Todd Pietzsch from BECU 04-13-16

Wednesday, April 13th

A texter asks how to spend his tax return. Caller John wants to know if he can set up a health savings account and a business acount. Caller wants help reistablishing credit because he lived off of the grid for 30 years.


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

This is BJ faceless into our shows digest if you're a fan of all things Kiki you should check out my other podcasts. BJ Shays geek nation we have new episodes every day and you can check it out at BJ deep nation dot com. Tough time because of the economy. Well we have an. That will answer your questions who right now he's KI DSW's financial. From the ECU all. These Todd and I. Brought to you by BEC year. That's right men's side Pete he is here and you know what he's the man. If you live in Washington State pretty much you can join VCU that's the cool thing about them because they are they. There you their credit union so they're not like a regular bank we all only join us pretty much all the members are in charge I just Todd has fired me I just fired him it's a wonderful thing not a dear you are mad bust PGA that's right that's until of course you've become my boss which is right now such a it's it's a wonderful thing you can do everything you wanna do it at BC that you do the regular bank. And you don't have in that messy stuff that might happened with some banks is in both I am sometimes things can happen. Because you're in charge just like tubs and charges like I'm insurance. It's a very very cool thing lot of great benefits to a lot of great information that's why we have Todd here. There's so many resources of free resources at your fingertips because your member of BE CU. And Todd of course is comes here Nina not a member will answer your questions absolutely 206421 rock rocket Simmons 625 you can also text us at 77999. Before it's all that. Taught I know that you know tax time is coming up then usually around tax time. It shred in time it's threaten parents and this this Saturday it is Arad free shredding event and got to be a member and senator Everett federal way. An article locations kind of nine who want to discuss our website there's a big banner on the top they had all the details. Good time to kind of go through your stuff get rid of stuff where. Has sensitive information especially a tax returns right so excited giants' shredding machines I gotta try this march to make its massive truck hits mean yeah do you let you like Steve home. I've I have a lot of things any distress and a and my little shredder can handle staff notes it's it's a monster it's a convenient and I I had boxes and boxes is soft because. What's the role far mistrust you call your tax stuff how many years how good rule of some seven years. Dudley and you know there SS three years do you know it's on a year. And today the year he returned within three years on and becomes a media report it's a six years Pletcher won here waiting period so seven years goodwill from. So when leading after seven years have you have you met any shred the heck out of here. They ZLX of stuff like on a purchase of how asserts that Nina as things it they're gonna live on you gonna just keep those records that seven years is a good good rule of thumb for your return what value children's versions of against you wanna come out of the world can you shred those. No pictures of ex girlfriends hammering the pair has zero moser Austria gamer and I still OK the other right on top he's you know offshore accounts information supply yeah I had genuinely period that you nobody. Because external. All review journal can't be shredded us and we made it to many movies. The from vivid. I don't text message a text let's underdogs not a heavy question and I it's worth discussing OK I'm this time I'm getting my tax return. Should I spend it on a mountain bike. Or a trip to Disneyland where we stand at Disney themed hotel Burnham does. Comment this ongoing mountain bike when I see XK I'm a conservative right I mean mound by exercise health live longer and make more money. I don't walk at Disneyland can't grow well that's one day two days right and then there from the moment in my eyes got yeah ha ha ha I go to Disney with the Disney themed hotel room and he did that we yeah I I I can tiger deceived because I'm not much of an exercise guy and that is that he's just so much fun so I'm with you on that one. I've never started those Disney themed rooms. I'm neither. See how can you tell the person. Yes it's one day two days right I'm like I looked long term loan I know him know I'm in for Emmy for the long term I'm not as short but you know hey I'm my dying bed I'll look back on an awesome you are interested in goofy room as opposed to the time I'd give it around in the mountains visit bucket let's take you know. MacKinnon who's taking the kids memory for the kids made it makes sense right on the on involving kids now I know you love there aren't totally pakistanis I guess you only Roenick got this is a Mike Tyson I would never even. Debate whether or not soon I didn't hear her mouth and. What is it I'll tell you it's a fun thing as far as Disney goes it's funny I mean they're people that just wanna go by themselves because you wanna take it all and and it's exhausting just you and you and I know the Steve we will limit to Orlando. I mean it's exhausting just going by yourself yeah. You'll let alone have an Rangel kids I don't know how parents do that have been there done that. Yes a lot of work. Sounds like a nightmare that's why I want to mounted by the African that's the problem SE if you hit. If you go and give your leg and I wanna go back but it's just me them on in this quiet I don't know screaming of those sons of guns is not possible you'll fortunate. Yeah I guess it and mound dykes clay Darren your own right it's a 20642 Iraq dropped to 7625. We're talking to Todd piece from beat ECU. And I don't forget if you get through the phone lines it's pretty simple just go to KI SW dot com you scroll down to see Todd smiling face. And I you little click on that Lincoln he'll answer any questions via email he can for you let's go to John in Tacoma John you are on the rock. I actually had two questions first search on long I'd well we'll suing you do every Johnny which ya. I wanna note like entered but I also didn't account these feeder. I'm not at this point John on what are what I would do is discouraged it it's called health savings administrators. And you can do that online Saturn out. And what they want what is the health savings say I know I think Mike headed into some companies do that we already Sunday is some down what does that again well the health savings account you have to have a high deductible plan. And and knew where if you have that you can put as an individual like 3600 dollars a year. It's like 566000. As a family is a tax free when you do that is solid there. Actually it's it John and I applaud you for looking into it sound not only is it tax immediate tax deduction. The years year earnings grow tax free so long as it's used for medical expenses in the future it's an awesome. Way to go but you do have to have a high deductible plans to qualify for the health savings account. Yeah now it did it will play in an adamant that got a mortgage so yeah just go to health savings administrators. Page essay in look and out there's a couple. As they did say bank I think as well and what happens if you put money in their you don't use it. Well immediately immediate eat there would be a penalty for withdrawing and you pay taxes kind of like you would with a 529 on the savings account but think about it BJ at this this this lives in this lives with few. It goes with these of these changed job do you have a for the rest you just go year to year as well it he -- feel like time to you own it it's just like a savings you you all I don't know I used to do what I always thought at the end of the year if you count their money then they would be not doing so let's say like -- retired and you a new. Now yeah I'm on I mean I I wanna have to go to doctor I mean I'm well on what I yeah I can't do that we'll try with me again Madonna fifty and if you if you go to HSA and or did you say banking and the agency administrator you can invest in mutual funds age based different things so. Good really good about Thai which is second quest embody. All right a look at this to get a business place in the end. And that's start a small bit looked utterly certain process I could at all or thought much about it. But are more so that I can Michael Silver for me and my friends on want to stuff and thumb but. Ideally like to break even. There is there a way you don't really look at during cactus or something like that. It's tough for a small business I mean your just gonna you're probably in reported on your own. Tax return on your see. I don't you have got to see how many years do you have to not make a profit before they don't call the business does a breaking even. Does that count towards OK you're still and his desire I thought you consider a hobby if you if there were some years went by the U had a business that wasn't making a profit. You know land well and aid depends what the business is if it's a passive if he how much time he's spending on and on that business to be spending fifty polled more than 50% of his time on that business. But you're just gonna reported on your own name on your own tax return it's going to be a schedule C at 1099 kind of written. Death don't you finish your gonna report the income the B miscellaneous income. It and unless it's you know your your mere maintained that you're gonna have to you're that's a lot of attacks returned for owning owning your own little business. And remind there's there's taxes you have to pay your Social Security side of it as well so you know John I've probably called buddies. There's a lot to that so me you know maybe do some research reach out to. Score there's still lots of resources out there even the state of Washington which I anti teacher MB EC dot org let's go to fill in Olympia Phil you are on the rock. Hello Warren mourns her watching efforts are. All arms and admired who realize their tee off the grid we're actually. A little slower here. Sounds really mysterious dude. I learn assaulting human off the grid your real identity for twenty years Jason. Yeah are are already got putting everything union. My ex is Mary and her twenty years just achieve my name off hundred homes and all right our anyway harm. For the last four years are very rule barring cars are rent to own all there are no banks. Whatsoever. Error encountered at Torrey where all I need is a street grand balloon payment and how marring beaten but I getting off the grid for so many years no credit history no loan. Or are learning how to are reestablish credit. You're gonna have to probably he will first file yet to get some credit right T gonna probably start with a secured credit card Phil. Yeah is all our. From Corey Perry never ordered her curl mark from her. And then that same day you have to do not I'm not encourage unity to carry a balance. I don't want you carry a balance that I want you to get a credit card establish. 500 dollar limit whatever. And use use it to buy a pack of gum whatever paid off every month keep that balance low. Very and and then and then not get reported to that did to the bureau's CNN they know where you are yet and then there and you're not here on the grid now under. Stand the other thing easy to look into the college shares secured loan so you basically you put 500 dollars up for collateral for example and you pay and you had a Loney payoff over two year period that also gets reported. I'm surprised ST you have and asked him why he was off the grid I thought surely you don't like him and I feel like he won't tell us already at. It actually is because. Heard mark earlier life bar owners look through our horse for a bears and tigers order they're separate identity to keep people from coming back from pardon me. Oh damn fools. Out there that's like run out of a check that out of the TV shows me. Holy crap Mets Phillies have to work on getting you some credit established since and since you don't have anything you're gonna have to put up some collateral to do that. And then now and then pay it off every month keep those balances low and then it'll take some time that. You get out or they could only have 3000 can't we save for that and and you know I as well as big as we go. Well now you're not a moment. Oh yeah do you need right away is that the problem. Yeah yeah. Right away is going to be tough fill in needs it you just don't establish credit in your credit goes to score goes up that takes time so there. Wolf so far. I've been buying this house or personal bank since learned that banks are other interest money. Well as I mean that's one way to go Phil but look at them to 3000 keeping your from the full screw. Our Ghazi sorry about that buddy hope you get the money man. And especially if you nominee he worked in law enforcement and he had to hide basically because he didn't actively job and it got Osama he's in the three grand. He deserves it or did that bad of a job we don't know me well. I don't know that something all you all right you could I I'm assuming you're set to like the bad people not a good people we don't know I MW for the most side and she doesn't trust us. I'm with you BJ as they see that Todd and I we're we're we're believers in people's Steve death. This time the preakness hotel Madonna going to be at Disneyland and it's gonna punch I. Yeah that's everything that 3000 dollars in dizzy you know he gave me give this of their money you know I house. I Todd appreciate you being here again buddy take that he had the shredding event as this Saturday at what what all the locations. Just the three federal way to cola and Everett this special cell locations and haven't yet yeah couldn't it. And that's VCU are you want more info just go to VCU dot org and don't forget anybody conjoined DCU if you live in Washington State that's all it takes. And Todd teaches them embassy again next hot dog face Vijay.