Bonus with Phylecia Jones!: Q&A (Part 2 of 2)

Episode Transcript
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Chris Holling (00:00):
Welcome back, ladies and gentlemen, thank you
again for joining us here on thetruth about investing back to
basics. Let's continue ourepisode here with our guest,
Phylecia Jones.

(00:29):
Words.

Phylecia Jones (00:32):
Should I ask you all questions?

You should.
Sure.

Sean Cooper (00:35):
Sure.

Oh, okay.
Well, here's here's a realquestion for you all investing
your emergency fund.

Did, we talk about that.

A little bit.

I don't Remember?
A little bit?

I don't remember what show but

you know what it was

emergency fund. Go ahead.

It was the savings aren't real or are they
episode. And

that sounds right.

That's where we talked about, ultimately, what
what savings are which I mean,we can, we can kind of do the
sparknotes version. So to me,savings doesn't really exist.
savings is a pile of money thateither goes to an emergency or
something shiny. And so if youhave things that are likely to

(01:26):
go to one of those things,because you're able to look
forward and the same kind ofstuff that we're talking about,
then you're able to at leastevaluate what those things are.
So you've got a deductible for ahome or for car insurance, or if
you're self insuring, and youwant money set aside for a new
car, whatever those expensesthat are either going to be a

(01:47):
risk, if it's expensive, and youneed to replace it, or if it's
something that you know, you'respending money on, you just
don't know how much or or when,whether that's auto maintenance,
or maybe fancy clothes orsomething along those lines. And
then the money that you have setaside where it goes, I want to
buy these things, which would bethe shiny stuff category. Once

(02:09):
you've established those, to me,there isn't much of an emergency
fund to be had. That's left,there's, there's kind of some
stretches in there where youmight have maybe this is money
that I haven't figured out whereto allocate it yet. Like I have
a spot that I've held a coupleof those before. But that's,
that's more of a, you know, onceI figure out what this

(02:32):
inevitable possible risk is, oronce I've figured out that, what
this the shiny thing is, andthat's important to me, then
that's when a new category getscreated, and it gets allocated
as such. So I don't I don't havean emergency fund. And I, I kind
of feel like it, it doesn'ttruly truly exist in that sense.

(02:54):
Is that

interesting

that too, too fine a point to? Is that a
little too deep that we wantedto go today?

No, it's not deep enough. Now. I will say
when it comes to personalfinances, and I'll swing this
back over to business, tobusiness finances as well,

yeah.

So I actually do have an emergency fund. But I
also have a short term savingsfund, and a vacation fund. So I
kind of I've learned to budgetwith the different bank
accounts. And so that's how Imove my money around. So I hit
all these goals with theemergency, I call it long term,
long term savings. So long termsavings. And then there's a goal

(03:33):
for the short term. And thenthere's a vacation and then
hubby and I we do adultallowance. So all money goes
into one pot. And then we giveeach of ourselves an allowance
that we agree upon each month.
And if somebody wants moremoney, they have to do a
PowerPoint presentation.

I feel like that's torture to both of you though. I
feel like that's torture to bothof you. Because then you
somebody else has to sit througha PowerPoint presentation.

No, it's good.
So this is how we every month atthe end of the month we go
through like here's thefinancial update, so that nobody
so so that no one can say theydon't know what's happening with
the money. Um, you know, usuallyI'm the one who has to have more
maintenance, you know, cuz Igotta get my nails done.

Just picture and like, what are your marital
goals is like, Oh, well, we weset up these these graph charts.
And this is this is how wefigure Oh, well, if you see the
increase in this allowance thatwe could utilize for the future
that's such and such.

No allowance is your play money. So that's, you
know, if you want to go buypurses and things, you can go
and do that with

Jarmar called it the baller, right?

Yeah, I do the same thing. It's the baller
bucket. Yeah,

yeah, it's called Do whatever you want. And
nobody will give you side eyebased on what you're purchasing.

That's a long name.

Yeah.

I like baller bucket.

When I was single it was just fun money
when I was single, it was justfun money now it's just
allowance money.

Yeah.

Now inside of business, I actually do budget
through different bank accountsin business. So I created this
little method that was based onmy maiden name, which is Ross,
so, ROSS. So there is a bankaccount just for revenue. So you
know, from getting paid throughPayPal stripe or anything, all
revenue goes into that account.
And then on the first and 15th,or, you know, I will go in and

(05:29):
start divvying up that moneybased on percentages into O, you
know, which is overhead, thenthere's the salary account, and
then there's the savingsaccount. So that's how I've been
able to manage money in thebusiness. So I know what is
overhead and what works. Andthen of course, I always
allocate at least 15% into thesavings, just in case, you know,

(05:52):
well, at this point is not ajust in case. It's like when
crap happens in business. Andthen there's other buckets of
accounts that I have fortraining. So I'll know if I'm
going to allocate money fortraining this year, you know,
for all those courses, andconferences and things like
that. And I think there'sanother one I can't remember.

(06:12):
But those are the basics It wasso it's like ROSS, revenue,
overhead salary and savings. Andthat's how I managed the money
with the business.

Ross.
Yeah, I can see that. Yeah. Andthat's, yeah, it's, it's the
same same kind of stretch that Iwas talking about, it's all
psychological at that, at thatpoint, head, because I mean,
for, for me, you know, it's thesame, same type of stuff, where
we'd have it broken down. Whenwe were running my wife's
business, that we we had asection that was the, this is

(06:44):
the general expenses, these arethe fixed expenses that are
going to happen every month,here are some of the long term
goals that are going to be morelike, decor for for the space or
training to be able to expandand maybe charge more and the
software that's going to beutilized. And and then once all
those expenses are are handled,then that's when we had the
surplus, just like we weretalking about earlier on. And

(07:06):
then that surplus, we we figuredout, Okay, are we trying to work
to get a couple months ahead arewe are we wanting to put it
towards something specific, butthat same time, that's, you
could call that savings if youwanted to, but every single
thing is is allocated for me atthat point, because then if
you're looking at a surplus,once we've decided, Okay, we

(07:27):
have this surplus, this is goingto go towards next month's
expenses, this is going to gotowards this liability,
deductible that we need tomaintain for business, this is
this is going to go forincreasing the deductible so
that we we don't have to pay asmuch of a monthly fee and start
working towards that it'stechnically savings, if you want

(07:47):
to call it that. But becauseit's allocated for something
already, then you know, then nosavings. So point one for Chris,
for for No, not really havingsavings. Just saying. No, that's
cool. I think it's I think it'sinteresting that we've never,

(08:08):
never, we don't allocateseparation of those funds, the
checking account savings accountit because it's all
electronically generated of howeverything is divided out, then
it all remains in one accountbecause we we use a separate
budgeting finance account to doso. And so it all just sits in

(08:30):
the same pile.

I like having pots of money all over the
place. It's just easier becauseum, well, it's just easier for
me and also in sometimes,depending on how you're running
your business, you know, ifyou're doing payroll so that it
doesn't go into like one bigaccount because it'll just keep
running payroll, even whenyou're don't want them to

(08:52):
sometimes. So I just I just keepit very simple for me, because
that's how I did my personalfinances is to keep these
different buckets so that it'svery clear to everyone and this
was something even with myhusband was being very clear on
what savings and whats vacationmoney. Yeah. Because his brain

(09:13):
is savings, is savings and I wasjust like, well, savings is
supposed to be for something.
And we agreed that

what was that? It was savings is supposed to

be for something

Oh, just checking

but his his thing is that's not what savings
is for so he couldn't articulatewhat savings was for. We created
a vacation account to solve allthese problems. So if there's a
new problem, we have a newaccount for it.

That's good.

That works. You mind if I jump back in on what
to do with the emergency fund?

I mind but

nobody cares what you think, Chris?

I know.

All of your listeners care.

That's it.

It's true. It's true. They wouldn't be here if
it wasn't for him.

Are you over 100? Or you said three digit
downloads.

So what I was saying is that there are

For certain episodes Yeah,

for an episode, where

we're over four digits

We are actually at I was just looking at this.
Where is it? stats? stats, weare at 1212. We got 1212
downloads as of this recording1212 downloads for the podcast.

Oh,

yeah,

yeah.

Look at us Sean, making progress.

This is going to be your most popular show. I'm
just predicting that,

you know, I hope it is because as soon as it's
the most popular, then thatmeans that Jarmar is gonna have
to come back and try to claimthe title. And

yeah,

fight fight fight fight would be great.

Okay, Sean, now back to the emergency fund.

Yeah, so I mean, as you guys kind of pointed out, it
really depends on how you definethe emergency fund. So if you
are looking at it from a moretraditional standpoint of if an
emergency comes up and you needcash, then the bulk of the
emergency fund, at least acertain portion of it needs to

(11:17):
be very, very liquid, whichreally limits your options in
terms of what you can do withit. Essentially, you're looking
at, you know, cash, a checkingaccount, a money market account,
money market, ultimately has,you know, very close to the same
liquidity as the other two, youjust might have some limitations

(11:37):
on how often you can move moneyin or out of it on a monthly
basis. But it's still prettymuch instantaneous,

because that's a non qualified account.

Yes, that would be correct

look at me learning continue.

But it is earning some money as some interest in
that money market account. Now,in today's terms, under current
interest rate environment,you're earning very, very little
in most money market accounts.
So you'd have to be fairlyactive in terms of researching
which money market accounts areactually paying something

(12:16):
worthwhile. But for the mostpart, that's what you're looking
at for a very liquid options,and secure options. And then
again, it depends on you know,how much you need to put into
that portion really depends onyour your personal finances. But
if you were, you know, justballpark figure, you know, you

(12:39):
might be looking at like $5,000to ensure you have sufficient
liquidity for the say theaverage person, but it is going
to depend on your individualfinancial needs. Above and
beyond that. So for many people,they're going to want to have

(13:00):
some security blanket largerthan that. Or, for example, if
you're trying to achieve thatsix months of expenses, savings
is not necessarily what I wouldconsider an emergency fund. But
it's, you know, additional fundsthat you have available, if you
were laid off or somethinghappened and you didn't have a

(13:21):
job, you want six months ofexpenses basically covered,
those funds don't have to be asliquid, especially if you
already have that initialaccount of you know, a few
$1,000, whatever it is, if thatfits the bill for you. Those
funds don't have to be asliquid. And so since Chris
mentioned the non qualifiedaccount a non qualified account,

(13:45):
you can move as much money in orout of it at any time that you
would like basically, thelimiting factor in terms of
liquidity is going to be if youopen up a say brokerage account
or just an individual accountwith a whether it's a broker a
registered investment advisor onyour own. What have you. The

(14:05):
limiting factor on liquidity andsecurity is going to be what you
invest in. So at this point,they've really kind of shortened
down the the trading cycle andliquidity cycle of those non
qualified accounts. It used tobe t plus three, which is

(14:27):
trading day plus three days forfunds to settle. Now it's
actually t plus two. Sorealistically, you're looking at
if you invest the funds intostocks or bonds or something
along those lines, you'relooking at the trading day, plus
two additional days for thefunds to settle. If you set up
some kind of link between youryour brokerage account and your

(14:49):
checking account. You cantypically have those funds
electronically transferredbetween the two essentially
instantaneously, sometimes theytake a cycle of overnight to
actually show up in the otheraccount. But for all intents and
purposes, we're talking aboutfairly liquid accounts of, you
know, maybe four days on thehigh end. And that'd be four

(15:13):
business days. So four actualdays of the market being open.
For liquidity purposes. As faras security goes, again, that
depends on what you invest in.
And for funds that you're you'resetting aside that you don't
know when you're going to needthem, you hope that you don't

(15:34):
ever actually need an emergencyfund. But since you don't know
when you might need it, you, youtend to want to keep those funds
a bit more conservative in termsof your overall portfolio. So
more that moderate conservativeor conservative profile so that
you're not risking largedownside. For example, if you

(15:58):
are saving that six months ofexpenses, and say that's, you
know, 30 grand, if you have 30grand in an account, and all
sudden you do need it, but themarkets tanked and you lost 30%
of your, you know, 1/3 of yourinvestment. Now, it's only worth
20, that emergency fund isn'tgoing to help you nearly as much
as the original intent. So soyou're not going to want to have

(16:21):
as high a risk profile on thosetypes of funds. Whereas like
Felicia talked about whereyou're, you're saving for
something in particular, thatmight be a few years out, or,
you know, all the way out toretirement, that's where you
have a much longer investmenttime horizon, you can recover
from the market fluctuations,you actually have time to recoup

(16:43):
any losses that you mightexperience, the emergency fund
doesn't have that sameflexibility per se. So does that
more fully answer the question?

You got deep there?

You know, he does that.

I know.
But here's the thing, let me weshould do a lightning round,
because you started off sayingthat you need to define what is
an emergency. So I want to throwout a couple of questions to
you, Sean, and you Chris, aswell. And we're going to figure
out what is an emergency? Areyou guys ready? I know you love

(17:19):
your show.

I don't I don't know if you want to find out
what I classify as emergencies.

To find out, okay,

Let's do it,

so we have this emergency fund, and my friend
just called me and said Beyonceis going to be in Vegas next
weekend.

Not an emergency.

Okay. Oh, instant not an emergency.

I totally agree.

It's not an emergency, Chris.

No. I mean, like Beyonce and Timberlake, like

if it's Timberlake and Beyonce, maybe,
okay.

I mean, like, really, like, it's, it's not an
emergency for me, I might needto go spin, a sign off Colfax
for, you know, like, a coupleextra hours to try and make sure
that to make it happen, but it'snot coming out of my emergency
fund. That's what

Okay,

That's what's not happening?

Okay, so, okay, the roof has a leak in it, is.

Emergency

Emergency

Because sometimes I've learned you have
to be very clear, because somepeople don't think that's an
emergency.

No, absolutely.
And that's that fits back intofor the full circle of what what
you're talking about. If youtake this, you know, you take
your deductible. I'd say I'd saya new roof deductibles. What
like 10? grand about right?
Yeah, no, maybe

I've never had the issue. Thank God.

I don't know. But

It depends on where you are, it's much higher in
Colorado because of your guys'sfrequent hail damage,

correct?

Yeah,

well, we'll just we'll just say 10 grand just for
the number sake. But if you ifyou have the 10 grand that's set
aside rather than having it sitin your checking account,
because you have it set asidebecause you have a purpose for
it, right? And so it's notreally savings. But you call up
your buddy, Sean and go, Hey,can I set up a nonqualified
account and then it's gaininginterest on a conservative rate
because he's smart and said doit on a conservative rate? Then

(19:07):
you have that money availablefor the emergency and if you
don't have that emergency forfive years, then you've gained
the interest from now till then,but you still have the money
available? Still emergency?

Okay.

And you want typically need those funds
instantly, because thedeductible typically you have a
few, a little bit of flexibilityand

unless it's your cousin Joe that sees the leak in
the roof and swears it's thereand needs it done by tomorrow
and he just needs the cash like

Yeah.

Don't Trust Joe.

Okay, so the next one. AMC is trending on
Twitter, and everybody's jumpingin Robin Hood. Should I use that
as take my money from theemergency fund to jump into
Robin Hood so I can make amillion dollars like what I saw
on YouTube.

The No,

not an emergency

No.

Are you sure?

Yeah,

sure.

That's no an emergency, no

okay.

That's,

A million dollars, that's an emergency.

That's money that you don't care about you never
saying again.

Yeah, that's true.

I don't know, you guys need to get on Twitter
and straighten some people out.

We've tried but remember the whole like, social
media is not our strong suitthing. Like,

yeah, I avoid it actively.

Well, it's happening today. So just FYI. It
is actually happening right now.

I'm in

I believe it.

Okay, so I have a car.

Uh huh.

It's still running, but it's kind of old.
And it doesn't have good gasmileage. If I get a new car, I
get better gas mileage, and Ilook better in it. Is that an
emergency?

No,

no.

Really?

Yeah.

Really? better gas mileage?

No. Sorry. When I said no, I really, I really
meant. No.

Plus it was an electric car and I'm saving the
environment?

Oh, no,

no.

That's fun game.
Go buy a bicycle

Buy a bicycle.
What if my leg hurts

buy buy an electric bicycle? You've seen
those. There's people that aregetting all hurt about those
like the purists of the bicycleworld. Nevermind. What's the
next one?

Everybody wants to be offended at
something

got hurt feelings? Sorry. Yeah

Okay. Um, my spouse wants to start a brand
new business. And we think it'llreally work out. Should we dig
into the emergency fund for it?

I like the idea.

No

No,

no,

that's your investing money. Not your
emergency money.

But what if we don't have any investing money
is all we got?

Then we might have to do an entire episode
about possibilities on how tobuild capital.

Oh, you guys are so boring.

Oh, wait, okay. I see what she wants. Sean. Okay,
give me another one. I dare you.

Um, my dog needs surgery.

Oh, well, that's not fair

emergency.

Yeah. I can't give an emergency fund to that.
That's fine. Yeah.

Okay. Okay. You know, some people wont just Just
checking.

See how, she's trying to trip us up and make us
look like a couple of savages.

No, not savages.
Just what good with money. Thereyou go. Okay, we're just coming
out of the pandemic, and Ihaven't seen my mom in a year.

Yeah, ergency.
Buy four tickets so that you cansit in all of them. That's what
she wanted

not emergency

not emergency.

It's not an emergency. No,

I'll let you and Chris. Go ahead and play this
game, though. That's clearlymore to be had out of Chris's
response.

Well, that's what I was saying is I
was like, Oh, I figured out whatshe wants. And that's why I said
buy four seats. You know, bringyour friends.

So see going to see mom after the pandemic is
not an emergency.

No.
Nanny. Oh. Oh, no. Oh, The Mamasin the world right now?
is is mama sick?

She could be, we don't know, we haven't seen her

That would have been the travel budget.

That's the travel budget. He's right. Mine's a
vacation budgets. Not a bigdeal.

Okay, the pandemic is coming. And I have
to work from home now. And thekids need new laptops.
for school?

No, I mean, the silence is more just because I'm
thinking like, why do they needa computer but whatever.

Cuz they have to turn the cameras on now.

And they?

Well, and and just for everyone listening,
this is actually a real issuethat a lot of parents had with
the because the requirementsbecause all because usually, a
lot of people have like maybeone or two laptops, and the kids
have to all you know, parentswatching them use the computers.
Now, since everybody had to beonline. At the same time. A lot

(24:12):
of people were in the situationof having to buy multiple
laptops, multiple computers atthe same time for all the kids
or everybody in the house. Sonow that's the that's the
question. Is this? Is this anemergency?

No. But it's a high priority. So if you

agreed

can't make it happen elsewhere in your in your
financing, then then theemergency fund is something
you'll just have to build backup. So it's it's a backup plan.
How's that?

Oh, interesting, Sean.

I would tend to agree with that. It's find
alternatives for a period to getyou through, you know, unless
you have no computers thenyou're kind of SOL

yeah, I'm more inclined to say let's buy him a
typewriter and tell him to dealwith But

how old are you?
a typewriter?

I'm just you know, I'm just wise.

Is that next to your VHS player too?

Yeah. And my 8trax

and that Betamax

laser discs.

You probably still know what a dial tone
sounds like, don't you?

I Do

Oh, I don't have any more.

Yeah. That's because we're good with money.
Not like,

Oh, I just got an inner a request
for an interview to go work atone of the biggest fortune 500
companies in the world. But Idon't have a new suit. Is that
any emergency?

No.

You specified new suit. I don't think you I need,

I want to leave.
I want to leave a goodimpression. I got to look good.
You know,

do you have a suit?

I got something.
But it may not be the suit.
That'll get me the job.

No birthday suits on.

Depends on the job.

Yeah, it does depend on the job. So

Is this the 500 company where you're the
janitor. N

So new suite, not an emergency.

No.

No.

I like this game.
This is a fun game.

Trying to figure out going to see mama is not an
emergency.

It's close.

It's close

If Mama's sick, you can do it

the kids getting their education is not
okay. paying for college thefirst year college for my kid?

No.

And I didn't have the the 403 B. I didn't
have a 401k to pull from oranything. Oh,

No 529 is no

no. 529 not 403b sorry. wrong thing

No.

No. Wow.

I mean, now you're you're veering into a
totally different territory. Idon't even know how Sean feels
about this. But

this just sounds like a lack of planning.

Well, now we know exactly where Sean sits. No,

Not that he's trying to shame anyone listening
to this show that's trying toget better with money. We're
just giving some examples

You've got to start somewhere. That's true.

Yes, start somewhere.

My my response to that is is much more of a
soapbox than anything maybe fora different episode. But I I'm
much more inclined, even if themoney is available to send said
kiddo to trade school ormilitary first. Anyway. But you
know, like, that's, that'sbecause it's it's not like, it's

(27:50):
not like it's a bad thing. Ithink. I think it's an important
set of valuable skills. And youknow, if you go through it, and
you have a couple of years tolearn about yourself, and you
still want to go to college, andyeah, that sounds great. But if
you have the skill set forsomething that you can always do
to even you know, if things fallthrough, and then you have ways
to pay for yourself throughcollege and you're not taking

(28:12):
on, you know, what, what's that?
What's that john Melaney bit?
They, I paid $250,000. Whereas Isigned a contract when I was 17.
That's illegal. You can't dothat. That's theft. And I think
people are making triple digitdecisions when they're 17. And

(28:35):
they shouldn't. So

You only live once. Why not?

You know what?
Yeah, you only live once. It'sfine.

Rack up that $3 trillion dollar student loan
debt.

It's fine.

Okay, I'm coming out of the pandemic. I haven't,
I followed all the rules. Istayed home. I masked up didn't
talk to anyone. Now I'm reallystressed out. And I want to go
to a spa.

You know,

five days.

You know, Felicia,

definitely not an emergency.

When you were coming out of that sentence. I
really thought you were gonnasay psychologist and I was gonna
give you the green light andthen you just spa just

so psychologists? Yes. Emergency?

Yeah, I think that's just

Spa. No, not an emergency.

Yeah.

Okay.
Okay. Just Just getting clearbecause some people have very
different views on what's anemergency.

Right. I totally agree.

emergency is the unexpected instant thing that
has to be covered. Your theemergency fund is the you
planning for the unexpected, ifit's something that you could
have antissipated, it doesn'tfall under emergency.

The pandemic was unexpected.

Yes, but most of the things that you talked about
coming out of the pandemic werenot necessary things. They're
things you might want, but theyweren't necessary.

Oh, wow, you need to have a whole show on
what's necessary, wants andneeds.

Oh, yeah, needs and wants my wife and I have a whole
list of needs and wants.

Well, that's all I have for you in the is this an
emergency lightning round?

That was that was a good round.

Okay, I'll come up with more for you guys.

I'm curious. And would you have answered those
essentially the same way we did?

Um, well, a spa, for me, it's probably an
emergency. But remember, I havean emergency fund and I have
short term fund, so I can justdig into something else.

Exactly. Not the emergency fund.

Did you hear that Did you hear that? That that I
can dig into that pile that goestowards emergencies or shiny
stuff thing that you just talkedabout?

No, it's not shiny stuff. It's
things that I didn't anticipateto come up that I might need,

like a spa?

Yeah. You know, I've earned it

I've been alone.
And,

you know, I've been alone, you know? Come on,
the dog threw up on the carpet.
That's an emergency. I need anew one.

A new dog?

No, we'll keep the same dog. Well, thank you
for answering that. That'sreally good. I think. Um, I
actually do think a lot ofpeople need to hear more of
this. Because over the years oftalking to people helping them
with money, emergencies aredefinitely interpreted very
differently. throughout theworld, or in the United States,

(32:00):
rather.

Yeah, well, and I, I really do think that a lot
of that stuff gets justifiedwhen you haven't taken the time
to, to create those separations,like we were talking about. So
when when I'm saying, I'msetting aside a certain amount
for my car deductible, and thenI, you know, I'm just aware of
where everything needs to go.
And then the trip to go see momafter the pandemic comes up.

(32:22):
Well, oh, yeah, well, you know,my car's fine right now. So I
can I can make this trip happen,because I'm looking at my
checking account, and mychecking account looks fine. But
when you have everythingallocated, and you start going,
Okay, where's this money gonnacome from? Oh, well, this is set
aside for this. This isallocated for that. And, and
that's why personal finance andbudgeting is important to me.
Because when you see it all laidout, then that's, that's when

(32:45):
you have a much better idea asto what what you have to operate
with. And you don't make thosechoices, not because they're a
bad choice. Just because youyou're seeing the writing on the
wall and what what could come uplater. Which also means that,
hey, you know, things arestarting to ease back into it,
we're starting to back away frommask mandates, we're starting to

(33:05):
see a little bit more travel.
And maybe that's the time to belike, Ah, you know what, mom's
gonna want to see me. And solet's wait, it's a couple months
out before, before everythingkind of really starts to lift or
it just seems like it's startingto and I don't know when let's
let's start putting a little bitof money into the seeing mom
category. Still not

planning, planning,

planning. Not to shame anybody who did not plan?

No. That's that's

This is the truth about investing, not the

right

sugarcoated.

Right

investing.

Yeah, that's, that's why that's why

Sugarcoated investing. I want to do that.
Sounds tasty

They do have sugar coated investing. It's
called, like, pyramid scheme, Ibelieve. Yeah, that's a that's a
sugar coated investing.

Wow. I will say this one thing I have learned
out coming out of the pandemic,I do think business owners need
to start allocating or planning,planning to take some time off,
you know, you know, so that youwon't hit that burnout phase. At
the end of the year, make sureyou start putting money away so
that you can go to a spa, if youhave the funds to take your team

(34:18):
so everybody can kind of relaxand get rejuvenated, so that you
can plan and make goals for thenext year. I think what we're
about to see with a lot ofbusiness owners is that when we
did pivot last year into youknow, kind of staying at home
doing our own thing. A lot of ushave had our heads down,
focusing so much on the businessand I think we're still kind of

(34:41):
heads down and not really takinga break. And I think a lot of
people are starting to get tothat burnout point. So I've been
telling people make sure you'retaking breaks, taking a
vacation. Wrap that into yourplan and your goals. Because you
know, burnt, burnt out. Itdoesn't really help the
business, it doesn't really helpyou either. So I always just

(35:03):
say, make sure you plan for it.
And you'll just be a betterbusiness owner for it.

I totally agree

In my opinion.

I totally agree.
Well, and it's you know, it'sjust creating your own Bala
bucket for the business. The theold, the old triple B.

Yeah, you need one business baller bucket.

That's what I like.

Yeah, let's do it.

I want to hear a little bit more about you and
your business itself, ratherthan just the name. Because I'm,
I'm curious and kind of, kind oftell us a little bit about you.
And you're really, you know,it's this is kind of like the,
the easy shout out. I guessthing that's you want to call it

(35:46):
that that was the most eloquentway that I clearly could have
said that.

So basically just talk the beautiful things
about myself

Talk beautiful things about yourself, because
because you talked beautifulthings about me and okay things
about Sean, because he's fine.

That means you guys have to just do a calendar,
that's all, we need some merch.
So right now run a companycalled I find you close. And I
actually just go out andresearch events that are looking
for speakers. And it wassomething I kind of fell into
when it came to marketing mybusiness. And that was getting
on stage. So I put this togetherso that other people who run

(36:26):
businesses run podcast, can havean easy way to find
opportunities to get on stage.
Because researching takes a lotof time. And for me, it was
actually coming really easy. Andit was kind of fun for me to go
see what's out there in theworld when it comes to getting
on stage in front of in front ofan audience to talk about what

(36:49):
you do, you know, inside of yourbusiness. So I run a membership,
you can go check it out,ifindyouclose.com And every
Monday we send out a new list ofspeaking opportunities. And
we're starting to seeinternational gigs are opening
back up. A lot of live eventsare starting to happen. And and

(37:10):
that's just basically what wedo. So we just, we go and find
the things and put them in alist and give them to the people
who want it.

That's really cool.

Yeah,

that's really, really cool.

It's a fun business model. I like it.

I was trying to think like, well, maybe maybe
you just need an incrediblytalented speaker from a podcast
that you did.

You know, there are opportunities for you. There
are opportunities, there's goingto be more I don't know, you
know, as you guys go forwardwith your podcasts, there's
definitely gonna be some for youto get on stage, maybe talk
about the podcast and talk aboutmoney. Because there are quite a
few money conferences and ofcourse, podcast conferences, and

(37:55):
people are always wanting toknow how you do things.

Where does that?
Where does that fall in theregulation world, Sean?
Seriously.

terms of talking about what aspect?

I don't know if she said, Hey, you guys are we
got it all set up. High five.
This is cool. Come out and talkabout your podcast. Does that
get complicated? Because we'remore I don't know. it's
complicated

No we could go talk.
No we could go talk.

Do we have to talk together? Can you talk by
yourself? Can I talk by myself?
Or does that become weird?
Because I remember us havingconversation about it where it
was like, we can't really, or atleast maybe it was just me.
Maybe I can't go out and belike, Oh, do you? Do you know me
from the truth about investing?
Because that was one of thethings you talked about wasn't

(38:45):
it wasn't?

Nah you could still say that. You just can't really
be compensated for most things.
But you can go market. See,that's good. Right?
Right.

So you can get on stage.

Okay. Okay.

Yes.
So depends on when when you twoare ready to do your road tour
with your podcast.

We can road tour Sean. We could have Anastasia,
announce us.

See you come with your own MC. Even better,

That's right?

Which actually is a good move to do to be
honest. Just saying

that was a jab at our voices is what that was.

Your voices are great.

See, see. That's all I do is I just fish for
compliments.

Yeah,

catch up. You just cast and you catch and cast
and you catch.

You know, compliments are an emergency.
Can, Can you go buy compliments.
Can that come out of theemergency fund?

Yep, sure can.

Okay, cool.

Sean. Sean, is that emergency the emergency
fund

Oh, man.

Want to go get it for free. Okay.

Yeah. Just keep casting like Chris and

you should just start up a business where people
can just call you all you know,pay you just to say if it's an
emergency or not.

I thought you were gonna say I should start a
business where people can callme and pay me to tell me I'm
great, which I was like, yeah,let's

No no, no,

let's do that.

Something a little bit

that would be a hotline to you know, you call up
and you just give peoplecompliments. People need a
little boost they give you acall and you're like, hey,

he compliments for just for him though.

I know I I didn't see the money in Chris's
endeavor.

Yeah calling and giving compliments maybe a
little bit better. But you know,but if you set up your your,
your your call line so peoplecan pay to determine whether or
not they have an emergency couldbe could be useful.

It sounds like fun.

You know what, I've
got this. I've got this figuredout. Okay, here. We're gonna do
a trial run real quick. Thinkabout think of an emergency
question Phylecia and then thinkof one just think of one. You
got one. You got one.

Okay,

got it.

Can I repeat one?

Just sure you can repeat one.

Okay, cool.
I got it.

Okay.
I don't even have a name for it.
What's the name? It's whatever.
Hello.

Hi.

Oh, hi. Hi. Oh, sorry. Are you are you calling
about about figuring out the theemergency funds?

Yeah, I'm trying to find the emergency hotline.
Is this it?

This is the emergency hotline. Go ahead.

Oh, my gosh. So, cool. Okay, so here's the story.
I just talked to my friend andshe's getting married in Vegas.
And she wants us to wear theseugly ugly dresses.

Not an emergency, But you know what,

but I didn't get there yet.

I know. Not an emergency. I'll tell you what,
I'm sure you would look great inthat dress.

You know, I want a refund.

I was trying to offer the compliment.
Immediately after the yes or noquestion.

I didn't need the compliment. I needed to talk
to someone to get it all of mychest.

Sean, your business model sucks.
This is your fault.

Chris, You didn't use the sandwich approach
compliment then the critiquethen the compliment.

Okay. Okay. Okay.
Emergency fund hotline.

Hi, Is this, Chris? Yes, it is and you have a
lovely voice.
Oh, thank you. I'm just callingto you know, see if I can get
some advice on an emergency.

Tell me about it.

Okay. So the other day, I kind of noticed
that there was a family ofsquirrels in the ceiling. But my
friend called and said, I can goto the spa with her. So I'm
trying to decide, oh, should Iuse my emergency money? You
know, I can get the squirrelsout what you know, like a little
smoke and duct tape it but thatspa thing you know, you know,

(42:51):
it's been a pandemic, can I usemy money for that?

You know, I, I like how you're taking the time
to really process all of thisand you're making

I know, thank you

you're making you're making some important
decisions and really good on youfor giving me a call first. That
was

Thank you!

I think you're better off not worrying about
the the spa and taking care ofthose squirrels first, but I bet
once you get that allstraightened out that you'll be
able to handle that spa. Andthat smile treats you so good
afterward, later on. later on.
Just not today.

Okay, okay. I guess I can work with that

their sandwich, Sean, Is that better? Well
played. Oh, I didn't hang up thephone, click. Okay, this this
has gotten out of hand, talkingabout sandwiches and stuff. I
should probably wrap this upbecause clearly nobody else is
gonna do it.

I'm just a guest.

And you you've been a great guest. And I
applaud you for being a guestand you do so such a good job as
a guest we need another guestand Next. Next time you just
keep being that. Good guess.

So is your show an emergency? should I listen to
it?

You know, I think you can budget your time
appropriately to listen to thisshow.

All right.

Whoo hoo. See, sleep deprived and quick witted.
Sean, let's close this out. Areyou gonna Are you gonna close
this out? Because clearly yourun this thing now?

Nope. Nope. Leaving that to you.

Suddenly when there's work to be done, thank
you. Thank you, ladies andgentlemen, for joining us today.
Today, probably the last coupledays because this this was a
podcast that we probably arebreaking up into two if it's not
already broken up into two. Butthank you for joining us on

(44:56):
listening with us today. Andreally thank you Miss Phylecia
for for joining us, because thisthis has been great

Thank you for having me. This was fun. This is
fun. I had a lot of fun. Thankyou.

Do you want to send that shout out to your
business one more time?

Oh, you can go check me out at
ifindyouclose.com.

That's great.
Okay, well make sure to checkher out. Thank you for joining
us on this episode slashepisodes. And really thank you
like, we tried to say thank youfor taking the time to want to
learn how to better yourself,because I think that's an
important skill that noteverybody goes out of the way to
try and go find. So weappreciate you coming back out

(45:36):
to the bonus episode, wrappingup officially season three from
the truth about investing backto basics. We'll be back here,
hopefully after our littleseason break hiatus to go ahead
and hit season four where we'regonna get, you know, more in
depth into some more complicatedtopics because that's what we

(45:56):
do. And thank you for joining usagain, my name is Chris Holling.

I'm Sean Cooper.

And this is our guest,

Phylecia Jones.

And we will catch you on the next episode.
podcast disclaimer disclaimer.
The disclaimer following thisdisclaimer is the disclaimer
that is required for thispodcast to be up and running and

(46:32):
fully functioning and movingforward. This is going to be the
same disclaimer that you willhear in each one of our
episodes. We hope you enjoy itjust as much as we enjoyed
making it.

All content on this podcast and accompanying
transcript is for informationalpurposes only opinions expressed
herein by Sean Cooper are solelythose of Fit financial
consulting LLC, unless otherwisespecifically cited, Chris
Holling and Phylecia Jones arenot affiliated with fit
financial consulting LLC. Nor dothe views expressed by Chris
Holling or Phylecia Jonesrepresent the views of fit

(47:08):
financial consulting, LLC. Thispodcast is intended to be used
in its entirety. Any other usebeyond the author's intent,
distribution or copying of itscontent is strictly prohibited.
Nothing in this podcast isintended as legal accounting or
tax advice and is forinformational purposes only. All

(47:28):
information or ideas providedshould be discussed in detail
with an advisor, accountant orlegal counsel prior to
implementation. This podcast mayreference links to websites for
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Our firm has no control over theaccuracy or content of these
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(47:49):
registered in the states ofWashington and Colorado. The
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(48:12):
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No, I was gonna tell you I believe it or not, we
finally just hit triple digitson a couple of our episodes.
Seansky

Oh, for downloads

for downloads

nice.

Like just just broke it like I like I'm sure
I'd looked like that kid. It'slike hitting the refresh button
and waiting. Kids were we gotone that's at 100. And one at
one oh one I'm like tripledigits.

So what's your number one show?

Our number one is the pilot episode for season two
with Jarmar, who we were justtalking about the first rule of
investing part one. And thenPart two is is also pretty high
up there. And then the othertriple digit is the
introduction. Yeah, but thatthat kind of happens.

Our number one is the end of cuffing season.

Oh,

That let's you know what we talked about on the
show.

I don't but it sounds inappropriate.

I no it's it's it's a cuffing season is when
you go and you know you get allboo'd up get it get somebody to
start dating like in November soyou can hit the holidays. You
can get all the Presents Thenyou leave them after Valentine's
Day,

I

That's, cuffing season and then you go and get
ready for summer fling season sothen you go exercise and you get
out there for summer. Yeah.

That's such a great term for such a dirty
dirty trick. I also like to usethe term all boo'd up. I like
that boo.

Yeah, you got to get you a boo for the holidays.

Holiday boo, which is different than boo and
Halloween holidays. That's

see. See, this is financial. See, this is how
some people manage money.

That's a boo boo.
There are boo boos in investing.

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