It's time for the b a q a a to b a q a what you say to b a q a jiph and the b a q a no man.
Day the b a q a A.
Hey, it's me Tiphany by myself. Maybe had to jump, but that's okay. We still got you. This is Brianda bitch a question answers. You have questions, we have answers. Although I am not a c f P, I'm not your financial adviser. I'm not your doctor or your lawyer, not your sister, but your friend aka suit, your granny, not us, because this is for entertainment purposes only. My attorney Tony will be so proud and I love when you attorney BA family listeners sliding like yes girl, tell
them so. I'm gonna do money questions because that's my gamma. First question is from missus X.
Here's the thing.
If you actually have questions, you can sliden our dms at Brianna Bischen podcast on IG. You can also go to brannibishonpodcast dot com and click contact us or email us at brand and Bison podcast.
At gmail dot com.
All Right, missus X says love your show, Tiffany will miss you girl. Oh I'm ill miss you too, she said. Okay, my name is missus X, and my husband and I make a combined income of nearly Sorry wrong.
One, we did that last time. This is from Regina.
Hey, ladies, Regina here love all of your content and all that you do and share. I've been following Tiffany for quite a few years now. I don't even remember where I started. Girl me either, question, she said, I have a four one K from a previous employer still sitting with your original brokerage I opened it with when I work there t A, And now I'm with a new employer and have a four one K through a
current employer at a different brokerage, Fidelity. Now that I realize, I should roll over my original four one K from TIAA over to an IRA for ease. So she's basically asking, one, should I just roll over from tia to Fidelity?
Two?
If I do this then end up with a different employer later in life at another brokerage, would I would I be able to roll over both iras or both of her four one k accounts to a current act of four one K.
So okay, I'm gonna break this down.
She said, I would imagine I would want to keep them together just so I don't forget where my money is.
Girl.
Yes, thank you so much for your thoughts. And no, I won't see my brown besties.
Yes, I love that.
She wrote that Smiley's face crying face, happy face, laughing face. Regina's asking me this question, which is very common. She said, Basically, I want you to think about it this way. If you are not with your boyfriend no more, and your partner your mate, and you still have your stuff at that house, child, take your stuff with you because it's yours, and you're right, we are grown. You are likely to
find another employee, and another employer, another player. This is what I would say, Like, I don't necessarily think that you have to roll it over to the new place.
You can or and you.
Have the alternative of having an external account. You know, you can open up with a bank, an external IRA account, an individual retirement account, and so meaning like getting like a you could literally open up like a you know, it could be fidelity, It could be I mean, they
have to so many of them. Charles Schwab, For example, I think Chase probably has one this external account where basically it houses any retirement account for a company you no longer work for, so you don't have to worry about like oh like like I used to see free school. We used to sing this song Tam Bear's in the bed, and the little one said roll over, roll over, and they all rolled over and want fell out. Sometimes it could be overwhelming to roll over from the new place.
Oh then then the new place. So what I did when you know I left my job is I had an external brokeer's account in any new place that I was leaving, I could just roll it over into that external account. Does that make sense?
Okay?
Now there's nothing wrong with's going from Tia to Fidelity and the Fidelity to Charles Swap or whoever. If you decide to move jobs, you can do that as well. Honestly, there's no right or wrong. Well that's not true. The one wrong way would be to pull out the money yourself and then put it someplace else. Rollovers is not your business. It's between bank and bank. Because you don't want to pull out the money yourself from your four to one k or ira, because unless you're fifty nine
and a half, you're going to incur a fee. They're gonna take your money. So you want the bank and the bank to talk to each other. You just got to tell them, Hey, I just did this the other day actually because I had some old IRA that I forgot about. Hey, Tia, I'm moving over to Fidelity or Charles Schwap or wherever. Y'all have to talk to each other. You'll have to fill out some paperwork and they will do the rollover themselves, so it doesn't look like with
an early retirement withdrawal, which you don't want. Okay, that's your only way to quote unquote do it wrong is to do it yourself and not let the banks take care of it. So whether you roll over to your new place or you know, or you just choose someplace externally to just collect all of those places. I don't know how old you are, Regina, because you're likely we'll find another job.
You know. To me, I don't have a dog in that fight.
Is good either way, Okay, I just probably choose someplace externally, because don't nobody work no place for fifty sixty years no more, and you are likely to leave.
It's just good practice, all right.
We're gonna take a break if you will and come back to answer another question.
And we are back.
Okay, okay, so we're This is actually a follow up question, Brianna, she asked a question.
I don't remember when you asked a question, Brian.
Anyway, so she said, Hi, Tiffany, thank you so much for answering my questions on episode. Then't wait to invest in your kid's future. I appreciate you and Mandy for taking the time to answer our questions.
Of course.
Okay, So Brianna asked a number of questions because she says she gonna get hers in and we just gonna answer this bom. She said, I did want to ask how do I go about finding a CFP?
Good question. Go to a site that I built called make Sure. If it doesn't work, I don't want to tell custom me out. Please, Okay, it's good. Perfect.
You're gonna go to a website called your moneymatch dot com. It is a free website that I built to help to get you match to a CFP. Right, And so what I love about it is is that we work. We work with this company called wealth Ramp to help you match. But bigger than that, I give you all the information that you need because when I found my
perfect CFP. It's because I created something called my sol called Financial Life, which is like this spreadsheet of like all these answers that my CFP is likely to ask me. I talk, I give you a checklist of questions to ask, of what you should be looking for, how you should be made to feel.
So I'll give you all.
This information for free about not just how to find a CFP, but how to be prepared to interview with them. Does that make sense? And I remember welfware and boards like girl, like the people you have been sending us top notch because they have their I said, yeah, yeah, because we give the checklists, they are ready ready. So your moneymatch dot com is completely free. It's not free to work with the CFP, but it is free. I provide the service to help you get matches to one. Okay,
that's your first question. And then she says, and with my roth Ira and four one K account, how do I go about finding which stocks to invest in?
Okay? So if you're talking about how do you.
Pick stocks to invest in, especially that four one k girl, you're not likely to be able to pick individual stocks in your four one k. That's usually not how it works. Usually bost most like IRA's and four one k's whatever. You're usually picking mutual funds, maybe some ETFs, but typically
you're picking a mutual fund. And ideally, like I said, especially for that fourward K, you are going to look to see if they have something called a TDF that's a target data fund, So it is a mutual fund that's based upon your age, right, or sometimes they call it a life cycle fund or target retirement fund.
Right.
So what I like about these funds is they are designed to automatically rebalance your portfolio, meaning the things that you're invested in based upon you as you as you age. So that means that the older you get, the more that your investments shift from risk your investments to quote unquote safer ones. Because the target date is a date of retirement. So let's just say you're retiring in twenty years. So right now, you know, it might have you outside, honey, like just trying these streets out.
But let's just say your your target date is in two years.
Then it's going to give your it's going to prepare your money, it's going to rebalance automatically for your money to get closer and closer to things. Maybe like bonds and like cash investments, like maybe like a high yield savings account, because that's what you're wanting. Because the closer you get to retirement, the less risky you want to be. You don't want to take a big risk and you
retire next year and you lose all your money. But if you've got ten, twenty fifteen years, you know, then you want to take bigger risk because bigger risk means bigger rewards. Does that make sense? So TDF target date fund or life cycle fund, same thing, or target retirement fund. Okay, all right, let me.
Say what else you ask? That's not a lot.
Also, Tiffany, you grew my interest in learning about a custodial account for my child.
Where do I go about inquiring about a custodial account? And so here's the thing.
If you for a custodial account, I mean, if you work with your let me see where to get I'm gonna actually look up because I know where I have mine.
But if you work I'll be googling.
But if you work with your financial advisor, like she helped me pick one, and so you can get it honestly from all the places. The usual suspects Charles Schwab. A bank has one Fidelity, Vanguard, and so any brokerage account, any major brokerage account typically will have a custodial account. Yeah, and so, like I said, I have one for my bonus, maybe actually have one for all my ladies, my nieces,
my nephew and Alissa. So actually, now that she just turned eighteen, actually I just have to look at that because I believe the money that set aside for her might be transferred over to her, although she knows not to touch that thing.
Okay, what else? What else? Where do I go?
I'm been inquiring about a custodio account, Like I told you, those main brokerage accounts, Vanguard, Chilshwab, Fidelity, all of them, haven't Is it with my local bank or with the high old tape. No, A custodial account is not a
high old savings account. It's basically an investment account that you are setting aside specifically for a young person who's under the age of eighteen, and you're investing kind of like on their behalf until they get old enough, and you are the custodian of that money.
I did that for especially.
Alyssa well more so for the younger kids like Roman is like a Amelia seven and Lily, my niece is six. Because I don't necessarily know what a five to twenty nine plan, which is an alternative kind of to a custodia account. The benefit of a five to twenty nine plan is that there are tax benefits if you put.
Money into a five to twenty nine pen.
The worry I had is what if this kid does not want to go to school. Although they've relaxed some of the ways you can use a five twenty nine pair. It used to be just for college, but now you can use it for education overall, and also too, up to a certain amount, you can actually roll over a five to twenty nine point to a raw IRA in a retirement account for that child.
So there's more and more relaxed.
So also too, so consider a five twenty nine plant, depending how old or how young your kid is. But I didn't like five twenty nine plans before just because for what I was doing, because I wasn't sure if the kids in my life were all going to go to school. I mean, now that our listens in school, I'm like, damn, I should have put it in there. But she got her money from her custodial account. All right, I hope all these questions got answered. Oh you wanted
to know how to invest in your wrath. Ross don't typically have target date funds, I believe, but you can choose mutual funds, you know, if you're not really sure, because this will allow you to invest in a grouping of investments if you will, and so you won't feel as like, you know, burden by choosing individual stocks, which can be of quite the heavy lift. So you can choose a mutual fund that is based upon the general stock market, so you'll like, for example, like the S
and P five hundred. That's the top five hundred companies in the United States, right, And so there are mutual.
Funds that do what that market does.
And the reason why this can be an effect, this can be an effective way to invest, is that that market over the last thirty to one hundred years has generated on average, on the low end, seven to eight percent annually, on the higher end ten percent annually, depending on who you talk to. And so what does that mean. That means even on its way down, it's still on its way up. So if you just say, do what the market does, if you keep your money there long enough,
you usually will come up. And so is that is a way for beginner investors to say, Okay, let me just put my money and do what the market does, because even if I would look, now, let's see.
What is what it is so far?
Right now, so far in twenty twenty four, the S and P five hundred has returned on average nineteen point thirteen percent, meaning if you put your money in in the beginning of the year till now, you be up nineteen percent. Now did I tell you that the average is about between seven and ten percent? Because it's up nineteen but next year it might be down twenty and then you're going to average over those two years ten percentage.
Does that make sense? So just know it's going to go up and down, but that you're supposed to leave your money alone anyway, all right?
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