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- [00:02]
American Express Representative
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- [00:33]
Avocado Mattress Representative
Wake refreshed with Avocado's got certified organic green mattress delivering breathable back loving support natural materials from Avocado's own sustainable wool and latex farms, easy financing, a one year sleep trial and deep restorative slumbers. Organic sleep awaits@avocadomatress.com what are five things.
- [00:56]
Financial Advisor
Like a mandatory five things that they have to do as far as their personal finance in regards to the stuff that we talk about.
- [01:07]
Financial Expert
Number one, I love the debt snowball. So take off your your smallest debt. Aim to pick that off first. Number two, pick two to four stocks that you're going to invest in for the next 10, 15 years of your life. Don't deviate from it. Number three, pick an amount that you are going to invest and don't deviate because sometimes people hear these numbers and like well I don't have 60 grand to put into the market. Start with 200 and then once you see the 200 go to 4 you're going to find a thousand or 1500 to then put into that vehicle. Number three, not to be self aggrandizing but to watch us every week because if you do that you're going to get a higher return on investment than if you watch other shows. If I made you money, please put yes in chat. Love y'all. Get the book. You deserve to be rich. Number four, find one or two people that you're going to have these conversations with. It's like having a sparring partner or someone to work out with. I, I don't want you to lean on them for accountability. But if like we've stuck together for five years, we kept telling y'all we're going to stick together, right? We've grown collectively and individually as a result. A lot of times I'll see people try and do this on their own and because they don't have someone to lean on, they don't stay in the game as long. And then number five, kill the lifestyle creep. Like I see too many of us get to that first hundred thousand first two hundred thousand and you get the blowing on Mike and Mary. And you want to talk to me about tariffs, go shout out to Johnny Dang. I see a lot of y'all come out here and go hit Johnny Dang. And hey, I give you a discount because people have been coming. I'm like, I know it's fun to look like you have all the money in the world. It's more fun to actually have the money in your possession.
- [02:54]
Financial Advisor
That's a fact.
- [02:56]
Ryan
Now.
- [02:56]
Financial Advisor
That was great. That was great. For me, it would be. You have to secure your retirement. So start to invest in your 401k. Have an IRA if you're self employed, have a set plan. These are things that we talked about. But you gotta have money for later on down the line. Sure. A forced savings that you don't even think about. That is tax advantage, where you're saving money on taxes. And you'll also be able to have a nest egg at some point in time in, in retirement because it's going to be here before you know it. So securing your retirement is, is a major thing. And then if you have kids, you got to plan for them. Yeah. So we talk about 529 plan, which is how you can save money for college. Or you can have a UTMA account, which is how you can just save money for your child in general. Doesn't necessarily have to be used for college, but you want to secure or start to, you know, have some level of security for them. So that's important. You could put money away. The earlier you start, the better. Compounding interest. One of the things that Warren Buffett championed across the way, life insurance. You have to make sure that you secure your life. Life insurance, we've had a lot of conversations about that. But if somebody's just starting out, that's a great thing to do for sure. You know, foundational purposes. As far as your financial plan, I would say dollar cost average into the stock market every single month from a brokerage account. You can open a brokerage account, put 100, 200, 300, 500, whatever you can afford. Whatever you can afford. But you know, Ian says two tech to index. You put together your strategy and you might have, okay, in S P 500, I'm gonna put 200 into that every single month. I'm gonna put 200 into Microsoft every single month. Put money into the market in a brokerage account, force yourself for savings every single month. That's important outside of your retirement. Two different things. Your retirement, what we call qualified, what's not. Retirement is non qualified. So non qualified is just regular brokerage. You can use that money whenever. You don't have to wait until you're 59 and a half. But you want to do two things simultaneously. And then the last thing I would say is estate planning. Put together a will. If you're at the point where trust makes sense, make sure your beneficiaries are listed. That's important. So those are five things.
- [05:22]
Financial Expert
That's amazing. Especially the last one for sure.
- [05:25]
Financial Advisor
If you, if you, if you on your, your pathway. If you just start now, even if you haven't just started out, you want to just look to make sure you're doing things correctly. Retirement, college savings or just savings for your children in general. Life insurance, dollar cost average into the stock market every single month and then estate plan. And make sure you have a will, a trust. Put beneficiaries on things, look to see if everything is set up. If you die today, will it be a mess? That's how you got to gauge this. If I die today, is it going to be a mess? Meaning when I say is it going to be a mess? Is it going to be how they going to know what your passwords are? How they going to know how to get into your bank account? How they going to know where you have bank accounts at? How they going to know? So what you should do is have a handbook where it's actually detailed and you put it with somebody that you trust, your beneficiary, your lawyer. So that way it's hard enough, you die, somebody's gonna have to make funeral arrangements. But just think about that. Like you, you doing all this stuff, you're acquiring all this stuff. You got properties over here. If nobody knows about it.
- [06:29]
Financial Expert
Yep. Probate, nobody know your password or, or.
- [06:33]
Financial Advisor
Worst case scenario, it can get forfeited or it's just not even, it's just held. There's billions of dollars that's just being held in suspense right now because nobody's ever claimed it because nobody knows about it. State property. Think about it. Crypto. Same thing. If you got crypto, nobody coinbase is not going to call your family like hey, you got in Ethereum waiting for you. What's your catchphrase? Gotta think about it.
- [07:00]
Ryan
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- [07:31]
Dutch Representative
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