We saved for 40 years now what and how do we plan to take out the money once we are in retirement. CFP Mars Turiq helps us understand the pitfalls and what to do now so we can be comfortable later.
What are his views on the student loan forgiveness proposal?
How do we manage a mortgage, student loans and retirement savings during this current virus situation?
What type of goals setting does he find most important?
Living within your means.
A terrible sentence for some and the mantra of life for others.
You can spend all your money on houses and cars etc but not amass affluence.
CFP, Certified Financial Planner – Murs is a Fiduciary, but what does that mean for you?
Fiduciary vs Suitability standards. He covers the differences.
What is the ideal amount of money for retirement?
How much does your expenses and standard of life dictate what is enough money to retire?
If you are fully invested in the stock market, at what age is it a good idea to switch some to bonds, annuity’s, life insurance, real estate and more?
Common pitfalls people make and could avoid when planning for retirement thats 10 years away or sooner.
- what is your risk exposure to a fluctuating market
- what is your plan for liquidate your retirement accounts so it lasts
- social security benefits, pension withdrawals, 401k and Roth IRAs, real estate income, annuity income etc
Is a 15% savings rate enough?
Advantages of Roth vs traditional IRA retirement deal with pre or post tax savings. Mars sheds some light not just that taxes may go up in the future but what happens to the tax brackets could greatly affect your long term gain and tax burden.
529 Funds for your kids education. What happens if you super fund it and they don’t use it all? What can we do with that extra money and the taxes and penalties involved?
What lessons can we learn from a 1st generation American?
With a 1 year old and his own business, he finds that being present in the few hours he has with his kid and then his wife is paramount to keep the family side of life healthy.
Podcast: the Daily, Rory Vayden Influential Personal Brand, Secure Your Retirement show since September
Murs Tariq 10 years as a Certified Financial Planner with Peace of Mind Wealth Management.
www.pomwealth.net Raleigh, NC
Show notes can be found at https://adoctorsperspective.net/172 here you can also find links to things mentioned and the full transcript
Episode one hundred seventy two year retirement now. What host. Dr justin trust glaring. Today mars respect during twenty seventeen eighteen. Podcast awards nominated best selling off author on amazon as we get a behind the curtain. Look at all types of doctor. And get specialties. Let's hear a doctor's perspective now the second month of the year. Twenty twenty one. I hope you're still at the gym. I still hope you're trying to reach your goals. If you haven't yet reached out to people including myself we can help you. Create some manageable goals goal setting and all those types of things that you need that way your rest of twenty twenty. One is your best year ever. It's easy to get distracted with all the election. Thank goodness that's over corona and all those types secondly if you haven't revamp jer curriculum vitae your cv. If you will in a while you've never had one to begin with reach out to me. I can do those. enjoy him. The people who have done them for have said good things and you can find that. At a doctor's perspective dot net slash one sheet and of course that one sheet is a single pdf. It looks good and introduce you. In a way that podcast host a local businesses local chamber would say yes. Please come to my vent speak to my audience. You have value for them at this point. If you've listened to the show you know story brand with donald miller. His marketing book that he had last year was great and just getting started with his new book. Business made simple sixty daily injuries plus video. Who's really looking forward to that. Seen how it can transform my entrepreneurial spirit as always you can find that in many others on a doctor's perspective dot net slash book list which is an affiliate for all the guests recommendations for amazon. Okay well today we got. Moore's three. He's a cfp and while we do talk about how to do some savings and things like that. From a young age his specialty is planning for retirement. Those ten years five years before you actually retire. Yes we have to start when we're thirty so we'll touch on that. But what do we need to look out for the pitfalls structure. The money that comes in when you retire. The really think you're going to enjoy this. He's a first generation american so we discussed that a little bit as well. Happy to have him on the show. Notes and the transcript can be found at a doctor's perspective dot net slash one seven. Two if you do need more financial series whether it's real estate student loans basics retirement you can find our series at a doctor's perspective dot net slash financial art. Let's go hashtag behind. The curtain live from germany and raleigh north carolina. Today we have on a show a certified financial planner with peace of mind wealth management. And he's been doing it for over ten years It's going to be a wealth of knowledge today. Please please welcome. Merced tariq justin. Thanks for having me. I'm excited about this. Yeah you know. there's so much going on. We just had an election attornal actually so now we have somebody else in power and you're talking about student loans and we're talking about financial help and there's so many things going on we're like trying to survive as chiropractors and other types of doctors and still retirement and trying to keep your business afloat slot going on right now. Would you say oh. Yeah i mean there's a there's a ton of moving pieces no matter where you live. You said you're in germany. I'm here in raleigh north carolina in the us. And i mean everyone seems to know what's going on in the us. For for that reason. Big election just happened. Inauguration does happen yesterday and now it's kind of now it's kind wait and see see how things play out. See what promises were made if they actually follow through on them. You know and so. That's what that's part of what we do. Yep yep and just so you know i am. American in my audience is mostly america. That's gotcha okay. Yeah it'll be interesting to see what happens. I mean in politics. It's not just one man running the show. So there's all kinds of tugs and pools and special interests have to fight through to to get this going. Keep track of the financial part of the student loans. Do you have any opinions on that before. We just kinda jump into other topics. I don't really keep track of it. I know that biden has a pretty strong urge to to take care of some of the student loans for people. I think the last thing. I've read is maybe up to ten thousand as far as the student. Loan forgiveness Whether or not that gets past is is all up in the air. I mean i think it would be nice if we're gonna do all this stimulus that we have been doing the biggest part of the population. That's hurting is the people that have to pay back student loans. Because it's kinda well you know. I pay my student loans back or do i eat. Today is kind of the question. And so i think it'd be fine.
00:05:01 – 00:10:03
If that was to happen ultimately all of the stimulus is going to have repercussions at some point. You know whether it's ten years down the road. Twenty years down the road things that arcades have to deal with in the future with the debt going up so much you know. That's all you get into. A very speculative type zone as to how that's all going to play out. But i don't know if it's gonna happen or not. I think it'd be fine if it did. You know our audience is mostly doctors and when you have one hundred fifty to three hundred thousand in debt. Ten thousand is like. That's great but i mean you don't when you're still having to pay two thousand a month right. Yeah so what are we supposed to do. We got we got a mortgage of some sort of. Let's say a thousand. You got sixteen hundred student loan debt. We've told we're supposed to save for retirement. I mean maybe i don't know a roth. Ira because at least you're putting away something and you don't have to worry about the tax later on because you may not have that much money you know not. Everybody comes out of school in million dollars. We think we will when we're in school. Yeah i'm going to be the guy. I'm gonna be number one in my field right. What are your initial thoughts on those kinds of comments. Yeah for anyone. That's coming out of college or anyone. That has that. What seems like an insurmountable amount of debt to get through college. There's really kind of you got to take it back to the basics of an i i would just say living within your means and setting goals i think goal setting so important and it's very easy to forget about it. It's very easy to overstep them. Or you know just ignore them periods of time so a lot of people. I mean we sit here in january. A lot of people will set these goals in their massive goals. Whether or not how much they want to save for the year how much they wanna pay towards their student debt or other loans pay down their mortgage and they start that in january and then guess what happens in february right. Something comes up. That is unexpected. The whole year basically just goes crap for for lack of a better word in the goal so i think something. Very important is Yeah set the goal is but also be very realistic in the type of goal that you can set and maintain and like no your income potential. No your income potential and then live within your means you know say you make. I don't know i know doctors. They should do pretty well but they. That's kind of the idea. Right is they can take on these massive loans. Because they're they're supposed to do pretty well once they get out into the world and they're making ten fifteen thousand dollars a month and they should have no problem paying back that two thousand dollars a month more of student loan but then on top of that you say well I'm a doctor now. I can afford more so let me go. Get that three thousand dollars mortgage. Let me go. Get that thousand dollar car payment. It starts to add up pretty quickly and so it all comes back to being realistic now. That's the lifestyle you wanna live and you end up being a doctor. That lives paycheck to paycheck. Well that's that's okay in the sense of you're just not really gonna mass much affluence. 'cause you're going to be working on these bills for very long time whereas i've seen others do it very well i've got a friend And by the way my clientele is not really the person that just jumped into the working. World our clientele's that dr that's ready to retire and ready to hang their right and so they've swell and they let us take over and make sure that their financial plan is really intact for retirement so we focus on retirement. But because i'm a little bit younger because i have friends in different fields. They always come to me and ask. And so i have a doctor friend She's a pa brand new p. a. Her husband is finishing up his residency. you know residents. Don't get paid very much. And he's with the air force and so that the deal with air force is that well he's going to come out debt free after his service. So that's really nice but she still has say one hundred and fifty thousand dollars of loans just to go to school and so. They've made a very aggressive goal. Which is we're gonna live off of his resident salary which let's just say that's i don't know forty thousand rs forty fifty exactly right. Yeah you know. Better than i do and with the money that i make as a pa which is decent money. We're just going to attack attack attack all of our debts and by the time that he's done with residency while we're probably we've taken care of fifty seventy five percent of our loan debt. So that's an aggressive goal. And i hope they can stick to. It seems like they've done a very good job so far so kind of you. Gotta you gotta decide. Well what type of lifestyle do you want to live. And how quickly do you want to jump into that lifestyle. Do you get a high paying job and then automatically go buy everything you can or do you get that high paying job and take care of what got you there in the first place right and then you start to deal with. What percentage is going to go to retirement because correct we all know. Eighteen and twenty years old would have been the best time to put away a few korean year right because just by doing that. You'd be rich at the end of the life. Yeah absolutely it's crazy. The power of just cumulative returns it's it's insane and you can see it in in math but once you see it in real life wants to see it happen to your own account.
00:10:03 – 00:15:01
It's a thing of beauty. So yeah i would never neglect. Even at a young age. I would never neglect saving for retirement. Whether it's a couple thousand bucks to an ira or two four one k. At the very least if you're working for larger company that does a four one k. And you've got gotta match at the very least take advantage of the match to see get some money for more money right and then that starts to add up starts to snowball and that's the beauty of it and as you make money it's easier to make more money with return so you know that's just it's part of the retirement world so are you a fiduciary at this point or being a certified financial planner. Is that make you mandatory to do sherry or not. yeah yeah. I'm glad you ask that because that's really a hot topic in my world you've got to do series which yes dance with a question. A certified financial planner because of the education that we had to go through. Because of the deal. Basically once you get the the letters behind your name you've basically say yes. I am going to act as a cheery by law by law to hold the certification. We have to for for anyone who doesn't know what that means. What a fiduciary is it means that we have to act in the best interest of our clients and not ourselves. Yeah so even have to be a rule very slow that you'll have such a bad rep out there because of that. Yeah yeah and i agree. It shouldn't be a rule but a lot of the world way early on worked off of this thing called suitability so suitability was saying well. If i'm an adviser and making a recommendation to a client to say hey go put your money in this mutual fund or go this insurance product. All it had to be was suitable to the person that didn't have to be in their best interest. That just had to kind of line with the goal is to kind of had the line with the person just to say that. Yeah i had the conversation. I understand their financial world and so this would be good enough for this person. I happen to get four times. The return this month on that product. But you know it was just that one or this one. Just pick the one that makes me better. Yes and so. The world is evolving some financial advisers. Got a bad rep. Typically it's the ones that made made money off of commission. So you sell a product you make some money. And the fiduciary world is not so much in that way like the way that we operate in our practices We're we're fee-based we're gonna charge. A percentage of the assets that we manage in in very plain terms if we if we grow the money we're taking a percentage so we make more money on the same side if we don't grow the money and it goes down. Our revenue goes down as well so we essentially we sit on the same side of the table as our client kind of. Yeah yeah. I mean it's in our best interests to grow the money and preserve the money. So that's that's what we tried to do. And that's as a fiduciary making those recommendations that we fully believe in. I mean that's all i've ever been taught to do. That's exactly right. I mean that to me as a customer. It just makes me happy to know that. At least you're gonna offer things that matter. Most you know it's going to be a safer thing potentially if you're want safety but like you said you're doing more long-term near the end of retirement. So they say you should look at the end to plan for the future. Yeah that's what i think. That's what they say like that. So now at the time this start planning for the future and so that way when you're older so i don't know what people like to retire with but when you don't have a house low you don't have a car note. Sometimes fifty to seventy thousand is a fair amount of money to live on. I would think right. Yeah like on an basis. When you're older sure i would say so. I mean yeah. We have plenty of clients that even regardless of how much they have saved up their withdrawal rate is miniscule. So they're pretty much living off of social security or if they had the fortune of having a pension with their company a lotta times. That's all they really need. And then and you're learning about this. At some point is all they have to do is take their required minimum distributions at age seventy two and that is perfect for their retirement plan and then we have others that say no i need. I need one hundred and fifty thousand a year. 'cause that's the lifestyle i grew up with a not grew up with the lifestyle i earned and i wanted to continue that into retirement. Well that takes a separate set of goals a separate set of type of savings a lot more savings than your life. Yeah yeah so. Sometimes people do ask what is the perfect number to retire comfortably and the answer to that. There isn't one you know it comes down to how you wanna live your retirement. What type of spending you do and what makes you happy. We have plenty of clients that have a couple of hundred thousand saved up their nest egg and they have a very very comfortable. Almost bulletproof retirement plan compared to a couple of clients that we have a few million saved and they have spend rate. That's astronomical and you know that crash and burn so that the two hundred thousand dollars person has a much better retirement. Plan the couple of million dollar person so how much you've saved is irrelevant. I would say because when you're doing you know cfp steph.
00:15:01 – 00:20:00
It's not just dock markets like you're gonna look at houses life insurance all of that stuff as well as is there a point where like an annuity is a good idea. If you can close to retirement you got say three million in the bank and it's all in the stocks of some sort of like going to cash and you're like man. I'm still nervous about it. You know all this stuff. Is there ever a point where it's like. Yeah you might want to buy an annuity like maybe take three hundred thousand and get an annuity in a permanent payment plan over the next few years. Is that ever a good idea or as a bit. Complicated for this podcast. What do you think the topic of annuity can go as a podcast itself. We actually on our podcast. We we've done a seven episode series just talking about annuities and how they work but a quick answer is yeah. It is something that could work. It's a nice a nice vehicle as long as it's understood as long as it's been into the right perspective But a lot of people when they're first starting out there i investment is going to be. They bought a stock at the age of fifteen or now kids are going to be saying. Bought bitcoin or and vanguard target retirement. Yeah so right and that's kind of what you do then you get to the point where you have you're working you have a 401k. So you're still in that stock market environment but eventually you get to where you're kind of transition from asset accumulation to your now you wanna get in more in the realm of the retirement thinking process which is will let me take a look at how everything is structured right now. I've been doing what. I know which is dumping money into my four one k. And now i'm fully exposing the stock market. Maybe that's too much. I'm five years away. Ten years away from retirement. Maybe i should consider something like an annuity or something like life insurance to offset some of that stock market risk. So i think they're great vehicles. Really we use them We will we use them in our practice and we'll use them for really two different reasons one is it can be a good safe accumulation vehicle so something that's going to be like a bond like return somewhere in that maybe three to five percent annual rate of return and it has no downside to it and the fixed index nudity arena not variable variable. You can lose money and the fixed world which is typically we would use. You can't lose money in due to market volatility and you've got a conservative turn. The other reason is like you said you could buy an annuity purely just for income purposes. Say you know. I'll give the insurance company. One hundred thousand Maybe give me five hundred dollars a month for the rest of my life that is also vehicle to your cause when you die than it ends up converting somehow for your beneficiaries typically. Yeah if there's cash left in the account typically it can go to beneficiary all right. I'll let you pick. We had a financial series before and we kind of covered a lot of the basics and the front end. You know when you're thirty years old trying to save but being that you kind of specialize on the back end what are some of these pitfalls that when you're sixty sixty to debate and if you should retire what are some things that we don't even think about that. We should be aware of now so again. If you're sixty you can start planning talking to you or somebody else or when you're thirty and forty you complain now so that you don't have these surprises or whatever. Does that make sense. Yeah let me start with the if you're sixty right some of the pitfalls that we see and it kind of pertains to that thirty thirty year old mentality. You're not thirty anymore. You're sixty right so you gotta just the way that you think and one of the things that we see all the time is you. Start off with four one k. And you say. I'm gonna. I'm gonna be aggressive so let me go. Just go into the total stock market portfolio. And then you don't ever make a change the now you're sixty and it's grown well and you've written the ups and downs. You may have lost twenty thirty percent in some period of time and but it's grown. Well you got a nice amount of money now. Huge pitfall is not knowing how much risk you have on your money leading up to retirement. We talk to people all the time. And we show them their exposure there they could be exposed to a thirty percent type of risk on the downside and i say well i had no idea i just kind of set it and forget it which is a very common way of doing investing and it works sometimes but i would say a pitfall is i would knowing what risk exposure you have and making sure that you're comfortable with that a lot of times people don't realize how much risk they have on their overall portfolio. That's really that's a major one. Another big one is not having a plan. We talked about goals earlier now having an actual retirement income plan. So you've done a lot of the work already right. You've you've saved for your entire life really as much as you can. You've forgotten some of the cool things while you're younger so that you can save and have a really nice retirement but there needs to be some type of plan around that it can't just be. Well i think if i withdraw ten thousand dollars or ten thousand a month off of this account. I think i'll be okay. We'll let the market take care of the rest. that's not.
00:20:00 – 00:25:02
that's not a good way to do it. There will plan. It's not a good plan. Do you need to have something to start out because you know when we when we're building out these plans for clients. We're taking him through everything. When are we gonna turn on social security. What's that gonna generate. Do you have a pension. What's that gonna generate any other income a lot of times. They have rental property. Or they're getting world. He's from whatever company they sold or something like that So that all comes into the income plan and then you know what are the assets in what type of income can they actually produce and then what our expenses in retirement so building all that up together and having it written down. It gives you the peace of mind kind of knowing that. hey. I've actually done this work. I've taken the time to think through either by myself or with the professional. And it's something that you can refer back to that. Well here's what. I did back when i was sixty or fifty five. Here's what it looked like. Now i'm sixty two. Am i on track with what this plan was. What adjustments do i need to make. Now do you think it's a good idea to at least have one or at least two rental properties when your thirties or forties that way when you are in retirement that could be paid off. And you're able to get a little something not just from your stock market steph. Let me say yes with the caveat. The caveat is you gotta like real estate So i grew up in that world. So before i got it before i went to college i went to college right down the road at nc state university. I grew up in construction My dad owns a primary home construction company. And so i grew up in that world and i know how difficult real estate can be and especially when it comes to the world of let me buy a property and rent it out. It seems easy to do. Just by thinking then actually. The hard part is not buying the house. The hard part is getting the tenant getting a good tenant. That's going to pay you monthly and maintaining that house but nothing worse than having to replace the carpet and losing six months of profit that you're absolutely right because then all of a sudden a really nice income generating property is basically a net zero. So it's it's tough. You gotta really like it you know someone may say well i can buy the property and go higher property manager and let them do work which is fine. You just have to have the right expectations. You may forego five to ten percent of that income so you gotta ask yourself if you're willing to do the work if you're not. Are you willing to take a lower rate of return and still have the hassle of having property. Don't i give you five percents management money anyway. Oh i wish. I wish we're under the two percent range a business. How much do you want. Five percent might be worth it or whatever ten percent if you got it. It's enough okay. So i'm real. Estate is not mandatory. As as far as you're concerned now it's nice but kind of like it and so you know. Some people really like investing in the stock market and they liked trading options and by picking stocks and go that route. I would say go with what you're good at and something that you know that you can actually pay attention to so now. I don't think real estate has to be in the plan everyone. I don't have it in a personal plan of mine. Maybe someday down the road when we're all successful. Maybe i'll have a second house for myself. When i'm like fifty or sixty but i've seen enough of that world that i i don't have a desire to deal with tenants but that's just me. Let me ask you this if someone makes. Let's say ninety thousand in most of america. That's a pretty decent salary. Sometimes it's to people's working to make that salary to teachers for for instance or whatever you might have a 401k. Maybe maybe not. Maybe that's what two percent they match two percent so you put two percent. There is the next step to max out a roth. Ira versus a ira pre-tax versus post tax. Like can you save too much. If you have ninety thousand like should we go for that twelve thousand and be like look. I got that twelve thousand a year forever. I'll be okay or do we need to be like man. You really gotta hit that ten to fifteen percent of your salary or more than that are less than that any idea. I think i think fifteen percent is always a good. That's a good savings rate. You know whether you can get to that when you first. I always say started as soon as you can. Just because you get in the habit of saving take this for example if you make one hundred thousand dollars a year and you save zero of that you spend all of it you get down the road ten years and you have zero save. That's beside the point. Now you say all right. I'm gonna start saving twenty percent of my salary which has twenty thousand dollars a year. But you had this hundred thousand dollar lifestyle. It's very difficult to do right. 'cause it's it's a mind shift complete mind shift so if you if you sat the basics strong from the beginning it makes things much easier on your question about the four one k. Like so two teachers. Or i'm sorry not the teachers but actually the the four one k. Versus the roth nets really kind of a personal type of question because at the end of the day you have to answer yet to answer the question of where you think taxes are going in the next.
00:25:03 – 00:30:02
Say fifteen twenty thirty forty years. A lot of people would say by the time that you and i retire. Taxes are going to be higher the general assumption. It's a general assumption. But now it's not just our tax is going to be higher it's also will wear my income gonna be at when i'm retired so if i'm making one hundred thousand dollars a year right now in my thirties and my tax rate say i don't know twenty five percent. Which is that's a bad number. But let's say twenty five percent and i get down the line to retirement and my income is now seventy five thousand a year. So i'm not making as much as i will end. My tax rate is still twenty five percent because my income went down therefore but the tech tax bracket went up. Rates went up. But i'm still at that twenty five percent right. You see what i'm saying so it's not so much about where tax rates are going to go. Yes that's important but it's also what type of income do we think we're going to have. And where does that put us from a tax perspective. Is it if it's gonna be the same that i would say do the traditional ira or the traditional 401k. Because there's no real benefit by losing out on the tax benefit upfront for future tax grip. Okay what about this someone's doing well make four hundred thousand. Do they still you to say fifteen percent. If they say they only live on ninety thousand four hundred. I live on ninety or one hundred thousand. Because i don't wanna be crazy. Would they still need to save fifteen percent because that's ends up being you know. That's that's a big chunk of change. I think you kind of answered that. It seems like they're are already saving it somehow. If the only living on ninety right already saving but yeah. I would still say that you don't need to save. It could be sitting in their account or it could be yeah. I guess you're right if you're not spending all the money's going to be sitting there and making you money or put it in something like a bomb just like three percents better to no percent of the bank. I guess correct. Yeah i mean. I think always fifteen percent is a good rule of thumb. A well as you're starting out saving something. Getting in the habit is the way to go. Having a goal to work up to fifteen is good. If you get above that that's even better alive times. You have people that don't save. And then they have to the just by running the numbers they have to save twenty to twenty five thirty percent just to catch up to where they want to be in. That can be cumbersome. Because also i mean you're forties to your fifties are typically your most expensive parts your life anyways and it's very hard to forego income then because you may have kids you've got car payments you got house payments everything kind of layers on you in those forty to fifty s right so yeah. Start the habit early as the way to go. Hey what are your thoughts on pain for. What is it. The four zero three b student education than than we should ohio heavily invested in two or despicable thousand a year. What is your thoughts. Are you talking about like a five twenty nine saving. Yeah so many so many numbers so many letters. I just happen to know them. Because i kind of have to know them. I should et cetera. Sound stupid so so a five twenty nine. I think they're good. They're good for a couple reasons. I actually so. I just had my first kid. Back in march of twenty twenty. So he's coming around. Thomas being one year old and i set up a five twenty nine forum and the idea with the five twenty nine. Is you put money in. And it can grow in an investment account and once they withdraw for tuition or to pay for books or housing or whatever it is that money is tax. Free kind of like that roth concept. So as long as they're using it for the right reasons that money is tax free so that's a huge benefit. But what if you have a bunch of money leftover you put you you super funded it. Your kid went to state school. And now you've got fifty eight thousand dollars left over. Do all this money yeah. I can't my kids done. Yeah so that's a little tricky right. So my goal is not to fully fund it not to fully fund for years my goal is to fund half of it so you just kind of run numbers right now. College average state school probably costs about. Let's say twenty thousand a year. Maybe a little bit more. Maybe a little bit less those inflation on it and you wanna cover a couple of years would say one hundred thousand for someone that's gonna turn eighteen eighteen years from now right. Yeah that may cover one probably cover two years and then because what. You don't know as well. Do they want to actually go to college. That's the pro. That's what i'm saying like. I trusted you an entrepreneur. Boom i've been making money since i'm seventeen. I don't really need to go to college. Yeah so then. Then you just kind of stuck with the decision while you can transfer that so if i knew nine is transferable so if you don't have another kid to give it to you could use it so you could transfer to yourself to go back to school if you wanted to do that by then. We're in our sixties. Probably don't wanna do that. So then you can. I mean you can withdraw it and pay the taxes on and get some money. Back is a crazy high taxes or is just what it is. I don't know the right rule on that just to kind of cover myself.
00:30:02 – 00:35:03
But it'll it'll basically be there could be a penalty but also there would be just your gains so if you put to an fifty thousand grew to one hundred thousand. What you've got fifty thousand gains in there that you're gonna pay income tax on well that's better than like you know when you take out retirement all these penalties. I it's to me. It's the penalties that get you. It can be penalized me. Because i was a super saver and i thought mike was going to become a phd. Decided not to. So what does that. Like two or three thousand a year and you should be kind of okay. I've got very simple right now. I put one hundred bucks a month in and you know every now. What's nice about these is. We'll get a call from my are my parents or my in laws and they'll say hey. What would we give him for his birthday this year. And it's well. He's got everything he's got this five twenty nine and so they can write a check towards to and they've been doing that too so it's a nice easy way for them to contribute to something that they want to contribute to my kids to a quarter now and i think the first year. What has some extra money. So i put five k in there and you know what five k. At less than one years old is gonna grow nicely by the time they're eighteen so i told her i was telling my wife even if something happens where financially what. We really need to worry about retirement and not about her school this year. You know maybe we something happens. At least we've know we. We put a lot in the beginning right so we have to skip a year. Don't put as much at least we can feel like we're not it's still okay. Look at it yeah okay. So you're a first generation. American i am. I don't wanna say crazy stories because there's face group for that but any lessons that maybe you've learned or we can apply to our life. The it seems like the first they live the dream. That america has it. Seems like compared to people who've been here for a while. yeah. I saw it. I saw it with my dad. So i'm pakistani. I was born there. Brought over here when i was a couple months old and i saw the struggle that that it was back in the eighties and it was very difficult. So we're a family of five and we lived in a two bedroom apartment so one. I mean kudos to my dad and my mom for even doing that. Yeah you know the stories that you hear about someone coming over with the dollar in their pocket and you know just the clothes on their backs that type of story. That's basically my parents story. I mean they had a little bit more than that. But that's that was it and so for my first. Let me say this way. I didn't have my own bed until i was twelve. We had we had a two bedroom apartment and it was my older brother and my older sister All three of us. We shared a room. My parents had the other room. And i slept on the floor for first twelve years. So that does something to you from a young age. I mean you see you see your family scraping by fortunately for us. We did that american dream to where my dad did a few things right made a couple right calls got into construction eventually and then then it was all i mean gravy. Lots of hard work lots of discipline and that kinda carried so even at the highest point in my dad's career. When i don't even know how much money he was making. We were living a comfortable life but still it was well. It was kind still always back to the basics you know. Why are we buying anything. That's full price shop. The sales everything was always like that. And that's how i am. That's how my brother is. That's how my sister is all we all live and it's ingrained. I think it's great. It's fantastic now. does it. Cause some issues here and there with my wife short. 'cause you know it's like well. Why are we penny pitching so much. But that's just how i was raised and that's the testament to being able to retire comfortably. My parents now. My dad actually as pretty much gotten rid of the construction business to a degree. He'll still built a couple of houses but he's pretty much a full-time Landlords so he's got maybe ten properties that he does the rental business with and he enjoys that it keeps them sharp. He's got good tenants so he's got money coming in a lot of passive income and it works for him but it teaches you a lot being first generation or just coming from bottom of the barrel for lack of a better world where And seeing what it took to get to where we got you know. You don't want to throw that away very good. I saw your webpage. Looks really good the all do that yourself or you know who does that it. It's a really nice looking page. Thank you yeah. We spent a lot of time money and effort on it last year. So pandemic hit in february march of last year. Our business is primarily where we work really well being able to work face to face you know in the financial world trust comes with a lot of face to face thanks zoom. We've alleviated some of that but we took it as an opportunity to kind of revamp how we do a lot of things so we took some time to redo our website. We don't do it ourselves. There pieces that we do to make updates. We actually have a blog or something. Yeah yeah so we can do some of that. None of us in the officer that technologically advanced to where we can handle it so yeah we had that.
00:35:03 – 00:40:03
We hired a company before we did the website. We hired a branding company and the branding company took us through everything. They took us through about our avatar. If you ask me what an avatar was before. I couldn't have told you but now i know exactly what our avatar is. Which is our our target client and so we. We have a whole book. That's probably about. I don't know hundred and twenty pages that we came up with that talks about our avatar all the different marketing funnels that we may have all the all the different copy that we put onto the website and everything like that and then we after we got that done. That was the hardest part then. It was more of well. Let's find someone who can actually build this for us and once you have the blueprint because you've got. I don't know how how much activists but the guy the other guy has a couple books. Y'all do a podcast together. Since about september on the noticing. I was looking through it. Real quick i mean. Get to hear it but i saw lots of episodes how long they been this steady. I okay. there's still fresh. You still got a passion for for now. But i've done it all you. You're on the apple. You're all the places that you need to be a dedicated part of the site. So it looks like and you've got all the places you've been on. Abc nbc all these types of places which is pretty sweet. So yeah. I'm taking a course personally on branding and all of that and so it's been fun to what you just told him like. Yeah that's a whole. It's a whole process on their in is why they charge so much. Typically because there's so much involved when you go from a mom and pop websites which you are presenting now online. It looks like you're very good. Twenty twenty one. Yeah in our in our goal with all of that was to be your typical like wire. Wirehouse morgan stanley's your wells fargo. They all have a certain image to them. And we wanted to be a little bit different and so the first step is kind of defining who you wanna be who you wanna tracked and what you want to look like to the the world outside. We decided we want to be a little bit more modern. And we want to be approachable. And you know that's that's kind of what our website hopefully shows so to start wrapping this thing up first before it people were like all right. I want to know where to find more information. What is your site. So the website is p. o. m. wealth dot net pm stands for a peace of mind so our company name as peace of mind wealth management so p. o. m. wealth dot net into not pomegranate. Okay that's yeah equally good though equally. Good one of the things we always talk about is. What's the point of doing all of this to end up divorced and not your kids so any hints tricks to keep the love alive in your relationships and potentially the take time off because when you have your business people call you. It's like you almost always own having to put stock sales in and it's life or death for these other people. So what do you do how to make this work. Yeah i think there's a few things to For for my wife. And i we're just trying to get back to figuring out how to live with the baby right so he's he's almost one and so for us. I mean i get. I get to the office a around nine. I leave i. It's the market closes at four o'clock which is nice for financial people because you can't make any trades anymore so yeah you can take a few phone calls. You can talk to people you can record podcast but ultimately your day's kinda done from a from a requirement perspective. Your mind is always still going. But that kind of leaves an opening for My partner and i kind of either take care of things that we didn't take care of or get home a little bit early for me. I get to leave office at around four thirty so i can go pick up my little guy from daycare and get home once i get home. Then it's well all right. Let's spend a couple of hours with the baby. He goes to bed and then after that. There's a small window of time left right before bed. And so it's more just for what we have seen what we have found just being present in those couple of hours. A day is exhausting. Yeah i'm podcasting with my kids in bed this is. This is the only time. I give you guys options to talk to me. I'm trying to spend time with my kid while i'm available. Yeah i agree. So being present when you can be present that i think is the most important thing that i've found you know in the world of technology that we live in all the means all of the commercials of people sitting around the table on their phone. It's very easy to fall into that trap theories but yeah i think just being present when you can show. It's a world of difference. I've heard of this thing where people like. Stick their phones in a locked box or something like that. I don't think we're there yet. But as kids grow up and they've got phones to who knows the being. I've heard guys go out to a bar. Whatever chili's or something and they all put their phone or the first person i pulled their phone out our touches their phone as to like pay for the meals or a round of drinks or something like that. That doesn't really work well with the wife. Yeah yeah we've done that before.
00:40:03 – 00:44:09
Any books are podcasts. Or anything like that that you think we should whether personal development learning more about investing in things like that on the on podcast side. I this is pro. It's probably the most listened to podcasts in the world. it's called the daily by the wall street journal. I listened to that every now and then just to get an idea as far as what's going on especially if you hit a big news. Item like the inauguration yesterday. I'm sure the daily did something on it today. I think that's a great one just to stay current and then there's a couple of guys his name is rory vaden and he's actually all about marketing networking making connections and the the name of it is In influential personal brand podcast. That's actually the company that we eventually worked with to fix to help us with. Our personal brand is actually my partner who listen to his podcast. Som- speak a couple of times and then we all kind of got on board and we decided to hire them so the guy his concept is really strong about building your personal brand or building your company brand and so he interviews quite a few different people that are just phenomenal perfect perfect. I think i learned some things. I think anybody who doesn't do. It will at least be able to take away and these have some questions whether it's for you or for somebody else that they already involved with. But i really appreciate your time and bring the hard facts. Yeah yeah that's what we do. Justin thanks a lot man. Another great interview has ended by. You're on your phone. Clicked that review but right up a nice review for me five stars if you could as everyone says an industry. It'll help other people to us when we have enough rankings not to mention i'll mention you and your review on an upcoming episode if you follow me at all on them you only get one link. So i use a link tree and so it's a doctor's perspective dot net slash links with an s. And that's going to get you everything you need to know the top episodes of two thousand seventeen in two thousand eighteen the podiatrist series dentist acupuncture series holiday. Twenty seventeen financial series. How to write a review how to support the show like buying a cup of coffee getting swag like t shirts. The today's choices tomorrow's health book. That's the blueprints for better health. Exercise picking food correctly and financial. And then of course bundle packs which can get you know. Needle acupuncture book forty common conditions including the electric acupuncture pin at a great deal. The resources page has some of the products. That like. it's a philly style so if you buy something from them i get a piece of that. Just like on the sonos pages if you buy a book from clicking the link i get a small piece of as well so i really appreciate that things. Like screen cast automatic pure. Vpn missing letter. J lab speakers pro alone eberhardt grips once again if you do need any coaching on how to improve your bloodwork drop weight and the pro loan diet fast mimicking diet. Five day plan. Let me know as well as if you just need some coaching whether it's health whether it's marketing whether you need some practice growth etc reach out. Facebook justin tros claire. Mcc of course at a doctor's perspective dot net on the top right you got all social media icons that you can imagine. Click your favorite and reach out. Thank you so much for tuning in. Please tell a friend pass it along. You can go to dot net slash. Listen it's just that easy it will open up right in your app. And don't forget i appreciate you. Listen critically think and integrate see on the minnie's odes on thursdays and saturdays. Hope you're enjoying those. I'm definitely having fun. Summarizing these podcasts. In less than ten minutes for you. You get the nuggets without having to waste your time. Have a great week to serve shots.