Do You Feel Behind With Your Money?

Automatic TRANSCRIPT

the IP's you don't wanna miss the upcoming episode i'm gonna talk to angie she keeps having unexpected emergencies and it's getting frustrating so she wants to know how could she karate chop murphy and deal with him and then i've got k. j. calling in he sick and tired of renting he wants to know can he buy a home but here's what's the deal he's got a little bit of debt laps to guide him we're gonna have a blast you welcome to the chris hogan show home home of everyday millionaires i am your host chris okay this is your show where your life and your money takes center stage and never forget VIP's it's your life take charge charge while i'm excited to be back we've got an action packed show we've got people that have real questions real situations and guess what the IP's they need real answers so i'm excited lied to be back with you as you know this show exists for you so guess what i need to hear from you so if you've got a question you've got something that's been lingering in the back of your mind so you think hogan i need an answer or i need some guidance guess what i want you to call us the number to call is eight four four two eight three nine three eight three again that's eight four four four two eight three nine three eight three or if you prefer you can send us an email just type of the email asking chris hogan three sixty dot com in the subject line just put question it and then throw it down on paper get this thing off your brain so we can learn and we can chase down progress remember it's not an accident we gotta stay focused is my friends because we're not finished okay i'm getting to the phone line i've got i'm going all the way out to iowa i've got angie online angie how are you krantz how're you doing well oh you know what i'm going to tell you i'm focused and not finish what's happening at first of all let me ask you how much snow is on the ground in iowa right now and i heard island not much okay but not much how couple inches the graph we have all okay all right good good i can still come out there then what's on your mind young lady where we say about twenty three months ago got through baby step one and two very quickly we have just been stuck on baby step three since april of last year murphy here's just moving and will not be alone and you're just wondering if we are just ready mercy get us more we're doing the best we can and we just need to keep pushing through okay okay see now we're gonna talk about murphy 'cause he's rude isn't he rude he just won't show up he'd knock sometimes he just kicks down your door and comes on in and but before we get to that let's revisit some winds baby step two you said you got through it quickly how much did did you guys pay off five hundred eighty five hundred and what what was that debt combination of cellphone student loans medical okay no credit cards no no credit carter all right let's see anti all right so what did you learn about doing baby step number two echoes awesome do not have that that's exactly right and you guys made some adjustments made a few we didn't have to make as much because he had a pretty decent income to fat ratio traffic good so has the income changed and it has gone up a little bit it's just murphy wakes back steps he just keep moving okay all right now angie let's talk about serving on like him i don't i really don't i wish i tasers him to be honest with you but but let's talk about how has murphy shown up in your life we had my youngest child had medical issues within the hospital and had visits to louis specialist that was far away once or twice a month r h factories one out got condemned ended up not only needed to do the h. can air conditioning they also reduce the ductwork didn't know i had an underlying medical issue i nearly die from oh my ended up having surgery for that in september and so yeah i mean unexpected expensive since april last year almost fifty thousand okay first and foremost how's your child doing he's doing great very good and then how are you doing andrew i haven't felt this great years see that's to blessings right there so that's good with this h hvac system that went out how did you us pay for that ended up cash lean that and our church wrote about it and they decided to help with that you know did did you hear you angie let's go go back three years if you'd had an h back system three years ago it wouldn't have been like that wooded no no you would have grabbed some debt yet put it in your pocket and moved on with life see that's what i'm saying i wanna point now you all have grown murphy has shown up but i'm gonna tell you you have judo oh chop murphy and the throat okay you all handle business because you cash flow this you didn't go backwards into debt and now what you're saying is as chris has been frustrating because we're working working hard and we're trying to do it the right way and we haven't made any progress now of these things they track system you didn't have control over that was murphy the medical things you didn't and have control over that was also a murphy thing so when i want you guys to understand you and your husband i want you to rally and say okay we did have some things pop up but you handled it the right like way energy you guys did yes you did and so now it's a matter of okay now what do we do how do we buckle down and get this baby step three three situated to give us some breathing room you see you all have learned first and foremost why the emergency fund is needed you see it's there to protect you and and you all have been able to cash flow and do some things the right way and i'm proud of you so i want you to hear that you've done a good job you didn't go backwards into debt you've handled it so now what do you do you take a deep breath you put your shoulders back and you say we're gonna move forward now more intentional than we ever have been more clear than we ever or have been because we know it's needed and you guys can do this see twenty twenty is going to be a different year for you twenty twenty is going to be the year that you guys go we got down with baby step a three we rolled into baby step forward you begin your everyday millionaire journey i'm proud of you so you and your husband take a deep breath you're going to get through this it is frustrating anytime i'm you have to write checks for h. back systems and heating and cooling and all these medical things that pop up it's frustrating but take a deep breath and say it's okay we're going forward thank thank you so much for calling in andrew because other people are out there and they're feeling that same pressure that irritation because you want to get through it i like it now we'd had a different conversation if you guys have gone backwards into debt then you're back at baby step to see backwards doesn't equal progress we wanna push forward so thank you for sharing that i'm proud of you i'm proud of what you all are doing stay focused young lady you're not finished all right i'm on a roll i'm staying out on the west side of things i've got k. j. denver k. j. how are you i'm doing well man man adopting this focus announced his style whilst the i like you already that's right you do have to adopt the lifestyle because when you do that something is changing you you get rid of the norm and now you're pushing forward i like you already what's on your mind buddy so i can basically could ask you a million questions because i'm just getting into this you know danger antique team in you know my main question is i got about thirteen thousand student loan debt and i got a good enough amount of money saved up for a down payment on house i just don't know if i pay student loans i you know say what further down payment on a house okay because i could i could make the payment it's gonna you know deplete most of my savings four down payment on a house and i really hate to get no saying okay all right tell me this how old are you twenty three all right twenty twenty three years young at like this and okay what's your household income right around one hundred and ten thousand or you making some good money okay and how much have saved for home downpayment payment about thirty thousand thirty wow how long have you been saving for the downpayment savings january i i graduated in december okay so if i'm hearing you the right is the only debt you have the thirteen thousand in student loans the other was fifteen hundred on some couches at my wife got in the took care of that real fast uh-huh hey how long how long have you been married three months all right don't though the wife under the bus no more okay you got a problem you got a pronoun amount problem you were there would encounter bought you a part of it too don't don't blame that certa issue on her all right so got to couch his paid off thirteen thousand student loan is that all that's left yesterday it's basically broken down into three separate loans okay mom with their own steaks intrinsically and there's there's one that's about twenty seven hundred a and then four and some change and then three and some change and to take care of the twenty seven okay i just don't know that's the right thing to do very good now you're sick of renting you've been renting how long since january okay what floor are you on the reynaud are you on the first second or the third floor second okay so it means you got people below you you and above you right all right listen to me i'm proud of you number one at twenty three years there's young that you've been focused you've been saving money that's not an accident but i want you to listen to uncle get all right if somebody if i was twenty three i'd want somebody to grab me sent me down and say hey here's the deal you've got thirteen thousand student loan that you can't erase today you can get it out of your life now i know you bet saved on a home down payment but i want you to hear me with with the baby steps see the process is you do thousand dollars what you guys have then you attack debt once you attack that and you move to baby step three that's fully funded emergency found a three to six months of expenses you've got thirty thousand saved nano was earmarked for home down payment but how about we earmark some of that for a couple of other things i i want to use it for your freedom and i want to use it for your protection no hear me with this you've been an apartment living for a little while everything's gonna be alright but i want you imagine imagine the thirteen thousand in student loan debt is out of your life bam gone then you put that protection in place by having starter emergency fund of the leftover seventeen thousand you've got thirty you pay off thirteen at least seventeen that you now use your emergency fund now what you do because you're in sales is you keep on selling you and your wife get on the same page and you get more focus than you ever have and then you start to build up and save for the home down payment you can do this at their income level of one hundred and ten thousand with what you're doing everyone i'm gonna tell you right now you will thank me for this you're gonna thank me because you're going to relax because you've got some cushion but you're also going to not see that statement showing up in the mail l. with that student loan payment with that little dollar amount each and every month you're going to do this so i want you to hear me again talk to your wife the night sit down you guys get on the same page wjr payoff that student loan in the next seven days move that seventeen into a money market account that's part of your fully-funded emergency fund and then start adding to that with your paycheck over and above the mountaineers for you to live on to start to save up for the down payment that's gonna put you on a path toward being able to reach through all the baby steps and beginning your everyday millionaire journey i'm telling you right now k. j. that's the process and tell you what i'm gonna do i'm gonna send you the book look everyday millionaires because i have no doubt amando get your information i'm going to send it to you i have no doubt that you guys are on this journey because your income is going to continue to increase face you keep lifestyle in check stay focus my friend you will get they're very proud of you fantastic calls thus far you know what tom it is let's see here i'm going to put on my coaching hat it's now time for panicked or pumped the this is where i put my hat the whistle on i coach you right where you are see you might be out there phelan panicked about a situation you don't know where to turn well guess what we're here for you or you might be pumped and you want to celebrate you try to high five somebody and nobody there will guess what we're here for you so we're going to talk to you and i'm going to coach you right where you are based on on your situation so i got a panicked email in from ryan ryan says hi chris i'm panicked and i feel like i'm far behind i'm thirty years sold in a not sure if i'll have enough or retirement or will i have to play catch up later down the line i have ten thousand in my work sponsored 401K they're air matching six percent of my sixty k. salary my only debt consists of my home i owe one hundred thousand and my student loans which are o twelve thousand my 401K balanced date would have been thirty thousand more than what i currently have but i had to cash out an old 401K ooh to take care if some expenses am i on the right track to becoming a millionaire or having enough for retirement i wanna do some travel and just live a comfortable life off while ryan here's the thing my friend i have no doubt that your mindset and you knowing your numbers you have a clear vision of what it is you want to accomplish -ccomplish now we can all glance back and look at some things we wish we could redo cashing out a 401K no-no okay that's not something we want to do so you look at that your knowledge it i've been there i've done it and i wish i could undo it but it is what it is but now what you do as you move forward you've got your income urine saving now you told me you're investing seven percent first and foremost won't you to pause the contribution to four one k. c. when your gazelle intense you wanna throw every dime toward the debt so you've got a student loan debt of twelve thousand every dime needs to go toward that student loan debt let's get that attacked then i want you to build up a fully funded emergency fund of three to six months of expenses and then i want you to start investigating percents so you've got some of the ingredients male will we're going to do he was put it inside of a winning recipe and start to do it the way you need to do it so that's the deal pause the 401K now some of you out there are twitching and you're like hogan just set stop investing i did not i said pause because when you're gazelle intense i want every dime and dollar going toward the debt once i get that done i un on paused the investing and i moved through you see we can't be consistent and we can't make progress trying to do nine things that's why we have to pick and we do one thing thing at a time and we stay very focused right that's the process and so ryan thank you for reaching out don't be panicked i want you to get more focused you know what it is you're trying to accomplish why you said you wanna do some travel and live a comfortable life i want you to do this start to jot down some of the places you wanna travel to where do you wanna go aw i want you to list the top five to ten areas you'd love to visit and i want you to get some pictures of those up put him up in your closet put them up around on your mirror in your bathroom i want should ac- those places because why with the high definition dream i want you to see yourself there now you're asking you have enough get over and do the q. and if you're brand new that's the retire inspired quotient go to my website chris hogan three sixty dot com r. i q. is a free tool there that you plug in a few data points and he gives you the information i see no more saving blind for things where we don't know what are we doing why does it matter wanted to dig into the RN it will help you to see things much more clearly ryan ryan again thank you my friend for reaching out all right i've got a pumped email and from robert and kelly they say hey their coach we are pumped it's been a year of financial milestones and we want to celebrate this year my husband and i were thirty years old celebrated our five year wedding anniversary we've you've been walking through the baby steps together from day one marriage paying off student loans and car debt while cash flowing graduate school where currently on baby steps four through six and we've hit some milestones this year and a really excited to see progress were halfway through paying off our mortgage we just bought a new you're used car with cash for the first time they say quarter millionaires right around our anniversary we sat down for a budget meeting and realize that net worth at just hit two hundred fifty thousand we've named ourselves quarter millionaires they say hope you approve thanks for your encouragement your book everyday millionaires and thanks especially lead to all of your listeners that shares stories and keep us inspired that gets me excited robin kelly i want you to know something i love the fact that you guys are teamed up and you're very clear on what it is you're trying to reach i also liked the fact that you guys are in tune you know your numbers and you're chasing down progress to thirty years young and to be paid off debt and being focused and halfway through paying off your home listen to me you've established some habits that are going to make you everyday millionaires so yes i don't think there's anything wrong with celebrating your quarter millionaire status right now i know you're gonna stay on this journey and also appreciate you acknowledging urging the other VIP's that shared stories in the questions you see that's the thing that gets me most excited because we're in this thing together and when people talk about their questions or talk about the things that they're curious about we all get a chance to learn we all get a chance to get more focus than we ever have before and start to make changes you see i firmly believe we can do anything we set our mind to we just need to make some decisions so if you're out there and you're feeling panicked or you feel in pumped i want you to reach out and let me know see we're in this together we're going to talk about it and so yes you got something on your brain that you're stressed out about let's talk here's what you do simply email me he had asked chris hogan three sixty dot com in the subject line put panicked or put pumped either way share what's on your mind we may actually share yours actual panter senator pumped on the air but you've got a great opportunity to help others to encourage them so we can all run toward the finish line together because that's the name of the game all right love those love panicked or pumps one of my favorite segments and i know you all eleven it as well so keep the emails common do me a favor let's load up in box i like to see amanda whether hair on fire because you all are send an end stuff whether it's articles you want me to rant on right or panicked pump just fill up the inbox right send into whole bunch i wanna overwhelm i wanna shut down the server with people that are writing into share things i feel her looking at me right now i'm not making contact 'cause i'm scared all right listen to me VIP's the clock is ticking christmas is almost here and if you're looking for gifts for family or friends that guess what i got you covered everyday millionaires and retire inspired inspired are still on sale for ten dollars each ten dollars people to get these gifts in time for christmas be short order by december eighteenth though here with that okay you gotta worry about december eighteenth to make sure that shows up on time with these books you can give people the actual gift of hope you got a great opportunity i wrote these books because i care about people chasing down their dreams and i want people living there high definition dreams that means i want people to see it clearly and be focus casse so again i'm excited to make available to you for just ten dollars inspire your friends and family to take control of their money like never before and let's kick off this new year the right way way let's take control and be in control throughout the whole year so to check out these books and other deals go to chris hogan three sixty dot com again that's chrishogan oaken three six zero dot com you can also oh there's a quick little website you can do you can go to chris hogan three sixty dot com slash door and that'll get you right right there to the store where you can order things and they'll show up in plenty of time i promise you okay i gotta get back to the phone let's see here i got to one on the phone in little rock how are you focused and not finished how are you so i like it my friend i like where you are what's on your mind today buddy so i had a question for you we listened to to the podcasts quite often and i had not heard this question on that i wanted to bring to you my wife is a teacher she's an educator in higher ed and i in my profession i travel quite a bit and we are not necessarily in one location meaning she's that she has we moved a couple of times and she has retirement in multiple states systems so we have three or four days where she has you know three years here six years there i here's here and so we're not getting the benefit of staying in one state accumulating the twenty twenty five years and then moving into you know where she gets the the retirement benefit from finishing out in one state right so i was wondering how do we handle those all triple states and multiple retirement plans okay gotcha gotcha and they just put up i remember meeting you just put your picture up those that are watching on youtube yeah i don't you you made me look small to on your i'm a stool next time but here's the thing is is she into four zero three rebate or is she and the pension system so in the state we're in now here in arkansas they have boats so there's a pension base retirement plan and and they also have a supplemental three beat so jay has both i and this state okay gotcha and where you all are now are you going to be moving around some more four or do you think arkansas the home probably going to be moving again well no that's just i mean that's part of life and that's something you can do here's the thing if it's a four zero three three b you have the opportunity you can roll it over into an IRA just like you could four one k. if it's the pension it's going to be a little bit different just because the locked in and that's their his the reality just because it's there doesn't mean that you don't have access to it you're still getting the statement so you just wanna make sure that you're updating your address address and those statements are coming to you so you can make sure you're seeing it and keep it up to date what i would do is this i would gather up those statements from the three or three states you all have been in yeah let's get sit down with the smartvestor pro these are people that david i recommend all around the country you can find them by going to chris hogan three sixty dot com click on the dream team button in putting your zip code and you can locate one even in little rock arkansas grab those statements go sit down and you can look at it here's my thing i like that advice for a couple of reasons number one it helps you to understand determine do i have a four zero three b or is it a pension if it's a full three b they can walk you through the rollover process very easily again i'm saying saint rollover not cash out always like to clarify that rolling over means i'm just moving from afford three be into an IRA i'm not accessing the money so i'm not causing any taxes or anything at at all the other side is they can look at how it's invested and you can start to make sure that even though it's multiple accounts in different states we can get this money working in unison meaning meaning we all make sure we're investing at the right way based on you all's goals but that's what i would do a smartvestor we'll be able to guide you in that and to help you guys make sure you've got clarity even even as you move forward so VIP's if you're out there and you've started a four one k. and you've left the job when i want you to do is to talk to a smartvestor pro about rolling that over see atypically when you roll it over into an IRA you've got more options in which to invest then you probably had in your 401K to begin with and if you're like me when you first started out you didn't didn't have guidance on what to invest and so you just kind of hodgepodge pick some stuff or you went and talked to somebody that probably know what they were doing and they pick some stuff and it's just been sitting so again if you've got an old four one k. sitting there talk to a smartvestor pro about rolling that thing over it'll help you get all the money in alignment to make sure you're chasing down your goals all right i need to hear from you if you've got a question i want you to call me and leave me a voicemail tell me the question that's on your mind the number to call is eight four four two eight three nine three three again that's eight four four two eight three nine three eight three or if you prefer you can send me an email asked chris hogan three sixty dot com is the email address just power are off your question put it in there again it's a matter of helping everybody start to understand more of what's going on all right so i'm going to get to the phone lines i've got dallas how or you i'm gonna tastic appreciate it no not a problem how can i help you today face creek question i am in the middle of baby step number two i'm almost done i'm transitioning almost two baby step number thirty and i was curious if i should have opened a flexible spending account for next year you're not gonna throw down my debt reduction by just a little bit and give me less money to save for my emergency sean but i do have a surgery that's scheduled breath okay so i opened the essay for an equal amount of the out of pocket expenses okay all right so what you were doing dallas is trying to plan ahead for or the surgery right okay and so in looking at that and again this is a medical thing so you know a flexible spending accounts you know can make sense just like with an HSA let's say you're preparing for this do you have good insurance as well i do often for in my case of PPO over the HSA okay ah just because the out of pocket total was significantly less okay and i get the same health benefits okay all right good now let's pause on this second baby step step number two you said you're still on there how much do you have left about three thousand out of corny eight thousand total okay three thousand left so you've paid off twenty five thousand thousand that's great that is awesome what did you pay off credit cards yes and that was kurds and then happened at a car accident so i had to get a new car and so you got three thousand left what is that three thousand john so there is twelve hundred on uh article the other eighteen is on credit cards okay very good so you're about to vic all of this out of your life dallas what is your household income this year is going to be seventy thousand okay and when you open up looking at the flexible spending account how much are you thinking of contributing that to get prepared for the surgery eighteen thousand dollars yeah i i don't see a problem with that i think as you walk in that through we've paid off twenty five thousand dollars in debt already there's no doubt out in my mind be praying for you as you go through the surgery you get out of that and you common you're gonna attack the rest of this debt keep moving forward my friend i like your mindset you've made sacrifices to be able to get to this point it's not an accident that you pay off twenty five thousand dollars in debt you vic credit cards and car loans i like it now what you do is you stay focused right you don't wanna let your guard down because when you do that then mouse can creep up and then it just frustrates you and nobody wants to be set back right everybody wants to go forward so we have to keep our game face on and understand what it is we're chason and what it is we're doing okay now listen to me i have been talking about this group for for a long time now and so if you're new and i know we've got people that are coming in that are listening to the show this is not stumbled upon you found you or friends have been telling people and people were coming in i wanna tell you about an amazing group my everyday millionaire facebook group this group is absolutely amazing they are encouraging each other it is growing growing by leaps and bounds it's almost one hundred thousand plus in there now i want to encourage you life is not meant to be done alone we need to be a part of a community being connected where we can talk about things and encourage and cheer people on so what i wanna do is tell you this is how you join the group you need to join it out care for eighteen eighteen eighty we've got a spot in there for you i'd love to have you here's how you do it go to facebook dot com slash chris hogan three sixty again facebook dot com slash chris soak in three sixty and then you click on the group's section there and once you do that then you can join the everyday millionaire facebook group but i want to give this group a shout out because there on fire they're just they're encouraging each other so i like to take a question from the group to let them know i'm listening to you i'm plugged in i get in there and i stir things up every every once in a while but here's the facebook group questioned from susan susan ass is it smart to borrow against your four one k. to pay off debt okay let me read one more time elite spot on the back of my head here here we go susan says is it smart to borrow from against your 401K to pay off debt susan i want you look at me there's you watch it on youtube channel getting close come in here all right listen no no no no do not touch your 401K do not pull money out of there to attack debt no you know why you you stop a beautiful thing from happening it's called compound interest tinguely every time i say that why because compound interest make money grow we don't wanna stop money from growing rolling right we want to let it sit there the money in your 401K and four three be susan that money is there to eventually fund your dreams have you thought about that see right now l. your check comes from your employer but once you get into retirement your paycheck is going to come from the 401K or for three so we need that that boy humming and growing thing and left alone but what i do want you to do to attack that is to get serious tightened down your budget we talk about every dollar it's the best budgeting tool on the planet get thatt's so you can start to get in control of your money so you can tell it where to go instead of wondering where it went and ben i want you to get intense i want you to shut down the budget sometimes got money flow oh went out and shut down unnecessary spending from the budget i mean take on an extra job i'd rather use sacrifice and attack that you've got the right spirit of warning to attack debt but let's not steal from your future to clean up your now what i would rather you do is to get very focused and very intentional bringing some extra money throw it toward the debt and you'll give yourself a raise he's because when you get out of debt susan you give yourself a raise you have more of your money that you can hold onto and you can start to do things for yourself as well as your family well listen i want to thank all the callers for calling in thank you so much for calling in to share the questions that are on your mind for the people that share it in penticton pump thank you again thank you the all the listeners i want to thank the entire chris hogan show production team they make things possible so until next time don't make excuses make progress us coming up in our next episode this wednesday i'm gonna talk to jill they got student loan debt and credit card debt and she's ready to make one of the ultimate sacrifices she's ready to sell the house so i'm going to unpack this situation walk through it with her and i'm going to share with you one of the top new year's resolutions solutions so you can make this year your best financial year ever you don't wanna miss ella everyone if you enjoyed this podcast we have more from the ramsey network like the rachel cruze show hey guys it's rachel cruze and i'm so excited to tell you about my podcast a lot of people are living paycheck check to paycheck their end debt they don't even know where to begin but they have this need this want to get in control of their money and if that's you you have come to the right spot so each episode besides your and get a ton of inspiration and practical advice if not subscribe to the rachel cruze show podcast make sure you do it today if you'd like to hear full episodes is just search rachel cruz wherever you listen to podcasts or go to rachel cruze dot com

Coming up next