WEBVTT - BA Q&A: Can You Buy Your Way to an Early Retirement? 0:00:16.440 --> 0:00:20.320 And we're back forth the b a q a q A, 0:00:20.680 --> 0:00:24.119 the b a q q the b q A. I 0:00:24.160 --> 0:00:27.040 wish you guys could see it's me and Mandy like 0:00:27.040 --> 0:00:28.080 we're like bopping heads. 0:00:28.480 --> 0:00:30.800 The b a q A. All right. 0:00:31.200 --> 0:00:33.400 We called the b a q A because it's Brown 0:00:33.440 --> 0:00:35.199 Ambition Question and Answer. 0:00:36.200 --> 0:00:38.320 We do it every Friday for y'all. 0:00:38.640 --> 0:00:41.320 You guys have amazing question owned so much so we 0:00:41.400 --> 0:00:43.120 had that to do a whole nother show for it. 0:00:43.159 --> 0:00:47.240 So if you have questions before we start, make sure 0:00:47.240 --> 0:00:50.199 you send them to us at brand Ambision Podcast at 0:00:50.200 --> 0:00:51.080 gmail dot com. 0:00:51.120 --> 0:00:54.960 Right, is that a question? Yes? Correct? Correct? 0:00:55.480 --> 0:00:57.640 I got it? Ding ding ding, all right, And you 0:00:57.640 --> 0:01:00.959 could also tweet us at Brown Ambish and Podcasts right 0:01:01.040 --> 0:01:03.279 on instag that's ad tweet us a install. You can 0:01:03.320 --> 0:01:07.560 send us to Instagram DM. We're Brand Ambition Podcasts and 0:01:07.720 --> 0:01:09.520 we're the BA podcast on Twitter. 0:01:09.959 --> 0:01:13.280 Correct, yes, ma'am. And or if you just want to 0:01:13.280 --> 0:01:15.920 make it simple, just go to brandambisionpodcast dot com our 0:01:16.000 --> 0:01:22.560 new beautiful redone jujup glossy, gorgeous website and you can 0:01:22.600 --> 0:01:26.399 ask us anything there. Yeah, all right, let's get on 0:01:26.560 --> 0:01:29.319 into it. I'm gonna take the first question. All right, 0:01:29.480 --> 0:01:33.959 So this listener wants to be anonymous. She says, thank 0:01:34.040 --> 0:01:36.440 you for all you do. I've been listening for years. 0:01:36.680 --> 0:01:38.760 I love how you break down the answers to questions 0:01:38.760 --> 0:01:41.360 on your show. Thank you. Alrighty, So here's her question. 0:01:41.480 --> 0:01:43.319 She wants to know when does it make sense to 0:01:43.400 --> 0:01:47.120 use credit unions. I recently combined finances with my spouse, 0:01:47.240 --> 0:01:50.080 and I'm more bothered when it comes to debt. I'm 0:01:50.120 --> 0:01:53.040 only comfortable carrying student loan debt, which I have about 0:01:53.080 --> 0:01:56.560 sixteen thousand dollars of. My partner is also trying to 0:01:56.600 --> 0:02:00.320 pay off about nine thousand dollars of personal consumer debt 0:02:00.560 --> 0:02:04.840 that has skyrocketed due to unemployment with the pandemic. And 0:02:04.920 --> 0:02:07.360 this year we've managed to also rack up close to 0:02:07.480 --> 0:02:11.200 an additional four thousand dollars of consumer debt. This is 0:02:11.280 --> 0:02:15.600 low interest, this is low interest to no interesting twelve oh. 0:02:15.840 --> 0:02:18.280 We've also managed to rack up close to four thousand 0:02:18.360 --> 0:02:21.760 dollars of credit card debt on a zero percent financing 0:02:21.919 --> 0:02:25.200 credit card for twelve months. That means that after twelve months, 0:02:25.200 --> 0:02:27.040 it's going to be it's going to be a lot 0:02:27.040 --> 0:02:30.000 more than zero percent, she says, I'm thinking it'll make 0:02:30.040 --> 0:02:32.600 sense to try to get a ten thousand dollars credit 0:02:32.720 --> 0:02:36.760 union loan to at least clear the high interest personal 0:02:36.800 --> 0:02:41.480 consumer debt that accumulated before our marriage. For additional context, 0:02:41.880 --> 0:02:44.320 pre tax, this year we've made about eighty five thousand 0:02:44.400 --> 0:02:48.120 dollars and my credit score is seven twenty. Thanks for 0:02:48.200 --> 0:02:52.919 your help. Okay, what a time to get married and 0:02:52.960 --> 0:02:57.799 I've been dealing with debt together. Ye yes, I mean, 0:02:57.840 --> 0:03:01.040 I definitely think that the rationale of her tackling the 0:03:01.120 --> 0:03:04.720 high interest consumer debt. They do have this twelve months 0:03:04.800 --> 0:03:08.520 where the four thousand dollars is not accruing interest, you know, 0:03:08.560 --> 0:03:11.960 at zero percent intro financing, So I got I get that. 0:03:12.040 --> 0:03:15.440 The bigger concern is that nine thousand dollars of debt 0:03:15.480 --> 0:03:18.800 that her husband has that is, like she said, been 0:03:18.840 --> 0:03:22.200 skyrocketing things to interest because it sounds like he was 0:03:22.320 --> 0:03:26.320 unemployed for a while. But the core question, when does 0:03:26.360 --> 0:03:29.040 it make sense to use credit unions like right now? 0:03:29.320 --> 0:03:29.560 Yeah? 0:03:29.639 --> 0:03:31.120 Honestly, here's it's a good time. 0:03:31.639 --> 0:03:32.320 I like three. 0:03:32.400 --> 0:03:35.840 I like to have like three financial like partners. If 0:03:35.880 --> 0:03:38.120 you will, one your brick and mortar bank. You know, 0:03:38.160 --> 0:03:39.800 they're my least favor because you know, they don't give 0:03:39.800 --> 0:03:42.960 you nothing, but they are convenient. When I say brick 0:03:42.960 --> 0:03:44.520 and mortar bank, you know, the big old banks on 0:03:44.560 --> 0:03:46.680 the corner. We don't say their names over here, but 0:03:46.800 --> 0:03:49.120 you know, like for the convenience of it all, this 0:03:49.160 --> 0:03:52.040 is where literally I just do my checking, like swipe 0:03:52.040 --> 0:03:54.680 my debit card, pay my bills, and leave me allowances. 0:03:55.240 --> 0:03:55.440 Right. 0:03:55.960 --> 0:03:58.720 Second partner, I like to have as an online only 0:03:58.760 --> 0:04:02.200 bank for savings because if I'm going to say, like 0:04:02.240 --> 0:04:06.080 Mandy talked about, like in our prior Brando Bisson episode, 0:04:06.080 --> 0:04:08.400 the one before this, go listen if you haven't, Okay, 0:04:08.400 --> 0:04:12.760 it's good. So she talked about that she and husband 0:04:12.800 --> 0:04:15.680 saved like a year's worth of savings, so they wanted 0:04:15.680 --> 0:04:17.640 to have it liquid before she kind of made the 0:04:17.720 --> 0:04:20.440 leap into what she's doing now. So if you are 0:04:20.480 --> 0:04:24.200 going to save, I'm not talking about investing, but if 0:04:24.240 --> 0:04:26.279 you're going to save, it's better to save in an 0:04:26.360 --> 0:04:29.080 online only bank that's going to issue you a higher 0:04:29.120 --> 0:04:31.560 interest rate then that brick and mortar bank on the 0:04:31.600 --> 0:04:32.960 corner that's going to give you a piece of a 0:04:32.960 --> 0:04:34.400 piece of a piece of a piece of a piece 0:04:34.440 --> 0:04:37.839 of a penny. Okay, And then the third is credit unions. 0:04:38.120 --> 0:04:43.760 To me, I like a credit union specifically for their 0:04:43.920 --> 0:04:46.400 interest rate if you need to borrow money. That is 0:04:46.440 --> 0:04:49.480 why I think everyone should have a credit union connect 0:04:49.760 --> 0:04:52.599 because with credit unions, you know, like if I was 0:04:52.600 --> 0:04:54.440 going to purchase a car and i'd had and I 0:04:54.480 --> 0:04:57.320 had payments, I would get my get my financing through 0:04:57.320 --> 0:04:59.760 a credit union. You know, purchase a house, I would 0:04:59.760 --> 0:05:02.000 try to get my financing through a credit union because 0:05:02.040 --> 0:05:07.080 credit unions are many credit unions are nonprofit based, and 0:05:07.360 --> 0:05:10.560 they are typically like kind of like co owned by 0:05:10.600 --> 0:05:14.320 the members inside their credit union, which means that the 0:05:14.480 --> 0:05:17.040 rates that they issue are enough to keep the doors 0:05:17.040 --> 0:05:20.560 open and the lights on, but they're not as aggressive 0:05:20.920 --> 0:05:23.200 with trying to make money because that is not the 0:05:23.240 --> 0:05:25.560 purpose of a credit union. The credit union is a 0:05:25.600 --> 0:05:31.960 community financial resource. And so yes, everyone listening, you know 0:05:32.040 --> 0:05:34.600 you should at least have a relationship with a credit union. 0:05:34.640 --> 0:05:36.520 But did she say her name? 0:05:37.680 --> 0:05:38.840 No, she wants to be anonymous. 0:05:38.880 --> 0:05:39.480 All right, we'll just. 0:05:39.400 --> 0:05:43.760 Call you Debbie, so debs because you know you have debt. Debbie, 0:05:43.760 --> 0:05:45.960 get debt Debbie. Okay, anyway, don't worry, Debbie. I'm not 0:05:46.000 --> 0:05:48.040 judging you because Shad Lloyd's knows I have I had 0:05:48.120 --> 0:05:50.240 a ton of debt, but you got a great credit score. 0:05:50.320 --> 0:05:53.480 You know, remember the beginning of perfect credit is a 0:05:53.480 --> 0:05:55.920 is a seven forty, but seven twenty is nothing to 0:05:55.960 --> 0:05:58.240 sneeze that. So I don't think you're not going to 0:05:58.320 --> 0:06:00.599 get turned by down by a credit union. To our money, 0:06:00.680 --> 0:06:03.760 I can't tell you like the amount, but it's very 0:06:03.800 --> 0:06:07.720 likely that you'll get you know something. And I if 0:06:07.760 --> 0:06:10.400 it was me, I would remember, me and Mandy are 0:06:10.440 --> 0:06:12.640 not giving you personal advice, but we could just give 0:06:12.680 --> 0:06:15.120 our opinion like how we would do it. But if 0:06:15.120 --> 0:06:18.040 it was me, I would I would get a loan 0:06:18.080 --> 0:06:21.080 from my credit union, pay off that high interest rate debt, 0:06:21.480 --> 0:06:24.320 you know, really trying to negotiate down the lowest interest 0:06:24.400 --> 0:06:27.599 that I can get that the debt that I have 0:06:27.720 --> 0:06:29.960 the zero interest on. I would be very aggressive in 0:06:30.040 --> 0:06:33.680 paying that off. Make sure that you know, find out 0:06:33.680 --> 0:06:35.719 at that the end of the payoff, if you have 0:06:35.880 --> 0:06:37.680 like two dollars left over that they're not going to 0:06:38.200 --> 0:06:40.000 then flood you with the full interest that you did 0:06:40.040 --> 0:06:41.960 not have to pay, Like figure out basically what are 0:06:41.960 --> 0:06:45.200 the terms of that loan? And yeah, and make your 0:06:45.200 --> 0:06:47.479 credit union your friend like, do most of your lending 0:06:47.520 --> 0:06:50.880 through them. That's what I would do if it was Moah. 0:06:51.160 --> 0:06:51.320 Yeah. 0:06:51.400 --> 0:06:53.720 The only thing I would add is credit unions like 0:06:53.800 --> 0:06:56.559 Tiffany's that are great. They even have a max interest 0:06:56.640 --> 0:06:59.520 rate they can charge you. It's eighteen percent, so you're 0:06:59.560 --> 0:07:02.720 never going which sounds like high. But when you think 0:07:02.760 --> 0:07:05.360 about some there are online lenders out there that are 0:07:05.400 --> 0:07:08.200 no better than payday lenders Yep, you know storefronts, and 0:07:08.240 --> 0:07:11.880 they charge like triple digit interest rates. I mean, so 0:07:12.080 --> 0:07:16.720 eighteen percent is their max on personal loans and things 0:07:16.760 --> 0:07:19.520 like that. But even though, so, if you were considering 0:07:19.560 --> 0:07:21.840 your credit union, what I would say is your credit 0:07:21.920 --> 0:07:24.920 score is really good. See what interest rate they offer 0:07:25.000 --> 0:07:27.360 you and how much they offer you, and just get 0:07:27.400 --> 0:07:31.080 a couple other quotes, even from some online lenders. You 0:07:31.120 --> 0:07:34.800 do have good credit. I think it might be You'll 0:07:34.800 --> 0:07:37.040 have to decide, though, I'm wondering. She gives her credit 0:07:37.120 --> 0:07:39.320 score but not her husband's and it's his debt, So 0:07:39.880 --> 0:07:42.760 it's that kind of sticky, icky thing of am I 0:07:43.200 --> 0:07:43.760 putting my. 0:07:43.760 --> 0:07:45.640 Credit on the line for your debt? 0:07:45.960 --> 0:07:49.200 What's his credit score? That's what I'm curious about, And 0:07:49.680 --> 0:07:53.240 it is he taking out the loan cause and I'm 0:07:53.280 --> 0:07:56.560 gonna be for real, I've dot just because you know, 0:07:56.600 --> 0:07:58.840 I've talked to at least three different women recently through 0:07:58.880 --> 0:08:03.080 my career coaching who have been in really nasty breakups 0:08:03.120 --> 0:08:05.880 and they have been left on the hook for debt 0:08:06.280 --> 0:08:09.240 that their partner that they took on, you know, as 0:08:09.280 --> 0:08:11.640 a couple, but really it was you know, is it 0:08:11.680 --> 0:08:14.160 in a couple in in you know, in your feelings 0:08:14.240 --> 0:08:16.440 or is it a couple on paper? Because what's often 0:08:16.440 --> 0:08:18.640 happening is you have one person taking on the debt. 0:08:18.680 --> 0:08:23.640 So I would definitely think carefully before you put your 0:08:23.640 --> 0:08:29.120 finances on the line to consolidate his debt. But let's 0:08:29.160 --> 0:08:32.240 say you know he's got solid credit, I would say 0:08:32.240 --> 0:08:35.640 one hundred percent he should be consolidating his debt. Start 0:08:35.679 --> 0:08:37.440 with a credit union, and then see if some online 0:08:37.480 --> 0:08:39.320 lenders you can get some quotes from as well, and 0:08:39.800 --> 0:08:44.040 ultimately go with the lowest rate possible on a fixed 0:08:44.520 --> 0:08:49.640 personal on a fixed rate personal loan. That is just 0:08:49.679 --> 0:08:53.040 an idea. Like Tiffany said, we are not your financial advisor. 0:08:53.080 --> 0:08:55.440 We don't know everything about your financial picture. There's so 0:08:55.480 --> 0:08:59.720 many questions here, but that's just our thoughts for now 0:09:00.120 --> 0:09:03.920 yay marriage, but yours is mine? 0:09:04.760 --> 0:09:15.040 Met all right? 0:09:15.080 --> 0:09:16.240 What's our next question? Tif? 0:09:16.480 --> 0:09:19.880 Okay? Is okay? Hi? 0:09:20.360 --> 0:09:22.760 My sister turned me onto your podcast and it's been 0:09:22.800 --> 0:09:25.800 so helpful to continue our healthy relationship with money and 0:09:25.840 --> 0:09:28.560 talking about it with each other. Hey, sister, you're a 0:09:28.600 --> 0:09:29.200 great sister. 0:09:29.600 --> 0:09:30.199 Thank you you. 0:09:30.600 --> 0:09:32.360 I have a question for you. I have a job 0:09:32.400 --> 0:09:37.680 with a pension peer in Colorado. I can buy up 0:09:37.760 --> 0:09:41.040 to ten years of service time and accelerate my retirement 0:09:41.240 --> 0:09:44.000 by either ten years or work on my job until 0:09:44.040 --> 0:09:46.880 normal retirement age, but get nearly one hundred percent of 0:09:46.920 --> 0:09:51.160 my highest income for the life after I retire, for 0:09:51.320 --> 0:09:54.720 life after I retire. Problem is the cost of buying 0:09:54.800 --> 0:09:58.560 years accelerates quickly as I get older. Does it make 0:09:58.559 --> 0:10:01.520 sense to use a loan like a a heelock for 0:10:01.559 --> 0:10:03.960 yours who don't know? It's a oh my god, I'm 0:10:03.960 --> 0:10:07.240 just joined a blank home equity loan. Yes, thank you, 0:10:07.320 --> 0:10:10.400 O child home equity loan A home equity line of 0:10:10.480 --> 0:10:14.280 credit to buy years of service. PARA will or PRA 0:10:14.480 --> 0:10:16.760 I don't know. PARA will loan me the money at 0:10:16.800 --> 0:10:19.480 seven percent, but I could get a heelock for less 0:10:19.480 --> 0:10:22.240 than five percent. Probably closer than three percent. Right now, 0:10:22.679 --> 0:10:25.240 I can see myself working there for the next twenty years. 0:10:25.360 --> 0:10:29.240 But I also would get the option to take a 0:10:29.320 --> 0:10:32.679 lump sum out if I move on before retirement. This 0:10:32.720 --> 0:10:35.439 feels like a good idea, but it also sounds like cheating. 0:10:35.800 --> 0:10:38.760 Cheating any advice. Thank you so much, even if you 0:10:38.760 --> 0:10:41.240 don't answer this. I love what you're doing a public servant. 0:10:41.600 --> 0:10:47.000 Oh hey, ps public servant. So just to get yes ahead, 0:10:47.040 --> 0:10:47.400 I had. 0:10:47.320 --> 0:10:49.480 No idea that you could do this. I didn't know 0:10:49.520 --> 0:10:52.679 that you could buy years of service. This is fascinating 0:10:52.679 --> 0:10:52.920 to me. 0:10:53.120 --> 0:10:56.120 You should ask husband because he's a public servant as well, right, 0:10:56.160 --> 0:10:58.319 and I know my husband, Superman is a public servant. 0:10:58.520 --> 0:11:01.680 So we actually did this, although we didn't have all 0:11:01.720 --> 0:11:04.800 of the nuances that you have public service, meaning that 0:11:05.800 --> 0:11:08.679 it didn't like he could have done it at any time. Basically, 0:11:08.720 --> 0:11:12.120 it didn't actually cost more the longer that he waited, 0:11:13.360 --> 0:11:15.680 so I was like, oh, you know, that was something new, 0:11:16.360 --> 0:11:18.520 so we you know, we it took us a few 0:11:18.600 --> 0:11:20.400 years to make the decision of whether it made sense, 0:11:20.400 --> 0:11:22.200 but we weren't in a rush, thankfully, because he didn't 0:11:22.240 --> 0:11:24.920 have to do that. And then also too it was. 0:11:25.000 --> 0:11:26.679 I think his max was like five years that he 0:11:26.679 --> 0:11:30.560 could buy back. So eventually, after sitting with our financial 0:11:30.559 --> 0:11:34.120 planner on Jillie, hey girl, we decided it made sense 0:11:34.200 --> 0:11:38.680 now to your point, because he's going to technically quote 0:11:38.720 --> 0:11:43.760 unquote retire early. If if that's what he so decides, 0:11:43.800 --> 0:11:46.040 he's not going to get the hundred percent of the 0:11:46.080 --> 0:11:49.000 money he would have gotten. I think let's just pretend like, 0:11:49.600 --> 0:11:51.880 uh that you get sixty percent of your paycheck and 0:11:51.920 --> 0:11:54.480 your in your in your pension because my husband has 0:11:54.480 --> 0:11:56.960 a pension as well, right, so he's not going to 0:11:57.000 --> 0:11:59.520 get that. It will be less. But he and you know, 0:11:59.559 --> 0:12:03.040 we did the math and we were like, okay, one, 0:12:03.200 --> 0:12:05.599 by the time my husband retires, we will have we 0:12:05.840 --> 0:12:09.680 already have one property that's basically done. We'll be able 0:12:09.679 --> 0:12:11.400 to rent it out for about twenty two hundred bucks 0:12:11.400 --> 0:12:13.400 a month. Now the property is paid off and renovated, 0:12:13.440 --> 0:12:16.920 so there's no mortgage. So if he saves half event 0:12:17.559 --> 0:12:20.679 and then the other half basically is what I told him, Now, 0:12:20.679 --> 0:12:23.440 you're starting to replace your income. So I told him 0:12:23.520 --> 0:12:27.520 you have five years you know to you know, use 0:12:27.559 --> 0:12:30.400 real estate to replace your income. So him not getting 0:12:30.400 --> 0:12:33.720 the full pension is not as important as what was 0:12:33.760 --> 0:12:38.000 important to me was because he could technically like quit now, really, 0:12:38.040 --> 0:12:39.800 I guess, well that's not true because he doesn't have 0:12:39.840 --> 0:12:42.560 the full money from the homes yet. But let's just 0:12:42.600 --> 0:12:45.280 say that we get an apartment complex this year and 0:12:45.280 --> 0:12:47.880 it's like, well, now he's making ten thousand dollars a month, 0:12:47.920 --> 0:12:48.520 he could quit. 0:12:48.760 --> 0:12:50.719 No, I want that insurance. 0:12:50.800 --> 0:12:53.440 Like for us, that's what made that's why we're like, no, 0:12:53.480 --> 0:12:56.600 I want him to finish out, because his insurance is 0:12:56.640 --> 0:12:59.600 a plus plus as it is for many public service 0:13:00.440 --> 0:13:02.240 like y'all know, for those of you who are ogis, 0:13:02.280 --> 0:13:04.959 you know, I did IVF for like three years, and 0:13:05.160 --> 0:13:07.920 it was probably would have cost us well, definitely into 0:13:08.000 --> 0:13:11.080 the six figures, if not multiple six figures because we 0:13:11.120 --> 0:13:14.480 did it for so long. But I paid ten dollars 0:13:14.520 --> 0:13:16.080 out of pocket when I went to see the doctor. 0:13:16.520 --> 0:13:19.720 I paid nothing for all of the surgeries. It was, 0:13:19.880 --> 0:13:22.400 you know, it was I probably paid out of pocket 0:13:22.480 --> 0:13:24.720 less than three thousand dollars for the three years. And 0:13:24.760 --> 0:13:26.640 that's because I had to. You know, when you I 0:13:26.800 --> 0:13:28.800 froze some of the eggs and that's something that they 0:13:28.840 --> 0:13:31.160 did not cover. So I just say all that to say, 0:13:31.200 --> 0:13:33.000 his insurance is so great, I want to take it 0:13:33.040 --> 0:13:36.000 with us, And so you know, I'm just I don't 0:13:36.040 --> 0:13:38.160 know the right choice for you, but I wanted to 0:13:38.280 --> 0:13:41.520 give you like a path of our thinking, like how 0:13:41.559 --> 0:13:43.880 important is it for you to have the full amount 0:13:43.880 --> 0:13:45.679 of money at the end? Do you get to take 0:13:45.720 --> 0:13:49.480 your insurance with you? I don't know that there's a 0:13:49.520 --> 0:13:51.640 right or wrong. Ten years is a lot of time. 0:13:51.920 --> 0:13:54.600 And does she say how close how she is? 0:13:55.160 --> 0:13:57.679 No, she says she can see herself working there for 0:13:57.800 --> 0:13:59.400 twenty years. 0:13:59.160 --> 0:14:01.800 But she doesn't know twenty years, but we don't know 0:14:01.840 --> 0:14:05.480 when her like, so meaning like if Superman works for 0:14:05.520 --> 0:14:07.480 the next ten years, he'll be able to retire, but 0:14:07.520 --> 0:14:09.440 we can shorten it in half. We don't know how 0:14:09.480 --> 0:14:12.000 far or close he is she is to like, whatever 0:14:12.000 --> 0:14:13.560 the full amount of years are, I guess we can 0:14:13.600 --> 0:14:14.640 assume it's twenty years. 0:14:15.800 --> 0:14:17.920 She said that she's going to accelerate it, that she's 0:14:17.960 --> 0:14:20.360 thinking of buying up to ten years of service to 0:14:20.440 --> 0:14:22.680 accelerate her retirement by ten years. So it looks like 0:14:22.720 --> 0:14:26.000 she's looking to cut twenty into ten. Yeah, that's thirty 0:14:26.200 --> 0:14:26.800 down to twenty. 0:14:26.920 --> 0:14:31.160 That's what I'm wondering at Yeah, I don't. 0:14:30.960 --> 0:14:31.840 Know what do you think maydie? 0:14:31.840 --> 0:14:32.160 What would you do? 0:14:32.200 --> 0:14:33.600 Because I don't think there's a right or wrong here. 0:14:34.000 --> 0:14:34.360 Girl. 0:14:34.520 --> 0:14:36.120 The only thing I could think when you were telling 0:14:36.160 --> 0:14:38.640 your story is if you're listening to anything public servant, 0:14:38.680 --> 0:14:41.400 it's the fact that Tiffany, huh and Superman I keep 0:14:41.480 --> 0:14:47.520 calling him Husby. I'm sorry, he's Superman. I have husby anyway, 0:14:47.760 --> 0:14:50.280 that you guys went to Angelie your financial planner first, 0:14:50.440 --> 0:14:54.160 this is a prime example of a complicated math problem 0:14:54.520 --> 0:14:57.400 that you want to see seven different scenarios lined up, 0:14:57.440 --> 0:14:59.520 and that is something that I know my financial planner, 0:14:59.520 --> 0:15:02.600 Helen would extraordinary force. So I'm saying this is a 0:15:02.640 --> 0:15:05.320 good it's such a big decision too. You're talking about 0:15:05.360 --> 0:15:09.040 also a helock. How does Superman pay for his year? 0:15:09.520 --> 0:15:11.920 We saved it. We saved it, and you saved it. 0:15:12.680 --> 0:15:14.720 So I don't know if we would to pay cash. Yes, 0:15:14.760 --> 0:15:16.000 we pay cash because yeah. 0:15:16.440 --> 0:15:19.280 Yeah, because a helock is a whole other element to this. 0:15:19.440 --> 0:15:21.880 That you got your house on the line, you know, 0:15:22.000 --> 0:15:24.800 that's your collateral. That's why you get a lower interest rate. 0:15:24.920 --> 0:15:27.960 So it's a very complex question, and I think that 0:15:28.000 --> 0:15:30.440 it's a perfect time. This is a big enough situation 0:15:30.560 --> 0:15:34.480 where finding a fee based or fee only financial planner 0:15:34.680 --> 0:15:37.840 who can help you with this particular situation. They'll they'll 0:15:37.880 --> 0:15:40.600 get all your personal information down, your family, all that 0:15:41.120 --> 0:15:45.040 and their household expenses and debts, and help you walk 0:15:45.080 --> 0:15:47.640 through all of your options. Because to me, it's such 0:15:47.640 --> 0:15:50.240 a big decision that I would feel a lot better 0:15:50.360 --> 0:15:53.000 if you had. Personally, I would feel a lot better. 0:15:53.080 --> 0:15:53.320 I don't. 0:15:53.360 --> 0:15:55.240 I wouldn't make this kind of decision without talking to 0:15:55.280 --> 0:15:58.920 my financial planner, and I don't think necessarily you probably 0:15:59.000 --> 0:16:01.680 you could make that decision, but if you're doubting it, 0:16:01.760 --> 0:16:05.120 I would say, definitely lean on a personal financial advisor, 0:16:05.160 --> 0:16:06.920 which of course Tiffany and I can't do because we 0:16:06.960 --> 0:16:09.800 don't know that much. We only have, you know, a 0:16:09.840 --> 0:16:13.440 little email from you. I'm not trying to get out 0:16:13.480 --> 0:16:15.720 of saying an answer, but genuinely, I ain't got one. 0:16:15.760 --> 0:16:18.240 I just say, yeah, it's a lot too. There's so 0:16:18.280 --> 0:16:20.600 many nuances, and you're right that. I think the biggest 0:16:20.600 --> 0:16:22.440 thing to take away is the fact that, like I did, 0:16:22.440 --> 0:16:24.280 we did not make this decision by ourselves. 0:16:24.720 --> 0:16:26.480 You know, we asked, we were like, so. 0:16:26.400 --> 0:16:28.400 What do you think and she was just like, well, 0:16:28.840 --> 0:16:32.080 she looked at how much savings we had. She actually asked, like, 0:16:32.240 --> 0:16:34.760 we had to go I had never seen his pension 0:16:34.840 --> 0:16:37.960 paperwork or whatever. We had to go download it get 0:16:37.960 --> 0:16:39.800 it for her so she could actually look through the 0:16:39.840 --> 0:16:43.000 pension paperwork to see, you know what, you know, do 0:16:43.080 --> 0:16:44.240 you get to take because I was like, do you 0:16:44.240 --> 0:16:47.720 get to take your retirement your your life it's not 0:16:47.720 --> 0:16:51.440 life insurance, your health insurance with you fully, like what 0:16:51.480 --> 0:16:52.040 does that look like? 0:16:52.040 --> 0:16:53.000 So these were things, you know. 0:16:52.920 --> 0:16:55.800 It's all so she weaves through all those things and 0:16:55.920 --> 0:16:58.720 was like, so here's what's on the table. Yes, you 0:16:58.760 --> 0:17:01.320 get to take it with you, Superman. You're not gonna 0:17:01.320 --> 0:17:02.960 make the full amount because you're gonna leave early. 0:17:03.000 --> 0:17:03.600 This is what this is. 0:17:04.000 --> 0:17:07.080 She even gave us an amount the differential between if 0:17:07.080 --> 0:17:09.040 you stay to the end to what you're making now, 0:17:09.400 --> 0:17:11.000 you know, so we can make that decision. And so 0:17:11.160 --> 0:17:14.040 and here's the thing. What's so great is that he 0:17:14.119 --> 0:17:16.920 could still stay if he wanted to, Like it doesn't 0:17:16.960 --> 0:17:19.520 mean I mean people work past quote unquote retirement age. 0:17:19.760 --> 0:17:21.679 So it's not like if he's like, you know what, 0:17:21.760 --> 0:17:23.760 actually I don't mind it, I'll stay an extra five 0:17:23.840 --> 0:17:25.199 years or whatever. He can still do that. 0:17:25.440 --> 0:17:26.400 I just wanted for him. 0:17:26.440 --> 0:17:28.880 He just wanted the option of being able to say, 0:17:29.320 --> 0:17:31.040 you know what, if I do want to leave early 0:17:31.080 --> 0:17:33.159 and I do have you know this other source of 0:17:33.200 --> 0:17:35.320 income coming in that I want to focus on, I 0:17:35.400 --> 0:17:37.760 have the option to do so. But yeah, Manny's right, 0:17:37.800 --> 0:17:41.639 this is a big, big, big decision, very complicated, and 0:17:41.960 --> 0:17:44.080 but honestly, you're in an awesome place to even be 0:17:44.119 --> 0:17:46.080 able to make this decision. Like who can say that 0:17:46.240 --> 0:17:47.800 I can buy ten years off my time? 0:17:47.840 --> 0:17:52.000 That's awesome, I mean, hell's yeah. All right, Well, let 0:17:52.080 --> 0:17:54.480 us I feel like this this warrants a follow up email. 0:17:54.560 --> 0:17:56.800 Let us know if you find a financial planner if you're. 0:17:56.640 --> 0:17:59.200 In Colorado, A good a good place to start for. 0:17:59.320 --> 0:18:04.000 Finding a feed planner is National Association of Certified Financial 0:18:04.040 --> 0:18:04.920 Planners Napfah. 0:18:05.480 --> 0:18:07.360 Yeah, we'll put a link, Yes. 0:18:07.200 --> 0:18:09.000 We'll put a link in the in the show notes. 0:18:09.040 --> 0:18:11.720 But you can ask for referrals find someone in your 0:18:11.720 --> 0:18:14.160 state because they're actually probably going to have experience working 0:18:14.240 --> 0:18:16.719 with people who work with the pension system there. So 0:18:17.840 --> 0:18:21.520 you know, big decisions, grown up, grown up things, good 0:18:22.119 --> 0:18:26.680 grown up teams, Good luck, grown up things. All right, 0:18:26.800 --> 0:18:29.720 I think that's it for the ba QA this week. 0:18:29.720 --> 0:18:30.879 Thanks y'all for listening. 0:18:31.200 --> 0:18:33.479 Yes, but you have questions, don't forget Send us your questions. 0:18:33.480 --> 0:18:37.120 We love you can send us your personal financial questions, 0:18:37.119 --> 0:18:40.840 but also too, you know, Mandy is quite the career 0:18:41.840 --> 0:18:45.080 educator these days. Send us your career questions and you 0:18:45.160 --> 0:18:47.439 know them all about that business, So send us your 0:18:47.480 --> 0:18:50.280 business questions as well. 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