Latest / Earn Your Leisure / Professional Development: BUSINESS EQUITY ADVICE, & IRA vs 401k

Transcript

Professional Development: BUSINESS EQUITY ADVICE, & IRA vs 401k · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will.
• 0:57
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: So as far as the investment side, yeah, the dollar
• 1:02
  Speaker 3: cost average. I think you had talked about that. That's
• 1:04
  Speaker 3: a great way to start if you you know, it
• 1:06
  Speaker 3: sounds like you started something with the retirement with the raw.
• 1:08
  Speaker 3: But I don't know if you have a brokerage account,
• 1:10
  Speaker 3: but if you don't, open a brokerage account, a non
• 1:13
  Speaker 3: retirement brokerage account, so that's money that is not tied
• 1:16
  Speaker 3: to your retirement. You can invest in that every single month.
• 1:19
  Speaker 3: You spoke about Lawrence's class, so I'm assuming that you've
• 1:22
  Speaker 3: been you've been tapped in with that, So that's great
• 1:24
  Speaker 3: as far as you know, talk about investing. And then
• 1:25
  Speaker 3: of course we talk about investing every Monday with Market Monday,
• 1:27
  Speaker 3: so you know, we talk about the ets, the index funds,
• 1:29
  Speaker 3: all that stuff. So you can pick a couple of
• 1:31
  Speaker 3: stocks funds that you feel comfortable with and start putting
• 1:33
  Speaker 3: money in every single month.
• 1:34
  Speaker 4: That's one way to just get.
• 1:35
  Speaker 3: The ball rolling and you know, get into the actual
• 1:39
  Speaker 3: investment game where you're putting money away over the consistent
• 1:41
  Speaker 3: period of time. Now, as far as the pilot situation, obviously,
• 1:45
  Speaker 3: from what you're saying, that's a little bit more capital
• 1:48
  Speaker 3: a lot more capital intensive, so it probably would be
• 1:51
  Speaker 3: difficult to self raise or self fund that type of project.
• 1:56
  Speaker 3: Me personally, I'm real big on collaboration. That's something that
• 1:59
  Speaker 3: you know we've practic and we still do to this
• 2:01
  Speaker 3: day is collaborate with different people. And I just personally
• 2:04
  Speaker 3: feel like, you know, you can do a lot more
• 2:06
  Speaker 3: together than you can separate. And even if that means,
• 2:09
  Speaker 3: you know, working with other people for equity, like in
• 2:12
  Speaker 3: giving up equity, like it's not wrong with giving up
• 2:14
  Speaker 3: like we have given up equity. And our third partner, Mike,
• 2:18
  Speaker 3: he's a childhood friend of ours, but when we brought
• 2:20
  Speaker 3: them on, we didn't have enough money to actually pay them,
• 2:22
  Speaker 3: so we gave him a part of the company.
• 2:23
  Speaker 4: Now he's our business partners.
• 2:24
  Speaker 3: So I think giving up ownership, giving up a portion
• 2:28
  Speaker 3: of equity and giving up ownership of two different things.
• 2:30
  Speaker 3: Giving up some equity can be a smart move if
• 2:33
  Speaker 3: somebody can add value. That's why you give up equity,
• 2:35
  Speaker 3: if you don't necessarily have the resources and you need
• 2:38
  Speaker 3: to bring somebody on. Now they can provide their talent,
• 2:41
  Speaker 3: their relationships, you know, whatever they can bring to the table,
• 2:44
  Speaker 3: and they're not working for money because now they're a
• 2:46
  Speaker 3: part owner in the company.
• 2:47
  Speaker 4: So the company's success is tied to their success.
• 2:50
  Speaker 3: So it's in their best interest for that company to
• 2:52
  Speaker 3: be successful because the more money that the company makes,
• 2:54
  Speaker 3: the more money that they make, as opposed to just
• 2:56
  Speaker 3: hiring an employee, and you know, if it's a good employee,
• 2:59
  Speaker 3: then you know they'll work is hard just because you
• 3:01
  Speaker 3: know that's what they're supposed to do. But obviously, you
• 3:04
  Speaker 3: know there's a lot of employees that don't care because
• 3:06
  Speaker 3: you know, it doesn't matter how well the company does,
• 3:09
  Speaker 3: or you know they're still going to get paid the
• 3:10
  Speaker 3: same amount. So that's why the equity play is not
• 3:13
  Speaker 3: always a bad play. Partnerships are not always bad. It's
• 3:17
  Speaker 3: just a matter of just being intelligent about it, keeping ownership,
• 3:20
  Speaker 3: keeping you know, a majority state, things of that nature.
• 3:23
  Speaker 3: So I would approach it from that standpoint. I would
• 3:25
  Speaker 3: approach it from partnerships. Look to see you say, you've
• 3:27
  Speaker 3: been in the industry for a long time, so I'm
• 3:29
  Speaker 3: sure you have a lot of great relationships with different people,
• 3:32
  Speaker 3: and you know, who knows who would want to work
• 3:34
  Speaker 3: with you or who won't want to partner with you,
• 3:36
  Speaker 3: and different things of that nature. So that's how I
• 3:39
  Speaker 3: would approach it, as opposed to even thinking about funding
• 3:41
  Speaker 3: it out of my own pocket with that much capital
• 3:43
  Speaker 3: if it was less capital, but if it's a lot,
• 3:45
  Speaker 3: if it's gonna be real, real capital intensive, then you know,
• 3:48
  Speaker 3: you might want to go a different route.
• 3:50
  Speaker 5: Okay, that's good though. That's the partnership is definitely something
• 3:53
  Speaker 5: that's been out there. It's just again really holding in
• 3:58
  Speaker 5: or owning in on the or homing in on the
• 4:01
  Speaker 5: ownership piece. We definitely want to be attachment. I'm pretty
• 4:04
  Speaker 5: sure you can tell like sometimes people don't take you seriously.
• 4:07
  Speaker 5: But like I said, even with having the experience, it's
• 4:11
  Speaker 5: like that. But that was some good insight. Thank you
• 4:13
  Speaker 5: so much.
• 4:14
  Speaker 4: All Right, p Matt, we're coming to you and meet yourself.
• 4:16
  Speaker 6: Please.
• 4:17
  Speaker 4: What's going on?
• 4:18
  Speaker 7: Yeah, hey, okay, cool, cool, Hey, I just wanted to
• 4:22
  Speaker 7: ask a quick question. I'm sure it's been asked many times.
• 4:26
  Speaker 7: It's about four one K rollover. My specific question is
• 4:30
  Speaker 7: I have like three four one case from the previous employers.
• 4:35
  Speaker 7: I'm gonna roll like one of the bigger ones into
• 4:38
  Speaker 7: a new one that I'm participating that the employe is
• 4:41
  Speaker 7: participating in, but then the two smaller ones I want
• 4:45
  Speaker 7: to be able to invest myself.
• 4:48
  Speaker 6: So just kind of to sum it up, I have
• 4:51
  Speaker 6: I had it with Fidelity.
• 4:52
  Speaker 7: I'm going to entrust her the lgitum mount into a
• 4:55
  Speaker 7: company named the principal, and I've always uh trade with TD.
• 4:59
  Speaker 7: I had a a brokerage account with excuse me, with Fidelity,
• 5:03
  Speaker 7: but I'm I'm transferring. I transferred those funds into TV
• 5:06
  Speaker 7: because just what I've heard is that it's it's it's.
• 5:09
  Speaker 6: More user friendly, things of that nature.
• 5:12
  Speaker 7: Now my question is with the other two smaller ones
• 5:16
  Speaker 7: that I'm not going to transfer into the the account
• 5:20
  Speaker 7: that with that's with my employer. I want to have
• 5:24
  Speaker 7: a little bit of flexibility to to to move those around.
• 5:28
  Speaker 7: So I didn't know if I should just keep the
• 5:30
  Speaker 7: funds with Fidelity and have a separate IRA there or
• 5:34
  Speaker 7: transfer it into TV where I have my brokerage account.
• 5:39
  Speaker 2: This episode is brought to you by P and C Bank.
• 5:41
  Speaker 2: A lot of people think podcasts about work are boring,
• 5:44
  Speaker 2: and sure they definitely can be, but understanding a professionals
• 5:48
  Speaker 2: routine shows us how they achieve their success little by little,
• 5:52
  Speaker 2: day after day. It's like banking with P and C Bank.
• 5:56
  Speaker 2: It might seem boring to save, plan and make calculated
• 5:59
  Speaker 2: decisions with your but keeping your money boring is what
• 6:02
  Speaker 2: helps you live or more happily fulfilled life. P and
• 6:05
  Speaker 2: C Bank brilliantly Boring since eighteen sixty five. Brilliantly Boring
• 6:10
  Speaker 2: since eighteen sixty five is a service mark of the
• 6:13
  Speaker 2: PNC Financial Service Group, Inc. P and C Bank National
• 6:17
  Speaker 2: Association member FDIC ernerds.
• 6:22
  Speaker 6: What's Up?
• 6:23
  Speaker 2: You ever walk into a small business and everything just
• 6:25
  Speaker 2: works like the checkout is fast, the receipts are digital,
• 6:29
  Speaker 2: tipping is a breeze, and you're out the door before
• 6:32
  Speaker 2: the line even builds odds are they're using Square. We
• 6:36
  Speaker 2: love supporting businesses that run on Square because it just
• 6:39
  Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor
• 6:42
  Speaker 2: at a pop up market, or even one of our
• 6:44
  Speaker 2: merch partners. Square makes it easy for them to take payments,
• 6:48
  Speaker 2: manage inventory, and run their business with confidence, all from
• 6:52
  Speaker 2: one simple system. If you're a business owner or even
• 6:56
  Speaker 2: just thinking about launching something soon, Square is hands down
• 6:59
  Speaker 2: one of the best tools out there to help you start, run,
• 7:02
  Speaker 2: and grow. It's not just about payments, it's about giving
• 7:06
  Speaker 2: you time back so you can focus on what matters
• 7:08
  Speaker 2: most ready. To see how Square can transform your business,
• 7:12
  Speaker 2: visit Square dot com, backslash, go backslash eyl to learn
• 7:17
  Speaker 2: more that Square dot com backslash go backslash eyl, don't wait,
• 7:22
  Speaker 2: don't hesitate. Let's square handle the back end so you
• 7:25
  Speaker 2: can keep pushing your vision forward.
• 7:29
  Speaker 8: You just realized your business needed to hire someone yesterday.
• 7:34
  Speaker 8: How can you find amazing candidates fast? Easy? Just use Indeed.
• 7:39
  Speaker 8: Stop struggling to get your job posts seen on other
• 7:42
  Speaker 8: job sites. With Indeed sponsored jobs, your post jumps to
• 7:45
  Speaker 8: the top of the page for your relevant candidates, so
• 7:48
  Speaker 8: you can reach the people you want faster. According to
• 7:51
  Speaker 8: Indeed data, sponsored jobs posted directly on Indeed have forty
• 7:55
  Speaker 8: five percent more applications than non sponsored jobs. Don't wait
• 7:59
  Speaker 8: any longer, speed up your hiring right now with Indeed,
• 8:03
  Speaker 8: and listeners of this show will get a seventy five
• 8:05
  Speaker 8: dollars sponsored job credit to get your jobs more visibility
• 8:08
  Speaker 8: at indeed dot com slash p O d k A
• 8:12
  Speaker 8: t z thirteen. Just go to indeed dot com slash
• 8:16
  Speaker 8: p O d k A t z thirteen right now
• 8:19
  Speaker 8: and support our show by saying you heard about Indeed
• 8:22
  Speaker 8: on this podcast. Terms and conditions apply. Hiring Indeed is
• 8:26
  Speaker 8: all you need that.
• 8:28
  Speaker 7: Way, you know, I guess, I guess I'm a little
• 8:31
  Speaker 7: confused on what's the benefits of having it having an
• 8:35
  Speaker 7: IRA with a different company because I'm not going to
• 8:39
  Speaker 7: put it with the you know, I'm not trying. I'm
• 8:41
  Speaker 7: trying not to roll everything into my four o K
• 8:45
  Speaker 7: four one K. I'm trying to make sure that I
• 8:47
  Speaker 7: have some flexibility to to move it around, you know,
• 8:50
  Speaker 7: as I feel fit.
• 8:51
  Speaker 3: So, yeah, your current four one KS with Fidelity, and
• 8:54
  Speaker 3: you're debating whether you should roll into an IRA with
• 8:57
  Speaker 3: Fidelity or I RA with t D. Is that the question?
• 9:01
  Speaker 7: So it's actually with a different So my current fall
• 9:04
  Speaker 7: one K, I'm transferring your old Yeah, the old one side.
• 9:09
  Speaker 7: The old one was with Fidelity. So I'm transferring the
• 9:12
  Speaker 7: old ones. Two of one of the old ones, the
• 9:14
  Speaker 7: larger amount to one that my employees participating, and that's
• 9:18
  Speaker 7: called the principle. So I'm already just that's that's kind
• 9:21
  Speaker 7: of just out out there. I'm gonna just put the
• 9:23
  Speaker 7: bigger one into the one that they're contributing to.
• 9:26
  Speaker 6: But the two smaller ones that I have with Fidelity,
• 9:28
  Speaker 6: I was gonna.
• 9:30
  Speaker 7: I guess I'm trying to figure out if it makes
• 9:32
  Speaker 7: sense to transferred over to TD since I'm kind of
• 9:35
  Speaker 7: that's where my brokenge account is. My individual brokege account.
• 9:38
  Speaker 7: That way, I could kind of line things up. That's
• 9:41
  Speaker 7: that's what I'm thinking, or or I don't even know
• 9:44
  Speaker 7: if there's any benefit of just having it transferring, taking
• 9:47
  Speaker 7: that fall one K and turning it into a R
• 9:51
  Speaker 7: I RA with UH with Fidelity and just keeping it
• 9:54
  Speaker 7: where it is.
• 9:55
  Speaker 3: Yeah, I think it depends on which you have one
• 9:57
  Speaker 3: you feel comfortable with, right, Like, I mean, Fidelity TD,
• 10:00
  Speaker 3: they're both good companies. They're both, you know, very similar.
• 10:03
  Speaker 3: I personally like TD a little bit.
• 10:05
  Speaker 4: I have both.
• 10:06
  Speaker 3: I have FIDELI and TV TD. I like TD a
• 10:08
  Speaker 3: little better because it just has a better user interface
• 10:11
  Speaker 3: in my opinion. But I mean it's not like one
• 10:14
  Speaker 3: is dramatically better than the others. So I guess it's
• 10:16
  Speaker 3: just whatever you feel comfortable with. But you can roll
• 10:18
  Speaker 3: it over into it a Fidelity I RA and you know,
• 10:21
  Speaker 3: have you know, control over it and you know, pick
• 10:23
  Speaker 3: the investments that you want, or you can roll it
• 10:25
  Speaker 3: over into a T D I RA and have control
• 10:27
  Speaker 3: over and pick the investments that you want.
• 10:28
  Speaker 4: So it really just depends, honestly.
• 10:30
  Speaker 3: I mean, that's that's just up to you, Like whatever
• 10:32
  Speaker 3: whichever one you feel most comfortable with. Like I said
• 10:36
  Speaker 3: me personally, I just like TD. I like TD better
• 10:38
  Speaker 3: than Fidelity because I just feel like it has a
• 10:40
  Speaker 3: better user interface.
• 10:41
  Speaker 6: And yeah, so that's not true that.
• 10:44
  Speaker 4: That's my personal opinion.
• 10:45
  Speaker 3: So you know, but you can you can do either
• 10:47
  Speaker 3: or I mean, there's really no no dramatic difference from
• 10:50
  Speaker 3: one than the other, you know, similar, Okay.
• 10:53
  Speaker 7: All right, And it's just the last thing on that
• 10:55
  Speaker 7: on that no matter where I go to transfer it,
• 10:58
  Speaker 7: changing that for one K into an IR, what's really
• 11:01
  Speaker 7: the benefits of the IRA. When I'm am I able
• 11:05
  Speaker 7: to move things around as I feel like, so I
• 11:08
  Speaker 7: know I can't do that with the four one K.
• 11:10
  Speaker 7: So I'm assuming that's just the only benefit is the flexibility.
• 11:14
  Speaker 3: Right, Well, a full one K is pretty much like
• 11:17
  Speaker 3: frozen in the sense when you're not working it anymore,
• 11:19
  Speaker 3: not frozen weight. It's not growing. But when you when
• 11:21
  Speaker 3: you leave a job, you can't add money to your
• 11:23
  Speaker 3: fall one K anymore, you can't ball for it, you
• 11:26
  Speaker 3: don't have any like advice, and you're stuck with the
• 11:29
  Speaker 3: investments that's provided for you from the four one K.
• 11:32
  Speaker 3: So a fall one K has like a menu of
• 11:34
  Speaker 3: different options like they have like let's say fifteen different
• 11:36
  Speaker 3: funds that you can pick and choose from, but you
• 11:38
  Speaker 3: can only invest in those funds. So with an IRA,
• 11:42
  Speaker 3: you get to pick and choose the funds that you
• 11:44
  Speaker 3: that you want, right you can add you can add
• 11:47
  Speaker 3: money to it. So like let's say going forward, like
• 11:49
  Speaker 3: you start a business, or your job doesn't have a
• 11:51
  Speaker 3: full one K, your new job doesn't have a full
• 11:53
  Speaker 3: one K, or you can always add money to an IRA.
• 11:56
  Speaker 3: IRA also can serve as like a central hub where
• 11:58
  Speaker 3: you know, you might leave multiple different jobs throughout the
• 12:01
  Speaker 3: course of your life and you might have like six
• 12:03
  Speaker 3: different four one ks that that becomes a little difficult
• 12:05
  Speaker 3: to manage, but you can always roll those four one
• 12:07
  Speaker 3: ks into an IRA and have that as like the
• 12:10
  Speaker 3: central hub for all of your old four one ks.
• 12:12
  Speaker 4: So in a nutshell, it just gives you more flexibility.
• 12:17
  Speaker 3: Gives you more flexibility as far as you know, being
• 12:19
  Speaker 3: able to pick and choose your investments and you know,
• 12:23
  Speaker 3: actually being able to put money into it as well,
• 12:25
  Speaker 3: so those you don't have once you leave the company
• 12:29
  Speaker 3: with an old four to one K. So that's really
• 12:31
  Speaker 3: the benefit with the IRA as opposed to keeping the
• 12:33
  Speaker 3: money in the old for one K.
• 12:35
  Speaker 6: All right, sounds good. I appreciate it.
• 12:37
  Speaker 4: Man Andrew, you are coming to you and yourself with
• 12:40
  Speaker 4: and somebody saying the chat. You can't access them. You can't.
• 12:43
  Speaker 3: You can't access the IRA. You just pay penalty on it,
• 12:45
  Speaker 3: just like a four to one K. If you had
• 12:48
  Speaker 3: like an old four to one K and you took
• 12:50
  Speaker 3: the money out before fifty nine and a half, you
• 12:52
  Speaker 3: pay a penalty on it. But there is there are
• 12:54
  Speaker 3: some provisions where you can actually take some money out
• 12:56
  Speaker 3: of without paying the penalty tax. But you always pay
• 12:59
  Speaker 3: state and federal text on an IRA or a four
• 13:02
  Speaker 3: one K, so they're both the same Immanet regards.
• 13:05
  Speaker 8: You just realized your business needed to hire someone yesterday.
• 13:10
  Speaker 8: How can you find amazing candidates fast? Easy? Just use Indeed.
• 13:15
  Speaker 8: Stop struggling to get your job posts seen on other
• 13:18
  Speaker 8: job sites. With Indeed sponsored jobs, your post jumps to
• 13:21
  Speaker 8: the top of the page for your relevant candidates, so
• 13:24
  Speaker 8: you can reach the people you want faster. According to
• 13:27
  Speaker 8: Indeed data, sponsored jobs posted directly on Indeed have forty
• 13:31
  Speaker 8: five percent more applications than non sponsored jobs. Don't wait
• 13:35
  Speaker 8: any longer, speed up your hiring right now with Indeed
• 13:39
  Speaker 8: and listeners of this show will get a seventy five
• 13:41
  Speaker 8: dollars sponsored job credit to get your jobs more visibility
• 13:45
  Speaker 8: at indeed dot com slash pod Katz thirteen. Just go
• 13:50
  Speaker 8: to indeed dot com slash pod katz thirteen right now
• 13:55
  Speaker 8: and support our show by saying you heard about Indeed
• 13:58
  Speaker 8: on this Podcasting conditions apply. Hiring Indeed is all you
• 14:03
  Speaker 8: need