WEBVTT 00:00:12.330 --> 00:00:16.269 Welcome back to another Sci -Fi episode, where 00:00:16.269 --> 00:00:19.829 psychology and finances intersect, and we'll 00:00:19.829 --> 00:00:23.210 continue to examine how we think, feel, and behave 00:00:23.210 --> 00:00:26.410 with money. For today's episode, we're going 00:00:26.410 --> 00:00:29.269 to be talking about simplifying financial planning. 00:00:29.489 --> 00:00:33.789 Now, I would love to say five simple ingredients 00:00:33.789 --> 00:00:38.130 for financial planning, but nothing about financial 00:00:38.130 --> 00:00:41.670 planning is simple. If it were... I would be 00:00:41.670 --> 00:00:44.630 out of a job. If you can just take these areas 00:00:44.630 --> 00:00:48.130 that I'll be discussing today and explore them 00:00:48.130 --> 00:00:50.890 further, that would give you more confidence 00:00:50.890 --> 00:00:53.969 and hopefully through practice a little more 00:00:53.969 --> 00:00:58.270 competence as you are planning out your financial 00:00:58.270 --> 00:01:04.069 journey. I provided a class to an installation. 00:01:04.170 --> 00:01:08.890 It was a very large class. We had over 1 ,100 00:01:08.890 --> 00:01:12.890 participants. And so I got some really good survey 00:01:12.890 --> 00:01:16.129 feedback. I'll share that as we go through, but 00:01:16.129 --> 00:01:19.010 I offered some survey questions throughout. So 00:01:19.010 --> 00:01:23.109 we got some live statistical data just from that 00:01:23.109 --> 00:01:25.409 population. And to give you an exact number, 00:01:25.430 --> 00:01:29.900 there were 1 ,122 participants. So when I give 00:01:29.900 --> 00:01:34.180 you percentages, it's an average of all of the 00:01:34.180 --> 00:01:36.439 surveys that I provided for those six different 00:01:36.439 --> 00:01:41.840 classes that reached 1 ,122 people. Let me give 00:01:41.840 --> 00:01:45.400 you those areas of exploration. Spend planning, 00:01:45.819 --> 00:01:50.019 tax planning, debt management, retirement planning, 00:01:50.260 --> 00:01:55.310 and estate planning. And if you are new to finances, 00:01:55.549 --> 00:01:58.030 you might be thinking to yourself, oh my goodness, 00:01:58.129 --> 00:02:01.090 that's overwhelming. No wonder people don't get 00:02:01.090 --> 00:02:04.250 this right. And it's not about getting it right. 00:02:04.370 --> 00:02:08.870 It's about continued exploration, continued experimentation, 00:02:09.030 --> 00:02:13.300 and knowing where to find the information and 00:02:13.300 --> 00:02:15.740 the tools that you need. I've been doing this 00:02:15.740 --> 00:02:19.479 for a while and I still come across new tools 00:02:19.479 --> 00:02:21.960 and resources that I think to myself, wow, this 00:02:21.960 --> 00:02:26.280 could have been awesome to know earlier, 10 years 00:02:26.280 --> 00:02:29.099 earlier. But I don't need to stop and beat myself 00:02:29.099 --> 00:02:31.560 up over that. I just need to enjoy the moment 00:02:31.560 --> 00:02:33.960 that, wow, I found a tool that actually works 00:02:33.960 --> 00:02:36.580 with my personality and I enjoy it more. So hopefully 00:02:36.580 --> 00:02:39.080 that's something that you gain from this today. 00:02:39.469 --> 00:02:42.810 Let's talk first about cash flow. If you don't 00:02:42.810 --> 00:02:45.129 like the word budget like I don't, that's good. 00:02:45.310 --> 00:02:47.990 Let's stay away from that word. But let's talk 00:02:47.990 --> 00:02:51.110 about cash flow because that makes the actual 00:02:51.110 --> 00:02:54.449 spend planning a little more approachable because 00:02:54.449 --> 00:02:59.210 all you have to do in a cash flow is get your 00:02:59.210 --> 00:03:03.919 income. Deduct your deductions. So really, if 00:03:03.919 --> 00:03:06.280 you just have your net pay, but you should take 00:03:06.280 --> 00:03:09.520 a look at those deductions to make sure if you 00:03:09.520 --> 00:03:11.759 are putting money into a savings account that 00:03:11.759 --> 00:03:15.020 you have a ledger that also tracks what you're 00:03:15.020 --> 00:03:16.960 putting in that savings as well. You don't want 00:03:16.960 --> 00:03:19.939 to sell yourself short on that area. But cash 00:03:19.939 --> 00:03:24.080 flow, simply your net pay minus all of your monthly 00:03:24.080 --> 00:03:27.449 expenses. It shows where you've been. A net worth 00:03:27.449 --> 00:03:30.610 statement shows where you are. You simply list 00:03:30.610 --> 00:03:35.310 all of your assets, which are the things that 00:03:35.310 --> 00:03:40.530 you own, but only the value of the things that 00:03:40.530 --> 00:03:44.449 you own. And then you list your liabilities, 00:03:44.550 --> 00:03:49.509 and that is what you owe on the things that you 00:03:49.509 --> 00:03:52.419 own. So again, you subtract those liabilities 00:03:52.419 --> 00:03:54.460 from your assets that lets you know what your 00:03:54.460 --> 00:03:57.659 net worth is. For some of us, we have a positive 00:03:57.659 --> 00:04:01.039 net worth, which is where we want to go. It helps 00:04:01.039 --> 00:04:03.580 you understand if you are building wealth or 00:04:03.580 --> 00:04:06.680 not. For some folks, it lets them know they're 00:04:06.680 --> 00:04:09.900 building debt. If you have a positive net worth, 00:04:10.080 --> 00:04:12.740 you're moving towards building wealth, and that's 00:04:12.740 --> 00:04:14.539 where you want to be. If you have a negative 00:04:14.539 --> 00:04:17.930 net worth, Take a look at all of those debts 00:04:17.930 --> 00:04:20.209 and how can you get rid of those? How can you 00:04:20.209 --> 00:04:23.089 prioritize your spend plan to pay down those 00:04:23.089 --> 00:04:25.490 debts faster? Now for some folks, they're going 00:04:25.490 --> 00:04:27.970 to have a negative net worth because they just 00:04:27.970 --> 00:04:30.689 purchased a home. Maybe they're younger, they're 00:04:30.689 --> 00:04:33.230 just starting out, it's their first home purchase. 00:04:33.769 --> 00:04:36.189 Perhaps they'll have a negative net worth until 00:04:36.189 --> 00:04:39.370 the value of the home increases and the principal 00:04:39.370 --> 00:04:43.540 on the home decreases. We don't want to make 00:04:43.540 --> 00:04:46.160 anyone feel badly if they have a negative net 00:04:46.160 --> 00:04:48.420 worth or to imply that they're doing something 00:04:48.420 --> 00:04:50.779 wrong if they have a negative net worth. It depends 00:04:50.779 --> 00:04:53.139 on your developmental stage, but you'll know. 00:04:53.240 --> 00:04:55.800 As soon as you sit down and you get these numbers, 00:04:55.959 --> 00:04:57.740 you'll know what's healthy, what's unhealthy. 00:04:58.490 --> 00:05:01.329 Okay, and then we get into turning. If a cash 00:05:01.329 --> 00:05:04.370 flow shows where you've been and a net worth 00:05:04.370 --> 00:05:07.529 shows where you are, then a spend plan shows 00:05:07.529 --> 00:05:10.310 you where you want to be. And there are multiple 00:05:10.310 --> 00:05:13.970 methods in how to develop a spend plan. I personally 00:05:13.970 --> 00:05:18.230 like the zero method where you give every dollar 00:05:18.230 --> 00:05:21.649 a job and you neither have a surplus nor a deficit 00:05:21.649 --> 00:05:24.930 because you have given every single bit of your 00:05:24.930 --> 00:05:29.129 money a category to follow. savings investing, 00:05:29.589 --> 00:05:33.430 debt repayment, those things. So here's an interesting 00:05:33.430 --> 00:05:37.750 thing that we found in the actual class. This 00:05:37.750 --> 00:05:41.290 again, this was a live class with live stats. 00:05:41.689 --> 00:05:46.089 So I asked the question, do you have a written 00:05:46.089 --> 00:05:49.829 or recorded budget that you follow? Now I did 00:05:49.829 --> 00:05:52.029 have to say the B word so folks knew what I was 00:05:52.029 --> 00:05:56.120 asking, but truly we're saying spin plan. 60 00:05:56.120 --> 00:06:03.519 % said no. They do not. And that falls in line 00:06:03.519 --> 00:06:06.420 with the national statistics that are generally 00:06:06.420 --> 00:06:08.899 published by different financial experts and 00:06:08.899 --> 00:06:16.199 what they find with folks. 60 % do not have a 00:06:16.199 --> 00:06:19.199 spend plan. And here's another question that 00:06:19.199 --> 00:06:22.779 I asked. Do you track your spending on an app 00:06:22.779 --> 00:06:26.699 or... A register. It could be a debit register, 00:06:26.959 --> 00:06:29.519 a check register. You know, depending on our 00:06:29.519 --> 00:06:32.160 personality, not just age, we have a different 00:06:32.160 --> 00:06:37.540 method of how we want to do that. 65 % said no. 00:06:38.740 --> 00:06:44.139 So not only do we have 60 % not recording where 00:06:44.139 --> 00:06:47.139 their money is going, how their money is coming 00:06:47.139 --> 00:06:49.959 in, and where their money is going, but even 00:06:49.959 --> 00:06:53.000 5 % more are saying that they're not even tracking. 00:06:54.160 --> 00:06:58.339 as they're spending. That's dangerous. So if 00:06:58.339 --> 00:07:02.720 there's anything that you can explore here, it's 00:07:02.720 --> 00:07:07.800 how am I tracking my money? And I like to stock 00:07:07.800 --> 00:07:13.740 my money. So every month I sit down, I go over 00:07:13.740 --> 00:07:16.699 what's coming in, I go over what's coming out, 00:07:16.720 --> 00:07:21.430 I adjust. If I got it wrong last month or I had 00:07:21.430 --> 00:07:28.029 to incorporate a new section and I adjust accordingly 00:07:28.029 --> 00:07:32.430 and then I put it into my tracking app and then 00:07:32.430 --> 00:07:35.949 I track every day. So I am stalking my money 00:07:35.949 --> 00:07:40.610 every day so that I do not go outside of my boundaries. 00:07:43.370 --> 00:07:47.410 So that is spend planning. Now, I could do a 00:07:47.410 --> 00:07:51.029 whole episode just on that, but that is just 00:07:51.029 --> 00:07:54.449 something for you to further explore. The next 00:07:54.449 --> 00:07:59.569 exploration topic would be taxes or tax planning 00:07:59.569 --> 00:08:04.269 and how you can reduce your tax liability. So 00:08:04.269 --> 00:08:08.430 I asked a question during this segment, which 00:08:08.430 --> 00:08:16.050 method is illegal? Tax avoidance? Tax evasion 00:08:16.050 --> 00:08:24.910 or both? Well, 59 % said that both tax avoidance 00:08:24.910 --> 00:08:29.790 and tax evasion were illegal. But thank goodness 00:08:29.790 --> 00:08:36.250 41 % got it right and said that tax evasion is 00:08:36.250 --> 00:08:40.960 the only illegal method. So a lot of folks don't 00:08:40.960 --> 00:08:44.580 even know that tax avoidance is a good thing. 00:08:45.340 --> 00:08:49.139 thing. It's encouraged by the IRS because they 00:08:49.139 --> 00:08:53.279 give us so many methods for reducing our tax 00:08:53.279 --> 00:08:57.600 liability, whether through our traditional contributions 00:08:57.600 --> 00:09:00.980 into the Thrift Savings Plan or for other folks 00:09:00.980 --> 00:09:03.100 that may not have access to the Thrift Savings 00:09:03.100 --> 00:09:08.659 Plan, your 401k, any tax deferred contributions, 00:09:08.879 --> 00:09:12.860 that helps reduce your tax liability. And for 00:09:12.860 --> 00:09:15.509 some folks, they really need... to do that in 00:09:15.509 --> 00:09:18.090 the current moment. But for some folks listening, 00:09:18.169 --> 00:09:20.529 Olivia, I don't even know what tax liability 00:09:20.529 --> 00:09:25.320 means. I don't even know how to reduce it. What 00:09:25.320 --> 00:09:27.740 I like to tell folks is when you are planning 00:09:27.740 --> 00:09:30.539 your finances, whether you are rich or poor, 00:09:30.700 --> 00:09:33.279 and by the way, I don't even like to use those 00:09:33.279 --> 00:09:35.980 terms because there are people who don't have 00:09:35.980 --> 00:09:38.759 a big income but can still manage their money 00:09:38.759 --> 00:09:42.179 well and have a higher financial well -being 00:09:42.179 --> 00:09:45.100 score than folks that have higher incomes. So 00:09:45.100 --> 00:09:47.539 I really don't like to use rich or poor, but 00:09:47.539 --> 00:09:50.519 just for this discussion, I will. Because whether 00:09:50.519 --> 00:09:54.200 you're rich or poor, you... you could pay better 00:09:54.200 --> 00:09:57.440 attention to reducing your tax liability. You 00:09:57.440 --> 00:10:02.059 could pay better attention to knowing that I 00:10:02.059 --> 00:10:05.240 don't have to give more to Uncle Sam than is 00:10:05.240 --> 00:10:11.470 not required. So for example, We have in the 00:10:11.470 --> 00:10:13.769 federal government, we have the flexible spending 00:10:13.769 --> 00:10:15.830 accounts for dependent care and health care. 00:10:15.950 --> 00:10:19.190 A great way to reduce your tax liability, especially 00:10:19.190 --> 00:10:21.590 if you have small children and you're paying 00:10:21.590 --> 00:10:24.649 so much money in daycare or you have special 00:10:24.649 --> 00:10:26.690 needs children. And even if you don't have special 00:10:26.690 --> 00:10:29.870 needs children and you pay a good amount of money 00:10:29.870 --> 00:10:33.389 every year. towards medical needs, or you have 00:10:33.389 --> 00:10:35.669 children that are ready for orthodontic care, 00:10:35.850 --> 00:10:39.070 or you have rambunctious boys who are always 00:10:39.070 --> 00:10:42.090 going to the ER and you have copay upon copay. 00:10:42.190 --> 00:10:44.909 This is a great way to reduce your tax liability. 00:10:45.309 --> 00:10:48.629 So again, further exploration, finding out. And 00:10:48.629 --> 00:10:50.529 by the way, a lot of these links will be provided 00:10:50.529 --> 00:10:52.909 to you in the post below. So just take a look 00:10:52.909 --> 00:10:55.309 at that when you're done listening. But here's 00:10:55.309 --> 00:10:56.970 one of the bigger things that a lot of folks 00:10:56.970 --> 00:10:59.330 don't know, whether you have the flexible spending 00:10:59.330 --> 00:11:03.450 account opportunity. or not. And a lot of non 00:11:03.450 --> 00:11:07.509 -federal entities also provide this. But one 00:11:07.509 --> 00:11:10.070 of those things is adjusting your withholdings 00:11:10.070 --> 00:11:13.049 so that you get more money in your paycheck every 00:11:13.049 --> 00:11:16.289 month, so that you're not giving Uncle Sam an 00:11:16.289 --> 00:11:19.659 interest -free... loan throughout the year where 00:11:19.659 --> 00:11:21.480 they just hoard your money that you're giving 00:11:21.480 --> 00:11:24.559 them and then give a lot of it back to you at 00:11:24.559 --> 00:11:26.559 the end of the year. Instead, you're saying, 00:11:26.559 --> 00:11:28.120 you know what, I would like to have that money 00:11:28.120 --> 00:11:31.240 now so that I can save more or so that I could 00:11:31.240 --> 00:11:34.700 pay down more debt or so that I could meet those 00:11:34.700 --> 00:11:38.360 financial obligations that are pressing in the 00:11:38.360 --> 00:11:40.980 moment. Because for some folks, there are folks 00:11:40.980 --> 00:11:44.889 that get 10 ,000, 11 ,000 ridiculous amounts 00:11:44.889 --> 00:11:48.169 back in tax returns. And if they could have a 00:11:48.169 --> 00:11:51.870 portion of that added into their monthly income, 00:11:52.029 --> 00:11:54.950 that would make a huge difference for their financial 00:11:54.950 --> 00:11:58.090 well -being. So talk to a tax preparer or even 00:11:58.090 --> 00:12:01.730 just go to the IRS estimated tax withholding 00:12:01.730 --> 00:12:03.850 calculator online. That's something that you 00:12:03.850 --> 00:12:05.529 can look up. It will tell you what documents 00:12:05.529 --> 00:12:08.929 you need to get the best calculation. But that 00:12:08.929 --> 00:12:12.049 helps you to figure out what you need to place 00:12:12.049 --> 00:12:15.789 within your employer's withholding section for 00:12:15.789 --> 00:12:19.070 your payroll so that you're not getting a large 00:12:19.070 --> 00:12:20.809 amount of money at the end of the year, but you're 00:12:20.809 --> 00:12:22.830 getting more money in your paycheck every month. 00:12:23.070 --> 00:12:25.970 Now, some folks, and for some folks, that may 00:12:25.970 --> 00:12:28.710 not work. But I will tell you, psychologically 00:12:28.710 --> 00:12:31.820 speaking, There are folks that would do better 00:12:31.820 --> 00:12:34.620 having smaller increments coming in every month 00:12:34.620 --> 00:12:37.940 to be used, I guess, efficiently and productively, 00:12:38.059 --> 00:12:40.840 whereas a lot of folks who receive a lump sum 00:12:40.840 --> 00:12:46.600 are going to be more impulsive and be, I guess, 00:12:46.659 --> 00:12:49.279 they would not use that money in the best way. 00:12:49.580 --> 00:12:52.679 So if you know that you have a set income every 00:12:52.679 --> 00:12:55.120 month, you're more likely to do better things 00:12:55.120 --> 00:12:57.679 with that money and make better decisions. But 00:12:57.679 --> 00:12:59.740 it really depends on your personality. It depends 00:12:59.740 --> 00:13:02.279 on where you are financially. There are a lot 00:13:02.279 --> 00:13:05.120 of pros and cons to each. So it's up to you to 00:13:05.120 --> 00:13:08.000 explore that further. Let's talk too about some 00:13:08.000 --> 00:13:12.200 other tax considerations. When should I seek? 00:13:12.700 --> 00:13:15.379 professional guidance. So a lot of folks have 00:13:15.379 --> 00:13:17.759 filed their taxes on their own for several years, 00:13:17.840 --> 00:13:19.919 and that's good. It's good to understand how 00:13:19.919 --> 00:13:22.379 to do that, maybe make yourself a little more 00:13:22.379 --> 00:13:25.240 confident and understanding what your deductions 00:13:25.240 --> 00:13:28.580 are. But when you reach a certain point in life, 00:13:28.740 --> 00:13:31.759 it is actually recommended by financial experts 00:13:31.759 --> 00:13:34.799 that you seek out professional tax guidance. 00:13:35.139 --> 00:13:38.559 So that might be when you have a side hustle 00:13:38.559 --> 00:13:43.019 or a business. or when you have an income property. 00:13:43.360 --> 00:13:46.399 And some folks might even say when you own a 00:13:46.399 --> 00:13:49.240 home. But it really depends on your comfort level, 00:13:49.299 --> 00:13:52.480 how things are going for you. But there are differences 00:13:52.480 --> 00:13:56.259 in those tax professionals. You can seek out 00:13:56.259 --> 00:14:00.279 an enrolled agent. You can seek out a certified 00:14:00.279 --> 00:14:03.419 public accountant. But did you know that there 00:14:03.419 --> 00:14:06.220 are also folks that are considered tax preparers 00:14:06.220 --> 00:14:10.500 who have no official designation? or certification. 00:14:11.000 --> 00:14:13.759 So if you didn't know that, that's worth exploration. 00:14:14.159 --> 00:14:17.799 Who am I paying and who am I trusting to file 00:14:17.799 --> 00:14:20.919 my taxes? And depending on your situation, you 00:14:20.919 --> 00:14:23.179 may only need an enrolled agent, but in other 00:14:23.179 --> 00:14:27.259 situations, maybe you do need a CPA. So let's 00:14:27.259 --> 00:14:32.299 move now to the third exploration. Debt management. 00:14:33.720 --> 00:14:37.590 Understanding the cost of debt. There are several 00:14:37.590 --> 00:14:40.309 calculators that you could just Google and pull 00:14:40.309 --> 00:14:43.669 up. What will it cost me if I have this balance 00:14:43.669 --> 00:14:47.250 and I pay the minimum monthly payment at this 00:14:47.250 --> 00:14:50.950 APR or annual interest rate? It will tell you 00:14:50.950 --> 00:14:52.809 how long it will take to pay that off, and it's 00:14:52.809 --> 00:14:55.710 quite sobering. It's a great educational tool, 00:14:55.750 --> 00:14:58.129 not just for yourself. But it's also a great 00:14:58.129 --> 00:15:00.409 educational tool for your kids that might be 00:15:00.409 --> 00:15:04.110 getting credit card offers in the mail. Usually 00:15:04.110 --> 00:15:06.250 when they're 18 years or older, they start getting 00:15:06.250 --> 00:15:08.690 those offers. So that would help them understand. 00:15:08.809 --> 00:15:12.250 And also what would happen if I take out a... 00:15:12.909 --> 00:15:16.769 cash advance, understanding that the daily percentage 00:15:16.769 --> 00:15:18.929 rate starts as soon as you take that out. And 00:15:18.929 --> 00:15:22.330 it is a daily percentage rate, not an annual 00:15:22.330 --> 00:15:26.129 percentage rate. So there are things to consider 00:15:26.129 --> 00:15:30.490 in that regard. So how do I pull my credit report? 00:15:30.710 --> 00:15:33.909 Where do I pull my credit report? How do I get 00:15:33.909 --> 00:15:37.779 a truly free? credit report? Well, that's through 00:15:37.779 --> 00:15:42.220 www .annualcreditreport .com. You will not be 00:15:42.220 --> 00:15:44.440 asked for your credit card. You will not be asked 00:15:44.440 --> 00:15:47.960 for a trial. Everything is free. You can pull 00:15:47.960 --> 00:15:52.299 a free credit report weekly if you'd like. And 00:15:52.299 --> 00:15:55.240 there are three major reporting bureaus. And 00:15:55.240 --> 00:15:57.500 if you haven't checked your credit report in 00:15:57.500 --> 00:16:01.379 a while, it would be a good idea to pull each 00:16:01.379 --> 00:16:04.120 one of those credit reports over a three -week 00:16:04.120 --> 00:16:07.539 span to make sure that there's no nefarious activity 00:16:07.539 --> 00:16:11.779 and also to dispute any items that are not yours 00:16:11.779 --> 00:16:14.200 or to dispute information that is incorrect. 00:16:14.720 --> 00:16:17.419 I've told people I've corrected the spelling 00:16:17.419 --> 00:16:19.679 of my name. You never know why that may have 00:16:19.679 --> 00:16:21.980 happened. Hopefully it was just human error and 00:16:21.980 --> 00:16:25.460 not someone attempting identity theft. So it's 00:16:25.460 --> 00:16:28.019 a great idea to stay on top of that. And also 00:16:28.019 --> 00:16:31.679 educating yourself and exploring. Your children's 00:16:31.679 --> 00:16:34.179 credit reports, what do you need to know about 00:16:34.179 --> 00:16:37.700 that? When can I access them? When should I access 00:16:37.700 --> 00:16:40.139 them? When should I start seeing if everything 00:16:40.139 --> 00:16:43.980 is okay with them and are they protected? But 00:16:43.980 --> 00:16:45.899 one of the bigger tools that I like to educate 00:16:45.899 --> 00:16:48.679 folks on and one of the best exploration tools 00:16:48.679 --> 00:16:51.970 for debt management. is PowerPay debt reduction. 00:16:52.289 --> 00:16:57.210 And PowerPay is a free software program. And 00:16:57.210 --> 00:16:59.230 again, I'm going to be providing the link below, 00:16:59.350 --> 00:17:02.049 the one that I use. It's very effective, very 00:17:02.049 --> 00:17:04.529 user -friendly. Please do not feel like you need 00:17:04.529 --> 00:17:07.990 to pay for a demo or pay for a class. Play around 00:17:07.990 --> 00:17:10.190 with it. Click around. You'll figure it out. 00:17:10.490 --> 00:17:13.069 But this is a place where you can either use 00:17:13.069 --> 00:17:16.069 what you have heard in maybe different podcasts 00:17:16.069 --> 00:17:18.089 or what you've read where you can use the snowball 00:17:18.089 --> 00:17:21.289 method. You could use the avalanche method. It 00:17:21.289 --> 00:17:24.289 doesn't say those terms, but snowball is simply 00:17:24.289 --> 00:17:28.269 just paying lowest balance first and then taking 00:17:28.269 --> 00:17:30.549 all those other minimum monthly payments that 00:17:30.549 --> 00:17:32.569 you've paid off those other debts and rolling 00:17:32.569 --> 00:17:35.950 them into the next debt payments. The avalanche 00:17:35.950 --> 00:17:38.640 effect is where you... shoot for paying off the 00:17:38.640 --> 00:17:42.799 highest interest rate first. And so that wipes 00:17:42.799 --> 00:17:45.799 out a lot of that interest. So you'll save more 00:17:45.799 --> 00:17:48.920 money in that way. But it will provide for you 00:17:48.920 --> 00:17:51.759 the total savings for each method. And psychologically 00:17:51.759 --> 00:17:55.259 speaking, a lot of folks do better with the snowball 00:17:55.259 --> 00:17:59.619 method because they know that these smaller debts 00:17:59.619 --> 00:18:03.029 are... going faster and then I can feel good 00:18:03.029 --> 00:18:04.789 knowing that I've taken that off. But it really 00:18:04.789 --> 00:18:08.430 depends on your situation. If you have a payday 00:18:08.430 --> 00:18:10.329 loan, we definitely want to get that paid down 00:18:10.329 --> 00:18:13.109 first. The interest rates on those, a lot of 00:18:13.109 --> 00:18:14.809 people don't even understand the interest rates 00:18:14.809 --> 00:18:17.410 on those. Or if you have a buy now, pay later, 00:18:17.549 --> 00:18:21.849 those are kind of wonky and almost becoming scam 00:18:21.849 --> 00:18:23.890 -like and you can't even get people on the phone 00:18:23.890 --> 00:18:27.210 and they're not being responsive. So making sure 00:18:27.210 --> 00:18:30.509 that you pay those things down faster. And then 00:18:30.509 --> 00:18:34.750 security clearances, favorable and unfavorable 00:18:34.750 --> 00:18:36.950 practices. For those that do not have a security 00:18:36.950 --> 00:18:39.230 clearance, maybe that's not something that you 00:18:39.230 --> 00:18:42.529 have to explore, but there is a different episode 00:18:42.529 --> 00:18:46.990 that I have recorded on your money, your defense. 00:18:47.130 --> 00:18:49.029 If you have a security clearance, go back and 00:18:49.029 --> 00:18:52.269 listen to that. And then the next phase of exploration 00:18:52.269 --> 00:18:55.450 within your financial planning journey is saving 00:18:55.450 --> 00:18:59.220 and investing. Understanding the difference between 00:18:59.220 --> 00:19:02.660 the two. One is short -term, one is long -term. 00:19:02.779 --> 00:19:05.819 One is quickly liquidatable, the other isn't. 00:19:06.859 --> 00:19:09.660 understanding what your own financial goals are, 00:19:09.740 --> 00:19:12.660 what you need, when you need it. Those are things 00:19:12.660 --> 00:19:16.400 to explore and understand. And for federal employees, 00:19:16.640 --> 00:19:19.339 we have the Thrift Savings Plan and understanding 00:19:19.339 --> 00:19:22.240 contributions and understanding the matching 00:19:22.240 --> 00:19:25.140 that you would receive. Where does that go? How 00:19:25.140 --> 00:19:28.799 much comes in? There are TSP webinars for that. 00:19:28.920 --> 00:19:31.140 And if you are not a federal employee, whoever 00:19:31.140 --> 00:19:35.319 employs you, work with your benefits team. It's 00:19:35.319 --> 00:19:38.210 usually with your... and resources team who can 00:19:38.210 --> 00:19:40.589 shed more light on the different webinars that 00:19:40.589 --> 00:19:43.910 might be available or classes that might be available 00:19:43.910 --> 00:19:46.950 on those benefits to you. And a lot of folks 00:19:46.950 --> 00:19:49.250 say that they're ready to invest beyond their 00:19:49.250 --> 00:19:52.029 401k, but if they're not meeting financial obligations, 00:19:52.309 --> 00:19:55.509 if they're not paying their bills on time, they're 00:19:55.509 --> 00:19:57.529 not paying credit cards in full every month, 00:19:57.650 --> 00:20:01.210 or have emergency funds set aside, or they're 00:20:01.210 --> 00:20:04.710 not covered adequately for insurance, then maybe 00:20:04.710 --> 00:20:06.890 not. Maybe it's not their season to do that. 00:20:06.910 --> 00:20:09.450 But when it is your season to do that and when 00:20:09.450 --> 00:20:12.670 you're ready, make sure that when you hire a 00:20:12.670 --> 00:20:15.170 broker or advisor that you are checking them 00:20:15.170 --> 00:20:18.210 on FINRA. broker check to make sure that they 00:20:18.210 --> 00:20:20.390 are not barred, to make sure they have no actions 00:20:20.390 --> 00:20:23.890 against them. And you can also go to FINRA Investment 00:20:23.890 --> 00:20:28.490 Education and take these free investment courses. 00:20:28.730 --> 00:20:32.269 I would highly recommend that because it is not 00:20:32.269 --> 00:20:34.930 advisable that you ever invest in something that 00:20:34.930 --> 00:20:37.930 you don't understand. If you don't understand 00:20:37.930 --> 00:20:41.150 market volatility, if you don't understand that 00:20:41.150 --> 00:20:44.970 markets will rise and fall, if you don't understand 00:20:44.970 --> 00:20:48.890 your risk. then this is probably something you 00:20:48.890 --> 00:20:51.049 need to hold off on until you've educated yourself 00:20:51.049 --> 00:20:54.309 further. By the way, I did another survey in 00:20:54.309 --> 00:20:57.210 this class, and I asked the audience, how many 00:20:57.210 --> 00:21:05.690 of you know your risk tolerance? Only 47 % understood 00:21:05.690 --> 00:21:09.329 their risk tolerance or investment philosophy. 00:21:10.539 --> 00:21:13.039 I tend to be a moderate. My husband's a little 00:21:13.039 --> 00:21:16.180 more aggressive, but I also have several conservative 00:21:16.180 --> 00:21:20.440 clients. So it's important to work within that 00:21:20.440 --> 00:21:22.960 framework. If you're married to someone who's 00:21:22.960 --> 00:21:24.960 a little more conservative than you are or more 00:21:24.960 --> 00:21:27.759 aggressive than you are, finding ways where you 00:21:27.759 --> 00:21:30.799 can both agree to things that are not making 00:21:30.799 --> 00:21:34.799 one or the other sick, thinking that this is 00:21:34.799 --> 00:21:38.119 what's going on. So, and then also when you're 00:21:38.119 --> 00:21:43.230 ready. seeking fiduciary advising. And fiduciary, 00:21:43.230 --> 00:21:45.509 this is a term you need to understand. And I 00:21:45.509 --> 00:21:48.289 love how an attorney put it once. She said to 00:21:48.289 --> 00:21:51.309 think of fiduciary and to remember that as a 00:21:51.309 --> 00:21:55.890 mnemonic, think of Fido. Fido is a loyal dog. 00:21:56.289 --> 00:22:00.970 A fiduciary advisor is a loyal advisor. They 00:22:00.970 --> 00:22:04.349 are only putting your best interests at heart 00:22:04.349 --> 00:22:08.559 and they are only seeking out. investment vehicles 00:22:08.559 --> 00:22:11.519 and products that fit your investment philosophy 00:22:11.519 --> 00:22:16.099 and your risk tolerance, not the firm's. So that's 00:22:16.099 --> 00:22:19.440 a great thing to further explore. And then here 00:22:19.440 --> 00:22:22.059 comes the fourth when we talk about retirement 00:22:22.059 --> 00:22:26.920 planning. I asked in a live survey, when should 00:22:26.920 --> 00:22:30.599 you start retirement planning? And I gave the 00:22:30.599 --> 00:22:35.170 options in high school, When you first enter 00:22:35.170 --> 00:22:40.690 your career job or when you're five years out 00:22:40.690 --> 00:22:44.390 from retirement. There were folks that selected 00:22:44.390 --> 00:22:47.210 when you're five years out from retirement. But 00:22:47.210 --> 00:22:49.910 I'm here to tell you that retirement planning 00:22:49.910 --> 00:22:54.269 really needs to start in high school. And I get 00:22:54.269 --> 00:22:56.309 it. There are some high schoolers that may not 00:22:56.309 --> 00:22:59.369 be ready for those conversations, but it starts 00:22:59.369 --> 00:23:03.549 with career exploration. That's why it starts 00:23:03.549 --> 00:23:06.549 in high school. Talking to your kids, talking 00:23:06.549 --> 00:23:09.049 to your grandkids about what are their hopes 00:23:09.049 --> 00:23:11.269 for the future? What kind of quality of life 00:23:11.269 --> 00:23:14.509 are they looking for? Do they want to have their 00:23:14.509 --> 00:23:16.730 vacations in the backyard or do they want to 00:23:16.730 --> 00:23:20.390 have them away? And some folks may choose back 00:23:20.390 --> 00:23:23.630 the backyard. And I think that's absolutely enjoyable 00:23:23.630 --> 00:23:28.069 if that's your thing. But if not. then what will 00:23:28.069 --> 00:23:31.210 help you live the lifestyle that you're seeking 00:23:31.210 --> 00:23:36.190 while having the ability to save for your future 00:23:36.190 --> 00:23:39.690 self? And I guarantee you, your future self will 00:23:39.690 --> 00:23:43.750 congratulate you and thank you for taking such 00:23:43.750 --> 00:23:46.829 good care of him or her. So one of the ways to 00:23:46.829 --> 00:23:49.369 do this is to understand your numbers. And for 00:23:49.369 --> 00:23:52.430 the federal employees here, we talked about the 00:23:52.430 --> 00:23:55.410 Government Retirement Benefits Platform, short 00:23:55.410 --> 00:23:59.009 GRB platform. And again, the link will be provided 00:23:59.009 --> 00:24:00.910 to you. But understanding your numbers, your 00:24:00.910 --> 00:24:03.390 retirement service computation date, that's going 00:24:03.390 --> 00:24:06.109 to be different than your leave service computation 00:24:06.109 --> 00:24:10.470 date. And a lot of folks don't realize that that 00:24:10.470 --> 00:24:13.490 is not provided to you until you ask for it within 00:24:13.490 --> 00:24:15.680 five years of elevation. retirement. But I'm 00:24:15.680 --> 00:24:19.279 hoping with more efficient practices that our 00:24:19.279 --> 00:24:22.640 Army Benefit Center or whoever your federal employer 00:24:22.640 --> 00:24:25.240 is will be able to provide you that retirement 00:24:25.240 --> 00:24:28.420 service computation date at any given time. Maybe 00:24:28.420 --> 00:24:30.480 a system where we get to see all the different 00:24:30.480 --> 00:24:33.299 service computation dates that are there for 00:24:33.299 --> 00:24:35.940 us. There's a TSP service computation date, a 00:24:35.940 --> 00:24:38.859 leave service computation date that is only tied 00:24:38.859 --> 00:24:41.059 to leave accrual, and then a retirement service 00:24:41.059 --> 00:24:44.980 computation date that is only tied to creditable 00:24:44.980 --> 00:24:49.920 service that will apply towards your retirement. 00:24:49.980 --> 00:24:51.740 And those in the federal government, we know 00:24:51.740 --> 00:24:54.359 that those years of service are very important 00:24:54.359 --> 00:24:57.940 when it comes to not only calculation, but also 00:24:57.940 --> 00:25:00.640 to understand if you're even eligible for certain 00:25:00.640 --> 00:25:04.680 retirement. Then also understanding your high 00:25:04.680 --> 00:25:07.460 three calculations. And for folks out there that 00:25:07.460 --> 00:25:11.880 may not have a defined benefit plan like this, 00:25:11.980 --> 00:25:16.099 that's okay. It's all about... Retirement planning 00:25:16.099 --> 00:25:18.440 and understanding what kind of nest egg you would 00:25:18.440 --> 00:25:21.359 have to have from your defined contribution plan. 00:25:21.740 --> 00:25:26.119 So what you're doing with your 401k, how you're 00:25:26.119 --> 00:25:29.559 investing, and how much you need, and getting 00:25:29.559 --> 00:25:31.559 those numbers, that is part of that retirement 00:25:31.559 --> 00:25:34.900 planning as well. Understanding your social security, 00:25:35.279 --> 00:25:37.779 setting up an account, making sure that you have 00:25:37.779 --> 00:25:40.220 all your credits that are due to you, making 00:25:40.220 --> 00:25:43.380 sure that all the information is correct, understanding 00:25:43.380 --> 00:25:45.759 what your tax bracket is, it might be in retirement, 00:25:45.880 --> 00:25:48.859 which will help you today in determining, do 00:25:48.859 --> 00:25:52.420 I need to do more traditional contributions or 00:25:52.420 --> 00:25:56.180 Roth contributions? And that will help you decide 00:25:56.180 --> 00:26:00.859 how to best plan for that retirement. And here's 00:26:00.859 --> 00:26:03.880 one that I like to give folks. Debt is a big 00:26:03.880 --> 00:26:07.279 enemy to retirement. And so I would encourage 00:26:07.279 --> 00:26:10.460 folks that are nearing that retirement age is 00:26:10.460 --> 00:26:12.819 to really look at your debt and how can you get 00:26:12.819 --> 00:26:16.279 rid of as much as you can before you retire. 00:26:16.779 --> 00:26:20.680 And one of the ways to look at this is to project 00:26:20.680 --> 00:26:23.799 what your retirement income is going to be. Deduct 00:26:23.799 --> 00:26:26.730 your living expenses. and deduct your monthly 00:26:26.730 --> 00:26:29.529 debt payments, and that will reveal what your 00:26:29.529 --> 00:26:32.130 surplus or your deficit is in. If you have a 00:26:32.130 --> 00:26:34.549 deficit, obviously it's not time for you to retire. 00:26:34.670 --> 00:26:38.730 If you have a surplus, perhaps even now, while 00:26:38.730 --> 00:26:41.009 you have a larger surplus, how can I pay down 00:26:41.009 --> 00:26:44.029 that debt even further? And here's an extra challenge. 00:26:44.950 --> 00:26:48.609 Two years prior to you retire, live on that retirement 00:26:48.609 --> 00:26:52.579 budget or retirement spend plan. that you've 00:26:52.579 --> 00:26:55.079 created. And that will help you determine if 00:26:55.079 --> 00:26:58.460 you're truly ready. So here was a fun live survey 00:26:58.460 --> 00:27:02.420 that I provided. I asked the question about numbers 00:27:02.420 --> 00:27:06.259 and data for retirement planning. 96 % agreed 00:27:06.259 --> 00:27:10.480 that retirement planning is not just about the 00:27:10.480 --> 00:27:13.420 numbers. So no one has an excuse anymore, what 00:27:13.420 --> 00:27:15.440 I'm about to talk about. So we're going to talk 00:27:15.440 --> 00:27:19.640 about what you are looking for in retirement. 00:27:20.380 --> 00:27:23.900 As Mitch Anthony wrote in his book that I do 00:27:23.900 --> 00:27:26.299 have an episode on with reviewing the book, The 00:27:26.299 --> 00:27:29.640 New Retirementality, he talks about your IRA 00:27:29.640 --> 00:27:34.960 or individual retirement attitude. So know your 00:27:34.960 --> 00:27:39.039 values. Planning includes the measurable data. 00:27:39.549 --> 00:27:42.430 And the immeasurable data. That immeasurable 00:27:42.430 --> 00:27:45.509 data is what does your wife want to do upon retirement? 00:27:45.769 --> 00:27:48.049 What does your husband want to do upon retirement? 00:27:48.289 --> 00:27:51.230 What are your joint goals? What are your individual 00:27:51.230 --> 00:27:54.569 goals? You both might be putting your ladders 00:27:54.569 --> 00:27:57.369 up against completely separate walls. And by 00:27:57.369 --> 00:27:59.990 the time you both retire, you're looking at each 00:27:59.990 --> 00:28:03.009 other miles and miles away and like, hey, where 00:28:03.009 --> 00:28:04.809 are you? You're supposed to be over here with 00:28:04.809 --> 00:28:06.369 me. No, you're supposed to be over here with 00:28:06.369 --> 00:28:09.200 me. This is what we plan to do. Did we? Did we 00:28:09.200 --> 00:28:12.380 even have that discussion? So understanding what 00:28:12.380 --> 00:28:15.480 that means for you. And then also further educating 00:28:15.480 --> 00:28:19.119 yourself and exploring all the ins and outs if 00:28:19.119 --> 00:28:21.700 there is a pension plan. And again, if it's not 00:28:21.700 --> 00:28:25.359 a defined benefit plan, which is a pension, then 00:28:25.359 --> 00:28:27.839 understanding all the ins and outs of your defined 00:28:27.839 --> 00:28:31.799 contribution plan. And then finally, we get to 00:28:31.799 --> 00:28:35.559 the last phase of exploration. Not to mean that 00:28:35.559 --> 00:28:37.720 you wait until you think you're going to die 00:28:37.720 --> 00:28:40.579 to do this, but to start planning now. But estate 00:28:40.579 --> 00:28:43.880 planning. This is something where I can't emphasize 00:28:43.880 --> 00:28:48.220 enough that individuals who come into my office, 00:28:48.259 --> 00:28:52.059 widows, where their spouses have passed on or 00:28:52.059 --> 00:28:56.339 widowers, and they don't have any money because 00:28:56.339 --> 00:28:59.190 they can't find documents. or they don't know 00:28:59.190 --> 00:29:03.569 what's available, or a designation of beneficiary 00:29:03.569 --> 00:29:07.130 can't be found. Estate planning, when people 00:29:07.130 --> 00:29:09.390 hear that, they stop and they don't think about 00:29:09.390 --> 00:29:11.150 it again because they say, well, I'm not going 00:29:11.150 --> 00:29:13.650 to pay the attorney to do this for me. You don't 00:29:13.650 --> 00:29:17.529 have to. Estate planning can be as simple as 00:29:17.529 --> 00:29:20.589 you just completing designations of beneficiary 00:29:20.589 --> 00:29:24.000 and filing them with... Those entities they need 00:29:24.000 --> 00:29:26.339 to be filed with. So for federal employees, your 00:29:26.339 --> 00:29:28.900 thrift savings plan, who gets the money when 00:29:28.900 --> 00:29:32.299 you pass, naming a beneficiary, your federal 00:29:32.299 --> 00:29:34.299 employee group life insurance. And for folks 00:29:34.299 --> 00:29:36.000 that aren't federal employees, that includes 00:29:36.000 --> 00:29:38.660 your 401k, your life insurance, and any other 00:29:38.660 --> 00:29:41.700 things. Your bank accounts payable on death, 00:29:41.920 --> 00:29:45.400 your investments transferable on death. Just 00:29:45.400 --> 00:29:49.799 completing those forms alone is estate planning. 00:29:49.980 --> 00:29:54.099 But here's one even better. is putting those 00:29:54.099 --> 00:29:57.140 documents or copies of those documents in one 00:29:57.140 --> 00:30:00.240 area and telling your loved one where they can 00:30:00.240 --> 00:30:02.440 find them if something were to happen to you. 00:30:03.099 --> 00:30:06.460 So notice that a will has not even been created 00:30:06.460 --> 00:30:11.430 yet and you've already inched toward full. estate 00:30:11.430 --> 00:30:14.250 planning. There will be attorneys that even tell 00:30:14.250 --> 00:30:17.049 folks that maybe you don't even need a will. 00:30:17.150 --> 00:30:20.369 It depends on everyone's situation. Disclaimer, 00:30:20.690 --> 00:30:24.250 everyone's situation is different. Had my husband 00:30:24.250 --> 00:30:26.650 and I not had children, we probably never would 00:30:26.650 --> 00:30:28.809 have completed a will because we have everything 00:30:28.809 --> 00:30:35.250 tied to a beneficiary or a joint account or payable 00:30:35.250 --> 00:30:37.769 on death or transferable on death. Those are 00:30:37.769 --> 00:30:42.480 ways to avoid probate court. And 81 % of the 00:30:42.480 --> 00:30:46.099 audience knew that. They knew how to avoid probate 00:30:46.099 --> 00:30:48.619 court. Again, naming a beneficiary, make it in 00:30:48.619 --> 00:30:51.380 a joint account, payable on death, transfer on 00:30:51.380 --> 00:30:55.359 death. However, you can't 100 % make sure that 00:30:55.359 --> 00:30:57.400 some things do not go to probate because what 00:30:57.400 --> 00:30:59.660 if your joint account holder passes with you? 00:30:59.880 --> 00:31:02.940 Or what if your designation of beneficiary, all 00:31:02.940 --> 00:31:06.200 the folks that were named have also passed on? 00:31:06.759 --> 00:31:10.339 So sometimes you cannot. help but things go in, 00:31:10.400 --> 00:31:14.420 but you can at least help avoid as much as possible 00:31:14.420 --> 00:31:18.000 by doing those three things. Here's something 00:31:18.000 --> 00:31:21.200 that kind of troubled me a little bit. Well, 00:31:21.259 --> 00:31:24.559 no, let me actually say what excited me first. 00:31:24.980 --> 00:31:27.259 A hundred percent of folks knew that it was wise 00:31:27.259 --> 00:31:30.420 to update their beneficiary designations when 00:31:30.420 --> 00:31:34.420 they got married, had children, or divorced, 00:31:34.680 --> 00:31:39.019 or remarried. So You just have to ask yourself 00:31:39.019 --> 00:31:43.640 a simple question. If I pass, who do I want these 00:31:43.640 --> 00:31:47.079 benefits to go to? By the way, here's what saddened 00:31:47.079 --> 00:31:51.900 me. 31 % did not know that beneficiary designations 00:31:51.900 --> 00:31:59.140 override wills. A lot of folks did not know that 00:31:59.140 --> 00:32:05.420 a beneficiary designation is its own standalone 00:32:05.420 --> 00:32:10.700 legal... document. So if I've scared some of 00:32:10.700 --> 00:32:13.779 you guys, good. Go look, make sure they're on 00:32:13.779 --> 00:32:16.000 file, make sure the right people are on there, 00:32:16.119 --> 00:32:18.720 and go from there. And even read through the 00:32:18.720 --> 00:32:22.240 form. It will tell you, if you name no one, who 00:32:22.240 --> 00:32:25.819 it will go to next. Your spouse, your living 00:32:25.819 --> 00:32:29.259 children, and then it goes from there. All right. 00:32:29.579 --> 00:32:32.200 So here's some further tools and resources. I've 00:32:32.200 --> 00:32:34.680 given you a lot to consider, a lot to explore. 00:32:34.900 --> 00:32:38.259 But in these episodes, you'll find book reviews. 00:32:38.299 --> 00:32:40.839 And so any of the books that you've heard, I 00:32:40.839 --> 00:32:45.440 really recommend reading some of them. But one 00:32:45.440 --> 00:32:49.160 of my favorites, if you really want to understand 00:32:49.160 --> 00:32:53.579 personal finance, and I can say that I would 00:32:53.579 --> 00:32:56.660 encourage a read because to be an accredited 00:32:56.660 --> 00:32:59.460 financial counselor. And in order to get that 00:32:59.460 --> 00:33:01.940 certification, I had to read the book Personal 00:33:01.940 --> 00:33:07.200 Finance by Garmin and Forg, the 13th edition. 00:33:07.960 --> 00:33:10.920 And I would not be able to sit here and provide 00:33:10.920 --> 00:33:14.380 this education as a financial readiness program 00:33:14.380 --> 00:33:17.319 manager without that book. It's called, now the 00:33:17.319 --> 00:33:19.900 14th edition is out. I have not read through 00:33:19.900 --> 00:33:23.559 that one, but... I would always encourage people 00:33:23.559 --> 00:33:26.059 to read latest editions because especially as 00:33:26.059 --> 00:33:28.700 technology advances, there's going to be some 00:33:28.700 --> 00:33:32.400 changes in how you do personal finance. So Garmin 00:33:32.400 --> 00:33:37.089 and Fox. are the author's 14th edition for personal 00:33:37.089 --> 00:33:39.970 finance. And like I said, it's a textbook. It's 00:33:39.970 --> 00:33:42.670 not going to be something that you're going to 00:33:42.670 --> 00:33:44.569 be reading right before bed, unless you just 00:33:44.569 --> 00:33:48.190 want to put yourself to sleep. But what I would 00:33:48.190 --> 00:33:50.589 encourage you to do, maybe a chapter a month 00:33:50.589 --> 00:33:53.650 and getting your spouse involved, because this 00:33:53.650 --> 00:33:56.470 is full exploration that this book would take 00:33:56.470 --> 00:33:58.910 you through with all, not just those five areas 00:33:58.910 --> 00:34:03.230 of exploration, but 15. areas of exploration 00:34:03.230 --> 00:34:05.750 and maybe you just start with the five that I've 00:34:05.750 --> 00:34:07.950 talked about today and then go back and get all 00:34:07.950 --> 00:34:11.090 the other ones but I would also encourage you 00:34:11.090 --> 00:34:14.530 to listen to other episodes on the pod that might 00:34:14.530 --> 00:34:17.809 be of interest to you and please if you have 00:34:17.809 --> 00:34:20.750 found this information useful please rate and 00:34:20.750 --> 00:34:23.329 review wherever you listen to the pod thank you 00:34:23.329 --> 00:34:24.869 for listening and happy planning