– Hey, loves. What’s up, it’s Toya. Welcome back to my channel. First of all, before I get
started, thank you guys so much who checked out, who got a chance to check out latoyacodner.com
and signed up to receive the package for the giveaway. If you wanna know more about my website and how it’s geared toward
athletic body types and fashion and 4C hair care and whatnot,
check out the link down below. So today, we’re gonna talk about money. It’s one of my favorite
topics to talk about, so I literally had to
write a little outline so that I didn’t get carried away. (Toya laughs) I get asked from you guys so
much on Snapchat especially and sometimes here on
YouTube on older videos asking me to talk about money and how I paid off almost
$30,000 worth of debt. I wonder if I can pull up
how much I actually paid off. $27,152 and 41 cents. That is how much I paid off
within the span of a year, from August 2016 to August 2017. And these are my five tips
on how you can do it, too. First thing is your mentality. I’m gonna be really
real with you guys here and say that though I’m gonna
talk about income, really, it has to do with getting
yourself out of your own way. I did not grow up with a lot of money. I am not rich. I am not wealthy. I literally had to spend
time learning about money and choosing mentors that
don’t exist in my real life in order to teach me to
unblock myself by having this mentality that I’m probably
gonna be poor for the rest of my life based off of the
people that are around me, based off of how I maybe grew up, or maybe I don’t have enough knowledge, or maybe because I’m not an engineer, or maybe because of whatever it is. You know, there are a
lot of people, and I know because I was one of them,
and it’s something I still go, I still have to continue
to train myself daily in saying that, no, no,
I don’t have to just wish and hope that, you know,
someday I’ll win the lottery or some amazing thing will
just happen for me, you know? I’m just praying for God to
like, just give me money. No. It’s nice and it’s always
good to know that there are miracles and there are
blessings that do happen, but it doesn’t have to be
by some weird twist of fate that you’re gonna get out of debt. You have to really get out of your own way and stop thinking with this
poor person’s mentality. And I’m not talking about poor, poor as in you don’t have
a lot of money, poor. I mean the fact that you feel
like your life is what it is. You’re gonna be here for
the rest of your life, and you’re just gonna scrimp
by and never get ahead. You have to, have to train
yourself out of that. And I’ll talk about
this a little bit more, but whether that’s books,
podcasts, articles. I had to seek out the
information, because I had zero, zero examples of what it looked
like to manage money well. Zero. I had to teach myself,
and I could no longer rely on that crutch of, oh, I
wasn’t born into a rich family, or oh, you know, my parents
didn’t teach me this, or oh, I don’t have, you
know, a rich employer, you know, that’s looking
out for me and sees me as their little project,
or however you think. And I also had to get
rid of the idea money is the root of all evil and
little sayings like that. I have a blog post as well if you guys want a little
bit more information and you wanna know the
books that I had to read. But I’ll get more into that. But the first thing is that
you have to train yourself out of a poor person’s
mentality, and again, poor has nothing to do with money. It is a state of being that basically says that no matter what, because of X, Y, Z, you’re basically telling yourself
you don’t deserve better, that you’ll never get there,
so you have to scrap that out. Two, income. I wanna talk about income
next, because I know that’s what’s on everybody mind. Like, how much money did you make to be able to pay off that? Listen, guys,
(Toya laughs) my income fluctuates heavily year to year depending on what kind
of opportunities I have. I don’t work in like a high,
executive-level position. I don’t do that. I manage my money really well. But income is important, okay? You can’t save money,
you can’t pay off debt, without having some kind of income. So you have to figure out a way to take yourself out of
the rut that you’re in. So now that your mentality is fixed, you need to find ways
of making more income. I prefer, personally, passive income. So, maybe you’re not at the
point where you can invest, because that is a form of passive income. Also real estate is a
form of passive income. Maybe you do something like I do, like blogging or YouTube, you know. Passive income has to do
with you front-loading. All of the work is kind of done
at the front of the project, and then afterwards, as it
lives on, it makes you money. I use YouTube as a big source
of like, my passive income, and a percentage of that
goes towards paying debt, and a percentage goes into
taking care of business. Now, the basic forms of income,
I picked up a second job. I still work. I actually still have two jobs. I do YouTube, and I do acting. So, I’ve been busting my butt to try and make as much
income as possible. So if that means picking up an extra job, doing odds and ends things, you know, taking surveys online. Whatever works for you and
your lifestyle, you have to do it, and then you have
to push yourself just an extra step further in order to
make those numbers go up. Again, I want to get to a
place where I’m not necessarily spending time to make money, you know, because that really is how
wealthy people get wealthy. That is the way to build
wealth, because there’s just simply not enough
hours in the day to make the amount of money that
some of these people make. But in the beginning, when you’re trying to figure things out, and I’m doing this. I’m on the same track as you guys. You know, you need to find
ways of creating income and changing your mindset of you can’t to you can, because you can, okay? You just have to roll up
your sleeves and work. So let’s talk about my
journey in particular based off of my income. I have my original job. I got a second job. I had YouTube, and then I was blessed to have some acting opportunities. And everything, income
tax, gifts from friends, or whatever it is that you
get, you know, you have to, all of that extra,
especially unexpected income, you need to shovel that
away towards your debt. Because if your net
worth is in a negative, you’re in a deficit, okay,
which means that the stuff that you have doesn’t
really belong to you. So I have no debt outside
of my student loans, which I’m currently working on. So, you want to work on your income. Three, you want to apply
that income to a budget. You don’t wanna wait
until you get your money to start figuring out what
you’re gonna do with it. Like, at the beginning of the
month, every single month, because our lives change. This month, I have, you
know, a birthday party. This month, you know, I don’t
have the birthday party, so I have a little bit extra income. You know, this month, I have
to get this person a gift, or I have a wedding to
go to, or whatever it is. You know, our lives change and fluctuate. So having a monthly budget that
you set up at the beginning of the month, I can have a
whole video on how to budget. (Toya laughs) I’m like, am I making
more work for myself? But basically, what you
wanna do is you wanna predict how much, relatively, how much
money you’re gonna be making. Whether you get paid in one
lump sum, a bunch of little pieces, you wanna have your
income at the top, and then you want to subtract your bills
and your expenses from that. And anything left over out
of paying your minimums, you wanna apply whatever is left to the lowest debt that you have. This is the snowball effect, the snowball plan by Dave Ramsey. He has a whole book on
getting out of debt. I will link all of that stuff
in my blog post down below, and also in the blog post,
it will explain to you different ways, like
there’s two different ways of getting out of debt,
paying off either the debt that’s the smallest
first to gain momentum, or paying off the debt
with the highest interest. You have to know yourself
and what’s gonna work for you to keep you on track. I chose to pay off my smallest debts. Basically, say, for example,
I’m not gonna get too far into it, but say I have three
bills, each $20 a month. When I’m done paying off
that bill, the lowest one, say it’s like a hundred dollars, and my minimum payment was $20. I paid off it, and now
I have this $20 free. Now I’m gonna apply that $20 to the next. So now my minimum that I’m
creating for myself is $40. So now you’re gaining momentum, and you just keep going down
the line, paying off debt. And you have to literally be
laser-focused, and there’s gonna be people that are
not going to understand. But you have to know that
what you are doing right now is you are preparing for
a life even more abundant, even better than where you are now. You don’t have to starve
or look bad or raggedy in order to do it, because
do I look like I’m starving? So I look like I’m raggedy? No, you wanna take care
of yourself, but you want to make sure you have
a strict budget so that if you’re going to spend
a little bit on yourself, that you’re not gonna go overboard. And that’s where people mess up. Fourth, you wanna automate. Automate. And this doesn’t necessarily mean something technological, which it can. For example, if you’re wanting
to pay off a certain debt and you have problems paying
bills on time, auto-debit. Sign up for every auto-debit program that does your minimum
balance as possible. You have a credit card bill that can be on auto bill pay, do it. You have phone bills, you
have student loans, whatever, just get on auto pay so that
you’re not incurring more debt by those late fees, because
late fees and interest kill you. Literally, I hate them with a passion, which is why I don’t have any debt. (Toya laughs)
Just like, ugh. So you wanna automate as much as possible. You also wanna automate your
sort of personal schedule. I know that at the beginning of the month, when I’m setting up my budget,
like, that is what I do. I automatically do it. I look forward to doing it. Now, you may not be the
person that I am who loves moving around numbers and
gets super technical with it. Like, maybe that’s not
you, you know what I mean? Maybe you don’t like
researching a lot, or, you know, whatever it is, but you need
to figure out a schedule that works with you that
no matter what, this is what you do, especially at
the beginning of the month. And number five, mentors and supporters. As I said in the beginning of this video, my mentality about money was broken. It genuinely was broken,
and I had to start creating my own mentors
in the form of books, reading books, listening to podcasts, listening to seminars,
you know, conferences. I literally had to pretend
that these people were walking with me on my journey,
and also keeping my faith. I am a God-fearing woman,
and I, you know, believe that when I started setting
my mind toward my goal, God started opening up all
of these opportunities, all of these, you know,
financial opportunities for me that I didn’t have
before, and I think that it had to do with the law of attraction. (Toya laughs)
I really do. It’s like, I mean, like, it was just like, boom, boom, boom, boom, boom. Things just starting
happening, because in my mind, I was working towards them,
and I honestly believe that God started to work
in me because of it. So, you know, surrounding
yourself, even if they’re invisible to you, and you’re
just surrounding yourself, wrapping yourself in the
knowledge of someone else who is better off than you
are, who has more experience, who has more knowledge
on finances than you do. Every day, I would listen to podcasts. I drive a lot, I’m in L.A.. Every day, I’m on, you know, Quora, like, looking up, I don’t even
know, like, financial advice, and just literally soaking
in as much as possible. And I also read
entrepreneur books as well. That links back to the whole,
you know, income base of this. It’s like, finding ways to
surround yourself with those mentors, and also, the people
that support you, you know? You’re gonna go on this journey, and there’s gonna be a lot of
people who don’t understand. I, in my place of work, I work
with people that are younger than me, who aren’t necessarily
on the same journey as I am. And even when I was in my
early 20s and my mid 20s, you know, I still had this mindset of, no, I want to be responsible. I don’t wanna mess up my
credit, you know what I mean? Like, this is how I thought. I’ve always been sort
of that kind of thinker, and sometimes, sometimes
when you think different than everyone else, you just
have to keep to yourself. For me, it helps to have one or two people that really understand. My fiance, he gets it. I mean, he gets what I’m doing. He totally respects it. There are some things that
he doesn’t understand, but he’s trying to, and
then my best friend, who is literally on the
same track in life as I am. And, you know, just having
those people around you that understand why you’re not
gonna be going out for dinner, or why you’re preferring to
eat at home and have your own meals, or why you’re
working instead of partying. Surround yourself with
positive influences, mentors, people that are headed in the direction that you wanna go into. And that applies to everything in life. So, I just want to say, you can do it. You can do it, and it doesn’t matter how much money you make. You can make a little bit. You can make a lot of money. Honestly, there are so
many people that are, and I’m going off on a little tangent, but there’s so many people
who make hundreds of thousand dollars a year and literally
have nothing to show for it. The amount of income does not matter. (Toya laughs) It could mean nothing,
because if you’re overspending or you’re living outside of your means, you might as well be making nothing. Like, it doesn’t matter. So that kind of thing,
it never impresses me, how much someone says they make. It’s like, what you do with the money you do have is what matters. And you guys can tell from
the passion that I have that I am, oh, you guys. You can do it. I’m gonna link a blog post down below that has some books and
some of my favorite podcasts from Dave Ramsey, Suze Orman. If you’re an entrepreneur,
Robert Kiyosaki. Oh my God, so many people. Paula Pant, I believe, her podcast. Just people who are in that mindset. Who else? I don’t know, there’s so many. There’s so many books, and I will probably be adding even more. You guys can do it. You can do it. I’m getting excited. I have to go. I hope these tips help you. (Toya exhales sharply) If you have any questions or
comments, leave ’em down below. I love you. (upbeat electronic music)