Todd Pietzsch from BECU 10-18-17

Wednesday, October 18th

A texter wants advice on how to rent a home when in debt. Caller Erin wants Todd’s advice on the mobile banking apps.


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

CU resistant KI SW financial advisor appeared. And Todd. I invented numbers so I know how this stuff works each. Yes. And drove financier. Very as. Todd feature VCU dot org. Mail first of obesity is awesome Miller credit union where you if you live work or attend school in Washington State you can be a member it's as simple as that. It's not a self over 25 years experience in the financial services industries down a lot of cool stuff. And now we've had a great relationship with sorrow over the past few years just helping you figure out how to be cool with your money. And I want to start off Todd by tell people the difference in a bank in a credit union because sometimes people get confused and they wonder can I do everything I wanna do it a credit union and then I would do the bank in the what why what I wanna. And credit union well let's add it pretty junior owner so it's a co op so everybody is equal share of ownership so. All the revenue we bring in by definition has to go back to the member vs stockholder so we do make incumbent that adds more branches more ATM's. The digital is huge now with the mobile with a mobile app and have and the money manager we have the can managing to see where your money's going. In the city so there's nothing you give out really as a credit union vs. The bank come especially since. Credit unions work together we support each other so that fit through that co op network you have over 30018. And seeking news the other credit union ATMs most of them for free. Other cream branches so. I guess the message if you're not part of accrediting looking into it and and whether it's VCU or somebody else. I thought I would lead to correct you though there there is something that I I have to give up when I'm not part of a bank can only part of a credit united give up being involved in criminal activity as a victim that is you know that I have to give that up he's got to give us you know it's gonna do anything nefarious acts against me if I'm gonna credit union and apparently isn't easy here probably give enough to tell others that is well gaffes so again BC you've got to Oregon they've been they've been doing it for a long time and again you don't have to just be an employee of bowing to be part of this all you do is live work or attend school here in Washington State. Simple as that. 206 fortune one rock Texas 77999. If you have a question for Todd from VCU the source Centex eject file still a question for the financial advisor to hide people showed up today Europe. Costs of my boyfriend either renting an apartment and have been Moines the rental home or both in debt and we don't qualified to do so yet what options do we have to get there from Mallory and you want a rental home she said. Who says that's interest in do you rent an apartment a one like camera their home broke. And sounds like it's just print more money now and yeah. You know A hasn't had but I I guess that fear fell ultimate goal would be if you know from the homeowner brain whether that's renting or not that. And you needed figure out why you you don't qualify what's your credit Lott as sounds like the credit and income this humane thanks we wanna go to annual credit report dot com masri can get a free copy of your credit report from each bureau he when he each year. Let's dig into and see what's being reported out there because that's what's driving your credit score. And secondly then we meet the income so where's your money going. And how can we work on investing in yourself. Seeking become more valuable in the workplace and make more money you combine those two. On Sunday you can and be a homeowner or in this case of their goal is to read something more expensive than a home in a position deal to do that. But I US AI think you try I I think that anybody who's paying rent to fewer young eventually you you'd like to see him get into a home because and they can see it's a great long term investment in minutes long term we're not talking about flipping her attack in three years that you've been homeowner great verve preferred I saw him homeowner yeah I mean yeah Steve got. If they stay too long term here and as a renter you're paying somebody you know somebody is only owns that property near here helping them pay the mortgage. To wanna I wanna pay yourself help yourself. Yeah and of course you know it's it who knows what could turn into as far as career retirement money death you know if you had that home for 3540 years yet and if you can get it paid off and we nearing retirement that's awesome isn't it is now if you think about it you're renting. He still gonna pay rent in retirement great. Yeah that's right men and hit yes so that's. I tell you did that was of the new you help me out too by saying you pay as much as you can on that front. Upon love your mortgage too because then you can really save a lot of interest money if you're a homeowner as well yeah. So dominant position easily went through a divorce I was still able to maintain my great credit score I stood establish and home is an expensive I have about 101000 dollars worth of credit card debt a third of it was from doing partial partial remodel my newly purchased house. What would you recommend for me to pay down my debt from jail rob. New book recommends get it paid off as soon as we carry no that's yeah. It's sometimes the simplest answer is the right and it certainly I mean they wouldn't say it's 101000 is a multiple credit cards so if that's the case there's. There's two schools of thought for that. If you pay the one with the highest interest rates first. That you're gonna pay it off quicker right intuitively so I'm injured some one has 18% one has nine UPD 18%. But research shows is that people need to win. So they start with a smaller balance than in the give that paid off first MacKey some motivation going ha ha whatever works for you. On the if you are motivated to go it go for the higher higher interest rates if you need a little push meaning that incentive then start with among the lowest balance. Tackle that one and move on and next it was nothing like being in debt free which you know where are enforcing a lot of the kids coming out of school Gary are just being sweet tea yeah I had I just do you like and a word of a different language to me if I can appreciate I was debt free once in my life when I took a job because I took a job that within the my salary was increased by three times. So I was like this is amazing on the tail off all my bills I lost my job and then all of a sudden I'd handle about the credit cards here. So I was debt free for like three for two months I was so excited about my life. And did that's that that's my been my goal ever since and so like you say Todd paying off our house is much you campaign up your cars just he's just not have any debt. That's I think that's truly financially free is supposed to do you might whatever rich guy some because a lot of rich people or people make a lot of money or not debt free and they're really not. And reaction to it doesn't matter really how much you make it's how much how you manage what you make to a degree or have keys to get to a certain point we can handle your living expenses so. And then I guess the big thing is pay yourself first. So what I mean by that is half that money come out of here. Checking account into that 401K or if it's if it's paying extra to the mortgage. Make that first. 206 forts. One rocket let's go to Ellroy Nash is Aron I don't run. Erin and Monroe you are on you you're on the rock without Todd teacher VCU go ahead Aaron. Hey BJ hate I don't get my golf yeah I just opinion on those Blake could. Extra change in investment actually keep current budget. Did put eight judicial didn't. I don't I don't know about this Tom O so what is this again acorn is eight rounds up so if you make a purchase let's say it's nine dollars and nine cents they'll take that extra 91 cents an hour to put it into. An investment accounts for you oh really this is kind of an out of sight I look I love it there now by the way but it's out of sight out of mind so basically it's its money that you're spending nine dollars and nine and now and anyone senses gonna go in so it's ten dollars you know you're not missing 91 cents right. But over time yeah to Deanna changes can add up so I absolutely love wow. Stand and Andy are. You OK just be a bit about your actually added let me know they know digit. It now charging for about this yeah and eight carton kids are easily see it downward trend in baton unfortunately. Yeah and then I think I I have looked at acorn recently but I think there in some pretty good index tons of fire remember call so just look at what you're invested in and anyway we're not talking out of huge money you re the beer Goodyear probably are now can you save a few hundred bucks a year or so doing that. Yeah I and I thought he had meaning if you can force yourself to. Put aside money on your own soda out of sight out of mind so. If this twenty bucks a month it's fifty whatever. Time into another investment bank account but whether that's I love Roth IRAs if he can do that that would be a better way to go than acorn but. But if you need that you know that this is a supplement this is that out of sight out of mind it's automatic. Four you view that motivation and at an eye on it that's it that's a great alternative so even though it does cost a little bit of money but you're still saving. Yes a good points and I mean they let you know it's it's better pay a little bit of money to have some money left over that you would've spent anyway Nokia because a lot of people lead that they just can't do that now and they need some of the way of forcing so we're Reggie and more you're going to be saving more. So we have quick tax on its urgent needs okay I'll five point 2000 dollars in student loans I'm struggling to pay the minimum each month. There are federal loans I picked the lowest payment this is starting to affect my credit to I have any other options from Rachel. Not really what student loans I mean if their federal loans you do obviously have to. We just in the primary education and a mob alone I mean at its worst and I'm oblong because you know you can't get rid of these ever they are ours and they find a sure I am thinking hey now we're gonna have to call it they did they have income based repayment options right but nonetheless you still. The interest the interest clock is still going I'm. So I you know I would say if you need and again if you email mean we can we can talk and talk about a minute if you worked with the federal government on the consolidation in the income based repayment options. Com and and you still struggling then we need look at where your money is going so. Let's really dive into work your expenses travel let's track everything for thirty days everything east end that's on the saddle somebody 22 grand. You know a young person is an average is over thirty. His diagnosis it's it's it's sickening to me hit a really really matter if colony Portland I don't know why student loans are around traits your press pass. Betty we need to look at where money is going to to see if we can. Maybe redirect some of that so we can make those payments no back in the day they expected parents to pay it off that was a thing maybe they never expected kids when they stir when when these called as went crazy out if they ever expected kids to have to be settled this they just assume the parents are doing because that was what you do is apparently the parents can't do that anymore they just can't come a lot of parents can't come up with that kind of money anymore that's gotten expensive yeah it's it's it's really sickening and really really that's. But you released of anybody can now be on top of the good folks at BE CU can't. BC dot org that's where you go if you wanna find out more information other great credit union or you can go to KI SW dot com and you'll see Todd smiling face on the page just click on that and music are all sorts of great resource is as wells and emailed you can email at. It's not a Lou's best answers questions. As well as your questions to Tyler knows he has is his questions at a time he's thousands of every day that really feel like oh god knows what's up commitment that's not as usual it goes by quick we appreciate being here buddy thanks BJ. Yeah. I guess tell us.