37 37 in from Sugar Land as well. And Katie, only 41 minutes. >> Just enough. Thank you. With sky-high interest rates getting your credit card debt is more important than ever. Joining us now is Ted Rossman senior industry analyst with Bankrate on some very important advice on how to get rid of that debt. Ted, thank you so much for joining us. Let’s jump right in here. More than half of Americans have credit card debt. What’s the main reason for this? >> The main reason is emergency expenses, some sort of unexpected medical bill home repair car repair. That’s the leading cause of credit card debt. Second place is day to day expenses. I think there’s very much an inflation story.
We’re seeing a lot of people putting necessities on credit cards, which is understandable, but difficult. If you’re financing that over time at an average interest rate over 20%. All right. So what are some of the best ways that we can lower or even eliminate that credit card debt? >> My top tip is to get a 0% balance transfer credit card. These allow you to avoid interest for up to 21 months. So you take your existing debt from one or more cards rolling over to a new card with a generous intro promotion.
The Wells Fargo or fly. Citi simplicity and City Diamond Preferred are 3 good options. I would say divide what you owe by the number of months and years. 0% term and tri-state about if you add new purchases, it makes it harder to hit a moving target. >> So higher income households also have debt as well. Right? >> Yes, there was an interesting finding from this study, which is that on one hand, as you would expect, lower income households are more likely to have credit card debt. The surprising thing, though, about upper income households is they’re the most likely to have a long-term debt. So if they have credit card debt households with annual incomes of $100,000 or more. 72% of them have had that deaf or at least a year only 53% among credit card debt or others who make under 50,000 a year.
So whether you call it keeping up with the Joneses are just simply life is expensive. Upper income households are wrestling with long-term doubt. I think access to credit is part of this, too. You know, some people say credit cards are like power tools. They could be really useful or they could be dangerous. Some over income households are getting in over their heads with this credit. >> And it’s always a good idea, right to sit down and make a budget to see how much money you can put toward each credit card per month. >> That’s so important. J you can’t hide from credit card debt.
I know it’s not the easiest thing to talk about, but let’s face it. If you have the average balance, which is about $5700, according to TransUnion, if you make minimum payments, 20 and-a-half percent, you’re going to be in debt for more than 17 years and you’re going to end up paying about $8400, Justin interest. So we need to come up with a better plan like that. 0% balance transfer car, maybe consider engaging with a reputable nonprofit credit counseling agency like Money Management International, or maybe just take a side hustle or cut your expenses, sort. So some stuff you don’t need a dollar saved is a dollar. And after all, and are these credit card companies? >> Open to working with consumers, for example, let’s say I pick up the phone and I call one of these credit card companies and ask for a lower interest rate.
What what are the chances of that happening? >> There’s a good chance they’ll give you a lower grade. It may not be enough to be super meaningful, though. You know, maybe they take your rate from 20% to 15. Let’s say that’s where I think the 0% balance transfer is a better approach. This is a marketing incentive typically for new customers. I suppose you could always ask your current It chances are this is really more of a marketing deal for do toss to MERS. But these cards are widely available, probably need good to excellent credit, which most people have another negotiating a option is that nonprofit credit counseling idea, a reputable groups like money Management, international, they can often negotiate terms like a 7 or 8% rate over for 5 years based on their relationships with blinders.
All right. Some great advice. Ted Rossman senior industry analyst for Bankrate. >> Appreciate you joining us this morning. No problem..
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In July of 2012, Mark Zuckerberg financed
his 5.95 million dollars Palo Alto home, that’s 3 miles away from facebooks headquarter with
a 30-year Mortgage. At that time he was 28 years old and the world’s
40th -wealthiest person, worth an estimated $15.6 billion. The question is, why would you get into debt
when you have billions of dollars and can easily afford it? If he wanted, he could easily buy a dozen
$6 million homes, in cash, without batting an eye. So why get a mortgage? The answer is long and complicated but in
short, it’s- Free Money! Sounds ridiculous, who would give you free
money when you are already a billionaire? Let me explain,
It all has to do with interest rates. The inflation rate in the US is 2.5 to 3 percent,
so any money you borrow that is below the inflation rate is considered free money. Zuckerburgers mortgage rate is just a little
over 1.05 percent but it is adjustable, meaning that, base on the circumstances the rate could
possibly go up for one reason or another.
If you do the math, the bank is the loser
since the mortgage rate is below the inflation. You don't have to be the genius to do the
math. For the sake of example, let's say you borrow
1 million dollars at a rate of 1 percent. The average rate of return on the savings
account is 2.4 percent. Meaning that Even if you deposit that million
dollars in another bank, you end up making $24 000 dollars a year while you only have
to make a monthly payment of $10500 to the bank that lent you that money. Imagine if you do that with a hundred million
dollars, or how about a billion dollars! When you can borrow for free, there’s no
point in tying up your own money, when you can use that money for more profitable things. Of course, when we are talking about small
amounts of money, this might not make sense, because the difference isn’t that big, however,
when it comes to large sums, playing around with 1, 2 or half a percent could potential
mean dozens of thousands of dollars if not hundreds. Let's say you are a businessman, and you can
easily afford a million-dollar house, why buy a house when you can finance it for 1
or 2 percent while you invest the rest of that money in your business that could potentially
get you 10, 20 if not 30 percent returns.
Even if you are lazy to find a more profitable
way to use money, just throwing it all into an index fund can be much more profitable. Especially when we are talking about 20 or
30 years. Historically an index fund has shown to have
an average return of 8 percent. If you take a mortgage and invest your money
in an index fund, the percentage difference will end up in your pocket. It all comes down to Opportunity cost Economically, it wouldn’t make sense for
Zuckerberg to buy the house in cash when he has been offered a 1 percent mortgage rate.
But he is not the only who is so smart to
do that. Take Elon Musk for example, Most of his wealth
is tied to Tesla and SpaceX, to buy a house for 20 million dollars, he probably might
need to sell a considerable chunk of his wealth, pay taxes and incur other expenses, however,
he can take free money and keep his monthly payment under his budget. He took out a 61 million dollar mortgage for
5 properties in California with a monthly payment of 180 thousand dollars.
That's not unique to billionaires, its also
practiced by moderately rich people like Jay Z and beyoncé. They took a mortgage to buy their 88 million
dollar house. They put 40 percent downpayment and financed
the other 52.8 million dollars. That leaves the couple with a 149,600 dollars
monthly payment. In comparison, The national median home value
is $200,700. Instead of tidying 53 million dollars in a
house, he defiantly knows where to invest it, to maximize his profit, at the end of
the day, He has made a lot of great investments, and he is on his way to becoming a billionaire. The richer you get, the better ways to find
to make more money. But let's be honest, not everyone gets such
a low mortgage rate, nationwide its around 3 percent, but even at that rate, it still
doesn't make sense to purchase a house if you can finance it.
But let's get this clear first! why do the
super-rich get a lower rate than the rest of the country? First of all, when you are a billionaire,
the bank can sleep calmly because no one is worried that you might default on your loan
and in case if something happens, you can easily sell part of your business to pay back
your mortgage, that takes out the risk out of the equation. Compare that to an average employee who could
get sick and not be able to work or just lose his job. Secondly, Paying your mortgage on time every
month helps you build and maintain a healthy credit score, so when you are in trouble next
time, with a strong credit score, it will be much easier to borrow money from the banks. You are basically building trust between you
and the financial institutions. But it could also be the other way around. Banks do offer such a low mortgage rate to
establish a strong relationship with rich people so that when their companies would
need a loan from a bank, they would come to them and not their competitors.
It's a win-win situation. But these low mortgage rates are adjustable
which means as I said earlier, they could go up! but no one is worried because if it
stops making sense economically to these ultra-rich people, they easily can pay back their mortgage. But Most people associate debt with something
negative because we usually borrow money that we can’t afford for entertainment and end
up paying a lot more back. In fact, right after getting out of college,
you realize what a burden your student debt is already. and once you calculate how many years you
have to pay back that debt, you immediately create a perception that- DEBT IS BAD.
especially when you cant even default on it. Playing around with debt is not easy, you
are eventually taking a huge risk and a small miscalculation can lead to disastrous consequences. In fact, we have got into so much debt that
most people now can't even afford unexpected 500 dollar bill because we have to make all
of these monthly payments.
However, that's what distinguishes bad debt
from the good one. Debt can ruin your life, make you homeless
and cripple your family if you are reckless but it can also make unbelievable rich if
you know how to use it because it is Leverage. Leverage is a superpower that can make you
rich instantly. Let's say for the sake of example, you buy
this phone for ten thousand dollars, go to the market and sell for it 11 thousand dollars,
congrats, you just made a profit a thousand dollars, however that's not much. But what if you use leverage, you go the bank
first, borrow 990 thousand dollars, with your additional 10 thousand dollars, that's going
to be a million dollars.
You head to your supplier and buy a hundred
phones now for a million dollars, turn around and sell it to the market for 1 100 000 dollars. But you still owe the bank, so you go back
to the bank again and return them 990 000 thousand dollars that you borrowed and another
10 thousand dollars in interest. Now you are left with a hundred thousand dollars. After you deduct your own 10 thousand dollars,
you are left with 90 thousand dollars of pure profit. That's how you make money when you don't have
money. The bank made their share of the profit and
you made yours. Of course, when you take this formula to the
extreme and it's not regulated by the government and practiced by everyone in the wall street,
it turns into a financial crisis, as it happened in 2008.
Remember when home prices crushed?! and then
they took down the entire economy with them?! Well, its because the investment banks used
leverage to maximise their profit to the point where their strategy backfired! Because they began giving mortgage to people
who didn't necessarily had the best credit score and weren’t financially prepared to
make the monthly payments. and then they defaulted on their mortgages,
it was a nightmare for the investors because for the last 40 years, home prices were rising
and suddenly, they were going down. Well, we are not going to get into the details
of the 2008 financial crisis, thats a story for another video but in any ways it's still
a major tool of how rich people make money. Of course, it's risky and you can end up losing
everything, but if you know what you are doing, you can make a fortune overnight. I hope you guys have enjoyed this video and
most importantly found it helpful. And if you did, make sure you give it thumbs
and if you wanna see more of these video, considering subscribing and clicking on the
bell besides it.
So that the next video will appear right in
your homepage and you won’t miss the next video. thanks for watching and until next time!.
Hi, I'm Rachel Duffey, CEO for PayPlan. I'm here to talk about one of the most popular debt solutions we offer – A Debt
Management Plan. A Debt Management Plan or DMP for short, is an arrangement that
allows you to pay off your debts at a rate you can afford. Once in a DMP, you make one monthly payment to us which we will distribute fairly to your creditors.
We don't charge for this service. Every penny you pay goes to your creditors. To get started with a plan, get in touch with one of our advisers, they'll be more than happy to explain the process and check if it's the right option for you. You can reach our team of advisers via phone, email, text or WhatsApp. Whatever works for you best. If you'd rather get your debt help online, just visit PayPlan.com and fill out our simple debt help form. If we feel a DMP is right for
you, we will contact your creditors on your behalf, and arrange a plan that's affordable to you. You'll be kept up to date with everything that's going on, by working together, we'll get you on track towards a debt free future.
There are currently 88,000 people in a debt solution with PayPlan, and we are ready to help you. If you'd like to know more, please get in touch now. We look forward to hearing from you soon.
so let's say for example you have right now a $5,000 credit card okay that's the balance on this card you're paying 25% interest annually and that's about a $100 minimum payment every single month you're actually responsible for paying now all of a sudden by Magic you actually get an offer in the mail from a balance transfer credit card and you're like yo it must have been my luck it's not luck it's marketing your information has been sold thus the company knows about it and thus now they're sending you offers Direct offers to you now the offer says this we're going to give you 21 months to transfer your debt over to us and you get to pay it off in 21 months and we won't charge you any interest whatsoever for those first 21 months and you might say well this sounds like a great deal over here I'm paying for example a 100 bucks per month in interest but over here I'm going to be paying Z in interest for the first 21 months this saves me a bunch of money and the only catch is you have to pay a 3% fee for the entire balance transfer now that's not a big deal because right now you're paying $100 as a minimum payment and when you take 3% of 5,000 that's only about $150 or so so it's really not a big deal so why is this attractive what is the problem with it and what exactly is a balance transfer credit card I'm going to go into all the details in this video now do me a favor guys and ask you smash the like button I appreciate it a ton now the first thing is this guys okay a balance transfer credit card I'm not going to complicated it's basically just a credit card that is designed to actually get people that are in debt in some way to transfer their debt over to this credit card and potentially that company be the one that's actually going to get all that interest from you going further it's kind of like a long-term investment okay they're actually betting that you're not going to to pay it off in that introductory period and the TR going to keep the balance and you're going to continue to pay them and pay them and pay them and yes it could actually turn against them if you actually pay but for the most part they get 3% outright and if you don't pay them well you might become a customer for something else you might get another credit card with them or another product or a loan or a mortgage whatever it is okay they have a customer a prospect to get other things that is what a balance transfer is actually good for it now what is the problem here Tommy I still don't understand okay they're giving me an offer if I'm smart and I take advantage of it I walk away without paying any interest isn't that great well the answer is this okay you might think that you're actually going to walk away dilly dally free okay but what happens is usually this what's actually going on when you actually open up a Balan transfer credit card whether it's an offer whether you've been pre-approve approval whatever you just basically you basically just opened up another line of credit that is what's actually going on so let's say for example you have credit card a you owe $5,000 a year and now you actually get pre-approved for a balance for a credit card and then you basically apply and then say hey we're actually going to give you a balance of or a credit line of $7,000 and you say well that's awesome that's more than I had over here so now you say I want to transfer the balance from credit CR card a over to credit card B your new card the balance transer card and by the way it doesn't have to be a credit card it could also be for example Hospital loans it could be any debt overall even Collections and they could actually just basically pay that off by sending them a check and basically now you're in here and the debt is over here that's the whole idea okay so what happens is this okay you say I want to transfer balance from this card over to here they say okay just pay us a 3% fee you pay the 3% fee that's $150 they sent over a check to your credit card okay now that's fully paid off the balance on credit card a is basically zero the balance on your new balance crit card is basically um $5,000 or whatever the balance here basically was that's the idea now what actually happened here okay you went from having a credit line of $5,000 to having a credit line of basically $122,000 remember so if you got in value so far I'm going to ask for a favor subscribe to the channel because only like 20% of the people that watch or actually subscrib so go ahead and subscribe right now cuz I have a lot more content and having a credit line of basically $112,000 remember they actually gave you $7,000 and you have 21 months to pay that off okay without any interest and you might think this is awesome okay what I'm going to do is basically pay this off and never look back but what usually happens is this and I'm sad to say this okay but what usually happens is this okay you have credit card a now which is basically empty and you have credit card B all right and what happens is basically you say well this one is free you start using it again okay and before you know it this goes right back up to 5,000 or 3,000 or 4,000 and this one you're barely making any real payments or any Dent to it remember they gave you 5,000 the balance transfer credit card is still a credit card you can still use it to buy stuff and it still gave you $2,000 extra dollars and you actually need it so now you might use that for some things else okay and before you know it the 21 months have gone by and now you owe over $110,000 overall you owe credit card a you also go owe credit card B credit card B is saying yep we got them now we're actually collecting interest payments every single month from you and credit card a is saying well he paid it off but now he's back to pay now so I guess we win also so what is the right way to go about this and Tommy how have you ever done this the answer is I owed about wait for it $133,000 in credit card debt and I actually used balance transfer credit cards to actually help me clear all the debt now I was not one of the people that actually went ahead and basically clear credit card a transfer to credit card B and then build up a balance back in credit card a what I did was this I follow this three step system okay the first step is you want to set for yourself some really real istic goals based on how long they're actually going to give you interest free so overall let's say I actually owe $5,000 right that's how much I actually owe I'm going to divide this number by how many months you're actually going to give me so divided by 21 in this in this case by the way what credit card am I actually talking about I'm actually talking about the city Simplicity balance transfer credit card that offer 21 months to pay interest free 0% APR and even 12 12 months to actually buy things and not get charged any interest obviously they're doing this for a reason you transfer the balance over you get 21 months to pay it off but you also get 12 months to buy other crap and actually build up even a bigger balance don't be stupid don't fall for that okay so now I know that per month I need to pay about $240 to be debt free in21 months okay that's the idea and that's how I would actually do it now for me personally I would say well if if this is actually very doable I would stick to it if it's actually a little bit less than I can basically do I would actually lower it and basically even if I end with the balance okay at least I was actually realistic okay now for me personally I actually paid more towards it to be able to pay it off a lot faster I actually paid off $133,000 in credit card debt in 12 months okay because I actually fell for that trap where discover sent me a credit card and they were like Hey we're going to give you I think 18 months of purchase free interest and I went crazy okay I went crazy and what happened is I maxed out everything then it was like um I think it was 18 months right so I spent like 6 months doing some crazy stuff and then I had 12 months and I was like yo I need to pay all this in 12 months and I basically was able to cover everything in 12 months I think at a point I to transfer balance over to the balance transer card but I was actually able to do it which actually saved me a ton of money but it was only because I was smart so step number two is basically once you transfer the balance well close credit card a all right close it because you don't want to be at risk at rebuilding this actual um credit line and to actually get into double the debt you actually want to clear that and then lastly all right the balance CH credit card don't use it to get into more debt only use it to actually pay off the debt fast and be done with it and once you're done with all the debt my advice would be a 100% just close to to credit cards overall and don't get back into those problems okay ever since I became debt free and I don't have any credit cards I have no method no way of getting into debt anymore so it's not something I worry about but as long as you have that possibility that availability to watch you say I'm going to use this credit card for this or that for this emergency or that emergency you're always going to be going back into debt and going right back into where you landed I think the Bible says a dog is always going to return to his vomit and that's just disgusting okay so if debt is actually getting you into trouble over and over again and you're going back to it well that's just stupid and nonsense okay you actually want to avoid that so yes okay understand what they're trying to do they're trying to get you to bring your balance over to hopefully spend more money to be trapped with them and to pay them a bunch of interest but if you're smart what you're actually going to do is say I'm going to use you and I'm going to take advantage fully I'm going to close credit card a and once I'm done with you I'm also going to close you and I'm going to be done with it so set for yourself achievable goals so you're actually able to do this as fast as possible guys thanks for watching as always like subscribe hit the Bell sh notified there are obviously other balance of credit cards out there so if you know a few of them comment them down below if you want a full video on the offers out there let me know and I'll actually get to work up here is another video and this video is actually made possible by the supporters over at patreon here is a list of their names I appreciate it a ton if you actually want to join us on patreon support the channel the link is going to be down below thanks for watching as always like subscribe hit the Bell so you get notified peace
– Hi, Coach Frasier here, with Full Circle Coaching and Consulting. And today I wanted to
talk to you about debt. Debt is a huge thing that
we hear about constantly from clients, from people
that reach out to us, and even just hey, friends and family. Debt is one of those
things that is so powerful that it can paralyze people
and control their lives. And we're seeing more and
more debt in our society. We're seeing people graduating with student loans of 250,000 dollars. We're seeing people
incurring more and more loans in their business to expand and grow. Lines of credits. We're seeing mortgages getting larger and larger, debt carrying cost. We're seeing people using credit cards to pay off other credit cards. And they're maxing them out. We're also seeing all sorts of people that are stressed about paying taxes and the debts that they
owe to the government.
So, if we allow these kind of stresses and this anxiety around
debt to control us, it will totally interfere with our ability to expand our businesses
and grow our lives. So, how do we do this? First step is we want to
teach you how to start wearing the pants in your relationship with debt so that you can start to control it. It's all about mindset. The second step is about creating a plan. If you can create a plan that allows you to breakdown that debt
and just beat the drum so that you can actually pay it off in a specified amount of time,
you can control your debt. And you can eliminate
your anxiety and fear. And that's the point. Debt, just like fear, is
invisible but it's real, okay. And it also, even though it's powerless, it can dominate people. I've seen it over and over.
So, let's create a plan so that you can get your life back,
control it and prosper. So, step one. The first piece again, mindset. Whatever we put our energy towards is where our energy goes. So, if our mindset is all about debt, guess what we get? We attract more debt. So, what we think about, we bring about. And we all know it. We know people that are worried about debt and that's all they talk about. And guess what? They're paralyzed there. They're in that space and
they keep on attracting more and more debt and bills. So, let's break that cycle. The first step to doing that is to take a piece of paper out
and start to write down all of the benefits of
the debt that you have.
So, be grateful. Start to write down all the benefits that the banks and all
of the loan companies and the line of credits, and
all these different lenders, even your clients. When they're lending you
money, what are the benefits? What are you doing with that money? So, once you start writing
down enough benefits for money then you're gonna start to
shift your mindset around it. It's not gonna be a negative anymore, it's gonna be a positive.
So, let's think about this. You know, money. The debt that you've
borrowed is allowed you to get a degree from school
and allow you to earn a living. It might have made you into a doctor that can help you change lives. It might've allowed you to buy the house that you now shelter and
protect your family with. It may help you get the car
that gets you to and from work. It helps you shuttle your
kids to different events. There are a 1000 different
ways that money is a benefit, or debt is a benefit. And once you write enough of these down, you'll feel grateful for it.
Step number two, change your debt from a money value, into a service value. So again, mindset around money is very powerful, it's very emotional and it can control us. So, let's simply take that money and figure out how much debt
we have, how much we owe and let's break it down
into cost of service. So, the services are the things that we do in our business. If it's a chiropractor, are you adjusting? What's your cost per adjustment.
Or if you're in business, what's your average
transaction cost or fee? And once you accumulate your service cost, you can divide that into your debt and figure out how many services will it take to pay off your debt. When you got that number of services, now, we can start to focus
on the amount of services that we can lovingly deliver or sell, or transactions that we carry on and how we can actually convert that into positive energy that will help us grow our business and
deliver more services so that we can pay down that debt. Rather than being stuck on
that negative dollar value. Powerful thing. I've seen this action. I have a client that was
mired in a fair bit of debt.
I think there was at least
three different credit cards and several line of credits. And when we started to just
simply consolidate them 'cause he had five or
six different payments. And we consolidated them into one big mass and we broke it down into
the number of adjustments it would take for him to pay that off, then we created a plan monthly. How many services did he require monthly in order to make that happen? The result was amazing. Because first of all I
saw his shoulders drop about six or eight inches. The amount of energy that
came out of him was incredible because finally he saw how
he controlled the debt. The debt didn't control
him, he controlled it. And he was able to focus on delivering that loving service in his practice.
And suddenly, his practice exploded. So, this is very real. If you can learn how to control the energy and mindset around debt, you can take back your life and you can continue to grow your practice and expand your ability to deliver your optimal self to the planet. So, let's think about
this, debt is really just a relationship with money. That's all it is, it's
a reflection of that and we see so many of our clients that have a huge block and that block interferes
with their ability to grow their business or their practice. So, if you're ready to change your mindset around debt and to take
some big steps forward, check out one of our coaches, see if you can book a call with one
of us and we can look at some of the interferences that you may have in your life, debt or otherwise, that prevent you from
growing your business.
Check out the practice
growth strategy sessions in the link below. Let's see if we can help break through that practice plateau, or
that business glass ceiling that limits you, and make that into a new glass floor. And you can start to grow your business and your practice organically. Thanks for watching..
OK so now you've been at JP Morgan for about 25 years. Yes. So
and now you run one of the most important parts of JP Morgan which as I say is the asset and wealth management business for
people that aren't that familiar with wealth management. What actually is wealth management and how is that different than
asset management. Great question. The two are often used interchangeably. But but but there they have distinctions. Asset
management business is where we manage money on behalf of individuals institutions sovereign wealth funds pension funds.
We manage them in mutual funds.
We manage them an ETF. We manage them in single stock single bonds hedge funds private equity and
the like. And that is the heart of the fiduciary business that we run here at JP Morgan. Wealth management is that plus
understanding someone's entire balance sheet. So for the individuals where we manage money we also help them with their
mortgage. We help them with a loan that they might need. We help them with their basic credit card. And so wealth management is
trying to help someone with their entire life both their assets and their liabilities their planning their gifting the legacy
that they want to leave for their families. The 529 plans they need to prepare to get their kids to go through college.
And
it's a great it's a great insight into people's you know entire journey. Now many organizations like J.P. Morgan to have wealth
management businesses some are bigger than some are smaller. But basically you're managing money for and doing other things for
wealthy people more or less. Is that fairly right for wealthy people. Although you know many of the successful wealth
management firms today have figured out how to take all of those great learnings for what they do with very wealthy people and
also package them for people who are have their first paycheck. And they want to be able to save a little bit of money or want
to have access to things that maybe they wouldn't normally have. And so we've been able to take things like what we do for a
super wealthy family package it into a bite size where you walk into a chase branch and you're able to get some of that some of
the same advice.
And so it's it's I think it's opening up the world to be able to help people. And you know the most important
thing is to be able to save early. And if someone can be there to help you through that you know that's that's one of the most
important things. If you look at an average investment in the world if you just look over the past 20 years take a balanced
portfolio.
It's about six point four percent average annual return for people that generally manage money. The problem is
most individuals actual return is less than 3 percent. So it's less than half of that. Why. Because they make emotional
decisions when markets are one way or another and they get caught up in the hype of things. And so it's super important to
have that advice as early on as we can give it. And I think you know that that's the rewarding part about about this business is
being able to try to help people through all of those different journeys that they have..
