Debbie Lewis Show, 10/8

The Debbie Lewis Show
Sunday, October 8th

The Debbie Lewis Show, for October 8.


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

I visit W Lewis and welcome to the show today you know we talk money finances and mortgages and today we're gonna start off. We're what do you need to know in the morning. How do you buy a house if your self employed you know the rules keep change I've been a mortgage business over eighteen years and. It's never banned them more difficult to explain to people how you qualify if your self employed first let me tell you. Everything has changed yet everything continues to change every year and there are add dates to the guidelines all the time. The first thing when you look at his tax returns. I don't care what you tell me that she made if it's an owner draw or aides say quote salary W two or it's a K one in the what I'm looking for is adjusted gross income. Now the adjusted gross income can beat calculate on your taxes or nine different ways. But what we're looking for is that bottom line is says adjusted gross income. And that's still on even the right answer because it we have to go win and we have to look at what made up that adjusted gross income is it will rolled tees is it a business. Is did passive in come up. Or is it really is salary and what happens if you have as small business and a salary and you run everything through your business. But your business is on your personal taxes. The nuggets really confusing so here's a rule of some that were any use we talk about self employed borrowers. There is now something called a self employed borrowers worksheet. It's pretty intense it's gonna take a last two years tax returns and give me about 24 hours to figure it out. All we have to do is take your true our means and then we get to add a bad things detail what you own. So say you own a couple rental properties it seems to be a big one especially in this town. When you want to rental properties you're CPA if he does his job as a great job of calculate your property taxes. Your principal and interest and taxes and insurance. Depreciation. And add depreciation can be added back in sometimes and it's. Good to have a lot of depreciation on your taxes and expenses but because of the new rules the mortgage you write off. The more I can't add back again. Specially its expenses are at key for maintenance. I can give you dad back to their credit when we go to qualify you. So I know most of my self employed borrowers. You take money out it's you don't tell the iris about just what happens. Fine but you have to realize that I can't qualify you there are knows Morse stated income loans like we used to have an in the ninety's. I can't qualify you based on anything but your tax returns so I can add depreciation and batons and equipment may be back on your rental properties but that's word ends. That is so does Harding for so many business owners because. You're CPA will have you write off as much as possible. On your taxes but I can't use that to qualify you the next thing or Nat ask for is your business tax returns. You're gonna say oh my business has really nothing to do with my personal I'm getting alone on my personal income correct. Yeah have but if you own a 20%. Or more of that small business. And we got a few business returns so sing you're not even does CLO of your own company. But you're at a 26%. Share owner now I get to see that in tire companies. Right odds there are names because if that company goes bad and you own a quarter of it and that's how you derive year incumbent. That's really gonna affect your earnings so now we're asking for business taxes. As well as personal taxes and if you have a business tax. Then you're gonna have all kinds of stuff on there are a lot more write also I'm sure a lot more equipment a lot more depreciation. So when you're supple ploy realize you couple days to analyze your taxes it's not as easy as just a W two person. Another thing that we need to talk about while we're talking about income taxes and qualifying people. Is your credit reports now I know you know it in all matters about your credit score and you have three credit scores that make noble we called her ficus score. There are three credit bureaus that actually report and there's Experian. Equifax and Trans Union. He's able. Why do I have to have three when I go to get Carlin they give me my one score and I get the car line. Correct but the mortgage world we have to take an overall picture of your finances and that includes all three scores we take the middle school where. Now some companies if they're doing other types of blinds may average the three together divide by three and that's your cumulative score and but we take the middle one in the mortgage world so we trust your hi we throw tortured low and he did and we talked outlook is that low one is usually got a lot of medical. Write offs and and sometimes that's why you're low score is your lowest score you have to in the seven hundreds and one in the 600 and that's because it's gonna have medical. Not all companies reports are three bureaus now your mortgage mind your car might but your car might only report to one. And if you have different cars throughout the years you get to be banned in your thirties are gonna have. Different credit bureaus working at different speeds reporting different bills for quite along time that's why spouses can half. Very different credit scores because what shows a ball once credit doesn't necessarily tie you to the other one so a lot people say when they get married I wanna keep everything separate. Well it does keep your credit score separate your credit score is always going to be your credit score but when your married in your Dinah piece of property together. They're gonna take them lower. Of the two. You say that doesn't sound fair why should I be penalized because your both on Malone. Different states have different laws when calling any community property or sole and separate property state. Don't realize if you're in a community property state. They're gonna take a lower of the two credit scores and now it's gonna be discordant to gauge her interest rid driven off five. You say that just doesn't sound fair there's a lot of things that credit it just doesn't sound fair and it nothing is how we qualify you with your loans. If you have business loan are you cosigned. For your child. Get a lot of your child's student loans or maybe you've got a sister in law's car for some reason on your credit. And you say well I don't pay that she pays it it doesn't matter if it's on your credit we have to counted against you now it's in a business that you own it. And you've improved with twelve months canceled checks that dad. Payment is not coming directly out your personal account is coming out of the business we can do that. Twelve months of canceled checks. Another thing that may not sound quite right if you get is separate maintenance or child support or alimony. You have to prove that you will continue to receive those payments. For the next three years and that means to prove it has to be court ordered and have a track record. So you can not just to started receiving child support or spousal support. And count that until you have they told two years that that has been coming TU every single month and can improve that with canceled checks. Our circle on the bank statements it comes all the time. But if it's a personal note. And you count on that money every month and it is not court mandated it could stop at any time and they will not count that Indy your ratio. Student loans for kids just getting out of college you may be gotten out of college a few years ago and your loans are in every payments. You're tired for all of those lines. No matter what I had a family just last week that I could not qualify. Because the data was in college the child was in college and they're just wasn't an even it was in college those student loans are deferred. But the guidelines for getting us Paul Malone says its you have to count everything like you're already paying for an there was no way. That failing to qualify. I know it doesn't sound right a lot of these rules are rules sketchy. Depends on what loan puncher anyone credit scores you've got if you have questions about the mortgage world how to get qualified what you can qualify for. Trust me your Carolina come to someone like myself they can qualify you before you start looking at those beautiful homes trying to figure how much you can afford. Because there is quite a difference and I 150000 dollar home in a 300000 dollar loan. There's it's been it's much different. There's no sense in looking at jaguar is the ball you can't afford his VW bug. It just it's the bugs don't look at guys just don't look at the jaguars if that's all you can afford. My name is Debbie Lewis and we'll be back with Laura my show in just a moment. On top. Eight. Hi this is Debbie Lewis and we talk every week about money and finances and today. Talk about that. Countdown to retirement. So many people wanna retire there on the way to retire they just don't know what ordered to do all they sent the time a look at your finances and where you stand in line is not after you forty turning your notice and had the retirement party. Life as transitions goes retirement ranks way up there among the most challenging both financially and emotionally. I think that's why some people put off retiring is because they don't know what it's gonna be and they do know what their work life is so they wanna keep it going. Many decisions carry financial and like complaining implications and that's what I do and I talk to people about. Planning for their finances for their future. He should just sell the house should should downsize to Jimmy into a different place. You are you gonna have enough money to. Travel like you want to see the during kids if they land somewhere else about hobbies would do today you know a lot of people face a money stories when they retire because. If you work eight hours a day you don't have that time spend money if you retire then you're traveling on my gosh you can go through thousands of dollars quickly just someone vacation. Set goals and a plan now what you want your retirement to look like and determine if you have the funds to make it happen. For those of us and I like me were in our fifty's I could actually sit there is adamant plan on to vacations a year and are gonna cost about this much money. Now how much money do I need to set aside to live in my house the way I'm living in it if it's paid off for not instilled into things that I wanna do. Because retirement can be stressful. Most financial planners like myself begin planning five years in advance if that isn't how I gonna be possible. You can plan a year to time but you still have to make a plan. A big decision comes wind takes those security it's tricky especially for couples that can be a major benefit to delay in the benefits. At least until full retirement age and asked between 65 and 67. Depending on your year birth. But cemeteries are forced to retire earlier than planned. And may need to take it as early as 62. You know your Social Security benefit and key ages such as your retirement age in the age of seventy consider rather it makes sense to wait to receive a much higher benefit. Available obscenity and basically get the same money is just spread out over a longer or shorter period time there are web sites for this and I can help you calculate that as well if you married. And it full retirement age you may have the option to file and suspend. That means you apply for benefits that you asked the payments to be suspended so that your spouse can receive spousal benefit while you earn additional retirement credits add to the age of seventy. But that's strategy was discontinued this year seem may have to come back and take a look with the financial advisor and see what's best for you. You must apply for Social Security benefits three months in advance of when you want them to start receiving them three camera to the last minute. One year ago number three you need to plan Medicare and supplements. It's never too late. While it's never too early but it can be too light. After so security your role in Medicare as one of the biggest decisions facing retirees. Medicare is complex and enrollment dates different pain on which part the Medicare your rolling in here is a quick overview. Now if you wanna get others also into the article. Of which have taken from this from so you have it to look at Medicare part a covers hospitalization as long as you worked and paid Medicare. Taxes lineup the next average is free. Medicare part B covers medically necessary services such as lab tests and doctor visits. Since Tim got fans like you need part a in part. If you're already signed a bristles security. Or Railroad Retirement Board benefits before you turn 65 you automatically begin receiving part AMD at that time. If not sign that. For both three months before your 65 birthday. And there's another part Medicare C. It refers to Medicare Advantage plans under which you receive health care services. Through a health maintenance organization or I preferred provider organization PPO. Medicare part. 65. Including a month you turn 65. An end is three months later. There are lots of exception to this day you really need to sit down with the specialists like myself to go over your choices. Create a post retirement budget I cannot stress this enough just like a budget when you get your first job how can you fortieth out to an apartment. How much should you make how much is your rants how much CF to get back in retirement. To college to. That first job to retiring. Everything works on a budget. Many people have big budget some people have a little budgets. But either way you're on a budget. Most people retire. Without making a post retirement budget and they're shocked that they don't have enough money to do what they wanna do it. These are things that I help Egypt. Post retirement expenses will be significantly lower than pre retirement expenses but that is always the case. Molly for instance you won't have to dress up and fireworks colors for retirement. You'll likely be traveling mores of that money will just change columns it doesn't stop. And volume probably won't go out to lunch with colleagues she may go out to dinner more often with friends by taking a close look at your current and expected. And future expenses he can better prepare your. Spending and what you have and how much she does say even then there's grandkids do you wanna provide for them by saying that 520 nines are leaving them something. All of these things he can do before you even retire you know ward things are going to be. Number five paid out all data possible. I see a lot of people that try to do cash outside their houses. To take his through college and that I increases their mortgage note again. And then when their kids get out of college they want to retire. But Deo too much on their house with a huge bill he can pay off your house and cars in your credit cards. That retirement moneys gonna go a lot further debt payments for others credit cards and mortgage or car loan or students. Students at king and burden your retirement budgets and make you work a little longer to get that paid off so that's another thing you have to plan for. Our recent financial crisis showed that the risk of a major downward movement and the market just before retirement is all too real for a lot of people. Surrendering 1520 years point 5% of the value of your retirement portfolio in the year before you retire. Can't change your best laid plans and if you work part that 2008 Bockwoldt. You know that in if you're like me and you had money invested in you could get it out anyway you forty rebounded back. It all depends on when you have to pull the money out for heaven's sake consult with a financial advisor before you start pollen stuff out. And not ever played back. Number seven a date legal docs and policies we've had show's all about which legal blocks do you need to do how often do you need to update him. And if you don't have announced a great time start. Retirement is an opportune time to review major legal documents that's a data prepare legal documents for a state planning. Retirement such as will's advanced directives include dean. You know your health proxies power of attorney. Look at the beneficiaries of your retirement plan to see who really need the money to may be different team when you set it up twenty years ago. You don't already have a long term care I just quoted a policy today he might need to take a look at that. You can do without it for sir. And it would be great to know if we needed not we just never had that crystal ball to know how long you're gonna last or after you have a stroke what is needed. Or if you have a heart attack can go quickly. The problem with all of our financial planning as we just don't know how long we need to plan for. As a were planning for people to live in their ninety's now and still have enough money. And the last thing he needed design portfolio for income. As you countdown to retirement you gonna move from accumulating funds withdrawing funds in need to have all your options with an independent person like myself. There are a million companies out there at a million but you know several. Hundred companies of which to pick from he really an independent person to be able to pull from all of those and tell you the best not just. Fishing what their company hats as an independent wrapped. I represent lots of companies you do a lot of estate planning depending on one company or another as long as you're happy that's what I care about. My name is Debbie Lewis and will be back with more my show in just a moment. The right choice for breaking news first time. Talk thirteen seventy. Oh right so. I think you with Kevin and aunt Jessica Reynolds you guys have a business called roots design company talk a little bit about that this. But what makes custom furniture. That'll pretty much the products we were out there that we use it won't take your. That they did OK I want your website and the way I got to know you guys you work with terror act with scout. Can't tell you how that that relationship started. It started out it is really adding she'd be opposed to ask you about someone could handle it up. So yeah it responded. Matter initially had an. Just hit it ought to be able to happen today yeah it's a tricky it is it got Kelly yeah. This is an area. That. At bat boy she offered to. This show and did you follow that it was a huge opportunity. It's it's beautiful the part of the server and I like you got. I'm you're not or several different things like everything's there aren't delivers. Didn't slide and Italy's number closets bathrooms tell me how that are got started. Crazy get these doors and surf. Cherry on it didn't you don't have all there. And you don't want to that we liked to us is if you are not happy that you haven't two weeks ago or eight feet that's cut. And an organization that everybody wants to be nobody's. And I think it watches HT TV and house they go to the web sites that. Interest and look at all these things but I don't know where to get that they're super expensive to order and then everybody wants their own twist on you also billed as beautiful table. With gold looks like metal legs. White added that we still pops easy to actually see through it spot. It's beautiful it's like I'm nature of verses. I industrial but industrial is is in style and if you can't make as bold words of any kind in tables and floating shelves. Then I mean you're the place to go tell you answered with a shelves to the self serving up all different types of what it. Yes we can't come up was so I haven't buried deep shots at agent well let's just heat and it didn't pay out kind she off. Wow. Access sacked by standing not a sales jumped. Perfect so you know it works and that's dedication right there you know what builds custom style stressed that it neat what tax that would do you specialize in. All. I. Okay if we got audio web site which is truly what you have to duty to really see. Your work it's just beautiful it's roots design company dot com. And there we can see a lot of kind of grade asked floating shelves and says he did a very popular. Yes. Folks use it ourselves because eat. You can actually use the shelves are turning to sort of gets you calling this is what. To slide offs. Right they're beautiful and you can make it any it looks like in the thickness in healing. Thanks to speak to us I think that's going to be the interesting part what do you work decorators as well just normal people like myself. Cast or texture decorators. Just. Socks. Okay. That you walk and a lot of commercial application does it than just for homes is as for businesses as well. Critics are the debt had to paint all loans they Austin that guidelines for. Establishments and. They can't we make that's army got it delivered it it's it's now it is downtown Austin and I write this. It's gorgeous. The barn doors are a big hit. The tables the tables are just beautiful I think we really want people to go to the web site and take a look at them and and realize what it. Kind of possibility you guys can deliver it's really this guy is Alan. It's just. Wow OK give information of how we can contact you guys for more information are you also on base the interest in all of those. Where how and Chris is that it's got to face nick dot com slash rates by. Yeah we'll be there that are brits to I kept on every. I know everything I never thought I can't RO OTS design company your biggest custom finishes and you'll be happy to talk to. Builders as well like guests and he'd get involved in the process from the beginning. At least I love that. These guys this. Is that we just echoes. Miller but it all eat doors that they found that antiques AO burden altos are slightly existence titles at their house or. And that's beautiful and you know tears at a beautiful Sarah you got she's got lighting now there. And wait for you good display on the doors now the finishes in the colors. Are amazing you got there it would the website to really see that. I'm sure it's on house and pictures as well browns Bergen he's blacks praised all of them the major decorator colors. Us. OK and you've got this systems. In place to. Make all the doors role really just a simple. It's a full beginning to end delivery set up and you you mount everything looks like. Yes we take care everything he'll take your installation if you wanna go simple. Aren't aren't we got rustic. Where we're backing wonderful polity can we take everything measuring stick to order it get past it just right it was able to get solid. Got it these tables aren't beautiful it's Kabul Livni edged table gorgeous and this is safe for fig two so we get habits are they'd prep area. And we can use it disguises his table but. Absolutely we love. Idiotic exit and K state finished product can they actually got really cool. Colors out wit. Michael what it still flex and actually about it and it shouldn't I guess it does not accept it their all shaped eight plastic I don't care. Completely healthy and they smell wonderful. Here that is it attracts them really happy it didn't. He will be back with more of my show in just a moment. Can. Kind of things do you go to your financial advisor. Is it just how much gonna have enough money for retirement for you asking more personal questions like what do I do with my parents. It's your life I am. My parents recently passed away my father was 89. You Tim I have an aging parent and now only in my planning for my financial future I'm planning for their financial future as well. Because now people are living longer than ever. A financial advisor like myself. We're gonna become more of a therapist. Than anything I think in the years coming up. And if you're not working with someone that takes your calls the listens to your concerns to can help you plan and be more like a therapist. Today it's time you change financial advisors. People are getting older and healthier and they are living longer than ever before so now only in your seventies here's still have to worry about your aging parents maybe in their ninety's. Financial aspects as critically important as they are become almost witness to the real issues every tire meant helping clients deal with problems and they Jeanne. Both with their own challenges in dealing with aging parents. I see. People getting older living longer. Al living their benefits a lot of cases an adult children and their seventies are now worried about having to take care their mom that's in their ninety's. You go out to dinner with people that they just seven C and by the time. They are talking about the main course. And it actually sits down in front of them they're talking about their aging parents and what do you do with the mother. There won't go into assisted living and you're too old to take care ever. This is the reality now for many of my clients. All throughout history. No one knew what alzheimer's was but it was their only know one live long enough to get it now have to Americans at the age of 85 get the disease. I think this is just one aspect of how I'm gonna be dealing with my clients as they age. You're gonna get the calls. About what do I do with my dad did doesn't have enough money. I can't talk him into. Selling that's a rental property to pay for assisted living these are the questions that I get now I have an aging grandmother over ninety. And she has property but she is one of Celek is she says she's gonna move back there and live there by herself. Now you and I both know she's not. But how to we talk someone at her age and mindset into giving up money. With the property that could pay for her to have extra help in the home. I think these things it's you need to be able talk to your financial advisor about before they come so before your mother has nine he may be in her eighties. You need to have these talks he can't letting go. Forever and ever I just got a call last week from a reverse mortgage Klein that it sold her house and to do with their kids in her kids. These are kids in their fifties are trying to talk her into buying. And over 800000. Dollar home. So the kids to live in the neighborhood and send their kids to the schools they want to you. Now they're using my client's assets. To better their lives without any regard to my client having that money. Accessible for her old age. There. Using her. And I and I had to call my climb back time and a different line know her daughter couldn't get on and say why you letting these grown adult children. Live off your assets when you need them. She's in good help. She just felt once and they got scared and now begin to think that they towards she had to live attempt. Just so they can get use of our assets this is gonna heart start happening more. Often then not. Is what I fear. Clients as they age are susceptible to all kinds get rich quick schemes and people selling them out from under their assets. But it's not what you think is their own kids it's their own kids and grandkids not strangers. If you have questions about your financial future or your parents financial future he went some options of how they can hang on their money. Yet utilize it for maybe some home health care. Maybe I need to go into assisted living. Anyone know how to provide for that please give me a call my name is Debbie Lewis and I'd be happy to assist I work with families every day trying to figure out how to stretch grandmothers. I've retirement. Maybe some of her assets in order to pay for her so it doesn't become a strain on her kids and grandkids. Let me give you an email address to get a hold me any time is Debbie at Debbie Lewis show dot com outlook Ford all your emails I'll be happy to answer all the questions and I don't know the answer I'll find out for you. This is Debbie Lewis thanks for being with us and go to my website Debbie Lewis show dot com like neon face. Top thirteen seven. The right. Found this great article this week kids. Talk about forget about Macy's. And I know we're gonna talk about money and finances and this is kind of included in the so bear with me. His simple questions how many times have you about funding and Macy's in the past month. LA times and he bought something through Amazon. Over the same timeframe we're guessing the answer the first question is once maybe. While the answer the second question is so many times you cannot keep track. To be honest with you my son and gets more packages delivered. As a teenager than I have probably done my whole life he can find everything he ever needs online has it shipped to the house. This is customize shoes we now have a shower head Dick glows colors when you use it. As well as an under did toilet seat light that changes colors to coordinate with the shower. All things you can find online. We're not picky on Macy's in the Cingular which is a perfectly nice department store is just that the chain has grabbed the biggest headlines among the department stores recently reporting. Relatively weak sales and profits. But yet as we keep spending money so what are we doing with it. Just because the old line brick and mortar department stores are having weak sales doesn't mean and we as consumers are weak overall for the cloud forests of the economy is about kill over the problem is with some department stores. Their business not model. Not that fatigue on the part of the consumers like I said my son is still spending he's just not going to the mall. Retail sales surged ever one point 3% in April and may lead by autos and non store retailers. Which your Internet and mail order and yes mail order but the Kellogg's and I get still alive and well and Hampshire pottery barns and out more. Mail order Kellogg's or does more on line. Interest dean. To find out but either way they get me. Autos building materials gas stations rose point 8% in April the largest gain in a last year and thirteen to increase in the last fourteen months. Our economy is doing well. Automakers have reported US sales of seventeen point oh million cars and light trucks in the past year. Very close to the record highs that at the peak of the dot com then back in 1999 in 2000. That you haven't heard that on the news. These wrote best spending figures are consistent with the improving financial situation households. Is your household doing better this year. Did they have the last couple years during the past few years financial obligations ratio which is a share of after tax income that consumers need to meet monthly obligations. And I ease at every week and with mortgages home equity loans auto credit cards and student loans are down on it. About six billion dollars since 2010 so I think people are doing is a lot like our companies are doing stockpiling. Cash. Are paying cash and not using their credit cards as much. Meanwhile payrolls are up about two point 79 in the past year while wages have been growing and are starting to accelerate. This is not an environment in which the consumer spending is going to get weaker. My kids got cars this last year. Not new cars mind you used cars needed them. Because the depreciation expense for me. Allows me to pay cash for the car teach them money savings. So they can go out and buy new issues in mail order Nike. From Nike dot com. Don't report on a retail sales growth is important because I want you to understand the economy is doing better than it reported. On the news stations don't listen to everything you hear we don't look like or heaven a financial crash. Even though the market may heal up and down all the time this article. Is just one thing. To talk to about. We don't have a steel economy. Don't believe everything the politicians say free market economies showed they're dynamic passes them by strength by letting. Former establishments take the fall but it. It's just look at your own life are you still spending money on clothes shoes and food and cars yes. The economy's doing well you need to get your house in order to not. Listened to Albany. Emails the companies saying their market is going to crash keep investing in the market is strong and keep them working get ready for retirement you're still gonna need to spend money and retirement don't think for a moment that when you retire. Your expenses stop this is Debbie Lewis my job. Is too. Weed out the good news from the bad news and sure you get the economy is going you're gonna keep it meeting things stay in the market keep investing keep looking forward. Someday is all I do is talk to people on the phone about key being invested in the market. Don't get sidetracked don't let the news scare you. You can just I get on to YouTube and look at warm Buffett he's got a million interviews and during those enemies he said the market is gonna go up. And the market's gonna go down. It's gonna be volatile. Just like it was before. Just like it's always been the deal is as you age you don't wanna take as many risks because you don't have as much time. To pull back and at green make money if the market dumps right before you need it. So depending on who you are. What you've got how old you are and how long do you have to wait to make your money back if god forbid something happened. Well it's going to happen is just a matter of when the market's gonna correct is it 10% is it 20%. Normal correction can be between the two so are you ready for that. Now I'm not saying got a short the marketer glide by gold I'm just saying is he ready for a know that it's coming. And doubled down on other things so give me Colin talked to me 11 let's see what we can do to help your money. Work better for you. Do you need an annuity do you need long term care. Do you need a term life insurance policy. Is that your hedge against inflation. Maybe it is if you need to lead money to your family gets a great way to do it my name is Debbie Lewis from a financial advice from in the mortgage business. I sell securities and insurance. I'd be more than happy to talk T please call me any time in 979. TT 03018. And we'll be right back. Catch up on the latest headlines at any time at top 1670 dot com. Sometimes it's hard to know what you can believe in the news much use. He'd be skeptical about it you know if you I you know there are days that I don't need to listen to news one time and you know I'm better for it I listen music and I know what what are the odds on lot times in this is just depressing. It makes you worry about things that may or may not happen but they eat paint doom and gloom for every one. One of the things you haven't heard a lot about lately but it was in the news and dominated the last couple years is Greece. And take Greece's already bankrupt don't worry about foreign markets international. Steps going good steps going bad starts all over the place and it's gonna keep being that way no matter who's in the White House the economies of all these countries are gonna keep going. What are the most re occurring pessimistic themes in recent history that I have. Pay attention to his Greece is about to default on its debt. Now that Greece's negotiating again at the fear is back in this is dated. And as a the last part of last month some wonder if a major European financial firm. Like a bank is also going to failed the big problem with this theory is that Greece already defaulted on about half of its debt. To private creditors back and 2012. Back when European banks both owned a larger share of degrees debt. And more were thinly capitalized. So great wave a bank defaults didn't happen back then there's not. I really big change hands that is going to happen today. It still in the news. What investors like you and need to realize is that Greece is already bankrupt all those supposedly fixes in the international negotiations are only temporary. Eventually math winds. Not funny math winds are mad or happy new people coming into me in the financial world they say Debbie. I don't know that I'm gonna make it I don't know that I can afford the house I want I don't know that I can afford to retire. My question is okay what do you do about it and they look at me like well I can't do anything about it Sherri can. You can make more spend less change jobs. Reading gear yourself to make more make a better living. But the problem is were all set and our ways. If he talked to someone that's unemployed they tell you how many reasons why they can't find a job why they can't get a job and it's always somebody else's fault. Just like those small businesses the people that I talked to in my every day life in my work I do mortgages for people. They can barely afford their 300000 dollar house my question is does your spouse work if not why not. Get another job make more. Go back to school learn a different trait. It's a sales of your industry is not doing well taken another one. I have a lot of small business owners in the environment that I live in just isn't that good great move or get a real job making more money. And of course it's not all about the money but as you age you're gonna need more money to retire a lot of people can't even afford to retire. And that's because they never looked they did what they thought that was right. They never changed their jobs skills you know a lot of jobs are not gonna be in existence twenty years from now there are around now. What are you doing to make sure your protected. So let's go back to Greece. Some residual amounts are a money owed by Greece are owned by private foreign banks but not enough to destroy all of the banks and it never hurts a little while those firms have portfolios and other Laura loans that someone else will bind means while. Many bankers who got laid off will either be snapped up by someone else removed to a line of work that's more productive. Wow imagine that changing jobs. Ever heard that's. I've been accused of being really tough and same thing's not. Quite like Donald Trump. But in small circles that you're not supposed to say you're not supposed to tell people they'd been on the wrong road for twenty years and they get. What they get because they haven't retooled themselves. You are your biggest investment. What I'm begging people to do is sit down with me or someone as a financial advisor not your cousin not her uncle. You gotta deal with people that have the money to know how to make more money or how to invest your money don't go to people that don't have money. I don't don't let an Archie Bunker kind character tell you why it's no point in saving for retirement. I can tell you with money it's easier to retired and without. I wanna thank you for listing to my show I try to talk about ways to save you money but you have to look up. And tries something new if you've been with your same insurance company for the last 25 years shop around. If you had been. Doing the same job for twenty years before you retired from that job. Go and talk to a financial expert to make sure you can number one afford to retire number two. It did there's not something else that job can offer you may be putting more money away taking early retirement so you can start another career. Just the catcher and Nina career. Does not mean that it's over. Everyone ends careers all the time and starts over and there isn't it transition into retirement. My name is Debbie Lewis and I help people and all. Walks of life with young and old you know it it doesn't do you any good to get a college education today if you're getting an education and something that is not financially. Productive enough to make you a living if that's your goal when you get out. Email me your questions about money and finances. And how to work with student loans she knows so many of our young people are getting out of school was such. High student loans but the job that they're able to get is not offsetting those loans. Let me see what I can do to help you explain how that is gonna hinder you. When you buy a car. If you qualify for a house just like retirement if you're getting ready to retire now's the time to buy your cars now's the time to refinance your houses. Before you cannot qualify on retirement income if not done properly. My name is Debbie Lewis if you wanna contact me. I feel free to email me at Debbie at Debbie Lewis showed dot com that steady at Debbie Lewis showed dot com. Ask your questions about 401 k.s and how to transfer them over how to make more money. Before you retire then wait until you putting your two weeks' notice to retire. And find out you don't have enough to live comfortably the way you want let me or financial advisor like myself. Make the most of your income for you during those earning years if you have questions about in cam and what to do with your retirement. What is best for your finances please. In just a few moments I want to thank you for joining us today if you go to contact me for an appointment either by email or phone. Whatever it takes down my name is Debbie Lewis my email is Debbie at Debbie Lewis show dot com to go on my website Debbie Lewis show you're gonna find. Great podcasts video of me and again I'd be happy to help you in any of the areas of which I hold licenses thanks for being with me and we'll see you next week right here. I am. Add. Okay.