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Transcript

Why Your Grandparents' Money Habits Beat Budget Apps · Becoming Financially Confident

0:37
Well,
0:37
hey
0:37
everybody.
0:38
Welcome
0:38
to
0:38
Financially
0:39
Confident
0:40
Christian
0:40
Live.
0:41
I'm
0:41
Ralph
0:42
Estepp
0:42
Jr.
0:42
And
0:43
I'm
0:43
super
0:43
glad
0:44
that
0:44
you're
0:44
here
0:44
today.
0:45
This
0:45
show
0:45
is
0:45
for
0:46
believers
0:46
who
0:46
want
0:46
to
0:46
grow
0:47
in
0:47
confidence
0:47
with
0:48
their
0:48
money.
0:48
Now
0:48
this
0:48
show
0:49
isn't
0:49
about
0:49
shame.
0:50
It's
0:50
certainly
0:51
not
0:51
about
0:51
pressure
0:52
and
0:52
it's
0:52
not
0:52
about
0:53
pretending.
0:54
It's
0:54
real
0:54
conversations
0:55
about
0:55
the
0:55
fear,
0:56
the
0:56
pressure,
0:57
debt,
0:58
stewardship
0:59
and
0:59
the
0:59
next
1:00
right
1:00
step.
1:00
Now
1:01
today
1:01
we've
1:01
got
1:01
three
1:02
questions
1:02
that
1:02
listeners
1:03
send
1:03
in
1:03
and
1:03
I'm
1:03
also
1:04
encourage
1:04
anybody
1:04
who's
1:05
joined
1:05
us,
1:05
please
1:06
feel
1:06
free
1:06
to.
1:07
If
1:07
you're
1:07
in
1:07
Clubhouse,
1:08
you
1:08
can
1:08
jump
1:08
on
1:08
there
1:09
and
1:09
if
1:09
you
1:09
want
1:09
you
1:09
can
1:09
send
1:10
me
1:10
a
1:10
question
1:10
through
1:11
the
1:11
chat.
1:11
Abby
1:11
is
1:12
monitoring
1:12
that
1:12
for
1:12
me.
1:13
But
1:13
we
1:13
got
1:14
three
1:14
questions
1:14
to
1:14
really
1:15
get
1:15
started
1:15
today.
1:16
We
1:16
got
1:16
a
1:16
mom
1:16
who's
1:17
doing
1:17
everything
1:18
right.
1:18
She's
1:19
cooking
1:19
from
1:19
scratch,
1:20
one
1:20
car,
1:21
no
1:21
coffee.
1:21
If
1:22
you
1:22
listen
1:22
to
1:22
my
1:22
show
1:22
anytime,
1:23
you
1:23
know,
1:23
I,
1:23
I
1:23
get
1:23
on
1:24
people
1:24
about
1:24
those
1:24
coffee
1:25
stops
1:25
and
1:26
still
1:26
drowning
1:27
in
1:27
grocery
1:27
bills.
1:28
So
1:28
we're
1:28
going
1:28
to
1:28
talk
1:28
about
1:29
that
1:29
information
1:30
that
1:30
we
1:30
got
1:30
from
1:30
her.
1:31
We've
1:31
also
1:31
got
1:31
a
1:31
man
1:32
who's
1:32
put
1:32
money
1:32
in
1:33
his
1:33
401k
1:34
for
1:34
22
1:35
years
1:36
and
1:36
he's
1:36
now
1:36
wondering
1:37
if
1:37
he
1:37
set
1:38
himself
1:38
up
1:38
for
1:38
failure.
1:39
Talk
1:40
about
1:40
that
1:40
on
1:40
today's
1:41
show.
1:41
And
1:41
we've
1:41
got
1:42
a
1:42
new
1:42
parent
1:42
trying
1:43
to
1:43
make
1:43
a
1:43
smart
1:43
decision
1:44
for
1:44
her
1:44
daughter
1:45
before
1:45
an
1:46
ad
1:46
makes
1:46
it
1:47
for
1:47
her.
1:48
These
1:48
are
1:48
real
1:48
people
1:49
that
1:49
are
1:49
really
1:50
trying
1:50
and
1:51
still
1:51
feel
1:51
like
1:51
there's
1:52
not
1:52
enough.
1:52
And
1:53
maybe
1:53
that
1:53
sounds
1:53
familiar
1:54
to
1:54
many
1:54
of
1:54
you
1:55
that
1:55
are
1:55
listening.
1:55
I
1:56
just
1:56
want
1:56
to
1:56
remind
1:56
everybody
1:57
this
1:57
is
1:57
a
1:58
non
1:58
judgment
1:59
zone.
1:59
You're
2:00
not
2:00
alone
2:00
and
2:01
you're
2:01
not
2:01
too
2:01
late.
2:02
Here's
2:02
how
2:02
it
2:02
works.
2:02
If
2:03
you're
2:03
on
2:03
Clubhouse,
2:03
you
2:03
can
2:04
join
2:04
me
2:04
here
2:04
on
2:04
stage
2:05
or
2:05
post
2:05
in
2:05
the
2:05
comments.
2:06
If
2:06
watching
2:06
you're.
2:06
If
2:06
you're
2:06
on
2:07
YouTube,
2:07
drop
2:07
it
2:07
in
2:07
the
2:08
chat.
2:08
So
2:09
let's
2:09
get
2:09
started
2:10
by
2:10
getting
2:11
started
2:11
with
2:11
our
2:11
first
2:11
question
2:12
here.
2:12
But
2:12
before
2:12
we
2:12
do
2:13
that,
2:13
I
2:13
wanna
2:13
invite
2:14
everybody.
2:15
We
2:15
do
2:15
have
2:16
a
2:16
community
2:16
site.
2:17
It's
2:17
on
2:17
Patreon.
2:18
I'm
2:18
not
2:19
looking
2:19
for
2:19
money
2:19
there,
2:19
just
2:20
a
2:20
place
2:20
to
2:20
share
2:20
information.
2:21
We
2:21
can
2:22
share
2:22
wins
2:22
and
2:22
we
2:23
can
2:23
share
2:23
struggles.
2:24
You
2:24
can
2:24
find
2:24
that
2:25
by
2:25
going
2:25
to
2:25
financiallyconfidentchristian.com
2:27
join
2:29
again.
2:30
That's
2:30
financiallyconfidentchristian.com
2:33
Join.
2:34
Well,
2:34
let's
2:34
get
2:34
right
2:34
into
2:35
our
2:35
first
2:36
question
2:36
and
2:37
we
2:37
titled
2:37
this
2:37
one
2:37
Tired
2:38
of
2:38
everything,
2:39
right?
2:40
And
2:40
the
2:40
listener
2:40
wrote
2:41
this.
2:41
Hey
2:41
Ralph,
2:42
I've
2:42
been
2:42
listening
2:42
to
2:43
Financially
2:43
Confident
2:44
Christian
2:44
for
2:44
a
2:44
while
2:44
now
2:45
and
2:45
I
2:46
finally
2:46
have
2:46
a
2:46
question.
2:47
Well,
2:47
I'm
2:47
so
2:47
happy
2:48
to
2:48
have
2:48
A
2:48
question
2:48
that's
2:48
a
2:48
good
2:49
thing.
2:49
This
2:49
is
2:49
what
2:50
she
2:50
writes.
2:50
She
2:50
said,
2:50
I
2:51
cook
2:51
everything
2:51
from
2:51
scratch.
2:52
We've
2:53
got
2:53
one
2:53
car,
2:54
and
2:54
I
2:54
don't
2:54
buy
2:54
coffee.
2:55
But
2:55
my
2:56
grocery
2:56
bill
2:56
is
2:57
still
2:57
$1,200
2:58
a
2:58
month
2:59
for
2:59
four
2:59
people.
3:00
And
3:00
I
3:00
don't
3:00
know
3:01
where
3:01
I'm
3:01
going
3:01
wrong.
3:02
My
3:02
mom
3:03
used
3:03
to
3:03
save
3:03
everything.
3:04
She
3:04
saved
3:05
jars
3:05
and
3:05
bags
3:06
and
3:06
even
3:06
twist
3:06
ties.
3:07
I
3:07
thought
3:07
she
3:08
was
3:08
crazy,
3:09
but
3:09
she
3:09
never
3:10
seems
3:10
stressed
3:10
about
3:11
money
3:11
the
3:11
way
3:11
I
3:12
am.
3:12
What's
3:13
the
3:13
difference
3:13
between
3:14
doing
3:14
what
3:14
she
3:14
did
3:15
and
3:16
just
3:16
being
3:16
broke?
3:17
And
3:17
how
3:17
do
3:18
I
3:18
know
3:18
if
3:18
I'm
3:18
actually
3:18
being
3:19
frugal
3:19
or
3:20
just
3:20
struggling?
3:21
I'm
3:21
tired,
3:22
Ralph.
3:22
I'm
3:23
tired
3:23
and
3:23
I'm
3:23
scared.
3:24
Would
3:25
love
3:25
to
3:25
hear
3:25
your
3:25
thoughts
3:25
on
3:26
this.
3:26
Thank
3:27
you
3:27
for
3:27
all
3:27
you
3:27
do.
3:28
Well,
3:28
thank
3:29
you
3:29
for
3:29
sending
3:29
in
3:29
that
3:30
question.
3:30
What
3:30
a
3:30
beautiful
3:31
question.
3:31
What
3:32
a
3:32
great
3:32
question
3:32
to
3:33
ask.
3:34
And
3:34
I
3:34
gotta
3:34
be
3:35
honest
3:35
with
3:35
you.
3:36
When
3:36
I
3:36
read
3:36
your
3:36
question,
3:37
it
3:37
seems
3:38
to
3:38
me
3:38
like
3:38
you
3:38
are
3:38
doing
3:39
everything
3:40
right,
3:41
but
3:42
you're
3:42
still
3:42
coming
3:42
up
3:42
short.
3:43
And
3:44
you're
3:44
making
3:44
choices
3:45
that
3:45
feel
3:45
like
3:45
deprivation,
3:47
and
3:47
it
3:47
seems
3:48
like
3:48
you're
3:48
still
3:48
not
3:48
feeling
3:49
like
3:49
it's
3:49
working,
3:50
and
3:51
you're
3:51
ashamed
3:51
to
3:52
be
3:52
struggling
3:53
when
3:53
you
3:53
feel
3:53
like
3:54
you're
3:54
already
3:54
trying
3:55
everything.
3:56
But
3:56
I
3:56
want
3:56
to
3:56
bring
3:57
some
3:57
things
3:57
to
3:57
your
3:57
mind.
3:58
First
3:58
thing
3:58
is,
3:59
a
3:59
$1,200
4:00
grocery
4:00
bill
4:01
for
4:01
four
4:01
people
4:01
in
4:02
2026
4:03
is
4:03
not
4:04
a
4:04
character
4:04
flaw.
4:05
That's
4:05
what
4:06
things
4:06
cost.
4:07
Groceries
4:08
now
4:08
are
4:09
generally
4:09
more
4:09
expensive
4:10
than
4:10
they've
4:10
ever
4:11
been.
4:12
And
4:12
that's
4:12
not
4:13
a
4:13
failure.
4:13
That's
4:13
just
4:14
the
4:14
math
4:14
of
4:14
it.
4:15
The
4:15
difference
4:16
between
4:16
what
4:16
your
4:16
mom
4:17
is
4:17
doing
4:17
and
4:18
being
4:18
broke
4:18
is
4:19
really
4:19
a
4:19
habit.
4:20
And
4:20
a
4:20
lot
4:20
of
4:20
people
4:21
get
4:21
stuck
4:21
right
4:21
now
4:21
in
4:22
apps
4:22
and
4:23
systems,
4:23
and
4:24
all
4:24
those
4:24
things
4:24
are
4:24
great,
4:25
but
4:25
they
4:25
don't
4:26
always
4:26
answer
4:27
the
4:27
question.
4:28
Sometimes
4:29
it
4:29
comes
4:29
down
4:29
to
4:30
habits
4:31
and
4:31
other
4:32
things
4:32
that
4:32
I
4:32
talk
4:32
about
4:32
on
4:32
the
4:33
show
4:33
all
4:33
the
4:33
time
4:33
is
4:33
automatic,
4:34
invisible,
4:35
stacked
4:35
up
4:36
habits
4:36
over
4:36
decades.
4:37
And
4:38
your
4:38
mom
4:38
was
4:38
doing
4:38
that.
4:39
She
4:39
picked
4:39
one
4:39
habit,
4:39
like,
4:40
here's
4:40
a
4:40
great
4:40
one.
4:41
She
4:41
scraped
4:42
the
4:42
peanut
4:42
butter
4:42
jar.
4:42
And
4:43
my
4:43
mom
4:43
used
4:43
to
4:43
do
4:43
the
4:43
same
4:44
thing.
4:44
She
4:44
would
4:44
say
4:44
to
4:44
us
4:45
as
4:45
kids,
4:45
hey,
4:45
there's
4:46
a
4:46
little
4:46
bit
4:46
left
4:46
in
4:46
here.
4:47
You
4:47
don't
4:47
need
4:47
another
4:47
jar.
4:47
Because
4:48
it
4:48
would
4:48
say,
4:48
you
4:48
gotta
4:48
get
4:48
in
4:49
there
4:49
with
4:49
a
4:49
knife
4:49
and
4:49
try
4:50
to
4:50
dig
4:50
that
4:50
out.
4:51
My
4:51
mom
4:51
used
4:52
to
4:52
do
4:52
things
4:52
like
4:52
save
4:53
the
4:53
chicken
4:53
carcass.
4:54
I
4:54
know
4:54
it
4:54
sounds
4:55
kind
4:55
of
4:55
gross
4:55
before
4:55
lunchtime
4:56
talk,
4:56
but
4:56
she
4:57
used
4:57
to
4:57
say
4:57
that
4:58
she
4:58
would
4:58
make
4:58
broth
4:58
and
4:59
make
4:59
soups
5:00
and
5:00
she
5:00
would
5:01
cook
5:01
one
5:01
meal
5:01
that
5:01
became
5:02
two.
5:03
And
5:03
that's
5:03
that
5:04
one
5:04
habit
5:04
that
5:04
leads
5:05
to
5:05
Another.
5:05
And
5:05
that's
5:06
how
5:06
your
5:06
mom
5:06
lived.
5:07
Your
5:07
mom
5:07
didn't
5:08
live
5:08
from
5:08
a
5:08
spreadsheet.
5:10
She
5:10
saw
5:10
it
5:11
from
5:11
a
5:11
different
5:11
way
5:12
of
5:12
looking
5:12
at
5:12
the
5:13
world.
5:13
And
5:13
we
5:14
found
5:14
this
5:14
scripture
5:14
verse
5:14
which
5:15
I
5:15
think
5:15
is
5:15
really
5:16
apropos
5:17
for
5:17
to
5:17
this
5:17
discussion
5:18
right
5:18
now.
5:18
And
5:19
it's
5:19
from
5:19
Matthew,
5:19
chapter
5:20
6,
5:20
verse
5:20
11.
5:20
It
5:21
says,
5:21
Give
5:21
us
5:21
today
5:22
our
5:22
daily
5:22
bread.
5:23
Now,
5:23
notice
5:23
what
5:24
it
5:24
says
5:24
in
5:24
that,
5:24
because
5:25
I
5:25
think
5:25
we
5:25
really
5:25
need
5:25
to
5:25
key
5:26
in
5:26
on
5:26
this.
5:27
Not
5:27
a
5:27
year's
5:28
worth
5:28
of
5:28
bread,
5:29
today's
5:30
bread.
5:31
See,
5:31
your
5:31
mom
5:31
wasn't
5:32
hoarding.
5:33
She
5:33
was
5:33
honoring
5:34
what
5:34
she
5:34
had.
5:35
And
5:35
that's
5:35
biblical
5:36
posture.
5:37
So
5:37
I
5:37
want
5:37
to
5:38
ask
5:38
in
5:38
the
5:38
chat
5:38
right
5:38
now,
5:38
I
5:39
see
5:39
we've
5:39
got
5:39
several
5:39
people
5:39
that
5:40
have
5:40
joined
5:40
us
5:40
on
5:40
Clubhouse.
5:41
Thank
5:41
you
5:41
so
5:42
much
5:42
for
5:42
joining
5:42
us.
5:43
And
5:44
I
5:44
will
5:44
see.
5:44
We'll
5:45
get
5:45
to
5:45
those
5:45
questions
5:45
here
5:46
in
5:46
a
5:46
second.
5:46
But
5:46
I
5:47
want
5:47
to
5:47
ask
5:47
this
5:47
question
5:48
in
5:48
the
5:48
chat.
5:48
What's
5:49
one
5:49
old
5:49
school
5:49
money
5:50
habit
5:50
from
5:50
your
5:50
parents
5:51
or
5:51
grandparents
5:52
that
5:52
you've
5:52
gone
5:53
back
5:53
to
5:53
or
5:54
wish
5:54
that
5:54
you
5:54
had
5:55
gone
5:55
back
5:55
to?
5:56
I
5:56
think
5:56
that's
5:56
really
5:56
a
5:57
great
5:57
place
5:57
to
5:57
start
5:57
this
5:58
discussion
5:58
today.
5:58
What's
5:59
one
5:59
old
5:59
school
6:00
money
6:00
habit
6:00
from
6:00
your
6:01
parents
6:01
or
6:01
grandparents
6:02
that
6:02
you've
6:03
gone
6:03
back
6:03
to
6:03
or
6:04
wish
6:04
you
6:04
had
6:05
gone
6:05
back
6:05
to?
6:08
And
6:08
I'll
6:08
give
6:08
everybody
6:09
a
6:09
couple
6:09
seconds
6:10
here.
6:10
If
6:10
you
6:10
want
6:10
to
6:10
type
6:10
something
6:11
in
6:11
the
6:11
chat
6:11
or
6:11
if
6:12
you
6:12
want
6:12
to
6:12
throw
6:12
something
6:12
onto
6:13
the
6:13
Facebook
6:14
or
6:14
onto
6:15
the
6:15
YouTube
6:16
live.
6:18
Oh,
6:18
Abby,
6:18
great.
6:19
Great.
6:19
Point
6:19
envelope
6:20
system.
6:20
Yeah,
6:20
that's
6:20
something
6:20
a
6:21
lot
6:21
of
6:21
people.
6:22
My
6:22
grandparents
6:22
used
6:23
to
6:23
use
6:23
that.
6:23
I
6:23
remember
6:23
as
6:24
a
6:24
kid,
6:24
I
6:24
never
6:24
really
6:25
understood,
6:25
what's
6:25
the
6:25
point
6:25
of
6:26
this?
6:26
And
6:26
my
6:26
grandmother
6:26
would
6:27
get
6:27
her
6:27
money
6:27
out
6:28
and
6:28
she
6:28
would
6:28
set
6:28
out
6:28
all
6:29
the
6:29
envelopes
6:29
on
6:29
the
6:30
kitchen
6:30
T.
6:31
And
6:31
I
6:31
remember
6:31
my
6:31
grandfather
6:32
and
6:32
I,
6:32
we
6:32
used
6:32
to
6:32
go
6:33
fishing
6:33
and
6:33
he
6:34
would
6:34
always
6:34
say
6:34
to
6:34
me,
6:34
let
6:34
me
6:35
go
6:35
get
6:35
the
6:35
fishing
6:35
envelope
6:36
so
6:36
we
6:36
could
6:36
figure
6:36
out
6:36
how
6:36
much
6:37
we
6:37
could
6:37
spend
6:37
on
6:38
bait
6:38
and
6:38
on
6:38
that
6:39
kind
6:39
of
6:39
stuff.
6:39
I
6:40
like
6:40
what
6:40
Mark
6:40
said.
6:40
My
6:41
wife
6:41
will
6:41
not
6:41
open
6:41
a
6:42
new
6:42
jar
6:42
or
6:42
a
6:42
new
6:43
carton
6:43
until
6:43
the
6:43
old
6:44
one
6:44
is
6:44
completely
6:45
empty.
6:46
Yeah,
6:46
exactly,
6:46
Mark.
6:47
My
6:47
mom
6:47
used
6:47
to
6:47
do
6:47
the
6:48
exact
6:48
same
6:48
thing.
6:49
And
6:49
J.R.
6:50
i
6:50
got
6:50
your
6:50
question.
6:50
What's
6:51
one
6:51
financial
6:51
habit
6:52
you
6:52
could
6:52
start
6:52
this
6:52
week
6:52
that
6:53
would
6:53
still
6:53
matter
6:53
five
6:54
years
6:54
from
6:54
now?
6:55
Let's
6:55
come
6:55
back
6:55
to
6:55
that
6:55
because
6:56
I
6:56
think
6:56
that
6:56
is
6:56
a
6:56
really
6:57
good
6:57
point.
6:57
And
6:57
it
6:57
kind
6:57
of
6:58
talks
6:58
along
6:58
the
6:59
lines
6:59
of
6:59
what
6:59
we're
6:59
talking
6:59
about
7:00
right
7:00
now?
7:01
Well,
7:01
I
7:01
found
7:01
this
7:02
article,
7:02
and
7:02
I
7:02
want
7:02
to
7:02
pivot
7:03
to
7:03
this
7:03
a
7:03
little
7:03
bit
7:03
right
7:03
now.
7:04
We
7:04
found
7:04
an
7:05
article,
7:05
and
7:06
this
7:06
is
7:06
from
7:06
buzzfeed.
7:07
It
7:07
was
7:07
also
7:07
on
7:07
Reddit.
7:08
And
7:08
it
7:08
said
7:09
old
7:09
school
7:09
money
7:10
habits
7:10
your
7:10
grandparents
7:11
knew.
7:12
And
7:12
we'll
7:12
put
7:12
a
7:12
link
7:13
to
7:13
that
7:13
in
7:13
the
7:13
show
7:13
notes.
7:14
But
7:14
that
7:14
question
7:15
we
7:15
talked
7:15
about
7:15
today
7:16
connects
7:17
directly
7:17
to
7:17
the
7:17
thread
7:18
going
7:18
on
7:18
around
7:18
Reddit.
7:19
In
7:19
this
7:19
particular
7:20
thing,
7:20
people
7:21
were
7:21
sharing
7:21
what
7:21
their
7:22
grandparents
7:22
did
7:22
with
7:23
money.
7:23
And
7:24
what
7:24
struck
7:24
me
7:25
wasn't
7:25
the
7:25
habits
7:26
were.
7:26
It
7:27
wasn't
7:27
that
7:27
the
7:27
habits
7:27
were
7:27
clever.
7:28
It
7:28
wasn't
7:28
that
7:28
it
7:28
was.
7:29
Nobody
7:29
called
7:29
them
7:29
hacks
7:30
back
7:30
then.
7:31
They
7:31
just
7:31
called
7:31
it
7:32
how
7:32
you
7:32
lived.
7:32
It
7:33
was
7:33
just
7:33
the
7:33
things
7:33
that
7:34
they
7:34
did.
7:36
There's
7:36
a
7:36
ton
7:36
of
7:36
people
7:37
spending
7:37
money
7:37
on
7:37
budgeting
7:38
tools
7:39
and
7:39
they
7:39
can't
7:39
even
7:40
cover
7:40
their
7:40
groceries.
7:41
And
7:41
these
7:42
modern
7:42
solutions
7:42
we
7:43
have
7:43
assume
7:43
time
7:44
and
7:44
energy
7:44
that
7:45
stretched
7:45
families
7:45
don't
7:46
have.
7:47
The
7:47
habits
7:47
that
7:48
actually
7:48
worked
7:48
have
7:49
been
7:49
sitting
7:49
in
7:49
front
7:50
of
7:50
us
7:50
the
7:50
whole
7:50
time.
7:51
So
7:51
let's
7:51
get
7:52
into
7:52
some
7:52
of
7:52
those
7:52
key
7:53
habits
7:53
to
7:54
really
7:54
help
7:54
you
7:54
save
7:54
money,
7:55
because
7:55
what
7:55
you're
7:55
asking
7:56
about
7:56
is
7:56
very
7:57
specific.
7:58
We
7:58
are
7:58
living
7:58
in
7:58
times
7:59
when
7:59
groceries
7:59
are
8:00
expensive.
8:01
My
8:01
wife
8:01
handles
8:02
the
8:02
grocery
8:02
shopping
8:02
for
8:03
our
8:03
family,
8:03
and
8:03
every
8:03
once
8:04
in
8:04
a
8:04
while
8:04
she
8:04
drags
8:05
me
8:05
along
8:05
to
8:05
the
8:05
grocery
8:06
store
8:06
and
8:06
she
8:07
gets
8:07
angry
8:07
with
8:07
me
8:08
because
8:08
I
8:08
look
8:08
at
8:08
everything
8:09
and
8:09
say,
8:09
I
8:09
can't
8:09
believe
8:09
this
8:10
is
8:10
how
8:10
much
8:10
this
8:10
costs,
8:11
but
8:12
it's
8:12
expensive.
8:13
Here's
8:14
the
8:14
thing
8:14
I
8:14
will
8:14
tell
8:15
you.
8:15
In
8:15
my
8:15
professional
8:16
opinion,
8:17
cooking
8:17
your
8:17
own
8:18
food
8:19
is
8:19
the
8:19
single
8:20
biggest
8:20
money
8:20
move
8:21
you
8:21
can
8:21
do.
8:21
Now,
8:22
I
8:22
know
8:22
that's
8:22
not
8:22
the
8:22
most
8:22
convenient
8:23
thing
8:23
to
8:23
do.
8:24
It
8:24
takes
8:24
a
8:24
little
8:24
planning.
8:25
But
8:25
where
8:26
I
8:26
see
8:26
most
8:26
people
8:27
losing
8:28
money,
8:28
you
8:28
know,
8:28
the
8:29
hole
8:29
in
8:29
the
8:29
boat
8:29
or
8:29
whatever
8:30
you
8:30
want
8:30
to
8:30
call
8:30
it,
8:30
is
8:31
eating
8:31
out
8:31
all
8:31
the
8:32
time,
8:32
or
8:32
even
8:32
ordering
8:33
out.
8:34
That
8:34
is
8:34
the
8:34
key.
8:35
Cooking
8:36
food
8:36
at
8:36
home.
8:36
Which
8:36
leads
8:37
me
8:37
to
8:37
the
8:37
second
8:37
thing.
8:38
You've
8:38
got
8:39
to
8:39
have
8:39
a
8:39
plan
8:40
for
8:40
a
8:40
meal.
8:42
Plan
8:42
out
8:42
your
8:42
meals.
8:43
Think
8:43
about
8:43
strategically,
8:44
what
8:44
do
8:44
you
8:44
need?
8:45
Because
8:45
if
8:45
you
8:45
wait
8:45
to
8:45
get
8:46
to
8:46
the
8:46
grocery
8:46
store,
8:47
you're
8:47
going
8:47
to
8:48
listen.
8:48
Grocery
8:49
stores
8:49
are
8:49
designed
8:50
to
8:50
make
8:50
you
8:50
spend
8:51
more.
8:51
That
8:51
is
8:52
the
8:52
whole
8:52
point
8:52
of
8:52
them.
8:53
That's
8:53
what
8:53
they
8:53
do.
8:54
So
8:54
have
8:55
your
8:55
meals
8:55
planned
8:56
out
8:56
in
8:56
advance.
8:56
You
8:56
know
8:57
the
8:57
old
8:57
adage,
8:57
don't
8:57
go
8:58
to
8:58
the
8:58
supermarket
8:58
when
8:58
you're
8:59
hungry.
8:59
Another
9:00
good
9:00
thing.
9:01
One
9:01
commentator
9:02
in
9:02
one
9:02
of
9:02
these
9:02
articles
9:02
called
9:03
it
9:03
the
9:03
cornerstone
9:04
of
9:04
everything
9:04
else,
9:04
I
9:05
believe.
9:06
And
9:06
then
9:06
the
9:07
other
9:07
thing
9:07
they
9:07
said
9:07
is
9:07
use
9:08
every
9:08
part
9:08
of
9:08
what
9:09
you
9:09
buy.
9:09
Like
9:09
I
9:09
talked
9:10
about
9:10
with
9:10
my
9:10
grandmother
9:11
and
9:11
my
9:11
mother,
9:11
using
9:12
that
9:12
chicken
9:12
carcass.
9:13
As
9:13
Mark
9:14
said,
9:14
the
9:14
bottom
9:14
of
9:14
the
9:15
jar.
9:15
We're
9:15
not
9:15
open
9:15
up
9:16
another
9:16
one
9:16
until
9:16
it's
9:16
empty.
9:17
Those
9:17
leftovers
9:18
become
9:18
tomorrow's
9:19
lunch.
9:20
And
9:20
that's
9:20
not
9:21
about
9:21
poverty.
9:21
That's
9:22
just
9:22
the
9:22
reality
9:23
of
9:23
where
9:23
we
9:23
live.
9:25
It's
9:25
a
9:25
different
9:25
relationship
9:26
with
9:26
what
9:26
you
9:27
have.
9:28
Again,
9:28
like
9:28
I
9:28
said,
9:28
not
9:29
shopping
9:29
hungry
9:30
is
9:30
a
9:30
free
9:30
rule
9:30
that
9:31
prevents
9:31
impulse
9:31
buys
9:32
and
9:32
keeps
9:32
junk
9:32
food
9:32
out
9:33
of
9:33
the
9:33
cart.
9:34
Another
9:34
thing
9:34
that
9:34
I
9:34
would
9:35
highly
9:35
recommend
9:36
is
9:36
building
9:36
a
9:37
deep
9:37
pantry
9:37
of
9:38
shelf,
9:38
stable
9:39
and
9:39
frozen
9:39
items
9:40
so
9:40
you're
9:40
not
9:41
scrambling
9:41
at
9:41
the
9:41
last
9:42
minute.
9:42
I
9:42
think
9:42
that's
9:42
one
9:42
of
9:42
the
9:43
biggest
9:43
things
9:43
I
9:43
know
9:43
when
9:44
our
9:44
kids
9:44
were
9:44
younger.
9:44
Now
9:44
my
9:45
son
9:45
will
9:45
be
9:45
25
9:46
actually
9:46
Monday.
9:46
I
9:46
can't
9:47
believe
9:47
he's
9:47
going
9:47
to
9:47
be
9:47
that
9:47
old.
9:48
And
9:48
My
9:48
oldest
9:48
is
9:49
28.
9:49
And
9:50
I
9:50
remember
9:50
when
9:50
the
9:50
kids
9:50
were
9:50
real
9:51
young,
9:51
this
9:52
was
9:52
a
9:52
challenge
9:53
because
9:53
we
9:53
had
9:53
busy
9:54
lives.
9:54
The
9:54
kids
9:54
were
9:55
going
9:55
here,
9:55
we
9:55
were
9:55
going
9:55
there.
9:56
So
9:56
one
9:56
of
9:56
the
9:56
things
9:57
my
9:57
wife
9:57
was
9:57
really
9:57
good
9:58
at
9:58
is
9:58
building
9:59
that
9:59
pantry
10:00
and
10:00
planning
10:01
those
10:01
meals
10:01
ahead
10:01
of
10:01
time.
10:02
Now,
10:02
there
10:02
were
10:02
some
10:02
quotes
10:02
from
10:03
this
10:03
that
10:03
I
10:03
thought
10:03
were
10:04
really
10:04
appropriate
10:05
for
10:05
today.
10:05
This
10:05
is
10:05
somebody
10:06
said,
10:06
even
10:06
when
10:07
we
10:07
thought
10:07
we
10:07
had
10:07
no
10:08
food
10:08
and
10:08
needed
10:09
to
10:09
grocery
10:09
shop,
10:10
my
10:10
grandma
10:10
would
10:11
say,
10:11
what?
10:11
There's
10:12
tons
10:12
of
10:12
food
10:13
in
10:13
here?
10:13
And
10:13
she
10:14
would
10:14
proceed
10:14
to
10:14
make
10:14
the
10:15
most
10:15
comforting
10:15
meal
10:16
out
10:16
wherever
10:16
we
10:16
had
10:17
lying
10:17
around.
10:18
That
10:18
was
10:18
from
10:19
somebody
10:19
named
10:19
Desert
10:20
Sunshine.
10:20
13
10:21
from
10:21
Reddit.
10:22
Here's
10:22
another
10:22
quote.
10:22
They
10:23
said
10:23
my
10:23
mother
10:23
always
10:23
used
10:24
all
10:24
of
10:24
her
10:24
food.
10:25
If
10:25
she
10:25
roasted
10:26
a
10:26
chicken,
10:26
the
10:26
carcass
10:27
became
10:27
chicken
10:27
broth
10:28
and
10:28
chicken
10:28
soup.
10:29
Throwing
10:29
out
10:29
food
10:30
was
10:30
simply
10:30
not
10:31
acceptable.
10:32
That
10:32
was
10:32
from
10:32
somebody
10:33
named
10:33
NoTransition8293.
10:37
And
10:37
the
10:37
last
10:37
one
10:37
I'm
10:37
going
10:38
to
10:38
talk
10:38
about
10:38
is
10:38
a
10:38
quote
10:38
here.
10:39
It
10:39
says,
10:39
I
10:39
Drive
10:39
a
10:39
2013
10:40
Honda
10:40
Civic.
10:41
The
10:41
interior
10:42
is
10:42
worn
10:43
and
10:43
faded,
10:44
but
10:44
I
10:44
have
10:44
no
10:44
car
10:45
payment.
10:45
And
10:46
that's
10:46
from
10:46
somebody
10:46
named
10:47
some
10:47
tangerine
10:47
1180
10:48
for
10:48
all
10:49
very
10:49
good
10:50
points,
10:51
which
10:51
gets
10:52
me
10:52
to
10:52
this
10:52
point.
10:52
Here's
10:53
my
10:53
takeaway
10:53
from
10:54
all
10:54
this.
10:55
Stop
10:55
living
10:56
in
10:56
shame.
10:57
There's
10:58
no
10:58
reason
10:58
to
10:58
be
10:58
embarrassed
10:59
for
10:59
being
10:59
frugal.
11:01
There's
11:01
no
11:01
reason
11:01
to
11:02
be
11:02
embarrassed
11:02
for
11:02
cutting
11:03
corners
11:03
and
11:04
making
11:04
meal
11:04
plans
11:05
and
11:05
doing
11:05
all
11:05
that
11:05
stuff
11:06
at
11:06
home.
11:07
Because
11:07
in
11:07
the
11:08
end,
11:08
you're
11:08
going
11:09
to
11:09
be
11:09
out
11:09
of
11:09
debt.
11:10
You're
11:10
going
11:10
to
11:10
be
11:10
sleeping
11:11
at
11:11
night,
11:11
no
11:12
car
11:12
payment.
11:12
These
11:12
are
11:13
all
11:13
great
11:13
things.
11:14
I've
11:14
even
11:14
counseled
11:15
people.
11:15
Sometimes
11:15
you
11:16
got
11:16
to
11:16
go
11:16
sell
11:16
something.
11:18
You
11:18
got
11:18
to
11:19
do
11:19
what
11:19
you
11:19
got
11:19
to
11:19
do.
11:21
They're
11:21
better
11:21
for
11:22
it
11:22
in
11:22
the
11:22
end.
11:23
Which
11:23
is
11:23
why
11:23
we
11:23
go
11:24
to
11:24
scripture
11:24
verse.
11:25
Proverbs
11:25
13:11
11:26
says,
11:26
Whoever
11:26
gathers
11:27
money
11:27
little
11:27
by
11:27
little
11:27
makes
11:28
it
11:28
grow.
11:29
And
11:29
that's
11:29
what
11:29
we're
11:29
really
11:30
talking
11:30
about
11:30
here
11:30
today.
11:31
Little
11:32
by
11:32
little
11:32
things.
11:33
A
11:34
saved
11:34
jar,
11:35
a
11:35
practice,
11:36
a
11:36
habit.
11:37
That
11:37
practice
11:38
becomes
11:38
a
11:38
life
11:40
all
11:40
right,
11:41
well,
11:41
let
11:41
me
11:41
take
11:41
a
11:41
look
11:41
at
11:42
the
11:42
chat
11:42
here.
11:42
Let's
11:43
see.
11:43
So,
11:43
Junior,
11:43
what's
11:44
one
11:44
financial
11:44
habit
11:45
you
11:45
could
11:45
start
11:45
this
11:46
week
11:46
that
11:46
would
11:47
still
11:47
matter
11:47
five
11:47
years
11:48
from
11:48
now?
11:48
I'm
11:48
going
11:48
to
11:48
answer
11:49
that
11:49
right
11:49
now
11:49
because
11:49
that's
11:50
a
11:50
brilliant
11:50
question.
11:51
I
11:52
think
11:52
the
11:52
biggest
11:53
single
11:53
financial
11:54
habit
11:54
is
11:55
to
11:55
measure
11:56
where
11:56
your
11:56
money's
11:56
going
11:57
and
11:57
have
11:57
a
11:57
plan
11:57
for
11:58
your
11:58
money.
11:58
And
11:58
I'm
11:59
going
11:59
to
11:59
be
11:59
talking
11:59
about
11:59
that
11:59
again
12:00
in
12:00
the
12:00
future.
12:00
I'm
12:01
actually
12:01
building
12:02
what
12:02
I'm
12:02
going
12:02
to
12:02
call
12:02
a
12:03
sexy
12:03
budget
12:04
program.
12:04
A
12:04
lot
12:05
of
12:05
people
12:05
don't
12:05
want
12:05
to
12:05
talk
12:05
about
12:06
budgets,
12:06
but
12:06
I'm
12:07
going
12:07
to
12:07
make
12:07
them
12:07
sexy,
12:08
believe
12:08
it
12:08
or
12:08
not,
12:09
because
12:09
I
12:09
think
12:10
that
12:10
is
12:10
the
12:10
number
12:11
one
12:11
thing.
12:11
When
12:11
I
12:12
talk
12:12
to
12:12
people,
12:12
especially
12:13
younger
12:13
people,
12:14
the
12:14
number
12:14
one
12:14
thing
12:14
they
12:14
tell
12:15
me
12:15
is,
12:15
Ralph,
12:15
I
12:15
just
12:16
don't
12:16
know
12:16
how
12:16
to
12:16
budget.
12:17
I
12:17
don't
12:17
know
12:17
how
12:17
to
12:18
plan.
12:19
And
12:19
I'm
12:19
going
12:19
to
12:19
talk
12:19
about
12:20
specifically
12:20
how
12:20
to
12:20
do
12:20
that.
12:21
But,
12:21
Junior,
12:21
to
12:21
really
12:21
answer
12:22
your
12:22
question,
12:22
to
12:23
lean
12:23
into
12:23
that,
12:24
that's
12:25
the
12:25
number
12:25
one
12:25
thing,
12:26
is
12:26
have
12:26
a
12:26
plan.
12:27
One
12:27
of
12:27
the
12:27
things
12:28
I'm
12:28
going
12:28
to
12:28
talk
12:28
about
12:28
is
12:29
I
12:29
think
12:29
you've
12:29
got
12:29
to
12:29
give
12:30
every
12:30
single
12:30
dollar
12:31
that
12:31
comes
12:31
in
12:31
and
12:32
out
12:32
of
12:32
your
12:32
life
12:32
a
12:32
job.
12:33
It's
12:34
when
12:34
they
12:34
don't
12:34
have
12:34
a
12:35
job
12:35
that
12:35
it
12:35
causes
12:36
problems.
12:37
So
12:37
thank
12:38
you
12:38
so
12:38
much
12:38
for
12:38
sharing
12:38
that.
12:39
It
12:39
was
12:39
a
12:39
great
12:39
question.
12:39
I
12:40
see
12:40
Abby
12:40
put
12:40
in,
12:40
my
12:41
partner
12:41
loves
12:41
planning
12:42
our
12:42
meals
12:42
for
12:42
the
12:42
week.
12:43
Yeah,
12:43
Abby,
12:43
I
12:43
think
12:43
that's
12:44
a
12:44
great
12:44
point.
12:44
Also.
12:44
I
12:45
think
12:45
if
12:45
you
12:45
lay
12:45
that
12:45
stuff
12:46
out,
12:46
because
12:46
you
12:46
can
12:46
actually
12:47
build
12:47
in
12:47
there,
12:48
the
12:48
idea
12:48
that
12:49
you're
12:49
going
12:49
to
12:49
have
12:49
your
12:50
grocery
12:50
budget,
12:50
you're
12:51
going
12:51
to
12:51
have
12:51
your
12:51
groceries
12:51
ready
12:52
before
12:52
you
12:52
even
12:52
get
12:52
to
12:53
the
12:53
store.
12:53
You
12:53
can
12:54
buy
12:54
wisely
12:54
and
12:55
you
12:55
can
12:55
make
12:55
smart
12:55
decisions.
12:56
And
12:56
my
12:57
youngest
12:57
son,
12:57
he's
12:57
finally
12:58
figuring
12:58
this
12:58
out.
12:58
He
12:58
used
12:58
to
12:59
eat
12:59
out
12:59
for
12:59
lunch
12:59
every
13:00
single
13:00
day.
13:00
And
13:00
I
13:00
said,
13:00
dude,
13:01
you're
13:01
spending
13:01
so
13:02
much
13:02
money
13:02
doing
13:02
this.
13:03
And
13:03
he
13:03
said,
13:04
dad,
13:04
here's
13:04
what
13:04
I
13:04
started
13:04
doing.
13:05
He
13:05
said,
13:05
I
13:05
cook
13:06
a
13:06
little
13:06
more
13:06
at
13:06
dinner
13:07
time.
13:07
And
13:07
then
13:07
what
13:08
happens?
13:08
That's
13:08
my
13:08
lunch
13:09
for
13:09
the
13:09
next
13:09
day.
13:10
And
13:10
I
13:10
said,
13:10
dad's
13:11
great.
13:11
How
13:11
much
13:11
money
13:11
have
13:12
you
13:12
saved?
13:12
He
13:12
said,
13:12
dad,
13:13
he
13:13
says,
13:14
I
13:14
usually
13:14
spend.
13:14
Now
13:14
he's
13:15
a
13:15
big
13:15
kid.
13:15
He's
13:16
six,
13:16
seven,
13:16
I
13:17
think
13:17
he's
13:17
300
13:17
and
13:17
some
13:18
pounds.
13:18
We
13:19
call
13:19
him
13:19
Sasquatch.
13:19
I
13:19
mean,
13:20
he's
13:20
massive,
13:20
right?
13:21
So
13:21
he
13:21
can
13:21
eat
13:21
some
13:22
food.
13:23
And
13:23
he
13:23
said,
13:23
dad,
13:24
he
13:24
says,
13:24
when
13:24
I
13:24
go
13:24
out
13:24
to
13:25
lunch,
13:25
it's
13:25
like
13:25
20
13:25
or
13:25
$25.
13:26
I'm
13:26
like,
13:27
well,
13:27
you're
13:27
probably
13:27
eating
13:27
for
13:27
two
13:28
people,
13:28
dude.
13:29
But
13:29
he
13:29
says,
13:29
I'm
13:29
saving
13:30
almost
13:30
$100
13:31
a
13:31
week
13:32
and
13:32
on
13:32
a
13:33
barber's
13:33
budget.
13:34
That's
13:34
fantastic.
13:35
So
13:35
those
13:36
are
13:36
all
13:36
things
13:36
that
13:36
you
13:37
can
13:37
do
13:37
to
13:38
help
13:38
in
13:38
this
13:38
situation
13:38
because
13:39
yes,
13:39
groceries
13:39
are
13:40
expensive.
13:40
I
13:40
totally
13:41
get
13:41
it.
13:41
Well,
13:42
let's
13:42
move
13:42
to
13:42
our
13:42
second
13:43
question.
13:43
We
13:44
titled
13:44
this
13:44
one
13:44
22
13:45
Years
13:45
and
13:45
in
13:46
Suddenly
13:46
Scared.
13:47
This
13:47
was
13:47
an
13:48
email
13:48
from
13:48
somebody
13:49
named
13:49
David,
13:50
and
13:50
he
13:50
put
13:50
in
13:50
the
13:50
subject
13:50
line
13:51
401K.
13:51
Millionaires
13:52
don't
13:52
exist
13:53
for
13:53
people
13:53
like
13:53
me.
13:54
And
13:55
this
13:55
one
13:55
really
13:55
hit
13:56
home
13:56
for
13:56
me.
13:56
This
13:56
is
13:56
a
13:56
question
13:57
I
13:57
get
13:57
a
13:57
lot
13:57
from
13:58
customers
13:58
and
13:59
people
13:59
on
13:59
the
13:59
show
13:59
that
13:59
I
14:00
deal
14:00
with,
14:00
said
14:00
Ralph.
14:00
I
14:01
see
14:01
all
14:01
these
14:01
articles
14:02
about
14:02
record
14:03
401k
14:03
balances
14:04
and
14:04
I
14:05
see
14:05
that
14:05
there's
14:05
665,000
14:07
millionaires
14:08
in
14:08
fidelity
14:08
plans,
14:09
and
14:09
it
14:10
feels
14:10
like
14:10
I'm
14:10
living
14:11
on
14:11
another
14:11
planet.
14:13
David,
14:13
I've
14:13
been
14:14
on
14:14
that
14:14
planet
14:14
too,
14:14
my
14:14
friend.
14:15
I
14:15
totally
14:15
get
14:15
it,
14:16
but
14:16
let
14:16
me
14:16
continue.
14:17
He
14:17
says,
14:17
my
14:17
company,
14:17
Auto,
14:18
enrolled
14:18
me
14:18
in
14:19
the
14:19
401k
14:20
a
14:20
few
14:20
years
14:20
ago.
14:21
I
14:21
contribute
14:22
what
14:22
I
14:22
can,
14:22
maybe
14:23
6
14:23
or
14:23
7%
14:24
when
14:24
I
14:24
can
14:24
afford
14:25
it,
14:25
but
14:26
honestly,
14:26
I'm
14:27
barely
14:27
keeping
14:27
up
14:27
with
14:27
rent
14:28
and
14:28
child
14:28
care
14:28
costs.
14:29
What
14:30
worries
14:30
me
14:30
is
14:30
this
14:31
article
14:31
keeps
14:31
mentioning
14:32
people
14:32
raiding
14:33
their
14:33
401
14:33
plans
14:34
for
14:34
emergencies.
14:35
That's
14:35
what
14:35
we're
14:35
going
14:36
to
14:36
talk
14:36
about
14:36
here
14:36
in
14:36
a
14:36
second.
14:37
He
14:37
continues,
14:38
I
14:39
know
14:39
I'll
14:39
have
14:39
emergencies.
14:40
My
14:41
car
14:41
broke
14:41
down
14:41
last
14:42
year
14:42
and
14:42
I
14:42
had
14:42
to
14:42
put
14:42
it
14:42
on
14:43
a
14:43
credit
14:43
card
14:43
because
14:43
I
14:44
had
14:44
no
14:44
cash.
14:45
If
14:45
I
14:45
had
14:45
a
14:46
401
14:46
with
14:46
money
14:47
I
14:47
could
14:47
access,
14:48
I
14:49
probably
14:49
would
14:49
have
14:49
taken
14:50
it
14:50
out.
14:51
So
14:51
my
14:51
real
14:52
question
14:52
is
14:52
this.
14:53
Are
14:53
401ks
14:54
actually
14:54
saving
14:55
people
14:55
for
14:55
retirement
14:56
or
14:57
are
14:57
they
14:57
just
14:57
delaying
14:58
the
14:58
financial
14:58
crisis
14:59
until
14:59
we're
15:00
older?
15:01
Because
15:01
for
15:01
people
15:01
making
15:02
$50,000
15:03
a
15:03
year,
15:03
it
15:04
feels
15:04
like
15:04
we're
15:04
being
15:04
told
15:05
to
15:05
save
15:05
money
15:06
we
15:06
don't
15:06
have
15:07
for
15:07
the
15:07
future
15:07
we
15:08
can't
15:08
afford.
15:09
And
15:09
that
15:09
was
15:09
signed
15:09
by
15:10
David.
15:10
David,
15:11
thank
15:11
you
15:11
so
15:12
much
15:12
for
15:12
sharing
15:12
that.
15:13
It
15:13
was
15:13
really.
15:14
Yeah,
15:14
I
15:14
really
15:14
appreciate
15:15
you
15:15
sharing
15:15
that
15:16
because
15:16
you've
15:16
really
15:16
been
15:17
honest
15:17
about
15:17
a
15:17
lot
15:18
of
15:18
things.
15:18
And
15:19
the
15:19
thing
15:19
I'm
15:19
going
15:19
to
15:19
say,
15:19
David,
15:20
is
15:20
you've
15:20
been
15:20
doing
15:21
the
15:21
right
15:21
thing
15:21
for
15:22
two
15:22
decades
15:23
and
15:23
now
15:24
you're
15:24
questioning
15:25
was
15:25
it
15:25
the
15:25
right
15:26
thing
15:26
to
15:26
do.
15:27
And
15:27
one
15:27
of
15:27
the
15:27
big
15:27
things
15:28
that
15:28
jumps
15:28
out
15:28
at
15:28
me,
15:28
you
15:28
had
15:29
to
15:29
mention
15:29
this,
15:29
but
15:29
you
15:29
talked
15:30
about
15:30
it.
15:30
I
15:30
feel
15:30
like
15:31
you've
15:31
got
15:31
money
15:31
in
15:32
retirement,
15:32
but
15:33
you
15:33
don't
15:33
really
15:33
have
15:34
any
15:34
money
15:34
outside
15:35
of
15:35
retirement,
15:36
which
15:36
I
15:36
would
15:36
call
15:36
your
15:37
safety
15:37
net.
15:37
We
15:37
talk
15:37
about
15:38
on
15:38
the
15:38
show
15:38
all
15:38
the
15:38
time.
15:38
An
15:39
Emergency
15:40
plan
15:40
or
15:40
emergency
15:41
fund.
15:42
You
15:42
got
15:42
to
15:42
think
15:43
about
15:43
that.
15:44
Because
15:44
that
15:44
can
15:44
suddenly
15:45
feel
15:45
dangerous.
15:45
If
15:46
all
15:46
of
15:46
your
15:46
money
15:46
is
15:47
stacked
15:47
away
15:47
in
15:47
the
15:47
retirement
15:48
plan,
15:48
it's
15:48
great
15:49
from
15:49
a
15:49
tax
15:49
perspective.
15:50
But
15:50
if
15:51
you
15:51
have
15:51
a
15:51
car
15:51
breakdown
15:52
or
15:52
a
15:53
repair
15:53
to
15:53
your
15:53
home
15:54
or
15:54
an
15:54
unexpected
15:55
medical
15:56
expense,
15:57
all
15:57
those
15:57
things
15:58
are,
15:58
you
15:58
don't
15:59
want
15:59
to
15:59
go
15:59
raid
15:59
your
15:59
401k.
16:00
And
16:00
you're
16:00
right.
16:01
I
16:01
see
16:01
a
16:01
lot
16:01
of
16:01
people
16:02
doing
16:02
that.
16:02
People
16:03
come
16:03
in
16:03
to
16:03
visit
16:03
me
16:04
for
16:04
tax
16:04
work,
16:04
and
16:04
I
16:04
see
16:05
they're
16:05
making
16:05
distributions
16:06
from
16:06
their
16:06
retirement
16:07
plans.
16:08
And
16:08
it's
16:08
a
16:08
huge
16:09
tax
16:09
hit
16:09
when
16:10
you
16:10
do
16:10
that.
16:10
But
16:11
really
16:11
what
16:11
you're
16:11
feeling
16:12
is
16:12
you've
16:12
been
16:12
following
16:13
all
16:13
the
16:13
right
16:13
things,
16:14
but
16:14
you're
16:14
like,
16:14
wait
16:15
a
16:15
minute,
16:15
Ralph,
16:15
I
16:15
think
16:15
I
16:15
might
16:16
be
16:16
missing
16:16
something.
16:17
So
16:17
the
16:17
first
16:17
thing
16:18
I
16:18
want
16:18
to
16:18
say
16:18
is,
16:19
consistent
16:19
contributions
16:20
is
16:20
not
16:21
a
16:21
mistake
16:21
that
16:21
matters.
16:22
You
16:23
are
16:23
doing
16:24
that
16:24
the
16:24
right
16:24
way.
16:25
Here's
16:25
the
16:25
problem.
16:25
Most
16:26
people
16:26
don't
16:26
even
16:26
do
16:27
that.
16:28
But
16:28
you
16:28
can't
16:29
use
16:29
your
16:29
401k
16:30
like
16:30
an
16:30
emergency
16:31
fund.
16:31
It
16:32
was
16:32
never
16:32
designed
16:32
to
16:32
be.
16:33
And
16:33
unfortunately,
16:34
I
16:34
see
16:34
so
16:34
many
16:35
people
16:35
doing
16:35
that
16:35
with
16:36
their
16:36
retirement
16:36
funds.
16:37
Here's
16:37
the
16:37
thing
16:38
I
16:38
want
16:38
to
16:38
talk
16:38
to
16:38
you
16:38
about
16:38
a
16:38
tax
16:39
perspective.
16:40
Early
16:40
withdrawals.
16:41
If
16:41
you
16:41
take
16:41
money
16:41
from
16:42
your
16:42
401k
16:43
before
16:44
you're
16:44
59
16:45
and
16:45
a
16:45
half,
16:45
here's
16:46
the
16:46
problem.
16:46
You
16:46
get
16:47
hit
16:47
with
16:47
a
16:47
10%
16:48
penalty
16:48
right
16:48
off
16:48
the
16:48
top.
16:50
Add
16:50
to
16:50
that
16:50
federal
16:51
and
16:51
state
16:51
income
16:52
tax.
16:53
And
16:53
this
16:53
is
16:53
no
16:53
joke,
16:54
when
16:54
clients
16:54
call
16:54
me,
16:54
they
16:55
pick
16:55
up
16:55
the
16:55
phone
16:55
and
16:55
say,
16:55
ralph,
16:56
I'm
16:56
thinking
16:56
about
16:56
taking
16:56
money
16:57
out
16:57
of
16:57
my
16:57
retirement.
16:58
What
16:58
do
16:58
I
16:59
do?
16:59
I
16:59
said,
16:59
well,
16:59
here's
16:59
the
16:59
thing.
16:59
You
17:00
need
17:00
to
17:00
understand,
17:01
it's
17:01
going
17:01
to
17:02
cost
17:02
you
17:02
almost
17:03
40%
17:04
in
17:04
tax
17:06
right
17:06
from
17:06
the
17:06
beginning.
17:07
And
17:07
then,
17:08
of
17:08
course,
17:08
the
17:08
other
17:08
thing,
17:08
they'll
17:09
say
17:09
to
17:09
me
17:09
as
17:09
well,
17:09
at
17:10
work,
17:10
we
17:10
have
17:10
this
17:11
option.
17:11
We
17:11
can
17:11
take
17:12
a
17:12
loan
17:12
from
17:12
our
17:12
401k,
17:14
but
17:14
you
17:14
got
17:14
to
17:14
be
17:14
careful
17:15
with
17:15
that,
17:15
too.
17:15
Because
17:16
if
17:16
you
17:16
take
17:16
a
17:16
loan
17:17
from
17:17
your
17:17
401,
17:18
number
17:18
one,
17:18
you
17:18
got
17:18
to
17:18
pay
17:19
it
17:19
back,
17:19
which
17:19
is
17:19
better
17:19
than
17:20
taking
17:20
the
17:20
money
17:20
out.
17:21
But
17:21
here's
17:21
the
17:21
problem.
17:22
If
17:22
your
17:23
employer
17:23
lets
17:24
you
17:24
go,
17:24
if
17:25
you
17:25
decide
17:25
to
17:25
leave
17:26
your
17:26
employee,
17:26
if
17:26
the
17:26
business
17:27
closes
17:27
down,
17:28
you've
17:28
got
17:29
60
17:29
days
17:30
to
17:30
pay
17:30
back
17:31
that
17:31
loan,
17:31
or
17:32
that
17:32
becomes
17:32
effectively
17:33
a
17:33
distribution.
17:35
And
17:35
that's
17:35
real
17:36
money
17:36
gone.
17:37
So
17:38
if
17:38
you
17:38
think
17:38
about
17:38
it,
17:39
if
17:39
you
17:39
get
17:39
hit
17:39
with
17:39
a
17:40
40%
17:40
tax
17:41
right
17:41
off
17:41
the
17:41
top,
17:42
I
17:42
call
17:42
it
17:42
the
17:42
haircut,
17:43
you've
17:44
tossed
17:44
40%
17:45
of
17:45
your
17:46
money.
17:47
But
17:47
so
17:47
you
17:47
got
17:48
to
17:48
think
17:48
about
17:48
building
17:48
this
17:48
firewall,
17:49
and
17:50
that's
17:50
the
17:50
Thing,
17:50
David,
17:50
that
17:50
I
17:51
think
17:51
I
17:51
didn't
17:51
hear
17:51
you
17:52
mentioning
17:52
in
17:52
your
17:52
email,
17:53
and
17:53
I
17:53
think
17:53
I
17:54
want
17:54
to
17:54
lean
17:54
into
17:54
for
17:54
a
17:54
second.
17:55
You've
17:56
got
17:56
to
17:56
build
17:56
up
17:57
an
17:57
emergency
17:57
fund
17:58
so
17:58
you
17:58
have
17:58
the
17:59
ability
17:59
to
17:59
handle
18:00
the.
18:00
That
18:00
car
18:01
repair
18:02
or
18:02
that
18:02
emergency
18:03
medical
18:03
expense
18:04
that
18:04
you
18:04
weren't
18:04
expecting.
18:05
And
18:06
it
18:06
doesn't
18:06
have
18:06
to
18:06
be.
18:06
A
18:07
lot
18:07
of
18:07
people
18:07
get
18:07
stuck
18:07
on
18:08
this.
18:08
Well,
18:08
it's
18:08
got
18:08
to
18:08
be
18:08
three
18:09
to
18:09
six
18:09
months
18:09
of
18:09
income.
18:10
Yes.
18:10
In
18:10
a
18:10
perfect
18:11
world,
18:11
that
18:11
would
18:12
be
18:12
great.
18:12
I
18:12
would
18:12
love
18:13
for
18:13
you
18:13
to
18:13
get
18:13
that.
18:14
But
18:14
you
18:14
can
18:15
start
18:15
with
18:15
$500.
18:16
You
18:17
can
18:17
start
18:17
funding
18:17
$25
18:18
a
18:19
week.
18:19
Once
18:20
you
18:20
get
18:20
up
18:20
to
18:20
$500,
18:21
then
18:21
say,
18:21
you
18:21
know
18:22
what,
18:22
let
18:22
me
18:22
take
18:22
it
18:22
to
18:22
the
18:22
next
18:22
level.
18:23
Maybe
18:23
I
18:23
do.
18:23
1,000.
18:24
Yes,
18:25
keep
18:25
contributing
18:26
to
18:26
your
18:26
retirement
18:26
account,
18:27
but
18:27
you
18:28
might
18:28
need
18:28
to
18:29
also
18:29
put
18:29
money
18:30
into
18:30
that
18:31
emergency
18:32
fund.
18:33
You
18:33
can't
18:33
treat
18:33
your
18:34
retirement
18:34
as
18:34
your
18:35
only
18:35
financial
18:35
resource.
18:36
And
18:36
unfortunately,
18:37
a
18:38
lot
18:38
of
18:38
people
18:38
do
18:38
that.
18:39
I
18:39
see
18:39
a
18:39
lot
18:39
of
18:40
younger
18:40
people
18:40
that
18:40
do
18:40
that.
18:41
They're
18:41
like,
18:41
oh,
18:41
Ralph,
18:42
I'm
18:42
putting
18:42
15%
18:43
into
18:43
my
18:43
retirement
18:44
account.
18:44
And
18:44
I
18:45
say,
18:45
that
18:45
is
18:45
fantastic.
18:46
You
18:46
will
18:46
gain
18:47
benefits
18:47
from
18:47
that
18:47
the
18:48
rest
18:48
of
18:48
your
18:48
life.
18:48
But
18:48
what
18:49
are
18:49
you
18:49
doing
18:50
on
18:50
the
18:50
side?
18:51
What
18:51
emergency
18:52
funds
18:52
are
18:52
you
18:52
setting
18:53
up?
18:54
Here's
18:54
a
18:54
scripture
18:54
reading
18:55
we
18:55
found
18:55
for
18:55
this
18:55
one.
18:55
And
18:55
I
18:55
use
18:56
this
18:56
one
18:56
on
18:56
the
18:56
show
18:56
all
18:56
the
18:57
time.
18:57
It's
18:57
Proverbs
18:57
22.
18:58
3.
18:58
It
18:58
says
18:58
the
18:59
prudence
18:59
see
18:59
danger
19:00
and
19:00
take
19:00
refuge.
19:01
But
19:01
the
19:02
simple
19:02
keep
19:02
going
19:02
and
19:03
pay
19:03
the
19:03
penalty,
19:04
which
19:04
is
19:04
really
19:05
all
19:05
about
19:05
seeing
19:06
the
19:06
danger
19:06
before
19:07
it
19:07
hits,
19:07
is
19:07
wisdom.
19:09
And,
19:10
David,
19:10
you're
19:10
seeing
19:11
that
19:12
and
19:12
that's
19:12
why
19:12
you're
19:13
asking
19:13
that.
19:14
So
19:14
here's
19:14
a
19:14
question
19:15
for
19:15
the
19:15
chat
19:15
room.
19:16
How
19:16
do
19:16
you
19:16
balance
19:17
building
19:17
retirement
19:18
savings
19:18
while
19:18
keeping
19:18
cash
19:19
on
19:19
hand
19:19
for
19:20
emergencies?
19:21
And.
19:21
And
19:21
what's
19:22
working
19:22
for
19:22
you
19:22
right
19:23
now?
19:23
So
19:24
that's
19:24
the
19:24
question
19:24
is
19:25
how
19:25
do
19:25
you
19:25
balance
19:25
building
19:26
retirement
19:26
savings
19:27
but
19:27
keeping
19:27
cash
19:27
on
19:28
hand
19:28
for
19:28
emergencies?
19:29
And
19:29
what's
19:30
working
19:30
for
19:30
you
19:30
right
19:31
now?
19:31
Now
19:31
you
19:31
might
19:31
be
19:32
saying,
19:32
ralph,
19:32
man,
19:33
I
19:33
don't
19:33
have
19:33
any
19:33
extra
19:34
money
19:34
to
19:34
put
19:34
into
19:34
retirement
19:35
right
19:35
now.
19:35
So
19:35
what's
19:35
working
19:36
for
19:36
me
19:36
is
19:37
covering
19:37
the
19:37
groceries
19:38
and
19:38
the
19:38
fuel
19:38
prices.
19:39
But
19:39
if
19:39
you're
19:39
able
19:40
to
19:40
do
19:40
that,
19:41
how
19:41
do
19:41
you
19:41
find
19:42
that
19:42
balance?
19:42
Because
19:43
that's
19:43
not
19:43
easy.
19:43
I
19:44
totally
19:44
get.
19:47
I
19:47
will
19:47
just
19:48
let
19:48
everybody
19:48
comment
19:49
on
19:49
that
19:49
and
19:49
we'll
19:49
circle
19:50
back
19:50
to
19:50
those
19:50
comments
19:50
in
19:51
a
19:51
second.
19:51
But
19:51
we
19:51
actually
19:52
found
19:52
an
19:53
article
19:53
about
19:53
this,
19:54
and
19:55
this
19:55
is
19:55
more
19:55
of
19:55
an
19:56
article
19:56
about
19:56
statistics.
19:57
When
19:57
Dave
19:58
was
19:58
talking
19:58
about
19:58
the
19:59
millionaires
19:59
of
19:59
Fidelity
20:00
talked
20:00
about,
20:00
I
20:00
said,
20:00
that's
20:01
really
20:01
interesting.
20:02
So
20:02
we
20:02
found
20:02
this
20:03
on
20:03
Investopedia
20:04
and
20:04
it
20:05
says,
20:05
how
20:05
much
20:05
do
20:05
people
20:06
rely
20:06
on
20:06
401
20:07
s
20:07
in
20:07
retirement?
20:09
And
20:09
it's
20:10
something
20:10
that
20:10
I've
20:10
really
20:10
been
20:11
thinking
20:11
about
20:11
because
20:12
he
20:12
said
20:12
there's
20:13
record
20:13
balances,
20:13
there's
20:14
665,000
20:15
millionaires.
20:16
But
20:17
the
20:17
story
20:17
underneath
20:18
of
20:18
this
20:18
is
20:18
really
20:19
different.
20:20
The
20:20
headline
20:21
numbers
20:21
only
20:21
describe
20:22
people
20:22
who
20:22
already
20:23
had
20:23
access
20:23
and
20:24
margin
20:24
to
20:24
save
20:24
aggressively.
20:25
Here's
20:26
the
20:26
problem.
20:26
More
20:27
than
20:27
half
20:27
of
20:28
American
20:28
workers.
20:28
I'm
20:29
going
20:29
to
20:29
repeat
20:29
that
20:29
because
20:29
you
20:30
need
20:30
to
20:30
hear
20:30
this.
20:31
More
20:31
than
20:31
half
20:32
of
20:32
American
20:33
workers
20:34
aren't
20:34
in
20:34
the
20:35
conversation
20:35
at
20:35
all
20:36
because
20:37
they
20:37
don't
20:37
even
20:37
have
20:37
a
20:37
401k
20:38
plan.
20:39
They
20:39
don't
20:39
have
20:39
access
20:40
to
20:40
a
20:40
retirement
20:41
plan.
20:42
And
20:42
that
20:42
gap
20:43
between
20:43
wealthy
20:44
savers
20:44
and
20:44
everyone
20:44
else
20:45
is
20:45
getting
20:45
wider,
20:46
not
20:46
narrower.
20:47
Here's
20:47
some
20:48
findings
20:48
from
20:48
the
20:48
report.
20:49
The
20:49
median
20:50
401k
20:51
balance
20:51
at
20:51
fidelity
20:52
ready
20:53
for
20:53
this.
20:53
The
20:53
median
20:54
Middle
20:54
point
20:55
is
20:55
$34,400,
20:58
which
20:59
means
20:59
that
20:59
half
20:59
of
20:59
the
21:00
account
21:00
holders
21:00
have
21:01
less
21:01
than
21:01
that.
21:02
You
21:02
want
21:02
to
21:02
get
21:02
more
21:03
scared,
21:03
want
21:03
to
21:03
get
21:03
more
21:04
depressed.
21:04
For
21:05
people
21:05
approaching
21:05
retirement
21:06
age
21:07
ages
21:07
55
21:08
to
21:08
64
21:09
now
21:09
the
21:09
median
21:10
increases.
21:10
But
21:10
here's
21:10
the
21:11
problem.
21:11
The
21:11
Median
21:12
There
21:12
is
21:12
$185,000.
21:15
But
21:16
they're
21:16
thinking
21:16
their
21:16
retirement
21:17
can
21:17
last
21:17
30
21:17
years.
21:18
Well,
21:19
do
21:19
the
21:19
math.
21:20
If
21:20
you
21:21
only
21:21
got
21:21
$185,000
21:23
at
21:23
age
21:24
64
21:25
and
21:25
you
21:25
expect
21:26
to
21:26
live
21:26
to
21:26
be
21:26
94
21:27
now,
21:27
I
21:27
think
21:27
that's
21:28
great
21:28
and
21:28
wishful
21:28
thinking.
21:29
I
21:29
hope
21:29
I
21:29
live
21:30
to
21:30
be
21:30
that
21:30
long
21:30
as
21:30
well.
21:31
But
21:32
you're
21:32
going
21:32
to
21:32
run
21:32
out
21:32
of
21:32
money
21:34
if
21:34
you
21:35
just
21:35
do
21:35
a
21:35
simple
21:35
math
21:35
equation.
21:36
That's
21:36
not
21:36
enough.
21:38
You
21:38
might
21:38
say,
21:38
well
21:38
Ralph,
21:38
I'm
21:39
going
21:39
to
21:39
rely
21:39
on
21:39
Social
21:39
Security.
21:39
Good
21:40
luck
21:40
with
21:40
that.
21:41
What's
21:42
your
21:42
lifestyle
21:42
change
21:42
going
21:43
to
21:43
be?
21:44
Here's
21:45
another
21:45
statistic
21:45
from
21:46
the
21:46
study.
21:46
More
21:47
than
21:47
half
21:47
of
21:48
private
21:48
sector
21:48
workers
21:49
have
21:49
no
21:49
access
21:50
to
21:50
any
21:50
employer
21:51
sponsored
21:51
retirement
21:52
plan.
21:52
Now
21:52
of
21:53
course
21:53
you
21:53
might
21:53
be
21:53
saying,
21:53
Ralph,
21:54
but
21:54
wait
21:54
a
21:54
second,
21:54
they
21:55
can
21:55
go
21:55
fund
21:55
an
21:56
ira,
21:56
they
21:56
can
21:56
do
21:57
something
21:57
like
21:57
that,
21:57
sure.
21:58
But
21:58
how
21:58
many
21:58
people
21:58
even
21:59
understand
21:59
that?
22:00
And
22:00
how
22:00
many
22:00
people
22:01
have
22:01
the
22:01
diligence
22:02
to
22:02
set
22:02
aside
22:02
the
22:02
money?
22:03
See,
22:03
that's
22:03
where
22:04
I
22:04
think
22:04
a
22:04
401k.
22:06
And
22:06
when
22:06
my
22:07
grandparents
22:08
were
22:08
working,
22:09
my
22:09
grandfather
22:10
worked
22:10
at
22:10
the
22:10
dupont
22:10
Company.
22:11
Well,
22:11
the
22:11
dupont
22:12
company
22:12
had
22:12
a
22:12
pension.
22:13
So
22:13
my
22:13
grandfather
22:14
knew
22:14
at
22:15
some
22:15
point
22:15
he'd
22:16
be
22:16
able
22:16
to
22:16
retire
22:16
and
22:16
have
22:17
a
22:17
pension.
22:17
Well,
22:17
guess
22:17
what?
22:18
Most
22:18
people
22:19
don't
22:19
have
22:19
pensions
22:20
anymore.
22:20
I'm
22:21
really
22:21
worried
22:21
about
22:22
this
22:22
because
22:22
without
22:23
a
22:23
pension
22:24
you
22:24
are
22:24
going
22:24
to
22:25
see
22:25
poverty
22:26
at
22:26
a
22:26
level
22:26
that
22:27
is
22:27
going
22:27
to
22:27
be
22:28
unsurpassed.
22:30
Look
22:30
at
22:30
this
22:30
one.
22:30
59%
22:31
of
22:31
the
22:32
annual
22:32
tax
22:32
benefit
22:33
for
22:33
401ks
22:34
goes
22:35
to
22:35
the
22:35
top
22:36
20%
22:36
of
22:36
earners.
22:38
So
22:38
think
22:39
about
22:39
what
22:39
I'm
22:39
saying
22:39
there
22:39
and
22:40
listen,
22:40
401ks
22:41
are
22:41
great
22:42
tax
22:42
benefits.
22:42
They
22:43
are
22:43
fantastic
22:44
things
22:44
to
22:44
do.
22:44
If
22:44
you
22:45
hear
22:45
nothing
22:45
else
22:45
I
22:45
say
22:46
during
22:46
this
22:46
section,
22:47
contribute
22:47
to
22:47
your
22:48
401k.
22:48
I
22:49
think
22:49
I
22:49
talked
22:49
about
22:49
that
22:49
on
22:50
last
22:50
week's
22:50
live
22:50
show.
22:51
But
22:52
20%
22:52
of
22:52
the
22:53
benefit,
22:54
59%
22:55
of
22:55
the
22:55
benefit,
22:55
excuse
22:55
me,
22:56
59%
22:56
of
22:56
the
22:57
benefit,
22:57
almost
22:57
60%
22:59
is
22:59
going
22:59
to
22:59
the
22:59
top
23:00
20%
23:00
of
23:01
earners.
23:02
The
23:02
bottom
23:03
20%,
23:04
3.7%.
23:06
What
23:06
a
23:07
huge
23:07
gap
23:07
there.
23:08
And
23:08
that
23:08
shouldn't
23:09
surprise
23:09
anybody.
23:10
This
23:10
is
23:11
the
23:11
issue
23:11
we
23:11
have.
23:11
We're
23:12
getting
23:12
to
23:12
a
23:12
point
23:12
where
23:13
the
23:13
middle
23:13
class
23:13
is
23:13
shrinking.
23:14
We've
23:14
got
23:15
a
23:15
wealthy
23:15
class
23:16
and
23:16
a
23:16
less
23:17
than
23:17
wealthy
23:17
class.
23:17
I'll
23:18
use
23:18
that
23:18
term
23:18
because
23:18
I
23:18
think
23:18
that's
23:19
the
23:19
right
23:19
thing
23:19
to
23:19
call
23:19
it.
23:20
But
23:20
this
23:21
just
23:21
proves
23:21
that
23:23
now
23:23
there
23:23
are
23:23
new
23:23
rules
23:24
that
23:24
allow
23:24
penalty
23:25
free
23:25
emergency
23:25
withdrawals
23:26
from
23:26
your
23:27
401k,
23:27
which
23:28
sounds
23:28
great,
23:29
but
23:29
here's
23:30
the
23:30
problem.
23:31
It's
23:31
a
23:31
penalty
23:32
free.
23:32
So
23:33
yes,
23:33
you're
23:33
not
23:33
going
23:33
to
23:34
pay
23:34
the
23:34
10%
23:34
penalty,
23:35
but
23:35
you're
23:36
still
23:36
going
23:36
to
23:36
pay
23:36
the
23:36
tax.
23:37
So
23:37
take
23:37
10%
23:37
off,
23:38
you're
23:38
still
23:38
losing
23:39
30%.
23:41
What
23:41
you're
23:41
doing
23:41
is
23:42
you're
23:42
quietly
23:42
eroding
23:43
the
23:43
whole
23:43
point
23:44
of
23:44
saving
23:44
for
23:44
retirement.
23:46
So
23:46
as
23:46
much
23:47
as
23:47
you
23:47
think
23:47
that
23:47
401k
23:48
is
23:48
your
23:48
go
23:49
to
23:49
thing
23:49
to
23:49
hit
23:49
in
23:50
an
23:50
emergency,
23:50
it's
23:51
got
23:51
to
23:51
stop.
23:52
You
23:53
are
23:53
going
23:53
to
23:53
leave
23:54
yourself
23:54
penniless
23:55
in
23:55
retirement
23:56
if
23:56
you
23:56
don't
23:56
do
23:56
it.
23:56
Now
23:56
here's
23:57
some
23:57
quotes
23:57
from
23:57
the
23:57
article.
23:58
It
23:58
says,
23:59
and
23:59
this
23:59
one
23:59
says
24:00
the
24:00
US
24:00
Retirement
24:01
system
24:01
isn't
24:01
working
24:02
for
24:02
most
24:02
Americans.
24:03
Despite
24:03
reports
24:04
of
24:04
incremental
24:05
gains,
24:05
these
24:05
plans
24:06
aren't
24:06
sufficiently
24:06
moving
24:07
the
24:07
needle
24:07
towards
24:07
achieving
24:08
a
24:08
financially
24:09
secure
24:09
retirement
24:10
for
24:10
working
24:11
families.
24:11
And
24:12
that's
24:12
from
24:12
an
24:12
organization
24:13
called
24:13
the
24:13
Pension
24:14
Rights
24:14
Center.
24:15
Here's
24:15
another
24:15
quote
24:15
from
24:16
that.
24:16
This
24:16
is
24:16
from
24:16
Investment
24:16
News.
24:17
It
24:17
says
24:17
automatic
24:18
enrollment
24:18
has
24:19
pulled
24:19
more
24:19
workers
24:19
into
24:20
plans.
24:21
That's
24:21
a
24:21
good
24:21
thing.
24:22
But
24:22
it's
24:23
also
24:23
given
24:23
more
24:23
people
24:24
a
24:24
pot
24:24
of
24:24
assets
24:25
to
24:25
raid
24:25
when
24:25
cash
24:26
is
24:26
tight.
24:27
And
24:27
like
24:27
I
24:28
said,
24:28
I
24:28
see
24:28
this
24:28
every
24:29
tax
24:29
season.
24:30
People
24:30
who
24:30
go
24:31
to
24:31
their
24:31
retirement
24:31
plans
24:32
and
24:32
they
24:32
pull
24:33
that
24:33
money
24:33
out
24:34
because
24:34
that's
24:34
the
24:34
only
24:35
assets
24:35
they
24:35
have.
24:36
Maybe
24:37
they've
24:37
already
24:37
refinanced
24:38
their
24:38
house.
24:38
I'm
24:38
assuming
24:39
they
24:39
own
24:39
a
24:39
house.
24:39
If
24:40
there's
24:40
any
24:40
equity
24:40
in
24:41
it,
24:41
they've
24:41
refinanced
24:42
their
24:42
house,
24:42
sucked
24:42
all
24:43
those
24:43
assets
24:43
out.
24:44
So
24:44
now
24:44
they're
24:44
looking
24:44
at
24:45
this
24:45
retirement
24:45
statement.
24:46
They
24:46
get
24:46
once
24:46
a
24:46
month
24:46
or
24:47
once
24:47
a
24:47
quarter,
24:47
and
24:47
saying,
24:47
well,
24:47
there
24:48
is
24:48
money
24:48
I
24:48
can
24:48
use,
24:49
and
24:49
I'm
24:50
not
24:50
judging
24:50
them.
24:51
But
24:52
it's
24:52
not
24:52
the
24:52
right
24:53
place.
24:53
It's
24:53
not
24:53
the
24:53
right
24:54
thing.
24:54
You're
24:54
supposed
24:54
to
24:54
be
24:54
doing
24:54
it.
24:55
Here's
24:55
another
24:55
one
24:55
from
24:56
Vanguard.
24:56
It
24:56
says
24:56
roughly
24:57
What
24:57
a
24:57
hypothetical
24:58
$10,000
24:59
investment
25:00
in
25:00
1976
25:01
in
25:02
the
25:02
Vanguard
25:02
500
25:03
index
25:03
fund
25:04
could
25:04
have
25:04
grown
25:04
to
25:05
by
25:05
March
25:05
31st
25:06
of
25:06
2026
25:07
this
25:07
year,
25:08
$2
25:09
million.
25:11
So
25:12
here's
25:12
the
25:12
thing.
25:12
I
25:12
want
25:12
to
25:12
leave
25:12
with
25:13
this
25:13
as
25:14
we
25:14
finish
25:14
up
25:14
this
25:15
second
25:15
question.
25:16
The
25:17
numbers
25:17
you
25:17
share,
25:17
David
25:18
from
25:18
Vanguard,
25:18
are
25:19
real.
25:20
And
25:21
the
25:21
math
25:21
works
25:22
when
25:22
you
25:23
have
25:23
time
25:23
and
25:23
you
25:23
don't
25:24
touch
25:24
it.
25:24
See,
25:24
that's
25:24
the
25:24
key
25:25
to
25:25
these
25:25
retirement
25:25
plans.
25:27
The
25:27
math,
25:27
the
25:27
compounding
25:28
interest,
25:28
the
25:29
compounding
25:29
value
25:30
of
25:30
money
25:30
will
25:30
work.
25:31
But
25:32
you
25:32
got
25:32
to
25:32
leave
25:32
it
25:32
in
25:32
there.
25:33
You
25:33
can't
25:33
be
25:33
taking
25:33
the
25:33
money
25:34
out.
25:34
You
25:34
can't
25:34
be
25:34
borrowing
25:35
against
25:35
it.
25:35
You
25:35
can't
25:35
be
25:35
taking
25:36
distributions
25:36
from
25:37
it.
25:39
The
25:39
problem
25:39
is
25:40
most
25:40
people
25:40
do
25:41
touch
25:41
it
25:42
because
25:42
life
25:43
happens.
25:43
We
25:43
started
25:44
off
25:44
today
25:44
talking
25:44
about
25:45
groceries
25:45
and
25:45
the
25:45
cost
25:46
of
25:46
living
25:46
going
25:46
up
25:48
so
25:48
you
25:48
can
25:48
have
25:49
a
25:49
solid
25:49
plan,
25:51
but
25:51
the
25:51
execution
25:52
is
25:52
where
25:52
it's
25:52
breaking
25:53
down.
25:54
And
25:54
that's
25:54
the
25:54
part
25:55
we
25:55
don't
25:55
talk
25:55
about
25:55
enough.
25:56
We
25:56
talk
25:56
about
25:56
how
25:57
great
25:57
it
25:57
is
25:57
to
25:57
have
25:57
retirement
25:58
plans
25:58
and
25:58
how
25:59
great
25:59
it
25:59
is
25:59
to
25:59
be
25:59
putting
26:00
money
26:00
aside.
26:00
And
26:00
I'm
26:01
hitting
26:01
the
26:01
10%.
26:02
I'm
26:02
getting
26:02
my
26:02
employer
26:03
match.
26:04
But
26:04
if
26:04
you're
26:05
going
26:05
behind
26:05
it
26:06
and
26:06
taking
26:06
the
26:06
money
26:06
out,
26:07
taking
26:07
distributions
26:08
from
26:08
it,
26:09
you're
26:09
not
26:10
helping
26:10
yourself.
26:12
And
26:12
that
26:12
worries
26:13
me.
26:14
Here's
26:14
our
26:14
scripture
26:15
reference
26:15
for
26:15
this
26:15
part.
26:15
It's
26:16
from
26:16
Proverbs
26:16
13:11.
26:17
It
26:17
says,
26:17
Whoever
26:18
gathers
26:18
money
26:18
little
26:18
by
26:19
little
26:19
makes
26:19
it
26:19
grow.
26:21
And
26:21
that's
26:21
the
26:21
thing
26:21
to
26:22
take
26:22
away
26:22
from
26:22
this
26:22
particular
26:23
question.
26:24
You
26:24
got
26:24
to
26:24
think
26:25
in
26:25
terms
26:25
of
26:25
retirement
26:26
being
26:27
a
26:27
gathering
26:27
a
26:28
little
26:28
bit
26:28
by
26:28
little,
26:28
bit
26:29
by
26:29
a
26:29
little
26:29
bit,
26:30
and
26:30
then
26:31
letting
26:31
it
26:31
grow,
26:32
set
26:32
it,
26:33
and
26:33
forget
26:33
it.
26:33
I've
26:33
done
26:34
statistics
26:34
before
26:35
where
26:35
if
26:35
you
26:35
start
26:35
a
26:35
401k
26:36
at
26:37
a
26:37
very
26:37
young
26:37
age,
26:37
like
26:38
25
26:38
now,
26:39
I'm
26:39
going
26:39
to
26:39
be
26:39
very
26:39
transparent.
26:40
This
26:40
is
26:40
something
26:41
I
26:41
did
26:41
not
26:41
do
26:42
a
26:42
good
26:42
job
26:42
of.
26:42
I
26:42
have
26:43
all
26:43
the
26:43
training
26:43
in
26:43
the
26:44
world,
26:44
a
26:44
master's
26:45
degree
26:45
in
26:45
accounting,
26:46
and
26:46
it
26:46
finally
26:47
took
26:47
a
26:47
boot
26:47
in
26:48
my
26:48
rear
26:48
end
26:48
from
26:48
my
26:48
wife
26:49
at
26:49
about
26:49
age
26:49
45
26:50
to
26:50
say,
26:50
Ralph,
26:51
you
26:51
need
26:51
to
26:51
start
26:51
thinking
26:52
about
26:52
putting
26:52
money
26:52
into
26:53
retirement.
26:54
I've
26:54
got
26:54
peers
26:55
who
26:55
started
26:55
doing
26:55
that
26:55
at
26:56
25.
26:57
So
26:57
I
26:57
started
26:58
20
26:58
years
26:58
behind
26:58
everybody.
26:59
So
26:59
what
26:59
do
26:59
I
26:59
got
26:59
to
27:00
do
27:00
now?
27:00
I've
27:00
got
27:00
to
27:00
scramble
27:01
to
27:01
get
27:02
to
27:02
that
27:02
same
27:02
level.
27:04
So
27:05
do
27:05
that.
27:07
Because
27:07
the
27:07
people
27:07
with
27:08
$2
27:08
million
27:09
and
27:09
you
27:09
know
27:10
these
27:10
people,
27:10
they're
27:10
probably
27:11
people
27:11
in
27:11
your
27:11
family.
27:11
People,
27:12
you
27:12
know,
27:12
they
27:13
didn't
27:13
get
27:13
there
27:13
by
27:13
making
27:14
dramatic
27:14
moves.
27:15
They
27:16
just
27:16
stayed
27:16
in
27:16
the
27:17
plan.
27:18
And
27:18
that's
27:18
the
27:18
key.
27:19
Little
27:20
by
27:20
little,
27:20
let
27:21
it
27:21
grow.
27:21
Don't
27:22
touch
27:22
it.
27:23
So
27:23
here's
27:23
a
27:23
question
27:23
for
27:24
the
27:24
chat.
27:24
Are
27:25
you
27:25
primarily
27:25
relying
27:26
on
27:26
a
27:26
401k
27:27
retirement
27:27
or
27:27
are
27:27
you
27:28
building
27:28
saving
27:28
somewhere
27:29
else
27:30
to
27:31
what's
27:31
working
27:31
for
27:31
you?
27:32
So
27:32
if
27:32
anybody
27:32
wants
27:32
to
27:33
comment
27:33
on
27:33
that,
27:34
if
27:34
you
27:34
have
27:34
a
27:35
comment
27:35
or
27:35
a
27:35
question
27:36
you
27:36
want
27:36
to
27:36
answer
27:36
in
27:37
the
27:37
chat,
27:37
please
27:38
shoot
27:38
that
27:38
over
27:38
to
27:39
us.
27:39
We'll
27:39
definitely
27:40
answer
27:40
it
27:40
on
27:40
the
27:40
show.
27:42
If
27:42
not,
27:42
we're
27:43
going
27:43
to
27:43
move
27:44
on
27:44
to
27:44
our
27:45
third
27:45
question
27:46
for
27:46
today.
27:47
And
27:47
this
27:48
one
27:48
actually
27:49
is
27:49
a
27:49
comment
27:50
that
27:50
we
27:50
got
27:51
on
27:51
one
27:52
of
27:52
our.
27:53
I
27:53
think
27:53
it
27:53
was
27:54
a
27:54
post
27:54
that
27:54
we
27:55
had
27:55
and
27:56
I
27:56
think
27:56
Abby
27:56
is
27:57
going
27:57
to
27:57
try
27:57
to
27:57
post
27:58
that
27:59
into
27:59
the
27:59
chat,
28:00
but
28:00
I'm
28:00
also
28:01
going
28:01
to
28:02
read
28:02
it
28:02
so
28:03
that
28:03
those
28:03
of
28:03
you
28:03
who
28:04
are
28:04
catching
28:04
us
28:05
on
28:05
audio
28:06
can
28:06
still
28:06
hear
28:06
it
28:07
because
28:07
we
28:07
do
28:07
release
28:08
this
28:08
as
28:08
an
28:08
audio
28:09
episode
28:09
as
28:09
well.
28:11
But
28:11
this
28:11
is
28:11
what
28:11
they
28:12
wrote.
28:12
They
28:13
wrote,
28:13
Ralph,
28:13
I'm
28:14
seeing
28:14
Trump
28:14
account
28:15
ads
28:15
everywhere
28:16
and
28:16
they're
28:17
saying
28:17
$1,000
28:18
free
28:18
for
28:18
newborns,
28:19
but
28:19
I've
28:20
got
28:20
a
28:20
five
28:20
year
28:20
old
28:21
and
28:21
we
28:21
just
28:22
left
28:22
out
28:23
also,
28:23
like
28:23
is
28:24
it
28:24
just
28:24
free
28:24
money
28:25
or
28:25
do
28:25
I
28:25
have
28:25
to
28:26
do
28:26
something
28:26
with
28:26
it?
28:27
After
28:27
all,
28:28
my
28:28
kid
28:29
is
28:29
five.
28:29
So
28:30
if
28:30
I
28:30
start
28:30
saving
28:30
now
28:31
for
28:31
college,
28:31
that's
28:32
13
28:32
years
28:33
away.
28:33
And
28:34
then
28:34
they
28:34
ask
28:34
me
28:34
the
28:35
million
28:35
dollar
28:35
question,
28:36
which
28:37
is
28:37
better,
28:38
Trump
28:38
accounts
28:39
or
28:39
529?
28:40
Because
28:40
everyone
28:40
keeps
28:41
saying
28:41
different
28:41
things
28:41
online
28:42
and
28:43
I'm
28:43
too
28:43
tired
28:43
to
28:44
research
28:44
it.
28:45
And
28:45
then
28:45
they
28:45
sign
28:46
it
28:46
lol.
28:46
Help.
28:48
Well,
28:48
here
28:49
is
28:49
your.
28:49
And
28:50
this
28:50
was
28:50
from
28:50
somebody
28:51
named
28:51
Christy.
28:52
Mom,
28:52
24.
28:52
And
28:52
I
28:53
see
28:53
Abby
28:53
just
28:53
posted
28:54
that
28:54
onto
28:55
the
28:56
live
28:56
chat
28:57
in
28:57
clubhouse
28:58
and
28:58
we'll
28:59
also
28:59
post
28:59
that
29:00
into
29:00
the
29:00
live
29:01
chat
29:01
on
29:02
the
29:02
online
29:02
sites.
29:04
But
29:04
I
29:04
really
29:05
thought
29:05
this
29:05
was
29:05
an
29:05
interesting
29:06
question
29:07
because
29:07
right
29:08
now
29:08
there's
29:08
a
29:08
lot
29:08
of
29:09
people
29:09
being
29:09
flooded
29:10
with
29:10
ads,
29:11
these
29:11
Trump
29:11
account
29:12
ads,
29:13
and
29:13
it
29:13
makes
29:13
it
29:14
harder
29:14
to
29:14
make
29:14
a
29:14
decision.
29:16
And
29:16
a
29:16
lot
29:16
of
29:16
people
29:17
are
29:17
thinking
29:17
the
29:17
same
29:17
thing.
29:18
I
29:18
have
29:18
plenty
29:18
of
29:18
people
29:18
that
29:18
came
29:19
in
29:19
this
29:19
taxi
29:19
and
29:19
said,
29:20
ralph,
29:20
explain
29:20
these
29:20
Trump
29:21
accounts
29:21
to
29:21
me.
29:21
I
29:22
don't
29:22
understand.
29:22
I
29:22
see
29:23
all
29:23
kinds
29:23
of
29:24
advertisements
29:25
and
29:26
people
29:26
just
29:26
like
29:26
you
29:27
aren't
29:27
sure
29:27
if
29:27
they're
29:28
choosing
29:28
between
29:28
two
29:28
good
29:29
options
29:29
or
29:29
two
29:29
tools
29:30
for
29:30
completely
29:30
different
29:31
jobs.
29:31
And
29:31
I
29:31
think
29:31
that's
29:32
really
29:32
what
29:32
we're
29:32
talking
29:32
about
29:33
here.
29:33
Honestly,
29:34
I
29:34
think
29:34
that
29:34
this
29:35
has
29:35
been
29:35
kind
29:35
of
29:35
blurred
29:36
a
29:36
Little
29:36
bit.
29:37
A
29:37
new
29:37
parent
29:38
who
29:38
wants
29:38
to
29:38
get
29:38
this
29:38
right
29:39
before
29:39
someone
29:39
else
29:40
makes
29:40
the
29:40
choice
29:40
for
29:40
her.
29:40
That's
29:41
really
29:41
what
29:41
we're
29:41
talking
29:41
about
29:41
here.
29:42
So
29:43
here's
29:43
my
29:43
practical
29:44
takeaways.
29:45
I
29:45
don't
29:45
often
29:45
say
29:46
this
29:46
on
29:46
the
29:46
show
29:47
that
29:47
I
29:47
can
29:47
tell
29:47
you
29:47
exactly
29:48
to
29:48
do
29:48
something.
29:48
If
29:48
you
29:48
have
29:49
a
29:49
child
29:50
that
29:50
qualifies
29:51
for
29:51
the
29:51
thousand
29:52
dollars,
29:53
you
29:53
take
29:53
the
29:54
thousand
29:54
dollars.
29:54
This
29:54
is
29:55
a
29:55
no
29:55
brainer.
29:56
Sign
29:56
up
29:56
for
29:57
the
29:57
Trump
29:57
account
29:57
and
29:58
take
29:58
it.
29:58
There
29:59
is
29:59
no
29:59
reason
30:00
not
30:00
to.
30:00
You
30:00
just
30:00
have
30:00
to
30:01
make
30:01
sure
30:01
you
30:01
open
30:01
that
30:01
account
30:01
through
30:02
the
30:02
irs.
30:02
You
30:02
could
30:02
do
30:03
it
30:03
as
30:03
part
30:03
of
30:03
your
30:03
tax
30:03
return
30:04
if
30:04
you
30:04
already
30:04
filed.
30:05
You
30:05
can
30:05
now
30:06
go
30:06
to
30:06
TrumpAccounts.gov
30:08
that'll
30:08
start
30:09
on
30:09
July
30:09
4,
30:10
2026.
30:10
What
30:11
a
30:11
great
30:11
day
30:11
to
30:11
pick
30:11
it.
30:12
250
30:12
years
30:12
as
30:12
a
30:13
country.
30:13
But
30:14
go
30:14
there
30:14
and
30:15
claim
30:15
your
30:16
thousand
30:16
dollars.
30:17
It's
30:18
free
30:18
money.
30:19
There's
30:20
no
30:20
scam
30:21
here.
30:22
Don't
30:22
leave
30:22
that
30:22
on
30:23
the
30:23
table.
30:23
I
30:23
talk
30:23
about
30:23
this
30:23
with
30:24
retirement
30:24
all
30:24
the
30:24
time.
30:25
If
30:25
you're
30:25
walking
30:25
down
30:26
the
30:26
road,
30:26
you
30:26
lean
30:27
over
30:27
and
30:27
there's
30:27
$100
30:28
laying
30:28
on
30:28
the
30:28
sidewalk.
30:29
Do
30:29
you
30:29
bend
30:29
over
30:29
and
30:29
pick
30:30
it
30:30
up
30:30
or
30:30
do
30:30
you
30:30
keep
30:30
walking?
30:31
You
30:32
bend
30:32
over
30:32
and
30:32
you
30:32
pick
30:33
it
30:33
up.
30:33
You
30:33
got
30:33
to
30:34
do
30:34
this
30:34
here.
30:34
Don't
30:34
leave
30:35
it
30:35
on
30:35
the
30:35
table.
30:36
Here's
30:36
the
30:36
way
30:36
these
30:36
Trump
30:37
accounts
30:37
work.
30:38
Trump
30:38
accounts
30:38
become
30:39
traditional
30:39
IRAs
30:40
when
30:41
your
30:41
child
30:41
turns
30:42
18.
30:43
They're
30:43
retirement
30:44
accounts.
30:44
And
30:44
this
30:44
is
30:45
where
30:45
a
30:45
lot
30:45
of
30:45
people
30:45
get
30:45
confused.
30:46
The
30:46
Trump
30:47
accounts
30:47
are
30:48
retirement
30:48
accounts,
30:49
they're
30:49
not
30:49
college
30:50
accounts.
30:51
So
30:52
if
30:52
you
30:52
wanted
30:52
to
30:52
use
30:53
one
30:53
of
30:53
those
30:53
as
30:54
an
30:54
education
30:54
account,
30:55
that
30:55
comes
30:56
with
30:56
taxes
30:56
and
30:56
penalties.
30:57
Now
30:58
what
30:58
we're
30:58
really
30:58
leaning
30:59
into
30:59
here
31:00
are
31:00
529
31:02
plans.
31:02
If
31:02
you
31:03
want
31:03
to
31:03
talk
31:03
about
31:03
education
31:04
sake.
31:04
So
31:04
let
31:04
me
31:04
just
31:04
back
31:05
up
31:05
for
31:05
one
31:05
second.
31:05
I
31:05
feel
31:05
like
31:06
I'm
31:06
jumping
31:06
ahead
31:06
here.
31:07
If
31:07
you
31:08
want
31:08
to
31:08
contribute
31:08
to
31:09
the
31:09
Trump
31:09
account,
31:09
take
31:09
the
31:10
thousand
31:10
dollars
31:10
and
31:11
do
31:11
it.
31:11
That's
31:11
great.
31:12
I
31:13
think
31:13
I'm
31:13
going
31:13
to
31:13
talk
31:14
here
31:14
in
31:14
a
31:14
minute
31:14
how
31:14
much
31:14
you
31:14
can
31:15
put
31:15
into
31:15
those.
31:16
But
31:16
if
31:16
you're
31:16
really
31:17
trying
31:17
to
31:17
save
31:17
for
31:18
education,
31:19
I
31:19
honestly
31:20
think
31:21
the
31:21
best
31:22
education,
31:23
the
31:23
best
31:23
tool
31:24
for
31:24
education
31:25
is
31:25
using
31:25
a
31:26
529
31:26
plan.
31:27
The
31:28
reason
31:28
I
31:28
love
31:28
529
31:29
plans
31:30
is
31:30
the
31:30
money
31:30
that
31:31
you
31:31
put
31:31
in
31:31
there
31:31
grows
31:32
tax
31:32
free
31:33
and
31:33
you
31:33
can
31:34
use
31:34
that
31:34
money
31:34
for
31:35
tuition,
31:36
for
31:36
books,
31:36
for
31:37
tutoring,
31:38
even
31:38
K
31:38
through
31:39
12
31:39
costs.
31:39
Now
31:40
up
31:40
to
31:40
$20,000
31:41
a
31:41
year
31:42
comes
31:42
out
31:42
tax
31:42
free.
31:43
Now
31:44
Delaware,
31:44
where
31:44
I'm
31:45
located,
31:45
doesn't
31:46
offer
31:46
a
31:46
deduction
31:46
for
31:47
529
31:47
plans.
31:48
But
31:48
there
31:48
are
31:49
many
31:49
states
31:50
that
31:50
do
31:50
Offer
31:51
deduction
31:51
for
31:51
that.
31:51
As
31:52
I
31:52
know
31:52
right
31:52
now
31:52
there
31:53
are
31:53
no
31:53
states
31:53
that
31:54
offer
31:54
that
31:54
for
31:54
a
31:54
Trump
31:55
account.
31:56
So
31:56
in
31:56
the
31:56
end
31:56
the
31:57
answer
31:57
isn't
31:57
one
31:58
or
31:58
the
31:58
other.
31:59
As
31:59
I've
31:59
said,
32:00
open
32:00
the
32:00
Trump
32:00
account,
32:01
take
32:01
the
32:02
thousand
32:02
dollars,
32:02
let
32:03
it
32:03
grow
32:03
towards
32:03
retirement,
32:05
set
32:05
it
32:05
and
32:05
forget
32:05
it.
32:06
That's
32:06
fine.
32:07
But
32:07
if
32:07
you're
32:07
thinking
32:08
about
32:08
funding
32:08
your
32:09
child's
32:09
education,
32:10
open
32:11
a
32:11
529
32:12
plan.
32:13
We're
32:13
really
32:13
talking
32:13
about
32:14
two
32:14
tools
32:16
from
32:16
two
32:16
different
32:16
jobs.
32:18
Which
32:18
leads
32:19
me
32:19
to
32:19
this
32:19
scripture
32:19
verse
32:20
and
32:21
I
32:21
use
32:21
this
32:21
one
32:21
when
32:21
I
32:22
talk
32:22
about
32:22
planning
32:22
for
32:22
your
32:23
children
32:23
all
32:23
the
32:23
time.
32:23
It's
32:23
from
32:24
Proverbs,
32:24
chapter
32:24
13,
32:25
verse
32:25
22.
32:26
It
32:26
says
32:26
a
32:26
good
32:26
person
32:27
leaves
32:27
an
32:28
inheritance
32:28
for
32:28
their
32:28
children's
32:29
children.
32:30
And
32:30
that's
32:31
really
32:31
what
32:31
I
32:31
think
32:31
this
32:31
person's
32:32
asking
32:32
about.
32:34
You're
32:34
thinking
32:34
about
32:34
two
32:35
generations
32:35
ahead
32:35
for
32:36
a
32:36
baby
32:36
that's
32:36
a
32:37
month
32:37
old.
32:38
And
32:38
that's
32:39
a
32:39
wonderful
32:39
thing.
32:40
That
32:41
is
32:41
a
32:41
beautiful
32:41
thing.
32:43
So
32:43
let
32:43
me
32:43
ask
32:43
the
32:43
chat
32:44
right
32:44
now.
32:44
Parents,
32:45
are
32:45
you
32:45
saving
32:45
for
32:45
your
32:46
kids
32:46
education?
32:47
Are
32:47
you
32:47
using
32:47
529
32:48
plans?
32:49
Are
32:49
you
32:49
using
32:49
savings
32:50
account
32:50
or
32:50
using
32:50
something
32:51
else?
32:51
What
32:51
are
32:52
you
32:52
using
32:52
and
32:52
why
32:53
and
32:53
what's
32:53
working
32:53
for
32:53
you?
32:54
I
32:54
know
32:55
in
32:55
my
32:55
practice
32:55
I
32:55
see
32:56
a
32:56
lot
32:56
of
32:56
people
32:56
creating
32:57
these
32:57
529
32:58
plans.
32:58
I
32:58
see
32:58
other
32:58
people
32:59
that
32:59
are
32:59
doing
32:59
other
33:00
plans.
33:00
But
33:00
I
33:01
just
33:01
want
33:01
to
33:01
know
33:01
from
33:01
the
33:02
chat
33:02
here
33:02
if
33:02
anybody
33:02
wants
33:03
to
33:03
participate,
33:04
what
33:04
is
33:04
working
33:04
for
33:05
you
33:05
now
33:06
and
33:06
what
33:06
are
33:06
you
33:07
benefiting
33:07
from
33:07
it?
33:07
And
33:08
also
33:08
if
33:08
you
33:08
want
33:08
to
33:09
throw
33:09
it
33:09
out
33:09
there,
33:09
if
33:10
you've
33:10
got
33:10
a
33:10
child,
33:11
have
33:11
you
33:11
taken
33:11
advantage
33:12
of
33:12
the
33:12
thousand
33:12
dollar
33:13
Trump
33:13
accounts
33:14
this
33:14
year
33:14
during
33:15
tax
33:15
season
33:15
I
33:15
do
33:16
about
33:16
500
33:16
individual
33:17
tax
33:17
returns
33:18
a
33:18
year.
33:18
And
33:19
I
33:19
think
33:19
I
33:19
might
33:19
have
33:19
had
33:20
three
33:20
people
33:21
that
33:21
even
33:21
that
33:22
had
33:22
any
33:22
clue
33:22
what
33:23
I
33:23
was
33:23
talking
33:23
about.
33:24
And
33:24
I
33:24
think
33:24
of
33:24
those
33:25
only
33:25
one
33:26
person
33:26
actually
33:27
was
33:27
able
33:27
or
33:28
decided
33:28
to
33:29
take
33:29
it
33:29
up
33:29
on
33:29
the
33:29
thousand
33:30
dollars.
33:30
I
33:30
said
33:30
listen,
33:30
this
33:30
is
33:31
a
33:31
no
33:31
brainer.
33:32
And
33:32
there
33:32
was
33:32
actually
33:32
an
33:33
article.
33:33
You're
33:34
going
33:34
to
33:34
laugh
33:34
when
33:34
I
33:34
tell
33:34
you
33:34
the
33:35
name
33:35
of
33:35
the
33:35
article.
33:35
It's
33:35
from
33:35
Kiplinger's.
33:36
It
33:36
says
33:36
Trump
33:37
accounts
33:37
are
33:37
a
33:38
no
33:38
brainer
33:38
if
33:38
you're
33:39
eligible.
33:39
Thank
33:39
you.
33:40
I
33:40
could
33:40
have
33:40
written
33:41
we'll
33:41
put
33:41
a
33:41
link
33:41
to
33:42
that
33:42
in
33:42
the
33:42
show
33:42
notes,
33:43
but
33:43
it
33:44
comes
33:44
directly
33:44
from
33:44
this.
33:46
It's
33:46
an
33:46
honest
33:47
headline.
33:47
Sometimes
33:48
when
33:48
you
33:48
see
33:48
headlines
33:48
like
33:49
wait
33:49
a
33:49
minute,
33:49
that's
33:49
just
33:49
clickbait.
33:50
No,
33:50
this
33:51
is
33:51
true.
33:53
$1,000
33:54
free.
33:55
Once
33:55
you
33:55
do
33:56
that,
33:56
that's
33:56
a
33:56
different
33:56
decision.
33:57
The
33:58
problem
33:58
is
33:58
parents
33:59
are
33:59
being
33:59
flooded
33:59
with
33:59
ads
34:00
that
34:00
skip
34:00
over
34:00
the
34:01
important
34:01
details
34:01
about
34:01
it.
34:02
And
34:02
I
34:02
want
34:02
to
34:02
get
34:02
into
34:02
those
34:02
details
34:03
a
34:03
little
34:03
bit
34:03
right
34:03
now
34:04
because
34:04
I've
34:05
had
34:05
several
34:05
clients
34:05
say
34:05
to
34:06
me,
34:06
well,
34:06
Ralph,
34:06
these
34:06
Trump
34:06
things
34:07
are
34:07
fantastic.
34:08
The
34:09
thousand
34:09
dollars
34:09
is
34:10
real.
34:11
That's
34:11
true.
34:12
You
34:12
get
34:12
the
34:12
thousand
34:13
dollars,
34:13
it's
34:13
yours,
34:14
not
34:14
yours.
34:14
It
34:14
goes
34:15
into
34:15
this
34:15
account
34:15
that
34:15
turns
34:16
into
34:16
an
34:16
IRA
34:16
for
34:16
your
34:17
child
34:17
at
34:17
18.
34:18
But
34:18
there
34:19
is
34:19
differences
34:20
in
34:20
the
34:20
account
34:20
structure
34:21
here
34:21
and
34:22
there
34:22
are
34:22
trade
34:22
offs
34:23
that
34:23
the
34:23
ads
34:23
don't
34:23
mention.
34:25
Here's
34:25
the
34:25
first
34:25
thing.
34:26
Families
34:26
with
34:26
older
34:27
kids.
34:27
If
34:27
your
34:28
kid
34:28
isn't
34:29
born
34:29
in
34:29
one
34:29
of
34:29
the
34:30
years,
34:30
and
34:30
I
34:30
don't
34:30
have
34:30
the
34:31
numbers
34:31
right
34:31
in
34:31
front
34:31
of
34:31
me,
34:32
there
34:32
are
34:32
certain
34:32
years
34:32
where
34:33
your
34:33
child
34:33
has
34:33
to
34:33
be
34:33
born.
34:35
If
34:35
your
34:35
kid's
34:36
not
34:36
born
34:36
in
34:36
that
34:36
year,
34:36
you
34:36
don't
34:37
get
34:37
the
34:37
thousand
34:37
dollars.
34:38
Here's
34:39
some
34:39
big
34:39
high
34:39
level
34:40
stuff.
34:40
Trump
34:40
accounts
34:41
actually
34:41
officially
34:42
open
34:42
on
34:43
July
34:43
4,
34:44
2026.
34:45
If
34:45
you've
34:46
had
34:46
children
34:46
born
34:46
between
34:47
2025
34:48
and
34:48
2028,
34:49
you
34:50
get
34:50
the
34:50
$1,000
34:51
federal
34:51
deposit.
34:52
But
34:52
you've
34:52
got
34:52
to
34:52
ask
34:53
for
34:53
it.
34:53
You
34:54
can
34:54
open
34:54
those
34:54
through
34:55
the
34:55
IRS
34:55
as
34:55
part
34:56
of
34:56
your
34:56
tax
34:56
return.
34:57
Or
34:57
as
34:57
I
34:57
said,
34:57
we'll
34:57
put
34:58
this
34:58
in
34:58
the
34:58
show
34:58
notes.
34:58
You
34:59
can
34:59
go
34:59
to
34:59
trumpaccounts.gov
35:00
now
35:01
with
35:01
these
35:02
Trump
35:02
accounts,
35:03
you
35:03
can
35:03
put
35:03
$5,000
35:05
a
35:05
year
35:05
into
35:05
those
35:06
Trump
35:06
accounts.
35:07
So
35:07
that's
35:08
really
35:08
the
35:08
Trump
35:08
accounts.
35:09
If
35:09
you
35:09
got
35:09
the
35:09
money
35:09
for
35:10
free,
35:10
take
35:10
it.
35:10
If
35:10
your
35:10
baby's
35:11
born
35:11
in
35:11
25,
35:12
26,
35:12
27,
35:13
28,
35:13
like
35:13
I'm
35:14
getting
35:14
ready
35:14
to
35:14
have
35:14
a
35:14
grandson.
35:15
I
35:15
am
35:15
super
35:16
excited.
35:16
It's
35:17
going
35:17
to
35:17
be
35:17
in
35:17
the
35:17
next
35:18
short
35:18
term.
35:18
It
35:18
could
35:19
even
35:19
be
35:19
this
35:19
weekend,
35:20
who
35:20
knows?
35:20
I'm
35:21
just
35:21
praying
35:21
that
35:22
he's
35:22
going
35:22
to
35:22
be
35:22
healthy
35:23
and
35:23
safe
35:23
and
35:24
my
35:24
favorite
35:24
daughter
35:25
in
35:25
law
35:25
is
35:25
going
35:25
to
35:25
be
35:25
great.
35:25
Now
35:26
I
35:26
say
35:26
favorite
35:26
daughter
35:26
in
35:27
law
35:27
because
35:27
I
35:27
only
35:27
have
35:27
one.
35:27
So
35:28
I'm
35:28
not
35:28
offending
35:28
anybody.
35:29
But
35:29
I
35:30
am
35:30
definitely
35:30
going
35:30
to
35:30
tell
35:31
my
35:31
son
35:31
and
35:31
my
35:31
daughter
35:32
in
35:32
law,
35:32
go
35:33
get
35:33
the
35:33
Trump
35:33
account,
35:33
take
35:34
the
35:34
thousand
35:34
dollars
35:35
and
35:35
put
35:35
it
35:35
away.
35:36
It's
35:36
fantastic.
35:37
It's
35:37
free
35:37
money.
35:38
But
35:38
my
35:39
son,
35:39
my
35:39
older
35:39
son's
35:40
also
35:40
a
35:40
planner.
35:41
So
35:41
we're
35:41
going
35:41
to
35:41
talk
35:42
about
35:42
529
35:42
plans.
35:43
Now,
35:43
he's
35:44
in
35:44
the
35:44
military,
35:44
so
35:45
there
35:45
are
35:45
some
35:45
nuances
35:45
to
35:46
him.
35:46
He
35:46
might
35:46
have
35:46
different
35:47
bills
35:47
that
35:47
he
35:47
can
35:48
use
35:48
for
35:48
paying
35:49
for
35:49
things.
35:49
We're
35:49
not
35:49
going
35:49
to
35:49
get
35:49
into
35:50
that
35:50
today.
35:51
But
35:51
a
35:51
529
35:52
plan,
35:52
as
35:53
compared
35:53
to
35:53
the
35:53
Trump
35:53
account,
35:54
The
35:54
Trump
35:54
account,
35:55
the
35:55
maximum
35:55
contribution
35:56
is
35:56
$5,000
35:57
a
35:57
year.
35:57
Again,
35:57
it's
35:58
just
35:58
thought
35:58
as
35:59
a
35:59
way
35:59
to
35:59
put
36:00
aside
36:00
money
36:00
for
36:01
your
36:01
child
36:01
so
36:01
that
36:01
when
36:02
they
36:02
turn
36:02
18,
36:02
they've
36:03
got
36:03
something.
36:04
But
36:04
the
36:04
529
36:05
plan
36:05
allows
36:05
you
36:05
to
36:06
put
36:06
$95,000
36:08
in
36:08
a
36:09
single
36:09
year
36:09
into
36:10
that.
36:10
So
36:11
if
36:11
Grandma
36:11
or
36:12
Grandpa
36:12
or
36:12
Aunt
36:13
Sally
36:13
or
36:13
Uncle
36:14
Joe
36:14
want
36:14
to
36:15
put
36:15
some
36:15
money
36:15
aside
36:16
into
36:16
your
36:16
kid's
36:16
retirement
36:17
account,
36:17
or,
36:17
excuse
36:17
me,
36:18
into
36:18
their
36:18
529
36:18
education
36:19
account,
36:20
they
36:20
can
36:20
put
36:21
$95,000
36:22
into
36:22
that
36:23
with
36:23
zero
36:24
tax
36:24
consequence
36:25
for
36:25
them
36:25
or
36:26
for
36:26
the
36:26
person
36:26
who
36:27
received
36:27
it.
36:27
So
36:27
these
36:27
are
36:28
very
36:28
different
36:28
tools
36:30
at
36:30
very
36:30
different
36:30
scales.
36:31
Now,
36:32
continuing
36:32
our
36:32
contrast
36:33
here,
36:33
at
36:34
age
36:34
18,
36:35
that
36:35
Trump
36:35
account
36:36
converts
36:36
to
36:37
a
36:37
traditional
36:37
IRA.
36:38
Now,
36:38
in
36:38
the
36:39
back
36:39
of
36:39
your
36:39
head,
36:39
start
36:39
thinking
36:40
through
36:40
that
36:40
a
36:40
little
36:40
bit.
36:41
So
36:41
that
36:41
money's
36:41
going
36:42
to
36:42
grow
36:42
tax
36:42
free,
36:43
which
36:43
is
36:43
fantastic.
36:44
You're
36:44
going
36:44
to
36:44
get
36:44
the
36:44
benefit
36:45
of
36:45
compound
36:45
interest.
36:46
And
36:46
when
36:47
they
36:47
turn
36:47
18,
36:47
that
36:48
money's
36:48
still
36:48
going
36:48
to
36:48
be
36:48
in
36:49
a
36:49
traditional
36:49
IRA.
36:50
So
36:51
if
36:51
they
36:51
want
36:51
to
36:51
take
36:51
that
36:52
money
36:52
out
36:52
to
36:52
use
36:52
it
36:53
for
36:53
something,
36:54
there's
36:54
going
36:54
to
36:54
be
36:54
a
36:55
tax
36:55
consequence
36:55
to
36:55
that.
36:56
Now,
36:56
I
36:56
haven't
36:56
seen
36:57
the
36:57
final
36:57
registry
36:58
or
36:58
the
36:58
final
36:58
regulations
36:59
on
36:59
this,
37:00
but
37:00
is
37:00
there
37:01
going
37:01
to
37:01
be
37:01
a
37:01
10%
37:01
penalty?
37:02
Now,
37:02
that
37:03
said,
37:03
there
37:03
are
37:04
ways
37:04
to
37:04
take
37:04
money
37:05
out
37:05
of
37:05
a
37:05
traditional
37:06
IRA
37:06
for
37:07
education,
37:07
for
37:07
your
37:08
first
37:08
home,
37:09
for
37:09
hardships,
37:10
for
37:10
medical,
37:10
without
37:11
paying
37:11
that
37:11
10%
37:12
penalty,
37:12
but
37:13
you're
37:13
going
37:13
to
37:13
pay
37:14
the
37:14
tax
37:14
as
37:15
well.
37:16
Whereas
37:16
on
37:16
a
37:17
529
37:17
plan,
37:19
those
37:19
you
37:19
don't
37:19
have
37:19
to
37:20
pay
37:20
any
37:20
tax
37:20
on
37:20
at
37:20
all.
37:22
So
37:22
college
37:22
withdrawals
37:23
without
37:23
penalty
37:23
are
37:24
not
37:24
part
37:24
of
37:24
the
37:24
Trump
37:24
accounts,
37:25
but
37:25
they
37:25
are
37:25
on
37:25
the
37:25
529
37:26
plans.
37:28
Unused
37:29
529
37:29
funds
37:30
can
37:30
now
37:30
be
37:30
transferred
37:31
up
37:31
to
37:31
$35,000
37:32
into
37:33
a
37:33
Roth
37:33
IRA.
37:34
That's
37:35
assuming
37:35
that
37:35
the
37:35
account
37:35
has
37:36
been
37:36
open
37:36
for
37:36
15
37:36
years.
37:37
That's
37:37
a
37:37
flexibility
37:38
that
37:38
doesn't
37:38
exist
37:39
with
37:39
the
37:39
Trump
37:39
accounts.
37:41
And
37:41
then
37:41
it
37:41
says
37:41
here
37:42
in
37:42
my
37:42
notes
37:42
here,
37:42
children
37:43
born
37:43
before
37:43
2025
37:44
may
37:44
qualify
37:44
for
37:45
a
37:45
$250
37:45
grant
37:46
through
37:46
a
37:46
private
37:46
donation.
37:47
Yeah,
37:48
they
37:48
haven't
37:48
talked
37:48
a
37:48
lot
37:48
about
37:48
this
37:49
on
37:49
the
37:49
news,
37:49
but
37:49
I
37:50
actually
37:50
saw
37:50
this.
37:51
There's
37:51
a
37:51
people
37:51
named
37:52
Michael
37:52
and
37:52
Susan
37:53
Dell.
37:53
They
37:54
are
37:54
putting
37:55
money
37:55
in,
37:55
sort
37:55
of
37:55
the
37:56
private
37:56
sector
37:56
money.
37:57
But
37:57
children
37:58
born
37:58
before
37:59
2025
37:59
could
38:00
qualify
38:01
for
38:01
a
38:01
$250
38:02
grant.
38:02
I
38:02
don't
38:03
have
38:03
all
38:03
the
38:03
specifics
38:03
on
38:04
that.
38:04
I
38:04
don't
38:04
even
38:04
know
38:05
that
38:05
that's
38:05
out
38:05
there.
38:05
I
38:06
think
38:06
once
38:06
July
38:06
4th
38:07
hits,
38:07
we'll
38:07
see
38:07
more
38:07
of
38:08
that.
38:09
That's
38:09
not
38:09
$1,000,
38:10
but
38:10
it's
38:10
still
38:11
worth
38:11
noting.
38:11
Now,
38:11
I
38:11
don't
38:11
know
38:12
if
38:12
there
38:12
are
38:12
going
38:12
to
38:12
be
38:13
certain
38:13
requirements
38:14
based
38:14
on
38:15
income
38:15
or
38:15
based
38:16
on
38:16
age
38:16
or
38:16
any
38:16
of
38:16
those
38:17
things,
38:17
but
38:18
keep
38:18
an
38:18
eye
38:18
open
38:18
because
38:18
Again,
38:19
if
38:19
you
38:19
can
38:20
get
38:20
someone
38:20
to
38:20
give
38:21
you
38:21
$250,
38:22
hey,
38:23
take
38:23
it.
38:24
I
38:24
think
38:24
that
38:25
is
38:25
a
38:25
great
38:26
thing.
38:26
And
38:27
Abby,
38:27
thank
38:27
you.
38:27
Congratulations.
38:28
I
38:28
appreciate
38:29
you
38:29
saying
38:29
that.
38:30
Yeah,
38:30
I
38:31
don't
38:31
know
38:31
that
38:31
my
38:31
daughter
38:31
in
38:32
law
38:32
and
38:32
son
38:32
are
38:32
ready
38:32
for
38:33
what's
38:33
fixing
38:33
to
38:33
happen.
38:33
And
38:34
my
38:34
grandfather
38:34
used
38:34
to
38:34
say
38:34
fixing,
38:35
that
38:35
was
38:35
his
38:35
term
38:35
to
38:36
use
38:36
all
38:36
the
38:36
time.
38:36
It's
38:36
fixing
38:37
to
38:37
happen.
38:37
But
38:38
here's
38:38
some
38:38
quotes
38:38
from
38:39
the
38:39
articles
38:40
as
38:40
we
38:40
start
38:40
to
38:41
talk
38:41
about
38:41
the
38:41
end
38:41
of
38:41
this
38:41
one.
38:42
And
38:42
so
38:42
$3,000
38:43
for
38:43
newborn
38:43
makes
38:43
Trump
38:44
accounts
38:44
a
38:44
no
38:44
brainer.
38:45
The
38:45
bigger
38:46
question
38:46
is
38:46
whether
38:46
to
38:47
contribute
38:47
more.
38:47
Yeah,
38:48
that's
38:48
really
38:48
the
38:48
key.
38:49
This
38:49
was
38:49
by
38:50
JP
38:50
Morgan
38:50
Asset
38:51
Management.
38:52
Yeah,
38:52
take
38:52
the
38:52
$1,000.
38:53
But
38:53
then
38:53
the
38:54
question
38:54
is
38:54
do
38:54
you
38:54
put
38:54
more
38:55
into
38:55
that
38:55
or
38:55
do
38:55
you
38:55
put
38:55
it
38:56
into
38:56
a
38:56
529
38:56
plan?
38:57
There's
38:58
another
38:58
thing
38:58
here
38:58
by
38:59
savings
38:59
for
38:59
College
38:59
says
39:00
529
39:00
plans
39:00
remain
39:01
the
39:01
superior
39:01
vehicle
39:02
for
39:02
college
39:02
and
39:03
other
39:03
educational
39:04
goals
39:04
compared
39:04
to
39:04
Trump
39:05
accounts.
39:05
I
39:06
think
39:06
that's
39:06
a
39:06
great
39:06
point
39:06
too.
39:07
And
39:07
Fidelity
39:08
says
39:08
this
39:08
open
39:08
a
39:09
Trump
39:09
account
39:09
via
39:09
IRS
39:10
form.
39:11
So
39:11
here
39:11
we're
39:11
going
39:11
to
39:11
get
39:11
real
39:12
into
39:12
the
39:12
details.
39:13
So
39:13
if
39:13
you're
39:13
listening
39:13
to
39:14
this
39:14
or
39:14
you're
39:14
watching
39:14
this
39:15
online,
39:15
here's
39:16
the
39:16
form
39:16
you
39:16
need
39:16
to
39:16
know.
39:17
It's
39:17
IRS
39:18
form
39:19
4547.
39:20
Hey,
39:20
go
39:21
figure.
39:21
Trump
39:21
is
39:22
4547.
39:23
Pretty
39:24
nifty,
39:24
huh?
39:25
Or
39:25
you
39:25
can
39:25
go
39:25
to
39:25
trumpaccounts.gov
39:27
and
39:27
claim
39:27
the
39:27
seed
39:27
money
39:28
if
39:28
you're
39:28
eligible
39:29
and
39:29
then
39:29
consider
39:29
that
39:30
529
39:30
plan
39:31
for
39:31
education
39:32
expenses.
39:33
Well,
39:33
here's
39:33
my
39:33
take
39:34
on
39:34
the
39:34
holding.
39:34
This
39:34
is
39:34
why
39:35
you
39:35
tuned
39:35
in.
39:35
Listen,
39:36
the
39:36
families
39:37
who
39:37
do
39:37
well
39:38
with
39:38
these
39:38
accounts
39:39
won't
39:39
be
39:39
the
39:40
ones
39:40
who
39:40
reacted
39:40
to
39:41
an
39:41
ad.
39:42
They're
39:42
going
39:42
to
39:42
be
39:43
the
39:43
ones
39:43
who
39:43
slowed
39:43
down,
39:44
read
39:45
past
39:45
the
39:45
headlines
39:46
and
39:46
made
39:47
a
39:47
plan.
39:49
That's
39:49
what
39:50
our
39:50
listeners
39:50
are
39:50
already
39:50
doing
39:51
here.
39:51
The
39:52
person
39:52
who
39:52
put
39:52
this
39:52
out
39:53
there,
39:53
that's
39:53
what
39:53
they're
39:53
doing.
39:54
Because
39:55
Scripture
39:55
Proverbs
39:56
21:5
39:57
says
39:57
the
39:57
plans
39:57
of
39:57
the
39:58
diligent
39:58
lead
39:58
to
39:58
profit
39:59
as
39:59
surely
40:00
as
40:00
haste
40:01
leads
40:01
to
40:01
poverty.
40:03
So
40:03
this
40:03
isn't
40:03
a
40:04
time
40:04
to
40:04
react.
40:05
This
40:05
is
40:05
a
40:05
time
40:06
to
40:06
plan.
40:07
Because
40:07
that
40:08
one
40:08
difference
40:09
changes
40:10
everything.
40:11
So
40:11
think
40:11
about
40:11
this.
40:12
If
40:12
you've
40:12
got
40:12
young
40:12
kids,
40:13
what's
40:14
one
40:14
thing
40:14
you
40:14
wish
40:15
someone
40:15
had
40:15
told
40:15
you
40:16
earlier
40:16
about
40:16
saving
40:16
for
40:17
their
40:17
future?
40:18
I'm
40:19
thinking
40:19
about
40:19
that
40:19
for
40:19
my
40:20
grandson.
40:21
What
40:21
is
40:21
some
40:21
wisdom
40:22
I
40:22
can
40:22
give
40:22
my
40:23
daughter
40:23
in
40:23
law,
40:23
my
40:23
son?
40:24
As
40:24
they're
40:25
embarking
40:25
on
40:25
this,
40:25
they're
40:26
going
40:26
to
40:26
be
40:26
in
40:26
the
40:26
diaper
40:27
stage
40:27
here
40:28
in
40:28
the
40:28
Formula
40:28
stage,
40:29
and
40:29
whatever
40:29
that
40:29
looks
40:29
like.
40:30
But
40:31
what
40:31
is
40:31
some
40:31
guidance
40:32
that
40:32
we
40:32
can
40:32
give
40:32
our
40:33
children
40:33
and
40:33
our
40:33
grandchildren
40:35
about
40:35
how
40:35
to
40:36
plan
40:36
for
40:36
the
40:36
future?
40:37
I
40:38
think
40:38
that's
40:38
really
40:38
important
40:38
that
40:39
we
40:39
do
40:39
that.
40:41
Okay,
40:43
So
40:44
I
40:44
want
40:44
to
40:44
go
40:44
through
40:44
and
40:45
just
40:45
kind
40:45
of
40:45
re.
40:46
Go
40:47
through
40:47
what
40:47
we
40:47
talk
40:47
about
40:47
today.
40:50
If
40:50
you're
40:50
a
40:50
mom
40:51
who's
40:51
tired,
40:52
your
40:52
mom's
40:53
habits
40:53
weren't
40:53
embarrassing.
40:54
They
40:54
were
40:54
working.
40:54
So,
40:55
as
40:55
we
40:55
talked
40:55
about
40:55
in
40:55
the
40:56
first
40:56
question,
40:57
that's
40:57
a
40:58
great
40:58
way
40:58
to
40:58
save
40:58
money
40:58
on
40:59
your
40:59
groceries.
41:02
Scrape
41:02
that
41:02
pan,
41:03
save
41:04
that
41:04
carcass.
41:04
Yeah,
41:05
we're
41:05
talking
41:05
about
41:05
carcasses
41:06
on
41:06
this
41:06
show.
41:06
We're
41:06
talking
41:06
about
41:07
chicken
41:07
carcasses
41:07
and
41:08
making
41:08
soup.
41:10
But
41:10
make
41:11
it
41:11
automatic.
41:11
Make
41:11
it
41:12
that
41:12
habit
41:12
that
41:12
you
41:12
keep
41:12
building.
41:14
And
41:14
maybe
41:14
you're
41:14
like,
41:15
David,
41:15
you
41:15
got
41:15
22
41:16
years
41:16
in
41:16
your
41:16
retirement
41:17
plan.
41:17
You
41:18
didn't
41:18
do
41:18
anything
41:18
wrong.
41:20
But
41:20
add
41:20
to
41:20
that,
41:21
build
41:21
that
41:21
emergency
41:22
fund,
41:22
start
41:22
with
41:22
$500,
41:24
and
41:25
then
41:25
just
41:25
build
41:25
from
41:25
there.
41:26
Have
41:27
that
41:27
cash
41:27
outside
41:28
the
41:28
retirement
41:28
accounts,
41:29
what
41:29
I
41:29
call
41:29
a
41:29
firewall.
41:30
That's
41:31
what's
41:31
missing.
41:33
And
41:33
if
41:33
you're
41:33
the
41:33
new
41:33
mom
41:34
figuring
41:34
out
41:34
accounts,
41:35
hey,
41:35
take
41:35
the
41:35
$1,000.
41:36
You
41:37
can
41:37
say,
41:37
ralph
41:38
said
41:38
it.
41:38
Give
41:38
me
41:39
my
41:39
thousand
41:39
bucks,
41:40
Open
41:40
that
41:41
Trump
41:41
account.
41:42
But
41:42
then
41:42
if
41:42
you're
41:43
thinking
41:43
about
41:43
education,
41:43
open
41:44
up
41:44
that
41:44
529
41:45
plan
41:46
and
41:46
put
41:46
the
41:46
regular
41:47
contributions
41:47
there.
41:48
Again,
41:48
two
41:48
tools,
41:49
two
41:49
jobs.
41:51
But
41:51
do
41:51
one
41:52
thing
41:52
this
41:52
week.
41:53
I
41:53
never
41:53
want
41:53
to
41:53
overburden
41:54
you
41:54
with
41:54
anything.
41:54
So
41:54
if
41:55
you're
41:55
looking
41:55
to
41:55
save
41:55
money
41:56
on
41:56
groceries,
41:57
plan
41:57
your
41:57
meals,
41:58
lay
41:59
that
41:59
out,
41:59
put
42:00
your
42:00
budget
42:00
together.
42:01
If
42:02
you're
42:02
looking
42:02
to
42:02
do
42:03
the
42:03
retirement
42:03
plan
42:03
and
42:03
you
42:04
don't
42:04
have
42:05
an
42:06
emergency
42:06
fund,
42:07
do
42:07
that.
42:08
Start
42:08
with
42:08
$500.
42:09
It
42:09
doesn't
42:09
have
42:09
to
42:10
be
42:10
a
42:10
big
42:10
amount.
42:11
And
42:11
then
42:12
finally,
42:12
if
42:12
you're
42:12
thinking
42:12
about
42:13
the
42:13
trumpet,
42:13
if
42:13
you
42:13
got
42:13
a
42:14
child
42:14
that's
42:14
born
42:14
this
42:14
year,
42:15
go
42:15
get
42:15
your
42:15
thousand
42:16
dollars.
42:17
Just
42:17
one
42:18
step.
42:18
That's
42:18
all
42:18
it
42:18
takes.
42:19
This
42:19
week,
42:20
you're
42:20
not
42:21
failing
42:21
in
42:21
anything
42:21
you're
42:22
doing.
42:22
You're
42:22
surviving.
42:24
You're
42:24
starting,
42:25
and
42:26
you're
42:26
making
42:26
choices,
42:28
and
42:28
that's
42:28
progress.
42:29
Now,
42:29
one
42:30
of
42:30
the
42:30
things
42:30
I
42:30
want
42:30
to
42:30
mention
42:30
here
42:31
is
42:31
I
42:31
also
42:31
do
42:32
a
42:32
daily
42:32
show.
42:32
You
42:33
can
42:33
catch
42:33
that
42:33
every
42:34
day.
42:34
It's
42:34
not
42:34
live
42:34
like
42:35
this
42:35
show,
42:35
but
42:36
you
42:36
can
42:36
go
42:36
to
42:36
financiallyconfidentchristian.com.
42:39
You
42:39
can
42:40
get
42:40
that
42:40
wherever
42:40
you
42:40
get
42:40
your
42:41
pockets.
42:41
Now,
42:41
I
42:41
can
42:41
just
42:42
hear
42:42
people
42:42
saying,
42:42
well,
42:42
Ralph,
42:43
be
42:43
specific.
42:43
Even
42:44
better,
42:44
go
42:44
to
42:45
financiallyconfidentchristian.com
42:47
and
42:47
sign
42:48
up
42:48
for
42:48
our
42:48
newsletter.
42:49
Become
42:49
a
42:49
member
42:50
of
42:50
that.
42:50
You
42:50
can
42:50
join
42:50
our
42:50
Patreon
42:51
community.
42:51
As
42:52
I
42:52
said,
42:52
that's@financiallyconfidentchristian.com
42:55
Join
42:56
in
42:56
the
42:56
Patreon
42:57
community.
42:57
We
42:57
put
42:58
special
42:58
things
42:58
over
42:58
there.
42:59
You
42:59
can
42:59
ask
42:59
questions,
43:00
you
43:00
can
43:00
talk
43:00
about
43:00
what's
43:00
working
43:01
for
43:01
you.
43:02
All
43:02
those
43:03
things
43:03
are
43:03
great.
43:03
Now,
43:04
don't
43:04
forget
43:04
to
43:04
join
43:04
me
43:05
next
43:05
Friday,
43:06
same
43:06
time.
43:07
We're
43:07
going
43:07
to
43:08
do
43:08
this
43:08
every
43:08
week.
43:08
So
43:08
if
43:08
you
43:09
know
43:09
somebody
43:09
that's
43:09
battling
43:10
with
43:10
financial
43:10
questions,
43:11
have
43:12
them
43:12
come
43:12
join
43:12
us
43:12
live.
43:13
They
43:13
can
43:13
join
43:14
on
43:14
Clubhouse.
43:14
They
43:14
can
43:15
go
43:15
to
43:15
the
43:15
chat.
43:16
That's
43:16
financiallyconfidentchristian.com
43:18
FCCLive
43:20
but
43:20
how
43:20
about
43:20
we
43:21
end
43:21
in
43:21
prayer
43:21
today?
43:22
Lord,
43:23
I
43:23
just
43:23
want
43:23
to
43:23
thank
43:23
you
43:23
for
43:24
the
43:24
people
43:24
who
43:24
have
43:24
joined
43:25
us
43:25
today,
43:26
the
43:26
people
43:26
who
43:26
are
43:26
listening,
43:27
the
43:27
people
43:27
who
43:27
are
43:27
watching.
43:28
Lord,
43:29
I
43:29
just
43:29
thank
43:29
you
43:29
for
43:30
their
43:30
honesty
43:30
about
43:31
where
43:31
they
43:31
really
43:31
are.
43:32
It
43:32
all
43:32
starts
43:32
with
43:32
honesty.
43:33
It
43:33
all
43:33
starts
43:34
with
43:34
an
43:34
assessment
43:34
of
43:34
where
43:35
you
43:35
are.
43:36
And
43:36
I
43:36
just
43:36
want
43:36
to
43:36
pray
43:37
right
43:37
now
43:37
for
43:37
the
43:37
mom
43:38
who's
43:38
exhausted
43:38
and
43:39
still
43:39
showing
43:39
up.
43:41
I
43:41
know
43:41
the
43:41
struggle
43:41
you're
43:42
going
43:42
through.
43:43
And
43:44
for
43:44
the
43:44
man
43:44
who's
43:44
been
43:45
faithful
43:45
for
43:45
22
43:46
years
43:46
and
43:46
still
43:47
asking
43:47
if
43:47
he
43:47
got
43:47
it
43:47
right,
43:49
Lord,
43:49
show
43:49
him
43:50
that
43:50
he's
43:50
doing
43:50
it
43:50
right.
43:51
And
43:51
for
43:52
the
43:52
new
43:52
parent
43:52
who
43:52
wants
43:53
to
43:53
give
43:53
her
43:53
daughter
43:53
something
43:54
better.
43:55
Show
43:56
her
43:56
a
43:56
path
43:56
for
43:56
that.
43:57
Help
43:58
them
43:58
all
43:58
to
43:58
break
43:58
that
43:59
cycle
43:59
of
43:59
financial
44:00
shame
44:00
and
44:00
find
44:00
confidence
44:01
in
44:01
what
44:01
they're
44:01
doing.
44:03
And
44:03
remind
44:03
all
44:04
of
44:04
us,
44:04
Lord,
44:06
survival
44:06
is
44:06
success.
44:09
Starting
44:09
is
44:09
courage.
44:11
Planting
44:12
together
44:12
is
44:13
love.
44:14
And
44:14
just
44:15
give
44:15
us
44:15
one
44:15
clear
44:16
next
44:16
step
44:16
this
44:17
week
44:18
so
44:18
we
44:18
can
44:18
break
44:18
that
44:19
cycle
44:19
of
44:19
financial
44:19
shame.
44:20
And
44:20
we
44:20
ask
44:20
this
44:20
in
44:21
Jesus
44:21
name.
44:23
Amen,
44:24
friend.
44:25
I
44:25
want
44:25
to
44:25
end
44:25
with
44:25
this.
44:27
Your
44:27
finances
44:28
don't
44:28
define
44:28
who
44:28
you
44:29
are.
44:30
It's
44:30
your
44:31
courage
44:31
to
44:31
make
44:32
a
44:32
change
44:32
that
44:32
truly
44:33
matters.
44:35
So
44:35
let's
44:35
tackle
44:35
this
44:35
all
44:35
together
44:37
and
44:37
I'll
44:37
see
44:37
you
44:38
again
44:38
next
44:38
week.