How An NFL Linebacker Manages Money - Transcripts

November 23, 2022

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Athlete, investor, professor: how Brandon Copeland combines passion and practicality

Transcript

I think that there's been times in my life where I have asked for too much permission and look for too much validation and at a certain point you have to stop looking for other people to sign off on your ideas and just realize that you might be one of the only people that see what you see and just go

growing wealth while supporting your family isn't easy but with a well crafted plan you can take on anything visit plan E. F. E. dot com slash her money to schedule a free appointment with an adviser today because juggling finances can be overwhelming but it's possible to find a better balance Hey everyone I'm Jean chats ski thanks so much for joining us today on her money so many of us define ourselves by our jobs when you're meeting someone new whether that's making a friend or joining a club or going on a date one of the first questions you're gonna hear specially in America is what do you do and yes it's totally normal but here's the thing we are all so much more than just our jobs and it is important to remember that especially if you are changing careers starting a side hustle retiring we all have to create an identity for ourselves that is bigger than a job title and there is nobody who does that better than my guest today Brandon Copeland he is eight ten year NFL veteran but so much more than that title he is an entrepreneur and investor a real estate developer a philanthropist and a college professor after graduating from the university of Pennsylvania's Wharton school of business go Quakers Brandon came back a few years later to teach a personal finance class called life one oh one which is now available as an online course for anyone to take he is also a member of C. N. B. C.'s financial wellness council a contributing editor for Kiplinger's while Brandon I'm really excited to have you here today I can't wait to talk about all of this but let me just start with with all of your hyphen it's because a lot of times pro athletes are put in this box of being famous for their sport and not much else how to get into all these businesses

yeah well first and foremost Jean thank you for having me on her money you know I'm excited to be here I'm excited to talk shop and excited to meet you you know first and foremost so thank you again for allowing only a platform in terms of the hyphenation you know I think that you know growing up I I looked it football as a means to an end and so actually you know so start this off with a nice long winded story really in sixth grade you know I remember being at my grandmother's house and C. N. E. true Hollywood story on this guy named Eric bishop and how Eric bishop guy from Texas quarterback of his high school football team and ultimately our bishops real dream was to become a singer he loves singing that was his passion but he was really good at comedy and so he saw that at the time in Texas more women were getting stand up comedy opportunities at the local shops than men at the time and he decided to change his name to a gender neutral name the name that he chose was Jamie Foxx and so most of us have heard Jamie Foxx not too many of us have heard of Eric bishop but as a six great kid watching this each of Hollywood series I was always extremely inspired by that the fact that somebody who's super passionate about something decided to dive that deep into something else that he was talented at in order to eventually reaches passion and so Jamie Foxx for years the comedy that is owned show started singing in his own show acting you know he's won a Grammy Oscar all those things but I was always inspired by a story and so not that I'm Jamie Foxx right but more of I'm using something then I'm gifted and blessed at to unlock these other dreams and aspirations that I do have in my life and so football for me is that talent that's my comedy and now it's allowed me to open up doors in other aspects that I want to see come to fruition

which were the doors that were the big dreams right if football was not the dream was a business that we you were always interested in was it teaching where is the thing that you were going after

yeah for me business was the thing that I can remember you know growing up in one two I guess for lack of a better term take ownership in or or become good at and the reason being specifically was growing up I always wanted to show I didn't know what business or or anything like that I I honestly I grew up in a place where I was I just wanted to make money and be financially free not have to worry about the bills at the grocery checkout line or or whenever my children wanted a candy bar not have to really think about the budget or if they want a full meal instead of the dollar menu not have to think about it right and so for me the only thing I knew was like okay well I wanted to be a doctor who I want to be a businessman right and the reason why I want to be a doctor was that unlike the show house was

only too

you know yeah because I'm gonna be like house but not be as much of a but older people you know but you know for me I really want to show that Hey we can have fun and I can create my own culture within a company that does well and has success in we don't have to necessarily always wear suits we don't have to always be extremely proper ride like we can have fun we can go out and be extremely good at what we do and and we can create something of value and for me and turn the real dream for me with money it is you know I know some people out here Chasin money I I admit I'm chasing money but the reason being is because I want to help people right like if you see the different things that my wife and I do do our foundation and just in general beyond our foundation like I genuinely grew up in high school I saw other kids who were getting scholarships paid by other people and I was like wow that is pretty cool because now they're getting this education they're able to take it and do whatever they want with it right like you're teaching them how to fish so to speak and so they don't necessarily need to hold your hand for the rest of their lives right they can take ownership of their life because you provide and then to cation for them and so for me money is always has been a tool but in order for me to do some of the things that I want to do in this world and I need money to bring those things to life and in that also always have to ask other people to take an interest in my interests and fund them with the check

that's how we describe money at her money that it's a tool right life is the topic life is what we're after and we all have different definitions of what that is money is the tool that we should be using to make it happen so I'm with you I think going after money is an admirable goal it opens up a lot of different doors whether you want to start businesses whether you want to go back to school whether you want to give back in a big way I know you attended Wharton you worked at a number of different investment management firms and you played football kind of all at the same time how did you do that I mean in this era where many people have a side hustle you know you did many things it seems full time yeah

yes so the thinking about it I've always just kind of maxed out my time in the sense of well I was actually watching the video this morning and and it's funny my high school coach I have to thank him for this because biff Poggi he's helped a lot of people in this career in in this life and one of things he always impressed upon us was like listen we come out here you gotta work out for us to be successful this season right we were typically a nationally ranked high school football program so the expectations were high but he was like look the work out is only two hours long all right so you're sleeping for hopefully by eight hours a day so that's ten hours right there right you got some studies things like that but like what are you doing with those other hours of the day right and it was always just thinking about that right and so for me I choose to use those other hours to try to get more self development in that I can eventually turn into something less profitable for me so you know coming into the NFL rookie year twenty thirteen I was day trading while others were playing video games right so when I would leave the building some guys go home start point call it duty and all those things right maybe I might play a man gamer there every once in a while but for me I was interested in how do I take this money from the NFL the start up capital in my eyes and how do I go flip it how do I go create returns on it and so for me it was like how do I do in the offseason instead of going home and just sit around and twiddle my thumbs and was like Hey can I take an internship you know what Weiss multi strategy advisers cannot learn how you guys leverage wrist leverage your portfolio because I understood that but the NFL salary I'm getting an opportunity financially that I can potentially take my own money and work it for the rest of my life to be able to live off of it for the rest of my life

a lot of people don't do that I mean we see a lot of news stories all right about athletes signing these multi million dollar contracts and spending extravagantly I was looking into it and I found a study by the national bureau of economic research I'm sure you saw it but sixteen percent of the NFL players declare bankruptcy within twelve years of retirement and these players are retiring in their twenties and and in their thirties first of all why do you think that happens what do you think it is about these big sums of money that causes people whether it's an NFL salary or a lottery win that causes people to make bad decisions and second how did you get from there to okay I'm gonna teach everybody how to do it right

yes this thing first you know that it's kind of allow just second question first we never been taught this stuff right so for most of us the reason why we can call out the status of NFL players or athletes or lottery winners because we're a headline material or our financial earnings are made public at some point so when people see you and you're not living the life they expect it's easy for them to make stats and stuff around it so for me I think it first starts with education right you don't know what you don't know when you come into this type of money and it's really an experiment because it's your first time dealing with these things right in the summers at Alabama you're working out for the team you don't have a job right the summers at Georgia summers at Penn I took an internship right so I I did internships the summers of my high school football Somers right but I can remember sitting next to somebody my rookie year and we got our first check during the spring and he literally started crying and he you know I'm I was gonna use I this is my first check ever right and so that's his first introduction the taxes as his first introduction and all these different things right but now you're doing it at a scale that is just higher than the average person but now I imagine it's not just your first check now is your first time trying to manage this money everything we do for the first time goes wrong right like the first time you try to cook anything unless you got the recipe right there is going to go bad read like the first time you try to drive it's going to go bad and so we do that that without money but for us as athletes it's not starting out with a hundred Bucks is starting out with rookie minimum which might be I think seven hundred fifty grand this year right and so that's the tragic thing I think the first thing is the education right the second thing that a lot of people don't necessarily account for as well as the pressure and I noted some people can never understand that pressure right but the pressure of making it in your community right there was a great podcasts I Methley podcasts where you know one of the people who was quoted on a former NFL players stand like you know most families wealth is passed down through generations right but in our community for the most part when you make it to the NFL you gotta start passing it up like you got to start taking care of your parents and then you got to take your aunts and uncles and then you got to take care of yourself and your children and at a certain point like there's only so much money to go around and so I think that that pressure gets to so many athletes as well too because you know how many CEOs are expected to go back to their community and pro football camps or toward do thanksgiving giveaways and things like that so it's not just take a you know I know the media sometimes like always just you know it's taken out to family going to clubs and you brought a private planes now sometimes it's like it's a lot of other pressures well to that budget gets chipped away at noon to answer your second party a question for me teaching you know I never grew up one to teach me quite honestly is something that I felt like I created the idea Dodger normally created the idea for the course and had a vision of how we potentially skilled the course one day because for me I don't want to just stay at Penn I wanted to be in a high school in Baltimore where I'm from I want to be at a high school in Mississippi were my grandparents are from I wanted to even the playing field and so to create this and to give it to someone else to teach you send some open classroom some amazing some professors there just can a check for me it was the delivery is everything because I am creating some people's first relationship with their money and their personal finance and so that was important to me

what was interesting to me is you didn't call the class personal finance one oh one you didn't call it money one oh one you call it life one out one why do you call it life one a one

yes it's funny because I thought when I originally name did that I thought it would be like one of the most simple names for everyone understanding get because a lot of people I will you talk about an hour my listen all the money decisions you make in life we talk about so whether it's credit towards insurance or it's buying up an appliance for your house or budget taxes right wills and estates it's life the major money life decisions we want to talk about him from a foundational level and so life wanna one is just that talking about those decisions Startin to get people introduced to some of the major themes within each of these different topics we have a sixteen week course at Penn and so we cover literally maybe fifteen different topics and given one class for final exam and we also make our students when I make well yeah we make us to make because that's the exam teach it to high school students right and so that's the thing is I do not like to waste my time and so that's one of the first things that I tell the students when I come in there like I I wanna make sure that we're giving value to you all because I'm not here for show I don't we're not doing this for TV or anything like that right like I want to give you things that you'll actually be able to use in your life at some point in your life whether it's buying a house buying a car all these things that you'll actually be able to look back at this class I need to say Hey I know where to go now fifteen years later to start to research these things for I know the questions to ask so that I don't end up tricked out of money you know for example I'm buying a new truck over six thousand pounds right a new truck and you know the bank calls and they go through the whole application and they you know they quickly go over the interest rate on like whoa that's not the interest rate that we locked in fourteen days ago when we applied for that I'm sorry this call yet you're right about that right I've gone through closing disclosures doing real estate and I've literally stopped the closing process of homes where one home in Baltimore one property we were trying to Bob near Johns Hopkins they tried to assign an extra seventy three hundred dollars in fees to me if you don't know your first time you just sign on the dotted line I've caught like a thousand dollars and forty eight cents on other properties so again if you don't know what you're looking at when I bought my first home it was a sign on the dotted line because everyone told me Hey this is this this is this this is this I don't know what I was looking and I don't want our students and I want people to fall victim to those things because I don't necessarily think all of them are predatory people make mistakes computers make mistakes and you don't know what you don't know if you don't know what to look for and that's what we're trying to help with with life when when that's what we are helping with like one

it's such a good point right you're giving people the ammunition not necessarily just to be able to figure out is this the better bank accounts but to figure out if they're getting ripped off not now but even as the world changes five years from now and ten years from now because they'll be able to do the research they'll be able to gather the information I would ask you about the things in your class did you find blow their minds right like what are the things because you've taught this class a number of times now what are the things that are the biggest shockers to people that are the things that you expect they would know when they never now and while you think about that for just a second let me just remind everyone that this show is proudly sponsored by Adleman financial engines when you're raising kids and caring for your older parents and planning for retirement it's just a lot it's a lot especially when you are trying to grow your personal wealth at the same time if you visit Adleman financial engines dot com slash her money you can schedule a free appointment with a financial adviser where you will learn strategic ways to help meet your financial obligations all at the same time that you can remain focused on your own needs and your own dreams when you have a wealth Apted financial plan you are ready for all of life's competing priorities schedule your free appointment today at plant yep E. dot com slash her money I am talking with professor cope A. K. A. NFL linebacker Brandon Copeland some of those things that you think that they're like oh my god moments of your life on a one class

yes literally gene is the first class you know you try to have these moments throughout the class but honestly I'm not as a person who I want to fight for your attention so I gotta create exercises to make sure that you understand why this class is a value to you so the first class we literally walk every student to a budget we have a budget anybody can go access it at life on the one that I you know it's a free budgeting tool you can make your own and we don't see it it's private to you but it walks you through the different expenses and things you should think about or you should be calculating as you're calculating your monthly recurring expenses right so we walk our students do that and I'll use this past year as an example so you know January twenty twenty two we have a young lady who is from DC Washington DC and she's graduating and becoming a nurse and so for her she's an example where she had an offer letter at that point like she knew what her potential salary will be some students don't so they put in you know there well we make them look up their dream career or that career that they expect to make them look up the average salary within that right does that humbles a lot of people as well to know yeah yes so this young lady specifically so she was gonna move to DC by the time she goes to our entire budget she was down negative two thousand and three hundred dollars right but it's time to go to rent and all these different things student with a denim ad in student loan debt at that point credit cards monthly subscriptions all that stuff just by her being from DC and live really in that class she shared with the entire group which was awesome to me because it makes me feel good that Hey this is worthwhile for them to work well for me to let you know my mom is always mention that I could move in with her after college and I kind of wanted apartment you know about me just moving in and removing that rent overhead costs now I'm up fourteen grand on my first year out of college right and so just imagine if she doesn't take this course she doesn't do that exercise right she finds this thing out the hard way because most people don't sit down and write these things out before signing that twelve month lease right and so I was also able to share with her I'm sure and what you got my first three years in the NFL in the offseason I came back home and live with my mom you know said like is no shame in it it's cool with smart right and so I think that that also made her feel comfortable and was cool for the class because there's other moments like that throughout the course but

for

a lot of the students on that first day that's the shake you awake moment of like okay let me actually focus and pay attention in this course this is unlike any other course me paying attention is directly correlated to my success and so that's important the other thing I'll say is we always do with our second course just simply taxes right now and nothing but net gross yes is net and you know we have my Callum typically comes in as a guest speaker and and answers questions and things like that but he always shares that about fifty percent of paychecks are incorrect and so I remember my first semester you know I share with them that I've had to NFL teams I found incorrect things on page stubs or paychecks with two NFL teams that had to go back and gotten corrected in you know actually made money for my other teammates as well too bad actually looking at my paystub not assume is correct but we had a young lady who looked at her pay stubs as well too when she saw that her internship they had paid her incorrectly and so she was do about fifteen hundred books over the summer right and so she was able to go reach out to them and of course they say oh well it's been a little too long and all those things so not really sure how that ended up working out but I bet you she's checking her pay stubs to this day you know

yeah it's amazing we have a course called finance fix where we help people with the same thing saving more spending less get your budget and shape paying off some debt and it's always a huge aha because in less you're paying attention to where your money is going I guarantee you you have no idea where your money is going it is just slipping through your fingers but I heard that you save ninety percent of your income is that true

yeah I mean I never put that number out there really is probably probably save more but for me I I don't necessarily brag on that number because I know that there's a lot of people who I thought well you make X. Y. Z. well blah which you know neither here nor there there's always gonna be a hater and Regina as you know right but I'm not worried about that but more of this story is for me what I try to encourage people is like I'm very in tune to like what I enjoy and what I value and I only pay for that and so I'm not necessarily trying to buy anything to make everyone think I'm cool and so that naturally just gives me a lot cheaper like these Amazon bracelets right I'm an NFL this is my most expensive watches and apple watch right like it is what it is right and so I'm fortunate that that's just my value system and it just happens to end up working out where it doesn't cost a lot and most importantly for me personally like I have always taken money and I want to put it to work for me so if there's ever a time like my sacrifices in what can I do now to pay for an older version of myself so I want to put it in this multi family building I want to put in this commercial land or venture capital investment or stock market or whatever make or people right and so that's just how it's worked out for me

how did you get yourself to think that way so I've taken enough behavioral finance to now that we have a very difficult time being generous with that future version of ourselves with me right now doesn't know the me of thirty years from now I so it's tough to get me to put money away for her right she's a strange yeah how did you how did you flip that switch

yeah one I'm blessed with a very interesting perspective on life so that's one you know I I admit that to

where that come from

god I thank god and then just my family so I got that opportunity my grandfather he play in the NFL for eleven years and he played in a time where you had to have a second job site he played with the Baltimore colts won a Super Bowl loss to Joe Nemeth in Superbowl three his quarterback was Johnny United hall of fame quarterback so imagine the Aaron Rodgers of their time right imagine Aaron Rodgers of that time working as a substitute teacher in the offseason you know like that's how their lifestyle was and so you know seen in his career post football wanted things he always told me impressed upon his grandson is like you know you guys are fortunate to be making what you're making to play this game and so he wanted me and I kind of put it together myself as well to that you know we wanted to take this and use this as a trampoline for my future and so whether it's football or whether its investment bank whether it was flipping houses whatever it is for me I understand that like I've seen my granddad I've seen older version of myself right I don't wanna be trying to make ends meet when I'm older right is the Dave Ramsey will live like no one else now so later on in life you can live and give like no one else and so for me I truly like except that I truly live that and I think also you know the the other thing is I mean I'm I'm a professional athlete I am disciplined I know myself my grandfather always said this you always tell me cope I'll never lie to you because it be like lying to myself and what good does that do anybody right and so for me I'll never lie to myself when I need to cut weight it's time to cut weight when I need to go in and relax a little bit it's time to go relax right but

for

the money I understand that I always want my life to be like this and for most of us especially football players it's nice timing in a felon is a complete drop off and so I have always park money away so that I can just like I am just getting started with the fun that I can have in my life so I think it's the perspective is the discipline nature and ultimately is just not lying to myself right one of my buddies mentioned years ago you know we did a podcast you together one of things he said was you know a lot of people talk about dream Chasin and ground in all day and twenty four seven no days off and and that was literally the the mindset I grew up with and I still have right to a certain extent but he also said at some point if you don't catch the dream right like I'm not working as hard to keep working as hard my entire life and so for me I am putting away money because I know that is without work for money my entire life or I'll find a way to put money to work for me so that I can live and just completely live and breathe life for what it should be

so you don't want to brag about that ninety percent of money saved but a number that I think you should be bragging about is the amount of money that your charity is giving away you run an organization a nonprofit called beyond the basics it's given more than six hundred thousand dollars to families in twenty one states to help them buy groceries at thanksgiving dinners Christmas presents tell me a little bit more about this organization and why you decided to focus on these causes

yes you know be on the basis thank is my wife Taylor and eyes baby I mean we are first out we got to real children but beyond the basics you know it's it's is our extended family so we want to help young people realize their full potential we want to help them maximize their full potential I think that I am ambitious and I'm willing to work hard and like I said earlier god gave me a unique perspective on the world I got like the old man's perspective and you know my thirty one year old body but I've had that perspective since I've been eighteen nineteen right and so I think that besides those things I've been blessed to have certain people in my life who exposed me to different things and now I can put that hard work and ambition to work force so if my high school coach never worked at a hedge fund I would never had the opportunity to intern with him in the summers and see all these Bloomberg terminals in CA you can sit behind a desk and make this type of money but I'm trying to play on the football field well hello right and so we want to take that and give young people those type of opportunities through our different events throughout the the year and so balance in the football schedule bouncing children and trying to run a nonprofit organization along with other businesses one of the things we've specialized in is one off events and so what we do is we go out and find needs and just really cool opportunities to connect with different cities different states and also invite collaboration amongst NFL players but also just amongst people I think that's what we really want that right so as you mentioned we give away over six hundred grand with the fact that over three thousand people at this point but we've done really cool things it that I grew up proud of we've gone to grocery stores in underserved communities and Larry let them spend up to twenty five grand at the register right like just let people select to me those are bucket list things like you know Beyonce they did that and so did we right like you know I've always dreamed of you know I know Shaquille o'neal you not someone like this all time shack he's been noted to every time he goes in the store and buy something for himself he finds a kitten by something for someone else we do holiday shopping spree he's with kids we last year we gave away a couple hundred grand throughout the country to kids and families in regards to shopping sprees and different targets and walmarts and different things throughout the country so for me those are the coolest things in the world and I tell you you know I honestly get hooked to those types of things personally you know I don't know about other people but one of the first years we did the shopping spree I was with the New York Jets head B. twenty eighteen I want to say and we took this group the covenant house it's national organization and so we took some of those young people from Jersey city and we also took some high school kids from westside high school in Newark New Jersey their principal has been noted to put a laundromat in the basement because some students weren't showing up because they couldn't afford to get their clothes washing the ring in Bali and we took some foster kids from the Bronx who took the mall to target game shopping sprees but I remember literally I remember this one kid of from the top of the house in the jacket and literally he says Matt like he's smiling with god you know they're looking at each other and he's like and I'm just over here in this is I mean I don't have to be cold anymore and I'm like whoa like whoa like this is way better uses for my money I remember one kid Eliza

hi I

got the video of them he's pulling his cart around giving two hundred dollars shopping spree and literally more than half of his card he's just going to all the gifts he's getting for other people and I'm like this kid is like thirteen fourteen years old like this is one this is a great like that he spent the money better than I ever could right and it's going to mean a lot to him and so while you know I'm so you gotta survive and we have to do we need to do to keep advancing ourselves and I think that that's a mistake that some people make is like you give so much that you don't have the ability to to continue to grow what you're trying to do because if you keep growing thing you'll give more right so I tried to always keep that consciousness about myself but ultimately those are the moments that we live for like I am extremely sad about that and I'm trying to make sure I poured it into my children as they grow up

yeah they say givers are not born they are definitely raise and that's what you're doing with your kids I could talk to you all day I think you are hugely inspiring if there was one piece of career advice or life advice that you want our listeners to take away from you what is it

all right will be a Lumix into things one believing yourself believing yourself believe in yourself imposter syndrome is extremely real imposter syndrome is okay imposter syndrome means that you are doing something that is challenging and is going to push you to grow right if everything was comfortable then you know you get that's why there's this thing called growing pains as you grow up right like growing is uncomfortable and so for me if I could have whispered in a younger version of my selves year earlier it will be continue to lean into these uncomfortable conversations and even awkward conversations at times in order to grow but also more importantly for me it would have been believe in myself early on I think that there's been times in my life where I've asked for too much permission and look for too much validation and at a certain point you have to stop looking for other people to sign off on your ideas and just realize that you might be one of the only people that see what you see and just go and people want to join the bandwagon later all right but believe in yourself and go

I love it I love it Brandon Copeland professor cope we got a life one oh one dad I for more information

please do live one one that I always we can find anything you need from a financial education standpoint you can also get in contact with me and my team and we look forward to hopefully helping people in the future

thank you so much thanks for being here let me just take a second to remind everyone that her money is supported by the C. U. B. C. U. is one of the nation's fastest growing credit unions B. C. U. helps members make smart financial decisions by offering the products services and caring support they need for what ever stage of life there in and you can find out if you're eligible to join BC you by visiting B. C. U. dot org Kathryn Tuggle joins me now for our mailbag K.

Catherine Hey gene I always love hearing from people and sports you are successful in other arenas it makes me so happy to see like the multi talented people and the world and brand is definitely one of them absolutely but did you see the wheels spinning in my head so I I've

I've often thought so we live in Philadelphia now we've been here about a year and tennis as I said is my alma mater and I thought I mean I do expect that at some point in my life I'll teach my parents are both teachers my father was a rockstar professor I will do this at some point and the question in my mind has always been do I teach a journalism class or do I teach personal finance and lately it's really been more they've got plenty of journalism teachers but I've been thinking if I'm teaching I'm gonna teach personal finance but clearly I would have a lot of competition and I don't know that you know if given the choice to sign up for my class or his class I think I would lose I think you too you've got to get in can hear it's and I think that's personal finance journalism classes because there frankly there aren't enough of us well that's true that is definitely true we could teach personal finance journalism I don't know I think one day one day when I am in the same city for a whole semester at a time I will teach class right now I'm traveling too much yeah yeah well I mean thinking about Brandon the anybody like ham he can bring the same amount of passion to the field to a side hustle and to the classroom that those people are just incredible I am in awe and I know you could do it if you wanted to we shall see I have enough jobs right now but yes but maybe in the future let's answer some questions as a person with access to your calendar I can say that you indeed have enough jobs

our question today comes to us remember of our private her many Facebook group she writes hi gene Katherine I'm writing within the industry and world question specifically I'm curious what you think about the job market to come in the next two to five years or so with increased talk of a recession I worry that layoffs are in my future I don't expect your prediction on layoffs since I know the very greatly by industry but I am curious what the harmony team thinks that a bad economy might mean for the salary growth that many of us have experiences cove it I was able to secure a seventy thousand dollar raise by changing jobs yes seventy thousand and I have many female friends who got raises of at least thirty thousand the time after the pandemic seemed to be a huge win for women's salaries but my concern now is that when companies seek to tighten their belts we're going to lose some or all of the salary gains do you think that companies will conveniently use tough economic times as a reason to embrace women's salary gains in corporate America is there any way that we can fight back and ensure our salaries stay high especially now that inflation has crept up we are going to need to hang on to that money I'm grateful for your time and your informative show I think that this is such an insightful perspective but I just want to give a little bit of not that I'm teaching but a history lesson so before the pandemic and before the last couple of years wages in this country had been stagnant for a decade and a half we didn't have inflation which was a really good thing inflation has been low again in the two two and a half percent range for a decade and a half if not longer but wage growth was similar it was very very unusual to get

more than the cost of living raise at a lot of companies across the country and that cost of living raise was likely the equal inflation so you're talking two to three percent at the same time we were treated to interest rates that were the lowest that we'd seen in generations we were able to buy houses with mortgages in in the two percent range housing prices had stagnated to for a while all of which I'm saying as a precursor to my answer which is I think there was a lot of built up wage increase saying that just needed to happen if you look at the housing market the housing market popped by forty percent nobody is expecting those home prices to go back down by forty percent some people are saying that in the markets where they got really really fraught the maybe they'll come down a little bit but I think that the salary gains are very much the same I don't believe that you're going to be asked to give back salary I think companies will some of them have layoffs were starting to see that already they will reduce their work forces as a way to trim their payroll but those people who are in jobs should not have to worry that they're going to have to all of a sudden live on last in these inflationary times in fact I think that by keeping up your skill set keeping up with your networks and being willing to change jobs again in the future you'll be able to grow your salary recessions come

and recessions go we have had many many recessions since the Great Depression only one of them was the Great Recession usually a recession lasts about eight months that's it about eight months where growth stagnates or re trenches just a little bit and the people who are looking at this coming recession the economists and I've been reading a lot of them because they are aligned that we are headed for one particularly if the federal reserve does not take its foot off the gas

this is an instance where focusing on your personal economy rather than the economy overall is how you're gonna win and that's how your girlfriends are gonna win by focusing on your

skills the things that you bring to the party the reason that this employer gave you that seventy thousand dollars over the salary that you were earning in your previous job is exactly what's going to get you that next seventy thousand dollar raise so I wouldn't worry I would make the most of this race I hope that you are taking a big chunk of that additional money and not living on it but socking it away into your four oh one K. into your health savings account into what ever other accounts that you've put together for the goals that you want to achieve down the road but I I think that you are in a good position and I think we fight back by continuing to employ the lessons that we learned during this pandemic boom lift which is if we are not feeling well paid we take our selves and our skill set across the street and we ask for what we deserve anything to add there Catherine yeah I really encouraged by what he said honestly I didn't know how you were going to respond to this one because I feel like women went through so much during the pandemic I mean I do think we have to acknowledge the women who were forced out of the work force because of the pandemic if you had to take a step back from the work force because you had responsibilities at home if you had an older parent to care for if you had a child to care for if you were unable to do your job remotely and it was not tenable to make it work we know that stepping out of the work force often does mean that you take a step back salary wise when you try to re enter and the best thing that you can do is to minimize the gap in time from your exit to your reentry so I think that that is a consideration but that's not

not who wrote the letter right I think the woman who wrote the letter definitely has momentum on her side yeah I agree and I love what you said about the housing market how housing prices went way up and they're never going to come back down to where they were so that makes me happy I don't think they're coming back down to where they were absolutely and and this may have been removed as gallery person not

not a home buyer perspective

no but as a homeowner it should make you happy as well yes yes yes thank you Jean thank you before we get to today's drive I just want to take a sack to remind you that her money is sponsored by healthy paws pet insurance and foundation my dog Norman is insured by healthy paws why because when a friend's puppy at a whole pack of gum and got xylitol poisoning don't ask healthy paws came to the rescue you can use any licensed that with no maximum annual or lifetime payout and most claims are processed in just a couple of days and right now healthy paws is running a special program to help shelter and rescue pets called every quote gives hope until the end of twenty twenty two the foundation is increasing the amount donated for its every quote gives help program to one dollar for each person who requests a free pet insurance quote on its website that means you are free quote will also help pets in need so visit healthy paws pet insurance dot com slash her money to get your instant quote today and speaking of pets in today's thrive we dig into everything you need to know before getting your first pet deciding to welcome a new dog or cat to the family it's easy but in order for your pet to thrive you need to do more than just buy a bag of food and ended durable sweater you've got to take a hard look at your finances why because a pet is a decades long commitment hopefully more and you want to be prepared at her money dot com we talked to leading experts and compiled the ultimate financial checklist for first time pet parents first you want to consider monthly and yearly costs on average you can expect to pay seventeen hundred dollars for a dog and eleven hundred dollars for a cat each year that's a monthly cost of ninety to a hundred

forty dollars you'll also have to remember that if you're getting a puppy or a kitten costs are higher for the first year of life because of vaccinations parasite screenings microchipping and spaying or neutering you should expect to pay between five hundred and two thousand dollars on healthcare that first year depending on your zip code next budget for all the things your pet will need at home like food at beds leashes collars bowls and toys Norman by the way leaves his toys all over the house we're discussing it with him you can estimate two hundred dollars up front for these costs but remember many of them will become recurring expenses after that think about training daycare dog training classes can run a few hundred dollars if not more and if you're out of the house for most of the day you might need a dog Walker which can cost fifteen to twenty five dollars a pop or you can put your dog in daycare which is even more expensive finally consider getting pet insurance there are many unanticipated health conditions and emergencies that can occur over the course of your pet's life that's why companies like healthy paws can make an enormous difference when it comes to comfortably affording surgery or hospital stays with pet insurance you can be sure that you can offer the best care for your pet for the full checklist go to her money dot com slash pats and once again you can go to healthy paws pet insurance dot com slash her money to get the free quote and give back to pets in need thanks for joining me today on her money thank you to Brandon Copeland for sharing his story and showing us how we can all pursue our passions whether it's through our day job or through a side hustle four three if you like what you hear please subscribe to our show on apple podcasts leave us a review we love hearing what you think we'd like to thank our sponsors Adam and financial engines and

we produce this podcast added CDM sound studios our music is provided by video helper and our show comes to you through like a phone thanks for joining us and we'll talk soon

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