April 17, 2024 • 39 mins
Embark on an insightful journey through financial literacy and investment strategies as we delve into understanding different account types, including checking, savings, CDs, IRAs, and brokerage accounts. Gain practical tips on managing these accounts effectively, informed by the hosts' experiences, while emphasizing the significance of conscious spending, compound interest, and prudent financial planning. Explore the risks and rewards of trading stocks, insider trading scenarios, and the importance of cautious decision-making, amidst insights into investment opportunities and future IRA account plans.
Links for more information:
Retirement Calculator
www.bankrates.com
Fidelity
www.fidelity.com
J. P. Morgan
www.jpmorgan.com
Charles Schwab
www.scwab.com
Robinhood
www.robinhood.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to Adulting Decrypted.
We are your hosts.
I'm Gene, and I'm starting myfirst year of college.
I'm Ashton.
I'm a music performer, composer,and educator.
I'm Gene, a high school senior.
I'm Roscoe, the dad.
Those are my three sons, andthis is Adulting Decrypted,
where we discuss ways to becomeadults and the things we need to
(00:22):
know to be successful in life.
Dad (00:24):
Today.
We're going to talk aboutfinance 103 woot woot All right.
So the first week we talkedabout net worth, We talked about
how that's different than ourpersonal worth.
You guys remember back net worthwas what
Ashton (00:37):
not equal to personal.
Dad (00:38):
That's right.
But how do you do the net worthmathematical equation?
It's,
Gene (00:42):
Assets minus liabilities
Ashton (00:44):
stuff assets and income minus expenses,
Dad (00:47):
just asset and liabilities.
Yep.
Asset minus liabilities and whatyou have left over is your net
worth.
And that's what you're workingon growing, in the economy.
And this week we're going totalk about different types of
accounts.
Because last time we met wetalked about CSP.
What was the CSP?
We took it from Rameed.
Ashton (01:06):
Conscious Spending Plan.
Dad (01:07):
Yeah, Conscious Spending Plan.
Well done.
This is like a quiz almost with,class.
Ashton (01:12):
What's the prize?
The prize
Dad (01:14):
is you get to record with me.
Ashton (01:15):
Oh.
What do I get that's unique fromGene and Gideon?
I
Dad (01:18):
You get to feel smarter than them and it's, it swells
your ego a little bit more.
Ashton (01:24):
And he okay, I'll take that.
I guess I would say I'm normallysmarter than them.
Anyway,
Dad (01:29):
I was waiting for some feedback.
I guess they buy into that.
They definitely agree.
That's for sure.
I mean,
Gene (01:34):
life experience, you got it.
So
Dad (01:37):
you're giving him a few years, huh?
Gene?
Yeah.
I'm the
Ashton (01:40):
old, but I'm not offended.
Well,
Gene (01:41):
you graduated college and I haven't.
Dad (01:44):
It's true.
So if that's experienced, thenI've got, I've got a lot.
Coming out.
So we talked about the consciousspending plan.
Does everybody has theirs?
Did you launch it?
Honestly, by the raise of hand,who's done their conscious
spending plan and executing onit.
So I think, go ahead, Gene.
Gene (02:03):
I did it like I filled it out.
I was like, okay, sweet.
This is what I would need tomake.
Did I make that kind of money?
No,
Dad (02:11):
no, that's good.
But that's a start, right?
You know what you need to makebecause you can only take your
expenses down to solo.
So I'm glad that you did that.
Mom and I did ours and we lookedat it and when Jean we did the
same thing just because I'vebeen Underemployed for a little
bit.
I've learned what I need tomake, you know, and it was kind
of a heart It was kind of ashocking reality, what type of
money I need to bring in evenNow with the house paid off and
(02:35):
some of the things paid off, butyou know, we're sitting here
recording in our cabin This isone of those expenses.
So thank you.
Anybody else has any learningfrom that?
Ashton (02:43):
I didn't fill it out, but what I did do is it made me
more conscious of the debts thatI did have.
I went and did some more math,so I didn't do it on the paper,
but I just kind of became moreaware of, what all I had to pay
for, and then, planning thoseout.
So I did the thing, but I didn'tdo it through the thing.
(03:06):
Yeah, I understand.
Dad (03:07):
Yeah, I do.
Well, and that's it, right?
You're conscious of it now.
You know, the best part is youdid it and that's part of the
start is just understanding whatdid GI Joe knowing is half the
battle, you know, so,understanding and starting
somewhere is a great start thatyou started.
So.
I was thinking we're going tojump right into like the next
lesson.
And I realized that we probablyhaven't talked much about
account types.
(03:28):
You know, I started thinking,Oh, we need to talk about
investing.
And I'm like, wait a second.
We need to maybe back up a step.
So this is really going to gothrough some basics of what is
the financial world for lack ofa better term.
But there's really fivedifferent types of accounts.
If you think about it, the firstone's a checking account, pretty
basic, pretty standard.
You need a place to come in.
(03:48):
We'll talk in detail about allthese different accounts.
Savings account, there's acertificate of deposit, IRA, and
then there's the brokerageaccounts.
So if we're thinking about them,there's five different accounts
and I'm going to dig into themall a little bit deeper here.
In a second.
So maybe just a quick stataccording to research that was
done, and I was just readingthis the other day.
(04:09):
I thought it was prettyinteresting.
In 2015, 92% of the people inthe US had bank accounts.
In 2022, it went up to 94%.
So obviously a lot of people areusing bank accounts.
What are bank accounts good for?
And, and maybe before we jumpdown that path, what are some
type of bank accounts?
Like checking account.
Ashton (04:28):
You had a checking, caching a thing.
I feel like caching account,
Dad (04:32):
I think that this is along the lines action.
So you have checking, which isreally cash cash equivalent.
Right.
Right.
So I love that you say evencash.
The other one I wrote down wasPayPal.
I think that's pretty much achecking account, right?
I mean, you can like
Ashton (04:46):
any of the payment apps, like Venmo, PayPal.
Dad (04:48):
Yeah.
I would think any of those thatcome in and go out.
Oh yeah.
I used Zelda the other day forthe first time.
I kept calling it Zillow andmom's like, no, it's Zell.
Ashton (04:56):
Zillow's the renting app.
Dad (04:58):
Yeah, exactly.
so I really classified those inthat whole genre and that group.
Can you guys think of any otherones?
Well, you have,
Ashton (05:06):
I'm opening this because I, I can get a list that I can
read.
Gideon (05:11):
There's savings accounts.
Dad (05:13):
Yep, and we're gonna go into that different, you know,
because the checking account isreally cash cash equivalent.
Would you save money in Venmo?
I don't know i'm asking
Ashton (05:21):
a lot of people do I mean I leave the money in Venmo
I don't always transfer it out.
Okay, so it's but it's a holdingspot, right?
Yeah, it's it's not a savings Itwould be like trying to put like
a retirement thing in there oranything
Dad (05:33):
Or even a return on the investment, right?
It's truly just a it's anaccount or a cash account
Ashton (05:38):
Yep, you can have A line of credit.
Dad (05:42):
Yep.
Let's.
Yeah, a line of credit.
Interesting.
yeah, that's really more on thedebt side, you know, just, and
we could go through all the, allthe different type of debt.
That's a good idea.
Would you
Ashton (05:51):
consider a credit card and account too?
Dad (05:53):
I would, but not in a, what's the right term I'm
thinking of in a positive light.
I'm thinking of things that areWhen I listed them out checking
account savings accountcertificate of deposit ira
brokerage accounts This is whatdo you do with the money that
you're saving or that you'reinvesting, it's not your debt
accounts.
Ashton (06:10):
So it's not a blanket account.
You just want net worth positiveaccounts.
Dad (06:14):
I like that Yeah, that's a great term ashton Yeah, that's
what we're going to talk about.
I do like the thought though ofgoing through some of the
different If that would behelpful, we can go through some
of those other accounts.
I was just trying to keep itsimple on the net positive.
What did you call it?
Asset positive.
I just said net worth positivenet worth positive.
Great.
yeah, so really a checkingaccount has ATMs tied to it,
right?
it's pretty liquid.
(06:34):
You can get your cash.
Something to think about that Ithought was interesting.
Have you guys heard the termFDIC?
I have.
Do you know what that is?
No.
Gene, have you heard that?
Gene (06:46):
That doesn't sound familiar.
Dad (06:48):
So what it is, it's basically because back during
the Great Depression there was arun on banks, and so a lot of
people's checking accounts andsavings accounts were put at
risk.
And so they did the FDIC insuredso that any FDIC.
Deposit into a bank that's in anFDIC assured account.
Is guaranteed by the federalgovernment up to 250, 000.
(07:09):
So you could put 250, 000 in aaccount and the federal
government is insuring thatmoney.
Ashton (07:15):
So maybe that's a better way to think about it because
like your credit card, wouldthat be FDIC?
Dad (07:21):
No.
Ashton (07:21):
Right.
So.
Dad (07:22):
But, your IRA and your brokerage accounts aren't
insured either.
Ashton (07:26):
I know.
Would you also include likestuff like, Robin hood on this
list as well.
Dad (07:32):
Yep.
Robin hood will come down intoyour brokerage accounts.
Okay.
So yeah, awesome.
Great questions.
So really a checking account isFDIC insured.
And that's one of the things Iwas going to talk about, which
ones were in, which ones wereright.
So you can have up to 250, 000in, a bank account and be
totally secure, not need toreally worry about it.
And that's really what this is,is a very secure You know, it's
(07:55):
cash cash equivalent.
It's like hiding it in a safeIt's under your mat probably
safer than under your mattressbecause nobody's fdic insuring
that money under your mattressit's one of the things that's
why I bought the better safethat I have is because I was
gonna Start holding some cashand I needed something with some
long burn time in case the housecaught fire Because I didn't
want everything to catch firethat was in the safe.
(08:15):
So yeah, that's checking savingsaccounts.
What are savings accounts goodfor?
Saving money?
Gideon (08:22):
Yeah, just putting money away that you won't use for a
while and it has a higherinterest rate.
Dad (08:28):
Yeah, it has an interest rate, right?
A lot of checking accounts don'thave any interest rate.
So Gideon, I'm glad that you hiton that right out of the chute.
You know, the, good thing, andthis is where I put FDIC insured
is, they are insured, which is avery positive.
The tough part is they get like0.
46 percent interest.
You know, I think Sabrina and Iwere checking, I think hers at
America first, it's 0.
(08:49):
2, you know, so it's even lower.
there is some potential for someearnings, albeit very light
earnings.
But yeah, it's a good place tothrow stuff right out of a
checking account into a savingsaccount.
As a matter of fact, 89% ofAmericans actually regularly use
their savings accounts.
Emergency funds, when we talkabout that, when we talked about
(09:09):
on the CSP, Conscious SpendingPlan, when we talked about
saving for vacation.
Saving for big expenses.
This is what we're talking aboutis like a savings account.
And you might go into the nextone, which is a certificate of
deposit.
But, but this is where like,it's a holding spot where you
might be keeping money for acouple months.
That fair, any questions onsavings account?
(09:30):
I have one.
Where do you guys have yoursavings accounts at?
Ashton (09:34):
Mine's just another branch of my checking, like my,
my main.
Dad (09:39):
Yeah.
So the same institution whatabout you again?
Your savings accounts.
Gideon (09:44):
Yeah, it's the same, the same bank.
Dad (09:47):
Yeah, so I pulled up nerd wallet.
Nerd wallet is a great resourceat someplace that anybody can
go.
Any listener can just pull upand it's going to tell you
there's some actually some highyield savings accounts right
now.
Any guesses on who's got some ofthe highest?
You've heard some of thesecompanies, big banks, big banks
that you've heard of, or evencredit units.
America first is big for us.
(10:07):
In utah to credit union, bankswells fargo chase Anybody else
think of any savings accountplaces You're just talking about
like banking institutions.
Yeah savings account savingplaces that would hold the
savings account
Ashton (10:21):
well, the university of utah has their credit.
Perfect.
Yeah I think they call it youfirst credit union now.
Perfect.
Awesome.
That's a great example places
Dad (10:30):
The reason why I'm having to think through these is
because I want the listener tothink of this as well and
realize that there's a bunch ofdifferent places getting, I
think you just pulled up somestats or something.
Chase Bank.
You had a, look.
Gideon (10:40):
I'm looking at my America first right now.
Dad (10:42):
What's your saving?
Does it tell you your rate onyour savings account?
Gideon (10:46):
Well, it's not really a savings account.
It's a certificate.
Dad (10:49):
Okay.
Let's hold off.
Let's get to that in a second.
I appreciate you wanting toshare that.
Gideon (10:52):
Okay.
Dad (10:53):
On the savings, and this is, this was an eye opener for
me when I was thinking, and thisis why I asked you this
exercise, I actually went andpulled up from nerd wallet a
bunch of different banks andwhat their savings account
rates.
They varied from, you know, 0percent roughly up to 4.
3 percent APR.
That mean, and guess who thatwas with?
It was with American express.
(11:14):
So it's a credit card company.
They actually have a savingsaccount branch.
Why do you think they want tohave that?
So they can loan more money.
In their credit card, because ifyou put in a dollar, they can
load up to 10 on your 1 that youput in with them.
And so I always just kept mymoney at America First.
We've already shared it, right?
I've kept mine in my localbranch.
(11:34):
But I've realized that that'ssilly.
I should be looking at ways toput my savings to work, you
know, and so why not go get ahigher yield savings account?
So that's what I'm working on isgetting some of my money
transferred over into thesedifferent accounts.
Yes, it's easy.
It's easier under oneinstitution, but if I spread it
out, I need to go maximize mysavings return on my investment.
(11:58):
As long as what?
It's FDIC insured.
Right.
And it's still a savingsaccount, meaning I can, or a
cash type account where I can goin and pull my money out real
easy.
I can transfer it either to mycredit union to pay a car
payment.
I can transfer it to me so I cango buy food, you know, as long
as it's really easy to access.
That's 1 reason why I like itall in 1 place is because If I
(12:19):
ever get close to overdraft,what do I have to do?
Transfer funds.
Boom.
I'm on my way.
Any other thoughts on savingsaccounts?
One thing we talked about in theCSP is having an automatic
transfer from your checkbook,like your check.
When it comes in, let's say youget paid on the 15th or on the
16th, you'd have anautomatically pull out a chunk.
(12:40):
For your vacation a chunk foryour future plans It'd be fun to
have three or four differentsavings accounts with all of
them having a name and you knowwhat you're working towards Mom
and I when we're looking for thetruck We pulled money aside and
we'd set it aside in a accountwith the number on it that we
said, okay That's for the truck.
So we have enough cash for thetruck.
We need to do that because ourcars starting to get old But
(13:02):
that way we just kept actinglike we're making that payment
and was sucking that money thereAlright, so Gideon, you kind of
pre jumped this one.
What was the next one you wantto talk about?
Gideon (13:10):
I was going to talk about my certificate that I
have.
Dad (13:13):
Yeah, talk about it a little bit.
What is a certificate?
Gideon (13:16):
The one that I have is just where you put money away
for a certain amount of time.
I chose six months because ithad the highest interest rate
and the right timing for me.
You just can't really touch it.
And then if that's six months,you get it back and you can
either put it in another one ordo whatever you want with that
money.
Dad (13:32):
And do you get exactly what you put in there back?
Gideon (13:34):
No, you get that plus the interest.
Dad (13:37):
Yeah.
So what's your interest runningout on that one?
Is that what you just looked at?
Yeah.
Gideon (13:41):
So right now it's I think it's 5.
1.
Dad (13:44):
Yeah.
So every month they deposit 5.
1%.
Interest into that into that cdand it grows over that six month
period
Gideon (13:53):
I said compounding too
Dad (13:54):
Yeah which is also huge right because it's saying And
when I put it in if I startedwith five thousand dollars at
the end of that first month I'mgoing to have Five thousand
thirty I think quick math.
Maybe you're right.
Maybe you're wrong Anyways,you'd have a chunk and then the
next month it would roll up andthe next month would roll up
Yeah, certificates are awesome.
You know what's wild about that?
Only 6.
5 percent of Americans have aCD.
(14:17):
Who here on this call has a CD?
Gideon, you said you had one.
Gideon (14:22):
Yep, you were also raising your hand.
Oh yeah, that's
Dad (14:24):
right.
Gene, do you not have one now?
Gene (14:27):
I technically have an account that says it's a CD, but
I used it for the two years thatI was gone, and I just haven't
put anything else into it foranother two years, so it just,
just sits there.
Dad (14:38):
yeah, but it grew, right?
Yeah.
So it grew while you were gone,and now you just need to make
sure that it's active.
Because what happens, 29 percentof Americans had one, the reason
why they stopped doing it, theysaid it was too time consuming.
And applying for one is toocomplicated.
How hard is it really to applyfor a CD?
Gene (14:55):
Didn't we just walk in to the bank and just say, Hey, do
this.
And they're like, okay, howlong?
And they're like, okay, yeah,just know there's precautions.
If you take stuff out here.
Okay.
Gideon (15:06):
Yep.
Yeah.
It's like five minutes.
Dad (15:07):
Yep.
And then, and then, but you arelocking that up for five,
whatever it is, let's say foryours was six months, right?
Good.
What happens if you want to takeit out on this case?
Now everyone's a little bitdifferent.
On your case, do you know whathappens if you have to take
yours out early?
Gideon (15:20):
I think I just get deducted some, like, the last
month's interest.
Dad (15:25):
Correct.
So that's why I put mine inthere, too, and I actually
closed.
So I used to ladder my CDs,meaning that because it was an
emergency fund, I wanted to haveaccess, I wanted it in cash type
equivalent, so it never, it'sFDIC insured, I wouldn't lose
it.
I would what they called ladder,so I'd get one that would be
due, so I'd have one coming dueand they're all about 10, 000 so
(15:48):
that if I ever had an emergencyand I could wait until that was
due, because that was back whenthey charged me higher pullout
rates and some CDs still havethat.
So you just got to be carefulwhen you go sign up for a CD,
say, what's my withdrawal.
I was blown away.
We talked about chase briefly afew minutes ago, Ashton.
Yeah.
I walked in and I actually tooka picture and send it to your
mom.
You can earn 10, 000.
(16:09):
4.
5 percent Interest at chase, butyou have to deposit a hundred
thousand dollars into a CDThat's a fat chunk of cash.
Ashton (16:19):
Is that yearly?
No.
Yeah.
Dad (16:21):
No, that interest is monthly.
Ashton (16:23):
So you're Yeah
Dad (16:24):
But but the thing is those is you is you have to have a
hundred thousand dollars to putin sure Yeah, so so you're going
do I really no, it can't beforty five hundred dollars.
I'm going to be 450 a month.
Okay Sorry, I just had to do thequick math on that because I was
like, no, that'd be awesome.
Ashton (16:39):
Hey chase, how's it going?
Dad (16:40):
Yeah, but but so what they're doing is they're locking
that up You know what america'sfirst minimum was like 250 bucks
and you can get what right now Ithink on your cd you said it was
like five You 5.
1?
Gideon (16:51):
It's a certificate though.
Is that different?
Dad (16:53):
Nope.
CD.
Certificate of deposit.
That's what that CD stands for.
It's a CD.
It's a certificate of deposit.
So Gene, I challenge you, sinceyou've had one and you have some
money there, I'd challenge youto go look at that and make sure
you have an active one or renew.
Cause they'll also let you do itonline or call in and do the
online and talk to somebody andthey'll help you with it.
Like I said, the, the bad isaccess to the money.
(17:14):
That's what most peopleperceive.
And so I just double check.
I have one right now that Ibought in a different account
and I'm locked into it.
And it's actually a bond.
So it's a lot different.
So anyway, so I actually havequite a few CDs tied up.
Unfortunately I've stayed withmy same bank, but this is, as
I've been looking at the ratesand nerd wallet.
I've realized there's some otheroptions here that I'm going to
transfer my money to andactually get a little bit higher
(17:35):
interest rate because I don'tneed my money.
And really those are coming fromonline banks like American
express can, I can't believetheir savings rate.
I'm like, dang it.
I got to move a bunch of moneyover there so I can get that
rate and then pull it backwhenever I want.
What's weird about CDs isthey're higher now than they
were because inflation was highand the cost for people to
borrow money is high.
And so they're saying, Hey, Ineed your money, Gideon.
(17:56):
I'll give you 5%.
They're going to go turn aroundand loan that for 14 to 15%,
20%.
Maybe, I don't know.
Depends what car loans arecosting now.
Cool.
So, so we've covered a generalchecking account, a savings
account.
That was a certificate ofdeposit.
Now we're to IRAs.
And I thought IRAs would besomething interesting to cover
for a few different reasons.
IRA stands for individualretirement accounts.
(18:18):
these are quite different than anormal savings account or a CD.
An IRA is set up.
In the U.
S.
as a retirement plan, it's anindividual, it's set up in the
U.
S.
as an individual retirementaccount and you'll hear people
say IRAs.
They'll say a simple IRA, anIRA, traditional IRA.
Those are all lumped together.
There's a Roth IRA.
This also though, even though wecall them, that's, that's like
(18:41):
the traditional by yourself andthen companies offer a 401k or a
401, there's, there's a varietyof 401Cs, 401 something, it has
a different letter and they allstand for something stupid on
the U.
S.
tax code.
It's like, let's grab our bestfinancial tool.
We can come up with the dumbestname we can find for it.
You know, it's like, these aregreat financial tools.
Let's come up with a dumb name.
(19:02):
So these are ones that you can'ttouch until you're 59 and a half
right now.
And the age will change.
It'll go up to 60, 60 and ahalf.
And really what the federalgovernment's trying to encourage
us to do here is what?
Ashton (19:14):
We'll keep working.
Dad (19:15):
Yeah.
Well, maybe it's really investin our future.
Ashton (19:17):
Oh,
Dad (19:18):
have something there when we get to a certain age.
Right when we're getting towhere we it's harder to earn
money.
They're there for that now Youcan pull out some of this money
based on Needing a loan for ahouse, a financial hardship, a
medical emergency or somethinglike that.
You can pull out of your 401k oryour IRA.
You can always get your money.
(19:39):
There's just tax penalties tiedto it.
So an IRA is done pre tax.
So if you made 10, 000 and youinvested 1, 000 of that, you
would only be taxed on 9, 000.
So there it's pre tax.
That's a traditional IRA.
A Roth, which is what your momand I do.
Is after tax.
(20:00):
So if I make 10, 000, thefederal government still sees
10, 000.
I invest a thousand dollars.
They still see 10, 000.
It's like I spent it.
But the cool thing about a RothIRA, and we'll dig into this
more in detail in our nextepisode, but a Roth IRA allows
me to grow tax free.
And then when I go to retire,I've already paid taxes on it,
(20:21):
so I don't have to pay taxes onit then.
On a traditional IRA, you'regoing to have to pay taxes on
it.
Traditional 401k, when youretire, you're going to have to
pay taxes on it.
Does that make sense?
Yeah, that's a lot to digest.
I think the first time you hearabout Ross and 401ks and IRAs,
it's like, okay, who cares?
But this is the investment partthat that we talk about on the
conscious spending plan This isthat 10 of our income we should
(20:44):
be putting in one of these typeof accounts So we have it for a
rainy day Or when we get readyto retire when we need that
money because we can't earn themoney that we used to be able to
earn That's why the federalgovernment's really encouraging
that the interesting thing aboutthis to me Is in 2022, about 40
percent of households reportedsaving into a retirement
account.
(21:05):
26 percent of those have savedmore than 100, 000 and 9 percent
have saved more than half amillion dollars.
So it's kind of promising thatpeople are using these.
Retirement tools.
So what are they good for?
Well, they're good for when weget older.
They're good because theycompound that we talked about in
the CD, but some of these ratesof returns can be ludicrous.
(21:26):
Like right now, mom and I are insome high risk stuff because
we're young, young ish, right?
I'm, I'm, I'm 50.
I will need my money in about 20years.
And so I've got my money in someaccounts that I'm earning 19 to
25%.
And some of them are even makingmore than that.
I just choose not to participatein those because they are risky.
They're not FDIC insured,meaning that I could lose it
(21:49):
all.
As a matter of fact, there's alot of people that lost a lot of
money in 08.
There's a whole dollar costaveraging that we'll talk about.
And that's a little bit morecomplex, but it's something that
you just need to know aboutbecause if you're doing these
right, you're buying in all thetime.
So when it's low, you're buyingthem cheap.
When they're high and they'reselling for a lot of money,
you're not buying as many, butthat you just keep buying in and
(22:11):
knowing that it's going to growover time.
Is there any, thoughts orquestions about how one of those
works?
It's a lot of, it's a deepsubject.
One of the advantages of theseand that we've talked about is
these grow fast the longer youcan leave in there.
So if you can leave your moneyin there and we can do a quick
if everybody can just open uptheir phone real quick or their
computer and do just aRetirement calculator any one of
(22:34):
them will work, right?
So just pull up a retirementcalculator Oh, unless if you're
dad and I'm on airplane mode sothat people didn't bug me.
So just Pop a retirementcalculator.
Ashton (22:44):
This one says it's the best retirement.
Well,
Dad (22:46):
then I would probably click on that one and we'll definitely
have to show that link.
Well, I'm seeing an EdwardsJones.
There's fidelity, you know,you're going to have, this is
all your big companies thatyou've heard of in these areas.
Ashton (22:57):
Current age is 25.
My age of retirement is 36.
Try it.
Just kidding.
You could try it.
Gideon (23:05):
63.
Sure.
What's my annual householdincome.
Dad (23:10):
Just make it up and you just put a number in there.
Whatever you think you want
Ashton (23:14):
your retirement savings percentage, 8 percent current,
Dad (23:18):
and then do 8 percent is your, your rate of return.
That's a fairly safe rate ofreturn and just play with
numbers.
That don't matter.
Just make them up.
Like I'm going to do a hundred,a hundred dollars a month and I
haven't received anything.
So I just did a real easy one,right?
I did.
I'm 21 years old.
I'm going to retire at 67.
I make 35, 000 a year.
Okay.
I'm saving 100 a month, and thisis going to do, going to
(23:40):
calculate it, and it says basedon the information you provided
when you retire at 67, you mayhave a retirement savings of 7,
500, your estimated monthlyexpenses is 2, 479, and you
could expect the monthly incomeof 25 in retirement.
So 100 is probably not going tocut it.
Ashton (23:57):
Mine says my retirement savings run out at age 74.
Dad (24:01):
Based on what?
Ashton (24:02):
All my math.
Gotcha.
I put, I'm currently 25, Iretired at 63 with an annual
household income of 50 grand ayear, 8%, current savings is
zero, and then expected incomeincrease was 2%.
And then it said it was, I wasdone at
Dad (24:19):
74.
So you, so you have two options,right?
You can either make more money.
Well, did it ask you a rate ofreturn or did it calculate it
for you?
Ashton (24:26):
It
Dad (24:26):
probably calculated
Ashton (24:27):
expected income increase.
Dad (24:29):
Yeah.
So that's just saying yourincrease of your income over
time.
So you'd be in a veryconservative job.
So you have a couple optionsthere, Ashton.
One is you delay retirement.
Ashton (24:38):
Mm-Hmm.
Dad (24:39):
right?
Or number two, you make moremoney.
It's kind of the math.
Jean, you look deep in thought
Gene (24:44):
So I put in my age retirement at 67.
'cause that's what I had.
The qualified savings, I put at12, 000.
So that's going to put in 223every year.
And that has the desired annualretirement income.
And I just did with what it gaveme of 50, 000 and it says you're
on track to save 391, 435.
(25:08):
Your total retirement goal is 1.
61 million.
So it needs attention.
Dad (25:14):
Yeah, you're going to need attention.
So it's telling you you'refalling short too.
So that's just kind of a, thoseretirement calculators are fun
to play with and to think aboutand say, am I on the right
track?
Right.
And if not, what do I need to doto adjust that?
And these are really going toalways play very conservative
because they don't want to givepeople a false sense of hope.
(25:35):
So this, that's what those aregood for though.
So you can look at it and say,okay, Ashton did some quick math
said, I probably need to save afew more dollars.
You know Jean, you, you came upwith tad short, so it needed
some attention.
You were short like half amillion dollars.
What's crazy about it.
And I know we did it last timeis just how fast money compounds
and it compounds near the end.
So I'll bet you, if you tookthat same scenario, Ashton, and
(25:57):
you kept all your variables thesame.
Except you said I want to retireat 70.
I'll bet you'd see that numberjump.
You'd still run out of money Youknow, but you're gonna run out
of money not in 10 years Butyou'd probably run out of money
closer to like 22 years Justbecause it jumps so fast right
at that last end of that curve
Ashton (26:14):
says I could retire at 87 On your current trajectory.
No, sorry the savings run out at87 if I retire at 70 so they
last 17 years instead of Wasn'tit like
Dad (26:25):
nine years?
Yeah.
12.
so those three extra years gotyou, no, those seven extra years
got you four more years or fivemore years.
So it's just something to payattention to.
The other option is actuallyjust marry rich.
It's always a good option.
It's the plan.
Getting, are you still dealingnumbers over here?
You look
Gideon (26:43):
if I work till I'm 62, And die at 80, I'm set.
Dad (26:50):
Okay, no, that's good.
That's good.
Saving what?
How much do you have to save amonth?
Gideon (26:55):
400
Dad (26:57):
a month?
Yeah.
I wonder if that rate of returnseems light to me.
But anyway, so retirementcalculators are a lot of fun
something to play with somethingto think about but that's really
what ira stands for Individualretirement accounts if you find
the right job, you can get a401k.
They'll do some matching.
I still recommend ross We'lltalk about why and what that
does And just realize that it'sthere To supplement social
(27:18):
security if you're in the U Sand it might or might not be
there.
So I would really think, how doI do this?
And now some other assets you'llgrow over time would be like a
house and you know, some ofthose other things will, well,
your net worth will go up.
Okay.
Ashton, you talked about thisearlier.
You want to know about brokerageaccounts, brokerage accounts.
How, how are they different thanIRAs?
Brokerage accounts are trulypure investor game, right?
(27:41):
This is stuff that you wouldjust be able to do to do.
What are some brokerage accountsthat you can think of?
Ash and you threw one outearlier.
Robinhood.
How does Robinhood work?
Ashton (27:51):
You
Dad (27:52):
played in it a little bit, didn't you?
Ashton (27:54):
Basically you transfer money over onto your account in
Robinhood, and then you canthrow that money into whatever
you want.
Dad (28:00):
Stocks,
Ashton (28:01):
crypto, really.
Dad (28:03):
So how do you, buy, you say throw it at whatever you want,
how do you buy?
What does that mean?
Ashton (28:08):
Well, you go in there, you put in like a balance.
Like I think when I did it I putin like 200 bucks, and then I
just searched different stocks.
I had no idea what I was lookingat, but like,
Dad (28:19):
But you heard you're supposed to invest.
Ashton (28:20):
Yeah, so there's stocks, and like, when a company goes
public, they can put up aportion of their company in
stocks as a way to raise money,but also grant ownership to the
general public.
And if you purchase a stock,and, well, and the stocks
basically are calculated by theydo math to say how much the
company's worth, therefore howmuch a certain percentage of
(28:43):
that company is worth.
So buying stocks is buying apercentage of that company,
essentially.
And then, so you buy them, andthen if the company gains money
and increases in price, thestock that you purchased can go,
will go up in value, so you canchoose to sell it, or if it goes
down in value, you lose money,basically.
Yep, and you could lose it all,and you could gain a bunch,
(29:04):
right?
Right.
So like, and then there's alsocryptocurrencies where it's like
the same thing, but so much moretheoretical.
Dad (29:12):
Right.
No, I love it.
Well, it was weird for us when,when I started at Ford because
Ford was top three company.
And then all of a sudden we hitthe dot com and some of these
companies with zero value weremaking billions of dollars on
sales.
And, and we're like, wait asecond, we have all these
assets.
Right.
And, and those old formulas thatthey worked were working until
(29:33):
the dot coms came and then allof a sudden everybody got in a
speculative bot, drove thosevalues out up through the sky
and Ford and Exxon and some ofyour long stable companies were
dropping in value or perceivedvalue.
And I love that you said it'sall theoretical because it's a
perceived value and I'm tryingto time those as tough.
(29:55):
And the other thing about these,these are all taxed.
They're not FDIC insured.
And it's really I have an ETrade account.
That's who I do my short terminvesting in.
I have a buddy, Brandon, whodoes really good at it.
Because he reads, he watches,and he has some winners.
He picked Apple back when it wasjust starting up.
You know, relaunching with Stevejobs and he's made a lot of
(30:16):
money and then other ones.
He put what's called a stoploss.
Once he saw it starting to tank,he sold, he's mad at himself for
selling apple when he tripledhis money.
Not all of it, but part of it hesold and took out because he's
like, well, I'm getting greedy.
I want to take a little bitaway.
Put it over here where it'ssafe.
And so that's really morebrokerage accounts are more
investor driven, where you'retruly trying to be a marketplace
(30:37):
investor versus an IRA or CD isyes, it's an investment, but
you're not trying to beat amarket.
you're in a long term you're ina growth pattern.
You're in a safety, a securityof an index fund or a mutual
fund where a brokerage accountis like, Hey, let's go see if we
can make some money off this.
Ashton (30:54):
The one I don't understand is puts or like
Dad (30:58):
we could have a whole night on puts and calls and we'd have
to find somebody different thanme fair
Ashton (31:03):
enough
Dad (31:04):
because I've played with them.
So when I was in college and weused to have to go get a
newspaper.
And I remember they said, okay,you got to pick five stocks and
track them.
And I'd see the stock go up andsee the stock go down.
And, and I'm like, I don't getit.
What, what do you mean?
I'm just, I'm buying a piece ofpaper, right?
I'm not buying anything.
Ashton (31:21):
Right.
Dad (31:22):
That's what's wild about it.
So I'm buying this share and thestock of funny enough was off of
the cattle industry.
I didn't know if you didn't knowthat, but a lot of things they
talk about watering down stockand, but the share is, not, you
know, I mean, it's the same.
It's the same, but then theycome up with all these
complicated ways to make money.
So if you have a put on a stockmeans it can drop at a certain
(31:42):
rate, but I'm buying the loss.
And then I'm trying to makemargin.
I'm trying to win on the loss assomebody else's going down.
And then I call that put, youknow, I'm like, Hey, I want
that.
Ashton (31:53):
Yeah.
Dad (31:53):
And so the, the risk on some of that is it can become a
financial risk if you're notcareful because you're doing a
line of credit that you're goingto have to pay back.
Ashton (32:03):
Yeah.
That's just the one that doesn'tmake sense to me, but it's funny
cause I just saw like Boeingrecently has plummeted in stock
value because their planes suck.
I mean, they're all great, butthey've clearly cut some
corners.
But a guy who was on one of theflights.
At least purportedly, he can'tbelieve everything you see on
the internet, but yeah, I knowhe was asking Reddit.
He goes, is it consideredinsider trading?
(32:24):
If I'm currently on a planethat's window just blew off to
set a bunch of puts on Boeing.
Cause I know this is going totank their stock.
And I was like, Yeah.
Right place, right time.
Yeah.
No, it's because at
Dad (32:36):
that point in time, it's public knowledge, right?
And that's, and if, is it inpublic domain right now, if he
was in a boardroom and he heardthat, like I've had to sign
disclosure papers because I'vebeen in certain spots in a
company where I couldn't do anystocks or any trades, even at
Amazon.
I wasn't at no authority, but Icouldn't sell my Amazon stock
within 60 or 90 days of being incertain meetings.
Ashton (32:56):
Right.
If only you were in Congress,you could take advantage of all
of it.
Oh yeah.
Oh, sorry, my bad.
No, if you track, no, if you
Dad (33:02):
track that, there's some, what would Nancy do?
Yeah.
You know, and there's, yeah, andthey say, hey, you should follow
just where she's investing hermoney and you'll make great
returns.
Okay, so that's a lot ofconversation, a lot of talk
about we'll have some goodnotes.
We'll have some links in ourepisode notes.
So that you can go in and dosome more digging and where to
put those So just be aware thatthere's a lot of opportunities
(33:24):
out there fidelity jp morgancharles swab, you know,
robinhood e trade You knowanybody want to sponsor us out
of that group?
Let us know You know, we'realways up to pimp out your name
I have a fidelity account if youwant to you know, if somebody
wants to give us some kudos forthat as a matter of fact In our
episode 104, we're going toactually open up our first IRA
(33:45):
accounts and start learning howto do that.
So you guys can start being setup for that.
Listener, thank you for yourtime.
Gideon, do you have any thoughtsor takeaways?
Gideon (33:54):
Of course.
we would love to hear all yourguys stories and inputs.
So if you have anything that yougained from this episode that
you would like to share, pleasemessage us on.
Any of our social medias, DMS oremail us at adultingdecrypted at
gmail.
com.
You can find all those on ourwebsite or just look us up on
your favorite social media andwe should be there.
We'd love to hear those and wecan share them on the podcast
(34:15):
too if you want.
So even better.
Thank you.
We'll talk
Dad (34:18):
to you later.
Thank you for listening to thisweek's episode of Adulting
Decrypted.
We really enjoyed having thisweek's conversation and we hope
you did as well.
If you ever want to comment onour topics, you can send us a
message through our websiteadultingdecrypted.
com, our email adultingdecryptedat gmail.
com, Or, through our Instagram,Facebook, and LinkedIn accounts
(34:42):
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If you would like to be a guestor have an idea for someone you
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(35:03):
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positive reviews.
Welcome to Adulting Decrypted.
We are your hosts.
I'm Gene, and I'm starting myfirst year of college.
I'm Ashton.
I'm a music performer, composer,and educator.
I'm Gene, a high school senior.
I'm Roscoe, the dad.
Those are my three sons, andthis is Adulting Decrypted,
where we discuss ways to becomeadults and the things we need to
(00:22):
know to be successful in life.
Dad (00:24):
Today.
We're going to talk aboutfinance 103 woot woot All right.
So the first week we talkedabout net worth, We talked about
how that's different than ourpersonal worth.
You guys remember back net worthwas what
Ashton (00:37):
not equal to personal.
Dad (00:38):
That's right.
But how do you do the net worthmathematical equation?
It's,
Gene (00:42):
Assets minus liabilities
Ashton (00:44):
stuff assets and income minus expenses,
Dad (00:47):
just asset and liabilities.
Yep.
Asset minus liabilities and whatyou have left over is your net
worth.
And that's what you're workingon growing, in the economy.
And this week we're going totalk about different types of
accounts.
Because last time we met wetalked about CSP.
What was the CSP?
We took it from Rameed.
Ashton (01:06):
Conscious Spending Plan.
Dad (01:07):
Yeah, Conscious Spending Plan.
Well done.
This is like a quiz almost with,class.
Ashton (01:12):
What's the prize?
The prize
Dad (01:14):
is you get to record with me.
Ashton (01:15):
Oh.
What do I get that's unique fromGene and Gideon?
I
Dad (01:18):
You get to feel smarter than them and it's, it swells
your ego a little bit more.
Ashton (01:24):
And he okay, I'll take that.
I guess I would say I'm normallysmarter than them.
Anyway,
Dad (01:29):
I was waiting for some feedback.
I guess they buy into that.
They definitely agree.
That's for sure.
I mean,
Gene (01:34):
life experience, you got it.
So
Dad (01:37):
you're giving him a few years, huh?
Gene?
Yeah.
I'm the
Ashton (01:40):
old, but I'm not offended.
Well,
Gene (01:41):
you graduated college and I haven't.
Dad (01:44):
It's true.
So if that's experienced, thenI've got, I've got a lot.
Coming out.
So we talked about the consciousspending plan.
Does everybody has theirs?
Did you launch it?
Honestly, by the raise of hand,who's done their conscious
spending plan and executing onit.
So I think, go ahead, Gene.
Gene (02:03):
I did it like I filled it out.
I was like, okay, sweet.
This is what I would need tomake.
Did I make that kind of money?
No,
Dad (02:11):
no, that's good.
But that's a start, right?
You know what you need to makebecause you can only take your
expenses down to solo.
So I'm glad that you did that.
Mom and I did ours and we lookedat it and when Jean we did the
same thing just because I'vebeen Underemployed for a little
bit.
I've learned what I need tomake, you know, and it was kind
of a heart It was kind of ashocking reality, what type of
money I need to bring in evenNow with the house paid off and
(02:35):
some of the things paid off, butyou know, we're sitting here
recording in our cabin This isone of those expenses.
So thank you.
Anybody else has any learningfrom that?
Ashton (02:43):
I didn't fill it out, but what I did do is it made me
more conscious of the debts thatI did have.
I went and did some more math,so I didn't do it on the paper,
but I just kind of became moreaware of, what all I had to pay
for, and then, planning thoseout.
So I did the thing, but I didn'tdo it through the thing.
(03:06):
Yeah, I understand.
Dad (03:07):
Yeah, I do.
Well, and that's it, right?
You're conscious of it now.
You know, the best part is youdid it and that's part of the
start is just understanding whatdid GI Joe knowing is half the
battle, you know, so,understanding and starting
somewhere is a great start thatyou started.
So.
I was thinking we're going tojump right into like the next
lesson.
And I realized that we probablyhaven't talked much about
account types.
(03:28):
You know, I started thinking,Oh, we need to talk about
investing.
And I'm like, wait a second.
We need to maybe back up a step.
So this is really going to gothrough some basics of what is
the financial world for lack ofa better term.
But there's really fivedifferent types of accounts.
If you think about it, the firstone's a checking account, pretty
basic, pretty standard.
You need a place to come in.
(03:48):
We'll talk in detail about allthese different accounts.
Savings account, there's acertificate of deposit, IRA, and
then there's the brokerageaccounts.
So if we're thinking about them,there's five different accounts
and I'm going to dig into themall a little bit deeper here.
In a second.
So maybe just a quick stataccording to research that was
done, and I was just readingthis the other day.
(04:09):
I thought it was prettyinteresting.
In 2015, 92% of the people inthe US had bank accounts.
In 2022, it went up to 94%.
So obviously a lot of people areusing bank accounts.
What are bank accounts good for?
And, and maybe before we jumpdown that path, what are some
type of bank accounts?
Like checking account.
Ashton (04:28):
You had a checking, caching a thing.
I feel like caching account,
Dad (04:32):
I think that this is along the lines action.
So you have checking, which isreally cash cash equivalent.
Right.
Right.
So I love that you say evencash.
The other one I wrote down wasPayPal.
I think that's pretty much achecking account, right?
I mean, you can like
Ashton (04:46):
any of the payment apps, like Venmo, PayPal.
Dad (04:48):
Yeah.
I would think any of those thatcome in and go out.
Oh yeah.
I used Zelda the other day forthe first time.
I kept calling it Zillow andmom's like, no, it's Zell.
Ashton (04:56):
Zillow's the renting app.
Dad (04:58):
Yeah, exactly.
so I really classified those inthat whole genre and that group.
Can you guys think of any otherones?
Well, you have,
Ashton (05:06):
I'm opening this because I, I can get a list that I can
read.
Gideon (05:11):
There's savings accounts.
Dad (05:13):
Yep, and we're gonna go into that different, you know,
because the checking account isreally cash cash equivalent.
Would you save money in Venmo?
I don't know i'm asking
Ashton (05:21):
a lot of people do I mean I leave the money in Venmo
I don't always transfer it out.
Okay, so it's but it's a holdingspot, right?
Yeah, it's it's not a savings Itwould be like trying to put like
a retirement thing in there oranything
Dad (05:33):
Or even a return on the investment, right?
It's truly just a it's anaccount or a cash account
Ashton (05:38):
Yep, you can have A line of credit.
Dad (05:42):
Yep.
Let's.
Yeah, a line of credit.
Interesting.
yeah, that's really more on thedebt side, you know, just, and
we could go through all the, allthe different type of debt.
That's a good idea.
Would you
Ashton (05:51):
consider a credit card and account too?
Dad (05:53):
I would, but not in a, what's the right term I'm
thinking of in a positive light.
I'm thinking of things that areWhen I listed them out checking
account savings accountcertificate of deposit ira
brokerage accounts This is whatdo you do with the money that
you're saving or that you'reinvesting, it's not your debt
accounts.
Ashton (06:10):
So it's not a blanket account.
You just want net worth positiveaccounts.
Dad (06:14):
I like that Yeah, that's a great term ashton Yeah, that's
what we're going to talk about.
I do like the thought though ofgoing through some of the
different If that would behelpful, we can go through some
of those other accounts.
I was just trying to keep itsimple on the net positive.
What did you call it?
Asset positive.
I just said net worth positivenet worth positive.
Great.
yeah, so really a checkingaccount has ATMs tied to it,
right?
it's pretty liquid.
(06:34):
You can get your cash.
Something to think about that Ithought was interesting.
Have you guys heard the termFDIC?
I have.
Do you know what that is?
No.
Gene, have you heard that?
Gene (06:46):
That doesn't sound familiar.
Dad (06:48):
So what it is, it's basically because back during
the Great Depression there was arun on banks, and so a lot of
people's checking accounts andsavings accounts were put at
risk.
And so they did the FDIC insuredso that any FDIC.
Deposit into a bank that's in anFDIC assured account.
Is guaranteed by the federalgovernment up to 250, 000.
(07:09):
So you could put 250, 000 in aaccount and the federal
government is insuring thatmoney.
Ashton (07:15):
So maybe that's a better way to think about it because
like your credit card, wouldthat be FDIC?
Dad (07:21):
No.
Ashton (07:21):
Right.
So.
Dad (07:22):
But, your IRA and your brokerage accounts aren't
insured either.
Ashton (07:26):
I know.
Would you also include likestuff like, Robin hood on this
list as well.
Dad (07:32):
Yep.
Robin hood will come down intoyour brokerage accounts.
Okay.
So yeah, awesome.
Great questions.
So really a checking account isFDIC insured.
And that's one of the things Iwas going to talk about, which
ones were in, which ones wereright.
So you can have up to 250, 000in, a bank account and be
totally secure, not need toreally worry about it.
And that's really what this is,is a very secure You know, it's
(07:55):
cash cash equivalent.
It's like hiding it in a safeIt's under your mat probably
safer than under your mattressbecause nobody's fdic insuring
that money under your mattressit's one of the things that's
why I bought the better safethat I have is because I was
gonna Start holding some cashand I needed something with some
long burn time in case the housecaught fire Because I didn't
want everything to catch firethat was in the safe.
(08:15):
So yeah, that's checking savingsaccounts.
What are savings accounts goodfor?
Saving money?
Gideon (08:22):
Yeah, just putting money away that you won't use for a
while and it has a higherinterest rate.
Dad (08:28):
Yeah, it has an interest rate, right?
A lot of checking accounts don'thave any interest rate.
So Gideon, I'm glad that you hiton that right out of the chute.
You know, the, good thing, andthis is where I put FDIC insured
is, they are insured, which is avery positive.
The tough part is they get like0.
46 percent interest.
You know, I think Sabrina and Iwere checking, I think hers at
America first, it's 0.
(08:49):
2, you know, so it's even lower.
there is some potential for someearnings, albeit very light
earnings.
But yeah, it's a good place tothrow stuff right out of a
checking account into a savingsaccount.
As a matter of fact, 89% ofAmericans actually regularly use
their savings accounts.
Emergency funds, when we talkabout that, when we talked about
(09:09):
on the CSP, Conscious SpendingPlan, when we talked about
saving for vacation.
Saving for big expenses.
This is what we're talking aboutis like a savings account.
And you might go into the nextone, which is a certificate of
deposit.
But, but this is where like,it's a holding spot where you
might be keeping money for acouple months.
That fair, any questions onsavings account?
(09:30):
I have one.
Where do you guys have yoursavings accounts at?
Ashton (09:34):
Mine's just another branch of my checking, like my,
my main.
Dad (09:39):
Yeah.
So the same institution whatabout you again?
Your savings accounts.
Gideon (09:44):
Yeah, it's the same, the same bank.
Dad (09:47):
Yeah, so I pulled up nerd wallet.
Nerd wallet is a great resourceat someplace that anybody can
go.
Any listener can just pull upand it's going to tell you
there's some actually some highyield savings accounts right
now.
Any guesses on who's got some ofthe highest?
You've heard some of thesecompanies, big banks, big banks
that you've heard of, or evencredit units.
America first is big for us.
(10:07):
In utah to credit union, bankswells fargo chase Anybody else
think of any savings accountplaces You're just talking about
like banking institutions.
Yeah savings account savingplaces that would hold the
savings account
Ashton (10:21):
well, the university of utah has their credit.
Perfect.
Yeah I think they call it youfirst credit union now.
Perfect.
Awesome.
That's a great example places
Dad (10:30):
The reason why I'm having to think through these is
because I want the listener tothink of this as well and
realize that there's a bunch ofdifferent places getting, I
think you just pulled up somestats or something.
Chase Bank.
You had a, look.
Gideon (10:40):
I'm looking at my America first right now.
Dad (10:42):
What's your saving?
Does it tell you your rate onyour savings account?
Gideon (10:46):
Well, it's not really a savings account.
It's a certificate.
Dad (10:49):
Okay.
Let's hold off.
Let's get to that in a second.
I appreciate you wanting toshare that.
Gideon (10:52):
Okay.
Dad (10:53):
On the savings, and this is, this was an eye opener for
me when I was thinking, and thisis why I asked you this
exercise, I actually went andpulled up from nerd wallet a
bunch of different banks andwhat their savings account
rates.
They varied from, you know, 0percent roughly up to 4.
3 percent APR.
That mean, and guess who thatwas with?
It was with American express.
(11:14):
So it's a credit card company.
They actually have a savingsaccount branch.
Why do you think they want tohave that?
So they can loan more money.
In their credit card, because ifyou put in a dollar, they can
load up to 10 on your 1 that youput in with them.
And so I always just kept mymoney at America First.
We've already shared it, right?
I've kept mine in my localbranch.
(11:34):
But I've realized that that'ssilly.
I should be looking at ways toput my savings to work, you
know, and so why not go get ahigher yield savings account?
So that's what I'm working on isgetting some of my money
transferred over into thesedifferent accounts.
Yes, it's easy.
It's easier under oneinstitution, but if I spread it
out, I need to go maximize mysavings return on my investment.
(11:58):
As long as what?
It's FDIC insured.
Right.
And it's still a savingsaccount, meaning I can, or a
cash type account where I can goin and pull my money out real
easy.
I can transfer it either to mycredit union to pay a car
payment.
I can transfer it to me so I cango buy food, you know, as long
as it's really easy to access.
That's 1 reason why I like itall in 1 place is because If I
(12:19):
ever get close to overdraft,what do I have to do?
Transfer funds.
Boom.
I'm on my way.
Any other thoughts on savingsaccounts?
One thing we talked about in theCSP is having an automatic
transfer from your checkbook,like your check.
When it comes in, let's say youget paid on the 15th or on the
16th, you'd have anautomatically pull out a chunk.
(12:40):
For your vacation a chunk foryour future plans It'd be fun to
have three or four differentsavings accounts with all of
them having a name and you knowwhat you're working towards Mom
and I when we're looking for thetruck We pulled money aside and
we'd set it aside in a accountwith the number on it that we
said, okay That's for the truck.
So we have enough cash for thetruck.
We need to do that because ourcars starting to get old But
(13:02):
that way we just kept actinglike we're making that payment
and was sucking that money thereAlright, so Gideon, you kind of
pre jumped this one.
What was the next one you wantto talk about?
Gideon (13:10):
I was going to talk about my certificate that I
have.
Dad (13:13):
Yeah, talk about it a little bit.
What is a certificate?
Gideon (13:16):
The one that I have is just where you put money away
for a certain amount of time.
I chose six months because ithad the highest interest rate
and the right timing for me.
You just can't really touch it.
And then if that's six months,you get it back and you can
either put it in another one ordo whatever you want with that
money.
Dad (13:32):
And do you get exactly what you put in there back?
Gideon (13:34):
No, you get that plus the interest.
Dad (13:37):
Yeah.
So what's your interest runningout on that one?
Is that what you just looked at?
Yeah.
Gideon (13:41):
So right now it's I think it's 5.
1.
Dad (13:44):
Yeah.
So every month they deposit 5.
1%.
Interest into that into that cdand it grows over that six month
period
Gideon (13:53):
I said compounding too
Dad (13:54):
Yeah which is also huge right because it's saying And
when I put it in if I startedwith five thousand dollars at
the end of that first month I'mgoing to have Five thousand
thirty I think quick math.
Maybe you're right.
Maybe you're wrong Anyways,you'd have a chunk and then the
next month it would roll up andthe next month would roll up
Yeah, certificates are awesome.
You know what's wild about that?
Only 6.
5 percent of Americans have aCD.
(14:17):
Who here on this call has a CD?
Gideon, you said you had one.
Gideon (14:22):
Yep, you were also raising your hand.
Oh yeah, that's
Dad (14:24):
right.
Gene, do you not have one now?
Gene (14:27):
I technically have an account that says it's a CD, but
I used it for the two years thatI was gone, and I just haven't
put anything else into it foranother two years, so it just,
just sits there.
Dad (14:38):
yeah, but it grew, right?
Yeah.
So it grew while you were gone,and now you just need to make
sure that it's active.
Because what happens, 29 percentof Americans had one, the reason
why they stopped doing it, theysaid it was too time consuming.
And applying for one is toocomplicated.
How hard is it really to applyfor a CD?
Gene (14:55):
Didn't we just walk in to the bank and just say, Hey, do
this.
And they're like, okay, howlong?
And they're like, okay, yeah,just know there's precautions.
If you take stuff out here.
Okay.
Gideon (15:06):
Yep.
Yeah.
It's like five minutes.
Dad (15:07):
Yep.
And then, and then, but you arelocking that up for five,
whatever it is, let's say foryours was six months, right?
Good.
What happens if you want to takeit out on this case?
Now everyone's a little bitdifferent.
On your case, do you know whathappens if you have to take
yours out early?
Gideon (15:20):
I think I just get deducted some, like, the last
month's interest.
Dad (15:25):
Correct.
So that's why I put mine inthere, too, and I actually
closed.
So I used to ladder my CDs,meaning that because it was an
emergency fund, I wanted to haveaccess, I wanted it in cash type
equivalent, so it never, it'sFDIC insured, I wouldn't lose
it.
I would what they called ladder,so I'd get one that would be
due, so I'd have one coming dueand they're all about 10, 000 so
(15:48):
that if I ever had an emergencyand I could wait until that was
due, because that was back whenthey charged me higher pullout
rates and some CDs still havethat.
So you just got to be carefulwhen you go sign up for a CD,
say, what's my withdrawal.
I was blown away.
We talked about chase briefly afew minutes ago, Ashton.
Yeah.
I walked in and I actually tooka picture and send it to your
mom.
You can earn 10, 000.
(16:09):
4.
5 percent Interest at chase, butyou have to deposit a hundred
thousand dollars into a CDThat's a fat chunk of cash.
Ashton (16:19):
Is that yearly?
No.
Yeah.
Dad (16:21):
No, that interest is monthly.
Ashton (16:23):
So you're Yeah
Dad (16:24):
But but the thing is those is you is you have to have a
hundred thousand dollars to putin sure Yeah, so so you're going
do I really no, it can't beforty five hundred dollars.
I'm going to be 450 a month.
Okay Sorry, I just had to do thequick math on that because I was
like, no, that'd be awesome.
Ashton (16:39):
Hey chase, how's it going?
Dad (16:40):
Yeah, but but so what they're doing is they're locking
that up You know what america'sfirst minimum was like 250 bucks
and you can get what right now Ithink on your cd you said it was
like five You 5.
1?
Gideon (16:51):
It's a certificate though.
Is that different?
Dad (16:53):
Nope.
CD.
Certificate of deposit.
That's what that CD stands for.
It's a CD.
It's a certificate of deposit.
So Gene, I challenge you, sinceyou've had one and you have some
money there, I'd challenge youto go look at that and make sure
you have an active one or renew.
Cause they'll also let you do itonline or call in and do the
online and talk to somebody andthey'll help you with it.
Like I said, the, the bad isaccess to the money.
(17:14):
That's what most peopleperceive.
And so I just double check.
I have one right now that Ibought in a different account
and I'm locked into it.
And it's actually a bond.
So it's a lot different.
So anyway, so I actually havequite a few CDs tied up.
Unfortunately I've stayed withmy same bank, but this is, as
I've been looking at the ratesand nerd wallet.
I've realized there's some otheroptions here that I'm going to
transfer my money to andactually get a little bit higher
(17:35):
interest rate because I don'tneed my money.
And really those are coming fromonline banks like American
express can, I can't believetheir savings rate.
I'm like, dang it.
I got to move a bunch of moneyover there so I can get that
rate and then pull it backwhenever I want.
What's weird about CDs isthey're higher now than they
were because inflation was highand the cost for people to
borrow money is high.
And so they're saying, Hey, Ineed your money, Gideon.
(17:56):
I'll give you 5%.
They're going to go turn aroundand loan that for 14 to 15%,
20%.
Maybe, I don't know.
Depends what car loans arecosting now.
Cool.
So, so we've covered a generalchecking account, a savings
account.
That was a certificate ofdeposit.
Now we're to IRAs.
And I thought IRAs would besomething interesting to cover
for a few different reasons.
IRA stands for individualretirement accounts.
(18:18):
these are quite different than anormal savings account or a CD.
An IRA is set up.
In the U.
S.
as a retirement plan, it's anindividual, it's set up in the
U.
S.
as an individual retirementaccount and you'll hear people
say IRAs.
They'll say a simple IRA, anIRA, traditional IRA.
Those are all lumped together.
There's a Roth IRA.
This also though, even though wecall them, that's, that's like
(18:41):
the traditional by yourself andthen companies offer a 401k or a
401, there's, there's a varietyof 401Cs, 401 something, it has
a different letter and they allstand for something stupid on
the U.
S.
tax code.
It's like, let's grab our bestfinancial tool.
We can come up with the dumbestname we can find for it.
You know, it's like, these aregreat financial tools.
Let's come up with a dumb name.
(19:02):
So these are ones that you can'ttouch until you're 59 and a half
right now.
And the age will change.
It'll go up to 60, 60 and ahalf.
And really what the federalgovernment's trying to encourage
us to do here is what?
Ashton (19:14):
We'll keep working.
Dad (19:15):
Yeah.
Well, maybe it's really investin our future.
Ashton (19:17):
Oh,
Dad (19:18):
have something there when we get to a certain age.
Right when we're getting towhere we it's harder to earn
money.
They're there for that now Youcan pull out some of this money
based on Needing a loan for ahouse, a financial hardship, a
medical emergency or somethinglike that.
You can pull out of your 401k oryour IRA.
You can always get your money.
(19:39):
There's just tax penalties tiedto it.
So an IRA is done pre tax.
So if you made 10, 000 and youinvested 1, 000 of that, you
would only be taxed on 9, 000.
So there it's pre tax.
That's a traditional IRA.
A Roth, which is what your momand I do.
Is after tax.
(20:00):
So if I make 10, 000, thefederal government still sees
10, 000.
I invest a thousand dollars.
They still see 10, 000.
It's like I spent it.
But the cool thing about a RothIRA, and we'll dig into this
more in detail in our nextepisode, but a Roth IRA allows
me to grow tax free.
And then when I go to retire,I've already paid taxes on it,
(20:21):
so I don't have to pay taxes onit then.
On a traditional IRA, you'regoing to have to pay taxes on
it.
Traditional 401k, when youretire, you're going to have to
pay taxes on it.
Does that make sense?
Yeah, that's a lot to digest.
I think the first time you hearabout Ross and 401ks and IRAs,
it's like, okay, who cares?
But this is the investment partthat that we talk about on the
conscious spending plan This isthat 10 of our income we should
(20:44):
be putting in one of these typeof accounts So we have it for a
rainy day Or when we get readyto retire when we need that
money because we can't earn themoney that we used to be able to
earn That's why the federalgovernment's really encouraging
that the interesting thing aboutthis to me Is in 2022, about 40
percent of households reportedsaving into a retirement
account.
(21:05):
26 percent of those have savedmore than 100, 000 and 9 percent
have saved more than half amillion dollars.
So it's kind of promising thatpeople are using these.
Retirement tools.
So what are they good for?
Well, they're good for when weget older.
They're good because theycompound that we talked about in
the CD, but some of these ratesof returns can be ludicrous.
(21:26):
Like right now, mom and I are insome high risk stuff because
we're young, young ish, right?
I'm, I'm, I'm 50.
I will need my money in about 20years.
And so I've got my money in someaccounts that I'm earning 19 to
25%.
And some of them are even makingmore than that.
I just choose not to participatein those because they are risky.
They're not FDIC insured,meaning that I could lose it
(21:49):
all.
As a matter of fact, there's alot of people that lost a lot of
money in 08.
There's a whole dollar costaveraging that we'll talk about.
And that's a little bit morecomplex, but it's something that
you just need to know aboutbecause if you're doing these
right, you're buying in all thetime.
So when it's low, you're buyingthem cheap.
When they're high and they'reselling for a lot of money,
you're not buying as many, butthat you just keep buying in and
(22:11):
knowing that it's going to growover time.
Is there any, thoughts orquestions about how one of those
works?
It's a lot of, it's a deepsubject.
One of the advantages of theseand that we've talked about is
these grow fast the longer youcan leave in there.
So if you can leave your moneyin there and we can do a quick
if everybody can just open uptheir phone real quick or their
computer and do just aRetirement calculator any one of
(22:34):
them will work, right?
So just pull up a retirementcalculator Oh, unless if you're
dad and I'm on airplane mode sothat people didn't bug me.
So just Pop a retirementcalculator.
Ashton (22:44):
This one says it's the best retirement.
Well,
Dad (22:46):
then I would probably click on that one and we'll definitely
have to show that link.
Well, I'm seeing an EdwardsJones.
There's fidelity, you know,you're going to have, this is
all your big companies thatyou've heard of in these areas.
Ashton (22:57):
Current age is 25.
My age of retirement is 36.
Try it.
Just kidding.
You could try it.
Gideon (23:05):
63.
Sure.
What's my annual householdincome.
Dad (23:10):
Just make it up and you just put a number in there.
Whatever you think you want
Ashton (23:14):
your retirement savings percentage, 8 percent current,
Dad (23:18):
and then do 8 percent is your, your rate of return.
That's a fairly safe rate ofreturn and just play with
numbers.
That don't matter.
Just make them up.
Like I'm going to do a hundred,a hundred dollars a month and I
haven't received anything.
So I just did a real easy one,right?
I did.
I'm 21 years old.
I'm going to retire at 67.
I make 35, 000 a year.
Okay.
I'm saving 100 a month, and thisis going to do, going to
(23:40):
calculate it, and it says basedon the information you provided
when you retire at 67, you mayhave a retirement savings of 7,
500, your estimated monthlyexpenses is 2, 479, and you
could expect the monthly incomeof 25 in retirement.
So 100 is probably not going tocut it.
Ashton (23:57):
Mine says my retirement savings run out at age 74.
Dad (24:01):
Based on what?
Ashton (24:02):
All my math.
Gotcha.
I put, I'm currently 25, Iretired at 63 with an annual
household income of 50 grand ayear, 8%, current savings is
zero, and then expected incomeincrease was 2%.
And then it said it was, I wasdone at
Dad (24:19):
74.
So you, so you have two options,right?
You can either make more money.
Well, did it ask you a rate ofreturn or did it calculate it
for you?
Ashton (24:26):
It
Dad (24:26):
probably calculated
Ashton (24:27):
expected income increase.
Dad (24:29):
Yeah.
So that's just saying yourincrease of your income over
time.
So you'd be in a veryconservative job.
So you have a couple optionsthere, Ashton.
One is you delay retirement.
Ashton (24:38):
Mm-Hmm.
Dad (24:39):
right?
Or number two, you make moremoney.
It's kind of the math.
Jean, you look deep in thought
Gene (24:44):
So I put in my age retirement at 67.
'cause that's what I had.
The qualified savings, I put at12, 000.
So that's going to put in 223every year.
And that has the desired annualretirement income.
And I just did with what it gaveme of 50, 000 and it says you're
on track to save 391, 435.
(25:08):
Your total retirement goal is 1.
61 million.
So it needs attention.
Dad (25:14):
Yeah, you're going to need attention.
So it's telling you you'refalling short too.
So that's just kind of a, thoseretirement calculators are fun
to play with and to think aboutand say, am I on the right
track?
Right.
And if not, what do I need to doto adjust that?
And these are really going toalways play very conservative
because they don't want to givepeople a false sense of hope.
(25:35):
So this, that's what those aregood for though.
So you can look at it and say,okay, Ashton did some quick math
said, I probably need to save afew more dollars.
You know Jean, you, you came upwith tad short, so it needed
some attention.
You were short like half amillion dollars.
What's crazy about it.
And I know we did it last timeis just how fast money compounds
and it compounds near the end.
So I'll bet you, if you tookthat same scenario, Ashton, and
(25:57):
you kept all your variables thesame.
Except you said I want to retireat 70.
I'll bet you'd see that numberjump.
You'd still run out of money Youknow, but you're gonna run out
of money not in 10 years Butyou'd probably run out of money
closer to like 22 years Justbecause it jumps so fast right
at that last end of that curve
Ashton (26:14):
says I could retire at 87 On your current trajectory.
No, sorry the savings run out at87 if I retire at 70 so they
last 17 years instead of Wasn'tit like
Dad (26:25):
nine years?
Yeah.
12.
so those three extra years gotyou, no, those seven extra years
got you four more years or fivemore years.
So it's just something to payattention to.
The other option is actuallyjust marry rich.
It's always a good option.
It's the plan.
Getting, are you still dealingnumbers over here?
You look
Gideon (26:43):
if I work till I'm 62, And die at 80, I'm set.
Dad (26:50):
Okay, no, that's good.
That's good.
Saving what?
How much do you have to save amonth?
Gideon (26:55):
400
Dad (26:57):
a month?
Yeah.
I wonder if that rate of returnseems light to me.
But anyway, so retirementcalculators are a lot of fun
something to play with somethingto think about but that's really
what ira stands for Individualretirement accounts if you find
the right job, you can get a401k.
They'll do some matching.
I still recommend ross We'lltalk about why and what that
does And just realize that it'sthere To supplement social
(27:18):
security if you're in the U Sand it might or might not be
there.
So I would really think, how doI do this?
And now some other assets you'llgrow over time would be like a
house and you know, some ofthose other things will, well,
your net worth will go up.
Okay.
Ashton, you talked about thisearlier.
You want to know about brokerageaccounts, brokerage accounts.
How, how are they different thanIRAs?
Brokerage accounts are trulypure investor game, right?
(27:41):
This is stuff that you wouldjust be able to do to do.
What are some brokerage accountsthat you can think of?
Ash and you threw one outearlier.
Robinhood.
How does Robinhood work?
Ashton (27:51):
You
Dad (27:52):
played in it a little bit, didn't you?
Ashton (27:54):
Basically you transfer money over onto your account in
Robinhood, and then you canthrow that money into whatever
you want.
Dad (28:00):
Stocks,
Ashton (28:01):
crypto, really.
Dad (28:03):
So how do you, buy, you say throw it at whatever you want,
how do you buy?
What does that mean?
Ashton (28:08):
Well, you go in there, you put in like a balance.
Like I think when I did it I putin like 200 bucks, and then I
just searched different stocks.
I had no idea what I was lookingat, but like,
Dad (28:19):
But you heard you're supposed to invest.
Ashton (28:20):
Yeah, so there's stocks, and like, when a company goes
public, they can put up aportion of their company in
stocks as a way to raise money,but also grant ownership to the
general public.
And if you purchase a stock,and, well, and the stocks
basically are calculated by theydo math to say how much the
company's worth, therefore howmuch a certain percentage of
(28:43):
that company is worth.
So buying stocks is buying apercentage of that company,
essentially.
And then, so you buy them, andthen if the company gains money
and increases in price, thestock that you purchased can go,
will go up in value, so you canchoose to sell it, or if it goes
down in value, you lose money,basically.
Yep, and you could lose it all,and you could gain a bunch,
(29:04):
right?
Right.
So like, and then there's alsocryptocurrencies where it's like
the same thing, but so much moretheoretical.
Dad (29:12):
Right.
No, I love it.
Well, it was weird for us when,when I started at Ford because
Ford was top three company.
And then all of a sudden we hitthe dot com and some of these
companies with zero value weremaking billions of dollars on
sales.
And, and we're like, wait asecond, we have all these
assets.
Right.
And, and those old formulas thatthey worked were working until
(29:33):
the dot coms came and then allof a sudden everybody got in a
speculative bot, drove thosevalues out up through the sky
and Ford and Exxon and some ofyour long stable companies were
dropping in value or perceivedvalue.
And I love that you said it'sall theoretical because it's a
perceived value and I'm tryingto time those as tough.
(29:55):
And the other thing about these,these are all taxed.
They're not FDIC insured.
And it's really I have an ETrade account.
That's who I do my short terminvesting in.
I have a buddy, Brandon, whodoes really good at it.
Because he reads, he watches,and he has some winners.
He picked Apple back when it wasjust starting up.
You know, relaunching with Stevejobs and he's made a lot of
(30:16):
money and then other ones.
He put what's called a stoploss.
Once he saw it starting to tank,he sold, he's mad at himself for
selling apple when he tripledhis money.
Not all of it, but part of it hesold and took out because he's
like, well, I'm getting greedy.
I want to take a little bitaway.
Put it over here where it'ssafe.
And so that's really morebrokerage accounts are more
investor driven, where you'retruly trying to be a marketplace
(30:37):
investor versus an IRA or CD isyes, it's an investment, but
you're not trying to beat amarket.
you're in a long term you're ina growth pattern.
You're in a safety, a securityof an index fund or a mutual
fund where a brokerage accountis like, Hey, let's go see if we
can make some money off this.
Ashton (30:54):
The one I don't understand is puts or like
Dad (30:58):
we could have a whole night on puts and calls and we'd have
to find somebody different thanme fair
Ashton (31:03):
enough
Dad (31:04):
because I've played with them.
So when I was in college and weused to have to go get a
newspaper.
And I remember they said, okay,you got to pick five stocks and
track them.
And I'd see the stock go up andsee the stock go down.
And, and I'm like, I don't getit.
What, what do you mean?
I'm just, I'm buying a piece ofpaper, right?
I'm not buying anything.
Ashton (31:21):
Right.
Dad (31:22):
That's what's wild about it.
So I'm buying this share and thestock of funny enough was off of
the cattle industry.
I didn't know if you didn't knowthat, but a lot of things they
talk about watering down stockand, but the share is, not, you
know, I mean, it's the same.
It's the same, but then theycome up with all these
complicated ways to make money.
So if you have a put on a stockmeans it can drop at a certain
(31:42):
rate, but I'm buying the loss.
And then I'm trying to makemargin.
I'm trying to win on the loss assomebody else's going down.
And then I call that put, youknow, I'm like, Hey, I want
that.
Ashton (31:53):
Yeah.
Dad (31:53):
And so the, the risk on some of that is it can become a
financial risk if you're notcareful because you're doing a
line of credit that you're goingto have to pay back.
Ashton (32:03):
Yeah.
That's just the one that doesn'tmake sense to me, but it's funny
cause I just saw like Boeingrecently has plummeted in stock
value because their planes suck.
I mean, they're all great, butthey've clearly cut some
corners.
But a guy who was on one of theflights.
At least purportedly, he can'tbelieve everything you see on
the internet, but yeah, I knowhe was asking Reddit.
He goes, is it consideredinsider trading?
(32:24):
If I'm currently on a planethat's window just blew off to
set a bunch of puts on Boeing.
Cause I know this is going totank their stock.
And I was like, Yeah.
Right place, right time.
Yeah.
No, it's because at
Dad (32:36):
that point in time, it's public knowledge, right?
And that's, and if, is it inpublic domain right now, if he
was in a boardroom and he heardthat, like I've had to sign
disclosure papers because I'vebeen in certain spots in a
company where I couldn't do anystocks or any trades, even at
Amazon.
I wasn't at no authority, but Icouldn't sell my Amazon stock
within 60 or 90 days of being incertain meetings.
Ashton (32:56):
Right.
If only you were in Congress,you could take advantage of all
of it.
Oh yeah.
Oh, sorry, my bad.
No, if you track, no, if you
Dad (33:02):
track that, there's some, what would Nancy do?
Yeah.
You know, and there's, yeah, andthey say, hey, you should follow
just where she's investing hermoney and you'll make great
returns.
Okay, so that's a lot ofconversation, a lot of talk
about we'll have some goodnotes.
We'll have some links in ourepisode notes.
So that you can go in and dosome more digging and where to
put those So just be aware thatthere's a lot of opportunities
(33:24):
out there fidelity jp morgancharles swab, you know,
robinhood e trade You knowanybody want to sponsor us out
of that group?
Let us know You know, we'realways up to pimp out your name
I have a fidelity account if youwant to you know, if somebody
wants to give us some kudos forthat as a matter of fact In our
episode 104, we're going toactually open up our first IRA
(33:45):
accounts and start learning howto do that.
So you guys can start being setup for that.
Listener, thank you for yourtime.
Gideon, do you have any thoughtsor takeaways?
Gideon (33:54):
Of course.
we would love to hear all yourguys stories and inputs.
So if you have anything that yougained from this episode that
you would like to share, pleasemessage us on.
Any of our social medias, DMS oremail us at adultingdecrypted at
gmail.
com.
You can find all those on ourwebsite or just look us up on
your favorite social media andwe should be there.
We'd love to hear those and wecan share them on the podcast
(34:15):
too if you want.
So even better.
Thank you.
We'll talk
Dad (34:18):
to you later.
Thank you for listening to thisweek's episode of Adulting
Decrypted.
We really enjoyed having thisweek's conversation and we hope
you did as well.
If you ever want to comment onour topics, you can send us a
message through our websiteadultingdecrypted.
com, our email adultingdecryptedat gmail.
com, Or, through our Instagram,Facebook, and LinkedIn accounts
(34:42):
at Adulting Decrypted.
If you have any topics for theshow that you would like us to
talk about, or if you are aparent and want us to talk about
something your kid should know,send us a message on any of the
accounts mentioned.
If you would like to be a guestor have an idea for someone you
think we should have on ourshow, feel free to send us an
email detailing your thoughts toadultingdecrypted at gmail.
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(35:03):
Adulting is teamwork.
We have merch! If you want toshow off your Adulting Decrypted
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(35:23):
Along with the benefits thatcome with our Patreon, and trust
us, there are some pretty goodones in there, you will not only
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Great content, but you will bepart of a community of
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We appreciate you listening,enjoying, and leaving your
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