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Speaker 1: Earners.

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Speaker 2: What's up.

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Speaker 1: You ever walk into a small business and everything just

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Speaker 1: works like The checkout is fast, the receipts are digital,

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Speaker 1: tipping is a breeze, and you're out the door before

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Speaker 1: the line even builds. Odds are they're using Square. We

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Speaker 1: love supporting businesses that run on Square because it just

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Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 1: at a pop up market, or even one of our

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Speaker 1: merch partners, Square makes it easy for them to take payments,

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Speaker 1: manage inventory, and run their business with confidence, all from

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Speaker 1: one simple system. If you're a business owner or even

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Speaker 1: just thinking about launching something soon, Square is hands down

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Speaker 1: one of the best tools out there to help you start, run,

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Speaker 1: and grow. It's not just about payments, it's about giving

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Speaker 1: you time back so you can focus on what matters

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Speaker 1: most Ready. To see how Square can transform your business,

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Speaker 1: visit Square dot com backslash go backslash eyl to learn

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Speaker 1: more that Square dot com backslash, go backslash eyl. Don't wait,

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Speaker 1: don't hesitate. Let's Square handle the back end so you

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Speaker 1: can keep pushing your vision forward. This episode is brought

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Speaker 1: to you by P and C Bank, a lot of

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Speaker 1: people think podcasts about work are boring, and sure they

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Speaker 1: definitely can be, but understanding of professional's routine shows us

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Speaker 1: how they achieve their success little by little, day after day.

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Speaker 1: It's like banking with P and C Bank. It might

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Speaker 1: seem boring to save, plan and make calculated decisions with

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Speaker 1: your bank, but keeping your money boring is what helps

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Speaker 1: you live or more happily fulfilled life. P and C

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Speaker 1: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

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Speaker 1: eighteen sixty five is a service mark of the PNC

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Speaker 1: Financial Service Group, Inc. P and C Bank National Association

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Speaker 1: Member FDIC.

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Speaker 3: IRA is in retirement accounts. What are the options? Guys?

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Speaker 3: These are things Rasha alluded to this. You have some

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Speaker 3: of these already. Some of you have been investing blindly

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Speaker 3: and passively just through your job and dollar cost averaging.

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Speaker 3: So some of the things we talked about in our

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Speaker 3: lesson today you have been doing just by happenstance. Traditional

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Speaker 3: roth ira roth ira are some investment in retirement accounts.

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Speaker 3: You have your four to one K. You guys all

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Speaker 3: may be familiar with that. If you have a W

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Speaker 3: two type of job, your four or three B. Myself

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Speaker 3: and Troy. We are former educators, and so we know

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Speaker 3: about the four fifty seven. You got your health savings account.

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Speaker 3: You have various IRA and retirement vehicles to investing. Let

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Speaker 3: me break down this traditional roth ira okay and the

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Speaker 3: roth ira. These two vehicles, okay, not that there is

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Speaker 3: a knock. There's never no knock to investing. But they

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Speaker 3: have caps, they have limitations, they have income limits, okay,

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Speaker 3: and so if you make a certain amount over a

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Speaker 3: certain threshold, then this might not be readily available to you.

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Speaker 3: You might have to do a roth conversion. Okay, you

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Speaker 3: have to do something different. But a wroth ira is

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Speaker 3: after tax dollars that you guys will be investing. So

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Speaker 3: after your money has went into your work for one

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Speaker 3: CA that they automatically debited out of your account into

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Speaker 3: your retirement. Hopefully you got that at least seven percent

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Speaker 3: or fifteen percent. We got to do better with our allocation, okay.

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Speaker 3: After tax dollars would then go into your wroth ira.

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Speaker 3: Similar to what Rashard told you guys earlier with you

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Speaker 3: need to get your own brokerage account. You got to

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Speaker 3: have inside that brokerage account a roth ira as well.

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Speaker 3: So that you can put up to the limit, which

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Speaker 3: this year is seven thousand dollars into that, and if

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Speaker 3: you're over fifty, you can put up another thousand, which

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Speaker 3: will get you up to eight thousand dollars on a year.

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Speaker 3: And so these are other things you can do in

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Speaker 3: addition to your stocks, in addition to your ETFs, in

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Speaker 3: addition to trading options, in addition to your money markets.

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Speaker 3: These are things you can do as well on the

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Speaker 3: wealth building journey, even as a beginner.

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Speaker 2: Yeah, an HSA thing is something that people don't talk

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Speaker 2: about a lot of either because they don't that's important.

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Speaker 3: That's the game changer for me. The HSA Health Savings

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Speaker 3: Account guys, just so you know, the acronym health savings account.

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Speaker 3: So whether you're married and or single, if your insurance

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Speaker 3: has a HSA a health savings plan, you can use

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Speaker 3: the money to take care of doctor Bill's appointments co pays.

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Speaker 3: But whatever money isn't used, the HSA invest in it

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Speaker 3: invested for you. Inside some of their allocations. They have

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Speaker 3: mutual funds that you can pick from growth tech some

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Speaker 3: of the things that Shad told you guys about earlier.

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Speaker 3: Growth tech. You can do energy. They have it all

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Speaker 3: inside the HSA. Just type health savings account, okay, and

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Speaker 3: you will see health equity dot Com will come up.

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Speaker 3: You will see certain things come up. And if you

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Speaker 3: invest inside that I know, being married, we can put

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Speaker 3: up to seven a little over seven thousand, maybe seventy

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Speaker 3: eight hundred a year into this and guess what, guys,

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Speaker 3: it reduces your taxable income. Okay, So there's another way

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Speaker 3: for on that front, for you guys to also be

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Speaker 3: doing the right thing by your money, doing right by

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Speaker 3: your money, but also reducing your taxable income. And that money,

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Speaker 3: if not used for a copay, simply is there growing

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Speaker 3: on your behalf and that can stow pile pretty big

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Speaker 3: for those of you that stay on top of your

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Speaker 3: health and wealth.

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Speaker 2: You can use it. You get sixty five. So if

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Speaker 2: that's gonna be a question people like, well, if I

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Speaker 2: don't use you're supposed to use it for medical expenses.

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Speaker 2: If you don't use it for medical expenses, if you

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Speaker 2: can use it after sixty five without getting penalized, yeah,

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Speaker 2: it's like it's another form of retirement, right, another form

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Speaker 2: of saving money that you have to pay like a

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Speaker 2: deductibles or like you said, out of the pocket medical expenses,

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Speaker 2: but it's invested in the market. But as that's growing,

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Speaker 2: if the money that you don't spend. So if you're

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Speaker 2: sixty five years old, you have one hundred thousand dollars

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Speaker 2: in HSA. Now that effectively is like another IRA for

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Speaker 2: you because you can use that for your retirement without

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Speaker 2: getting penalized. So if you use it before that for

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Speaker 2: anything other than medical expenses, you get penalized. But if

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Speaker 2: you use it after sixty five, that's important for people

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Speaker 2: to fully understand. So it's a way to definitely, you know,

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Speaker 2: kind of hedge with the medical aspect of it, but

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Speaker 2: also it's like a double edged sword when you save

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Speaker 2: it for retirement. Also if you don't use it.

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Speaker 1: Chris, you brought something in terms of education. I was

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Speaker 1: both being in education about maximizing these allocations. Now at

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Speaker 1: twenty five, I'm fresh into the game. I'm about to

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Speaker 1: make sixty five thousand dollars for the year seventy doin

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Speaker 1: You're not thinking, hey, I should take the largest percentage,

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Speaker 1: just like, all right, what's the lowest I could put

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Speaker 1: three percent? I'm gonna do that. Talk about the mindset

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Speaker 1: and the ship because people are looking like what can

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Speaker 1: I do right now, Like this is something that you

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Speaker 1: can go to your HR department like on Monday right

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Speaker 1: and say, hey, I want to actually max out my

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Speaker 1: four or three B Talk about the importance of that,

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Speaker 1: because I don't think people really understand it. Is that

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Speaker 1: one guy that comes once a year to talk to

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Speaker 1: you about it at lunch and you never see him

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Speaker 1: and then you just forget about it. Talk about the importance.

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Speaker 3: It's so important because time is our greatest asset, and

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Speaker 3: so the earlier you can do these things, take advantage

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Speaker 3: of all these vehicles, the bigger your pot will be,

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Speaker 3: the bigger your nest egg will be when it's all

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Speaker 3: said and done. So listen to this. You can't miss

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Speaker 3: what you never had. You can miss what you never seen.

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Speaker 3: If you take that allocation that they're gonna buy default,

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Speaker 3: have it at between one and three percent, If you

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Speaker 3: move it to seven percent or fifteen percent, and you

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Speaker 3: get used to living your lifestyle around what your check

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Speaker 3: will then be when that comes to you every two

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Speaker 3: weeks or how often you get paid, you won't miss

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Speaker 3: it because you didn't see it. It's only when you see,

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Speaker 3: oh man, my check three thousand dollars you think you

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Speaker 3: got three thousand dollars to spend, Okay, but if you

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Speaker 3: never seen three thousand or whatever your check may be,

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Speaker 3: because it is going to something that's going to your

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Speaker 3: future self is gonna thank you for. That's how you

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Speaker 3: get ahead of the game. And so the earlier, if

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Speaker 3: you're twenty four years old and you're seeing this, the

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Speaker 3: earlier you can go into your employer, your place of

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Speaker 3: employment and tell them, if I'm receiving a four to

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Speaker 3: one K contribution, can you make sure my allocation is

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Speaker 3: at least seven to twelve percent. Fifteen percent is on

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Speaker 3: the higher end, but that would even be good if

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Speaker 3: you can make that shake. If you're still living at

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Speaker 3: home and you don't have and your mom is letting

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Speaker 3: you do your thing, and you not having a whole

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Speaker 3: bunch of responsibility, put it at fifteen percent util you

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Speaker 3: get your own place, and then scale it back down

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Speaker 3: to seven. But you can't miss what you never had, okay.

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Speaker 3: And so if you get that mindset early, you're off

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Speaker 3: into the races. Okay. For me, it kind of clicked

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Speaker 3: when I was around twenty seven. Between that twenty seven

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Speaker 3: and twenty nine year range for me, you know what,

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Speaker 3: I'm saying, but listen to how it happened. Though my

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Speaker 3: wife I saw her for a one k killing mine.

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Speaker 3: I'm looking like, what am I doing? My allocation was poor,

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Speaker 3: My allocation wasn't where it needed to be. I'm looking like, man,

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Speaker 3: I've been I was the administrator in higher education for

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Speaker 3: ten years. I'm what am I doing? My investments because

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Speaker 3: of what I was controlling? Blew my higher education job,

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Speaker 3: which was good benefits, It blew those in They blew

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Speaker 3: that four one came out the water. That showed me

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Speaker 3: the importance of man. My wife retirement was way higher

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Speaker 3: than mine, simply because hers was like at twelve or fifteen,

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Speaker 3: the whole teen years she was in the health field.

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Speaker 3: And so Troy brought it up. But it's need to

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Speaker 3: be said, do it as early as you can. Your

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Speaker 3: future self will thank you later.

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Speaker 2: And then also before we leave this topic, it's impoint.

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Speaker 2: People don' understand the four one came forth to be

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Speaker 2: four fifty seven. Like they'll give you a bunch of

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Speaker 2: different options. A lot of time people don't invest because

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Speaker 2: they don't know how to go about and the intimidated.

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Speaker 2: One of the easiest ways is to pick a target

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Speaker 2: date fund. So a target date fund is that it

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Speaker 2: calculates your age and the age that you would be

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Speaker 2: like around sixty year old postal retirement, so it might

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Speaker 2: be twenty thirty, twenty forty, twenty fifty, depends on how

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Speaker 2: old you are. And the whole theory with retirement plan

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Speaker 2: is that you got to be aggressive when you're young

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Speaker 2: and conservative when you get older, so it automatically changes

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Speaker 2: over the course of time. So that's a very cookie cutter,

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Speaker 2: easy approach to take if you if you are like

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Speaker 2: unsure of like twenty different options that you have available

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Speaker 2: to you. The target date is something that is recommendable.

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Speaker 2: I used to recommend it when I was in a visor.

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Speaker 2: It's like that's something that is kind of does the

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Speaker 2: work for you and you don't have to worry about

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Speaker 2: changing in every five years and switching the allocations. And

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Speaker 2: then sometimes you have a rough fur one kke component

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Speaker 2: two in your job. That's important to acts because the

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Speaker 2: wrong The difference between the row and the traditional is

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Speaker 2: that one takes money you save money today which is

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Speaker 2: a traditional, when you save money later, which is the WROTH.

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Speaker 2: So it depends on your situation. But if you have

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Speaker 2: let's say a million dollars in retirement, and you took

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Speaker 2: out that whole million dollars at one time from your

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Speaker 2: four one K, you you would get like six hundred

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Speaker 2: thousand net because that is fully taxable. So that's important

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Speaker 2: for people to fully understand, especially when you think about

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Speaker 2: your retirement, you think that you got a certain amount

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Speaker 2: of money, but you don't. You don't realize that that's

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Speaker 2: taxable state and federal tax. That's why a lot of

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Speaker 2: people moved to Florida when they retire because there's no

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Speaker 2: there's no state tax, but regardless the way you look,

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Speaker 2: you still got to pay federal tax. But if you

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Speaker 2: have the raw, if you have a million dollars hypothetically

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Speaker 2: and you took out all a million dollars at one time,

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Speaker 2: you would get one million dollars because it's not taxable,

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Speaker 2: but you didn't you didn't get a tax benefit when

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Speaker 2: you put the money in today. So that's important for

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Speaker 2: people to understand as far as a tax because we

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Speaker 2: don't talk about taxes at all, but even like capital.

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Speaker 1: Gains short term, long term.

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Speaker 2: That's important for people because it's like you do a

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Speaker 2: lot of like trading or selling stocks and you don't

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Speaker 2: realize that you you're racking up a tax bill and

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Speaker 2: then at the end of the year you like, damn,

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Speaker 2: I gotta pay taxes. I didn't even know I had

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Speaker 2: to pay taxes on this, Like I kept it in

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Speaker 2: my broke with account and I didn't put it in

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Speaker 2: my bank account. But if you sell a stock, you

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Speaker 2: pay capital gains tax on that stock. You don't pay

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Speaker 2: capital gains tax on your retirement, but you do pay

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Speaker 2: federal and state tax if it's not a roth. So

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Speaker 2: understanding that is important because you don't want to get

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Speaker 2: like twenty years down the line and it's like, damn,

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Speaker 2: I wish I had a rough because now I gotta

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Speaker 2: pay hundreds of thousands of dollars because I have millions

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Speaker 2: of dollars in my four to one K.

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Speaker 1: Yeah, and you don't want to put the profits if

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Speaker 1: you're talking about stocks into your account and say, oh,

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Speaker 1: this is all profit. Now, there's a percentage of that

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Speaker 1: that's going to be for taxes if it's been if

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Speaker 1: you sold it within a year and a day, that's

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Speaker 1: going to be short term capital gains. And depending on

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Speaker 1: your tax threshold, that's the allocation that you're gonna have

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Speaker 1: to pay for it. If it's over a year and

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Speaker 1: a day, it's long term. And again there's a cap

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Speaker 1: on that things like fifteen percent for the most part.

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Speaker 1: Sometimes it does go up to twenty. But that's a

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Speaker 1: big percentage, right. You know in the short times you

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Speaker 1: can get up to thirty seven to thirty nine percent.

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Speaker 1: So you talking about a twenty percent difference if you

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Speaker 1: just hold long term. That's why we always stress it.

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Speaker 4: An illegal alien from Guatemala charged with raping a child

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Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 4: accused of murdering a Texas man of Venezuelan charged with

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Speaker 4: filming and selling child pornography in Michigan. These are just

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Speaker 4: some of the heinous migrant criminals caught because of President

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Speaker 4: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 4: crossings are at the lowest levels ever recorded, and over

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Speaker 4: one hundred thousand illegal aliens have been arrested. If you

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Speaker 4: are here illegally, your next you will be fine nearly

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Speaker 4: one thousand dollars a day, imprisoned and deported, you will

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Speaker 4: never return. But if you register using our CBP home

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Speaker 4: app and leave now. You could be allowed to return legally.

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Speaker 4: Do what's right. Leave now. Under President Trump America's laws,

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Speaker 4: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security,