WEBVTT 00:09.280 --> 00:12.450 Give you were in one of is starting over. Flat. 00:15.080 --> 00:19.100 The ceremony more difficult things to do because thinking about 00:19.100 --> 00:22.190 money and planning and thinking in the future scarred for every 00:22.190 --> 00:23.890 about there's no it's that easy. 00:25.000 --> 00:28.650 Versus really the basic of all investment savings of. 00:29.190 --> 00:30.790 For basics of compound interest. 00:31.330 --> 00:34.700 And what to begin to say you in begin earn interest on your interest 00:34.980 --> 00:37.900 and that's really what makes people will often there are part. 00:38.500 --> 00:41.290 So the sooner you start saving sooner for compounding. 00:41.810 --> 00:43.490 More of them or yeah. 00:44.080 --> 00:47.780 Can time you can do the and your site were timed viewers are 00:48.080 --> 00:53.410 will that's that's the most important question in their own congresses 00:53.410 --> 00:54.360 the American people. 00:54.930 --> 01:00.190 Of Devote themselves to make. A a very broad ranging from feel 01:00.290 --> 01:02.060 the year and of last year's. 01:02.610 --> 01:06.070 And so whether it's savings plans investment plans. 01:06.660 --> 01:10.700 A you know tax-free income you can collecting your and a war 01:10.940 --> 01:13.420 for your ability to manage your tax position. 01:14.360 --> 01:19.080 Are all those of programs plans and benefits that honors to see 01:19.110 --> 01:19.840 that you. 01:20.810 --> 01:24.480 The still on those services. So that they key thing that people 01:24.560 --> 01:28.960 and you mentioned two years in rolon the key as the of for a 01:28.960 --> 01:32.070 savings plan immediately upon drawing sir. 01:32.740 --> 01:37.330 Because that the arms the key. So tool around which a lot of 01:37.330 --> 01:40.900 your other choices can be may so for example of your deploying 01:40.930 --> 01:42.420 the air in your in the collecting. 01:43.030 --> 01:48.930 Am combat a of this is your been role in the two years in a election 01:48.930 --> 01:53.150 before you what you received tax-free payments into it and those 01:53.400 --> 01:57.090 on earnings on that committee tax-free when you take that out. 01:57.610 --> 02:00.800 So that would be a benchmark is to start the two years it. 02:01.350 --> 02:05.730 And to use that as a sort of the said earlier constellation ran 02:05.730 --> 02:07.600 with our you are saving investing at. 02:08.680 --> 02:11.970 His first out should be to a himself. 02:12.740 --> 02:15.960 And for the most for the most part skim your first anyone's made 02:15.960 --> 02:18.590 serious that for at understanding. 02:19.230 --> 02:20.530 Personal financial here. 02:21.080 --> 02:21.990 In terms of. 02:22.500 --> 02:26.170 What are my obligations how I think that my you know how much 02:26.170 --> 02:28.520 is enough to say what things really cost. 02:29.070 --> 02:32.670 You know there's a difference free bryson down prices where they 02:32.700 --> 02:33.890 values word get. 02:34.500 --> 02:37.990 And you can have to learn those distinctions of the top. 02:38.500 --> 02:42.150 So what I would say for on the first lady to do. 02:42.700 --> 02:46.650 Is to be sure they understand all of the financial. 02:47.550 --> 02:50.560 Elements of their compensation. How you get a. 02:51.360 --> 02:53.560 What benefits are made available to be. 02:54.210 --> 02:58.160 And how to go about thinking about using are not using those 02:58.160 --> 03:02.930 benefits and a light and so it's in the first aviation do is 03:02.930 --> 03:06.590 cluster their banking and savings programs around. 03:07.580 --> 03:12.420 Of the military for the banks and it's years fuses safer and 03:12.420 --> 03:15.950 you get your only putting away a very little about the huge asia 03:16.360 --> 03:19.820 your it learning that they your and your learning the skills. 03:20.340 --> 03:24.400 You becoming a subject matter expert in your own personal financial here. 03:25.080 --> 03:25.990 That's step on. 03:26.720 --> 03:28.890 Step to would be learning house than. 03:29.850 --> 03:31.770 And that sounds rather obvious. 03:32.720 --> 03:36.950 But there's this whole series of elements around the One of the 03:36.950 --> 03:41.830 most important of things. I was taught very early on my own and where's. 03:42.710 --> 03:45.660 Is always they can the the crisis and then. 03:46.800 --> 03:48.880 Not as the what's on the sticker. 03:49.630 --> 03:52.650 But in terms of the pre-tax money. I have to earn to pay the 03:52.650 --> 03:54.020 price and the price that. 03:55.000 --> 03:58.880 So for most of us in the enlisted ranks. We're gonna be paying 03:58.880 --> 04:01.780 it tax rate anywhere from twenty to thirty percent. 04:03.000 --> 04:07.730 So that means the price the real price of anything under-priced there. 04:08.360 --> 04:11.990 Is actually thirty to forty% higher because in order in dollar 04:11.990 --> 04:12.750 for something. 04:13.730 --> 04:16.370 I've actually have to earn a dollar thirty five. 04:17.000 --> 04:18.180 Pre tax. 04:18.820 --> 04:19.760 To pay dollar. 04:20.740 --> 04:25.390 Suva start thinking a the mine standing in pre tax terms this 04:25.390 --> 04:27.240 a where I think about my earning. 04:27.810 --> 04:29.360 I'm gonna bells a lot better. 04:31.000 --> 04:34.440 So just grows out the price that easy as they are in all made 04:34.440 --> 04:36.760 you deserve unworthy of getting value were. 04:37.550 --> 04:40.450 And the memorize of values. What you get prices at. 04:41.550 --> 04:43.010 There's a two very different things. 04:43.650 --> 04:47.090 So we're most people have to learn is really. 04:48.110 --> 04:49.270 And my pal Singh. 04:49.800 --> 04:53.290 My earning in my spending in my savings in a way. 04:54.000 --> 04:57.550 That makes the comfortable today and provides for comfortable future. 04:58.710 --> 05:03.200 Biggest mistake people make. Is. On overspending. 05:03.810 --> 05:04.690 And then. 05:05.410 --> 05:08.410 Getting used to care and some form of consumer debt. 05:09.000 --> 05:12.940 That's the biggest mistake and That but too much they but too 05:12.940 --> 05:17.860 much car send to much car alone in that to my an interest rate. 05:18.790 --> 05:23.790 Is like to much hester for the But to the mortgage to my interest for. 05:24.400 --> 05:26.620 The road to work they'll. So there are. 05:28.590 --> 05:33.100 We're in a very very unusual financial and economic world where 05:33.100 --> 05:36.640 interest rates by this for standards are extremely well. 05:37.640 --> 05:41.580 But the interest rate you pay on consumer debt is still goal 05:41.700 --> 05:42.310 we high. 05:43.160 --> 05:47.090 So it means that the difference between what you can possibly verne. 05:47.500 --> 05:51.370 While saving and what your name all borrowing is that the store 05:51.410 --> 05:52.750 of levels. 05:53.340 --> 05:54.500 To serve. 05:55.030 --> 05:58.010 Most importantly used minimize their borrowing. 05:58.970 --> 06:02.370 And conversely the best investment you've been off may dissipate. Yeah. 06:02.400 --> 06:03.160 Yeah. Yeah a. 06:04.500 --> 06:09.050 So what happens is people fall into the have a minimal amount 06:09.050 --> 06:10.110 on their credit card bill. 06:11.150 --> 06:14.750 One that desolation one day this euro and on. 06:16.540 --> 06:18.140 Don't believe it's achievable for. 06:18.820 --> 06:21.560 The first to do is which are the end up. 06:22.390 --> 06:26.550 And down astronaut which is often the most difficult thing that. 06:27.500 --> 06:29.640 Am problems rear you it. 06:30.810 --> 06:32.410 Really a better by themselves. 06:33.310 --> 06:36.990 And the really a better with only one person in a that's with 06:36.990 --> 06:38.060 the crawl focusing. 06:39.130 --> 06:42.370 And the center the very Perez of problems when you would get. 06:42.930 --> 06:46.930 A of what are the underlying corps causal factors in a lot of 06:46.930 --> 06:50.470 family distress reading individual stress. 06:51.000 --> 06:53.660 And this leads into whether talked suicide rates. 06:54.240 --> 06:59.320 It's a very very frequently cited insecure McLaren's denial replication. 06:59.890 --> 07:01.440 With the people's financial problems. 07:03.130 --> 07:06.900 Is it you feel if your the getting understand that you having 07:06.900 --> 07:10.860 trouble in your bills the and If the bals and your credit cards 07:10.860 --> 07:12.210 getting progressively higher. 07:12.860 --> 07:16.540 All those telltale signs which are the and out through the person 07:16.540 --> 07:21.590 on days who are your next up the chain isn't saying what i've 07:21.590 --> 07:25.460 got problem your needs of a healthy work through the net because 07:25.460 --> 07:27.490 of the of the the day that's all of years. 07:28.260 --> 07:31.200 It's very emotional and first condition but the end of the day. 07:31.590 --> 07:33.790 It's very the special it's just them that. 07:34.580 --> 07:39.310 And because of Was born as a math for all it can be fixes and 07:39.310 --> 07:39.880 that on. 07:41.090 --> 07:42.440 Our am. 07:43.130 --> 07:45.880 Retired plan for all service members is. 07:46.500 --> 07:48.770 Are one that's them with military for a lot of. 07:49.870 --> 07:54.860 And It was a like most of what many plan to the United States. 07:55.500 --> 07:58.490 Are created fifty sixty seventy years ago was that time. 07:59.500 --> 08:03.030 And people's life expectancies for a lot more than most importantly. 08:03.670 --> 08:06.290 Of the next is they that people would have seven crew there's 08:06.290 --> 08:07.030 a them for. 08:08.000 --> 08:13.320 So it's a situation where unlike in the typical for their. 08:14.000 --> 08:18.240 We're of you that Fort ability of your savings program. 08:19.500 --> 08:23.270 Will you which part of the in military it's what we refer to 08:23.270 --> 08:25.370 as a twenty years cliff best. 08:25.910 --> 08:28.520 And that's a term of our which means. 08:29.540 --> 08:33.910 You. You were earned no credit for to retire until you get your 08:33.910 --> 08:34.720 twenty year. 08:35.680 --> 08:38.590 So for the most part most people don't mid-flight. 08:39.500 --> 08:40.470 So that means. 08:41.050 --> 08:45.690 Your I to get their pension unless you go wonderful what. 08:46.350 --> 08:50.110 You may have seen in the newspaper recently that one of members 08:50.110 --> 08:53.260 of the seal team who or are credited with a. 08:55.900 --> 09:00.060 The radio and some of the lawton was speaking impressive about 09:00.060 --> 09:04.450 players in for sixteen years and I I find myself within pensioner healthcare. 09:05.060 --> 09:08.920 Well that's correct. That's the way the system this is online. 09:09.620 --> 09:13.510 Am and that's I don't say that to judge whether that's a good 09:13.510 --> 09:15.920 system of their system it just isn't yet. 09:16.830 --> 09:19.720 So I think it's very important for people understand the first 09:19.720 --> 09:20.860 of all most people. 09:21.500 --> 09:25.630 Was there were other uniform. They don't died service. 09:26.500 --> 09:28.570 And be donated twenty years. 09:29.190 --> 09:32.910 So Waller serving you've got really good job. It's extremely 09:32.910 --> 09:37.180 stable very predictable and is the pretty foundation. 09:37.870 --> 09:41.450 Under which you can actually begin the bills and savings out 09:41.880 --> 09:45.710 and to be given bill through this year's the or other savings 09:45.710 --> 09:48.860 plans and investment plants outside the us it. 09:49.590 --> 09:51.900 Something to take with you when you do you sir. 09:53.030 --> 09:57.890 Am I I reach down and to station lessening the to double resources. 09:58.500 --> 10:00.850 On all from one hell everyone in the air. 10:01.890 --> 10:06.920 Your colleagues at the electricity supply and the two years the air. 10:08.350 --> 10:10.110 Am that there are requirements. 10:10.690 --> 10:14.980 Of really one hell and they're they're provide education and 10:15.010 --> 10:16.790 information people will have a. 10:17.410 --> 10:22.940 Bit of as well as an upper operation costume of the FMRI read rory. 10:23.500 --> 10:28.130 That most people probably under the have tremendous investor 10:28.160 --> 10:32.470 education and which opened virtually will show to work five drawdown 10:32.470 --> 10:33.820 into a more active. 10:34.630 --> 10:37.680 I engagement education process. They're really comes down to 10:37.800 --> 10:39.320 three basic think you can do. 10:40.000 --> 10:44.350 One is payoff your highly expensive there. You can do a start 10:44.350 --> 10:49.820 setting money aside and the Secondly understand that it's a few months. 10:49.870 --> 10:54.880 If you can you probably gonna be the service very happily before 10:54.880 --> 10:55.830 you get to wanting. 10:57.150 --> 11:00.970 And union the star in rear doors one start their career. 11:02.120 --> 11:03.070 Was money and that. 11:03.680 --> 11:04.810 And then thirdly. 11:06.070 --> 11:09.450 Playing for the unexpected. That's part of what we all those 11:09.450 --> 11:12.900 good members of our teams. Good members of the services which 11:12.900 --> 11:15.920 is you know playing for the worst and hope for the best. 11:16.500 --> 11:18.780 And hello lecture. Hello like. 11:19.390 --> 11:23.560 It to be anywhere from say reamers the six months where they 11:23.670 --> 11:24.400 were way. 11:25.000 --> 11:27.250 The debt-based the bond that you can run into. 11:29.500 --> 11:31.500 Know that these our recommend everybody..