Todd Pietzsch from BECU joins us live in studio! 12-14-16

Wednesday, December 14th

Caller April has credit card debt and wants to know how to pay it off. A texter wants to know if he should drop a couple hundred dollars on his kids gift or wait to buy it cheaper later. Caller Jeb is trying to consolidate his debt and wants to know the best way to do it. Caller Tom has a 401k and wants to know if he should roll it over to a RothIRA. Caller Sharon wants to know if she should start a RothIRA for her son.


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

You resist the KI SW financial advisor appeared. Odd I invented numbers so I know how this stuff works each okay. He's back at home dad. And the right time this season man I mean this is. Our annual. Way the biggest ticket that we have to invest in us financially and that of course is the holidays and if you have a question for Todd to 06421 rock rock is 7625. Texas 77999. Of course Dodds got 25 years of experience the financial services industry. Lots of different positions of both consumer and business lending. And that he works that great joy on his beat ECU au. And it's a great credit union credit unions heard great alternative to your traditional bank. First of all what you get to be a member second of all they will not be in the news for all sorts of things that some banks are in the news for because well. Why take advantage of people when you are the people running a place all of us are BC EU. A bomb and if you live work or attend school in Washington State bone. That's all still be a beat ECU member that's it's you know so it's not just for Boeing anymore it's for all of us pretty much the turn you want more info go to be ECU dot org. Todd happy holidays body YouTube BJ. It's kind of giving isn't it it's a timing giving. I have an edit in it's not it's Friday lifted in the car of their time about getting spot because for me if titles received. Never mind and saying that you are receiver you really should say that not a time of receiving in the mix counsel I we have we have cut him April on the line to a 6421 rock rocket 7625. April in Seattle you Robert Todd peach MB ECU go ahead. I get a tight hi April. I don't know how many are in 2012. Locked my hall not locked in my bed nets. Arms and slowly taking care of it I did not file bankruptcy in Britain China do it. You know pay a little bit here Taylor that dared get that bill taking care and all that stuff. I've got one bill that had. It started out there 111000. Scott's 25000. And keep balance and around and bouncing around. I'm but there's no way I can like take care of it like Al diet and and and every time I am I. Try to get it out of that building care warranty get back one. Little bit more added to it. That about a around again so yeah. We're kind of build this and April that goes from eleven to 25. It what are they credit car at one point in time and now expect a collection agency and found an announcement around and I have a question for utes on an eight because nobody wants to go bankrupt but is there a time because of April it sounds like with her situation. Maybe item on the you know it would have been worth having a conversation because sometimes bankruptcy is is the best thing for people it's how they have that conversation haute they talk to to get the right kind of advice about I always referred to. Refer people to the national foundation for credit counselors these are nonprofit agencies. On that are gonna acting your best interest out and and that's what I'm Hillary ray recommend for you April as well as to give them a call. On the talking about it there's the in these. Collection agencies they may settle if you need and that's something that's a discussion you're gonna wanna have. I'm with with with the national foundation with one of the nonprofits there is sent several eleven clear point America. American financial solutions here but go to an FCC dot org or go to BJ's taking a ceiling on there. On the if you have you know any other questions in a sense certainly email me. On that it shouldn't be jumping around from eleven to 25 you're you're in a penalty you're getting interest here. So it's that this and don't get on top of the better yeah thanks for the call April and again what sets icons it's an FCC dot org okay and like Todd said if you go to to be Jamie's page of KI SW dot com just click on the finances or he or you click on a banner that has you know Todd and I and it would Todd smiling face. There's a great page of resources will all sorts of info about many different financial questions you may have. You know tiger got a really good do could very rarely airs people think impatience you smiling. That is so true yes I did Todd you know he was forced to he had to he knew was for the greater good. Very important text message question all right here we go outside of envy I tell you love these text message we are fairly 77999. SIU takes into us. I've lol I sure cash for Christmas guess my kid wants one and those dumb act some malls so I drop a couple hundred bucks now. On eBay or should I disappoint my kid in that way until the stores and back in stock. Look at this a tough one them. Doesn't it Christmas is a tough one Todd because they you know. We don't get financial decisions to make him as I Democrats in my childhood and I got other stuff you know I really didn't need it. Early in the at the end of the day are you telling him not to get it I mean critics are saying delayed gratification so that that's where I continue to say as they grow. And then the little. She had to be disappointed a little bit mad and they get a parent that has to be like around that little kid and you get another resemble iPods in good financial shape and I'm a financial mess because I'm thinking I did damned thing is that your kid will be the coolest kid in school yet that's why we have put a price some popularity Kenya boys. Actually you can and its called gets caught going broke down is really what it is. That doesn't that. Tough thing in this is a tough time here. I was go to Jeff chemical CO2 06421 rock rock is 7625. Jeff you are Robert Todd from the ECU dot org go ahead. They'll go and it actually Jeb would the be all general the Del Rio well Larry wanted to thank our cost him around like he's in the year declined himself my dad you're a millionaire and Samantha colonized. Oh no he's jam on there Yost summoned she's okay first thing you know it's a million and not end -- I don't hear my dad if you remember was the guy that couldn't get to be president if I'm not mistaken he's an idea he really got a job here throughout surgeons and billionaires while the you're right. To which he got forced you have. It is the question here for god and god. A number of a credit cards and try to consolidate the debt. And I have. I've tried to. Got to go through the third. I guess non conventional mailer way to do you get that nomination. And I am I'm opening yell at your credit union and I just. I've been denied that donation before because my you know total evolving data Q hi I'm trying to figure out of the best way to kind of tackle that. How damned news scene again of the question with the high not too highly debt for debt consolidation that puts in a different world and it's time. It it it doesn't have problem is he had no collateral like with your home for example or car. In other taken that as collateral with the when I had to rest these guys think he's gonna get that hat tomorrow and that's still underwriting costs honey bear out there area. That Jeb have you do you know what your credit score is. And hover around like 710. OK I mean nets and stop horrible it's not horrible amount yeah meets Jesus our lives on so you know it how about your income probably is the. I like my income yeah I just Billy I'm paying. You know I I and I'm getting around 48. Year but I'm just paying a lot into. You know all of these this these credit lines I just got to wonder. I gotta wanna be able. Rounded up and you know make him make the one lump payment how things though he had do you own a home or anything and I I do not I'm currently renting OK on. I mean the best advice taking it used that line them up and and paid a one with the highest interest rates first. Reps and and that's again to be your best strategy in the there's really no other way or county have been dead it's there. Consolidating it to a lower interest rate is only gonna happen when you get that paid down. I'm in here and you get your credit score up maybe just a little bit is there and Jeff are you also open are you able to pay some principal off are you just paying are are all you doing is paying the interest that's another quest like I mean do you see a light at the end of the tunnel with what you're being able able to meet I didn't mean I. I am paying down some of so many enters the same time assist. You know it got a feel like I'm on a hamster wheel at this point nightmare that is a that's so I you know it's not a bring that up and the reason I bring up Jim is that again that's a cop a conversation that needs to be had because if you're not being able to pay debts down. And you don't see something that future Todd that's when you've got a call those credit accounts are folks right yeah I mean it's and it's a great strategy great great way to go it Jeb I would say you know again lined him up find out what interest rate you're paying on each of those. On capped you know tackle the ones with the highest rate work on getting your credit score up and and you might be able to and maybe not consolidate them all that may be. Roll it over to another another financial institution has a better rate that it's gonna keep keep you going on that so I appreciate the call Japan a man. We get Tom and Olympia Tom you're on the rockets out from BC dot org or had some. All the time you can't speak and I don't engage the phone line now you're on with Todd go ahead on. All right a good morning guys kind of a simple question that got oral and came from an employer. A long time and it's. Or okay side at all. Our money and I am trying to lay out the option between. Rolling over into day Iran IRA or a traditional IRA. And I know the differences between the two that is given. I guess. Maybe some high level guidelines that like what to think about when making their decision. Inside Todd for fear of folks who don't know what is Doocy a regular Rothenberg CNN Roth IRA will your traditional writer I area of your putting money in. I'm that you're not paying taxes on that that's just a regular high error rate here irate at your race your 401K that sounds like. Sounds like comments on with a rock fire a year you're paying taxes today sought after tax income but you're putting an end there and that's gonna grow tax free. So if you put it. He put 5000 and today and it's 100000 when you retire you pay no taxes on that 95000 dollar gain their awesome. Especially for it for the younger and younger generation. So as far as what you should do here are some options. I'm with your 401K I do like the idea rolling it over somewhere that you do have. A lot more on the of the universe open tee is from an investment perspective and you get some lower cost funds potentially that Tom might have. On that they one of the challenges is when you do if you do roll that over and converted to a Roth if you are gonna pay taxes on that day so. On the anti how old Todd how many years did you keep it in a Roth for that to make sense eight elegant people if you only do five years is it makes sense then had to do something. That yet to pay taxes on as oppose him like a traditional east don't pay taxes throat and if you like even if for five years and Roth is that that's helpful to them now and that not necessarily I mean if we say five years why would you won't want only keep it for five years let's say you're like sixty. Or you don't whatever I say and you say you know you're gonna need the money Matthew that is is that a difference between Roth and a and a treat it like why would anybody do a traditional IRA. If you don't unless it's a time thing nor are my wrong about that bunt with two Beers traditionally when you're younger you definitely wanted to do Iraq when your income is lower right yeah when you're junior in lower tax bracket when you get old injury could be that you have a strategy be one of the that your heirs for example maybe there's part of that you believe. Say it's maybe it's not going to be five years that you're gonna leave that and it's going to be tax free two years so our strategy so it does I was mostly there is no age but definitely. As you get older date it becomes less. Less that's on the other option for you unless it is part of a strategy that but I I would definitely look at you know maybe part of it into a Roth. I would sit down talk to somebody. You know looking a picture in and see what's up and we can certainly hooking up with somebody if you want what their via probably a link somewhere on that page we talk about and has all those links. To give you information about 401 k.s and investing your money like. Not not specific advice that to those Bennett that I don't know I have anything that's already yeah I do so -- and he had no matter I don't know if I have anything out there that that talks you know about the difference between between Iraq and the traditional wire a bit for the younger generation out there. If you're not part of Iraq definitely looking to. 206421 rock rock is 7625. Texas at 77999. Let's go to Sharon Sharon I think you put you may be the last one and if you look at maybe you don't really Sharon amiga which can always email Todd and again. Just go excessively dot com strolled onto see the white panel with Todd nine and it's obvious smile and pretend Heisman. Sharon era there a piece from BEC dot org. IRL. Merger which got. So I don't and I'm relaxed and I received a settlement of about 24000 dollars. I'm at my questions can have a two part question guy I'll win a state dinner with you that's censored. Honesty your great don't have a lot yeah I was there admirals he says do it and had some balls yet agreed advancement of entertainment Canada not so well you know that's more than center. It's. If I took out dollar and Ira outcrop I guess that would be for I. How much but it is eighteen now by the time he retired at what should I do it's somebody I mean let's bypass. I have looked. Yeah well I guess a couple things you do as your son have earned income. Hello I'm tired of so big and so if it does get a part time job or anything we as a yes. So that that pattern that's an income so he's getting some income right. And so so you can contribute up to his earnings come up to the 5000 dollar limit so it this long he made a thousand dollars you can put that in in there. As far as what that thousand will grow to I have to do the math but I can tell you it's it's quite a bit how how it has ZX 1716. 1818. What is just about a thousand dollars and for forty something or radio personality who got okay I asked if that'll grow significantly await you now won't let you know I share and I love that if he is you know again you you wanna look out for your own retirement in your own first you gotta protect yourself first that. But you know keep in its. You know maybe this is part of the Christmas gift I loved it. Giving rocks for this CIA appreciate the caution Todd that is so possesses an important thing to say to a lot of folks who are parents because. I have my mother in law she's saving money for us. And I teller you know I mean it's like you don't need to we've got our things he yelled at put towards yourself push toward yourself it's so hard to tell parents as they age. You know that Jimmy maybe maybe sometimes or kids may be needed but you know if you have. If you don't it's ER PI think of yourself first because you're the one's gonna be supported when you like 65 semi semi five years old who knows when your kid is in his thirties forties if you'll be able to help you out. In LA CL I. With college Nokia Mick parents want to have their kids go to the latest greatest you know the best colleges and she's so they end up you know sometimes going in debt to pay for that themselves and then. When they're retired who's gonna take care of them right so take care of yourself first and then you can actually say any airlines in a pitcher oxygen masks on first and help others say it's it's it's. So great about BC you because of the fiscal knowledge financial knowledge is so so helpful and life and a lot of us just never got it still don't get it. Which is why do you go to BE CU dot org. I mean it's a great credit union plus they offer so much more than just you know how to manage your money. And I'd like like I said man Tosca that page on KI SW dot com if you scroll down to see the banner heals you'll be the clue to that page. And as he will answer all your emails eating its on the phone line Todd is good like that. And again man if you wanna be part of VCU it's a great way to handle your money in all you gotta do is live work or attend school in Washington State. Credit unions are pretty awesome going to be ECU dot org Todd had some good holiday season my friend you two BJ thanks. The next morning it's her and that's what I K I guess tell you.