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Transcript

What’s Your Investment Horizon: Short-Term vs. Long-Term Goals? · Becoming Financially Confident

• 0:38
  Here's
• 0:38
  a
• 0:38
  great
• 0:38
  question
• 0:38
  to
• 0:39
  start
• 0:39
  today's
• 0:39
  show,
• 0:40
  Ralph,
• 0:41
  how
• 0:41
  do
• 0:41
  I
• 0:41
  know
• 0:41
  if
• 0:41
  I
• 0:42
  should
• 0:42
  be
• 0:42
  investing
• 0:42
  for
• 0:43
  short
• 0:43
  term
• 0:43
  goals
• 0:44
  or
• 0:44
  long
• 0:44
  term
• 0:44
  ones?
• 0:45
  I
• 0:45
  feel
• 0:46
  like
• 0:46
  I'm
• 0:46
  always
• 0:46
  getting
• 0:47
  it
• 0:47
  wrong.
• 0:47
  And
• 0:48
  you
• 0:48
  might
• 0:48
  be
• 0:48
  feeling
• 0:49
  that
• 0:49
  same
• 0:49
  thing
• 0:49
  too,
• 0:50
  trust
• 0:50
  me.
• 0:50
  And
• 0:50
  I've
• 0:50
  felt
• 0:51
  that
• 0:51
  from
• 0:51
  time
• 0:51
  to
• 0:51
  time
• 0:52
  as
• 0:52
  well.
• 0:52
  The
• 0:53
  truth
• 0:53
  is,
• 0:53
  some
• 0:53
  goals
• 0:54
  are
• 0:54
  right
• 0:54
  around
• 0:54
  the
• 0:54
  corner,
• 0:55
  like
• 0:55
  that
• 0:55
  vacation.
• 0:56
  Maybe
• 0:56
  you're
• 0:56
  going
• 0:57
  to
• 0:57
  be
• 0:57
  replacing
• 0:57
  that
• 0:57
  with
• 0:58
  a
• 0:58
  new
• 0:58
  car
• 0:58
  or
• 0:59
  maybe
• 0:59
  even
• 0:59
  that
• 1:00
  emergency
• 1:00
  fund
• 1:00
  that
• 1:00
  we've
• 1:01
  talked
• 1:01
  about
• 1:01
  on
• 1:01
  the
• 1:01
  show
• 1:01
  so
• 1:02
  many
• 1:02
  times.
• 1:03
  But
• 1:03
  other
• 1:03
  goals,
• 1:04
  they're
• 1:04
  years,
• 1:05
  maybe
• 1:05
  even
• 1:05
  decades
• 1:06
  away,
• 1:06
  like
• 1:07
  retirement
• 1:07
  or
• 1:08
  sending
• 1:08
  your
• 1:08
  kids
• 1:08
  to
• 1:09
  college.
• 1:10
  And
• 1:10
  here's
• 1:10
  the
• 1:11
  truth
• 1:11
  about
• 1:11
  investing.
• 1:12
  Your
• 1:12
  timeline
• 1:13
  changes
• 1:13
  everything.
• 1:14
  Let's
• 1:14
  talk
• 1:14
  about
• 1:14
  that
• 1:15
  on
• 1:15
  today's
• 1:15
  show.
• 1:17
  This
• 1:18
  is
• 1:18
  Financially
• 1:18
  Confident
• 1:19
  Christian,
• 1:20
  your
• 1:20
  daily
• 1:20
  dose
• 1:21
  of
• 1:21
  gospel,
• 1:21
  grounded
• 1:22
  insight
• 1:22
  and
• 1:22
  faith
• 1:23
  driven
• 1:23
  tips
• 1:24
  to
• 1:24
  help
• 1:24
  you
• 1:24
  break
• 1:24
  the
• 1:25
  cycle
• 1:25
  of
• 1:25
  financial
• 1:25
  shame
• 1:26
  with
• 1:26
  confidence.
• 1:29
  Hello
• 1:29
  there.
• 1:30
  Welcome
• 1:30
  to
• 1:30
  Financially
• 1:31
  Confident
• 1:31
  Christian.
• 1:31
  I'm
• 1:32
  Ralph.
• 1:32
  I
• 1:32
  am
• 1:32
  so
• 1:32
  happy
• 1:33
  that
• 1:33
  you've
• 1:33
  chosen
• 1:33
  to
• 1:33
  join
• 1:34
  me
• 1:34
  today.
• 1:34
  If
• 1:35
  you
• 1:35
  missed
• 1:35
  yesterday's
• 1:36
  show,
• 1:36
  we've
• 1:36
  been
• 1:36
  working
• 1:36
  in
• 1:37
  this
• 1:37
  series
• 1:37
  of
• 1:38
  investing
• 1:39
  and
• 1:39
  yesterday
• 1:39
  we
• 1:39
  talked
• 1:40
  about
• 1:40
  risk
• 1:40
  and
• 1:40
  reward.
• 1:40
  So
• 1:40
  if
• 1:41
  you
• 1:41
  missed
• 1:41
  yesterday's
• 1:41
  show,
• 1:41
  I'm
• 1:42
  going
• 1:42
  to
• 1:42
  encourage
• 1:42
  you
• 1:42
  to
• 1:42
  go
• 1:42
  check
• 1:42
  it
• 1:43
  out.
• 1:43
  You
• 1:43
  can
• 1:43
  do
• 1:43
  that
• 1:45
  at
• 1:46
  financiallyconfidentchristian.com
• 1:47
  I've
• 1:47
  worked
• 1:47
  with
• 1:47
  clients
• 1:48
  for
• 1:48
  over
• 1:48
  30
• 1:49
  years
• 1:50
  and
• 1:50
  I've
• 1:50
  helped
• 1:50
  families
• 1:51
  and
• 1:51
  business
• 1:51
  owners
• 1:52
  match
• 1:52
  their
• 1:52
  money
• 1:52
  to
• 1:52
  their
• 1:53
  goals.
• 1:53
  And
• 1:53
  that's
• 1:53
  really
• 1:53
  what
• 1:53
  I
• 1:53
  want
• 1:54
  to
• 1:54
  talk
• 1:54
  about
• 1:54
  today.
• 1:55
  And
• 1:55
  one
• 1:55
  of
• 1:55
  the
• 1:56
  biggest
• 1:56
  mistakes
• 1:57
  that
• 1:57
  I
• 1:57
  seen,
• 1:57
  I've
• 1:57
  seen
• 1:58
  this
• 1:58
  day
• 1:58
  in
• 1:59
  and
• 1:59
  day
• 1:59
  out.
• 2:00
  So
• 2:01
  many
• 2:01
  people,
• 2:01
  you
• 2:01
  might
• 2:01
  be
• 2:02
  one
• 2:02
  of
• 2:02
  these
• 2:02
  people
• 2:02
  right
• 2:03
  now.
• 2:03
  They
• 2:04
  treat
• 2:04
  short
• 2:04
  term
• 2:05
  and
• 2:05
  long
• 2:05
  term
• 2:05
  goals
• 2:06
  the
• 2:06
  same
• 2:06
  way.
• 2:07
  And
• 2:07
  when
• 2:08
  you
• 2:08
  do
• 2:08
  that,
• 2:08
  it
• 2:09
  leads
• 2:09
  to
• 2:09
  stress,
• 2:10
  it
• 2:10
  leads
• 2:10
  to
• 2:10
  fear,
• 2:11
  and
• 2:11
  so
• 2:11
  often
• 2:12
  it
• 2:13
  leads
• 2:13
  to
• 2:13
  loss.
• 2:15
  But
• 2:15
  here's
• 2:16
  the
• 2:16
  truth.
• 2:17
  When
• 2:17
  you
• 2:17
  align
• 2:17
  your
• 2:18
  horizon
• 2:18
  with
• 2:18
  your
• 2:18
  investments,
• 2:19
  guess
• 2:19
  what
• 2:19
  follows?
• 2:20
  Confidence
• 2:20
  follows.
• 2:21
  Let's
• 2:21
  talk
• 2:21
  about
• 2:21
  some
• 2:22
  confidence
• 2:22
  today.
• 2:24
  Clients
• 2:24
  once
• 2:24
  told
• 2:25
  me,
• 2:25
  they
• 2:25
  said,
• 2:25
  Ralph,
• 2:26
  I
• 2:26
  put
• 2:26
  my
• 2:26
  emergency
• 2:27
  savings
• 2:27
  into
• 2:27
  the
• 2:28
  stock
• 2:28
  market
• 2:29
  and
• 2:29
  then
• 2:29
  the
• 2:29
  market
• 2:29
  dipped
• 2:30
  right
• 2:30
  when
• 2:30
  I
• 2:31
  needed
• 2:31
  the
• 2:31
  money.
• 2:32
  Well,
• 2:32
  let
• 2:32
  me
• 2:33
  just
• 2:33
  tell
• 2:33
  you
• 2:33
  right
• 2:33
  now,
• 2:33
  not
• 2:34
  a
• 2:34
  wise
• 2:34
  decision.
• 2:35
  That
• 2:36
  emergency
• 2:36
  fund
• 2:36
  needs
• 2:36
  to
• 2:37
  be
• 2:37
  available
• 2:37
  as
• 2:38
  an
• 2:38
  emergency,
• 2:39
  not
• 2:39
  in
• 2:39
  the
• 2:39
  market.
• 2:40
  And
• 2:40
  see,
• 2:40
  that's
• 2:41
  the
• 2:41
  real
• 2:41
  danger
• 2:42
  in
• 2:42
  mixing
• 2:43
  investment
• 2:43
  horizons.
• 2:45
  Here's
• 2:45
  the
• 2:45
  truth.
• 2:46
  Short
• 2:46
  term
• 2:47
  money
• 2:47
  should
• 2:47
  be
• 2:48
  safe
• 2:48
  and
• 2:48
  accessible.
• 2:50
  That
• 2:50
  is
• 2:50
  so
• 2:50
  very
• 2:51
  important.
• 2:52
  Those
• 2:52
  things
• 2:52
  that
• 2:53
  you
• 2:53
  need
• 2:54
  to
• 2:54
  have
• 2:54
  right
• 2:55
  away
• 2:55
  need
• 2:55
  to
• 2:56
  be
• 2:56
  invested
• 2:56
  in
• 2:57
  short
• 2:57
  term
• 2:57
  things.
• 2:58
  Now
• 2:59
  long
• 2:59
  term
• 2:59
  money
• 3:00
  can
• 3:00
  ride
• 3:00
  the
• 3:00
  ups
• 3:01
  and
• 3:01
  downs
• 3:01
  of
• 3:01
  the
• 3:01
  market
• 3:01
  and
• 3:02
  really
• 3:02
  go
• 3:02
  find
• 3:03
  that
• 3:03
  growth
• 3:04
  and
• 3:04
  friend.
• 3:05
  Once
• 3:05
  you
• 3:05
  understand
• 3:06
  the
• 3:06
  difference
• 3:06
  between
• 3:06
  short
• 3:07
  term
• 3:07
  and
• 3:07
  long
• 3:07
  term
• 3:08
  investing
• 3:09
  becomes
• 3:09
  a
• 3:09
  whole
• 3:09
  lot
• 3:09
  clearer.
• 3:10
  So
• 3:10
  let's
• 3:10
  get
• 3:10
  into
• 3:11
  that
• 3:11
  today.
• 3:11
  If
• 3:12
  you
• 3:12
  need
• 3:12
  that
• 3:12
  money
• 3:12
  in
• 3:13
  one
• 3:13
  to
• 3:13
  three,
• 3:13
  hey,
• 3:13
  maybe
• 3:14
  you
• 3:14
  need
• 3:14
  it
• 3:14
  in
• 3:14
  one
• 3:14
  to
• 3:14
  three
• 3:14
  months,
• 3:15
  but
• 3:15
  if
• 3:15
  you
• 3:15
  need
• 3:15
  it
• 3:15
  in
• 3:15
  one
• 3:15
  to
• 3:16
  three
• 3:16
  years,
• 3:16
  here's
• 3:17
  my
• 3:17
  investment
• 3:17
  advice
• 3:18
  right
• 3:18
  now.
• 3:18
  Don't
• 3:19
  risk
• 3:19
  it.
• 3:20
  As
• 3:20
  an
• 3:20
  example,
• 3:21
  my
• 3:21
  mother
• 3:21
  in
• 3:22
  law,
• 3:22
  she
• 3:22
  suffers
• 3:22
  with
• 3:23
  dementia
• 3:23
  and
• 3:24
  her
• 3:24
  money
• 3:24
  was
• 3:24
  all
• 3:25
  invested
• 3:25
  in
• 3:25
  the
• 3:26
  market.
• 3:26
  And
• 3:26
  my
• 3:27
  wife
• 3:27
  and
• 3:27
  I
• 3:28
  sat
• 3:28
  down
• 3:28
  about,
• 3:29
  I
• 3:29
  don't
• 3:29
  know,
• 3:29
  about
• 3:29
  eight
• 3:29
  months
• 3:30
  ago
• 3:30
  and
• 3:30
  we
• 3:30
  said,
• 3:30
  listen,
• 3:31
  mom's
• 3:31
  not
• 3:31
  getting
• 3:32
  any
• 3:32
  better.
• 3:33
  She
• 3:33
  may
• 3:33
  need
• 3:33
  this
• 3:34
  money
• 3:34
  right
• 3:34
  now.
• 3:34
  She's
• 3:34
  in
• 3:35
  skilled
• 3:35
  nursing
• 3:35
  care
• 3:36
  and
• 3:36
  she
• 3:36
  needs
• 3:36
  that
• 3:37
  money
• 3:37
  right
• 3:37
  away.
• 3:37
  So
• 3:38
  we
• 3:38
  got
• 3:38
  in
• 3:38
  touch
• 3:38
  with
• 3:38
  the
• 3:38
  investment
• 3:39
  advisor,
• 3:39
  said,
• 3:39
  listen,
• 3:40
  we're
• 3:40
  going
• 3:40
  to
• 3:40
  take
• 3:40
  things
• 3:40
  out
• 3:41
  of
• 3:41
  the
• 3:41
  market
• 3:42
  because
• 3:42
  we
• 3:42
  need
• 3:42
  to
• 3:42
  have
• 3:42
  more
• 3:43
  of
• 3:43
  a
• 3:43
  short
• 3:43
  term
• 3:44
  focus
• 3:44
  on
• 3:44
  these
• 3:44
  things.
• 3:45
  So
• 3:45
  what
• 3:45
  do
• 3:46
  we
• 3:46
  do?
• 3:46
  We
• 3:46
  move
• 3:46
  those
• 3:47
  things
• 3:47
  from
• 3:47
  those
• 3:47
  speculative
• 3:48
  investments.
• 3:48
  And
• 3:48
  of
• 3:49
  course
• 3:49
  the
• 3:49
  money
• 3:49
  manager
• 3:50
  is
• 3:50
  like,
• 3:50
  wait
• 3:50
  a
• 3:50
  minute,
• 3:50
  Ralph,
• 3:51
  you're
• 3:51
  going
• 3:51
  to
• 3:51
  be
• 3:51
  giving
• 3:51
  away
• 3:52
  such
• 3:52
  big
• 3:52
  rewards
• 3:53
  as
• 3:54
  we
• 3:54
  talked
• 3:54
  about
• 3:54
  yesterday,
• 3:55
  high
• 3:55
  risk,
• 3:56
  high
• 3:56
  rewards,
• 3:57
  low
• 3:57
  risk,
• 3:58
  low
• 3:58
  rewards.
• 3:59
  But
• 3:59
  the
• 4:00
  time
• 4:00
  investment
• 4:00
  horizon
• 4:01
  is
• 4:01
  short.
• 4:02
  She
• 4:02
  needs
• 4:02
  that
• 4:03
  money
• 4:03
  right
• 4:03
  now.
• 4:04
  So
• 4:04
  if
• 4:05
  you
• 4:05
  find
• 4:05
  yourself
• 4:06
  needing
• 4:06
  those
• 4:06
  short
• 4:06
  term
• 4:07
  things,
• 4:07
  that
• 4:08
  emergency
• 4:08
  fund,
• 4:09
  maybe
• 4:09
  you're
• 4:09
  buying
• 4:10
  a
• 4:10
  car
• 4:10
  in
• 4:10
  six
• 4:10
  months,
• 4:11
  maybe
• 4:11
  you're
• 4:11
  buying
• 4:12
  a
• 4:12
  house
• 4:12
  in
• 4:12
  a
• 4:12
  year.
• 4:13
  If
• 4:13
  you
• 4:13
  find
• 4:13
  yourself
• 4:14
  in
• 4:14
  that
• 4:14
  one
• 4:15
  to
• 4:15
  three
• 4:15
  year
• 4:15
  time
• 4:16
  horizon,
• 4:16
  this
• 4:17
  is
• 4:17
  the
• 4:17
  time
• 4:17
  to
• 4:18
  keep
• 4:18
  that
• 4:18
  in
• 4:18
  a
• 4:18
  high
• 4:19
  yield
• 4:19
  savings
• 4:19
  account,
• 4:20
  maybe
• 4:20
  a
• 4:20
  money
• 4:21
  market
• 4:21
  account.
• 4:21
  CDs
• 4:22
  are
• 4:22
  great
• 4:22
  for
• 4:23
  this.
• 4:23
  You
• 4:23
  can
• 4:24
  buy
• 4:24
  and
• 4:24
  ladder
• 4:25
  CDs
• 4:25
  at
• 4:25
  3
• 4:25
  months,
• 4:26
  6
• 4:26
  months,
• 4:26
  9
• 4:26
  months,
• 4:27
  a
• 4:27
  year,
• 4:27
  whatever
• 4:27
  that
• 4:27
  works
• 4:28
  for
• 4:28
  you.
• 4:28
  Or
• 4:28
  of
• 4:29
  course
• 4:29
  there's
• 4:30
  the
• 4:30
  traditional
• 4:30
  money
• 4:30
  market
• 4:31
  accounts.
• 4:32
  The
• 4:32
  goal
• 4:32
  with
• 4:32
  short
• 4:33
  term
• 4:33
  investments
• 4:34
  is
• 4:34
  stability,
• 4:35
  not
• 4:35
  growth.
• 4:36
  Of
• 4:36
  course
• 4:37
  there's
• 4:37
  a
• 4:37
  risk
• 4:37
  reward
• 4:38
  for
• 4:38
  that.
• 4:38
  If
• 4:38
  you
• 4:39
  invest
• 4:39
  the
• 4:39
  money
• 4:39
  in
• 4:40
  short
• 4:40
  term,
• 4:40
  there's
• 4:41
  going
• 4:41
  to
• 4:41
  be
• 4:41
  a
• 4:41
  lower
• 4:41
  reward.
• 4:41
  But
• 4:42
  it's
• 4:42
  not
• 4:42
  about
• 4:42
  growth
• 4:43
  and
• 4:43
  it's
• 4:43
  about
• 4:44
  stability.
• 4:45
  Let's
• 4:45
  focus
• 4:45
  a
• 4:46
  little
• 4:46
  bit
• 4:46
  on
• 4:46
  long
• 4:46
  term
• 4:47
  goals.
• 4:47
  Those
• 4:48
  long
• 4:48
  term
• 4:48
  goals
• 4:48
  can
• 4:49
  handle
• 4:49
  growth.
• 4:49
  That's
• 4:50
  fine.
• 4:50
  That's
• 4:50
  the
• 4:50
  money
• 4:51
  that
• 4:51
  you
• 4:51
  can
• 4:51
  afford
• 4:52
  to
• 4:52
  risk
• 4:52
  in
• 4:52
  the
• 4:53
  market.
• 4:53
  So
• 4:53
  if
• 4:54
  you've
• 4:54
  got
• 4:54
  a
• 4:54
  goal
• 4:54
  of
• 4:55
  10,
• 4:55
  20,
• 4:55
  maybe
• 4:56
  even
• 4:56
  30
• 4:56
  years
• 4:57
  away.
• 4:57
  Listen,
• 4:57
  I
• 4:58
  just
• 4:58
  turned
• 4:58
  53
• 4:58
  a
• 4:59
  couple
• 4:59
  of
• 4:59
  days
• 4:59
  ago.
• 5:00
  I
• 5:00
  remember
• 5:00
  when
• 5:00
  my
• 5:01
  investment
• 5:01
  horizon
• 5:02
  was
• 5:02
  when
• 5:02
  I
• 5:02
  retired
• 5:03
  in
• 5:03
  30
• 5:03
  or
• 5:03
  40
• 5:03
  years,
• 5:04
  it's
• 5:05
  getting
• 5:05
  a
• 5:05
  lot
• 5:05
  shorter
• 5:06
  for
• 5:06
  me.
• 5:07
  But
• 5:07
  when
• 5:07
  you're
• 5:07
  at
• 5:07
  the
• 5:08
  beginning
• 5:08
  of
• 5:08
  that,
• 5:08
  when
• 5:08
  you've
• 5:09
  got
• 5:09
  that
• 5:09
  time
• 5:09
  Horizon
• 5:10
  in
• 5:10
  that
• 5:10
  10,
• 5:10
  20
• 5:11
  or
• 5:11
  30
• 5:11
  years,
• 5:12
  you
• 5:12
  can
• 5:12
  afford
• 5:13
  to
• 5:13
  take
• 5:13
  more
• 5:13
  risk.
• 5:14
  Why?
• 5:14
  Because
• 5:15
  you've
• 5:15
  got
• 5:15
  time
• 5:15
  to
• 5:15
  recover.
• 5:16
  As
• 5:17
  many
• 5:17
  people
• 5:17
  preach
• 5:17
  about
• 5:18
  in
• 5:18
  the
• 5:18
  market,
• 5:18
  you
• 5:19
  got
• 5:19
  to
• 5:19
  take
• 5:19
  that
• 5:19
  long
• 5:20
  term
• 5:20
  view.
• 5:21
  So
• 5:21
  many
• 5:21
  people
• 5:22
  get
• 5:22
  stuck
• 5:22
  in
• 5:22
  that
• 5:23
  looking
• 5:23
  at
• 5:23
  that
• 5:23
  statement
• 5:23
  every
• 5:24
  month.
• 5:24
  Oh,
• 5:24
  my
• 5:24
  investments
• 5:25
  are
• 5:25
  floundering.
• 5:26
  Ralph,
• 5:27
  don't
• 5:27
  worry
• 5:27
  so
• 5:28
  much.
• 5:28
  We
• 5:28
  talked
• 5:28
  yesterday
• 5:28
  about
• 5:29
  risk
• 5:29
  and
• 5:29
  rewards.
• 5:29
  I'm
• 5:30
  hoping
• 5:30
  you
• 5:30
  can
• 5:30
  tolerate
• 5:31
  those
• 5:31
  things.
• 5:31
  I
• 5:31
  hope
• 5:32
  you've
• 5:32
  made
• 5:32
  the
• 5:33
  decisions
• 5:33
  that's
• 5:33
  balanced
• 5:34
  for
• 5:34
  you.
• 5:35
  But
• 5:35
  realize
• 5:36
  if
• 5:36
  this
• 5:36
  is
• 5:36
  long
• 5:36
  term
• 5:37
  money,
• 5:37
  don't
• 5:38
  worry
• 5:38
  about
• 5:38
  it.
• 5:38
  You've
• 5:38
  got
• 5:39
  time
• 5:39
  for
• 5:39
  the
• 5:39
  market
• 5:39
  to
• 5:40
  recover.
• 5:41
  This
• 5:41
  is
• 5:41
  a
• 5:41
  great
• 5:41
  place
• 5:42
  for
• 5:42
  stocks
• 5:42
  and
• 5:43
  index
• 5:43
  funds
• 5:44
  and
• 5:44
  Those
• 5:44
  individual
• 5:45
  retirement
• 5:45
  accounts,
• 5:46
  401ks,
• 5:47
  403bs,
• 5:48
  all
• 5:48
  of
• 5:48
  those
• 5:48
  things
• 5:48
  that
• 5:48
  make
• 5:49
  sense
• 5:49
  here
• 5:50
  because
• 5:50
  time
• 5:50
  will
• 5:51
  smooth
• 5:51
  out
• 5:51
  the
• 5:51
  bumps
• 5:52
  and
• 5:52
  those
• 5:52
  rises
• 5:52
  and
• 5:53
  falls
• 5:53
  in
• 5:53
  the
• 5:53
  market
• 5:53
  because
• 5:53
  you
• 5:54
  don't
• 5:54
  need
• 5:54
  that
• 5:54
  money
• 5:54
  next
• 5:54
  week.
• 5:55
  If
• 5:55
  the
• 5:55
  market
• 5:55
  takes
• 5:56
  a
• 5:56
  downturn,
• 5:57
  you
• 5:57
  can
• 5:57
  kind
• 5:57
  of
• 5:57
  sit
• 5:58
  on
• 5:58
  the
• 5:58
  sideline
• 5:58
  and
• 5:58
  wait
• 5:59
  for
• 5:59
  that.
• 6:00
  And
• 6:00
  here's
• 6:00
  the
• 6:00
  problem.
• 6:01
  So
• 6:01
  many
• 6:02
  people
• 6:02
  that
• 6:02
  I've
• 6:02
  worked
• 6:02
  with
• 6:03
  mix
• 6:03
  the
• 6:03
  two
• 6:04
  and
• 6:04
  create
• 6:04
  these
• 6:05
  massive
• 6:05
  problems.
• 6:06
  If
• 6:06
  you
• 6:06
  don't
• 6:07
  understand
• 6:08
  short
• 6:08
  term
• 6:08
  and
• 6:09
  long
• 6:09
  term
• 6:09
  money,
• 6:09
  if
• 6:10
  you
• 6:10
  confuse
• 6:10
  those
• 6:10
  two
• 6:11
  things
• 6:11
  and
• 6:12
  it
• 6:12
  becomes
• 6:12
  dangerous.
• 6:13
  A
• 6:13
  couple
• 6:13
  of
• 6:13
  days
• 6:13
  ago
• 6:14
  I
• 6:14
  talked
• 6:14
  about
• 6:14
  being
• 6:14
  in
• 6:15
  the
• 6:15
  market
• 6:15
  feels
• 6:15
  like
• 6:15
  you're
• 6:16
  gambling.
• 6:16
  When
• 6:16
  you
• 6:16
  mix
• 6:17
  these
• 6:17
  two
• 6:17
  things,
• 6:17
  you
• 6:18
  are
• 6:18
  most
• 6:19
  definitely
• 6:19
  gambling.
• 6:20
  And
• 6:20
  that's
• 6:21
  how
• 6:21
  people
• 6:21
  end
• 6:21
  up
• 6:21
  with
• 6:22
  selling
• 6:22
  investments
• 6:23
  too
• 6:23
  soon.
• 6:23
  Like
• 6:23
  that
• 6:23
  couple
• 6:24
  I
• 6:24
  talked
• 6:24
  about,
• 6:25
  they
• 6:25
  didn't
• 6:25
  understand
• 6:26
  that
• 6:27
  they
• 6:27
  needed
• 6:27
  that
• 6:27
  money
• 6:28
  for
• 6:28
  their
• 6:28
  emergency
• 6:28
  fund
• 6:29
  right
• 6:29
  away.
• 6:29
  So
• 6:30
  when
• 6:30
  the
• 6:30
  market
• 6:30
  took
• 6:30
  a
• 6:31
  hit
• 6:31
  and
• 6:31
  they
• 6:31
  needed
• 6:31
  that
• 6:32
  money,
• 6:32
  they
• 6:32
  had
• 6:32
  to
• 6:32
  sell
• 6:33
  the
• 6:33
  investments
• 6:33
  too
• 6:33
  soon
• 6:34
  and
• 6:34
  they
• 6:34
  lost
• 6:34
  a
• 6:35
  ton
• 6:35
  of
• 6:35
  money.
• 6:36
  Also,
• 6:37
  if
• 6:37
  you've
• 6:37
  got
• 6:37
  things
• 6:38
  that
• 6:38
  you
• 6:38
  don't
• 6:38
  need
• 6:39
  right
• 6:39
  away,
• 6:39
  you
• 6:39
  got
• 6:39
  those
• 6:40
  things
• 6:40
  that
• 6:40
  really
• 6:40
  could
• 6:40
  be
• 6:40
  long
• 6:41
  term
• 6:41
  and
• 6:41
  you've
• 6:42
  got
• 6:42
  them
• 6:42
  parked.
• 6:42
  In
• 6:42
  short
• 6:43
  term
• 6:43
  things,
• 6:43
  you're
• 6:44
  missing
• 6:44
  growth
• 6:44
  opportunities.
• 6:45
  It
• 6:45
  works
• 6:46
  both
• 6:46
  ways.
• 6:46
  And
• 6:46
  you
• 6:46
  got
• 6:47
  to
• 6:47
  understand
• 6:47
  the
• 6:47
  two.
• 6:48
  The
• 6:48
  thing
• 6:49
  is,
• 6:49
  with
• 6:50
  these
• 6:50
  short
• 6:50
  term
• 6:50
  decisions,
• 6:52
  you
• 6:52
  could
• 6:52
  lose
• 6:52
  your
• 6:53
  money
• 6:53
  when
• 6:54
  you
• 6:54
  actually
• 6:54
  need
• 6:55
  it.
• 6:55
  So
• 6:55
  you
• 6:55
  got
• 6:55
  to
• 6:55
  learn
• 6:56
  to
• 6:56
  keep
• 6:56
  those
• 6:56
  buckets
• 6:56
  separate.
• 6:57
  If
• 6:57
  you
• 6:57
  don't
• 6:57
  hear
• 6:57
  anything
• 6:57
  else
• 6:58
  I
• 6:58
  say
• 6:58
  today,
• 6:59
  understand
• 7:00
  the
• 7:00
  difference
• 7:00
  between
• 7:01
  short
• 7:01
  term
• 7:02
  and
• 7:02
  long
• 7:02
  term
• 7:03
  and
• 7:03
  keep
• 7:03
  those
• 7:04
  buckets
• 7:04
  separate.
• 7:05
  Let's
• 7:06
  get
• 7:06
  into
• 7:06
  the
• 7:06
  Bible
• 7:06
  a
• 7:06
  little
• 7:06
  bit.
• 7:07
  The
• 7:07
  book
• 7:07
  of
• 7:07
  Proverbs,
• 7:08
  chapter
• 7:08
  24:27
• 7:09
  puts
• 7:09
  it
• 7:10
  this
• 7:10
  way.
• 7:11
  Put
• 7:11
  your
• 7:11
  outdoor
• 7:12
  work
• 7:12
  in
• 7:12
  order
• 7:12
  and
• 7:13
  get
• 7:13
  your
• 7:13
  fields
• 7:14
  ready.
• 7:14
  After
• 7:15
  that,
• 7:15
  build
• 7:16
  your
• 7:16
  house.
• 7:17
  Now
• 7:17
  you
• 7:18
  might
• 7:18
  say,
• 7:18
  Ralph,
• 7:18
  that
• 7:18
  has
• 7:18
  nothing
• 7:19
  to
• 7:19
  do
• 7:19
  with
• 7:19
  what
• 7:19
  we're
• 7:19
  talking
• 7:19
  about,
• 7:20
  but
• 7:20
  it
• 7:20
  does.
• 7:21
  God
• 7:22
  calls
• 7:22
  us
• 7:22
  to
• 7:23
  plan
• 7:23
  in
• 7:23
  order.
• 7:24
  He
• 7:25
  calls
• 7:25
  us
• 7:25
  to
• 7:25
  prepare
• 7:26
  for
• 7:26
  today
• 7:27
  and
• 7:27
  then
• 7:28
  wisely
• 7:28
  build
• 7:28
  for
• 7:28
  tomorrow.
• 7:29
  Well,
• 7:29
  investments
• 7:29
  work
• 7:29
  the
• 7:30
  same
• 7:30
  way.
• 7:31
  If
• 7:31
  you've
• 7:31
  got
• 7:31
  to
• 7:31
  prepare
• 7:32
  for
• 7:32
  tomorrow.
• 7:33
  Those
• 7:33
  are
• 7:33
  your
• 7:33
  short
• 7:34
  term
• 7:34
  investments.
• 7:35
  When
• 7:35
  you're
• 7:35
  preparing
• 7:36
  for
• 7:36
  later,
• 7:37
  that's
• 7:37
  your
• 7:37
  stuff
• 7:38
  you're
• 7:38
  building
• 7:38
  and
• 7:38
  you're
• 7:39
  planning
• 7:39
  for
• 7:39
  tomorrow.
• 7:40
  So
• 7:40
  this
• 7:40
  ties
• 7:40
  right
• 7:40
  into
• 7:41
  scripture.
• 7:41
  As
• 7:41
  you
• 7:42
  know,
• 7:42
  I
• 7:42
  always
• 7:42
  bring
• 7:42
  that
• 7:42
  to
• 7:43
  you
• 7:43
  because
• 7:43
  I
• 7:43
  want
• 7:43
  to
• 7:43
  tie
• 7:44
  the
• 7:44
  advice
• 7:44
  that
• 7:45
  I
• 7:45
  give
• 7:45
  you
• 7:45
  directly
• 7:46
  into
• 7:46
  the
• 7:47
  biblical
• 7:47
  principles
• 7:48
  of
• 7:48
  stewardship.
• 7:48
  And
• 7:49
  this
• 7:49
  one
• 7:49
  just
• 7:49
  nails
• 7:50
  it.
• 7:50
  So
• 7:51
  here's
• 7:51
  a
• 7:51
  practical
• 7:51
  system.
• 7:52
  I
• 7:52
  want
• 7:52
  to
• 7:52
  give
• 7:52
  you
• 7:52
  some
• 7:53
  practicality
• 7:53
  today.
• 7:54
  Here's
• 7:54
  what
• 7:55
  I
• 7:55
  encourage
• 7:55
  you
• 7:55
  to
• 7:56
  do.
• 7:56
  First
• 7:56
  thing
• 7:56
  you've
• 7:57
  got
• 7:57
  to
• 7:57
  do,
• 7:57
  write
• 7:57
  down
• 7:58
  your
• 7:58
  goals.
• 7:59
  What
• 7:59
  are
• 7:59
  those
• 7:59
  goals?
• 8:00
  Maybe
• 8:00
  you've
• 8:00
  got
• 8:00
  to
• 8:00
  buy
• 8:01
  that
• 8:01
  car.
• 8:01
  Maybe
• 8:02
  you're
• 8:02
  going
• 8:02
  to
• 8:02
  be
• 8:02
  putting
• 8:02
  money
• 8:03
  away
• 8:03
  from
• 8:03
  for
• 8:04
  a
• 8:04
  down
• 8:04
  payment
• 8:05
  for
• 8:05
  a
• 8:05
  home.
• 8:05
  Maybe
• 8:06
  you've
• 8:06
  got
• 8:06
  a
• 8:06
  kid
• 8:06
  starting
• 8:07
  college.
• 8:07
  Write
• 8:08
  down
• 8:08
  all
• 8:08
  of
• 8:08
  those
• 8:09
  financial
• 8:09
  goals
• 8:10
  and
• 8:10
  then
• 8:10
  right
• 8:10
  next
• 8:11
  to
• 8:11
  each
• 8:11
  one,
• 8:12
  assign
• 8:12
  a
• 8:12
  timeline
• 8:13
  to
• 8:13
  that.
• 8:13
  Is
• 8:14
  that
• 8:14
  short
• 8:14
  term?
• 8:15
  Really
• 8:15
  put
• 8:15
  in
• 8:15
  the
• 8:15
  months,
• 8:16
  years,
• 8:16
  whatever
• 8:17
  those
• 8:17
  things
• 8:17
  are
• 8:17
  and
• 8:18
  assign
• 8:18
  a
• 8:18
  timeline
• 8:19
  to
• 8:19
  that.
• 8:20
  And
• 8:20
  then
• 8:20
  once
• 8:20
  you
• 8:20
  do
• 8:21
  that,
• 8:21
  then
• 8:22
  match
• 8:22
  that
• 8:22
  investment
• 8:23
  to
• 8:23
  that
• 8:23
  time
• 8:23
  horizon.
• 8:24
  Now
• 8:24
  listen,
• 8:24
  this
• 8:24
  isn't
• 8:24
  one
• 8:24
  of
• 8:25
  those
• 8:25
  things
• 8:25
  that
• 8:25
  you
• 8:25
  just
• 8:26
  set
• 8:26
  and
• 8:26
  forget.
• 8:27
  This
• 8:27
  is
• 8:27
  something
• 8:28
  you
• 8:28
  should
• 8:28
  be
• 8:28
  examining
• 8:29
  every
• 8:29
  three,
• 8:30
  six,
• 8:30
  nine,
• 8:30
  or
• 8:30
  maybe
• 8:31
  even
• 8:31
  once
• 8:31
  a
• 8:31
  year.
• 8:32
  6.
• 8:32
  Sit
• 8:32
  down
• 8:32
  with
• 8:33
  yourself.
• 8:33
  If
• 8:33
  you've
• 8:34
  got
• 8:34
  a
• 8:34
  financial
• 8:34
  advisor,
• 8:35
  sit
• 8:35
  down
• 8:35
  with
• 8:36
  them
• 8:36
  and
• 8:36
  go
• 8:36
  through
• 8:37
  that
• 8:37
  goal
• 8:37
  list.
• 8:38
  Because
• 8:38
  maybe
• 8:38
  some
• 8:39
  goals
• 8:39
  have
• 8:39
  changed,
• 8:39
  maybe
• 8:40
  you've
• 8:40
  added
• 8:40
  some,
• 8:41
  maybe
• 8:41
  some
• 8:41
  things
• 8:41
  that
• 8:42
  need
• 8:42
  to
• 8:42
  flex
• 8:42
  a
• 8:42
  little
• 8:43
  bit.
• 8:43
  But
• 8:44
  be
• 8:44
  simple,
• 8:45
  be
• 8:45
  practical
• 8:46
  and
• 8:46
  live
• 8:46
  in
• 8:47
  peace
• 8:47
  with
• 8:47
  this.
• 8:48
  How
• 8:48
  about
• 8:48
  we
• 8:49
  pray
• 8:49
  together?
• 8:50
  Heavenly
• 8:50
  Father,
• 8:50
  thank
• 8:51
  You
• 8:51
  for
• 8:51
  teaching
• 8:51
  us
• 8:51
  to
• 8:52
  plan
• 8:52
  wisely.
• 8:53
  We
• 8:53
  saw
• 8:53
  that
• 8:53
  in
• 8:54
  scripture
• 8:54
  and
• 8:54
  help
• 8:54
  us
• 8:54
  to
• 8:55
  do
• 8:55
  that.
• 8:55
  Help
• 8:55
  us
• 8:55
  to
• 8:55
  see
• 8:55
  the
• 8:56
  difference
• 8:56
  between
• 8:56
  what
• 8:57
  we
• 8:57
  need
• 8:57
  today
• 8:58
  and
• 8:58
  what
• 8:58
  we're
• 8:58
  building
• 8:59
  for
• 8:59
  tomorrow.
• 9:00
  Give
• 9:00
  us
• 9:01
  patience
• 9:01
  to
• 9:01
  prepare
• 9:02
  for
• 9:02
  the
• 9:02
  long
• 9:02
  term
• 9:03
  and
• 9:03
  the
• 9:03
  wisdom
• 9:03
  to
• 9:04
  keep
• 9:04
  short
• 9:04
  term
• 9:04
  needs
• 9:05
  safe.
• 9:06
  Above
• 9:06
  all,
• 9:06
  remind
• 9:07
  us
• 9:07
  that
• 9:07
  our
• 9:08
  future
• 9:08
  is
• 9:08
  secure
• 9:08
  in
• 9:09
  You,
• 9:09
  not
• 9:09
  in
• 9:09
  the
• 9:09
  market,
• 9:10
  not
• 9:10
  in
• 9:10
  what's
• 9:10
  in
• 9:10
  our
• 9:11
  bank
• 9:11
  account,
• 9:11
  and
• 9:11
  not
• 9:12
  in
• 9:12
  the
• 9:12
  things
• 9:12
  that
• 9:12
  we
• 9:12
  have.
• 9:13
  And
• 9:13
  we
• 9:13
  ask
• 9:13
  this
• 9:13
  in
• 9:14
  complete
• 9:14
  confidence.
• 9:15
  In
• 9:15
  Jesus
• 9:16
  name
• 9:16
  we
• 9:16
  pray,
• 9:17
  Amen.
• 9:18
  Now
• 9:18
  you
• 9:18
  notice
• 9:19
  I've
• 9:19
  been
• 9:19
  starting
• 9:19
  to
• 9:19
  show
• 9:19
  the
• 9:20
  questions.
• 9:20
  I've
• 9:20
  been
• 9:20
  getting
• 9:20
  a
• 9:21
  ton
• 9:21
  of
• 9:21
  questions
• 9:21
  and
• 9:22
  I
• 9:22
  want
• 9:22
  to
• 9:22
  encourage
• 9:22
  you
• 9:22
  right
• 9:23
  now,
• 9:23
  send
• 9:23
  your
• 9:24
  questions
• 9:24
  to
• 9:24
  me.
• 9:24
  The
• 9:25
  easiest
• 9:25
  way
• 9:25
  to
• 9:25
  do
• 9:25
  that
• 9:26
  is
• 9:26
  if
• 9:26
  you
• 9:26
  go
• 9:26
  to
• 9:27
  the
• 9:27
  website
• 9:27
  justaskraft.com,
• 9:29
  you'll
• 9:29
  have
• 9:29
  a
• 9:29
  place
• 9:29
  there
• 9:30
  to
• 9:30
  put
• 9:30
  your
• 9:30
  name
• 9:30
  and
• 9:31
  your
• 9:31
  question
• 9:31
  because
• 9:31
  I'd
• 9:32
  love
• 9:32
  to
• 9:32
  feature
• 9:32
  it
• 9:32
  on
• 9:32
  today's
• 9:33
  show
• 9:33
  because
• 9:33
  I
• 9:33
  want
• 9:34
  to
• 9:34
  answer
• 9:34
  the
• 9:34
  questions
• 9:35
  that
• 9:35
  are
• 9:35
  getting
• 9:36
  to
• 9:36
  you,
• 9:36
  the
• 9:37
  things
• 9:37
  that
• 9:37
  you
• 9:37
  really
• 9:37
  want
• 9:37
  to
• 9:38
  understand
• 9:38
  about
• 9:39
  now
• 9:39
  as
• 9:39
  we're
• 9:39
  talking
• 9:40
  about
• 9:40
  that.
• 9:40
  Tomorrow
• 9:40
  we're
• 9:41
  going
• 9:41
  to
• 9:41
  go
• 9:41
  and
• 9:41
  simplify
• 9:42
  things
• 9:42
  even
• 9:43
  further.
• 9:43
  Tomorrow
• 9:44
  I'm
• 9:44
  going
• 9:44
  to
• 9:44
  talk
• 9:44
  about
• 9:44
  stocks.
• 9:45
  I'm
• 9:45
  going
• 9:45
  to
• 9:45
  demystify
• 9:45
  stocks.
• 9:46
  I'm
• 9:46
  going
• 9:46
  to
• 9:46
  tell
• 9:47
  you
• 9:47
  what
• 9:47
  they
• 9:47
  are
• 9:47
  and
• 9:48
  how
• 9:48
  they
• 9:48
  work.
• 9:48
  It
• 9:49
  is
• 9:49
  going
• 9:49
  to
• 9:49
  be
• 9:49
  a
• 9:50
  great
• 9:50
  show.
• 9:50
  I'm
• 9:51
  going
• 9:51
  to
• 9:51
  talk
• 9:51
  about
• 9:51
  it
• 9:51
  in
• 9:52
  plain
• 9:52
  English.
• 9:52
  So
• 9:53
  many
• 9:53
  people
• 9:53
  have
• 9:53
  complimented
• 9:54
  me.
• 9:54
  They
• 9:54
  said,
• 9:54
  Ralph,
• 9:54
  you'll
• 9:55
  explain
• 9:55
  things
• 9:56
  in
• 9:56
  terms
• 9:56
  that
• 9:56
  I
• 9:56
  can
• 9:57
  understand.
• 9:57
  No
• 9:57
  Wall
• 9:58
  street
• 9:58
  jargon
• 9:58
  tomorrow,
• 9:59
  just
• 9:59
  simple
• 9:59
  terms.
• 10:00
  What
• 10:00
  is
• 10:00
  a
• 10:00
  stock
• 10:01
  and.
• 10:01
  And
• 10:01
  how
• 10:01
  do
• 10:02
  I
• 10:02
  invest
• 10:02
  in
• 10:02
  those
• 10:03
  things.
• 10:03
  So
• 10:03
  make
• 10:03
  sure
• 10:03
  you
• 10:03
  join
• 10:04
  me
• 10:04
  on
• 10:04
  tomorrow's
• 10:04
  show.
• 10:05
  And
• 10:05
  if
• 10:06
  you've
• 10:06
  struggled
• 10:06
  to
• 10:06
  match
• 10:07
  your
• 10:07
  goals
• 10:07
  with
• 10:07
  your
• 10:08
  money,
• 10:08
  let
• 10:08
  me
• 10:09
  help
• 10:09
  you
• 10:09
  take
• 10:09
  that
• 10:09
  next
• 10:09
  step.
• 10:10
  I
• 10:10
  just
• 10:10
  finished
• 10:10
  writing
• 10:11
  my
• 10:11
  third
• 10:11
  book.
• 10:11
  It's
• 10:12
  called
• 10:12
  How
• 10:12
  to
• 10:12
  Become
• 10:12
  a
• 10:12
  Financially
• 10:13
  Confident
• 10:13
  Christian.
• 10:14
  And
• 10:14
  I
• 10:14
  would
• 10:14
  love
• 10:15
  to
• 10:15
  give
• 10:15
  you
• 10:15
  a
• 10:15
  copy
• 10:16
  that
• 10:16
  you
• 10:16
  can
• 10:16
  download
• 10:17
  absolutely
• 10:17
  free.
• 10:17
  It'll
• 10:18
  be
• 10:18
  a
• 10:18
  great
• 10:18
  place
• 10:19
  to
• 10:19
  start
• 10:19
  your
• 10:19
  journey
• 10:20
  into
• 10:20
  actually
• 10:21
  becoming
• 10:21
  a
• 10:22
  financially
• 10:22
  confident
• 10:23
  Christian.
• 10:23
  And
• 10:23
  it's
• 10:23
  yours
• 10:24
  absolutely
• 10:24
  free.
• 10:24
  Just
• 10:24
  go
• 10:25
  to
• 10:25
  this
• 10:25
  website,
• 10:25
  financiallyconfidentchristian.com/becoming
• 10:29
  it's
• 10:30
  packed
• 10:30
  with
• 10:30
  encouragement
• 10:31
  to
• 10:31
  help
• 10:31
  you
• 10:31
  invest
• 10:32
  with
• 10:32
  clarity
• 10:32
  and
• 10:32
  peace.
• 10:33
  And
• 10:33
  listen,
• 10:33
  it
• 10:33
  takes
• 10:34
  over
• 10:34
  30
• 10:35
  years
• 10:35
  of
• 10:35
  the
• 10:36
  stories,
• 10:36
  the
• 10:36
  people
• 10:36
  that
• 10:37
  I've
• 10:37
  worked
• 10:37
  with
• 10:37
  and
• 10:37
  really
• 10:38
  lays
• 10:38
  it
• 10:38
  out
• 10:38
  there
• 10:38
  in
• 10:39
  black
• 10:39
  and
• 10:39
  white.
• 10:39
  So
• 10:39
  again,
• 10:40
  go
• 10:40
  get
• 10:40
  that
• 10:40
  book.
• 10:40
  It's
• 10:41
  absolutely
• 10:41
  free.
• 10:41
  No
• 10:42
  strings
• 10:42
  attached.
• 10:43
  financiallyconfidentchristian.com/becoming
• 10:47
  and
• 10:47
  I
• 10:47
  really
• 10:47
  hope
• 10:47
  you
• 10:47
  do
• 10:48
  that
• 10:48
  now.
• 10:48
  Today,
• 10:49
  I
• 10:49
  want
• 10:49
  you
• 10:49
  to
• 10:49
  go
• 10:50
  out
• 10:50
  there
• 10:50
  and
• 10:50
  live
• 10:50
  like
• 10:51
  a
• 10:51
  financially
• 10:51
  confident
• 10:52
  Christian.
• 10:53
  I
• 10:53
  have
• 10:53
  confidence
• 10:54
  in
• 10:54
  you.
• 10:54
  More
• 10:54
  importantly
• 10:54
  than
• 10:55
  me
• 10:55
  having
• 10:55
  confidence
• 10:55
  in
• 10:55
  you,
• 10:56
  God
• 10:56
  has
• 10:57
  confidence
• 10:57
  in
• 10:57
  you
• 10:57
  and
• 10:58
  he
• 10:58
  wants
• 10:58
  you
• 10:58
  to
• 10:58
  be
• 10:58
  successful
• 10:59
  in
• 11:00
  in
• 11:00
  your
• 11:00
  financial
• 11:01
  life.
• 11:01
  So
• 11:02
  stay
• 11:02
  financially
• 11:02
  savvy
• 11:03
  out
• 11:03
  there.
• 11:03
  God
• 11:04
  bless
• 11:04
  you.
• 11:04
  And
• 11:04
  you
• 11:05
  have
• 11:05
  a
• 11:05
  great
• 11:05
  day
• 11:05
  today.