Episode Transcript
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Speaker 1 (00:05):
Tonight new inflation numbers are in.
Speaker 2 (00:07):
So how did that set the stage for what the
Fed might do next week with interest rate cuts? Deal
listening disimply Money presented by all Worth Financial a Memi
Wagner along with Steve Ruby. We have a lot to
get to you tonight, but before we do that, I
want to pause and acknowledge this day, right September eleventh. Steve,
I don't know how you felt kind of waken up
this morning, but it was interesting because I jumped on
(00:29):
social media, and you know, there were all these posts
about people's games and things like that, and I thought, gosh,
like have we moved on? There's a country from remembering.
And then kind of where I landed was this is
why people attacked us, because we have these freedoms, right
to live our lives fully and to do these things,
(00:50):
and to celebrate sports and to live our lives and
never forget that day, that morning waking up what happened,
and certainly the brave, brave fa families and lives that
were lost, and the people who rushed into danger to
help those at the World Trade Center. So I just
want to say before we get started, we remember, We
(01:10):
definitely remember well, well said, all right, we need to
turn our attention now to some major numbers of the
Federal Reserve. Our nation Central Bank have also been paying
a big, big attention to the consumer price index, right.
Speaker 1 (01:22):
The report came out today, and this is one of
the final major pieces of information.
Speaker 2 (01:28):
That the FED will take in before the big meeting
next week where they're going to decide. And we would
say they're not going to decide if they're going to
cut rates. I think that's the kind of a foregone conclusion.
It is how much are they.
Speaker 1 (01:40):
Going to cut rates? Is that half a point or
a quarter point?
Speaker 3 (01:43):
Wonderful?
Speaker 4 (01:44):
That's so great to pivot from when to be able
to talk about that.
Speaker 3 (01:48):
Kicking the can down the road.
Speaker 4 (01:50):
So they're going to cut x amount of times next year,
They're going to cut x amount of times this year too. Finally,
we are one week away from them actually cutting rates.
And as you said said, this is inflation numbers that
came out today. That's that's some of the last things
that the FED is going to look at. Here, and
the overall inflation rate headline two point five percent year
every year it did fall from two point nine, which
(02:11):
is you know, two point five is the lowest level
since early twenty twenty one. You know, obviously it was
said for a while that the Fed's mandate target inflation
is two percent. So getting over that finish line, getting
over that hump, you know, we've set the expectation that
it's going to take some work, and it will. But
as far as headline inflation is concerned, obviously trending in
the right direction.
Speaker 1 (02:31):
Two and a half percent sounds like music to my ears, right.
Speaker 2 (02:34):
I mean, we were nine percent not that long ago,
and so you know, as we've kind of graded and
Monday morning, quarterbacked with the Federal Reserve has done they said, hey,
the closer gets to two percent, the harder it's going
to be.
Speaker 1 (02:47):
But man, two and a half percent is a great thing.
Speaker 2 (02:49):
I want to dig a little bit deeper, though, into
these numbers, because it's not the headline rate really that
the Federal Reserve pays attention to. It's the core inflation rate,
which takes out this kind of volatile food and energy
price that we know we're all over the place.
Speaker 1 (03:02):
That rate actually rose three tenths of a percent right
month to month, which was a kind.
Speaker 2 (03:07):
Of a tick above what the forecast was the biggest
increase we've seen in five months. So now that rate
sits at three point two percent, and I think if
you want to even dig a little deeper, like why
is it up, it's shelter costs.
Speaker 4 (03:21):
Yeah, And I wanted to give you the opportunity to
give the bad news.
Speaker 3 (03:24):
That's why I talked about that, you.
Speaker 1 (03:26):
Give the good news, I give the bad news. All right,
I say a good cop bad cop here?
Speaker 4 (03:30):
Absolutely so to hone in those shelter costs, obviously, that's
one of the lingering sources of pressure on core inflation,
which again you mentioned, strips out volatile.
Speaker 3 (03:39):
Food and energy prices.
Speaker 4 (03:42):
It makes up about shelter costs make up about a
third of the waiting in the index, and it did
increase a half a percent, which is, you know, we
don't want to see that, but it's certainly an improvement
from where we have been recently.
Speaker 2 (03:56):
And we also knew that housing market, these prices were
going to take a while to tick back down, right
when you look at rents most of us, when you
sign a lease, it's a year lease. So if you signed,
you know, at a higher rate than maybe it's going
to take a while for them those apartments to release
or those rental properties to release, and those rates to
then sort of normalize again. So it's going to take
(04:18):
a while for those numbers to kind of fall out
of what we're talking about here.
Speaker 1 (04:21):
But I didn't like this number. Airline fares rose.
Speaker 2 (04:25):
Almost four percent in August after falling for the previous
five months. I like to travel, so I'll not like
to see these rates moving in that direction. But listen,
this is all of what the FED is kind of digesting.
You know, what are they going to do remains to
be seen. But I will say one thing the FED
has gotten good at is kind of foretelling what they're
(04:46):
likely going to do, because they realize if they catch
anyone off guard, particularly the markets, particularly Wall Street, Yeah,
it hurts all of our floura one case, they try
to be really clear about, Hey, this is the data
that we're taking in, here's what we're thinking right now,
here's what we're projecting for this next meeting. So I
would be really, really, really surprised if we see anything
(05:07):
but a quarter point interest rate cut based on that
core inflation data.
Speaker 4 (05:12):
Yeah, at this point, based on the new data that
came out, which is it can change. So quickly, because
when earlier this week, we're in over the past couple
of weeks, been talking about the latest two job reports
which suggested potentially the need for a larger rate cut,
to the point where just days ago we were we
were an economists I should say, we're predicting that the
(05:33):
rate cut would be seventy percent chance of twenty five
basis point two five percent and a thirty percent chance
of half a point And just looking at these new
numbers that came out with inflation, it's now almost certain
that it will be a point to five percent reduction.
Speaker 2 (05:52):
You're listening to Simply Money presented by all Worth Financial
I Memi Wagner along with Steve Ruby. As we're digesting
right this latest inflation data, two point five percent headline
reaps and so good after we went to the grocery
store for a long time and paid ten dollars for eggs.
Speaker 1 (06:08):
Right, we're moving in the right direction here. What does
that mean to us?
Speaker 2 (06:12):
Well, likely the Fed will cut rates for the first
time since the pandemic, you know, in their meeting next week.
Speaker 1 (06:20):
What does that mean for us?
Speaker 4 (06:21):
Right?
Speaker 2 (06:22):
Like it's it's kind of one of those things. It's
nice to know maybe with the Federal Reserve or do.
We obviously have zero control over that, but you can
control what you do with that information. And we would
say if you have not moved your money in on
the sidelines right that emergency fund, anybody that you don't
have invested into a high yield savings.
Speaker 1 (06:40):
Account, do your research. Now.
Speaker 2 (06:41):
What we have found over the course of the past
couple of years is online banks are tending to offer
higher rates. Yeah, and then it just makes sense also
to shop around if you need money, maybe not this year,
but in the near term over the course of maybe
a year from now or two years from now.
Speaker 1 (06:57):
Looking at CD rates right that are still lower.
Speaker 2 (06:59):
So certain things that you can take advantage of right
now while we do have these higher interest rates.
Speaker 4 (07:05):
We've been talking about this for a while too, because
there's no point and having a pile of cash sitting
on the sidelines not doing anything while we've been in
a raising and high interest rate environment because your money
will whether or not we have high inflation. Inflation is
still going to impact your cash. So taking advantage of
(07:26):
things that are available to get our money working a
little bit harder. Like you mentioned, highyield savingscount CDs, treasuries
for your short term or your intermediate term cash needs.
So I'm talking maybe two three years. You could buy
a CD to match that period of time, for an
upcoming wedding, a home purchase, college for children, different opportunities
(07:46):
that you want to get your cash to work. Now,
we are kind of bumping up against this being as
lucrative as it has been, because as interest rates fall,
this is going to be one of the things that
get hit first. Your high savings accounts, your CDs, your treasuries.
It's not going to pay the same that it has been.
Speaker 1 (08:05):
No, we have been in this kind of as far
as the good part of these.
Speaker 3 (08:11):
Higher interests spoiled a little bit.
Speaker 2 (08:12):
Yeah, we've been spoiled about it. But so yeah, take
advantage of it while you can. Hey, for those of
you who've been on the sidelines thinking about buying or
selling or selling and then buying a home. You know,
I think the tough pill for a lot of us
to swallow, Steve is many people have had mortgage rates
in the past three percent, a little south of three percent.
Speaker 3 (08:30):
You know we've spoiled.
Speaker 1 (08:32):
Yeah, yeah, we got lucky with that.
Speaker 3 (08:34):
Yeah.
Speaker 2 (08:35):
Yeah, we've been up to the north of eight percent
mortgage rates, and I think there's a lot of people
who are like, I'm not moving, I'm not leaving anytime soon.
I'm not going to lock in these kind of crazy
higher mortgage rates. I think it's going to take a
normalizing of what.
Speaker 1 (08:48):
Mortgage rates are going to look like.
Speaker 2 (08:49):
You know, I've talked to Michelle Sloan, our real estate expert,
and several others about this, and they're thinking, you know,
maybe five to six percent kind of becomes the new norm. Well,
as we have the FED lowering interest we can expect
mortgage rates to continue to fall. And I think that
might make some people who've been sitting on the sideline say, Okay,
you know, we may not ever get back to three percents,
(09:10):
but five five and a half percent, Okay, maybe I'm
going to jump right now.
Speaker 4 (09:13):
Yeah, higher interest rates have kept people in their homes
longer because if they sell, then they need to buy,
and if they need to lock in a higher interest rate,
then that's a challenge for a lot of folks. So
you bring up a good point that you know, if
you've paused house hunting, it might be time to start looking, you.
Speaker 2 (09:25):
Know, And as I'm talking about the Federal Reserve and
what they're going to do, and we can't control, but
what we can control. I think it's also worth pointing
out that last night, from any of you who are
watching television, you may have seld the presidential debate. I'm
going to remind you we are not red, we are
not blue, we are green. You can have your opinions
about your candidate and the other candidate, but man, what
(09:48):
I see all over social media and people talking about
is just really really strong feelings about this presidential election.
I understand those feelings about politics, about your candidate, about
who you want your next p dident to be, but
I also want to remind you if you are making
any decisions about your money based on that, you're putting
yourself in a really bad situation. I really wanted to
(10:09):
bring this up, Steve, because I was talking to someone
on the phone yesterday who really had done a smart
job as an investor, kind of as a di wire,
you know, saved a lot of money, probably needs help
with the transition to retirement. But as we were getting
off the phone, I was like, Okay, any questions that
you have for me, And the question was Okay, with
this presidential election, what should I be doing as an investor?
Speaker 3 (10:30):
And understand we do nothing?
Speaker 2 (10:32):
Yes, not doing anything is actually choosing to do something
and the smartest thing you can probably do.
Speaker 3 (10:39):
Yeah, it's so important right now.
Speaker 4 (10:41):
I mean, the Betterment did a survey here and it
shows that four intents they they expect to either move
or pull investments from the market based on the outcomes.
Speaker 3 (10:48):
Of the election.
Speaker 4 (10:49):
That is terrifying because no matter what happens, no matter
what happens, no matter which political party is in office,
the president doesn't drive the markets as much as many
people think they do. What drives the markets is corporate
greed and corporations no matter what kind of policy is
in action from from one side of the aisle or another,
(11:10):
they're going to pivot to find ways to make money.
Time and time again. They've proved this true because the
markets go up over the long run, it doesn't matter
who's in office.
Speaker 3 (11:20):
You know, we have the data to.
Speaker 4 (11:21):
Back it up, and you know we'll be having an
interview from gentlemen from Dimensional Fund Advisors later this week.
Speaker 3 (11:28):
You know we've talked about it before.
Speaker 4 (11:30):
Please please don't react emotionally to something that doesn't have
as big of an impact on your money as you
think it does.
Speaker 2 (11:36):
Yeah, you mentioned the numbers. We've had twenty four presidential
elections since nineteen twenty six, right, twenty four of those.
In twenty of those twenty four years, markets were up
that year and the four they weren't. You know, you
mentioned the fact that our economy is bigger than the
role that the president plays.
Speaker 1 (11:51):
Well.
Speaker 2 (11:51):
In nineteen thirty two, markets were down Great Depression, nineteen forty,
we're in the midst of the start of World War
two two thousand. What happened then, Yes, exactly, in two
thousand and eight, we all remember that we're dealing with the.
Speaker 1 (12:03):
Great funny exactly.
Speaker 2 (12:05):
So you know, our economy is bigger than this office.
You can have big feelings about this, just please don't
do anything with your investments based on that. And yeah,
you mentioned on Friday a Paulo Lupascu, who has amazing
perspective on the elections and investors and what you need
to know. We'll be joining us. We'll get into that
in just a couple of days. But coming up next,
(12:26):
we're going to talk about an acronym that could leave
you in a pretty bad place when it comes to
your money.
Speaker 1 (12:31):
We'll explain.
Speaker 2 (12:32):
You're listening to Simply Money presented by all Worth Financial.
Here in fifty five krs the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
Me Wagner along with Steve Ruby. If you miss our
show one night, you don't have to miss the thing
we talk about. We have a daily podcast for you.
Just search Simply Money. It's right there on the iHeart
(12:54):
app or wherever you get your podcasts. Coming up at
six forty three. You've got a lot of questions, and
of course we have answers as you ask the advisor.
We preach about this all the time. If you are
going to have individual stocks, no more than ten percent
of your portfolio should be made up as part of
those individual companies. But as hot as any stock can be,
(13:17):
anything could happen to the company, right. I've been saying
that a lot this year about the Magnificent seven. Well,
one of the members of Magnificent seven, right, Alphabet's company Google.
Speaker 1 (13:27):
Seeing that right now as well.
Speaker 4 (13:29):
Yeah, it's really remarkable how something can come out of
left field and derail the price of a particular stock.
Again to echo, what you said, no more than ten
or fifteen percent of one stock should make up your
entire portfolio, because it can absolutely derail retirement or other
financial goals if something were to happen. So, speaking of Google,
that currently they're facing federal government lawsuit a leging that
(13:51):
they're illegally monopolizing the marketplace, specifically a shining light on
how they buy and sell digital ads known as as
ad heck. So the judge wants to decide how to
remedy Googles and I trust violations. And obviously something like
this can have an impact on the underlying price of
that stuff.
Speaker 2 (14:12):
We're seeing it with Nvidia right now, right the chip maker,
it felt like the company that could never do wrong.
So many headlines about the fact that you know their
chips are revolutionarizing AI and you know this company only
has room for growth. And then there's a very similar
lawsuit against them where it's kind of unfair business practices
against their partners, their clients where they're selling to them
(14:34):
and then saying well, if you don't buy all of
these products from us, then we're not going to set
the price any of.
Speaker 1 (14:39):
Them, or we're going to jack up the price for
you right, And so.
Speaker 2 (14:42):
These companies, it's almost like and listen, these are just allegations.
Speaker 1 (14:45):
These investigations have started.
Speaker 2 (14:46):
But even on the word of these allegations, stock prices
are responding to that. And so I think this is
just a great reminder of, man, you could think nothing
could happen, this is the best.
Speaker 1 (14:58):
Technology, this is cutting edge.
Speaker 2 (15:00):
Whatever it is that makes the company feel invincible, they
never are. And so if you go all in on
one of these companies, then also you're exposed to all
of this risk of anything that could happen. And we
just see it all the time. Here's an acronym for you.
And I joke that my one of my daughters has
this majorly, but man, I've also seen this derail people's
(15:22):
money situations quickly.
Speaker 1 (15:24):
We're talking about FOMO.
Speaker 2 (15:25):
When I talk about my daughter Grace, I'm specifically like,
if she misses out on any fun thing, it drives
her crazy. But man, you know, I also think about
when she's twenties or thirties and people start talking about
investments like crypto, you know, is she going to be
one who's like, oh, I need to jump that all
in on this because everyone else is getting rich on.
Speaker 3 (15:45):
This, Yeah, fomo.
Speaker 4 (15:47):
You know, it can be something simple like a restaurant
in your area that's become very popular and it's hard
to get reservations and it's expensive, and you want to
try it to you know, the new Apple iPhone they're
up to sixteen now. I think Apple iPhone sixteen just
came out. Obviously, I'm not worried about fomo for that.
I have an older smartphone. But yeah, fomo. Though, when
(16:08):
it comes to the world of investing is it's it's
a whole psychological component because you are chasing gains. You
are you don't want to miss out on what everybody
else is making money on right now, which can lead
to speculation in areas that you have no knowledge about.
And if you have no knowledge about it, why are
you investing in it. It's based in greed, so you know,
(16:31):
examples recently could be something like NFTs non fungible tokens.
Crypto is a big one meme stocks that that kind
of took hold over a lot of people during a COVID,
for example with with AMC and others. There's a lot
of opportunities here to lose money, potentially losing your shirt
(16:54):
when it comes to retirement planning for fear of missing out.
Speaker 2 (16:58):
Well, as I'm listening to you talk about the exams
of some of these not so great investments, I would say,
you know, I was thinking about the fact that one
of the things that many of them have in common
is that they became really popular during the pandemic. We're
all stuck inside, we couldn't go out money to spend.
People had money that they felt like they could blow
at that point because you couldn't spend it on anything else,
and the government's putting stimulus money into your accounts, and
(17:20):
so it was kind of this convergence of all these
factors that made people say what can I do with
this money?
Speaker 1 (17:25):
And how can I make some quick money?
Speaker 2 (17:26):
And you know, I was just shaking my head the
entire time, as you know, non fungible tokens and things
like that were coming to the surface, because I was like,
this is this is all craziness. And unfortunately some of
them have been stubborn and they're sticking around after the
pandemic and still kind of rearing their ugly heads.
Speaker 3 (17:42):
Right.
Speaker 1 (17:42):
Meme stocks back on the scene. Just over the course
of the last few months, when Waring Kitty you know,
the crazy.
Speaker 2 (17:50):
Name of the person or handle of the person who
you know, got on one of these Reddit forums and
said let's go all in on game stop, you know,
And so I just.
Speaker 1 (17:59):
Think, hey, these are such dangerous things.
Speaker 2 (18:02):
And when you start hearing about like fomo and also
yolo bets, where people were talking about, hey, you only
live once, you know, cash out your four one k,
put all that money in one of these stocks. I mean,
it just makes me actually kind of a little bit
nauseous when I hear people talking about them, because the
real impact of this can be life changing in a
really terrible devastating way.
Speaker 4 (18:24):
Yeah, these yolo bets you speak of that they come
from as far as I know, they come from Reddit,
Wall Street Bets, which is where this Roaring Kiddy guy
came from. And these people they actually they brag about
the massive losses that they take by making dumb bets
as far as investments are concerned with crazy options plays,
and it's almost like a term of endearment when they're
(18:46):
able to post something and everybody cheers you on. It's
a very strange thing to witness, you know, speaking of which,
you know, we also have influencers and you mentioned having
a daughter.
Speaker 3 (18:55):
I have a daughter. She's nine.
Speaker 4 (18:56):
She doesn't have a phone yet, but at some point
she's going to be exposed to these influencers.
Speaker 1 (19:00):
Prepare yourself that have.
Speaker 4 (19:02):
Big ideas or something they're trying to promote for a
quick buck. And you know, the fomo that people have
could cause folks to make some bad decisions, as we've
seen over the past couple of years, especially since since COVID.
Speaker 2 (19:15):
I will say, I think there is a good kind
of fomo, and this is fear of missing out on
an actual retirement, right, Like, that's something worth having fear
of missing out on. So make sure that you are
planning and making smart long term plans for retirement, investing
in this floah and cage those iras, making sure that
you can get there and can retire someday. Here's the
(19:38):
all Worth advice, never make financial decisions based on fear. Instead,
rely on your willpower. Doesn't matter what everyone else is doing.
Coming up, we preach about the importance of having an
estate plan, no matter how difficult it is to think
about or talk about.
Speaker 1 (19:52):
Next, we're going to talk about one of.
Speaker 2 (19:54):
The reasons why why that's so important. You're listening to
Simply Money presented by all Worth Financial. Here on fifty
five KRC talk station listening to Simply Money presented by
all Worth Financial. I mean you Wagner along with Steve Ruby.
Retirement planning, state planning. It looks different for every person
in every family, and specifically if you have a disabled child,
(20:18):
it can look very different. Joining us tonight as Mark Reckman,
our state planning expert from the law firm of Wood
and Lamping. Mark, there's a lot to this and it
does look very different if your child has kind of
a permanent need for help from you.
Speaker 1 (20:34):
And so let's get into what people need to think
through here.
Speaker 5 (20:39):
Well, you know, parents have disabled children encounter a lot
of issues as their kids' age, Yes, and they deal
with a lot of resources, both school counselors, case managers,
medical advisors, and they're getting input from lots of different directions.
Speaker 4 (20:57):
So let's talk about the guardianship first and what that
really is and why it might be used in a
particular situation.
Speaker 5 (21:05):
Well, a guardianship comes into this discussion because it is
the legal mechanism we have here in Ohio in which
you ask the court to declare a person to be incompetent,
and if they are found to be incompetent, there's a
guardian appointed. The guardian takes over and the individual but
(21:26):
what we call the ward is then stripped of legal capacity.
Dak for has owned for himself or for herself. And
here in Ohio there are two kinds of guardianships. One
is called a guardianship of the estate, and that means
money management. And two there's a guardianship of the person,
(21:47):
and that means managing healthcare and activities of daily living.
Speaker 2 (21:52):
And how do you even begin to figure out if
you need this for your child in which you do
need in what you should be thinking about long term?
You know, I imagine you know, I'm thinking, you know,
from my children when they turn eighteen, I'm like, oh, okay,
there's a.
Speaker 1 (22:06):
Big change here.
Speaker 2 (22:08):
But certainly if your child is disabled and needs kind
of additional oversight and care, that has to be a
very kind of nuanced situation.
Speaker 5 (22:19):
Well, that's exactly right. And here in Ohio and all
the states here in this country, the parents are the guardian,
the presumptive guardian of all children until they turn eighteen,
and so a guardianship does not come into play for
children seventeen and under the question that we're talking about
today is what happens when your child turns eighteen? And
(22:41):
what you find out is that school counselors, case managers,
and medical advisors often are very quick to recommend a guardianship,
either a guardianship of the person or a guardianship of
the estate or both. But they're very quick to say,
when your child turns eighteen, you have to have them
declared incompetent and you have to be appointed to be
(23:02):
their legal guardian. And what I want to talk about
today is that's basically good advice, but it is is
it always good advice? And the answer to that is
not always.
Speaker 4 (23:14):
Yeah, there's very different situations. I think that would apply
as to whether or not you need a full guardianship
over a disabled child. Let's talk about some of the
advantages that you typically highlight versus some of the cons
for having a guardianship.
Speaker 5 (23:31):
Well, probably the number one advantage is that it puts
one person in full charge of all decisions. The number
two it gives you authority. It gives the guardian authority
to enforce decisions. Number three, it can be used to
protect the ward's money or property. And number four, and
this is a big one. It protects the ward and
(23:52):
the guardian themselves because if the probate court legally appoints
a guardian, then they have the protection and the authority
of the umbrella of the probate Court and that makes
them accountable to the probate Court. But it also reduces
their chances of getting in trouble in other venues.
Speaker 1 (24:13):
All right, mark my mama, bear heart.
Speaker 2 (24:15):
Though when I hear, you know, someone using the word incompetence, right,
I think about, gosh, how does that feel to that child?
And if there is an awareness of that, what message
does that send?
Speaker 1 (24:28):
That has to be part of the equation when you're
making this decision.
Speaker 5 (24:33):
Absolutely, and I listed this as the number one disadvantage
of a guardianship because clearing your child to be incompetent
can be demoralizing to the child. And here you've raised
a child, and in this case we're talking about children
with special needs. You've been encouraging for the encouraging them
for the last eighteen years that they're okay, that they
(24:55):
can do well, they can be as functional as possible.
And now at age eight, you're going to a court
and saying they can't handle their own affairs, or they're
not capable or competent. And that's not just legally, but
it is actually what you're doing when you file for
a guardianship, So you have to be careful about that.
Speaker 4 (25:15):
So before we talk about some of the alternatives to
go in full guardianship, I'm sure there's some costs associated
with guardianship.
Speaker 3 (25:23):
What does that typically look like here in Ohio?
Speaker 5 (25:26):
Well, if it's uncontested, which they usually are in the
cases of parents asking for a guardianship of a child
turning eighteen. If it's a parent who's applying, the costs
can generally run, oh in the five thousand dollars range upfront,
and then there's a maintenance fee. You have to file
annual bi annual reports, both financial and care reports, and
(25:48):
they can run in the two to two thousand to
twenty five hundred dollars a year. In some cases, you
have to post a bond. And what I mean by
some cases is that if there are significant assets in
the guardianship, you have to post a bond, which means
you have to pay an insurance company to do that.
Speaker 2 (26:06):
So it's not like you just go through this process
and then you're done. It actually requires ongoing work in
and ongoing investment in it as well.
Speaker 5 (26:15):
Well, that's right, because you've got to report to the
probate Court every two years all the activities you've engaged in.
And there is also what we call a care plan.
The probate Court requires guardians of the person to file
a rather detailed care plan involving where the child will live,
how they will be treated, what medical treatments they will receive,
(26:36):
what education they will receive, what additional support and care
they will have. This is all done in writing, it's
all filed with the Probate Court, and it has to
be updated every two years.
Speaker 1 (26:47):
What about alternatives?
Speaker 2 (26:48):
Right for parents who are listening and this on somewhat
drastic and you know your child could use some help.
Speaker 1 (26:54):
There is a disability there, they need some help.
Speaker 2 (26:57):
What other options would they have other than going all
in on becoming a guardian.
Speaker 5 (27:03):
Well, there are alternatives for what I would call the
highly functional disabled children. Not all disabilities are the same.
There are some individuals who function rather highly with their
disability and they aren't technically incompetent. And for those people
there are some alternatives that work real well. The best
one of all. The first one on the list is
(27:26):
using a power of attorney. Having your eighteen year old
sign a power of attorney after their birthday, appointing you
to be their legal agent for both money and for
health care. Signing a living will and a power of
attorney for health care goes hand in hand with that.
In addition, if your child eighteen year old has some money,
if they're working at Kroger, if they've got some earnings,
(27:48):
you can put money in joint ownership, whether it's cash
in the bank, whether it's investments or whatever. You can
put a second name as an owner on the account,
and that gives you some control, some access. There are
also whats a partnership.
Speaker 4 (28:06):
It's a partner should you're working with them at that
point rather than declaring them, you know, incompetent on their own.
So it is an opportunity to kind of work with
with the partner child in this situation a partner together
and teach them. So as as you know you had said,
you bring up a good point that this is alternatives
for those that are more highly functional disabled children.
Speaker 5 (28:26):
Absolutely right, and I.
Speaker 2 (28:28):
Think the key here is understanding that you have options
and alternatives you know, Mark Reckman are state planning expert
from the law Farm.
Speaker 1 (28:36):
Of Wood and Lamping, explaining that man.
Speaker 2 (28:39):
For parents who have disabled children, there's a lot more
to think through when you are working through financial plans,
retirement plans of state planning, and this kind of becomes
a part of that as your child transitions from eighteen
to an adult. A lot to think through here, a
lot of options. Appreciate your expertise.
Speaker 1 (28:55):
Mark.
Speaker 2 (28:55):
You're listening to Simply Money presented by all Worth Financial
here on fifty five KRC talk station. You're listening to
Simply Money presented by all Worth Financial. I mean me
Wagner along.
Speaker 1 (29:08):
With Steve Ruby. Straight ahead. The difference between an HSA
and an FSA. People get confused on this all the time,
but there's huge differences. We want to make sure you
understand what they are.
Speaker 2 (29:19):
And if you have a financial question you don't know
the answer to, there's a red button you can click
them while you're listening to the show. It's right there
on that iHeart app record your question. It's coming straight
to us. We've got questions right now. The first one
from TM in independence.
Speaker 1 (29:34):
What's your take on buying fractional shares of companies.
Speaker 3 (29:37):
Oh, that's an interesting question.
Speaker 4 (29:39):
So this is something that hasn't been around for all
that long, but it's an opportunity to do just that
buying fractional share. So it does open the door up
to investing in stocks that might have or even some
ETFs that might have higher prices because you don't have
to buy the entire share.
Speaker 2 (29:54):
I think about in Video right several months ago before
they split, the stock price got up north of for
a lot of people, you couldn't afford in Video, but
maybe you couldn't a fraction of it.
Speaker 4 (30:04):
Yeah, so you have six hundred and twelve dollars that
you want to put towards a Video but you can't
afford the full share price, and you get that that
stock or that fraction of that stock. So it exposes
you to the opportunity to see the same types of
exposure to gains and losses on the flip side that
others have. But the challenge that I've seen is there's
quite a bit of liquidity issues when it comes to selling.
(30:25):
You're not able to always share your sell your fractional
shares as quickly as you could had you held whole shares.
Speaker 1 (30:33):
Something to think about there. Next question tonight comes from
Gregory in Cincinnati.
Speaker 4 (30:39):
My question is about rmds because I have multiple iras
and four to oh one k's do I need to
take withdrawals from each of those accounts?
Speaker 2 (30:47):
This is a great question, and this can be incredibly confusing.
First of all, just a reminder of what an RMD
is required a minimum distribution the federal government has kind
of changed over the course.
Speaker 1 (30:59):
Of the last couple of year.
Speaker 2 (31:00):
When you were required to take them used to be
seventy and a half. Now it's ticking up to seventy
three seventy five depending on your age. But I think
the key to understand is these are for tax deferred accounts,
and at some point when you haven't paid taxes on
this money, Uncle Sam is like, Okay, hand it over.
Now you have to take distributions on that money and
pay the taxes on them at that time. Now the
(31:21):
question is do you have to take them out of
each individual account? Well, if you have multiple old four
to h win ks, yes, that distribution actually has to
come out of that individual.
Speaker 1 (31:32):
Four A win. Why why the rules are different for
all the things I don't know? I don't know. I
don't know why the government does anything that it does.
None of it makes sense to me. But I can
tell you the reason. It's it's different with iras.
Speaker 4 (31:44):
Yeah, they want to squeeze tax money, do you while
you're still alive?
Speaker 2 (31:48):
Well, I understand why they do rmds, but I don't
understand why the rules are different for every dang account
that you can possibly have iras. If you have you know,
three different iras, you can pull money out of one
are the IRA and pay the distribution for all three.
It can be incredibly confusing. And this is where I say, man,
when you get to that age, you really want to
be working with the financial advisor because you'll want to
(32:10):
get this right.
Speaker 4 (32:11):
It's an argument for consolidation of accounts as well. That
way you don't make a mistake because if you miss
your R and D then you are penalized.
Speaker 1 (32:17):
Yeah. Next question from Linda in Bridgetown. We have a
joint IRA, but only one of us is working right now?
Speaker 4 (32:24):
Is this going to affect how much we can contribute
this year?
Speaker 3 (32:28):
All right?
Speaker 4 (32:28):
So a point of clarification here, So an IRA stands
for individual retirement accounts, so there isn't a joint IRA.
There are joint taxable account joint brokerage accounts which have
no particular rules around earned income, how old you are,
contribution limits. So if it's indeed a joint brokerage account,
(32:48):
then you guys can still contribute to it, no problem.
I'm not saying that's what I would typically recommend though,
because ideally we look at tax efficient options first, like
an IRA. So in this situation, if if somebody isn't working,
then depending on your income situation, there certainly could be
an opportunity to do your own I raise, in which
case you could still capture the tax benefits and of
(33:11):
course retirement benefits of continuing to say for retirement, even
with one in the couple networking.
Speaker 1 (33:16):
Yeah, next question from ds and Mason. I own some
stock that I found out recently split.
Speaker 3 (33:22):
Should this matter to me at all?
Speaker 4 (33:24):
Now?
Speaker 2 (33:25):
I think it's really interesting because when companies do stock splits,
it tends to attract more investors, but it shouldn't because
it's essentially when you own a piece of a company,
think about it as a pie. You own a piece
of that pie, or if you prefer pizza, you and
a piece of that pizza.
Speaker 1 (33:41):
Not to make anyone hungry.
Speaker 2 (33:43):
But when they do a stock split, essentially that piece
of pizza, that piece of pie just gets cut up
into smaller pieces. You own the same amount that you
did before. The reason why companies do it, I just
mentioned this about in video a few minutes ago.
Speaker 1 (33:57):
They recently did a stock split because they're.
Speaker 2 (34:00):
Became too expensive to really attract individual investors.
Speaker 1 (34:03):
I mean, some people just were priced out of the market.
Speaker 2 (34:06):
So you know, by cutting that by ten more people
could could buy in video shares. And then for that company, right,
that's more money for research and development or whatever they're
planning on doing with it. So a lot to think
through here, but really it doesn't make a huge difference
when it comes. It's not like, oh, jackpot, the company
stock that I own is splitting.
Speaker 1 (34:24):
Doesn't make a difference in the long term.
Speaker 2 (34:26):
Coming up next, should your financial plan include an HSA
or an FSA or what about both?
Speaker 1 (34:32):
We'll get into that next.
Speaker 2 (34:33):
You're listening to Simply Money presented by all Worth Financial
here in fifty five KRC the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
you Wagner along with Steve Ruby, Okay, you know open
enrollment season comes and hopefully you are one of those
people who pays attention to the options, right, you just
(34:53):
don't auto and roll over and over the same thing
that you had last year. And we want to talk
about particularly FSAs Flexible Spending accounts and HSA's Health Savings accounts.
A lot of numbers, a lot of alphabet soup here,
and I find a lot of times people get these confused,
and there's huge differences between these two kinds of accounts.
Speaker 4 (35:15):
Yeah, there's lots of opportunities to poke Uncle Sam and
the eye with a stick. If you're leveraging these accounts appropriately.
So making sure you understand them, even though there's a
little bit of jargon here is a huge opportunity. An
FSA for starters, it's a flexible spending account and what
you're doing is you're setting amount a dollar amount that
you're going to contribute throughout the year. The maximum for
(35:36):
twenty twenty four is thirty two hundred dollars. You use
you don't have to contribute the full amount, but that's
what it's capped at, and you use those dollars to
contri to pay deductibles, co payments. You can even get
prescription and over the counter medications with this on a
tax free basis, So you make a pre tax contribution
to that account. Now you're not investing in it like
(35:58):
an HSA. And one of the problem says as those
dollars don't typically spill forwards into the next year, there
are limitations. There is a little bit of tracking and
diligence that you need to do to make sure that
you are appropriately monitoring and keeping track of receipts and
purchases to capture those benefits and not lose out on,
(36:18):
you know, over contributing and not getting that money back.
Speaker 2 (36:20):
I was just going to say, yeah, if you're wondering, okay,
who is in FSA like good for you have to
be organized and if you're a budgeter, this definitely works
well for you. So if you know, kind of going
into a year, Hey, my kid's gonna need glasses or braces,
or you know, I had a daughter who was on
allergy shots for years, right, you can put that money
aside tax free and use it for those things.
Speaker 1 (36:40):
I have, however, also been the person who was in.
Speaker 2 (36:43):
Walgreens at eleven thirty the night before my FSA money
was going to expire. With like one hundred and thirty
dollars worth of band aids and contact solutions in my cart.
Speaker 1 (36:56):
Because they didn't spend it all. And if you don't
spend it, you lose it.
Speaker 2 (36:59):
And that is where I think there's a lot of confusion,
because when I bring up health savings accounts, very different thing.
Speaker 1 (37:05):
Right.
Speaker 2 (37:05):
This is if you have a high adaptible health care
plan and this money has a triple tax advantage.
Speaker 1 (37:11):
Right, it goes into the account, you don't pay taxes.
Speaker 2 (37:14):
It can be invested again no taxes, grows tax free,
and then you can take it out for qualified medical
expenses and you never have to pay taxes on it.
So many people think, oh, I have to use this
money or I'm going.
Speaker 1 (37:26):
To lose it.
Speaker 2 (37:26):
And actually the best way to maximize this account is
to not use it, right, to pay out of pocket
healthcare expenses as you go, and then let that money
grow and compound for health care expenses and retirement.
Speaker 4 (37:40):
It is one of my favorite retirement vehicles. As you mentioned,
it is trapped triple tax advantage, So I would even
put it as high as making sure you get your
company match in a four to oh one K, I
agree before contributing any more into the four to one k.
You want to max your HSA because of the deduction,
the tax regains, and the tax free distributions in the future.
It's also so if you leave your job that gives
(38:02):
you an HSA, then you can take that money with you.
If you leave your job that gives you an FSA,
you better spend it before you leave.
Speaker 2 (38:07):
Well it often yeah, and often the FSA it can
only come right through your employer. If you don't have
an HSA at work, you can still fund one outside
of it.
Speaker 3 (38:16):
As long as you have a high deductible.
Speaker 2 (38:17):
Health Yes, that is the criteria, and you have to
then do the research and figure out whether that high
deductible health care plan makes sense for you and your family.
A lot of times if there are chronic illnesses, it
may not, but man if it does, this is a.
Speaker 1 (38:29):
Great tool to use.
Speaker 2 (38:31):
Thanks for listening tonight. You've been listening to Simply Money,
presented by all Worth Financial. Here in fifty five krs,
we are the talk station
Tonight new inflation numbers are in.
Speaker 2 (00:07):
So how did that set the stage for what the
Fed might do next week with interest rate cuts? Deal
listening disimply Money presented by all Worth Financial a Memi
Wagner along with Steve Ruby. We have a lot to
get to you tonight, but before we do that, I
want to pause and acknowledge this day, right September eleventh. Steve,
I don't know how you felt kind of waken up
this morning, but it was interesting because I jumped on
(00:29):
social media, and you know, there were all these posts
about people's games and things like that, and I thought, gosh,
like have we moved on? There's a country from remembering.
And then kind of where I landed was this is
why people attacked us, because we have these freedoms, right
to live our lives fully and to do these things,
(00:50):
and to celebrate sports and to live our lives and
never forget that day, that morning waking up what happened,
and certainly the brave, brave fa families and lives that
were lost, and the people who rushed into danger to
help those at the World Trade Center. So I just
want to say before we get started, we remember, We
(01:10):
definitely remember well, well said, all right, we need to
turn our attention now to some major numbers of the
Federal Reserve. Our nation Central Bank have also been paying
a big, big attention to the consumer price index, right.
Speaker 1 (01:22):
The report came out today, and this is one of
the final major pieces of information.
Speaker 2 (01:28):
That the FED will take in before the big meeting
next week where they're going to decide. And we would
say they're not going to decide if they're going to
cut rates. I think that's the kind of a foregone conclusion.
It is how much are they.
Speaker 1 (01:40):
Going to cut rates? Is that half a point or
a quarter point?
Speaker 3 (01:43):
Wonderful?
Speaker 4 (01:44):
That's so great to pivot from when to be able
to talk about that.
Speaker 3 (01:48):
Kicking the can down the road.
Speaker 4 (01:50):
So they're going to cut x amount of times next year,
They're going to cut x amount of times this year too. Finally,
we are one week away from them actually cutting rates.
And as you said said, this is inflation numbers that
came out today. That's that's some of the last things
that the FED is going to look at. Here, and
the overall inflation rate headline two point five percent year
every year it did fall from two point nine, which
(02:11):
is you know, two point five is the lowest level
since early twenty twenty one. You know, obviously it was
said for a while that the Fed's mandate target inflation
is two percent. So getting over that finish line, getting
over that hump, you know, we've set the expectation that
it's going to take some work, and it will. But
as far as headline inflation is concerned, obviously trending in
the right direction.
Speaker 1 (02:31):
Two and a half percent sounds like music to my ears, right.
Speaker 2 (02:34):
I mean, we were nine percent not that long ago,
and so you know, as we've kind of graded and
Monday morning, quarterbacked with the Federal Reserve has done they said, hey,
the closer gets to two percent, the harder it's going
to be.
Speaker 1 (02:47):
But man, two and a half percent is a great thing.
Speaker 2 (02:49):
I want to dig a little bit deeper, though, into
these numbers, because it's not the headline rate really that
the Federal Reserve pays attention to. It's the core inflation rate,
which takes out this kind of volatile food and energy
price that we know we're all over the place.
Speaker 1 (03:02):
That rate actually rose three tenths of a percent right
month to month, which was a kind.
Speaker 2 (03:07):
Of a tick above what the forecast was the biggest
increase we've seen in five months. So now that rate
sits at three point two percent, and I think if
you want to even dig a little deeper, like why
is it up, it's shelter costs.
Speaker 4 (03:21):
Yeah, And I wanted to give you the opportunity to
give the bad news.
Speaker 3 (03:24):
That's why I talked about that, you.
Speaker 1 (03:26):
Give the good news, I give the bad news. All right,
I say a good cop bad cop here?
Speaker 4 (03:30):
Absolutely so to hone in those shelter costs, obviously, that's
one of the lingering sources of pressure on core inflation,
which again you mentioned, strips out volatile.
Speaker 3 (03:39):
Food and energy prices.
Speaker 4 (03:42):
It makes up about shelter costs make up about a
third of the waiting in the index, and it did
increase a half a percent, which is, you know, we
don't want to see that, but it's certainly an improvement
from where we have been recently.
Speaker 2 (03:56):
And we also knew that housing market, these prices were
going to take a while to tick back down, right
when you look at rents most of us, when you
sign a lease, it's a year lease. So if you signed,
you know, at a higher rate than maybe it's going
to take a while for them those apartments to release
or those rental properties to release, and those rates to
then sort of normalize again. So it's going to take
(04:18):
a while for those numbers to kind of fall out
of what we're talking about here.
Speaker 1 (04:21):
But I didn't like this number. Airline fares rose.
Speaker 2 (04:25):
Almost four percent in August after falling for the previous
five months. I like to travel, so I'll not like
to see these rates moving in that direction. But listen,
this is all of what the FED is kind of digesting.
You know, what are they going to do remains to
be seen. But I will say one thing the FED
has gotten good at is kind of foretelling what they're
(04:46):
likely going to do, because they realize if they catch
anyone off guard, particularly the markets, particularly Wall Street, Yeah,
it hurts all of our floura one case, they try
to be really clear about, Hey, this is the data
that we're taking in, here's what we're thinking right now,
here's what we're projecting for this next meeting. So I
would be really, really, really surprised if we see anything
(05:07):
but a quarter point interest rate cut based on that
core inflation data.
Speaker 4 (05:12):
Yeah, at this point, based on the new data that
came out, which is it can change. So quickly, because
when earlier this week, we're in over the past couple
of weeks, been talking about the latest two job reports
which suggested potentially the need for a larger rate cut,
to the point where just days ago we were we
were an economists I should say, we're predicting that the
(05:33):
rate cut would be seventy percent chance of twenty five
basis point two five percent and a thirty percent chance
of half a point And just looking at these new
numbers that came out with inflation, it's now almost certain
that it will be a point to five percent reduction.
Speaker 2 (05:52):
You're listening to Simply Money presented by all Worth Financial
I Memi Wagner along with Steve Ruby. As we're digesting
right this latest inflation data, two point five percent headline
reaps and so good after we went to the grocery
store for a long time and paid ten dollars for eggs.
Speaker 1 (06:08):
Right, we're moving in the right direction here. What does
that mean to us?
Speaker 2 (06:12):
Well, likely the Fed will cut rates for the first
time since the pandemic, you know, in their meeting next week.
Speaker 1 (06:20):
What does that mean for us?
Speaker 4 (06:21):
Right?
Speaker 2 (06:22):
Like it's it's kind of one of those things. It's
nice to know maybe with the Federal Reserve or do.
We obviously have zero control over that, but you can
control what you do with that information. And we would
say if you have not moved your money in on
the sidelines right that emergency fund, anybody that you don't
have invested into a high yield savings.
Speaker 1 (06:40):
Account, do your research. Now.
Speaker 2 (06:41):
What we have found over the course of the past
couple of years is online banks are tending to offer
higher rates. Yeah, and then it just makes sense also
to shop around if you need money, maybe not this year,
but in the near term over the course of maybe
a year from now or two years from now.
Speaker 1 (06:57):
Looking at CD rates right that are still lower.
Speaker 2 (06:59):
So certain things that you can take advantage of right
now while we do have these higher interest rates.
Speaker 4 (07:05):
We've been talking about this for a while too, because
there's no point and having a pile of cash sitting
on the sidelines not doing anything while we've been in
a raising and high interest rate environment because your money
will whether or not we have high inflation. Inflation is
still going to impact your cash. So taking advantage of
(07:26):
things that are available to get our money working a
little bit harder. Like you mentioned, highyield savingscount CDs, treasuries
for your short term or your intermediate term cash needs.
So I'm talking maybe two three years. You could buy
a CD to match that period of time, for an
upcoming wedding, a home purchase, college for children, different opportunities
(07:46):
that you want to get your cash to work. Now,
we are kind of bumping up against this being as
lucrative as it has been, because as interest rates fall,
this is going to be one of the things that
get hit first. Your high savings accounts, your CDs, your treasuries.
It's not going to pay the same that it has been.
Speaker 1 (08:05):
No, we have been in this kind of as far
as the good part of these.
Speaker 3 (08:11):
Higher interests spoiled a little bit.
Speaker 2 (08:12):
Yeah, we've been spoiled about it. But so yeah, take
advantage of it while you can. Hey, for those of
you who've been on the sidelines thinking about buying or
selling or selling and then buying a home. You know,
I think the tough pill for a lot of us
to swallow, Steve is many people have had mortgage rates
in the past three percent, a little south of three percent.
Speaker 3 (08:30):
You know we've spoiled.
Speaker 1 (08:32):
Yeah, yeah, we got lucky with that.
Speaker 3 (08:34):
Yeah.
Speaker 2 (08:35):
Yeah, we've been up to the north of eight percent
mortgage rates, and I think there's a lot of people
who are like, I'm not moving, I'm not leaving anytime soon.
I'm not going to lock in these kind of crazy
higher mortgage rates. I think it's going to take a
normalizing of what.
Speaker 1 (08:48):
Mortgage rates are going to look like.
Speaker 2 (08:49):
You know, I've talked to Michelle Sloan, our real estate expert,
and several others about this, and they're thinking, you know,
maybe five to six percent kind of becomes the new norm. Well,
as we have the FED lowering interest we can expect
mortgage rates to continue to fall. And I think that
might make some people who've been sitting on the sideline say, Okay,
you know, we may not ever get back to three percents,
(09:10):
but five five and a half percent, Okay, maybe I'm
going to jump right now.
Speaker 4 (09:13):
Yeah, higher interest rates have kept people in their homes
longer because if they sell, then they need to buy,
and if they need to lock in a higher interest rate,
then that's a challenge for a lot of folks. So
you bring up a good point that you know, if
you've paused house hunting, it might be time to start looking, you.
Speaker 2 (09:25):
Know, And as I'm talking about the Federal Reserve and
what they're going to do, and we can't control, but
what we can control. I think it's also worth pointing
out that last night, from any of you who are
watching television, you may have seld the presidential debate. I'm
going to remind you we are not red, we are
not blue, we are green. You can have your opinions
about your candidate and the other candidate, but man, what
(09:48):
I see all over social media and people talking about
is just really really strong feelings about this presidential election.
I understand those feelings about politics, about your candidate, about
who you want your next p dident to be, but
I also want to remind you if you are making
any decisions about your money based on that, you're putting
yourself in a really bad situation. I really wanted to
(10:09):
bring this up, Steve, because I was talking to someone
on the phone yesterday who really had done a smart
job as an investor, kind of as a di wire,
you know, saved a lot of money, probably needs help
with the transition to retirement. But as we were getting
off the phone, I was like, Okay, any questions that
you have for me, And the question was Okay, with
this presidential election, what should I be doing as an investor?
Speaker 3 (10:30):
And understand we do nothing?
Speaker 2 (10:32):
Yes, not doing anything is actually choosing to do something
and the smartest thing you can probably do.
Speaker 3 (10:39):
Yeah, it's so important right now.
Speaker 4 (10:41):
I mean, the Betterment did a survey here and it
shows that four intents they they expect to either move
or pull investments from the market based on the outcomes.
Speaker 3 (10:48):
Of the election.
Speaker 4 (10:49):
That is terrifying because no matter what happens, no matter
what happens, no matter which political party is in office,
the president doesn't drive the markets as much as many
people think they do. What drives the markets is corporate
greed and corporations no matter what kind of policy is
in action from from one side of the aisle or another,
(11:10):
they're going to pivot to find ways to make money.
Time and time again. They've proved this true because the
markets go up over the long run, it doesn't matter
who's in office.
Speaker 3 (11:20):
You know, we have the data to.
Speaker 4 (11:21):
Back it up, and you know we'll be having an
interview from gentlemen from Dimensional Fund Advisors later this week.
Speaker 3 (11:28):
You know we've talked about it before.
Speaker 4 (11:30):
Please please don't react emotionally to something that doesn't have
as big of an impact on your money as you
think it does.
Speaker 2 (11:36):
Yeah, you mentioned the numbers. We've had twenty four presidential
elections since nineteen twenty six, right, twenty four of those.
In twenty of those twenty four years, markets were up
that year and the four they weren't. You know, you
mentioned the fact that our economy is bigger than the
role that the president plays.
Speaker 1 (11:51):
Well.
Speaker 2 (11:51):
In nineteen thirty two, markets were down Great Depression, nineteen forty,
we're in the midst of the start of World War
two two thousand. What happened then, Yes, exactly, in two
thousand and eight, we all remember that we're dealing with the.
Speaker 1 (12:03):
Great funny exactly.
Speaker 2 (12:05):
So you know, our economy is bigger than this office.
You can have big feelings about this, just please don't
do anything with your investments based on that. And yeah,
you mentioned on Friday a Paulo Lupascu, who has amazing
perspective on the elections and investors and what you need
to know. We'll be joining us. We'll get into that
in just a couple of days. But coming up next,
(12:26):
we're going to talk about an acronym that could leave
you in a pretty bad place when it comes to
your money.
Speaker 1 (12:31):
We'll explain.
Speaker 2 (12:32):
You're listening to Simply Money presented by all Worth Financial.
Here in fifty five krs the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
Me Wagner along with Steve Ruby. If you miss our
show one night, you don't have to miss the thing
we talk about. We have a daily podcast for you.
Just search Simply Money. It's right there on the iHeart
(12:54):
app or wherever you get your podcasts. Coming up at
six forty three. You've got a lot of questions, and
of course we have answers as you ask the advisor.
We preach about this all the time. If you are
going to have individual stocks, no more than ten percent
of your portfolio should be made up as part of
those individual companies. But as hot as any stock can be,
(13:17):
anything could happen to the company, right. I've been saying
that a lot this year about the Magnificent seven. Well,
one of the members of Magnificent seven, right, Alphabet's company Google.
Speaker 1 (13:27):
Seeing that right now as well.
Speaker 4 (13:29):
Yeah, it's really remarkable how something can come out of
left field and derail the price of a particular stock.
Again to echo, what you said, no more than ten
or fifteen percent of one stock should make up your
entire portfolio, because it can absolutely derail retirement or other
financial goals if something were to happen. So, speaking of Google,
that currently they're facing federal government lawsuit a leging that
(13:51):
they're illegally monopolizing the marketplace, specifically a shining light on
how they buy and sell digital ads known as as
ad heck. So the judge wants to decide how to
remedy Googles and I trust violations. And obviously something like
this can have an impact on the underlying price of
that stuff.
Speaker 2 (14:12):
We're seeing it with Nvidia right now, right the chip maker,
it felt like the company that could never do wrong.
So many headlines about the fact that you know their
chips are revolutionarizing AI and you know this company only
has room for growth. And then there's a very similar
lawsuit against them where it's kind of unfair business practices
against their partners, their clients where they're selling to them
(14:34):
and then saying well, if you don't buy all of
these products from us, then we're not going to set
the price any of.
Speaker 1 (14:39):
Them, or we're going to jack up the price for
you right, And so.
Speaker 2 (14:42):
These companies, it's almost like and listen, these are just allegations.
Speaker 1 (14:45):
These investigations have started.
Speaker 2 (14:46):
But even on the word of these allegations, stock prices
are responding to that. And so I think this is
just a great reminder of, man, you could think nothing
could happen, this is the best.
Speaker 1 (14:58):
Technology, this is cutting edge.
Speaker 2 (15:00):
Whatever it is that makes the company feel invincible, they
never are. And so if you go all in on
one of these companies, then also you're exposed to all
of this risk of anything that could happen. And we
just see it all the time. Here's an acronym for you.
And I joke that my one of my daughters has
this majorly, but man, I've also seen this derail people's
(15:22):
money situations quickly.
Speaker 1 (15:24):
We're talking about FOMO.
Speaker 2 (15:25):
When I talk about my daughter Grace, I'm specifically like,
if she misses out on any fun thing, it drives
her crazy. But man, you know, I also think about
when she's twenties or thirties and people start talking about
investments like crypto, you know, is she going to be
one who's like, oh, I need to jump that all
in on this because everyone else is getting rich on.
Speaker 3 (15:45):
This, Yeah, fomo.
Speaker 4 (15:47):
You know, it can be something simple like a restaurant
in your area that's become very popular and it's hard
to get reservations and it's expensive, and you want to
try it to you know, the new Apple iPhone they're
up to sixteen now. I think Apple iPhone sixteen just
came out. Obviously, I'm not worried about fomo for that.
I have an older smartphone. But yeah, fomo. Though, when
(16:08):
it comes to the world of investing is it's it's
a whole psychological component because you are chasing gains. You
are you don't want to miss out on what everybody
else is making money on right now, which can lead
to speculation in areas that you have no knowledge about.
And if you have no knowledge about it, why are
you investing in it. It's based in greed, so you know,
(16:31):
examples recently could be something like NFTs non fungible tokens.
Crypto is a big one meme stocks that that kind
of took hold over a lot of people during a COVID,
for example with with AMC and others. There's a lot
of opportunities here to lose money, potentially losing your shirt
(16:54):
when it comes to retirement planning for fear of missing out.
Speaker 2 (16:58):
Well, as I'm listening to you talk about the exams
of some of these not so great investments, I would say,
you know, I was thinking about the fact that one
of the things that many of them have in common
is that they became really popular during the pandemic. We're
all stuck inside, we couldn't go out money to spend.
People had money that they felt like they could blow
at that point because you couldn't spend it on anything else,
and the government's putting stimulus money into your accounts, and
(17:20):
so it was kind of this convergence of all these
factors that made people say what can I do with
this money?
Speaker 1 (17:25):
And how can I make some quick money?
Speaker 2 (17:26):
And you know, I was just shaking my head the
entire time, as you know, non fungible tokens and things
like that were coming to the surface, because I was like,
this is this is all craziness. And unfortunately some of
them have been stubborn and they're sticking around after the
pandemic and still kind of rearing their ugly heads.
Speaker 3 (17:42):
Right.
Speaker 1 (17:42):
Meme stocks back on the scene. Just over the course
of the last few months, when Waring Kitty you know,
the crazy.
Speaker 2 (17:50):
Name of the person or handle of the person who
you know, got on one of these Reddit forums and
said let's go all in on game stop, you know,
And so I just.
Speaker 1 (17:59):
Think, hey, these are such dangerous things.
Speaker 2 (18:02):
And when you start hearing about like fomo and also
yolo bets, where people were talking about, hey, you only
live once, you know, cash out your four one k,
put all that money in one of these stocks. I mean,
it just makes me actually kind of a little bit
nauseous when I hear people talking about them, because the
real impact of this can be life changing in a
really terrible devastating way.
Speaker 4 (18:24):
Yeah, these yolo bets you speak of that they come
from as far as I know, they come from Reddit,
Wall Street Bets, which is where this Roaring Kiddy guy
came from. And these people they actually they brag about
the massive losses that they take by making dumb bets
as far as investments are concerned with crazy options plays,
and it's almost like a term of endearment when they're
(18:46):
able to post something and everybody cheers you on. It's
a very strange thing to witness, you know, speaking of which,
you know, we also have influencers and you mentioned having
a daughter.
Speaker 3 (18:55):
I have a daughter. She's nine.
Speaker 4 (18:56):
She doesn't have a phone yet, but at some point
she's going to be exposed to these influencers.
Speaker 1 (19:00):
Prepare yourself that have.
Speaker 4 (19:02):
Big ideas or something they're trying to promote for a
quick buck. And you know, the fomo that people have
could cause folks to make some bad decisions, as we've
seen over the past couple of years, especially since since COVID.
Speaker 2 (19:15):
I will say, I think there is a good kind
of fomo, and this is fear of missing out on
an actual retirement, right, Like, that's something worth having fear
of missing out on. So make sure that you are
planning and making smart long term plans for retirement, investing
in this floah and cage those iras, making sure that
you can get there and can retire someday. Here's the
(19:38):
all Worth advice, never make financial decisions based on fear. Instead,
rely on your willpower. Doesn't matter what everyone else is doing.
Coming up, we preach about the importance of having an
estate plan, no matter how difficult it is to think
about or talk about.
Speaker 1 (19:52):
Next, we're going to talk about one of.
Speaker 2 (19:54):
The reasons why why that's so important. You're listening to
Simply Money presented by all Worth Financial. Here on fifty
five KRC talk station listening to Simply Money presented by
all Worth Financial. I mean you Wagner along with Steve Ruby.
Retirement planning, state planning. It looks different for every person
in every family, and specifically if you have a disabled child,
(20:18):
it can look very different. Joining us tonight as Mark Reckman,
our state planning expert from the law firm of Wood
and Lamping. Mark, there's a lot to this and it
does look very different if your child has kind of
a permanent need for help from you.
Speaker 1 (20:34):
And so let's get into what people need to think
through here.
Speaker 5 (20:39):
Well, you know, parents have disabled children encounter a lot
of issues as their kids' age, Yes, and they deal
with a lot of resources, both school counselors, case managers,
medical advisors, and they're getting input from lots of different directions.
Speaker 4 (20:57):
So let's talk about the guardianship first and what that
really is and why it might be used in a
particular situation.
Speaker 5 (21:05):
Well, a guardianship comes into this discussion because it is
the legal mechanism we have here in Ohio in which
you ask the court to declare a person to be incompetent,
and if they are found to be incompetent, there's a
guardian appointed. The guardian takes over and the individual but
(21:26):
what we call the ward is then stripped of legal capacity.
Dak for has owned for himself or for herself. And
here in Ohio there are two kinds of guardianships. One
is called a guardianship of the estate, and that means
money management. And two there's a guardianship of the person,
(21:47):
and that means managing healthcare and activities of daily living.
Speaker 2 (21:52):
And how do you even begin to figure out if
you need this for your child in which you do
need in what you should be thinking about long term?
You know, I imagine you know, I'm thinking, you know,
from my children when they turn eighteen, I'm like, oh, okay,
there's a.
Speaker 1 (22:06):
Big change here.
Speaker 2 (22:08):
But certainly if your child is disabled and needs kind
of additional oversight and care, that has to be a
very kind of nuanced situation.
Speaker 5 (22:19):
Well, that's exactly right. And here in Ohio and all
the states here in this country, the parents are the guardian,
the presumptive guardian of all children until they turn eighteen,
and so a guardianship does not come into play for
children seventeen and under the question that we're talking about
today is what happens when your child turns eighteen? And
(22:41):
what you find out is that school counselors, case managers,
and medical advisors often are very quick to recommend a guardianship,
either a guardianship of the person or a guardianship of
the estate or both. But they're very quick to say,
when your child turns eighteen, you have to have them
declared incompetent and you have to be appointed to be
(23:02):
their legal guardian. And what I want to talk about
today is that's basically good advice, but it is is
it always good advice? And the answer to that is
not always.
Speaker 4 (23:14):
Yeah, there's very different situations. I think that would apply
as to whether or not you need a full guardianship
over a disabled child. Let's talk about some of the
advantages that you typically highlight versus some of the cons
for having a guardianship.
Speaker 5 (23:31):
Well, probably the number one advantage is that it puts
one person in full charge of all decisions. The number
two it gives you authority. It gives the guardian authority
to enforce decisions. Number three, it can be used to
protect the ward's money or property. And number four, and
this is a big one. It protects the ward and
(23:52):
the guardian themselves because if the probate court legally appoints
a guardian, then they have the protection and the authority
of the umbrella of the probate Court and that makes
them accountable to the probate Court. But it also reduces
their chances of getting in trouble in other venues.
Speaker 1 (24:13):
All right, mark my mama, bear heart.
Speaker 2 (24:15):
Though when I hear, you know, someone using the word incompetence, right,
I think about, gosh, how does that feel to that child?
And if there is an awareness of that, what message
does that send?
Speaker 1 (24:28):
That has to be part of the equation when you're
making this decision.
Speaker 5 (24:33):
Absolutely, and I listed this as the number one disadvantage
of a guardianship because clearing your child to be incompetent
can be demoralizing to the child. And here you've raised
a child, and in this case we're talking about children
with special needs. You've been encouraging for the encouraging them
for the last eighteen years that they're okay, that they
(24:55):
can do well, they can be as functional as possible.
And now at age eight, you're going to a court
and saying they can't handle their own affairs, or they're
not capable or competent. And that's not just legally, but
it is actually what you're doing when you file for
a guardianship, So you have to be careful about that.
Speaker 4 (25:15):
So before we talk about some of the alternatives to
go in full guardianship, I'm sure there's some costs associated
with guardianship.
Speaker 3 (25:23):
What does that typically look like here in Ohio?
Speaker 5 (25:26):
Well, if it's uncontested, which they usually are in the
cases of parents asking for a guardianship of a child
turning eighteen. If it's a parent who's applying, the costs
can generally run, oh in the five thousand dollars range upfront,
and then there's a maintenance fee. You have to file
annual bi annual reports, both financial and care reports, and
(25:48):
they can run in the two to two thousand to
twenty five hundred dollars a year. In some cases, you
have to post a bond. And what I mean by
some cases is that if there are significant assets in
the guardianship, you have to post a bond, which means
you have to pay an insurance company to do that.
Speaker 2 (26:06):
So it's not like you just go through this process
and then you're done. It actually requires ongoing work in
and ongoing investment in it as well.
Speaker 5 (26:15):
Well, that's right, because you've got to report to the
probate Court every two years all the activities you've engaged in.
And there is also what we call a care plan.
The probate Court requires guardians of the person to file
a rather detailed care plan involving where the child will live,
how they will be treated, what medical treatments they will receive,
(26:36):
what education they will receive, what additional support and care
they will have. This is all done in writing, it's
all filed with the Probate Court, and it has to
be updated every two years.
Speaker 1 (26:47):
What about alternatives?
Speaker 2 (26:48):
Right for parents who are listening and this on somewhat
drastic and you know your child could use some help.
Speaker 1 (26:54):
There is a disability there, they need some help.
Speaker 2 (26:57):
What other options would they have other than going all
in on becoming a guardian.
Speaker 5 (27:03):
Well, there are alternatives for what I would call the
highly functional disabled children. Not all disabilities are the same.
There are some individuals who function rather highly with their
disability and they aren't technically incompetent. And for those people
there are some alternatives that work real well. The best
one of all. The first one on the list is
(27:26):
using a power of attorney. Having your eighteen year old
sign a power of attorney after their birthday, appointing you
to be their legal agent for both money and for
health care. Signing a living will and a power of
attorney for health care goes hand in hand with that.
In addition, if your child eighteen year old has some money,
if they're working at Kroger, if they've got some earnings,
(27:48):
you can put money in joint ownership, whether it's cash
in the bank, whether it's investments or whatever. You can
put a second name as an owner on the account,
and that gives you some control, some access. There are
also whats a partnership.
Speaker 4 (28:06):
It's a partner should you're working with them at that
point rather than declaring them, you know, incompetent on their own.
So it is an opportunity to kind of work with
with the partner child in this situation a partner together
and teach them. So as as you know you had said,
you bring up a good point that this is alternatives
for those that are more highly functional disabled children.
Speaker 5 (28:26):
Absolutely right, and I.
Speaker 2 (28:28):
Think the key here is understanding that you have options
and alternatives you know, Mark Reckman are state planning expert
from the law Farm.
Speaker 1 (28:36):
Of Wood and Lamping, explaining that man.
Speaker 2 (28:39):
For parents who have disabled children, there's a lot more
to think through when you are working through financial plans,
retirement plans of state planning, and this kind of becomes
a part of that as your child transitions from eighteen
to an adult. A lot to think through here, a
lot of options. Appreciate your expertise.
Speaker 1 (28:55):
Mark.
Speaker 2 (28:55):
You're listening to Simply Money presented by all Worth Financial
here on fifty five KRC talk station. You're listening to
Simply Money presented by all Worth Financial. I mean me
Wagner along.
Speaker 1 (29:08):
With Steve Ruby. Straight ahead. The difference between an HSA
and an FSA. People get confused on this all the time,
but there's huge differences. We want to make sure you
understand what they are.
Speaker 2 (29:19):
And if you have a financial question you don't know
the answer to, there's a red button you can click
them while you're listening to the show. It's right there
on that iHeart app record your question. It's coming straight
to us. We've got questions right now. The first one
from TM in independence.
Speaker 1 (29:34):
What's your take on buying fractional shares of companies.
Speaker 3 (29:37):
Oh, that's an interesting question.
Speaker 4 (29:39):
So this is something that hasn't been around for all
that long, but it's an opportunity to do just that
buying fractional share. So it does open the door up
to investing in stocks that might have or even some
ETFs that might have higher prices because you don't have
to buy the entire share.
Speaker 2 (29:54):
I think about in Video right several months ago before
they split, the stock price got up north of for
a lot of people, you couldn't afford in Video, but
maybe you couldn't a fraction of it.
Speaker 4 (30:04):
Yeah, so you have six hundred and twelve dollars that
you want to put towards a Video but you can't
afford the full share price, and you get that that
stock or that fraction of that stock. So it exposes
you to the opportunity to see the same types of
exposure to gains and losses on the flip side that
others have. But the challenge that I've seen is there's
quite a bit of liquidity issues when it comes to selling.
(30:25):
You're not able to always share your sell your fractional
shares as quickly as you could had you held whole shares.
Speaker 1 (30:33):
Something to think about there. Next question tonight comes from
Gregory in Cincinnati.
Speaker 4 (30:39):
My question is about rmds because I have multiple iras
and four to oh one k's do I need to
take withdrawals from each of those accounts?
Speaker 2 (30:47):
This is a great question, and this can be incredibly confusing.
First of all, just a reminder of what an RMD
is required a minimum distribution the federal government has kind
of changed over the course.
Speaker 1 (30:59):
Of the last couple of year.
Speaker 2 (31:00):
When you were required to take them used to be
seventy and a half. Now it's ticking up to seventy
three seventy five depending on your age. But I think
the key to understand is these are for tax deferred accounts,
and at some point when you haven't paid taxes on
this money, Uncle Sam is like, Okay, hand it over.
Now you have to take distributions on that money and
pay the taxes on them at that time. Now the
(31:21):
question is do you have to take them out of
each individual account? Well, if you have multiple old four
to h win ks, yes, that distribution actually has to
come out of that individual.
Speaker 1 (31:32):
Four A win. Why why the rules are different for
all the things I don't know? I don't know. I
don't know why the government does anything that it does.
None of it makes sense to me. But I can
tell you the reason. It's it's different with iras.
Speaker 4 (31:44):
Yeah, they want to squeeze tax money, do you while
you're still alive?
Speaker 2 (31:48):
Well, I understand why they do rmds, but I don't
understand why the rules are different for every dang account
that you can possibly have iras. If you have you know,
three different iras, you can pull money out of one
are the IRA and pay the distribution for all three.
It can be incredibly confusing. And this is where I say, man,
when you get to that age, you really want to
be working with the financial advisor because you'll want to
(32:10):
get this right.
Speaker 4 (32:11):
It's an argument for consolidation of accounts as well. That
way you don't make a mistake because if you miss
your R and D then you are penalized.
Speaker 1 (32:17):
Yeah. Next question from Linda in Bridgetown. We have a
joint IRA, but only one of us is working right now?
Speaker 4 (32:24):
Is this going to affect how much we can contribute
this year?
Speaker 3 (32:28):
All right?
Speaker 4 (32:28):
So a point of clarification here, So an IRA stands
for individual retirement accounts, so there isn't a joint IRA.
There are joint taxable account joint brokerage accounts which have
no particular rules around earned income, how old you are,
contribution limits. So if it's indeed a joint brokerage account,
(32:48):
then you guys can still contribute to it, no problem.
I'm not saying that's what I would typically recommend though,
because ideally we look at tax efficient options first, like
an IRA. So in this situation, if if somebody isn't working,
then depending on your income situation, there certainly could be
an opportunity to do your own I raise, in which
case you could still capture the tax benefits and of
(33:11):
course retirement benefits of continuing to say for retirement, even
with one in the couple networking.
Speaker 1 (33:16):
Yeah, next question from ds and Mason. I own some
stock that I found out recently split.
Speaker 3 (33:22):
Should this matter to me at all?
Speaker 4 (33:24):
Now?
Speaker 2 (33:25):
I think it's really interesting because when companies do stock splits,
it tends to attract more investors, but it shouldn't because
it's essentially when you own a piece of a company,
think about it as a pie. You own a piece
of that pie, or if you prefer pizza, you and
a piece of that pizza.
Speaker 1 (33:41):
Not to make anyone hungry.
Speaker 2 (33:43):
But when they do a stock split, essentially that piece
of pizza, that piece of pie just gets cut up
into smaller pieces. You own the same amount that you
did before. The reason why companies do it, I just
mentioned this about in video a few minutes ago.
Speaker 1 (33:57):
They recently did a stock split because they're.
Speaker 2 (34:00):
Became too expensive to really attract individual investors.
Speaker 1 (34:03):
I mean, some people just were priced out of the market.
Speaker 2 (34:06):
So you know, by cutting that by ten more people
could could buy in video shares. And then for that company, right,
that's more money for research and development or whatever they're
planning on doing with it. So a lot to think
through here, but really it doesn't make a huge difference
when it comes. It's not like, oh, jackpot, the company
stock that I own is splitting.
Speaker 1 (34:24):
Doesn't make a difference in the long term.
Speaker 2 (34:26):
Coming up next, should your financial plan include an HSA
or an FSA or what about both?
Speaker 1 (34:32):
We'll get into that next.
Speaker 2 (34:33):
You're listening to Simply Money presented by all Worth Financial
here in fifty five KRC the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
you Wagner along with Steve Ruby, Okay, you know open
enrollment season comes and hopefully you are one of those
people who pays attention to the options, right, you just
(34:53):
don't auto and roll over and over the same thing
that you had last year. And we want to talk
about particularly FSAs Flexible Spending accounts and HSA's Health Savings accounts.
A lot of numbers, a lot of alphabet soup here,
and I find a lot of times people get these confused,
and there's huge differences between these two kinds of accounts.
Speaker 4 (35:15):
Yeah, there's lots of opportunities to poke Uncle Sam and
the eye with a stick. If you're leveraging these accounts appropriately.
So making sure you understand them, even though there's a
little bit of jargon here is a huge opportunity. An
FSA for starters, it's a flexible spending account and what
you're doing is you're setting amount a dollar amount that
you're going to contribute throughout the year. The maximum for
(35:36):
twenty twenty four is thirty two hundred dollars. You use
you don't have to contribute the full amount, but that's
what it's capped at, and you use those dollars to
contri to pay deductibles, co payments. You can even get
prescription and over the counter medications with this on a
tax free basis, So you make a pre tax contribution
to that account. Now you're not investing in it like
(35:58):
an HSA. And one of the problem says as those
dollars don't typically spill forwards into the next year, there
are limitations. There is a little bit of tracking and
diligence that you need to do to make sure that
you are appropriately monitoring and keeping track of receipts and
purchases to capture those benefits and not lose out on,
(36:18):
you know, over contributing and not getting that money back.
Speaker 2 (36:20):
I was just going to say, yeah, if you're wondering, okay,
who is in FSA like good for you have to
be organized and if you're a budgeter, this definitely works
well for you. So if you know, kind of going
into a year, Hey, my kid's gonna need glasses or braces,
or you know, I had a daughter who was on
allergy shots for years, right, you can put that money
aside tax free and use it for those things.
Speaker 1 (36:40):
I have, however, also been the person who was in.
Speaker 2 (36:43):
Walgreens at eleven thirty the night before my FSA money
was going to expire. With like one hundred and thirty
dollars worth of band aids and contact solutions in my cart.
Speaker 1 (36:56):
Because they didn't spend it all. And if you don't
spend it, you lose it.
Speaker 2 (36:59):
And that is where I think there's a lot of confusion,
because when I bring up health savings accounts, very different thing.
Speaker 1 (37:05):
Right.
Speaker 2 (37:05):
This is if you have a high adaptible health care
plan and this money has a triple tax advantage.
Speaker 1 (37:11):
Right, it goes into the account, you don't pay taxes.
Speaker 2 (37:14):
It can be invested again no taxes, grows tax free,
and then you can take it out for qualified medical
expenses and you never have to pay taxes on it.
So many people think, oh, I have to use this
money or I'm going.
Speaker 1 (37:26):
To lose it.
Speaker 2 (37:26):
And actually the best way to maximize this account is
to not use it, right, to pay out of pocket
healthcare expenses as you go, and then let that money
grow and compound for health care expenses and retirement.
Speaker 4 (37:40):
It is one of my favorite retirement vehicles. As you mentioned,
it is trapped triple tax advantage, So I would even
put it as high as making sure you get your
company match in a four to oh one K, I
agree before contributing any more into the four to one k.
You want to max your HSA because of the deduction,
the tax regains, and the tax free distributions in the future.
It's also so if you leave your job that gives
(38:02):
you an HSA, then you can take that money with you.
If you leave your job that gives you an FSA,
you better spend it before you leave.
Speaker 2 (38:07):
Well it often yeah, and often the FSA it can
only come right through your employer. If you don't have
an HSA at work, you can still fund one outside
of it.
Speaker 3 (38:16):
As long as you have a high deductible.
Speaker 2 (38:17):
Health Yes, that is the criteria, and you have to
then do the research and figure out whether that high
deductible health care plan makes sense for you and your family.
A lot of times if there are chronic illnesses, it
may not, but man if it does, this is a.
Speaker 1 (38:29):
Great tool to use.
Speaker 2 (38:31):
Thanks for listening tonight. You've been listening to Simply Money,
presented by all Worth Financial. Here in fifty five krs,
we are the talk station
Simply Money News
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