WEBVTT - RETIREMENT INVESTING, & MAKE YOUR CHILD A MILLIONAIRE

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<v Speaker 1>By good morning, Good morning.

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<v Speaker 2>So thank you for coming on the call even though

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<v Speaker 2>you're not feeling well. That's very nice of you. And

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<v Speaker 2>congratulations with the Steve Harvey interview. It was really really

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<v Speaker 2>well done. It was great. So you guys must feel

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<v Speaker 2>so proud of yourselves right now, So thanks a lot

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<v Speaker 2>for that as well. My question is about my TDA.

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<v Speaker 2>I am a teacher in New York City and I

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<v Speaker 2>have about ten more years left till I retire, so

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<v Speaker 2>right now I have They let you split up your TDA,

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<v Speaker 2>your tax defer annuity into diversified and fixed, so I

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<v Speaker 2>believe I've always had it like eighty twenty, but I

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<v Speaker 2>just realized that the diversified has options and I didn't

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<v Speaker 2>know that. So there's like a bunch of different options,

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<v Speaker 2>and I just wanted to know, like how, like what's

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<v Speaker 2>the best way to like pick between the different funds

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<v Speaker 2>because they have like like three or four. There's like

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<v Speaker 2>a sustainable one, there's an international one, Like do I

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<v Speaker 2>just go by like the history or do you think

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<v Speaker 2>it's better to just stay with like the one they recommend,

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<v Speaker 2>which I think is just they call it like the diversifying.

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<v Speaker 3>Yeah, it's always good to rule a thumb. You always

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<v Speaker 3>want to look at rate of returns. That's something that's

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<v Speaker 3>you know, a cheat code whenever you look at an investment,

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<v Speaker 3>especially like four one K or any type of retirement

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<v Speaker 3>plan investments, usually like they'll they'll give you a sheet

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<v Speaker 3>and it'll have like, you know, the different funds, so

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<v Speaker 3>it's like the stable fund, to grow fun the international funds,

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<v Speaker 3>and then they'll have like the yeah, the date return,

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<v Speaker 3>three year return, five year return, ten year return, census inception.

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<v Speaker 3>What I like to do is look at the longest

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<v Speaker 3>possible time frame, so like ten years or since its inception.

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<v Speaker 3>Sometimes if it's new, it might not have a ten

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<v Speaker 3>year track record. It might have like a five year

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<v Speaker 3>or four year track record, but yeah, or I look

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<v Speaker 3>at the long the longest possible time frame and see

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<v Speaker 3>which one has usually performed for that. Usually, like I

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<v Speaker 3>haven't really been a big fan on international funds. It's

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<v Speaker 3>me personally, especially like in retirement accounts over the last

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<v Speaker 3>like ten years, they haven't done as good as like

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<v Speaker 3>just been international growth growth funds. So it really just

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<v Speaker 3>depends on your risk tolerance. But you know, the growth

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<v Speaker 3>growth funds is always going to be something that's going

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<v Speaker 3>to usually you know, be the best as far as

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<v Speaker 3>growth over the cost of time. That's like no more

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<v Speaker 3>large cab companies. And but the good thing and I

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<v Speaker 3>don't know if they changed it, but I know a

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<v Speaker 3>few years ago for the fixed account for the city,

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<v Speaker 3>how much is the fixed account paign?

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<v Speaker 1>Like seven percent something like that.

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<v Speaker 2>It's it's seven point twenty five. When I started, it

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<v Speaker 2>was eight point five or eight point two five, but

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<v Speaker 2>then they lowered it to seven point two five, so

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<v Speaker 2>I was able to get the eight percent like the

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<v Speaker 2>first two or three years I started teaching. But now

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<v Speaker 2>it's seven point twenty five, and like I have ten

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<v Speaker 2>about ten more years left, so I have like twenty

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<v Speaker 2>years already and I have ten more to go. But

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<v Speaker 2>the sustainable index gives a greater return. But it's very new,

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<v Speaker 2>so it's only like a few years old, so I'm like,

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<v Speaker 2>is this Should I trust that? And then they also

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<v Speaker 2>say to like switch it right before you're about to retire,

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<v Speaker 2>to just be in the fixed ones so you don't

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<v Speaker 2>have to worry about like big issues with the market.

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<v Speaker 1>Yeah.

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<v Speaker 3>Well, the good thing with that is that that's pretty

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<v Speaker 3>much I heard of to have a fixed account that

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<v Speaker 3>earns seven percent, So that is one thing that you know,

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<v Speaker 3>the New York City OUH Department, that's like really like

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<v Speaker 3>kind of amazing that they have a fixed account, which

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<v Speaker 3>is like pretty much you know, no matter what the

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<v Speaker 3>stock market does, you can earn seven percent. So usually

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<v Speaker 3>a fixed account in this environment is like one percent

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<v Speaker 3>or less than one percent. So seven percent on a

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<v Speaker 3>fixed account is extremely extremely good. So you know, I

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<v Speaker 3>wouldn't take it all out of there. Definitely would probably

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<v Speaker 3>leave some money in there just for the safety purposes

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<v Speaker 3>of it. Like you know, if all if all else fails,

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<v Speaker 3>if the stock market crashes, you're guaranteed to get seven percent.

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<v Speaker 3>That's not bad, obviously, you know that's not as good

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<v Speaker 3>as if the stock market goes crazy and you get

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<v Speaker 3>thirty percent of twenty percent.

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<v Speaker 1>But you know, it's all about diversification.

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<v Speaker 3>So I would diversify, but I would leave at least

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<v Speaker 3>at least like probably twenty five percent in a fixed

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<v Speaker 3>account because that's just like a guarantee insurance.

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<v Speaker 1>Almost.

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<v Speaker 2>All right, thank you Sedalia?

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<v Speaker 1>All right, wait where coming to you on MU?

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<v Speaker 4>Please? But you're in muted you should be able to speak, right,

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<v Speaker 4>looks having.

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<v Speaker 1>Difficulties sometime you got this do them tool. You gotta

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<v Speaker 1>make sure you are muted on your earners.

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<v Speaker 5>This episode is brought to you by P and C Bank.

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<v Speaker 5>A lot of people think podcasts about work are boring,

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<v Speaker 5>and sure they definitely can be, but understanding of professionals

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<v Speaker 5>day after day. It's like banking with P and C Bank.

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<v Speaker 5>It might seem boring to save, plan and make calculated

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<v Speaker 5>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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<v Speaker 5>Boring since eighteen sixty five is a service mark of

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<v Speaker 5>National Association Member FDIC.

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<v Speaker 6>An illegal alien from Guatemala charged with raping a child

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<v Speaker 6>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 6>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 6>filming and selling child pornography in Michigan. These are just

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<v Speaker 6>some of the heinous migrant criminals caught because of President

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<v Speaker 6>Donald J. Trump's leadership. I'm Christy Noman, the United States

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<v Speaker 6>Secretary of Homeland Security under President Trump, attempted illegal border

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<v Speaker 6>crossings are at the lowest levels ever recorded, and over

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<v Speaker 6>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 6>are here illegally, your next you will be fined nearly

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<v Speaker 6>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 6>never return. But if you register using our CBP home

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<v Speaker 6>app and leave now, you could be allowed to return legally.

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<v Speaker 6>Do what's right, leave now. Under President Trump America's laws,

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<v Speaker 6>border and families will.

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<v Speaker 1>Be protected sponsored by the United States in the Homeland

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<v Speaker 1>Security and too. Like we can on YouTube, but make

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<v Speaker 1>sure you're muted on you and so we could all yeah.

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<v Speaker 6>He hadn't muted himself, but he wasn't speaking.

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<v Speaker 4>All right, do right, We're gonna go to the next person, Natasha,

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<v Speaker 4>I mute yourself, pleased football. I have a question about

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<v Speaker 4>a trust. Who do I go to the start a trust?

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<v Speaker 4>Where do you live in Maryland?

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<v Speaker 1>Well, I know, so the lawyers that we use.

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<v Speaker 3>You know the thing with the lawyers that is different,

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<v Speaker 3>Like MG he could practice in almost any state for

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<v Speaker 3>the for the mortgages, but lawyers they have to they

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<v Speaker 3>have to be licensed in the state. So I know

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<v Speaker 3>we've used to being a lot. I know she's licensed

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<v Speaker 3>in New York and New Jersey. I don't know if

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<v Speaker 3>she's licensed in Maryland, but I think that we we

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<v Speaker 3>had somebody that was licensed in Maryland, because I remember

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<v Speaker 3>I got that question before from somebody from Maryland.

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<v Speaker 1>But if not, we can.

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<v Speaker 3>Definitely you know, look, I don't want to give you

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<v Speaker 3>an answer right now because I don't know at the

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<v Speaker 3>top of my head, but if we could put it

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<v Speaker 3>in a Facebook after we you know, do some research

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<v Speaker 3>and find some good attorneys, maybe magnat, maybe that's something

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<v Speaker 3>that we can just do period. Like you know, we

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<v Speaker 3>can try to, like you know, highlight some different professionals

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<v Speaker 3>in different areas country, especially the law thing, because that's

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<v Speaker 3>something that you know, you depending on what state you

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<v Speaker 3>live in, you got to really use the lawyer that's

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<v Speaker 3>that's practicing in your state, and that could become a

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<v Speaker 3>little tricky if you live in states that you know,

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<v Speaker 3>we haven't really featured lawyers in that state. So okay, yeah,

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<v Speaker 3>the Legal Club, we have a legal club actually, so

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<v Speaker 3>maybe that's something at the Legal Club can can can

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<v Speaker 3>can do.

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<v Speaker 4>And one more quick question, I remember you saying that

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<v Speaker 4>I can I think it was thirteen or fourteen, you

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<v Speaker 4>should put six thousand in a IRA for your child?

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<v Speaker 4>Is that in it? It could be an estimate. I

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<v Speaker 4>think y'all were saying one million. Is that six thousand

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<v Speaker 4>and four when she's fourteen or six thousand every year

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<v Speaker 4>would equate to that estimate.

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<v Speaker 3>Yeah, So what I did when I thought I was

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<v Speaker 3>on a breakfast club when I was, I said that

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<v Speaker 3>a while ago. I was using an example like if

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<v Speaker 3>you put six thousand a year, and from I believe

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<v Speaker 3>it was like the example that I gave was like

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<v Speaker 3>from fourteen to twenty I believe, like from fourteen to twenty,

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<v Speaker 3>and I just used a hypothetical like if it earned

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<v Speaker 3>ten percent, I use like QQQ, which you know has

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<v Speaker 3>averaged more than ten percent over the last twenty years.

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<v Speaker 3>But I'm like, al right, if you earn like ten

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<v Speaker 3>percent a year by the time there's sixty, then they

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<v Speaker 3>will have a million dollars. So obviously you know it's

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<v Speaker 3>it's not like one hundred percent guarantee because it depends

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<v Speaker 3>on the market. But that was an example that I

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<v Speaker 3>had gave just to kind of illustrate the power of

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<v Speaker 3>investing early, because if you think about it, even if

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<v Speaker 3>it's not six thousand.

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<v Speaker 1>Whatever, you can do.

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<v Speaker 3>But that's only like four years or you know, six

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<v Speaker 3>years of investing. And you know, just by the compounding

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<v Speaker 3>interest and leaving it in for such a long period

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<v Speaker 3>of time, than that equals a million dollars without even

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<v Speaker 3>having to put any more money in after the age

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<v Speaker 3>of twenty. So you know, that was just an example

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<v Speaker 3>of you know, the power of compounding interest. And you

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<v Speaker 3>definitely and I think the example that actually gave us

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<v Speaker 3>with the raw fire and the raw Fire ray is

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<v Speaker 3>even better for kids because they don't pay any taxes

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<v Speaker 3>or when they take the money out. So now you

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<v Speaker 3>set up there, you set up their retirement account when

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<v Speaker 3>they're young, and you know, by the time they get

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<v Speaker 3>they get to retirement, they're gonna have they're gonna have,

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<v Speaker 3>you know, a tremendous amount of money just by the

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<v Speaker 3>money that was set up for them, you know, while

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<v Speaker 3>they were teenagers, and that had nothing to do with

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<v Speaker 3>you know, their own fall one cage or their own

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<v Speaker 3>iras when they get old enough to set it up

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<v Speaker 3>for themselves.

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<v Speaker 1>So that's definitely a strategy that parents can use for

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<v Speaker 1>their children.

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<v Speaker 3>Whenever they turn legal working age and the rulers you

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<v Speaker 3>can put up you could put up to well, six

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<v Speaker 3>thousand is the max, but you can put up to

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<v Speaker 3>whatever the child made. Like if they have a part

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<v Speaker 3>time job and let's say they made like three thousand

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<v Speaker 3>dollars for the year, then you can put up to

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<v Speaker 3>you know, three thousand dollars. But it's not unreasonable to

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<v Speaker 3>have six thousand dollars because it's like if they work

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<v Speaker 3>it like CVS or something like that, you know, they

0:10:34.800 --> 0:10:37.640
<v Speaker 3>make five hundred dollars a month, that's six thousand dollars

0:10:37.679 --> 0:10:39.760
<v Speaker 3>a year, So five hundred dollars a month. That's not

0:10:39.800 --> 0:10:41.800
<v Speaker 3>really a lot for a part time job, so you know,

0:10:42.160 --> 0:10:45.000
<v Speaker 3>and then if you're self employed, it's even better because

0:10:45.000 --> 0:10:47.120
<v Speaker 3>if you're self employed, then you can hire your child

0:10:47.360 --> 0:10:49.800
<v Speaker 3>and you can pay them, and when you pay them,

0:10:50.200 --> 0:10:52.440
<v Speaker 3>you get a tax deduction for the money that you

0:10:52.480 --> 0:10:55.440
<v Speaker 3>paid them, and then that money you can put into

0:10:55.480 --> 0:10:58.080
<v Speaker 3>the rough IRA or a IRA for your child. So

0:10:58.120 --> 0:11:00.280
<v Speaker 3>that's like a double edged sword because now you're actually

0:11:00.280 --> 0:11:02.679
<v Speaker 3>saving money on its taxes and your child is working

0:11:02.760 --> 0:11:05.960
<v Speaker 3>for you and you get to save money for their retirement.

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<v Speaker 3>So a lot of different things that you can do

0:11:07.640 --> 0:11:09.800
<v Speaker 3>with that. But ye'd ask some different ideas for show.

0:11:10.080 --> 0:11:13.720
<v Speaker 6>An illegal alien from Guatemala charged with raping a child

0:11:13.760 --> 0:11:17.559
<v Speaker 6>in Massachusetts. An MS thirteen gang member from Al Salvador

0:11:17.800 --> 0:11:21.920
<v Speaker 6>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 6>filming and selling child pornography in Michigan. These are just

0:11:26.000 --> 0:11:29.760
<v Speaker 6>some of the heinous migrant criminals caught because of President

0:11:29.800 --> 0:11:33.320
<v Speaker 6>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:11:33.400 --> 0:11:38.160
<v Speaker 6>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:11:38.200 --> 0:11:41.760
<v Speaker 6>crossings are at the lowest levels ever recorded, and over

0:11:41.840 --> 0:11:45.040
<v Speaker 6>one hundred thousand illegal aliens have been arrested. If you

0:11:45.120 --> 0:11:48.959
<v Speaker 6>are here illegally, your next you will be fined nearly

0:11:49.040 --> 0:11:53.080
<v Speaker 6>one thousand dollars a day, imprisoned, and deported. You will

0:11:53.120 --> 0:11:56.760
<v Speaker 6>never return. But if you register using our CBP home

0:11:56.800 --> 0:11:59.640
<v Speaker 6>app and leave now, you could be allowed to return

0:11:59.720 --> 0:12:05.240
<v Speaker 6>legal do what's right, leave now. Under President Trump, America's laws,

0:12:05.440 --> 0:12:07.880
<v Speaker 6>border and families will be protected.

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<v Speaker 1>Sponsored by the United States Department of Homeland Security,