Arlington County Government, VA Commission on the Status of Women Meeting (CSW), 29 Jun 2023

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From YouTube: Framing your Financial Future

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From the Commission on the Status of Women

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Welcome, to our mind,.

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Everyone is busy and we want to thank our panelists participating in tonight's Financial, four framing your financial. My name is.

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I'd like to introduce magnet solo.

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Daily links, India cancer and Patricia Pine Maryland Center for Optimal postal tonight's order, especially all of them choosing to join us as the person.

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Now I'd like to introduce reasons.

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To be co-sponsoring, this event and I'm really excited to have you here. The Center for Optimal aging is an academic Hub designed to really pursue the future of a compound Aging for fall and then both in research activities and educational activities advocacy. We invite you to take up the library or go to our website to learn all about us, but I. Don't.

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Learning from our exciting, uh thank you all for coming. I'm really excited to sponsor.

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Yeah change is continued to be pivotal, building and damaging stronger future to themselves.

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To begin to think more critically about what you can change to your financial determinants and turn off the volume.

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Or approaching, or in the county line, one needs to anticipate the unexpected. It isn't easy to make a course collections or to become financially strong overnight.

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We are fortunate to have as families in director and certified financial planner.

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With parents of zombies, president and CEO of the Arlington Community Federal Credit Union Terror Palacios, director of his launch Arlington Economic Development, small business assistance program. Lastly, Aisha Salazar associate extension agent for family and consumer Sciences at Virginia, Tech extension services.

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We're delighted to have everybody here on.

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Land I know that we have a number of folks who are watching me from home, so we are going to go through this evening learning a lot and at the end of the four presentations we will have an opportunity for questions so maybe jot them down. If you're like me and Bernie asks a question in the comment, if you forget about it five minutes later so.

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Keep a list of.

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The things you'd like to ask, but we're going to go through our speakers and have them share their information, uh Powerpoints and um narratives, so that we all get the same basic Broad View and we're going to start with Ann. Who is our financial planner.

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And Amy's going to get us off with her information, so, okay, thanks, I, think and.

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Here it is and I think we're going to start with um very good. Okay, great I am Ann summersen I'm a certified financial planner with the wise investor group of Raymond James, we're out in Reston Virginia and yes, Meg is a client of mine, and she asked me to do this this evening.

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So I look out to the group here and I see all ages and I think that there are a lot of different Financial things to focus on at different stages of life.

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People just starting off in their careers certainly have different priorities than people like me, who are starting to think about retiring, so I thought I would just go through some different phases of life and things to think about financially during those during those times. So, let's start off with the next slide, and that's in your 20s, oh closer, oh I'm. Sorry thanks hope. This is better um so in your 20s you're, maybe finished with your schooling, you're in your first or second job.

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The biggest thing you can do for yourself at this time is to start saving and keep it up and increase the amount that you save. Do not put it off I wish. Somebody had told me this when I was young and I love. Many of all my people I know my age. We say all the same thing I wish. Somebody had really pointed this out to me. So where do you save?

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Well, you need to have an emergency fund and emergency fund is so if your car breaks down or if you lose your job, you you're not stuck having to put everything on a credit card and an emergency fund isn't cash right. It's in cash. You can't say it's. My mutual fund account over there. No it's something that can't ever go down in value, CDs, money market.

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You want to save at your job. You probably have a 401k. Maybe you work for a non-profit. You have a 403 b. If you work for the government, you have the tsp they're, all the same. They're, all tax deferred retirement accounts. You defer some of your salary into those accounts, even if you think you can't do it, you probably have a match. Coming from your from your employer, do at least to the match, because that is money.

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You're leaving on the table, if you don't do it so if you've done that and you can still save a little bit more consider an um an IRA and if you're young Asian, probably not at your full earning potential, yet do a Roth IRA, because there are AGI limits on putting money in Roth IRA. So if you make too much money, you can't do it so put the money in a Roth and the great thing about a Roth IRA.

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Even though you don't get a tax deduction for it, it grows tax-free when you use the money many many years from now, you don't pay any taxes on it when it comes out and there aren't any of the dreaded required minimum distributions a Roth, IRA.

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um Okay, oh and one thing so I mentioned the emergency fund. Stays in cash. Make sure that the money that goes into your retirement accounts make sure that you invest. It make sure that it gets put into something because you'll probably have a group of mutual funds to choose from. Don't just don't just put it. There you've got to make sure it's invested next slide, 30s and 40s. This is when things start to get a little more complicated, maybe you're looking to buy a house, maybe you've gotten married kids, you'll start to think about.

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Oh, my gosh. What happens if something happens to me or my wife or husband or partnered life insurance comes into play. Disability insurance comes into play, disability insurance will pay you if you become disabled and you can't work your income really is your biggest asset. It's not your house. It's your income!

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If you are having kids you're, probably thinking about how, how are we going to save for college? Well, luckily, 529 plans are out there now they're, really great they're, like a Roth IRA for college, because the money grows tax-free and if you use it for college, you don't pay any taxes when you take it out and estate planning. This is people start to think you know think same thing with life insurance. What if I die? Well? Yes, what?

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If I die, we need a will and what about Guardians for the kids, so you at least want to get started on that process.

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So I haven't said anything about debt. So let's talk about it right now, so you've probably heard that there's good debt and bad debt mortgages are considered good debt student loans generally bad debt, uh car loans and the dreaded credit card.

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I would pretty much agree with that. um But I would say that if you have such a big mortgage that you can't save anything, your mortgage is no longer a good tet. So you need to be thoughtful about any debt that you enter into. So mortgages are fine. Some people say you should pay off your student loans. Before you put money in a retirement account I, disagree, I think you should get in the habit of putting money in the retirement account right from the start.

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You can start small but I, wouldn't because you just you've got to jump in at the beginning. You really really should um car loan same thing, don't overextend yourself and credit cards really try not to carry a balance. That's really! What's going to drag you down, I know it's hard I. Did it myself in my younger years, but really try not to carry a balance. All right. We've.

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Got two more stages to.

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Go next slide, 50s and 60s a little later in life. This is possibly your kids are launched. These are your.

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Prime earning years.

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They're also your Prime savings year years. This is when people are starting to think am I going to be able to retire, am I going to make it, and this is the thing that you can do for yourself at this stage. If you haven't already done, it is.

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Really think about how much you.

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Spend you really need to know how much goes out the door, because that's really what drives your financial plan as you go into retirement when.

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No longer earning it's all about how much is going out, so you really should take a look at how much you're spending so that so that your plan will work in retirement.

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This is the time that people are thinking about when should I take Social Security I could do a whole seminar on semin on Social Security strategies, which we don't have time for, but suffice it to say the longer you wait to take Social Security, the more it will be.

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People start to think about long-term care insurance, long-term.

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Care insurance will pay for if you need help in your home, if you need assisted living, if you need to go to Skilled Nursing, because.

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Is carried what is covered by Medicare, none of it, and this is the stage of life when people start to think about more fancy estate planning things like living trusts, so living trust is really just a way of titling your assets, and it just makes it easier to transfer things upon your death or upon um incapacity, which is really probably more more.

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Likely to happen than.

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You just did die prematurely so.

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Anything in a living.

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Trust really just transfers to the people per the instructions of that trust and bypasses probate. Okay, next slide, so our last stage 70s and Beyond. So hopefully, at this point you've, you know you've successfully. Retired you've done your saving. Now you're, really thinking about okay, where do I want it to finish up, you know: do I want to stay in this house forever. Maybe it's got too many. Stairs. I personally did a downsize a couple years ago, because I was tired of all the stairs.

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um Do you want to downsize to a smaller place, or do you want to consider a place like a Continuing, Care Retirement Community? Those places are as opposed to what my partners very old mother used to call death camps. They are not that they are. Very many of them are very, very nice places, so they you know you can consider them um next slide.

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Stay engaged and pay attention. What do I mean by that I have a question: where is it written that the men in the family of a couple do the grilling take out the trash and handle the family finances? Where is that written? Nowhere is that written, please. You must be involved in that. If one of you wants to do laundry.

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The other one wants to do the groceries fine, but please you both should be aware of how much you're spending how much you're saving you know be on the same page with all of that um so many times, I can't I've been in this business for 25.

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The husband will come to the meeting she's, not interested in that. Don't be that person you must know. What's going on, you must State you could become divorced. You could become a widow. You must pay attention um last slide. These are just two little things to think about. Go get your credit credit report at annualcreditreport.com. You can get. You can get a free one from each of the three credit reporting agencies and this one is the free one, not free credit report.

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That's not free annualcreditreport.com is the free one and everyone should go, get their social security statement at ssa.gov. You.

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To get a log on for that, they used to.

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Send the reports to everybody, but everybody threw them away, so they stopped sending them, but you can get them had this at the website and everybody should take a look, and this I mean I've just scratched the surface of so many things, but hopefully made you think about about your own financial plan. Thanks.

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um Thank you Ian, so much and there I have some questions and.

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Said um two questions when we finish all the way across, so we get the broad picture. So, let's move on and we're going to learn more about our finances from the point of view of credit union and banking.

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Thank you. I also have some questions for you, so.

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The commission for putting on this uh event and for assembling such a great panel I'm already learning from my panelists and I'm sure I'll, learn from the rest of you. My.

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Name is Karen Rosales and.

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I work for the Arlington Community Credit Union I am going to be speaking to you tonight from the lens of a traditional bank or credit union and how we can help execute these plans. That Anne is talking about, and actually so much of what she spoke about is really complementary to what I'm going to be so.

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Have I don't have slides tonight, so I'm just going to have to um engage you with fabulous stories so.

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I do have some stories to sort of illustrate the points that that you're making things that we see at the credit union that hopefully everybody can learn from so.

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We're here tonight to talk about um personal financial management is essentially what you're talking about and there's a few components to that so I'm going to go over some of the core components and how I think uh you know a financial institution could help you with those things. It sounds basic, but it's surprisingly not because, even though these are basic concepts, you'd be surprised how often people need help navigating and I'm sure you see this all the time. So the first thing is a budget. You talked about budgeting and spending wisely. Anyone.

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Who anyone here will.

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Tell you, when you create a plan, start with start.

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With a start with a budget or.

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Start with a financial plan, um it sounds simple and it sounds easy, but fewer than 40 percent of Americans are operate with a budget you're you're shaking.

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Your head over here right, you know, lots.

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Of people don't have a budget, and even those that do don't really align to it. Very you know don't reconcile to that budget on a regular basis. Okay,.

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Is that important I'll tell you a personal story about me and my financial planner, so.

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I am also within a decade.

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Of retirement and a.

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Couple years.

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Ago she sat me down and said: do a total cash flow analysis so I want to know what your budget is.

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Once your cash flow analysis- and she had me- do it for today and then compare it to where do you? How do you think you'll be living in retirement, simple exercise, but a very powerful one, because I was looking at expenses and at first I'm feeling good I'm like okay, like I, won't have college expenses for my kids. uh Hopefully, I won't be paying car insurance for them.

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Hopefully, they'll be off my cell phone plan by then by the way, if anyone has any.

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Advice on how to get your kids off your cell phone plan, mine.

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In their 20s and I haven't yet had urge to kick them off.

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But uh so anyway, I'm looking at this thinking, okay, these.

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Expenses are going to Sunset. Well, how do you want to live over here in retirement? Well, things are different right, like I will have different health care costs. There are other expenses, you know, I won't have an income, so the Delta between the two was kind of eye-opening and my husband and I had a great conversation and then it did for some conversations with our children. So it's a simple exercise, but a really important one and I I also want to encourage you to look at more.

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Than a budget, but really a cash flow analysis.

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Where you're, looking at how much am I paying uh you know in in taxes, how much am I paying in all of these ancillary things, like you know, my.

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And all these things that I love and.

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So you kind of see you.

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See opportunities.

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Where you can really save.

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So that you know that's.

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I want to say, and so how.

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A financial institution help you with that. uh You know I. Think great financial planners will help you. They can give you great templates for how to do that. Many financial institutions have uh budgeting and financial counseling divisions where they can also help. You do that, and so, whether you are you know, early in life and trying to create a budget or like me, you know kind of reconciling how to get to that next stage. It's it's really important. The next thing I want to talk about, is uh building and managing credit I agree.

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Not all debt is bad debt and I think even some. Some of the traditionally bad debt like credit cards, can be effective Tools in helping you to build credit, if you, if you use them very carefully, so if you are starting out, uh sometimes they start our credit card, a starter loan, if you are very careful and you pay it back, can really be a very, very important part in building credit, because lenders still want to see your capacity to repay and later when that borrowing becomes about leveraging and building Equity.

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You have to have that and- and you know you need to build equity to buy, buy a home if.

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You're starting a business when.

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You start business is terrible talk about the importance of your own personal finances, so you know that is uh very important as well. There are lots of ways to build your credit. There are also lots of ways to rebuild your credit. We, as a credit union, see all the time people that come to us who are in a rebuilding phase, because Something's Happened a death, a divorce, a an accident, a family emergency, something.

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Impacts, your finances and people are devastated. You know they feel that they're. You know that um I don't say that life is.

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It's very disturbing when your credit takes a big hit or there's a catastrophic credit incident. I want to give anyone hope that's in that situation, because it is possible, and it's not that hard. It might take time and discipline, but it is so possible to rebuild your credit, and there are lots of tools to do that. There are products that can help you do that credit, Builder products uh and and all different forms of those things. So I won't talk too much more about that, because I want to move.

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In the conversation, but we see that a lot and I just want to give people hope that there is a way to rebuild credit at any point in life. After any situation,.

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The other another important.

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Part of a good financial plan is you, can you alluded to? This is educating those around you uh who you may be dependent on later in life or who are dependent on you and that those those things can happen in any moment and talked about this. We see this a lot too again for all those same reasons: right: death, divorce and accident. Someone comes to us and uh thinks they're the beneficiary beneficiary on an account and realizes that they're. Not we have those situations, uh someone is a beneficiary and didn't.

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Know they were.

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Beneficiary and they don't know what to do with the money, we see situations where someone passes away and then the surviving spouse doesn't know where the money is. So this happened to me personally when my dad passed away. My mother knew which bank they went to. She knew which branch they went to. She didn't know he had other online Accounts at USAA and other places and I'm left scrambling.

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Trying to you know crack into his phone and figure out where the banking emails are coming from, because he didn't have a neat and tidy place where all of this was recorded. There are apps out there where you can record for your family members, you don't have to tell them the passwords or the balances, but there are apps that help. You record, where the accounts are so that in a situation like that, you know where to access the info information. Another tip- and this just speaks so loudly to what you were speaking about right.

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Like the self-sufficiency of money.

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um We had a situation, a um someone passed away again, someone passed away and the wife had credit cards in her wallet that she was using for everything and didn't realize that she was just an authorized user and so when the spouse passed all of the Netflix- and you know home security charges that were coming to her credit card. Social Security reports out when someone passes, and so you don't even have to report it to the bank. They they eventually become aware of that. So her cards got cut off and.

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A panic because all of her household bills were being rejected and then she went to apply you know, so she had these two cards at Citibank and Chase and uh not to bash the Big Bang, Citibank and Chase. But uh you know she had these cards at these at these. uh You know at these institutions and and could not then reapply because she was retired and only had social security income. So it's this whole thing. We were talking about this right.

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You work your whole life to be retired and then all of a sudden, you don't have the income to prove that you can sustain the.

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It was just a mess, so you know things like that. It's what you're speaking to just really be aware of the finances in your household also help your children. You know as a child trying to navigate a grown up adult child, but still a child right. Trying.

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To help my parents, through that was.

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Extremely stressful, it's extremely stressful and I hope I will do something different for my kids to help them through that and then the last thing I was going to talk about you already spoke about which um was investing. uh You know once you have a good Financial Foundation.

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Investing is a great thing to do and there are lots of ways to start small, great apps out there. You can invest in stocks fractionally, you can invest in fractional.

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Real estate, you.

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Can do like Suite programs and Roundup and and and that's uh just a great tool. Lots of financial institutions can help you with those things as well. I.

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Feel, like I forgot.

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Something this is probably why I should have.

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Slides so I don't get something but I'll just pass it to you Tara and then um wait for questions should.

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I just pass it to her.

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Evening, everybody um I'm so excited.

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To talk about you know, framing your financial future, but.

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Really looking at it from a small business perspective,.

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We work with a number of people whose Journey, no matter what age range is just our business and a lot of times people are like, am I financially secure. Can.

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I go friends and.

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Family credit card: how should I go about it and I'm here to say there is a skill to this and.

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It all complements what we're going to be saying so we'll go to the next slide. um You may be asking yourself: what is a Biz launch? Well, it.

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Is a county-run program.

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That offers a whole course whole House.

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Of different types of activities from marketing to helping you to design a strategy building your business, we have directories, we have the open, Rewards program where, when you shop local, we reward you all.

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Of stuff- and the good thing is, is that good four-letter word, which is free.

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Going to the next one and.

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Then I have a lot of nice friends that are with me for previous year with us this evening and she does a lot of our market research and works in our small businesses, but allies, Florida and Yankton are part of our team, including myself and I, am here to tell you for the next slide that we have a brand new tool that we've just launched within the last six months, and it's called open grants and basically, if you're, a small business, if you're, a non-profit or other organization you can go to this website, create a dashboard and look for Grants, either for your small business or for your non-profit organization or individually.

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uh If you're working on an art, project or you're trying to make something and the cool it gets even cooler in that there's someone that can help you respond to these.

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Grants as well.

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For free and what we love about it is that it really helps you navigate and look for industry, specific funds that are available across the country to help you achieve goals as we go through the Nets through slides, and you can see exactly what you need to do so. I was thinking.

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All of the people we've had over the years over 70 000 people have come through this launches doors and when I think of financial planning I, think a lot of people have a wish attitude and I'm going to take the wish attitude and knock that out and make it a feasible executionable. I can't really talk today, uh means of being able to get to your financial goals and how do.

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That and I thought of eight different things.

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Really Salient I think, even if you start a business or um don't start a business they're all really um things that you can leave with that'll be helpful for you. So.

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The first one is research.

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And do your homework really understand your industry understand how much things cost be very realistic and whatever number that you're thinking about you want to make sure that it's specific to your industry and there's information out there. That will help you with numbers, statistics and goals, which leads me to really understanding and I. Think both Ann and Karen describe as understand what those costs are when you're doing a cash flow analysis for yourself.

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Not only do you want to look at the fixed costs that you pay every month, but those saw fun costs like social media uh paying for tick tock ads. You know things that we like to do that. Do we really need to do them, but if we were, how much are they and to really have that as part of your plan? One thing: oh I'm, still on number three I'm. Sorry, one thing that you'll need to do is make sure that you build relationships with your financial institution really know them have them know your name.

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Have them understand what your product and services? Because you never know you always go after money when you don't need it, because when you need it, people look at. You know right.

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When you go to.

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And they understand your product I. Think a good example is our friends at bupatella uh meant a long time ago. Y'all remember they were out at Walmart Square in their part, right and I said. Oh, my God. You need to whoop your bank have them eat your pizza.

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Because their long-term goals, they wanted a broken water location. Well, how do you go from a stationary car to being able to get a lease and then once you, you gotta, do bailout y'all and that's expensive? Okay,.

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So you feed them Pizza and.

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So that's what they did and.

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Then they can see that the line was there, they could smell it. You know food is very visual, but it's also, you know, you've got the pizza smell and then it added.

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At one point come on now, and so what they did was when it was time for them, two years later, to go for the loan they had proven and they had witness through the financial institution. So these are like some things that you can do.

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I think we, as.

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Know, financing and counting all that it's like whoa, but it's all about relationships and people, knowing your name and understanding.

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That's really key now. Number four is something that.

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Time do not.

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Spend not money unless.

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You ask them what you.

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Don't spend money think low hanging fruit, especially as a business when I talk to a lot of business people, they think, oh, my throw money at it, certainly always the case.

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But what is your your return on investment so being really wise about the.

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Think low-hanging fruit: if you're not spending money, then all you're doing is making money and.

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How is that bad.

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Right, because that return on investment is.

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Much higher, so if you can do some of these things and it'll help you to grow and think simple, not complex, especially when it comes to business, you can think complex. This thing is much harder, but if you think very simply, I need to move from A to B, and that doesn't mean because a is doing well. I need to do B, C, D and E. How many.

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People know businesses.

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That opened up too many locations and they failed. They stretch too thin. They didn't have all that money and you know uh Elon, Musk and others. They don't have enough money to do what they need to do. Okay, go into five.

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Establish a rainy day fund, one thing that Americans don't do is save money. Thank you about the common thing right, save money. For when something bad happens, you don't have to sweat. I, don't like to sweat, I, don't like it and.

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I, don't want y'all sweating.

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The pandemic caused a lot of sweating and when.

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Pdp, came you sweat it even more.

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Don't want that have at least six months to a year in savings, so something were to happen.

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Don't have to sweat.

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Y'all, remember that.

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Have that visualization also number six build a community advisors, people that you can call on to that can help you think through a situation as an entrepreneur. It can.

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At times, but look if you've got friends that you, you know, really trust and that you care about that. You can go to for.

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Very complex, hey, you know this is going on. I. Have this opportunity.

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I, don't have enough funds.

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And then they'll be able to kind of help you think it through or they may invest in. You themselves a lot of people a.

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Lot of folks that if you surround yourself with.

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So I definitely think building that community of advisors. That could be people that understand the legal aspects of your industry financing as well as accounting and then there's in these days and times number seven. There's a lot of creative funds that you can use from Indiegogo to Kickstarter. That can help you to get started friends and family. But with all of this you'll want to plan.

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You want to understand that, if you're going to do a campaign, what are all the things that you need to do before you jump in, because you get yourself in trouble if you're doing a lot of investment, think we'll need improved and you don't seem to return everything is about if I didn't X and Y what am I going to get back in the long term and then number eight question everything.

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Don't let things just happen.

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You just you know, just go along with the you know the way the water is going, no really understand what it is that you're getting into if you're signing a contract. If you're signing on to a loan know what the interest rate is know when you pay that off I have a you know, big party afterwards, but really understand what you are contractually obligated to, and so with that those are my eight tips.

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Wanted to run through those, but if anyone has any questions, I've seen a number of businesses be very successful here in the county and I think the biggest differentiator between those that are successful and those that aren't is the planning aspect and understanding and if something untoward that would happen being able to fall into a Loan Fund call on to other friends and be able to plan for it. That really will differentiate between success and failure. And so thank you all. That's my business stuff. Okay,.

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Go ahead, um Virginia corporate extension and Virginia confirmative Extension is part of Virginia Tech in Virginia, state universities um and I work with Pastor Financial education, volunteers um to educate privaconians in Alexandria.

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Great, thank you. um So some of.

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These have already been districts.

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So if they've attention briefly and then you want something else, um but some.

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Very important- and you know we're all repeating for a reason, because they are very common, and these are things that, when I pull some of arts and changes across the state, um things that I've seen or are volunteers have seen or things. You know that comes up in research, time and time after another. We.

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To the next slide, please, um so one of them is the lack of knowledge, awareness about family finances. We talked about that before I've seen it within my larger 10 family. We're supporting you.

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Know it was going on.

O

um They'll carrying it out and you know, I tell them down the road. You really want to know. um Financial stability for changes in relationships, uh divorce or death of the spouse. Same thing. um You want to make sure that you're aware of your finances, women tend to outlive their spouses.

N

O

Have to think long term for.

N

O

Abusive situations, one is usually one thing, that's being controlled.

E

O

The reason for staying in that relationship um so awesome lack.

E

Of financial confidence.

O

So women are less likely to negotiate their salaries, they're less likely to make financial investments.

O

You know if not or sometimes.

L

It's a lot of awareness. Sometimes it's.

O

Just you know they laugh at certainly.

E

um And so some of these women up here you.

O

Know they are here to give you diverse and empowerment, um you know, sometimes you only invest in just you feel, like you don't know enough, um and just doing a little bit is enough.

O

um A lot of emergency savings we talked about this again, you know anything from Lost in employment to you know, medical expenses and those services are huge um and it.

E

Comes a lot of.

O

Debt home repair, the info repairs. Anything like that um or experience I can tell you in my in my mid-20s within a month, I lost my job. I got into.

E

O

Accident and I.

L

O

A new place to live and I, mostly my boyfriend, is now my husband, but.

G

It was a tough time and.

O

I had savings, um and so I was able to live off of that, um but I was a grad school I was transitioning from one job to an X. um I worked part-time I took care of my.

E

O

um And it was tough yeah, so, just speaking from experience, you know you have to be aware of these things um and the network life balance. um There is a lot of um you know. I see a lot of women that you know those kids are in households, don't get B for the value that they bring to the household. um So there's that new factor that BP for managing the household and.

G

O

You try to find a job. How do you convey that the experience that you have and getting paid for it and getting the money that you're worth um balancing those work? Life admissions um I've, seen people to make their own career choices or family time um asking women start choosing certain career tracks in their fields and have been holding a plan for jobs because of those family commitments. So these are issues that are common in women. Advise good! That's fine!.

B

um Early math, um we talked about this.

O

As well, women are most often caregivers.

E

At some point in their.

O

Life um either you have children or adults on the road um and.

N

O

This, you know, causes a lot of issues. um Let's see, it has a fact.

P

um They'd, like you to invest in themselves, we talked.

O

About this as well, and then establishing a retirement after re-entering the workforce, um so sometimes people don't um consider themselves first always be yourself first and then investing too much for your children's education and not having enough crucial retirement for yourself um as caregivers. You care for others for yourself last. So try not to make that mistake. If you can next slide.

O

A little bit on identity, facts I just want to talk about this. It used.

E

O

Women actually um were uh largely affected more if identity, that than males um men are catching.

E

Up a little bit in.

O

That um but they they're about equal I believe that right now,.

N

O

Their 40s and then often the amendment can be a family member or a co-worker. They think our attorney, that's something that sometimes people don't.

P

Realize that it's not when you're going through that I.

O

Know what our authors need a class at a senior center recently and on identity pack and the.

B

Number one question.

O

Was you know, I think I'm being taken advantage of I.

G

Think somebody is taking.

O

My finances without me knowing.

G

B

Now we're considering going.

O

Back into Instagram of.

B

O

You do um credit card as well. um You gotta look out for that. um It's very common that people can interview um and just keep an eye on that as well. um The next slide I talked a little bit more about prevention. This is just brief overview um and that these are not politics that are out there, which is the main things like check.

O

Your statements or your credit reports that annualcreditreport.com is a great resource depending on the Do Not Call List use two Factor adaptation and then trench shred shred any papers with any information, even those credit card um analysis of Flyers. Do you get saying that, like you would certify for something sure those um go to Identity theft.gov? If you have had.

G

O

Or freezer credit, if you can um the next slide a little bit about talking about how to teach you through.

E

O

Wedding, um your first business Learners are within the household, and this is a quote that I saw that I thought was great security.

G

B

Love are not always connected.

O

To money so trying to make that um as that was that early on is really important. um So our team here you're talking about money as soon as you can and as they start asking for things um talking that about wants and needs, is very.

E

O

um And that's something we do for all ages or working out in the community um and that instant um to be inappropriate. You're not going to talk about serious high level things to if you have children, but you can adapt it and talk to them at different manners, and this is another quote- and it's starting to have to protected that those are coming from I. Believe this Colorado Ascension, the.

N

More age-appropriate.

O

Practices a child has of money and decisions about spending the more they will be effective money managers so start early. There has been a little bit debate if I want to start, but they learn early. They learn from you. So keep that in mind right your habits matter, whether or not you debate about.

E

O

How do you spend your money? um You know, that's fine.

B

P

O

You can talk to you about money.

P

um These are just some examples.

O

Of things that you can do with them um preschoolage you know money can be used for trading, letting you know the store or, like um you know, who can get coins while you travel even um things like that um savings, you know, entrepreneurships make it fun uh when you go to the grocery store talk about budgeting if you're always gonna have to talk. When you were the sort of this okay I want that, but Daddy I want that talked.

P

About like why.

O

We don't buy things or why we need to hold back some of the money um alone. So.

E

We'll do this on people so, but it allowances also another good.

O

Way to talk to people about.

E

O

Show um sort of how they can save their money um using crafts games and making it fun.

B

E

O

Way they incorporate math skills operating skills, reading skills. Anything like that into this will make it as she show for them as well, um and then the teams you talk to them about a variety of things, um we're doing a a workshop with some teams at the Arlington Tech and we've talked about uh almost all of these topics with them, and so now we're going to work with other code words to talk about some of these topics. um It's never too young. Some of them have some great questions.

O

You know use them a lot, there's a lot of information out there, especially on social media. So you wanted to catch that misinformation uh early on yeah. That was all I had thanks.

H

You have a mic.

H

Okay, thank you. So much I was taking notes in my old.

L

H

Learned so much tonight too so or I've realized things. I didn't do right in my young age, so all of that is important, but each of you um shared or expanded on something that is just you know the basic of save know what you're doing in um invest talk to your partner work together.

H

So all of those- and so many more ideas came out of tonight, so we have a couple of questions to get ourselves going and then we will ask for folks who are physically here and we will have an opportunity for folks on Zoom to be able to ask their questions as well. So hang with us as we go through, but.

G

H

To get us started, this is just a big picture. Question! Okay, what do you see in their nirish future about the financial situation in.

E

H

We going to see interest rates, jumping falling anything major that we can expect or predict or be careful about who.

D

Wants to answer you're, the one that works for the bank? uh Well, that's a crystal ball question.

E

Yeah exactly yeah.

G

E

D

Let the Federal Reserves going to do I, don't think they even know, sometimes what they're going to do. um So uh you know the answer: you're looking for.

E

um We thought the Federal Reserve.

D

Was near the end of the rate, Heights hike cycle, uh the talk up until the latest economic data was released was that the Fed was going to either pause the interest rate hikes or just skip this next month.

G

D

That was released indicates that as Tara.

B

D

Consumers are spending, so consumers are continuing to spend, spend spend so inflation is just not coming down as fast as we want it to I. Think we all got tired of being cooped up during the pandemic. We were spending spending spending we like it. We like spending uh spending, is pretty much at a pre-pandemic high across the country, and we see that same data at the.

Q

Credit Union Savings.

D

Is at an all-time low and we see that across the country- and we also see that at the credit union, so something.

G

D

To give right so um so I'm not going to make a rate prediction I think the economists are saying that.

B

The FED should hike.

D

At this next meeting next week, but I, but the economists are also saying that they won't. Your question is: what can we expect from from the financial future uh in the near-term financial future? uh Things are still going to be expensive right, so salaries have not really kept pace with inflation. Although wage increases uh did make up some ground, inflation is still out pacing salaries, so it's cutting into our paychecks. It's cutting into everyone's paycheck, so I think for the foreseeable future. For the next year at least uh things stuff will still be expensive.

D

Life will be expensive and uh you know the cautionary tale. There is that we have to think about things like doing our hand. S like that too.

B

Because you know stuff is going to continue.

D

To be expensive, talk about the business climate a little bit, yeah.

L

um It's interesting because we've been bringing it as new normal for a very long time, um the era of Miranda. Let me just State this, but don't quote me any error.

L

Grant free money is.

E

G

Longer y'all and so.

L

There, but the cost of doing business is, is much more expensive, so if there is a goal or if there's something that you want to do shop around vote for the best rates, don't settle. I love you from credit unions, because they they're non-profit, not for-profit, not.

D

L

But also know that the cost of doing business is going to be high for the foreseeable future. That's what I would look at.

H

Okay, so be cautious all right. The next question is maybe I'm not sure it might be you. um So we talked about some partners, not knowing the financial situation that there their their Union is in. So what should a person know about a potential partner's Financial.

E

L

You know you're.

H

You know some of I I hear of I, have a friend whose.

P

Daughter, who's, a sister, just lost three hundred thousand dollars.

G

E

She got into a romantic relationship.

G

With someone at.

E

H

G

H

He's needed money for his child. So what are some tips for going if you are interested in the person at 20 or 40 or 80 um that you should be aware of going into a relationship, Dear, Abby, good boy,.

J

Well, I think partnering with someone who views money in finance. Similarly, is what you should be looking for. I have I, have I, have clients who've been long married, but the the husband is like more of a live for today. Kind of.

E

Guy, it's like I might not make it to 90. I'm. You know when I'm fun.

J

Now and his wife, she tells me on the side he.

E

Doesn't know about it.

J

But she's got like a 300 Grand to.

E

J

Somewhere because she knows that he would spend it if he knew about it so now again, they're happily married, it works for them, um but well I mean they've, been clients for a long time and we've watched this over the years. But you want to have the same. You want to look at it the same way and you really can't put your head in the sand. You cannot do that. You know so many times the wife handles the checkbook, but it's the husband that handles the Investments and that's just um old-fashioned and not helpful.

H

O

Yeah, so we actually there's one thing we talked to are um sessions.

O

E

G

You want to like.

O

E

Know personally,.

O

When you start getting serious any type of moving in together, um anything like that before.

B

E

Pick up one thing along the way to go out to dinner, or things like that.

O

Money is being spent.

G

B

O

Know Timeless discussions. You know before you commit into anything.

B

E

About long-term planning, too.

O

um You know how many children who's gonna, take care of the children uh when somebody loses the top. What are you going to do who's going to take care of what um sessions um yeah they're? Not the easiest decision to have but they're important, and we see a lot in our classes. We see a lot more women, that's in their classes um who sometimes they don't. You know they might have earn money into themselves.

O

They know about the day-to-day expenses um and.

C

O

You know follow, Amazon doesn't want to come to the class.

E

Bring that husband.

O

Next time- or you know, talk to them some more.

E

O

Them do talk to their sauces, um you know whatever, whatever stuff that is um and and that decision is made, but it's a process. You know you have to determine if that person, um our old.

O

O

H

Okay, um folks in the audience are there questions that you all have all right.

P

A

So um Julia Tanner I'm, the chair of the commission on status.

B

I'm great it's very education.

E

P

B

Probably an easy question, which is.

A

um Once you do not have an income coming into the number, how does one apply for.

P

A credit cards.

D

uh So uh how does one apply? One of one applies? uh This is where building and managing great credit comes into play. uh You know credit scoring. Models are changing for the better I think it credit scoring. Models traditionally were inherently biased, and so some of the new credit scoring models are including things like rent payments and cable payments and utilities utility bills. So it is possible, even after uh retirement, to keep it to manage and maintain a great credit score, even though you're not repaying debt. So that's one thing that I would say.

D

uh The other thing is you know. Not all financial institutions are the same. Some are very major sized in terms of how they evaluate and view debt and others. uh You know, particularly like smaller Community Banks.

H

Will really listen to.

D

Hear the story and understand and then can evaluate uh you know, evaluate the risk and also having uh so savings is the.

G

Theme tonight, right so having.

E

D

Savings also is helpful if you no longer have an income thanks.

E

D

N

Hi I'm Sharon.

E

N

And I'm involved with hey, because Church and um I discovered that I had a job, my own Savings in my own account, but one of the things that I discovered I, don't remember whether information or Dominion Electric passed away. Even though I was the one who opened all the accounts, they said.

N

E

So I thought that was interesting. I, don't know if.

N

It exists as a problem anymore, but when you said check to see whether you are actually a.

E

Party to the account or whether you.

N

Just have like a user references, it made me think about that yeah yeah, having a conversation later about what kinds of other accounts that make so.

K

I'm, sorry, it's not it's.

N

K

D

Comment, that's a great uh tale, though. I had not heard that about the utility companies before.

J

D

It it doesn't surprise me.

J

Just a little disheartening.

D

R

Hi, my name is so you talked.

E

About financial advisors.

R

And establish guidelines, budgets, planning, long-term plan ING with a variety of financial analyzers. How does the financial advisor look at all of the components when you may not be sharing all of those components, because you have certain it's.

J

A great question: Finance.

R

H

They're, very very, is this on no no.

J

So my group I'm a financial planner in our group, and we also have people in our group that do the actual portfolio management. We feel very that it's very important to know what your total picture is. We do a financial plan before we do any investing and many of our clients don't have all of their assets with us, but we need to know what they have. So we do know what they have.

J

So you can't you can't act in a in a a vacuum in a silo because that doesn't work I mean the old style stock broker. Yes, they would. They would bring your account and they'd build positions in account and stocks and stuff, but they wouldn't necessarily know what else you had out there. It's very important to know what the whole picture is. What all the accounts you have are, the IRAs. Are they taxable accounts or you can have a pension or you're not going to have a pension?

J

All of those things are and then again the big thing. How much you spend? That's really the question that that drives the financial plan, so.

E

That's that's how you do.

J

It you have to tell somebody what you have, because not telling every I mean if you just keep it a secret I, don't want to I, don't want you I, don't want you to know what I have over there at that other guy it's like! Well, then, good luck.

H

A

It depends on back there too.

G

Hello, my name is so.

G

um What advice would you give you so long doesn't have kids, you don't belong to care because.

M

You know we have that different uh levels. Like you said you know different. What would you tell them to do right now in their forms.

J

Specifically regarding long-term care or.

Q

Well, you know for your future, you know that's okay, because you know uh because you do, you do have long-term care. But what are the things? Would you tell them to do you know? So you can get prepared because you know, unfortunately, sometimes you know you may not handle someone. You know to take care. You.

J

Know all right so that and that's that is where long-term care insurance can come in. um So again, it's all. It's all part of a big Cog I mean it's. How much are you saving and just can continue to increase your saving and work as long as you can, we tell people your question. I didn't want to answer the first question about what what do we think is going to happen. It's because what I tell people is there are so many things we can't control.

J

We can't control the stock market, we can't in control inflation, but we can control how long we work mostly how much we save and how much we spend so focus on the things that you can control and the rest of it will hopefully just work out.

D

It's on Zoom, so, okay and.

H

Sue just one more question that somebody had asked I wanted to ask.

E

Care about well.

H

E

We get too far away.

D

N

H

um Starting your own business and planning for your future and doing that.

G

Whole package I mean.

H

That's enormous: it's one thing to have your salary to depend on, but how do you uh as you're starting a business? How do you, what can you do to um ensure some stability in your life as you're waiting for your returns? Yes, you got. um Oh she's got them. That's.

L

A great question and it's a tough one,.

A

L

um For a lot of folks and I, don't know if this is commonly known, but most people that start a business are usually in their 50s.

I

L

50S because they have worked for a statement because they'll work for the person yeah and they decided that they're ready to move on and.

E

They're subject matter experts.

L

In their field and Industry, and they feel like they're able to offer so they've done a lot of the 401K savings. Their kids have gone through college, and now they have the financial means to take the risk and savings to help them. And so that's typically, what what we see.

L

um And so it's really what we encourage is to ensure that, if you're, younger and you're and you're that you're not drawing from your savings or your 401k, and that there are other assets that you can build or some debt Equity that you can partake or locate fruit where it makes more sense.

L

Because you have to really look at that individual school picture and what they have, whether they're independently wealthy, which will get a lot of Serial entrepreneurs that start or we'll get somebody that has a dream of starting a business and they might not understand the industry and for those people, I tell them, go work in that industry get some background and understanding behind the scenes and then go out and start so like what you're doing throughout is minimizing the risk. So you're really taking a calculated strategy to advance and grow and.

G

L

See that those numbers across the country, it's the average age of new startups- is 40 50. and it's people, especially. You also have military that retire, a lot at 42, so they're like what am I going to do for the rest of my life, but they have a lot of transferable skills and there's a.

M

Lot of resources.

L

M

L

That quite a bit that.

A

Everything is very deliberate.

B

L

Out and invested and looked.

A

At before you take that legal page, good.

H

Plan: okay, thank you for waiting.

C

Thank you. So we had the first question from Carol and it was um what version of what.

K

Budgeting tools.

E

C

Apps, do you wreck Ed for like questions.

D

So I I think I, don't have one off the top of my head I'm happy to collect those resources, since we can send it out later. Oh.

E

D

I

Have a budgeting tool and.

M

I

App and I think a lot of the banks and Credit Union apps start over I'm gonna start over I'm, just making a note, I'm Libby Smith from Arlington Community, Credit, Union and I'm, a colleague of parents. We have a budgeting tool in our banking, app and I. Think a lot of the banks and Credit Unions have one right in there I don't know a specific one. I know that used to be really popular. There's just a lot of consolidation in the industry and I'm not sure what.

E

I

Current ones are, but I know that a lot of the financial institutions offer that as a tool right within their own app.

E

C

The next question was um it's two questions actually and it's from Yvonne and it's what should women in their 60s and 70s, be concerned about acid, brick and larger financial institutions living Footprints and go online, and the second question is: um if.

E

You are a solo.

C

Ager and no no one so leave assets to or to offend, to make a beneficiary. What are your alternatives.

H

D

I'll, take the first one and then I might need you to repeat the second.

E

One yeah, so the first one is.

D

What can older populations do as branches are going away, um so I branches aren't going away fast, so they're going to be around for.

A

D

You may start to see less of them like less density in branching networks, if they're not going away I think the question might be like the real question might be. How can I get help using online tools and I? Think that's a really important.

E

D

I worry about that for our older populations, because um it can be confusing, I mean I, get confused, sometimes right. So the good news is every financial institution. Usually the member service people or the customer service people are very willing to teach and help. Most financial institutions will have little classes on how to use those tools.

D

There are a lot of online tutorials on how to use those tools, so I think it's just a combination of both the other thing that I will say is um somebody I think it was Aisha was talking about elder abuse and you know power abuse of power of attorneys. That is a growing problem problem. It's a tremendous problem. You know it's just a fact that people get a little more confused. You know cognitively like I'm, not as sharp as I was in my 20s and I won't be in my 80s right, um I.

D

Think a awesome most financial institutions will allow you to add a trusted contact to the account which is not someone who actually has access to your money, but someone that the financial institution can contact. If you need help- and sometimes those trusted contacts can also be people that can help guide you and take you to the bank and they you know, usually the banking people will be allowed to interact with them and talk to them. So I mean that's just a fact of life too.

D

Sometimes you just need help going to the bank, as you get older, so hope that that answers it and I'm not sure. If that next question, who.

J

That yeah I wasn't: what can you repeat.

C

The second question again I think it kind of goes in.

C

Or to make a beneficiary, then what are your Alternatives.

D

And that is such a good question. I think you can answer that um I.

J

Mean like who do you leave the money to if you don't have anybody to leave.

D

The money to so like I have a friend. So if you are, if you are aging, if you're aging and you are alone- and you don't have children, uh you know how do you set up a plan so that your some someone will take care of you and your money when you're not able to if you're alone? What's your question.

D

Yes, there you go.

J

Yes, your question I mean uh if you're at all charitably inclined you leave it to charity. Right um I mean that's really. If that, if that's really the question, um that's really what your options are. You can either leave all of your money to charity or you can leave it to the government.

J

So you can, you know I would leave it to charity and if you have a choice, um uh if you've got a mix of types of accounts, if you have IRAs- and you also have brokerage accounts- and you don't really have anybody- you want to leave it to other than a charity, or maybe you have a charity and a favorite niece. You want to leave the IRA to the charity, because the IRA doesn't have to pay any taxes on any of those distributions.

J

Leave the taxable account for a Roth IRA, because you don't have to pay taxes on that either. Leave the leave the brokerage accounts to the people, because, because that's a much better asset to inherit I would much rather inherit a brokerage account from somebody than a big old IRA. This big old Ira is just a huge tax liability.

E

O

C

In my car sorry, what is the best way to go about finding a financial planner? What.

G

D

C

Qualities to look for.

D

B

J

E

J

You know I would think some of it might be by referral. I know we do get a lot of clients these days by referral.

D

So I would also say- and you would agree with this and that financial planners uh you know, come in all different shapes and sizes, so to speak, they have different philosophies and different personalities, and so it is a very best practice to interview a few of them and find out who you're comfortable with so that you can pick someone that you feel like you can.

E

Relate to and communicate with.

D

It's really important because it's a trusted relationship right, like you, want to have trust with that person. So yes,.

P

P

And I see a lot of they're, not either educated about being at home, and when they see that statement coming from whoever is providing care for them. It's it's. A big I mean we're talking a lot of money when we call that so as a financial um advisor starting right.

E

P

Because we're getting all your videos like in their 80s or 90s I've been preparing them to. Basically, they would see a certain amount of money.

P

Because right now, the generation that I am they're pretty strong, they run a lot of money.

H

J

You have something to say about that.

O

I mean I did it so just just to clarify your opinion. Some.

N

O

The individuals that are older, that.

E

Are running out.

M

Of money, they're realizing the costs for being.

O

Taken care of what should.

P

P

As a financial advisor to prepare me for that, just not just for my retirement but I'm also just in case anything happens to me, you know like and so outside.

P

O

P

Medicare is not helping I'll stay at home, it's just you know you have to qualify for many things that will happen to those Private Industry that are in.

A

Terrible problems yeah.

G

O

So I can't fully answer. I want this, because I have.

N

E

Me asking about them.

O

Today um but yes, it's a major point. You.

E

Have to realize.

O

G

E

O

Stayed too um how expensive it is for that long-term care um or any resources for.

R

N

There are currently.

G

In the solution and.

O

Finding that they cannot pay for things, there is a financial systems um like healthy, the county or other resources. um The lawyer agency of the Aging is a great resource um and.

G

O

Within department, Human Services resources um in.

E

Terms of individuals that want.

O

To think about down.

B

E

O

Of seeing or how what they can do and.

E

Start thinking.

O

Ahead and looking at.

R

O

Evaluate what you have um in place and.

J

There's a new type of many states and I believe Virginia is one has started. You can buy a long-term care policy that if you buy it and you pay for it and you need care and you run through all the money you will not have to go into. Medicaid spend down right, it's kind of a bargain. It's a contract.

J

You go in with the state, so you you I I, don't know tons about it and they're relatively new, but that would be something to consider because you're right um custodial care is not covered by Medicare at all and to switch over to Medicaid means spending down all of your assets and it's that's a whole different different situation.

M

And I guess one thing to.

J

That you've mentioned you know living at home. A lot of people don't realize a lot of people are bound and determined and never move. But if you need care in your home it can be much more expensive than if you end up. If you move to a nice Assisted Living place or something it's because 24 7 Care at home is extraordinarily expensive.

P

The audience remember when you asked about about what to do with possesses.

A

L

B

Are times when people have made their bank or financial institution the executor if they will and.

L

So if you have everything interest or joining owned.

C

E

L

Have the bank that's going to be the executive.

H

Okay, we have one last question in the back trying to.

B

Hi I'm Barbara Johnson I'm a commissioner as well. Thank you. This is really informative. So I have two I think quick, related questions that are geared towards my young adult children. um They only want to use venmo. How is that different? Better worse than creditor debit cards, I think I, understand I'm, not quite sure, and then a lot of the advice seems geared towards people who have jobs that offer a savings plan of some sort, insurance a match, a lot of jobs, including the one I'm in now. Just don't have that.

B

So, if you have any advice, I'm fine, because I worked in big corporate world for 20.

G

B

G

Me realize how.

B

Much I took for granted that I, you know, had all the.

K

Nice things, so if you have any advice.

B

For people who I mean I think a lot of young people are starting off and jobs like that.

O

So nice and easy right.

H

Anyone I think you.

K

Want to check the venmo one I mean.

D

um What I'll say about venmo is uh you know, yeah I mean everybody uses demo, it's. Obviously it's not insured right, so you know a checking account a savings account. You are protected by government insurance up to 250 000. So there's there's that you don't have the chargeback protections on venmo. So if you uh accidentally send the money to someone else, it can be gone. It's happened to me personally before it's. You know it's! It's not easy to get it back at a bank or a financial institution, a bank or Credit Union.

D

uh You have chargeback rights to that money. uh You know when kids are young and they only have a couple hundred bucks in their venmo account. It might not um be as as impactful but as they age and need to keep larger balances in those accounts. It's far better to have an insured account backing you uh just earlier this week, the cfpb the center, the I, should know what it stands.

G

D

Consumer Financial Protection, Bureau I should know because they.

D

um The cfpb just came out with a you know, a warning earlier this week: cautioning people not to keep money in their venmo PayPal cash app accounts, because for for this very reason, it's far better to keep it in an insured institution. So I mean you know it's the best advice. I have I know. Young people aren't don't really always listen to Our advice in that regard, because it's quick and it's easy and it's fun and it's a great way to transfer money between people so and.

J

I'll address the question about: if you don't have a retirement plan or insurance I mean anybody, that's got earned. Income can still put money in an IRA, so you can do that, even if you don't have a retirement account and the the limits on deducting that IRA contribution are actually higher. If you, if you're not covered by a retirement account, so you can, you can still do that and if you don't have one, then you just have to save somewhere else. That's all there is to it.

J

You just have to save in a regular taxable account. You can't say: oh I, don't have a 401k and I just can't do it like? No, you have to do something else, because eventually you will be retired and no one has a pension anymore, and you just have to you have to save you have to save the money. You have to start Young.

D

I I just want to make another Point too. It is a Savers market right.

I

G

We have not been in a.

E

Savings environment for years and years.

D

And years and again there are a lot of products out there that can help you save. You don't need a large minimum deposit to open a certificate of deposit anymore. Lots of financial institutions have uh like an incremental certificate, a savings account where you can start with 25 bucks and be earning four and five percent interest, even on low balances. So you know it's we're in a recessionary environment, we're in an inflationary environment, it's hard to save, but it is also the very best time to save right now. Yes,.

F

Okay, I had two super quick questions: I'm also going to be 25 this year, so.

A

This is very important for me, as I'm figuring out life and adulting is.

F

Way harder than I thought it was so. My first question.

E

F

um How old do you have to be to get a financial and then um to how much like so I'm thankful that I have a great job at Arlington, County investment and um I want to know like what's a good percentage out of my paycheck, that you would encourage me to save.

G

Because, obviously, I.

F

I do get my nails done every month, so I'm not gonna lie I I need to get my nails, so I have to I have to go in there actually this weekend, because I'm so bad, um but I would love to know like what's a good bare minimum amount or just a good amount. That I should just push myself.

H

To do okay, quick answer, awesome question so.

J

The earlier you start the less that percentage needs to be. You start off now and you start off with three four percent and you keep that up for the rest of your life.

J

Then you're not going to be the person, that's 57 years old and comes to us and says oh gosh, now we're going to take a look at our financial plan and they have to save 15 20 of their income because they didn't save it back then so start start with what you can again just you know three four percent and try to increase it. Every time you get a raise and how old do you have to be? Oh, oh you're, old enough, I mean I. I mean there's no way.

J

No, there's no I mean you know. I I will say it's a little difficult companies like ours, people, your age, don't come to us because the way we operate is just different. But there are plenty of things online that you can find these, these Robo advisors, that everybody is afraid of I think they're great for people, your age, you can do all sorts of um modeling and it's like.

J

Okay, if I save this much and it and it earns this percent, what how much am I going to have in five years, you can easily see that kind of thing.

D

Really good question and.

H

Really last question: Barbara.

K

And we haven't talked about a savings vehicle is social security, so everybody pretty much has to be into it. So I would recommend for young people to make sure that you are working at a job that is covered by Social Security, because Social, Security, Office retirement benefits, disability benefits, spousal benefits and Survivor methods. I would also recommend that you set up a buy Social Security account and therefore you can check online what you'd expect to receive a 62 through age, 70.

H

Also, what humans actually see the survival evidence yeah all right, good point: um Susan did.

A

You want to say something: I, just and.

H

Then we're going to close out yeah thank.

A

You, okay, I, didn't have one question.

C

For earlier okay, um so this has been super. Informative, I think you've all for doing this.

E

And had two possessions, one was.

C

um Like how much would a financial advisor cost.

K

C

Just starting out, it's always good to know how much you're going to percentage, even though it's an investment and.

G

The other thing is like.

C

One thing: I: don't like you talk about good deck, that and one thing when your early career or just like in your um young age, it's like buying a house or renting a house, and one thing I always wonder, is like do you.

G

Buy land in this country.

C

Or is it like, you just buy a house and go for a developers to take care of it and.

G

Is that, like recommended.

E

C

Don't know if it's like.

E

C

It's just something: I was wondering if it's not too much. Thank.

E

G

Susan yeah.

A

H

Just wanted to add: well, are you going to answer someone needs to answer it unless you want to answer it.

J

So your question about it do.

E

G

J

Then is that what your question was and most people.

K

E

Land and build a house.

J

Well, you can um I personally wouldn't want to build a house, but I would um is. That is that kind of the question.

J

Yes, so you know what, um unfortunately, it's stacked against most people that do what I do we charge a fee for assets under management which means for people like you guys, starting out that doesn't work very well. So it's not it's not a good model, so I would there's something called the Garrett Financial Planning Network, and they do fee only planning and when I say feel only they really they charge a fee for it.

J

um But you could work with somebody like that who's, not necessarily going to say, okay. Well, how much money do you have to give me to invest? Because that's how we make our money, but you guys are just starting out so um I would look at something like that.

D

I would also add that I think there's a step before financial planners like when you're starting out lots of financial institutions have uh Financial counseling or credit account. Well, not credit counseling, because that's really something.

E

Different but yeah.

G

D

G

D

Financial counseling programs, where they will help you at your ages. You have sort of immediate goals: right you're, trying to save some money, you're trying to maybe save for a down payment on a house and purchase your first home they're, pretty specific, simple goals, and so you can work with or you're trying to build, build a credit score so that you can effectively. You know, apply for debt. Those are things that a financial counseling.

N

Program can help.

D

You with and then once you get a little strong and a little strength on your balance sheet.

N

D

Then you call people like Ann method, yeah.

R

There we go there.

G

O

O

Or in the middle of finalizing them, but we'll have a money, talk opportunities for women as Columbia Pike Library in.

N

R

O

And then at Central Library we'll have an adult thing: 101 ., oh.

D

I

That's what you want.

D

Okay, adult thing.

A

I just wanted one thing this panel: if nothing else has shown all of us.

A

Questions find.

F

O

A

K

A

A

That's what you mean you're a couple parent child look into various alternatives. I am yourself because that sort of.

H

All right we have, we haven't finished our questions. We had one more question, but I think we got the answer. You know each each one of you asking one piece of advice, save be cautious, get support, become educated, know what you're talking about get a community to help you. So thank you all of you. This has been very helpful. I.

D

Took lots of notes and I saw.

E

People of all ages, taking notes.

H

um So this has been an opportunity for us to learn, and hopefully um we will continue to learn and grow from what we've heard tonight. So, thank you all again. Thank you. Thank you.

H