Todd Pietzsch BECU 03-21-18

Wednesday, March 21st

Todd Pietzsch from BECU joins us live in studio. A texter wants to know how to save money despite have two car payments. Caller Michael wants to know his best options for moving his 401k. A texter wants advice on refinancing their home.


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

You presents the KI SW financial advisor here. Long time. I invented numbers so I know how this just words speech. That's right maybe five feet. He's an average twice five years of experience the financial services industry. Having held a variety of positions in both consumer and business lending Ahmard partly tied speaks very nicely to people so you have to make any financial mistakes. You know he's really very nurturing a net car bullying needs now like me who'll loses my import so they are regardless there's nobody makes bad financial decisions that there aren't thank god for that. Yeah I know he and 206421 rockets itself remember Texas it's 77999. And don't forget you can also go to BEC dot org joining information how you can join and all they know what. You know got to be a Boeing member anymore just to be able to join all you do is live work or attend school in Washington State. And talk we talk about it a lot. Why is a credit union what a difference he credit union and I bank because since they are different and can I do the same things I did do in my bank and why what I wanna be the credit union and yeah let Fiat couple things meet you look as a credit union years and then members own it to a ticket it's a co op. So they hated to remember zone vs stockholder so that means all the decisions that the credit union is making it's always what's in the best interest of the membership. You know in the end of the day all the money we bring in passing go back to the members yeah. I trust that to stockholders I mean I really trust them they have my best interest all the time that. It's not about making money and Mendoza it sure I want to have the members don't ask it. So like when you're making a decision it's like you know if you're out for profit it's like okay what's best for the people own this place right look to stockholders that's a charge more. At a credit union is and it's just the opposite outcome we. Charge nothing or charge less and so you guys have cash machines and all the kind of services that I could want from a bank the other cast are seeing and cash machines and actor rob my caddie actually and a more access and then banks because credit unions worked together so where I'm movement of credit unions say you can use almost any other credit union TM throughout the country. And so there's over 30008 teams you can use surcharge free. Other branches of credit unions you can use there's actually more accessible it's -- have done and being seen Mosul thinking on American Todd how holidays are gonna miss it it's trillion myth that people think that as a credit union you have to give something up but actually you get more. At IU ENN co op people are cooperating what happened. I refuse to believe that's driven attack somebody wants some help from Todd all right to a 6421 rock you can also text this is 77999. Is on my name's Jerry in my truck driver currently empty car payments of around 500 dollars each only numerous other bills and a small amount of debt. My question is what's the best way for a couple with two incomes to save even with all these bills it just seems impossible to me sometimes stunts. Who and yet I guess why we have two car payments that time. Hey if they're right that two cars I think OK okay sleeve. Look any am's TJ how are as good in time if I am I got you started testing needs are there but I mean quit and it tracks I guess humans attracts. But you have to merely have to sit down and and I hate the word budgeting I rather like a spending plan is a better think his Beijing feels like you're constrained. That you have to know where your money is going where it's coming in. I'm and then you have to come up with a plan in. And you know I think Danny mentioned he'd downsized its cars they could save some money right and so you have to decent you have to really look at every update we'll now it's. A tricycle Steve generate and I also and I had used for remember gas mileage he's getting in a tricycle days yeah. How anti hybrid tricycle wanted to stay there so Seattle's. Well you know I tied I I I have we face that decision I mean my wife and I want when we first moved to Seattle because her husband. At the time that would be me couldn't keep a job. We had to maneuver some things around like to get another job and we went down to one car it wasn't convenient exactly but it was like hike we can't afford to car. Payments and more get a did you have to make some sacrifices and some changes right in eight you have to again no way what do you bring in and what's going out and where it's going to and it's it's. If you are spending more than you making your view digging yourself a hole so. You have to you have to makes him make some sacrifices in May be its downsizing may be is getting rid of a car may be. You know like taking any meaning it cheaper and expensive cars and then then how how do you save well you make. That difference you make an automatic so if it's under dollars a month 200 dollars a month you have that come out of the account every month before you even see it failure. I had in LA I get to the average person doesn't you know they've they've they've they just assume that. You go into any kind of lending establishments especially during the whole housing debacle. We give people just thought there's no way someone's gonna give me money. An idea and to buy a house that I can't afford to pay but that's exactly what happened during that whole housing crisis. And so yes we should know better but you know even if it's just business. Like you said Todd. They're trying to make money I mean even our own radio industry there's two companies that have gone bankrupt because. Somebody gave them more money to borrow than they deserve they had too much debt which. You know our company is just like I don't know why you would take on more debt than you can afford that's just stupid and that's exactly what some of these companies did. And that's what we see all the time. Because other companies for whatever reason are gonna put us in debt without us even realizing this. Death that's it here you are your own business if you think about it in that way freight as a as an individual. You do certain beside how much money can make how do you educate yourself comment hat and where you spend your money. Stay there are I would say if if you're interested looking for some help in coming up with that budget and his the National Foundation for Credit Counseling. Counselors and SEC dot org is a great nonprofit organization. And they can help you get some get some great resources. To help you come up with that budget or that spending plan so let's go to Michael and Robert Michael you are on with Todd from BE CU dot org go ahead. Good morning. Ever question their guards used my 401K the and company that I work court currently. Have gobbled up by a much larger companies still I had no choice in my element oral and Kate. It again they did see Mara have to move it. And it really light to the option DLs stock and bond achieving my investment. But I have a little bit what they're good option the new player to an opera or 01 K rollover option. So what are some of the best option out there to move this that I can still you know maximize the returns. So. Cynical so you have. Stick your your current company you're still working for the same company is that correct. Yeah I am he'll be a little luck and I am. I have another look at how your sleazy oops I still got it that's. I didn't yell no soaring and you know cause but I have to start live in the oral okay able verse. It's got it. OK so you can do rollover into an IRA if you so choose they have. You have two options it sounds like hearing your current they're new employer doesn't allow the rollover correct. These these Arnold a retirement plans and a little smaller company I don't know lab. I think I should have been an early death. So we'll hear your current employer allow you do turn the key to FR OK we're sitting today. The world that's reality they are gobbled up by much larger company and their data would. It basically lived at that are okay Clinton and exist and they worlds we'll move people in the plant the new plan that because I'm not go or employee. That's the that's the problem got watcher I'm an employee I got it right and if so what you candy Michael if you so choose as you can do a direct rollover into and hire a time and then you can invest that how you so choose and now you have the universe of pond stocks you name it take its invested in. And let me ask you this Todd if I'm a member of BE CU is there somebody and add them back at BU that I can talk to about questions like this and go hey is that part of the services of our being a member app absolutely we have. Dozens of financial advisors they can you know Michael I can email me I can hook you up and they can just walk you through what those options look like and it really depends on. How much she found help you want you want some help. I'm picking you know that allocations. And and and some guidance and along the way are you one need only feel like he could do it on your own and that's that's just for being a member. While two Michael I don't know why I mean I I have a financial advisor that I went and got and you gotta pay these people and you know there's some of the video you vs those British companies that manage people's wealth and the fact that BCU has the same kind of services for free is pretty nuts but. Yeah that dietary Alicea costs with anything right if you're actually getting used this service is exactly the ticket player Harry is available right share. Guys that talked hearing any kind of gives you your options. Doesn't cost anything and that's and that's and that's a nice thing it's gonna happen it won't find somebody you guys have somebody. And you'd like you said BC was all about the members are not about trying to make money their clerics you know you gonna get really unbiased advice the knock on trying to put don't wanna throw your net and it kind of percent annuities and you know we don't do it's it within your best appreciate the call Michael and that's and that's another good point because with some of those companies that have been no financial advisor company's own mention names when you're. They tend to sometimes say get kickbacks from certain spirit companies to have you invest in their stuff. Hey you know I wish I bags and there's some things that are like so lucrative for them. Time to put you into that it's may not. Probably not in your best interest but it's in their best interest yes so that's why you guys offering financial advice to as well as just all the banking like that piece man those credit industry and they're pretty awesome. Yeah enticements to. Todd would you be the last time I thought I. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Nancy the pay our student loan debt. And did you talk can you explain to me how remodeling. A house gives him more equity who decides that is does. Did you get that assessed how does that happen if you do re model and it's you know you got equity I'd I don't understand that statement. Well I mean it's EEK let's. Some things are better than others straight kitchens bathrooms he can get most of your money back so. They have more equity because they either put sweat equity into it and or they put money into it so good but you'll go to the bank and they will tell you oh yeah this is it like this is that I'd like you to praise straight you know phrase you have you are you going GM as the 1960s kitchen and you put. Fifteenth semi 5000 and now it's nice write the house is worth more. And did so you you're that's exactly yes how can they and then the way it went where people really win as many do a lot of the work themselves right now higher you know so that's the sweat equity part. On that back to the question I guess would be. On how much as a student loan debt how we how much we talking about I'm how quickly can we just get a paid off if we didn't refinance a house or get a home equity loan to do that. Come home equity loans are not going to be. Tax you know exactly tax advantages to him gone forward great on. That's a safe com. 50000 dollars there was two months there and you got in touch back yet but is is it an interest rate comparison at this point you know they talk like what industries he pain in the student loan as opposed to what he would pay on the home when I mean it is and and also is Rory says it where he sits tax rises that is an interest. On student loans tax deductible form what I effective rate vs what he's gonna borrow that on. So eight it's eight it can work that I guess I would rather see a plan to get out of debt 100%. You know let's look at it okay if we dig consolidate these and did a home equity loan owner or refi. How quickly can we get a 100% Saturday and again if I had a question like this and I'm a VCU member I just somebody can point me in the right direction. Mean I think you can email me I guess I'm Brooke I mean and is seriously RI DJD your your page right I get I get calls and questions all the time can ya oh really so you know the BBC member just I sent an email to Todd you are just go to your page Vijay and I looked me up and she meaning now that's very true if you just go to KI SW dot com you can you'll scroll down you'll see the love the banner with Todd smiling face and he will answer police questions. It's pretty sweet. Smokers has our one last question too quick on number I was one races Steve asked Todd this terminator one or terminator two school who his Suzanne scifi guy I'm not a good movie guide I have seen terminate a take terminator one. I don't know what time. I don't you can trust Todd Todd. My decision plus plus all kind of know how did he just got smarter we're always goes downhill adheres. Romance a great series fantastic but to everyone waited our campsite Todd I'm glad that I did you and I can see eye to eye on this ties over 25 years experience in financial services industries have just been destroyed by aligning with you know I just cannot go to CII when it comes to money stuff he's all about saving I'm all about to spend need to do or die one day. So I appreciate that finally I'm okay I'm Todd and ICI di Carlo toddler who won dominates BJ. Yeah and that is our buddy Steve is wrong about that as well as Todd Todd Todd is right about everything else says financially. BC dot org go check a lot of credit union man all the great services they offer and again and they are not trying to make money they're trying to seriously just make. Your life a lot easier 'cause it's a member of a member Juergen coop a lot different enough for profit business will resuscitate you saw Todd going to be ECU best decision I ever made awesome. Let it out I and I Betty also said going to tee to best decision yeah. I know what that's not appreciate it my friend good CA. And they X mornings. And now I'm 49 KI DS up here.