Breaking Down our Money Mindset w/ Hannah Bronfman and Brendan Fallis

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That's code mrsdowjones50off at factormeals.com. See website for more details. The other day I was going through my desk and I found a journal right from when I graduated and it had pen and paper how much I spent each day. At this time, I think I was making around $40,000 and access cash flow was pretty tight. So I had to watch every penny. I think about how far we've come with technology and advancements. To help us with this stuff. We don't need a journal with pen and paper anymore. The answers are out there. And Monarch is one of those answers. Monarch is literally, it's like having a financial advisor in your pocket. So you can use AI to help see what you're spending. Monarch will help you have full visibility in your accounts. It will help you see your trends. It will help you set goals, map out big purchases. See if you're actually on track to where you wanted to be. You can ask Monarch. Monarch's AI assistant. Anything about your finances. Like, hey, how much should I spend on travel last summer? Can I afford this vacation without touching my savings? You can spot things you wouldn't think about before. Like, oh, hey, has my spending gone up or just inflation? I was using pen and paper. Now you can use tools like a full financial advisor in your pocket. And that's called Monarch. So what you want to do is you want to go to monarch.com. Use code trading. The first year of Monarch Core. Half off at just 50 bucks. That's 50% off your first year. Just go to monarch.com with code trading. By the way, we love chatter. If you don't have a Reddit thread on you, you're pretty much irrelevant in my opinion. You know, like you need people talking about you or like you're not doing it. This is going to make the Reddits light up. No, light it up. Light it up, baby. Light it up more. It's the. See this? This is Financial Tea. Welcome back to Financial Tea, the podcast where I teach you how to build wealth with a side of market drama, money scandals, and of course, financial pop culture. And today we have two incredible guests, Hannah Bronfman and Brendan Follis. Okay, low key, you guys started my career because I was obsessed with you both. Whoa. And then when I was thinking about adding a manager to my team, I was like. Like, of course, I have to work with Gabe because you would always post about Gabe. And I like pursued him. I love that. Yeah. I also had to pursue Gabe. Really? He only had eyes for Brendan. Wait. Sure. But first, let's get into the MDJ Market Report. Welcome back to the MDJ Market Report, Zippers. These are the three stories you need to know to see where the money is moving this week. Okay, the first thing that we need to talk about are the Devil Wears Prada salaries. The numbers just dropped. And Meryl Streep, Anne Hathaway, and Emily Blunt each earned $12.5 million to return for the sequel. And they did it through a deal that really resembles the deal that the cast of Friends did because it was a favored nation's deal, which means that everyone got paid the same number. And this is very strategic for talent because when you align your interests in that way, you strip the studio of their most powerful weapon, which is the ability to play stars against each other. So it really is a masterclass in collective bargaining. And just funny that last week, Lisa Kruiser was telling us that this is how the Friends cast was able to make so much money. And also, this is obviously how stars of Devil Wears Prada are making a lot of money, too. But what's crazy here is the Meryl Streep of it all because she could have commanded significantly more. Like, there is no movie without her. But she still took less to make sure that her co-stars ate, too. And they didn't stop there. Obviously, they got a little bit of the back end. They negotiated. They got the box office bonuses on top of their flat fees. And seeing as the film has already earned $433 million globally since its release, up from $326 million for the original, which was made on a $40 million budget, if this run continues, each actress could see an additional $20 million. But also on this press tour, Meryl Streep has been talking a lot about money. And she said that in the original movie, like when she was negotiating that contract, she walked away. She was like, I actually don't want to do this movie. Like, I am good. I can retire. I'm going to go to the beach. And unless you double my salary. And they were so eager to have her that they did. And so and she said that was like the first time in her life that that had ever happened. And she realized the power that she had as a negotiator. So this is really also a kick in your ass to ask for more. Seriously, negotiation is the most lucrative skill that you will ever learn. You will. Shock yourself with what you are able to get simply by asking whether it's your credit card company negotiating medical bills. And of course, with your employer, ask for more. Oh, and I also want to say that they all got a piece of the back end, too. And the movie has absolutely blown through all of its records. So they're each going to get an extra $20 million in bonuses. Okay, now let's talk about peptides, baby. I know it's sort of weird that we haven't talked about peptides yet on this show. But yes, GLP-1s are. Definitely a big part of the conversation. They are making everyone skinny. But they are also low-key restructuring the entire American economy. And I went into a black hole this week learning about it. And we need to discuss the data because seriously, these diabetes treatments have gone from like cultural moment to full-blown economic force. One in eight adults, you guys, already takes one. And as of January, they released the pill for $149 a month instead of $1,000 for the shot, which in four months has netted 2 million prescriptions from 70,000 pharmacies, which is the strongest GLP-1 launch in history. But what's crazy is that these drugs have a huge ripple effect on the economy. Like GLP-1 users cut grocery spending by 10%. Chips and baked goods are down. Fresh vegetables are up 38%. Doritos has losses. And Morgan Stanley find that GLP-1s also reduce alcohol consumption by up to 70%. And the top 10% of drinkers account for 60% of all alcohol sales. So you do the math. And then there's airlines. Airlines could literally save a combined $580 million in fuel if America gets 10% skinnier. So Goldman Sachs said all of this could add 0.4% to U.S. GDP. And by 2035, 31.5 million people could be on these drugs, which would save $264 billion in health care costs. Like this all just really blew my mind because we think of drugs as health care stories. But if that drug changes what people eat, drink, and weigh on a plane, it's also a macroeconomic story. So like the question isn't really like which industry is getting hit. It's which ones are ready to get hit. Other topic, very close to my damn heart, wealth taxes. You guys, I've covered this a lot on Mrs. Dow Jones. They're having a moment. New York just announced one. California has a billionaire tax head. It for the November ballot. We're seeing like every celebrity and their mom moved to Florida to avoid one. Bernie, of course, always Bernie proposed one federally. And politicians love these taxes. I feel like it's a really good thing to just like put in your campaign. People are going to vote for you if you talk about it. But I just want to actually break down what happens when you try to collect on them. So, OK, in New York, for example, Mayor Mamdani posted a video outside Ken Griffin's 238 million dollar penthouse announcing an annual surcharge on properties above five million dollars owned by non NYC residents. And it got four hundred and seventy thousand views. Griffin, of course, called it like creepy and weird and said New York doesn't welcome success and announced that Citadel is expanding in Miami instead, which would potentially be them pulling back on a six billion dollar redevelopment that would have created six thousand jobs. OK, now let's talk about in California what's happening. Let's say try to do this. So in California, they're trying for a one time five percent tax on billionaire net worth, which is estimated to raise one hundred billion dollars. And it just got one point six million signatures, which is double what it needed. But then Larry Page, Sergey Brin, who founded Google and Mark Zuckerberg left. So that is an estimated thirty eight percent of California's billionaire wealth just out the door, which would potentially cost four point five billion dollars a year in lost income tax. and wipe out the gains of this before a check is even ever written. thing, the story has also played out before. Like in 1990, 12 European countries had wealth taxes, but today only three do. And then if you look at France, they lost 42,000 millionaires before scraping their wealth tax in 2018. Or look at Norway. Norway raised its wealth tax and more ultra wealthy households left in 2022 than in the previous 13 years combined. So yes, like I said, politicians love the idea of a wealth tax. I think it really does like help you get votes, but history is less enthusiastic, which is why I'm really skeptical of them. Like I definitely think that we need to tax the ultra rich more heavily, obviously, but a wealth tax has historically failed to generate revenue in other countries. So I would rather like, I don't know, maybe just reform the tax code, like have a tax on anyone with over a billion dollars in assets, maybe like close some of the loopholes. billionaires used to stay rich. I just think it never works. And so I don't understand why we're even going down this road when there's so many other solutions that could get us to more income equality. Okay, let's go into our episode. Now. This was one of my favorite episodes we've done Hannah and Brendan were amazing. I'm really excited for you to hear it. Stay rich. Quits makes elevated everyday essentials using premium materials like Mongolian cashmere, organic cotton, and natural oil. Quits makes elevated everyday essentials using premium materials like Mongolian cashmere, cotton, and washable silk. The designs are timeless, thoughtfully crafted and made to be worn again and again. Quits also has premium stretch denim, leather bags, footwear and beautiful 14 karat gold jewelry. 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This summer was incredible, but I'm already looking forward to fall and getting back into all my routines eating healthy, the balanced meals with factor it's really my non negotiable for a reset factor makes chef crafted dietitian designed ready to eat meals. So you don't have to choose between real food and convenience factor meals are ready in two minutes and require no prep and no cleanup. So you can feel confident that you're already doing something good for yourself. You're already doing something good for yourself just with every meal. They're the perfect start to long work days. Let's eat real head to factor meals.com slash Mrs. Dow Jones 50 off and use code Mrs. Dow Jones 50 off to get 50% off and one free breakfast item per box for one year. Wall supplies last until 1031 2026. That's code Mrs. Dow Jones 50 off at factor meals.com. Before we start the show, before we jump into the real interview, we always ask three rapid fire questions. So the first thing is what gives you the financial ick? I can tell you what gives you the ick. Just reviewing finances. That's your ick. I really do not like to review the finances. I love to go to lunch with my financial team, but I do not like to have. Yeah, but while you're there, you're just talking about having lunch and life and what's. No. You love talking about what's upcoming. Yeah, projects. It's going to power more finance. Yes, exactly. That's our lunch. But you don't like reviewing foundational elements of finance. Nope. You like the culture around reviewing your finances, but you don't like the nitty gritty. No, she likes the tossed salad and the caviar that comes with reviewing the finances. I also know another financial ick that I have. I hate raising money. Which is so crazy because you're a VC. Well, not anymore. Oh, okay. So we got to get into that. Yeah. Yeah. That's hard. We were just talking about that. I'm on my book tour and I am asking for many favors and it can feel very icky. It's so icky. There's an art to it. Really is. And for those who don't have it, it's a really hard thing to learn. And you think that it is sort of you have it or you don't. I do. Okay. I love it. Yeah. What about you, Brennan? What's your financial ick? I know what yours is. Oh yeah. Tell me. I'm ready. You just do not like when something is not optimized. If you heard any friend say that they booked a trip without using points or without, you know, doing their plus points for the upgrade or booking, looking at multiple sites, it's really, it hurts your soul. The non-optimization, it hurts you inside. It bothers me a lot. Just that people don't even explore the intent of betterment in finance. You know, starting to date Hannah, then I'm like, what do we need to like figure out what's going on behind? Like, where's your foundation elements? And it's like, I started to look into all these companies and like, there is just no optimization. It's, she's inherited it from, you know, dad or grandpa or whatever in accounts. And like, I just always said to him, like, we're younger, we're smarter, and we know more people at this point who are younger and brighter. Like, let's go explore working with those people. And we've restructured our whole team. And also it took us a long time to even get to the team that we are now super, super happy with. We failed along the way. Yeah. We had major mess ups. Major mess ups. While trying to get to the best possible place. Intros from other people like-minded who intro'd us to people who are good people, but bad at that section of their job. Wow. Okay. That's crazy. And put us in a very bad financial position when we were crushing it twice. Wow. Two different sections of our finance buried. What exactly happened? I don't know. It's like tough to even say, but like- Well, one scenario. We ended up in hundreds of thousands of dollars worth of debt. Yeah. Which we had to swim out of for two years. Whoa, for what? Which we're now out of. Dude, investing in things and moving money to things that we were just like trusting the process and not, it's a bit our fault too, because you're not doing all the due diligence, but that's why you hired someone to trust them. Like, I don't have time to- Of course. I mean, we should have time and you should read into it. Yeah. And like, a lot would be super, AI is super helpful in this scenario because like you could vet things more and understand like the jargon, but you know, we were just pumping incoming and we were having great years and like some of the best years of our life. And then we ended up with like almost a million dollars worth of debt. We're like, what the fuck happened? That's so crazy. Yeah. Because they were just investing it in companies that were going to zero. And tax structures that didn't work and whatever. Oh, the tax structures, I think were more about that. I mean, you can get losses on companies that you invest in and it doesn't necessarily really hurt your bottom line. Yeah. But there was also a scenario where I got gifted a stock through a family member and we basically came up on 800K and then our money manager at the time didn't really ask us or have a conversation with us around if we wanted to sell it or get out and like keep it. Yeah. And the stock ended up going to zero. Yeah. So we, we missed out. Basically, her dad invested in it early, you know. Which we were gifted at 800K, so that's also the fair market value for taxes, everything. And then it went to zero. Wow. Bad. Really bad. And this guy was like- I mean, listen, it was 800K that- Well, you never- He was like- It was 800K that we never had. Never had. Yeah, a hundred percent. So- Yeah, yeah. But- That was the only mindset I could end up like living with. Mm-hmm. But yeah. But her dad like invested in early in some companies and he'd always super. I want to do the same thing for our kids. You break that up amongst your children. So if it goes, if it works, and you know, if he exited- Everyone gets a little bit. Yeah. So he gave a piece to everyone, which was like so awesome. Yeah. Amazing. And he got in really early. It was awesome. And we were like- Thank you. I remember we were in the- We were in Paris. Peninsula Hotel in Paris on like a. We were DJing for a car. You were DJing for a- Brendan had just told me at the airport I couldn't buy a bottle of water. I was like, what? I was like, we're flying business. Someone paid for it. We're two minutes away from getting free water on the plane. Yes. We don't even spend $6 right now. Like that's how bad of a situation we were in. Don't buy the water. And she's like, I'm so thirsty. I'm like, it's only a couple minutes. You're so thirsty. You couldn't even get a water. I was thirsty for more money. We were flying business. There was going to be a bottle there. I was like, oh my God. So then they woke up like the next morning in Paris. I was DJing for the Quail, which is like the car show that the Peninsula owns. So there's one in California and there's one in Paris and I had DJed both and we were in Paris for the quail. And then Hannah's like, let's order a room service. And I'm like, no chance. We had to put our card down. Oh. So like the brand wasn't paying for incidentals. And I'm like, a green juice is like 30 euros here. Like no chance. Couldn't be us. And then while we're lying in bed, her dad calls, he's like, have some great news. And I was like, let's get breakfast. I love it. We ordered breakfast. Little did we know we're still in the hole from that breakfast. Yeah. But that's what's so interesting too about your lifestyle is that even, and I feel like this is true of influencers in general and not specifically you guys. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Because I know that you're on top of your finances now and things are really like have improved so much. since then but there is so much like luxury in what you're presenting what people present but then like the reality behind the scenes of what's happening can be so different so like you could see you in an amazing outfit at the peninsula in Paris DJing and have no idea that you're actually in debt yeah how much would you say that you spend on clothing per year oh me less than a grand less than a grand I don't Brendan doesn't buy anything because it's all incoming through the work we do so to me it's just a game of how can I make like I haven't paid for one thing I got this shirt last week from Beckham these are rag and bone yeah free converse yeah oh I buy these socks traditionally on Amazon twice a year but it's very different as a girl because it's like your image is so meaningful like so much of what we like but I do all the dressing and I do all the gifting so the pdfs come all week all the shop my links and I go through it all and I order and then we do once a week yes it's a very it's you really got her to schedule it's crazy and then what doesn't fit we have going out because Hannah and I are both type b you're like blink if you're okay things are okay don't worry we go through the pdf well it's pretty chill we smoke a joint yeah one of us smokes a joint I have to get in the mood to try yeah yeah exactly every time we're like why don't we do a piece of content around this which we say every single time every single time content and it's the funniest looks or outfits and like you're wearing full leopard print or like but I mean there are obviously like my seasonal Zara purchases yeah I like that I've like shopped your Zara pics before you have to do high low yeah I say that a lot to women too because it's like you know there's so much data around looking good in the workplace how it will increase your income up to 30 percent I love that and and people but I think are like I had I was on with stod guy and he was like yeah that's why you should buy an investment piece and I was like okay but like not everyone can afford like those like eleven hundred dollar Brunello trousers yeah unfortunately we do need mango okay so research says that our relationship to money is solidified by the time that we are seven years old and I think it was Hannah you were talking earlier about how growing up like money wasn't really talked about I grew up the same way uh with wealth but where it was just something that was not on the table as a discussion yeah um but how we grow up around money is a discussion about how we grow up around money really affects us so for both of you what did wealth look like in your households growing up like maybe could speak a little bit more to that um so I guess wealth in our household my first of all my parents divorced when I was two years old young very young and I didn't even know about alimony until I was yeah until I was like 18 because that's when I actually saw my parents fight about money for the first time oh because it was off the because now that I was Cheryl yeah well now that I was out of high school yeah you know things were yeah there was a renegotiate negotiation and so that was really the first time I even understood that my father was bankrolling um my mother's lifestyle and you know my entire life I mean I obviously knew that I was on my parents payroll um but like there were certain things that you know I didn't know that I know I like for instance I had a cell phone when I was 14 I got my first phone and I almost felt like my phone was on a family plan like it was very much like they were all every everyone had eyes on at least my sort of thing I never I got my first credit card when I went to college and that was like the the blue amex where I had an allowance it wasn't like unlimited spending yeah that's also when I learned my dad's credit card number by heart yes and that was really what supplied my shop up addiction in college very early yes but you know I would always have to ask my parents for cash if I was going to go out on the weekend but then at the same time also you know when I was in lower school my dad would come and pick me up every morning from my house to take me to school with his driver and when the day is that he couldn't pick me up to go to school his driver would pick me up yeah so it was like I had a driver that took me to school I knew that my dad had these you know was a high-powered executive in the entertainment industry but like I didn't have a credit card I didn't have a cell phone yeah and that was totally that was totally normal then I had a driver who drove a bus and then Brendan you were you grew up in Canada yeah so tell us more about that I grew up in a very small farm town in Canada still 2,500 people one stoplight that's my my parents still live there everyone in this room shout out to Durham looked up at you it is cool to someone no I really appreciate my roots and then I'm from there happy to not currently reside there yeah beautiful little place in the world but Brendan you came into the relationship with Hannah with much more financial confidence and it sounds like you had Hannah so where'd that come from I mean I think mine just kind of just kind of just kind of came into the relationship with Hannah with much more financial confidence and it sounds like you had Hannah so where'd that come from I mean I think mine just kind of just came into the relationship with Hannah with much more financial confidence and it sounds like you had Hannah so where'd that come from I mean I think mine just kind of just kind of just came into the relationship with Hannah with much more financial confidence with Hannah with much more financial confidence and it sounds like you had Hannah so where'd that come from and it sounds like you had Hannah so where'd that come from I mean I think mine just comes from I I mean I think mine just comes from I don't come from a family who had the means that your family had and we also just we discussed money a lot in a lot of negative ways my dad continues to hold money over my mom's head like it's everything it's insane um because he works she doesn't or they both work he works she doesn't but he told her to stop working when she would have liked to but it's not like she's going to stop working when she would have liked to but it's not like she's going to stop working when she would have liked to but it's not like she's going to stop working when she would have liked to but it was an era back in that day it was like cool to yeah or not cool but like no one more successful if your wife didn't work or whatever and she was and by the way being a mom is a full-time job we all know that um or being a parent um but you know she did a fantastic job raising us and I'm super thankful for it but you know money was like a a negative thing I've watched my my dad cut my mom's credit cards up in the last five years so in your relationship though do you both have money that the other person doesn't have say over like how do you manage your finances who would you say we're all no we're all connected we at one point we had separate bank accounts for a while because I was largely on my decision because I was I when I started making my own money I was just so into my my own seeing my own success in a pillar and I was trying to hit goals and understand if I could get out of debt I also didn't like how she spent at the start of our relationship because you know her spending was just different than mine I'm super frugal as you can tell from this combo yeah and I just couldn't let go of the idea that I could share like I didn't want someone else to bring me into a zone that I was controlling that I was in you know but then whatever after a while I was like this is so there's so many tax advantages to being together and claiming income as a married couple and yeah all these things we've also been together for 14 years so like just for context you know I think like probably the first seven years eight years we had separate finances and then in the last seven years we've had joint finances probably true I don't know or maybe it was like the first five years we did it in the last nine years we have or something also like we own a company together all our income goes into one hold coat you know it's like just everything and then we can all our expenses you know there's so many write-offs being entrepreneurs and yeah so we it just makes so much sense yeah and we're our spending is super similar now I mean as you have the ink I go over every credit card statement line by line and look and see but she'll be like oh my god I didn't even you know it's like but I've been reformed yeah it sounds like a really positive impact people say people can't change and I like to say that is not true if someone wants to change they will 100 okay guys when I first started 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So on Financial Tea, though, we do love a legal safety net. So how did you guys approach the prenup conversation? We did a post-nup. Oh, wow. Okay. So what'd that look like? Because we got married for my visa. So my visa was running out and I was like, listen. Wait, can we back up? Brendan proposed on a boat and then you hurt your teeth. Obviously, I was a follower at the time. Oh, my God. Run a bike. Oh, my God. Yes. I remember the whole thing. I was so excited. Wow. Okay. So, yeah. So Brendan, we were in a relationship, but also so parasocial. Brendan proposed. There was a trauma. But then we realized that obviously we wanted to get married. I wanted Brendan to have a visa. I knew we were going to be together for a long. I had a visa. Oh, sorry for the green card. And I was like, hey, I can go apply for another one of these. Fine to do it. But like, we're going to, we're already engaged. Yeah. We're already engaged. So. We might as well get the green card process going. But that also meant that there was going to be a hundred days where we couldn't leave the country. Where he couldn't leave the country. Right, yeah. So I was like looking at the calendar. Because originally we were going to, you know, prolong the situation. But then I was like, you know what? The only next hundred days that we have is like. Like, in this quick block. Where I can't leave. Yes. So we got engaged in August and we got married at the courthouse without telling anyone in our family in October. Because our lawyer, my immigration lawyer was like, listen, you can tell your family. But a lot of times, more than half the times, you tell people you got legally married. They're like, why are we even having a wedding? And it's just like paperwork. But parents get obsessed with it. And they're like, you had a wedding? Yeah. I told my friend that she did it right after us. Told her parents. And they were so upset. And I was like, oh, I told you. Yeah. So when did they find out? We told them after. After our wedding. We got married at 10 in the morning in Morocco. And we told them at like 1030. And they were like, what? But they're so happy you're celebrating. Yeah, yeah, yeah. I don't even. It was like in one ear and out the other. But I'm surprised that your dad was not like, Hannah, you're already married. Here's the prenup. We knew we were going to get a prenup. But it was actually a postnup. Because we couldn't tell anyone that you'd leave and marry. That was the time before the big wedding. Yes. So you got legally married. And then the postnup happened in the time between October and when the Morocco. No, we did the postnup post-wedding. We did? Yeah, post our real wedding. Yeah. Oh, wow. We did? Yeah. Not before? Was your dad pissed? No. He was like, this is so nice. Most people would be like, we're married. Like, not most people. But if you were in the relationship for the wrong reason, you'd be like, we're married now. Which is a huge red flag. Yeah. Brendan and I were always very. Very communicative. And we knew from the beginning that we were going to have a postnup, prenup situation. Yeah, yeah, yeah. And after we got engaged, we redid like our wills and situation. And like, so you know what the other person's about. Because I was like, I don't even want a dollar. Like, and they're like, you have to like, you can't just take nothing. Like, you have to take a dollar. Yeah, yeah, yeah. I'm like, why? You know, like, I'm fine out here working for myself. So it was a whole thing. And we just did it with our lawyer. And yeah, it was. We did it with my family lawyer. Yeah. Who was running like clauses that you're like, what was like the breakdown? The postnup? Yeah. No idea. I don't know. It seemed very straightforward. We probably need to redo it now. We have kids. Yeah. Yeah. People, Beyonce has redone her prenup multiple times. Oh, really? With Jay-Z, yeah. Yeah, we should probably look into that. It's something we haven't refreshed in a long time. Definitely not since having Claude. Maybe we did something after Preston. No, I think we just did the, redid the will. You got to get the will and the life insurance going while we have kids. The life insurance is cranking. Huge. But we have the life insurance. The will we got to get back on. We have the will. We have his, like the kid's guarantors or whatever. The kid's guarantors. Wasn't that what they're called? Yeah. The kids. No, if we pass away. Like if we pass away, they, we have. Is it called a guarantor? Yeah, a guarantor. Oh, I'm not of my nephew. I think so. Yeah, I feel really good about it. My cousin is ours. I'm always like, this would be like a Sandra Bullock movie. If like you both died and then I got my nephew and like I have to like start over like with this baby, like going through grief. I feel like it's Sandra Bullock actually. Thank you so much. Your kids are in a lot of your content and I, you were just in this big Tom's campaign. It's everywhere. And so first of all, where do you draw the line between family and business? And also how do you handle your kids as basically employees, I would say? Yeah, we employ them. Okay, wait. So do they get paid for your content? Yes. But before we go into, and I'll let you kind of spearhead the financial side of this conversation, I just want it to be known. That I do struggle with the fact that we fully have jumped in and our kids are on social media, on our social media. In the beginning, it felt like because I had shared so much about our journey and our struggle to get pregnant. And then when we finally did, it just felt like, of course I needed to, yes, of course I needed to share. My kids with this community that was so invested. And a lot of times people comment on it, like even on my YouTube or whatever, like, thanks so much for sharing. Like, it's so polite. Yeah. But at the same time. Thanks for sharing your kids' lives with us. Like people, people really love, and they have so many internet aunties and it's amazing. But at the same time, I'm very aware of the dark side of the web and all of the predators and all the things and all the things that I now have subjected my kids to, whether I like it or not. Yeah. And I think that's one of the most important things that exists with putting your kids online. So it's something I struggle with all the time. There's definitely some weird moments, like we landed in Nice, like when Preston was two and someone was like, Preston, and we were like, Whoa, yeah. So we have to talk to our kids about safety and code words and how we prep our au pair about like, if people come up, they might not know, you know, like you got to have a sense. So we take a lot of precautions and safeties in our own home that we talk to our kids about to prepare them. For these types of scenarios. But it's not lost on me that I know, you know, it is a really big topic and it's one that I feel like I'm a living guinea pig for. We don't specifically put them on there to monetize. Like it's not like there's definitely like, we're not like, Hey, do this like act. So you can go like, I don't want to be filmed right now, but you got more views when they're in it though. Like, I feel like Claude's gone super viral. Yeah. She's just, I mean the attitude she gives is like no other, but again, those are like not planned moments. You just happen to catch them. It's not like you're like out there trying. No, she just loves her reflection. So I usually just like put the camera up and let her do her thing. She's such a diva, whether she's peeling her egg quietly to herself, you know, that was like such a random, I was like, I just needed her to be engaged while I was getting other things done. You know, she was just looking at herself, peeling her egg was unbelievable. People are like. Yeah. She peels an egg better than I do. Okay. But anyway, you can go into. Okay. Tell us about the Custodial Roth IRA. Cause when your kid works for you or has a job in general. You can write off the certain amount of money by putting. You couldn't get a creep, but basically a Roth IRA for them. But it is. Yeah. And then it's just, yeah. I mean, it's earning interest year over year. It's incredible. It really does. Like you can. So we pay them. We max it out for them each year because they're in a lot of our content. And then like for the Tom's campaign alone, it just maxed it out in one thing. So it was perfect. That's amazing. Yeah. Yeah. 15K. Yeah. I think by the time they're 60, they're going to, and that is all tax-free wealth because Custodial Roth IRA is the same as a regular Roth IRA, but it is for kids who are under 18. The parent manages it, sets it up for them, invests it most importantly. And you can start it as early as zero years old, but of course, no one has a job when they're zero. So it really is the kids that can do that are like, if your parents are influencers. Yeah. Right. You know, you're Beyonce's kid and you know, uh, I think you're Northwest Northwest saying on the song glory when she was like two days old, she cried on it. Like our kids are in a, like in a, you, we would have no problem backing up that it's a real income. A hundred percent. Yeah. Yeah. I don't feel like I'm just like using a loophole. It's like, you know, that is there for this. And we're lucky that the internet put us onto it and then we brought it to our accounts. They were like, for sure. Yeah. It's also crazy to how much growth you can have. Just by starting early, like a hundred percent, you know, whatever you guys are able to create just compounding year after year after year for the next 19, 20 years. But then, so then, you know, a friend of mine who I knew in New York who would like sleep in my bed and weird, like he was, he had like not a lot of money, but he was a great guy, but he didn't get his, like, couldn't use any of his money. His parents left till he was 50, which I kind of like, like giving someone a little bit of money when they're 21 or whatever, I think it should be late. Like you have to show, improve and make, make it. And then like, that is a nice, we've continuously moved back the years for, for my small trust that I have that my parents, that my grandfather, my grandmother, actually, let me correct myself. My grandmother. Yeah. You heard her. That's a female. Yes. But speaking of that, like, you know, I remember once. I was talking to you and we were talking about trust and generational wealth and you were Like, everyone thinks that you're just using your parent, your family's money to get all these things. And it's like, no, you actually haven't. Can we clear this up? Yes. And I would love to because people. Okay, let's speak on it. You know, like, you need people talking about you or, like, you're not doing it. No, light it up. Light it up, baby. Light it up more. It's like the best 3PR of all time. We have people all the time, like, we can take your Reddits down, like, a thousand a post. I'm like, this is the greatest PR. I would pay for more of them. This is incredible. I don't read them. Yeah. Yeah, Hannah, you cannot read them. I don't need to. Yeah, I know. I read all of them. It's hilarious. Anyway, when we started dating, Hannah was living in this old synagogue at Rivington and Ludlow. It was a sick apartment. We came back from Miami after meeting. She's like, come over. I came over. I was like, damn, this girl's killing it. Like, this is amazing. My first apartment out of college. Which you didn't even see. Your friend went and saw. My best friend. I was in the middle of finishing up my senior project, and I, like, literally needed to move into a place as soon as I left school. I had my best friend go, look at this apartment, sign the, like, send me the lease. I signed the lease. And my dad was going to pay for, like, the first year and a half of my rent out of college. Yeah, so then I go there, and I'm like, place is sick. Yeah. Like, I just met her in a nightclub. I was like, oh, man. Yeah, like, I really lucked out. I'm going to be living. Are we on the jet next week? Like, what's up? You know, and I have, like, no idea about her. And then I started having friends over, and they're like, sick. Like, this place is crazy. Like, what's this person do? And I'm like, not much. You know? And then, so then I'm like, like, she DJs sometimes. Yeah. And, like, she's, like, trying to get this rare seed library going with her, like, old gay friend. You know, like, up to some entrepreneurial things. Anyway. Listen, if you're in the food world, you know how important it is to, you know, really save those seeds. Heritage seeds. We don't have a lot of them. Everything's a jam. Anyway, so then after a bit, I'm like, people are coming over, and, like, there's no answer. And I'm like, this is a bad look. Like, so then I'm like, where's the money coming for this? What's happening? So then I start digging in a bit. And then it's like, oh, well, I get a draw monthly from my trust. And I'm like, why? She's like, well, that's what they do. That's what trusts are for. I'm like, no, not really. She's like, yeah. Like, how else would I, like, have money to go, like, do these things and, like, buy shoes and stuff? Like, you'd work. You'd work. Like, why don't you live like us for a bit? And she's like, what does that even mean? I'm like, here's what we're going to do. And that's when it all started. This is the rom-com I need, by the way. This is like, let's look under the hood and see what's happening. So we moved into the coolest apartment at 50 Spring, which is now, shout out, Cava, because it's there at Door Down. But it was a cabin in the back. We basically had another one for your business. I remember Ava Donaldson worked with you. Yeah. Yeah. Yeah. Ava Donaldson. Shout out to Ava. So we moved in there, which was a better financial decision than now. We were obviously splitting rent. So it's good. But then it was like. But I wasn't all, I wasn't, like, completely out of it. Like, I had an assistant that I had made up. That was me. That was how I was negotiating my fees at these nightclubs because I knew all the owners. I didn't want to, like, be the one to be like, hey, you've got to pay me $200 tonight instead of $75. It was a genius move. So I was, like, trying to move the needle. Yeah. But then I was like, OK, but if you really want to live like us, who aren't earning money from trust. Yes. Which I then got in arguments with her other friends who are set up the same. Like, that's what it's for. I'm like, it is not. Like, you're making $60,000 at work and you're spending $200 a year. Don't touch the principal. Yeah. I'm like, it could just be earning you more money to set back. Yes. Yes. And, like, you should just understand. And Hannah was like, I'm down for the challenge. And she's like, we made the call to her accountant and was like, cut it off. And it was like, cool. Now it's what you earn. Like, eat what you kill. And that mentality created a beast. Hannah is a monster now. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. And in, like, a financial way. You know, like, she works so hard. She's such a hustler. That one paradigm shift, like, changed everything for our relationship, our stability, your drive, your, like, destiny to succeed and all that. If you're a lesson, you'd be like, fuck you. You created this for me. Now you're taking it away from me. So to come to it on your own terms, to me, is, like, incredible. And in my best, like, financial year, I made close to, like, $5 million, which was a couple years ago. I mean, we've had ups and downs over the last 14 years of living online, but, like, I've been- $5 million is a lot. Yeah. We also were in debt. You know, like, there's a lot of stuff behind the scenes that people think- people, like, think that, like you said, that, like, I, like, that this work that we do is all- Like, free and we're just flying business ourselves. Like, we haven't paid for a business flight, maybe ever, that hasn't been a points upgrade. That's how we pay for them. But otherwise, like, we're just- It's part of the job. Like, we earned it through our work and lifestyle, you know? That's pretty amazing. So, okay, so shut down the haters. Everyone who says that they are just- Not really. Don't shut them. Keep the haters going. We're here for them. Yeah, absolutely. Still, you're inclined to your own opinion. Yeah. But I will say that Hannah and Brendan, like, the house in the Hamptons, the apartment- The house in the Hamptons is hilarious. Like, people are like, oh, daddy's money, Hannah's daddy's money. I'm like, cool. Think what you want. Like, we have- We have- We used- In full transparency, we used money from her trust for our first down payment on our apartment on 9th Street. On our first apartment. Our first apartment. And as soon as we could, we paid it back in. The exact same $430,000 we took out, we put back in. And I was like- Because to me, it was just an interest-free loan that we were super lucky to get. Yeah. But we also matched our- We took $430,000. It was like $800,000. We put the rest of the money down ourselves, but used that. But it was like- That was on our payback. It was on my loan. Like, we were paying that back, and we paid it back. And then when we sold our apartment, we used the capital gains to put the down payment on our house in Hamptons. Yeah. Smart. We rent it for about $110,000 a month. That's a lot. To me. Yeah. By the way- We've done some great upgrades. Yeah. The renters have to pay the expenses while they're there. What's the hardest time to run your pool, your AC, everything? So we don't pay any of that. We pay off-season, you know, all the- All the utilities off-season, which is like just running nest at 50 degrees. You know, it's like a joke. And this is our first summer that we haven't had to rent. Yeah. And so we are not renting our house this summer. That's so cool. And our kids are going to go to camp, and we'll just- And Aunt Haley is coming over. Yeah. Exactly. That's so- But our renovations look a little slimmer this year out there, because I just can't- I always just- It's like a net zero operation for me. Yes. But, you know, we get so many things get like Kohler is a big partner for us, so they pay us to put our new sauna and cold plunge in. You know, like- Yeah. To me, it's just gamifying- That's what's so smart about how you set things up. Yeah. Yeah, for our house in the city, everyone's like, again, dad, it was dad's money. I'm like, cool. Like, he would never spend a dollar on our house, A. Yeah. And I got 700 grand of product for our house. So crazy. And to me, that's like 1.5 million worth of equity, because you renovate anything in New York City, and it's like 2X. Yeah. And also, like, as someone who consumes your content, it's really fun to see, like, it works on both sides, that you're getting those- Upgrades, but also, it is- On any journey using Uber, it helps to know you're getting into the right car. PIN verification adds an extra step to make sure your ride is your ride. Before the trip begins, your app gives you a unique PIN. Just tell it to your driver, and they'll enter it in their app before the ride can start. Hey, what's your PIN? Mm-hmm. Two, five, three, eight. That way, you know you're in the right car, taking the right trip, and your driver knows you're the right passenger. Make sure your ride is your ride, with PIN verification from Uber. One more way Uber is putting safety at every turn. Learn more on the Uber app. Like, great content where people love your opinion. Sometimes I wish I was, like, just a home guy, but I'm like, I don't have enough money to keep this. Okay, but let's talk about your vibe as a home guy, because your apartment tour went super viral. Crazy. Like, people are worried about your kids. They're like, are Claude and Preston okay? They don't have windows. Yeah. Oh, yeah, the bunker. Yeah, they're like, I would never live there. I'm like, you wouldn't live there? Yeah. You wouldn't live there? Well, that's the whole thing. Oh, okay. Like, obviously, you have- I would live there. Yeah. Outside opinions, but two, like, people don't understand New York City living. Like, a lot of people only have a front window. I always think, like, if I was like, okay, one of you haters, like, I'm just going to gift you this apartment. They'd be like, I can't do it. Yeah. Not enough light. Yeah. You'd be like, incredible. Yeah. They'd think everything would change online. Like, I just got gifted the best apartment in the year, too. Yeah. But, like, again, who cares? But it works for us. Would we like more light? Of course. 100%. Do we go outside? That's the other thing with New York City. Like- Do we go outside? Well, New York City's funny, right? Like, Heron Preston, who's on our roster as well, as you know, put it the best way once when he made this book, which was, like, New York City, the halls are the streets and the restaurants are our cafeterias. Like, you're just in class for short times at home, but you just want to be outside. Yeah. That's the beauty of New York. Yeah. You're not in LA in your house, in your car. Like, New York is like, you sleep at your apartment, you sometimes entertain, but really you want to be in the city. Yeah. I agree. Home is just like a part of being- Like, when I first did my apartment, someone tried to have me, like, have a huge dining table, and I was like, certainly not. Right. Like, for what? Like, the one Shabbat I show through a year? Yeah. Like, it's like- We had an outdoor space at our last apartment, and we were like, we're going to barbecue and host, and it's like- No, no. You just want to be out with people. Yeah, 100%. That is New York City. The energy you feed and stay young off and be cultured is from being in the streets. And also, I have to say, this is not our forever home. So, we will get to an apartment. We will get to an apartment that has sunset views and has windows. But also, like- We also had an amazing deal on this apartment and it has so much character, insane ceilings. And we rent it out for shoots and make more money than it costs us to carry it monthly. And it's in the perfect location. Yeah. So there you go. And that's on that. And I get to, we get to walk our kids to school. So that in itself is a huge luxury that a lot of people pay a lot more money for in order to have. Okay. We're going to wrap things up, but you guys are very, obviously very busy, very successful. You have your fingers in a lot of different pies, but I would hate to have this episode end without just getting a quick breakdown of all the revenue streams. Cause there's so much going on. Wait, Brendan, you need to also tell us how much you made on your best year. Cause obviously it's like a safe space. I mean, my last year was my best year. I almost made 2 million bucks. Hell yeah. There you go, papa. This year I'm going to clear it too. Hell yeah. That's just by doing Influencer. So good. Yeah. Everyone thinks I'm just living off Hannah's money, but I'm like, I have goals. I set them, you know, and I stopped managing other people at Prevair two years ago and just realized I was sharing. Brendan is my boss, by the way. Like my management company. I own the company, which owns all of us. Yeah. Oh, you're my boss as well. Well, I'm like, no, I'm like, I'm always coach's wife. Oh, okay. Coach's wife. But you're a part of my household, our household, so you do theoretically. Yeah. But two years ago I was still managing other talent at Prevair and I was like, why am I sharing all the cheat codes with everyone? I'm making two thirds of my money being me and I'm just moonlighting. Yeah. I'm spending like less than an eighth of my time on my Influencer, like creator life. And I'm doing all the other time on this talent. I'm making less than a third. And I'm like, suddenly I just woke up and Gabe's like, I've been trying to tell you. And I'm like, what have I been doing? So I just like cut all them. And then I had the best year of my life immediately. And then last year was my second year doing it. And I like, yeah, I cleared like one seventh. But you're so good at optimization. Wait, so walk us through it and then this will be the last question. What are the rewards? What are the revenue streams? The revenue is content creation is like that. So brand partnerships, speaking engagements. Brand partners, speaking, DJing still for me is. Yeah, appearances. Appearances. DJing for me is like an eighth of my ink. I'm probably going to get more into it just because I'm finding love for it again. I actually like really hated doing it after 12, 15 years. TBD if I find my love again. You think we, I might. I'm trying to. We're going to do this little outdoor series this summer by our pool under umbrella with like a DJ set. But I, I've taken four years off of DJing. Once I had kids, you know, and it was the pandemic, like things changed so much. But never say never. Once you're a DJ, always a DJ. Yeah. But that's like another portion of the revenue stream. And then. Then we, we monetize our houses. We rent them out. Yeah. Location services on our houses. And also rentals. Yeah. Rentals. Affiliates. Yeah. Sucksack. Oh, how's that doing? It's doing all right. Yeah. You know, I'm growing. I'm growing over there, but it's also not my main driver at all, but it's been really fun and I love it. And someone just reached out to me who's very high profile and was like, Hey, like your Substack is the number one driver to my company. Like I would love to figure out a partnership. Wow. I was like, okay, cool. So it works. Yeah. You know, and I think Substack is a really great discoverable tool. Yeah. It's a great promotion. And you make like what, like 20 or 30 grand a year right now on industry? Yeah. There you go. And then I make another like 50K off my YouTube. Add Rev. Yeah. Plus partnerships over there. So there's all sorts of different small levers, but nothing, the big earners content. There might be another book in my future. Oh, you got to talk to me, girl. Mm-hmm. A different book. I don't know. Different type of book. I don't know if Gabe could handle another book, to be honest. Well, he just might. He's going to need to break off, get in together. Yes. Okay. What kind of, can you give us like a little taste? More of like a story. Like a coming of age story. Growing up in New York. Oh, heaven. So we're going to get into a TV show. Correct. That's what I'm hearing. It's all about owning your IP, people. That's what Justin Bieber is about too. Yeah, it is. If you're not the owner, then you're just working for who is. Exactly. Yeah. You got to own it. Yeah. But it's kind of a salacious story. Ooh. Is it true? It is. Okay. There you go. Based on true events. Okay. We're seated. Well, thank you guys so much for coming on Financial Tea. I love you guys. Thank you for having us. And I admire you. And I think that there's so much to learn. And obviously so much behind the curtain. So thank you for showing us. You know what? I feel like we've been waiting for this exact moment to be able to spell all the things that people have been talking about for years. It's glass table talk. Yeah. All right. Stay rich.