Todd Pietzsch from BECU 05-11-16

Wednesday, May 11th

Todd Pietzsch from BECU joins us live in studio! Caller Eric asked about getting a financial advisor. Caller Terrence asked about making sure has all ducks in a row for going to college.


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

From being easy year. Todd I invented numbers so I know how this stuff works speech. And nobody delicate Aussie guy you've had a number I know things yeah. Number I didn't I didn't. You better remember Jackie and you have more leverage fund and a that bush did a study with Nielsen net society do we drill down on an ad at local level here on formal o'neals and on the home buying process to say it's at ten year you don't think people are thinking about moving and buying now I'm buying houses and so that's a big deal is yeah there's stab at fort Lewis and using his 40% in the millennial solos a late 2434 year old right kind and it's a ranting. Is better option than buying a house. Really yeah and then you ask him locate food what do you know about it great and we know about or 67%. They're not knowledgeable about the home buying process so they don't they don't know why can't the renting is better because they don't know any other house of that though that's interest yes very interesting is. Put it off for a long I was in my thirties and finally as I go after people just brow beating me about buyout style she can afford to buy houses only because it's overwhelming it is you before you if you don't know anything about you just like all man's life. What do last listens to I don't mind doing all this paperwork. Yeah I have to build play as we know right over the long term it's a great investment and he need you know he's not to worry about that Greg doughnut. You know every year. You know we were deciding how a match here in Newton working the board just about how the Brent prices aren't even know how people. Afford rent right now in in the Seattle area I'm looking at some of the prices for rent and that's just how about the housing market is pretty crazy I know I know I listened to but it's a synopsis. There's some like wow like I remember when I was living in downtown in queen and it was like do you get a good one bedroom apartment. Strife 600 bucks right I don't think he'd get like a closet right now for a 600 bucks and clean. And Africa Yale directory it's maybe if if you know you have six other people share in the closet with the -- that's a good point that that's a that's you know we got a great city that's that that's big city living you know and you take a look at how Bellevue is blowing up and you know -- Tacoma is always a good option I mean you know it's if it people are eleven to call because you know it's affordable and it's it's a big enough CD can do stuff without having to go to Seattle yet. Yeah I mean some data to have to do move December's trade gets you good transportation and in Delhi India work that's a piece of ya and that's why you know what to call up. Opt out of Tacoma could possibly I'm keeping my eye on and I think Tacoma is gonna start booming is a does of these house prices are already there is dude I've had a big people gonna say forget it we're gonna its economy can submit make this a joint stance. Success is pretty fun yeah had swelled you forget about it I can't even drive and a W anymore without them to the charge me even drive now. Because as I was simply the buildings in the missing going to be five dollars a record. So buildings that don't exonerates him yeah I am yet so than ever to I think Everett also. Is in a big opportunity for ever because the Seattle he's handsome man yeah yeah yeah so there's so Todd is here. That's really interesting stuff defective colonials. Don't know why they don't wanna buy a house but they don't wanna buy most of you have probably get to find out what buying a house is all about just to make sure they you know I'm making a wrong move at all. A burst into some twenty wanna move in Vancouver for a new job W making four grand a month to rent an apartment I house or do I buy a house Vancouver Washington. Or Vancouver BC I'm guessing Vancouver Washington. Well in recent that is a big difference because the data will be seeing good luck finding anything better yeah I did house prices ordinary from Warren's. If you know you're gonna live in Vancouver Washington like you know you differ awhile I got everything can get a house if you can write I think that's the key with any cat who with any purchase a house for how long are you gonna be there yeah big game if you don't know you to be there are six months a year or two more may be mine isn't the right. Right decision right. But if you're gonna you know be their fur. Five years ten years you don't really know. Com you know that can be something you really want to take a serious look at buying a house I mean at the end and we have mobile gets you where he gave Harvard. I mean really be the optimal way to buy if you can do is use is you are able to buy a home. That you can make double the payments on so that yet you have a thirty year but you keep you can paid off in fifteen. That's that's the job the most and it's odds and but sometimes people buy too big of a house in yo dude. If you went and bought half the senate have to house you have beaten you you did it take that mortgage you gonna pay but instead it be like double payments for the and you do you pay off all any interest to get double payments. Goes twister principal. Yeah yeah I mean a good part of house poor people greatly added I made too much and anyone in the bile this other stuff and then they get themselves and the best thing I ever did because I mean I I wanted to buy filed by Israel fancy flat on their way and you know but it was all the houses were expensive was before you know before everything fell down 2900. And I'm so happy that I didn't buy too crazy about house because I was able then to do that and I was on a path of making those double payments because of because I bought a house that was reasonable. Not a house I could have out of Yang and if I bring it out of a boy Elena been really bad shape the violence into the bank rate because it wasn't VCU was somebody else. Who wasn't a credit union. And that's I love VCU because you would never told me divide that's stupid house that I couldn't afford really other thing we don't really isn't maintenance Frey says that didn't sell a house enjoyable utility bills when you need a new roof it's gonna cost you more painting everything's gonna cost more right so now. That's the other factor that goes into the inner ear investment so. It's gonna Erica we're I would talk from BE CU dot org don't forget men anybody can join DC was long did you live warship attend school here in Washington State anybody can join VCU and their great credit union. Ferreting Gig Harbor you are on the rock. Are you going to do it that's who met Eric which your questions for Todd. I thought I get I inherited the CIR ANN dawn on our way I guess the long librarians. He thought spread across different type of attachment from. You know I'm old lady you know financial lighter because I get go. You know and I never had to have the financial divider hello I'm not sure a couple of minutes. My 401K why can't nearly overall last year they had an off for another law that did not know on the market. Whether they huddle how old are you marriage. I'm 48 you don't have a financial guy at all wow. There are good bit of blue collar guy and create my money and I you know I had a few eventually cure here but I I don't know the market is going well enough can I add. I I taught I want a guy that quickly comment on when Eric had to say just because Tim you know the book call I don't care what color you are. You know we haven't financial coach it doesn't matter what you may need it doesn't have a lot of building to got to make a lot of money to have a financial close for Beverly isn't true is it no not at all I mean. If you know every nation as a matter what you make it as I make a ton of money right in the end they don't. They know what to do with an NFC in debt if so. The you know how much money you make really isn't reflective of what the future how you gonna reach your goals that's what your strategy is and what you do to get there. So the couple things are so your 48 on the inherited IRA you're gonna have to start to take a required and in required minimum distributions. Tigger and when he gets in counseled some tax advice on that. That's gonna that that will come into play now on the not hire you that's basically just money right and that it's it's it's an investment account even parted. Yeah okay so that when the use you have a lot of options list. And we need to sit down and kind of look at your overall where you're at today from your investments in your goals. And so is sending me come up with a strategy if you mean knowing how happy gates you and in contact with somebody they can. As you know meet with you for free you're ever talked to you give you some guidance. And I appreciate that Eric. Get up for John holds a ref can tell you exactly how to email taught how to do that. That's a beautiful thing about like VCU and other credit unions is that you can really I mean once you become a member you get access to a lot of stuff that. You know that that you wouldn't think you would need or you are right on the Florida. Like financial help I mean you know it's not just about boy are put my money in the bank you guys really helpful with the idea of OK here's how to really be good with the money or your. I think the minute it's about and who were not for profit TJ so we're not here trying to say how can we maximize their pricing to get the bottom line at the end of the day everything goes back to the membership. That's that's how we've look at color decisions and how we've worked things how can we help our members. On breached their goals what's in their best interest not you know we don't care about our Matthew Knowles did the end of the day we're all family you know that's an American during a time caring about people and he's having a business where you wanna take care of the customers that's on American town and I I don't know if I can talk to him on the maybe that made America should be all collapsed and Ellie are I don't understand is caught attitude where he'd like to be able to do this is the people that are doing business do this is in nicely and take care of each other thing I don't understand this and I'm afraid of it I am very glad to kick off the ship now. Let's chaos house let's go to Paris our DEC dot org check it out I mean it's more if you like you get advice like. You know that last caller could've had man I mean. Because how great is it somebody gives you and retirement account. It's it's basic what we all want instant and you got one now because somebody immediately and the not to touch it you get to have your own retirement sonic create opportunity for yeah I mean I thought that interest that's fraud and earning a need you now he has a nap at every opportunity to put that to worked I want to ask that. Yes because I was really bad I didn't say if I want Compagnie Newsom to retirement account and I wanna hear everything that's happened I want to be that apparently I was go to Paris Paris and Barbara you're on with Todd from DE CU dot org go ahead. Take when he gets more and which of course Ferris. First of Terrence anyway I don't know Terrence like Terrence and thought yeah terrorists and they got a nice job rams. So she's just Paris time. I thought I was always gearing issues are anyway tell us what you got pours money. Are it will unload community college who were greener right now and I'm going to eastern look forward to make sure that everything solution but it ballpark firm when I get there are financially. Well you're a college student I can imagine anything's going to be good for you financially hope. Right so let's be honest not right it's a toughest part. I love to hear a cause students say they want to be funny some responsible but. We college Ruth face of that from Artest who's done yet its investment in the future brain it's Charlie struggled I remember those days is struggling to get through and you're looking on and make all this money on the other end and enjoy your time player there that's what I would say then in in hindsight but what's your question Terrence. So I mean I'm Kurt seriously got the GI bill I'm also going to look factual stuff yeah but I wanted to. As you know what could be Smart to take out a small. You know nothing more than 101000 dollars my first year and then. He has got to lastly first longer they can only touch it I really need to you know. You know so wonderful government really good about. Giving assert paychecks on the first a month now this whatever happens and then you know how that cover reinsert you know if I need. They've been you know utilities or whatever so I know it you know 101000 dollars. Small amount slow right you know keep it in my back pocket of her reindeer do I need maybe Jones set up some more. What what what is your well the results from the fast so what they come back with lift expected family contribution slash student loan options. Remember somewhere around twelve or thirteen hundred dollars is a subsidized or non subsidized. I got one subsidize a one on subsidize the unconscious is I think coolers. 65 and a little worse I've 25. Phone 500. Yeah okay I'm heavy gun kind of like a budget well you gonna have to spend for rent and utilities and food and books and thin and that type of thing. Rents are so tired I got my apartment so this can be 86 earth 800 assists. Dollars a month and then for utility I have no idea what that's going to be some food I'm probably looking at about a 120 daughter particularly. And then five the government also give you put it gives us a thousand dollar folks full size and to use over the years so long you don't use over that thousand dollars for those who aren't familiar you're gonna get some looks. I think we need to really do still this could be you know put to get her little bout budgets alleging comes in a V wade has been on Rand weakened we can estimate utilities books. Food. And then see if there's a gap there and we're gonna have to fit figure a way to fill the next gap I like the if we if we need to dig in we're gonna start with that Tony 500. I'm 2500 subsidized loans as we're not really paying any interest on that while while it's there. Nominee and if we need more we might have to go we may have state you can go the other out that we we want and obviously minimize what we have to borrow but at this end of the day Terrance you gonna have to cover your bill. Taught as there is there is preserved eighty million full reality you have but I know I'll do just a bushel on hold and rebel tell you how to email Todd. And he'll get through the phone lines by the way you can always email Todd. You can just go to KI SW dot com scrawled on C Todd smiling face and one of the banners click on that and LT you're right to an info page lot of great links there that will help you get any information you really wanna a lot of things financial. Actually free places to eat go to as well as you can email Todd. So I think it's important you said it before about the government loans student loans when it comes to bankruptcy amid a white people had to be careful of cigarette soon amounts yes I am student loans or not. For the most part are not forgive album bankruptcy so. They will live with youth. Forever yeah so I mean man who I mean you if you can not to listen to hone your life. It would be cool if you don't if you could avoid it. Yeah and me absolutely but they're there for a reason and we obviously want only non government loans first right really don't want to go to the private route if at all possible. On the end you know but it's invest in the future so you know they're Terrence and congratulations that's awesome year you're going to college in. And you're gonna you're gonna make more money and have a better life in the long run because of it so. Yeah Todd has usual times flaw but again you can always email Todd just go to KI SW dot com and and you can just click on the Todd Lincoln hills answer whatever questions you have. And I don't forget BC dot org man look credit unions also NBC use one of the best as Thomason before they really care about the members 'cause or nonprofit non not for profit agency basically a business that. All they wanna Tuesday Todd basically is is my boss I'm his boss. So we we we have a we have some drag out sometimes right just don't think Todd bring in the right cup of coffee when he comes in here I thought he doesn't bring one for me and I got as high as his size and getting it kind of doesn't really north Markoff made America the this a big struggles we have a that's what happens everybody is a member everybody's Abbas as stray it's really cool and a lot of awesome Sotheby's he has been doing for years. You can be a member you don't have to be a Boeing employee anymore you can be a liver a warship per. A student here in Washington State and anybody pretty much get to be now part of DE CU release a lever. Hunt let her body part yes you can really horrible life the car. Yes but if you live here your liver. Anyway so check it out BC dot org Todd it's great to have everybody thinks BJ.