Coach, the energy out there felt different. What changed for the team today?
It was the new game day scratches from the California Lottery players.
Everything.
Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game.
That's all for now, coach, one more question play than New Los Angeles Chargers, San Francisco forty nine ers and Los Angeles ram scratchers from the California Lottery.
A little play can make your day. Peace made responsibily.
It must be eighteen years or older to purchase late or claim.
What would be a good percentage to use, you know, so that way I can just keep the same number going in there all the time. Yeah, you know, I don't really like percentages too much. I like actual numbers because I could say, like I could say like ten percent, fifteen percent, but it really just depends on your situation. So I always try to look at like discretionary income, so like how much money is left over at the
end of the month. So that's the first Like first we got to see, like how much money is left over at the end of the month, right, So it's like one of two things is happening. And this is just like broad range statement. Either you have money left over at the end of the month where you don't, or you're running in a deficit. So if you have money left over, you got to see how much money
you have left over. So if it's like, Okay, I have a thousand dollars left over after all my bills are paid, after you know, I have some fun every single month, I have at least a thousand dollars left over, right, So just using that that number, I personally would probably do somewhere along the lines of like putting thirty percent of that money into like savings until you have you know, six to twelve months of savings, because that's important, and
then I probably would look to invest thirty percent though now that's like sixty percent of the money right there, and then maybe you know, twenty percent would go to you know, a kid's account, twenty to fifteen percent or go to the kid's account, and then the left the
rest is just kind of left for like miscellaneous. So that's what I would kind of go by more so than like, you know, just a percent of like your total income, because I could say ten percent of your income, but if that might be too much, so it's really more of a percentage of your discretionary income, and the discretionary income I would say probably like twenty twenty to fifteen percent of discretionary income that you can afford to you know, put away.
Okay, thank you. I appreciate that man that helped me out a lot.
No, no problem, brother, you have a good one, all.
Right, Tyran, We're coming to you on meet yourself please.
Hell, I'm good at eurosage.
I'm good, I'm good.
I have a question, what are the disadvantage of an escort? I kind of think I know a little bit about the advantages in compassing to an LLC, but what are the disadvantage of an escort?
It's more structured. I think this business had actually told a class about this. But you have to pay yourself a salary, so especially like if you're not making you know that much money, or if the business is just starting out, it could be kind of pressure on you to you know, have payroll. So that's something that you know, definitely could take into consideration. Like I forgot the number that she said, but I think it's like one hundred
thousand dollars something like that. You should be making like one hundred thousand dollars in your business before you go to es coop route, because yeah, it's definitely it's definitely a lot more structure. But off the top of my head, I would I would think that that would be something that you know, you just definitely have to consider because you definitely have to put yourself on payroll and.
You know, we as like a regular LLC.
You could just you know, not pay yourself a month, two months whatever if not no money's coming in or you just want to just you know, you're real within that month.
So that's something that's taking to consideration.
Especially a lot of businesses, especially when they first start, cash flow is very up and down. So you know, if your cash flow is up and down, you want to make sure you getting to a point where you have some level of consistent cash flow.
First.
Okay, thanks very much, that answered the question.
Thanks all right, all right, we're coming to you on yourself.
Please all right, good morning, thanks for coming. My question is I got to question. My first question is let's say, like example, like I have a mortgage that I was trying to pay early, be like within seven to ten years. And also let's say if I have some money that's coming in. Let's see, like if I have like probably like two to five thousand, so like, should I put
it in the market? Even I do have automatic payment, that's that's contribution that I make every month for my investment on the stock market and crypto and stuff like that. So should I keep the best thing is for me to do, Should I like put that money in the stock market or should I put it to my mortgage? Even like in the future, I want to like to invest more and and and real estate. So what's what's where will be?
Uh?
Yes, but what we suggest, I mean I think you could do both. I don't think I don't think it has to be a one or the other situation. You know, you want to see what's most what's most important, it's paid off your house more important? Or do you think you can get a better return to the stock market, And especially if you got a low interest rate, it might be more advantageous to put the money into the market because you know your opportunity costs is probably greater investing in the stock market.
But that doesn't necessarily mean.
That you can't do both, So you know you could, uh, maybe if instead of if you were going to put two thousand dollars a month into pay into your mortgage to pay it off, you know, a lot quicker, maybe.
You put five hundred dollars a both.
Right, you know that's still going to add up over the course of the year, and you know you can still knock off years of paying off your mortgage. So I would I always say, you know, see what's most important to you. But you can definitely do both, especially with that with that amount of money. It's not like it's you know, a couple of hundred, couple of thousand. You can definitely, you know, allocate money to both of them. But the opportunity cost will probably be better investing in the
stock market. But I also understand, you know, if you don't want to have the mortgage forever and you want to pay off the property sooner, so you know, maybe maybe you just do some calculations and see how that will work out if you if you did it for just a little bit less money than you would have done originally.
My other question is, what what does the difference between like QQQ and qqq M.
You broke up a little bit.
What you say was the difference between like QQQ and qqq M.
I think qqq M, Troy, I know the cute to t but let me make sure I get a right information on that.
I think it's a mini QQQ, but I would I would like to know if there's a difference, like from the percentage of return or the amount of stack that that that they invest in. Was that one is around like three something and then the QQM is on like one something.
Yeah, let me let me look, let me look, I have Troy doing research on it. Get back to you on that.
Okay, thank you appreciate it. And also for form irate rough area for kids, so like do they have to be a certain age for to start a rough area for kids?
Yeah, yeah, they have to be well yes or no, they have to if you're doing it.
If you're not self.
Employed, then they have to be a working age, like they have to have a job. The working the age depends on what state you live in. But as long as they have working papers and they have a job and they actually have to be working, that's another thing.
So as soon as they're able to work, you can do it.
But if you're self employed, it's a little different because you can actually hire your child before they legally have like working papers, as long as they're actually working and they can actually do a job. So obviously, like you can't hire a two year old, but like if you have like somebody that's like ten or eleven years old and they're actually doing you just have to be able to justify it in case you have to get audited. But you have more flexibility and you can hire younger
if you're self employed. But if the child is working just a regular job whenever, if they work a job, then they could you could put money into the IRA.
It's so basically you cannot do it in the course your account for the IRA.
Yeah yeah, no, it's it's a custodial account. It's just a it's a royal IRA. Still you still you're still like the child is still a minor. The child's still a minor, so it's not like you know, you got to set it up for them and you put the money in. But you know, you can have a custodio account where it's just in the market and there's no retirement account attached to it, or it's the retirement account but it's still it's still a Custudio account.
Good morning, Good morning, so thank you for coming on the call even though you're not feeling well. That's right, nice of you. And congratulations with the Steve Harvey interview. It was really really well done. It was great. So you guys must feel so proud of yourselves right now, So thanks a lot for that as well. My question
is about my TDA. I am a teacher in New York City and I have about ten more years left till I retire, so right now I have They let you split up your TDA, your tax defer annuity into diversified and fixed. So I believe I've always had it like eighty twenty, but I just realized that the diversified
has options and I didn't know that. So there's like a bunch of different options, and I just wanted to know, like how, like what's the best way to like pick between the different funds because they have like like three or four. There's like a sustainable one, there's an international one, Like do I just go by like the history or do you think it's better to just stay with like the one they recommend, which I think is just they call it like the diversified.
It's always good to rule a thumb. You always want
to look at rate of returns. That's something that's you know, a cheat code whenever you look at an investment, especially like four one K or any type of retirement plan investments, usually like they'll they'll give you a sheet and it'll have like, you know, the different funds, so it's like the stable fund, the growth fund, the international funds, and then they'll have like the year to date return, three year return, five year return, ten year return, census inception.
What I like to do is look at the longest possible time frame, so like ten years or since its inception. Sometimes if it's new, it might not have a ten year track record. It might have like a five year or four year track record. But ye or to try to look at the long the longest possible time frame and see which one has usually performed for that. Usually, like I haven't really been a big fan on international funds.
It's me personally, especially like in retirement accounts over the last like ten years, they haven't really done as good as like just international growth growth funds. So it really just depends on your risk tolerance. But you know, the growth growth funds is always going to something that's going to usually you know, be the best as far as growth over the course of time. That's like no more
large cab companies. But the good thing And I don't know if they changed it, but I know a few years ago for the fixed account for the city, how much is the fixed account paign like percent something like that.
It's it's seven point twenty five. When I started, it was eight point five or eight point two five, but then they lowered it to seven point two five, so I was able to get the eight percent like the first two or three years I started teaching. But now it's seven point twenty five, and like I have ten about ten more years left, so I have like twenty
years already and I have ten more to go. But the sustainable index gives a greater return, but it's very new, so it's only like a few years old, so I'm like, is this should I trust that? And then they also say to like switch it right before you're about to retire, to just be in the fixed ones so you don't have to worry about like big issues with the market.
Yeah.
Well, the good thing with that is that that's pretty much I heard of to have a fix accoun that earns seven percent. So that is one thing that you know, the New York City foh Department. That's like really like kind of amazing that they have a fixed account, which is like pretty much you know, no matter what the stock market does, you can earn seven percent. So usually a fixed account in this environment is like one percent or less than one percent. So seven percent on a
fixed account is extremely extremely good. So you know, I wouldn't take it all out of there. Definitely would probably leave some money in there just for the safety purposes of it. Like you know, if all if all else fails, if the stock market crashes, you're guaranteed to get seven percent. That's not bad, obviously, you know that's not as good as if the stock market goes crazy and you get thirty percent of twenty percent. But you know, it's all
about diversification. So I would diversify, but I would leave at least at least like probably twenty five percent in a fixed account because that's just like a guarantee insurance.
Almost.
All right, thank you Sedalia. All right, Dwight, we're coming to you on place, but you're u muted. You should be able to speak right, looks like he's having difficulties.
Sometimes you got to on this do them tool.
You got to make sure you are muted on your end too, like we can unmutube, but make sure you're muted on your end.
So we could all Yeah, he.
Hadn't muted himself, but he wasn't speaking. All right, do right, We're gonna go to the next person, Natasha, I mute yourself please, football.
I have a question about a trust. Who do I go to the start a trust? Where do you live in Maryland?
Well?
I know so the lawyers that we use.
You know, the thing with the lawyers that is different, Like MG he could practice in almost any state for the for the mortgages, but lawyers they have to they have to be licensed in the state. So I know we've used to being a lot. I know she's licensed in New York and New Jersey. I don't know if she's licensed in Maryland, but I think that we we had somebody that was licensed in Maryland, because I remember I got that question before from somebody from Maryland. But
if not, we can definitely. You know, Look, I don't want to give you answer right now because I don't know at the top of my head. But if we could put it in a Facebook back that we, you know, do some research and find some good attorneys, maybe Magna.
Maybe that's something that we can just do period, like you know, we can try to, like you.
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Security highlights some different professionals in different areas of the country, especially the law thing, because that's something that you know, you depending on what state you live in, you got to really use the lawyer as practicing in your state, and that could become a little tricky if you live in states that you know, we haven't really featured lawyers
in that state. So okay, yeah, the legal Club, we have a legal club actually, so maybe that's something that the Legal Club can can can can do.
And one more quick question I remember you were saying that I can I think it was thirteen or fourteen. You should put six thousand in a IRA for your child? Is that in it? It could be an estimate. I think y'all was saying one million. Is that six thousand and four when she's fourteen or six thousand every year would equate to the estimate.
Yeah, So what I did when I thought I was on a breakfast club when I was, I said that a while ago. I was using an example like if you put six thousand a year, and from I believe it was like the example that I gave was like from fourteen to twenty I believe like from fourteen to twenty, and I just used a hypothetical like if it earned temper cent, I use like QQQ, which you know has averaged more than ten percent over the last twenty years.
But I'm like, all right, if you earned like ten percent a year by the time there's sixty, then they will have a million dollars. So obviously you know it's it's not like one hundred percent guarantee because it depends
on the market. But that was an example that I had gave is to kind of illustrate the power of investing early because if you think about it, even if it's not six thousand whatever, you can do, but that's only like four years or you know, six years of investing, and you know, just by the compounding interest and leaving it in for such a long period of time, than that equals a million dollars without even having to put
any more money in after the age of twenty. So you know, that was just an example of you know, the power of compounding interest. And you definitely and I think the example that actually gave us with the raw fire and the raw Fire ray is even better for kids because they don't pay any taxes or when they
take the money out. So now you set up there, you set up their retirement account when they're young, and you know, by the time they get they get to retirement, they're gonna have They're gonna have, you know, a tremendous amount of money just by the money that was set up for them, you know, while they were teenagers, and that had nothing to do with you know, their own fall one cage or their own iras when they get
older to set it up for themselves. So that's definitely a strategy that parents can use for their children whenever
they turn legal working age. And the rule is you can put up you could put up to well, six thousand is the max, but you can put up to whatever the child made, Like if they have a part time job, and let's say they made like three thousand dollars for the year, and you can put up to you know, three thousand dollars, but it's not unreasonable to have six thousand dollars because it's like if they work like CVS or something like that, you know, they make
five hundred dollars a month, that's six thousand dollars a year, So five hundred dollars a month, that's not really a lot for a part time job, so you know, and then if you're self employed, it's even better because if you're self employed, then you can hire your child and you can pay them, and when you pay them, you get a tax deduction for the money that you paid them, and then that money you can put into the rough
IRA or IRA for your child. So that's like a double eds sor because now you're actually saving money on taxes and your child is working for you and you get to save money for their retirement. So a lot of different things that you can do with that. But yeah, that's some different ideas for sure. So as far as the investment side, Yeah, the dollar cost average, I think you had talked about that. That's a great way to start if you you know, it sounds like you started
something with the retirement with the row. But I don't know if you have a brokerage account. But if you don't open a brokerage account, a non retirement brokerage account, so that's Monday that is not tied to your retirement, you can invest in that every single month. You spoke about Lawrence's class, so I'm assuming that you've been You've
been tapped in with that. So that's great as far as you talk about investing, and then of course we talk about investing every Monday with Market Monday, so you know, we talk about the ets, the index funds, all that stuff. So you can pick a couple of stocks funds that you feel comfortable with and start putting money in every single month. That's one way to just get the ball rolling and you know, get into the actual investment game
where you're putting money away over the consistent period of time. Now, as far as the pilot situation, obviously from what you're saying, that's a little bit more capital a lot more capital intensive, So it probably would be difficult to self praise or self fund that type of project. Me personally, I'm real big on collabor operation. That's something that you know we've practiced and we still do to this day, is collaborate
with different people. And I just personally feel like, you know, you can do a lot more together than you can separate. And even if that means, you know, working with other people for equity, like in giving up equity, like it's not wrong with giving upity, Like we have given up equity and our third partner, Mike, he's a childhood friend of ours, but when we brought them on, we didn't have enough money to actually pay them, so we gave him a part of the company.
Now he's our business partners.
So I think giving up ownership, giving up a portion of equity and giving up ownership of two different things. Giving up some equity can be a smart move if somebody can add value. That's why you give up equity. If you don't necessarily have the resources and you need to bring somebody on. Now they can provide their talent, their relationships, you know, whatever they can bring to the table, and they're not working for money because now they're a part owner in the company.
So the company's success is tied to their success.
So it's in their best interest for that company to be successful because the more money that the company makes, the more money that they make, as opposed to just hiring an employee, and you know, if it's a good employee, then you know they'll work is hard just because you know that's what they're supposed to do. But obviously, you know there's a lot of employees that don't care because you know, it doesn't matter how well the company does or you know, if they're still going to get paid
the same amount. So that's why the equity play is not always a bad play. Partnerships are not always bad. It's just a matter of just being intelligent about it, keeping ownership, keeping you know, a majority state, things of that nature. So I would approach it from that standpoint.
I would approach it from partnerships. Look to see, you say, you've been in the industry for a long time, so I'm sure you have a lot of great relationships with different people, and you know, who knows who would want to work with you, or who won't want to partner with you, and different things.
Of that nature.
So that's how I would approach it, as opposed to even thinking about funding it out of my own pocket with that much capital. If it was less capital, but if it's a lot, if it's gonna be real, real capital intensive, then you know, you might want to go a different route.
Okay, that's good though. That's the partnership is definitely something that's been out there. It's just again really holding in our owning in on the or honing in on the ownership piece. We definitely want to be attachment. I'm pretty sure you can tell, like sometimes people don't take you seriously, but like I said, even with having the experience, it's like that. But that was some good insight. Thank you so much all r P.
Math.
We're coming to you and meet yourself please.
Yeah, what's going on?
Yeah?
Hey, okay, cool, cool, Hey. I just wanted to ask a quick question. I'm sure it's been asked many times. It's about four one k rollover.
My specific question is I have like three four one case from the previous employers. I'm gonna roll like one of the bigger ones into a new one. That I'm participating that the employee is participating in. But then the two smaller ones I want to be able to invest myself. So just kind of to sum it up, I have I had it with Fidelity. I'm going to entrust her the lguit amount into a company named the Principal, and
I've always uh trade with TD. I had a brokege account with excuse me, with Fidelity, but I'm I'm transferring. I transferred those funds into TD because just what I've heard is that it's it's it's more user friendly things of that nature. Now my question is with the other two smaller ones that I'm not going to transfer into the the account that with that's with my employer. I want to have a little bit of flexibility to to
to move those around. So I didn't know if I should just keep the funds with Fidelity and have a separate I R there, or transfer it into t D where I have my brokerage account that way. You know, I guess, I guess I'm a little confused on what's the benefits of having it having an I R A with a different company because the I'm not gonna put
it with the you know, I'm not trying. I'm trying not to roll everything into my my four o K four one K. I'm trying to make sure that I have some flexibility to to move it around, you know, as I feel fit.
So, yeah, your current four one k's with Fidelity, and you're debating whether you should roll into an IRA with Fidelity or I RA with TD?
Is that the question?
So it's actually with a different So my current four one K, I'm transferring.
Your old your old one K.
Yeah, the old one side. The old one was with Fidelity. So I'm transferring the old ones. Two of one of the old ones the larger amount to one that my employe is participating. And that's called the principle. So I'm already just that's that's kind of just out out there. I'm gonna just put the bigger one into the one
that they're contributing to. But the two smaller ones that I have with Fidelity, I was gonna, I guess I'm trying to figure out if it makes sense to transferred over to TD since I'm kind of that's where my brokenge account is, my individual Brokene account. That way I could kind of line things up. That's that's what I'm thinking.
Or I don't even know if there's any benefit of just having it transfer, taking that for one K and turning it into a rayah Ira with UH with Fidelity and just keeping it where it is.
Yeah, I think it just depends on whichever one you feel comfortable with, right, Like I mean, Fidelity TD. They're both good companies, They're both, you know, very similar. I personally like TD a little bit.
I have both.
I have FIDELLITI and TV TD. I like TD a little better because it just has a better user interface in my opinion. But I mean it's not like one is dramatically better than the others. So I guess it's just whatever you feel comfortable with. But you can roll it over into it a Fidelity I RA and you know, have you know control over it, and you know, pick the investments that you want, or you can roll it over into a t D I RA and have control over and pick the investments that you want. So it
really just depends, honestly. I mean, that's that's just up to you, like whatever whichever one you feel most comfortable with. Like I said, me, personally, I just like TD. I like TD better than fidelity because I just feel like it has a better user interface.
And yeah, so that's not true that that's my personal opinion.
So you know, but you can you can do either or I mean there's really no no dramatic difference from one then the other.
Yea you similar?
Okay, all right?
And just the last thing on that on that no matter where I go to transfer it, changing that four one K into an IRA, what's really the benefits of the IRA? When I'm am I able to move things around as I feel like, So I know I can't do that with the four one K. So I'm assuming that's just the only benefit is the flexibility?
Right, Well, a full one K it's pretty much like frozen in the sense when you're not working it anymore,
not frozen, wight, it's not growing. But when you when you leave a job, you can't add money to your fall one K anymore, you can't ball from it, you don't have any like advice, and you're stuck with the investments that's provided for you from the four one K. So fall one K has like a menu of different options like they have like let's say fifteen different funds that you can pick and choose from but you can
only invest in those funds. So with an IRA, you get to pick and choose the funds that you that you want, right. You can add you can add money to it, like let's say going forward, like you start a business, or your job doesn't have a four one K, your new job doesn't have a four one K, or
you can always add money to an IRA. IRA also can serve as like a central hub where you know, you might leave multiple different jobs throughout the course of your life and you might have like six different four one k that that becomes a little difficult to manage, but you can always roll those four one ks into an IRA and have that as like the central hub for all of your old four one k.
So in a nutshell, it just gives you more flexibility.
Gives you more flexibility as far as you know, being able to pick and choose your investments and you know, actually being able to put money into it as well, so those you don't have once you leave the company with an old four to one K. So that's really the benefit with the IRA as opposed to keeping the money in the old for for oh one k.
All right, sounds good.
I appreciate it.
Man Andrew.
You are coming to you and yourself with and somebody saying a shot. You can't access them.
You can't.
You can't access the IRA. You just pay penalty on it, just like a four to one K. If you have an all four one K and you took the money out before fifty nine and a half, you pay a penalty on it. But there are some provisions where you can actually take some money out of without paying the penalty tax.
But you always pay state and federal tax on an IRA or a fall one K, so they're both the same. I mean that regards behind those warm and cozy nights at home. Thousands of employees at BP go to work every day.
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