.
And wow, and I tell you that'sso important we, why it hit me
(32:38):
so hard is because I heard a, Iheard a message one time and the
person was saying that Faith isyour attitude while you wait.
Right, that's deep, that isdeep.
Faith is the definition of yourattitude while you wait,
because we all have to wait atsome point.
(32:58):
Yeah, it takes time to do thingsright, but the attitude, hmm,
while waiting, is not alwaysencouraging right to ourselves
or the people around us, exactly.
So I mean when we, when you are, when we are not getting the
results right away, right Fromthe things we're doing, because
this is a microwave, it,microwave generation and we are
(33:19):
so programmed to get thingsright away on demand.
Sometimes there can be a skewedperception of Whatever you want
to call the entrepreneurship,the, the, the promotion at our,
at our position, at our job.
Which is which is, which is liferight now, right, not forever,
right.
We just say, like we justillustrated on.
(33:40):
So there is that.
There is that aspect of theattitude, attitude while we wait
, and that's really what thatmeans to me is let's be aware,
let's have a heightened sense ofawareness and let's be
conscious of our attitude whilewe wait, the type of attitude we
want to carry with us while wewait.
(34:02):
There you go, and maybe, if wehave the correct attitude and we
are aware of what's going oninside of us and we're and we're
, you know, we're not lettingemotions spend our money things
like that then maybe the processwill happen a little bit faster
.
It will manifest, it'll manifesta little bit faster there you
go.
Speaker 3 (34:20):
That's part of spiritual, that's part of
spiritual manifesting itself.
Yes, sir, and and we'll go.
We'll end it with our t-shirt,because we still trying to keep
it you know, for your 30 minutedrive, we gotta get by.
Speaker 4 (34:34):
Yeah, yeah.
Speaker 3 (34:35):
So the t-shirt of the month was what we mentioned
before was my crypto wallet islike an onion when you open it,
you want to cry.
So we thought that was the bestt-shirt that we would be able
to provide for the month.
But yeah, there are a lot ofgood stuff this past year.
Speaker 1 (34:53):
Yeah, yeah.
Speaker 4 (34:54):
I know, we got one more week.
Speaker 3 (34:56):
We're gonna try to get a nice little bonus.
Speaker 4 (34:58):
We go, we don't give a nice little bonus, and I think
, I think, man, I just thet-shirt for this the next month.
Oh it's the next episode justhit me.
Speaker 3 (35:05):
Oh, here we go, here we go.
Speaker 4 (35:08):
Well, we already, why we are really really.
We typically already have one,but I think you might have to
give them to there.
Speaker 1 (35:13):
You know all right, all right, all right.
Speaker 4 (35:16):
Hey, we go, we gonna come out with a little little
special bonus for the nextepisode.
Since there's five Saturdays inMarch, mike, we decided to give
him a little little specialbonus episode.
Okay, you know little little.
Little something yeah, you knowsomething yeah, hit him with a
little extra right, extra righttake the weekend off, but we
(35:36):
won't, all right.
So you know, obviously, as usual, you know, don't forget to
check us out on your socialmedia podcast platforms Apple
podcast, I heart radio, spotify,google podcast link could be up
down left right, depending onwhat social media platform you
might be on and you look.
Don't forget to check us out atour new home at HHN TV.
(35:58):
Coming soon, coming soon,coming soon, and as usual, mike,
I appreciate you, you know it,and we'll see you at the bank.
Peace y'all, take care world.
All right, I'm sorry.
First and foremost, we want to be clear that what we
are sharing with you arestrategies and concepts that can
be implemented by individualswho understand the logistics of
how these techniques work.
We are not giving you specifictax or financial advice.
We are simply giving you threekey elements of how to approach
(00:24):
such platforms, as far as theliteral, the mental and
spiritual format needed to besuccessful with your aspirations
.
Speaker 4 (00:57):
What's up world?
You're tuning in to FBN andthis is another episode of
Finance Bros Network.
I am the one half of FinanceBros, anton Lefwich, and this is
Michael.
Speaker 3 (01:08):
DePauw the other half .
Yes, sir, and we are coming toyou live with Finance for the
Unknown.
We are, or Finance forEverybody, my bad Finance for
Everybody.
That's all good.
We are honored to be here andto be able to serve diverse
communities as usual.
Speaker 4 (01:28):
Amen, mike.
Hey, we at the March Wrap Upalready for the end of March
2024.
I mean, this year is going byso fast, man, it's so crazy how
fast you are going through this.
Speaker 3 (01:42):
So it's a lot.
We've been doing a lot.
We've been doing a lot forHHNTV coming soon to you guys,
but we still love our dedicatedpodcast listeners, so we
continue to bring some goodstuff for you.
But, as you know, near the endof the month yeah, we got
(02:03):
probably one more week and we'regoing to try to throw in the
bonus.
Yeah, yeah, because it's a fiveweek month we don't have a lot
of those Little surprise.
Speaker 4 (02:12):
Little bonus.
Speaker 3 (02:16):
So you can still get to hear us every week, but today
we're going to be talking aboutall the stuff we talked about
this month, absolutely,absolutely.
Speaker 4 (02:26):
And I believe we started the month with taxes,
right, and then we went to themiddle of the month with
managing your funds as a wealthy, and then we ended with, oh,
the crypto currency, crypto,yeah, yeah, digital currency,
digital currency.
Speaker 3 (02:44):
So, yeah, just to go back with the taxes.
So pretty much with the taxes.
What we were looking to do ismake sure that our wealthians
understand when it comes totaxes is definitely planning,
planning, planning.
Like we focus so much on theplanning aspect, and it just
makes sense.
You know, I even gave a shoutout to my friend out there, the
(03:08):
auto paint depot.
I said it right this time.
I said it right.
Speaker 4 (03:15):
The hookup is back.
The plug is back.
Speaker 3 (03:18):
He's my friend again.
Right, right right.
But yeah, and he kind ofsuggested, like man, businesses
don't realize that if they don'tplan the taxes ahead, they
don't know what is coming.
It's like, at the end of theday, when you do your taxes,
like I could have deduct this, Icould have did that.
(03:39):
Yes, and we also said that'salso so applicable to you as an
individual.
As an individual, and if you'redoing a 1099 or you have an LLC
, you have a business like thator you're a 1099, as I mentioned
, to figure out what you wouldhave to pay for taxes.
(04:01):
And it's not going to becomplicated because, again,
unless you're making, you know,hundreds and hundreds of
thousands of dollars and youbetter not be at 1099 doing that
.
But if you are, because we haveeverybody out there who's doing
what they got to do for theirhustle, plan it plan to see how
much taxes that you will have topay and you know where you
(04:24):
could put your money in, whereyou could organize the taxes.
So it doesn't affect you becausetaxes is not going anywhere,
right?
Speaker 4 (04:36):
No, it's not.
And if you are a thrivingbusiness out there and you have
substantial things to injectinto your tax returns or
whatever you want to call it taxplanning maybe be filing
quarterly, well, you're notwaiting until the end of the
year.
In other words, I had a mentorwho told me one time begin with
(04:58):
the end in mind, there you go.
He said.
He was telling me that mostpeople who do there, who
communicate or do there I guessyou call IE like quote unquote
presentations they do it andthen can't wait to see what
happens at the end.
But somebody who is well versedand skilled at it, they already
(05:20):
begin with the end in mind.
They are going through theprocess knowing what the outcome
should be when the end comes.
So with taxes, you know, don'tI mean I had to say the word
don't, like don't do something.
We encourage you to planthroughout the year with the end
(05:42):
in mind, knowing that if we doABC then XYZ will happen, rather
than get to the end of the yearand then try to look back at
what we've done and hope itturns out in our favor.
Speaker 3 (05:56):
And it's also again going back to the planning
aspect.
If you are looking at, okay,what do I, I'm going to have to
pay for taxes by the end of theyear, you can run your business
a lot better with that in mind,because it might be like, okay,
yeah, we can, let's say we coulddo a company party.
(06:17):
Or or, yeah, we can go out andget pizzas for everybody,
because that's a write off andwe need those write offs.
We need certain write offs thatyou might end up paying taxes
on, and if you do them, you takeaway that tax liability,
because that's one of the thingsthe government understands that
in a company you might want tohave to do.
(06:39):
You know if you, if, let's say,you know you're driving, let's
say how much mileage I need toput, I can't keep keep going
here, keep going here, you knowto drop off the supplies or
whatever.
But then if you have the duckshins for doing that, you help
you more, run your business moreefficiently, because you know
(07:00):
You'll be able to deduct that atthe end or what, while you're
doing your taxes here.
This is the percentage that I'mutilizing to run my business,
so I'm not paying taxes on it.
So it so, as opposed to themoney going to the bottom line,
to the profit, and then they hitnew with that.
(07:21):
You know 20%, 25% tax thatyou're going to pay as a small
business.
You know you're able to avoidthat 25% tax because it's able
to, that contribution is able togo to a deduction for something
that you already know, becauseyou plan for it Absolutely.
And then and that's a greatsegue into our managing funds as
(07:43):
a wealthy managing funds as awealthy.
Speaker 4 (07:46):
It really does go together.
Speaker 3 (07:48):
Yes, it does.
It does that P b and c and theP b and j you know they go
together like Well, definitelyas a wealthy, and you know, to
make sure you're what apersistent yeah, well, yeah, p,
b and c.
Speaker 4 (08:04):
Yeah, be persistent, be on time.
Well, no, no, no, be patient,patience, sorry.
Be on time Right and beconsistent.
And then we, you know, we addedin the P, b and j Right With
the.
You know, be polite, be boldand be joyful for it.
So if you can do all thosethings while being polite and
being bold and being joyful.
(08:25):
Isn't, I mean, come on, mike?
Is that the way to maximize thepatience, being on time and
being consistent Also?
Speaker 3 (08:33):
if you, if you do that, you know what I mean,
definitely, if you're doing thatin, during the process and
throughout the process, right, Imean people have to be
attracted to that Well like Isaid, we just have to have that
wealthy and mindset Right andthen that's where the planning
comes in and managing our fundsas a wealthy and you know, there
(08:54):
are several things that wetouch based on.
We touch based on a budgetingyeah.
Speaker 4 (08:59):
Yeah, we did, yeah, definitely we did a wealthy and
plan a wealthy and Epian wealthyand planner, right, right and
as usual, we always promote ourwealthy and planner to help our
wealthians out there to helpplan their personal life.
Speaker 3 (09:15):
And again, it's a simple Google spreadsheet.
If you DM us we'll send it toyou.
It's not a big deal, but wewant you to succeed for free.
99 for free 99 for free 99.
Speaker 4 (09:30):
I want to see our wealthians win out there, right,
right, but we also spoke aboutthe saving aspects Absolutely.
Yes, yes, we went into RothIRAs Right.
Roth IRAs kind of the the, thestrategy aspect behind the Roth
IRAs, the strategy aspect behindyour IULs how to maximize those
(09:51):
particular financialinstruments and make them work
for you, not only in the shortterm, but in the long term.
Speaker 1 (09:58):
Right, right.
Speaker 4 (09:59):
And then, as far as the retirement planning, we were
talking about another.
Well, we did talk about alittle bit about our IRAs, right
?
Speaker 2 (10:07):
I mean, you can use those 401k things like that
Right, right, right.
Speaker 4 (10:10):
These are because these are employee sponsored
plans, exactly.
Okay, right so while youremployer is giving you free
money to participate insomething.
Ie a match, okay.
Speaker 3 (10:23):
Right.
Speaker 4 (10:23):
If you're going to get, if you I mean take the free
money, please, please all day.
All day, all day, all right.
But, above that, if youremployer is and this some some
may not have mentioned in thatepisode, but I'll mention it now
if your employee is matchingyou 3%, then you'll do.
Then maybe do the 3%, right.
Right, which are notrecommending anything, but I'm
(10:44):
we're just pointing out, right,that if you're getting a match
of 3%, which is free money, thenmaybe match the 3% right.
And, you know, if anything abovethat, maybe, maybe you would
want to consider an outside ofyour job vehicle Right which
IULs and Roth IRAs are availableright to us out there.
Speaker 3 (11:06):
Yeah, and we had mentioned whole life, we had
mentioned right annuity.
Yes, absolutely, absolutely.
So all those things are ways tosave money.
Speaker 4 (11:14):
These are all vehicles that are, that are that
are available to us.
Now, we all know that financialeducation out there and
literacy is not, is not so muchfully taught, and some of these
things may not be made ofreadily available to us, but
we're here to let you guys knowthat there are resources out
there.
If you don't know resources,obviously we're happy to be a
(11:37):
resource to our wealthings outthere Right and point them in
the right direction if it's agood fit for what it where it is
they're trying to go Right, andthe whole point of this
wealthiness is to manage yourfunds in a way that it's going
to come back and work for youExactly.
Speaker 3 (11:54):
You know it's, it's.
It's a hard Pills to swallowwhen you say you make this much
and you just have this much leftfor savings.
But if you have, let's say, 10%of checks so let's say, an
average person is bringing homea thousand dollars, right?
With a decent job, you bringhome a thousand dollars.
(12:14):
But, and in our society and oureconomy these days, that
thousand dollars is not gonna gofar week, you know it's really
not between whether it's yourmortgage You're paying, or rent
you're paying.
You know, by the time you buyfood, by the time you you pay
credit cards because youpurchase clothes to go to work.
Speaker 4 (12:33):
I mean, that's what we used to talk about the free
check.
My free is my free check.
I could actually do something.
Speaker 3 (12:42):
And in some steps, some stages, you might say, oh,
I only have 10%.
Some scenarios you might have20% at the end of the week,
putting that in savings at theend of the day.
And if you do decide to gotowards in like an IU, well, you
put you, you're contributingthat amount in every week.
(13:03):
It builds.
You're gonna blink your eye,it's gonna build compound
interest.
Speaker 4 (13:10):
Einstein called it the eighth wonder of the world.
Speaker 1 (13:12):
There you go.
Speaker 4 (13:13):
If I'm not misquoting , I do believe that's what he
said.
He said it was a force morepowerful than gravity.
Right, right, you know.
And if you, if you guys want tounderstand the logistics of
that, go back and listen to someof the FBN episodes.
We talk about the rule of 72and all those things and how
those work, because we've brokenall that down, right, guys?
Speaker 3 (13:32):
right and just to reiterate, managing your funds
as a wealthy, and it's soimportant to just kind of Plan
to to make that part happen, tomanage the fund.
Yeah, we spoke about taxesplanning.
Why not?
As you're planning for yourtaxes, you plan for your, for
for your budget, for you to save.
(13:53):
You know you planned for, okay,a rainy day, you plan for all
these different scenarios, butbut looking for the right tools
to plan with.
So I eat putting it Becauseit's easy, the banks make it
easy for us putting it in aregular savings account, not
(14:15):
good planning.
Speaker 4 (14:16):
Right and look, if you want to build the muscle,
your savings.
We always talk about build themuscle and some people might be
well, what is that?
You know what I mean?
So.
So look, if we all need atarget to hit, okay, very, not.
Maybe beginner savers startsaving 5% of what you make.
There you go, every month,before taxes, there you go.
(14:36):
All right, as we start buildingthe muscle a little bit, start
to put away 10%, 10%.
You'll be intermediate saver andthen more advanced savers will
will start to put away eitheranywhere between 15 to 20% Of
what you bring home before taxes.
Speaker 3 (14:51):
Right, give yourself the first piece and the best
piece right, right, right, andand do it for you, because what
you're doing is is You're payingyourself right right, paying
yourself, building a next day,and they are tools out there.
Even with the, the amount ofmoney that you're bringing in
now and we we hope is it growsand you're doing more of making
(15:13):
better financial Decisions tokeep growing whatever you have
left to leverage it, becausethere are a lot of ways to
leverage it and we have thataccessibility and there's,
there's, there's a products outthere for that, you know, even
at you know, a thirty fivethousand or fifty, sorry, a
(15:35):
fifty thousand Dollar salary youknow, there are, there are
tools for that.
I would even say out at thirty,thirty five thousand.
But that would be a stretch,because if you're making thirty
five thousand, I mean maybe insomewhere in the middle states
where the cost of living is nottoo high.
If you're out here, here, youmight be able to do the same
(15:58):
scenario.
But most of our population, ifyou're making thirty five
thousand, forty thousand, withthe way Prices for groceries and
everything, the cost of livingdown, it's really hard to Save
but you know it's hard out here.
(16:24):
But all the whole point is, ifyou, let's say, you, you want to
save, you want to manage yourfunds that way, oh, you got your
primary work and it allows youto do a side hustle.
Yeah, yeah, take that money andsave it.
You know, take that money andput it away and something that
is gonna grow.
So, yeah, maybe this is yourQualification at this time for a
(16:48):
thirty, five, forty thousanddollar job.
Way, just at the end of themonth, it might just you might
be at zero, but you decided todo a side hustle now that money
is not at zero, right?
That's not a zero, because whatyou're doing primarily Maybe
it's a nine to five situationthat you're doing Monday through
Friday Some people are lucky tohave jobs like that but then
(17:11):
you have time after five o'clock, like, say, a six to nine.
You're doing a side hustle.
And maybe one day during theweekends You're doing a side
hustle.
Take that money, manage it, sowhere it could save you and you
can leverage it, Absolutely.
Speaker 4 (17:27):
Look, do more than what we're paid to do and
eventually We'll be paid morefor what we do.
Right at the end of the day,it's just doing a little bit,
doing a little bit extra andlook, this is life right now.
Yeah, know that, going throughthe process and being at the job
and whatnot, and, look, some ofus are career people, we have
(17:49):
jobs and we actually thrive inthose jobs because, yeah, we may
have a position where we feelfulfilled by that thing.
That's right.
I mean, we're not, we're not,we're not maybe, we're maybe not
all meant to be entrepreneurs,but we have a purpose within our
position, that we're workingwithin this nine to five, right,
and so we can have, we can haveFulfillment, knowing that just
(18:10):
doing a little bit extra withinthat might give us that
promotion, give us that bump up,give us that ability to, to
move into a position where nownot only, yeah, maybe we're
expected of more, but now we'realso able to, to do and create
more, right, right.
So, because we're talking to ourwe're definitely talking to our
entrepreneurs out there but,hey, look, if you love your job,
(18:32):
that's great.
Yeah, that's awesome, because Iguess what you know, we all
need people To be loyal withinthe businesses that we create,
right?
So maybe we are that, that,that entrepreneur, that we're
somebody's boss and we want tomake that life.
We want to, we want to create,help them create the life that's
fulfilling for them so they cancome do their best for us right
(18:52):
.
Right, fbns gonna have employees.
There you go and we want tomake their life.
We want to make their lifeprosperous, definitely.
You know I'm saying pouringinto those people.
So you know whether you'reentrepreneur or you are not a
five-person or employee, what,whatever you want to call it,
you know, just just know that ifwe are in the play, if we're
not feeling fulfilled, of coursego out there and create our
(19:12):
life.
But if you are feelingfulfilled and we are moving in
our gift, within that model,whatever it is there's a job or
being an entrepreneur doing thatlittle bit of extra Will
Multiply, it will compound, andthis is going back to my point.
This is life right now right.
Meaning things soon will bedifferent, change.
(19:37):
Go in our favor if it's notfeeling like it's in our favor
right now, whatever that meansfor us, right?
This is just like I was tellingthat message about a friend
that I had and I was, I was.
It was a time in my life when Iwas just going through you know,
I was going through somethingand he and I asked him I said
how do you deal, how do youremember?
And yeah, remember it, rememberall the time.
(19:58):
Yeah, and he said he says realsimple, I just tell myself this
is life right now.
Yeah, I, this is life right now.
Speaker 1 (20:08):
Not.
This is life forever.
Speaker 4 (20:09):
Yeah, this is how it's gonna be from now on no
this is life until I figure itout and I implement strategies
and change my direction andchange my life forever.
Speaker 3 (20:24):
And now it's the other power to do that, and I'm
glad you went through that wholething because the t-shirt for
that episode was financialfreedom is not a fantasy.
Speaker 4 (20:34):
It will be my future, man come on now, does that not?
Speaker 3 (20:40):
fit, of course.
Of course you put that on at-shirt, you know, whatever
you're going through to yourpoint, this is my life right now
.
This is, you know, not gonna bemy life forever.
Speaker 4 (20:50):
It's just right now, so it's just right now it's a
season, that's what I call itseasons.
That's right, this is plantingseason, then this is harvest
season.
There you go.
Every season is not harvest.
There are planting seasons too.
Speaker 3 (21:04):
Yeah, but and then that we could segue right into
our episode for digital currency.
What it is, all right, or whatis it.
Speaker 1 (21:17):
Sorry A digital currency.
Speaker 3 (21:20):
what is it?
And we spoke about a lot ofthings and this was a little bit
of a complicated episodebecause I don't know who is
trying to get into digitalcurrency Right now.
The stage of digital currencyis hot.
When I say it's hot, financenetwork finance.
(21:40):
Bro's network is letting youknow digital currency is hot
right now, so the one thing thatwas very important that I said
was make sure you do yourresearch.
You decide to go into it.
We spoke about side hustle.
Yeah, we did.
You decide and that would be aside hustle because you are not
(22:01):
a digital currency expert,You're not a financial expert
but you decide oh, I'm gonna gointo digital currency and make
money, You're gonna have tolearn platform.
It's a beast within itself.
Yes, absolutely, you can makeextra money with digital
currency.
Absolutely, but if you don'tknow, you will not make any
(22:27):
money.
I'll be honest you will notmake any money with digital
currency if you don't know.
Speaker 4 (22:35):
Hey, I was gonna say you gonna go from digital
currency to digitaldiscouragenessy.
Speaker 3 (22:44):
What is that?
Speaker 4 (22:44):
an Antonism, yeah that's an Antonism right there.
But, you know, we spoke.
That's real, though, that isreal.
Very serious stuff.
Speaker 3 (22:56):
But within the episode, I kind of gave the
break out some of thefundamental things that you
needed to understand, like, whatis digital currency as far as
how it was created?
And we gave the example of acountry creating a currency and
having assets or gold or sometype of element to back it, some
(23:16):
type of element of value toback it.
So same thing with digitalcurrency is something that's
created.
It may not have something toback it yet, but you know,
people are creating thesecurrency, putting a value on it
and say, well, this could bebacked up with it, or that.
Or people are purchasing thecurrency and say, oh, I'm gonna
have my company back this upwith it, because what they're
(23:39):
doing they're setting up forwhen the currency or when the
whole process, digital currencybecomes regulated and they could
build.
Because some of these digitalcurrencies are built based on an
idea, or they built based on aproduct somebody might have, and
(24:00):
I guess it's a ways to raisemoney for it too.
But if it's a good enoughproduct that this is being
backed by it, maybe it'll havevalue.
It'll have value.
So, and then I also gave like,okay, how does it work?
We spoke about blockchain.
(24:20):
What is blockchain?
Speaker 4 (24:22):
Oh, yeah the storage closet, the storage closet, you
remember?
Speaker 3 (24:25):
Yeah, yeah, the blockchain is a storage, and
then there's a differencebetween a token and a coin.
So a coin would pretty muchhave its own storage room, but a
token is like okay, you wouldrent from that person who's?
Speaker 4 (24:43):
in that storage room, yeah, yeah, and put something
in there.
Put something in there, butthat's a good analogy.
Yeah, because I've never reallyunderstood it.
Speaker 3 (24:51):
Right.
Right, a blockade has a storageroom where you can put all of
your information for that cointo be validated, and then
there's a lot of other peoplewho have computers and this is
how they validated that.
Yes, that's what's in thatstorage room.
(25:11):
I concurred, that's what's inthat storage room and that's the
process called mining, wherepeople are validating.
That that's what you put inthat storage room, aka
blockchain.
That's what's supposed to be inthat blockchain.
And then when the validation,the validation is like I mean,
(25:33):
it's like 13 to 14 differentcharacteristics, meaning letters
and numbers, and then all thesedifferent people and it could
be anywhere in the country thatare validating.
And all of this is done toensure the security of the
currency Because, remember,we're talking about currency,
which is equating to somethingthat could be a value for assets
(25:58):
.
It could be a value forwhatever that person created the
currency for, and for you toobtain it, to purchase it or
sell it, it needs to bevalidated.
And the mining comes in, whichis and it's an unregulated thing
(26:19):
right now, but people find thatit's a more secure way to
create some type of bartersystem.
You know what I mean.
So it's a different way.
So, just like all thesedifferent countries have their
different dollars, theirdifferent currency.
You go to the airport, youswitch, you trade currency.
All these different digitalcurrencies is mimicking that,
(26:43):
but all online, it's all incomputers, it's all digital.
There's nothing tangible thatyou can have, and we did talk
about making it tangible.
And then literally downloadingit into your computer,
downloading it into a thumbdrive, you know, saving it that
(27:04):
way.
So that way, when you haveaccess to it, with Whoever's
willing to pay you for the valueof that currency you can get
for it.
So if you want to switch it andwe did mention coin base, yeah,
which is a platform, oneplatform.
I changed the currency for realdollars, for for for dollars
for a matter of dollars.
Speaker 4 (27:22):
That was my biggest thing is that I it's easy to put
money in.
Speaker 3 (27:25):
How to get it out exactly, and it's in anything
you do.
It's always easy to put moneyin.
So, yeah, that's true.
So, but but you the reason whyyou know we still us dollar, no
matter how bad you say thingsare, and everything us dial is
the most traded company Currency, sorry, worldwide, that's why
(27:47):
he?
has a lot of value dollar, yeah,yeah, the US dollar has a lot
of value.
So when you think about that,when you say, okay, I'm gonna
buy digital currency for it,well, what value does it have?
It could be a future value ofthat dollar, of that currency,
or that digital Dollar thatyou've given them now.
A US dollar that could growinto okay, I give you one dollar
(28:11):
for this digital currency andthen, ten years later, that
currency could be worth $10.
And now it's like well, I will,I have this currency.
It says it's worth ten dollars,us dollars.
Now, you see how that invests,right, right, it's so.
You get that money back in USdollar.
But US dollar is still the king, you know, still king as far as
(28:35):
currency.
But there's a lot happening.
We have, you know, billionpeople on this planet and
Everybody's trying to figure outa way to leverage and make
money, to be better thansomebody else, and that's why
these things come about, andthat's one of the reason why
digital currency was created.
It was an unregulated type ofcurrency.
(28:55):
We could trade it for.
For it, we could say, hey, yougive me this much, I'll give you
this.
And we mentioned Bitcoin.
Right now, you could purchase ahouse.
You could purchase a car.
You could purchase it becausethey see the value in it and
truth be formed versus thedollar.
Now, as we speak in today,bitcoin is at about $60,000 to
(29:19):
one Bitcoin.
Hmm, 60,000 out to one Bitcoin,so there's value in that coin,
okay, you know.
So, yeah, we were able to talkabout that and I also like the
t-shirt, for that.
One, which was my crypto wallet, is like an onion.
When I open it, you want to cryit's because of the volatility.
(29:42):
One day you'll see it.
Oh man, fact-n-tile.
You were looking at yourBitcoin, you're like oh wow,
wait a minute.
It was, it was this much thatwas down.
Speaker 4 (29:53):
9% happen the value it happens, it happens, don't
get a moth don't let it, don'tget emotional.
No, yeah, don't let emotionsspend your money exactly exactly
, or keep you from making money.
Speaker 3 (30:07):
So, so this goes.
So we, as we do the breakdownfor the month.
Speaker 4 (30:12):
Yeah, yeah, the little, the mental, so gotta
give them the breakdown.
Speaker 3 (30:15):
We gotta give them the breakdown.
So the literal for the monthcame from episode number six,
managing funds, which is usingyour fund, a finance, a finance
tools to manage your funds as aWealthy in FBM wealthy, impander
right out your budget, puttingyour funds in different finance
(30:38):
products.
So that's a way to manage yourfunds.
So that's a literal thing thatwe can do To manage.
So it doesn't have to be theFBM wealthy and planner, but it
could also.
It could be Something that youuse to manage your funds.
And that that was the literalfor the month.
So we just want our wealthiestto continue to think about
(31:02):
planning right.
Think about managing theirfunds Right we want to emphasize
on that.
You want to give them the mental.
Let me do the spiritual man.
Speaker 1 (31:10):
Oh, I'll get, I'll let you.
Speaker 3 (31:16):
So the the mental comes from Episode five, which
was taxes, and mental is a setup for your taxes at the
beginning of every tax season,with your job or Planning as a
1099 or a business owner.
So mentally, yeah, what we'resaying is to set it up so that
(31:40):
way you know where you're going.
It's not something you have tothink about For you, especially
for your taxes, and I thinkthat's very important that we
emphasize plan, plan, plan foryour taxes, because it's a
expense that's not going away,because what are the two things
(32:00):
that are guaranteed in life anddeath in taxes.
Speaker 4 (32:03):
There you go, it ain't going away.
Speaker 3 (32:05):
So Plan, plan, plan.
We felt that was very importantthat, yeah, we mentioned that
for the month as the mental andwhat is the spiritual?
Mr Anton alright brother.
Speaker 4 (32:15):
So and this came from managing funds is a wealthy and
as well, yep, alright.
So, after you manage your fundsand You're still going to zero
or less, mm-hmm, have faith andBelieve that you're going to
find other resources To help yougrow as a wealthy.
And wow, and I tell you that'sso important we, why it hit me
(32:38):
so hard is because I heard a, Iheard a message one time and the
person was saying that Faith isyour attitude while you wait.
Right, that's deep, that isdeep.
Faith is the definition of yourattitude while you wait,
because we all have to wait atsome point.
(32:58):
Yeah, it takes time to do thingsright, but the attitude, hmm,
while waiting, is not alwaysencouraging right to ourselves
or the people around us, exactly.
So I mean when we, when you are, when we are not getting the
results right away, right Fromthe things we're doing, because
this is a microwave, it,microwave generation and we are
(33:19):
so programmed to get thingsright away on demand.
Sometimes there can be a skewedperception of Whatever you want
to call the entrepreneurship,the, the, the promotion at our,
at our position, at our job.
Which is which is, which is liferight now, right, not forever,
right.
We just say, like we justillustrated on.
(33:40):
So there is that.
There is that aspect of theattitude, attitude while we wait
, and that's really what thatmeans to me is let's be aware,
let's have a heightened sense ofawareness and let's be
conscious of our attitude whilewe wait, the type of attitude we
want to carry with us while wewait.
(34:02):
There you go, and maybe, if wehave the correct attitude and we
are aware of what's going oninside of us and we're and we're
, you know, we're not lettingemotions spend our money things
like that then maybe the processwill happen a little bit faster
.
It will manifest, it'll manifesta little bit faster there you
go.
Speaker 3 (34:20):
That's part of spiritual, that's part of
spiritual manifesting itself.
Yes, sir, and and we'll go.
We'll end it with our t-shirt,because we still trying to keep
it you know, for your 30 minutedrive, we gotta get by.
Speaker 4 (34:34):
Yeah, yeah.
Speaker 3 (34:35):
So the t-shirt of the month was what we mentioned
before was my crypto wallet islike an onion when you open it,
you want to cry.
So we thought that was the bestt-shirt that we would be able
to provide for the month.
But yeah, there are a lot ofgood stuff this past year.
Speaker 1 (34:53):
Yeah, yeah.
Speaker 4 (34:54):
I know, we got one more week.
Speaker 3 (34:56):
We're gonna try to get a nice little bonus.
Speaker 4 (34:58):
We go, we don't give a nice little bonus, and I think
, I think, man, I just thet-shirt for this the next month.
Oh it's the next episode justhit me.
Speaker 3 (35:05):
Oh, here we go, here we go.
Speaker 4 (35:08):
Well, we already, why we are really really.
We typically already have one,but I think you might have to
give them to there.
Speaker 1 (35:13):
You know all right, all right, all right.
Speaker 4 (35:16):
Hey, we go, we gonna come out with a little little
special bonus for the nextepisode.
Since there's five Saturdays inMarch, mike, we decided to give
him a little little specialbonus episode.
Okay, you know little little.
Little something yeah, you knowsomething yeah, hit him with a
little extra right, extra righttake the weekend off, but we
(35:36):
won't, all right.
So you know, obviously, as usual, you know, don't forget to
check us out on your socialmedia podcast platforms Apple
podcast, I heart radio, spotify,google podcast link could be up
down left right, depending onwhat social media platform you
might be on and you look.
Don't forget to check us out atour new home at HHN TV.
(35:58):
Coming soon, coming soon,coming soon, and as usual, mike,
I appreciate you, you know it,and we'll see you at the bank.
Peace y'all, take care world.
All right, I'm sorry.
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