← The Candy Valentino Show
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- [00:00]
Ryan Reynolds
Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mintmobile.com.
- [00:18]
Candy Valentino
Switch upfront payment of $45 for 3 month plan equivalent to $15 per month Required intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full terms at Mintmobile.
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Ryan Reynolds
Do.
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Candy Valentino
Foreign.
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Ryan Reynolds
Valentino show, the podcast for founders, investors and entrepreneurs where we have honest conversations about what it takes to grow your business, build more wealth and create financial freedom.
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Candy Valentino
Hey guys, welcome back to another episode episode of the Candy Valentino Show. Thanks for tuning in with me today. We are breaking down all the money, all the markets and the mindset that you need to build real wealth. And today's lineup, well, it's kind of wild because so much has been happening in the news. And if you've been listening to the show, I have been talking about the tides and how they're going to turn and how fast it's going to happen. And guys, it's upon us. It's happening, it's coming. I don't know about you, but I was looking at my portfolio today right before we hit record and let me see if I still have it up that I can show you. Yes, we are seeing green, green, green finally for the first time in a long time. So super good. It's starting to change. And if you've been following it, we've obviously got bitcoin blowing up past 101,000 again for the first time in a while. We have the announcement of Trump's first trade deal with UK and we've got a brand new pope that's shaking things up in the Vatican. The question that keeps so many of us up at night is like how much should we really have? What's going on with money? Like what's the economy doing? And so we're gonna cover that as well in the second segment. But first up, let's talk about bitcoin. If you notice, bitcoin was at an all time low over the last year back just a few months ago when it dropped for the first time below 75,000. But today here we are again over 101,000. So it is back in the spotlight. The first time since January, bitcoin soared past that brilliant green $101,000 mark and the bulls are officially running again. So what is fueling this? I want to talk about a couple things. Number one, institutional money is finally coming back into the market. We were at this, like, stalemate moment where everyone was on pins and needles trying to figure out what the heck is Trump doing. Because every time he opened his mouth and talked about tariffs, literally, markets would just drop. Millions and billions would evaporate. And so finally, now that we're starting to see, hey, maybe this isn't going to be as bad as everybody thought, institutional money is coming back in pension funds, hedge funds, big players are reentering the space. And this approval is obviously rising popularity for Bitcoin ETFs as well. So even if you don't hold the actual coin and you have an etf, well, your portfolio looks like mine. And you're seeing a lot more green today as well. Now there's growing speculation that the interest rate cuts may be coming, which generally makes riskier assets like crypto more attractive. So there's a lot of things happening that's causing this. Obviously, bitcoin and cryptocurrency in general is very volatile. So be super cautious with how much you invest in. Don't ever listen to some crypto beautiful investment thing that someone's going to make you 50% return. It's a scam. Investing is steady. It's staying invested. It's focusing on the long term strategy and goal. So, yes, bitcoin is up to 101. And if you didn't buy it when I was talking about it before, don't think that you missed it because again, we want to be using it as a part of our diversification within our portfolio. The Yo yo act is probably not done. It's going to come back, so we'll see what happens. Stay informed, Stay, stay cautious. But I want to talk about what caused all this green today. And that was the trade deal that was just inked with uk. So two things happened simultaneously today. One, we got a post on Social where Donald Trump said, hey, we are working on the tax bill, the big beautiful tax bill. Now, again, if you're listening to the show, I keep talking about how in 2016, Trump first did the tax bill and then he did tariffs in 2018, which is why we saw the trade wars of 2018. The reason that we're seeing it so volatile this term is because he did the tariffs first and he's doing taxes second. But if you remember when I talked before, I'm like, hey, they've got to do something before the fall, they have to fix this. Otherwise the Republicans could potentially lose Senate seats or seats in the House. So they want to fix this. So I truly believe a lot of this instability is going to be fixed. It's going to be solved and we're going to be entering into a new era of the economy. So we saw the first deal get drafted with the uk. The details are very limited, but early reports are saying that it will heavily focus on pharmaceuticals, digital services and agriculture. Trump framed this by saying that he is going to bring jobs back home and reset trade on American terms. And this is literally what he's been talking about from the beginning. And that's why these tariffs have been very strategic. Now, people say that this is a politically strategic move, appealing to voters who feel that they've been left behind and giving a nod to post Brexit, which we've been seeking major deals since leaving the uk However, I don't think it's that dark. I actually just think that he's doing what he sought out to do, which is to really get better deals for the Americans, to have better terms on all of our trade deals and to make sure that we let companies know, we let countries know, we let nations know that they're on notice that the American people are no longer going to be taken advantage of, even if that means short term pain, that we're going to weather it because it's going to create long term stability not only of our markets, but of our country. So that's pretty much what popped the market today, was the tariff talk, the trade deal with the UK as well as that post hinting that the tax cuts are coming. And I believe his words exactly said the greatest tax cuts ever for the working and middle class. Now, if that bodes to be true and they're actually better than the Tax Cut and jobs act of 2017, well, we are going to see an economy that will make the 1990s proud. Do you know what's sitting in my garage right now? A Range Rover. It is the only vehicle that I have had over and over again throughout my lifetime. And that's because the Range Rover Sport blends power, poise and performance. And it's free from unnecessary details. It has this raw power and agility that can take on roads anywhere. And when you drive one, you won't want to drive anything else. Just like you, it was designed to make impact. The Range Rover Sport combines dynamic sporting personality, elegance and agility to deliver a truly instinctive drive. It has defined true modern Luxury and it's a force inside and out. The Range Rover Sport was built with you and I in mind. Build your Range Rover sport@rangerover.com US Bombas.
- [08:04]
Ryan Reynolds
Makes the most comfortable socks, underwear and T shirts. Warning, Bombas are so absurdly comfortable, you may throw out all your other clothes. Sorry, do we legally have to say that? No, this is just how I talk. And I really love my Bombas. They do feel that good. And they do good, too. One item purchased equals one item donated. To feel good and do good, go to bombas.com listen and use code listen for 20% off your first purchase. That's B O M b-s.com listen and use code listen at checkout.
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Candy Valentino
And now I want to talk about savings. So let's jump into it. How much should you have in savings? I was just talking to somebody about this who has $500,000 in cash sitting in an account and they weren't exactly sure where to put it. Should they have it in a high yield savings account? Should they be investing it? They didn't necessarily want to just put it in the market or put it into mutual funds or put in their retirement because they think they may be wanting to do some purchases. So where should you be putting your money and how much should you have in savings? Well, there was a recent survey of over a thousand Americans that go banking rates did and here's the damage. 73% of people have a savings account. Think of that. Only 73% of Americans have a savings account, but only a third of them actually have $100 in it. It's really 36% have $100 or less. That's not even enough to cover a flat tire or a dinner. So how much should you have in savings? Well, so many personal finance gurus have different opinions on it, but I think no matter what, we all think a few things the same. You don't want to have a ton of money in savings, but you want to make sure that you have a fund for emergencies. If you make under, say, $25,000 a year, maybe that emergency fund is only $1,000. But if you make considerable money, if you have a lot of responsibilities, if you have a business, obviously you're going to have to have more set aside. And on average, we talk about creating your fallback fund, having anywhere from three to six months of essential living expenses, food, rent, mortgage, transportation, whatever payments that you have, making sure that whatever you make a month, take it, multiply it by three or six and hit that target. Anything beyond that you really should be looking at investing at in some way. And even if you just do a high yield savings account, which you can go on Nerd wallet or bankrate to look at the best rates currently, right before we hit record on this, you could find them for about four and a half percent. Now here's the thing. When rates come down, so when the Fed, when they eventually will reduce rates, which that's going to happen at some point, not only will that make the real estate market boom, but is also going to reduce the amount of interest that you get on money markets high yield savings account. So they fluctuate typically month to month. Unless you lock it in and say a 6 month, 9 month or 12 month CD, you can put your thousand dollars or whatever that emergency fund is just into a normal checking account. But that fallback fund, that's what you want to make sure that you have at least bearing some sort of interest because it's not going to get any interest in a checking or a savings account. So making sure that you have that allocated somewhere. Now if you have a business, this is where it gets really important. If you have employees that depend on you, you also want to make sure that you have three to six months of business expenses stashed. So that means that it's not necessarily in the account, you can be getting some interest on it. But this client that specifically asked me like, what should I do with this? I have $500,000 in cash. They owed a loan that was under 3%. Now here's where Dave Ramsey and I would not be on the same page because I know that this client can go put that 500,000 into a vehicle that it's still available to them. They can still withdraw and make 5 to 6% on it. However, they were going to pay off the 2.65 mortgage that they had. Well, I personally wouldn't do that. I know this client specifically. So I know that they are not big debt people. I know that they don't overspend. I know that they have discipline. If it's somebody that doesn't have discipline built in. And I worry that if they have that loan and they have that cash that they're going to blow it. Obviously my advice would be different because context truly matters. But in this case, I said I wouldn't pay off that $300,000 loan with that 500,000. I would put it in an account for now and I would make the payments needed and then see what you want to do with it. Do you want to buy an investment property, do you want to add onto your house? Do you want to add another location onto your business? There's a lot of things that they were thinking about. So you always want to make sure number one, context matters. But you also for sure want to always have a fallback fund. Because life happens, markets shift, business cycles shrink, key persons leave your business. There's so many things that can happen. Having a fallback fund is really like the brinks truck of your life. You want to make sure that it's not just about how much money money that you make, that it's also what you protect so that you don't eventually have to go back into the workforce in a different way or really get into a stressful situation. So that fallback fund is really what protects you. And if you're a business owner, I talk a lot about zero based budgeting on the show. How you strip everything out of your P and L and make sure that every one of those expenses are actually something that you would do next month. Just because it's an expense or just because it's an employee or just because it's something that you've been doing doesn't mean that you need to continue. So often we have an employee in our business that isn't bringing in enough revenue, or maybe they were at one time, but now the performance is lacking or the business shifted. So we always need to be looking at would this expense make sense in the next month? That's really the basis of zero based budgeting. You pull everything out and then every single expense has to prove it to go back in. The exact same thing happens in personal finance. You want to make sure that everything that you're spending every single month is basically proving value in your life. Are you really using that subscription? Do you really use the membership that you're paying for every month? Like how much value has that added to your life or is continuing to add value to your life? And then I also want to encourage you. This is something that I do myself all the time, every year. And I was talking to somebody else about this just the other day and they were kind of shocked, but I will purposefully go on. Spending freezes not just in my business, but in my personal life. Meaning that it may be a month, it may be a week, it may be a quarter, depending on the retailer, depending on the industry, depending on what exactly. I feel like I've been spending a lot on clothes, shoes, whatever it might be. I actually don't spend a lot on that, contrary to what most people believe. But let's just use that as an example where I allocate, say, okay, I look at my. My personal P and L and I say, how much am I really spending on all that? And let's say it is closed. Just as an example, you know, clothes, you wear them once, and what you paid for them is the most that they're ever going to be valued. The second you wear them, you can't even sell them on Marketplace. Like, literally, you're giving those things away. You're driving them to Goodwill or some other place that's taking all of your used clothes and shoes, right? So if you're spending too much on that and it's not actually proving value, have a spending freeze. Create some discipline so that you don't spend any more money on this one area because it got out of control. And then see how you can take that same amount of money and invest it. You were already spending it last month, so you're not actually going to fill it, but instead of spending it today, you're actually investing it into your future tomorrow. Some of those things can really compound and add up. And then also what it does is it gives you the ability to breathe. Let's say you want to buy something for your home, you want to buy a new car, you want to invest in a rental property, whatever it might be. It gives you the ability to pause. Never swipe the credit card for depreciating assets. Never swipe a credit card and rack up bad debt. Save the cash that you need. Need use one of those funds in order to invest a little bit of that money. So that if it takes one month, two months, three months to have the cash, then buy it. We have become a society of this instant gratification. When we think we want something, we go get it. And that is what is perpetually creating Americans to go more and more in debt every single year. Even though the income, the general rate of income is going up every year, people are outspending what they make. So implementing little teeny tiny things like spending freezes or making sure that you just delay the gratification of that purchase. I always say minimum of 24 hours for big purchases. If you're in a store and some salesman or woman is talking to you about this thing, you know what? I'll come back tomorrow. I can't tell you how many times that saved me, because maybe I had a glass of champagne and I was walking through New York City and I walked into a store and, oh, my gosh, you got the sounds and the sights and the smells and something looks amazing. But by just pausing, as difficult as it is, and saying, you know what, let me come back tomorrow, that purchase never got made. And it was one of those things that I actually didn't need. If you think about it, 24 hours later, 48 hours later, okay, well then maybe it's something you want to buy. But being disciplined, timing, doing spending freezes and really understanding where your money is going, making sure that you're maximizing your investments so you can take advantage of opportunities like this. I mean, at the beginning of the show we were talking about how everything is up right now and if you would have had a spending freeze maybe in the last three months and just invested extra money into your retirement account or into your investing portfolio, what would you actually have today and at the end of this year that increases your net worth as opposed to decreases your net worth? Those are the little things that are going to mean everything when you are looking to build long term wealth. All right guys, thanks so much for tuning in and spending this time with me today. If you love this episode, share it with somebody who needs it. And as always, you can follow us over on Spotify, Apple or YouTube wherever you tune in. Thanks again for tuning in. We'll see you next time. Hey guys, thanks for tuning in to this episode and if there was something that you loved or you had a specific takeaway, share it and tag me at Candy Valentino. And if you haven't already, grab a copy of my latest book, the 9% Edge Life Changing Secrets to create more revenue for your business and more freedom for yourself. You can pick it up anywhere, but books are sold Amazon, Barnes and Noble, or your local independent store. And once you do, head over to 9% edge.com and claim $1,500 in pre order bonuses, including a chance to join me on this very show. Thanks so much for tuning in and spending this time with me today, guys. We'll see you next time.