Get Shameless About Money

Replay: You can’t talk about economics without talking about race (LIVE from the 4th Annual Audio Festival)

June 01, 2023 Brunch & Budget
Get Shameless About Money
Replay: You can’t talk about economics without talking about race (LIVE from the 4th Annual Audio Festival)
Show Notes Transcript

We packed a whole lot of goodies in this hour special. We caught up with Tasty Keish from last year’s #DDJA interview to see where she is now after deciding to work as a full-time freelancer. We also discuss and divulge into a new Investment Appetizer and Poor Tax before our feature topic: The harsh […]

Dyalekt:

Good afternoon and welcome to punch in budget on bonfire Radio. I'm your host Pamela pellet, a certified financial planner here to help take the fight out of your budget crunch in budget.com. I'm your sound provided dialect and the first time live in a while. Here's your host, Pamela competitive. Hi,

Pamela Capalad, CFP, AFC:

everybody. Yeah, first time live we are at the bonfire radio audio festival fourth annual in 2017. Yes,

Dyalekt:

our fourth annual or if you want to count that in the metric system, our fourth annual what's the one thing that we have international folks who listen, you're right, you gotta raise right.

Pamela Capalad, CFP, AFC:

I appreciate that. You're thinking about everybody. Everybody who's tuning in

Dyalekt:

this show is the same. It's free in every currency. It's

Pamela Capalad, CFP, AFC:

free. Yes, yes. $0 equals zero euros equals zero. I don't know nouns. There you go. Oh, man. All right. So we're going to today give you a little taste, I guess, of all of the segments that we do.

Dyalekt:

I thought we were gonna play my my bands. Oh,

Pamela Capalad, CFP, AFC:

yes, exactly. That's, that's what we're gonna do for the rest of the hour. Guys have fun.

Dyalekt:

Oh, yeah. We're just gonna play some old records.

Pamela Capalad, CFP, AFC:

No, no, no, we are going to have a little quick dead day job army interview update with Keisha do tests. As you all know, we are also going to do an investment appetizer, a poor tax. And we are going to do a little segment we we have a partnership with prosperity now. Yeah. And they, the director of the racial wealth divide initiative joins us once a month to interview a high impact nonprofit of color and prosperity now just put out their scorecard for 2017. Yes, on the overall prosperity of people of color in America.

Dyalekt:

Oh, wait, I hope we get a I hope we actually I don't know what to hope for. Because if we get a good grade, and that's that would mean that the stuff that's going on right now is okay to folks. So maybe I don't want to. I'm looking for like a D so we can convince people to make changes. It's closer to a D? Well, I'm assuming Yeah, as usual people of color

Pamela Capalad, CFP, AFC:

get the D Yeah. Prosperity now is is a call to action and not a not a state of being let's put it that way.

Dyalekt:

There we go. One of the reasons why we're doing all these things today is this is kind of a bit of a recap of the year, this has been a big year for brunch and budget us individually and together and with the show, we've been doing a lot of stuff and making a lot of new partnerships. So it's time to catch folks back up on what we've been doing and what we've gone over. And I guess we can figure out together where we're going. Yeah,

Pamela Capalad, CFP, AFC:

absolutely. So let's start with our dead day job army series. If you haven't listened to it, Google it dead day job army.com. It is a monthly brunch and budget series, where entrepreneurs and freelancers of color, share their stories and talk about the real because really, guys, it is not easy to start your own business. And it's even harder when it feels like you have to explain to your family what you do what your friends what you do. Every time you see them at the you know, the family like holidays, when you walk into an event, you can count on one hand the people of color in the room. And when you try to ask for what you're worth, but you also don't want to get passed over for the next person.

Dyalekt:

I mean, we basically started doing this we do a lot of the stuff we do because we don't like what's out there. And for the most part when you see new businesses, startups and whatnot, get interviewed online on these podcasts on radio on anything. All they're giving you as an advertisement. Yeah, you're getting the super shiny, happy and that doesn't really help us at all.

Pamela Capalad, CFP, AFC:

Yeah, really does it so when we interview people on the show, we asked them to leave their Instagram highlights at the door, leave their shiny pictures at home and tell us what it's really like to do the work. Put in the time and devote your life to your work. So we are super, super excited. Keep voting live. Speaking of devoting lives where Keisha do Jess, founder and program director of bonfire radio jumping in in the middle of cows right now. We're ready for you. Keisha is a year ago yeah, very first dead day job army interview. Yeah, so it's a year later.

Dyalekt:

I guess three and change years ago. The first interview period.

Pamela Capalad, CFP, AFC:

Yes, that's true. You mentioned budget on your show. Yeah. And I am

Unknown:

come a long way.

Pamela Capalad, CFP, AFC:

Oh my god. Oh,

Unknown:

here we are. We were in diapers back.

Dyalekt:

And we're also we've returned to diapers. You just can't tell because we weren't that

Pamela Capalad, CFP, AFC:

old. Come on. We're not incontinent.

Unknown:

incontinent that like Alaska.

Dyalekt:

Geography, turning into

Pamela Capalad, CFP, AFC:

transformation over the world turning into Yeah.

Unknown:

So what happened? Why am I here?

Pamela Capalad, CFP, AFC:

Tell us what happened. I need to know. I mean, you had a big year this year, you had a big milestone. Yeah. This year in general. So tell us what's happened in the last year. Okay. Where are you are now how you're feeling what you're doing. You're still doing bonfire. Yeah.

Unknown:

Yep. Yep, yep. Yep. Yep, that's not going anywhere.

Pamela Capalad, CFP, AFC:

So like this time last year, you were talking about quitting your job. You were talking about, you know how difficult it was to juggle between having this day job and wanting to be creative and wanting to like really do your creative pursuits. And you really opened up about what it was like to be a woman of color and podcasting, a black woman and podcasting, how your family feels about it, all of that kind of stuff. So where are we?

Unknown:

We're all around. We're all really in a great place this year. Lots of growth, lots of things happening. So January 1, a second I blurted it out you guys were there. I do yet on the air because I don't lie on the air. I lie other places. I don't lie on the air, though. So I said to my listeners, and to everybody in the room, I said, I'm quitting my job on my birthday. I was like, I don't know what made me do it. What what made me do it was because all the things that we've been talking about, because it was time, it was time. And then um, and then time, it started to tick. And I was like, wait, I really do have to do it. And then I think I might have I might have met up with you like a month before, like in March or April. And I was like, I didn't have anything like, like concrete on the horizon. But I still had to do it, right, because I'm not out here lying to the listeners. Well, something happened that the day job and it was just like the tiniest micro aggression. And it was enough for me to be like, I'm done. Like, it was like the thing. Wow,

Pamela Capalad, CFP, AFC:

do you remember what it was?

Unknown:

I think somebody I think somebody talked to me a certain way, you know, I'm saying like, Oh, wow, like when you've already made up your mind. There's nothing anyone can do to give yourself a deadline. Yeah. And then so it just helped me It pushed me over the edge. So it was like, Okay, well, then, you know, and then and then like positive things have been happening that made me feel like like I could do this. Like, even though I wasn't getting money from them. So we did the comment here on bonfire radio dialect was in it was one of the main characters, we did that audio drama, and we just did it. Like we didn't do it for money, we just did it. Then I submitted it to a couple of festivals. And it got into both. So I was like, Oh, that's a sign. You know, let me get my life. Then we turn that into, well, if we're gonna go on the road, let's turn it into a tour. So we took the morning show with us, me and Hans is to represent the audio drama, which we played in those two locations, actually three locations because we try to make everything you know, you try to make those opportunities count. Yeah, like I felt like nice things were happening to me, people were paying attention to me, I was going I was going on job interviews, even though I wasn't getting them. They were really high quality interviews with high quality people that I had never sat with before.

Pamela Capalad, CFP, AFC:

Who you're going around, making around a little

Unknown:

connection here and there going to networking events that were like, not icky to me. That's the thing, right? Like, don't go anywhere, do anything that's feels weird.

Pamela Capalad, CFP, AFC:

How did you find the networking events?

Unknown:

Um, people in my field, were like, I guess they were responding to my energy and what I was putting out there and they were like, You should come to this thing. And the way they said it was like, oh, I should go to that thing. Right? You know, the tone. Yeah. So I went and then I just kept shaking hands with people kept shaking hands with people. Then I got a couple more interviews out of that. Turns out low key I come to find out recently that from those 2016 meetup meetups, that people were, like, pitching me for things. I didn't get them, but it kind of comes down the pipeline that they were pitching me for things, because I just put myself out there. Yeah. So you know, yeah.

Pamela Capalad, CFP, AFC:

How did you because Okay, generally people hate networking events, myself included. How did you prepare for them? How did you how did you decide what you wanted to get out of them?

Unknown:

I made it super simple. Like I just said, I want to I just want to meet people, like in our field. Because I've been in the old job, which was unrelated. I had been so isolated. Yeah. And then in bonfire radio. It's us, right? Yeah. And I know Yeah. So we can network. We are that now we are in network, you know. So I was like, super isolated. And I just said, if I just make a few new friends, I had to take it like it was kindergarten, I need to make new friends. I'm a grown up that needs new friends. And this is just how it's gonna happen. Because you don't just meet people at a bar and say, what do you do? Can I do it too, right? So you have to go with a go do the stuff. So I've been to some women's and radio events, people of color and radio events, women of color and radio events, anything with my thing, and also if I felt that the energy was kind of off or like I was doing too much, um, jazz hands which I also noticed to me and shucking and jiving, then I would leave Like he was doing too much if I felt funny, cuz, you know, like, we all here we're used to. We're used to performing, right, like, so we know how it feels when it doesn't feel good to perform. Yeah, you know, like if I was up here and I didn't feel good about it then like we would not be doing it. Yeah, you know. So when you go into a networking space, if you're, whether you're shy or not, you know what doesn't feel good to you. So I never felt bad or if I did not bad, I just would leave.

Dyalekt:

Yeah, I also want to highlight your thing about how to network you need to go outside of your scene while staying in your industry. That's one of the things I know I've slept on, and many of us have slipped on. Because you know, we build community and area and support you do and feel like you spend all of your time around people that you've already worked with, even in non working things. Yeah.

Unknown:

Yeah. Yeah, it does. Yeah,

Pamela Capalad, CFP, AFC:

definitely. I mean, it's so easy to get comfortable to when you've like built this community around you and people who support you already. And going into a place where you don't know anybody, somebody recommended you. They might not even be there. And you just got to do it

Unknown:

just show up as well just kept on showing up showing up. And it's been been fruitful so far.

Dyalekt:

Can I ask you a quick question real quick? What was when you decided, like, I'm going to do it, I have to do it. What was the first practical thing that you did? After you decided you were going to quit your job that made it so that you can quit your job? Even if it was like a really small thing?

Unknown:

Like practical as in like, Okay, I'm gonna be I'm gonna survive.

Dyalekt:

Yeah, if you put $1 Where you call it? Yeah, contact any kind of anything? Well,

Unknown:

well, you know, well, you know, I probably told y'all on the air first. Because it was so I felt so free, right? Yeah. But practicality, I looked at all my like, you know, my little digital accounts and your acorns or whatever. And I started to, like, see whether I would need to pull from anything, because part of it was also I still didn't have a replacement. Right? So I was like, okay, like, I might need to pull from these supersaver accounts, and get $200 here. $200. There. So that's what I did first was see what was there?

Dyalekt:

Yeah, yeah, that's one of the things we talked about a lot is like, assess, do the math. And if it can work, then do the leap.

Pamela Capalad, CFP, AFC:

Right? Well, and you gave yourself like you told you, you decided and told everybody in January, but you gave yourself until basically like the end of April, beginning of May. So like almost half a year to prepare for it. Yeah. And the first thing it sounds and I definitely recommend that as the first thing is like, when you decide one, you don't have to quit tomorrow. No, there's none of that. But when you decide, make it a point to look at what you have now. Yeah. Because that'll give you an idea of like, what income you need to fill or what savings you need to talk a little bit of both if it's a combination of both one or the other, you know, yeah. So what's been the hardest part about not having a steady income from this day job?

Unknown:

Oh, the first the first two months was super hard, because I didn't know right, like so I was like hustling because, you know, I do my classes and stuff. But you don't know how many people are gonna sign up. Right? So that's right. Right. Right. So being nervous about that. So like, I had one really good class where like, a good amount of people showed up. And then I had one class, which was quality wise, it was good, but then only two people, you know. So then I was like, Okay, so let's I'll be eating less in general. eating less food this month that you got to make it work. And then I got a job at brick, which is our downtown Brooklyn. Nice. rtmedia thing. And but but those first checks Don't Don't kick in for 30 days. Yeah. Oh, so Oh, that's when I started to like for the rent for the things that are necessities rent phone bill. You know, electricity, things like that. I started pulling it from the other accounts. Yeah, yeah. And nothing they make you chase the invoice down faster than hunger.

Pamela Capalad, CFP, AFC:

Yeah, that's so real, real Jishu. Like, that's what it is.

Unknown:

That's what it is. That's what it is. I used to just be like, whatever, because you know, you have a regular job. Yeah, he'd be like, well, I'll just get that next month. No, now I need it today.

Pamela Capalad, CFP, AFC:

Yeah, you need it now. So are you are you did you make a decision to only go after things in your industry in terms of like getting money getting gigs getting checks? Or were you willing to like go outside of it? Were you willing to do something else on the side? That was temporary? Have you had to do any of that?

Dyalekt:

I guess well, which one's worked out best? Yeah. If you tried so far,

Unknown:

well, the brick thing Yeah. And then we have like besides stuff so I stayed on the periphery of audio if it was gonna Okay to at least be audio. Okay, cool. I would go do like tape tape sinks which is just going in, like the The radio station would interview the person on the phone, but I would sit there you sit there and hold the microphone. That's a job. Literally, you just go to the office, and you hold the mic while they interview them on the phone. And that's the job. So there's a cover though the grip Oh, radio. Wow. So they call that a tape sync. So I did a couple of those. You know, and you never know where you're going to be. So two days before my birthday, I ended up doing a tape sync at jazz legend Jimmy heaps house 95 years old. I didn't know who he was when I went there. And then when he's talking to you know, when you wanna when you want to legend house, you know, there's posters and plaques. And his wife is like, hon, do you want any and then there are two really old people and it was like right before my birthday, so they gave me a bunch of snacks to leave with like, Reese's Pieces and stuff. It was amazing. You got to resist jazz legend, and his wife. Wow. Yeah, all I had to do is sit there and hold a microphone and get paid for that and then hang out with some old people for my birthday. So like, stuff like that. Because you never know where you're gonna end up. So all the little things that I've been doing have been either in radio or podcasting or on the periphery help recording them showing up to do something for them. Yes, you've stayed

Pamela Capalad, CFP, AFC:

really focused. I love that. So what have you had to change about your mindset and your daily routines as a freelancer

Unknown:

going to bed on time? Because I was on my shift. So now I'm like a daytime, weird, okay, for the first month of June, I I was like, people go into the bank. Like, that's a thing. Like during the day, like I have been on night shift for between in my 17 year period, like off and on, like 10, like 10 years. Yeah. So like I didn't, I knew that. stores were open. I just never got to them. Like real, like real little stuff. Like for the first time the first week that I got a full night's sleep every day. I felt like Superman. Like I felt like I jump off a building and fly. Like I had so much energy. Yeah. Now I'd take naps, like I'm cool with it. I go places. I'm like, I'm like, like the first like, this is all a lot of firsts for me. Yeah. Things that people do every day. I just started doing so like going out at night or when somebody invites me somewhere I used to be I like not can't go I gotta go to work. Now I'd be like, what day and time? Is it free? I will come even faster if it's free. And people be seeing me I stop and be like, You know what? I haven't seen you for 10 years. Thanks for coming today. Oh, like being a normal person. That's what I had to change out to be normal. That's such a trip. Yeah. That's such a I feel like a baby like brand new being like, oh my god getting sleep eating. And also, I thought about it right? Like if I'm gonna be hustling, right with the night job. And I live. I live how I live, right? I rent a room. This is in New York City. Like it's keeping it real. Yeah, we'll do that. If I'm gonna hustle. I might as well I like the job. And the dream that my mother had for me. I wasn't living it. Right. Like I wasn't living in the house. I have a car. So what the hell am I doing y'all? Wow. Yeah. So I might as well hustle the shit out of it and still have my room and live with my cat and enjoy my life and take my naps and go to the bank in the daytime.

Pamela Capalad, CFP, AFC:

Like that. That was good. So what do you love about it? And what do you find most challenging?

Unknown:

Um, I love the freedom. First, all these first Yeah, challenging total freedom of schedule, total freedom of schedule, for the most part. A challenge is not knowing where it's coming from sometimes. And also, when all the jobs come calling right now I'm in I'm in like a holding pattern with three interviews. And what if, what if they all come through? What if none of them come through? Right? So I don't I'm like, I don't know what to say to people. Yeah. So how does your September look? I'm like you told me. So like, that's weird.

Pamela Capalad, CFP, AFC:

Oh, in interviews, you have to be like, I don't know what you're

Unknown:

waiting for you to show me how this is going. If you say no, then I can scratch you off the list.

Pamela Capalad, CFP, AFC:

Wow. Okay. That's so so crazy. So do you love it though?

Unknown:

I do not regret any of this. No, I don't. I don't even think about the other stuff. Oh my god, I literally don't

Pamela Capalad, CFP, AFC:

switch so you don't even because I remember when I quit the first six months and I was like, fuck did I make a mistake? Like should I have not done this? Have you had any of those moments

Unknown:

now? Yeah. Nice. I don't miss it at all. Like my that's beautiful. My old job. You know, like when you leave some loose ends, they call me for stuff. And I I probably sounded like I had an attitude on the phone. I was like, what? Like why you call him? Yeah, I don't want to talk to y'all. We're done. I don't want to feel nothing out. I don't want to come to the office. I don't do nothing. This shit a Photoshop they like all but you know what, just so we can have you on record because I know like that's a good job and I can always go back and they'll have me on record. So like they will like will send us your 2017 Physical so we have you on record and I haven't gone yet. Like because I'm trying not to I don't want that safety net I want to defer. If anything, I'll go do something else. I'll be a waiter, I do a different kind of right. Yeah, like that part of my life is over. Like for real?

Pamela Capalad, CFP, AFC:

Yeah. You can't go back.

Dyalekt:

You can't you can't go back. Right. That's one of the things of it. Because that's like when you're talking about risks and taking those leaves and stuff like that once once we started getting in that party, that's just got to be what it is.

Pamela Capalad, CFP, AFC:

It is even if you even if you're you have those days where you're like, Oh, should I have not done that? It's like, Nope, it happened. You're in it. You're in it. So

Dyalekt:

yeah, I love you getting used to it too. Because man, it's crazy how we don't think about it a lot until we're in it. But your job becomes your life no matter what it is if you're a freelancer with your own business, or if you're just a nine to five, or if you're a night shift or doing Commodores thing. Anyway, yeah, yeah. What you do is your life and it's crazy. You have to adjust your whole life.

Pamela Capalad, CFP, AFC:

Yeah, that's so not so. Final, final question. Yeah. Do you have any? And I know there are probably people listening who are thinking about taking the leap, who maybe have been thinking about it for years and haven't been able to do it? Do you have any advice for them? In terms of how to make that decision? And get and like, take that lead?

Unknown:

Yeah, I'm planning it as best as you can. Like, my plan was not the best, but it was a plan ish, um, planet, and then save up a little bit, even not a whole bunch, like, whatever, just do something like do something. And then like, while you're in your holding place, like while you're in that limbo, create something right. Oh, Ray that shows your depth of field in the thing that you want to do full time. Yeah, yeah. Because like, I didn't know that's what I was doing until like with the comment. And even with this, like, I didn't realize people were listening. But I was able to, like, reference those things. While I was in that holding pattern. I was like, Oh, well, I did this. And it was my first time but we also got to go to some festivals. They're like, Damn first time festivals, what? Create something while you're in your holding pattern to show that you could do it. That's

Dyalekt:

your spec scripts or whatever you want to call it.

Pamela Capalad, CFP, AFC:

Or whatever. Yeah, yeah, metastasis. Oh, man. Thank you. Thank you so much. Dead day job army. Commander,

Unknown:

yo, oh, one more thing. I'm super excited and fired up. Like, this is part of doing the work. Whether or not you're you've quit, right? Like that's what I'm saying. Don't wait is really it. So I've been like, creating all this trust within our community. People that want to do podcasting or whatever, creating all this trust and then creating all these projects. So when current.org said, Hey, let us know who's your up and coming rising black talent that we should know of? current.org is a public media outlet. Oh, that like, you know, I'm saying they're in charge of like, telling that information about public media. So when I put it out there I said Hey, guys, just put it out there casual on Facebook. If anybody thinks I liked this thing, I think I should be nominated. If you think so hit these buttons. nominate me. I got on the list. Like it's my first time on a list and got half of the nominations that got sent in watch because of the because creating a trust right creating an environment while I was at my old job Yeah, over the 17 years years or so. 12 years in audio I never got on the list I never got recognition I never got this this is special to me because the people nominated me yeah there's not like a stroke you you know how you got these lists with somebody stroking you stroking you know this was like people powers so also want to thank whoever's listening that you know, nominated and yeah, look at me now although

Dyalekt:

I'd like to give a shout out to the stroking your ego lists. brunch or budget is perfectly cool with on put on the stroke we had a bunch of good folks come in the room if you've got any stroking your ego list, feel free to

Unknown:

worry. Yes. Whatever's going on, lift up your profile real talk. So now I'm taking this list and I'm putting it on my resume and I'm telling people about it and I'm flipping using that to put myself in a higher leverage right like yes leverage I should

Dyalekt:

although I actually I did remember a list that you were put on before because we were all put on that list. All the members of bonfire radio were definitely Amazings Person of the Year. Oh, see?

Unknown:

Yes. And that's not a that's a little bit of a stroke your ego because it's definitely amazing. Randy never wrote any never wrong. never wrong. That's a rant.

Pamela Capalad, CFP, AFC:

I love Thank you so much You're

Unknown:

welcome guys. Thanks for having me

Dyalekt:

here we salute tasty Keisha bounder ground floor the entire Special Forces we call quiche Team Six I'm running out of stuff I love it I love it I read a more budget budget bonfire radio going on today

Pamela Capalad, CFP, AFC:

we do we are going to do a little investment appetizer so in the investment appetizer

Dyalekt:

Yes, man damn appetizer. It's the food before you eat your Boo. Boo your brain eating in case you ever heard our investment appetite? Well, the investment advertiser and fortex have their own their own issues now. Yeah. That was actually me on the vocals. I hope he was liking the harmonies.

Pamela Capalad, CFP, AFC:

So I know wasn't it though. So the investment appetiser, we do this every other show that we don't have an interview. And I feel like investing is probably one of the biggest mysteries when it comes to building wealth and finance and money. And it's the questions. It's interesting because we get a lot of questions. And I feel like we also get a lot of situations where people don't even know what questions to ask.

Dyalekt:

Well, because it's the problem with the usual problem with colloquial and clinical Yes, investing is a specific thing in terms of what you're talking about. You're talking about investing in stock and bond market mostly, and the things that come directly from that. But there's so much stuff like investing people, like well invest in yourself, invest in this or make consider that investment in your mental health or all that kind of stuff. So it all gets completed. And we get confused.

Pamela Capalad, CFP, AFC:

Yeah, yeah, totally. So when we talk about investment appetizer, we are basically demystifying the stock market and demystifying that world. So I want to start with, basically, what do you need to know to start investing? So the very first thing that I feel like everyone needs to understand is what the difference between a stock and a bond is. So a stock and a bond are basically the two fundamental ways that people that companies raise money in the stock market, the whole point of the stock market is companies trying to raise money so they can grow and be able to put money back into their company to grow even bigger.

Dyalekt:

In case you thought Kickstarter was a new thing, these companies who already take your money, yeah, as you buy their product or service, they also want more money from you because they're jerks. And that's how the stock market was created. Do you

Pamela Capalad, CFP, AFC:

really feel dry? Like no, yeah, but But yes, the idea of taking a company public is basically the company saying, hey, public, we think that we're going to become more valuable by you investing in us so that we can reinvest into the company. And so by buying stock in the company, that means you're actually a partial owner in the company itself.

Dyalekt:

It's like Shark Tank, but slightly less stupid.

Pamela Capalad, CFP, AFC:

It's not like Shark Tank, right? You

Dyalekt:

know, yeah, you say, I'm gonna give you some money, and I want to be your company. And and like Shark Tank, I clearly have no idea what business is.

Pamela Capalad, CFP, AFC:

Yes, exactly.

Dyalekt:

I don't know if you have seen Shark Tank, but that John is fit. Yeah,

Pamela Capalad, CFP, AFC:

it's basically that it's basically that, but so you own a very, very, very, very tiny piece of like Amazon, or Macy's, or Apple or Microsoft, or whatever it is. And when you own a stock, what that means is you're subject to the ups and downs of the stock market. And so that might have to do with the company itself, actually, you know, putting out their earnings, and maybe they didn't meet the earnings expectations. Maybe they didn't make as much money as the investors thought they were that quarter, maybe they made way more money, and that affects the price of a stock and that affects the value of your investment in

Dyalekt:

the stock but your like, everything affects your value of your stock in the stock thing is

Pamela Capalad, CFP, AFC:

like it could have nothing to do with the company. It could have something to do with like a political thing that came out or you know, something that happened and and another anybody

Dyalekt:

remember 50 cent on Twitter, when he did some illegal insider training, because it was on Twitter and in public. No one could really exactly.

Pamela Capalad, CFP, AFC:

Insider you but it kind of was yeah, no, it was totally insider

Dyalekt:

trading, but it was just out in front of everybody. He bought a bunch of shares of some stock, any some penny stocks, some little stock, and then he went on Twitter and told everybody to buy this stock because it was a good investment. Everybody bought it does. All his fans bought it. The value of it went up and then he sold it. Yeah. And then the value out of it. So all those people who bought that stock, they're asked out Yeah, and that's supposed to be protected against and that's called insider trading, because it was a celebrity doing it on Twitter. Like the look on your face is the same look ahead. I'm okay. How'd you do that?

Pamela Capalad, CFP, AFC:

And how was that cool got away with it?

Dyalekt:

I guess because I don't know what's charging with. Yeah, that's what the court was like. I don't know what to do here. Yeah, terrible, but like, sorry, you shouldn't have been a 50 fan,

Pamela Capalad, CFP, AFC:

I guess. Yeah.

Dyalekt:

Don't take stock advice with Katherine Shatila. There we go that stock stocks are clearly a stabbing. Investment.

Pamela Capalad, CFP, AFC:

Yeah, you want close proximity? There you go. There you go.

Dyalekt:

So, the thing with the stock is like stocks are really risky. Yes. If you own the company, but you don't really know what's going on in the company. What happens if they just disappear?

Pamela Capalad, CFP, AFC:

Right? Well, and that's the thing is you don't want to invest in just one stock. You don't want to invest in just apple. That would be fun. Yes. And don't not putting all your eggs in one basket. They mean, don't put all your eggs don't put all your money in one stock. I thought they

Dyalekt:

meant buy more stocks from black businesses.

Pamela Capalad, CFP, AFC:

No, no. diversity,

Dyalekt:

diversity. Sadly enough, that's a terrible joke, because that's not what they mean at all.

Pamela Capalad, CFP, AFC:

No, no, no. I think there are only what 26 Black CEOs or something? Yeah. Publicly traded publicly traded companies

Dyalekt:

want to back up a little bit about stock stuff. One thing that I think people don't often know about is every company is not available. And even every good and big company is not a

Pamela Capalad, CFP, AFC:

bill they're not public with not every company is publicly traded. Exactly.

Dyalekt:

And you have to these companies have to be publicly traded first for them to even be an option. So you can't just go and get whoever. Yeah, yeah. And I brought the diversity thing, because what's the deal with diversity in the stock market?

Pamela Capalad, CFP, AFC:

What's the deal with diversity? Diversity? Do you mean diversification? myself? I don't know. We just talked about how there wasn't any

Dyalekt:

diversification. So it's not just owning one stock? Because yeah, if one company, not just owning 10 stocks, honestly, but isn't 10 stocks, but like 10 companies?

Pamela Capalad, CFP, AFC:

So a truly diversified portfolio? How many that has about 11,000 different stocks?

Dyalekt:

That's Yes, that's like all of me, you don't have to

Pamela Capalad, CFP, AFC:

pick them up. There's a lot of professional portfolio managers who will put together all of this for you. And so you can you can watch Apple stock, or watch Microsoft stock. But there's these things called ETFs. And mutual funds, where they'll literally put hundreds or 1000s of stock into this container, essentially called a mutual fund, an index fund, or an ETF. And so they're places that will take care of diversification for you. And then on the other side, we have bonds. And so the way bonds work, that's a whole different thing. That's a whole different thing. So it's another way that companies raise money, but instead of saying, hey, we want you to be part owner in the company, they say, Hey, we want to borrow money from you. So one of the best rhymes that I heard recently was stocks, you're an owner bonds, you're a loner. And so if you own a bond, that basically means you are letting Microsoft or Apple or Amazon borrow, let's say, $1,000, from you. And they say, okay, cool, you're gonna let us borrow$1,000. And we're gonna give you a certain percentage every year, for a certain period of time. So let's say you give Microsoft$1,000 They say, We're gonna give you 4% Every year, for the next five years, you just let us hold your money for five years, and we'll give you 4% every year. And you're like, Okay, that's cool. Actually, that's not bad. There's like no risk in that you get your 4% every single year. But what about if in year two, you need that money, right? You're like, oh, I need that $1,000 equity when you sell it, right? That's all but you can't sell it back to Microsoft. Because you've sold, you've told Microsoft, no, I'm committing to giving you this$1,000 for the next five years. So then you have to go on the secondary bond market. And what you do is you sell it to other people who might want Microsoft bonds. Now the thing is, though, if Microsoft in those two years, puts out another bond that pays 5%,

Dyalekt:

like because the company is doing better. Yeah. So they're like, Oh, we

Pamela Capalad, CFP, AFC:

want to borrow more money, but we're willing to pay more for it. So your bond that is only paying 4% suddenly went down in value, because if you need to sell that bond, they could just buy a bond directly from Microsoft for 5%. So that's how you can lose money in the bond market is basically the interest rates could go up overall, and you're stuck in a bond that has a low interest rate. But I mean, you could also just let the bond you could also just let the bond matures. Yeah, let the bond ride out. Oh, I like that. I wish they call it that. I

Dyalekt:

know. We've matured, no, let's use a technical term. Yeah, let the bond mature.

Pamela Capalad, CFP, AFC:

So you could just let it go for five years and you get your entire$1,000 back and you get paid 4% Every year, but you lost out on the 5% Well, that's the thing is you lose out rather than actually lose than actually losing money. And so that's why bonds in general are considered safer because you have this guaranteed return and if you wait it out until the end, then you get your money back. And so

Dyalekt:

especially I guess if you have a long term plan for your money, the bond is the way to go. If you want to just make sure that you're not gonna you're not as worried about growth, you just need to make sure you So

Pamela Capalad, CFP, AFC:

yeah, if you're looking for income basically, in your portfolio, like if you're looking to make some money off of your investments, then a bond is the safest way to go. Now the thing is, bonds typically pay like four or 5%. And right now, because the interest rates are so low, they're paying like two 3%. Whereas the stock market, you know, the s&p 500 went up 32% in 2016.

Dyalekt:

Yeah, well, and then it's the risk reward thing. And the reason why you bring up the s&p 500. So I was asking about diversification earlier, it's often weird. You're like, you're looking at the s&p, and you're looking at the Dow and all these like things and being like, why should I care about these companies? Because I don't know if I'm invested in them anyway. But yeah, you probably are,

Pamela Capalad, CFP, AFC:

probably are. Yeah, so the s&p 500 is the 500 largest companies in the US. And so it's considered probably the safest of the bulk of the stocks. Because they're companies like Johnson and Johnson and GE, and big companies that probably aren't going to fail next year, and are probably going to keep doing all right. And so the s&p 500 is usually what people look at to see how is the overall market doing? Because the 500 biggest companies tend to tend to show us the direction that the stock market is going in.

Dyalekt:

Yeah, even though that's only 5% of what a good diversified. Yeah, exactly.

Pamela Capalad, CFP, AFC:

Now, luckily, again, you don't have to do any of this yourself. So

Dyalekt:

the next year confused by all of that. That was a lot right now. Yeah, yeah. And so

Pamela Capalad, CFP, AFC:

the next thing to really think about is how much risk you actually want to take in your portfolio. And this is where asset allocation comes in. By the way portfolio

Dyalekt:

is in this situation is not how you're gonna get money. It's how your money is gonna get money. Yeah,

Pamela Capalad, CFP, AFC:

there. Yeah, there you go. I like your investment portfolio. Yeah, right. Right. Right.

Dyalekt:

Yeah. Are you throwing around portfolio around here? I know, you got a bunch of artists out here. Somebody was sticking out, right? It was shut out here working on her portfolio, yeah,

Pamela Capalad, CFP, AFC:

portfolio, a hamburger portfolio.

Dyalekt:

Yo, yo, can we make that a band, I would join that band, the hamburger portfolio. Delicious.

Pamela Capalad, CFP, AFC:

I'm so down. I'm so down. So basically, your asset allocation is made up of a certain percentage of stocks and a certain percentage of bonds. And the more percentage you have in stocks, the riskier your asset allocation, right. And the less you have in stocks, the less riskier asset allocation. So really, what you can do is there are these, then the industry they call them robo advisors, but they're really just automated investing tools where you answer some questions, you say, I'm this comfortable with risk, and I have a certain amount of time to invest. And the robo advisor actually tells you well, you should have 70% in stock and 30% in bonds, and we'll invest all of that for you and these different ETFs and these different index funds,

Dyalekt:

it's like when you're trying to get a new pair of running shoes, I did this Oh, I was really fun. I don't know if anybody around here did the I was going on a marathon, a half marathon. Whatever, it's a marathon I ran, he ran it last time, I'm not gonna have not there was a marathon. So I had to go to one of those places. Jackrabbit was one of those places where I don't know if you know these spots. I always walk by you walk in this room, and there's a treadmill and you put on a bunch of different shoes and you try out the shoes and then this person gives you an insole and like a lecture about what to do with the shoe and the foot and it's a whole thing where your foot

Pamela Capalad, CFP, AFC:

Yeah, you don't even have to know what you want. They'll do for you. Just tell them what you need it for. Oh, it's like that for your money. Exactly. Yeah, it's like Jack.

Dyalekt:

Jack read for your money in souls and everything. Your investment.

Pamela Capalad, CFP, AFC:

There you go. And investing should be a marathon anyway. So that's, that's right. Yes. So that was the investment appetizer.

Dyalekt:

Yeah, you don't have to play the intro.

Pamela Capalad, CFP, AFC:

We'll just all remember it. It's seared in our memories. All right, so we're burning our memories. So the next segment that we do every other week is awful intro speaking of awful intros is the vortex vortex

Dyalekt:

clickin tax tax tax Yeah, that's that's the shout out to my homies from Paris France who made that beat their name is amazingly offensive name is that they have an amazingly offensive name so I can't say it on the air. Oh, okay. Thanks to those guys.

Pamela Capalad, CFP, AFC:

All right. Good time. The poor tech segment I like because this is your creation. I love it.

Dyalekt:

This is not my creation. This is the creation of the world. Oh, yeah, Terminator misinformation. Invent the poor. Yeah, it's not my fault y'all. I swear. Poor tax is the hidden taxes that exist in the world. There are a lot of things that make it more difficult to be poor just in the poor one thing that well, yeah, it's hard to be poor. And it's expensive to be poor already, because of the natural things that occur with having less money than folks. But there are a lot of insidious, extra fees, taxes and penalties that are put on people, because they're poor. And the reason I feel the need to share these with folks and show them out is what's messed up is we don't like poor folks, as a greatest robbing people as a society. And it's so easy to give extra burdens to poor people, because they will be accepted by the public at large. Even people who are in that situation will accept it. Because we all you know, we're good folks mostly blame ourselves when things go wrong. And when we're in bad places, we take it on ourselves. And these people just take on and accept this responsibility rather than talking about it. So some of the poor taxes that we've gone over this year. Lottery, a lot of reason for tax lottery is the way that we subsidize and fund a lot of government actions. And it's by a heavily advertised industry, which pays out at an astronomically pathetically small rate, even though everybody anecdotally got somebody or some cousin or somebody was like, oh, yeah, I know they want this picksix something around the right, you're like, oh, yeah, I know somebody and ain't none of us in no mansion. So I don't know what happened. With 60. Y'all were picking my mom, I don't know if y'all have clairvoyant family. My mom has premonition or dreams. I'd be having some too. You know, fish dreams is always bad news, somebody. But tccc the island people know I let people know what I'm talking about. But my mom wants had the lottery numbers. She was in St. Croix and called me up and she was like, I drempt the lottery numbers in New York. They're gonna come out this week. And she read them every day this week, every day this week, and she was right. They came out in order but only one number per day. So you know, even when, you know, you don't know. The lottery is a thing that is a poor tax because it is explicitly marketed to people of color and people in poor situation. One of the sad things about the poor tax they call it a poor tax because it does affect literally everybody. And we're buzzing and freaking out. We're buzzing. All right. We had a little technical difficulty for a while I guess. So someone is not having it with us talking about these

Pamela Capalad, CFP, AFC:

listening right now. They're like, stop it.

Dyalekt:

We're getting it snowed in is on my shoulder. Right now. This is this is yeah. They're trying to they're trying to shut us down. No, they tried to shut us down. But we will still continue to tell y'all. Are we still Oh, here we go. Tell you about these board taxes that we've gone over this year. And you can check these on previous shows where I talked about them in a little bit more depth. One of the other ones that's a crazy poor tax is groceries, the grocery store, y'all heard of the term food deserts and there are places where we don't have a lot of access to food. But the illest thing that really breaks my heart is not not just that you can have access to good stuff, or healthy stuff or fresh food. But groceries are more expensive, literally per pound more expensive in poor neighborhoods. The same exact lettuce. The wilted, crappier lettuce is more expensive at key food than it is at Whole Foods. Ridiculous, not only are you getting the crappier version, not only do you have to travel more often to get the things to handle your family, but you are literally paying more. That's why these things are poor taxes. It's not just that it's worse and harder. Because yeah, things are worse and harder. But people are taking money from you. Give us one more. I'll give you one more. Let me see me. Oh, you know, I'll do the last one because actually, I wanted to give an update our most recent one, because this one messed me up. And then I saw people addressing it. Protests. Protests are a terrible tax on the poor. Because where the protests happen, anybody know what neighborhoods happened? The protests. We had Occupy Wall Street, the one time, cheese and bread. But other than Occupy Wall Street, do protests happen on Wall Street? Nah, they happen on your street. They had in poor neighborhoods. And this happens whether it's people of color, whether it's people out in rural neighborhoods or not folks of color, everywhere, when you're having protests are often in poor neighborhoods. And what happens after a protest? Well, maybe things get toe up, maybe there's a riot. Maybe there's maybe there's not maybe there's just increased police presence in the area. And who are the organizers of most protests. Now poor folks, majority, not people from the neighborhood. I mean, we're lucky, oftentimes we get involved and get invited to the thing and know about it happening. So the people who are not the ones throwing the party, not the ones who have to clean up the party, and not the ones who have to deal with the police are the ones that are making it happen, and everybody else, whether or not, they've decided to be involved in the protests, you live in a block and you're in an affected area, it's up to you, you might have to go to work, you might not believe in the cause, whatever is still affects you, you still have to deal with that. And I love that in the most recent wave of protests that we've been seeing, especially in New York City, where this is the big prevalent problem. They protested in Union Square, they went to the places Washington, they went to Washington Square Park, over by NYU where they got money, where they got somebody to clean up the mess, where the people who are involved are the people who are going to have to deal with it. So I appreciate that folks in New York, at the very least, are addressing this. But that's another time we'll be up on the poor. And you know, if you see anybody out there, y'all you're hanging out people who are listening. If you see these things, please shout them out. You don't have to tell us so that we can put it on the air. It's not like an ego thing for us. I mean, just let folks know, when people are being played. Because, man, the biggest problem we have about money in this world is that we don't talk to each other about it.

Pamela Capalad, CFP, AFC:

Yes, yes. You got to talk about it. We got to talk about it to be about it. Right. Yeah. I love it. Thank you. Thank you for that vortex is

Dyalekt:

no one thanked me for the poor taxes. Oh,

Pamela Capalad, CFP, AFC:

I'm sorry. I appreciate you sharing it. Oh, man. I know. So now Are we our last segment is we actually have a partnership with prosperity now. Yeah, this

Dyalekt:

was one of the awesome things that happened to us this year. I'm really proud of this association. So

Pamela Capalad, CFP, AFC:

prosperity now they used to be called CFE. D, the corporation for Enterprise Development, but they recently renamed to prosperity now, and they have a racial wealth divide initiative. And we have a partnership with the drug world. And it's about ending the ratio. It's about ending the racial wealth divide. Yeah, not not perpetuate, it's already here. So we actually we do a monthly show with the director of the racial wealth divide initiative, highlighting high impact nonprofits of color.

Dyalekt:

Yeah, one of the things that prosperity now does is they work with around the country with a number of awesome nonprofits that help people become entrepreneurs and get the financial life together. Yeah.

Pamela Capalad, CFP, AFC:

And the other thing they do is they help create policy lobby for policy, and also do tons of research and studies on how the racial wealth divide looks now and how and solutions for how to close the gap,

Dyalekt:

feel free to check out our four part series on the assets Learning Conference that we did when we first started our association where they drop, what was the name of the report, the ever growing the ever

Pamela Capalad, CFP, AFC:

growing gap, were the ones who actually did the study, I don't know if you saw the stat it would take 228 years for the average black family to catch up to the wealth of a white family. Today, we're talking about average, average. And that means that white people would have to stop growing their wealth today. And it would take 220 years from now, for that to happen. So they did the study and did all the research to back that up there

Dyalekt:

where we learned that wealth is a measurement of time,

Pamela Capalad, CFP, AFC:

yes, and how much time you have. It's so crazy. So they recently put out their 2017 scorecard. And the scorecard is something they do every year. And it measures the level of prosperity broadly across the United States. So they looked at all 50 states. And they measured five key areas, financial assets and income business and jobs, homeownership and housing and health care and education. So we're actually going to do a more in depth interview with somebody who helped put together the study, but some of their key findings. And this is interesting, because I'm

Dyalekt:

so nervous about so I'm not I know the sheet, I didn't get to read it. So it's like, for me, I'm like, come on.

Pamela Capalad, CFP, AFC:

Well, I feel like what's interesting is the reality is you cannot talk about economics without talking about race. And all these numbers that come out like people are bragging about the unemployment number right now, right? It's the lowest it's been it's yours. It's historically low. It's like, what four ish percent 4.8% of

Dyalekt:

this I know about this is yeah, go ahead. Oh, brace yourself.

Pamela Capalad, CFP, AFC:

So one of their key findings is unemployment is down to almost pre recession levels, but has not been accompanied by an increase in the number of actual quality jobs. So quality jobs is jobs that are enough to pay the bills and enough to enable workers to actually save and build wealth. And so the other thing too, is unemployment in general, is persistently higher for workers of color. So the current unemployment is actually 4% flat. And the current unemployment for black workers is 8.7%.

Dyalekt:

I know and the thing that makes more than twice as much but no, but the thing that hurts about the the numbers for black workers is that it doesn't include the great number of black people in cars. estimated. Yeah. And so it makes it look like a better percentage. And it's Yeah. And that let it's just like the number was already bad. And it's heartbreaking to think that it's being fudged by, you know, another part of mass incarceration, we also did a four part series on the

Pamela Capalad, CFP, AFC:

prison. Yeah, our show so fun. So the other thing that they found is, employment increasingly fails to provide families with a reliable and steady income stream. So the actual, like stability of jobs that people have and the income fluctuations that are happening in families is higher than it has been in the past how

Dyalekt:

they've been solving the solution is just get a job. And now you're telling me if we get a job, it's still not gonna.

Pamela Capalad, CFP, AFC:

So unemployment is one problem under employment and employment fluctuation is another big problem. Yeah,

Dyalekt:

please get used to the term underemployment. There are a lot of folks out there who are on their behinds off and still can,

Pamela Capalad, CFP, AFC:

this is a crazy stat, one in four jobs in the US are jobs that pay below the poverty line. 21 in four jobs, that's ridiculous. That's yeah, 25% not enough to cover the cost of living, even if you are working full time right now. I know.

Dyalekt:

I don't I don't really know about that. Well, I mean, when you when you talk about the gig economy, and why people in general, and especially people of color are like, I need to start my own business, why being an entrepreneur is such a thing. Because

Pamela Capalad, CFP, AFC:

we can't trust these jobs. No more, right? There is no job security.

Dyalekt:

I remember, you know, I came to the states in the Caribbean with the whole thing is, get a good job. You want to have a good job. My mom called me every week about the job that I got. And I told her I'm a rapper, and I'm teaching hip hop to kids around the country. And she was like, What the heck because I don't know, I had to go, I had to go home and do it for the entire for y'all. You don't I mean, I did this for the entire island of St. Croix, every school and organization from my mom to finally tell her church that I'm a fisherman and I have a job to actually feed the village to, for my job to count and you're telling me these jobs don't count.

Pamela Capalad, CFP, AFC:

Are you ready for the stats? Oh my god. Okay. So income poverty, which is income below the poverty line, that's the definition of it is twice as high for black Latinx and Native American households than white households. So it's 24.8% for black households, 22.2% for Latina X households, and 26.2% for Native American households, compared to 10.4% white households have have jobs that are below the poverty line and income below the poverty line

Dyalekt:

income poverty, that sounds like you're like a great metal band.

Pamela Capalad, CFP, AFC:

No, okay. Now, let's talk about housing. Yeah. We got three minutes to talk about housing. So you feel like you know how it feels like houses are getting way more expensive nowadays. Those feelings that you have are real. It's true. Okay, so here's the thing. Here's the here's the crazy stat. So medium income over the last year has gone up. 3.8%. Right. Median income is keeping up with inflation. Okay, good. The the median home prices in the last year have gone up 7.2%. Right across the country.

Dyalekt:

So more than double the money we're making is the money that houses Acosta Yeah, this is that nonsense.

Pamela Capalad, CFP, AFC:

Yep. So set and and home ownership is one of the number one number one ways to start building generational wealth. And so that's why it's such a huge problem, that it's so expensive, and it's basically become unaffordable for a lot of people. You're just talking about income poverty, and like the ability to even get by, right you can't even get

Dyalekt:

by and you know, you need to have property for anything to be anything. I mean, look, even religious people be calling the guy they worship Lord, and Lord just means a white dude who owns land in England. Yeah. Oh, man. So true. I'm saying land is a thing.

Pamela Capalad, CFP, AFC:

So and so in terms of like, if we break down by race, who is owning the homes right now, 71% of white households are homeowners compared to 41% of black households, 45% of Latino households, and 57% of Asian households and 53% of Native American households. So the majority of homeowners are still the white population.

Dyalekt:

Yeah, that's a lot and this was heavy. Yeah, I feel like I feel like life is throwing shade on us. I think that's enough. Is that enough brunch and budgeting for today? Can

Pamela Capalad, CFP, AFC:

I guess so? Last depressing stuff.

Dyalekt:

The last one was the last two presidents day so

Pamela Capalad, CFP, AFC:

it's about net worth the law. as depressing stat for free brunch

Dyalekt:

or budget bonfire Radio Network does not equal self worth. Want to say that?

Pamela Capalad, CFP, AFC:

Yes, we're making that a T shirt.

Dyalekt:

Shirt tonight we're gonna make that I'll make so

Pamela Capalad, CFP, AFC:

for every dollar of net worth held by white households, black households for hold 14 cents, or no specifically households of color overall across the board hold 14 cents for every dollar of net worth held by white households. black households have seven cents of net worth on the white dollar. Latina X households have 10 cents and Asian households have 86 cents on the white dollar. Net Worth see. I think I'm I'm so sorry. I

Dyalekt:

needed another week.

Pamela Capalad, CFP, AFC:

Everyone's face. Um, yeah,

Dyalekt:

I didn't need that when I need. Oh, it's okay. It's okay, because I like a little rolly cart that a Mall Cop would be on I got a Segway I'm ready after life has thrown shade on us. I'm ready to sit in the shade and sip some tea. Yay. I mean they're coming up next and I'm going to need that after all of this. This proportion listening thank you for listening the past few years the bunch of budget let us know the things you want to hear. Let us know the issues you're having if you have a business come on get on the show and a Brooklyn people if you're hanging out I'm doing some rap stuff with Kishore Wednesday and sisters and lovers. It's Warren Brett's album release party. It's a dope album much props, Warren. Next week, this Yeah, yeah, you miss you miss my Paul Blart of Queen NJ