WEBVTT - Ep. 169 — Finding Your Perfect Retirement Number with Paychecks & Balance's Marcus Garrett 0:00:16.040 --> 0:00:19.480 Hey, hey, Hey, happy Brown Ambition. Wednesday, We are back 0:00:19.560 --> 0:00:22.759 with another show for you. This is Tiffany's last week 0:00:22.760 --> 0:00:25.560 of vacation, which means she will be back this week. 0:00:25.760 --> 0:00:27.920 But once again I am here with one of my 0:00:28.480 --> 0:00:31.000 favorite guests returning to the show. Why don't you go 0:00:31.000 --> 0:00:31.800 ahead and say, hey, the. 0:00:31.760 --> 0:00:35.479 Listeners, how you doing? This? Is Marcus Garrett of Paychecks 0:00:35.479 --> 0:00:36.160 and Balances? 0:00:36.400 --> 0:00:38.320 What you sound nothing like Sandy Smith? 0:00:39.000 --> 0:00:42.080 I should say, one half of Paychecks and Balances. 0:00:41.800 --> 0:00:45.960 One half very humble. Well, Marcus obviously is not Sandy Smith, 0:00:46.080 --> 0:00:48.559 founder of Yes I Am Cheap, who we teased in 0:00:48.640 --> 0:00:51.400 last week's show as being this week's co host. Unfortunately, 0:00:51.479 --> 0:00:55.400 Sandy had a medical emergency and she's really taken ill, 0:00:55.520 --> 0:00:58.360 and we just wanted to wish Sandy first and foremost 0:00:58.440 --> 0:01:01.720 a speedy recovery of Sandy. Marcus and I both have 0:01:01.840 --> 0:01:04.959 known her for a while and really respect and admire 0:01:05.000 --> 0:01:07.880 all that she's done and just wish her, you know, 0:01:07.880 --> 0:01:08.800 a safe recovery. 0:01:10.200 --> 0:01:10.440 Same. 0:01:10.560 --> 0:01:12.800 Sandy just put me up on game recently and helped 0:01:12.840 --> 0:01:15.680 me out personally behind the streets in the DM, so 0:01:15.720 --> 0:01:17.560 I appreciate her and wish her well. 0:01:17.760 --> 0:01:20.200 Thanks to you, Marcus, for jumping in. I know it 0:01:20.240 --> 0:01:23.240 was last minute. I emailed you in a frantic you know, 0:01:24.440 --> 0:01:26.360 Hayes this morning like please be on the show. So 0:01:26.440 --> 0:01:27.880 thank you so much for taking the time. 0:01:28.440 --> 0:01:31.000 So good Black actors got to stick together, right. 0:01:31.520 --> 0:01:33.120 So you guys have been in the game, the podcast 0:01:33.120 --> 0:01:35.440 game about as long as we have. We had both 0:01:35.520 --> 0:01:38.360 you and your co host co host Rich on the 0:01:38.400 --> 0:01:41.120 show a few months ago, Battle of the Sexes dun 0:01:41.200 --> 0:01:43.280 Dune done. It was a fun show, it was. 0:01:43.319 --> 0:01:44.120 It was a good time. 0:01:44.920 --> 0:01:46.600 But I'm excited to get to know you a little 0:01:46.600 --> 0:01:49.280 bit better. So first of all, to remind you, guys, 0:01:49.280 --> 0:01:51.720 Marcus Scarett, on top of being one of the co 0:01:51.800 --> 0:01:55.120 hosts of Paychecks and Balances, which is forever in the 0:01:55.240 --> 0:01:58.800 roundups of best personal finance podcasts, is also an author 0:01:59.520 --> 0:02:01.960 author of the book called Debt Free or Die Trying. 0:02:02.440 --> 0:02:04.840 Debt is something that Marcus knows a little bit about, 0:02:04.880 --> 0:02:07.480 having paid off thirty thousand dollars worth of was it 0:02:07.520 --> 0:02:08.560 just credit card debt. 0:02:09.160 --> 0:02:11.959 Mostly credit card dead but broadly consumer did There was 0:02:12.000 --> 0:02:14.760 a car Loan in there with rims of course, because 0:02:14.760 --> 0:02:17.440 I have my taste of flat screen TV. For three 0:02:17.440 --> 0:02:19.840 thousand dollars and then just generally having a good time. 0:02:19.960 --> 0:02:23.720 There's always rooms involved when talking about debt. Exactly, well, 0:02:23.760 --> 0:02:26.079 thirty thousand debt by thirty thousand dollars in debt paid 0:02:26.120 --> 0:02:29.519 off by age thirty, right, that's correct, So pretty impressive, 0:02:29.560 --> 0:02:31.200 And he writes all about it in the book Debt 0:02:31.240 --> 0:02:34.120 Free or Die Trying. And let's just jump right in 0:02:34.440 --> 0:02:37.560 and talk about some of the headlines that are happening today. 0:02:38.200 --> 0:02:41.800 Cool first and foremost. Now, I just read that T Mobile, 0:02:42.040 --> 0:02:44.040 which is a phone company, all of a sudden, wants 0:02:44.120 --> 0:02:47.440 to be a bank. T Mobiles launching a four percent 0:02:47.720 --> 0:02:49.800 yield checking account. Have you heard of us? 0:02:50.840 --> 0:02:53.480 I haven't heard of this, but I have noticed everyone's 0:02:53.560 --> 0:02:57.080 rolling out the banks. Like I think Uber's getting in 0:02:57.120 --> 0:02:58.680 the game. I think they try to sell me a 0:02:58.680 --> 0:03:02.560 credit card. Chase just came out with like Chase Freedom Unlimited, 0:03:02.639 --> 0:03:05.680 but it ain't unlimited, it's just higher APR. Like the 0:03:05.720 --> 0:03:07.840 game is getting a little bit weird out there. 0:03:08.200 --> 0:03:10.920 Yeah, so like Uber, Yeah, Uber has a credit card. 0:03:10.919 --> 0:03:12.840 And it feels like a lot of companies are wanting 0:03:12.880 --> 0:03:16.760 to launch these like hybrid checking slash savings accounts where 0:03:17.080 --> 0:03:19.840 usually you expect to get a high yield on a 0:03:19.880 --> 0:03:22.600 savings account like an ally or Capital one three sixty, 0:03:22.639 --> 0:03:26.040 like these online banks have these really high yields on savings. 0:03:26.080 --> 0:03:28.079 But now there are these, you know, what they call 0:03:28.240 --> 0:03:30.360 cash management accounts where they want you to put all 0:03:30.360 --> 0:03:32.480 your money in one pot and they give you that 0:03:32.560 --> 0:03:35.400 higher yield. And that seems to be what T Mobile 0:03:35.880 --> 0:03:38.240 is launching with its new T Mobile Money account. But 0:03:38.720 --> 0:03:41.080 like your phone company and your bank, it's kind of 0:03:41.080 --> 0:03:41.600 net to me. 0:03:42.040 --> 0:03:43.280 Can you run that by me? A git? Did you 0:03:43.320 --> 0:03:44.000 say four percent? 0:03:44.240 --> 0:03:46.560 Four percent? Doesn't that get you excited? 0:03:46.760 --> 0:03:48.880 I mean, yeah, that does have mob with the beard strokes, 0:03:48.880 --> 0:03:51.720 because and I do not get paid by this company's 0:03:51.760 --> 0:03:53.920 city was trying to lure me with two point four 0:03:54.160 --> 0:03:57.400 six percent, So I mean they might need to go 0:03:57.440 --> 0:04:00.280 back and revisit. So I don't have T Mobile. I'm 0:04:00.320 --> 0:04:02.000 not gonna drop who I have because I'm not really 0:04:02.040 --> 0:04:05.880 happy with them right now. So but yeah, I'm stroking 0:04:05.880 --> 0:04:07.240 a beard right now. I'm stroking a beard. 0:04:07.320 --> 0:04:09.600 Well, don't stroke your beard for very long, like you know, 0:04:09.720 --> 0:04:12.120 your beard deserves better. Because here's the thing. When I 0:04:12.120 --> 0:04:14.480 hear four percent, the first thing I ask is, what 0:04:14.520 --> 0:04:16.080 do you have to do to get that four percent, 0:04:16.160 --> 0:04:18.880 because there is gonna be some fine print, So I 0:04:18.960 --> 0:04:21.360 checked it out for you guys. Is this offer as 0:04:21.400 --> 0:04:23.760 sexy as it sounds? You know, the average apy on 0:04:23.839 --> 0:04:27.120 savings accounts is something like zero point two percent right now, 0:04:27.440 --> 0:04:30.280 you know, so four percent is huge. So the actual 0:04:30.320 --> 0:04:32.560 fine print is this? Okay, it's not, first of all, 0:04:32.600 --> 0:04:35.039 as exciting as it sounds. One, you have to be 0:04:35.560 --> 0:04:38.159 in a qualifying T Mobile wireless plan, which means you 0:04:38.200 --> 0:04:40.960 got to like ditch your wile wireless service and switch 0:04:40.960 --> 0:04:44.240 to T Mobile. Right number One, he's just like they've 0:04:44.240 --> 0:04:47.080 lost a bunch of people, including me. Two, you've got 0:04:47.080 --> 0:04:50.480 to register for something they call vaguely perks with your 0:04:50.480 --> 0:04:52.920 T Mobile ID. I have no idea what those perks are. 0:04:53.360 --> 0:04:55.960 But here's the real kicker. You have to have at 0:04:56.040 --> 0:04:59.800 least two hundred dollars in qualifying deposits and you're checking 0:04:59.839 --> 0:05:03.520 it count each month. And the four percent is only 0:05:03.560 --> 0:05:06.760 applicable to the first three thousand dollars you save once 0:05:06.839 --> 0:05:10.000 you've hit those first three requirements. 0:05:09.400 --> 0:05:13.880 Right, So then what happens after the three thousand is 0:05:13.880 --> 0:05:15.680 it go down to the point two percent that we're 0:05:15.720 --> 0:05:18.520 all used to or what's the These perks sound like scams. 0:05:18.520 --> 0:05:19.760 That's why I'm asking. I'm just kind of. 0:05:19.760 --> 0:05:21.640 Scam because you know, they got the fighting print, they 0:05:21.640 --> 0:05:24.680 covered their bases. It's actually not that bad. It's still 0:05:24.760 --> 0:05:27.520 one percent apy, but you can get that from any 0:05:27.560 --> 0:05:28.840 old bank, Like you don't need to go to T 0:05:28.960 --> 0:05:30.799 Mobiles bank to get that. You can go to ally 0:05:30.920 --> 0:05:33.920 Capital one, three sixty, Synchrony. I mean, there's a lot 0:05:33.960 --> 0:05:35.839 that we talk all the time about online banks that 0:05:35.920 --> 0:05:39.680 offer really competitive ap Wise's stay. So my vote, my 0:05:39.760 --> 0:05:42.279 personal vote, is it's a no for me. 0:05:42.360 --> 0:05:42.640 Dog. 0:05:43.160 --> 0:05:45.279 Yeah, I feel like that average is out. If you 0:05:45.279 --> 0:05:47.400 do hit that three thousand, then that's what within a 0:05:47.440 --> 0:05:49.039 one percent return from there, if you did that for 0:05:49.080 --> 0:05:51.120 the next what I don't know how many months that 0:05:51.120 --> 0:05:52.760 would take the average person, but I just feel like 0:05:53.400 --> 0:05:54.760 the average of that is going to get you down 0:05:54.760 --> 0:05:56.880 to two percent. So then you're back to just sticking 0:05:56.920 --> 0:05:58.799 with your bank and your phone company, assuming you're happy 0:05:58.800 --> 0:06:00.720 with both exactly, because. 0:06:00.520 --> 0:06:02.520 I mean, at the end of the day, like why 0:06:02.560 --> 0:06:05.680 would what's in it for this company to be? You know, 0:06:05.680 --> 0:06:08.159 when banks compete on rates, they usually compete by like 0:06:08.240 --> 0:06:10.400 a fraction of a percent, So it's like, ooh, I'm 0:06:10.400 --> 0:06:12.160 going to raise mine one basis point. Well, I'm going 0:06:12.160 --> 0:06:13.880 to raise mine another half basis point. You know, they 0:06:13.920 --> 0:06:17.040 don't compete like to a factor of two, like you know, 0:06:17.200 --> 0:06:20.120 double what other people are offering, unless there's a bunch 0:06:20.160 --> 0:06:22.320 of quid pro quos. So you're totally right when you 0:06:22.360 --> 0:06:25.520 actually look at the average rate over the you know, 0:06:25.640 --> 0:06:27.800 over a year, you're right on tracks to what you 0:06:27.839 --> 0:06:30.360 could be earning at like a regular you know, high 0:06:30.400 --> 0:06:32.760 yield savings account from an online bank or something like that. 0:06:34.040 --> 0:06:35.600 Yeah, it's a it's a pass for me too. 0:06:35.680 --> 0:06:38.000 Dug do you have are you one of those? Be 0:06:38.040 --> 0:06:40.440 cause Tiffany is always like on the down low, has 0:06:40.440 --> 0:06:42.080 some big banks in her you know what I mean, 0:06:42.120 --> 0:06:44.480 She's not all at the high yield account. It's hard 0:06:44.520 --> 0:06:47.360 to quit your big bank sometimes. So I'm wondering, like, 0:06:47.440 --> 0:06:49.800 when you choose banks, are you up on like the 0:06:49.839 --> 0:06:53.800 new online savings you know, online brokerage, you know, robo everything, 0:06:53.920 --> 0:06:56.000 or do you still stick with the old guys that 0:06:56.279 --> 0:06:57.680 have the brand names in the history. 0:06:58.760 --> 0:07:01.120 So the other half of the show, Rich Jones is 0:07:01.200 --> 0:07:03.000 better at this and that's his real name. I'm not 0:07:03.440 --> 0:07:06.159 making that up nor name dropping. That's actually his government name. 0:07:06.520 --> 0:07:07.960 He's better at this. I think he has like eight 0:07:08.040 --> 0:07:11.400 accounts or something to that effect. I have. I don't know. 0:07:12.000 --> 0:07:12.800 I think it does. 0:07:14.200 --> 0:07:17.400 More better managing his money. So I have two. I'm 0:07:17.400 --> 0:07:20.240 a simple man. I'll go ahead and name drop. So 0:07:20.280 --> 0:07:22.880 I bank with Chase for the day to day direct depositive, 0:07:22.880 --> 0:07:24.600 and like you said, I'm probably getting like point two 0:07:24.600 --> 0:07:29.120 percent return. The thing is, I'm not using it, and 0:07:29.200 --> 0:07:30.880 it's gotten better, you know, the two percent. It used 0:07:30.880 --> 0:07:32.920 to be like you couldn't get a high return anywhere. 0:07:32.960 --> 0:07:34.880 So because interest rates are going up, you can get 0:07:34.880 --> 0:07:36.960 better returns. And so I have, because of that, started 0:07:37.000 --> 0:07:40.480 looking with more interest, uh not no pun, Like I'm 0:07:40.520 --> 0:07:43.320 literally interested. And so I have been looking around ally 0:07:43.440 --> 0:07:45.560 things like that, Like I said that before you told 0:07:45.560 --> 0:07:48.520 me about T mobile, and then I stroked my beard 0:07:48.520 --> 0:07:50.840 and then I stopped stroking. I was looking at city cards, 0:07:50.960 --> 0:07:54.280 and so I am becoming more interested in it. But 0:07:54.360 --> 0:07:56.920 I've been putting all my money either in the stock market, 0:07:57.080 --> 0:07:59.320 and I got in trouble with a financial planner that 0:07:59.360 --> 0:08:01.640 we actually on her show because I don't have an 0:08:01.640 --> 0:08:04.560 emergency fund, and that makes me like a black sheep 0:08:04.640 --> 0:08:07.120 of a literal black sheep, I guess of the personal 0:08:07.120 --> 0:08:10.000 finance community, but it just hasn't been a priority for me. 0:08:10.080 --> 0:08:12.600 I got a fairly secure job. I got fairly secure. 0:08:12.640 --> 0:08:15.600 I've never been laid off pay. I got a significant 0:08:15.600 --> 0:08:17.440 amount in savings. And I'm saying some of this to 0:08:17.440 --> 0:08:20.440 make myself feel better, so I have not gone out 0:08:20.480 --> 0:08:22.559 and explored. And then the other one is a credit union, 0:08:22.600 --> 0:08:24.880 which I have through my car loan at a one 0:08:24.960 --> 0:08:28.240 point nine percent interest rate, and I went to them 0:08:28.280 --> 0:08:30.160 specifically to get that low interest rate. 0:08:30.320 --> 0:08:32.080 Gotta love I love credit unions. 0:08:32.320 --> 0:08:33.720 Yeah, those are my two accounts right. 0:08:33.600 --> 0:08:35.680 Now, except for we all know who's listening to the 0:08:35.720 --> 0:08:38.880 show that Georgia Telco credit Union still has my fifty 0:08:38.880 --> 0:08:40.760 dollars that I had to posit it in college and 0:08:40.800 --> 0:08:43.600 I forgot my password ten years ago and they're just 0:08:43.640 --> 0:08:47.120 holding my money but still study sending me statements like 0:08:47.400 --> 0:08:50.079 on the down low, just sending me statements. The shade 0:08:50.120 --> 0:08:55.040 is real, anyway, So talk to me about this no 0:08:55.160 --> 0:08:57.640 emergency fund thing. I think this is actually a dude thing. 0:08:57.679 --> 0:09:00.000 Because my little brother, I call him little he's twenty 0:09:00.040 --> 0:09:03.640 seven years old. He came to you know. He he 0:09:04.000 --> 0:09:06.160 likes because he knows. He knows I'm in personal finance, 0:09:06.200 --> 0:09:07.640 and so he likes to pretend that he comes to 0:09:07.679 --> 0:09:10.560 me for advice. What he really comes to me for 0:09:10.720 --> 0:09:12.960 is to get my advice and then question it. Like 0:09:13.080 --> 0:09:15.520 when I telled him, you know, oh, you know, save 0:09:15.520 --> 0:09:18.360 your ten percent for retirement, but first, you know, contribute 0:09:18.360 --> 0:09:20.640 to emergency funds. He was like, why why would I 0:09:20.679 --> 0:09:23.480 do that? And he had the same reason as you. 0:09:23.600 --> 0:09:25.920 My job is stable. You know, he's in a sales, 0:09:26.120 --> 0:09:29.000 high commission paying job. He gets these big cash bonuses 0:09:29.040 --> 0:09:31.880 once a quarter, so why, you know, save his little 0:09:31.920 --> 0:09:34.360 five percent for emergency fund when he knows he's going 0:09:34.400 --> 0:09:38.040 to get these windfalls down the line. And I was like, what, 0:09:38.360 --> 0:09:40.160 you don't have to, and I just hung up the phone. 0:09:40.320 --> 0:09:43.720 But I'm curious because for me, on the other hand, 0:09:43.840 --> 0:09:47.520 like I'm a much more, I'm just a saverer. I 0:09:47.559 --> 0:09:50.040 get really nervous if I don't if my emergency fund 0:09:50.040 --> 0:09:52.400 gets low, I like to look at the numbers there 0:09:52.400 --> 0:09:55.960 and feel comfort. I was laid off from my first job, 0:09:56.000 --> 0:09:57.800 so I feel like that had a big impact on 0:09:57.880 --> 0:10:00.440 me too, of that sense of nothing is really in 0:10:00.440 --> 0:10:03.120 your control. When you're working from somewhere else. So tell 0:10:03.160 --> 0:10:03.520 me more. 0:10:04.800 --> 0:10:06.920 Well, I guess it's a three part and I'll try 0:10:06.960 --> 0:10:08.160 to hit it quick, and if we need to go 0:10:08.200 --> 0:10:09.680 in depth in any of them, just let me know. 0:10:09.800 --> 0:10:11.760 So the first part is I think you should save 0:10:11.880 --> 0:10:14.520 as much as you need to feel secure. And I 0:10:14.679 --> 0:10:17.760 have always felt secure, So savings hasn't really been a 0:10:17.760 --> 0:10:21.400 big priority to me lately later in my life. And 0:10:21.520 --> 0:10:23.400 I'll be writing about this on the site I write 0:10:23.400 --> 0:10:27.520 every week, typically on Thursdays, about you know, that's a privilege. 0:10:27.640 --> 0:10:29.240 I think what you're speaking to is a privilege that 0:10:29.280 --> 0:10:31.160 I have right now that I worked towards. So when 0:10:31.160 --> 0:10:32.920 I first came out of college, I made twenty thousand 0:10:32.960 --> 0:10:34.560 dollars a year. I thought I was gonna make six figures, 0:10:34.559 --> 0:10:36.520 but the industry on its ear didn't quite work out 0:10:36.559 --> 0:10:36.920 that way. 0:10:37.360 --> 0:10:39.480 And when I finally. 0:10:39.120 --> 0:10:42.360 Did get more security and I was like, okay, a 0:10:42.720 --> 0:10:46.640 savings account, typically where I would put my emergency fund, 0:10:47.120 --> 0:10:50.120 wasn't a priority for me. However, my I guess there's 0:10:50.120 --> 0:10:53.080 a bucket number two. My priority was investing, and so 0:10:53.200 --> 0:10:55.960 I started putting more of my money at originally ten percent. 0:10:56.000 --> 0:10:57.800 It got as high as eighteen percent, I'm back around 0:10:57.840 --> 0:10:58.280 ten percent. 0:10:58.280 --> 0:10:58.839 For some other things. 0:10:58.880 --> 0:11:01.440 I'm interested right now the stock market, which I funded 0:11:01.440 --> 0:11:04.360 through a four to one K provided by two different employers, 0:11:04.360 --> 0:11:07.480 but at one current employer. And I don't regret that 0:11:07.559 --> 0:11:09.400 because I was able to take advantage of all the 0:11:09.400 --> 0:11:11.040 growth it's been in the stock lately. You know is 0:11:11.080 --> 0:11:13.480 having eighteen twenty percent returns, apparently all these returns that 0:11:13.600 --> 0:11:16.240 millennials will never see again. So I benefited from that, 0:11:16.280 --> 0:11:19.040 and I have a secure amount of money there. 0:11:19.080 --> 0:11:19.200 Now. 0:11:19.320 --> 0:11:21.600 Mind you, it's difficult access. There's all kind of penalties 0:11:21.640 --> 0:11:23.280 to get to it and things like that. I'm aware 0:11:23.280 --> 0:11:25.120 of that, but I kind of look at it. And 0:11:25.120 --> 0:11:27.080 I talked about this on another show, and I won't 0:11:27.120 --> 0:11:28.600 name Joub because I don't know how that works a year. 0:11:28.640 --> 0:11:31.160 Some people don't like that, But basically what I said was, 0:11:31.960 --> 0:11:34.000 you shul should just be conscious about your spending. A 0:11:34.000 --> 0:11:35.959 lot of people are kind of like zombies, going through 0:11:36.000 --> 0:11:39.800 life unconsciously spending on whatever feels good, instant gratification. I 0:11:39.840 --> 0:11:41.400 want this, I want that. I want to live paycheck 0:11:41.440 --> 0:11:43.839 to paycheck, or I will just get it my next 0:11:43.840 --> 0:11:46.800 commission check. Like it sounds like your brother. That's cool. 0:11:47.240 --> 0:11:49.439 As long as it's a consciousness. It sounds like that's 0:11:49.480 --> 0:11:52.360 a choice that he's made. Bucket number three would be 0:11:52.520 --> 0:11:54.280 you can also do as I say it, not as 0:11:54.360 --> 0:11:57.800 I do. And I typically tell people so, the average 0:11:57.840 --> 0:12:00.520 American right now, and I'm sure you've brought quote these 0:12:00.559 --> 0:12:04.000 stats cannot afford a four hundred dollars emergency. So clearly 0:12:04.040 --> 0:12:06.080 it's about seventy percent can't afford a four hundred dollars 0:12:06.080 --> 0:12:08.520 emurgency without using a credit card or borrowing it from 0:12:08.520 --> 0:12:11.440 a friend, peer payday loan, which I would definitely never do. 0:12:12.440 --> 0:12:14.480 So to me, I hear that, and I say, well, 0:12:14.800 --> 0:12:17.480 you need to start at five hundred dollars. The recommendation 0:12:17.559 --> 0:12:19.559 is typically one thousand dollars or three to six months. 0:12:19.559 --> 0:12:23.240 But when I say that to people who have zero dollars, 0:12:23.800 --> 0:12:25.000 I might as well tell them to go out and 0:12:25.040 --> 0:12:27.439 catch a leprechaun in the streets, because I try to 0:12:27.480 --> 0:12:32.360 make my advice practical, So conscious decision. Bucket number one. 0:12:32.360 --> 0:12:34.600 If you have a secure job and you have secure 0:12:34.640 --> 0:12:37.480 pay and you are doing something responsible with your money, 0:12:37.480 --> 0:12:40.480 typically I recommend ten to twenty percent something responsible. I 0:12:40.520 --> 0:12:44.319 automate everything because I am not naturally responsible with money. 0:12:44.360 --> 0:12:46.440 It's kind of humorous to me that I'm in this space. 0:12:46.960 --> 0:12:49.480 I am not good with money. I'm good with process. 0:12:49.559 --> 0:12:51.240 I'm an auditor by day. I do that for a 0:12:51.320 --> 0:12:54.320 dollar and doing it for fifteen years. I put processes 0:12:54.360 --> 0:12:56.800 in place that make me successful with money. 0:12:57.520 --> 0:13:00.160 I see and you know, like, oh, sorry to interrupt. 0:12:59.840 --> 0:13:02.040 You, No, I would say, then the other two is 0:13:02.080 --> 0:13:05.440 and if that doesn't work for you, are you like 0:13:05.480 --> 0:13:09.040 you said, I think you're more comfortable having that money available. 0:13:09.080 --> 0:13:10.520 So to a person like that, I would say, yeah, 0:13:10.559 --> 0:13:14.200 start with five hundred dollars because that'll cover most emergency expenses. 0:13:14.240 --> 0:13:16.680 Just by that that statistic and study is shown, and 0:13:16.720 --> 0:13:18.680 then work your way up to three to six months 0:13:18.840 --> 0:13:21.400 and then do either what I'm doing, or then start 0:13:21.400 --> 0:13:23.720 looking at greater investment in returns because as we open 0:13:23.840 --> 0:13:27.160 with four percent returns at Team Mobe, especially on three 0:13:27.160 --> 0:13:29.120 thousand dollars, isn't going to get you there. I mean 0:13:29.520 --> 0:13:32.240 typically inflations is between one or two percent. So every 0:13:32.320 --> 0:13:34.800 year you need to find something to either if you 0:13:34.800 --> 0:13:36.520 want to break even, you need to be making two 0:13:36.520 --> 0:13:39.000 percent returns, but if you want to make a profit, 0:13:39.320 --> 0:13:42.080 that's why people start investing in stocks, bonds and other 0:13:42.280 --> 0:13:44.840 secure investments, and then you just got to find what's 0:13:44.880 --> 0:13:47.000 your risk appetite. 0:13:47.559 --> 0:13:49.800 Right and pushing yourself because I feel like what you're 0:13:49.840 --> 0:13:52.120 saying right now is the reason why you know, I'm 0:13:52.120 --> 0:13:54.920 a recession graduate baby, and I feel like that had 0:13:54.960 --> 0:13:57.880 a profound impact on a lot of the people. You're 0:13:57.920 --> 0:13:59.199 not that much older than I were both kind of 0:13:59.280 --> 0:14:02.360 recession era. You know, came up started building wealth in 0:14:02.400 --> 0:14:04.480 our twenties around the time the recession was going on, 0:14:04.520 --> 0:14:06.160 and I think they had a profound impact on me 0:14:06.280 --> 0:14:08.520 and a lot of our peers to the point where, 0:14:08.559 --> 0:14:11.240 you know, you read these studies about millennials being afraid 0:14:11.520 --> 0:14:14.000 to invest in the market because they saw what their 0:14:14.040 --> 0:14:16.319 families went through and what their parents went through losing 0:14:16.360 --> 0:14:18.520 their homes and their four to one K investments and 0:14:18.520 --> 0:14:21.440 all that. But it's really to our detriment, like if 0:14:21.480 --> 0:14:24.160 you're not getting in the market, because look at people 0:14:24.200 --> 0:14:26.760 who left the market after the recession, took their money 0:14:26.760 --> 0:14:30.240 and ran, they actually would the people who who hung 0:14:30.280 --> 0:14:33.320 in there and stayed in the market have made back 0:14:33.440 --> 0:14:36.040 what they've lost and then some and actually came out 0:14:36.080 --> 0:14:38.920 ahead of people who left the market, and you know, 0:14:39.040 --> 0:14:41.680 the market is not It's not just what happens in 0:14:41.720 --> 0:14:44.800 one year. It's what happens over a decade or decades. 0:14:45.480 --> 0:14:48.600 And that's the kind of like I'm a logical person. Yes, 0:14:48.640 --> 0:14:51.320 I'm like a risk averse in the sense that like, yes, 0:14:51.360 --> 0:14:53.200 I want to have my little cash fund so I 0:14:53.200 --> 0:14:55.760 can see it and touch it. But I also listened 0:14:55.800 --> 0:14:58.880 to logic, which is the logic of investing in the 0:14:58.920 --> 0:15:01.280 market and looking at how people who have invested have 0:15:01.360 --> 0:15:03.360 done over the years to build wealth and how that 0:15:03.400 --> 0:15:06.120 really is in this country at this time, the best 0:15:06.120 --> 0:15:08.960 way to build wealth, you know, for regular people is 0:15:09.000 --> 0:15:11.800 to get into the market. Somehow, that logic is what 0:15:12.000 --> 0:15:15.760 drives me to stay invested. So I have it just 0:15:15.800 --> 0:15:17.880 takes me more. It's just we both get to the 0:15:17.880 --> 0:15:20.560 same place. But I have to, like, you know, really 0:15:21.200 --> 0:15:23.640 force my brain to get over what my gut in 0:15:23.720 --> 0:15:25.920 my heart is saying, like no, like we don't want 0:15:26.040 --> 0:15:28.000 you know, we're scared. You know, I got to like 0:15:28.040 --> 0:15:29.040 talk myself out of it. 0:15:30.040 --> 0:15:32.520 Yeah, And it's interesting to say that. So for context 0:15:32.560 --> 0:15:36.240 for people listening, I'm thirty six and I got a 0:15:36.440 --> 0:15:40.120 job twice during the recession, so I kind of had 0:15:40.160 --> 0:15:42.080 a different takeaway from that, and I was saving the 0:15:42.400 --> 0:15:46.280 whole time that proof well, I mean, I kind of 0:15:46.320 --> 0:15:48.920 go through that, and I'm like, my greater fear. I 0:15:48.960 --> 0:15:51.160 took a different takeaway from the recession. My greater fear 0:15:51.160 --> 0:15:54.240 would be running out of money. So I'd rather take 0:15:54.360 --> 0:15:56.720 chances now while I'm thirty, thirty five, thirty six, and 0:15:56.760 --> 0:15:58.360 I can just work more jobs, because there was a 0:15:58.360 --> 0:15:59.880 point where I was working three jobs to talk about 0:15:59.880 --> 0:16:02.920 that the book, So I'm more geared towards I'll just 0:16:02.960 --> 0:16:05.400 work harder, I'll find something. I'll work six jobs if 0:16:05.400 --> 0:16:08.960 that's what's necessary. But I'd rather be financially secure at 0:16:08.960 --> 0:16:11.320 sixty seven when I want to chill, kick back with 0:16:11.360 --> 0:16:12.200 my cigars and whiskey. 0:16:12.280 --> 0:16:13.520 I'm a maker's mark man. 0:16:13.760 --> 0:16:16.760 I'd rather that sixty seven year old Marcus be secure 0:16:17.200 --> 0:16:21.120 for the sacrifice of thirty six year old Marcus. And 0:16:21.200 --> 0:16:23.320 so if that means thirty six year old Markets, that's 0:16:23.320 --> 0:16:25.760 to go a few years without an emergency fund, So 0:16:25.800 --> 0:16:28.600 sixty seven year old Markets can chill that. 0:16:28.800 --> 0:16:30.560 I'm more comfortable with that reality. 0:16:30.960 --> 0:16:32.840 And it's not like you're out there racking up debt 0:16:32.880 --> 0:16:34.840 to the point where you know, for people who are 0:16:34.840 --> 0:16:37.120 living paycheck to paycheck and then they have credit cards 0:16:37.120 --> 0:16:39.120 that they're just making the minimum payments on, but the 0:16:39.160 --> 0:16:42.360 debt is you know, astronomical, and then like in that situation, 0:16:42.480 --> 0:16:45.040 losing a job really does mean financial ruin because you 0:16:45.120 --> 0:16:47.160 have no way of keeping up with that, you know, 0:16:47.200 --> 0:16:50.200 those debt payments any longer. And that's where people get stuck. 0:16:50.240 --> 0:16:52.560 So as long as you like you talk about budgeting 0:16:52.840 --> 0:16:56.280 and again like being really conscious about your spending so 0:16:56.360 --> 0:16:59.680 that if something were to happen, it wouldn't be like catastrophic, 0:17:00.040 --> 0:17:01.520 you know for your finance, and you have time to 0:17:01.520 --> 0:17:02.200 get another job. 0:17:03.040 --> 0:17:06.520 Yes, And I tell people, not everybody, And you know, 0:17:06.600 --> 0:17:08.000 this is where it starts to get You know, you 0:17:08.040 --> 0:17:10.760 can't make this one size fits all planned for everyone, 0:17:10.760 --> 0:17:12.840 and I don't. That's actually I think what makes the 0:17:12.880 --> 0:17:15.439 show popular is like, this is our experience, this is 0:17:15.440 --> 0:17:17.200 our recommendation, here's our takeaway. 0:17:17.280 --> 0:17:21.520 Apply where it fits, walk if it doesn't. And that 0:17:21.760 --> 0:17:22.400 is that. 0:17:23.840 --> 0:17:26.160 It's not going to work for everyone. But I do 0:17:26.240 --> 0:17:29.000 believe that you can do it all. Now, mind you, 0:17:29.080 --> 0:17:31.720 some of that is my experience, but I did it 0:17:31.760 --> 0:17:34.760 at twenty thousand dollars, and I do it differently at 0:17:34.960 --> 0:17:36.760 where I am in my stage of my life. But 0:17:37.160 --> 0:17:39.320 I just had to automate it. I had to literally 0:17:40.280 --> 0:17:43.000 cut myself out of the process. So I set up 0:17:43.000 --> 0:17:45.360 the credit card payments and I will drop this because 0:17:45.400 --> 0:17:48.240 I still use them. It's bank rad dot com backslash. 0:17:48.760 --> 0:17:51.240 I always get this confused slash backslash. It's the slash 0:17:51.280 --> 0:17:56.359 on the bottom row of the keyboard calculators and I 0:17:56.600 --> 0:17:59.359 use their tools to figure out the exact amount of 0:17:59.359 --> 0:18:01.840 money I had to page month to reach my goal. So, 0:18:02.440 --> 0:18:04.840 for example, at that time, obviously I had a goal 0:18:04.840 --> 0:18:06.879 of paying off thirty thousand dollars in debt. My current 0:18:06.880 --> 0:18:08.800 goal right now is to fund my four to one 0:18:08.880 --> 0:18:10.520 K and then figure out what I'm gonna do next 0:18:10.520 --> 0:18:12.600 to one hundred thousand. And I've written about this as well. 0:18:12.920 --> 0:18:14.600 And the reason I want to do that is because 0:18:14.680 --> 0:18:17.760 I did the analysis. I used investor dot gov for 0:18:17.800 --> 0:18:20.400 this to see if that one hundred thousand, let's say 0:18:20.400 --> 0:18:22.200 I never contributed to it again, I want to get 0:18:22.200 --> 0:18:25.080 there by forty what would happen? And if it had 0:18:25.080 --> 0:18:27.200 an average return about five to seven, but I used 0:18:27.200 --> 0:18:30.200 seven percent, it would grow to six hundred thousand on 0:18:30.240 --> 0:18:34.600 its own, me doing nothing. And so I was like, okay, Marcus, 0:18:34.840 --> 0:18:39.360 thirty six year old, you need to race rally relay 0:18:40.040 --> 0:18:43.880 marathon to one hundred thousand, because then you can kind 0:18:43.920 --> 0:18:45.200 of take your foot off the pedal. 0:18:45.800 --> 0:18:47.879 And to me, to have one hundred thousand saved in 0:18:47.920 --> 0:18:50.840 your four to one k, yeah, I see, gotcha. Not 0:18:50.880 --> 0:18:53.240 like one hundred thousand dollars saved starting from scratch. 0:18:53.640 --> 0:18:57.520 Oh no, no, no, that's my place of security. I'm 0:18:57.600 --> 0:18:59.560 much more secure. And because I look at that, like 0:19:00.280 --> 0:19:02.119 my four one k. Now, mind you, this is my 0:19:02.119 --> 0:19:04.399 current employer. I can take a loan against it at 0:19:04.440 --> 0:19:06.560 a fairly low interest rate. I think last time I 0:19:06.600 --> 0:19:08.399 looked at was like three to four percent. And so 0:19:08.920 --> 0:19:12.480 to me having that six figures growing in the market, 0:19:12.560 --> 0:19:15.440 and I use a target date retirement fund, that gives 0:19:15.440 --> 0:19:18.560 me security, and then I will start to explore other 0:19:18.600 --> 0:19:20.879 things I can do with money my money. But I 0:19:20.920 --> 0:19:23.720 think most people, as I said, I feel like in 0:19:23.760 --> 0:19:25.679 the questions we get, they're just kind of unconscious what 0:19:25.680 --> 0:19:28.560 they're spending. They're intimidated by it, so they're not making 0:19:28.680 --> 0:19:32.080 any decisions. So to your point, they're not making anything 0:19:32.119 --> 0:19:35.159 in a good checking account. They're not making anything at 0:19:35.200 --> 0:19:37.560 a credit union, you're not making anything in the stock market, 0:19:37.840 --> 0:19:40.760 and then they're possibly also spending it all month to month. Now, 0:19:41.000 --> 0:19:46.200 I'm just like that. The no plan is also a plan. 0:19:46.480 --> 0:19:47.639 It's just the worst one to have. 0:19:48.119 --> 0:19:50.560 It's like the self fulfilling prophecy. You know, I don't 0:19:50.560 --> 0:19:52.439 have any money, I don't have enough, I don't know 0:19:52.560 --> 0:19:54.280 enough to save and invest. Well, then you're never going 0:19:54.320 --> 0:19:56.959 to build that wealth that way. I'm one hundred percent behind. 0:19:57.200 --> 0:19:59.960 I started automating my retirement fund before even you really 0:20:00.160 --> 0:20:03.040 what it was when I was twenty four at my 0:20:03.200 --> 0:20:06.240 not my first job, my second job post getting laid off. 0:20:06.520 --> 0:20:08.640 But I finally got it together and it's almost been 0:20:08.680 --> 0:20:12.080 ten years and I have this this now. I like 0:20:12.080 --> 0:20:14.360 you mentioned because I've worked at three different places where 0:20:14.359 --> 0:20:16.000 I've had a four to one k and at at 0:20:16.040 --> 0:20:18.280 a certain point I have one of them separate like 0:20:18.320 --> 0:20:21.280 in a Vanguard now or my first two job four 0:20:21.320 --> 0:20:23.040 to one k's, I combine there and just kind of 0:20:23.119 --> 0:20:27.840 left it. And I'm just like, I have twenty thousand 0:20:27.880 --> 0:20:32.040 dollars extra because I didn't do anything. And when I 0:20:32.080 --> 0:20:35.399 was twenty four, I did a small thing. So if 0:20:35.480 --> 0:20:37.719 you're but even if you're thirty four or forty four, like, 0:20:38.320 --> 0:20:41.960 just start, you know, just start and give yourself the 0:20:42.040 --> 0:20:44.720 time because sixty seven year old starting to save in 0:20:44.760 --> 0:20:47.400 your retirement fund, you don't have as much time as 0:20:47.440 --> 0:20:49.639 you did, you know, in your twenties and thirties to 0:20:49.680 --> 0:20:52.959 bounce back if there are any you know, downturns and stuff. 0:20:53.640 --> 0:20:54.160 Yeah, you said. 0:20:54.160 --> 0:20:56.680 Their recipes to success for most people that I've seen 0:20:56.840 --> 0:21:00.720 is get started and start young, remain sistant, and get. 0:21:00.640 --> 0:21:04.720 Out of your own way one hundred percent. Keep it simple, 0:21:05.119 --> 0:21:05.399 keep it. 0:21:05.640 --> 0:21:07.679 I literally have that on my cubicle at work, is 0:21:07.760 --> 0:21:10.320 keep it simple, stupid, like, just get out of your 0:21:10.320 --> 0:21:12.960 own way. But I gotta, you know, and I find 0:21:12.960 --> 0:21:15.520 that the you know, I'm planning for a family now 0:21:15.520 --> 0:21:18.600 where just bought a house, my risk averseness has gotten 0:21:18.840 --> 0:21:21.560 more acute. It's a lot easier to say I can 0:21:21.560 --> 0:21:23.639 take more risks with my money and be like ninety 0:21:23.640 --> 0:21:25.399 five percent in the stock market with my four to 0:21:25.480 --> 0:21:28.719 one K when I'm like twenty five and now in 0:21:28.760 --> 0:21:31.919 my thirties, I'm wondering is it time to be more conservative? 0:21:31.920 --> 0:21:34.320 And I'm you know, I'm having different conversations now, so 0:21:34.640 --> 0:21:36.399 you know it changes with every decade. I feel like 0:21:37.400 --> 0:21:40.040 ta change. We're going to take a quick break, be 0:21:40.200 --> 0:21:43.480 right back with Marcus Garrett from Pigchecks and Balances. He's 0:21:43.520 --> 0:21:45.520 going to help me answer some of your questions and 0:21:45.560 --> 0:22:20.520 our read your mailbag. All right, we're back with my guests, 0:22:20.520 --> 0:22:24.040 Marcus Garrett of Paychecks and Balances, and I am combing 0:22:24.240 --> 0:22:26.800 the mailbox again. You guys can send us your questions 0:22:27.040 --> 0:22:30.159 at Brandambision Podcast at gmail dot com or hit up 0:22:30.200 --> 0:22:33.000 Brandnambition podcast dot com and click to ask us anything 0:22:33.040 --> 0:22:35.840 tab if you want to send your questions as well. 0:22:36.240 --> 0:22:39.040 Love hearing from our listeners. Let's see what we got. 0:22:39.359 --> 0:22:41.359 I love when you guys have some fun aliases and 0:22:41.400 --> 0:22:44.320 you don't want your real names out there. That's very safe. 0:22:44.440 --> 0:22:47.480 So first question from listeners, Simone, I have some thoughts 0:22:47.560 --> 0:22:49.840 on this. Simone wants to know is it okay to 0:22:49.960 --> 0:22:52.679 date in the corporate office or should we ask women 0:22:53.119 --> 0:22:58.320 focus on climbing the corporate ladder with tunnel vision? Good question, Simone. 0:22:58.640 --> 0:23:02.160 When it comes to dating and the corporate environment, honestly, 0:23:02.280 --> 0:23:05.240 keep it on the down low until you are like legit. 0:23:05.280 --> 0:23:08.040 Sure if there's a commitment there, because it's not worth 0:23:08.040 --> 0:23:11.040 the drama to have the rumors swirling at the office. 0:23:11.200 --> 0:23:15.280 I have seen a lot of people's reputations be tarnished 0:23:15.440 --> 0:23:19.800 by rumors about relationships happening at the office place. And 0:23:19.840 --> 0:23:22.440 you also want to like protect yourself, right. I don't 0:23:22.440 --> 0:23:25.040 know if you also work in corporate America, Marcus, so 0:23:25.640 --> 0:23:28.520 going to HR when you're you know, in a committed 0:23:28.560 --> 0:23:31.600 relationship to tell them about it is important too, so 0:23:31.640 --> 0:23:35.919 you can protect yourself. You know, let's say this person 0:23:36.040 --> 0:23:39.320 is your superior or could potentially be your superior one day. 0:23:39.680 --> 0:23:41.400 You want to have it on the record that there 0:23:41.480 --> 0:23:44.800 was a relationship in case anything ever goes south. 0:23:46.160 --> 0:23:46.639 I agree. 0:23:46.920 --> 0:23:49.719 I think it's different for each environment, which you know, 0:23:49.960 --> 0:23:52.399 I'm sure she would know better than us. Typically, you're 0:23:52.480 --> 0:23:54.000 right that you do have to report it to HR 0:23:54.080 --> 0:23:56.480 once you are in a relationships. I guess my only 0:23:57.119 --> 0:23:59.119 takeaway would be, I don't think you can limit it 0:23:59.160 --> 0:24:01.840 because we're at work too much. I read some crazy 0:24:01.840 --> 0:24:04.840 study it's like eighty percent of your total life is 0:24:04.840 --> 0:24:07.199 actually spent with your coworkers, not your friends and family. 0:24:07.280 --> 0:24:11.120 Like everyone else tips off like it's like a bell curve, 0:24:11.280 --> 0:24:13.640 except for work where it like plateaus, which makes sense 0:24:13.640 --> 0:24:16.719 because you're there for forty hours after college. And so 0:24:16.800 --> 0:24:18.800 what I would look at it more is, okay, is 0:24:18.840 --> 0:24:21.000 this somebody in a chain of command? So I'm definitely 0:24:21.040 --> 0:24:24.320 kind of finger wag or no, I guess a firm 0:24:24.400 --> 0:24:26.679 note to anybody like either in my chain of command 0:24:26.800 --> 0:24:29.760 above or below me. But you know, if you're on 0:24:29.800 --> 0:24:32.760 another floor, if you're in another building, you're in another division, 0:24:32.760 --> 0:24:35.359 you're on another campus, shout out to my technology workers. 0:24:35.720 --> 0:24:37.879 I mean, hey, you know, hey, it is what it is. 0:24:37.880 --> 0:24:39.280 We're we're all adults. 0:24:39.800 --> 0:24:42.320 But I just think it gets messy when it's like 0:24:42.320 --> 0:24:43.520 you're in the next cubicle. 0:24:44.320 --> 0:24:46.879 Oh no, one hundred percent, and especially if they're like 0:24:46.920 --> 0:24:49.280 the chain of command's important. So if there, if they're 0:24:49.440 --> 0:24:51.280 what do you call it? If they're not your superior, 0:24:51.480 --> 0:24:55.000 your direct report or something, or you know, could one 0:24:55.000 --> 0:24:57.359 but date could one day potentially be reporting to you 0:24:57.480 --> 0:24:59.760 or vice versa, like you report to them. It can 0:24:59.800 --> 0:25:03.160 get really messy, and some companies forbid it. I believe 0:25:03.320 --> 0:25:05.440 there's some rules around, you know, not being able to 0:25:05.520 --> 0:25:08.439 date someone who's your subordinate or you're superior. So you 0:25:08.440 --> 0:25:11.080 want to definitely check the fine print of your employee contract. 0:25:11.840 --> 0:25:16.000 I think, honestly I agree that in the fact that like, 0:25:16.040 --> 0:25:18.520 if you're you know, if you're in marketing and you're 0:25:18.960 --> 0:25:21.719 and you really are interested in this person who's you know, 0:25:22.119 --> 0:25:25.320 uh in it or something like that, that probably isn't 0:25:25.359 --> 0:25:27.480 a big deal. And a lot of people do meet 0:25:27.680 --> 0:25:31.240 their significant others in the workplace. But if you're just 0:25:31.280 --> 0:25:34.320 trying to casually date and there's someone in your immediate 0:25:34.680 --> 0:25:37.440 you know, one arm away or in the same floor 0:25:37.480 --> 0:25:41.440 as you, I think it's just a recipe for awkwardness 0:25:41.480 --> 0:25:45.960 at the very least and at the very worst opportunity 0:25:46.000 --> 0:25:48.159 for the rumor mill to get going, and for you 0:25:48.240 --> 0:25:53.320 to be even potentially treated differently by your colleagues. Yeah, 0:25:53.440 --> 0:25:58.280 I agree, so date with caution. I have you ever, 0:25:58.440 --> 0:26:01.160 I actually have never dated any one at the office. 0:26:01.240 --> 0:26:03.600 I've just seen what happened when I was in my 0:26:03.640 --> 0:26:06.879 early twenties and one of my first jobs, all the 0:26:06.880 --> 0:26:08.959 intro office dating. It was too messy for me. I 0:26:09.000 --> 0:26:10.280 was like, no, thank you, ma'am. 0:26:10.960 --> 0:26:14.520 So first of all, work in a weird industry. So 0:26:15.400 --> 0:26:18.439 I've never dated anyone at my nine to five If 0:26:18.440 --> 0:26:20.879 you will since like age sixteen and maybe that was 0:26:20.920 --> 0:26:23.600 the last time I had to learn my lesson. But 0:26:23.880 --> 0:26:26.680 I will say it's a weird industry because for us, 0:26:26.720 --> 0:26:28.160 and I think a lot of people can relate, it's 0:26:28.160 --> 0:26:31.199 the conferences. So the work is pretty purified and sanctified, 0:26:31.280 --> 0:26:34.680 but like these conferences are like you just got to 0:26:34.680 --> 0:26:35.680 trade carefully, you. 0:26:35.640 --> 0:26:37.360 Know, that's where shit goes down. 0:26:37.760 --> 0:26:40.639 Yeah, yeah, yeah, so it's like the conference getaways is 0:26:40.800 --> 0:26:42.840 And like I said, that's why it's interesting how each 0:26:42.880 --> 0:26:46.800 industry has its own culture. But you know, most like 0:26:46.960 --> 0:26:49.920 there's some rumors that are accurate about auditors, mostly introverts, 0:26:49.960 --> 0:26:53.320 mostly keep to ourselves, So that's not socializing. Is it 0:26:53.359 --> 0:26:54.919 really one of our strong suits? So it's really not 0:26:54.920 --> 0:26:56.920 had something I've had to do with Fortunately. 0:26:58.160 --> 0:27:02.080 That's funny. Yeah, an auditor's conference is not where I 0:27:02.080 --> 0:27:05.720 would think there'd be like a lot of romantic entanglements 0:27:05.720 --> 0:27:10.080 and like excitement. So you're safe there. 0:27:10.320 --> 0:27:11.560 You gotta let your hair down some. 0:27:11.520 --> 0:27:16.280 Point, all right, simone. I mean hopefully that was a 0:27:16.280 --> 0:27:20.000 good answer. Again, just just think things through and you know, 0:27:20.080 --> 0:27:22.639 focus on your career. But as far as like I 0:27:22.640 --> 0:27:26.040 think finding a partner who helps you elevate your professional 0:27:26.040 --> 0:27:28.920 and personal life. That's the ouldimate goal. Like finding someone 0:27:28.960 --> 0:27:31.320 who lifts you up in your career and in your 0:27:31.359 --> 0:27:36.040 personal life. That is a recipe for success. So good luck. 0:27:37.800 --> 0:27:40.680 Let's see next question. Oh, I saw a good one. 0:27:40.680 --> 0:27:41.280 Where did it go? 0:27:41.400 --> 0:27:42.040 Where did it go? 0:27:42.760 --> 0:27:46.200 Ah? Here we go from listener Brianna. Brianna says, first, 0:27:46.200 --> 0:27:48.960 I love the podcast. Second, I am a recent graduate 0:27:49.000 --> 0:27:51.919 with a bachelor's of science and psychology. I have plans 0:27:51.920 --> 0:27:55.240 to continue my education within the next one to two years, 0:27:55.600 --> 0:27:58.639 buying a new car along with moving out of my parents' house. 0:27:59.080 --> 0:28:02.040 What advice would you get someone like me making about 0:28:02.080 --> 0:28:05.080 thirty five thousand dollars a year with about twenty five 0:28:05.119 --> 0:28:07.720 thousand dollars a student loan debt? Should I get a 0:28:07.760 --> 0:28:10.159 financial advisor? Or am I just being extra because I 0:28:10.200 --> 0:28:15.040 don't make that much? That's the question from Brianna. Good question. 0:28:16.760 --> 0:28:20.480 I mean my first response is to pump the brakes. 0:28:20.520 --> 0:28:24.280 I heard three pre break pumps in there, so because 0:28:24.280 --> 0:28:26.080 I made those mistakes. So this is one of those 0:28:26.160 --> 0:28:27.400 you know, do as I say, not as I did. 0:28:27.440 --> 0:28:29.679 Type of thing. Is the new car? 0:28:30.119 --> 0:28:33.359 Nope, thirty five thousand, especially with new cars, So I 0:28:33.359 --> 0:28:36.160 mean the average APR if it's new, it's like thirty 0:28:36.200 --> 0:28:38.640 eight thousand right now. I saw recently because I was 0:28:38.640 --> 0:28:40.920 putting a course together, that's twenty eight thousand dollars for 0:28:41.880 --> 0:28:44.280 a car Loans. So that's probably going to eat up 0:28:44.280 --> 0:28:46.480 all your budget right there. So maybe the first takeaway 0:28:46.520 --> 0:28:48.320 is to put a budget together with your thirty five 0:28:48.360 --> 0:28:50.840 thousand dollars and you'll probably have the takeaway that you 0:28:50.880 --> 0:28:53.120 can't afford a car. I just did a write up 0:28:53.160 --> 0:28:55.160 on this, so I know that if you search Google 0:28:55.320 --> 0:28:58.640 car calculator, Google actually now has a car calculator which 0:28:58.680 --> 0:29:01.120 is both weird and cool, and they'll tell you your exact 0:29:01.160 --> 0:29:03.840 monthly payments based on your estimated APR, and so you 0:29:03.840 --> 0:29:05.560 can figure out if that would fit in your budget. 0:29:06.120 --> 0:29:08.960 And then the other two is I moved out, so 0:29:09.040 --> 0:29:10.080 at age twenty two, I. 0:29:10.040 --> 0:29:11.080 Was like, I got to get out of here. 0:29:11.120 --> 0:29:12.680 I need to be free, let a bird fly, And 0:29:12.720 --> 0:29:16.200 then immediately went into additionally and more debt, just because 0:29:16.600 --> 0:29:19.240 in hindsight, I was moderately annoyed with my parents. 0:29:19.800 --> 0:29:21.360 And thus that takes me to number three. 0:29:21.360 --> 0:29:23.960 If I had probably stayed home for like six to 0:29:24.040 --> 0:29:27.320 eight more months put a financial plan together. So I'll 0:29:27.320 --> 0:29:29.400 defer to you if you think she needs a financial planner, 0:29:29.680 --> 0:29:31.120 she can get a cheap one. On my ANSWER's going 0:29:31.160 --> 0:29:34.440 to be yes or a free one. But if I 0:29:34.560 --> 0:29:36.880 just stayed home for like six to eight months instead 0:29:36.880 --> 0:29:38.640 of that seven year journey to get out of debt, 0:29:38.680 --> 0:29:41.240 I probably could have had a really focused plan to 0:29:41.240 --> 0:29:43.800 get out of debt because seventy percent of your expenses 0:29:43.880 --> 0:29:46.840 are going to be food, transportation, and housing, with housing 0:29:46.880 --> 0:29:51.000 being the largest cost. So I guess to wrap all 0:29:51.040 --> 0:29:55.640 that up, Pumpy Brakes three times and Tree, I would 0:29:55.680 --> 0:29:56.480 take some time to. 0:29:56.360 --> 0:29:57.440 Reflect over those things. 0:29:57.520 --> 0:29:59.520 Is it worth going in the further deb especially with 0:29:59.520 --> 0:30:02.200 that student loan birding that you're coming out with, or like, 0:30:02.320 --> 0:30:04.160 is there six months where you can at least knock 0:30:04.200 --> 0:30:05.120 one of those things out? 0:30:06.080 --> 0:30:09.520 Listen? I agree with literally literally every single word that 0:30:09.600 --> 0:30:12.120 just came out of your face just now, because first 0:30:12.120 --> 0:30:14.280 of all, Brianna, you have to go back two episodes 0:30:14.320 --> 0:30:16.560 ago and listen to the entire We dedicate an entire 0:30:16.640 --> 0:30:19.480 show to auto loan debt, because that is how infuriating 0:30:19.520 --> 0:30:22.720 I find it that people really put their financial security 0:30:22.760 --> 0:30:26.440 at jeopardy with these crazy expensive cars, and it's new cars, 0:30:26.480 --> 0:30:29.400 you know, thirty thousand dollars cars with you know, double digit, 0:30:29.640 --> 0:30:32.880 double digit interest rates even because people still don't shop 0:30:32.920 --> 0:30:35.120 around for auto loans. So I'm not going to go 0:30:35.240 --> 0:30:37.320 on and on about that. Go check out that episode. 0:30:37.320 --> 0:30:39.640 But no, I totally agree, you know, pump the brakes. 0:30:39.920 --> 0:30:42.280 Why not stay home for the next one to two years. 0:30:42.280 --> 0:30:44.880 You said you were looking to continue your education, you know, 0:30:44.920 --> 0:30:47.000 why not spend those next to you know, next couple 0:30:47.000 --> 0:30:50.600 of years living at home, rent free, hopefully and honestly, 0:30:50.680 --> 0:30:52.640 twenty five thousand dollars a student loan debt is not 0:30:52.840 --> 0:30:55.200 a lot of debt relative to like what the average 0:30:55.280 --> 0:30:57.200 is and what a lot of people are dealing with. 0:30:57.440 --> 0:31:00.000 I feel like, even on thirty five thousand dollars year, 0:31:00.520 --> 0:31:02.280 if you take the money you'd be saving on the 0:31:02.320 --> 0:31:04.719 new car note and you know, the rent for an 0:31:04.720 --> 0:31:07.120 apartment in your area, and just take that out of 0:31:07.160 --> 0:31:09.040 your paycheck and put it toward your debt, I bet 0:31:09.040 --> 0:31:11.000 you could pay that off in a few years one 0:31:11.040 --> 0:31:13.440 hundred percent if you wanted to be aggressive about it, 0:31:14.160 --> 0:31:16.080 and at the very least, you know, save it in 0:31:16.160 --> 0:31:18.480 a savings account if you want to give a really 0:31:18.480 --> 0:31:21.760 good head start for yourself, you know, emergency fund wise, 0:31:21.880 --> 0:31:24.000 or just saving for a down payment on a house 0:31:24.120 --> 0:31:26.680 or something. You know, think about the type of investments 0:31:26.720 --> 0:31:28.560 you can make in your future by taking that time 0:31:28.600 --> 0:31:28.960 to save. 0:31:30.200 --> 0:31:32.640 Yeah, I agree, And I'm gonna hit this one more time, 0:31:32.680 --> 0:31:34.320 just in case I didn't say it right the first time. 0:31:34.320 --> 0:31:38.000 If you Google car loan calculator, that'll bring up Google's calculator. 0:31:38.280 --> 0:31:39.480 And then if you want to run some of those 0:31:39.480 --> 0:31:41.600 analysis for the credit card, and you can just put 0:31:41.600 --> 0:31:43.240 this all and just see most people don't even know 0:31:43.280 --> 0:31:45.080 if they can afford it. What I noticed is people 0:31:45.080 --> 0:31:46.600 go out by the car. They get a few months in, 0:31:46.640 --> 0:31:49.040 they're like, oh, I can't afford this. And so the 0:31:49.120 --> 0:31:51.400 other one that you could use is banker rate, dot 0:31:51.440 --> 0:31:54.600 com slash calculators. So between those two you can literally 0:31:54.640 --> 0:31:57.680 put your entire budget together. And I mean, maybe I'm wrong, 0:31:57.760 --> 0:31:59.600 maybe you can ball out get you the home, maybe 0:31:59.600 --> 0:32:01.120 you live in a casts to live, get you to home, 0:32:01.200 --> 0:32:05.200 to the car, and the student loans. But I'm pretty confident 0:32:05.280 --> 0:32:07.320 that these numbers might shock you when you crunch them. 0:32:07.360 --> 0:32:09.760 So i'd recommend recommend you at least hit those two 0:32:09.840 --> 0:32:11.640 tools one hundred percent. 0:32:12.160 --> 0:32:14.480 But thank you for the question. On the financial advisor front, 0:32:14.520 --> 0:32:16.760 I do feel like you're being a little bit extra like. 0:32:16.800 --> 0:32:18.440 I don't think you need to worry about that level 0:32:18.440 --> 0:32:21.120 of advice just yet. The advice for you is simple 0:32:21.280 --> 0:32:24.040 is keep your expenses low. See if you can stay 0:32:24.040 --> 0:32:26.440 home another one to two years, even if you need 0:32:26.480 --> 0:32:29.000 to leave, you know, get an apartment near near mass 0:32:29.040 --> 0:32:31.800 transit so that you can, you know, stay away from 0:32:31.840 --> 0:32:34.000 buying that new car, or at least, you know, buy 0:32:34.120 --> 0:32:36.600 a used car. Don't buy a new car, you know, 0:32:36.720 --> 0:32:39.200 save money wherever you can. You can get a nice 0:32:39.240 --> 0:32:42.240 little used car for you know, fifteen k maybe less, 0:32:43.080 --> 0:32:48.120 that can be reliable and financial advisor somewhere down the 0:32:48.160 --> 0:32:51.000 line for sure. One of the things that we recommend 0:32:51.000 --> 0:32:53.479 sometime on the show is the xy Planning Network. That's 0:32:53.480 --> 0:32:56.280 actually how I found my financial planner and she was 0:32:56.320 --> 0:32:59.400 helpful to me. But you know, if you're just graduating college, 0:32:59.840 --> 0:33:02.880 the basics is all you need. And if you get stuck, 0:33:03.400 --> 0:33:06.239 literally google it. There's so much good content out there 0:33:06.280 --> 0:33:08.640 that can help you with the first stage is post 0:33:08.720 --> 0:33:10.480 college and it's free. 0:33:10.720 --> 0:33:13.480 Yeah, I say, best of luck, and I hope that 0:33:13.560 --> 0:33:15.080 wasn't too negative. I'm just trying to, you know, give 0:33:15.120 --> 0:33:17.120 some advice and some insights from the things I've learned 0:33:17.160 --> 0:33:18.560 and the mistakes that I've made. 0:33:19.040 --> 0:33:21.200 Don't say sorry. I think it's real talk. I mean, 0:33:21.240 --> 0:33:23.520 this is the advice. The problem is the reason we're 0:33:23.560 --> 0:33:25.520 so passionate about it is because you and I probably 0:33:25.560 --> 0:33:28.040 made the same mistakes or similar mistakes, and you just 0:33:28.080 --> 0:33:30.160 want to help people from doing the same dumb shit 0:33:30.240 --> 0:33:30.760 that you did. 0:33:30.880 --> 0:33:33.520 Right, Well, I don't want to prevent the millennials or 0:33:33.560 --> 0:33:35.200 I guess actually she be zenial. 0:33:35.280 --> 0:33:36.680 I actually don't know what's after me. 0:33:36.760 --> 0:33:38.000 But you know, I also want to you know, the 0:33:38.040 --> 0:33:40.240 balance of fomo and yolo and all the things which 0:33:40.240 --> 0:33:42.760 I'm sure kids don't say anymore, but I don't want 0:33:42.800 --> 0:33:46.000 them to completely miss out. Just maybe go back hash 0:33:46.040 --> 0:33:47.880 those three things out and see if that's really something 0:33:47.920 --> 0:33:49.760 you afford. I don't think you can, but you know, 0:33:49.800 --> 0:33:51.400 if you can prove me wrong, more power to you. 0:33:51.760 --> 0:33:54.280 Listen, used car, Just take it a step back the 0:33:54.480 --> 0:33:56.800 used car. Maybe don't move all the way out of 0:33:56.840 --> 0:34:01.160 the house. Maybe just rent something nearby, like just baby steps, 0:34:01.280 --> 0:34:02.280 and you'll be fine. 0:34:02.800 --> 0:34:04.960 Conscious money decisions all. 0:34:04.960 --> 0:34:06.840 Right, that was fun. Thank you guys for your questions. 0:34:06.880 --> 0:34:07.080 Again. 0:34:07.160 --> 0:34:10.200 Hit us up Brandabisionpodcast at gmail dot com or go 0:34:10.239 --> 0:34:17.600 to brannibisionpodcast dot com and select ask us anything. All right, 0:34:17.640 --> 0:34:19.240 are you ready to close the show with a boost 0:34:19.320 --> 0:34:19.720 or break? 0:34:20.800 --> 0:34:21.120 Cool? 0:34:22.080 --> 0:34:24.320 I'm gonna make you go first as my guest of honor. 0:34:24.560 --> 0:34:26.359 Just put you on the spot with the first booster break. 0:34:27.719 --> 0:34:30.520 So my boost is also a hashtag plug, and I 0:34:30.560 --> 0:34:32.200 realized I could drop two, so I'd like to be 0:34:32.239 --> 0:34:34.399 respectful the show and can hold my plugs for the end. 0:34:35.719 --> 0:34:38.480 I no longer yeah, I no longer work for this organization, 0:34:38.520 --> 0:34:39.960 but I did have a good time with them. So 0:34:40.000 --> 0:34:42.480 I freelance write for go Banking Rates and actually I 0:34:42.560 --> 0:34:44.520 answered a few of these questions. Y'all can find that 0:34:44.600 --> 0:34:47.960 at Paychecks and Balances dot com slash GBR. 0:34:48.239 --> 0:34:49.280 Now you might be wondering. 0:34:49.040 --> 0:34:50.920 Where the heck that's gonna take you, It's gonna route 0:34:50.960 --> 0:34:53.120 you to my article, so feel free to visit that. 0:34:53.120 --> 0:34:55.280 That's my boost, But my other one is I'm actually 0:34:55.280 --> 0:34:57.920 putting a course together that talks about this. And so 0:34:57.960 --> 0:35:00.600 I'm six years removed from the thirty and now I'm 0:35:00.680 --> 0:35:03.200 kind of I read fifteen personal finance and investment books 0:35:03.239 --> 0:35:05.320 which I read and reviewed, and I'm kind of putting 0:35:05.320 --> 0:35:07.600 that in a course that I'm putting together. So it's 0:35:07.600 --> 0:35:10.719 a four week debt free starter course that will be 0:35:10.760 --> 0:35:14.239 out in a national financial literacy month. Our goal is 0:35:14.400 --> 0:35:16.759 a date to be determined, but we have promised that 0:35:16.760 --> 0:35:19.160 it'll come out sometime this month, in April twenty nineteen. 0:35:19.280 --> 0:35:21.400 But y'all can follow any updates that are be available 0:35:21.440 --> 0:35:24.200 at Paychecks and Balances dot com slash Debt. 0:35:24.000 --> 0:35:25.920 Free and my break. 0:35:26.640 --> 0:35:28.880 I was thinking about this and I find myself in 0:35:28.880 --> 0:35:31.880 the existential place lately for several reasons, just being in 0:35:31.920 --> 0:35:34.400 my mid thirties, a lot of things going on with work, 0:35:34.840 --> 0:35:36.799 and the post that I'll be writing this week for 0:35:36.800 --> 0:35:38.680 those of you make it way over to the website, 0:35:38.760 --> 0:35:41.120 is just kind of reflecting back on Actually all the 0:35:41.200 --> 0:35:43.759 money I've made in my cutoff was from college to 0:35:43.840 --> 0:35:46.839 thirty six, and so I tried to go out. 0:35:46.880 --> 0:35:49.160 You can get this from the Social Security SSA dot go. 0:35:49.680 --> 0:35:49.879 Yeah. 0:35:49.960 --> 0:35:52.000 I love this little pdf they give you with your 0:35:52.040 --> 0:35:53.400 Social Security benefits statement. 0:35:54.160 --> 0:35:56.520 Well, funny you say that, because I ran into a 0:35:56.520 --> 0:35:59.160 whole bunch of technical difficulties and basically they're like, I 0:35:59.200 --> 0:36:01.080 don't think this is just security number. You know, they 0:36:01.080 --> 0:36:02.640 gave me to fade, they gave me the curve. So 0:36:02.719 --> 0:36:04.040 it took a whole bunch of work. I was a 0:36:04.080 --> 0:36:08.640 little bit I got frustrated. I'm easily frustrated. No, yeah, yeah, 0:36:09.239 --> 0:36:10.719 I mean they wanted me to send in some extra 0:36:10.760 --> 0:36:12.520 documents to prove who I was. I was like, you 0:36:12.520 --> 0:36:14.600 know what, I ain't got time for this. So I 0:36:14.680 --> 0:36:16.960 went out, got all my resumes, looked at all the 0:36:16.960 --> 0:36:19.160 money that I've made from age twenty two to thirty six, 0:36:19.200 --> 0:36:22.360 and I basically did a reflective analysis on where the 0:36:22.400 --> 0:36:25.440 money's gone, where I wish the money has went. And 0:36:25.520 --> 0:36:28.319 so y'all might find this interesting, especially the leader who 0:36:28.360 --> 0:36:30.520 just wrote in who just graduated college, Because I graduated 0:36:30.560 --> 0:36:33.080 at twenty two. I talk about that made twenty thousand 0:36:33.080 --> 0:36:36.319 dollars that has now grown. I talk about I did 0:36:36.640 --> 0:36:39.720 a Yahoo Finance interview about how I grew my income 0:36:39.760 --> 0:36:42.400 four hundred percent. That's in there, and it's really just 0:36:42.440 --> 0:36:45.799 a reflective piece on where the money's gone, mistakes I've made. 0:36:46.200 --> 0:36:48.960 Kind of one takeaway, for example, is that because of 0:36:49.000 --> 0:36:51.799 the irresponsible choices I made in my twenties, which you know, 0:36:51.880 --> 0:36:55.200 I think twenties are wont to do. I delayed financial 0:36:55.239 --> 0:36:58.120 independence by ten years very easily. And so if I 0:36:58.200 --> 0:37:00.360 had just made some of these decisions are different choices 0:37:00.360 --> 0:37:02.440 that I'm talking about on this particular show and several 0:37:02.480 --> 0:37:05.719 other shows, I'd probably it's like you're like, oh, hereby, 0:37:05.760 --> 0:37:08.040 I'd be balling out of control, out of bought apple stock. 0:37:08.080 --> 0:37:09.600 I'd have had a little bit of Walmart stock. 0:37:09.640 --> 0:37:10.680 You know. Boom, boom boom. 0:37:10.719 --> 0:37:13.520 I's already this, you know nobody, but it didn't cry out. 0:37:13.640 --> 0:37:15.600 It didn't quite work out that way. And so this 0:37:15.640 --> 0:37:18.320 piece will kind of walk you through the last fifteen 0:37:18.400 --> 0:37:21.279 years and where I foresee the next fifteen years. 0:37:21.480 --> 0:37:23.320 And where can they find that? That's in the Paychecks 0:37:23.320 --> 0:37:24.360 and Balances website. 0:37:24.440 --> 0:37:27.959 Yeah, that'll be the most recent post. Excuse me, that'll 0:37:28.000 --> 0:37:29.880 be the most recent post. So actually they just go 0:37:29.880 --> 0:37:32.080 to Paychecks and Balances dot com. They can see both 0:37:32.080 --> 0:37:34.000 our podcasts and our blog. But if they want to 0:37:34.000 --> 0:37:37.080 get directly to the bog, it's Paychecks and Balances dot 0:37:37.120 --> 0:37:38.200 Com slash blog. 0:37:38.480 --> 0:37:40.919 Look at you guys. Even writing on the blog post show, 0:37:41.000 --> 0:37:43.160 you guys make me feel like a lazy podcast host, 0:37:43.480 --> 0:37:45.279 just like, here's the episode, what more do you want 0:37:45.280 --> 0:37:49.239 from me? Here's your links to stuff? Dope, I'll leave. 0:37:49.440 --> 0:37:51.120 I'll put a link obviously to the show and the 0:37:51.120 --> 0:37:53.319 show notes. You guys can check out that post. That's 0:37:53.360 --> 0:37:55.360 a lot though, Man, I've downloaded. If you guys, go 0:37:55.400 --> 0:37:59.280 to SSA dot gov and download your Social Security benefit statement, 0:37:59.320 --> 0:38:01.520 you will literally see from the year you started paying 0:38:01.960 --> 0:38:05.000 taxes on your paycheck. It won't do under the table 0:38:05.000 --> 0:38:07.600 babysitting money money, or you know, working for your uncle's 0:38:07.960 --> 0:38:09.680 you know company in the summer and getting paid under 0:38:09.719 --> 0:38:12.719 the table, but any government check that you've gotten or 0:38:12.760 --> 0:38:15.360 government approof chech you've gotten, it'll it'll appear there and 0:38:15.400 --> 0:38:17.120 it will show you what you've earned. And it was 0:38:17.160 --> 0:38:19.839 a big wake up call, the unpacking of like where 0:38:19.840 --> 0:38:21.480 did that money go? I don't know if I'm quite 0:38:21.520 --> 0:38:24.359 ready for that kind of soul searching yet, but that's 0:38:24.400 --> 0:38:27.320 a good no, I mean, it's it's good to reflect 0:38:27.360 --> 0:38:29.920 and to see what you would have been differently, and 0:38:30.000 --> 0:38:32.719 then at least celebrate some of the positives, which is 0:38:32.719 --> 0:38:35.719 that you have any savings at all, which puts you 0:38:35.719 --> 0:38:37.840 well ahead of the nation honestly. 0:38:37.960 --> 0:38:41.400 Yeah, there was and I don't want a hashtag spoiler, 0:38:41.440 --> 0:38:42.920 but there was a lot of takeaways, a lot of 0:38:42.960 --> 0:38:44.560 lessons learn, and like I said, they put me in 0:38:44.560 --> 0:38:47.000 a reflective place. I did it for a National Financial 0:38:47.000 --> 0:38:51.279 Literacy Month and really a listener question. So I do 0:38:51.360 --> 0:38:53.520 presentations that you're out and I think you might have 0:38:53.560 --> 0:38:55.760 seen this picture. I think we follow each other on Instagram. 0:38:55.760 --> 0:38:58.759 But I did a presentation for Minti's and I like 0:38:58.800 --> 0:39:00.239 to talk about it. I like to, you know, set 0:39:00.239 --> 0:39:01.920 the bar high. So I was like, the first millions 0:39:01.960 --> 0:39:03.680 the hardest, you know, that perks them up. You know, 0:39:03.760 --> 0:39:05.520 they set up in their sheets, you know, I quote 0:39:05.560 --> 0:39:07.879 Drake and everything like that, try to be relevant. And 0:39:08.800 --> 0:39:11.240 I can't to this detail if it was a genuine 0:39:11.239 --> 0:39:14.000 comment or I got trolled. This person leans on the 0:39:14.000 --> 0:39:16.320 trolling side. They've been trolling a number of different comments 0:39:16.360 --> 0:39:18.279 and they're like, man, you ain't got no million, And 0:39:18.360 --> 0:39:21.359 so I was like, well actually, and so I went 0:39:21.400 --> 0:39:23.480 back and did this analysis and just wanted to talk 0:39:23.520 --> 0:39:26.600 about it. And you're right, it's it's pretty intimidating to 0:39:26.640 --> 0:39:29.480 see all the tax dollars ihould say government reported money 0:39:29.480 --> 0:39:31.600 that has come and gone, and then Uncle Sam has 0:39:31.600 --> 0:39:35.040 got his hands on. So I hope people like it 0:39:35.080 --> 0:39:36.520 as much as I enjoyed writing it. 0:39:37.000 --> 0:39:40.000 Yeah, I'll check that out. Okay, my boost. Because we're 0:39:40.000 --> 0:39:42.880 talking about investing and we get this question. We've actually 0:39:42.880 --> 0:39:45.040 gotten a few questions about this, which is, how do I, 0:39:45.160 --> 0:39:48.239 when I'm choosing investments, how do I pick companies that 0:39:48.320 --> 0:39:51.120 are doing good for the environment or just doing good 0:39:51.160 --> 0:39:53.640 for the world in general. So there's this movement of 0:39:53.719 --> 0:39:59.000 socially conscious investing which is growing. So your robo advisor 0:39:59.080 --> 0:40:01.920 tools that are more you know, more modern, like Betterment 0:40:01.960 --> 0:40:05.520 Wealth Front, they tend to have portfolios where you can 0:40:05.640 --> 0:40:07.880 choose that have these types of investments, and you can 0:40:07.960 --> 0:40:11.600 choose like eco conscious, you know, portfolio that has companies 0:40:11.600 --> 0:40:16.160 that pass certain metrics or certain guidelines for being considered 0:40:16.200 --> 0:40:19.319 an eco conscious company and all kinds of stuff. So 0:40:19.640 --> 0:40:21.440 what I thought was cool is I just read that 0:40:21.760 --> 0:40:26.960 SMP five hundred is now putting out a social social 0:40:27.040 --> 0:40:30.880 conscious index fund to kind of fall underneath the umbrella 0:40:30.960 --> 0:40:34.680 of its really popular SMP five hundred index fund, which 0:40:34.800 --> 0:40:38.560 real quick definition is index funds are think of it 0:40:38.600 --> 0:40:41.440 as taking like a buffet, like going to the buffet, 0:40:41.520 --> 0:40:44.160 but all the food is different companies, and you get 0:40:44.160 --> 0:40:46.359 to have a little piece of each company versus having 0:40:46.360 --> 0:40:49.000 to choose just one. And an index fund lets you 0:40:49.080 --> 0:40:51.640 kind of broadly expose yourself to a bunch of different 0:40:51.640 --> 0:40:55.520 companies versus a few different companies, and that just balances 0:40:55.520 --> 0:40:59.040 out your risk. And honestly, again and again, the S 0:40:59.120 --> 0:41:03.000 and P following these index funds and investing in index 0:41:03.080 --> 0:41:06.520 funds has proven to often beat people who are like 0:41:06.640 --> 0:41:10.279 actively choosing individual stocks and stuff like that. So I 0:41:10.320 --> 0:41:14.520 personally am an index fund investor. I always have been, 0:41:14.560 --> 0:41:16.640 and like I said, it's been working out fine for me. 0:41:17.200 --> 0:41:19.120 So I was looking at this and I thought it 0:41:19.160 --> 0:41:22.279 sounded really interesting, and I have you know, I have 0:41:22.400 --> 0:41:24.640 like an era on the side where I've invested one 0:41:24.680 --> 0:41:27.919 hundred percent in an S and P five hundred index fund, 0:41:27.960 --> 0:41:30.440 and I was just thinking, Okay, this is easy because 0:41:30.600 --> 0:41:33.480 with this fund they have done the work. Vanguard's done 0:41:33.480 --> 0:41:36.520 the work for you and selected companies that they've deemed 0:41:36.719 --> 0:41:41.840 to fit a certain profile of like a socially conscious company. 0:41:42.080 --> 0:41:44.080 And I can feel a little bit better. And what 0:41:44.120 --> 0:41:46.440 that means is like you may not be like when 0:41:46.480 --> 0:41:49.080 you get these the downside of index funds rather is 0:41:49.120 --> 0:41:52.799 that you know, you could be investing in like gun companies, 0:41:53.000 --> 0:41:56.720 like companies that you know don't pay their workers well, 0:41:56.800 --> 0:42:00.400 companies that are maybe backed by people or politics that 0:42:00.440 --> 0:42:02.480 you may not support yourself. And it's kind of hard 0:42:02.520 --> 0:42:05.399 to see what's actually wrapped up in this big index fund. 0:42:05.840 --> 0:42:08.279 So when you can actually, you know, choose a fund 0:42:08.360 --> 0:42:11.480 that has been vetted for you and meets these social 0:42:11.480 --> 0:42:14.640 conscious parameters, it gives you a little bit of peace 0:42:14.640 --> 0:42:16.640 of mind, at least for me to know that I'm 0:42:16.680 --> 0:42:18.920 investing in companies that are doing some good in the world. 0:42:20.120 --> 0:42:23.000 Yeah, for what it's worth, I use a different but 0:42:23.160 --> 0:42:25.759 index fund as well, so minds of target date index fund. 0:42:25.840 --> 0:42:27.440 So yeah, I'm being a proponent as well, and I 0:42:27.440 --> 0:42:28.919 plan to keep it in there. Like I said, until 0:42:28.920 --> 0:42:30.600 I reached that one hundred thousand dollars goal and then 0:42:30.600 --> 0:42:32.360 to your point, And that's kind of what I was 0:42:32.400 --> 0:42:34.480 trying to get at earlier. I feel like once you 0:42:34.520 --> 0:42:36.799 reach whatever your security point is, you can start to 0:42:36.840 --> 0:42:40.040 make different investment choices or maybe take greater risk or 0:42:40.040 --> 0:42:42.840 maybe more conservative risks, whatever the case may be. But I, 0:42:42.920 --> 0:42:45.040 as we said earlier, you got to get started somewhere, 0:42:45.120 --> 0:42:48.360 and these are safe for not completely risk free, but 0:42:48.440 --> 0:42:50.400 save for low risk investment strategies. 0:42:50.920 --> 0:42:52.719 I was just double checking because of what you said 0:42:52.760 --> 0:42:55.080 about one hundred k between the two four to one 0:42:55.120 --> 0:42:56.840 case that I have. I'm finally at that one hundred 0:42:56.920 --> 0:42:59.080 K mark for my retirement savings. So you're saying I'm 0:42:59.080 --> 0:43:00.840 an ad two hundred grand any decade. 0:43:01.760 --> 0:43:03.080 That's actually exactly what I'm saying. 0:43:03.560 --> 0:43:05.399 Okay, I'm just going to stop. Then I'm done. 0:43:05.640 --> 0:43:08.160 I feel like those are all the appropriate questions to ask, 0:43:08.200 --> 0:43:10.400 because in some ways you can say it's never enough, 0:43:10.840 --> 0:43:13.960 but once you've reached whatever your goal may be, which 0:43:14.000 --> 0:43:16.279 is a personal decision, like you said, is it fifty five? 0:43:16.400 --> 0:43:18.560 Is it sixty seven? I read something and I'm a 0:43:18.560 --> 0:43:20.640 butcher this, but it's like some analysis where they were 0:43:20.680 --> 0:43:23.520 saying the difference between retiring at sixty seven and seventy two, 0:43:23.800 --> 0:43:25.960 it could be one hundreds of dollars a month on 0:43:26.040 --> 0:43:27.640 how much you need to get as a return because 0:43:27.640 --> 0:43:30.680 you're not depending on those funds for a longer period 0:43:30.680 --> 0:43:33.200 of time in retirement, Whereas if you're going to try 0:43:33.200 --> 0:43:35.840 to reach let's say, fire financial independence, retire early and 0:43:35.840 --> 0:43:37.880 most of those people are striving for thirty or forty 0:43:38.120 --> 0:43:40.680 Those people are living on like fifty percent or forty 0:43:40.719 --> 0:43:43.240 percent of their income in the present, So they can 0:43:43.440 --> 0:43:46.840 you know, fund a retirement for sixty seventy years, whereas 0:43:46.960 --> 0:43:49.239 you just have to fund a retirement for ten twenty years. 0:43:49.239 --> 0:43:52.400 That that's a completely different math, that different analysis, different 0:43:52.440 --> 0:43:55.399 funding goal. But like I said, most people just aren't 0:43:55.440 --> 0:43:58.120 even asking those questions, let alone answering them. 0:43:58.320 --> 0:44:00.600 I have my skepticism about those fire people. But we 0:44:00.640 --> 0:44:03.320 can get to that note show and just a quick correction, 0:44:03.360 --> 0:44:05.759 and so it's S and P dow jone indicase. I 0:44:05.760 --> 0:44:08.160 think I said Vanguard before, but that's where the new 0:44:08.800 --> 0:44:11.840 It's an environmental, social and governance version of the S 0:44:11.880 --> 0:44:14.160 and P five hundred index. So I'll put a link 0:44:14.200 --> 0:44:17.239 to that CNBC story. And again, Marcus and I are 0:44:17.640 --> 0:44:21.240 lovely people with backgrounds, you know, obviously in personal finance. 0:44:21.480 --> 0:44:23.919 But what are not we Wait, that doesn't make sense. 0:44:23.960 --> 0:44:27.600 What are we not investment advisors or financial planners? So 0:44:28.040 --> 0:44:29.920 if you guys, you know, want to take our advice, 0:44:29.960 --> 0:44:32.880 that's fine, but just remember talking to us is like 0:44:32.960 --> 0:44:34.960 talking to your brother, your sister, You know, take it 0:44:35.000 --> 0:44:37.680 with a grain of salt, and of course consult a 0:44:37.800 --> 0:44:41.600 personal finance expert or financial planner if you want advice 0:44:41.640 --> 0:44:44.480 that's really applicable to your day to day finances. 0:44:44.920 --> 0:44:47.000 Agreed, don't come for us. 0:44:47.440 --> 0:44:51.560 In either words, Hi, this was so much fun. Thank 0:44:51.600 --> 0:44:54.080 you for making this happen Marcus, couldn't have done the 0:44:54.080 --> 0:44:54.840 show without. 0:44:54.560 --> 0:44:56.480 You today, of course, thank you for having me. 0:44:56.880 --> 0:44:59.400 Yeah, and again to Sandy feel better soon. We're thinking 0:44:59.400 --> 0:45:00.000 of you. 0:45:00.560 --> 0:45:02.120 Please do get Willson and. 0:45:02.200 --> 0:45:04.960 Next week Tiffany is back. Were back with a regular 0:45:05.360 --> 0:45:09.359 schedule programming with my co host with the most Tiffany, Alice. 0:45:09.480 --> 0:45:23.400 So we'll see you guys next week.