This Is the Year to Get Richer!
Dream team is waiting for you backstage. Okay don't be nervous. The clock is ticking. And we'll be checking with you throughout the show. They told me they could do this. But i i don't even know if we can do determine to make them richer in an hour with their own money much richer. Okay i wanna see that myself okay. Don't you wanna see that. You're gonna be richer in an hour with your own money. Because i don't happen under give you okay. So the author of make money not excuses says the women in our country of america should be a lot richer than they are now. So what's holding everybody back excuses excuses lake. I'm just not good with money. I mean that's the one. I hear every single day on the street but this is not rocket science or you only live once. That's the shopping. Excuse you go into a store fee sylvia. Why only live once. But you can't do it when it's getting in the way of your future. I'm afraid i'll lose money. This i hear over and over again. He loves invested. They'll be taking a huge amount of risk. Does not have to be that way. I don't have time of course you don't have time. Who has who has time. We have no time but this can be very very easy and very very quick and finally there are a lot of people who think up to old. It's too late for me. It is never too late start now so gene says one of most common excuses at women make for not taking charge of their finances. My husband handles the money. And i'm sure that that rings a bell for many of you. so forty eight zero carey. Hart show says that she knows that. Excuse all too. Well listen to this one. When i met my husband. I had been a single mom for about four years. My children were in elementary school. I was working two jobs and going to school fulltime. Probably six months or so before we were married. He started taking responsibility for the bills. And the money. I felt like i had been rescued. And who wouldn't want someone to just write in and make things easier and better carry. Thought she'd hit the jackpot with her real life knight in shining armor by her side. She would never have to worry about household finances or bills again. I rarely ever looked at a statement. I literally would get the male. See a bill throw it in his pile. You know when her husband got a promotion. The family moved to saint louis where they decided carey could stay at home kind of felt like i paid my dues then now it was going to be my turn to maybe smell the roses. The little bit relax a little bit and i thought you know this is great. So in fact what kerry thought was the life she had always dreamed was anything but one day carey says without warning or husband. Ask for a divorce without warning. And they were deep in debt and carey then had no money. She had no job and nothing to call her own for the first time in years kerry was forced to take a long hard look at her financial situation and what she discovered was bleak. As of today. I probably have about sixty dollars in my checking account and i have forty nine dollars in my savings account. My family is keeping me afloat. My grown children my mother. I have sisters. And i even have an elderly aunt and uncle who sent me money facing possible. Foreclosure kerry was forced to move out of the three thousand square foot dream home. She thought she'd grow old in carrying money. Coach gene chat ski. Blue saint louis to meet kerry and to help her start rebuilding from scratch so you let him manage but did you pay attention. Not not very much and that was my big excuse was up. He's doing it. Gene says for kerry. The time for excuses is over and finding a job is priority number one team. Know how much money you need to earn in order to support yourself a minimum of two thousand dollars a month plus a good. You know ten thousand dollars additional every year to put away for your retirement right. The only thing you have to realize is that there's no wiggle room in terms of saving anymore. No i mean do you get that. Oh i so get that really let carries life be a warning for everyone out there. Her money it cost her thirteen year marriage when her husband surprised her and said i wanted to divorce something. You never expect it. I really didn't. I would like to say that. I was smart enough that i thought that was a possibility. But i really didn't see it coming. You didn't see it coming. I didn't okay so gendered some number crunching to help carry figure out how much you needs to earn and say to retire comfortably and you came up with what we heard. Carry say in the piece. She needs two thousand dollars in order to live on top of that you got add taxes and we need you saving big. We need you saving big so thirty. Eight hundred. A month is what you should aim to earn. You put away a thousand dollars a month. Invest that for twenty years. I wish i could say thirty but you don't have thirty twenty but at retirement you can have six hundred plus thousand dollars which means it's not too late for you. You can do this. You say. I think this is great for people to figure out because most people don't even know what it takes for them to live. That's right okay. So how did you do that. You ask that question. what's it gonna take. And she then said you said a minimum of two thousand dollars a month. How did you know that answer Well i recently moved out of our home. So i knew what i was going to be paying in rent estimated utilities and just basic expenses. And that's where. I came up with a two thousand minimum. Okay and so when you say you earn thirty. Eight hundred. A month is that before or after taxes that is before taxes. Okay cool take taxes out of their. She'll still have plenty of money to save. And that's the thing. She needs two thousand dollars. That's not. I'm going to go shopping. I need two thousand order to live. And then saving