WEBVTT - Study Hall: The Truth About 401Ks and Homeownership

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Forty eight percent of young people are not invested into

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<v Speaker 3>the full one K and the clip got a lot

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<v Speaker 3>of reaction online and then a lot of people was saying, well,

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<v Speaker 3>the reason why we don't invest in on four one

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<v Speaker 3>k is because it's a scam and the full one

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<v Speaker 3>K only gives you, you know, three percent a year.

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<v Speaker 3>We could do better in the stock market. We don't

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<v Speaker 3>need to invest in a four one k a variety

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<v Speaker 3>of different things. And then we actually ran into her

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<v Speaker 3>this weekend and we had a conversation about it. Uh

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<v Speaker 3>So I thought that it was interesting. But you know,

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<v Speaker 3>I do think that it is important to have some

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<v Speaker 3>level of responsible conversation about a full one K, being

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<v Speaker 3>that I used to be a financial advisor, So you

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<v Speaker 3>might be disappointed as I am a radical person, but

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<v Speaker 3>I'm also a responsible person. So it's my duty.

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<v Speaker 4>So I got to be the devil in this conversation.

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<v Speaker 2>I got it.

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<v Speaker 3>It's my duty to add some level of responsibility to this. Okay,

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<v Speaker 3>where do I start? Full one K is.

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<v Speaker 4>Not a scam.

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<v Speaker 3>It's not a scam.

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<v Speaker 5>Dore's an under deliver on the return on investment that

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<v Speaker 5>a person should receive by investing in it.

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<v Speaker 3>Well, that's the thing, right, four one K is not

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<v Speaker 3>It's not like a one size fit all. There's a

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<v Speaker 3>variety of different four one k. So depending on who

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<v Speaker 3>your four one K provider is, you usually have anywhere

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<v Speaker 3>from six to I've seen up to one hundred that's

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<v Speaker 3>on the rare side, anywhere from six to twenty five thirty.

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<v Speaker 3>Different options of how you choose to invest your full

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<v Speaker 3>one k. You have different options of how you choose

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<v Speaker 3>to invest your four one k, So it's not like

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<v Speaker 3>a set thing of like you're only going to get

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<v Speaker 3>three percent now. You usually can't. You usually cannot have

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<v Speaker 3>a self directed four one k. Sometimes you can, but

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<v Speaker 3>very rarely can you have a self directed for one K.

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<v Speaker 3>So you can't invest in like Apple stock, you can't

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<v Speaker 3>invest in Microsoft, but you can invest in that SI

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<v Speaker 3>people one hundred. You can't invest in different you know,

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<v Speaker 3>a growth fund, an international fund, and we talk about

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<v Speaker 3>investing in funds is actually a better way to go

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<v Speaker 3>about stock marketing, investing in investing. And but look outside

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<v Speaker 3>of that, I've made money in for one ks. I

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<v Speaker 3>like I said, I was an advisor. I've seen people

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<v Speaker 3>with two million, three million dollars in the full one case.

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<v Speaker 3>It's not a scam. You can make a lot of

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<v Speaker 3>money in your full one CA's it's a form of investing.

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<v Speaker 3>It is great to lower your tax liability, right and

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<v Speaker 3>if you're a business owner. You could put even more

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<v Speaker 3>money into the full one K plan, so it lowers

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<v Speaker 3>your tax liability, so you save money on taxes. Now

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<v Speaker 3>you get tax when you take the money out. But

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<v Speaker 3>if you have a rough fall one K, there's a

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<v Speaker 3>there's a rough fall one K, just like there's a

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<v Speaker 3>rough IRA. The wrough fall one K allows you to

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<v Speaker 3>put money in. You don't get it. You don't get

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<v Speaker 3>tax savings, but it's tax free when you take the

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<v Speaker 3>money out, just like a rough IRA would be. But

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<v Speaker 3>it allows you to put more money and than a

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<v Speaker 3>regular IRA would be. So it's extremely important to diversify. Guys,

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<v Speaker 3>you don't want to put all your eggs in one basket,

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<v Speaker 3>but there's nothing wrong with saving for your retirement. Retirement

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<v Speaker 3>is not that far away. The age fifty nine and

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<v Speaker 3>a half is not that old. Like you know, it's crazy.

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<v Speaker 3>I still look seventeen, you know, and.

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<v Speaker 4>You feel seventeen, right, But is it nothing far off?

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<v Speaker 3>But I'm almost forty next week? No, I'm almost forty,

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<v Speaker 3>So so he's not claiming that jet I mean, I'm

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<v Speaker 3>not forty. I'm forty next week. So I say that

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<v Speaker 3>to say forty years happened pretty quickly, So before you

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<v Speaker 3>know it, God willing, I'll be sixty pretty quickly. Right,

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<v Speaker 3>it's not gonna be too it's not gonna be too

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<v Speaker 3>long before I'm sixty years old. So I think it's

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<v Speaker 3>important to say for your retirement. The four one K

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<v Speaker 3>does provide you a vehicle and if they match, if

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<v Speaker 3>your company matches, that's even better because that's even that's

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<v Speaker 3>free money. So you know, it's like I said, should

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<v Speaker 3>you put every single dollar that you have into your

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<v Speaker 3>four one K? No, that's not advisable. You can do

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<v Speaker 3>other things. You could be more risky, you could have

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<v Speaker 3>you know, different allocations. But I do think that it's

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<v Speaker 3>important to save for your future. And most people don't

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<v Speaker 3>have retirement savings. So when you get to that point

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<v Speaker 3>in time, you know, you're faced with limited options if

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<v Speaker 3>you haven't planned earlier in your in your life. So guys,

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<v Speaker 3>it's not a scam. Guys, not a scam. Take advantage

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<v Speaker 3>of it now, stay on top of it. Make sure

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<v Speaker 3>that you you know, are invested the right way. I

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<v Speaker 3>talk about target date funds. I like target date funds.

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<v Speaker 3>It changes and becomes more aggressive as you get close

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<v Speaker 3>to that target date. Like if it's like a twenty

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<v Speaker 3>fifty or twenty sixty fund. It goes off of the

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<v Speaker 3>year that you planning on retire. Like I said, you

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<v Speaker 3>can usually invest in like an S and P five hundred.

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<v Speaker 3>You can usually invest in you know, international growth stocks,

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<v Speaker 3>small mid cap and give you a variety of different options.

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<v Speaker 3>So you want to kind of look through it, or

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<v Speaker 3>maybe sit with an advisor to kind of help you

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<v Speaker 3>go through it. But be mindful, be mindful, don't don't

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<v Speaker 3>you know, go with just something that you heard and

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<v Speaker 3>you're not fully aware of what you actually.

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<v Speaker 2>Doing.

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<v Speaker 5>I think the broader point people are frustrated with the

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<v Speaker 5>return at the receiving but this is why the show

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<v Speaker 5>is created. So continue to vest on your own pour

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<v Speaker 5>into your four one k like you said, And the

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<v Speaker 5>way inflation is going now, you're probably gonna need to

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<v Speaker 5>double down these next five years on investing in your

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<v Speaker 5>own personal accounts. Seeing what the cost of mortgages are now,

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<v Speaker 5>the cost of rent is now. Even Nike, like I

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<v Speaker 5>remember when Nike were the luxury shoe brand. They're almost

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<v Speaker 5>a value shoe.

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<v Speaker 4>Nike.

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<v Speaker 5>Y'all need to call Kanye and don c shout out

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<v Speaker 5>to the Midwest y'all ran the don c retro play

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<v Speaker 5>into the ground. Revenue is dry Mark Parker this weekend. Yeah,

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<v Speaker 5>like called don Don may have some ideas for you,

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<v Speaker 5>but if you want better returns, you have to remember this.

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<v Speaker 5>Nobody's gonna care about the return on investment that you

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<v Speaker 5>receive for how much money you accumulated in your life.

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<v Speaker 3>But you and also, so I'm reading comments, so you

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<v Speaker 3>should definitely roll over your four one K if you

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<v Speaker 3>leave your job.

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<v Speaker 6>Erness what's up? You ever walk into a small business

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<v Speaker 6>and everything just works like the checkout is fast, the

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<v Speaker 6>receipts are digital, tipping is a breeze, and you're out

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<v Speaker 6>the door before the line even builds. Odds are they're

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<v Speaker 6>using Square. We love supporting businesses that run on Square

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<v Speaker 6>This episode is brought to you by P and C Bank.

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<v Speaker 6>A lot of people think podcasts about work are boring,

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<v Speaker 6>and sure, they definitely can be, but understanding a professionals

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<v Speaker 6>day after day.

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<v Speaker 6>To save, plan and make calculated decisions with your bank,

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<v Speaker 6>but keeping your money boring is what helps you live

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:09:17.200 --> 0:09:21.360
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:09:21.400 --> 0:09:25.320
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:09:32.800 --> 0:09:37.600
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:09:41.240 --> 0:09:44.440
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

0:09:48.480 --> 0:09:52.480
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:09:52.520 --> 0:09:56.160
<v Speaker 1>never return. But if you register using our CBP home

0:09:56.200 --> 0:09:59.600
<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:10:04.880 --> 0:10:07.280
<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>To an IRA, that's beneficial, you should. The four to

0:10:15.320 --> 0:10:18.200
<v Speaker 3>one K is for for profit organizations of four three

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<v Speaker 3>B is for nonprofit organizations. But they're very similar. They

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<v Speaker 3>have a similar type of options available to you. So

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<v Speaker 3>if you're a teacher, if you work in a hospital,

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<v Speaker 3>you might have a full three B but or you

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<v Speaker 3>might have a tax to ferthernuity a TDA. But they're

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<v Speaker 3>all kind of very similar to each other as far

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<v Speaker 3>as what you said. Somebody says, what about the fees involved.

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<v Speaker 3>I mean, there's fees for sure. It's managed money though,

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<v Speaker 3>but the fees is not. It's not going to be

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<v Speaker 3>twenty percent to hedge funds charge twenty percent to get

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<v Speaker 3>to get you could have watched market mondays and made

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<v Speaker 3>more money than what a hedge fund would charge you,

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<v Speaker 3>and the hedge fund the hedge fund charging you twenty percent.

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<v Speaker 3>So I mean, there's no free lunch. But I mean,

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<v Speaker 3>I think I think we're arguing over something that's not

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<v Speaker 3>really in the grand scheme of things. If you're looking

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<v Speaker 3>at a seventy five basis points, that's that's a seventy

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<v Speaker 3>five percent of one of one. Is that going to

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<v Speaker 3>make or break the situation? Probably not.

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<v Speaker 4>They said, I need to call Trump the Trump ones.

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<v Speaker 4>Y'all going about it.

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<v Speaker 3>We're gonna talk about the Trump one. We will talk

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<v Speaker 3>about the Trump ones. On black we will talk about

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<v Speaker 3>let's let's let's give them one topic that might be

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<v Speaker 3>a blackout topic that we could talk about here. Single

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<v Speaker 3>women own homes, own more homes than single men. And

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<v Speaker 3>this is something that's been flowing around the internet for

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<v Speaker 3>a while. So like Keata Watson posted in Matthew Garland

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<v Speaker 3>he posted it, and all the real estate people posted it.

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<v Speaker 3>Single women are a higher home ownership rates than single

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<v Speaker 3>men at any ethnicity, any ethnicity, but it's even higher

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<v Speaker 3>for Black people.

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<v Speaker 7>That's I mean, that is true for home ownership, college degree,

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<v Speaker 7>a much other things as well.

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<v Speaker 3>Okay, But ironically enough, I think not income, I still

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<v Speaker 3>think that black men actually earn more. Men across the

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<v Speaker 3>board still own earn more money than women. Even though

0:12:32.240 --> 0:12:36.679
<v Speaker 3>women have higher degrees, They're they're getting degrees at higher levels.

0:12:37.160 --> 0:12:40.800
<v Speaker 3>The homeowners are higher levels variety of other things.

0:12:40.880 --> 0:12:42.280
<v Speaker 4>In executive positions as well.

0:12:42.440 --> 0:12:46.679
<v Speaker 3>Well, every every like professional position, men men still are

0:12:46.800 --> 0:12:50.439
<v Speaker 3>at much higher levels than women. Okay, so let's talk

0:12:50.440 --> 0:12:52.040
<v Speaker 3>about that situation.

0:12:53.360 --> 0:12:53.800
<v Speaker 4>Ladies.

0:12:53.840 --> 0:12:55.760
<v Speaker 5>Don't let no man actually what you bring to the

0:12:55.800 --> 0:12:57.480
<v Speaker 5>table if you don't have no table of his own

0:12:58.040 --> 0:13:00.880
<v Speaker 5>and don't own the house, y'all say, I'm pandering. So

0:13:00.880 --> 0:13:03.800
<v Speaker 5>I'm gonna turn up the pandering shot on y'all this year. Okay,

0:13:06.280 --> 0:13:08.280
<v Speaker 5>go ahead, blackout time.

0:13:08.840 --> 0:13:11.480
<v Speaker 4>Those are my thoughts. Yeah, those are our thoughts.

0:13:11.679 --> 0:13:13.360
<v Speaker 5>Don't let no man ask you what you bring to

0:13:13.400 --> 0:13:16.000
<v Speaker 5>the table, and you're all your house, tyree. I'm sorry,

0:13:16.200 --> 0:13:18.600
<v Speaker 5>it is what it is. Clip this one up. I'm

0:13:18.679 --> 0:13:22.440
<v Speaker 5>going forward, Derrick Jackson. Okay Jackson, So.

0:13:24.320 --> 0:13:29.719
<v Speaker 3>Listen, guys. I think that I don't think that that's

0:13:29.760 --> 0:13:30.800
<v Speaker 3>the best way to go about it.

0:13:31.120 --> 0:13:34.280
<v Speaker 5>That's the way I'm going about it. What Okay, when

0:13:34.280 --> 0:13:35.800
<v Speaker 5>do you ask you what you bring to the table?

0:13:36.040 --> 0:13:37.840
<v Speaker 5>Let me see the deed to the house, my boy.

0:13:38.320 --> 0:13:39.719
<v Speaker 3>I don't. I don't think that's the best way to

0:13:39.760 --> 0:13:40.160
<v Speaker 3>go about it.

0:13:42.880 --> 0:13:44.040
<v Speaker 4>Panda is pandering.

0:13:45.720 --> 0:13:48.320
<v Speaker 3>Panda is pandering. So here the thing, here the thing.

0:13:48.640 --> 0:13:51.640
<v Speaker 3>So I think that it's an interesting situation taking a

0:13:51.720 --> 0:13:55.079
<v Speaker 3>rational approach, for sure. I think it's it. I think

0:13:55.080 --> 0:13:57.680
<v Speaker 3>it's it. I think it's a variety of different factors

0:13:57.679 --> 0:14:01.959
<v Speaker 3>that go into why women might be higher home ownership

0:14:02.040 --> 0:14:07.000
<v Speaker 3>is interesting. A lot of times men may have more

0:14:07.160 --> 0:14:11.880
<v Speaker 3>financial obligation. Absolutely when you look at, you know, the

0:14:11.960 --> 0:14:16.400
<v Speaker 3>child support system, right finished, I got a question for

0:14:16.480 --> 0:14:20.040
<v Speaker 3>you when when you look at potentially having to provide

0:14:20.080 --> 0:14:24.000
<v Speaker 3>for other people, A lot of that times, you know, women,

0:14:24.120 --> 0:14:26.160
<v Speaker 3>you know, provide for other people as well, but the

0:14:26.240 --> 0:14:29.960
<v Speaker 3>man might have, you know, other financial obligations.

0:14:30.000 --> 0:14:31.480
<v Speaker 4>It's like a white out answer though.

0:14:33.960 --> 0:14:36.800
<v Speaker 6>Look man, no that's not black I ain't gonna let

0:14:36.880 --> 0:14:39.840
<v Speaker 6>y'all do this, No, no, but I want to know.

0:14:39.960 --> 0:14:42.400
<v Speaker 6>I just want to interject really quickly because this might

0:14:42.480 --> 0:14:46.440
<v Speaker 6>be a time. Did y'all see Killer Mike's thoughts about

0:14:46.480 --> 0:14:46.920
<v Speaker 6>child sup.

0:14:46.960 --> 0:14:49.120
<v Speaker 3>We're gonn talk about child supporter on blackout? Okay, Okay,

0:14:49.160 --> 0:14:51.120
<v Speaker 3>I just want to all right, we're gonna talk about

0:14:51.720 --> 0:14:54.880
<v Speaker 3>child support, will be covered on blackout. But I just

0:14:54.960 --> 0:15:00.760
<v Speaker 3>feel that I feel like this is a dangerous conversation

0:15:00.920 --> 0:15:04.840
<v Speaker 3>because it's one of these conversations where it pins men

0:15:04.960 --> 0:15:08.360
<v Speaker 3>against women, and I don't think that that's the most

0:15:08.400 --> 0:15:14.480
<v Speaker 3>productive thing to do. I do feel that everybody should

0:15:14.520 --> 0:15:18.560
<v Speaker 3>bring something to the table. Now. Home ownership is good,

0:15:18.640 --> 0:15:22.800
<v Speaker 3>but it's not the deciding factor. I've never dated somebody

0:15:22.880 --> 0:15:25.560
<v Speaker 3>and asked them if they owned a home. That was

0:15:25.600 --> 0:15:30.040
<v Speaker 3>never a deciding factor for me personally. Right, if you got,

0:15:30.120 --> 0:15:33.200
<v Speaker 3>if you got a good career, if you if you

0:15:33.280 --> 0:15:34.360
<v Speaker 3>got an ambition, if you.

0:15:34.280 --> 0:15:37.320
<v Speaker 5>Don't as all as you are looking forward to, oh

0:15:37.440 --> 0:15:40.360
<v Speaker 5>you're good boy, Like I'm a listener for both of

0:15:40.440 --> 0:15:42.280
<v Speaker 5>y'all we should do this now, but I would be

0:15:42.280 --> 0:15:44.440
<v Speaker 5>interested in, like, well, what are the questions that we

0:15:44.480 --> 0:15:46.560
<v Speaker 5>are asking as we're dating.

0:15:47.200 --> 0:15:48.360
<v Speaker 4>We should we should add that.

0:15:48.400 --> 0:15:50.760
<v Speaker 3>Well, we also live in an economy where it's becoming

0:15:50.800 --> 0:15:54.440
<v Speaker 3>increasingly harder to become a homeowner. That's true, even if

0:15:54.440 --> 0:15:56.800
<v Speaker 3>you make a lot of money, it's still becoming increasing

0:15:57.280 --> 0:16:02.040
<v Speaker 3>increasing increasingly harder to become a homeowner. And is home

0:16:02.080 --> 0:16:04.680
<v Speaker 3>ownership even work for it at this point in time?

0:16:04.720 --> 0:16:06.760
<v Speaker 3>We got to argue about Wall Street Journal put an

0:16:06.840 --> 0:16:09.200
<v Speaker 3>article out that said that you know, now it's actually

0:16:09.240 --> 0:16:12.920
<v Speaker 3>more beneficial to be a renter than to be a homeowner.

0:16:13.400 --> 0:16:15.600
<v Speaker 7>Or could that be propaganda for us to have home

0:16:15.600 --> 0:16:19.080
<v Speaker 7>ownership or stripped to it that Well, if we just

0:16:19.120 --> 0:16:22.080
<v Speaker 7>talked about the statistics about the appreciation over the past

0:16:22.080 --> 0:16:25.240
<v Speaker 7>eight years going up eighty percent and us not having homes,

0:16:25.640 --> 0:16:27.200
<v Speaker 7>that we don't participate in any of that.

0:16:27.320 --> 0:16:30.960
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:16:31.000 --> 0:16:34.800
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:16:35.040 --> 0:16:39.160
<v Speaker 1>accused of murdering a Texas. Man of Venezuelan charged with

0:16:39.240 --> 0:16:43.120
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:16:43.240 --> 0:16:47.000
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:16:47.040 --> 0:16:50.560
<v Speaker 1>Donald J. Trump's leadership. I'm Christine Noman, the United States

0:16:50.600 --> 0:16:55.360
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:16:55.440 --> 0:16:59.000
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:16:59.040 --> 0:17:02.280
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:17:02.360 --> 0:17:06.200
<v Speaker 1>are here illegally, your next you will be fine nearly

0:17:06.280 --> 0:17:10.320
<v Speaker 1>one thousand dollars a day, imprisoned, and deported, you will

0:17:10.320 --> 0:17:14.000
<v Speaker 1>never return. But if you register using our CBP home

0:17:14.040 --> 0:17:17.400
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:17:17.760 --> 0:17:22.520
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:17:22.680 --> 0:17:25.120
<v Speaker 1>border and families will be protected.

0:17:25.200 --> 0:17:27.360
<v Speaker 2>Sponsored by the United States Department of Homeland Security.