Let's Talk Money Honey! ft. Nicole

Alexandra: 00:00:11

Hello, and welcome to the mirror project.

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We are your host, Alexandra,

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Christine: And Christine.

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Alexandra: and we are so

glad you're joining us today.

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We'll be discussing the topics of money,

personal finance, and financial literacy,

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which seems apropos with tax day, April

15th in the U S just around the corner.

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Also, this episode is special because we

welcome our second guest, the show Nicole.

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So let's dive in and start

talking money, honey.

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Christine: Before we dive into today's

topic, like, subscribe, or follow us

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on your preferred listening platform.

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Go ahead, pause, and do

it now before you forget.

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Don't worry, we won't

get started without you!

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I'm super excited because today

my sister Nicole is joining us.

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One of the funniest people I have ever

met who happens to have majored in finance

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and accounting and has five years of

experience working in public accounting.

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Thank you so much for taking time

during one of your busiest times

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of the year to chat with us.

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Nicole: Hi, yes, I'm

very happy to be here.

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Let's talk business.

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Christine: All right.

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Alexandra: so welcome Nicole.

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Tell us a little bit about yourself

and how did you end up in the

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fascinating world of accounting?

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Nicole: Well I can honestly

say it was pretty accidental.

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Because when I applied to college,

like I applied to the business

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school and there was a dropdown box

and that was the first one there.

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And I just, I went with it.

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And so as I started taking accounting

classes and I wasn't terrible at it, so I

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was like, okay, like, guess we'll do this.

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And that's kind of how that all started.

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Alexandra: Sounds very kind

of you just stumbled right

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on into it and you're like, you know what?

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Might as well go.

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I've got my feet under me.

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Nicole: I did not grow up as a child being

like, I'm going to be a public accountant.

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No, that was not how it

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all

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Alexandra: that wasn't

your childhood dream?

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Nicole: no, but it all

worked out and we're

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still with it today.

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So something's going

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Christine: exactly, five years.

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Alexandra: Mm

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Christine: I mean, you're definitely

the person I have in my life who knows

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the most when it comes to, like, being

financially literate, and I tell, I'll

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tell you this, like, I always, it makes

me nervous, and, I feel like an idiot

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sometimes, because I just feel, I'm at

a loss, I don't understand it a lot of

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the lingo, I'm like, What are you saying?

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So, I would, I think we,

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Alexandra: It's like, can you put

that in plain English, please?

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Because what you just said was

not a language I understand.

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Christine: So, we would love to know

if you have any lessons that you've

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learned that you can share with us.

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And what advice you might

have when it comes to money.

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Nicole: So yeah, absolutely.

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I did.

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And like you said before, major in

finance and accounting, so I can like.

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give you the business

101 spiel if you want.

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But I think at

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Alexandra: I think that would be helpful.

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Nicole: yeah.

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Well, it is an overwhelming concept.

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And I think for me, sometimes I tend

to forget, like, okay, Nicole, not

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everyone studied what you studied and

like, knows it the way that you do.

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And there's like, even for me,

sometimes I still get overwhelmed.

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And I think Like, I'm glad you guys

are doing this, just to kind of create

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more transparency around the subject.

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And it's not necessarily as scary as

I think a lot of people think it is.

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So I think a couple of things that

are always, like, good to know.

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It's always good to, you know, invest

your money in one form or another there's

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a ton of different options to do this,

but at the end of the day, like, one of

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the biggest things I learned in finance

is, you know, don't put all your eggs

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in one basket, so, like, don't take all

the money you have and put it towards

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one thing, I mean, some people do that,

and it works out for them, but there are

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some people that, you know, So that being

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said, it's always good to

diversify your investments.

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And another thing is that I learned is the

greater the risk, the greater the reward.

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So it's like some people do

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like take those big risks

and it does pay off.

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But again, like

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you take that big risk

and it doesn't pay off.

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And so it's, it definitely depends

on the kind of person you are.

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Your age, like somebody that's a

bit younger, maybe in their early

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20s, like that has time and can

take on that level of risk now, or

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is more likely to than, you know,

somebody that's in their retirement

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and is probably not going to try to

gamble their entire retirement away.

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So that does change depending on your age.

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But I think there's several different

vehicles you can do to invest your

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money, or kind of just get started.

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With that, I think, like, financial

advisors, those are kind of tricky

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to come by, but even just, like,

talking to your friend in finance,

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be like, hey, what'd you do?

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And, like, kind of just get that door

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open to see, hey, do you

have any recommendations?

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Even I do that, like,

I, I frickin studied.

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Finance and I'm like, what the hell?

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Like, what do you mean?

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Like one of my eyes says, I don't know.

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So I definitely, I think

talking to people does help.

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I do talk to a bunch of my friends

that have studied this, that

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are kind of a little bit more

involved, get their take on it.

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Even talk to your parents,

like mom, Chrissy, mom and dad.

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Rose knows what she's doing.

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Like she, she's the one that put me

onto the high yield savings account.

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Or in high interest.

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Christine: High interest.

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Nicole: that's high interest.

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Yeah,

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Alexandra: So I have a question about

that and I would like to know where to

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find one of those because I Recently was

looking at my bank and saw the interest

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accrued on your account this year And

it's like, you know, I've got a chunk of

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change in there and it's like 17 cents.

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I'm like dang It's so working

for me I'm like, you know, I feel

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like I like more than 17 cents

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Nicole: absolutely

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Alexandra: not asking for like

10, 000 on my savings, but

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you know, more than 17 cents.

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So

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Nicole: get like one

cent every couple months.

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I'm like, what the hell?

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I think with

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Alexandra: you're like, at

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Nicole: on your bank

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Alexandra: in 10, 000 years.

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Nicole: I think it depends on your bank.

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I think you can definitely talk to

Whichever bank you use like call up

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gary at chase bank and be like, hey

gary Like, what's up with like a high

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interest bearing savings account and

just start talking to them about it.

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Or even just Google, like

90 percent of what Okay.

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not 90%, but a large portion of my

knowledge and like things that even

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like from work, like I, I Google it.

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And just kind of see what's out there.

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I think it's definitely worth like, you

know putting in some sort of level of

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research But at the end of the day, I feel

like word of mouth like recommendations

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from others is a big part of where

these things Are going to come from

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Alexandra: Well, I feel like that rolls

nicely into our next question and kind

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of prompt of what have we, I'm guessing

each done to take control of our finances

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we plan to implement in the future.

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So I don't know if Nicole, you

want to be put on the spot, but

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seeing this as your field and

beyond the asking people, what

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Nicole: So one thing that I would

definitely recommend that everyone

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should Start investing in is a what's

called a Roth IRA it's an individual

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retirement Essentially with this one,

the way a Roth IRA works now is that

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you contribute after tax dollars so

you don't have any benefit of putting

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it away now but your contributions

and earnings can grow tax free.

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So it's like if you put your money

into a Roth IRA and you're in, because

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they'll put invest in mutual funds,

stocks, whatever, and within that

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account and any gain you get from Your

investments in that account when you go

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to withdraw that money, it's all tax free.

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Like you're not paying tax on those gains.

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So that's The extreme benefit of it

granted you will not be able to access

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this money until you are 59 and a half

years old If you do it before you will

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get wrecked With the tax like on it, so

you can't access it until a certain age

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But it is definitely super nice that

you know Any money that you put into a

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regular investment account now and you

go to sell that stock You're going to pay

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capital gains tax on it And so i'm pretty

sure with the Roth IRA the way that works

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is the whole idea is that You You can

take that money out tax free later on.

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So that's one of the major benefits of it.

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So that's one thing that I've personally

started to invest in and I think it's

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a really good just like a Good way to

start saving for retirement for anybody

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and you can put like even if you just

put a hundred dollars away Like every

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like one when you can and I think that's

what's so nice about it is you can let

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that money grow And you don't have to

put in, you know, the max every year.

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But you don't, like,

just something, you know?

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Christine: Yeah, absolutely.

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Yeah, I think I'll jump in a little

bit and share a couple of things

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that I've done similar to what

Nicole was just mentioning, Roth IRA.

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I have decided to roll over my 401k

from one of my jobs into a Roth IRA

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account just because when talking with

my financial advisor about it, they

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suggested that that, that to doing that

because they would be able to help manage

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that as well as my other investment

account that I have set up yeah, I

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think, you know, For me going forward,

I just want to grow my relationship with

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my financial advisor because obviously

they, they know the field more than I do.

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I'm lucky enough to have my sister

to bounce things off of and to help

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me when it comes time to file taxes.

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And all that jazz, but

how about you, Alexandra?

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What what sort of things have you

thought about doing or have done?

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Alexandra: Oh gosh yikes.

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I feel like my parents

set me up pretty well.

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I mean, you know, having A checking

account when I was early, I think in

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our last episode, I talked about the one

and only time I overdrafted my checking

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account and it was for a book habit.

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But since then I have learned

to manage my money better.

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I do have a 401k through work.

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So I know I honestly don't remember.

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I think there was only a standard

amount and they match after five years.

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I think it takes five years

to get vested with them.

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But I did was doing a secondary

retirement option for another

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percentage through something else.

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But that of course has changed at work

and I need to deal with that on Monday.

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Cool.

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And I did a couple, gosh,

probably two years ago, put a

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chunk of money into a Roth IRA.

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But as Nicole says, I probably should

think about adding money when I can,

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which I have not done for two years.

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So something I need to

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Nicole: It's okay, you're not alone.

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Alexandra: advisor and say, Hey,

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Nicole: it's

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Alexandra: there.

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I've done my good thing.

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Nicole: yeah.

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And I think that's one thing that

gets a little bit tricky is like,

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you know, because you can contribute

to, for the year, there's a maximum

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that you can contribute each year.

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Because they don't want everyone

putting, like, especially if, like,

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you're the kind of person that can

just, like, drop a couple million.

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Like, they don't want

you to do that and then,

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you know, gain a ton of

money and then take it.

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Like, the idea is it for it to

be, like, regular, like, I think

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the most it's been going up.

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It might be 6, 000, 6, 500 that

you can contribute in a year.

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like, sometimes, like, that's just, like,

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not reasonable.

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Like, I can't contribute,

like, that every year.

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And I think.

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Like even if like I need to

be better as well just like

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even putting a little bit away

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Christine: Yeah, a little

bit here and there.

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I think like any, any amount,

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helps because you're, you know,

you're, you're, I kind of like

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to, I try not to think about it.

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It's like, it's there.

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I, I, that amount goes out every

month and it, and it, it's just going

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to stay there until I need it and

it'll grow and it'll do its thing.

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And I try not to think about it.

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But yeah, I think every little bit helps.

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and there's, you know,

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Alexandra: Well, you make

a good point, Christine.

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I, I might need to call my financial

advisor and talk to him about saying like,

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can I set up an automatic withdraw of

like a certain amount and it just all goes

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in at the end of the year or whatever to

make it a little bit more, I don't want

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to say mindless, but like, Hey, I've, I've

set it up and I'm sticking to it because

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clearly I have not thought about it since.

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So maybe having the automatic

part will make it a little easier

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Christine: exactly.

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I I'm, I'm pretty sure that that is

definitely an option out there for people.

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And the nice thing is, is like,

you can fit it into your budget.

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So you can figure out like how much

you are able to contribute each month.

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And yeah, I think that's a perfect

segue into our next topic where

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we want to touch on The important

things to keep in mind at each stage

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of life, and what are some tips?

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So we talked about getting yourself

a Roth IRA but what are some other

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options that are out there for people?

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I think we touched on investing in, in

the stock market Nicole, do you have

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any other, do you want to, shall we

dive into that a little bit and chat

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a little bit about the stock market?

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Nicole: We can definitely talk about the

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stock market.

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I think a lot of people find a stock

market a little bit scary and I think

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It's, to an extent, it's good to be

scared of it you know, you don't,

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like I said before, you don't want

to just, like, throw yourself into,

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like, all your money into one thing

without, like, any sort of knowledge,

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research, or anything like that.

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I think it's important to either

hire somebody to help you, or

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to, like, before you kind of get

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into it, like, look into

what you're doing yourself.

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Even just a

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little bit like it definitely is worth

like helping help educate yourself And

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then I think it's also important to know

that like The way the business cycle

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works is like it has its highs and it

has its lows and it kind of like does

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like a little squiggly curvature and

it's called like That's it's always

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been that way.

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We have had Crazy recessions

and depressions and we had the

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great depression and then we

had the financial crisis of: 2008

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Alexandra: Mm hmm.

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Nicole: like, not ideal, like,

to have such an extreme drop.

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It has happened, but, like, we've always

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been okay.

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And I think it's important for

people to know that, like, you're

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gonna have years where, like,

it is going off, like, booming.

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And then other years where,

like, it's on the decline.

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And it's just, like, it has to kind

of, like, balance out that way.

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And so I think it's important to know

that, like, I mean, COVID, for example,

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I watched my investment account go from,

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like, the highest it's

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ever been to, like,

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Christine: Mm

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Nicole: like, literally,

like, lost a ton of money.

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And then I just, like, back to

normal a couple months later.

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Like,

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Christine: Yeah.

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Nicole: so I think with things like that,

like, to the extent you can, like, it,

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it is going to be okay for the most part.

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Like, I will say that and that

it's normal for those things.

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to happen.

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That being said,

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buy low, sell high.

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you don't want to be like, buying all your

stock at like, top price when things are

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going super well and then sell it all.

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When things aren't going well

you want to do the opposite like

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Christine: Right.

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Nicole: You know like in

those moments when you know

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stock market's super low like look

into investing I mean even during covet

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the house like interest rates like

the housing market like So many people

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refinance because interest rates were

crazy low and now they're crazy high

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but if you like locked yourself into

a a fixed mortgage at a low interest

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rate like Pat on the back for you

But anywho, sorry to ramble on that.

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But, I think it's just, like,

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important for people to be aware

that, like, it will fluctuate,

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and when things go down

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It's gonna be

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Christine: yeah, and maybe a way to

sort of help feel secure is when, when

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it fluctuates like that, Like you said,

don't have your eggs all in one basket.

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Maybe don't put all of your

savings, like maybe you keep some

306

: 00:15:59

savings in a high, high interest

saving account or, you know, you put

307

: 00:16:04

it into your Roth IRA or your, your

retirement fund and then keep some

308

: 00:16:08

in the stock market and just let it

do its thing and keep an eye on it.

309

: 00:16:12

I think I, I, I certainly don't

know a whole lot about when it comes

310

: 00:16:16

to the stock market world, but I

think it, your points make sense.

311

: 00:16:20

Like, yeah, you want to

buy low and sell high.

312

: 00:16:23

So, you know, keep, keep

doing your research.

313

: 00:16:26

I think there's a lot of information

that you can easily access and like

314

: 00:16:30

you said, Nicole, just talk to,

talk to family, talk to friends.

315

: 00:16:34

I think the, the important thing is to

just keep talking about it because for

316

: 00:16:39

the longest time, I think a lot of people

were like, let's not talk about money.

317

: 00:16:42

It's like a, almost like a taboo thing.

318

: 00:16:45

Yeah.

319

: 00:16:46

But it's like, well, how else are

we supposed to function as humans in

320

: 00:16:49

this world in the world market that

321

: 00:16:52

I think there be way more transparency

322

: 00:16:54

around it

323

: 00:16:55

Nicole: 100%.

324

: 00:16:56

Alexandra: know we talked about

the Roth IRA and that it's already

325

: 00:16:59

taxed money that you put in there.

326

: 00:17:00

So when you take it out at 59

and a half, it's not taxed.

327

: 00:17:05

But Christina and I both mentioned 401ks.

328

: 00:17:08

What is the difference for

people who don't know between

329

: 00:17:10

the 401k option and the Roth IRA?

330

: 00:17:13

Nicole: So, without Googling, I don't

wanna get, like, my facts 100 percent

331

: 00:17:18

mixed up, but 401ks, I feel like I

see them a lot more as, like you know,

332

: 00:17:23

there's employer contribution plans are

part of it, so it's like, my company

333

: 00:17:27

does a very similar thing where it's

like, we Like up to a certain amount like

334

: 00:17:32

my company will match my contribution

and then after five years So if I were

335

: 00:17:38

to leave before five years and they're

like, Hmm, too bad, so sad, like,

336

: 00:17:44

Christine: Yeah.

337

: 00:17:44

Nicole: leave before then.

338

: 00:17:45

Especially cause I've been there

for like, I'm coming up on my,

339

: 00:17:50

I'm coming up on my best date.

340

: 00:17:52

So,

341

: 00:17:54

Christine: that's

342

: 00:17:55

good.

343

: 00:17:55

Nicole: but I think for technically

like, it, and it like shows up on your

344

: 00:18:00

W 2, you know, what you contributed.

345

: 00:18:02

I do think, I don't want to say the wrong

thing because I'm not 100 percent sure,

346

: 00:18:06

but I'm pretty sure it's like pretext.

347

: 00:18:08

that's where I most commonly see it.

348

: 00:18:09

Like I feel like a 401k is

going to be more employer

349

: 00:18:14

Christine: Yes, that's definitely

what I remember because with my when

350

: 00:18:18

I my first job out of college, my

401k, I You know, set it up so I could

351

: 00:18:24

contribute the most cause it was like

percentage based, like how, like if

352

: 00:18:28

you contributed, I contributed the most

possible so that my employer matched that.

353

: 00:18:34

And I think for, for us, it was.

354

: 00:18:38

We had to be there at least

three years to be fully vested.

355

: 00:18:43

And unfortunately COVID hit just before

my three year mark and I was let go.

356

: 00:18:48

So I didn't, I didn't get, I

was able to get, take like 80

357

: 00:18:52

something percent away from it.

358

: 00:18:54

But I was like, so close

to be fully vested.

359

: 00:18:58

But yeah.

360

: 00:18:59

So I think those are

all really good points.

361

: 00:19:01

and those differences make sense.

362

: 00:19:03

Yeah.

363

: 00:19:04

Alexandra: we've talked about

different aspects, right?

364

: 00:19:05

Like the savings and the investment

Nicole, do you have an idea, like maybe

365

: 00:19:10

percentage wise what people should be

thinking about out of their paycheck they

366

: 00:19:14

should be putting towards each avenue?

367

: 00:19:17

Okay.

368

: 00:19:17

Nicole: there's like so many things that

I feel like people say it's like, you

369

: 00:19:21

know, like saving 30 percent or it's

like, you know, if you go by like certain

370

: 00:19:25

metrics, like, okay, like 30 percent

for basic needs, like 10 percent for

371

: 00:19:30

saving 20%, whatever, whatever it may

be, I feel like I hear different things.

372

: 00:19:35

I think that it's like, you

know, it's all depends like

373

: 00:19:39

everyone's situation is different.

374

: 00:19:41

And like, I kind of find ourselves in

a situation where, like, the cost of

375

: 00:19:45

living is way too high, especially, like,

depending on the city you live in, like,

376

: 00:19:51

compared to my salary, like, it's, it's,

it's a struggle, for sure, and it's,

377

: 00:19:56

like, realistically, like, you can't find,

like, okay, like, a comfortable place to

378

: 00:20:01

live while also being able to take care

of your basic needs while being able to

379

: 00:20:05

do all the, like, fun recreational, and

sometimes people don't even have, like,

380

: 00:20:09

that kind of money to, you know, You

know, be able to do those fun things, let

381

: 00:20:14

alone, like, put away 10 to 20 percent.

382

: 00:20:17

You're like, it really depends, like,

I feel like that's such a tough metric

383

: 00:20:20

for to, like, save for anyone because

it depends on, like, your life.

384

: 00:20:25

That being said, I think

it's, like, save what you can.

385

: 00:20:29

I mean, if you can save up to 10 percent

of your paycheck, like, every time

386

: 00:20:33

you get your paycheck, But I think

also at the same time, like it's,

387

: 00:20:38

it's good to put away what you can for

like rainy day funds, but it's also

388

: 00:20:43

like, I don't think people should beat

themselves up every time if like, hey,

389

: 00:20:47

like, there's just like not like I

have these basic needs I need to meet.

390

: 00:20:51

I don't think like people should get

down on themselves if they can't do that,

391

: 00:20:55

like save a certain amount of money.

392

: 00:20:57

So I don't want to say

like a specific number.

393

: 00:21:00

I think it's like based off of an

individuals means and you know different

394

: 00:21:05

life factors and even if like you

put like five bucks away Like go you

395

: 00:21:10

Christine: hmm.

396

: 00:21:11

Nicole: It's it's definitely a good

397

: 00:21:12

thing to do, but it's

398

: 00:21:14

Christine: I think that you

make a good point, Nicole.

399

: 00:21:16

Nicole: Yeah.

400

: 00:21:16

I'm tired of being told

I have to save 20%.

401

: 00:21:18

I'm like, I can't afford to save 20

percent or like whatever it may be.

402

: 00:21:21

So I think it's like, do what you can.

403

: 00:21:24

And like, if you can, I think

10 percent is a good number.

404

: 00:21:27

If like your means allow.

405

: 00:21:29

Christine: Yeah.

406

: 00:21:30

I think, I think you make a good

407

: 00:21:31

point.

408

: 00:21:32

Like, don't get caught up

in saving for a rainy day.

409

: 00:21:35

I think, Nicole, last night you made

the point of like, you know, you

410

: 00:21:38

still should live for today too.

411

: 00:21:39

So, like, don't deprive yourself of going

412

: 00:21:42

on that trip or buying yourself

something for the sake of

413

: 00:21:46

like, you know, saving for the

414

: 00:21:49

Nicole: Oh yeah.

415

: 00:21:50

That's my whole other thing.

416

: 00:21:51

I'm like, I don't know, Sometimes

I'm like, am I going to make it to

417

: 00:21:54

59 and a half?

418

: 00:21:59

Alexandra: Well, and it makes me feel

more comfortable, I don't know, confident

419

: 00:22:03

that I'm not quote unquote behind hearing

you say something like put away what

420

: 00:22:08

you can, like, it doesn't have to be

a certain percentage because I think

421

: 00:22:12

recently that's been kind of weighing

on my mind as like, I think about the

422

: 00:22:15

future and what do I want to do with

my career and leave a stable day job.

423

: 00:22:20

and do the small business thing on my own.

424

: 00:22:23

Like, I'm like, Oh my gosh, how am

I going to do any of this and, and

425

: 00:22:27

still live a life I want to live.

426

: 00:22:29

So, you know, it's nice hearing

this perspective of like,

427

: 00:22:32

no, I mean, do what you can.

428

: 00:22:33

Like, it's not always possible to do, you

know, the, the, whatever's recommended.

429

: 00:22:37

So that makes me feel a lot more

430

: 00:22:40

Nicole: Oh good!

431

: 00:22:41

Alexandra: so freaked out.

432

: 00:22:43

Christine: Yeah, I think for me, just, I

was feeling like this impending pressure

433

: 00:22:48

and doom almost, like, I'm, I'm leaving

my 20s and I'm not saving as much as I

434

: 00:22:54

think I should be, but, you know, this,

this conversation has definitely started

435

: 00:22:59

to help ease that and like, yeah, it's

never too late and do what you can.

436

: 00:23:03

And there's.

437

: 00:23:05

Always options out there for you,

which I think is great to keep in mind.

438

: 00:23:09

And yeah, just take it one day at a time.

439

: 00:23:11

I think Nicole's, you gave some

really good advice, so thank you.

440

: 00:23:16

Nicole: Oh good.

441

: 00:23:17

I hope so.

442

: 00:23:18

Christine: Yeah, yeah, for sure.

443

: 00:23:20

One other question I have for you,

Nicole, is what is your opinion

444

: 00:23:23

when it comes to financial advisors?

445

: 00:23:25

Are they worth it?

446

: 00:23:27

Like, if you can't afford it,

is it, like, that big of a deal?

447

: 00:23:31

How, how?

448

: 00:23:32

Nicole: don't think yeah.

449

: 00:23:34

I mean, like, usually financial advisors

come into play, I think, for a lot of

450

: 00:23:38

people, is, like, if they find themselves

in a situation where they, like, win

451

: 00:23:45

the lottery, or, like, start making a

ton more money than they have before,

452

: 00:23:49

and they just, like, have all this mon

like, income all of a sudden, and they

453

: 00:23:53

don't know how to handle it, I think

that happens a lot with people And I also

454

: 00:23:58

like I have friends that just like my

boyfriend right now He got a financial

455

: 00:24:02

advisor because like he just didn't study

this This is not what he knows and he just

456

: 00:24:06

like wanted to be able to have advice like

So I think because there are financial

457

: 00:24:11

advisors that aren't like crazy expensive.

458

: 00:24:15

Sometimes with that comes like hey

I'm, not like too thrilled what

459

: 00:24:19

they're doing with my investments

or like i'm not getting that great

460

: 00:24:22

of a return like then you kind Of

would be like be able to move on.

461

: 00:24:25

I do think they are incredibly helpful

in like Because it can be super

462

: 00:24:30

overwhelming and just like knowing where

everything's going and help you kind

463

: 00:24:33

of get your shit together If that makes

sense and just like kind of help you

464

: 00:24:38

stay on top of it Like for me like I am

not gonna be in my investment account

465

: 00:24:43

like selling and like buying stocks

every day That is just not my thing

466

: 00:24:48

Christine: Yeah.

467

: 00:24:49

Nicole: it's nice to have somebody that

468

: 00:24:52

You know, I know, it's like kind

of taking care of it for me.

469

: 00:24:56

But then some other people are much more

470

: 00:24:58

hands on with that kind of stuff.

471

: 00:24:59

I think it depends on the

kind of person you are.

472

: 00:25:01

I do think, like, it is, it is

worth it if you just, like, you

473

: 00:25:05

don't know what you're doing.

474

: 00:25:06

like, I don't know, like, I'm pretty,

like, ADD and like, it's just,

475

: 00:25:10

like, I don't have time for that.

476

: 00:25:12

Like, that is just not

on my current schedule.

477

: 00:25:15

Mind all the time which is like I

wish it was and I wish I was the

478

: 00:25:18

kind of person that could be able

To do that, but I'm not like just

479

: 00:25:23

the way that I am and so for me I

480

: 00:25:25

think it's absolutely worth it And I

think if you're the kind of person where

481

: 00:25:29

it's like, oh my god, like I need help

then Yeah, it's definitely worth it.

482

: 00:25:33

Like like I said before you can find

there are financial advisors for you

483

: 00:25:38

know, different income levels and I think

It's if it's in your means and absolutely

484

: 00:25:45

like go for it like I feel like financial

advisors a lot of people think of it as

485

: 00:25:49

being like I'm the cfo of like uber or

like something like that And it's like

486

: 00:25:54

you need someone to like financially

advise you on like what to do next But

487

: 00:25:59

no, they do make them for regular like

people like us so I think it just depends

488

: 00:26:05

on your kind of situation because

like also like my best friend.

489

: 00:26:09

She's so good.

490

: 00:26:10

I just like Being on top of this.

491

: 00:26:12

I was like, I could hire you to be my

assistant like I would So I think for

492

: 00:26:17

her like it's not as necessary but

so I think it's yeah again it depends

493

: 00:26:23

Christine: Mm-Hmm?

494

: 00:26:24

Alexandra: So if someone's not ready or

at a place to splurge for a financial

495

: 00:26:28

advisor, I know you briefly mentioned

earlier like doing your research on the

496

: 00:26:32

internet, but is there any like thing you

remember from school that would is just

497

: 00:26:37

like a basic resource that people can

use to learn to understand more of the

498

: 00:26:41

terminology and Principles of investing

or saving or some of the concepts

499

: 00:26:47

without, you know, having to go through

school and getting an accounting degree.

500

: 00:26:51

Nicole: Very fair, I think like In those

kind of instances That's like that's a

501

: 00:26:58

good question I feel like if you're trying

to get to know the world better like

502

: 00:27:03

youtube Like there's so many things out

there that people have posted like you can

503

: 00:27:07

literally learn anything on the internet

nowadays and I think it's worth looking up

504

: 00:27:11

like I always kind of think like I think

of it like When I first started working

505

: 00:27:16

in the corporate world like my first,

you know internship Like I just didn't

506

: 00:27:21

have much to do there wasn't much for me.

507

: 00:27:23

So I I Would fill my spare time

while I was like at the center and

508

: 00:27:30

trip like I took an online excel

course like I think I was like

509

: 00:27:33

junior in college like I was young.

510

: 00:27:35

So I just like took an online

excel course and learned a lot

511

: 00:27:37

and Not to say I'm an Excel wizard

now, but I know a thing or two.

512

: 00:27:43

So I think like, so even just like

that, it's like if, you know, take

513

: 00:27:47

a couple of minutes, like, or even

Saturday to like, just like, spend some

514

: 00:27:52

time giving me like, give me the 101

on YouTube or whatever that may be.

515

: 00:27:57

I feel like that's a good

place to start if you like, you

516

: 00:27:59

really just like, don't know.

517

: 00:28:02

You hear all these terms, and

like, sometimes, like, I feel

518

: 00:28:05

like that's the best way to

519

: 00:28:07

Alexandra: Yeah,

520

: 00:28:07

Nicole: kind of, like, even, like,

start from, like, basic, and then

521

: 00:28:11

you can definitely find different

things if you want to know about

522

: 00:28:15

a specific area more than another.

523

: 00:28:17

So I feel like that would be

524

: 00:28:19

a

525

: 00:28:19

Christine: Yeah.

526

: 00:28:19

Nicole: good way to go.

527

: 00:28:20

Alexandra: that makes sense.

528

: 00:28:21

Well, now I have homework to

529

: 00:28:23

Christine: Same.

530

: 00:28:23

Alexandra: I get to go

531

: 00:28:26

Christine: I no, that's

a great point, Nicole.

532

: 00:28:28

I I agree.

533

: 00:28:28

YouTube's a great resource.

534

: 00:28:30

And I think too, is something

I've slowly become more

535

: 00:28:34

comfortable is just copying too.

536

: 00:28:36

I think the fact that I don't

know what I don't know and

537

: 00:28:39

not be embarrassed about it.

538

: 00:28:40

I think, Simon Sinek did an interview

where he was talking about how he

539

: 00:28:46

was in a boardroom and they were

having like this conversation and

540

: 00:28:51

everybody was shaking their heads.

541

: 00:28:52

Like they understood what was being

talked about and he raised his

542

: 00:28:56

hand and he was like, I'm sorry.

543

: 00:28:58

But can you like take this again and

talk about this as if I'm like completely

544

: 00:29:03

dumb and don't know what you're saying?

545

: 00:29:05

Because I totally don't know

what we just talked about.

546

: 00:29:08

And it wasn't until he said that and

opened up that conversation for everybody

547

: 00:29:14

that everybody else is like, yeah, you

know, I know I was shaking my head in

548

: 00:29:17

agreement, but I too don't know what

the hell we were just talking about.

549

: 00:29:21

So I think that's just

a really good point.

550

: 00:29:24

Like, don't be afraid to ask the question

or say, can you explain what that means?

551

: 00:29:28

Because I don't know what it means.

552

: 00:29:31

Alexandra: Well, I think

that's a good point.

553

: 00:29:32

Like so many people I know of and I

definitely get trapped in that sometimes

554

: 00:29:36

of being like, I don't wanna look

stupid or sound stupid, so I'm not

555

: 00:29:40

gonna ask a question that'll help better

556

: 00:29:43

Christine: Mm hmm.

557

: 00:29:43

Yeah,

558

: 00:29:44

Alexandra: Alright.

559

: 00:29:45

Christine: yeah, get it.

560

: 00:29:46

yeah,

561

: 00:29:47

I get in my own head

sometimes when it comes to

562

: 00:29:49

stuff like that.

563

: 00:29:50

Nicole: Yeah, no, that

happens to me at work.

564

: 00:29:52

Like, I'll be like, not to sound

like a dumbass, but what the fuck?

565

: 00:29:57

And they're like, no,

like, thank you for asking.

566

: 00:29:59

I'm like, oh.

567

: 00:30:00

They're like, that's a great

question, and I'm like,

568

: 00:30:03

okay.

569

: 00:30:04

Alexandra: Mm-Hmm?

570

: 00:30:05

Nicole: If you insist.

571

: 00:30:07

Christine: I think people really

appreciate it, too, because it

572

: 00:30:09

gives them an opportunity for them

to expand more and, like, people

573

: 00:30:13

love to teach people things.

574

: 00:30:15

Nicole: Even, With some of the interns

in our group, It doesn't feel that long

575

: 00:30:19

ago that I was them, but it really,

Like, sometimes I'm like, oh my god, like

576

: 00:30:24

they're talking to me like I'm an adult.

577

: 00:30:26

girl, it is fine.

578

: 00:30:28

Cause a lot of them are

like, I feel so bad.

579

: 00:30:30

Like, they're so nervous

to ask a question.

580

: 00:30:32

I'm like, literally when it comes to this,

like, no question is a dumb question.

581

: 00:30:35

If you've been working here for like four

years and you don't know what's like up

582

: 00:30:39

and down and left and right, like, to a

certain extent, it's like, cause after

583

: 00:30:44

a while, like, you have like, oh, okay.

584

: 00:30:46

A little bit of an idea

of what's going on.

585

: 00:30:48

Alexandra: mm-Hmm.

586

: 00:30:49

Nicole: Not everything, but like.

587

: 00:30:50

But it's like, when

you're first coming into

588

: 00:30:52

this, like, I don't expect you to know

anything, and I think it's important

589

: 00:30:55

for it to be like, there are no dumb

questions about this, and it's easy to be

590

: 00:31:00

like, oh, I don't want to sound like an

idiot, but it's it's okay to ask, and it's

591

: 00:31:05

like, by, I feel like especially in the

workplace, by asking, have And just kind

592

: 00:31:09

of confirming your understand like it's

not a bad thing, you know what I mean?

593

: 00:31:14

Like it shows that like

594

: 00:31:15

you care like it's you're like, oh like

why are we doing and then I think with

595

: 00:31:20

other people too Like you don't know what

you don't know and that's not your fault.

596

: 00:31:24

Christine: Exactly.

597

: 00:31:25

Alexandra: true.

598

: 00:31:25

I met with somebody Yesterday we were

talking about business and stuff and

599

: 00:31:29

we kept coming up to the thing of like,

well, I don't know what I don't know

600

: 00:31:33

and you don't know it until you come

to the fact that you don't know it.

601

: 00:31:36

I was like, yeah, it's just like, I was

trying to figure out questions to ask you.

602

: 00:31:40

And then she's like, I don't

about what I don't know.

603

: 00:31:42

And I was like, that's kind of hard to do.

604

: 00:31:43

But like, if you have a question, just

shoot me a text message and we'll chat.

605

: 00:31:47

But yeah, like you said, chatting with

friends and asking questions and it's so

606

: 00:31:52

funny because I think I would tell other

people, like you said, just, just ask.

607

: 00:31:55

But when it comes to myself, I'm not

so great at taking my own advice.

608

: 00:31:59

So.

609

: 00:32:00

Christine: I hear that.

610

: 00:32:01

Yeah.

611

: 00:32:02

Alexandra: All right, so

let's roll into the our next.

612

: 00:32:06

Next segment taxes, if anyone's

interested, now that we are right

613

: 00:32:10

around that season right now.

614

: 00:32:12

So what are some of, Nicole, what

are some of the biggest mistakes

615

: 00:32:14

that you've seen or heard people

make when it comes to taxes?

616

: 00:32:17

And what is your advice

on avoiding said mistakes?

617

: 00:32:21

Nicole: What are some of the biggest

mistakes that i've seen ignoring

618

: 00:32:25

your accountant don't ignore us

619

: 00:32:28

Christine: Okay.

620

: 00:32:29

Nicole: think Well, I'll say this like

I feel like like mistakes happen and

621

: 00:32:35

so it's hard to be like oh the biggest

mistake I think it's It's more so, oh,

622

: 00:32:42

here's one, because somebody hit me up

and asked me this question recently,

623

: 00:32:47

is like, hey, like, TurboTax says I owe

money, like, is it dumb to just like

624

: 00:32:51

extend the return and deal with it later?

625

: 00:32:54

An extension of time to file is not

an extension of time to pay tax due.

626

: 00:32:59

If you do that and you don't

pay anything, you will get hit

627

: 00:33:03

with interest and penalties.

628

: 00:33:05

And so I think that's like a big

thing is like just like pushing it

629

: 00:33:09

off and not doing anything about it.

630

: 00:33:11

Like, Don't do that.

631

: 00:33:12

Like, if you owe money to the government,

you, in order to not pay interest

632

: 00:33:17

and penalties, like, you can file an

extension, but you need to make sure

633

: 00:33:20

you're covering either 90 percent of

your current year liability paid in,

634

: 00:33:25

either through estimated payments or

withholding from your company W 2.

635

: 00:33:30

Or you have to have paid in 110 percent

of your prior year tax liability.

636

: 00:33:37

That's called safe harbor.

637

: 00:33:38

Which is basically like sometimes like

you have a year where you make a bunch

638

: 00:33:42

more money than another year but and if

you end up owing a ton as long as you

639

: 00:33:47

pay 110 of last year like That's fine.

640

: 00:33:52

yeah, don't like that's a big one

Like you can't just like not pay

641

: 00:33:58

Christine: you owe.

642

: 00:33:59

Nicole: so I feel like that's and like

if even if you're not sure like you

643

: 00:34:04

want to make sure like Like you don't

want to just like ignore it If that

644

: 00:34:10

makes sense, like, especially like now,

645

: 00:34:13

if you're not too sure why, like, you

can always file an extension, and then,

646

: 00:34:16

yeah, you can figure it out later,

but you definitely want to be able

647

: 00:34:19

to, like, pay the liability, because

then you get a refund, you know, but

648

: 00:34:23

you don't want to

649

: 00:34:24

just, like, avoid payment.

650

: 00:34:26

File

651

: 00:34:26

Christine: No.

652

: 00:34:27

Nicole: that's

653

: 00:34:27

another

654

: 00:34:27

one.

655

: 00:34:28

Yeah,

656

: 00:34:31

um,

657

: 00:34:34

Christine: Yeah.

658

: 00:34:35

Nicole: and I know that you

659

: 00:34:36

have, yeah, and, like, you can file an

extension, like, A ton of my clients

660

: 00:34:43

are on extension, like, things are

just not ready in time, like, it just,

661

: 00:34:47

it depends on your situation, like,

there's nothing wrong with extending,

662

: 00:34:51

but, like, you do have to make an

extension payment if you're gonna

663

: 00:34:55

Christine: Mm

664

: 00:34:55

Nicole: And I think that's, like,

another thing is, like, a lot of people

665

: 00:34:58

think, like, the government is scary,

like, the IRS is scary, like, yes, to

666

: 00:35:03

an extent, Understand like you are not

the only 20 something teenage girly

667

: 00:35:09

in the world that like we're like what

like even I like individual income

668

: 00:35:14

taxes is not my personal specialty.

669

: 00:35:16

I do have like familiarity with

it but I think it's like usually

670

: 00:35:20

like The IRS is gonna come for you.

671

: 00:35:22

Like, you know you're evading your taxes.

672

: 00:35:25

Like, you know you're committing fraud.

673

: 00:35:26

Like, usually it's pretty intentional.

674

: 00:35:29

There are things called amended

returns if something gets messed up.

675

: 00:35:33

Like, you can always go

back and, like, fix it.

676

: 00:35:35

usually it's like, you're

gonna go to prison.

677

: 00:35:38

But, or, what's his name

from the Jersey Shore

678

: 00:35:41

that went to prison because

he was evading taxes?

679

: 00:35:45

What's his name?

680

: 00:35:46

The situation.

681

: 00:35:47

Like, he was straight up, like, Avoid it.

682

: 00:35:49

like, tax evasion.

683

: 00:35:51

Don't evade your taxes.

684

: 00:35:53

Yeah, I think it's important to like,

685

: 00:35:55

Christine: crazy.

686

: 00:35:57

Nicole: it's okay.

687

: 00:35:59

The IR, yeah,

688

: 00:36:01

Alexandra: to run.

689

: 00:36:02

Okay.

690

: 00:36:08

Nicole: of people think it is.

691

: 00:36:09

I

692

: 00:36:09

think it's because nobody, you

know, they didn't teach you this

693

: 00:36:12

in school, which is kind of crazy.

694

: 00:36:14

But, like, at the end of

the day, like, it's okay.

695

: 00:36:18

Like, it, it's not, you know,

like, I mean, people make

696

: 00:36:22

Christine: hell?

697

: 00:36:22

Nicole: all the time on,

698

: 00:36:23

like,

699

: 00:36:24

Christine: I paid so much

money for an education.

700

: 00:36:26

Nicole: yeah, right?

701

: 00:36:27

But it's, like, mistakes happen,

there are amended returns, like,

702

: 00:36:31

again, unless, like, One thing they

told us about in business school was

703

: 00:36:35

like the whole Ed and Roland scandal.

704

: 00:36:36

Like, they, like, straight

up were like, fraud.

705

: 00:36:38

Fraud.

706

: 00:36:39

Fraud.

707

: 00:36:39

Like, it was like, like that, like,

you're gonna get in trouble for.

708

: 00:36:44

But it's like, if you're No, like,

people like us, like, they're not, like,

709

: 00:36:48

we're not trying to evade our taxes.

710

: 00:36:50

We're not trying to get in trouble, and

I think, the IRS understands that, like,

711

: 00:36:53

we're trying our best, like, half the

time they come out with tax legislation,

712

: 00:36:57

I can't make a decision on it.

713

: 00:36:58

Like, it is okay.

714

: 00:37:00

We are okay.

715

: 00:37:01

We are not gonna be afraid of the IRS.

716

: 00:37:05

it'll be alright.

717

: 00:37:06

So I think, like, that's

important for people to know.

718

: 00:37:09

As long as you try.

719

: 00:37:10

That's all we gotta do.

720

: 00:37:11

Alexandra: With that, we had

talked briefly about like, oh, I

721

: 00:37:14

wish this was taught in school.

722

: 00:37:15

Like Nicole, do you think they should

teach this to like high schoolers

723

: 00:37:19

or should this be a, just a standard

part of general curriculum in college?

724

: 00:37:23

Like what, at what age do you think

we should start learning about?

725

: 00:37:27

This stuff.

726

: 00:37:28

Nicole: I think, that's a tough

question because, like, in high

727

: 00:37:31

school, like, I don't give a fuck.

728

: 00:37:32

Like, like, taxes are not on my mind.

729

: 00:37:34

Like, that is, like, a lot of people

aren't making money in high school.

730

: 00:37:39

I think it depends on the person, but

I mean, like, that's kind of tough to

731

: 00:37:42

say, and not everyone goes to college,

so maybe that's, like, the issue.

732

: 00:37:47

I do think that there should be, like,

maybe senior year of high school.

733

: 00:37:51

Like, hey, 101.

734

: 00:37:53

Here's like what you're doing when

you're doing it like here's like

735

: 00:37:57

just kind of like a general or even if

like they had like a class at the YMCA

736

: 00:38:01

or something I don't know like I think

it's just helpful to be like this is

737

: 00:38:04

like what this is what a deduction is

like that would have been great I would

738

: 00:38:08

have loved to know what a deductible is

for health insurance way sooner than I

739

: 00:38:12

did like just like things like that I

think it would be helpful to have like a

740

: 00:38:16

101 life course like by the way there's

this thing called health insurance.

741

: 00:38:20

Things like

742

: 00:38:21

Christine: Health insurance.

743

: 00:38:22

I think like the importance

of building credit.

744

: 00:38:25

Nicole: oh yeah, the

hot, that's a big one.

745

: 00:38:27

Alexandra: Yeah.

746

: 00:38:28

I feel like there's also like, you

know, pay off your credit card so

747

: 00:38:30

you don't accumulate a ton of debt.

748

: 00:38:32

Yeah.

749

: 00:38:32

I was, I would definitely say that.

750

: 00:38:33

I don't know if Christine shared with

you the story that I I experienced

751

: 00:38:37

with my tax accounted this year.

752

: 00:38:40

Because I, you know, file a couple,

like, I have a couple different forms,

753

: 00:38:43

like my W 2, and then you know I

was the part of a different podcast.

754

: 00:38:47

So getting my K one form from

that group for a part of the year.

755

: 00:38:52

And then I was filing a schedule C

cause that's what I was told to do.

756

: 00:38:55

And then this woman just kinda

gave me some investing advice.

757

: 00:38:58

Like we were talking about Roth

IRAs and 401ks, but this was.

758

: 00:39:01

solely based on her opinion, not

why I was there, like, just file my

759

: 00:39:05

taxes, please, and do it correctly.

760

: 00:39:08

And she, and then she went on to

tell me some very sketchy business

761

: 00:39:12

practices, which I will need to have

some, many questions for people later.

762

: 00:39:16

But it was just, it was just kind

of a horrendous thing that I was

763

: 00:39:19

like, I just, I just want to pay

my taxes and get out of here.

764

: 00:39:22

Like, I don't want, I'm like, I just

don't want the IRS to come knocking on the

765

: 00:39:26

door saying, hey, you owe us more money.

766

: 00:39:28

And so I think this conversation has

helped kind of alleviate some of that,

767

: 00:39:31

that fear that the IRS will come knocking.

768

: 00:39:34

But yeah, there is like so much that

is involved and it was, it was crazy.

769

: 00:39:39

So I will not be going

back to that person.

770

: 00:39:41

And yeah, probably not back to that.

771

: 00:39:43

company either.

772

: 00:39:45

I think I read the review that

created for, for that experience

773

: 00:39:50

Christine: Yeah.

774

: 00:39:50

Alexandra: and she's like,

775

: 00:39:51

Christine: Whoa.

776

: 00:39:54

Yeah.

777

: 00:39:54

I was like, damn.

778

: 00:39:55

Okay.

779

: 00:39:56

But to, to that point,

Nicole, do you have.

780

: 00:39:59

Like advice on what to look

for in a good accountant

781

: 00:40:02

Alexandra: Yes.

782

: 00:40:03

Christine: maybe where to

783

: 00:40:04

Alexandra: Or things to run from.

784

: 00:40:06

Yeah.

785

: 00:40:22

Nicole: going to be trial and error.

786

: 00:40:24

Like I, so for the company I

work for, it's not cheap for

787

: 00:40:29

us to have you do your taxes.

788

: 00:40:31

But like, with that, like, You are

demanding and you are expecting the

789

: 00:40:36

highest of quality like the best

advice that you can get like that is

790

: 00:40:40

that's kind Of how we differentiate

ourselves and so That like you

791

: 00:40:45

you can pay a premium for that.

792

: 00:40:46

Absolutely But then I think for like

regular Tax planning it depends if

793

: 00:40:52

you're a tax accountant is not being

responsible like granted We know Or

794

: 00:40:59

I I do like I do appreciate so much

when a client can, like, understand.

795

: 00:41:03

It's like, hey, I have ten

other clients screaming at me.

796

: 00:41:07

I've been working a hundred hours a week.

797

: 00:41:09

Like, I have not slept.

798

: 00:41:10

please don't be mean to me.

799

: 00:41:11

I think I will always

try to get back to you.

800

: 00:41:14

There may be certain delays.

801

: 00:41:16

Some clients are a little bit

more communicative with me.

802

: 00:41:20

Some other clients, it's like, I have

to be the ones to reach out to them.

803

: 00:41:24

But I think if like, you're constantly

reaching out and you're not hearing

804

: 00:41:27

anything, like, no, like, I wouldn't

tolerate that kind of service.

805

: 00:41:32

Like, I am paying you.

806

: 00:41:33

Like, I understand, like, especially

coming from me, like, if I was, if

807

: 00:41:37

I'm in the position where I'm hiring

a tax Give me the time of day, if

808

: 00:41:42

I'm like reaching out, like nothing,

you know, don't like, if you're

809

: 00:41:46

being felt like you're pushed to the

side, like you're not that important and

810

: 00:41:50

whatnot, then I think it's definitely

worth moving on, but yeah, I think,

811

: 00:41:56

again, it's just like, who do you feel

comfortable with, who's been able to,

812

: 00:42:00

if they've been like, you know, made you

feel comfortable, if they've educated you.

813

: 00:42:05

Christine: All right.

814

: 00:42:05

No, those are, that's, that's all

really good things to keep in mind

815

: 00:42:09

And then maybe the last thing to ask

is with, with the tax season over,

816

: 00:42:16

I, I bet you're excited, Nicole.

817

: 00:42:19

Nicole: I'm so

818

: 00:42:20

excited.

819

: 00:42:21

Christine: is there something people

can do to better prepare for next year?

820

: 00:42:25

Nicole: Again, I feel like I've

said this a hundred times, but

821

: 00:42:28

it depends on your situation.

822

: 00:42:31

I think, if you have a W 2 and you're

not planning on doing anything, like,

823

: 00:42:36

Oh, like not really If you're planning

on selling a bunch of stock if you're

824

: 00:42:42

playing like it depends Like if you're

planning on doing stuff, like if you

825

: 00:42:46

are that is income generating Yeah,

like definitely I think you want to

826

: 00:42:52

kind of be aware like talk to your tax

advisor kind of look into it It's hard

827

: 00:42:58

to say like tax law changes every year.

828

: 00:43:01

Yeah If you're kind of, like, really

happen to be the kind of person that's

829

: 00:43:06

super involved in, like, what's going on

in the world, like, pay attention, like,

830

: 00:43:10

to how certain things might affect you I

think it's, or if, like, you hear, like,

831

: 00:43:14

hey, there's, like, this new act that's

been proposed, or new legislation coming

832

: 00:43:19

out, and you have a tax accountant, like,

bring it up with them, have a conversation

833

: 00:43:23

income generating activities, like,

you're planning on doing that, buying

834

: 00:43:26

or selling a home like that definitely

talk to your tax advisor because there

835

: 00:43:30

are like ways you can do it that are not

so tax friendly and ways You can do it

836

: 00:43:34

that are tax friendly if you are planning

on So for when you get your w 2 Which

837

: 00:43:42

is basically like your job you get the

form at the end of the year your job

838

: 00:43:45

will withhold money On your paychecks

839

: 00:43:50

to pay your taxes at the end of

the year If you're selling stock

840

: 00:43:54

if you're getting a ton of interest

or dividends for whatever reason If

841

: 00:43:59

you have like a side business that

are you know, you're generating

842

: 00:44:02

revenue like any income that you're

generating You got to pay tax on it.

843

: 00:44:07

So you can get kind of like Like if you

even at like regular filing deadline,

844

: 00:44:13

if you owe a ton of money and you

haven't paid in enough, like you'll

845

: 00:44:16

get hit with an underpayment penalty

because you're supposed to be paying

846

: 00:44:20

in quarterly throughout the year.

847

: 00:44:23

It's called estimated tax payments.

848

: 00:44:26

They are due April 15th, June 15th,

September 15th, and then December 15th,

849

: 00:44:33

sometimes January 15th for individuals.

850

: 00:44:36

But that's kind of how the quotas work,

so you want to kind of, if you know that

851

: 00:44:40

you're going to be making a ton of money,

that there, like, a count as you make

852

: 00:44:44

that money to withhold a certain amount

for taxes or make an estimated payment.

853

: 00:44:49

But again, like it is

very situation dependent.

854

: 00:44:52

I think if you're not sure

just like to your accountant

855

: 00:44:56

Christine: I get to talk to you.

856

: 00:44:59

Nicole: Yeah, you do.

857

: 00:45:00

Alexandra: I think I'm going

to try and scooch in on that as

858

: 00:45:02

well, because I have questions.

859

: 00:45:04

Nicole: Yeah, absolutely.

860

: 00:45:05

Christine: awesome.

861

: 00:45:06

Alexandra: that's all my questions.

862

: 00:45:07

Like, I don't know.

863

: 00:45:08

I feel like taxes always.

864

: 00:45:10

And you know, money always

makes my head run round

865

: 00:45:12

and round.

866

: 00:45:13

It takes a little bit to absorb it all.

867

: 00:45:15

And then I'm like

868

: 00:45:16

okay.

869

: 00:45:17

Hmm.

870

: 00:45:20

Nicole: I'll say this, I've been,

871

: 00:45:22

I've been doing this for five

years, and they're like, every

872

: 00:45:25

day, and like, after five years,

I'm like, the light bulb goes off.

873

: 00:45:30

Like, it is okay, and like, I think it's,

like, normal, like, you know, certain

874

: 00:45:35

things kind of click, and it's not easy.

875

: 00:45:37

Like, it is not an easy concept, and

that's why, like, You know, I have a job.

876

: 00:45:43

It's because I'm needed.

877

: 00:45:45

So definitely, like, I think

worth it to, to have those

878

: 00:45:50

people in your life to help you.

879

: 00:45:52

Christine: Alright, well, based on

our conversation today I think it's

880

: 00:45:56

pretty evident that taking control

of our personal finances is crucial

881

: 00:46:01

at every stage of life, and it's

important to remember it's not as scary

882

: 00:46:04

as one might think, from setting up

a Roth IRA to exploring investments

883

: 00:46:09

in high yield savings accounts, the

journey towards financial security

884

: 00:46:12

begins with informed decisions.

885

: 00:46:15

Remember, it's never too late to

start saving and planning for the

886

: 00:46:18

future, and when tax season rolls

around, finding a trustworthy

887

: 00:46:21

accountant can make all the difference.

888

: 00:46:23

I want to extend a heartfelt thank

you to my sister, Nicole, for joining

889

: 00:46:27

us today and sharing her insights.

890

: 00:46:29

And we look forward to having

you back on the podcast soon.

891

: 00:46:33

Join us next week as we shift gears

to discuss our love and hopes for the

892

: 00:46:37

health of our beloved mother earth.

893

: 00:46:38

Until then, stay curious

and financially empowered.

894

: 00:46:42

Chat soon.

895

: 00:46:44

Alexandra: Enjoying the

conversations we're having and

896

: 00:46:46

the topics we're discussing?

897

: 00:46:47

Consider supporting us through

our Buy Us a Coffee page.

898

: 00:46:49

We greatly appreciate any help in

creating this podcast we love so much.

899

: 00:46:53

Link in our show notes and link tree.

900

: 00:46:55

Before we end, don't forget to

like, subscribe, or follow us on

901

: 00:46:58

your preferred listening platforms.

902

: 00:46:59

And we'll catch you next time.