Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000045
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00:01 On Take It To The Bank,
00:02 you'll find ways to, get out of debt... 00:09 solve your credit card problems, 00:14 how to make and stick with the budget, 00:19 simple ways to save, 00:24 buying or selling a home and many more financial matters 00:29 on Take It To The Bank. 00:30 Hi, my name is Cordell Thomas 00:32 and welcome to Take It To The Bank. 00:34 Today, we're talking about something quite interesting. 00:36 I think you'll find it quite interesting as well; 00:38 we're going to have some other expert opinions 00:40 in reference to investing and these type of issues. 00:44 Discussion about long term investing, 00:46 and why that's so important. 00:48 You know, as we talk about investing, I really like 00:51 some of the things that are out there, 00:54 there are a lot of products that we can talk about, 00:56 product and the services that give us the benefit 00:59 of putting more and more money aside. 01:02 If you are able to plan accordingly, long term, 01:06 you can better your long-term opportunities 01:10 in reference to your retirement, 01:13 in reference to emergency savings type of things. 01:16 Liquidity items become a concern, 01:18 meaning your access to actual funds. 01:20 And, what's interesting as you take a look at 01:22 different successful individuals, 01:24 and how they set up their budgets, 01:25 you can see that they do have 01:27 a third of what their net value, net-- 01:31 net worth in reference to liquid assets, 01:33 so things that they can get access to relatively quickly 01:36 whether or not it'll be in the form of a CD. 01:39 What's this CD is actually a promise 01:41 between you and the bank 01:43 for them to give you an increased interest rate, 01:44 if they can have your funds tied up 01:46 for a certain amount of time, 01:48 whether or not it'd be in the form 01:49 of individual retirement account 01:51 which you have to hold on to 01:53 and invest in for the course of several years 01:56 and you can't touch those accounts 01:58 because you will be penalized for it. 02:00 So, it's essential that you understand, 02:02 that there are benefits to investing, 02:04 there are benefits to planning long term 02:08 and if you are able to take the first step 02:11 and begin to assess your current situation 02:13 and understand that, 02:15 okay, right now, I might be spending what I'm making, 02:18 if I make the right changes, the right-- 02:20 right adjustments in my budget, 02:22 I can have a better opportunity to find additional funds, 02:26 if I can substitute and cut back in certain areas. 02:29 Because, I don't need a landline, 02:30 a cell phone and a technology voice over IP line. 02:34 There are several things that you can do, 02:37 and just put additional funds aside 02:40 and give it back 02:41 in reference to tithe as well as on offerings 02:44 as well as putting money into emergency accounts 02:48 and buying the assets 02:50 that you would need from a long-term perspective. 02:52 There are a lots of things you can do. 02:54 And as we talk about these things 02:55 there may be terms that you may have a concern with, 02:57 we'll try to break them down, 02:59 we'll try to make them as simple for you 03:00 to understand as possible, but the main issue here 03:03 is long-term versus short-term, less accessibility to it, 03:08 but benefits from the long, long-term perspective 03:12 and then of course we can't get access to those funds 03:16 and that's okay, because they're building long term 03:19 to give you some type of return on that investment long-term. 03:24 Some of the things that are kind of interesting 03:26 is when you talk to young people 03:28 about these issues there, 03:30 you get this, "MEGO", type of thing, it's what is MEGO? 03:32 MEGO's, My Eyes Glaze Over. What does that actually mean? 03:36 You know, I've heard it, done that, you know, 03:38 I'm not interested in it because it's far beyond 03:41 what I'm even going to think of right now. 03:43 We always think about the now. 03:46 We're not worried about next year, 03:48 or 20 years from now, much less retirement 03:51 and as a 15 or 18 or 22 year old, 03:54 you find those are the major challenges. 03:56 But, we're finding a certain level of success 03:58 as we develop these conversations 04:00 with these young people 04:01 and when you are able to challenge them. 04:04 And of course the three elements 04:05 to the success of this program is, 04:07 we get them to see, we get them the visual, 04:09 for the visual learners, 04:10 we get them to hear for those auditory learners. 04:12 And we also mandate that they engage in conversation. 04:16 So some of the topics we will share with them, 04:18 they begin to discuss and provide their insight. 04:21 And, we try to make sure there's no real wrong answers, 04:23 we try to ensure that we straighten out 04:25 misconceptions 04:27 and we find that, based on that sharing, 04:29 people retain information long, a lot long after 04:34 that most people will forget in these type of conversations. 04:37 We try to make an exciting process, 04:40 because they put it into practice. 04:41 And one of the first things we do 04:43 is go through the budgeting cycle. 04:45 So, when they fill out a budget form, 04:47 regardless of if we have income 04:49 of 1,500 or 2,000 dollars a month, 04:52 or upwards of 7,500 dollars a month, 04:55 you get a perspective 04:57 of what you have coming in and going out. 04:59 One of the big and most important things is this, 05:04 you cannot begin planning long term 05:06 if you haven't planned for the now. 05:08 If you don't know where you're at, 05:10 you'll have no clue of where you're going. 05:12 Many people who start paying into insurance 05:15 or investments cannot do it long-term, 05:18 because they don't have their basic budget taken care of. 05:22 And so when you don't have that basic taken care of, 05:24 you'll find that when things have to go away, 05:28 because you have to take care of the basic, 05:31 essential necessities of life that the things that go 05:35 are those that you give up relatively easily 05:38 like the insurance and the long-term investments 05:40 in the savings projects. 05:42 So I would say, let's think for now, 05:45 by planning your budget, 05:48 planning how you're gonna make your expenses, 05:50 planning how you're going to do things. 05:52 And when you have an idea 05:53 of how much money you can actually save 05:55 by cutting back in certain areas, 05:57 then you have a better opportunity 06:01 to move forward with this thing called long-term investing. 06:07 Okay, so what are we going to talk about first? 06:13 There are many type of free programs 06:17 that are available to you. 06:19 And we had an opportunity 06:21 to speak to Mr. Joshua Hernandez 06:24 about these type of elements and I'd like to share with you, 06:29 this specific conversation. 06:33 When we go on and do some of these 06:35 critical think seminars around the area that we do, 06:39 specifically in Southern California, 06:40 one of the things that interest people 06:42 is a free money kind of a thing. 06:44 They think there's nothing free in life 06:46 and which is true. 06:47 There's a cost to everything. 06:49 But when we look at how you can make investments 06:53 for your future, I thought it would be appropriate 06:55 to discuss that with someone that knows about investments. 06:59 Joshua has been a resource for us, 07:01 and I'm going to ask you to start with some concepts 07:04 that young people should-- 07:07 should understand, in reference to how money works 07:10 and how they can use that time that they have to develop well. 07:16 Absolutely, you know the-- 07:19 in terms of big picture investing, 07:21 you know, you could-- 07:23 you could make money, you could lose some money 07:25 just depending on the stock market, 07:26 but you can always make some money back. 07:29 What you can't make back in life 07:30 is you can't make back your time. 07:32 That's one thing that's very, very important. 07:34 As a young professional, as a young person, 07:37 often we don't think about that. 07:40 We believe that we have plenty of years left to, 07:43 to do what we think we'd like to do. 07:47 And next thing you know, you start talking to people 07:49 like your parents 07:50 and they start telling you, "You know what? 07:52 We've got to hurry up and do some stuff." 07:54 And they end up having to do extra 07:56 to make up for what they've lost. 07:59 So starting young is just a significant idea 08:03 and one of the misconceptions of investing money 08:05 or saving the money, period, 08:07 is that you need a lot of money to save 08:09 and you don't need a lot of money to save. 08:11 You can start saving 08:12 with as much as you're comfortable with. 08:13 That could be $25 a month, 08:15 that could be a $100 a month, $500 a month. 08:17 It's just really within your budget, 08:19 that's the first idea, it's, start with what you can save. 08:23 So savings is a key issue, 08:26 learning about savings is a key issue. 08:28 So as we talk about these specific scenarios 08:32 and we'll talk to the parents and kids alike. 08:34 Young people, 08:35 you're probably going to copy your parents' behavior. 08:39 And one of the things I will chat with you about is, 08:41 if they spend or if you spend what you make. 08:45 Then you're probably in a difficult situation, 08:48 living paycheck to paycheck, which is a very common thing 08:51 when you're looking at urban markets 08:53 and that type of thing. 08:54 So, I'd ask you to change that. 08:57 We want to change our mindset about how money actually works. 09:01 And we're going to talk about things 09:02 like rule of 72, you know, compound interest 09:05 and how that value can be of value to you long-term. 09:13 Very interesting conversations about funds 09:15 and how money actually works, and we get the perspective. 09:18 The first thing I would do 09:19 in response to the conversation we just had 09:21 is make this statement that, 09:23 when you look for expert information, 09:25 don't go to somebody that you know. 09:27 For example, we've always asked the question about, 09:29 who you go for? 09:31 Who do you go to for financial advice? 09:33 And many people will say, "I go to my parents," 09:35 "I go to my mom," "I go to my friends." 09:38 I would tend to think 09:39 that unless those friends are wealthy individuals 09:42 who work with money or have an expertise in that area, 09:45 it may be more beneficial to get expert advice 09:48 from a financial individual as supposed to, 09:51 you know, getting financial information 09:53 from someone that is a bricklayer. 09:55 It's meaningful to you 09:59 because you'll get the right information, 10:01 and you'll get the right type of advice. 10:03 There are many of them out there 10:05 but one of the things I think is important is to question. 10:09 Always question, always do your research, 10:11 ask friends and family, 10:13 ask referrals to that specific individual 10:16 because a lot of people out there 10:18 say they know what they're doing 10:19 but may not necessarily have the knowledge 10:22 to take care of you. 10:24 Additionally, I would also ask you 10:26 to take it upon yourself 10:28 to pray about these type of investments 10:31 and these type of things that you can do to benefit others. 10:34 Whatever thing you're getting into 10:35 from a philanthropic perspective 10:37 and how you're ever going to use that money, 10:40 I would ask you to take that time, 10:42 take a step back, be pensive, 10:45 and, and, and go to your closet and pray about it, 10:49 because if you are not sure of what to do, 10:52 it'd be best to have the guidance of God 10:54 and then again, it's also about wisdom. 10:57 It's all about asking of us to, to help us to number our days. 11:01 And as we think of this thing called time 11:04 and the valuation there of, that we now have, 11:08 we can use it to the benefit of getting access to funds 11:12 that can be compounded through interest 11:15 and can get us a benefit of a return. 11:18 So those are the key issues 11:20 that I'd like to talk to you about 11:21 and to advise you about, in reference to investing. 11:26 I'm not in this situation, I'll just put the caveat 11:28 and then I'm not going to tell you what to do. 11:30 I don't intend to provide you specifics 11:33 about where to go 11:35 and how to play the stock market, 11:36 because that's not what I'm here to do. 11:38 My intention here is to provide you 11:42 with the context 11:44 of what the Bible is telling us about investing in the future, 11:47 investing in God, investing in the kingdom. 11:50 That's what they do here at 3ABN. 11:53 That's the overall intent of what we try to tell others 11:59 in reference to this Gospel of Christ. 12:03 Is it about wealth? 12:04 Is it about how much money you make? 12:06 No, has nothing to do with that. 12:08 All it has is to do with is, 12:12 how you utilize those funds. 12:16 The primary issue that most people forget about is, 12:21 the objective of planning. 12:23 To take into consideration where I am currently 12:28 and trying to decide where I am going to go. 12:32 You know, many of the smart phones 12:33 have these location services or GPS services 12:36 where I can punch in where I'm going 12:39 and it will get you to a specific location, 12:41 but it always asks for your current location 12:44 and if you don't know where you're at, 12:46 then how can it tell you 12:48 how to get to where you're going? 12:49 That's the key concept here. 12:51 To know where you're at now is a full benefit. 12:55 So you'll know where your money is going, 12:57 you'll know what type of adjustments 12:58 you'll have to make, 12:59 you'll know where you'll have to cut back in certain areas 13:01 because it is essential for you to know that, 13:05 so you can make future plans. 13:07 I knew of this individual back in, 13:10 well, back in a cold weather state, 13:12 we're in a cold weather state, in a location 13:15 that we won't necessarily have to make available to you. 13:18 But what she used to do was, during the winter time 13:21 when she knew she would have additional expenses 13:24 with reference to heat and that of her house, 13:27 what she chose to do is, 13:28 she would shut down certain rooms 13:30 she knew weren't being utilized. 13:32 And the savings that she had from that, 13:34 she took that and put it towards some use 13:38 in giving to a nonprofit organization 13:41 that did outreach in specific communities. 13:44 That's wisdom, that's understanding 13:47 who you are and how you can best utilize the resources 13:50 that Christ has given you. 13:52 Whatever stage you are at, 13:54 if you're living in an Inner city, 13:55 an urban area, a rural area, it doesn't matter who you are. 13:59 What matters is that you know what your-- 14:03 what your capacity is, first of all to save 14:07 and secondarily your capacity to give back. 14:10 Because remember this, 14:12 the happiest people in the world 14:14 are those that give. 14:16 So then we began the process of talking more 14:18 so about the different forms of free money 14:21 that's available. 14:23 And I was able to ask Mr. Joshua Hernandez 14:26 about that specific item. 14:28 So the conversation was interesting 14:30 and I'd like you to see some of it here and now. 14:34 One of the things we talk about, 14:35 and one thing is the allure that we get 14:37 when we're inviting people to a critical think seminar, 14:40 is that there are these programs that, 14:43 if you want to get into the habit of saving money 14:47 there these programs, that you can apply to 14:49 that if you save money for specific items 14:52 like college tuition, a car, college, 14:55 a small business, 14:57 that your money will be matched two-to-one, 14:59 three-to-one, even four-to-one in certain locations. 15:02 So that, $1,000 you save could actually be $5,000 in the end, 15:05 that will be written towards your tuition 15:07 or a car that you'd like to buy. 15:09 That's free money. 15:10 And if you understand how that works then why not? 15:14 The same thing with an IRA 15:17 and same thing with these different type of tools 15:20 that people can learn to use to get wealth. 15:23 So how would you advise someone 15:25 or a parent about these specific type of tools 15:27 that they can get their kids involved in. 15:29 Yeah, there are some basic tools that a parent has, 15:32 you have a young child and getting started 15:35 would be very valuable for their college tuition, 15:38 if you're thinking about college tuition, 15:41 some of the most common savings programs for children 15:44 are Coverdell Programs and 529 plans. 15:48 Explain a Coverdell program. 15:50 So a Coverdell Program and a 529 are pretty similar 15:54 where a parent can invest money into an account for the child 16:00 and it's tied to stocks and bonds 16:02 and so as the value of those, 16:04 you know, fluctuate and potentially move up 16:06 and so will the value of the money you're investing. 16:09 The benefit of that is one that could be 16:11 that the money invested into that plan 16:13 could be a tax deduction for the parent. 16:17 The other benefit is that, it grows, tax defers. 16:20 So as that grows in value, there's no taxes on the growth. 16:24 And the third benefit and another benefit is, 16:26 when it's time to use that money for college education, 16:29 as long as it's used for college education, 16:32 there's no taxes on the growth of that money 16:34 and the money that you put in there. 16:36 So it's tax deferred and it's tax advantage 16:38 when you're using it for college expenses 16:40 and education. 16:42 Now if you use it for anything other than that, 16:44 then there are taxes and penalties that can be incurred. 16:47 And so it's specific to the appropriate use. 16:51 It is specific to the appropriate use 16:52 for college education, definitely. 16:55 There's another program out there 16:57 called UTMAs and UGMAs. 17:00 And an UTMA is a Uniform Transfers to Minors Act 17:05 and it's not necessarily for education, 17:08 it's utilized as a savings account 17:10 for a child for gift giving. 17:13 So you might have a grandparent 17:15 that has a significant amount of income 17:18 or savings and they're being taxed 17:19 or they might have some estate planning taxes issues going on. 17:24 And so they can donate 17:25 a large amount of that money into a plan. 17:28 They can donate up to $26,000 into a plan for a child. 17:32 Really? Yeah. 17:34 So that could be used for the child 17:35 and the thing about that-- 17:36 I didn't know that, just to say, that's fantastic. 17:39 Great, yeah and so 17:42 one of the things you want to consider also is, 17:44 who's going to own that account. 17:46 So while the child is of age-- 17:48 under age it's, you know, the custodian 17:51 or the parent has control. 17:52 But as soon as that child becomes 18 or 21, 17:54 depending on the state you're in, 17:56 then that account needs to go to the child 17:57 and they can do as they wish with it. 18:00 Now another thing, important thing about that one, 18:01 which is different than the 529 and Coverdell is the gains, 18:07 there can be taxed gains on that account. 18:11 So you've got to keep that in mind. 18:13 So every year the account value grows, 18:15 a part of that could be taxed. 18:17 Which with Coverdells and 529s 18:19 they're not, those are tax deferred, 18:21 the UTMA or UGMA is not tax deferred. 18:26 So UGMA is also-- 18:27 the child controls it later on. 18:29 And that might be good or bad 18:31 depending on the responsibility of the child. 18:33 Coverdells and 529s, the owner, the custodian, 18:37 the parent always has control over it. 18:43 And so we talked about a variety of things, 18:46 UTMAs and UGMAs and 529 programs 18:50 and many different things that can help you. 18:52 Coverdell Programs 18:54 that go towards educational purposes. 18:56 The fact that your grandparents, 18:58 if they have additional income, 19:00 which of course octogenarians have a lot of Excess Income 19:03 that we know of and of course our baby boomers 19:06 have approximately 500, 400 to 500 billion dollars worth 19:09 of buying power in this country. 19:12 That's a substantive amount 19:13 and if you know how to use that money, 19:14 if you know where the gifts can come from 19:18 to help support your educational needs, 19:20 specific concerns about your personal needs 19:22 or long-term investments and know who owns them, 19:26 that's a real matter of interest, 19:29 should be of interest to you 19:30 because it will help defer some of those college costs 19:32 in the future 19:33 if you plan in accordance to what your objectives are. 19:37 Again, 19:38 again one of the big things to planning is, 19:40 knowing where you're headed. 19:42 If you don't know where you're going, 19:43 you can never get there. 19:45 And that is the biggest issue 19:46 we find with people who are not planning for retirement, 19:50 who are not planning for, 19:51 of course, the issue called college for the young people. 19:54 And there are many other things that come into play. 19:57 I am very enthusiastic about this opportunity 20:00 to talk to you about where that money can be found 20:04 and how you can best utilize those funds. 20:07 But the biggest item is to talk to you about 20:09 the time valuation of money. 20:12 If you have the time, 20:13 you can have small amounts of money put away 20:16 on a monthly basis 20:18 that can accumulate based on the rule of 72. 20:21 There are so many different things 20:23 that can happen in your life for the benefit of others 20:27 if you plan accordingly. 20:28 And that's one of the big issues 20:30 in reference to investing. 20:32 So understand the big picture. 20:34 Investing is a big picture item, 20:36 nowhere to go, nowhere to get the right advice. 20:39 It's not about looking at current events, 20:41 and looking at magazine articles, 20:43 and seeing what other people are doing that matters. 20:45 What matters is, not to take the wrong approach 20:49 but to talk to the experts, 20:51 to talk to those that value much to you 20:53 and talk to your family and develop a plan. 20:56 That plan starts with what? Yes, it starts with a budget. 21:01 Sit down and do one, 21:02 take a look at how much you're spending. 21:04 It will surprise you if you don't have one right now 21:07 and then try to cut back, substitute 21:10 and figure out how you can save a little bit. 21:14 Start out with a little bit and grow it to a lot more. 21:17 And then you're going to find a lot of sense-- 21:18 big sense of peace. 21:20 You'll find that you're happier. 21:22 And you'll find that you're doing more 21:25 when you're giving to others rather than going out 21:29 and buying things for yourself. 21:30 Now there was a third part of our conversation that our-- 21:35 that is very important for you to be aware of, 21:37 which has to do with taxes 21:39 and long-term advantages of investing. 21:42 We had a chance to talk through this specific issue. 21:45 And I would like to bring Mr. Joshua Hernandez back 21:49 in reference to this specific area of questioning. 21:53 What is it with taxes? 21:54 And what are the long-term advantages? 21:57 Here's what was said. 21:58 Taxes are real. 22:00 They are. In any type of scenario. 22:02 We find that many people get in trouble 22:04 because they don't realize that taxes are a major issue. 22:08 We hear of certain movie personalities 22:12 that are caught up with their banks being locked up 22:14 because IRS has seized their accounts, 22:15 because they have failed to pay back taxes. 22:18 Taxes are a relevant issue so if you have a small account, 22:21 if you plan to take out one of these investments early 22:25 if you are in an IRA, 22:26 you're going to have some tax penalties 22:28 that you need to handle with the IRS. 22:31 So the major issues in reference to taxes. 22:34 Definitely. 22:36 Give us the possibilities for a young person 22:41 signing up for an IRA and saving. 22:45 Say he chooses to retire at 59 and a half 22:48 or goes to 70 and a half. 22:50 What are the benefits for him? 22:51 Definitely, I'll give you some examples. 22:54 So this is kind of moving on over, now, 22:55 to not a parent investing for their child, 22:58 but let's focus on the-- 23:00 someone that's maybe 16, 17, 18 or in college education, 23:05 you know, what's the benefit? 23:07 Roth IRA's can be a good plan for them 23:09 to invest in and you do have to have some kind of income 23:13 in order to invest in Roth IRA 23:14 and some of the benefits in terms of taxes is, 23:16 as you invest money in a Roth IRA, 23:18 the growth is tax deferred and when you pull money out 23:21 after 59 and a half, it's tax advantage, 23:23 they don't charge you any taxes at all on that. 23:26 So I've got a sheet, maybe you could show them later, 23:30 it's, The High Cost of Waiting. 23:32 Okay. 23:33 And in this sheet it says, 23:34 if your goal in retirement was to have a million dollars 23:38 and let's say you're investing in an account 23:40 that was providing you an eight percent rate of return 23:42 and throughout the time it's tax deferred, 23:44 so there's no tax happening as it's growing. 23:47 If you've got 40 years to retirement, 23:49 so you're 20 now and you can retire at 60, 23:52 you only have to save about $286 a month to get there. 23:55 Now not everyone has $286 a month to save, 23:58 but I'm using that number to get to that million dollars, 24:00 eight percent, $286 a month. 24:03 If you waited another ten years 24:06 and you started saving now, you've 30 years to retirement. 24:09 You've got to almost, you know, actually more than double that. 24:11 You've got to save about $670 a month 24:15 to get to that same goal. 24:16 And if you wait until you're, you know, 24:19 you're 40 years old, 20 years to retirement 24:22 and you want to hit that number, 24:23 you've got to invest about $1,600 a month to get there. 24:26 So would you rather save $600 a month 24:30 or would you rather save $286 a month 24:32 to get to that same goal. 24:34 Starting, starting young makes a big difference. 24:37 Time is money. 24:40 If you waste that time, 24:41 you're wasting the opportunity for lots of funds 24:44 that could go to you. 24:46 Million dollars is a lot of money. 24:48 They say that 24:49 there are approximately 3.07 million millionaires 24:53 in the United States, the place of-- 24:55 land of opportunity. 24:56 One of the key issues that most of us don't realize 24:59 is this opportunity can get away from us 25:02 if we don't think critically about our time 25:05 and the way we use our time and the way we save our funds. 25:11 And then you have the United States as said, 25:14 "A land of opportunity." 25:16 We have great opportunities here 25:17 and you know what's really exciting? 25:21 When I can look into your eyes and see the response. 25:26 That really gets me 25:27 because as we talk to a lot of young people, 25:29 it's quite exciting to see their eyes light up 25:32 and say, "I didn't know this was possible," 25:34 "I didn't know I could do this," 25:35 and you begin to see in their eyes, 25:38 future millionaires. 25:39 Future wealthy people and I use the word millionaire 25:42 and wealthy person interchangeably, why? 25:46 Because they are now understanding 25:48 the value of what a dollar is about 25:51 and the importance that now, 25:53 they at age 18 or age 20 or age 22, 25:56 have a great opportunity to gain wealth. 26:00 And if you'd speak about it in the right ways, 26:02 which we try to do, 26:04 and share with them the importance of tithing, 26:06 the importance of giving back, the importance of understanding 26:11 what happy people are all about. 26:13 Then you'll begin to understand and see the enthusiasm 26:17 that can light up in a young person's life. 26:21 We target, as an organization, 14 to 24 year olds. 26:25 But guess what's happened? 26:27 The parents have come into the room, 26:29 their siblings have come into the room. 26:31 So now we're doing classes for kids younger than 14. 26:35 They've given back in our community 26:38 to the tune of many thousands of dollars 26:41 so that we can give certain kids in the community 26:44 access to music classes. 26:46 So many things are happening 26:47 when people begin to catch the wave of excitement 26:51 of what can happen 26:53 when you understand the long term 26:55 and what it is about investing. 26:57 So we didn't go into a lot of detail, 26:59 but we did provide you some relevant information 27:02 about what you can do 27:03 in reference to understanding how taxes work, 27:07 the understanding of making sure 27:09 that you pay your taxes, about how you can avoid taxes, 27:13 how you can defer taxes, 27:14 how you can take better care of the money 27:17 that God has blessed you with. 27:19 I get so excited when I see the difference 27:23 that happens in individual's lives. 27:25 I get so excited 27:26 when a young person comes up to me and said, 27:28 "You know what I did? 27:29 I instead of spending all the money 27:32 that I was bringing in this next summer 27:34 that I'm planning to save at least half of what I make." 27:38 I get so excited when I see these young people 27:41 changing this generational cycle 27:44 of what we think of as poverty. 27:47 Please take this information. Take it to the Bank and save. |
Revised 2016-04-14