Latest / Earn Your Leisure / 41% of Young People Between the Ages of 25-35 Aren't Contributing To Their 401(k)

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41% of Young People Between the Ages of 25-35 Aren't Contributing To Their 401(k) · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally. Do
• 0:50
  Speaker 1: what's right. Leave now. Under President Trump, America's laws, border
• 0:56
  Speaker 1: and families will be protected.
• 0:57
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: There are some things that will affect this generation and
• 1:03
  Speaker 4: our generation. Inflation, yes, student loan debt, mortgage treats, all
• 1:09
  Speaker 4: these things that these young adults here we sitting before
• 1:15
  Speaker 4: us now We'll have to face at what point, Since
• 1:18
  Speaker 4: TIAA is known for retirement, at what point should these
• 1:22
  Speaker 4: young adults start to think or get education around retirement
• 1:25
  Speaker 4: retirement planet.
• 1:27
  Speaker 5: Okay, I'm gonna give y'all a quiz. Is it today
• 1:31
  Speaker 5: or once I'm sixty five? I should think about retirement today?
• 1:35
  Speaker 2: Y'all are ready? Okay, let's pack this.
• 1:38
  Speaker 5: There's a word that I want you all to write down, memorize,
• 1:42
  Speaker 5: tele a friend, phone, or frame. It starts with the C.
• 1:45
  Speaker 5: Does anybody know the word compounding? A dollar a day
• 1:49
  Speaker 5: is worth more than a dollar what tomorrow? And so
• 1:54
  Speaker 5: when you think about where you all are going, let's
• 1:56
  Speaker 5: talk about your post graduation. The contacts and the backdrop
• 2:00
  Speaker 5: is correct inflation, globalization, geopolitical unrest, student loan debt. We
• 2:10
  Speaker 5: also know that African Americans have a disproportionate of debt
• 2:14
  Speaker 5: in terms of student loans.
• 2:16
  Speaker 2: And so when you.
• 2:17
  Speaker 5: Look at all of this, it can feel daubting.
• 2:19
  Speaker 2: But here are the steps.
• 2:22
  Speaker 5: Step one, especially when it comes to preparing when you
• 2:25
  Speaker 5: get your first job, y'all are going to y'all are
• 2:30
  Speaker 5: going to send me a note on the side because
• 2:32
  Speaker 5: you're going to do this and tell me about it.
• 2:34
  Speaker 5: Your very first job, they're going to give you your
• 2:36
  Speaker 5: job offer. Here's your money. The first thing that I
• 2:39
  Speaker 5: want you to do is to look at your benefit
• 2:43
  Speaker 5: package and to make sure you maximize your four to
• 2:46
  Speaker 5: one K or your four to three B why compounding,
• 2:50
  Speaker 5: but also many companies match it.
• 2:53
  Speaker 2: So unless you're okay.
• 2:55
  Speaker 5: Leaving the coins on the table because you're only going
• 2:58
  Speaker 5: to do three percent instead of the MAC, start the
• 3:00
  Speaker 5: max Why because tomorrow's check is way more than you
• 3:04
  Speaker 5: have today the minute you see the money you have allocated.
• 3:09
  Speaker 5: But if day one you say max me out, you're
• 3:13
  Speaker 5: going to do two things.
• 3:15
  Speaker 2: One, you're going to say.
• 3:16
  Speaker 5: You know what, because I want all of the benefits
• 3:19
  Speaker 5: that I'm entitled to. I don't want to leave any
• 3:21
  Speaker 5: of the coins on the table, So you're going to
• 3:23
  Speaker 5: get that because of the match. And Two, it's because
• 3:28
  Speaker 5: I understand that if I compound with this match and
• 3:31
  Speaker 5: then whatever I bring home is more than I've ever
• 3:33
  Speaker 5: had today, then as my income rise, I'm already preparing
• 3:37
  Speaker 5: for my retirement and I'm taking full advantage of the
• 3:40
  Speaker 5: benefit of the money that the company is matching. Don't
• 3:43
  Speaker 5: leave the money on the table unless you're comfortable and
• 3:45
  Speaker 5: you got it like that, that's fine. So first thing
• 3:49
  Speaker 5: you're going to do is what max it out. That's
• 3:53
  Speaker 5: where you get your full value. That is something that
• 3:56
  Speaker 5: I do want to emphasize. That's something that I did
• 3:58
  Speaker 5: when I first started. I was making two twenty six
• 4:00
  Speaker 5: thousand dollars a year, but that was twenty six thousand
• 4:04
  Speaker 5: dollars more than I may on Sunday when I graduated.
• 4:08
  Speaker 5: And to do that immediately, I didn't miss it because
• 4:11
  Speaker 5: all of my raises and everything was already working for me.
• 4:15
  Speaker 2: So that's the thing when.
• 4:17
  Speaker 5: You think about this vision of retirement. So many times
• 4:20
  Speaker 5: people say young people don't want to talk about retirement,
• 4:22
  Speaker 5: don't nobody think about it. I'm like, don't underestimate young people.
• 4:26
  Speaker 5: Young people care about the climate. Young people are thinking
• 4:30
  Speaker 5: about the future in a way that we never even understood.
• 4:33
  Speaker 5: So let's not put our bias on this generation. How
• 4:37
  Speaker 5: many of you all want to make sure that you
• 4:40
  Speaker 5: have generational wealth?
• 4:43
  Speaker 2: All of you. I'm gonna ask another question.
• 4:45
  Speaker 5: All right, we can do the clap, snap, raise man whatever.
• 4:48
  Speaker 5: I don't know what or earn your leusion like that do,
• 4:51
  Speaker 5: but whatever it is, it is a snap.
• 4:52
  Speaker 6: What we do.
• 4:53
  Speaker 2: It's a clap. Okay, it's a clap.
• 4:55
  Speaker 5: How many of you all understand what struggle looks like
• 4:59
  Speaker 5: when your parents are grandparents or auntie did the best
• 5:01
  Speaker 5: that they can right now and it's hard. Yeah, how
• 5:08
  Speaker 5: many of you don't want to transfer debt but you
• 5:10
  Speaker 5: want to transfer wealth?
• 5:15
  Speaker 2: So we should talk about retirement.
• 5:18
  Speaker 5: I want to shift how you dream. I want to
• 5:23
  Speaker 5: shift the dream from when I graduate.
• 5:26
  Speaker 2: I'm gonna get that.
• 5:27
  Speaker 5: Real nice car, big Time Series because I see, you
• 5:31
  Speaker 5: know we gonna leave it at that right.
• 5:34
  Speaker 6: You know, I see, Please, you know what I mean.
• 5:37
  Speaker 5: But you know I see how this is and how
• 5:41
  Speaker 5: that is. So I'm going to do that first. I
• 5:45
  Speaker 5: want to shift your mindset. And remember what you just
• 5:47
  Speaker 5: told me. You said you want to build wealth. You
• 5:53
  Speaker 5: said that you want to lighten the burden on your
• 5:57
  Speaker 5: family in a way that maybe your parents couldn't lighten
• 5:59
  Speaker 5: the burden on themselves. A brand new car, which is
• 6:03
  Speaker 5: a depreciating asset day one of graduation does not align with.
• 6:09
  Speaker 2: What you just said. So make it make sense.
• 6:12
  Speaker 5: If you say that you want to make sure that
• 6:17
  Speaker 5: you can have a better future, or take care mom,
• 6:22
  Speaker 5: flexing on that very expensive rented apartment that you show
• 6:25
  Speaker 5: everybody the amenities that is not in your name is
• 6:28
  Speaker 5: not the flex.
• 6:31
  Speaker 2: Not the flex.
• 6:34
  Speaker 5: So if and you see him, be like oh no,
• 6:36
  Speaker 5: oh no, already shifting dreams and goals already. My point
• 6:41
  Speaker 5: is on this post graduation, remember what you said you
• 6:46
  Speaker 5: want it, and do a regression to your decisions the
• 6:50
  Speaker 5: minute you graduate. Make sure you have your game plan
• 6:54
  Speaker 5: in place. Make sure that you're saying I want to
• 6:57
  Speaker 5: get educated on stocks and bonds and alternatives. I want
• 7:03
  Speaker 5: to make sure I maximize my retirement. Make sure you
• 7:06
  Speaker 5: understand tax strategies.
• 7:08
  Speaker 2: Please write that down. Make sure you understand.
• 7:13
  Speaker 6: This episode is brought to you by P and C Bank.
• 7:16
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• 7:19
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• 7:23
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• 7:31
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• 9:00
  Speaker 6: your vision forward.
• 9:04
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 9:07
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 9:11
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 9:15
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 9:19
  Speaker 1: some of the heinous migrant criminals caught because of President
• 9:23
  Speaker 1: Donald J.
• 9:24
  Speaker 2: Trump's leadership.
• 9:25
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
• 9:29
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 9:33
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 9:37
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 9:41
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 9:45
  Speaker 1: and deported.
• 9:46
  Speaker 2: You will never return.
• 9:48
  Speaker 1: But if you register using our CBP home app and
• 9:51
  Speaker 1: leave now, you could be allowed to return legally. Do
• 9:54
  Speaker 1: what's right.
• 9:55
  Speaker 2: Leave now.
• 9:57
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 10:01
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 10:04
  Speaker 5: How a retirement vehicle like an IRA has taxed advantages
• 10:10
  Speaker 5: for you?
• 10:11
  Speaker 2: Please write that down. My point is.
• 10:15
  Speaker 5: Have a plan on how you're going to attack the
• 10:19
  Speaker 5: decision that you made around student debt.
• 10:23
  Speaker 2: You invested in yourself. I don't think that's a negative.
• 10:27
  Speaker 5: You invested in yourself and you made it work the
• 10:30
  Speaker 5: best way you knew how. Shift your mindset and say, therefore,
• 10:35
  Speaker 5: I have to have a budget to take care of
• 10:38
  Speaker 5: that debt.
• 10:39
  Speaker 2: And attack it.
• 10:41
  Speaker 5: My point is having a vision of the life that
• 10:47
  Speaker 5: you deserve, a life that maybe you couldn't even imagine.
• 10:52
  Speaker 5: Start with the decisions you make in your early twenties.
• 10:56
  Speaker 5: It starts with the mindset that you're honing as a
• 11:00
  Speaker 5: college students. Because if you graduate and have it matured
• 11:04
  Speaker 5: your mindset, it's not what you make, it's what you keep,
• 11:07
  Speaker 5: and it's what.
• 11:07
  Speaker 2: You compound, you're not going to be ready.
• 11:11
  Speaker 5: And so my advice to all of you, the student
• 11:15
  Speaker 5: loan debt was your investment in self.
• 11:18
  Speaker 2: Embrace it.
• 11:19
  Speaker 5: You already did it, figure out your game.
• 11:22
  Speaker 2: Plan, allocate for that.
• 11:26
  Speaker 5: Don't start your first check with a depreciating asset. Start
• 11:31
  Speaker 5: with all the tips you're hearing from these two fine gentlemen,
• 11:34
  Speaker 5: and make sure you think about investing and saving. Make
• 11:38
  Speaker 5: sure you have that Randy Day fund because how many
• 11:40
  Speaker 5: of you all know you can't call mom to help
• 11:43
  Speaker 5: pay for these things, so you have to plan for that.
• 11:47
  Speaker 2: And then with retirement.
• 11:49
  Speaker 5: Let me give you the stat which is why it's
• 11:51
  Speaker 5: important for today to have the conversation. Forty percent of
• 11:54
  Speaker 5: all Americans, all Americans do not have enough for a
• 11:59
  Speaker 5: secure retirement. For African Americans, it's much more pronounced. Women
• 12:05
  Speaker 5: retire with thirty percent less. And so that's why I say,
• 12:10
  Speaker 5: do you want to transfer wealth or debt? Make it
• 12:13
  Speaker 5: make sense if you don't make the decisions today, You're
• 12:16
  Speaker 5: basically saying, if I have a family, they'll take care
• 12:20
  Speaker 5: of me and figure it out because I'm not gonna
• 12:23
  Speaker 5: worry about it, and I'll give them the debt. I'm
• 12:27
  Speaker 5: saying to you all, we don't want that. We don't
• 12:30
  Speaker 5: want to transfer debt to our children. We want to
• 12:32
  Speaker 5: transfer wealth, and that's making sure that they don't have
• 12:36
  Speaker 5: to worry. Because you can say, I'm good, I have
• 12:39
  Speaker 5: enough to take care of all of my hopes and dreams,
• 12:42
  Speaker 5: and I even have enough to transfer to you because
• 12:44
  Speaker 5: I've made decisions at twenty two, because I had vision
• 12:48
  Speaker 5: in mind. I thought about my future self and I
• 12:52
  Speaker 5: actually thought about my reality, and I looked in my community.
• 12:56
  Speaker 2: And I said, I can be better.
• 12:57
  Speaker 5: True story, y'all know I talked about Otis Brown, right,
• 13:02
  Speaker 5: my hero. My dad worked for over forty plus years
• 13:07
  Speaker 5: doing his best, even when his best was not sufficient financially.
• 13:12
  Speaker 5: When I graduated from college, we happened to have a
• 13:16
  Speaker 5: conversation and he showed me his retirement package.
• 13:21
  Speaker 2: When the daughter has to look at a.
• 13:23
  Speaker 5: Father who's full of pride and say, Dad, this is
• 13:28
  Speaker 5: not enough, you're basically saying I'll have to take care
• 13:32
  Speaker 5: of you. Otis Brown had a pension, but he never
• 13:38
  Speaker 5: contributed one dollar to his four oh one k plan,
• 13:42
  Speaker 5: and it was a very generous plan.
• 13:44
  Speaker 2: With a lot of match not one dollar.
• 13:49
  Speaker 5: And for the daughter to tell a father who did
• 13:51
  Speaker 5: his best, that hurt. And it also angered me because
• 13:58
  Speaker 5: I said, why didn't someone in power think about the
• 14:04
  Speaker 5: man scanning boxes and making sure that it wasn't just
• 14:08
  Speaker 5: a flyer.
• 14:09
  Speaker 2: But to go to an Otis Brown.
• 14:12
  Speaker 5: And say, I know that you are doing the best
• 14:15
  Speaker 5: for your children.
• 14:17
  Speaker 2: Here is something you need to do.
• 14:18
  Speaker 5: And when people tell me people don't have people Robin
• 14:22
  Speaker 5: Peter Paypa, they're trying to make it work.
• 14:24
  Speaker 2: I don't buy into that because Otis Brown. After his daughter.
• 14:27
  Speaker 5: Told him, he immediately maxed out, immediately tried to do
• 14:31
  Speaker 5: the catchup.
• 14:32
  Speaker 2: I don't know how he made it.
• 14:33
  Speaker 5: Remember, I was making twenty six thousand dollars. He didn't
• 14:36
  Speaker 5: know he was going to have a CEO daughter. But
• 14:40
  Speaker 5: he took the information and he immediately act upon it.
• 14:43
  Speaker 5: I don't know how they made it work. But what
• 14:45
  Speaker 5: Otis Brown did not want is to have information and
• 14:49
  Speaker 5: not take advantage of it when it was not going
• 14:52
  Speaker 5: to be helpful to his daughter and his sons. And
• 14:54
  Speaker 5: so let's not have this narrative that you don't bring
• 14:57
  Speaker 5: information to people because they may be at this level
• 15:00
  Speaker 5: of the economy, don't count their coins because they know
• 15:02
  Speaker 5: how to make a dollar out of fifteen cents because
• 15:04
  Speaker 5: they've been doing that.
• 15:06
  Speaker 2: And so why not make sure that we're bringing this
• 15:08
  Speaker 2: information to.
• 15:09
  Speaker 5: The Otis Browns and so as a CEO, I think
• 15:12
  Speaker 5: about an Otis Brown every day and say, am I
• 15:14
  Speaker 5: bringing this information to people that are like my father
• 15:19
  Speaker 5: making it the best way they can and don't think
• 15:21
  Speaker 5: they can do it. But no one connected the dots
• 15:24
  Speaker 5: on what the impact of that lack of decision will mean,
• 15:28
  Speaker 5: and so I hope I'm making sense to all of
• 15:30
  Speaker 5: you because this is real talk. I'm not telling you
• 15:33
  Speaker 5: what I think. I'm not telling you what I lead.
• 15:36
  Speaker 5: I'm telling you what I have lived, and I'm telling
• 15:40
  Speaker 5: you you all have an opportunity to secure the bag
• 15:44
  Speaker 5: today and compound the bag tomorrow if you make the
• 15:50
  Speaker 5: right decisions and you shift your mindset on what am
• 15:55
  Speaker 5: I going to do to align with my true dreams
• 15:58
  Speaker 5: and I fundamentally lead young people do want to talk
• 16:01
  Speaker 5: about long term planning. We just have to do it
• 16:04
  Speaker 5: in a way that's relatable and in a way that
• 16:08
  Speaker 5: they can connect.
• 16:09
  Speaker 2: Am I relating? Okay?
• 16:16
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 16:20
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 16:24
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 16:28
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 16:32
  Speaker 1: some of the heinous migrant criminals caught because of President
• 16:36
  Speaker 1: Donald J.
• 16:36
  Speaker 2: Trump's leadership.
• 16:37
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
• 16:41
  Speaker 1: Under President Trump, Attempted illegal border crossings are at the
• 16:45
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 16:49
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 16:53
  Speaker 1: next you will be fine nearly one thousand dollars a day, imprisoned,
• 16:57
  Speaker 1: and deported, you will never return. But if you register
• 17:01
  Speaker 1: using our CBP home app and leave now, you could
• 17:04
  Speaker 1: be allowed to return legally. Do what's right.
• 17:08
  Speaker 2: Leave now.
• 17:09
  Speaker 1: Under President Trump America's laws, border and families will be protected.
• 17:14
  Speaker 3: Sponsored by the United States Department of Homeland Security,