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The Money Episode

May 16, 2016|

Carrington sits down with the guys from over at Blooom and they discuss their company and how they invest 401K, how to get out of debt and common financial mistakes people make.

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Automatically Generated Transcript (may not be 100% accurate)

They should it just stuck to sports. Eats the stick to sports bra dance with Jerry did Harrison from the drive. You. Are welcome and another episode of the stick to sports podcast out of that will be a little bit different. I was having a conversation with my cousin promptly. Six week stay eight weeks ago when. He says that no one is ever taught me how to save money to maybe think dad. Our entire school system is caught on the basis of knowing how to spend maybe teach you how to write checks and tell you how to do all these things. They never teach got to put money aside never teach you got accumulate wealth. So want to bring to people Lynn. That specialize in helping you accumulate wealth and help you make as much money as possible other guys from bloom joining me today on the stick to sports podcast I'm Chris Costello in injure Thomas Sutherland SA. Yeah I actually think for greener tell us what clueless. Well boom was started about three years ago myself then two other co founders Kevin O'Connor any doctor Hyde. Basically out of the belief that younger people are people without millions and millions of dollars or since he left out when it comes to quality financial help. I can confidently say that because the first eighteen years of my career I've spent my time helping people. Invest their money plan for retirement but almost all those people had at least a million dollars in their portfolio. And I remember thinking almost almost the entire time period as helping these folks that the arguably. They need my help the least you know they've already amassed millions of dollars. I'm putting all my time and resources is an in helping them but what about. The tens of millions of people. In this country that are that are hoping maybe at some point at a million dollars may net may or may not get there. But still need good quality financial help and so womb was born bloom with Rios by the way. Bloom was born out of the notion that. Through technology. We can reach these people we can help and a group of people that have never been helped with their money before using technology and that's all we problem. That was Chris Costello item from introduce you that was Chris Costello I was injured Tomas the other Borchardt and in here all on this. What are you take when you hear someone that is twice fictional because it's point six say I've never learned how to save money. I'd say that's very very common and he's one of don't feel bad and and that's that's that's pretty typical. You know most people. To your point which I I say all the time actually I wish schools would do more. In terms of the practical teaching you now how do you balance your checkbook you know. What are the benefits of saving money how to is that the the wonderful. I think that we come to know and love cult compound interest how does that work and why is that such an amazing thing. For young people saving money. I wish more of that that was available. So hopefully we can talk today about some tools and tips. That your twenty secure cousin and probably a lot of your listeners are art and appreciate hearing. 'cause I recently started investments our 401K to like the first of the year I think it was you don't feel like you're in a spot financially enough to be able to do it. And in more more to talk in older people they were like there's no reason for you not to be doing a sat down with this financial investor he was like. The best financial point you can have is donating to your arguments your 401K because they'll match which you put it it's free money okay well. It's tough you know would put the put the 5% in started doing I'm like. Check generally check that much more as an argument is the entire Clinton. Yeah absolutely and one of those things that we advise clients you know it's. If you can only start with something small and increase that by 1%. On every year remaining. Then get them out amount the year they are in a match on that's that's perfect that's a good strategy in Iraq and noticed that. That bomb in here on your paycheck that cuts coming out so. What's the common age that people starts invest in the forward cash July people don't start that until very later in life. You're here right in does very I think. Person to person some people our pinot. More financially astute earlier depend on maybe either raised or maybe an experience like you were you bumped into somebody and he. You know in in imparted on you the importance of starting. So I think in on on average I'd say probably in your mid to upper twenties has is when most people start. Sometimes you wait later than that in the problem is as those early years you can never bring it back in and it's hard to explain and on the format today. But but those early years of savings are the ones the dollars turn out to be so much down the road. But I think I think maybe we should even before we talk about the world and K and ST may be back up a little bit. And and talk about the importance because constant foundational piece of advice. A lot of people listening to this today are gonna have debts. Very very I would that the majority of the people who'll listen that didn't I guess 95%. Of student and its parent of Italy agreed to a student loans credit cards or car payment so. That's a common question that we get asked that bloom all the time as hey I've got these debts should I even be contributing in my 401K. And and here's the answer to that. If you have student loans car loans. Or credit card debt I don't care about a mortgage because that's if you wanna call it a good a debt good that's may be a good dad. But car loans student loans credit cards if you've got in those stats are aiming care what the interest rate is so those are not good debt so we need to think about how about having a plan to get rid of those. If you're contemplating. Contributing to your for a one K or if you are contributing your 401K and you still have these debts here's what I want you to deal. Only contribute. To your 401K. Just enough so that you get the maximum match from your company now not all companies match okay. Some do some doubt if your company is matching your contributions find out what that is. In only contribute just enough so that you get all of the free dollars premier company. Every other dollar a discretionary income you have. The you'll fight and claw to save it should be going to pain off these debts and now had to pay out these debts with the best way to pay this off. I'm a big believer. Taking all of your debts mostly got you know to credit cards to student loans and a car payment. I don't care what the list interest rate is and I'll explain this in a moment. He take a look at all those debts and you stack them up smallest balance to biggest balance. You pay them minimum payments on every one of those balances except for your smallest balance. That every extra dollar you can Muster. Out of your monthly budget should be going to paying off debts smallest balance first agreement and he Ramsey bookie had sixty act very good yet it that's where comes from the debt snowball math it. And a lot of people so Chris what we I've always heard the should. Should not be concerned about my high interest rate cards should be paying those off first. And my answer to that is yes. Only if you plan on being married that damn thing the rest of your life if this is debt the U wanna get out of your life as quick as possible. In the really the interest rates don't matter that much if you're gonna carry the darn things with yet. Until you're retired. Then maybe we should be concerned about interest rates. Salina amount smallest to biggest he payout that smallest now wants it paid off if you get an psychological and two were from Russia us. Check that stupid thing off the list I'm never gonna have it again and then you go to the second one analyst with average amount of people haven't student and a good question in 2015. The Wall Street Journal said the average graduating senior in 2015. Had 35000. Dollars of student loan and Kurdish Shia. What I worry about you know is a good time to time over the causes of may sixteenth I'm and I'm guessing that there might be. Mean recent parents of high school seniors listening to this. And they are potentially making decisions right now on where there high school senior kids are going to be going to college next year. I wanna give a little bit of a cautionary wake up call he can't if I can. If you were in a position where you cannot pay for your kids college. And they're going to have to get student loans. If there considering going to an out of state school or maybe even a private school. If they're gonna end up with more than a 100000. Dollars a student loan debt. When they're done in 45 years from now I'm telling you you're going to change their financial life. Forever and not any good way you are literally going to handicap. Your kid for the rest of his or her life it is very hard to ever get out. From a 100000 dollars of student loan debt and I hear about this all the time it will happen is to your point earlier. Noble say you know Chris nobody said I was a senior high school did stop to think about. What are repay payment schedule on a 100000 dollar student loans gonna look like. I just thought about what college do I wanna go to. Every so focused on what college can I get into. They never stop to think about what that's gonna do think that four years of your life is go you're gonna live with for the next thirty years I don't know if there. Frankly I think about that it is if there was a lot of fun no doubt things and I'm speaking from experience too I graduated. A couple couple years ago more than a couple actually and I had 30000 dollars in loan debt. It took me like seven or eight years to pay it off and there are literally was not a day that went buys that it did not think about my dad wasn't a good dot either so. I personally can probably tellem a little but on the soapbox now on the big fan of getting debt out of your life as fast as humanly. What do you say to people like me that are financially able to do both I'd invest in stocks I got a portfolio I do this thing with northwestern mutual's so I am pretty knowledgeable. It's a pretty well I understand it yet to start investing for the future got to start investing money in diversified in that capacity. But I also have the ability every month to pay off my student loan would you say don't invest don't do anything expert all the money you put investing in those things just took took took today take it out there and a 100% put on your student loans. I would literally afterward don't this podcast call up whatever investment person you have. If it's not retirement money XP trying to take retirement money out you're gonna get taxed or penalized if it's money put in there with after tax dollars is kind of supplemental savings. I would literally called him today asked for all that money back now and I would just literally send a hundred persona might captured at no brainer no question no doubt. Here's your debt totally yeah I mean now I'm thinking in my head of all these. Italy's oh friends of mine is he's cool apps that make investing easier and it's great because it's it's helping people. You don't get involved in investing that meat cutting otherwise because of the commissions involved but it's also. It's also a huge negative impact because. You know they should be putting them when he tours are seen as they should be. Focusing on that first before getting involved in something that they maybe don't fully understand. And there are people like yourself that probably the owners and exactly what they again they realize that. You're probably not going to make a get rich quick or anything like that which which people think that that's the stock market does. Yeah I think it was at least for me I I I can speak from personal experience I think he reached the point in your checking account words you aren't doing anything with the money you have so much money and not about rich by any means but at some point is get to a point there's no difference and having 121000 or 151000 you're checking account you can you can cover yourself with something goes wrong you can cover yourself and you have to go to vacation. But you have enough saved up that you can live pretty comfortably with it so you put it to your savings account and then move over there and give it. Percent interest over the course the year whatever they give you yours and your savings account. A would you rather start to invest in Stockard doing a lot of other things I feel like that was in the option and I was how to present it with. Your close I mean really differences I'd say instead of having that that extra money in savings go towards investing I wouldn't take him three grant thrown towards the debt taken a big chunk off of that. So so locals talk about savings so. I think and and that's it that's a great place to start is to think about. Kind of building me an emergency reserve he talked as this comes from Dave Ramsey to. You people need to have about three months of their living expenses like completely rat holed away like tucked away forgotten about. In that three months of living expenses is literally for like catastrophic emerges from. Do you think you do that I've heard apple possibly before but that's just doesn't seem that realistic how can you have. Three months or rent saved in groceries in your car payment of I think some people may be able to drop like the percentage we're talking about that are capable of doing next five to 10% of people. He an end in this is where you know. Listen there are some people would definitely have fallen upon hard times and others there's been medical expenses there's been things in life that have put them in a precarious financial position. But there's also a lot of people that just lacked a little bit and disciplined him. And some of this financial advice usually this advice get that that did meet with twenty years experience can give only goes so for. I can talk to on blue in the face but at the end of the day the person passed to. Want to make it change in this change that I am referring to. Anderson this is the one single piece of advice if somebody said Chris you can only give one piece of advice. What would that be what one piece of advice can change people's lives financially more than anything else. It's one thing. You live below your means. You spend less than you make it is not any more complicated than that. The the people that I worked with before we started gloom that generally had at least a million dollars let me tell you what they look like. Actually we take what they didn't look like these are people that were never high income earners literally never made a lot of money. They did not inherit money. They were not good at the stock market I'll repeat that they were not tying comers they did not inherited. And they were not great at the stock market so how did they accumulate this well. The common thing that I saw and all of these millionaire clients is they spent less than they made. If I looked out my parking lot it was a lot of Honda accords and Toyota camrys in F 150s it was a lot of fifty dollar rubber Casio watches on the arrest. That guy that's what enabled these people to amass. You know these millions of dollars and stating it's. You say that because it seems like such a very simple concept cars you know I'm I'm at the age were like so my friends at credit card debts moan don't slow paid at all. I've never understood how you can get your credit card debt. I understand it's something. You know you got to keep keep it sick you don't have the ability to pay for you got up yeah what's the credit art. And you have to pay forum with him to take it out it wasn't Karbala insurance I just want my credit card pays its two months the payoff. But other than that how do you get credit card debt like the concept that you were saying seemed like a very easy understandable concept. You make a thousand dollars a month spent less than a thousand dollars a month every single while protesting so easy that took. And yeah I think you know thinking about that questions it is huge question by. The younger generation on meals. As I volunteered. I think that it. The what I see so often is that a group of friends that are different income levels I think the problem is that. They all think that they have to spend the same amount of money on the go out to go on the same trips things like tap but they're not make in the same you know same income levels and I think that that. That's where people start getting into trouble because they start. Think and after can't keep up with with their friends. That's a heat problem in the keep up. The joneses and it is is definitely in full effect as is the inability. To delay gratification. Credit cards allow you to not have to wait you know used to be years and years ago trying to sell Michael's but he daddy bit but many years ago. Before the onset of credit cards if you didn't have the money you didn't buy it. And and nowadays it's like well I want that right now I don't have enough discipline to tell myself note to say for assault on the credit card. That's what happened over and over and over in in in in. You're right there are situations where life happens it happens you know emergencies come up. The transmission blows up you need to hold you know league did the doctors Dylan's been wary of sick kids you're sick. Those things happen and are talking about that I'm talking about when the new iPhone comes out and you've got the current iPhone it's only eight months old. Only got it benefited the new life but you know I got a rock. Hi I'm gonna have to divvy up a little bit on that little player for apple I don't care what else I also find deals all over the personally yes yes. That if if that's like you're only vice if you're like OK they like my one thing is the new iPhone but the billion trouble like they they have the new everything. You know there there leasing expensive cars in the in the clothing and the phones and and people that are behind house is too soon. All those kind of call follows the criteria not being able to delay common people by Massachusetts. I think maybe more so in the midwest I think you get in the bigger like New York had a bigger markets people tend to rent longer but you get out more in the midwest and in areas like were more most of us here from and I do think homeownership. Starts earlier and it's not Nestle in the right thing for people because sometimes people think all I can afford the mortgage payment while I always in my and a on the apartment payment. I think a lot of people think I've just got to the point where. You rented for three years now I've stayed home I finally felt I was comfortable enough financially go to move on a mole like most people and kind of reached that point. And then you have been paying your rent for so long and and its like may have hurt her bucks more a month I can only were eyelid. Okay I'm glad you said that place leases 300 bucks more a month. Here's the problem it's not 300 dollars more month gives you know what you're gonna need curtains your needle lawnmower you're gonna wanna put up shelves in the garage in my Condo though I'm not that all else how else you're still getting heard is a you're gonna need a couch you're gonna need a new bedroom set. The problem is is people think about when they're when they're going from an apartment out they look at what the mortgage payment is made accident here's. There are thousands and thousands of other dollars that'll go and homeownership or town homeownership or Condo ownership they're kind of hidden. Yet is when you're an apartment you know like gonna spend a lot of money in his apartment is not even my apartment but when it become your house. To put its shelves there I'd like to put new car. Olson is not 300 dollars more month when he added evidence that been a thousand dollars more a month that the amortized over the course of the year. It's a get the point that I wanted to make in the scheme gets the debt backed debt him even though once that Morgan doesn't like. Very good if you guys even know you guys are 401K company it seems like there's as much as you guys are about managing your 401K and investing for the long term future. It is about eliminating all debt for real life to put yourself in the place to be able. Yet I'd rather I'd rather you be a client of blooms in five years. Instead are right now that's right for you. If you need to get your financial or you know your listeners financial house in order ending to pay off debts. And don't do anything with bloom for the next five years that's fine because when you come back to us in five years that I know your ready start really socking away money for the future. Here's the other thing and and I know we're talk a lot about this. Here's what debt does. Debt takes away your freedom. Debt takes away your freedom of choice if you 01 house if you own a car few long credit cards and student loans. You're likely to stay in a crappy job longer okay can you do is you need the income. Think about if you if you owed nothing to nobody in you were in a dead end job it would be a lot easier to say you know what screw it I'm out here. In go take a month or two off. Maybe trapped maybe travel somewhere if your head right and think about what you wanna do with terrestrial like that. And I'm so I say this BO watch my dad and grow I knew I was raised and house were my dad was in a job that he couldn't stand. But he at a house payment and car payments and three kids and he worked a job. His whole career that he never loved. People like payments make you feel like you aren't in debt because. I under I fully understand that I have credit card or not credit card and student loan payments I a 100% understated it comes out automatically every month I have figured my budget out where it doesn't bother me. The X amount of dollars every month that I papers due loans that's just that's life that's as part of what I have to do every month. So fully understanding that it's day it is now been worked into what I do want and every day. Every month basis but it doesn't feel like maybe more like more more goodies like some would be detainees that the next 67 years. And I'm stuck. Yeah here's what here let me give an example not your your on the number one show in town case but let's say let's say that you. I can't I I I don't wanna be here a talk show host like my pack let's say you said your passion was. A wanna be a social worker wanna be teacher became. And you're looking at your finances seem like OK I'm gonna take a pay cut to go be a teacher on the ticket pay cut to dubious social worker. The past were at my desk where your passion is that's where your heart is that's what you wanna do. But you looking your finances Munich why along student loan I want my car I bought this house. I can't afford. To go do what I love. I have to stay into this job that happens every single day millions of times a year in this country the people would love to be doing something. That they feel passionate about but they just can't because of these decisions the decision they made when they were eighteen. To go to an out of state private school that they're gonna spend the next 25 years pain student loans back. The all those fancy things they wanted to to furnish their new apartment with a B that TDs and all these things the car payment that they've got. All these things and boxed them in you guys are. I would say I'm against buying a car I would Salem against buying expensive cars if you can't afford it didn't tell us what if good meet him you were here in the midwest so we I mean it's hard to not have a government I mean. I mean it buying a car in terms of having a car payment and it gives different band you cry alone yeah I did you dedicate you got 7000 dollars. Cokie you would dependable Kia yes that's five guys that has been in the 27000. Right over for the next five years and a 300 bucks a month. That the that writing answers to not at a car payment so if you need to go by a five or six or 7000 dollar car that gets you from point a to point B that's the right answer now very few people. We'll have the discipline to do that those that will of the ones we'll have a different life forever that everybody else the other thing that I say when you're ready to buy a home. Do it on a fifteen year mortgage. In fact if you could script a lot of things in your life. But if the one decision you made with student fifteen year mortgage when when that time was right to buy a house purses a thirty year mortgage cutting only tundra. This time as did the proper time to buy houses. Eight you feel you love your job today he feel like you're gonna be in this area for awhile aren't you're kind of committed to live in this area. To you've gotten rid of the crappy gets the student loan debt to credit cards in the car payments came. You've got a couple months of reserve in your rat hole savings account so they can ask for job loss Casey got. Money to keep that the food coming in the utilities on things of that nature together the crappy gets gone he got a little bit of a safety cushion. And you've got enough money to make a down payment on the house today ally to give organist saying why can't afford. A fifteen year mortgage naymick that's more than thirty year payment would be. You can hand. If you buy less house there's the hard part there that's the part that trips people up is a look or find the house that they love. Okay the look at a fifteen year mortgage payment and a thirty year mortgage payment fifteen year mortgage payments a lot higher OK if they can't afford that payment. The go with the thirty year I'm saying what you should do is find a different house. Find a smaller house and get. I know I'm saying these things and very few people blacks keep them on the case but if they will the people of all this advice of the ones that will change their financial future for a. And I just just add to that lake. I can't think of me keep life here. Announcing an albino house app hardly anything saved to put down on the house and that's a big problem I mean you seem big short yes yes and that banning. It got us in a big mess now is the big banks as well or misleading people listen to a lot of different things by. You know people. Putting to sit 50000 dollars down house passing him in trouble. You're talking major Thomas have been Toms which does hurt Chris Costello from Blum is a financial group for anchor this bloom just blue marble bloom I thought into the guys from blooms talking about money talking about. Bees while their findings Ager let's start with you what are three common mistakes that you feel like when heels make when it comes the money. Want. I'm getting in the credit card down like we've been talking about that's huge mountain CU I think would be. Starting to invest when they don't fully understand. What that means. Investing should be. Some and you're doing for a long term goal. You can of course and last for shorter term goals but when people think that's the stock market and thinks. Too many people young people get started too early. Putting money into things and see the value drop because it's going to in the stock market wants off. A mandate they've they HI something else and they keep losing money and and focusing on things that should be folks. That. Three I think knotts not contributing to their floral detail. And thinking you know containing says so live in access outside of work. Without putting money towards retirement to get that that match from the employer. I think those that are those treating her sugar for those are. Yeah I do. You know I and I think I'm trying to think of some like really good takeaways and leave your listeners with and one of the reference points I'll put out there is is is to Google Dave Ramsey's baby steps that's what he calls them they are literally. The perfect playbook for how to get somebody go headed down the right course on the financially does need to be any more complicated than that. And keeping you know about the basis you have to Allman power there's things like number one. Giddiness savings established. Number to gain out of debt. Much would you put it. Percentage wise of what you make into your savings what say you make 40000 dollars a year is pick a safe number it's not much reflection what you're saying it's not a percentage of that you should instead take a look at regardless of whatever your income is take a look at what you need to. Tell it to to stay afloat each month came what do you what do you have to have what are things he can't live without would you spend on so flew the things like food. Utilities. Your rent payment and whatever other payment she may have a credit cards or minimum payments hosted laws of total those numbers up. K analysts say that's too grand a month. Multiply that by three to cover you for three months that's really should be the first goal is to get that the savings net established. And note that's an emergency reserve have been called it a rat hole account that's not for saving for a new TV. Knew I thought that's like a that's that's there for a job loss McCain. He lose your job unexpectedly because what you don't want to have happen. He is you lose your job. You have nothing in savings. You become desperate and he'd take the first crappy job offer. The year given if you have three months of savings and you lose your job guess what you can take three months to find. A better job again this is all that keep being the decisions in your court leverage not putting yourself in situations where you're gonna have to do things you don't want to. So Google Dave Ramsey's baby steps us through its people that are interested. Perfect playbook I think you get somebody headed on the right course financial and. 01 K management I was kind of intrigued by what you guys do it's a dollar a month and then if you have a as a less than 20000 dollars in your 401K you manage it how exactly do you guys many people's 401 case. Yes so so so there's there's other people there and you're listening to this that that are ready to be invests in their four K you know maybe it got out of debts and their further along in their careers of the cases they've got for a one k's already established right now. So the reason why blooms started off focusing on borrowing cases there's there's close to ninety million Americans today to have 41 today. I think that we can somehow like to an instant survey monkey to all ninety million people. And we asked them are you confident that you know what in the heck you're doing with your 401K. I think that that. That almost all of those 99 people would would say no one's a small percentage who say yeah I love this stuff like instead awash in the girls game at night. I get online and researched mutual funds have been there are people that their people out there that are like that. And so those people are today. And there's also a few probably you know maybe a couple million people that have got a boo Koo bucks and they are already working with a face to face advisors that's helping them. So what does that leave another 85 container so people out there that are likes struggling. To figure out these 40 gays and not just struggling like their screwed it up telling you right now there are tons of people that are screwing up their swirling today. And what I mean by that is they're not investing public. To the stuff do you think all the things that we've talked to me because embryo full circle. Just come from like overall lack of knowledge I feel like that so much of knowing how much to save every month knowing how much you need. To leave if you get fired from your job for that you need to protect yourself how much do you think is his overall lack of knowledge that I feel. Everybody wants to amass wealth to a certain degree I don't think people have the dreams of being rich but being comfortable being and provide yourself or multifamily. How much do you think that dream is just clouded by our own ignorance of how to save. What it is but it but it's not fair to even expect people to be knowledge it's like it's a giving analogy you know paint this picture. Let's say. You look like healthy guy but let's say you just got bad genes and you go to see the doctor and doctors and camps -- Italian you've got a really bad heart and or any eagle putts and stints then. Yeah I know you're young and whatnot and your like well you know okay it's as we need to do. In the doctor says we'll hang on a second. Before. We scheduled surgery I need to know how much she'd saved for retirement. You know what's weird question you know and you know I've done pretty good job at a higher grants to aid effort harm. The doctors like man. I'm sorry done again your ear off on the on the right track but you'll have enough money. To qualify. For me to do your surgery. But don't worry here's what I'm gonna do. Here's the latest journal of American medicine if you'll spend some time studying the open heart surgery and then if you use the scalpel right here. You can do your own open heart surgery K. Which at this is sounds ludicrous right out Curry's okay this is what we told people to do with their retirement savings. You don't have enough money to qualify to get in the door of the professional advisor but don't worry. There's enough tools online for you go study this yourself. That's not right either. There's a scalpel online that also to get him eight people Smart with their investments and so what needs to happen. Our companies like bloom that have figured out how to create technology. To deliver a service that used to have to be delivered. Face to face it's a little of people getting face to face for the millionaires but now technology can deliver the same type of service. To somebody just starting on just putting the first contribution in their 401K. That's the cool part about technology. I always feel too because I started having these things of prior like. End of last year early part of this year I was being with a financial likely to three times a week just I'm talking about financial goals and places I want it to be. Every single time to talk about the future. It weighs about you being sixty or 6527. Niger talking to me about time that I seen even that I don't know about you marry some I have three kid Illini you live in America might select that whole conversation was just so weird it's like I always try to focus it more short term yeah like I try to judge it based on like in points yeah thirty years old for me on the 27 I know it's coming pretty soon how can I prepare myself financially to be thirty years old I can ever prepare myself that but 31 is settled down going to have Al's morning to be eliminated from student loan debt elegant and happily but the conversation was always so difficult to have about that really short term. Because it was always so you to have this ready buyers 652. And a half times over the what I am now how can we have this conversation. Yeah I'm good I'm actually really glad you brought that up that's a challenge that I think that there were facing to the bloom is trying to get people. Is your right people what I almost hate even using the word retirement. Because that Watson for younger people this like almost create second negative. Emotional mental reaction to that really got Segway down the road going in thinks that for. And so I try we try and in in some ways put you in the framework of make financial decisions that the so that you're always in control okay. Because everybody's got different goals everybody's got different hopes you know some people liked your point. Maybe somebody's schools that by the next five years they wanna have a house in kids that has nothing to do with retirement. When we talked to people we trying to put in terms. These decisions are making with your money will have massive ramifications offer for many many years to come. But the let's find out you know what what are you trying to accomplish. You know right now and then how can we can technology stepped in and helping facilitate that. Because before this there was none of that there is not there is none. Mean he used to use he spoke to financial advisor. Most of your listeners are not gonna get I hate to say it they're not gonna be able to talk to a financial advisor. Because if if you're like I was that if you want to kind of become Gooden he had account minimums and I did even talked to people I'm not trying to it wasn't a jerk. I didn't talk to people let's get a million dollars and asked the better the financial advisor of more experience they get that's what happens. Nine Anaconda completely yes that's how mean she is you know these these firms that that's how they're successful and asked you know they can't making it talk to those people it's not it's not monetary momentarily beneficial basically how you guys make it seem like it seemed like it was set up to keep people poll war. I then what it is like if you're only gonna help the people that are really successful Smart with their body and help the people that are. How other people that are Smart with their money to have through and it out of the ever graduate to become one of you out of the ever get the club and that's the problem I think and that's that's lower hoping to solve I think by a by trying to reach those people traditionally have been ignored and by the industry. And that's something our word on to something. The big thing we try to do as we can make finance the simple. Most common most people would say the reason why this is frustrating or is why don't think about it the reason why don't prioritize this is because it's it's complicated. To to to your point that we kicked off the show way if you're like why don't they teach people list well they're not gonna teach people this is going to continue to be. Hard and complicated to some extent and so we think the best service that we can do is kind demystify finances of and if blooms entire goal. For the rest of are standing as a company. If the only thing we are able to do is to make investing in finances and money simpler for our clients I think we've got. Tons of opportunity ahead of us we can figure out. Two final things here talking to Chris gust because fellow Andrew Thomas from bloom financial on the stick to sports podcast. Leaf people. With one overarching message that you wanted them to get from this the kind of summarize it. And then that tell people what blue middle Marta. Now all also that first partly due in part. Repeated again. Whenever you make. I don't care. What it is figure out how to spend less. Then you make. If you make forty grand you only spend 35 if you make a hundred grand you only spend ninety. Find a way to consistently throughout your life spend less than you make. Use that money that your not spending. To pay down debt. When the debt is gone start throwing it in for savings retirement whatever the case. Yeah and I say anybody out there listening you know has has a four on K count. Check this out live with three as we near free analysis for on today. And just to show you week we use a flower to demonstrate the health records aside and I make things very simple and easy to understand and that's really or trying to do. Doesn't a bunch emails took about assigned to ignore. Well I didn't finish the process like something happened I didn't finish it big city know like every two days you guys are like very persisted on getting people to do as I got a lot of respect for that. It that she knows the town has its irreverent it's funny is humorous scene outside Wall Street jar again. I think dealing unique thing about blunders that we we do you communicate to people as human beings. And an handers right if these people listening it'll just take four minutes that's that's the time it takes to go to blooms website. He can get a free analysis done in four minutes on the health of your 401K and then you can decide whether or not is worth an ass to take over management for him. That was Chris Costello Andrew Thomas from bloom financial. Thanks a lot for coming in May really appreciated this was this a the sport bike as we out.