Latest / Earn Your Leisure / Study Hall: Financial Planning with Rashad

Transcript

Study Hall: Financial Planning with Rashad · Earn Your Leisure

• 0:00
  Speaker 1: Coach, the energy out there felt different. What changed for
• 0:03
  Speaker 1: the team today?
• 0:03
  Speaker 2: It was the new game day scratches from the California
• 0:06
  Speaker 2: Lottery players.
• 0:07
  Speaker 3: Everything.
• 0:07
  Speaker 4: Those games sent the team's energy through the roof.
• 0:09
  Speaker 1: Are you saying it was the off field play that
• 0:11
  Speaker 1: made the difference on the field.
• 0:13
  Speaker 5: Hey, little play makes your day, and today it made
• 0:15
  Speaker 5: the game.
• 0:16
  Speaker 6: That's all for now, coach, one more question play than
• 0:19
  Speaker 6: New Los Angeles Chargers, San Francisco forty nine ers and
• 0:22
  Speaker 6: Los Angeles ram scratchers from the California Lottery.
• 0:25
  Speaker 4: A little play can make your day. Peace made responsibily.
• 0:28
  Speaker 7: It must be eighteen years or older to purchase late
• 0:29
  Speaker 7: or claim.
• 0:30
  Speaker 5: What would be a good percentage to use, you know,
• 0:33
  Speaker 5: so that way I can just keep the same number
• 0:35
  Speaker 5: going in there all the time. Yeah, you know, I
• 0:39
  Speaker 5: don't really like percentages too much. I like actual numbers
• 0:41
  Speaker 5: because I could say, like I could say like ten percent,
• 0:44
  Speaker 5: fifteen percent, but it really just depends on your situation.
• 0:47
  Speaker 5: So I always try to look at like discretionary income,
• 0:50
  Speaker 5: so like how much money is left over at the
• 0:52
  Speaker 5: end of the month. So that's the first Like first
• 0:54
  Speaker 5: we got to see, like how much money is left
• 0:55
  Speaker 5: over at the end of the month, right, So it's
• 0:57
  Speaker 5: like one of two things is happening. And this is
• 1:00
  Speaker 5: just like broad range statement. Either you have money left
• 1:02
  Speaker 5: over at the end of the month where you don't,
• 1:04
  Speaker 5: or you're running in a deficit. So if you have
• 1:06
  Speaker 5: money left over, you got to see how much money
• 1:08
  Speaker 5: you have left over. So if it's like, Okay, I
• 1:10
  Speaker 5: have a thousand dollars left over after all my bills
• 1:13
  Speaker 5: are paid, after you know, I have some fun every
• 1:15
  Speaker 5: single month, I have at least a thousand dollars left over, right,
• 1:18
  Speaker 5: So just using that that number, I personally would probably
• 1:22
  Speaker 5: do somewhere along the lines of like putting thirty percent
• 1:25
  Speaker 5: of that money into like savings until you have you know,
• 1:28
  Speaker 5: six to twelve months of savings, because that's important, and
• 1:31
  Speaker 5: then I probably would look to invest thirty percent though
• 1:35
  Speaker 5: now that's like sixty percent of the money right there,
• 1:37
  Speaker 5: and then maybe you know, twenty percent would go to
• 1:40
  Speaker 5: you know, a kid's account, twenty to fifteen percent or
• 1:42
  Speaker 5: go to the kid's account, and then the left the
• 1:44
  Speaker 5: rest is just kind of left for like miscellaneous. So
• 1:47
  Speaker 5: that's what I would kind of go by more so
• 1:50
  Speaker 5: than like, you know, just a percent of like your
• 1:52
  Speaker 5: total income, because I could say ten percent of your income,
• 1:55
  Speaker 5: but if that might be too much, so it's really
• 1:57
  Speaker 5: more of a percentage of your discretionary income, and the
• 2:01
  Speaker 5: discretionary income I would say probably like twenty twenty to
• 2:04
  Speaker 5: fifteen percent of discretionary income that you can afford to
• 2:08
  Speaker 5: you know, put away.
• 2:09
  Speaker 8: Okay, thank you. I appreciate that man that helped me
• 2:12
  Speaker 8: out a lot.
• 2:12
  Speaker 4: No, no problem, brother, you have a good one, all.
• 2:14
  Speaker 9: Right, Tyran, We're coming to you on meet yourself please.
• 2:18
  Speaker 10: Hell, I'm good at eurosage.
• 2:20
  Speaker 4: I'm good, I'm good.
• 2:22
  Speaker 11: I have a question, what are the disadvantage of an escort?
• 2:27
  Speaker 11: I kind of think I know a little bit about
• 2:29
  Speaker 11: the advantages in compassing to an LLC, but what are
• 2:33
  Speaker 11: the disadvantage of an escort?
• 2:36
  Speaker 5: It's more structured. I think this business had actually told
• 2:39
  Speaker 5: a class about this. But you have to pay yourself
• 2:41
  Speaker 5: a salary, so especially like if you're not making you
• 2:44
  Speaker 5: know that much money, or if the business is just
• 2:46
  Speaker 5: starting out, it could be kind of pressure on you
• 2:48
  Speaker 5: to you know, have payroll. So that's something that you know,
• 2:51
  Speaker 5: definitely could take into consideration. Like I forgot the number
• 2:54
  Speaker 5: that she said, but I think it's like one hundred
• 2:55
  Speaker 5: thousand dollars something like that. You should be making like
• 2:57
  Speaker 5: one hundred thousand dollars in your business before you go
• 2:58
  Speaker 5: to es coop route, because yeah, it's definitely it's definitely
• 3:02
  Speaker 5: a lot more structure. But off the top of my head,
• 3:05
  Speaker 5: I would I would think that that would be something
• 3:07
  Speaker 5: that you know, you just definitely have to consider because
• 3:09
  Speaker 5: you definitely have to put yourself on payroll and.
• 3:14
  Speaker 4: You know, we as like a regular LLC.
• 3:16
  Speaker 5: You could just you know, not pay yourself a month,
• 3:18
  Speaker 5: two months whatever if not no money's coming in or
• 3:20
  Speaker 5: you just want to just you know, you're real within
• 3:22
  Speaker 5: that month.
• 3:23
  Speaker 4: So that's something that's taking to consideration.
• 3:25
  Speaker 5: Especially a lot of businesses, especially when they first start,
• 3:28
  Speaker 5: cash flow is very up and down. So you know,
• 3:31
  Speaker 5: if your cash flow is up and down, you want
• 3:33
  Speaker 5: to make sure you getting to a point where you
• 3:35
  Speaker 5: have some level of consistent cash flow.
• 3:36
  Speaker 4: First.
• 3:37
  Speaker 10: Okay, thanks very much, that answered the question.
• 3:41
  Speaker 9: Thanks all right, all right, we're coming to you on yourself.
• 3:45
  Speaker 10: Please all right, good morning, thanks for coming. My question
• 3:50
  Speaker 10: is I got to question. My first question is let's say,
• 3:53
  Speaker 10: like example, like I have a mortgage that I was
• 3:55
  Speaker 10: trying to pay early, be like within seven to ten years.
• 4:00
  Speaker 10: And also let's say if I have some money that's
• 4:02
  Speaker 10: coming in. Let's see, like if I have like probably
• 4:05
  Speaker 10: like two to five thousand, so like, should I put
• 4:08
  Speaker 10: it in the market? Even I do have automatic payment,
• 4:12
  Speaker 10: that's that's contribution that I make every month for my
• 4:15
  Speaker 10: investment on the stock market and crypto and stuff like that.
• 4:18
  Speaker 10: So should I keep the best thing is for me
• 4:21
  Speaker 10: to do, Should I like put that money in the
• 4:23
  Speaker 10: stock market or should I put it to my mortgage?
• 4:25
  Speaker 10: Even like in the future, I want to like to
• 4:27
  Speaker 10: invest more and and and real estate. So what's what's
• 4:32
  Speaker 10: where will be?
• 4:32
  Speaker 6: Uh?
• 4:33
  Speaker 5: Yes, but what we suggest, I mean I think you
• 4:36
  Speaker 5: could do both. I don't think I don't think it
• 4:37
  Speaker 5: has to be a one or the other situation. You know,
• 4:39
  Speaker 5: you want to see what's most what's most important, it's
• 4:41
  Speaker 5: paid off your house more important? Or do you think
• 4:43
  Speaker 5: you can get a better return to the stock market,
• 4:44
  Speaker 5: And especially if you got a low interest rate, it
• 4:46
  Speaker 5: might be more advantageous to put the money into the
• 4:49
  Speaker 5: market because you know your opportunity costs is probably greater
• 4:51
  Speaker 5: investing in the stock market.
• 4:52
  Speaker 4: But that doesn't necessarily mean.
• 4:53
  Speaker 5: That you can't do both, So you know you could, uh,
• 4:56
  Speaker 5: maybe if instead of if you were going to put
• 4:58
  Speaker 5: two thousand dollars a month into pay into your mortgage
• 5:00
  Speaker 5: to pay it off, you know, a lot quicker, maybe.
• 5:02
  Speaker 4: You put five hundred dollars a both.
• 5:04
  Speaker 5: Right, you know that's still going to add up over
• 5:06
  Speaker 5: the course of the year, and you know you can
• 5:09
  Speaker 5: still knock off years of paying off your mortgage. So
• 5:13
  Speaker 5: I would I always say, you know, see what's most
• 5:15
  Speaker 5: important to you. But you can definitely do both, especially
• 5:19
  Speaker 5: with that with that amount of money. It's not like
• 5:21
  Speaker 5: it's you know, a couple of hundred, couple of thousand.
• 5:24
  Speaker 5: You can definitely, you know, allocate money to both of them.
• 5:27
  Speaker 5: But the opportunity cost will probably be better investing in the
• 5:30
  Speaker 5: stock market. But I also understand, you know, if you
• 5:33
  Speaker 5: don't want to have the mortgage forever and you want
• 5:36
  Speaker 5: to pay off the property sooner, so you know, maybe
• 5:38
  Speaker 5: maybe you just do some calculations and see how that
• 5:40
  Speaker 5: will work out if you if you did it for
• 5:42
  Speaker 5: just a little bit less money than you would have
• 5:44
  Speaker 5: done originally.
• 5:45
  Speaker 10: My other question is, what what does the difference between
• 5:48
  Speaker 10: like QQQ and qqq M.
• 5:51
  Speaker 4: You broke up a little bit.
• 5:52
  Speaker 10: What you say was the difference between like QQQ and
• 5:55
  Speaker 10: qqq M.
• 5:57
  Speaker 5: I think qqq M, Troy, I know the cute to
• 6:00
  Speaker 5: t but let me make sure I get a right
• 6:02
  Speaker 5: information on that.
• 6:03
  Speaker 10: I think it's a mini QQQ, but I would I
• 6:05
  Speaker 10: would like to know if there's a difference, like from
• 6:08
  Speaker 10: the percentage of return or the amount of stack that
• 6:11
  Speaker 10: that that they invest in. Was that one is around
• 6:15
  Speaker 10: like three something and then the QQM is on like
• 6:17
  Speaker 10: one something.
• 6:19
  Speaker 5: Yeah, let me let me look, let me look, I
• 6:21
  Speaker 5: have Troy doing research on it. Get back to you
• 6:23
  Speaker 5: on that.
• 6:24
  Speaker 10: Okay, thank you appreciate it. And also for form irate
• 6:29
  Speaker 10: rough area for kids, so like do they have to
• 6:31
  Speaker 10: be a certain age for to start a rough area
• 6:34
  Speaker 10: for kids?
• 6:34
  Speaker 5: Yeah, yeah, they have to be well yes or no,
• 6:37
  Speaker 5: they have to if you're doing it.
• 6:39
  Speaker 4: If you're not self.
• 6:40
  Speaker 5: Employed, then they have to be a working age, like
• 6:42
  Speaker 5: they have to have a job. The working the age
• 6:44
  Speaker 5: depends on what state you live in. But as long
• 6:46
  Speaker 5: as they have working papers and they have a job
• 6:48
  Speaker 5: and they actually have to be working, that's another thing.
• 6:50
  Speaker 4: So as soon as they're able to work, you can
• 6:53
  Speaker 4: do it.
• 6:53
  Speaker 5: But if you're self employed, it's a little different because
• 6:56
  Speaker 5: you can actually hire your child before they legally have
• 7:00
  Speaker 5: like working papers, as long as they're actually working and
• 7:03
  Speaker 5: they can actually do a job. So obviously, like you
• 7:06
  Speaker 5: can't hire a two year old, but like if you
• 7:08
  Speaker 5: have like somebody that's like ten or eleven years old
• 7:10
  Speaker 5: and they're actually doing you just have to be able
• 7:12
  Speaker 5: to justify it in case you have to get audited.
• 7:15
  Speaker 5: But you have more flexibility and you can hire younger
• 7:18
  Speaker 5: if you're self employed. But if the child is working
• 7:21
  Speaker 5: just a regular job whenever, if they work a job,
• 7:23
  Speaker 5: then they could you could put money into the IRA.
• 7:25
  Speaker 10: It's so basically you cannot do it in the course
• 7:27
  Speaker 10: your account for the IRA.
• 7:29
  Speaker 5: Yeah yeah, no, it's it's a custodial account. It's just
• 7:32
  Speaker 5: a it's a royal IRA. Still you still you're still
• 7:35
  Speaker 5: like the child is still a minor. The child's still
• 7:37
  Speaker 5: a minor, so it's not like you know, you got
• 7:39
  Speaker 5: to set it up for them and you put the
• 7:41
  Speaker 5: money in. But you know, you can have a custodio
• 7:44
  Speaker 5: account where it's just in the market and there's no
• 7:46
  Speaker 5: retirement account attached to it, or it's the retirement account
• 7:50
  Speaker 5: but it's still it's still a Custudio account.
• 7:52
  Speaker 1: Good morning, Good morning, so thank you for coming on
• 7:57
  Speaker 1: the call even though you're not feeling well. That's right,
• 8:00
  Speaker 1: nice of you. And congratulations with the Steve Harvey interview.
• 8:03
  Speaker 1: It was really really well done. It was great. So
• 8:06
  Speaker 1: you guys must feel so proud of yourselves right now,
• 8:08
  Speaker 1: So thanks a lot for that as well. My question
• 8:11
  Speaker 1: is about my TDA. I am a teacher in New
• 8:14
  Speaker 1: York City and I have about ten more years left
• 8:18
  Speaker 1: till I retire, so right now I have They let
• 8:21
  Speaker 1: you split up your TDA, your tax defer annuity into
• 8:24
  Speaker 1: diversified and fixed. So I believe I've always had it
• 8:29
  Speaker 1: like eighty twenty, but I just realized that the diversified
• 8:32
  Speaker 1: has options and I didn't know that. So there's like
• 8:35
  Speaker 1: a bunch of different options, and I just wanted to know,
• 8:39
  Speaker 1: like how, like what's the best way to like pick
• 8:42
  Speaker 1: between the different funds because they have like like three
• 8:46
  Speaker 1: or four. There's like a sustainable one, there's an international one,
• 8:51
  Speaker 1: Like do I just go by like the history or
• 8:53
  Speaker 1: do you think it's better to just stay with like
• 8:55
  Speaker 1: the one they recommend, which I think is just they
• 8:58
  Speaker 1: call it like the diversified.
• 9:00
  Speaker 5: It's always good to rule a thumb. You always want
• 9:03
  Speaker 5: to look at rate of returns. That's something that's you know,
• 9:06
  Speaker 5: a cheat code whenever you look at an investment, especially
• 9:08
  Speaker 5: like four one K or any type of retirement plan investments,
• 9:11
  Speaker 5: usually like they'll they'll give you a sheet and it'll
• 9:14
  Speaker 5: have like, you know, the different funds, so it's like
• 9:16
  Speaker 5: the stable fund, the growth fund, the international funds, and
• 9:19
  Speaker 5: then they'll have like the year to date return, three
• 9:23
  Speaker 5: year return, five year return, ten year return, census inception.
• 9:27
  Speaker 5: What I like to do is look at the longest
• 9:28
  Speaker 5: possible time frame, so like ten years or since its inception.
• 9:32
  Speaker 5: Sometimes if it's new, it might not have a ten
• 9:35
  Speaker 5: year track record. It might have like a five year
• 9:36
  Speaker 5: or four year track record. But ye or to try
• 9:38
  Speaker 5: to look at the long the longest possible time frame
• 9:42
  Speaker 5: and see which one has usually performed for that. Usually,
• 9:45
  Speaker 5: like I haven't really been a big fan on international funds.
• 9:48
  Speaker 5: It's me personally, especially like in retirement accounts over the
• 9:50
  Speaker 5: last like ten years, they haven't really done as good
• 9:53
  Speaker 5: as like just international growth growth funds. So it really
• 9:56
  Speaker 5: just depends on your risk tolerance. But you know, the
• 9:58
  Speaker 5: growth growth funds is always going to something that's going
• 10:00
  Speaker 5: to usually you know, be the best as far as
• 10:03
  Speaker 5: growth over the course of time. That's like no more
• 10:06
  Speaker 5: large cab companies. But the good thing And I don't
• 10:09
  Speaker 5: know if they changed it, but I know a few
• 10:11
  Speaker 5: years ago for the fixed account for the city, how
• 10:13
  Speaker 5: much is the fixed account paign like percent something like that.
• 10:16
  Speaker 1: It's it's seven point twenty five. When I started, it
• 10:18
  Speaker 1: was eight point five or eight point two five, but
• 10:21
  Speaker 1: then they lowered it to seven point two five, so
• 10:23
  Speaker 1: I was able to get the eight percent like the
• 10:25
  Speaker 1: first two or three years I started teaching. But now
• 10:28
  Speaker 1: it's seven point twenty five, and like I have ten
• 10:31
  Speaker 1: about ten more years left, so I have like twenty
• 10:34
  Speaker 1: years already and I have ten more to go. But
• 10:38
  Speaker 1: the sustainable index gives a greater return, but it's very new,
• 10:43
  Speaker 1: so it's only like a few years old, so I'm like,
• 10:45
  Speaker 1: is this should I trust that? And then they also
• 10:47
  Speaker 1: say to like switch it right before you're about to retire,
• 10:50
  Speaker 1: to just be in the fixed ones so you don't
• 10:53
  Speaker 1: have to worry about like big issues with the market.
• 10:56
  Speaker 12: Yeah.
• 10:56
  Speaker 5: Well, the good thing with that is that that's pretty
• 10:58
  Speaker 5: much I heard of to have a fix accoun that
• 11:00
  Speaker 5: earns seven percent. So that is one thing that you know,
• 11:03
  Speaker 5: the New York City foh Department. That's like really like
• 11:06
  Speaker 5: kind of amazing that they have a fixed account, which
• 11:09
  Speaker 5: is like pretty much you know, no matter what the
• 11:11
  Speaker 5: stock market does, you can earn seven percent. So usually
• 11:14
  Speaker 5: a fixed account in this environment is like one percent
• 11:16
  Speaker 5: or less than one percent. So seven percent on a
• 11:18
  Speaker 5: fixed account is extremely extremely good. So you know, I
• 11:22
  Speaker 5: wouldn't take it all out of there. Definitely would probably
• 11:25
  Speaker 5: leave some money in there just for the safety purposes
• 11:27
  Speaker 5: of it. Like you know, if all if all else fails,
• 11:30
  Speaker 5: if the stock market crashes, you're guaranteed to get seven percent.
• 11:33
  Speaker 5: That's not bad, obviously, you know that's not as good
• 11:36
  Speaker 5: as if the stock market goes crazy and you get
• 11:38
  Speaker 5: thirty percent of twenty percent. But you know, it's all
• 11:40
  Speaker 5: about diversification. So I would diversify, but I would leave
• 11:43
  Speaker 5: at least at least like probably twenty five percent in
• 11:46
  Speaker 5: a fixed account because that's just like a guarantee insurance.
• 11:48
  Speaker 4: Almost.
• 11:49
  Speaker 9: All right, thank you Sedalia. All right, Dwight, we're coming
• 11:52
  Speaker 9: to you on place, but you're u muted. You should
• 11:55
  Speaker 9: be able to speak right, looks like he's having difficulties.
• 11:58
  Speaker 4: Sometimes you got to on this do them tool.
• 11:59
  Speaker 5: You got to make sure you are muted on your
• 12:01
  Speaker 5: end too, like we can unmutube, but make sure you're
• 12:03
  Speaker 5: muted on your end.
• 12:04
  Speaker 4: So we could all Yeah, he.
• 12:05
  Speaker 9: Hadn't muted himself, but he wasn't speaking. All right, do right,
• 12:08
  Speaker 9: We're gonna go to the next person, Natasha, I mute
• 12:11
  Speaker 9: yourself please, football.
• 12:12
  Speaker 6: I have a question about a trust. Who do I
• 12:15
  Speaker 6: go to the start a trust? Where do you live
• 12:19
  Speaker 6: in Maryland?
• 12:21
  Speaker 12: Well?
• 12:21
  Speaker 4: I know so the lawyers that we use.
• 12:23
  Speaker 5: You know, the thing with the lawyers that is different,
• 12:25
  Speaker 5: Like MG he could practice in almost any state for
• 12:28
  Speaker 5: the for the mortgages, but lawyers they have to they
• 12:30
  Speaker 5: have to be licensed in the state. So I know
• 12:32
  Speaker 5: we've used to being a lot. I know she's licensed
• 12:35
  Speaker 5: in New York and New Jersey. I don't know if
• 12:36
  Speaker 5: she's licensed in Maryland, but I think that we we
• 12:40
  Speaker 5: had somebody that was licensed in Maryland, because I remember
• 12:42
  Speaker 5: I got that question before from somebody from Maryland. But
• 12:45
  Speaker 5: if not, we can definitely. You know, Look, I don't
• 12:47
  Speaker 5: want to give you answer right now because I don't
• 12:48
  Speaker 5: know at the top of my head. But if we
• 12:49
  Speaker 5: could put it in a Facebook back that we, you know,
• 12:52
  Speaker 5: do some research and find some good attorneys, maybe Magna.
• 12:55
  Speaker 4: Maybe that's something that we can just do period, like
• 12:56
  Speaker 4: you know, we can try to, like you.
• 12:57
  Speaker 2: Know, this episode is brought to you by P and
• 13:00
  Speaker 2: C Bank. A lot of people think podcasts about work
• 13:04
  Speaker 2: are boring, and sure they definitely can be, but understanding
• 13:07
  Speaker 2: a professionals routine shows us how they achieve their success
• 13:11
  Speaker 2: little by little, day after day. It's like banking with
• 13:15
  Speaker 2: P and C Bank. It might seem boring to save,
• 13:18
  Speaker 2: plan and make calculated decisions with your bank, but keeping
• 13:21
  Speaker 2: your money boring is what helps you live or more
• 13:23
  Speaker 2: happily fulfilled life. P and C Bank Brilliantly Boring since
• 13:28
  Speaker 2: eighteen sixty five. Brilliantly Boring since eighteen sixty five is
• 13:32
  Speaker 2: a service mark of the PNC Financial Service Group, Inc.
• 13:35
  Speaker 2: P and C Bank National Association member FDIC ernests What's up?
• 13:43
  Speaker 2: You ever walk into a small business and everything just
• 13:45
  Speaker 2: works like the checkout is fast, the receipts are digital,
• 13:49
  Speaker 2: tipping is a breeze, and you're out the door before
• 13:52
  Speaker 2: the line even builds odds are they're using Square. We
• 13:56
  Speaker 2: love supporting businesses that run on Square because it just
• 13:59
  Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor
• 14:02
  Speaker 2: at a pop up market, or even one of our
• 14:04
  Speaker 2: merch partners, Square makes it easy for them to take payments,
• 14:08
  Speaker 2: manage inventory, and run their business with confidence, all from
• 14:12
  Speaker 2: one simple system. If you're a business owner or even
• 14:16
  Speaker 2: just thinking about launching something soon, Square is hands down
• 14:19
  Speaker 2: one of the best tools out there to help you start,
• 14:22
  Speaker 2: run and grow. It's not just about payments, it's about
• 14:25
  Speaker 2: giving you time back so you can focus on what
• 14:28
  Speaker 2: matters most ready. To see how Square can transform your business,
• 14:32
  Speaker 2: visit Square dot com backslash go backslash eyl to learn
• 14:37
  Speaker 2: more that Square dot com backslash, go backslash eyl. Don't wait,
• 14:42
  Speaker 2: don't hesitate. Let's Square handle the back end so you
• 14:45
  Speaker 2: can keep pushing your vision forward.
• 14:49
  Speaker 7: An illegal alien from Guatemala charged with raping a child
• 14:53
  Speaker 7: in Massachusetts. An MS thirteen gang member from El Salvador
• 14:57
  Speaker 7: accused of murdering a Texas man. Suwalen charged with filming
• 15:01
  Speaker 7: and selling child pornography in Michigan. These are just some
• 15:05
  Speaker 7: of the heinous migrant criminals caught because of President Donald J.
• 15:09
  Speaker 7: Trump's leadership. I'm Christy Noman, the United States Secretary of
• 15:13
  Speaker 7: Homeland Security. Under President Trump, attempted illegal border crossings are
• 15:18
  Speaker 7: at the lowest levels ever recorded, and over one hundred
• 15:21
  Speaker 7: thousand illegal aliens have been arrested. If you are here illegally,
• 15:26
  Speaker 7: your next you will be fined nearly one thousand dollars
• 15:29
  Speaker 7: a day, imprisoned, and deported. You will never return. But
• 15:33
  Speaker 7: if you register using our CBP home app and leave now,
• 15:37
  Speaker 7: you could be allowed to return legally. Do what's right,
• 15:41
  Speaker 7: leave now. Under President Trump, America's laws border and families
• 15:46
  Speaker 7: will be protected.
• 15:47
  Speaker 2: Sponsored by the United States Department of Homeland.
• 15:49
  Speaker 5: Security highlights some different professionals in different areas of the country,
• 15:53
  Speaker 5: especially the law thing, because that's something that you know,
• 15:55
  Speaker 5: you depending on what state you live in, you got
• 15:58
  Speaker 5: to really use the lawyer as practicing in your state,
• 16:01
  Speaker 5: and that could become a little tricky if you live
• 16:02
  Speaker 5: in states that you know, we haven't really featured lawyers
• 16:05
  Speaker 5: in that state. So okay, yeah, the legal Club, we
• 16:08
  Speaker 5: have a legal club actually, so maybe that's something that
• 16:10
  Speaker 5: the Legal Club can can can can do.
• 16:14
  Speaker 6: And one more quick question I remember you were saying
• 16:17
  Speaker 6: that I can I think it was thirteen or fourteen.
• 16:18
  Speaker 6: You should put six thousand in a IRA for your child?
• 16:23
  Speaker 6: Is that in it? It could be an estimate. I
• 16:26
  Speaker 6: think y'all was saying one million. Is that six thousand
• 16:29
  Speaker 6: and four when she's fourteen or six thousand every year
• 16:32
  Speaker 6: would equate to the estimate.
• 16:35
  Speaker 5: Yeah, So what I did when I thought I was
• 16:37
  Speaker 5: on a breakfast club when I was, I said that
• 16:38
  Speaker 5: a while ago. I was using an example like if
• 16:40
  Speaker 5: you put six thousand a year, and from I believe
• 16:44
  Speaker 5: it was like the example that I gave was like
• 16:46
  Speaker 5: from fourteen to twenty I believe like from fourteen to twenty,
• 16:50
  Speaker 5: and I just used a hypothetical like if it earned
• 16:52
  Speaker 5: temper cent, I use like QQQ, which you know has
• 16:55
  Speaker 5: averaged more than ten percent over the last twenty years.
• 16:57
  Speaker 5: But I'm like, all right, if you earned like ten
• 16:59
  Speaker 5: percent a year by the time there's sixty, then they
• 17:02
  Speaker 5: will have a million dollars. So obviously you know it's
• 17:05
  Speaker 5: it's not like one hundred percent guarantee because it depends
• 17:08
  Speaker 5: on the market. But that was an example that I
• 17:10
  Speaker 5: had gave is to kind of illustrate the power of
• 17:12
  Speaker 5: investing early because if you think about it, even if
• 17:14
  Speaker 5: it's not six thousand whatever, you can do, but that's
• 17:16
  Speaker 5: only like four years or you know, six years of investing,
• 17:19
  Speaker 5: and you know, just by the compounding interest and leaving
• 17:22
  Speaker 5: it in for such a long period of time, than
• 17:24
  Speaker 5: that equals a million dollars without even having to put
• 17:26
  Speaker 5: any more money in after the age of twenty. So
• 17:29
  Speaker 5: you know, that was just an example of you know,
• 17:31
  Speaker 5: the power of compounding interest. And you definitely and I
• 17:34
  Speaker 5: think the example that actually gave us with the raw
• 17:36
  Speaker 5: fire and the raw Fire ray is even better for
• 17:38
  Speaker 5: kids because they don't pay any taxes or when they
• 17:41
  Speaker 5: take the money out. So now you set up there,
• 17:43
  Speaker 5: you set up their retirement account when they're young, and
• 17:46
  Speaker 5: you know, by the time they get they get to retirement,
• 17:48
  Speaker 5: they're gonna have They're gonna have, you know, a tremendous
• 17:50
  Speaker 5: amount of money just by the money that was set
• 17:52
  Speaker 5: up for them, you know, while they were teenagers, and
• 17:55
  Speaker 5: that had nothing to do with you know, their own
• 17:57
  Speaker 5: fall one cage or their own iras when they get
• 17:59
  Speaker 5: older to set it up for themselves. So that's definitely
• 18:02
  Speaker 5: a strategy that parents can use for their children whenever
• 18:05
  Speaker 5: they turn legal working age. And the rule is you
• 18:09
  Speaker 5: can put up you could put up to well, six
• 18:11
  Speaker 5: thousand is the max, but you can put up to
• 18:13
  Speaker 5: whatever the child made, Like if they have a part
• 18:16
  Speaker 5: time job, and let's say they made like three thousand
• 18:18
  Speaker 5: dollars for the year, and you can put up to
• 18:20
  Speaker 5: you know, three thousand dollars, but it's not unreasonable to
• 18:23
  Speaker 5: have six thousand dollars because it's like if they work
• 18:25
  Speaker 5: like CVS or something like that, you know, they make
• 18:27
  Speaker 5: five hundred dollars a month, that's six thousand dollars a year,
• 18:30
  Speaker 5: So five hundred dollars a month, that's not really a
• 18:32
  Speaker 5: lot for a part time job, so you know, and
• 18:34
  Speaker 5: then if you're self employed, it's even better because if
• 18:37
  Speaker 5: you're self employed, then you can hire your child and
• 18:39
  Speaker 5: you can pay them, and when you pay them, you
• 18:42
  Speaker 5: get a tax deduction for the money that you paid them,
• 18:45
  Speaker 5: and then that money you can put into the rough
• 18:48
  Speaker 5: IRA or IRA for your child. So that's like a
• 18:50
  Speaker 5: double eds sor because now you're actually saving money on
• 18:53
  Speaker 5: taxes and your child is working for you and you
• 18:56
  Speaker 5: get to save money for their retirement. So a lot
• 18:58
  Speaker 5: of different things that you can do with that. But yeah,
• 19:00
  Speaker 5: that's some different ideas for sure. So as far as
• 19:02
  Speaker 5: the investment side, Yeah, the dollar cost average, I think
• 19:05
  Speaker 5: you had talked about that. That's a great way to
• 19:06
  Speaker 5: start if you you know, it sounds like you started
• 19:08
  Speaker 5: something with the retirement with the row. But I don't
• 19:11
  Speaker 5: know if you have a brokerage account. But if you
• 19:13
  Speaker 5: don't open a brokerage account, a non retirement brokerage account,
• 19:16
  Speaker 5: so that's Monday that is not tied to your retirement,
• 19:19
  Speaker 5: you can invest in that every single month. You spoke
• 19:21
  Speaker 5: about Lawrence's class, so I'm assuming that you've been You've
• 19:24
  Speaker 5: been tapped in with that. So that's great as far
• 19:26
  Speaker 5: as you talk about investing, and then of course we
• 19:27
  Speaker 5: talk about investing every Monday with Market Monday, so you know,
• 19:29
  Speaker 5: we talk about the ets, the index funds, all that stuff.
• 19:32
  Speaker 5: So you can pick a couple of stocks funds that
• 19:34
  Speaker 5: you feel comfortable with and start putting money in every
• 19:35
  Speaker 5: single month. That's one way to just get the ball
• 19:38
  Speaker 5: rolling and you know, get into the actual investment game
• 19:41
  Speaker 5: where you're putting money away over the consistent period of time. Now,
• 19:44
  Speaker 5: as far as the pilot situation, obviously from what you're saying,
• 19:48
  Speaker 5: that's a little bit more capital a lot more capital intensive,
• 19:51
  Speaker 5: So it probably would be difficult to self praise or
• 19:55
  Speaker 5: self fund that type of project. Me personally, I'm real
• 19:59
  Speaker 5: big on collabor operation. That's something that you know we've
• 20:01
  Speaker 5: practiced and we still do to this day, is collaborate
• 20:04
  Speaker 5: with different people. And I just personally feel like, you know,
• 20:07
  Speaker 5: you can do a lot more together than you can separate.
• 20:09
  Speaker 5: And even if that means, you know, working with other
• 20:12
  Speaker 5: people for equity, like in giving up equity, like it's
• 20:15
  Speaker 5: not wrong with giving upity, Like we have given up
• 20:17
  Speaker 5: equity and our third partner, Mike, he's a childhood friend
• 20:21
  Speaker 5: of ours, but when we brought them on, we didn't
• 20:22
  Speaker 5: have enough money to actually pay them, so we gave
• 20:24
  Speaker 5: him a part of the company.
• 20:25
  Speaker 4: Now he's our business partners.
• 20:26
  Speaker 5: So I think giving up ownership, giving up a portion
• 20:30
  Speaker 5: of equity and giving up ownership of two different things.
• 20:32
  Speaker 5: Giving up some equity can be a smart move if
• 20:35
  Speaker 5: somebody can add value. That's why you give up equity.
• 20:37
  Speaker 5: If you don't necessarily have the resources and you need
• 20:40
  Speaker 5: to bring somebody on. Now they can provide their talent,
• 20:43
  Speaker 5: their relationships, you know, whatever they can bring to the table,
• 20:46
  Speaker 5: and they're not working for money because now they're a
• 20:48
  Speaker 5: part owner in the company.
• 20:49
  Speaker 4: So the company's success is tied to their success.
• 20:52
  Speaker 5: So it's in their best interest for that company to
• 20:54
  Speaker 5: be successful because the more money that the company makes,
• 20:56
  Speaker 5: the more money that they make, as opposed to just
• 20:58
  Speaker 5: hiring an employee, and you know, if it's a good employee,
• 21:01
  Speaker 5: then you know they'll work is hard just because you
• 21:03
  Speaker 5: know that's what they're supposed to do. But obviously, you
• 21:06
  Speaker 5: know there's a lot of employees that don't care because
• 21:08
  Speaker 5: you know, it doesn't matter how well the company does
• 21:11
  Speaker 5: or you know, if they're still going to get paid
• 21:12
  Speaker 5: the same amount. So that's why the equity play is
• 21:15
  Speaker 5: not always a bad play. Partnerships are not always bad.
• 21:19
  Speaker 5: It's just a matter of just being intelligent about it,
• 21:21
  Speaker 5: keeping ownership, keeping you know, a majority state, things of
• 21:24
  Speaker 5: that nature. So I would approach it from that standpoint.
• 21:27
  Speaker 5: I would approach it from partnerships. Look to see, you say,
• 21:29
  Speaker 5: you've been in the industry for a long time, so
• 21:31
  Speaker 5: I'm sure you have a lot of great relationships with
• 21:33
  Speaker 5: different people, and you know, who knows who would want
• 21:36
  Speaker 5: to work with you, or who won't want to partner
• 21:38
  Speaker 5: with you, and different things.
• 21:39
  Speaker 4: Of that nature.
• 21:40
  Speaker 5: So that's how I would approach it, as opposed to
• 21:42
  Speaker 5: even thinking about funding it out of my own pocket
• 21:44
  Speaker 5: with that much capital. If it was less capital, but
• 21:47
  Speaker 5: if it's a lot, if it's gonna be real, real
• 21:48
  Speaker 5: capital intensive, then you know, you might want to go
• 21:51
  Speaker 5: a different route.
• 21:52
  Speaker 12: Okay, that's good though. That's the partnership is definitely something
• 21:55
  Speaker 12: that's been out there. It's just again really holding in
• 22:00
  Speaker 12: our owning in on the or honing in on the
• 22:03
  Speaker 12: ownership piece. We definitely want to be attachment. I'm pretty
• 22:06
  Speaker 12: sure you can tell, like sometimes people don't take you seriously,
• 22:09
  Speaker 12: but like I said, even with having the experience, it's
• 22:13
  Speaker 12: like that. But that was some good insight. Thank you
• 22:15
  Speaker 12: so much all r P.
• 22:16
  Speaker 1: Math.
• 22:17
  Speaker 9: We're coming to you and meet yourself please.
• 22:19
  Speaker 4: Yeah, what's going on?
• 22:20
  Speaker 5: Yeah?
• 22:20
  Speaker 8: Hey, okay, cool, cool, Hey. I just wanted to ask
• 22:25
  Speaker 8: a quick question. I'm sure it's been asked many times.
• 22:28
  Speaker 8: It's about four one k rollover.
• 22:30
  Speaker 3: My specific question is I have like three four one
• 22:34
  Speaker 3: case from the previous employers. I'm gonna roll like one
• 22:38
  Speaker 3: of the bigger ones into a new one. That I'm
• 22:41
  Speaker 3: participating that the employee is participating in. But then the
• 22:45
  Speaker 3: two smaller ones I want to be able to invest myself.
• 22:50
  Speaker 3: So just kind of to sum it up, I have
• 22:53
  Speaker 3: I had it with Fidelity. I'm going to entrust her
• 22:55
  Speaker 3: the lguit amount into a company named the Principal, and
• 22:59
  Speaker 3: I've always uh trade with TD. I had a brokege
• 23:02
  Speaker 3: account with excuse me, with Fidelity, but I'm I'm transferring.
• 23:06
  Speaker 3: I transferred those funds into TD because just what I've
• 23:09
  Speaker 3: heard is that it's it's it's more user friendly things
• 23:12
  Speaker 3: of that nature. Now my question is with the other
• 23:17
  Speaker 3: two smaller ones that I'm not going to transfer into
• 23:20
  Speaker 3: the the account that with that's with my employer. I
• 23:25
  Speaker 3: want to have a little bit of flexibility to to
• 23:29
  Speaker 3: to move those around. So I didn't know if I
• 23:31
  Speaker 3: should just keep the funds with Fidelity and have a
• 23:34
  Speaker 3: separate I R there, or transfer it into t D
• 23:37
  Speaker 3: where I have my brokerage account that way. You know,
• 23:42
  Speaker 3: I guess, I guess I'm a little confused on what's
• 23:44
  Speaker 3: the benefits of having it having an I R A
• 23:48
  Speaker 3: with a different company because the I'm not gonna put
• 23:51
  Speaker 3: it with the you know, I'm not trying. I'm trying
• 23:53
  Speaker 3: not to roll everything into my my four o K
• 23:56
  Speaker 3: four one K. I'm trying to make sure that I
• 23:59
  Speaker 3: have some flexibility to to move it around, you know,
• 24:02
  Speaker 3: as I feel fit.
• 24:03
  Speaker 5: So, yeah, your current four one k's with Fidelity, and
• 24:06
  Speaker 5: you're debating whether you should roll into an IRA with
• 24:08
  Speaker 5: Fidelity or I RA with TD?
• 24:10
  Speaker 4: Is that the question?
• 24:12
  Speaker 8: So it's actually with a different So my current four
• 24:15
  Speaker 8: one K, I'm transferring.
• 24:17
  Speaker 4: Your old your old one K.
• 24:19
  Speaker 8: Yeah, the old one side. The old one was with Fidelity.
• 24:22
  Speaker 8: So I'm transferring the old ones. Two of one of
• 24:25
  Speaker 8: the old ones the larger amount to one that my
• 24:28
  Speaker 8: employe is participating. And that's called the principle. So I'm
• 24:31
  Speaker 8: already just that's that's kind of just out out there.
• 24:34
  Speaker 8: I'm gonna just put the bigger one into the one
• 24:36
  Speaker 8: that they're contributing to. But the two smaller ones that
• 24:39
  Speaker 8: I have with Fidelity, I was gonna, I guess I'm
• 24:42
  Speaker 8: trying to figure out if it makes sense to transferred
• 24:45
  Speaker 8: over to TD since I'm kind of that's where my
• 24:48
  Speaker 8: brokenge account is, my individual Brokene account. That way I
• 24:50
  Speaker 8: could kind of line things up. That's that's what I'm thinking.
• 24:54
  Speaker 3: Or I don't even know if there's any benefit of
• 24:57
  Speaker 3: just having it transfer, taking that for one K and
• 25:00
  Speaker 3: turning it into a rayah Ira with UH with Fidelity
• 25:05
  Speaker 3: and just keeping it where it is.
• 25:07
  Speaker 5: Yeah, I think it just depends on whichever one you
• 25:08
  Speaker 5: feel comfortable with, right, Like I mean, Fidelity TD. They're
• 25:12
  Speaker 5: both good companies, They're both, you know, very similar. I
• 25:15
  Speaker 5: personally like TD a little bit.
• 25:17
  Speaker 4: I have both.
• 25:17
  Speaker 5: I have FIDELLITI and TV TD. I like TD a
• 25:20
  Speaker 5: little better because it just has a better user interface
• 25:22
  Speaker 5: in my opinion. But I mean it's not like one
• 25:26
  Speaker 5: is dramatically better than the others. So I guess it's
• 25:28
  Speaker 5: just whatever you feel comfortable with. But you can roll
• 25:30
  Speaker 5: it over into it a Fidelity I RA and you know,
• 25:33
  Speaker 5: have you know control over it, and you know, pick
• 25:35
  Speaker 5: the investments that you want, or you can roll it
• 25:37
  Speaker 5: over into a t D I RA and have control
• 25:38
  Speaker 5: over and pick the investments that you want. So it
• 25:40
  Speaker 5: really just depends, honestly. I mean, that's that's just up
• 25:43
  Speaker 5: to you, like whatever whichever one you feel most comfortable with.
• 25:47
  Speaker 5: Like I said, me, personally, I just like TD. I
• 25:49
  Speaker 5: like TD better than fidelity because I just feel like
• 25:51
  Speaker 5: it has a better user interface.
• 25:52
  Speaker 4: And yeah, so that's not true that that's my personal opinion.
• 25:56
  Speaker 5: So you know, but you can you can do either
• 25:58
  Speaker 5: or I mean there's really no no dramatic difference from
• 26:02
  Speaker 5: one then the other.
• 26:03
  Speaker 4: Yea you similar?
• 26:04
  Speaker 8: Okay, all right?
• 26:05
  Speaker 3: And just the last thing on that on that no
• 26:07
  Speaker 3: matter where I go to transfer it, changing that four
• 26:10
  Speaker 3: one K into an IRA, what's really the benefits of
• 26:14
  Speaker 3: the IRA? When I'm am I able to move things
• 26:18
  Speaker 3: around as I feel like, So I know I can't
• 26:21
  Speaker 3: do that with the four one K. So I'm assuming
• 26:23
  Speaker 3: that's just the only benefit is the flexibility?
• 26:25
  Speaker 5: Right, Well, a full one K it's pretty much like
• 26:28
  Speaker 5: frozen in the sense when you're not working it anymore,
• 26:30
  Speaker 5: not frozen, wight, it's not growing. But when you when
• 26:33
  Speaker 5: you leave a job, you can't add money to your
• 26:35
  Speaker 5: fall one K anymore, you can't ball from it, you
• 26:38
  Speaker 5: don't have any like advice, and you're stuck with the
• 26:41
  Speaker 5: investments that's provided for you from the four one K.
• 26:43
  Speaker 5: So fall one K has like a menu of different
• 26:46
  Speaker 5: options like they have like let's say fifteen different funds
• 26:48
  Speaker 5: that you can pick and choose from but you can
• 26:50
  Speaker 5: only invest in those funds. So with an IRA, you
• 26:54
  Speaker 5: get to pick and choose the funds that you that
• 26:56
  Speaker 5: you want, right. You can add you can add money
• 26:59
  Speaker 5: to it, like let's say going forward, like you start
• 27:01
  Speaker 5: a business, or your job doesn't have a four one K,
• 27:03
  Speaker 5: your new job doesn't have a four one K, or
• 27:05
  Speaker 5: you can always add money to an IRA. IRA also
• 27:08
  Speaker 5: can serve as like a central hub where you know,
• 27:10
  Speaker 5: you might leave multiple different jobs throughout the course of
• 27:13
  Speaker 5: your life and you might have like six different four
• 27:15
  Speaker 5: one k that that becomes a little difficult to manage,
• 27:17
  Speaker 5: but you can always roll those four one ks into
• 27:20
  Speaker 5: an IRA and have that as like the central hub
• 27:23
  Speaker 5: for all of your old four one k.
• 27:24
  Speaker 4: So in a nutshell, it just gives you more flexibility.
• 27:29
  Speaker 5: Gives you more flexibility as far as you know, being
• 27:31
  Speaker 5: able to pick and choose your investments and you know,
• 27:35
  Speaker 5: actually being able to put money into it as well,
• 27:37
  Speaker 5: so those you don't have once you leave the company
• 27:40
  Speaker 5: with an old four to one K. So that's really
• 27:43
  Speaker 5: the benefit with the IRA as opposed to keeping the
• 27:45
  Speaker 5: money in the old for for oh one k.
• 27:47
  Speaker 8: All right, sounds good.
• 27:48
  Speaker 3: I appreciate it.
• 27:49
  Speaker 9: Man Andrew.
• 27:50
  Speaker 4: You are coming to you and yourself with and somebody
• 27:52
  Speaker 4: saying a shot. You can't access them.
• 27:54
  Speaker 10: You can't.
• 27:54
  Speaker 5: You can't access the IRA. You just pay penalty on it,
• 27:57
  Speaker 5: just like a four to one K. If you have
• 28:00
  Speaker 5: an all four one K and you took the money
• 28:02
  Speaker 5: out before fifty nine and a half, you pay a
• 28:04
  Speaker 5: penalty on it. But there are some provisions where you
• 28:06
  Speaker 5: can actually take some money out of without paying the
• 28:09
  Speaker 5: penalty tax.
• 28:10
  Speaker 4: But you always pay state and federal tax on an
• 28:12
  Speaker 4: IRA or a fall one K, so they're both the same.
• 28:16
  Speaker 4: I mean that regards behind those warm and cozy nights
• 28:19
  Speaker 4: at home. Thousands of employees at BP go to work
• 28:23
  Speaker 4: every day.
• 28:24
  Speaker 5: People producing more US natural gas, people building grid scale
• 28:27
  Speaker 5: solar capacity, people turning landfill waste gas into pipeline quality
• 28:32
  Speaker 5: renewable natural gas, and people delivering all of that power
• 28:36
  Speaker 5: where it's needed. They're part of almost three hundred thousand
• 28:39
  Speaker 5: jobs VP supports across the country.
• 28:42
  Speaker 1: Learn more at VP dot com.
• 28:44
  Speaker 4: Slash Investing in America