Brunch & Budget

b&b 221: Financial Resilience in uncertain times (a virtual workshop recording)

April 30, 2020 Brunch & Budget
Brunch & Budget
b&b 221: Financial Resilience in uncertain times (a virtual workshop recording)
Chapters
Brunch & Budget
b&b 221: Financial Resilience in uncertain times (a virtual workshop recording)
Apr 30, 2020
Brunch & Budget

Bring your meal and mimosas and come chat with us about how we can master our personal finances. We’re offering bottomless budgeting tips.About this EventNever eat alone. We’re here for you. We are offering bottomless budgeting tips as we take brunch digital. In this online event, Brunch & Budget will share a meal while exchanging […]

Show Notes Transcript

Bring your meal and mimosas and come chat with us about how we can master our personal finances. We’re offering bottomless budgeting tips.About this EventNever eat alone. We’re here for you. We are offering bottomless budgeting tips as we take brunch digital. In this online event, Brunch & Budget will share a meal while exchanging […]

Dyalekt :

Just like hot dogs and hot takes justice is best served at a hot plate. Welcome to brunch in but the show about personal finance and racial economic inclusion with your host Pamela Capella certified financial planner and accredited financial counselor here to take the bite out of your budget recorded live from wherever we damn well please bring your budget as part of the race and wealth network. I'm your sound provider dialect and here is your host family Kabbalah Don't worry, William soccer still mixing it?

Pamela Capalad, CFP, AFC :

Yeah, it's still doing.

Dyalekt :

You're still doing the real work.

Pamela Capalad, CFP, AFC :

It's so true.

Dyalekt :

Oh my gosh. So just so you know, we actually record brunch a budget the way that the odb from Wu Tang used to record songs, and that we freestyle one line at a time, and then stop and then start and stop and start. So they're doing a lot of work. They're

Pamela Capalad, CFP, AFC :

the real geniuses here, y'all they really are. So what's coming up is actually we've been doing a lot of virtual workshops amidst the COVID out And we did a virtual Brenton budget with Glock gang shout out globe gang. And we have the recording here we wanted to share with all of you it has a ton of great information on financial resilience during uncertain times on how to handle the stimulus package stuff. And really just how to get your finances together at a time like this. So we hope you enjoy it. And yeah, thanks. We'd like to start with this slide. Because I feel like it's even more relevant than ever. We start every, every one of our workshops keep this slide, but right now I feel like especially when it comes to personal finance, a lot of the things that you're told is like, first you do step one, then you do step three, then you go all the way to whatever step and then success right right. Now, I'm not going to tell you that guy because the reality is, as we're seeing right now, in particular, life doesn't happen in a straight line. our finances don't happen in straight line. I think the problem when we're told that our finances are supposed to happen in a straight line is that whenever we make a mistake, whenever you have a setback, we feel like we're just a failure. Like we're just bad at it. And that's not the reality. The reality is that our finances go in all different directions much the same way their life does. So we want you to keep that in mind today in particular, because things are going crazy right now your finances are kind of crazy. There's a lot of unprecedent things going on and a lot of our health is also on the line. So we just want you to keep in mind that if you are feeling like things are over the place that is

Dyalekt :

okay, the point of it is getting the information as you can building up the habits and doing the reps right so you can keep on doing it. So when you get to the point where it's relevant, and you're ready to rock it then you could rock

Pamela Capalad, CFP, AFC :

Alright, so we'd love to hear from you share one word or phrase in the chat how you're feeling right?

Dyalekt :

We got shirt

Pamela Capalad, CFP, AFC :

Oh my word is

Dyalekt :

I got that I'm gonna add

Pamela Capalad, CFP, AFC :

nervous and determined. Oh, I love that.

Dyalekt :

I like both of those. The dichotomy since we got tribe in the background I'm feeling stressed couple people saying anxious, anxious.

Pamela Capalad, CFP, AFC :

Yeah, no, yeah, I get panic, conquer. Usually I get panicked hungry when I'm on airplanes and I feel like I don't have access to food. This juncture is placing us in the ultimate panic hunger for

Dyalekt :

me right now. Well, I mean, you were one of the people who wanted to go shopping in the grocery store as soon as people were saying things are shut down.

Pamela Capalad, CFP, AFC :

Oh, yeah. Oh, yeah, I'm a little nervous. You don't have enough toilet paper. Okay. Okay. All right, hung over, hopefully hopeful, eager, motivated. These are awesome. Curious and open.

Dyalekt :

You know, the Surgeon General says just stop drinking. You see that what the Surgeon General said about drinking? I didn't actually watch the thing. I'm

Pamela Capalad, CFP, AFC :

pretty sure he said

Dyalekt :

only blackness. That's all gonna say now I want to see I wasn't sure. Bullshit with a brother says something about like Louis black. And so the hangover person. Oh, wait, it's not the Surgeon General gratitude. No, no, it's okay. Please. Oh,

Pamela Capalad, CFP, AFC :

whoo. I love the brunch. Thank you for sharing, eager. Oh, thank you so much and keep sharing your words. But yeah, let's talk about breakout rooms. So Neon is gonna be putting us in breakout rooms. And this is how it works. So If you haven't been in the zoom breakout room before, you'll be assigned randomly to groups of three to four in breakout rooms, you'll get in separate breakout rooms, you'll be prompted to enter the breakout room on your screen before we go into the breakout. Just tell you how much time we have. And then you'll actually get 60 seconds to wrap up before you're actually all put back in the main group. If he any help, you can ask for a host during the breakout room as well. So

Dyalekt :

yeah, the breakout rooms are really important. The reason why I'm called the money buddy breakout room, look at that. That's one of our important philosophies, bunch of budget. Money is the last taboo, parents would rather talk to their kids about sex and drugs and terrorism, talk to him about money, don't worry, we'll talk about all those things because they're all tough topics. But the point of it is not talking to each other about money. It only hurts us and it doesn't benefit us in any way. So if there's one thing that you guys get out of it, I would love for you to talk to some people about money, maybe a new friend, maybe someone you've already talked to before that you know but you haven't talked to about this kind of stuff. So with these breakout rooms are gonna be asking you to be a little bit vulnerable and start talking to people

Pamela Capalad, CFP, AFC :

So we want you to in this first breakout session, introduce yourself and share in this time something that you don't miss a positive change that's happened or a new opportunity that's come up since the outbreak.

Dyalekt :

We're going to get cooking so we'll have some food stuff for you when we come back.

Pamela Capalad, CFP, AFC :

Yes, yes. Me on he's gonna put you all in the room.

Dyalekt :

Right so right? Yes, that was

Pamela Capalad, CFP, AFC :

Okay, everybody cooking cooking

Dyalekt :

sounds about some stuff. Our families are saying she has a mistaken cat who was, you know, rushing around. And I think that I don't miss is I don't miss this. We're in finance. We help people through it. I don't miss making excuses for capitalism. Oh, what do

Pamela Capalad, CFP, AFC :

you mean by that?

Dyalekt :

Oh, like, you know, we often tell people like well, this is the system you got to work your way through it. It just is what it is and all that and people are now getting over the idea that people are less than Why do I have to run like I'm really full system? I guess you know? Yeah. How about you

Unknown Speaker :

said the question. What don't I miss from this current situation?

Pamela Capalad, CFP, AFC :

Well, um, what's a positive changing experience and opportunity

Unknown Speaker :

that you had just time with my husband? We usually have very little time together. Oh, that's wonderful. Yeah. I feel the same way about baby. Yeah, Jani. What about you?

Pamela Capalad, CFP, AFC :

What don't I miss? Yeah, positive change new opportunity.

Unknown Speaker :

I too, I don't miss the transit. So I'm happy to be able to take that extra time in the day to like, be productive and like be able to use that time in the day usually takes like at least an hour to get there in an hour to get back. So that's two hours out of my day that I have back from that. So I'm going to give everyone one more minute.

Pamela Capalad, CFP, AFC :

And yeah, and then when you when you take them out of the breakout rooms, they'll have 60 seconds.

Dyalekt :

Okay. actually do miss the subway. The subway As a social place yeah, it's always a great thing. You know, a lot of friends in the subway, make friends you know, you just have a short conversation. Maybe it's just a nod or laughter something happened. As a musician, you know, rapper the beatbox Subway series where 30 of us would take over a subway car freestyle and jam from one end to the other.

Pamela Capalad, CFP, AFC :

Are you able to hear us all by the way? Yes, we can. Okay, just making sure.

Dyalekt :

Yeah, this is very This is not super sound check much. A lot of sound guessing.

Unknown Speaker :

No, it sounds good. Everyone's blowing back end. Thank you so much alien for you know, working with us on that totally.

Dyalekt :

Get going with the next thing. Can we turn back to me and do a little recipe talk? Yeah, thanks, everybody. You know, we're gonna get into stuff that's gonna be stressful. It's gonna be difficult. So let's start off with something really easy. Okay, so fam, together and then I put together I ripped up some days. I learned this from a great bass player, Gothenburg and this is how we make kale chips. I know some people like to buy them at a store, but it's way easier and way more delicious. You just take some kale, two capsules out. My second one, a little bit of rock salt, any kind of rock. So works. I remember the time we're using volcano salt. Oh man, because we thought that was going to be my place. I mean, realize it's just the same as the Himalayan salt or any other kind of rock. Want to charge you more money for you set your oven to four degrees. Put it in there in 12 minutes. 12 minutes. Our kitchen timer actually has gotten a little bit slower. So I'm setting it before. No, that's it. That's a recipe. All right. Commonly talk about money. And just kidding. So first, I want everybody to take a breath. We're gonna stop for a second. When we get into all of this, I want everyone to take in a breath, I want you to breathe deeply into your stomach, push your gut it out, you do it, we're going to breathe in for four counts and breathe out before count. So this is just to get ourselves energetically ready for what we're talking about. All right, ready, let's go. Let's Breathe in. And Yep, that was for snaps, the the messed up my snap. So you're good here. And let's get started with what we're talking about first, which is the five steps to financial resilience in times of crisis. Now, we use these five steps of financial resilience really all the time and we talked about financial resilience rather than financial literacy. because things are tough things happen. We go through stuff, knowing the facts and figures is good. That's good to have financial literacy having an understanding of how to implement them. That's financial capability. That's great, too. But when things happen when it hits the fan and when everything falls apart, how do we take care of ourselves and make sure we maintain our values and get what we want out of life?

Pamela Capalad, CFP, AFC :

Yes. So we'll be going through each of these in more depth as we go through all of the financial stuff around them. The first step is buying, and it can feel like it may be easier to check out. And the thing is, now's not the time to check out. So think about what you need to do to keep you in everything that's going on. What do you need to do to make sure that you still understand where you're going? What do you need to do after this to make sure that things are going to happen in the long term? The next thing is systems. So the system right now, we're in an interesting place in time where people are doing things that they said they couldn't do, right, we're going to go into this more but for instance, student loans for federal for federal student loans are just paused for six months. They're paying those loans for you. Remember, they're like we can't cancel student loan debts. Too much blah,

Dyalekt :

blah, blah, blah, blah. I remember when they said you couldn't go to that school because it costs too much.

Pamela Capalad, CFP, AFC :

Yeah. So systems are changing right now. So let's figure out what your options are what they cost and to learn from the existing systems as well. The other thing is,

Dyalekt :

right, we're talking about what you don't mess. So let's talk about these habits, you know, these things that we build up, and we start to do kind of just because we get used to it, because it's the thing that helps us survive, it helps us get our head above water, and then we end up treading water for a long time. And treading water will erode your energy. So you can think about getting out of water. Now it's time to start doing.

Pamela Capalad, CFP, AFC :

And the next step is advocacy, especially now it's time to make those phone calls. It's time to advocate for yourself. And it's time to advocate for community. Let's figure out how we can build each other up together. And the final thing is values. And this

Dyalekt :

is what it's all building up to what matters to you. What is important to you. And there are a lot of folks who like to use money as the final end goal. It's like I get this money that I'm going to be great and then it's going to be fine. And we're realizing that's not even necessarily true. So what we need to think about is what do we need? And how much does that cost? And what is enough?

Pamela Capalad, CFP, AFC :

All right, so let's go into it. The first thing is buying. So we want you all to take a really quick money quiz. The first question is, we want you to put your answer in the chat whether it's a or b. So the first question is, what do you relate to more? Are you a someone who thinks more about what you have in the bank now and it's not real until it's in your account? Or B are usually spending the next check in your head before

Dyalekt :

it hits your account? And the second question answer both in chat at the same time, which phrase you relate to more a I tend to plan ahead or B. I tend to deal with things as they come

Pamela Capalad, CFP, AFC :

see some answers come through. Ha

Dyalekt :

ha, I'm a BB.

Pamela Capalad, CFP, AFC :

Oh, yeah. Ah ba some abs. I love it.

Dyalekt :

You only What are you what are your letters?

Pamela Capalad, CFP, AFC :

What do you do with your money?

Dyalekt :

Yes or no? Yeah, no, those

Unknown Speaker :

All right. Cool. Okay, remember your answers? And

Pamela Capalad, CFP, AFC :

all right. Before we dive into the facts and figures and the nitty gritty stuff, we want to help you figure out what your money personality is. Has anyone ever heard of money personalities, it's

Dyalekt :

not a thing that we invented.

Pamela Capalad, CFP, AFC :

It's not it's not. But what we found. And what I found is I actually make every client do and we do this in every workshop. And one of the main reasons why is because I feel like there's so much financial advice out there, and especially right now, if you don't know what your tendencies are with money or your relationship with money is then all that financial advice

Dyalekt :

may or may not work and be smarter than us stuff is that they're behavioral psychologists who talk about how our relationship with money is built from the ages of like six or seven years old. And we've seen that I've had workshops where a six year old kid has come out and said, are we talking about money? Oh, no, I'm bad at money. They already think that and we carry that throughout our lives. And these are things that are not dealt with that we don't deal with this kind of trauma and then that stress creates a tendency how we cope,

Pamela Capalad, CFP, AFC :

especially right now, when things are a little hectic with our money, this is when our money personalities really come out. So let's start with the first one. Any I see a bunch of A's in here I'm in a for both.

Dyalekt :

I feel like if you came to this, there's a good chance you've got a

Pamela Capalad, CFP, AFC :

probably probably so if you're an A You are a complicated Hello fellow complicated, complicated. I have a tendency to we stress out about money. And the way that we deal with it is we try and make everything a priority. I am checking my bank account multiple times a day and triple checking that my bills get paid. I have spreadsheets for my spreadsheets, y'all. I'm gonna keep track of all your spreadsheets,

Dyalekt :

just know that you have.

Pamela Capalad, CFP, AFC :

So if you're a skater, you are someone who often you want to feel in control and I'm not ever not going to be complicated, but you want to feel good. trol and you want to feel like that you know what's going to happen next. And I think that's the thing with complicated is we just need to know what's gonna happen next we need to feel like we can have a handle on everything. And then on the other side,

Dyalekt :

if you answer a for one and B for two, you might be a contemplator. It rhymes with complicated because they're very similar. They are often also thinking about money, except they don't have spreadsheets for the spreadsheets. They don't even have the first spreadsheet. They got it all up in the cabeza, you know, the whole thing is, I know how much my bills are. And I know when they're due, it's like $75 and 23 cents, and it's due on the first but it's not late until the fifth and they won't give me a fee until the eighth. And they've got it all up there and juggling and well instead of making everything a priority, which can make you anxious, they make nothing. And while that can be great in terms of being able to handle things as they come up right now with prices, love things have come up so you've had the ability to hold on to money sometimes but also if you make nothing a priority, then the priority is whoever's banging it. Doing this and that doesn't leave you with a lot of control.

Pamela Capalad, CFP, AFC :

And then the other nine personality have his BA or paper chasers and paper chaser solutions to their money problems is if I make more money, I'll just solve all my problems, right? And I know Yes, the paper chasers, grinding, hustling, finding that side gig to make sure that you can pay for that thing that you really want to make sure you can pay for that vacation to make sure you can cover that bill. And the thing about paper chasers is I think we're seeing this now is that paper chasers are so good at making money and finding income and finding ways to plan for that, that paper chasers tend to have a hard time saving because they don't want the money to feel like that. It's just like stuck in an account. They want the money to be doing something they want people

Dyalekt :

talking about, like I want my money to make money. Paper chases are very real.

Pamela Capalad, CFP, AFC :

Yes, yes. And then Oh, yes, yeah. For paper chasers. I feel like especially now, because you have a hard time saving money to feel figured out how to be deliberate about it. You The way that I like to tell people chasers think about their savings think about as another stream of income. It's something that you can tap into as a cash flow stream if you were to need it so it's not just a pile of money that's sitting there not doing anything. It's money that's waiting for you to do something with it. If for that check doesn't come in if you're a freelancer in that check is like six months late if right now the gig or the contract is cancelled, you have a savings cushion so that you can access it as needed.

Dyalekt :

Yeah. So in other words, you know, we would go to have a new side hustle that is you putting direct deposit straight into your savings account like Sabrina

Pamela Capalad, CFP, AFC :

said, I may be a and then full, complicates and contemplated tend to like switch back and forth sometimes to

Dyalekt :

Well, let's think about these tendencies is that in times of crisis, a lot of them might switch to other things out of necessity, and that helps a lot with B and

Pamela Capalad, CFP, AFC :

O A for both. Yes.

Dyalekt :

be answered B and B you may be a money Mom, I'm a money mom and to let you know about money, money mom's things and Money is the root of all evil. It's not even the point. The point is that we think of money as a thing, right? It's not something that controls us. It's just an object that we use as a tool. We are in charge of it. I remember something this person once saying, It's not my money, it's my money, and I'm in charge of where it goes next. When we have a lot of money, we tend to be very generous. When we don't have a lot of money. We tend to be very generous and I love being generous. And I think that's great. You know, we should embrace the things about our money, personalities that make us feel like us. But the problem is when your money money, really, it's a problem with all of us, especially with money, when you take less money than your work is worth not money than your worth, because you're not worth money, your people. So a whole different thing. When you take less money than your work is worth you're not only get less money, get less respect, you're less likely to get things done and you're less likely to be asked back. I remember doing the same gig for the same folks and this is in so many different industries. And when I asked for my rate, they had the green room with the green m&ms. They had the contract for now. Here they had the local news ready to shoot it. When I don't ask for my rate, it's a mess. And it ends up not being worth my time because even if I just care about helping the kids or saving whales or getting the show up and running, it doesn't work out the way that I wanted to. So whenever you guys are asking to make a new rate or asking for a raise or negotiating a salary, or talking about something that you should be getting money from, especially my money monster, this is really everybody, especially the way that we're all marginalized whenever you have a number in your head and you know that that number is too low, take it and double it. And I know that scary I know that it's scary to be like, Well, you know, what if they say no, right? What if they just think it's not worth it? It's not worth their time. So good. Let them go. I spent way too long, taking middling amounts of money for the stuff that I was doing, not getting the program's done the way I wanted to and not getting paid enough to have enough freedom of mind to think about what

Pamela Capalad, CFP, AFC :

is a must. Yeah, thank you very much. Ashley now and I feel like our artists and creative community was hit so hard during this and they were hit first. And I think to realize Thinking and how you're asking people to value your work, especially now is so, so important, especially for money moms. I also want to say, we're going to talk about money, personalities and crisis because again, this is where I tend to tend to come out the most complicated, we are very prepared. But we also have a need for being in control and none of us are right now. So we know the numbers we know we prepared for no one could have prepared us for this. Let's be real. Yeah.

Dyalekt :

And contemplated. I want you guys to rely on your spontaneity. I mean, really, you guys can handle improvin situations when they come up and

Pamela Capalad, CFP, AFC :

out.

Dyalekt :

Yeah, but just watch out for how much that burns well, because if you do that too much, and it starts to feel like none of it matters, then you might stop doing everything.

Pamela Capalad, CFP, AFC :

Yes. And paper chasers rely on your ingenuity. You are good at problem solving and new problems, make new opportunities. That's how you think about stuff. I would say Watch out for anything that feels too good to be true. So triple check and double check and make sure that all of that stuff that you think

Dyalekt :

is going to happen that is going to happen. Well, and not just too good to be true on like, Is someone trying to scam me think about the things that you're creating. are you solving a new problem? Or are you taking advantage of someone's lack of habits? Yes. And which one? Do you actually want to do it for money month, I want you to really think about your instance money ones are the ones who in crisis situations can be huge chameleons, find out what's important in your community and handle that. And the thing about that money, monks, what's really important is look at the thing in your community that you're worried about, and make sure that you have that squared away too, because I know we have a huge problem with putting on everyone's oxygen mask and not our own.

Pamela Capalad, CFP, AFC :

Let's go to a poll. All right. So I believe the poll is going to be set up. Yes. What do you need the most in depth coverage on right now? So we're gonna be touching on all of these, we can go deeper into the ones that you want to talk about the most

Unknown Speaker :

is done. Yes,

Dyalekt :

I love it. Take a second to finish up those preaching. An artist No, no? Yes.

Unknown Speaker :

Yes, yes, yes.

Pamela Capalad, CFP, AFC :

All right. So as it's coming through, we'll go to the next thing. So brunch and budget has been putting together resource documents for COVID-19. This includes updates on the stimulus check, we have a SBA loan comparison chart as well. And we'll be sending you the slides after this if you registered through a membrane, so you'll be able to get this and these links, but feel free to go to them now. See, and we'll be going through SBA loan no SBA loans or Small Business Administration. We will be talking about student loans as well. But the SBA loans that came out are a little complicated and a little confusing, and also a little not set in stone, unfortunately. Yeah. So we have a whole comparison chart on the two different SBA loans.

Dyalekt :

Most of these things are not set in stone. So just a caveat on that because there are a lot of things that are changing really, sometimes even daily.

Pamela Capalad, CFP, AFC :

Yes, yes. And then let's see. Oh my god, can you see my

Dyalekt :

The thing about them that's really important the kale chips is are they crunchy? If you feel any witness or any softness, you put them back in probably for one minute or two minutes until you get them to the desired finish that you want.

Pamela Capalad, CFP, AFC :

Yes. Okay, so the stimulus package summary. This is the first big stimulus package that's come out since the Coronavirus crisis and we're going to be going over them more in depth credit debt. Good. You have a lot of stuff on credit and debt, some stuff on stimulus checks, boom, great unemployment. So we'll be focusing it looks like on credit and debt, unemployment, we'll have some stuff about the stimulus check. So we'll go in depth on credit and unemployment for sure. Love it. Okay. So just to give you an overview of what's in the stimulus package, right now, if you make less than $75,000 or 150 k married get the full amount plus 500 per child, these checks will not be taxed. unemployment has been expanded to an increase of $600 a week on top of existing state benefits.

Dyalekt :

Last hundred plus but you'd argue Yes,

Pamela Capalad, CFP, AFC :

so we've had clients who have come through and gone to prefer unemployment in there. Getting $1,000 a week for instance, um, we'll talk more in depth about how to apply for that because it is kind of on federal student loans. They're automatically suspended until September, automatically suspended if you have a direct federal loan, not Stafford MPL. But you don't have to do anything. Just check your student loan website and make sure the next thing to do isn't until October,

Dyalekt :

good stuff, all of this stuff, check up on all of that, even if it's happening on about it.

Pamela Capalad, CFP, AFC :

Yes, please, please do. The next thing is 401k. withdrawals, the 10% penalty is waived if you did need to withdraw from your 401k. Well, you still do have to pay taxes. And you did want to replace that money. That doesn't count against your contribution limit for baby. Oh, no, not yet. But we will talk about that in a little bit. Thank you. Yeah, for real regarding student loans. Listen, the student loans thing is one of those things that they said over and over and over. We can't do that. We can't do that. We can't pay for your student loans. The government is straight up paying for your student loans for the next six months. It just happens just like that. credit scores. They're no delinquent. marks for 120 days if you call your creditor to get a forbearance if you happen to see it, then please dispute it. Um, the SBA loans we'll be talking about that more in depth, the process we put in place in April. The thing about SBA loans is if you have had any freelance income, self employed income, gain economy income, you're actually eligible for a small business loan and eligible for unemployment. Um, yes, the contribution Oh to a solo 401k, solo 401k contribution and as always, end of the year, so it always is December 31. So you can contribute to an IRA or a Roth IRA or a SEP IRA and until July, we'll we'll be talking about that more as well. All right, so let's talk about these stimulus checks. So let's go more in depth into that a little bit. The stimulus checks, the income limits again, if you made less than $75,000 in 2018, or 2019. Or if you're head of household, we made less than 112,000. Or if you made $150,000. married filing jointly, um, do you need to make that much to receive the full amount, you'll get like a have less money until you make 99 K. And then after that you're fully phased out, you have 1200 dollars per person and $500 per child. Right now they're using 2018 or 2019, tax returns whatever you have currently filed. So that means if you don't qualify in 2018, but you do qualify in 2019, go ahead and throw those 2019 returns. Actually, we also found out that the IRS has started sending out the stimulus checks via direct deposit as of yesterday, no the night and so they should be arriving your bank account on the 14th if you set up direct deposit with the IRS,

Dyalekt :

if you have not so direct deposit, and it's not a thing where you can do it right now, then it's going to take some time, we've been told like up to four months, which is awful, but

Pamela Capalad, CFP, AFC :

yes, but the IRS is also working on a system for you to be able to send them your direct deposit information, but I think that will not be available until May I see the question. Will people on social security get the stimulus check? Yes, they did work that out. So people on social security will also get the stimulus check. And there's also a link that I just ran across yesterday. If you're not someone who normally files a tax return because you don't have to the IRS Also setting up an online system for you to also be able to claim your Student News check. And then people can file and pay in 2019

Dyalekt :

Yeah, that's that. Thank you that we're just about to go into.

Pamela Capalad, CFP, AFC :

Yeah. So if you people didn't file or pay in 2019 but file now

Dyalekt :

Oh, file now for 19

Pamela Capalad, CFP, AFC :

Oh, yes, yeah, you can still be eligible. So the thing is, you can file in 2019. But your taxes Aren't you can file now in 2019. But your tax payments are not due until July 15. Now,

Dyalekt :

Diggs extended those as well.

Pamela Capalad, CFP, AFC :

Yeah. So they extended everything to July 15, the payments, the contributions, everything,

Dyalekt :

we've had people also asking if you haven't put together and paid your 2018 or previous one should we still do it? Are we gonna get it? Are you gonna get it and happy to take it back? The problem is that right now is we're not sure because there's so much volume going on and a lot of stuff coming in and coming out right now. It seems like file you'll probably get it and then you'll have to deal with the mess that you're already we're gonna have to deal with afterwards. But we don't know if that's going to change anytime soon.

Pamela Capalad, CFP, AFC :

So even Can you clarify your question Jennifer, you filing taxes until July 15. Yeah, so if you haven't filed 2019 they're gonna use 2018 numbers. Oh, yeah. Yeah. Yeah.

Dyalekt :

Let's move on. So now we're gonna start talking about systems. Yes. art, art, because the art stuff before in the art shapes, culture, society and policy. I mean, it's really everything metaphor is how everyone gets anyone to understand anything. When Dr. King was talking about, I have been to the mountaintop he didn't actually like he's not a mountain climber. It wasn't my understanding. It was a metaphor that got people to up and do stuff with Hitler called the Jews, rats. That was a metaphor that allows you to be humanize people, whether it's powerful or whether it's helpful art and metaphor, the only thing to get anybody to do anything. Let's see how they have influenced the stuff that we're already doing. Yeah, so I should have given you guys a little bit of a warning, we started showing some of this imagery because some of it is not friendly. But don't worry, it was even worse for your ancestors. Does anybody know why black people have weird stuff around fried chicken and watermelon? I'm half black, right? My mom is black and my dad is white, Jewish. And I remember when I was a little kid, and we were at the barbecue, and we're out there on spread of food, it's all kosher and all good looking. And my mom said, don't you eat that chicken in front of your white relatives, and I didn't know why. And I started looking into the history of fried chicken and watermelon. And after African slaves were emancipated from at least that form of slavery, they were you know, looking for work looking for ways to feed themselves looking for ways to feed their family. And chicken and watermelon both grow in small places in adverse conditions where they don't need a lot of water retention. So chicken and watermelon were the first thing that black Americans were able to turn into industry like not just be able to feed their family go to the market and sell so the art of that time the newspaper strips depicted images like this one where you see a black person eating watermelon and they showed the big smile look of the watermelon to explain why black folks are doing that bad and they had a phrase chicken he chicken eaten chicken hearted say That eating chicken was something that was showing that you were a coward or a loser or a failure. And they did such a good job of imprinting the idea that watermelon and fried chicken were losers, that over 100 years later, my mom is telling me not to eat chicken in front of my family. That's how good they are at using art to get us to understand things and create new common sense.

Pamela Capalad, CFP, AFC :

Yeah, the next thing we want to talk about is words because words, we're seeing this now, and we've seen this in the past too, if you're familiar with black Wall Street and the Tulsa massacres,

Dyalekt :

basically, they talked about in watchmen.

Pamela Capalad, CFP, AFC :

Yeah, yeah, basically, a bunch of white townspeople burned down all the black businesses in Tulsa. Um, and the thing about the way that the newspapers reported it is by calling them riots, insurance companies were not required to file claims or fill claims in the event of a riot.

Dyalekt :

And that's a self fulfilling prophecy because they said that black people already Riot and they destroy their own property and they hurt their own whenever they're trying to make change. I don't know if that language sounds familiar to anybody.

Pamela Capalad, CFP, AFC :

Yeah. So basically black business owners who paid for insurance policies because the newspapers deemed a riot instead of what it was, which was a massacre and an arson. They were not required to pay out the insurance claims. And the black business owners could not rebuild. We talked about we hear the phrase war on drugs. They targeted, they actually admitted recently, in 2016, that the war on drugs was actually designed to target black people and hippies.

Dyalekt :

This is one of the things that's really interesting people talk about the placebo effect and how even when you know that a placebo is fake, that it's just a sugar pill, it will do the intended effect it like happens in the body. And it's the same thing with these harmful stereotypes that people put out. They came back and said, You know what? We weren't telling the truth. We were lying. hippies. hippies aren't lazy drug addicts, and black people aren't violent criminals. We just invented that and spent 30 years trying to convince you of that and even after admitting it, people still believe. Yeah.

Pamela Capalad, CFP, AFC :

Oh, yeah. My sister lives in Tulsa. There's a great question. At that time, I know we got to visit Tulsa and at the National Museum of African American History you know, it's so

Dyalekt :

ill like when I was talking to somebody from Tulsa and they were telling me that they were my age and they were saying that even growing up they would hear from white people in the area. Well, if you keep messing around we're gonna bomb y'all back like he did back in the day. That threat continues to stay around

Pamela Capalad, CFP, AFC :

my stepmother things pot is bad but Xanax is good. Yo,

Dyalekt :

is real Yeah. Oh, and it's funny it's like the vilification of pot that's a whole nother story we're doing a whole nother thing on the war on drugs

Pamela Capalad, CFP, AFC :

so now we bring has to present a real meme we saw we didn't. We found Yeah, yeah, so Haha, right. But here's what's really happening yeah Coronavirus is just like the history has been disproportionately hurting black and Latino workers. 70% of people killed in Chicago by the Coronavirus or black. Native Americans are actually suffering disproportionately from the disease because they don't have the resources. tend to be immunocompromised. So yeah, there

Dyalekt :

have been some leaders of native groups that are worried that their entire tribe is going to be wiped out.

Pamela Capalad, CFP, AFC :

Feels like

Dyalekt :

Well, I mean, that feels like a lot of stuff that has happened in history. You know, when there are major disasters, and there is infrastructure that only protects a small amount of people, the people at the bottom get wiped out.

Pamela Capalad, CFP, AFC :

And meanwhile, die. Like mentioned earlier, the Surgeon General is telling black people and letting people do what stopped drinking so much.

Dyalekt :

And you know why they're doing that is because they want to blame us for our own deaths. Yes. And testing new man Oh, and testing new medication is first all my stuff in Detroit. If you're familiar with Tuskegee, and all of the other things well, you wonder why people of color I have a problem when they're like, go to the doctor because we're not trusted and go get this test. And we're like, Well, why are you going to test on us? So it creates even more distrust and inability to work within the system as the system continues to roll over us?

Pamela Capalad, CFP, AFC :

Oh my god, Andrew Yang, telling jack more American pissed that. Oh my god, I was so mad. I stopped myself from writing the longest Facebook rant about it, because what the hell? It was nice

Dyalekt :

when you learn which politicians were trying to politician which ones were trying to get a job on the view.

Pamela Capalad, CFP, AFC :

Yeah, so these systems were built to marginalize people marginalized. And I think right now we're at a point where we don't have to let that keep happening. We know the history See what's currently happening, people are reporting about it in a relaxed way.

Dyalekt :

Well, I think that a lot of one of the problems right has been able to get everybody to be on the same page. And a lot of times we're like prioritizing the revolution. And which one is the thing that we need to deal with right now. And we're seeing that it's not one priority, that it's a web just like it's a web of oppression that was created and we need to have each other's backs and build our own web to move forward. Move forward.

Pamela Capalad, CFP, AFC :

Yes. And

Dyalekt :

this is what we know is our conclusion. I guess about that.

Pamela Capalad, CFP, AFC :

The reason why governments marginalize art is because they know how powerful it is art, literally creates movements

Dyalekt :

are used to create groups we have certainly used to oppress people well. And we have several instances throughout history in the US alone, where the government has paid money to create artists to create art make things better for us. There are other countries that hang their hat on their art. And their artists are taken care of and allowed to make things that make them proud of their country.

Pamela Capalad, CFP, AFC :

So next poll, we want to get an idea from you all, check all that apply. Are you on landlord, a tenant, small business owner, employee, freelancer, performer, presenter, teacher, essential worker,

Dyalekt :

I guess what are we going to learn most of these things? business owner?

Pamela Capalad, CFP, AFC :

Yes. Yes. Take a second to answer. We'll try and tailor as you're doing that content to that as well.

Unknown Speaker :

Because Oh my god,

Dyalekt :

yeah. Smelling them also showing off that we put it in a popcorn bucket that we got in a movie theater.

Pamela Capalad, CFP, AFC :

If you never have made kale chips before. Dropping more knowledge than I was expecting on a Saturday morning.

Dyalekt :

Oh yeah, we got you. We got Yeah, isn't the kale recipe that put it over the top? We got more for you.

Unknown Speaker :

Oh, yeah. Oh, yeah.

Pamela Capalad, CFP, AFC :

Rebecca says okay, like mess. We got waffles too. I haven't even tried those. Okay, unemployment, everybody. Let's do it. Unemployment was one of the big poll questions looks like at least a third of you are interested in learning more about it unemployment. So just to give you the stat 16.6 million Americans filed for unemployment in the last three weeks. That is freaking in saying y'all. Yeah. So just to give you some context, the last time we had a major unemployment high was in 1982. Okay, cool. A lot of tenants. Cool. So we'll talk about that employees and freelancers a good mix performer, presenter teacher, okay. Cool. Excellent. Excellent. Thank you. Yes, yes. So, unemployment just to give you an idea, this is extremely unprecedented. The last time we had unemployment, highest was in 1982. And in one week, it was 695,000 people filed there. Grant, this is insane. It's just about 10% of the workforce. And this doesn't represent people who couldn't get through on their state unemployment websites, people who haven't filed yet people who are about to become unemployed, all of that stuff

Dyalekt :

and the leap from 700 grand to 16 million. It's kind of a bad one.

Pamela Capalad, CFP, AFC :

Yeah, it's not.

Dyalekt :

So this is what we can get while we're on it.

Pamela Capalad, CFP, AFC :

Yeah, so we encourage everyone to apply if you get an extra $600 a week on top of your state benefits for four months. So just to give you an example, in New York, most people will qualify for about $450 of state benefits, and you get an extra $600 a week. On top of that I had clients who were actually making more money on unemployment than they were making working, but

Dyalekt :

this is a necessary overcorrection

Pamela Capalad, CFP, AFC :

I remember a overcorrection

Dyalekt :

when I went on unemployment, I had to get another job anyway, because the unemployment was not paying me enough to pay my rent and buy food

Pamela Capalad, CFP, AFC :

for real so it lasts for up to four months, the extra $600 a week. I'm state benefits tend to last for up to 12 to 18 months as well. So the unemployment offices are heavily impacted. They're behind on applications. Keep trying. It may take you a couple hours set aside the time to do that. You've been talking about this last time about how

Dyalekt :

they may have put together money and new programs, but they haven't created new infrastructure that that takes extra money and extra effort.

Pamela Capalad, CFP, AFC :

Yeah. So the federal government legislated this, they said, All right, everybody, this is gonna happen, but they didn't give any states and infrastructure and money to actually implement it. So some states are actually behind and allowing freelance or self employed people and gig economy workers to file properly, but I would do it anyway and get in

Dyalekt :

line. Yeah. This is kind of why people have been saying like, you hear like, the weird like California secession stuff and all that the whole point of the United States is like, we're a bunch of things. And instead of being like, you're, we're all different countries with different stuff. Like we'll all be under the same thing. So we can hold each other down. And if we're not holding each other

Pamela Capalad, CFP, AFC :

down, then what's the point? Are we doing right? What are we doing? Yeah. So if you are in a state where they haven't updated the application yet, New York, I know they have I believe California has as well. I know Louisiana has not If you're in a state where they haven't updated the application, when you go and file and they asked for your employer, the advice that we got from other accountants or accountants is to put your own social security number in the space for your employer as well. So that way the application does go through if you've had your hours reduced, or if you've been furloughed, which means you haven't technically been let go, but your hours have gone to zero. You can also apply for partial unemployment or full unemployment,

Dyalekt :

by the way, for those of you who are in places where it's a weird form to fill out, and you don't know what you're going to get back, and nobody really knows, if you've gotten a response, please share with us and share it with other folks. Yeah, we can help everybody figure out what's going on because for the most part, there's gonna be a lot of guests.

Pamela Capalad, CFP, AFC :

We also still need to apply for an employment for dialect because he lost all of his gigs. Oh, man, I had to do it. Live.

Dyalekt :

Yeah, we're gonna do it on a live. I do. I like to have like,

Pamela Capalad, CFP, AFC :

such a mess. But yeah, it's still worth doing it and applying for everything. That's our main advice in general. All right. So The SBA loans. Now if you are not familiar with these, they did expand them to freelancers, gig economy, workers and self employed people as well. So we're actually recommending that you apply for the SBA loans as well as unemployment if you're a freelancer who has lost significant amount of income on the first one is the economic injury disaster loan, you can apply directly on this small business administration website, there is a loan advance that I will not lie, they are super unclear about who gets it and how much they get. But this is why I'm saying throw your hat in the ring set up an application for it.