ANNA MANUKYAN: Financial Freedom for Creatives, Beauty Pros & Generational Wealth | EPISODE 9 - The BASIC Show

Episode Transcript
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SPEAKER_01 (00:00):
We brought you to this country so you can go cut
hair.
How dare you embarrass me?
Everything from, you know, get asugar daddy to marry rich.
We're not going to get toretirement by saving money.
We're going to get to retirementby investing money.
You can legally write off, paythem and write off$12,000 a
year,$12,000 a year that you areable to deduct from your taxes.
Not one time has somebody said ayacht in the ocean.

(00:22):
Not one time has somebody said,you know, at the skyscraper in
Manhattan.
Not one time has somebody said,you know, a house next to Jeff
Bezos or whoever it is.
I would see really hardworkingprofessionals who literally use
their life to take care of otherpeople.
The number one mistake thatpeople make is they transfer
money into the account and thenthey don't invest it.

(00:43):
The number one goal over thelast 25 years as a beauty
professional has been to provemy dad wrong.

SPEAKER_02 (00:50):
They say luxury is a lifestyle.
I say it's a mindset.
And this one comes with roomservice.
Here at The Mayborn, whereEuropean charm meets California
flair, I don't just check in, Ireset.
Because real power isn't loud.
It's knowing when to ghost thenoise and draft something far

(01:13):
more lasting behind the scenes.
The Mayborn, Beverly Hills.

SPEAKER_00 (01:19):
Hello,

SPEAKER_02 (01:36):
Anna.
Welcome to The Basic Show.
Thank you so much for having me.
Yes, of course.
We're here at this beautiful,gorgeous suite at The Mayborn in
Beverly Hills and happy to haveyou and get some beauty finance
tips on this episode.
So we have today Anna Manoukian,the beauty executive and
certified financial educator.
So Anna, can you tell us alittle bit more

SPEAKER_01 (01:58):
about your background?
Oh my gosh, I'm so happy to behere.
First of all, thank you so much.
The place is beautiful.
You're beautiful.
It's such a treat.
So thank you for having me.
You know, I started theconversation around beauty and
finance many, many years ago,more professionally about seven
years ago.
So I'll tell you a little bitmore of like, well, let's go
take it way back for a second.

UNKNOWN (02:17):
So

SPEAKER_01 (02:17):
Mm-hmm.

(02:48):
Our parents don't know.
I don't come from a generationof a family that actually talked
about finances at the dinnertable.
Making it meant enough that youhad enough for today and that
you weren't worried about rent.
So I started working at the ageof 12.
I also started hustling very,very young.
And at the age of 17, I finishedhigh school early and I went to

(03:10):
beauty school and I signedmyself up and I told my dad,
Dad, I'm going to beauty school.
I'm going to have this career inbeauty.
And he, you would have thoughtthat I...
made a grave mistake.
And he told me, we brought youto this country so you can go
cut hair.
How dare you embarrass me?
And that specific point in time,I remember, you know, to this
day, very, very significantlybecause I was like, well, you

(03:33):
can have creativity and you canhave a career and you can have
financial success.
And to this day, my number onegoal over the last 25 years as a
beauty professional has been toprove my dad wrong.
It has been to say, no, you canhave it all.
You can be creative.
You can be of service.
You can have autonomy in yourcareer and you can be
financially successful.
Fast forward to, you know, manyyears of being a beauty

(03:54):
executive, of leadinginternational teams, of being,
you know, head of function forsome of the largest brands in
our industry.
One of the things that I sawtime and time and time again was
that I would see reallyhardworking professionals who
literally use their life to takecare of other people retire or
not retire, end their careerwith a GoFundMe, never be able

(04:17):
to retire, never have thefinancial freedom that they
deserve because they work sohard for it, and to feel
completely shamed for notknowing even what questions to
ask.
And, you know, I started reallythinking about this conversation
when I was coming up on my like15, 20 year anniversary of being
in this career.
And I was like, what is it thatI want my legacy to be?

(04:38):
And simultaneously at that time,place and time, there was a very
significant event where over thelast, you know, it was a couple
of years.
There was I just saw salonsclose.
I saw people going out ofbusiness.
I saw people.
salon professionals who were atthe height of their career get
into an accident and literallycompletely lose it all.
There was just a string ofevents.
And so for the organization thatI was working with at the time,

(05:01):
I really started to go and lookfor like financial education to
bring to the teams.
And when I tell you, Victoria, Ihad such a hard time, even as an
executive, even as somebody whowas like, you know,
professional, so to speak.
Anytime I went and had aprofessional conversation with
anybody in finance, I alwaysfelt like ashamed of the things
that i didn't know i always feltcompletely confused and i always

(05:22):
felt like i was being spokendown to and again you know being
a woman being an immigrant beingin the service industry a lot of
us carry so much shame aroundwhat we never we were we were
never taught what we don't knowand so it was like and i kept
looking and i kept looking and ikept looking and i kept having
the same feeling so it's likei'm gonna change this because
listen for those of us that werein beauty who have you know ever

(05:44):
held someone's hand as they werehaving a conversation around a
major major life change ifyou've ever shaved a client's
head because they were goingthrough treatment if you've ever
done a color correction if youare there for the hardest
moments of people's lives and ifyou're able to do that you can
understand how compound interestworks like that's a complete
no-brainer we can figure outthat we can figure out money and
so i started to get you knowdeeper into the world of finance

(06:06):
i got my my uh accreditations igot my sort of a financial
educator um accreditation andreally started to essentially be
a translator.
Because again, you know, I'm abig believer of the saying that
we work too hard not to haveenough.
And we spend our lives takingcare of other people.
At the end of it, there's nobodyto take care of us.
And so, yeah, so I'm verypassionate about financial

(06:29):
literacy for all of us.
You

SPEAKER_02 (06:31):
are, you are.
It's important.
And so what was the turning?
Do you remember the specificturning moment where you decided
to switch from being, you know,a beauty executive to turn into
finance?
Were there specific...
moment that you said okay thissome you know a change in my
life that I want to improve andgo completely different
direction because beauty andfinance completely two different

(06:55):
you know industries

SPEAKER_01 (06:57):
yes but I think you know I think I would I've been
very very fortunate because theyare completely different finance
I mean it's completely differentbut at the end of the day at the
end of the day it's freedomright at the end of the day it's
freedom and everybody wantsfreedom and I started really,
you know, really leveraging myplatform, quite honestly, about

(07:18):
five or six years ago withworking across the beauty
industry, with not beingattached to any one brand, with
really bringing this message to,you know, to so many beauty
professionals across the US.
And I've been able, veryfortunate to be able to do that.
You know, one of the thingsthat's really interesting, and I
think any single time that I'veasked, whether it's in a
seminar, whether it's in a largecrowd, whether it's one-on-one

(07:38):
of what is personal, like, whatdoes wealth mean to you?

SPEAKER_02 (07:41):
Mm-hmm.

SPEAKER_01 (07:42):
Not one time has somebody said a yacht in the
ocean.
Not one time has somebody said askyscraper in Manhattan.
Not one time has somebody said ahouse next to Jeff Bezos or
whoever it is.
The answer always is somethingto the effect of, I don't want
to worry about money.
I don't want to worry aboutbills.
I don't want to look at pricetags.

(08:02):
I don't want to worry aboutretirement.
It's such fundamental things.
And it's

SPEAKER_02 (08:07):
interesting because you don't get taught that it's
cool, right?
You don't being taught havingfinancial literacy nowadays,
especially for creatives, right?
They spend so much time craftingand polishing their skills and
being creative.
And for most of them, when yousay the word finance, like you
said, they get scared andpetrified because such a
complete different world.

(08:29):
So how do you get in?
How do you, I guess, what wouldbe the first steps for anybody
who is a creative or afreelancer to take?
to get themselves a little bitmore educated on the topic?

SPEAKER_01 (08:41):
I think the first thing has to do with mindset.
And I don't want to sound overlywoo-woo or anything like that,
but really, you know, are youscared of the ocean or are you
scared of like heights by anychance?
What gives you fear?
Finance.

SPEAKER_02 (08:55):
Finance gives me fear.
Finance gives you fear, okay.
Because it's the unknown.
It's something that numbers,right?
The business aspect of it.
But I feel it's knowledge thatIt's not something you can just
Google and find out in fiveminutes.
To me, it's something you needto go to school to understand.
It's something that you thinkonly the millionaires,
billionaires have the CPAs toteach them and to advise them.

(09:18):
But for creatives who livepaycheck to paycheck, they have
no clue what are the first stepsthey need to take.
Where do they go?
How do they find thatinformation?
Yeah.
There's actually a

SPEAKER_01 (09:30):
lot out there.
And the reason I was asking whatscares you is like, even if, you
know, one of the examples that Ialways say is being on a plane.
Okay, so if I tell you you'rescared of being on a plane, and
which a lot of people are, andI'm like, okay, guess what?
We are going to have anincredible all-expense-paid trip
around the world.
We're going to go to everycontinent in the next decade.

(09:52):
Two weeks.
And we're going to just prepare.
You're going to have a lot ofmiles come in.
And to somebody else, I'm goingto be like, oh, my God, sign me
up.
I'm going to pack my bags rightnow.
Like, where are we going?
What time is the car picking usup?
And to somebody that's terrifiedof flights, they're like, can I
pay you not to go?
Right?
And so the first kind of mindsetis the first mindset around, you
know, around taking the fear outof it is giving yourself the

(10:17):
space and the grace to say it'sokay that I don't know.
It's okay.
I can do hard things.
It can be scary and we're goingto do it anyway.
And it doesn't all have to bedone at once.
Because the reality is, is thatwhen you look at, yes, of
course, there's, you know,billionaires and millionaires
and people that have anabundance very quickly.
But for the majority of thepeople, small, consistent

(10:39):
changes on a daily, on a weekly,on a monthly basis actually gets
you so much farther ahead thanthan if you were just to invest
like you know fifty thousanddollars into something and
that's kind of the reality isgiving yourself the permission
of like what can i control whatcan i control and what can i do
consistently because it's notabout necessarily how much money

(11:00):
you have think about every brokemillionaire that ever existed
think about how many people winthe lottery and are completely
broken at the end of it thinkabout mike tyson think about I
mean, we have so many culturalexamples of somebody that has an
incredible amount of money,doesn't know how to not only
manage it, but doesn't knowtheir mindset around money and

(11:20):
winds up being in a worsecondition.
So as a first step is giveyourself the space again and the
grace to say, it's scary and I'mgoing to do it anyway.

SPEAKER_02 (11:30):
Okay.

SPEAKER_01 (11:32):
Starting to invest in having your money work for
you, and we'll talk about thatin a second, is the sooner
you're able to start.
Even if it's small amounts, thebetter off you are.
Don't wait for life to beperfect.
Don't wait for that perfectpaycheck.
Don't wait to be fully out ofdebt.
Don't wait for your partner tobe perfect.
Don't wait for life to beperfect to start because life

(11:54):
only gets harder and life onlygets busier.
And you'll never have time.
And you'll never have time.
And years go by.
I mean, I feel like this andit's like we're halfway to the
year.
This and the year's over.
It's so quick.
And if you were to have investedfive years ago, like the best
time to plant a tree would havebeen five years ago so you can
eat the fruit now.
The second best time is now.
And the same thing happens withinvestments and money,

(12:17):
especially with the marketsbeing so crazy right now.
It also gives so many peoplefear around like, what am I even
doing?
When you're consistently puttingyour money to work, you're
buying assets, things will comeup, things will come down, but
you're still gathering wealth ina way that you're not even
realizing.
Yeah.

SPEAKER_02 (12:35):
So let's talk maybe a little bit more about, give us
the background and the changefor the professional beauty
salons.
So do you think, how the life orthe business models change from
being a traditional beauty salonwith the rise of the social
media?
What change you think hashappened?

SPEAKER_01 (12:56):
With the rise of social media, it's interesting
because before, I mean, when Iwas getting into, you know, when
I was first starting, there waslike five salons that you knew
that I wanted to be.
If I wanted to make it in thisindustry, there was five, these
five salons that I needed toassist in or with these five
hairdressers that I wanted toaspire to.
And the rise of social mediareally changed it where anybody
could be a celebrity.

(13:16):
You don't need a brand to backyou.
You don't need a salonreputation to back you.
And so what was happening earlyon was, you know, Professionals,
licensed professionals, andquite honestly, even people that
don't even have a license thatwere teaching how-to tutorials
on YouTube instantly had aplatform and instantly had
credibility and instantly hadthis perceived expertise that

(13:42):
they didn't develop decadestraining themselves to have.
And so the traditional salonsreally had to quickly change and
still struggle with it, as weall do.
to retain the expertise becauseit's not always necessarily the
perceived value versus actualvalue are completely independent

(14:05):
of each other sometimes.
And perceived value,self-branding, marketing, you
know, of how you're showing upas the expert has become more
important than ever because wordof mouth, personal referrals,
while, you know, a lot of usstill rely on those, that's not
necessarily the first go-to thatis an attention grabber for
someone.
So traditional salons havereally had to figure out a way

(14:28):
to not only continue to getyounger stylists in the door,
because a lot of people are nowaging out of our industry, but
to really now all of a suddensay, okay, now I have to be a
social media manager.
And also compete with the socialmedia

SPEAKER_02 (14:41):
experts.

SPEAKER_01 (14:42):
Yes.
And now I have to compete withXYZ.
And now I still have to pay mybills.
And now I still have to keep mydoors open.
It's become a lot harder.
It's become a lot harder than itused to be to be a salon owner
specifically.

SPEAKER_02 (14:55):
So now, do you think all the power now are with the
pretend beauty influencers in asense?

SPEAKER_01 (15:02):
I don't think that's all the power now.
I think they have a loudermicrophone, right?
So even if, you know, even if, Imean, you can have somebody
that's singing in a subway thathas like an incredible Whitney
Houston voice and they're onlysinging to a certain specific
people and people are walking bybecause they're like, oh, you're
just in a subway.
That might be somebody in asmall salon that isn't
necessarily catching people'sattention, regardless of how

(15:24):
good the quality of what you'reproducing is.
And then there's some peoplethat, you know, go viral on
TikTok and all of a sudden theyhave brand deals and everything
else.
And so it's about how do youshowcase regardless of what
scenario you're in?
How do you leverage yourexpertise in a way that so that
it's reaching the people thatyou want to attract?

SPEAKER_02 (15:42):
Because

SPEAKER_01 (15:43):
you do have to now, you know, and when we talk about
the pricing conversation andeverything else, you know, that
can be such a hot topic as wellof, what do you mean
hairdressers are charging XYZ?
I think it's being able to backup your prices with the skill
that you have.
And so that regardless of what'scoming into the doors, you can
actually service guests of alltypes is an important thing too.

SPEAKER_02 (16:05):
And what are the most common misconceptions you
think you've helped theprofessionals in the beauty
industry overcome about money?

SPEAKER_01 (16:12):
That life can change.
That life can change.
And that, you know, the amountof people that I've seen in, you
know, because if you think abouta 30-year career, think about a
30-year career.
Unfortunately, bad things happento really exceptional,
fantastic, good people.
And so what do you do so that,because three things tend to

(16:34):
happen in our industry.
So actually one of the fewplaces that the longer you're in
it, the less money you make.

SPEAKER_02 (16:39):
The

SPEAKER_01 (16:40):
longer you were in it, the less money we make.
And why is that?
Because if you think about thefirst five to seven years, most
of us have a goal of like, yes,I want to be that busy
hairdresser.
I want to be that salon owner.
I want to be that platformartist.
I want to be that influencer.
Like, that's what I want.
And so we spend the first fiveto seven years really hustling,
really grinding, really showingup, saying yes, working on our
craft, all the things.
And then we get there and thenwe're tired because it's

(17:03):
physically, mentally,emotionally, it is a hard career
to be in.
And what happens when we getthere?
We start to plateau.
And when we start to plateau,there's three things that we
typically don't pay attentionto.
We don't pay attention toinflation.
You know, I mean, last year wasat a record high.
So everybody like that after 25years of being in this in this
industry, it was the first timethat industry wide, everyone was

(17:25):
talking about it because youfelt it at every step of your
purchasing journey,professionally or personally.
But inflation goes up three to5% every single year.
So every single year, you needat least five cents more to buy
what that$1 used to cost you,right?
So our money is going a lotless.
And then we also don't take careof our physical health.
We have our physical declinebecause you're not, you're

(17:48):
tired, your wrists hurt, yourback hurts, your hips hurt, your
shoulders hurt, all the things.
So we're not taking, we're not,you know, we're not able to do
as much.
And we're also not payingattention to continuing to grow
our clients.
Because also like I'm booked andbusy, I've made it.
So we're not

SPEAKER_02 (18:03):
adjusting.

SPEAKER_01 (18:04):
We're comfortable.
And so what happens year afteryear is we start to steadily
decline.
And then when we look at, youknow, 20 years in, 15 years in,
25 years in, you actually startto see the drop off of either
people leaving the industry orwhere they're continuously
making less and less and lessmoney.
And so one of the things thatI'm really passionate about is,
you know, in the conversationsthat I have and the education

(18:27):
that I have is, how are youmaking sure that you're not,
that you're not, Mm-hmm.
Mm-hmm.
Mm-hmm.

(18:55):
One of the Canadianhairdressers, funny enough,
asked like, hey guys, what doyou do for retirement in the US?
And girl, you have to see thisfeed.
Like I have screenshots of it.
And it was everything from, youknow, get a sugar daddy to marry
rich to I'm going to be, youknow, we retire, what do we
retire?
We curl up and die.
Like literally that was, andthere was hundreds of these
comments and I was like gigglingas well.

(19:16):
I'm like, oh my God.
And then I started to actually,that, you know, the laughter
turned into like nervouslaughter.
And then until like, it turnedinto like, borderline panic of,
oh my God, this is how we viewourselves.
It's not even in the cards

SPEAKER_00 (19:30):
for us.

SPEAKER_01 (19:31):
And so one of the things that is incredibly
important is just being anadvocate for people asking
better questions and havingfinancial autonomy so that
that's not a common joke.
Because what my dad tells me,don't embarrass me by going into
the beauty industry.
And we ourselves are like, yeah,we never retire.
We never have financial freedom.
We never have these things.
That's not for us.

(19:53):
There's a problem, right?
We have to change that for notonly for ourselves to be able to
have that.
It's not even freedom.
It's almost like a self-respectof the things that we deserve
because we do work so incrediblyhard to make sure everyone else
is okay.
But it's also to change thenarrative around this industry
as a whole.

SPEAKER_02 (20:12):
Right, right.
And most of the creatives putthemselves second, right?
100%.
All the time.
And especially...
So what would be the practicaladvice?
Say...
we have the corporate world,right?
When you are taking, where thecorporation is taking care of
you, the 401k plan and all thosebenefits.
But when you're a freelancer,especially a lot of, you know,
foreign freelancers orimmigrants or people coming from

(20:33):
different states, what would bethe basic, you know, the basis
in terms of the insurance thatany creative should think about
and have, you know, in sort oflike one, two, three step that
you would recommend?

SPEAKER_01 (20:46):
Yeah, disability insurance is key.
Right.
And disability insurance isreally key because you are in a
physically, you know, you are inan, or we are right in an
industry that is directly whereyour physical ability to do your
job is directly tied to yourpaycheck.
So to your point, so if, youknow, I was hiking and broke my
ankle really badly two years agoand was out completely for three

(21:09):
and a half months, I couldn'teven stand on three and a half
months.
I've known educators or styliststhat, you know, there was one
who was brand educator.
She had been a brand educatorfor 20 years, but she was
freelance.
She was driving to a class, wasa salon owner, was t-boned by a
truck, broke both hips, had toclose her salon, had to go into

(21:32):
major debt.
She wasn't relying on the brandbecause she was a freelancer.
She didn't have a 401k.
She didn't have basic insurance.
And these are people that aresuccessful, right?
And everything can be lost soquickly.
So At a minimum, having properdisability insurance is great.
The one caveat with disabilityinsurance for our industry is
that most disability insurancedoes expire when you're 65.

(21:54):
Companies will not insure you.
So everything you've paid forit, at that point, if you've
lost it, you don't have itanymore.
So looking into while you areyoung and healthy, looking into
things like long-term care thatyou can then pull money out of
if you need to so it's not justfor you to be in a nursing home
or something like that is reallyimportant.
And If you are in a partneredrelationship where you are

(22:18):
relying on someone else'scontribution to your life
financially, I hate to say it,but life insurance is really
important as well.
Because when you look at, again,bad things can happen to really
good people, it's making surethat you have those insurances
because the amount of peoplethat we hear of that completely
unexpectedly pass away is reallyscary.
And so at a minimum, havingthose three is really important.

(22:40):
Sorry, to summarize,

SPEAKER_02 (22:41):
so disability insurance before you're 65, then
life insurance, and then thethird one?
Long-term care.
Long-term care.
Yeah, long-term

SPEAKER_01 (22:51):
care.
And a lot of times, depending onthe life insurance that you're
getting...
So there are three differentones.
Three different ones, yeah, fordifferent parts of life, right?
So a lot of times, if you'regetting universal life
insurance, there's a whole thingon insurance in general, but a
lot of times you can actuallyadd...
a rider they're called to yourlife insurance with long-term

(23:12):
care there's options to do thatso it's not a separate what is
it exactly you said life what idon't um if you're a lot of
times you can add long-term careto your life insurance insurance
okay yeah so i mean that's youknow some insurance agent to be
should be able to uh to helpwith but one of the things that
i will say is that you knowinsurance agents get paid with
commission

SPEAKER_02 (23:32):
Right.

SPEAKER_01 (23:33):
So being an educated, a lot of them do a
really good job with educatingtheir clients.
Some of them don't.
And so anytime you're shoppingfor insurance, anytime you're
investing with anyone, mybiggest piece of advice or my
biggest like, no, you have to beable to self-advocate for
yourself and do not signanything.
Do not put your money intoanything until you really
understand it.

SPEAKER_00 (23:53):
Because

SPEAKER_01 (23:54):
also the amount of people that I've seen that
thought they had somethingcovered and then life actually
happens and you're like, I'vebeen paying money and this isn't
even protected.
Being an educated consumer isincredibly important with
anything with finance, insurancebeing a key part of that.
So to

SPEAKER_02 (24:09):
summarize again, could you do all three with one
provider or it's completelythree different providers?
You

SPEAKER_01 (24:17):
could do one with the three with all provider.
A lot of times disabilityinsurance.
Like a bundle you can get?
A lot of times life insuranceand long-term care will come
with it.
And disability, those areconsidered to be like riders.
Like the life insurance would bethe biggest portion of that
because oftentimes that's thebigger amount.
And then you can add differentriders, they're called, to that.

SPEAKER_02 (24:39):
Could you recommend your top two, top three
insurance companies to go with?

SPEAKER_01 (24:45):
AFLAC typically, yeah, I mean, it depends.
It also depends on the state.
So here's the thing thatespecially between L.A.
and New York, oh, my God, EastCoast and West Coast like that.
Talk about battles like there'sa completely different world.
So you have to see what isbecause for insurance agents,
they actually have to belicensed.
You have to carry a license inthat state.
And the state laws vary quitedrastically depending on what

(25:07):
insurance types of coverage,like the rates that you're
getting.
So depending on the state, yeah.
Yeah, I'm trying to think.
I mean, disability insurance,Aflac, quite honestly, is one

SPEAKER_02 (25:18):
of the better ones.
The reason I'm asking, becausethat's where you start getting
into the rabbit hole,researching and Googling, and
then you get overwhelmed becausethere's so many choices.
So many add-ons and conditionsand things like that.
I would say

SPEAKER_01 (25:29):
for insurance, a couple of things to know,
regardless of the state thatyou're in, is always have a
prospectus.
Prospectus is basically a fancyword for saying summary page.
If you're doing anything that ispermanent, that's not like
temporary life insurance forlike 20 years, always ask to see
what the cash value of it is.
Because a lot of permanentpolicies are able to give you

(25:51):
cash value.
So you basically are, they treatit as like an investment
account.
What is the cash

SPEAKER_02 (25:55):
value?

SPEAKER_01 (25:56):
So a portion of your payment goes into an investment
portion of that.
The insurance company is makingmoney off of it.
But you as a customer haveaccess to it because it's
essentially your money.
Okay.
You will be able to pull moneyoutside of that policy.
Mm-hmm.
Yes.

(26:44):
Cash value and insurancepolicies is a tax-free loophole
that a lot of rich people use aswell.
So just, you know, again, thewhole deep down...
Like you said, that's

SPEAKER_02 (26:52):
a really smart question to ask, right?
So it's important to, like yousaid, which questions you ask.
And sometimes we don't even knowwhat to

SPEAKER_01 (26:58):
ask.
We don't even know what to ask.
Another question is, when itcomes to insurance, is this
reimbursed or is this cashindemnity?
Especially with disabilityinsurance.
Scary

SPEAKER_02 (27:08):
words.
I

SPEAKER_01 (27:09):
know, honey, but we don't have to.
But this is why.
This is the deal, right?
Is that cash indemnity.
Insurance, you don't wantanything that has reimbursement.
Remember that.
Reimbursement, insurance, nothank you.
Give me my money, I'll decidewhat to do with it.
Because if you have, God forbid,you have a claim that you have
to file and you're on areimbursement policy, you then

(27:32):
basically have to give receipts.
to the insurance company.
They have to say, yes, it'squalified.
No, it's not qualified.
And then give you money back.
That is a nightmare.
If something is, has indemnity,cash indemnity, then it's an
agreed upon amount.
You get the check, you spend ithowever you need to, right?
So the least you have to dealwith insurance companies when
you're actually in need of them,the better you are.

(27:53):
But understanding like the fineprint and not being able to be
scared to ask the questions isan important thing.
And then the waiting period,right?
is also really important.
So three things so far, cashvalue.
Cash value, number one.
Number one, indemnity orreimbursement.
Okay, reimbursement.
And waiting period.

(28:15):
The longer the waiting period,the worse it is off for you, but
the cheaper the policy is goingto be, okay?
So if I, God forbid, hurt myselftoday and I have a waiting
period of 30 days, I won't beable to get benefits for 30
days.
And they typically vary fromthree days to 90 days.

(28:37):
So what's your advice?
The shorter, the better, theshorter.
And you

SPEAKER_02 (28:41):
negotiate that obviously before signing
anything.

SPEAKER_01 (28:44):
Yeah, of course, of course.
So one of the things that anyinsurance company will give you
is called an illustration.
And that basically goes throughlike, All of the different
options of what you're payingfor, if it's going to go into
cash value, what it's covered,what it's not covered.
And don't be afraid to ask fordifferent illustrations.

(29:04):
Take one, compare it, talk to adifferent agent, compare the
two.
Because when you start to reallycompare it, you're like, oh my
God, I'm getting, I'm paying somuch more commission to you.
Right, right.
Whereas, because here's the dealwith, you know, and I, you know,
I don't want my any financefriends to get mad at me, but,
um, in the world of financeprofessionals, they don't always

(29:26):
have to act in your bestinterest.
The only professional that hasto act in your absolute best
interest is called a fiduciary.
And they don't sell it...
Yeah, fiduciary.
This is a key word to know.
Fiduciary.
Fiduciary.
Fiduciary.
Say that three times fast.
Okay.
Well, I'll...
Fiduciary.
All finance professionals have afiduciary duty...

(29:49):
They have to basically notcompletely screw you over.
But they are legally recommendedwithin their fiduciary duty to
make suggestions that aresuitable for you.
Something that is suitable foryou versus something that is in
your best interest arecompletely different.

SPEAKER_02 (30:09):
I'm afraid to ask you, can you paraphrase it as if
you're talking to a 12-year-old?
So 12-year-old.

SPEAKER_01 (30:14):
So if I'm talking to a 12-year-old is...
No, it's hard.
No, it's not.
I love this.
Is if I either have to tell youlike, no, this in my everything
I know as an adult, 12 year old,is this is going to be the
absolute best case scenario foryou.
Okay.
Like you're going to have todrink this glass of water.

(30:35):
And this water is like the bestversion of water that you can
have for what you're trying tobuy.
And I know this.
And even though if I was to sellyou that other glass of water,
I'm going to make more money offof it.
This is the glass of water thatyou need to have because this is
going to be the most perfect,nourishing, right one for you.
Even though I'm making lessmoney off of this water as a

(30:57):
professional.
That's a fiduciary.
Okay.
In general, looking out for youbecause I'm not incentivized to
sell you this glass of water.
A lot of other people are like,well, here, there's three glass
options, three options of water.
One is like tap water, which youcan survive on.
You can drink it.
It's fine.
One is going to be, I don'tknow, Avion, and one is going to

(31:18):
be like the fancy springsomething, right?
And it's$20.
And I'm like, listen, I knowthat for you, the tap water is
actually the best case scenario.
That's what you need.
And that's what you need foryour financial situation.
But I want to make more money.
So guess what?
I'm going to sell you on thebenefits of the fancy water.

UNKNOWN (31:39):
Mm-hmm.

SPEAKER_01 (31:40):
And oftentimes that's what winds up happening
because it's suitable.
It's still water.
You're still going to gethydrated.
You're still going to get, youknow, the benefits of being...
You end up paying so much morewhen you don't have

SPEAKER_02 (31:50):
to.
And

SPEAKER_01 (31:51):
so asking the questions and being relentless
with having the...
You know, having enoughinformation to be dangerous.
I always say the smartest personin the room is not the one with
all the information.
And that's also a part of, youknow, kind of taking a lot of
the fear out is the smartestperson in the room.
You do not have to know all ofthe information.
It's about asking the rightquestions so that you're able to

(32:14):
withdraw the information thatyou need to make the decisions
that are right for you.
And the same thing has to dowhen you're dealing with anybody
in finance at all.
they're there to help you,they're there to serve you, and
they're there to make money offof you.
True.
And so being able to be verycrystal clear with what it is
that you need, what it is thatyou need to know, so that you

(32:36):
can be an advocate for yourselfin that process is really
important.

SPEAKER_02 (32:42):
Well, that was very insightful.
I appreciate it.
Simplified explanation.
So now let's talk about your...
the videos that you made.
The one particular video thatgot my interest was stating,
make your children millionaires.
So can you please recap thosesteps that you mentioned in

SPEAKER_01 (33:01):
that video?
Absolutely.
Yeah, no, this is a big onebecause, you know, I have two
children and I didn't, quitehonestly, full transparency, I
didn't love this informationenough.
And now I'm like having to catchup.
And now I'm like, oh my God, I'mhaving to support them so much
more than if I knew this whenthey were babies.
The way that money works is,Yeah.
Yeah.

(33:21):
Yeah.

(33:44):
But instead of having money inthere, it's where you're going
to buy and sell your stocks, anysecurities that you have, like
your investments.
Your investments live in abrokerage account, whereas for a
lot of people, your daily moneylives in a bank account.
So that's all it is.
It's a place.
It's an online, a lot of timesonline, financial institution

(34:05):
that then your investments livein.
You can...
You can open an account for yourkids and dedicate, if you're
doing$50 a month,$100 a month,whatever it is, and consistently
buy pieces of companies.
So you're buying stock, you'rebuying assets.
So that if you think about thereturn of even something like

(34:26):
the S&P 500, which is basicallyStandard& Poor's 500, it's the
top 500 companies in the UnitedStates.
Mm-hmm.
For the last 10 years, theresults are 13%, between 13% to
16% growth, actually.

SPEAKER_02 (34:40):
What do you use, Robinhood account?

SPEAKER_01 (34:43):
Oh, so things like Robinhood, E-Trade, Vanguard,
even Acorns.
I mean, there's so manydifferent ones.
But yeah, that is exactly it.
That's a brokerage account.
So you open

SPEAKER_02 (34:53):
a, first of all, you open a brokerage account, create
a custodian.
So you can do, yes.

SPEAKER_01 (34:59):
So

SPEAKER_02 (34:59):
you open

SPEAKER_01 (35:00):
it up for yourself.
For yourself first.
Okay.
Mm-hmm.
And then you, within that, a lotof times it has like, yeah,
within that, it'll say open acustodial, you know, or saving
for later, a custodial account,youth account, depending on the
platform, they'll have differentones.
Okay.
Do they have like an age limit?
So they have to, depending onthe state, again, you can set it

(35:20):
up.
Let's say California.
Some of you, depending on theaccount itself, so it's either
18 or 21 is when they takeownership of the account.

UNKNOWN (35:29):
Okay.

SPEAKER_02 (35:29):
So

SPEAKER_01 (35:30):
then you're essentially, you can automate it
to, again, whatever your budgetis,$10,$20,$100.
Can you start it while you'repregnant?
They

SPEAKER_02 (35:38):
need a social security.
Okay, so you need the socialsecurity of your kid to open
their custodian accountunderneath the brokerage

SPEAKER_01 (35:46):
account.
Within your brokerage account.
And then when they turn of age,and so you can automate it to
where every month it's just acertain amount,$200 goes from
your bank to there, and then youcan set it to where it's
literally buying pieces of aportfolio.
So you can say, you know, andbecause you have so much time
oftentimes, it's going to, andagain, with like robo-advisors

(36:07):
or whatever, you could automateit within then where it's just
buying stock on every singlemonth.
How do you report

SPEAKER_02 (36:11):
it in your tax return?

SPEAKER_01 (36:13):
On the tax returns?
Depending on the type of, youwould give that to your CPA, but
again, if you're looking at, ifyou're looking at, depending on
how you have it set up, youcould actually have it set up
where you're not actively payingtaxes on it, depending on it,
because you could actually alsodo a Roth account for those guys
that you would pay taxes on.
Okay.
What is a Roth account?

(36:35):
A Roth, Roth is, okay, sothere's, okay, so the,

SPEAKER_02 (36:39):
girl, there's

SPEAKER_01 (36:39):
so many things.
Hey, crash five minutes.
There's so many things.
There's so many things.
So, Okay, so let's go back tokids and I'll talk about...
Victoria, grade one.
No, no, no.
But this is so important.
It's such an importantconversation.
But it's such an importantconversation because so many of
us...
We don't know anything.
We don't

SPEAKER_02 (36:55):
know.
We know nothing.

SPEAKER_01 (36:57):
We don't know.
And that's the thing is thatonce you know, you're like, oh,
this is so much easier than Ithought because it's just
demystifying it.
And then once you know, then youjust...
It's a big mystique, the finance

SPEAKER_02 (37:05):
world.

SPEAKER_01 (37:05):
It is.
But there's so much that wecan...
And once you kind of start toknow, you're like, oh, I want
that.
And oh, I want that.
Okay.
Like it changes your mindset.

SPEAKER_02 (37:13):
The reason I actually, sorry to interrupt
you.
The reason I thought about thatquestion, I remember Beyonce
saying she's hiring her daughterto be a dancer.
Yes.
Right.
And then she is investing in herdaughter.
And apparently that money, ifI'm not mistaken, is not taxed.
And accumulating.

SPEAKER_01 (37:32):
Yeah, you could actually, yes.
So you could actually do,there's a couple of things.
Because that money will start toget taxed when they start to be
used.
Because there's capital gainstaxes and all of that stuff on
that account that once it startsto get used and sold, they'll
start paying the taxes on it waylater in the future.
You can actually, to Beyonce'spoint, you can actually hire

(37:55):
your child.
Yes.
Okay.
Let's say your child is not, youknow, Blue Ivy and she's not a
dancer, but you want them to bean assistant on a photo shoot or
you want to take pictures ofthem for their hair to show
treatment or you want them tosweep the hair in the salon or
there's a thousand differentthings, right, that you can hire
your child for.

(38:15):
You can legally write off, paythem and write off$12,000 a
year.

SPEAKER_02 (38:19):
Mm-hmm.

SPEAKER_01 (38:20):
Right?
Make a note, guys.
Right?
$12,000 a year that you are ableto deduct from your taxes.
Right?
You're not paying money on that.
And you're actually able toinvest that into an account for
them.
So you're getting the taxbenefit.
You're getting the taxwrite-off.
And you're able to startinvesting that money for them in
a brokerage account, in a youthRoth IRA account.

(38:43):
which is really like settingthem up for later in life.
But there's ways to be able todo that so that depending on
even what part of life you wantthem to be millionaires in.
And again, one of the apps, I'lltalk about this app really
quickly.
Yes, please.
It's called the Compounder.
Free app and it's basically acalculator.

(39:03):
Okay.
Okay, you can plug in.
You can plug in because what weneed to know about money is
compounding growth.
So when money compounds, it'slet's say you...
Let's say, you know, there'sfixed interest.
Okay.
There's fixed interest.
Okay.
And so you and I both have$10,000, let's just say.
Okay.
Okay.
I'm going to invest my money inan account that has fixed

(39:25):
interest with a 5% return.
Okay.
Every year, I'm going to get 5%.
Mm-hmm.

(39:57):
Year two, you're going to get 5%on$10,500.
Now you're up another$750.
Year three, your 5% is going togo on that$1,150,$500.
So you're actively growing.
That money that you're earninginterest on is also earning
interest.
That's how money compounds.

(40:17):
So it's more for long term.
investment, right?
Long-term investment orshort-term investments.
Anytime you're investing money,you want to make sure it's
compounding.
So the money that you're earningis continuing to earn money on
that larger amount.
So if you had$10,000, now it's$11,000.
It's earning 5% on$11,000.
Now it's$12,000.
Now it's earning 5% on that$12,000.

(40:41):
Whereas if it's fixed, it'salways earning interest on that
initial ten thousand dollars sowhen you're borrowing money when
you're borrowing money fixed isalways better when you're
borrowing fixed is always betteranytime you're investing
compounding is always better solet's go back to

SPEAKER_02 (40:58):
that app

SPEAKER_01 (40:58):
so how do

SPEAKER_02 (40:58):
you use the compound

SPEAKER_01 (40:59):
so compounder app thank you so compounding app is
a really great quick way just ijust like to because it's like
okay if i have you know ahundred dollars a month that i
want to do for the next youknow, five years, and if I have
the return of like, you can plugin every scenario possible.

SPEAKER_02 (41:13):
Okay.

SPEAKER_01 (41:14):
And it'll show you 10 years, 15 years, five years,
it'll just quickly give you likewhat the outcome is going to be.
So even for your children'saccounts, you can say, okay, one
year old, if I do$150 a month,okay, and we want to always base
the return of like 7% 8% to besafe.
By the time the child is 18,what is that going to be?

(41:35):
Now you're like, okay, well,maybe I have$200 a month.
Maybe I have$50 a month.
It's a really quick way.
Wow, so smart.
It's a really quick way of beingable to see.
And then you're like, okay,well, all right.
So birthday money, if I do anextra, you know,$500 a year from
all of the birthday presentsthat you get.
Let me ask you, can you alwayspull it out or no?
Okay, really good question.
Really, really good question.

(41:56):
With custodial accounts.
Yes.
You cannot pull it out until,because it's their money.
Until they turn 18 or 21.
Until they turn of age 18 or 21and then they are able to have
access to it.
So that's an important thing toknow is that, you know, it's
considered to be almost a giftto the account.
So once you set it up, that'sit.
You're not touching it.
There's no

SPEAKER_02 (42:16):
emergency pool.

SPEAKER_01 (42:17):
There's no, like with a custodial account,
there's not.
There are also things if theywant to be specific for college
that are 529 accounts.
529 accounts.
529 accounts that are very, thatare specific.
Is it within the same brokerageaccount?
They can be, you can do withinthe same, again, depending on,
again, depending on the state,depending on things.
But a lot of times, because 529accounts are through the state,

(42:41):
a lot of the time, they'reactually considered to be
municipal bonds.
So it's a lot of times a statefunded investment.
And those are, those will growtax-free.
But those are specific forcollege accounts.
So for a lot of us in thisindustry, maybe our parents and

(43:04):
they would have to betransferred to a different
child.
They passed a law about twoyears ago that they can be
rolled over into like aretirement account up to a
certain amount.
But custodial brokerage accountis like the jam for kids.
So speaking

SPEAKER_02 (43:18):
of

SPEAKER_01 (43:19):
the retirement,

SPEAKER_02 (43:20):
can you walk us quickly through how do you...
Plan for your retirement in your40s.

SPEAKER_01 (43:26):
You've got to do some homework and you've got to
start quicker.
So, yeah, I know.
We want everything fast.
We want everything clear.
It's a matter of being veryintentional then with how much
more you have to invest.
And that's why it's betterstarting now.
It's absolutely better thanstarting later.

(43:48):
But it's, again, looking at thatcompounding app of like, okay,
what is going to give me therule of thumb for retirement is
about 20 years of life.

SPEAKER_02 (43:56):
Okay.

SPEAKER_01 (43:56):
So, okay.
If I'm having a hard timesaving, saving for six months of
emergency expenses, how the heckdo I get to 20 years of funding
my life?
Right.
So it's also changing themindset that we're not going to
get to retirement by savingmoney.
We're not going to get toretirement by saving money.
We're going to get to retirementby investing money.

SPEAKER_02 (44:15):
Right.

SPEAKER_01 (44:17):
And then it's also looking at, you know, within,
again, even if you look at thecompound or app of, okay, I need
to have savings.
I want to have a million dollarsof retirement.
I want to have$300,000 ofretirement.
I want to have X amount ofdollars of retirement.
How much do I need to be doingevery single month, every single

SPEAKER_02 (44:34):
week

SPEAKER_01 (44:35):
to be able to have a number that's close to that?
And then putting it into abrokerage account.
I

SPEAKER_02 (44:41):
mean, every time I think about investment, I always
think about risk.
Any type of investment that hasthe minimal risk just to be safe
because...
I'm sure you know many caseswith investment, people lose
their life savings, you know, incertain different situations.
Is there any way the safest, Isay the safest investment you

(45:02):
would recommend to use for theretirement?

SPEAKER_01 (45:05):
So retirement accounts, that's a really good
point.
And that's a really goodquestion you bring up, actually,
because when you look at likethe stock market, it's
considered to be pure risk.
Exactly.
Actually, yes.
The reason why is...
is there's no guarantee.
There's no guarantee.
That's not insured.
There's no FDIC.
Like you keep your money in thebank, you know that$250,000, I'm
okay if everything goes bad.

(45:27):
With the stock market, there'snot the case.
But when you look at what makesup a IRAs or individual
retirement accounts or 401ks, alot of times those are comprised
of mutual funds.
They're comprised of many, many,many different types of
investments to almost create aninternal not only

(45:48):
diversification, but like checksand balances.
So within your retirementaccount, you're not going to
pick these individually by theway.
It's going to be kind of likeautomatically selected for you.
You're going to have somestocks.
You're going to have some bonds.
Bonds are considered to be...
Squam about bonds.
Bonds.

(46:08):
So stocks are shares ofownership in a company, right?
So here's Apple.
I'm going to buy one share ofApple.
I own a teeny tiny fraction ofApple.
Bonds...
are actually debt instruments.
Bonds is I'm loaning my money tosomeone for a specific number of
years.
And those are considered to bethe safest because it's an IOU.

(46:30):
Like if you get a US treasurybond, for example.
What is IOU?
Like, I owe you.
I owe you money.
It's a crazy acronym.
No, no, no.
It's I owe you.
Basically, you're like, here'smy$1,000.
And they'll be like, okay,great.
Thank you so much.
I owe you, you know, this$1,000plus 5% interest in five years.
Like, I'm good for it.
I'm the U.S.
I'm good for it, right?

(46:51):
So bonds are considered to bethe safest, but they're very
limited in growth.

UNKNOWN (46:58):
Right.

SPEAKER_01 (46:58):
And the rule of thumb is the older that you are,
the less time you have forretirement, more of your
retirement portfolio will be infixed guaranteed securities.
So it'll be naturally a lot morebond heavy.

SPEAKER_02 (47:13):
The

SPEAKER_01 (47:14):
younger you are, the less, the longer you are, oh,
excuse me, the younger you are,the less time you are, The less
time you have until retirement,you're like, I've got two
decades still.
The more aggressive yourportfolio will tend to be
because you can afford to be alot riskier.
Because even right now with, youknow, the stock market going

(47:37):
crazy with so many thingshappening that are wild in the
U.S.
right now, the S&P 500 is stillup like 10% for the year, right?
Like the baseline kind of thebaseline measurement of the U.S.
market is still up 10% for theyear.
Whereas, you know, if you wereto keep your money in the bank,
your money would be giving you0.1% return.

(48:00):
And if you're investing yourmoney in the S&P 500, you're
getting 10% back.
So there are still checks andbalances put in place where, you
know, I wouldn't buy, put all mymoney into like a
cryptocurrency.
So give us

SPEAKER_02 (48:11):
like a template.
A template.
I know there's so many differentways you can go, but let's say
if you are a creativefreelancer, how much you would
put in bonds?
How much, what and how much?
or in how many companies youwould invest stock-wise, just
give us like just what you woulddo, let's say for yourself or
recommend to somebody to startwith.

SPEAKER_01 (48:31):
I tend to go, I mean, quite honestly, as a safer
one to take any fear out of it,any fear of it, go with the
indexes.
The index is basically like,again, I keep saying the S&P
500.
It's not going to make you acrazy millionaire, but it's a
really good baseline of theseare the top 500 companies in the
U.S., So the Fortune 500?

(48:51):
For Fortune 500.
That's like what the baselineis, right?
The Google, Apple, Tesla.
Exactly.
All of them.
It's a combined of manydifferent...
It's the safest way to investjust in this.
Safest way to invest becausethat's basically a kind of a
snapshot of the U.S.
economy overall, right?
You can go...
I mean, there's different onesthat track international indexes
and everything else.

(49:12):
As a baseline, S&P 500 is great.
Another one that's really tendsto be really safe is...
Is Berkshire Hathaway B?
So Warren Buffett's companies,they tend to have really stable
because he's like the bestinvestor of all time.
Berkshire Hathaway, but B class,you can't even touch the other

(49:34):
one.
The other one's like...
What is B class?
B class is a split of theshares.
So there's A that is like...
hundreds of thousands of dollarsfor one.
I don't know anybody that canafford it.
Forget it for now.
Forget it for now.
Put it on a wish list.
Exactly.
But yeah, so the S&P 500 andBerkshire Hathaway B tend to be

(49:54):
like safe, Your money will grow.
It's not going to go wildlycrazy, but you're going to
get...
So how do

SPEAKER_02 (49:59):
you find that?
So you go like

SPEAKER_01 (50:02):
one of those, the Robinhood account?
So open your brokerage account.
So find one that you work.
So Vanguard, Robinhood, E-Trade,Fidelity.
There's a bunch of them, right?
So first is open a brokerageaccount.
You're going to follow all ofthe steps.
So...
Sign up, enter in yourinformation.
They're going to want yoursocial security number.
They're going to want all ofthat stuff that is secure.

(50:23):
That's legit.
You're going to link your bankaccount.

SPEAKER_02 (50:26):
Okay.

SPEAKER_01 (50:27):
So you can fund the account.
You're going to link your bankaccount and fund it.
The number one mistake thatpeople make is they transfer
money into the account and thenthey don't invest it.
That's me.
And then it just sits there.
That's me.
It's just there.
It's just there.
So then exactly.
So you have to invest it.
I was thinking too hard.
Exactly.
Exactly.
Exactly.
So you are so not alone.

(50:48):
That's literally the number onemistake.
People are like, no, I have it.
I'm good.
I'm invested.
It's there.
It's just sitting there.
Exactly.
It's just sitting there.
It's not making you any money.
Yes.
So then you want to get it outof the waiting room and you want
to buy assets with it.
So then you can look at, I mean,you know, there's so many
resources even online.
You can say, you know.
Right.
Right.

SPEAKER_02 (51:08):
I was looking in tech and healthcare, but I don't
want to risk, right?
So, okay.
So I have, you have the money inthe

SPEAKER_01 (51:15):
account and you pick.
So you can say, you know, SPYYis like the S&P 500 one.
So then you, like you, and you,so how many shares of that one
do you want to buy?
And then now, instead of thatmoney being just like liquid
money, now you own those shares.
And then those shares willcontinue to someone, some days
you're going to make money, somedays you're going to lose money.
Don't panic if you lose a littlebit because they will always

(51:38):
come back.
And then you just every month.
So you only lose money when youtake

SPEAKER_02 (51:42):
it

SPEAKER_01 (51:43):
out.

SPEAKER_02 (51:43):
Yes.
Right.
So you don't lose money if themoney are in the circle.

SPEAKER_01 (51:48):
Exactly.
You want it with the thing withinvesting is it's the long term
game.

SPEAKER_02 (51:53):
It's

SPEAKER_01 (51:54):
a long term game.
The other thing that I tend todo, and this is, you know, not
advice.
It's just what I do is like,what are the politicians buying?
What's Nancy Pelosi buying?
What is she

SPEAKER_02 (52:02):
buying?

SPEAKER_01 (52:03):
There's apps like, well, there's apps.
There's a.
Quiver Quest.
I think a teenager came up withit and literally tracks all of
the politicians and all of thecompany insiders.
Quiver Quest.
Quiver Quest.
Yeah.
I'm not like endorsing them oranything like that.
But I use it because I'm like,Nancy, what you got, girl?
What are you doing in there?
And funny enough is I'veactually made money off of

(52:23):
stocks that she's bought thatI've just copycat.
Smart woman.
Because, you know, and some ofthem are going to be hit and
miss.
But I'm like, those guys havemore insight.
So, you know.
With things like that, never betmore than you're willing to
lose.
But you also have an opportunityto make some money.
So again, when you're playingthe long game and when you're
like, okay, I can buy that pairof shoes or I can buy shares of

(52:44):
the company that makes that pairof shoes, start to think about
like...
You see more of a bigger picturerather than your

SPEAKER_02 (52:50):
immediate short-term goals.
Yeah, exactly.
And then to wrap it up, so ifyou could summarize, so what are
the secrets

SPEAKER_01 (52:57):
of wealth?
The secrets of wealth is havingfreedom and autonomy.
Honestly, I think the secrets ofwealth is, you know, information
is just half the battle.
Knowing what to do is half thebattle.
And so it's about having enoughfaith in yourself, having enough
security in yourself to makedecisions that are going to be

(53:20):
the best for you.
I think we put ourselves third,second, last in our lives so
many times.
And so we never feel fullyfulfilled.
We never feel fully wealthy.
We never feel fully securebecause we are making sure that
everybody else does.
And so I think, you know,information is just a part of
wealth.
I think it's leveraging thatinformation to ask yourself,

(53:41):
what decision can I make today,right now, that is going to give
me the best outcome?
And ask yourself that questionany single time that you're
making a decision or any singletime that you're not sure what
to do.
Because...
When you put your own oxygenmask on, when you make sure that
you are taken care of, everybodythat you love will be taken care

(54:03):
of.
Everything else falls intoplace.
And so, you know, I always saywe spend our lives taking care
of others and it's really timeto start taking care of
ourselves and being able to doso as well.

SPEAKER_02 (54:14):
Make no guys.
Well, thank you so much for thisreally, really informative
interview.
I learned a lot, so I have to dosome more homework.
So if somebody wants to get apersonal advice from you, where
can they find you and how canthey get rich?
Absolutely.

SPEAKER_01 (54:30):
I can contact you.
Yeah, absolutely.
You can find me on Instagram atamanukian.
I do have a very extensivecourse that's launching at the
Beautiful Wealth and they can gothrough the academy that way or
just contact me and I'll figure,I'll share any resources that I
have or point you in the rightdirection.
And we'll tag all of yourcontacts in this episode.
Well,

SPEAKER_02 (54:49):
thank you for being on The Basic Show.
Thank you, Victoria, for havingme.
Thank you for being here.
Such a pleasure.
Thank you so much.
Pleasure is all mine.

UNKNOWN (54:56):
Thanks.
so

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ANNA MANUKYAN: Financial Freedom for Creatives, Beauty Pros & Generational Wealth | EPISODE 9

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}ANNA MANUKYAN: Financial Freedom for Creatives, Beauty Pros & Generational Wealth | EPISODE 9