Are You Really Good With Money? | DISC 6: Vitality | 411 PODCAST (Episode 61) - video Dailymotion

Lerin Gaines

Are You Really Good With Money? | DISC 6: Vitality | 411 PODCAST (Episode 61)  "Where Everyday Conversations Lead to Financial Awareness"  Featuring: Financial Friday, Mentorship Series  Friday | October 2nd, 2026  Broadcasting on all social media platforms @LERINGAINES  https://leringaines.com https://linktr.ee/leringaines https://www.facebook.com/leringaines http://instagram.com/leringaines https://www.tiktok.com/@leringaines http://twitter.com/leringaines https://www.youtube.com/@leringaines https://www.twitch.tv/leringaines https://kick.com/leringaines https://dailymotion.com/LerinGaines  Song of The Day: "Just Got Paid" by Johnny Kemp Released 1987 | Secrets of Flying  Burning Questions for Reflections! Is Making good money the same thing as being good with money, and how can you tell?  Share your response to tonight's Burning Questions... Text: (609) 200-1098 | Email: Info@LerinGaines.com  DM on any social media platform @LERINGAINES (Facebook, Instagram, X, TikTok, YouTube, KICK, Twitch, DailyMotion)  Check out my FREE Monthly digital Newsletter 'Whispers of Wisdom' for updates, exclusives, and inspiration!  #LerinGaines #FinancialCoach #BlackDiamondConsultations #DebtFreeLiving #WhispersofWisdom #VacationWithMe #BurningQuestions #Facebook #Instagram #TikTok #X #YouTube #KICK #Twitch #DailyMotion #BlackDiamonConsultationsNetwork #411PODCAST #DISC6 #Vitality  DISCLAIMER: The content and information provided by Black Diamond Consultations are intended solely for educational and entertainment purposes. We do not guarantee the accuracy or completeness of the materials, and any reliance you place on them is strictly at your own risk. Our content is not intended to be a substitute for professional advice or judgment. Black Diamond Consultations shall not be liable for any errors or omissions in the educational and entertainment content or for any actions taken based on the information provided.  411 PODCAST DISC 6: Vitality Track 61: Are You Really Good With Money? ©️ 2026 Black Diamond Consultations Network LerinGaines.com

Transcript

00:00Thank you for joining us.

03:00You're now tuned into the 411 podcast, where everyday conversations lead to financial awareness. Powered by the Black Diamond Consultations

03:09Network. This is your sanctuary for self-discovery, healing, and personal growth.

03:15Here, we explore what it means to live debt-free, not just financially, but spiritually, mentally, physically, and emotionally.

03:24Every episode is part of a journey across our weekly mentorship series, spiritual Sundays, Mental Mondays, Transformational Tuesdays, Wisdom Wednesdays,

03:35coaching sessions Thursdays, and Financial Fridays.

03:38Each day holds space for wisdom, clarity, and real conversations. We want you to join in on the conversations with

03:46us.

03:46Connect across all social media platforms at Laryngaines. We are broadcasting live on Facebook, YouTube, Kik, Twitch, X, and Dailymotion.

04:00Text your thoughts anytime to our official hotline at 609-200-1098.

04:07So, grab your journal, open your mind, and prepare to go beyond the surface. Here, we don't just talk, we

04:14transform lives.

04:15And now, here's your guide through it all, entrepreneur, mentor, and financial coach, Laren Gaines.

04:36What's going on? What's going on? What's going on, everybody? Welcome, welcome, welcome.

04:41Welcome, welcome on, and welcome in to the 411 Podcast. We are here. We are live. We are on episode

04:5161, or are you really good with money?

04:55Now, it's been a minute since we've had this good old freestyle Financial Friday.

05:02So, we're here, got a lot of things to unpack, and most importantly, it's just me and you.

05:10So, like I said, it's been a minute since we've been out here, and I'm giving you this real, raw,

05:18rugged type of information.

05:20I know it's been requested, so you got it, and we're here.

05:25But before we move on, please do me a favor, hit that like button, subscribe, tag a friend, text a

05:36friend, invite a friend in, do whatever you need to do to let them know what we have going on

05:42inside the 411 Podcast right here.

05:45Go ahead, go ahead.

05:46And also, most importantly, drop it in the comments and let me know exactly where you are calling from.

05:55Now, I have to say, with giving all of the thanks, thank you to the special guests who came on

06:03this week.

06:04We had Garnett Rogers Sr.

06:08We had Jonathan Domsky.

06:12We had Lisa Clements.

06:16We had author, poet, Birdman313.

06:21We had mental health coach, Shawnee Refuge.

06:26So, thank you to all of the special guests that came on this week to help me out.

06:32Definitely could not do it without each and every one of you out there.

06:35And I also want to give a very special thank you to my executive producer.

06:40I want to thank God for giving me the strength, the courage, the wisdom, and the understanding to continue to

06:46press forward.

06:47And, you know, look, we got this beautiful platform.

06:50Without him, none of it would be possible.

06:53And, of course, without each and every one of you out there.

06:56Thank you so much.

07:06So, you know what we do.

07:09It's time for Song of the Day.

07:20So, I was about eight years old when this song came out.

07:25Just Got Paid by Johnny Kemp.

07:28This song was crazy fire back then.

07:32It was, first of all, every Friday it was on.

07:35It was played throughout the week anyway.

07:37But when Friday came on, Just Got Paid, everybody was running to cash their checks and, you know, getting whatever

07:45they need to get to party for the weekend.

07:47Again, I remember family members blasting this song.

07:51I remember it even being on a school bus.

07:53It was crazy.

07:55But, yeah, Just Got Paid, Johnny Kemp, 1987.

08:00Rest in Peace.

08:01Was just, you know, doing research before the show, of course.

08:04And, you know, he passed away a couple of years ago.

08:08But it was a tragic situation.

08:12So, go ahead and look that up if you were a fan.

08:16But I definitely did enjoy the song.

08:18I enjoyed the video.

08:19And like I said, it just did something.

08:22It moved a lot of people.

08:24And it's still, to this day, I believe, if this song came on in the right circumstance, in the right

08:29environment, it definitely would create some energy there.

08:34The song will live on forever.

08:36Just Got Paid.

08:38So, now, you know, we remix it.

08:40We flip it here on a 411.

08:42And my question is, this good old rhetorical question is, what do you do when you just get paid?

08:49When you just got paid.

08:51So, what are you going to do?

08:53What are you going to do with your money?

08:55What are you going to do with your mental?

08:57What are you going to do with your physical?

09:00What are you going to do with your spiritual?

09:02It can go around all of the realms that, you know, we teach here.

09:07When you get paid, what are you going to do?

09:09Now, I'm going to have to just give it to you real.

09:12I'm just going to have to give it to you raw.

09:14And I'm going to let you know what some people do when they get paid.

09:19First of all, when some people get paid, it's not even you got paid.

09:24You basically just transfer from one hand to the other.

09:27Some cases, it doesn't even touch your hands because of all of the consumer debt that you're in.

09:33Well, I'm speaking to, but I know that there are some people out there that want to break through, and

09:37this might be the breakthrough moment.

09:39If you are that person that when you get paid, it doesn't even touch your hand.

09:44It goes from one hand to another, and yours is never in that process because you're transferring it from one

09:52account to the next.

09:53Next, some of us just got paid, and it does get transferred into your hand, but you got paid on

10:06Friday, but you're broke by Sunday.

10:11In worst case scenarios, you got paid on Friday, and Saturday morning, you're broke, and you don't understand what's going

10:17on.

10:19These are the types of things that we want to avoid if you want a good future.

10:28It might be great to go to the parties, it might be great to go to the clubs, and check

10:34this out for those of us that got paid on Friday.

10:40Do your friends all of a sudden show up out of nowhere on Friday, but nowhere to be found throughout

10:46the rest of the week?

10:50Now, I'm giving it to you.

10:52I'm giving it to you real.

10:53I'm giving it to you raw.

10:54You get a whole bunch of people that are around you when you got money.

10:58The ladies show up just because you got money, but whenever you don't have any money, you can't hang around

11:04certain people.

11:05You can't go to certain places.

11:09Some of us who just got paid on Friday, you can't wait.

11:17To get out of a situation, you pay yourself out of a situation, you pay up your debt, you get

11:23clean, but then it doesn't sit right in yourself.

11:27It doesn't sit right in your soul.

11:28You can't sit right with yourself until you hurry up and get yourself in another situation, and then you can't

11:34wait until you get paid again.

11:40Now, once you've gotten sick and tired of being sick and tired, and you've gotten sick and tired of being

11:45in those scenarios and being in those circumstances,

11:50something can happen when you get paid.

11:52Another scenario, the flip side of it, let's look at the other side of the coin.

11:56Again, when you get paid, you pay yourself.

12:10I'll say that again because maybe some people didn't hear me.

12:14You just got paid, but you decided to pay yourself.

12:19You pay yourself before you go ahead and decide to exchange and transfer that money to someone else's hands.

12:25You take care of self first.

12:26Everything starts with self.

12:28You take care of yourself.

12:29You take care of your surrounding.

12:30You build your foundation before you decide to build somebody else's foundation.

12:37This one is a little tricky.

12:39Some of us save when you just got paid, but you decided to save.

12:45Okay.

12:46But to what extent?

12:49Because if you take that word save, and you take that word savings, and you hold on to it too

12:57tight, and you hold on to it for too long, it could in turn be some sort of hoarding.

13:05And remember, money is currency, so we want it to be flowing like a current.

13:10We don't want it to be stagnated.

13:12We don't want it to be in a hoarding type situation because there is something that's called inflation.

13:20And if you know anything, you know that inflation continues to rise.

13:27And if you put your money in a bank, and you keep it there, and you don't do anything except

13:32put your money in a bank,

13:36inflation rises in the return on investment that you get just from keeping your money in a bank.

13:42It's a lot less than what the actual inflation rates are.

13:46Now, again, I'm not here to give you any type of advice.

13:52I am just a financial coach.

13:54The best thing that you could possibly do is do your own research.

13:58It took me a minute to be able to get out here and speak comfortably about some of these topics

14:05because I've done my research and I've done my homework.

14:08So if this is foreign to anybody out there, you might still need to do your research.

14:15Stick around, hang around, take notes, but do your own research, please.

14:23So we had the saving.

14:26Now, some of us, when we just get paid, we just got paid.

14:30It's Friday night.

14:33Instead of the party hopping and a party jumping, just like the record says,

14:38some of us are doing our research because they might be ready to start investing the few dollars that they

14:45have.

14:46They want to invest in themselves, whether they're reading books, whether they're listening to certain podcasts,

14:55whether they're following up with a mentor or maybe they're investing in the stock market,

15:01but they are investing in themselves and they're investing in their future before they decide to go ahead and make

15:07somebody else rich.

15:08And now you might be saying, Laren, well, how could somebody be making somebody else rich?

15:13Well, I'm going to tell you, we're going to dig right into this on this good financial Friday.

15:21Every single time that you purchase something, you go to the store, you purchase stuff.

15:28This is life.

15:29We have to buy stuff.

15:30We have to live.

15:32If you are making somebody else rich, who are you making rich when you just got paid?

15:41I'm going to continue this.

15:43I'm going to close up this song of the day, but that's a rhetorical question.

15:46Who are you making rich every time that you get paid, every time that you have to go out,

15:54every time that you have to consume, every time that you do something in life?

15:59Who are you making rich?

16:02Are you making yourself rich or are you making somebody else rich?

16:05Now, that is the game changer right there.

16:07So I'm going to leave you all with this rhetorical question because I feel like I'm ready to keep rambling

16:11on and on and on and get real deep, which I'm going to.

16:15But let me just shut off this song of the day at the moment.

16:19But I'll leave you with that rhetorical question.

16:21You just got paid.

16:23It's Friday night.

16:26What do you do with your money?

16:28You just got paid.

16:30It's Friday night.

16:32Who are you making rich?

16:34Are you making yourself rich or are you making someone else rich?

16:39You just got paid.

16:41It's Friday night.

16:43Are you paying yourself or are you paying others?

16:49Song of the day, 1987 from Johnny Kemp.

16:53Off of his album, Secrets of Flying.

17:04Okay, so I got so, so, so much to discuss here.

17:08So much to discuss.

17:10And I'm going to just get right on into it.

17:11And I'm going to be a little bit all over the place because that's how I do.

17:14But I bring it full circle and we're going to get this good financial lesson here on Financial Friday.

17:21It's good to break things down.

17:22It's good to take it there.

17:24It's good to get out of the normal, everyday regular routine journey type of conversations that we have here on

17:33the Formula One Podcast.

17:34And I know people have been saying, Laren, we need to, we need to go on a little bit more.

17:40We need to press the gas.

17:42We need to go ahead and dig deep.

17:44Our people need this.

17:46This is what I'm hearing.

17:47So, this is what I'm giving.

17:49But again, I can't stress it enough to please make sure you do your own research.

17:54Do not take anything face value.

17:57I'm only a financial coach.

17:59I'm not a financial planner.

18:01And I'm not a financial advisor.

18:04There is a big difference between them all.

18:07And you need to know.

18:09You need to know who you're dealing with.

18:10You need to know who you're talking to.

18:11And most importantly, what a financial coach does, because I get asked this quite often, is we, I, I'm not

18:20saying we, because there's only, only one me.

18:23What I do here is I help you change your mindset, help you educate you to the point where you

18:38can build a better relationship with your money.

18:40So, after you get to the point where you build a better relationship with your money and spiritually, you're feeling

18:46great about it, mentally, you're feeling great about it, you're showing up in the marketplace, you're showing up in the

18:53world a little bit different than what you were before.

18:58And you can look into your finances and you can see that there is a big difference because I have

19:04been, I, not you, you will be able to look at yourself and say, I have been able to transform

19:10my life.

19:11I have transformed the mental aspect of my relationship with money.

19:17I, I, I'm spiritually, I understand, and I know who I am, and I know the connection, the correlation that

19:25I have with money.

19:26When you get all of those areas under control and you realize that, wow, I have a heck of a

19:32lot more money in my bank account.

19:34What do I do from here?

19:36That's the part, that's the part where you then will be able to make a decision because the behaviors have

19:43changed and you can ask yourself, do you continue to focus on the financial coach aspect?

19:50Um, and do I have time to learn about investing?

19:54Do I have time to learn about, you know, the, the market stocks, bonds, you know, all of those extra

20:03things, cryptocurrency, the list goes on and on and on.

20:06I mean, it's, it's endless.

20:07Do I have time to learn about that?

20:10Um, or do I need to seek a financial advisor or I don't know what any of these things are.

20:17Maybe I should seek a financial planner because I might be a little bit unsure about my retirement.

20:24I don't know if I have X, Y, and Z to be able to do what I want to do

20:29for retirement.

20:30This is what I want to do, but I'm not sure if I have the means to do so was

20:37what I have here.

20:38So let me reach out to somebody who can dig in a little bit deeper, calculate, do everything that they

20:44need to do on their end.

20:46And, and set up some goals.

20:47So that's the difference.

20:49I'm gonna let you know when it comes to coaching, behavioral mindset, help you build a better relationship with your

20:56money.

20:59The financial planner, we're looking at the longterm.

21:03You may not know what you have going on.

21:05You might have investments over here.

21:07You might have a 401k at this old job.

21:10You might have something over there.

21:12Um, you might have an inheritance that you've never tapped into.

21:16You want to pull it all together.

21:17You want to look and see where you are at currently.

21:21And what do you want to do in the future?

21:24Where do you see yourself at?

21:26So we need to do some planning.

21:29And then an advisor is somebody who is going to advise where you need to put your money.

21:34They're going to give you some advice.

21:36When I say, I can't give you any advice, a financial advisor, that's exactly what they do.

21:41It's right there in the title.

21:42They're going to give you some advice and they're going to be able to dig through and do it for

21:46you.

21:46Because maybe you are not comfortable with a brokerage account.

21:50You don't know much about, you know, the market, index funds, mutual funds, things of that nature.

21:57So you need somebody to help you with that.

22:00That's what a good financial advisor is going to do for you.

22:03So there you go.

22:05A good distinction between the three.

22:08Now, how did I get on this path?

22:10I have so many people who asked me that question.

22:12Laren, how did you get here?

22:13I know you were doing the podcast before.

22:16I know that you were doing, you know, reading between the wines.

22:21Things shifted.

22:22Things changed.

22:23How did you get to this point where you were just so comfortable to speak about money and speak about

22:30the things that you've been through in the past?

22:33And I will tell you, my good old girl, Mary J. Blige, she says,

22:38If you looked at my life and seen what I've seen, life, life got me here because of the things

22:50that I've seen and the things that I've done and the things that I've allowed.

22:53And I had hit a financial rock bottom and I got to the point where I was just like, wow,

22:59one blow after another blow after another blow.

23:02And I'm here on rock bottom.

23:03I just I just didn't want to do it again.

23:05And I finally had to ask myself, what role did I play in this?

23:11I'm not going to get upset.

23:12I've been upset for years.

23:13I've been arguing, fighting, cussing and carrying on for years.

23:18We're not doing it anymore.

23:20God, what is it that you want me here to learn out of this lesson here?

23:24And I've learned my lesson.

23:27I've learned my lesson when it comes to finances.

23:31And in that, I've learned some great biblical principles.

23:36I learned that 75 percent of the Bible is discussing money and I'm still learning each and every day.

23:43We all know how complex the Bible is.

23:46And once I started, God started to reveal and remove the scales from my eyes.

23:51I was like, wow, this is beautiful.

23:53This is beautiful because it's so mystical.

23:57That's a great word.

23:58It's so coded up to where most everyday folk will not be able to.

24:05God doesn't give everybody the eyes to see it or to even order ears to hear it.

24:10So the fact that I have been chosen to to take this on, I'm like, I have no choice but

24:19to teach other people because he says it in his word.

24:21Like we're supposed to teach and train up other people.

24:25So that's how I ended up becoming a financial coach.

24:30Did not know it.

24:31Had no idea if you had asked me five, ten years from now.

24:36Let's take it to 2020 when I first started the podcast.

24:39I had no idea that I would be speaking of finances, but life happened.

24:44Like I said, if you look at my life and seeing what I've seen, you can see how I got

24:48pushed, pushed, pushed, pushed, pushed into being this person and getting into the word, which I didn't even pick up

24:57the Bible before.

24:58Or I knew the importance of it and all of that great stuff.

25:02But man, did I not know that 75 percent of the teachings that were going on in the Bible has

25:09a lot to do with money.

25:11And I'm still learning new things each and every day, which is amazing.

25:15And I learned that you're not going to get it all.

25:18That journey is not you're going to continue to learn until the day that you close your eyes, which is

25:23still amazing and mystical to me as well.

25:27But I do have to credit Mr. Warren Buffett.

25:32I have to credit all of the great people that I have looked up to and still look up to.

25:37And I've read books and I attend podcasts and things like that.

25:44But Warren Buffett.

25:47This is this is what what what got me with him.

25:51I'm going to read to two quotes from him, from Warren Buffett.

25:54And he says that if you don't find a way to make money while you sleep, you will work until

26:01you die.

26:02Now, I'm going to read it again to make sure it sinks in for some people.

26:07If you don't find a way to make money while you sleep, you will work until you die.

26:16Now, for those of us who love to do what we are doing now, if you have a nine to

26:22five job and you love going in and working for somebody else, I have nothing to say about that.

26:29That's a beautiful thing.

26:30But for those of you out there who do not like your nine to five job, the message in this

26:37message here and a message that I have to give to you is that for those of you out there

26:42who do not like your nine to five job, you don't wake up excited.

26:47You don't wake up doing backflips.

26:49You don't wake up singing along as you get ready to go into that job, that nine to five job.

26:55If you don't find a way to make money while you sleep, you will work that nine to five job

27:03or you will be forced to work that type of job or you'll be forced to do anything to make

27:08make it work until the day that you die.

27:15That quote right there was enough to make me say, OK, Larry, you got to do something different.

27:22Because.

27:24I'm not that type of person that's doing backflips for somebody else.

27:29I've done that for so many years and this is a little radical and I know and it is what

27:34it is, but I've never been that type of person.

27:37And I repeat, I've never been that type of person, even when I was a young kid, before I even

27:44got my first job, I was already dreaming about owning my own business.

27:48People from around the hood, from around the way that knew me, they knew that Larry was always starting something.

27:54I've always had like these little clubs and these little, you know, gatherings and only certain people could attend.

28:01And, you know, I used to guard off my porch and put ropes up and you can't come in.

28:06And I was charging people to I was always coming up with something.

28:11And I knew back then in the day that I was not just like every normal, everyday person and I

28:16was not going to get along to get along and to get up and to work for somebody else for

28:23the rest of my life.

28:31And it's radical for me.

28:33I say it's radical because people around me will think it's radical because I'm not like the rest of my

28:40family.

28:41And I know that they say that, you know, there's that odd one.

28:46Some people call it the black sheep of the family.

28:49It is what it is.

28:51At first, I felt a certain way about it, like it bothered me.

28:55I knew I didn't fit him like everybody else.

28:57And I knew that I just was different and I didn't understand it.

29:02But it was so troublesome in my teenage life, growing up as a kid and even in my adulthood, early

29:1120s, 30s in the workplace, even sitting in some of the rooms and the conferences.

29:16I knew that I was always different than the people, my co-workers.

29:22But something changed by the time that I hit 40.

29:26And I said, you know what?

29:28I'm going to embrace this.

29:30Whatever this feeling is, whatever this freedom is that God has given me, I'm going to embrace this.

29:35And I'm not doing this.

29:38I'm not going to retire doing what I see everybody else doing.

29:42That is just not, we're not doing that.

29:46So just think, if you were the type of person that does not want to work for somebody else until

29:53the day you die, you have got to get this information.

29:56It is crucial for you to get this information.

29:58And you may not get it all from the 411 podcast.

30:02It might spark something where you might do a spinoff and you might look elsewhere.

30:06And that's great.

30:08Because at least you're doing something.

30:11And here's another one for people who have a scarcity mindset.

30:17You have to be very careful about the people you're around.

30:20And a lot of this is embedded in us.

30:23I'll repeat that again.

30:24My mentor told me this, Laren, a lot of this is embedded because it's what you have been brought up

30:30with.

30:30It is what has been rehearsed.

30:32It is what is in your DNA.

30:36But one thing that my mentor told me, Laren, you can learn things, but you also can unlearn things.

30:43Well, you can unlearn it too.

30:46I'll say that again.

30:47Well, you can unlearn it too.

30:49If you have this scarcity mindset where you are so tight with your money and you're so, ugh, I can't

30:57spend this.

30:58I can't do this.

31:00Episode 61.

31:01Are you good with your money?

31:03Are you good to your money?

31:06This quote here says, be careful when others are greedy.

31:11Be careful when others are greedy and greedy when others are fearful.

31:17Now, that's, I wouldn't say strict.

31:22It's a stock market.

31:24Be careful when others are greedy and greedy when others are fearful.

31:30See, a lot of times we jump on this bandwagon.

31:32I remember I was podcasting in 2020.

31:36I didn't know anything about cryptocurrency in 2020.

31:39Nothing.

31:40I heard about it, but I didn't know the game the way that I know the game today.

31:47And cryptocurrency was going up high.

31:49Bitcoin was going up high.

31:51And someone got on my podcast and said, Laren, I've been scammed.

31:55I was like, what do you mean?

31:57And this individual proceeds to tell me that they have been scammed out of thousands of dollars out of their

32:02bank account for some Bitcoin scam.

32:04And that is a prime example of being greedy.

32:14You got to be careful when others are greedy.

32:16Everybody was greedy at that moment.

32:18Everyone was talking about Bitcoin.

32:20And if it's not Bitcoin, it's like the latest AI stock.

32:24A couple months ago, six months to a year ago, was everybody, let's buy silver and gold.

32:30Like, these things come in phases.

32:31And you can't be so quick to jump on a bandwagon and try to find some get-rich-quick scheme.

32:39Because, see, a lot of people who chase these trends in and out, some of them have done their research

32:45and they know how to play the game.

32:47And they know how to prey on people who have not done their research.

32:51That's why I say you have to do your due diligence and you have to do your research.

32:59By the time you hear about Bitcoin is at an all-time high, by the time you hear about silver

33:06or gold is at an all-time high, by the time you hear that NVIDIA and all of these other

33:12stocks are at an all-time high, if you decide to jump in at that moment, most likely you already

33:18are too late.

33:19And I'm not going to say that you can't win the game, but most of the time when you chase

33:23things like that, you've already lost the game.

33:28Now, people DMing in your inbox on social media and things like that, that's not how this thing work.

33:35And the best thing that I, again, I'm not here to give anybody any advice, but the question that I

33:42have, and I did give you, you know, to break down about a financial coach, a planner, an advisor.

33:48But I got to a point where I was like, wait a minute, wait a minute.

33:51I want to be so in tuned and I want to know so much what's going on with my money

33:56because it's my money.

33:57I'm not going to give somebody else the power and the control to be able to do things with my

34:02money.

34:04They're not going to know more about it than I do.

34:06Now, if you, okay, so now that's a good example.

34:09They're not going to know more about it than I, than I know about it.

34:12So by the time you reach out to a financial planner or financial advisor, you are coming there with your

34:18paperwork, with your knowledge in your hand.

34:20You know exactly what account this is.

34:22You know what that account is.

34:23You have everything pulled together and they are ushering you and helping you and guiding you to the next level.

34:31For me personally, I can't tell people what to do, but that's what I envision.

34:35I never want to get to a point where I have to reach out to somebody else and ask them,

34:40how much money do I have in this account?

34:42What do I have over here?

34:44How much money do I have there?

34:46You should already know what you have going on in your situation.

34:49And if you don't, then that's a clear indication that maybe we might need to tighten things up a little

34:57bit because I'll say this again, in case you didn't get it the first couple of times I said it.

35:03If you don't find a way to make money while you sleep, you will work until you die.

35:10Now, just that alone, what a beautiful blessing it is to be able to make money while you sleep.

35:41Say it again.

35:46If people find a way to make money while they sleep, that's when the bells and whistles go off.

35:54Now, what would you rather do?

35:56Would you rather get up and have to be told what to do, when to do it, jump how high,

36:02do backflips, do this, do that?

36:04Or would you just rather just relax and be in your element and your zone and learn how to make

36:10money while you sleep?

36:13Again, a lot of this information is not taught in schools.

36:18And a lot of times this is done on purpose because guess what?

36:24If everybody knew the ins and outs of money and they knew how to handle money, the world wouldn't go

36:31around.

36:32Just like you got good and you have evil, you have rich and you have poor.

36:38Now, what sides of the game do you want to be on?

36:41Do you want to be on a rich or do you want to be on a poor side?

36:45I know people say what are getting rid of the middle class.

36:48They're getting rid of the middle class.

36:49Well, the question is, not question, let me just give it to you like this.

36:55Maybe there was never no middle class to begin with because from what I know, there's always been the rich

37:04and there's always been the poor.

37:05And there's always been the have and the have nots.

37:08This middle class, maybe that's something that somebody just made up to keep people comfortable and keep them stuck.

37:14And I know a lot of people were just so comfortable when I was growing up saying, yeah, I'm middle

37:19class, I'm middle class.

37:23Don't be so comfortable to be able to slap these titles of what the world has brought on.

37:28I know a lot of people say that they don't like titles.

37:31I'm right there with you because I don't know who you are, but I know I'm Laren.

37:35How about that?

37:36And all of these titles that we put on ourselves, we keep ourselves stuck and we keep ourselves confined and

37:43restricted just because we want to get along to get along and be able to waive a title or label

37:52that somebody else has given you because God hasn't given you.

37:58So on this good financial Friday, we want to talk about, are you really good with money?

38:08And I got some questions for you.

38:10Get your journal, write them down.

38:12We're going to go through some personal finance.

38:14We're going to go through some terms that maybe some people don't know.

38:17This is what you've been asking for.

38:18This is what's been requested.

38:20They're like, Laren, we need the information.

38:21We need to teach the people.

38:23So here we go.

38:25Do you have more money going out than you have coming in?

38:29If you have more money going out than you have coming in, you've already lost the game.

38:36If you are living paycheck to paycheck, meaning that as soon as you get paid on Friday is gone by

38:42by Monday.

38:44You can't wait till you get paid again.

38:47You're robbing Peter to pay Paul.

38:49You don't know how you're going to make it from one paycheck to another paycheck.

38:53You probably need to listen up.

38:56Now, the first thing that I've always teach people when they go through this here is when you realize that

39:02you found yourself in a situation where you're not making it from one paycheck to the next paycheck without swiping

39:08a card, without borrowing from some other place, without, you know, doing this or doing that to make it work.

39:14You can't go from one paycheck to another paycheck without it being an issue.

39:18You end up having more month than you have money.

39:23So what you want to do is you want to get you a basic piece of paper, a simple piece

39:28of paper, and you want to fold it in half.

39:33And you want to write down everything that you have been spending on a monthly basis.

39:39Go back and look at your old past bank statement, whatever you need to do.

39:46And I want you to write a column that says needs.

39:49And then on the other side of the paper, I want you to write something that's a want.

39:53And every single expense that you had, whether you went to the movies, whether you had to buy gas, whether

39:58you had to buy groceries, whatever the case may be, list every single thing down.

40:03Whether it was medication, student loans, child care.

40:12And then I want you to put it whether it's going to be in a column of a need or

40:16if it's going to be in a column of a want.

40:19Needs versus wants.

40:20That's if that's the first thing.

40:22And then I want you to sit at that and I want you to look at it.

40:25And if you got a spouse, you need to do this together so that you both can look and be

40:29on the same page.

40:30And this is a lot of times where there's a problem because both parties are not on the same page,

40:35but you need to align and you need to get on the same page to determine what is a need

40:39versus a want.

40:41Did you need to get your hair done?

40:44Did you need to go get your nails?

40:46Was it a necessity?

40:48Was the world going to stop?

40:51Was that going to make or break you if you didn't do it?

40:54And then we take it a deep, we take it a step further.

40:58After that, we take it a step further.

41:00You can even flip the paper on the other side.

41:02And I want you to write down assets versus liabilities.

41:06Now, you might be asking, Laram, what is an asset?

41:10What is a liability?

41:13The quickest way that I can give you this information is an asset is anything that brings money into you.

41:19On a monthly, on a weekly basis.

41:24That's an asset.

41:26Quarterly, if you want to take it that far out, even an annual.

41:31If you have some sort of dividends or things like that, we can even take it out that further.

41:37But that is something that is bringing money into you, bringing money to you on a monthly, quarterly, weekly, whatever

41:48you want to call it, basis.

41:50Now, a liability is the exact opposite.

41:54That's something that is taking money away from you on a daily, on a weekly, on a monthly, a quarterly,

42:03annual basis, however you want to break it down.

42:05That's what a liability is.

42:08Now, some people say, well, what's a liability?

42:11I'll give you some quick ones, some tricky ones that people might get a little tripped up about.

42:16I know some people have something to say to me, and we have some disagreements, but I'm okay with that.

42:23But because a liability is your home, that same home you live in, that same house you live in, first,

42:31I know an apartment is a liability.

42:33But some people get tricked into thinking that their home is an asset, when in reality, your home is a

42:39liability.

42:40Now, the only way that your home can become an asset is if you've rented out and you have renters

42:46and they're paying you rent on a monthly basis, because that means that now that home that you purchased, that's

42:53in your name name, is generating money for you on a monthly basis.

42:57If you are living in your home that you purchased, it is a liability.

43:02And there's this back and forth about, yeah, well, if I sold my house, then I would generate this money

43:08because my house is worth that much.

43:11Well, the key is, is did you sell your house yet?

43:13Yes or no.

43:14And if you didn't sell your house, then at this moment that we're speaking, it is a liability.

43:19It only becomes an asset when you sell it.

43:22So unless you plan on selling your house, don't put it in a column of an asset because it is

43:29not an asset.

43:30Now, the homeowner's insurance, the expenses that it takes to run the house, the electricity, the gas, all of those

43:41things become liabilities because that home is actually, every month you're writing bills out, you're clicking and paying, or you're

43:50setting some system up where that, those funds are leaving you.

43:55They're not coming towards you.

43:57They're not coming towards you.

43:57So that's the biggest thing about an asset versus a liability.

44:02Flip the paper back and forth as you look at all your expenses, and then you see your assets versus

44:07your liabilities.

44:08The name of the game is to have more assets than you have liabilities.

44:12Now, the average American has a heck of a lot more liabilities, and some of us don't have assets.

44:19Now, I did this exercise a couple years ago, and I was shocked because I thought that, oh, I know

44:26what an asset is.

44:28I know what a liability is, and I was proven to be wrong very fast, and it was an eye

44:34-opener.

44:35And then I went back to that Warren Buffett quote that says, if you don't find a way to make

44:41money while you sleep, you will work until you die.

44:44So I'm thinking to myself, I do not want to be this type of person, so how do I fix

44:49this?

44:50And how you fix this is you want to grow that asset column, and you want to shrink that liability

44:56column.

44:58And the best way to grow that asset column and shrink that liability column is so easy.

45:06And I know that that sounds like, how is that easy?

45:10Control the assets first.

45:12Excuse me, control the liabilities first.

45:15Is it a need or is it a want?

45:17And when you start to trim that liabilities column, all of a sudden you're going to realize that, hmm, I

45:23have a little bit more money left over at the end of the month.

45:27Now the game becomes, so what do we do with this money?

45:32Because if you're not careful, that extra money that you have at the end of the month, if you don't

45:38get your mindset together, and you're not spiritually equipped, and you don't have a plan set up,

45:44that extra money that you have at the end of the month, once you start getting those liabilities together, can

45:50be absorbed and it can disappear and go on to other places, and can become a whole other situation.

45:57Lifestyle creep.

45:58All of a sudden you got a little bit of extra money, now you can, you know, go out and

46:04dine a little bit more.

46:06That's probably where a majority of our money is going, is food.

46:11And I know that that sounds interesting, but whenever I have this exercise and I go through this scenario with

46:19people, I ask them, what's your most expensive column?

46:23Food, restaurants, groceries, or always at the top?

46:29Some are cars, which is a whole other story.

46:32But that's why you have to make sure that you are mentally prepared as you get ready to go down

46:41this path.

46:42Because as you start to clean things up, and I've had this before where people clean things up, but if

46:48they don't focus on a mental, they can end up going backwards and end up creating a bigger issue or

46:55end up right where they started.

46:59And I'm going to go back to this quote, because I'm going to stay on this.

47:03If you don't find a way to make money while you sleep, you will work until you die.

47:07So now I start to think, hmm, let's think about retirement.

47:13How many of us like to get up and go to work for somebody else?

47:19How many of us like to get up and go to work for somebody else?

47:25Now, I know how I thought in my 20s.

47:28I know how I thought in my 30s.

47:30And I know how I feel now in my 40s.

47:35To think about the retirement age of, what is it, 68?

47:4068, anywhere between 65, 68.

47:43By the time that I retire at a, you know, what the world says you're able to retire, it probably

47:53will be somewhere around 70 years old.

47:56Now, there's people who retire nowadays, but they can't retire or they still work because they have to.

48:04Now, this is at when it was 55 or 50, 60, I remember that.

48:11Now it's close to 70.

48:12And then you hear stories of people who are working and working and working because they can't retire.

48:18They don't have enough money for retirement.

48:21At 70 years old, there's no way that I want to be in a place where I have to work

48:29at 70 years old.

48:31There's no way.

48:34And if you continue to have to work and work and work, what are you going to be 75, 80

48:38before you retire, before you be able to say that I'm in control of this situation?

48:43So I take it back to that quote.

48:46And it's just to wake some people up.

48:49If you don't find a way to make money while you sleep, you'll work until you die.

48:54Now, I know we're up against the clock, but I'm going to go ahead and give you these definitions as

49:00quick as I can.

49:03There are three types of people.

49:06You're either going to be a hoarder, you're going to be a saver, or you're going to be an investor.

49:13A hoarder, somebody who hoards money.

49:16Actually, there's probably like four people.

49:18Spender, hoarder, saver, investor.

49:23A spender, you spend every single dime.

49:26You don't have nothing to show for.

49:28You don't know up from down, left from right.

49:31You live paycheck to paycheck.

49:33You have all types of loans.

49:37You've robbed Peter to pay Paul, and it's always a mystery every single week.

49:41You're a spender.

49:42You're a consumer.

49:44A hoarder, somebody who maybe used to be a spender, a consumer, and they hit their rock bottom.

49:52They don't want to do it anymore.

49:54Now they become a hoarder.

49:57They had so many financial issues that they don't even want to put their money in the bank because they

50:01don't trust certain situations, so they hide it under the mattress.

50:05They put it in a coffee can back in the day, and they bury it in the backyard like, you

50:09know, great-grandmother and whoever else and that kind of nonsense.

50:16Then you have a saver, maybe along the same lines, but they might be a little bit smarter than the

50:23average bear, and they put their money in the bank, and they keep it there.

50:27But that's all they do is they let it sit there, and they let it save, and they think that

50:31they're saving something.

50:32But I mentioned earlier that there's something which is called inflation, which that percentage that you're getting on your interest,

50:40because when you look at the rate of inflation, the percentages just don't match up because that few little percentages

50:48that you're getting in the bank, inflation is going up 6%, 7%.

50:56It's just not matching up.

50:58So are you really saving your money, or are you losing as being eaten secretly by inflation?

51:06And then there's an investor.

51:09That's somebody who is given a little bit of both.

51:13They have some money in their pocket.

51:15They're saving something.

51:17They're investing something.

51:19They have money that's easily accessible.

51:23They're saving it, and they're investing it.

51:26So the question that I have to ask you is, look, you know who you are based off of those

51:33scenarios that I gave you.

51:34Spender, hoarder, saver, or investor.

51:37Which one are you?

51:37Are you a spender?

51:38Are you a hoarder?

51:39Are you a saver?

51:41Are you an investor?

51:42And even if you are in any of these categories, how could you get to the next level?

51:50So if you are a spender today, how can you become a saver?

51:57If you are a hoarder, how can you become a saver?

52:02If you are just strictly a saver, how could you become an investor?

52:07And again, I take it back to the mindset.

52:10You have to become the person that you want to become.

52:15And how you have to do that is focus on a mindset.

52:22Make a declaration.

52:24Make, draw a line in the sand with yourself.

52:29You have to do something a little bit different.

52:32You have to push yourself to say, okay, listen, I know who I want to be.

52:38So in order for me to do that, in order for me to be that person, I'm going to have

52:44to do something a little bit different than what I'm doing here today.

52:47Because if I continue to do the same thing over and over again, that's the definition of insanity.

52:52So I have to push myself to do something a little bit different.

52:55That's the doing part.

52:57And then by you doing that on a consistent basis, being repetitive about it, you will eventually become and have

53:10everything that you want to have.

53:15Now, I know we're up against the clock, and I've just been rambling, which is good, because we needed to

53:21get this information out here.

53:22But I'm going to give you some things real quick before we get out of here.

53:25Some terms, and I'm going to try to run through these.

53:27If you don't know what these terms are, get your journal together, get your pen and paper, but do your

53:33research.

53:34This is where I say you have to do your own research.

53:38Some just basic financial definitions here.

53:43Terminology.

53:44Income.

53:45You want to know what your income is.

53:47You want to know the difference between gross income and net income.

53:50You want to know what your expenses are.

53:53Know what your expenses are.

53:55If you have not done a budget, don't know what, you've never heard of a budget, we need to find

54:00out what that is.

54:02Fixed expenses.

54:04Variable expenses.

54:05A fixed expenses is expenses that you know what the cost is going to be.

54:09You know what that's going to be on a monthly basis, a weekly basis, a quarterly basis.

54:14Variable expenses can be things of the term of taxes.

54:19They might be different from this time, this quarter versus last quarter.

54:23It's not always going to be the same.

54:24You might need to save for a rainy day because it can go up and down.

54:28It can fluctuate.

54:31Some utility bills can be of variable expenses.

54:35Summertime versus wintertime, whether you're using AC, whether you're using oil, whether you're using heat, those can change depending on

54:43the environments and the elements.

54:46Checking, checking account, a savings account, an emergency fund, a brokerage account.

54:53These are some things that you might want to look into if you are highly fixed on saving and you

55:01might want to learn something about becoming an investor.

55:04Look at those things, checking, savings, emergency, brokerage.

55:08And ladies and gentlemen, we're going to have to do a part two on this because we are up against

55:12the clock and I do have to cut it here.

55:15But I will see you all next time on a good financial Friday and we'll pick up exactly where we

55:21left off.

55:22So on that note, thank you so much.

55:24And I will see you when I see you next time around.

55:27Take care, y'all.

55:31Take care.

56:04Take care.

56:27Take care.

Are You Really Good With Money? | DISC 6: Vitality | 411 PODCAST (Episode 61)

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