WEBVTT - Retire Rich: The Ultimate Guide to IRAs, 401(k)s, & HSAs!

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<v Speaker 1>Earners.

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<v Speaker 2>What's up.

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<v Speaker 1>You ever walk into a small business and everything just

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<v Speaker 1>can keep pushing your vision forward. This episode is brought

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<v Speaker 1>to you by P and C Bank, a lot of

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<v Speaker 3>IRA is in retirement accounts. What are the options? Guys?

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<v Speaker 3>These are things Rasha alluded to this. You have some

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<v Speaker 3>of these already. Some of you have been investing blindly

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<v Speaker 3>and passively just through your job and dollar cost averaging.

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<v Speaker 3>So some of the things we talked about in our

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<v Speaker 3>lesson today you have been doing just by happenstance. Traditional

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<v Speaker 3>roth ira roth ira are some investment in retirement accounts.

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<v Speaker 3>You have your four to one K. You guys all

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<v Speaker 3>may be familiar with that. If you have a W

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<v Speaker 3>two type of job, your four or three B. Myself

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<v Speaker 3>and Troy. We are former educators, and so we know

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<v Speaker 3>about the four fifty seven. You got your health savings account.

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<v Speaker 3>You have various IRA and retirement vehicles to investing. Let

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<v Speaker 3>me break down this traditional roth ira okay and the

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<v Speaker 3>roth ira. These two vehicles, okay, not that there is

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<v Speaker 3>a knock. There's never no knock to investing. But they

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<v Speaker 3>have caps, they have limitations, they have income limits, okay,

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<v Speaker 3>and so if you make a certain amount over a

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<v Speaker 3>certain threshold, then this might not be readily available to you.

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<v Speaker 3>You might have to do a roth conversion. Okay, you

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<v Speaker 3>have to do something different. But a wroth ira is

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<v Speaker 3>after tax dollars that you guys will be investing. So

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<v Speaker 3>after your money has went into your work for one

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<v Speaker 3>CA that they automatically debited out of your account into

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<v Speaker 3>your retirement. Hopefully you got that at least seven percent

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

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<v Speaker 3>After tax dollars would then go into your wroth ira.

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<v Speaker 3>Similar to what Rashard told you guys earlier with you

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<v Speaker 3>need to get your own brokerage account. You got to

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<v Speaker 3>have inside that brokerage account a roth ira as well.

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<v Speaker 3>So that you can put up to the limit, which

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<v Speaker 3>this year is seven thousand dollars into that, and if

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<v Speaker 3>you're over fifty, you can put up another thousand, which

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<v Speaker 3>will get you up to eight thousand dollars on a year.

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<v Speaker 3>And so these are other things you can do in

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<v Speaker 3>addition to your stocks, in addition to your ETFs, in

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<v Speaker 3>addition to trading options, in addition to your money markets.

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<v Speaker 3>These are things you can do as well on the

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<v Speaker 3>wealth building journey, even as a beginner.

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<v Speaker 2>Yeah, an HSA thing is something that people don't talk

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

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<v Speaker 3>That's the game changer for me. The HSA Health Savings

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<v Speaker 3>Account guys, just so you know, the acronym health savings account.

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<v Speaker 3>So whether you're married and or single, if your insurance

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<v Speaker 3>has a HSA a health savings plan, you can use

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

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<v Speaker 3>But whatever money isn't used, the HSA invest in it

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<v Speaker 3>invested for you. Inside some of their allocations. They have

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<v Speaker 3>mutual funds that you can pick from growth tech some

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<v Speaker 3>of the things that Shad told you guys about earlier.

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<v Speaker 3>Growth tech. You can do energy. They have it all

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<v Speaker 3>inside the HSA. Just type health savings account, okay, and

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<v Speaker 3>you will see health equity dot Com will come up.

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<v Speaker 3>You will see certain things come up. And if you

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<v Speaker 3>invest inside that I know, being married, we can put

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<v Speaker 3>up to seven a little over seven thousand, maybe seventy

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<v Speaker 3>eight hundred a year into this and guess what, guys,

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

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<v Speaker 3>for on that front, for you guys to also be

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<v Speaker 3>doing the right thing by your money, doing right by

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<v Speaker 3>your money, but also reducing your taxable income. And that money,

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<v Speaker 3>if not used for a copay, simply is there growing

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<v Speaker 3>on your behalf and that can stow pile pretty big

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<v Speaker 3>for those of you that stay on top of your

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<v Speaker 3>health and wealth.

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<v Speaker 2>You can use it. You get sixty five. So if

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<v Speaker 2>that's gonna be a question people like, well, if I

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<v Speaker 2>don't use you're supposed to use it for medical expenses.

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<v Speaker 2>If you don't use it for medical expenses, if you

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<v Speaker 2>can use it after sixty five without getting penalized, yeah,

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<v Speaker 2>it's like it's another form of retirement, right, another form

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<v Speaker 2>of saving money that you have to pay like a

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<v Speaker 2>deductibles or like you said, out of the pocket medical expenses,

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

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<v Speaker 2>if the money that you don't spend. So if you're

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<v Speaker 2>sixty five years old, you have one hundred thousand dollars

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<v Speaker 2>in HSA. Now that effectively is like another IRA for

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<v Speaker 2>you because you can use that for your retirement without

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<v Speaker 2>getting penalized. So if you use it before that for

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<v Speaker 2>anything other than medical expenses, you get penalized. But if

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<v Speaker 2>you use it after sixty five, that's important for people

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

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<v Speaker 2>kind of hedge with the medical aspect of it, but

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<v Speaker 2>also it's like a double edged sword when you save

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<v Speaker 2>it for retirement. Also if you don't use it.

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<v Speaker 1>Chris, you brought something in terms of education. I was

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<v Speaker 1>both being in education about maximizing these allocations. Now at

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<v Speaker 1>twenty five, I'm fresh into the game. I'm about to

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<v Speaker 1>make sixty five thousand dollars for the year seventy doin

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<v Speaker 1>You're not thinking, hey, I should take the largest percentage,

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<v Speaker 1>just like, all right, what's the lowest I could put

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

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<v Speaker 1>and the ship because people are looking like what can

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<v Speaker 1>I do right now, Like this is something that you

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<v Speaker 1>can go to your HR department like on Monday right

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<v Speaker 1>and say, hey, I want to actually max out my

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<v Speaker 1>four or three B Talk about the importance of that,

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<v Speaker 1>because I don't think people really understand it. Is that

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<v Speaker 1>one guy that comes once a year to talk to

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<v Speaker 1>you about it at lunch and you never see him

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<v Speaker 1>and then you just forget about it. Talk about the importance.

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<v Speaker 3>It's so important because time is our greatest asset, and

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<v Speaker 3>so the earlier you can do these things, take advantage

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<v Speaker 3>of all these vehicles, the bigger your pot will be,

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<v Speaker 3>the bigger your nest egg will be when it's all

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<v Speaker 3>said and done. So listen to this. You can't miss

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<v Speaker 3>what you never had. You can miss what you never seen.

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<v Speaker 3>If you take that allocation that they're gonna buy default,

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<v Speaker 3>have it at between one and three percent, If you

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<v Speaker 3>move it to seven percent or fifteen percent, and you

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<v Speaker 3>get used to living your lifestyle around what your check

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<v Speaker 3>will then be when that comes to you every two

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<v Speaker 3>weeks or how often you get paid, you won't miss

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<v Speaker 3>it because you didn't see it. It's only when you see,

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<v Speaker 3>oh man, my check three thousand dollars you think you

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<v Speaker 3>got three thousand dollars to spend, Okay, but if you

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<v Speaker 3>never seen three thousand or whatever your check may be,

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<v Speaker 3>because it is going to something that's going to your

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<v Speaker 3>future self is gonna thank you for. That's how you

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<v Speaker 3>get ahead of the game. And so the earlier, if

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<v Speaker 3>you're twenty four years old and you're seeing this, the

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<v Speaker 3>earlier you can go into your employer, your place of

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<v Speaker 3>employment and tell them, if I'm receiving a four to

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<v Speaker 3>one K contribution, can you make sure my allocation is

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<v Speaker 3>at least seven to twelve percent. Fifteen percent is on

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<v Speaker 3>the higher end, but that would even be good if

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<v Speaker 3>you can make that shake. If you're still living at

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<v Speaker 3>home and you don't have and your mom is letting

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<v Speaker 3>you do your thing, and you not having a whole

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<v Speaker 3>bunch of responsibility, put it at fifteen percent util you

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<v Speaker 3>get your own place, and then scale it back down

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

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<v Speaker 3>And so if you get that mindset early, you're off

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<v Speaker 3>into the races. Okay. For me, it kind of clicked

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<v Speaker 3>when I was around twenty seven. Between that twenty seven

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<v Speaker 3>and twenty nine year range for me, you know what,

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

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<v Speaker 3>wife I saw her for a one k killing mine.

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

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

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<v Speaker 3>I've been I was the administrator in higher education for

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<v Speaker 3>ten years. I'm what am I doing? My investments because

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<v Speaker 3>of what I was controlling? Blew my higher education job,

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<v Speaker 3>which was good benefits, It blew those in They blew

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<v Speaker 3>that four one came out the water. That showed me

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<v Speaker 3>the importance of man. My wife retirement was way higher

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<v Speaker 3>than mine, simply because hers was like at twelve or fifteen,

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<v Speaker 3>the whole teen years she was in the health field.

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<v Speaker 3>And so Troy brought it up. But it's need to

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<v Speaker 3>be said, do it as early as you can. Your

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<v Speaker 3>future self will thank you later.

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

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<v Speaker 2>People don' understand the four one came forth to be

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<v Speaker 2>four fifty seven. Like they'll give you a bunch of

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<v Speaker 2>different options. A lot of time people don't invest because

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<v Speaker 2>they don't know how to go about and the intimidated.

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<v Speaker 2>One of the easiest ways is to pick a target

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<v Speaker 2>date fund. So a target date fund is that it

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<v Speaker 2>calculates your age and the age that you would be

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<v Speaker 2>like around sixty year old postal retirement, so it might

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<v Speaker 2>be twenty thirty, twenty forty, twenty fifty, depends on how

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<v Speaker 2>old you are. And the whole theory with retirement plan

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<v Speaker 2>is that you got to be aggressive when you're young

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<v Speaker 2>and conservative when you get older, so it automatically changes

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

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<v Speaker 2>easy approach to take if you if you are like

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<v Speaker 2>unsure of like twenty different options that you have available

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<v Speaker 2>to you. The target date is something that is recommendable.

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<v Speaker 2>I used to recommend it when I was in a visor.

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<v Speaker 2>It's like that's something that is kind of does the

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<v Speaker 2>work for you and you don't have to worry about

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<v Speaker 2>changing in every five years and switching the allocations. And

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<v Speaker 2>then sometimes you have a rough fur one kke component

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<v Speaker 2>two in your job. That's important to acts because the

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<v Speaker 2>wrong The difference between the row and the traditional is

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<v Speaker 2>that one takes money you save money today which is

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<v Speaker 2>a traditional, when you save money later, which is the WROTH.

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<v Speaker 2>So it depends on your situation. But if you have

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<v Speaker 2>let's say a million dollars in retirement, and you took

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<v Speaker 2>out that whole million dollars at one time from your

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<v Speaker 2>four one K, you you would get like six hundred

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<v Speaker 2>thousand net because that is fully taxable. So that's important

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<v Speaker 2>for people to fully understand, especially when you think about

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<v Speaker 2>your retirement, you think that you got a certain amount

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<v Speaker 2>of money, but you don't. You don't realize that that's

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<v Speaker 2>taxable state and federal tax. That's why a lot of

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<v Speaker 2>people moved to Florida when they retire because there's no

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<v Speaker 2>there's no state tax, but regardless the way you look,

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<v Speaker 2>you still got to pay federal tax. But if you

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<v Speaker 2>have the raw, if you have a million dollars hypothetically

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<v Speaker 2>and you took out all a million dollars at one time,

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<v Speaker 2>you would get one million dollars because it's not taxable,

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<v Speaker 2>but you didn't you didn't get a tax benefit when

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<v Speaker 2>you put the money in today. So that's important for

0:12:42.679 --> 0:12:44.560
<v Speaker 2>people to understand as far as a tax because we

0:12:44.559 --> 0:12:46.960
<v Speaker 2>don't talk about taxes at all, but even like capital.

0:12:46.640 --> 0:12:48.800
<v Speaker 1>Gains short term, long term.

0:12:48.640 --> 0:12:50.800
<v Speaker 2>That's important for people because it's like you do a

0:12:50.840 --> 0:12:54.280
<v Speaker 2>lot of like trading or selling stocks and you don't

0:12:54.320 --> 0:12:57.920
<v Speaker 2>realize that you you're racking up a tax bill and

0:12:57.960 --> 0:13:00.280
<v Speaker 2>then at the end of the year you like, damn,

0:13:00.280 --> 0:13:02.240
<v Speaker 2>I gotta pay taxes. I didn't even know I had

0:13:02.280 --> 0:13:03.760
<v Speaker 2>to pay taxes on this, Like I kept it in

0:13:03.800 --> 0:13:05.240
<v Speaker 2>my broke with account and I didn't put it in

0:13:05.360 --> 0:13:08.560
<v Speaker 2>my bank account. But if you sell a stock, you

0:13:08.640 --> 0:13:11.720
<v Speaker 2>pay capital gains tax on that stock. You don't pay

0:13:11.760 --> 0:13:14.640
<v Speaker 2>capital gains tax on your retirement, but you do pay

0:13:15.160 --> 0:13:18.040
<v Speaker 2>federal and state tax if it's not a roth. So

0:13:18.640 --> 0:13:23.120
<v Speaker 2>understanding that is important because you don't want to get

0:13:23.160 --> 0:13:25.800
<v Speaker 2>like twenty years down the line and it's like, damn,

0:13:25.800 --> 0:13:27.600
<v Speaker 2>I wish I had a rough because now I gotta

0:13:27.640 --> 0:13:30.720
<v Speaker 2>pay hundreds of thousands of dollars because I have millions

0:13:30.800 --> 0:13:31.800
<v Speaker 2>of dollars in my four to one K.

0:13:32.080 --> 0:13:34.200
<v Speaker 1>Yeah, and you don't want to put the profits if

0:13:34.200 --> 0:13:36.320
<v Speaker 1>you're talking about stocks into your account and say, oh,

0:13:36.440 --> 0:13:38.840
<v Speaker 1>this is all profit. Now, there's a percentage of that

0:13:38.840 --> 0:13:41.640
<v Speaker 1>that's going to be for taxes if it's been if

0:13:41.679 --> 0:13:44.160
<v Speaker 1>you sold it within a year and a day, that's

0:13:44.160 --> 0:13:46.640
<v Speaker 1>going to be short term capital gains. And depending on

0:13:46.800 --> 0:13:49.480
<v Speaker 1>your tax threshold, that's the allocation that you're gonna have

0:13:49.480 --> 0:13:51.959
<v Speaker 1>to pay for it. If it's over a year and

0:13:52.000 --> 0:13:54.240
<v Speaker 1>a day, it's long term. And again there's a cap

0:13:54.280 --> 0:13:57.080
<v Speaker 1>on that things like fifteen percent for the most part.

0:13:57.280 --> 0:13:59.120
<v Speaker 1>Sometimes it does go up to twenty. But that's a

0:13:59.120 --> 0:14:00.920
<v Speaker 1>big percentage, right. You know in the short times you

0:14:00.960 --> 0:14:03.079
<v Speaker 1>can get up to thirty seven to thirty nine percent.

0:14:03.120 --> 0:14:06.160
<v Speaker 1>So you talking about a twenty percent difference if you

0:14:06.320 --> 0:14:08.520
<v Speaker 1>just hold long term. That's why we always stress it.

0:14:08.679 --> 0:14:12.319
<v Speaker 4>An illegal alien from Guatemala charged with raping a child

0:14:12.360 --> 0:14:16.160
<v Speaker 4>in Massachusetts. An MS thirteen gang member from Al Salvador

0:14:16.400 --> 0:14:20.520
<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

0:14:20.600 --> 0:14:24.480
<v Speaker 4>filming and selling child pornography in Michigan. These are just

0:14:24.600 --> 0:14:28.360
<v Speaker 4>some of the heinous migrant criminals caught because of President

0:14:28.400 --> 0:14:31.920
<v Speaker 4>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:14:32.000 --> 0:14:36.760
<v Speaker 4>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:14:36.800 --> 0:14:40.360
<v Speaker 4>crossings are at the lowest levels ever recorded, and over

0:14:40.440 --> 0:14:43.640
<v Speaker 4>one hundred thousand illegal aliens have been arrested. If you

0:14:43.720 --> 0:14:47.560
<v Speaker 4>are here illegally, your next you will be fine nearly

0:14:47.640 --> 0:14:51.680
<v Speaker 4>one thousand dollars a day, imprisoned and deported, you will

0:14:51.720 --> 0:14:55.360
<v Speaker 4>never return. But if you register using our CBP home

0:14:55.400 --> 0:14:58.760
<v Speaker 4>app and leave now. You could be allowed to return legally.

0:14:59.120 --> 0:15:03.840
<v Speaker 4>Do what's right. Leave now. Under President Trump America's laws,

0:15:04.040 --> 0:15:06.480
<v Speaker 4>border and families will be protected.

0:15:06.600 --> 0:15:08.680
<v Speaker 2>Sponsored by the United States Department of Homeland Security,