Episode 33

Girl Money: Part 2

Published on: 15th April, 2024

Join us for the much-anticipated continuation of our wealth-building journey on Clover Club. Host Erika Audrey is back, along with expert guest Lauren Iddins, wealth strategist for Raymond James, in this eagerly awaited Part 2 of our series.

In this episode, Erika and Lauren pick up where they left off, delving deeper into the importance of financial planning and growing wealth. Building on the cautionary tales and insights shared in the previous episode, they explore additional strategies and actionable steps to empower listeners on their financial journeys.

Through candid conversation and expert guidance, they address key topics such as investment diversification, risk management, and long-term financial goals. Drawing from their own experiences and expertise, Erika and Lauren provide valuable advice to help listeners make informed decisions and set themselves up for financial success and freedom.

Whether you're a novice investor or a seasoned pro, this episode offers valuable insights and practical tips to continue building wealth and securing your financial future. Tune in and join the Clover Club community as we navigate the path to prosperity together.

Contact Lauren Iddens here

Shop Hawkins & Clover here

Follow Hawkins & Clover here

_________________________________________________________________

Any opinions are those of Lauren Iddins of the Atlanta 3KG Branch and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not indicative of future results.  Diversification does not ensure a profit or guarantee against a loss.

 

Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk.

 

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

 

Investment products are: Not deposits. Not FDIC Insured. Not guaranteed by the financial institution. Subject to risk. May Lose Value.

 

U.S. government bonds and Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. U.S. government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the U.S. government. 

 

CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. 

 

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

 

The Dow Jones Industrial Average (DJIA), commonly known as “The Dow” is an index representing 30 stock of companies maintained and reviewed by the editors of the Wall Street Journal. 

 

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.

 

401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. 

 

ETF shareholders should be aware that the general level of stock or bond prices may decline, thus affecting the value of an exchange-traded fund. Although exchange-traded funds are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indexes, the funds may not be able to exactly replicate the performance of the indexes because of fund expenses and other factors.

 

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.

Transcript
Speaker:

welcome to Clover club, a podcast

about curious conversations and stories

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intended to make you laugh and learn.

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. And welcome back to part two with Lauren.

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It ends that we have so

much information for you.

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Thank you for joining us again.

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Let's get started.

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Oh, this is actually the

perfect next question.

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, I make more than my spouse and

I want to grow money of my own

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separately from our joint accounts.

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What's the best option.

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Would it all come out in a divorce.

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So I know we've kind of touched on this,

but if there's anything specifically

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to this question that we could add.

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Uh, spin on this question.

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And this is another compliance.

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Not all situations are

right for every person.

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Yeah.

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If it makes sense for you and

you and your spouse are like,

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well, where do I invest my money?

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We've got money to invest.

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Where do I do it?

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I like Roth contributions.

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Okay.

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So if you have a 401k.

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Or 4 57 or something like that.

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You should have the option of

making a Roth contribution or

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a traditional contribution.

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Traditional is pre-tax, which means

we're going to use round numbers here.

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If you make a hundred thousand dollars.

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And you make a traditional

contribution of $10,000.

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It's like that $10,000 you

didn't make it that year.

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The IRS only charges charges you

ordinary income on the $90,000.

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Okay.

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Now that 10,000 God.

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Dollars goes into your 401k.

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It grows and grows and grows and grows.

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When you pull that money out in

retirement, every dollar of your

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contribution and all of that growth.

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Is taxed at ordinary income rates.

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So let's say someone who's 40 right now.

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They're retiring on average

age, 65, 25 years from now.

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Hopefully that is a whole

lot of compounded interest.

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And earnings.

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Where do you personally

think that interest rates

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are going to be in 25 years?

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It's not right or wrong.

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We don't know.

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W where do you think they're going to be?

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Uh, I have no idea.

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I hire them.

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They are now.

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Yeah.

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I mean, I think higher, I think higher.

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Yeah.

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, we have had lower taxes for the past eight

years, but that's, that's been totally a

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fluke and that's getting ready to expire.

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, taxes are probably going to be

higher, so you can pay the devil

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now that you know, Or you can pay

the one we don't know in decades.

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So the alternative to traditional

contributions are Roth or

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after tax contributions.

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If you make a hundred thousand, you put

in $10,000, you don't get a deduction.

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You pay ordinary income on the a hundred

thousand dollars that you made this year?

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That money grows tax deferred, just like

with the traditional, but in the 25 years.

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Every dollar comes out completely.

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Tax-free that's awesome.

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Think of it another way

with the traditional.

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The traditional contribution route.

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If you want to receive.

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$10,000 from your IRA or 401k.

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You have to take out more than $10,000

because we have to account for taxes.

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So there's a lot of shrinkage with.

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We don't like shrink edge.

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Um, so I love Roth now.

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That was just more of the

like taxable category.

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Another reason why I like retirement

contributions is that money is there

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and locked away until 59 and a half.

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You can't go in and pull money

out, essentially for a new

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car for renovating your house.

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Like you have to come up with

the money for those things.

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Through some other savings and intentions.

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So.

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So I like retirement savings.

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I like Roth because of how much it will

likely save you in taxes down the road.

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, and then the vehicle could be 401k.

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If you've already maxed out your

401k at work, you can look at if you

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can still make IRA contributions.

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You get into some income limits.

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Definitely.

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, you also get into some more

complex strategies, like perhaps

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a after tax Roth conversion.

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, but the limit on dollars

in are also different in an

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IRA versus a 401k for 2024.

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If you are under 50 with a 401k, you

can currently contribute $23,000 a year.

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Okay.

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In an IRA again, that's a retirement

account outside of your employer.

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It's $7,000 a year.

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If you're less than 50.

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So I want you to be doing all of it,

but if you have to start somewhere.

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As much money as you can, that

401k is going to let you do it.

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And I believe in the power

longterm of the Roth.

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Yeah.

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It makes perfect sense.

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Okay.

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Cool.

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. This one, we maybe should have

swung around to the beginning, but

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I know nothing about investing.

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Can you tell me how

the stock market works?

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Like I'm a child.

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Yes.

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And this is important for people to know.

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Yeah.

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, the stock market is a representation of

a bunch of companies where you can own

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a little tiny piece of that company.

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And the price per share.

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Is what people think that that company

is worth now or what it could be worth

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based on a variety of factors like

profitability, cash flow, , business

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plans, acquisitions, , economic

moat, meaning like how unique are

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you in the space that you operate?

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, other competitors.

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So it's a ton of factors.

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But that creates a price per share.

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There's also different.

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Style investing with stocks.

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You have value, style

investing, growth and blend.

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Okay.

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With value, style stocks.

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You're traditionally looking to

buy something when it's on sale.

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You think that well, the

stock is already down.

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It theoretically, shouldn't

go down that much more.

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You can also have dividend paying stocks

that fall under the umbrella of value.

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Dividend paying stocks tend to move a

little bit slower and steadier, but they

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have a regular dividend that they pay.

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And I'm going to come back to that.

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Okay.

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On the complete other end,

you have growth style stocks.

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You want to get in at any price, because

this is just a really hot and exciting

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company, big buzzword or company

right now is Nvidia in the AI space.

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Okay.

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Not a particularly new company,

but last year I think they were up

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230 something percent year to date.

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I think they're already

up another 70 to 80%.

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Am I investing in that?

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Uh, you do have some exposure.

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Yes.

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Thank.

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Yes.

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That is an example of, wow.

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That stock is high.

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Yeah.

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Let's get in.

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But it's going to continue to

do really impressive things.

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And then blend is sort of stocks

that have characteristics of both.

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Maybe not super hot and exciting,

like Nvidia, but they're not

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super discounted or they don't

really fit into either category.

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Okay.

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The S and P 500 is sort

of considered blend.

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And I'm going to take that a step further.

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So the S and P 500 is what most

people classify as the market.

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And you need to know what someone

means when they say the market.

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It used to be the Dow or the

Dow Jones, industrial average.

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, that's not what people mean when

they say the market anymore.

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The words the same, but the correct

understanding of, of, are you thinking

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of the same thing when I say the market?

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Yeah.

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And then also when you hear on the news

and this gets to wording of things.

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If you hear a news caster, say.

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The stock market crashed

a hundred points today.

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Well, a hundred points compared to what.

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So the S and P is currently trading around

52 and some change, 5,200 and some change.

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A hundred points on

that is about 1.9% drop.

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Okay.

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So that'd be not a great day.

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That that's not the end of the world.

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Yeah.

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Terminology like the market crashed

a hundred points is, is going

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to make you feel more scared.

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Than what the numbers actually say,

crashes dramatic crashes dramatic

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versus just like the stock market

was down a hundred points today.

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Okay.

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I mean a hundred doesn't sound

good, but like, you need to

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know what is that a hundred?

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On right.

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The only other thing I would add

to that as we've talked a lot

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about stocks, there are also bonds.

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So stocks are a bit sexier.

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You tend to make more money in stocks.

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Bonds are on the more conservative

side, because we're not

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going to use the safe word.

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They're more on the conservative side.

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, they tend to fluctuate less.

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But lower return.

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, there is a bond market as well,

but traditionally the market is

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going to be the stock market and

it's going to be the S and P 500.

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Okay.

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Bond's gets into a whole other

realm and you've got bond math and

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it is actually fairly complicated.

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, and that's another area where

when you are figuring out the

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advisor, you want to work with.

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What do they propose as the

right allocation and mix for

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you between stocks and bonds?

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There's a lot of advisors out there

that I think regardless of your risk

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profile, you need some allocation to bond.

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My personal business

structure is different.

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So Eric, his portfolio is completely

different from everyone else's, which is

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completely different from mine, which is

completely different from my husband's.

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So you are young.

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You're comfortable with fluctuations.

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You don't need bonds.

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We're trying to make a lot of money.

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Yes.

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You don't need bonds.

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Not every advisor is going

to take that approach.

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That's something else.

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, that I would suggest that people ask.

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And figure out how they feel about

the answer that that advisor gives.

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Yeah.

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Yeah, no.

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What you own know what it's likely

to fluctuate both up and down.

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When I recommend investments for clients.

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Again, I try to be super upfront.

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And in 2022, it was a

bad year for everything.

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The stock market, the S and P 500.

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Was down for the calendar year,

about 18%, the growth part of

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the market was down closer to 30.

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Wow.

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I call that out and say like, are

you going to be okay with that drop.

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Well, 2023 comes along, growth

came roaring back and you

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made a lot of money in growth.

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And interestingly has kinda wraps

together a lot of different theories

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about stay invested, like make sure that

that you're comfortable for the ride.

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Things come back after their down.

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You would have actually made more money.

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If you look at the start of

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So huge down year 2022 big up year 2023.

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You made more money in growth stocks,

though you were down more in:

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because you were up so much more in 2023.

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Then, if you were in conservative

investments that were down

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way less and 20, 22, but they

were up a lot less in:

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That's cool.

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Super interesting.

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Yeah.

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Oh, I love that.

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All right.

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Cool.

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Um, uh, hopefully all the

children listening to understand.

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The stock market now.

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, next question.

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What's a realistic expectation

for how much my money can grow.

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So this was a fun homework assignment,

a homework assignment for me.

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The SMP over the past.

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10 years.

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Has averaged 12.4% per year.

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Wow.

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That's a huge rate of return.

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Yeah.

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And if you go back even 15 years,

16.2% per year for the S and

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P 500 big, big, big numbers.

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Now that is not a number that I

feel comfortable telling clients

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they can expect, like, not

even close, so many variables.

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So many variables, , most portfolios,

unless you just own an S and P 500 index.

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They're not going to

mirror that identically.

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The software program that I use that

runs, you know, modeling around all

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the potential different returns that

you could have over a 20 year period.

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It spits out a potential annualized

rate of return of six and a half

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percent for a growth portfolio.

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Okay.

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Way way less.

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So if, if pressed to

give a number to someone.

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I would say between six and 8%, I really

don't want to model higher than 8%.

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And if we are modeling 8% per year, I say.

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We might not target that.

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And what I'll do is I'll go back and I'll

look at their actual performance and.

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Hopefully they're a client

we've had for five plus years.

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So like you actually have

some good track record there.

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And a lot of times it falls

in that six to 8% window.

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, very few clients are

averaging even an 11%.

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Which is still shy of what the S and

P is saying over the 10 years, because

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you do have emotional decisions.

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You have years where maybe

people can't contribute as much.

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So there was less money in the

account, and then you add money and

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then the market's down a little bit.

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You have a whole lot of

factors that go into that.

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Yeah.

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So assume for a stock portfolio that is at

least moderately to growth oriented Lilly.

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If that's a word.

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Invested.

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Six to 8%, depending on

a whole lot of variables.

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Yeah.

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Perfect.

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More than it would make under your bed.

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It is., I thought of something that we

did not include on the education piece.

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That is important.

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Okay.

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, What are the different

investment vehicles?

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We talked about account types, but like

what's a stock versus a mutual fund.

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Yeah.

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Versus an ETF.

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All of these are different rappers.

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So a stock is an individual

company, one individual company.

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Uh, home Depot and Nvidia

and Amazon a Google one.

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Okay.

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A mutual fund or an ETF or a

unit investment trust UIT is

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going to be a basket of stocks.

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They can also be a basket of bonds.

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Okay.

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Not to leave bonds out

of the conversation.

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But it is a basket of them.

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And with a basket, you reduce your risk

of one company failing spectacularly.

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So if we kind of go back to

like the cryptocurrency and

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like gambling money analogy.

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Think of one individual stock, like a

roulette wheel and I don't play roulette.

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So I'm probably not

going to get this right.

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But with one stock, you're saying I'm

betting that I'm going to hit red seven.

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And if you hit red seven and

red seven does well, you're

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going to make a big payout.

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Yeah.

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Versus a mutual fund or an ETF or a UIT

where you have many stocks included.

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You're just betting that any

red number is going to win.

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Yeah, your payout's going to be

a bit less, but you have a higher

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likelihood that a red number will

hit versus specifically red seven.

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So those people who are concerned

about air quotes, safety and

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investing something like a mutual

fund would be like, I would think of

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a psychologically more comfortable.

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Potentially.

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Yeah, you have to know, is

this a growthy mutual fund?

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Is it a more conservative mutual fund,

but, but yes, diversification can

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reduce risk and even diversification of.

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Your fund manager.

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So I am your wealth strategist.

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And then I have a list of mutual

fund managers that I like.

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So there is a portfolio manager for

each of these mutual funds and they

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are actively buying and selling

the individual stocks for you.

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Okay.

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They don't ask my opinion.

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They don't ask your opinion.

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They're just actively doing this

based on their research, their

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outlook, , and a whole series of

parameters that they have and deciding

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what they think the fund should own

and what they don't want to own.

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And that's called active management.

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Okay.

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I'm a big believer in active management.

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You don't want to own everything.

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Yeah.

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You know, the good, the bad and the ugly.

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He only want the good

and the beautiful, yeah.

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, And mutual funds and ETFs and well mutual

funds and ETFs can be active or passive.

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Passive meaning you just don't everything.

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Okay.

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There's no one making that decision

about this is a good stock.

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This is a bad stock.

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So you also need to know.

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Is your investment active

or passive and why?

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If it's passive or active, are

you owning that type of strategy?

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And different managers look

at research differently.

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, you know, there's someone that,

interestingly, I think Tesla is a

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wildly volatile stock and I think

Elon Musk as a person is insane.

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Like I would not want

him running a company.

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That I certainly was working at, or,

or to the extent that I can control

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it, where my money is invested.

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I wouldn't want him

making me a ham sandwich.

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Right.

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But one of the conservative growth

funds that I own, if you can bear

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with me on that oxymoron actually

really likes Tesla as a stock.

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Because they are doing something

different with their dealerships.

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They don't really have dealerships,

which are very expensive cost centers.

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For auto makers and so longterm,

they think that that is an

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interesting business model for Tesla.

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And that makes sense.

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So, so different opinions are good.

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Yeah.

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They own Tesla and their portfolio.

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, it's a fond to that.

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I personally own.

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Different way of looking at it.

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Yeah.

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Yeah.

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Yeah.

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, ah, I think too, one thing for me is that.

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I want there.

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This is why I love you.

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I want there to be a little distance

between me and every single thing

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I'm invested in, because I know that

there's companies that I'm invested

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in that I don't agree with, but I

also don't give a shit because other

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people are also invested in them.

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And this is about my money.

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And so.

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I think too, sometimes people are like,

oh, well, I just, I want to make sure

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that I put my money in things that

feel comfortable and are in alignment

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:

with my values and that in almost

any other category, I would support

390

:

that ideology, but not when it would

potentially risk how much I can scale

391

:

my income or my wealth, you know?

392

:

So let's take that to a political place

given that this is an election year.

393

:

Uh, I will get the

comment or the question.

394

:

I am terrified that XYZ will be elected or

reelected, whatever people's opinions are.

395

:

And we have clients that are

both staunch, Republican, staunch

396

:

Democrats, and somewhere in the middle.

397

:

And what I say is my job is

to make you the most money

398

:

that you're going to let me.

399

:

And if this person is elected, is that

going to change you spending money?

400

:

And for the majority of people,

it doesn't, you're still going

401

:

to go to the grocery store.

402

:

You are still going to go to target.

403

:

You're still going to

buy a new pair of shoes.

404

:

Like your normal spending continues.

405

:

Yes.

406

:

And what you're investing in in the

stock market is business profitability.

407

:

People don't stop spending their money.

408

:

A president.

409

:

Only speeds up or slows down

something that's already happening.

410

:

So, you know, yes, there can be a

shift, but it's not a complete reversal.

411

:

Starbucks is not suddenly

going to stop selling coffee.

412

:

I'm not going to stop buying coffee.

413

:

Right.

414

:

The world keeps revolving and

I do tell people, try to take.

415

:

Your political or emotional beliefs.

416

:

Apart from the concept of, of

the investments making you money.

417

:

Yeah.

418

:

I love that.

419

:

I think that's super important.

420

:

Well said.

421

:

All right, couple more questions.

422

:

, if the stock market crashes, should

I have cash and gold on hand?

423

:

People a lot of I want and get very

excited about, I want to invest when

424

:

the market is down because that's

what we're supposed to do, right?

425

:

He, yes.

426

:

Yes.

427

:

We want to buy low, sell high,

but you can continue waiting.

428

:

To get that money invested

and it could take you years.

429

:

And let's take last year for an example.

430

:

2022, the market was down the whole year.

431

:

People were super fed up with it.

432

:

And emotionally, it can be hard to

get your money invested when you've

433

:

seen the market go down and down and

down, because why would you invest it?

434

:

Thinking that like, it

could still go lower?

435

:

Like why would I invest now?

436

:

Sure.

437

:

The biggest upswings come

right after the very low.

438

:

So almost very beginning of

20, 23, the market shot up.

439

:

And then it was a very low volatility year

until the third quarter market was up.

440

:

Yeah, you would have probably missed

out on making roughly 24% in the market.

441

:

If you were waiting for that pullback

to get your money, invest it.

442

:

So sure.

443

:

Keep a little money on the side.

444

:

I mean, I'm talking like 5%.

445

:

Okay.

446

:

Which is a pretty small amount

and have the rest of it invested

447

:

because if we know going in.

448

:

There will be down years and we're

not trying to avoid them, but maybe

449

:

we can add a little bit of extra.

450

:

Sure.

451

:

Maybe you can get some ohms.

452

:

But it's having your money

invested for the long run that

453

:

is going to be most powerful.

454

:

Absolutely.

455

:

No one can time the market

effectively, consistently, or even

456

:

regularly, like you might get lucky

once you might get lucky twice.

457

:

It's not going to continue.

458

:

So I'm a big believer in keep it

invested, like be within the risk

459

:

parameters that are comfortable for you.

460

:

And again, this is not money that you're

going to be spending in a year or less.

461

:

, And that's really having your

money kind of spread out a bit.

462

:

All those red numbers have a little

bit of value, have some blends,

463

:

have some growth because when one

area pops your money, is there.

464

:

Last year, the growth part of the market.

465

:

Huge range, but we're going to say the

growth part was up between 30 and 50%.

466

:

The, the general market was at 24,

the dividend part of the market.

467

:

Uh, maybe more 10%.

468

:

Okay.

469

:

You needed your money there and in

growth to have that big upswing.

470

:

Yeah.

471

:

So it has to already be there.

472

:

Yeah.

473

:

Makes sense.

474

:

Perfect.

475

:

Oh, gold.

476

:

Let me, let me tell you a goal.

477

:

That's another one I have

a strong opinion on right.

478

:

People used to love gold because they

thought it was a stable store of value.

479

:

And then there was sort of like, you know,

when inflation spikes gold does well.

480

:

That's not true as much

now as it used to be.

481

:

Gold.

482

:

The price of gold is not tied to the

actual amount of gold in circulation.

483

:

Okay.

484

:

, so that's just different and

there are other hedges against

485

:

inflation that I think work.

486

:

Better than gold.

487

:

And depending on the time period,

you've look at, , I haven't

488

:

pulled my exact numbers on this.

489

:

I should have.

490

:

, over the past three and five years, gold

has probably made you one to 2% per year.

491

:

Oh, wow.

492

:

I mean, pretty ridiculous

and way less than inflation.

493

:

Yeah.

494

:

So gold is not the, we're not going

to use the S word conservative,

495

:

alternative that many people think it is.

496

:

Again, you need to understand what are you

owning and gold and why are you owning it?

497

:

Do you see how much it can

be down when it's down?

498

:

And are you comfortable with the low

level of growth that it could provide

499

:

and what that does to your portfolio?

500

:

Yeah, I think too, like if I'm

reading and I think I remember

501

:

who wrote this question.

502

:

Like, if there's an apocalyptic

end of time situation, gold bars,

503

:

aren't going to be the currency.

504

:

It's going to be like

water and bullets and food.

505

:

You know, I, you're not going

to lug around your gold hands.

506

:

Food I can opener.

507

:

Yeah.

508

:

You know, sometimes people will

ask me like truly catastrophic,

509

:

almost end of the world scenarios.

510

:

And I'm like, if, if that comes

to fruition, None of us are

511

:

worried about the stock market.

512

:

We.

513

:

We are worried about absolute

food, water, shelter, survival.

514

:

Yes, exactly.

515

:

Gold is not going to help unless

you throw a bar at someone's head.

516

:

He said, they're funny.

517

:

Alright, next question.

518

:

Oh, I like this next one.

519

:

Should my business be investing

or just me personally?

520

:

I am a big believer in relying

on your other professionals.

521

:

So we've talked about,

uh, estate attorneys.

522

:

, your CPA is, is one that gets

involved in this question.

523

:

You want a great CPA.

524

:

You want a CPA that is active

and making suggestions to you.

525

:

So.

526

:

When someone asks me that question, I

say, We need to loop in your CPA and

527

:

understand what your situation is.

528

:

, but, but yes.

529

:

With the caveat.

530

:

This is not money that your business

needs for payroll for, for any reason

531

:

for again, call it like two years.

532

:

, but money above and beyond that.

533

:

Yes, absolutely.

534

:

But you have to have the

planning to know what is liquid,

535

:

what are you going to need?

536

:

, and maybe setting up if you are

truly a very small business.

537

:

A solo 401k.

538

:

You can make contributions as the

employee and your business can make

539

:

matching contributions as the employer.

540

:

So you get double benefit.

541

:

So that is a way of your business

quote, unquote making investments, but

542

:

you can also have a business account.

543

:

There's things like

profit sharing accounts.

544

:

If you do have more employees,

, that than just yourself.

545

:

So there are vehicles out there.

546

:

Absolutely.

547

:

And some have big tax advantages.

548

:

Some are going to be tax neutral.

549

:

, the things you can invest in are going

to be essentially the same across

550

:

every type of account we've talked

about so far, except for your 401k's.

551

:

Okay.

552

:

401k's are going to have a very

specific list of investments.

553

:

That's all that you can invest in.

554

:

Whatever's on that list.

555

:

Everything outside of that.

556

:

Is going to be a huge, like

endless possibilities, an IRA,

557

:

a taxable account, a solo 401k.

558

:

You know, it can be individual stocks,

mutual funds, bonds, ETFs, UITs.

559

:

I mean, the world is your oyster

when it comes to variety there.

560

:

So it's not like, well, in my business

account, I can only own this type

561

:

of an investment or in my IRA.

562

:

I can only buy this.

563

:

No, and that's a big misconception.

564

:

Okay.

565

:

You can own the same things and all of

your accounts, as long as it's not a 401k

566

:

or you can own different things because

maybe we have different strategies here.

567

:

IRA is very long-term money.

568

:

Your taxable account might be something

that in five years you're going to need.

569

:

So we're still growing it slowly.

570

:

Yeah.

571

:

But different than the

longterm retirement money.

572

:

Okay.

573

:

I like that.

574

:

, Lauren, I have one more question for you.

575

:

What percentage of my income

should ideally be saving.

576

:

As much as possible.

577

:

Okay.

578

:

And that might get into, you might

have to make sacrifices somewhere.

579

:

I'm going to be the big bear

of bad news on that one.

580

:

But as much as possible.

581

:

And most people are not there yet when

they come to me and I expect that.

582

:

So we go back to, what

are you already doing?

583

:

Can we increase that by a

hundred dollars this month?

584

:

And in three months, can we

increase that by another $50?

585

:

'cause you're just paying yourself.

586

:

Yeah.

587

:

Which is perfect.

588

:

I mean, that's what you want, that

money's not going towards taxes.

589

:

That money's not going towards

anyone, but you and your future.

590

:

So.

591

:

Have in mind what the annual maximums

are and they change every year.

592

:

, currently, like I said, if

you're less than 50 years old,

593

:

it's $23,000 into your 401k.

594

:

And depending on income limits, the

IRA is $7,000 per person per year.

595

:

It goes up by typically $500 a year.

596

:

So factor that in.

597

:

Get to where you're maxing things out.

598

:

Now the flip side is I totally understand.

599

:

There are people that are like, I will

never be able to do $23,000 a year.

600

:

Yeah.

601

:

That's where you need.

602

:

Full circle, the financial plan.

603

:

When are you looking at retiring

and how much are you going to need

604

:

to pull out from your investments?

605

:

Because how much you save.

606

:

Is going to determine how

much you can pull out.

607

:

Makes sense.

608

:

And if you're someone that's like,

I need to pull out $20,000 a month

609

:

to live on you better have a big

pool of money that can support that.

610

:

Yeah.

611

:

Or if you say I live super

leanly, I won't have a mortgage.

612

:

I won't have a car payment.

613

:

I.

614

:

I don't have expensive hobbies.

615

:

I like to read books from the library.

616

:

Okay.

617

:

Well, then we can get by with less,

but we just have to run the numbers.

618

:

To know.

619

:

So I'm not trying to decide to skirt the

question and not give you a percentage.

620

:

You don't typically want your

mortgage to be roughly more

621

:

than like 30% of your income.

622

:

You know, that's typically the biggest

piece, but there's so much else that

623

:

factors into your monthly expenses.

624

:

And you still have to have

room for saving and investing.

625

:

So you have to start somewhere.

626

:

And you have to make it a priority

to do more until you're at the level,

627

:

which the plan says you're golden.

628

:

And at that point, If you.

629

:

Continue to save more.

630

:

You're only giving

yourself more flexibility.

631

:

So.

632

:

There's a lot of people, our age

that really wants to retire early.

633

:

Like they're pretty burnt out on going.

634

:

Non-stop.

635

:

But with people that actually hit

retirement age, there is a fear of,

636

:

well, what am I going to do now?

637

:

And so that's where

it's financial freedom.

638

:

Comes into play.

639

:

You have enough money to retire.

640

:

You can absolutely do it.

641

:

That, that mental freedom of knowing

that they can make some feel so much

642

:

better than I can't quit working.

643

:

I have to do this to pay my bills.

644

:

, I have a client love her.

645

:

She's she's saucy.

646

:

She doesn't take crap from anyone.

647

:

She worked at a law firm and

I think it was a pretty busy.

648

:

Rough place to work.

649

:

And we updated her retirement plan kind

of spur of the moment she called me and

650

:

was like, I need to know the numbers.

651

:

She quit.

652

:

And she went and got

a job at trader Joe's.

653

:

And we were thinking like, oh,

like you're doing like, like a

654

:

corporate job at trader Joe's.

655

:

No, no she's stocking shelves.

656

:

She's probably so relaxed.

657

:

Yeah, she says it's the best workout ever.

658

:

Yeah.

659

:

But so she's still working and she doesn't

need to, and she is moved from a desk

660

:

job to a very physically intensive job.

661

:

It was the mental freedom to be like,

I don't have to have this income,

662

:

but like, I don't want to be bored.

663

:

So let me do something different.

664

:

Love that total power move.

665

:

Oh, awesome.

666

:

You just have to run the

numbers and see what they say.

667

:

Yeah.

668

:

The numbers, the numbers don't lie.

669

:

And if they don't look

amazing in the beginning.

670

:

Okay.

671

:

Like, I'm your partner in this?

672

:

We will figure it out.

673

:

I've never said to someone

like you failed a task, like,

674

:

hope you go and figure it out.

675

:

It's like, okay.

676

:

I always come to people with

solutions before they can even say,

677

:

well, well, what do you suggest?

678

:

And then we come up with like,

what actually is the right.

679

:

Mick's moving forward of spending

versus savings versus like, Hey, if

680

:

you've got kids in private school

that have braces and they're on a

681

:

traveling soccer team right now.

682

:

It might not work, but if you're

committed to in four years, when

683

:

that situation is a little bit

different, I can do more than okay.

684

:

Let's plan on that.

685

:

Yeah.

686

:

But I'm going to remember that you said

it and I'm going to come back around.

687

:

I think one, uh, I'm

going to plug myself here.

688

:

The things I like most about

my relationship with clients.

689

:

I'm your accountability buddy.

690

:

And I take that seriously.

691

:

And I don't think all advisors do that.

692

:

I am sure.

693

:

Some do.

694

:

But if you tell me something,

this is a goal and I want to do

695

:

this, but it's not happening now.

696

:

I need to come back to that and make

sure that we then put it into place.

697

:

When you said that you can or

reevaluate, maybe the timeline for it.

698

:

Sure because I'm not here

to be your yes person.

699

:

Yeah.

700

:

I love that.

701

:

, Lauren, thank you so much for answering

all of our listener questions.

702

:

This has been so informative

and I appreciate how thorough

703

:

that your answers are.

704

:

, is there anything you want to ask me?

705

:

So a million questions, because

I think that this is such a fun

706

:

one-on-one relationship that I

get to have with my clients, but

707

:

it's also a really personal one.

708

:

And I don't want you to reveal anything

that maybe you're not comfortable

709

:

with everyone knowing about you.

710

:

And also we have to like stay within

the lines of what compliance is.

711

:

Okay.

712

:

With.

713

:

Yeah.

714

:

Tell me how your perception

of money has changed since

715

:

we've started working together.

716

:

If you're comfortable.

717

:

Oh, I'm very comfortable.

718

:

, I feel, uh, So much more confident.

719

:

And, , knowing that I have you

as a partner to bounce questions

720

:

off of, and I mean, this is my

mind immediately came to this.

721

:

I maybe it was two years ago, ish.

722

:

I was like, Lauren, I

can't do this anymore.

723

:

I'm selling everything.

724

:

And I'm just going to travel Europe.

725

:

And you were like, okay.

726

:

So let's like talk about

what that looks like.

727

:

, and I had it planned out to a certain

extent, but then you're like, what then?

728

:

And I'm like, oh, I don't know.

729

:

Then maybe I just call myself,

like, I dunno, like, and

730

:

you're like, I don't love this.

731

:

But you.

732

:

Helped me redirect, like, Hey, if that's

something you could see yourself wanting

733

:

to do at some point, why don't we.

734

:

Adjust things and maybe invest

more and kind of just do it.

735

:

Safely, we'll use the S word for this,

or at least just more responsibly as

736

:

opposed to just blowing your life up

and then having hopefully decades left

737

:

to like, be like, what have I done?

738

:

, so it's nice because I could see

myself making some crazy ass choices.

739

:

, and without somebody like you to

help kind of guide me and educate

740

:

me on doing it responsibly.

741

:

, I, who knows where I'd be.

742

:

, and I just feel a lot more.

743

:

Like knowing that there

is potential freedom.

744

:

Makes me steadfast in, uh, being

consistent with my contributions

745

:

and keeping in mind, like, look, I

think I said to you a year or so ago.

746

:

Hey, like I'm about to get, um, oh,

I sold my Porsche and for a bunch of

747

:

money and I was like, I think I have

a chunk of money here that I want

748

:

to let's just put this somewhere.

749

:

So.

750

:

Like I never would put this much.

751

:

Thought into things before.

752

:

, so it's nice that you challenged

me to think about why I want

753

:

to do things and what the

ramifications of those choices are.

754

:

, and that it's not even necessarily,

there's a right and a wrong answer,

755

:

but like, well, if you go down this

path, this is what that looks like.

756

:

And if you go down this path,

This is what that looks like.

757

:

, so yeah, I just feel,

I feel super empowered.

758

:

I remember that conversation.

759

:

Did you get off the phone and

you were like, oh my God, what do

760

:

you want to just sell everything?

761

:

And you were like, I don't know,

like I'm going to spend the money.

762

:

And then when I come back,

I'll, I'll start fresh.

763

:

And I thought that that was a F.

764

:

A very scary.

765

:

Prospect.

766

:

Not that I don't believe

in you, but that's hard.

767

:

To start over.

768

:

Um, Um, and I definitely

think that there's been an

769

:

evolution there and I love that.

770

:

And my goal is to never

change people completely.

771

:

I mean, certainly not, but how do we

blend my, maybe more conservative approach

772

:

to making sure that the future stuff is

there with what is your current lifestyle?

773

:

Yeah.

774

:

You are also a person that is very

calm with fluctuations in the market.

775

:

And not as impressive, given that

the way you started all this was

776

:

thinking you had kind of a good deal

going with something and then whoa.

777

:

It wasn't what you thought.

778

:

How do you help?

779

:

Create separation between markets down.

780

:

Th this, this is what I've got now.

781

:

And sticking with what we're doing.

782

:

So how do you mentally emotionally

handle that on a everyday basis?

783

:

That's a really good question.

784

:

, I think.

785

:

Hm.

786

:

You know, I've experienced a lot of loss

in my life financially, emotionally.

787

:

, I talk about it very

openly on this podcast.

788

:

And I think I just have gotten to a

point where I've never lost anything

789

:

or weathered a storm that I haven't

come out on the other side of.

790

:

And so I think I just trust that

no matter what happens, even

791

:

if it's a worst case scenario.

792

:

One way or another, I'm going to be okay.

793

:

, and then that of course

partnered with trusting you.

794

:

And now knowing that I have

somebody in place, , to help

795

:

me manage my budding wealth.

796

:

, that I genuinely do trust.

797

:

, I really have a set it and

forget it kind of mindset.

798

:

So like, I'd have no idea what my

investments look like right now.

799

:

, I do.

800

:

Yeah.

801

:

Are they good?

802

:

Yay.

803

:

, so I just, yeah, I don't know.

804

:

I think that there's, , all of

the big, scary stuff has happened.

805

:

And so I just sort of, I'm like, Ugh.

806

:

I don't know, I I'm, I'm way more

present focused with my emotions.

807

:

And then I, I think it's just a,

an abundant kind of trust that I'm

808

:

doing the right things that I should

be doing with the right people.

809

:

And I believe that I will get to the

outcome that I want because of that.

810

:

Yeah.

811

:

I mean, it's a super

individualized response.

812

:

I was curious.

813

:

What year is, is you are an

incredibly strong person.

814

:

And had you sold everything and gone

away and came back and, and restarted,

815

:

like I would have had complete

confidence in you that you would have

816

:

rebuilt something hugely successful.

817

:

Um, it's going to be

different for everyone.

818

:

Sure.

819

:

Sure.

820

:

A common theme that I hear from people

is they do set it and forget it.

821

:

They don't look at the accounts every day.

822

:

And that is something that I recommend.

823

:

Don't like every day.

824

:

I have to look every day.

825

:

, and it makes you a little bit crazy.

826

:

Yeah.

827

:

Do the due diligence upfront find

that advisor that you really trust.

828

:

Make sure that the things that you're in.

829

:

Make sense for you?

830

:

You can tolerate the ups and downs.

831

:

And then also know when

you are going to check in.

832

:

You can't never look at it, especially

if your advisor isn't calling you

833

:

and that's a whole other problem.

834

:

Um, But you need to know.

835

:

I mean, it can be once a year.

836

:

Mm, probably twice a year is better.

837

:

Yeah.

838

:

More if you have more times per year, if

you have more complex things going on.

839

:

You don't want to make

changes too often, right?

840

:

But, but you do have to

look in occasionally.

841

:

So don't make yourself crazy.

842

:

Don't avoid it for forever.

843

:

Yeah.

844

:

I think it's like a weighing

yourself, like weighing

845

:

yourself every day is insane.

846

:

And you shouldn't do that.

847

:

, but if you're like, Hmm, my

pants aren't fitting the same.

848

:

Let me check in on that.

849

:

Yeah.

850

:

Ah, B where the trend?

851

:

Yeah, exactly.

852

:

Catch the trend up or

catch the trend down.

853

:

Yes.

854

:

But catch it before it's the

train has left the station.

855

:

Yeah.

856

:

How do you envision retirement, but

like, what's that look like for you?

857

:

So luxurious.

858

:

So much travel so much.

859

:

Indulgence and self enjoyment.

860

:

And I want to be generous

with people in my life also.

861

:

So I want to be able

to say, oh, I'm going.

862

:

Um, snowboarding in Switzerland.

863

:

Come with me, like we're

staying at the nicest hotel in.

864

:

Vendor lock-in.

865

:

, Ah, yeah, I just, I don't want to

think about money when I retire.

866

:

And I, and I think I picture.

867

:

I'm really thinking about this.

868

:

I picture my day to day being simple.

869

:

Like I don't want to live

in a big fancy house.

870

:

I do want to drive a nice car.

871

:

You know, me, um, But I don't

need necessarily like a lavish

872

:

day-to-day, but I want to be, yeah.

873

:

Free to travel a lot and to

travel, not on Southwest.

874

:

When you spend money, you want to spend.

875

:

Good money.

876

:

Yeah.

877

:

I worked really hard earning it

and saving it and growing it.

878

:

And I want to, Yeah, I want to

enjoy the fruits of my labor.

879

:

And yours.

880

:

As you've progressed through being

a business owner and life events.

881

:

Do you think that the way

that you approach preparedness

882

:

for retirement has changed?

883

:

I mean, there's always going to

be some like, as I matured from a

884

:

20 something to where you are now.

885

:

Yeah.

886

:

Like some of that comes,

but how else do you think.

887

:

Being a business owner

and being a single woman.

888

:

Has influenced that.

889

:

Uh, evolution.

890

:

, , I feel like it just like makes me

more like hardcore, like the longer

891

:

that I'm, self-sufficient the.

892

:

The higher, the like, Hmm.

893

:

How do I want to word this?

894

:

, I would think and hope that

it is a confidence booster.

895

:

Totally.

896

:

Yeah, because I'm like, I've got this.

897

:

Yeah.

898

:

I think I probably.

899

:

For my, a romanticized

retirement plan should be giving

900

:

you more money every month.

901

:

, and that will happen.

902

:

, but yeah, I think I just feel, , I don't

feel afraid to explore the stock market.

903

:

I don't feel afraid to say.

904

:

I'm building wealth.

905

:

Maybe this is maybe this is

the thing I think, and I.

906

:

I do think it's a more woman thing.

907

:

But I don't feel any of that.

908

:

Like subservient, domestic.

909

:

Play it safe.

910

:

I don't have an ounce

of that in me at all.

911

:

And that's, I'm not digging

anybody who does that because it's

912

:

a different ride for everyone.

913

:

But I think.

914

:

Being single for a long time.

915

:

And especially on the heels of almost

being married to somebody that I

916

:

know my life would be horrible with.

917

:

You know what I mean?

918

:

I think it's created a mindset where.

919

:

I like I'm fiercely.

920

:

, Defensive of my quality of life.

921

:

And my wellbeing.

922

:

You know, and so to a.

923

:

Share that or to introduce

other elements of that.

924

:

The bar just keeps

getting higher and higher.

925

:

And my confidence keeps

getting higher and higher.

926

:

And, uh, you know, you do one thing.

927

:

I mean, you save $10,000 in a shoe box.

928

:

That's uh, at 26, that was a

huge amount of money for me.

929

:

Um, not that I wouldn't mind it now.

930

:

, but you know, you, you reach one kind

of bar and then you're like, oh, next

931

:

up, it's this, you know what I mean?

932

:

So it's like just, it's

kind of lovely to watch.

933

:

Things that felt big, turned into

things that feel medium turned

934

:

into things that feel small.

935

:

I think the confidence that it

builds and the I've done that.

936

:

I can do more.

937

:

I've tackled this onto the next, I

think it permeates through everything.

938

:

Yes.

939

:

Because all of it is intertwined.

940

:

I mean, the money facilitates.

941

:

Lifestyle in the future.

942

:

It also impacts what's

happening day to day.

943

:

You know, maybe some, some compromises

on spending money now or, or not,

944

:

but it all feeds into who we are

as people, the confidence we have.

945

:

And I think confidence I've now

said that word probably four

946

:

times in the past three sentences.

947

:

I think that was also important in

investing and knowing what you want.

948

:

So I have confidence in my ability to

pick someone that I want to work with.

949

:

And this is going to be a good plan.

950

:

I have confidence that I can get

there and I can make the changes

951

:

needed, or I can continue on the

path that I'm on to make this.

952

:

Uh, reality.

953

:

I think of.

954

:

Financial security as providing freedom,

freedom to think about other things,

955

:

do other things, do what you want.

956

:

, it, it just makes life a lot easier.

957

:

It doesn't solve problems.

958

:

But it makes it easier.

959

:

I mean, it lets you leave a job

that it doesn't work for you or a

960

:

relationship that doesn't work for you.

961

:

Uh, the freedom in being

financially secure is a.

962

:

Uh, a privilege, but also something

that I think people should really

963

:

do themselves, the service of

aggressively working towards.

964

:

They should it.

965

:

A story that I've debated bringing

up, but, but it has resonated with me.

966

:

And I think about it regularly.

967

:

A friend of mine found out her

husband was cheating on her.

968

:

And she had young children.

969

:

And she had already not been

working for many years because

970

:

he didn't want her to work.

971

:

And she had cashed out the retirement

accounts that she had worked

972

:

really, really hard for when she

was working and she was single.

973

:

To put into a business idea of his.

974

:

Oh my God.

975

:

And when she came to me,

The second time he cheated.

976

:

Same person, same person.

977

:

Um, no, I mean, you cheated on

her with a different person.

978

:

Yeah.

979

:

Serial cheaters, same husband.

980

:

Multiple.

981

:

Cheating other people.

982

:

I said, leave him, leave him.

983

:

I'm gonna come.

984

:

I'm gonna scoop you on the kids up.

985

:

We'll figure it out.

986

:

Like I don't, I don't have the

answer, but we'll figure it out.

987

:

And she said, Lauren, let's be realistic.

988

:

I haven't worked in five years.

989

:

I have not a penny to my name.

990

:

Starting over with two young children.

991

:

Uh, it, it doesn't make sense.

992

:

It doesn't make sense.

993

:

And she's still there.

994

:

Oh, my gosh.

995

:

And, , It's kind of the thing that

shall not be named, like it came

996

:

up once more and I think he was

veering towards maybe cheating again.

997

:

They're always veering

towards maybe cheating again.

998

:

But in.

999

:

But her piece was, it's not

going to make a difference.

:

00:47:41,793 --> 00:47:45,753

I have, I have made my choice that

for the security of my children.

:

00:47:46,353 --> 00:47:49,323

And the life that I have put together.

:

00:47:49,323 --> 00:47:50,493

I'm just going to cope with it.

:

00:47:50,913 --> 00:47:52,563

And I think had she had her own money.

:

00:47:53,313 --> 00:47:56,463

And if she was still working, the

answer could have been different.

:

00:47:56,493 --> 00:48:00,753

I don't know that it would have, but,

but her reason for not leaving was.

:

00:48:01,353 --> 00:48:05,133

I have no money and I haven't worked

and I have young children and she

:

00:48:05,133 --> 00:48:06,963

handed all of her power over to him.

:

00:48:07,653 --> 00:48:12,603

And, uh, this is something

that happens every single day.

:

00:48:12,693 --> 00:48:13,263

It does.

:

00:48:13,263 --> 00:48:17,583

And it's so upsetting and I think too,

I'm sure your friend's a lovely person

:

00:48:17,583 --> 00:48:20,943

or else you wouldn't be friends with

her, but she's making a decision that

:

00:48:20,943 --> 00:48:22,803

not only impacts her, but her kids.

:

00:48:22,803 --> 00:48:26,403

And now she's showing, I hope she doesn't

have daughters, but she's saying, Hey,

:

00:48:26,823 --> 00:48:34,053

compromising on something huge like

fidelity and actually being in a loving,

:

00:48:34,233 --> 00:48:37,233

real relationship is less important to me.

:

00:48:37,233 --> 00:48:39,303

Or I'm willing to sacrifice

all of that and put it.

:

00:48:39,963 --> 00:48:41,823

Just as a terrible example for kids.

:

00:48:42,273 --> 00:48:44,253

That's the relationship that

they're going to base all of

:

00:48:44,253 --> 00:48:45,393

their future relationships on.

:

00:48:45,633 --> 00:48:48,183

And even if they don't know

what actually happened.

:

00:48:48,603 --> 00:48:51,393

They know something, you

know, they sense that dynamic.

:

00:48:51,873 --> 00:48:52,923

She is the best.

:

00:48:52,923 --> 00:48:57,993

She, and she is a really strong individual

and I would still classify her as strong.

:

00:48:57,993 --> 00:49:00,633

I mean, emotionally,

she puts up with that.

:

00:49:01,113 --> 00:49:02,913

And that is what her

marriage is for, for her.

:

00:49:03,213 --> 00:49:04,293

For forever.

:

00:49:04,353 --> 00:49:05,193

She also cheating.

:

00:49:05,193 --> 00:49:07,983

Cause I feel like she just needs

to go like no tennis instructors.

:

00:49:08,223 --> 00:49:13,233

She's not, she, she is all in.

:

00:49:13,263 --> 00:49:13,773

Oh, I know.

:

00:49:13,773 --> 00:49:14,343

Right.

:

00:49:14,403 --> 00:49:18,513

Yeah, she is all in, on being

the very best mom for her kids.

:

00:49:18,513 --> 00:49:22,443

And I think to them, she

probably does demonstrate.

:

00:49:22,683 --> 00:49:23,163

Strength.

:

00:49:23,163 --> 00:49:24,723

Like I think her kids see that.

:

00:49:25,203 --> 00:49:29,643

, I hope the other stays hidden

from them for as long as possible.

:

00:49:29,943 --> 00:49:32,823

It's just one of those weird things

that I never would've thought that that

:

00:49:32,823 --> 00:49:34,383

situation would have happened to her.

:

00:49:34,383 --> 00:49:39,273

Cause she was probably the friend

that pushed me most to not accept

:

00:49:39,333 --> 00:49:41,493

anything less than amazing for myself.

:

00:49:41,523 --> 00:49:42,033

Wow.

:

00:49:42,063 --> 00:49:43,323

That's so disappointing.

:

00:49:44,253 --> 00:49:46,803

I think, I think money is, is.

:

00:49:47,553 --> 00:49:48,813

The only difference there.

:

00:49:48,873 --> 00:49:51,033

100%, 100%.

:

00:49:51,063 --> 00:49:53,613

I, it makes me so sad to

hear stories like that.

:

00:49:53,803 --> 00:49:57,313

, and I've watched so many clients go

through the exact same thing and,

:

00:49:57,343 --> 00:50:01,303

uh, You know, Uh, again, with the

addition of kids, I think really

:

00:50:01,303 --> 00:50:05,893

complicates things, but it's just a

cautionary tale of never truly becoming.

:

00:50:06,433 --> 00:50:08,803

Handing your autonomy over

to another human being.

:

00:50:09,343 --> 00:50:11,833

And that can be a parent

or a, uh, an employer.

:

00:50:11,863 --> 00:50:13,903

I mean, there's lots of dynamics

where people get into an

:

00:50:13,963 --> 00:50:16,123

unhealthy financial balance.

:

00:50:16,393 --> 00:50:19,873

But you don't want to be in a

situation that you can't get out of.

:

00:50:20,083 --> 00:50:20,983

If you want to.

:

00:50:22,033 --> 00:50:26,383

And I feel like we have emphasized the

power and the importance of the female.

:

00:50:26,563 --> 00:50:28,153

Love my male clients too.

:

00:50:28,453 --> 00:50:30,613

There are great guys out there.

:

00:50:30,973 --> 00:50:35,563

Uh, love my relationships where

maybe they're the stay at home.

:

00:50:36,073 --> 00:50:37,933

Um, so it goes both ways.

:

00:50:38,023 --> 00:50:38,953

I just think.

:

00:50:40,693 --> 00:50:44,533

Women don't get as much

empowerment in this area.

:

00:50:44,533 --> 00:50:48,673

So I wanted to make sure that we

communicate to all you ladies, you

:

00:50:48,673 --> 00:50:52,603

are strong, you have got this and,

and you need to have your own.

:

00:50:52,933 --> 00:50:57,583

A hundred percent and sometimes

life puts scenarios in front of

:

00:50:57,583 --> 00:50:58,843

you that require a hard choice.

:

00:50:58,873 --> 00:51:01,963

And I invite everybody to make the

hard choice if it's the right choice.

:

00:51:03,553 --> 00:51:06,163

You know, like the right decision

can still be very, very hard

:

00:51:06,163 --> 00:51:08,023

to make sometimes more so.

:

00:51:09,343 --> 00:51:10,843

I'm someone that doesn't love change.

:

00:51:10,903 --> 00:51:15,313

And I mean, I made a huge career change,

uh, you know, going from public relations

:

00:51:15,343 --> 00:51:18,883

to financial advisory, big, big change.

:

00:51:19,303 --> 00:51:19,993

, it was scary.

:

00:51:20,053 --> 00:51:24,493

I think change is scary for most

people and it's how you embrace it.

:

00:51:25,243 --> 00:51:29,473

And what the pros and cons

are on the other side.

:

00:51:29,503 --> 00:51:30,223

And you know what?

:

00:51:30,283 --> 00:51:34,873

We all make decisions at some point

in our life that don't work out.

:

00:51:35,773 --> 00:51:37,393

And that is part of the journey of it.

:

00:51:37,423 --> 00:51:37,813

Yes.

:

00:51:37,873 --> 00:51:41,683

And I don't think that that

should be what keeps us from

:

00:51:41,683 --> 00:51:44,263

trying something totally agreed.

:

00:51:44,533 --> 00:51:46,423

Totally varying from financial topics.

:

00:51:46,483 --> 00:51:46,873

But.

:

00:51:47,503 --> 00:51:48,373

Change.

:

00:51:48,823 --> 00:51:50,683

You know, don't avoid change.

:

00:51:50,803 --> 00:51:51,733

We have to embrace it.

:

00:51:51,733 --> 00:51:54,883

We have to get through some

of the uncomfortable stuff.

:

00:51:54,883 --> 00:51:58,543

Some of the things that we wish weren't

happening, whether that's a relationship

:

00:51:58,543 --> 00:52:02,263

that you have with someone, a life

event that we have no control over.

:

00:52:02,323 --> 00:52:02,923

Absolutely.

:

00:52:02,983 --> 00:52:04,513

Can't control everything in your life.

:

00:52:04,543 --> 00:52:04,993

Yes.

:

00:52:05,053 --> 00:52:06,853

But you control how you respond to it.

:

00:52:07,333 --> 00:52:07,843

That's it.

:

00:52:08,633 --> 00:52:09,113

, wow.

:

00:52:09,143 --> 00:52:11,363

Lauren, this episode has been amazing.

:

00:52:11,693 --> 00:52:18,143

, . Thank you so, so much for listening to

these episodes with Lauren and Lauren.

:

00:52:18,143 --> 00:52:18,713

Thank you so much.

:

00:52:18,713 --> 00:52:19,913

I know how busy you are.

:

00:52:19,913 --> 00:52:22,223

The fact that you've taken this

much time and giving us this much

:

00:52:22,253 --> 00:52:24,643

information is so , appreciated.

:

00:52:24,833 --> 00:52:27,713

, if you're listening and you're not

doing any savings or anything, I

:

00:52:27,713 --> 00:52:31,613

invite you to explore what introducing

that to your life could look like

:

00:52:31,853 --> 00:52:34,163

in realistic, meaningful ways.

:

00:52:34,433 --> 00:52:38,363

Like now, like let's make a commitment

to each other that if we're saving, we're

:

00:52:38,363 --> 00:52:42,143

going to really just kind of turn on

the lights and see what's going on and

:

00:52:42,173 --> 00:52:44,153

empower ourselves to make smart choices.

:

00:52:44,373 --> 00:52:47,283

I find Lauren to be, , such

a great resource for me.

:

00:52:47,283 --> 00:52:50,613

If you have questions for her, I'll

link her contact info in our show notes.

:

00:52:50,803 --> 00:52:53,863

, of course I empower you to choose

whatever financial investor feels

:

00:52:53,863 --> 00:52:55,393

like a good fit like we discussed.

:

00:52:55,713 --> 00:52:58,613

, and, , Yeah, just thank you

so, so much for listening.

:

00:52:58,613 --> 00:53:02,513

I hope you got as much out of this

episode, as I did and friendly reminder

:

00:53:02,663 --> 00:53:07,493

listeners get 10% off@hawkinsandclover.com

with promo code Clover club.

:

00:53:07,793 --> 00:53:12,173

All caps and you can find us on

social media at Clover club pod.

:

00:53:12,173 --> 00:53:16,273

And that's where we collected all of the,

, all of the questions for today's episode.

:

00:53:16,273 --> 00:53:18,373

So if you don't follow this

already, please give us a follow

:

00:53:18,373 --> 00:53:19,993

because we do some fun stuff on.

:

00:53:20,293 --> 00:53:21,073

Instagram.

:

00:53:21,323 --> 00:53:23,783

, and if you found that this

episode was beneficial to you.

:

00:53:24,323 --> 00:53:25,103

Please share it.

:

00:53:25,103 --> 00:53:29,273

I rarely ask directly to have episodes

shared, but I think that this is one,

:

00:53:29,483 --> 00:53:32,213

you know, while you're listening,

surely you thought of some friends or

:

00:53:32,213 --> 00:53:33,713

family members that could benefit from.

:

00:53:33,953 --> 00:53:36,173

From hearing this information,

please share it because

:

00:53:36,173 --> 00:53:37,283

it's really important to me.

:

00:53:37,563 --> 00:53:41,253

, especially like Lauren said, as women to

just be empowered, to make smart financial

:

00:53:41,253 --> 00:53:43,683

decisions and equip ourselves to live.

:

00:53:44,163 --> 00:53:48,663

Well, There's no shame in

wherever you are starting.

:

00:53:48,783 --> 00:53:48,903

Yeah.

:

00:53:49,053 --> 00:53:51,093

It could be from absolute zero.

:

00:53:51,963 --> 00:53:54,003

It might be, you're

already doing something.

:

00:53:54,183 --> 00:53:55,593

There is no shame in any of it.

:

00:53:55,653 --> 00:53:59,193

And as Erica said, these questions

were ones that you guys came up with.

:

00:53:59,193 --> 00:54:02,823

So there's other people out there

that are having the same question

:

00:54:02,823 --> 00:54:03,933

to not knowing where to start.

:

00:54:04,173 --> 00:54:06,273

Not understanding what the market is.

:

00:54:06,513 --> 00:54:07,743

Just having.

:

00:54:07,863 --> 00:54:10,413

Absolutely no idea that is okay.

:

00:54:10,593 --> 00:54:15,063

Talking to someone is the biggest, first

step you've already gotten the ball.

:

00:54:15,063 --> 00:54:15,723

Rolling.

:

00:54:16,203 --> 00:54:17,463

By reaching out to someone.

:

00:54:17,703 --> 00:54:18,573

Yes, you can do.

:

00:54:18,633 --> 00:54:19,623

Out of yourself for doing that.

:

00:54:19,653 --> 00:54:20,103

Yeah.

:

00:54:20,193 --> 00:54:20,853

Totally do it.

:

00:54:21,333 --> 00:54:21,753

Oh man.

:

00:54:21,783 --> 00:54:26,163

Okay, Lauren, thank you so,

so much loved being here.

:

00:54:26,223 --> 00:54:28,083

Super passionate about helping people.

:

00:54:28,083 --> 00:54:29,523

Thank you for letting me.

:

00:54:29,893 --> 00:54:33,163

, go on a bit of a mind journey

of all the things I think about

:

00:54:33,163 --> 00:54:34,693

when I try to guide people.

:

00:54:35,053 --> 00:54:36,403

You guys can do it.

:

00:54:36,433 --> 00:54:37,063

Yes.

:

00:54:37,183 --> 00:54:37,663

Yay.

:

00:54:37,783 --> 00:54:38,233

All right.

:

00:54:38,443 --> 00:54:39,553

Bye everybody.

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About the Podcast

Clover Club
Curious conversations and stories intended to make you laugh and learn.
As a shop owner and hair stylist with an impressive number of stamps on her passport, Erika Audrey has heard or experienced it all. And she's ready to share. These real life conversations and stories will make you laugh, cry, and gasp- sometimes in the same episode! Join Erika Audrey straight from Atlanta gift shop Hawkins & Clover. Welcome to Clover Club.

Thank you-
Theme Song: Nick Pantano of Sound Space https://www.soundspaceatl.com
Branding: Shari Margolin https://sharimargolindesignco.com

Contact-
pod@hawkinsandclover.com

About your host

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Erika Audrey

Erika Audrey, a luminous presence hailing from the vibrant city of Atlanta, Georgia, is not your ordinary hairstylist and boutique owner. With a zest for life that's as contagious as her laughter, Erika is poised to take the podcasting world by storm as she embarks on her latest venture.

Launching her debut podcast is a natural extension of Erika's multifaceted personality. With an uncanny ability to seamlessly weave humor into her conversations, Erika's laughter-inducing anecdotes and razor-sharp wit are bound to captivate listeners. Her intelligence shines through as she tackles a diverse range of topics, proving that beneath the laughter lies substance and insight.