11-16-16 Todd Pietzsch from BECU joins us live in studio!

Wednesday, November 16th

Caller Daniel had a bit of extra equity and wants to know if he should be investing that extra money. Caller Chris is about to get a big lump sum of money and wants to know if he should invest it or pay off some debts. A man’s wife named his daughter the beneficiary of her life insurance and the husband is not happy about it.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Do you resist the KI SW financial advisor appeared. I'd I invented numbers so I know how this stuff word speech. Oh my god time. Let me add one. Say about the ECU okay fees you rocks to credit union. What does that mean that means it's not like a regular bank and you. Low. Sometimes it's good that you know like a regular bank I think a lot of us can understand why. And you say OK well I'd like to be part of BE CUY get it was live work or attend school in Washington State. Plus to be you know of unified or business membership if you have an active Washington State business license. And it is a member owned not for profit financial cooperative and that's what's so awesome hopefully be ECU. You can pretty much do everything you can do it a regular bank but since you are a member and you own it you are in charge which is why taught I'm sorry but this is your last day that a thanks BJ what's the resent out that because it. I but it is really cold this Todd and I are both members of VCU and even though Todd has a much more active role in the company. Really we are very much the same because that's what a credit union news yet grew we all own a piece of and that's how decisions are made with. What's in our best interest not somebody else's anti us got a lot of years in the world finance and we've and we've been doing this same with him for a long times are very very helpful. For people that are like the wanna get more financially savvy toggle answered questions full free. At 206421. Rock rocky is 7625 Texas 77. 999 let's go to Daniel Tacoma Daniel you are on the rock. It doesn't go to bed Daniel which he got with Todd over here. So we project how about a year ago. And we you there are paid then the market they get their customers that they are about that you are an inequity. And I just curious if there is done then I age should they get the agreement that ordered to leave it can watch. I just saw Steve's eyes light up I can help you with that idea way to Africa. We create a bachelor party is what we can go back. How to get back into the Daniel this is your primary residence I assume. Yes OK I would just let this sit on it let it go don't we don't want to use our home as any TN as many people have done in the past the nets by. Getting a home equity loan to go by at. A car whatever that trip or something and it's gonna depreciate now I didn't mean it down the road you may net need to home might need a home at Cleveland put refiner. Something to improve your house that I just sit tight let you know you and congratulations on. Being a homeowner. They keep saying yeah I just gave that there is and that's meant there's now that should be going and you may get jet over. It is really interesting and outside this funny because Daniels think in the right way yes and and and we appreciate the call Daniel and so yeah I just a quick question is tiger if you're financially savvy enough. Bomb and if you're that kind of person you can go find these and have a better return but you really have to know your stuff. Which is probably would not a lot of us which is why financial advisors so helpful because. Every time you you have questions crucial here commercials people might say something he might have a stupid uncle in huh pizza itself is always given you advice. And it sounds like equity in your home is something you should be taking advantage of but you and I are old enough to know that you don't really do much good that he's gone on average. It's a risk and return right so yes you could go get a home equity loan you could go invest that money somewhere else right and hope that your. That you return you get on that money is greater than what you pain interest. But you know. You can do that outside with your 40 in case that we should be really focusing on the whole whole picture. And house yeah let's get that it's it's the perfect if you can own that when you go into retirement he ought to worry about that. And so I would just sit tight Daniel and and look at your rather other investments how much are you saving for retirement. On gate gate going on then push it push that could you have time on his side. Yeah man boy being able to own your own homes like literally own it it is such an amazing thing. You talked about it before today it's not if you can somehow make double payments where that way you're paying off principal every month a big part of it not just what the bank has -- to pay with the interest. Yeah I mean that that's certainly one strategy on any in again this kind of goes back to their their risk return right so instead of making those additional principal payments you could if you suit to invest that in the market. And and look at negating a higher return that way so there's different strategies dependent on your risk tolerance and world different yeah. 206421 rock rockets 7625 Texas at 77999. Also if you don't get through the fault lines. I Todd will answer all your questions by email you can just go to KI SW dot com scrawled on his seat time the banner with Todd smiling face. Plus we'll take you to a really good resource page where. You might just see some links that answer all your questions plus a lot of great. Questions and links that tell you about how you do different things get your credit score learn about all sorts of cool stuff. That's all they're for free as well to go to KI SW dot com let's go to Chris in Q well Chris you Robert Todd from DE CU dot org go ahead Chris. Might or might carry out. Well actually signing our house what are low first also has been a horrible thought a couple of years and where it just went forecasted to just 60000 dollar check. I was planning on putting it into words. Unsecured credit curtain does that. You know in general but I learned there is a better way of putting them later something else should I put some into savings in case. You know I don't know what what should I do what does not double walk sum of money that we're received. Are you buying another house greatly your own another house. OK so and say here's selling the and the initial house. Correct I I have a question just real quick time. Why would you sell a rental property because it seems regular rental probably isn't that like always a bonus thought of it's always make you passive income. And yet yeah yeah it can be that also do you view the question is do you wanna be landlord rained out here and there are other people's stuff all the time yet and so we're all different there again that in. In this case this sounds like it did decision Chris wants to do is get rid of that have you lived in the other house for three out of the last five years Chris. Ari yeah. We go we don't want our opportunity haters. OK so three out of five we were in there we were art are you putt okay I would I would just talked to a tax professionals they can make sure you're not gonna paid the capital they became the capital gains tax on that that you will. You located the tax on the net and on the income by. But that type to tax professional on that but now I get back to your question what should you do with the money at what. You know what how much debt do you have out there and what what the interest rates. I would say it would if you got an art would that go well in 90% of the debt and and be interest rates third in relatively lower than I would add others. Are about fourteen. Bookcase behind so my question to you Chris king knew where else can you get 14% return guaranteed yet. Not to make workers and that's Intel I would look at make sure you have an emergency funds though so if something happens. New gets sick or whatever that you immunity you can make here. Make your house payments in years you're fixed income payments that that then I would look at that 14% return which paying down that. Obviously we have that. They yard Chris I'm mostly demurred at the end some food and I don't know the Mumbai we've gotten Carol a buddy. Number I don't know much is yeah just an odd case all right I don't Specter dame because it's a good you know what I would invest that breakfast every there was some of them and we support chicken or beef. Wow I certainly don't put the yeah yeah yeah ice you know I however I'd love Christmas choices. Let's get bonus money you celebrating national fast food day are not planning on celebrating at times but I'm probably not today that's not so fast I didn't know that not at his news in the RO regularly EF five dollar suspend at a fast food place where you spending it. Where my go and yet and today. Annan. I I'll probably just to start about techniques Markoff. You know I wanna miss tiger isn't fast food Starbucks I think yeah we got a sandwich and not sugarcoat this that's gonna fast food they make food there'll. I it's not a fast food restaurant I agree. It's not traditionally a faster which means it's not a yeah. Zero you're looking for my hand when neither something like that way he yanks so you know prosecuted to a container so you don't think Dunkin' Donuts is either right you don't count that as a stump best okay. And dairy queen if they ever abrasion or have they ever grow its fast food Derrek Lee is fast food OK you gave do you put our ads it's nowhere your fast food yet realized. OK am I crazy to say I mean do we think. Services a fast food joint I you know it's interesting I think it qualifies because they cook food there and they get a tee relatively quickly breakfast foods like eating your breakfast sandwiches and is dragged through. Shut up I cannot have you been a Starbucks on a Friday morning at like 10 o'clock and it. And that's because have a lot of us that happens anyway yeah. Todd I have a question and I don't think this person realize I was gonna ask him I'm gonna keep them calm. Anonymous but I just got a this morning and so Friday night why woke up this morning this guy was like this that he was on it because he he'd be he FaceBook message me like at 5 in the morning and ready from Nigeria won me your bunch in my neck that's a yes glad Marty done that Steve I made my only tied to tell me where to put my Nigerian prince money. Palm but this was fascinating. He had he gets a new insurance and they got some change overstuffed and so. He and his wife took a life insurance policies and they have a one and a half year old daughter and he is livid. Because his wife on her policy made the daughter of the beneficiary and not him. And he is out of his mind over this and I'm wanted to know my opinion. And I thought you know what Christie Todd today so. You know Todd when people are getting life insurance and they have little little little little kids who have been you know ice. You know my opinion is his life insurance is to help the other spouse because if you used to the income or the other spouse and that's boss is not there anymore. Well you're gonna start to take care your family that's the ideal life insurance so that you don't have hardship. So how is how Smart is it. Giving your life insurance to a one and a half year old kid when you know really it's your spouse that's going immediate. It's still one and a half year old kid if you were to die tomorrow. Yeah I mean in the year absolutely right typically you're looking at life insurance to. To care for somebody else right so. So if years like myself I'm you know I'm my kids are older they're they're in their dependents so your eye and you're gonna put me is beneficiary hey I love this plan. I as far as going with that yeah how do the same feel army and that I am proud of that but I mean yeah in typically like even you're gonna look look at the insurance for the loved ones you want to take care of if you were to pass away rights of that is your other spouse and your kids and if you take care of those ballots ultimately that would take any child as well right so and you can add a child as a second beneficiary. That's normally with word now what does that say remain you know someone doesn't leave it to you and your than they do they not trust heading to Sanford conversation the ballot and let you know kind of where we had if you word if this person were to pass away. What what would my life look like how would I live in in if I can do that and then fine but if not then it may have a discussion it's tough fight because my wife still won't get a policy and I try to tell our ego lets you know what it's going to be tough to have you know but this is when we when she was living here in the kids were still growing up when I go it's gonna be tough for me to do my job. And still take care of these kids. If you had a policy would make a lot easier. I Mel Allen needs a policy idiot idea you're the only allowed to be a story about me acted never can be answer that you know she's due wants to be alive you're dead. Is not a matter do you. And you know is she still was not now don't get your policy. And I pieces of news out of romantic conversation guys now I can tell you're gonna be dead their tap water and I don't wanna go there but once someone is unreasonable and I ask you I mean do you both have policies. All of what OK I want I ask you any kind of course I power I know you do about her I don't know maybe. Because she's a rising into the dogs I love this that's the way you criticizing the USA and it. I criticize you because you have arguments as to why did you see I'm gonna you're gonna be dead. Well to be fair is life like what twenty years younger than him so he's had begun waive her or her home cooked well clearly what he jays stupid comedy is now revving up from Vicky. Go well my point being is I think they're both I I mean you even need help our chill like you know who's gonna take care your house is gonna take care everything if she's gone right would you need little help. Low life insurance policy what he's done I know onto the golf tournament countrymen. How could she makes Syria so well that I've finally give them money had to promise okay I'm fertility emails that whereas this came back well I I I you know what I take back what I said to realize he had a Nigerian prince to take care who you're gonna be fine I'm fine he'll be five. Are well outside as usual mad at time has flown but if you do not get through the phone lines not a problem. You can reach Todd decide go to KI SW dot com scrawled on and see the banner with Todd smiling face to answer whatever questions he can't. It don't forget man beat ECU. You know like all the credit unions a credit unions are amazing. Because its member owned not for profit it's a financial cooperative and b.'s ECU's been doing it for years doing a great job for all their members. And yet you can join he's got to live work or attend school in Washington State. And you can apply for a visit membership if you have an active washes the business license all the info beat ECU dot org. Todd you're the man buddy thanks BJ I could see a the next morning it's. Yeah. I guess tell you.