Speaker 1: It's time for the b a q a a to
Speaker 1: b a q a what you say to b a
Speaker 1: q a jiph and the b a q a no man.
Speaker 2: Day the b a q a A.
Speaker 1: Hey, it's me Tiphany by myself. Maybe had to jump,
Speaker 1: but that's okay. We still got you. This is Brianda
Speaker 1: bitch a question answers. You have questions, we have answers.
Speaker 1: Although I am not a c f P, I'm not
Speaker 1: your financial adviser. I'm not your doctor or your lawyer,
Speaker 1: not your sister, but your friend aka suit, your granny,
Speaker 1: not us, because this is for entertainment purposes only. My
Speaker 1: attorney Tony will be so proud and I love when
Speaker 1: you attorney BA family listeners sliding like yes girl, tell
Speaker 1: them so. I'm gonna do money questions because that's my gamma.
Speaker 1: First question is from missus X.
Speaker 2: Here's the thing.
Speaker 1: If you actually have questions, you can sliden our dms
Speaker 1: at Brianna Bischen podcast on IG. You can also go
Speaker 1: to brannibishonpodcast dot com and click contact us or email
Speaker 1: us at brand and Bison podcast.
Speaker 2: At gmail dot com.
Speaker 1: All Right, missus X says love your show, Tiffany will
Speaker 1: miss you girl. Oh I'm ill miss you too, she said. Okay,
Speaker 1: my name is missus X, and my husband and I
Speaker 1: make a combined income of nearly Sorry wrong.
Speaker 2: One, we did that last time. This is from Regina.
Speaker 1: Hey, ladies, Regina here love all of your content and
Speaker 1: all that you do and share. I've been following Tiffany
Speaker 1: for quite a few years now. I don't even remember
Speaker 1: where I started. Girl me either, question, she said, I
Speaker 1: have a four one K from a previous employer still
Speaker 1: sitting with your original brokerage I opened it with when
Speaker 1: I work there t A, And now I'm with a
Speaker 1: new employer and have a four one K through a
Speaker 1: current employer at a different brokerage, Fidelity. Now that I realize,
Speaker 1: I should roll over my original four one K from
Speaker 1: TIAA over to an IRA for ease. So she's basically asking, one,
Speaker 1: should I just roll over from tia to Fidelity?
Speaker 2: Two?
Speaker 1: If I do this then end up with a different
Speaker 1: employer later in life at another brokerage, would I would
Speaker 1: I be able to roll over both iras or both
Speaker 1: of her four one k accounts to a current act
Speaker 1: of four one K.
Speaker 2: So okay, I'm gonna break this down.
Speaker 1: She said, I would imagine I would want to keep
Speaker 1: them together just so I don't forget where my money is.
Speaker 2: Girl.
Speaker 1: Yes, thank you so much for your thoughts. And no,
Speaker 1: I won't see my brown besties.
Speaker 2: Yes, I love that.
Speaker 1: She wrote that Smiley's face crying face, happy face, laughing face.
Speaker 1: Regina's asking me this question, which is very common. She said, Basically,
Speaker 1: I want you to think about it this way. If
Speaker 1: you are not with your boyfriend no more, and your
Speaker 1: partner your mate, and you still have your stuff at
Speaker 1: that house, child, take your stuff with you because it's yours,
Speaker 1: and you're right, we are grown. You are likely to
Speaker 1: find another employee, and another employer, another player. This is
Speaker 1: what I would say, Like, I don't necessarily think that
Speaker 1: you have to roll it over to the new place.
Speaker 2: You can or and you.
Speaker 1: Have the alternative of having an external account. You know,
Speaker 1: you can open up with a bank, an external IRA account,
Speaker 1: an individual retirement account, and so meaning like getting like
Speaker 1: a you could literally open up like a you know,
Speaker 1: it could be fidelity, It could be I mean, they
Speaker 1: have to so many of them. Charles Schwab, For example,
Speaker 1: I think Chase probably has one this external account where
Speaker 1: basically it houses any retirement account for a company you
Speaker 1: no longer work for, so you don't have to worry
Speaker 1: about like oh like like I used to see free school.
Speaker 1: We used to sing this song Tam Bear's in the bed,
Speaker 1: and the little one said roll over, roll over, and
Speaker 1: they all rolled over and want fell out. Sometimes it
Speaker 1: could be overwhelming to roll over from the new place.
Speaker 1: Oh then then the new place. So what I did
Speaker 1: when you know I left my job is I had
Speaker 1: an external brokeer's account in any new place that I
Speaker 1: was leaving, I could just roll it over into that
Speaker 1: external account. Does that make sense?
Speaker 2: Okay?
Speaker 1: Now there's nothing wrong with's going from Tia to Fidelity
Speaker 1: and the Fidelity to Charles Swap or whoever. If you
Speaker 1: decide to move jobs, you can do that as well. Honestly,
Speaker 1: there's no right or wrong. Well that's not true. The
Speaker 1: one wrong way would be to pull out the money
Speaker 1: yourself and then put it someplace else. Rollovers is not
Speaker 1: your business. It's between bank and bank. Because you don't
Speaker 1: want to pull out the money yourself from your four
Speaker 1: to one k or ira, because unless you're fifty nine
Speaker 1: and a half, you're going to incur a fee. They're
Speaker 1: gonna take your money. So you want the bank and
Speaker 1: the bank to talk to each other. You just got
Speaker 1: to tell them, Hey, I just did this the other
Speaker 1: day actually because I had some old IRA that I
Speaker 1: forgot about. Hey, Tia, I'm moving over to Fidelity or
Speaker 1: Charles Schwap or wherever. Y'all have to talk to each other.
Speaker 1: You'll have to fill out some paperwork and they will
Speaker 1: do the rollover themselves, so it doesn't look like with
Speaker 1: an early retirement withdrawal, which you don't want. Okay, that's
Speaker 1: your only way to quote unquote do it wrong is
Speaker 1: to do it yourself and not let the banks take
Speaker 1: care of it. So whether you roll over to your
Speaker 1: new place or you know, or you just choose someplace
Speaker 1: externally to just collect all of those places. I don't
Speaker 1: know how old you are, Regina, because you're likely we'll
Speaker 1: find another job.
Speaker 2: You know. To me, I don't have a dog in
Speaker 2: that fight.
Speaker 1: Is good either way, Okay, I just probably choose someplace externally,
Speaker 1: because don't nobody work no place for fifty sixty years
Speaker 1: no more, and you are likely to leave.
Speaker 2: It's just good practice, all right.
Speaker 1: We're gonna take a break if you will and come
Speaker 1: back to answer another question.
Speaker 2: And we are back.
Speaker 1: Okay, okay, so we're This is actually a follow up question, Brianna,
Speaker 1: she asked a question.
Speaker 2: I don't remember when you asked a question, Brian.
Speaker 1: Anyway, so she said, Hi, Tiffany, thank you so much
Speaker 1: for answering my questions on episode. Then't wait to invest
Speaker 1: in your kid's future. I appreciate you and Mandy for
Speaker 1: taking the time to answer our questions.
Speaker 2: Of course.
Speaker 1: Okay, So Brianna asked a number of questions because she
Speaker 1: says she gonna get hers in and we just gonna
Speaker 1: answer this bom. She said, I did want to ask
Speaker 1: how do I go about finding a CFP?
Speaker 2: Good question. Go to a site that I built called
Speaker 2: make Sure. If it doesn't work, I don't want to
Speaker 2: tell custom me out. Please, Okay, it's good. Perfect.
Speaker 1: You're gonna go to a website called your moneymatch dot com.
Speaker 1: It is a free website that I built to help
Speaker 1: to get you match to a CFP. Right, And so
Speaker 1: what I love about it is is that we work.
Speaker 1: We work with this company called wealth Ramp to help
Speaker 1: you match. But bigger than that, I give you all
Speaker 1: the information that you need because when I found my
Speaker 1: perfect CFP. It's because I created something called my sol
Speaker 1: called Financial Life, which is like this spreadsheet of like
Speaker 1: all these answers that my CFP is likely to ask me.
Speaker 1: I talk, I give you a checklist of questions to ask,
Speaker 1: of what you should be looking for, how you should
Speaker 1: be made to feel.
Speaker 2: So I'll give you all.
Speaker 1: This information for free about not just how to find
Speaker 1: a CFP, but how to be prepared to interview with them.
Speaker 1: Does that make sense? And I remember welfware and boards
Speaker 1: like girl, like the people you have been sending us
Speaker 1: top notch because they have their I said, yeah, yeah,
Speaker 1: because we give the checklists, they are ready ready. So
Speaker 1: your moneymatch dot com is completely free. It's not free
Speaker 1: to work with the CFP, but it is free. I
Speaker 1: provide the service to help you get matches to one. Okay,
Speaker 1: that's your first question. And then she says, and with
Speaker 1: my roth Ira and four one K account, how do
Speaker 1: I go about finding which stocks to invest in?
Speaker 2: Okay? So if you're talking about how do you.
Speaker 1: Pick stocks to invest in, especially that four one k girl,
Speaker 1: you're not likely to be able to pick individual stocks
Speaker 1: in your four one k. That's usually not how it works.
Speaker 1: Usually bost most like IRA's and four one k's whatever.
Speaker 1: You're usually picking mutual funds, maybe some ETFs, but typically
Speaker 1: you're picking a mutual fund. And ideally, like I said,
Speaker 1: especially for that fourward K, you are going to look
Speaker 1: to see if they have something called a TDF that's
Speaker 1: a target data fund, So it is a mutual fund
Speaker 1: that's based upon your age, right, or sometimes they call
Speaker 1: it a life cycle fund or target retirement fund.
Speaker 2: Right.
Speaker 1: So what I like about these funds is they are
Speaker 1: designed to automatically rebalance your portfolio, meaning the things that
Speaker 1: you're invested in based upon you as you as you age.
Speaker 1: So that means that the older you get, the more
Speaker 1: that your investments shift from risk your investments to quote
Speaker 1: unquote safer ones. Because the target date is a date
Speaker 1: of retirement. So let's just say you're retiring in twenty years.
Speaker 1: So right now, you know, it might have you outside, honey,
Speaker 1: like just trying these streets out.
Speaker 2: But let's just say your your target date is in
Speaker 2: two years.
Speaker 1: Then it's going to give your it's going to prepare
Speaker 1: your money, it's going to rebalance automatically for your money
Speaker 1: to get closer and closer to things. Maybe like bonds
Speaker 1: and like cash investments, like maybe like a high yield
Speaker 1: savings account, because that's what you're wanting. Because the closer
Speaker 1: you get to retirement, the less risky you want to be.
Speaker 1: You don't want to take a big risk and you
Speaker 1: retire next year and you lose all your money. But
Speaker 1: if you've got ten, twenty fifteen years, you know, then
Speaker 1: you want to take bigger risk because bigger risk means
Speaker 1: bigger rewards. Does that make sense? So TDF target date
Speaker 1: fund or life cycle fund, same thing, or target retirement fund. Okay,
Speaker 1: all right, let me.
Speaker 2: Say what else you ask? That's not a lot.
Speaker 1: Also, Tiffany, you grew my interest in learning about a
Speaker 1: custodial account for my child.
Speaker 2: Where do I go about inquiring about a custodial account?
Speaker 2: And so here's the thing.
Speaker 1: If you for a custodial account, I mean, if you
Speaker 1: work with your let me see where to get I'm
Speaker 1: gonna actually look up because I know where I have mine.
Speaker 2: But if you work I'll be googling.
Speaker 1: But if you work with your financial advisor, like she
Speaker 1: helped me pick one, and so you can get it
Speaker 1: honestly from all the places. The usual suspects Charles Schwab.
Speaker 1: A bank has one Fidelity, Vanguard, and so any brokerage account,
Speaker 1: any major brokerage account typically will have a custodial account. Yeah,
Speaker 1: and so, like I said, I have one for my bonus,
Speaker 1: maybe actually have one for all my ladies, my nieces,
Speaker 1: my nephew and Alissa. So actually, now that she just
Speaker 1: turned eighteen, actually I just have to look at that
Speaker 1: because I believe the money that set aside for her
Speaker 1: might be transferred over to her, although she knows not
Speaker 1: to touch that thing.
Speaker 2: Okay, what else? What else? Where do I go?
Speaker 1: I'm been inquiring about a custodio account, Like I told you,
Speaker 1: those main brokerage accounts, Vanguard, Chilshwab, Fidelity, all of them,
Speaker 1: haven't Is it with my local bank or with the
Speaker 1: high old tape. No, A custodial account is not a
Speaker 1: high old savings account. It's basically an investment account that
Speaker 1: you are setting aside specifically for a young person who's
Speaker 1: under the age of eighteen, and you're investing kind of
Speaker 1: like on their behalf until they get old enough, and
Speaker 1: you are the custodian of that money.
Speaker 2: I did that for especially.
Speaker 1: Alyssa well more so for the younger kids like Roman
Speaker 1: is like a Amelia seven and Lily, my niece is six.
Speaker 1: Because I don't necessarily know what a five to twenty
Speaker 1: nine plan, which is an alternative kind of to a
Speaker 1: custodia account. The benefit of a five to twenty nine
Speaker 1: plan is that there are tax benefits if you put.
Speaker 2: Money into a five to twenty nine pen.
Speaker 1: The worry I had is what if this kid does
Speaker 1: not want to go to school. Although they've relaxed some
Speaker 1: of the ways you can use a five twenty nine pair.
Speaker 1: It used to be just for college, but now you
Speaker 1: can use it for education overall, and also too, up
Speaker 1: to a certain amount, you can actually roll over a
Speaker 1: five to twenty nine point to a raw IRA in
Speaker 1: a retirement account for that child.
Speaker 2: So there's more and more relaxed.
Speaker 1: So also too, so consider a five twenty nine plant,
Speaker 1: depending how old or how young your kid is. But
Speaker 1: I didn't like five twenty nine plans before just because
Speaker 1: for what I was doing, because I wasn't sure if
Speaker 1: the kids in my life were all going to go
Speaker 1: to school. I mean, now that our listens in school,
Speaker 1: I'm like, damn, I should have put it in there.
Speaker 1: But she got her money from her custodial account. All right,
Speaker 1: I hope all these questions got answered. Oh you wanted
Speaker 1: to know how to invest in your wrath. Ross don't
Speaker 1: typically have target date funds, I believe, but you can
Speaker 1: choose mutual funds, you know, if you're not really sure,
Speaker 1: because this will allow you to invest in a grouping
Speaker 1: of investments if you will, and so you won't feel
Speaker 1: as like, you know, burden by choosing individual stocks, which
Speaker 1: can be of quite the heavy lift. So you can
Speaker 1: choose a mutual fund that is based upon the general
Speaker 1: stock market, so you'll like, for example, like the S
Speaker 1: and P five hundred. That's the top five hundred companies
Speaker 1: in the United States, right, And so there are mutual.
Speaker 2: Funds that do what that market does.
Speaker 1: And the reason why this can be an effect, this
Speaker 1: can be an effective way to invest, is that that
Speaker 1: market over the last thirty to one hundred years has
Speaker 1: generated on average, on the low end, seven to eight
Speaker 1: percent annually, on the higher end ten percent annually, depending
Speaker 1: on who you talk to. And so what does that mean.
Speaker 1: That means even on its way down, it's still on
Speaker 1: its way up. So if you just say, do what
Speaker 1: the market does, if you keep your money there long enough,
Speaker 1: you usually will come up. And so is that is
Speaker 1: a way for beginner investors to say, Okay, let me
Speaker 1: just put my money and do what the market does,
Speaker 1: because even if I would look, now, let's see.
Speaker 2: What is what it is so far?
Speaker 1: Right now, so far in twenty twenty four, the S
Speaker 1: and P five hundred has returned on average nineteen point
Speaker 1: thirteen percent, meaning if you put your money in in
Speaker 1: the beginning of the year till now, you be up
Speaker 1: nineteen percent. Now did I tell you that the average
Speaker 1: is about between seven and ten percent? Because it's up
Speaker 1: nineteen but next year it might be down twenty and
Speaker 1: then you're going to average over those two years ten percentage.
Speaker 1: Does that make sense? So just know it's going to
Speaker 1: go up and down, but that you're supposed to leave
Speaker 1: your money alone anyway, all right?
Speaker 2: If you like b a q.
Speaker 1: A, continue to ask us questions, leave us reviews, especially
Speaker 1: on that apple, because it allows people to see here
Speaker 1: and know us for us to expand our reach.
Speaker 2: Until Monday and next week, Bye bye.