I like the song like this but why did you -- somebody glasses will -- that we're back. I'm mark he's -- that's a new language were speaking by the way that it just. The language of the love for our our listening friends small business owners let's keep -- small business owners and and all of you well it's OK so number one was. Comic got to make sure that you understand you got to put a roof over your head understand that the true. Value of having a financial plan as as it relates to go to investment in real estate. On the also is he's got to be thinking how -- gonna pay for college put down the number you believe you're gonna have to get. Get that money that tie between ninth and start saving now this is some applies to all of us. Number three is sound but in my game -- retirement what's the goal folks -- wanna be when you plan to retire which a goal with your business. There's a -- also -- it's -- it's amazing how many business owners. If not if it's not identified. A succession plan for their business what happens if something happens to them is there are -- and a good thing and passed this company until they don't have that. Any of the proper paperwork in place to get this done and they haven't considered the end game as it relates to what what the financial. Goal is of running this business is it just. Making enough to make ends meet for X period of time is it what is the goal of the business to sell one they do and pass on your kids. Would you wanna do if you don't have a written business plan that pound hacking and no inability. And -- last is a big -- also we tell all of you folks it's what Craig. Cover that and say it's got to cover those -- that there are your asses you got a business she got so many more reasons to make one half the business structure treachery. -- -- Correct I make the words correct tree. The in you know whether it's in meet with a financial advisor and a CPA. To determine what is the most tax efficient way based on how you do your business. To set it up. Folks it is not easy to to navigate to all the paperwork it -- state levels. -- in the federal liberal level to two to have your business and haven't in a client fashion they don't make it easy is tough enough to get business. Trust me it's even tougher. To make sure that your paying all the appropriate parties and following all the appropriate paperwork they you need to to employee other. People so make sure that you have all of your house in order relates to the senate agribusiness. I'm as it relates to on the the entrance pieces of your personal and of your business to have the proper insurance on your business. Furthermore you know that if something happens in your business something it's. Do you have this business structured in a fashion that they can't sue you personally. So make sure you get your personal assets covered but don't assume look at your personal assets -- covered and he got your homeowner's insurance and all that stuff. That you do not have to have the theory saying and and then some protections for your business. Roger that any -- that you are you are correct -- Another piece obvious -- Life insurance we talk about that matter if you own a business or not folks. Understand you've got people that you need to care for and you got debts that you need to pay if your income is gone. How those -- gonna get paid what's what is going to be your legacy. So make sure you get the proper amount of life insurance on and and he got it structured in a faction that is conveyed. To those people as it needs to be conveyed them so -- you -- -- legacy is not one of us sorrow and confusion if okay. I'm speaking of stayed ahead of the game regular talk about what. The 41 K average -- -- illusions about about some of the opportunities they may have so what's. So if we assuming that once someone starts the -- twenty to get those kids to started young age and they put in. Matt we'll say 8000 dollars the first year you can do the folks you can put an 8000 dollars and doubt we'll see each year after that they put in the last 175 and continued to -- that until the 65. They would have on the low -- seven or 43000 dollars that would assume that no growth but again that income was not taxed. I'm so you you would you would take it out at whatever your taxable rate is at that time. And that's off following K works and so he'd have summer retreat -- now if you had a rate of return and -- and we'll see an average round. 7%. That they're gonna have read half million. So big difference that's called accumulating interest compounding interest and debt that's three and a half million dollars is your opportunity. If they start saving now. Not a huge amount if you adjust for inflation that 175 and in twenty years is gonna be small percentage of their overall salary. So folks getting started now waiting until you're thirty or 35 or forty. Don't give up you gotta start somewhere. You can get those college age kids just getting out of that just get that degree that you possibly paid for to star put aside a big chunk of their check. -- -- -- on their 401K it's a tremendous amount that they made me they may have at retirement age. -- wanna talk about estimated existing averaged four point eight ounces as of march as it just a year ago. For gen Y folks it's ages 22 to 34 right now they have an average average amount to 165 GNX average amount they -- is 63. I'm overall the average amount as of gene and assures a 101 grand baby boomers a 127 grand that's ages fifty to 67 and all 55 and over. I'm have a 150 grand folks if you're 55 years -- 150 grand enough for you to live off of and supplement your retirement if you live and ID if you -- the average age which would put you know the thirty years. Of course -- -- and -- not even close your phone so the average person is way -- behind it the eight ball what are the solutions well. As we said start saving early and often. It's never too late to cut your budget. But if you wait too long your opportunity to really -- have meaningful savings. While you run out of time. We can't save a whole lot of money and benefit from compounding interest if you start saving when you're 65. But you know there's no time like the President -- are now on number two is remind yourself that nobody will save you what if you're a baby boomer. You probably are benefiting from going to benefit from a Social Security benefits you -- to receive those on or continue to begin and you continue to your -- wire gen X. Person. I'm here to tell you you may not yet. That's. That's obscurity benefit and if you do it's probably not gonna be sufficient to help you make ends meet. Correct correct that music means that at press time pressing break we come back we're going to live TV a couple of a couple I. Action items for your retirement plan -- -- Our friends we are back to life as you own it. Was not our own statistics that they are in it it should shock if you people and action. Yeah we've we talk what the college situation a lot gets at that's epidemic level on the right it's it's equivalent now mortgage debt practically -- And we wanna get people on the right track going poorly here they show they take appropriate action can reverse the trend they've been on the track they've been on the can turn it around. What -- wrap up with -- the second because we gonna talk about the put that car before the house that point will locate -- quickly smothers stats here that are a little bit so reduce more than 38 million working age households almost 45%. Of the fortunate where it needs households. Do not own any retirement now account assets none. Zero assume we gave that balance that 55 and older average balance think about it folks that's. The high -- that people may have tens of millions the small percent tens of million dollars in retirement accounts. And those that have literally nothing 45%. Of working age households. Have zero and the retirement account. That's. It has just bitterly disappointing him probably not how many -- -- don't know that probably what I. I -- -- regardless where they are they think I need more money in my retirement account we'll hear some of the solutions are begin one is start saving early and start spinning off and it's never too late start saving. On number two is remind yourself that nobody will say for you with the retirement age for withdraw. Is not listed or so security tax is not racecar at Social Security can only pay about 72%. A scheduled benefits starting in 2035. Through 2087. Folks as least as we just said a few minutes ago. Com if your baby boomer I'm sorry you're probably gonna get your full benefits. If you're Jim Dwyer -- you're probably not gonna get you're definitely your full benefits and the chance of you getting benefits at all is in jeopardy. I'm number three ask yourself whether you really want to work forever at the bottom line is. If you don't have enough money in retirement plan to retire. And so security is not gonna give -- enough money to live off of what he had to do. Well you're gonna continue to work on so what if you don't wanna work. And do the math on it do go to the retirement calculators do the math and I've got some resources that will give just a minute on number four Craig what is it. Number four is turned the page are ready are you tell me -- -- develop alternative income streams because withdrawing. From your retirement funds and collecting Social Security think about in its besides with drunken. Think about developing other income streams to sport like south such as building a CD latter or investing in peer to peer lending just to name a few on there are options for in another is do we talk about the -- is is real estate investing in the you'll see some of the the savvy sophisticated that speed diversify your investments. -- understand them. Work with a financial advisor number five -- -- is a state. On top of your finances folks more contract your finances that are going to be able to grow your network so. Pay attention it's so it's the stuff we talk but the fundamentals we talked what all the time of the show -- the budget and exactly how much money spinning. -- much when he having your accounts we have to invest we have keep things moving in the right direction stay on top of that stuff folks. All right music Craig should -- and that's the day before. Locations there they should. -- we've got Helen and Nash is. Tennessee. -- really like to show -- we really love you my daughter settled podcast for me and I listened to all of them. I'm retired with a fixed income and very little wiggle room I own a home that has paid off. But the maintenance and upkeep not to mention the taxes and insurance are still making my budget to tie my question is would you advise selling and renting a home for doing reverse mortgage. I think I could sell my home for about 225000. And that money would go a long way toward making life easier. To meet a reverse mortgages like selling my home back to the bank but slowly rather than all that wants. -- like which she puts that please share your thoughts. -- Helen -- there's some material I would like -- so very much I'm gonna say. Go with as it pertains to the selling of the home as opposed to stay. Here's the thing. She needs to say that someone who can really go over the benefits and features a reverse mortgage -- completely understanding compared side by side with what her strategy would be with the money. After she sold -- Obviously she probably find a maintenance provided placed her rent hopefully simply she was happy closed her family center. But you have to have a strategy for both ways if you do reverse -- here on the money as it comes in what are your long term strategy to get you through the rest of your life if you sell the home. In new -- you gotta look at catch you your expense base for the rent plus the other accidents you may have. You have to decide looked at 220 guys gonna do for you we're gonna park it was gonna earned. You need to have it a strategy for both -- compare him side by side that's the only way you know the answer this question yet so -- I would agree is that go through. Go to the Syrian deal with a trusted advisor your family your friends and ideally financial advisor also -- wanna beat. What is the lifestyle I mean you've got equity in the home that's awesome yet 225000 dollars in essence and our retirement account. You can sell that home in its entirety and you can take the full game you'll pay no taxes on it so -- you understand it. Arm if your lifestyle. On is going to be enhanced by having a stream of income up from your home and go through the obvious he'll go through the the counseling on a reverse mortgage understand whatever you -- -- understand is this a band aid. Which you need one right now it doesn't Selig just yet or is it going to be a great long term strategy so do you that you're gonna end up in a great place. All right hey I'm -- mention -- I've got some got a couple tips for our listeners some resources they can do to -- Vital personal financial planning tools you know we go to Bankrate will will check data there you can check. Interest rates. Offers for mortgages offers for. I'm offers for credit cards and bank savings rates all kinds of information that's a great resource. I'm just know that those are average at many of those are -- advertisers and there's data and there's national averages. Understand that -- deal that he did guideline but your deal is your deal also meant dot com love it. Great resource to get free online personal keep your your personal finances keep your budget on track. I'm Lauren best dot com that's another one of my faith that I may not recommended people lately on those -- on the kind of financial planning tools. And then now when we come back -- give you a couple of college savings and retirement planning tools that are free for teach you to use stay tuned like he's known it.