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You Can Save More for Retirement in 2019

**You Can Save More for Retirement in 2019**



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all right VIPs this episode is jam-packed I'm gonna give you the ins and outs on the word focus I'm also talking to Mindy she just got to baby step number four and she's trying to figure out should she keep investing or pay off her son's student loan debt mm-hmm and guess what the 401 K and 403 B just got a raise I'm gonna tell you the new amounts you can put back for your dreams I'm wide awake higher I've wanted to spend time with my family we're just shy of two million dollars now in the awaken CHD dreams really clear right there welcome to the Chris Hogan show home of everyday millionaires I am your host Chris Hogan this is your show where your life and your money takes center stage it's your life VIPs take charge well I'm excited to be back with you VIPs we've had a lot going on we got a lot of callers a lot of questions but I need to hear from you so if you've got a question or you want to share a success story or a win call and leave me a voicemail the number to call is eight four four two eight three nine three eight three again the number to call is eight four four two eight three nine three eight three or you can also email me the email address has asked at Chris Hogan 360 dot-com we've had incredible questions you all are on the ball and plugged in and I absolutely love it so keep letting us hear from you you're the reason why we are here all right I'm going to the phones because that's what we do I've got Justin calling in from Jefferson Georgia Justin how are you I'm doing good oh I'm focused and not finished my friend how can I help you today well I actually have a success story and then a question if I can do that absolutely about well say in the beginning of September I sold my house and with the profits that I made four minutes paid off all my debt and everything like that and kept ten thousand in the bank Justin I'm proud and I am proud of you man so tell me this that's not the good part well let's just say I wasn't living Dave Ramsey in current fashion so oh we thought well we'll be in a good spot into my ten thousand with my dipping in the savings habits went down to eight thousand really quick and so and me and my wife were actually having being at the truck dealership together buy me a truck because I wanted the truck and so for some reason that week I started listening to Chris Hogan and Dave Ramsey on Park and decided to meet with a smart smart rester pros that one up and within five minutes of going on the website Daren with capital choice called me and set up a meeting came to my house two days later and when I actually thought about stop listening to your show and stop the meeting until the next week so I could go get my truck he was gonna I mean he's gonna talk me out of the truck Justin you were trying to silence my voice in your head he met with us for three hours Wow just poured into it and I'm thinking and I had no idea about smartest phrase no idea about what it called some honest cover you catch one my hat to pay this guy and you know he never talked about a call he said yeah if you invest this is how much you know the company percentage-wise knows never forced me he's like what we need to do is get you on the budget get you get your emergency fund built up and things like that and so ever since that night my wife you see the nerd and I was the free spirit by far but since that night we kind of changed home and I'm 100% nerd nerd it out home that's my budget I look at it 10 times a day I you know I've listened I haven't listened to music in four weeks of just listen the podcast with you Dave and you can call me right and I'm just going home and if it goes to my plan that I figured out which is this is shocking the crap of my wife the case she's like what her young ones you don't know because she's getting mad at me because I'm like no you can't bother you all the sudden does the money nerd right right which is which is you know Chris I can't tell you how much it's helped me even my rush of when my wife's because you know as husbands we try to gain that trust with her wife into it you know first time in a while she told me the other day she's like yeah it helped me to trust you a whole lot more while in the past you won't trust what's wrong and because I blew everything and so you know if if I if I have fallen everything right and we don't make more or make less we should be able to have a fully funded or at three months of the expenses emergency fund by the end of the year that is very common and then hopefully by the before I'm 40 have a house and have it paid off that's fantastic I'm going home and I'm my question for you is of course I've been running my financial advisor ragged he's probably tired of hearing from me but uh you know I'm ready to get ready to investing my question is I know you may say three or six months of expenses is it better than to get three and then graduate build up to six or what we want to do is to move into a house when we're renting right now well then I want to tell how when we're trying to save 10 to 20 percent down so would it be better to get three months of expenses and then start going down home saving up for a house and their investor do I invest in between okay I'll save up for six months instead of three I guess I guess I'm trying to figure out what's the quickest path and what's going to make it at compound interest yeah no I hear you brother and I'm proud of you I tell you the focus you have and what you've been doing proves this it matters to you and I love hearing that in your voice and I love the actions that you've taken I'm proud of you so here's the deal people ask all the time about how much do I need to have in an emergency fund so Justin the bottom line is you want to be focused and understand that I need this money tucked to the side so if life happens on there so you want to be very very aware so dual income both of you working you've got money coming in you'd be fine with the stable job have in three months however if your self and loyd or your seasonal or your a commission salesperson that's where I'm gonna tell you to go for more than like six months because what you're gonna have when you're commissioned or self-employed you're gonna have those peaks and valleys that happen with your income so you can level it off by having six months I love that you all are talking you're in communication and you're working together now you don't need to look at the budget ten times in a day okay I'm gonna tell you just just just just the tip it might be a little obsessive let's cut it down to five and you'll be fine but you know where it's happening and I like that you're telling money where to go instead of wondering where it went VIPs if you're listening out there here's the deal all you have to do is make a decision all you have to do is decide just like Justin to be able to be in control and know hey this is what's going on it doesn't mean you can't have fun we're just doing it intentionally right we don't want to live for the day we want to live in the day and we're preparing for our dreams Justin thank you so much for taking the time to call in I'm telling you right now you have motivated a lot of listeners out there other people right now are making decisions Justin based on what you did so great job and thank you for sharing well VIPs you know one of my favorite parts that DW and I came up with here recently was the whole panicked and pumped we were getting emails in from people kind of describing their situation so what I'm about to do is turn into coach Hogan and I'm gonna read these emails and we're gonna talk to people first up I've got a panicked email and this is coming in from Greta Greta says I'm 63 my husband 64 and we're far from retirement status we still owe a hundred and thirty-four thousand on our home so we're thinking of selling and downsizing we started meeting with one of the investment professionals and put 15,000 toward gross stock mutual funds we only make 80 thousand we're hoping to sell some land worth almost forty thousand I have a 401 K a fifteen thousand we started the Roth IRAs but not much so far my husband is about to go on Medicare and I have a big decision to make it work about medical options I'm healthy with no chronic illness I'm very overwhelmed and have made too many bad visions I don't have time to keep making mistakes so I wanted to know your opinion about which plan I should go with at work is it the standard medical plan or HSA okay well Greta first of all thank you for sharing with me and the VIPs about the panic that you're feeling you're feeling pressure you're feeling the anxiety of not being exactly where does you want to be the good thing is is that you're not done yet and I like that you've started to take some steps in the direction that you want to go remember our actions have to meet our dreams and when that connects like that with work and sacrifice that's where you can make some things happen now I like the fact that you and your husband you guys are talking about this and you and you're making some changes you've got some land that's worth about forty thousand that you're looking to sell that money can also go to your dream but is regard to your the health plan about what you should go with I'm gonna tell you looking at your scenario with no chronic illness and the amount of time you've still you've said you're going to be working you've got things you need to do that that standard medical plan is the thing that I would look at I'm gonna compare the deductibles I'm gonna compare the monthly costs right and really understand the overall coverage how does it relate for you as an individual how does it relate for you and your husband and so running those numbers to see and really understand that is the way to go now if you've got questions on it because a lot of those forms can have a whole lot of medical terms and a whole lot of twists and turns reach out to one of the insurance II LPS who can walk through it with you but I think that standard medical plan is going to be the plan that's going to give you the most kind of understanding and the most coverage overall for you in your situation so take a deep breath Greta understand where you are is not where you want to be but you're not done yet so let's keep taking steps and when the negative thoughts pop in when you start to feel overwhelmed again I want you to just say out loud I'm not finished right just say that out loud and then I want you to find a Bible verse if you have one that comforts you or find some kind of quote that you can go to quickly and remove that negative thought because negatives love to hang on they're always lurking around the corner Greta ready to jump on you when you're happy when things are going well so just find something to remind you that yes you are making progress you're moving forward you're not going backward I hope that helps you with where you are keep taking steps be careful of what you tell yourself rather because we are the person we have to be the masters of our domain and our mental space is really important so guarded tell yourself positives and keep going forward girl I'm proud of you all right next up I've got a pumped email in from Patrick Patrick says in 2016 I got tired of over drawing my bank accounts I started watching you all on YouTube I started my first budget and eventually began to write cheques without borrowing money from my dad I paid off my last student loan in 2016 saved up six months of expenses then decided to pay off the house I hit baby step 7 before turning 35 I'm currently investing 20% into retirement and I'm just shy of 15,000 in retirement and savings and growing I was able to send a check to a relative going through a cancer scare and now I'm donating money for a friend going to Bulgaria to donate winter socks it's an amazing feeling knowing that I can make a difference because of a decision I made over two years ago Patrick I am pumped for you to I mean to think about the the progress that you made you started you woke up over drawing at the bank you realize those fees and things that they charge you that's money there they're making money off of you making money off of your mistakes but you got plugged in and you got some information and more importantly you made a decision and I am proud of you for the progress that you're making I mean you're focused you've got a fully funded emergency fund you're investing and you and you're focused on paying off the house and did it and you hit baby step seven prior to age 35 that's fantastic and then my friend Patrick you're doing the best thing you can do with money and that's giving it away being able to help friends or family in need and able to support some charities and you're right this difference is because of a decision you made two years ago vips if you're hearing Patrick what happened is as he made a change he knew better was available he got the information and then he keeps doing it this is where you can be as well regardless of where you are in regardless of where you start off you've got an opportunity Patrick I'm proud of you listen VIPs if you're out there and you're panicked or you're pumped I want you to send me an email the email address is asked at chris hogan 360 dot-com just put panicked or pumped in the subject line and we hopefully will get you here on the air would love to hear from you alright VIPs I want you all to know we're just a few weeks out from Christmas and I want to put a bug in the air I wanna let you know something because I'm excited as you know I'm passionate about spreading the message that anyone in this country can become a millionaire well guess what on January 7th that's less than a month from now my new book everyday millionaire so will be available to the public that's right you've heard me talking about it and guess what it's finally here and to celebrate the launch guess what I'm doing I'm gonna hit the road in the month of January I'm headed out on book tour and we're going everywhere we're going from New York to LA Chicago to Seattle and I want to meet you I want to hear your stories I want to hear about your struggles and I want to hear about your successes so to find a list of dates and cities just go to chris hogan 360 dot-com slash events let me repeat that go to chris hogan 360 calm slash events and we'll even have some giveaways at each location did you hear that we're celebrating the american dream people it's alive and it's well so seriously i don't want you to miss this and i'd love to see you so again go to chris hogan 360 calm slash events i would be honored to see you and meet you out on book tour it's so exciting you all to be able to get out and to meet people we'll be doing book signings in bookstores they'll have the information online I'll be doing local media taking questions and really walking through this whole everyday millionare movement so would love to see you and would love to meet you well you all know me I love thinking right I love thinking about where we are versus where we want to go and I'm not just somebody that comes on talking to you all this is something I'm really a student of but I want you to do me a favor for those of you that are right now if you're listening to it and you're at work or you're relaxing right now you got a pen and paper right there I want you to write down this word focus F Oh see us okay write down the word focus now for those of you that are driving right now or you're on a treadmill listen to me don't stop keep your hands on the wheel keep your eyes on the treadmill keep doing what you're doing you can go back and listen to this later but the word I want to talk to you about is focus and and here's what I mean by this I love acronyms you won't know me but with focus it stands for this follow a plan overcome obstacles coach ability understand what's at stake and see the goals focus so let me break it down for you when I say focus the F stands for follow a plan I think in anything we want to do or achieve in life we got to have a plan got to have a recipe we got to know what it is we're trying to accomplish and the steps to be able to get there so I want you to develop a plan and be able to follow it the o is for overcome obstacles I firmly believe that things pop up just to see if we're serious about what it is we said we want to do you see when an obstacle comes we have to make a decision do I go over it under it or through it or do I just stop and I think a lot of people typically stop when things get a little tough when you get an obstacle that pops up in your way but for those that are focused and committed they don't stop they refuse to be denied so I want you mentally to prepare for obstacles but also expect to be able to overcome them because you can the c is for coach ability I want you to constantly be a student I want you to constantly be learning hearing new information gaining new perspectives talking to people getting people around you that believe in you that can cheer you on and guide you I think the more information we get the better advantage we have for dealing with whatever comes in our way the U is for understand what's at stake I think when we understand that our dreams our goals are all the things that we desire are at the end of the trail of hard work and when we work hard and we stay focused nobody can deny us that nobody can keep us from what it is we're wanting to accomplish but we have to have that internal motivation don't wait to get motivated by external don't wait on something else to get you hyped up or excited for a little bit I want that motivation to come from inside you because you know what it is you're chasing and more importantly you know why it matters so much to you and the S is see the goals I want you to see yourself crossing the finish line I want you to expect to win you K I'm surprised people tell me all the time you know they hope it works out or they hope to win I'm wired a little different I expect to win you know why I expect to put in the work I expect to stay motivated I expect to overcome obstacles so yes I have this expectation of wanting to win and I expect it and so when it's it gets personal to you because you know what it is you're trying to accomplish but kind of tell you in a little something else VIPs you also know who stands to gain if you got little people running around your house or you got people that are counting on you that you don't want to let down that you want to make sure you're providing and doing what's necessary for them it helps put things in perspective it helps you to understand what it is and why it matters so much so that did you know is focus fo you see us focus and follow that acronym I think you can follow that in any phase of your life and it can help you move forward and also to be able to make improvements anywhere and everywhere alright VIPs you know I need to hear from you if you've got a question or you want to share a win call me and leave a voicemail the number to call us eight four four two eight three nine three eight three again that number is eight four four two eight three nine three eight three and you can also email me if you prefer the email addresses asked at Chris Hogan 360 dot-com all right I got to get back to the phones but I got a I got Michael here in Bentonville Arkansas Michael how are you I'm doing great Chris are you all brother I am focused and not finished how can I help you today yeah my wife and I are trying to decide how long we should stay in baby step three B before moving on to step four okay we've got about a five-year window before we can comfortably purchase a home professionally there's a chance I could get moved around in the next five years so we're really trying to save up a huge downpayment and and then I'm also wondering since we do have that five-year period would it be wise to invest our downpayment and a conservative mutual fund so since we have a little bit of a longer window there okay now you tell me you're trying to save up a huge downpayment when you say huge Michael how much are you talking about man 20% you know we've got 2,000 today I'd love to get 40 to 50,000 dollars over the next five years okay there's our income we feel like that's reasonable okay and tell me this in the job that you're what kind of job do you have will you relocate every five years yes I'm actually a pastor at a church that's opening some new locations so we could get moved around okay because of that okay and would it be a movie of every five years or would you have an opportunity to sit still for a little while so we definitely have an opportunity to sit still we're a little more younger right now we're both in our 20s so the the moving should slow down over the next five years okay and where you do you know where you're considering being relocated to Northwest Arkansas right now and there's not sure what the pker looks like okay okay well you're right I mean and especially in the ministry there are all kinds of options and opportunities in different places the main goal is that you and your wife stay in control so I I want you at minimum to have 10% and I like the fact that you're going in with 20% because that's going to help you avoid PMI private mortgage insurance okay have you heard of that yes okay cuz yeah for the VIPs that hadn't heard of that private mortgage insurance protects the bank it doesn't protect you as an individual so I can add a hundred fifty to three hundred dollars a month to your payment so Michael you guys are wise to be able to stay focused on saving I think that is a smart idea but thinking about where you may move to I think it's a good goal to have a set dollar amount you mentioned forty or fifty thousand you know the opportunity to be able to have that as a goal whether you all are taking on extra jobs or being intentional I think you and your wife talking together to come up with a dollar amount that's a goal and the sooner you all get there like you said then you can move forward into the investing so that's what I would do you and your wife talk and again doesn't matter where you're moving to you know exact exactly how much money you're gonna have and what you're looking to spend that's the key Michael it's staying in control of what you're doing and where how much you're gonna spend so stay focused on that keep saving it up let that money you all as you have your budget meeting once a month look at the dollar amount talk to each other about the balance find some things to do to help that go faster and it'll help keep you guys on track and you'll be motivated about what you're doing next as you move forward in life so thank you again Michael for your call I appreciate that all right back to the phones I've got Mindy on the line in Virginia Mindy how are you thank you for taking my call today yes ma'am it's an honor to speak with you well I'm calling because my husband and I then get free for about a year and went on baby step four but a few months ago we had to bring bring our son home from college for medical reasons and we decided to take over his debt which is mostly student loans my question is should we temporarily stop our investments and our individual retirement plans to throw everything we have at is debt to get it paid off in about four to six months okay well let me back up a second until you congratulations on being debt-free and being on baby step four that's a great job how much did how much debt did you guys pay off we paid off approximately 45,000 we did sell a house I'm in the military so we had had it listed you know or rented out for a while so we felt that from that help yeah but we got pretty aggressive yes you do attacking at all yeah that forty five thousand you paid off what was that was it critical doors it was credit card of consolidation Jacques oh yeah junk is about right Mindy that's what you call that but I like that you guys got focused and got it intentional and thank you for your service as well yeah and so your son it was in college had a medical emergency you brought him home the student loan debt how much student loan debt does he have he has approximately 25,000 and do this situation I mean I don't I don't have a problem telling you about it basically my son's and treatment for alcohol addiction disorder yes he's a 21 year old alcoholic and with the addiction he probably has an underlying mental health disorder they you know that they're trying to treat as well so we really don't know when he's going to be able to support himself again and then we hope that he'll go back to school but without student loans and we don't want to send him back or out back in life with all these obstacles if we can help okay well I love the fact that you guys are being there to support him and my prayers go out to him for him to get healthy so what year in school was he here it was a senior this 25,000 and student loan debt was that for this year or prior years it was last year he used the first ten years he used my Montgomery GI Bill and we kept telling him that no we didn't have the money set aside no I just says we paid off we didn't have some money put back for college fund when we gave him many many months of warning you know you're going to have to get out there and do like you've said on the show about scholarships and applying for grants and things and well here's the reality I mean with you and your husband how much do you all have save for retirement we're right at about a hundred grand now my husband was always doing really good with contributing to a 401k I always kind of went banking on my 20-year pension when I retired but after we got it through the debt and then we read your book and started you know we used her tool and figured out that we were you know on transit man we if we just put a little bit away and I started investing in life in my PSP and we could really just kick it up a notch so I jumped up to 20% and he jumped his up to 15% so right well and that's not gonna be an accident because you guys are focused on you're clued into it you know the the good thing is is that your son was a senior and so really looking at this and understanding the opportunity for him to you know once he gets healthy to get plugged back in to Community College you know being able to work during the day go to school at night or whatever it is the options are but as far as you guys taken on the student loan debt no not at all no you know for him getting healthy and understanding the reality of what do you have to do when you're an adult and let's take care of your responsibilities and and so you know but here's what I don't want Mindy I'm so glad you called in on this because as parents you all are doing a great job supporting him in his time of need but you know what I don't want I don't want you guys to get in the habit of trying to take care of it for him that he never learns to be an adult does that make sense he life's gonna knock us down but what we got to have is a good support network but eventually we got to stand up but you know what else I don't want Mindy I don't want you and your husband becoming a burden to him later in life you see when people don't have enough for retirement that's exactly what can end up happening your children or family end up having to take care of you and so no that's not what you want so I tell people all the time they tell me on airplanes I travel more than anybody in this building you know what they tell me on the flight be sure to put on your oxygen mask first before you try to assist others you know why because without your own oxygen mask you're not able to help so I want you to make sure you're securing your financial future taking care of your retirement and put yourself in a position to be able to help or to support people if need be but know you don't need to take that on it doesn't need to be something that you make your responsibility you can be there to support but you don't want a hamper and so I'll be praying for your son to get better and you and your husband stay focused on what you guys are doing as you're working this plan in this process in unison well VIPs do you know your net worth there's a lot of confusion out there around this idea of what net worth means so let me make it simple net worth means it's what you own minus what you owe okay now those two words sound familiar so let me say it again net worth is what you own minus what you owe so the first step to becoming an everyday millionaire is knowing where you stand right now here today so I want to help I've got a new tool let's call the net worth calculator it's only six questions takes you less than five minutes and you're gonna get practical advice on how to help you to become an everyday millionaire so seriously it takes less time than going through some of these drive throughs out there so get started now check out the net worth calculator at chris hogan 360 com slash net worth or you can text the word Hogan H o GA n to three three seven eight nine I want you to discover where you stand learn your next steps to become an everyday millionaire so be sure to check out the net worth calculator today well I was doing research and I wanted to make you all aware of some some new information the title of the article is how much will you be able to save for retirement in 2019 this is coming from the Washington Post and it was talking about essentially where we stand the IRS just announced their cost-of-living adjustments that affect workplace retirement plans and it's important for you to know the maximum amount you're able to contribute but also catch-up contributions along with IRA rules so you can properly plan for the year now you know when your own baby steps four through seven right this is where you've attacked debt right with baby step number two you've built up an emergency time emergency phone with baby step number three and now you start to move into baby steps four through six this is where you start doing things all together investing really attack in the house and and then and moving forward for your dreams well I want people to be able to save and so you have to be able to take advantage of these retirement accounts that's offered through your employer as well as other individual retirement accounts it's a great way for you to be able to grow your money I've told you all timing compounds in compound interest got tongue-tied time and compound interests are the best ways to grow money so you need to know a few of these updates so I want to tell you for the year of 2019 the threshold for workers who contribute to employer sponsored 401 KS 403 bees and 457 s the and as well as the federal government Thrift Savings Plan will be increased from eighteen thousand five hundred dollars check this out you got a little bump here is being increased to nineteen thousand dollars so we can contribute more okay the limit has been increased now let's say you're behind alright and you're over the age of fifty you all have heard me talk about catch-up provisions this allows people over the age of 50 to be able to do a little bit more well listen to this the catch-up contribution limit for people that are 50 and over who participate in 401 KS for three B's 457 s as well as the federal government thrift savings plan also known as the TSP that will remain at six thousand dollars so you can do the six thousand over and above now the nineteen thousand it gives you an extra opportunity to put some money away if you're behind the yearly limit for IRA contributions will also get a boost so it's getting a $500 boost from 5502 6593 print that out be aware of it talk with your spouse if you're married and make sure you're talking to your investment professional you're smart vest or pro so you're getting prepared to know what extra you can do for the upcoming year so it's a great opportunity to stay informed and as I see things like this I want to make you all aware again the title of the article is how much you will you be able to save for retirement in 2019 and we got this from the Washington Post so again well I got to be aware we want to stay plugged in and clued in to what's going on and what we can do to help ourselves well VIPs I want to hear from you if you've got a question or want to share a win call us call me and leave me a voicemail the number to call is eight four four two eight three nine three eight three again the number is eight four four two eight three nine three eight three and you can also send me an email if you'd like the email addresses asked at Chris Hogan 360 dot-com all right I'm going back to the phones let's see here I've got Debbie here on the line Debbie how can I help you hi Chris I think so taking my calls Oh welcome and 1:59 single and getting close to retirement stand among steps four and six okay and so my question is right now I'm currently paying six hundred extra on my home okay and say then five hundred a month in four five seven accounts and so I didn't know if I should continue on that to the next two to three years or if I should maybe not pay as much on my home and put that more into my four five seven accounts okay gotcha Debbie tell me this how much do you have saved for retirement right now I have two hundred and eighty one thousand and the four five seven and thirty thousand in an IRA which I also wondered if I should take that out now that I'm past fifty nine and a half and put that put and set aside tax money and then put that on the house as well okay gotcha gotcha so looking at this your your house that you're in right now how long have you been in it eight years is this the house you plan to stay in yeah okay so this is the house okay good and do you know how much you owe on the house 177 thousand okay 177 and what is your household income okay so I like the idea that you're paying extra on the house okay I really do because a couple of reasons number one you said this is the house you like it you plan to be there do you know how much offhand how much your mortgage payment is I'm paying eighteen hundred a month okay and that's including the extra six hundred yes okay okay you know 24 I'm sorry 2,400 okay gotcha so the payments eighteen hundred with the extra six under you're paying is 24 right okay so imagine this though Debbie imagine that eighteen hundred not having to leave you no you know I mean can you imagine that that money you're not writing it to the bank or mortgage company anymore that's gonna stay in Debbie's account and see the value of that especially as you move toward retirement that's the focus and that's the goal you want to be able to keep your money with you not sending a bunch of it out to other people so I like that you're paying on the house I like that you're paying extra and I think I want to keep you on track now I would tell you this the money you have in the IRA I want you to talk to a smart investor pro I don't like you pulling this out just yet okay because right now you have two hundred eighty one thousand put aside for retirement but if we look at this you it puts you you know at the tweet 320 range when you look at your your 457 as well as the money you have in the IRA so again this money was designated for retirement so the pulling it out and and and taking the penalties and paying the taxes on it no reason to do that let's let that keep growing and run the numbers and look at what that could look like for you so mindset is beyond defense to Daddy not only are you investing for your future but we have to be aware this is where we don't want to bring any more payments into your life we're trying to get payments out of your life so keep on attacking that keep attacking that house keep investing for your financial future and it's a good thing you know you have an opportunity all right so I want to talk to you all I've got an incredible group if you want to join a community of other future millionaires I want you to head over to my facebook page go to facebook.com slash Chris Hogan 360 and click on the group section and join Hogan's everyday millionaires I'm actually gonna take a quick question from this group right now Tony asks from the Facebook group I'm asking the group's opinion on college funding how much do you fund before associate's degree a bachelor's a masters or doctorate well Tony you know looking at this that's gonna vary I'm a big believer in in-state schools I feel like you can get a quality education at a state school especially as you start to talk about the associate's degree as well as bachelors looking at it in state those anywhere for between nine and ten thousand dollars some states are cheaper some are a little bit more expensive but that's an opportunity and so as you're walking through this and understanding what the educational savings account that ESA as well as the 529 the options you have to be able to put money aside you know I think that the bottom line is is you've got to be on a budget and be consistent now also with those remember you've got an opportunity to be able to invest that money to also get some growth so if your kids are younger using an educational savings account even if you're putting one to two to three hundred dollars a month away that's great but what if your kids are older a lot of people tell me Chris my kids are older I'm on baby step two or I'm a baby step three I don't have that money put aside there's an opportunity for them to be able to get a higher education they just may need to look at Community College going in and knocking out their prerequisites take the history take the foreign language take the math for one to two to three hundred dollars a class as opposed to a two thousand dollar credit hour course we have options now there are also scholarships and grants that are available but young people as well as parents gonna have to put in the time filling out the paperwork the money is out there and it's available we just have to put in the effort so that's associate's degree in bachelors you start to get into master's degree and doctorates now you're starting to run into some money now I don't know about you I'm firm believer if parents want to help the young people go to school and get their undergraduate degree great if somebody's pursuing a masters or a doctorate this is something they need to be looking at right they need to understand what is that and even if you have to pay per class had a few people that I was in grad school with that they paid they saved up money and paid for a semester sometimes they had to take a semester off to go work some more and save up more money I'd rather it take you longer to get the degree and get it without debt than to take on a bunch of student loans so you're gonna the the costs are gonna graduate substantially with the master's degree and doctorate so you got to go into it with your eyes wide open and does it make sense is getting that advanced degree gonna help you move forward in your job and in your career so run the numbers be very aware and let's make smart decisions there nothing wrong with taking a couple classes right as you work full-time at night or even online as an option but be aware and again there's no law out there that says that parents have to pay for their kids education that's just not there parents are able to support they can guide the young people by giving them the right kinds of information so they can make wise decisions because young people have to do their part as well they got to have the grades they need to get this test scores with the SAT the AC T and be able to do their job oh and VIPs by the way real quick come talking about the SAT and AC T these are the tests you have to take to be able to get into college or to go to a college out of state be aware that that test can be retaken right if your young person took it and they didn't get as good of a score as they want or a good as of scores you think they could do you can retake that there's not a limit on that and how a friend of mine had his college aged person retake the test their test score jumped 12 points okay 12 points which then made them eligible for some scholarships did you hear that scholarships it's an opportunity so I wanted to let people know that just so we can be aware well listen I want to thank all of you thank all the callers my everyday millionaire Facebook group my phone screen of Amanda Bobby my tech guru and of course DW producer so until next time VIPs remember don't make excuses make progress

How To Budget and Use an Income Statement

**How To Budget and Use an Income Statement**



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Income Statements can excel your personal finances to the next level. Chechout why an Income Statement can be utilize in your personal finance.

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In this video Gino Brown talks about why an income statement can excel your personal finances. Budgeting is a huge key to helping you navigate your money for months to come, but a income statement can really help you grow your personal finances because it will help you see what is out weighting one another with income and expenses.
so we're gonna talk about how an income statement can impact your life tremendously thank you for tuning in if you're new to the channel I want to say thank you for getting ready to invest in your future budget learning different types of knowledge that can help you grow your financial situation on my channel I'm talking about saving and that bias on how to build wealth and if you're new please subscribe to the channel so you can continue receiving this great information that I'm sharing an income statement many corporations use it and I kind of want you to start implementing these things into its life because it will start making you run your finances like it's a business actually it is business you want to make sure that you are making enough income to continue running your businesses your family so within this income statement all what the income statement is is basically tells you what is coming in and what is going out and there's two sections the top part is the income and the bottom part is the expenses now what you really want to do to really get ahead and life kind of get out of the rat race is that income section you want to try to outweigh your expenses so therefore you want to reduce your expenses and make that income section belonging then a book you want to continue to find the ways to help you bring you more money into that section so it can keep on going in and there's an easy way to do it it's dividends by investing where a company will pay you for helping their business fund and that's just one way and then there's monthly rent enough do real estate stuff like that then that expenses could be from you know apartment loans student loans a mortgage credit card that things of that nature if you could reduce those and out and make it be less than that income your financial situation will be ahead of the game and that was a quick quick thing that I want you to start implementing into your life because it will benefit you and you could visually see where's all your money going and what is all coming in I think you were really motivate you to say hmm I already need to find some more streams of income so really consider that looking to income statements and I hope has really helped you give it a thumbs up and let me hear a thumbs down below and like always I see you in the next video

$1 and $5 Savings Challenge| Month 3 |

**$1 and $5 Savings Challenge| Month 3 |**



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~$89.00 saved for the month~
$1’s- $24.00
$5’s- $65.00
Grand total-$240.00

~Year 2 of the challenge~

Watch This Video: This is when I completed the $1 and $5 savings challenge 🙂
hi everyone and welcome back to my channel so today is November 21st 2018 and I'm going to be making a video updating you guys on my dialing a 5 dollar bill savings challenge and I'm just here to show you guys how I did for the past month so this what I have I did actually a lot better than I did last month I'm not sure how much I have here but I will count it up and let you guys know what I was able to save ok so I was able to save 24 dollars in singles and 65 dollars and fives I was able to save a grand total of 89 dollars this month by only saving dollars and five dollar bills if anybody's new here what I'm doing is $1 and $5 savings challenge so whenever I go to the store and I purchased something and if I receive a 5 or a 1 I saved that other people when they do this challenge usually when they come in contact with a 1 or a 5 at any at any time when they get birthday money holiday money whatever they say that but I don't do that because I do need to spend some of my money sometimes huh so let's see how much I was able to save in total for 3 months by just doing the dollar and five dollar savings challenge I was able to save a grand total of two hundred and forty dollars and three months by only saving singles and five dollar bills all right you guys I'll see you guys next month with an update bye

$1 and $5 Savings Challenge| Month 1 |

**$1 and $5 Savings Challenge| Month 1 |**



Views:935

Rating:5.00

View Time:2:21Minutes

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~$122.00 saved for the month~
$1’s- $52.00
$5’s- $70.00
Grand total-$122.00

~Year 2 of the challenge~

Watch This Video: This is when I completed the $1 and $5 savings challenge 🙂
hi guys and welcome back to my channel so today is September 21st 2018 and it's already been a month since I completed the dollar and five dollar savings challenge and I already started it I'm a month in and this is what I was able to save so far for the past month it looks like a lot of money I'm not even sure how much this is but it looks like did I did pretty good with my savings and I'm telling you guys I would never stop doing this challenge because it's super simple it's just another easy way of saving extra cash so let me count this up and see how much I was able to save for my first month doing the dollar and five dollar savings challenge oh my god guys I was able to save fifty-two dollars in singles and seventy dollars and fives I was able to save a hundred and twenty-two dollars this month just by saving singles and five dollar bills so anybody that's new here and didn't follow me last year while I did this challenge what this is is this is the dollar savings challenge and the five dollar savings challenge so whenever I go to the store and I purchase something and when I receive my change back if there's a five in there or a dollar bill I put that aside and save it and then at the end of the month I count it all up and see how much I was able to save so yeah 122 I'm so happy with that so for this month I was able to save a hundred and twenty-two dollars just by saving singles and five two other bills and if you guys haven't started doing this I really don't know what you guys are waiting for this is the easiest challenge you'll probably ever be able to do so I just suggest you do it like what are you waiting for alright I will see you guys next month with my update bye

How to Move Forward After a Financial Setback

**How to Move Forward After a Financial Setback**



Views:6419

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View Time:34:37Minutes

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“You have to make a decision—what are we going to do? Are we just going to sit here or are we going to get serious?”
— Chris Hogan

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vips you don't want to miss the upcoming episode I'm talking to a new listener that has 80,000 in debt and she wants some guidance on how do you keep up the momentum and I'm also talking to an empty-nester she's got a big house no kids living there anymore and she wants some guidance about downsizing you see big decisions can bring us big changes stay tuned welcome to the Chris Hogan show home of everyday millionaires I am your host Chris Hogan remember this is where your life and your money takes center stage and we can never forget it's your life VIPs take charge well I'm excited to be back with you we've got an action-packed show we're we're diving in and dealing with your money questions your success stories and anything else that you want to share with me so here's the deal I need to hear from you without you I don't have a show so I want you to call me the number to call is eight four four two eight three nine three eight three again that's eight four four two eight three nine three eight three if you've got a question or a success story I want to hear from you or if you prefer you can send me an email the email address is asked at Chris Hogan 360 dot-com all right we're here to take your questions and so I've got to go to the phones I've got Zipporah on the line from Orlando how are you today I'm focused and not finish young lady and I'm riled up and feisty today so I'm ready to help you what's on your mind okay so I just want to start off by saying Chris I have been a listener to your show for about four months and I just want to thank you for you know empowering to take charge of my life and my money is because of you that I started the momentum budgeting doing baby step one and it was actually me stumbling upon yourself I just turning for the radio on Sirius XM and hearing a caller say that they are in everyday millionaire and you ask them a question and that's with me is physics with me you ask them what did they change and how do they start and they said they changed their routines and their regimen and I said oh I just changed my routine in my resident cost anything from you start to have a good decision and so at that moment I started listening to you and I just felt on that your day but I know I'm literally working towards my dream and my goal of being debt-free and I just want to thank you for you know for this show is for you know allowing everyday millionaires to call you and inspire others so this definitely changes life well thank you so much young lady you done gave me the goosebumps right there because I'm gonna tell you something it is one of the things that I love to hear is that someone's hearing the encouragement and that Enda and the push for better and you not only heard it but you've taken action steps toward it so thank you because because of your call you're gonna motivate other people out there that are doubting that they can and so that's the first step so far as we've got to believe that we can now I'm gonna ask you something did you come from a family of money Peter to pay Paul it's a success 88 I know I desire and so when I heard the guy said he became millionaires if I changed his routine waking up early you know saying something motivational and when I hear you're silly you're so motivational it gives me common when you ask the caller's are you pumped or listen you have given me another line you said it's not the life that I deserve or desire I like that that's a big deal right there alright so what's your question how can I help you today well I'm when baby step ones and the first stuff is a meeting that I have a budgeting issue and I gotta test the budget and attach the bit by starting the budget so I'm an everyday dollar recipient I guess you think and I am eighty thousand dollars over that I'm the dirty under the student loans and then credit cards but I'm unbuttoning I'm doing the stuff and I just wanted to get some advice how do you keep momentum because it looks like a lot of money and I'm hearing people say you know hey you need to take one step at a time and I'm there now but I know that there's going to be some things I'm like can I really do this and I know I can but how you keeping a little income going you're on baby step one and you're trying to get there and you're trying to reach for it okay yeah no that is a fantastic question now before we dig into that student loan debt out of the 80,000 how much of it is student loan debt okay all right and then the rest is credit card is it one or multiple credit card support all right it's three of them okay and so you've got about 10,000 on three credit cards okay and what is your household income young lady it's 51 okay all right and so looking at this you know you're absolutely right the budget is the roadmap that's the thing that's gonna start you off where you start to put some limits okay and most people look at the budget support and they see it as something that prevents them from doing stuff no the budget is the creator of you being able to do things that matter to you meaning we got to get your money back right now like how much is your payment on the student loans okay and credit cards you've said it's on three so how much total are you paying out on the credit card debt okay all right so right now you have about three hundred and fifty dollars of your money going to other people you follow me okay so step one is like you said mindset is to get your money back right you said you want the life that you deserve right and desire so let's desire to get your money back so how do you stay motivated well number one is I want you to really think about what do you want to do later in life like if money were no issue do you want to travel do you want to do mission work what do you want to do I want to travel and I want to be able to believe it and I was thinking calls into about career I want to be able to travel in speak about my experiences with money in addition to you know being a educator in being able to have the life that I deserve into I are so advanced I want to be able to teach that okay now I'm gonna take you a step further tell me the top two places you want to go visit okay top some places Atlanta and New York okay so what I want you to do is I want you to go online and find an incredible photo of Atlanta and I want you to print it and I want you to find an incredible photo of New York and print it and I want you to also put those on screen savers in your phone you see whenever you start to feel like it like lacking some motivation I want those photos to remind you of what it is you said you want to do you see so those visual reminders are a big deal that's something that I use and I also want you to take it a step further and I want you to put a date on when are you going when are you going to Atlanta when are you going to New York and beginning to set those dates out there will help us aim our effort and help us stay focus and stay on track so tapping into that dream is a big deal number one number two is thinking about okay if I get my money back now I can fund that step so I want you to stay connected and obviously listen don't you leave me don't you abandon you keep listening to me and listening again and little things like that will help you stay motivated okay yes every morning and on the way to work I listen to you talk about everyday millionaires I listen to came home and you know good career advice and the seasons don't leave with the proximity principle and I listen today you know talk about you know defense just that wisdom every day and I love the scripture every day so I just listened to all three of you guys and I'm on TV I have to keep going with it I know that in my head you guys look like my uncles you know like saying hey you can make this money to you I'm proud of you and listen I really appreciate the order in which you listed that off that you listen to me then too can then today's and I that and Ken and Dave are old enough to be your uncle's I'm young enough to be your brother so I appreciate you thank you for the support and I tell you what I'm sending you a copy of everyday millionaires because I have no doubt young lady that you will do that you can become an everyday millionaire and I want you to pursue your dreams I want you to get the life that you deserve and desire support a fantastic call thank you so much for that VIPs you just heard something right there that's a young lady that is intentional with what she's going after and she will not be denied okay you can come with limitations if you want to for her she doesn't have time for that she's got goals and I know you do as well that's a fantastic call thank you very very much all right I gotta stay on the phone in Birmingham Alabama [Applause] okay well that that is real and you know Valerie thank you so much for reaching out to us and asking us what do you do if your $100,000 in debt with Parent PLUS loans how do you begin to turn that around what are some steps that you can take to take back control well here's the deal number one is we got to look at this and understand this hundred thousand dollars is an obstacle it's a preventer from you doing the you want to do for the people that you want to do for so what do you have to do you got to make a decision you have to decide what are we gonna do are we gonna let this this hundred thousand dollar thing just sit here or are we gonna get serious and are we gonna get serious enough that we're willing to make some sacrifices you see sacrifices aren't easy that's why they're called sacrifice it's where you identify what am I willing to give up to get this thing that I want or this progress that I desire and that might look like big sacrifices medium sacrifices or even some little ones and let's start with the little ones little ones might mean that I'm gonna stop going to eat out I'm gonna redirect the money that we were using for eating out toward this obstacle that's standing in my way medium size might be that hey you know what I might look at taking on an extra job and I'm gonna devote every dime of this job towards sending toward this debt a large kind of sacrifice might mean looking at downsizing home let's say for example if you're an empty nester and you're living in a home that's I don't know 2,500 or 2,800 square feet and it's just two of you well guess what downsizing might free up equity for you to be able to attack that debt and minimize your living expenses so step one Valerie would be to identify and understand what are we willing to do are we gonna do small medium and large sacrifices because I'm gonna tell you intentional people will do all three to be able to do it and the next most important thing is to understand it's not going to happen overnight whenever you're dealing with a large debt student loan debt or anything else that's bigger you've got to find that internal motivation right that that kind of drive that kind of keeps you on track and it might mean a visual kind of thermometer that you shade in you know for every thousand dollars you all throw toward that debt and you start to see it moved down it starts to shrink and and we're all visual people and so it's good to be able to have that reminder and that motivation up for yourself as I was talking to support about that in the earlier call that those visual reminders help us stay focus but again as you're attacking that can help you stay also stay motivated so think about that what are the small medium and large sacrifices you all are willing to take on and for goodness sakes don't add more debt to your current situation you see that that's what happens we can get frustrated if you're dealing with a bigger debt and the next thing you know you're shifting gears and we we start to feel like we need to medicate with some stuff right no we're medicating with progress and that's what I want you to see your dreams are important to you so identify those sacrifices and I think that's a great lesson for all of us out there VIPs for us to identify what are the small medium and large things were willing to sacrifice for these bigger goals that were trying to chase down okay well listen I think it's important for us to also understand that we have to become money farmers did you know that okay now some of you all out there can't grow stuff all right I got a friend of mine that can kill a cactus I don't know how you do it I really don't but the boy is just he's he's terrible with plants right and so I'm a little bit better I can keep things growing but you know what else is important to grow your money and money doesn't grow an accident it grows intentionally so ask yourself is your money working hard for you is it just kicked up and laid back or is it out there hustling and working just like you are well your income is your number one wealth building tool but you need to know how to invest it you don't want to take advice from broke people you want to talk to people that are doing things the right way and make in progress well guess what I have an everyday millionaires investing guide that's got a free tool for you here's what you do go to Chris Hoch in 360 comm slash start now again that's Chris Logan 360 comm slash start now and you can get hogan's free investing guide you can download it it's a PDF it's gonna walk you through the process of how to invest so you don't have to guess right now at the same time I definitely want you to get connected with a smart festro pro but I want you to have knowledge and have this information so you can begin to move forward so you have an opportunity to get this again Chris Hogan 360 comm slash start now if you where as always we'll put a link in the show notes but those of you that are watching on my youtube hello you all I appreciate the support all you have to do is click on the link below and you're going to be good to go so the mindset of investing it's not an accident it has to happen intentionally okay aha here it comes it's now time for a panicked or pumped this is the opportunity where I put on my coaching hat oh yeah I might need to get a hat that says coach right because when I put the hat on this means I'm talking directly to you about your situation and so I'm gonna walk you through it if you're feeling panicked about something let's talk about it and you feel Phil and Phil and pumped then let's celebrate it so I got an email in this is panic this is from Nick Nick emailed me in and he said Chris I'm feeling panicked and like I should be doing more here's my situation I'm 25 and on baby step number four with zero debt although I don't own a home between the two in investing I'm putting 20% and my TSP that's a thrift savings plan that's like the federal government's version of a 401k and I have about seven were seven months worth of an emergency fund I guess the issue is is I feel like I should be doing more if there's more that I could be doing I'm also a bit nervous that at any moment this could all derail if you have any advice I'd greatly appreciate it well Nick first and foremost my friend you are a 25 year old millennial with no debt and a serious emergency fund okay we got to pump the brakes okay you are ahead of the game okay so right now you're caught up in a worry loop okay hashtag stop it all right don't do that don't do that to yourself because you're doing a great job hear me coaches telling you you're doing a great job your focus you know what it is you're trying to accomplish and I think you're even tapped into why it's so important to you so ease up on yourself you're looking at this you're investing without debt you've got an emergency fund I want you to get to 15% that you're putting into the Thrift Savings Plan right get to 15% and then you start to look and understand what what else are you wanting to accomplish right at 25 you don't mention that you have kids you don't have a house yet so as you're investing maybe you now begin to save toward a home downpayment but you're ahead of the game you're doing a good job let's just stay on defense all right defense means I'm not taking on any debt I'm not wandering on to a car lot right and allowing stupid to creep into my life in the version of a car payment no no no no all right and I've been there done that and got two t-shirts we don't want to do that so you want to keep playing offense and growing your money and stay in focus and play defense not allowing anything to creep into your life that's gonna be rail you or delay you right from achieving your dreams so Nick stay focused buddy don't be panic you're worrying too much they focus keep pressing forward thank you for your email I appreciate that all right I got a pumped email in from Chris he says hi Chris I'm 27 years old and grew up knowing knowing nothing about debt or finance I've had a great job for the past eight years and been fortunate enough to match my 401k this entire time during the time I got into over $60,000 in debt and didn't even think twice about it it wasn't until listening to your show that I realized I needed to get rid of this debt I just recently started listening to your show and within two weeks I pulled out most of my savings and inside investments personal investments not for retirement and I paid off all the debt that I have I'm now starting on baby steps four through six thanks to you and the Ramsay team for getting me on track sooner than later well Chris listen I'm proud of you that you heard the wake-up call right you heard the information and you looked at the 60,000 in debt and decided to make a decision about you and your future kudos to you because that's a big step most people would try to ignore it or act like it didn't exist right some people allow debt to hang around so much they feel like it's a pet no not you you changed some things and I'm proud of you for doing that and I know it's not easy you know when you start to make changes and you desire something bigger for yourself than where you currently are it requires sacrifice and I'm proud of you for doing that you should be pumped you got your money back right that money that was out there and the payments that we're leaving you to go to debt didn't leave in you anymore now you can redirect that but I do want to caution you I want to make sure that you have your emergency fund in place and you said you pulled out some savings I'm assuming that you kept that three to six-month emergency fund sitting there all right that's important and if you did great that's fantastic if you didn't then with the money now that was going to debt I want you to go back and build that back up to where you have a three to six month emergency fund but you should be pumped for getting out of debt because that's a serious step and I'm very proud of you all right VIPs listen if you're out there and you're feeling panicked or you're feeling pumped I want to hear from you all you have to do is send me an email the email addresses asked at Chris Hogan 360 com let me know what's on your mind you see the main thing is is you're not out there alone if you're feeling panic we'll talk about it all right we'll deal with it and I'll give you the advice you need so you can keep pushing forward and if you're feeling pumped well by all means I'll celebrate with you because celebrating is a good thing all right well I'm going back to the phone I've got Denise on the line down in Brandon Florida Denise how can I help you oh I'm focused and not finished ma'am how are you today I'm good thanks so my question is to keep or not to keep and that's what I'm talking about my home for 310,000 and 2015 got a divorce I'm in the home now my kids graduated high school I'm pretty much an empty nester so my home is 2100 square feet and it's the biggest one in the neighborhood and I'm just wondering should I hold on to it should I you know sell it or should I rent it okay do these you tell me right now is the home the only debt you have or do you have some other debt and I just started the rim you know I started the whole debt snowball May of this year and I'm excited I'm excited about it well good tell me what debt do you have okay so I have totaled everything up and with my vehicle it's forty five thousand five hundred seventy four dollars okay I like the Jew know the exact number how much of that is auto death and so thirty thousand is credit cards or student loans they're all credit cards and I've already paid 3500 okay fantastic I'm proud of that you made a decision and you're doing it I like this what's your household income right now alright so just myself and my combined income is 103 right 103 thousand okay all right and so looking at this this home you bought it for 310 back in 2006 how much do you think it's worth today and my neighbors will the same model three hundred and fourteen thousand okay all right now Zillow can give some ideas but it's not 100% accurate Denise okay so I would want you to reach out I want you to go to my website Chris Hogan 360 dot-com and once you get there there's a button that's called dream team click on it and I want you to find one of the real-estate eel peas in the area that'll give you a better feel for what the home is worth and walk through it because if you bought it in 2006 for 310 it's it's the value is substantially higher okay how much do you owe on it right now do you know the balance okay all right so looking at this I think Denise you're in the perfect spot to begin to explore options and what I mean by that is you start to look at things and start to think about what could I do right and so with the house I love that you're not emotionally attached to it because that's what will allow you to make a business decision and not an emotional decision right empty-nester this home has served its purpose which is shelter for you and your kids now it's a matter of thinking okay what is the next step right obviously if the value you know you subtract out and let's say it's worth 330 or whatever and you owe around 250 on it so that's showing you that you've got some equity in there that could be used to attack debt but I think the smartest thing to do is to begin to walk through the process and understand options so here's your to-do list go to my website reach out to a real estate DLP let's find out the real value of your home right now I like them the fact that you're attacking and paying off debt I want you to keep that focus but gathering more information will help you to decide what to do but I want you to also Denise remember this is a business decision so I want you to emotionally process how you're gonna feel if you were to sell this home now I say this because a lot of people they struggle with this because of the memories and things that they've had inside of a home but let's remember the memories are in your heart and it's about the family that you hang out with but this is your financial future that we're talking about so I think you do have an option and I would look at it 2,800 square feet for just you that's a lot of house and the upkeep the utilities the heating the cooling not really heating in Florida you got more of a cooling situation down there than anything else but the electric bill and so you start to look at all the money it takes to upkeep this thing and you start to brainstorm options so get those details walk through it make the business decision that's just based on numbers but I also want you to process and make that emotional decision and it's just a home right you're gonna make more memories with your kids and as you move forward in your financial future thank you so much Denise for calling in that's a big step vips you know your home purchase this is the largest monetary asset that you're gonna have and I want to encourage you to go into this with your eyes wide open those of you that are out there that are considering home buying I want you to go to my website Chris Hogan 360 calm I've got a couple of articles on there about real estate and and cautioning people on home buying because I've done it wrong and paid the price and as far as interest but also unnecessary penalties and fees right because you don't want to over by you want to be smart so go to my website you can learn more about what to do with that okay also remember I need to hear from you I don't have a sure without you so that number to call is eight four four two eight three nine three eight three and you can call me leave me a voicemail or you can send me an email the email addresses asked at Chris Hogan 360 calm somebody asked me they're like Chris why do you give a voicemail as well as an email listen some people are fine to pick up the phone and speak it and leave a voicemail others would prefer to write it out and so I want to hear from both sides whatever way I just want you to know that I'm here for you so I want you to make sure you send it to me as soon as you can alright I got to get back to the phones because this is what I do I've got a me on the line out in San Francisco Amy how are you oh I'm doing fantastic I'm very very focused young lady and I'm excited to help you what's on your mind well I'm some college I'm finishing up my associates today the next year so I'm only working part-time through school and my parents I'm very fortunate not to have any pets my parents need to pay for my schooling my first degree do I save my money or do I invest more and if okay so right now Amy I just want to make sure I'm getting this right you're working part-time yes okay and are you done with school or are you still in school okay you're still in school how much longer do you have to go okay fantastic and you got a year and a half and your parents are paying for school yeah okay all right and what are you studying theater theater what would you like to do when you get done management I'm focusing on theater management so like the backstage okay fantastic and you're interested in the master's degree why unfortunately you know theater is a weird major where on the one hand I can stop at an associate's if I would like to have a back-up plan and eventually teach and and I like that you're thinking I like that you're planning I just you know my question would be is with grad school where how would you pay for that is that something your parents are paying for is there something you'd have to foot the bill okay all right now Amy how long have you been listening to me for a while yes okay how long have you been listening okay two or three months all right here's the thing I want you to have all the advantages in your life I don't like you I don't want you to have any disadvantages okay and so because I want you to have advantages guess what I'm gonna tell you to avoid like the plague you better believe it young lady like I want you to be so allergic to it that if somebody says student loan to you I want you to just start sneezing I just want you to act like you got an allergy you know because it's that isn't gonna help you now here's the deal I want you to definitely stay focus and save your money right now while you're going to school because obviously you have expenses and you have things that you're having to take care of but the master's degree do me a favor with it do it look at it and say that might be something that you pursue later but that then it's not a requirement for you to get into this career right now and to get started it's just not and so that is what I call educators education habitus right where we have this habit I just made up a word right there this is where we have this habit of thinking we got to continue to go in this path just because we're comfortable going to school yeah no no no what I want you to do with a year and a half to go is I want you to start to network with the people in your school right now in the theater department start to reach out to other people that are actually in theatrical production and start to connect the network look for opportunities for that internship to be able to get your foot in the door because most of the time it's about our relationships not necessarily education and I'll tell you what I'm gonna do I'm gonna send you ken Coleman's new book it's called the proximity principle that will kind of walk you through and guide you on how to get plugged in to be able to get the job that you love and ken walks you through this step-by-step process and it is something absolutely that will help you Amy where you are right now so do me a favor stay allergic to anything that's gonna trip you up I'm not saying that you might not pursue a master's degree later I'm not saying that because you can teach without a master's degree it's the people that have experience and the opportunity to be able to do that but I want you to just slow down and stay allergic to that and trust me if I could bring on the people that signed on for student loans all of them right now are sand Teller Hogan teller don't do it like my everyday millionaires Facebook group right now is blowing up aiming and if you're not a part of that I want you to plug into it because this is a group of people that are focused just like you on reaching new heights for themselves they're in there and I'm telling you all ages and all stages of cheering people on it's they in very very focus to what they want to accomplish so here's what you do you want to join my everyday millionaire Facebook group all you have to do is go to facebook.com slash Chris Hogan 360 click on groups and find Hogan's everyday millionaires and you can dive in there and really start to get connected along with all the other people I'm telling you it's 70,000 strong and I love that community because they're cheering each other on and so speaking of you like that segue of my everyday millionaire Facebook hook I got to give him a shout-out I got a question from them from Melinda and Melinda asked me this should I include my life insurance in my net worths okay Melinda I like how you're thinking okay number one you're asking questions about life insurance and then you're also talking about net worth all right that's a that's a good thing I know you're plugged into that community remember the goal of life insurance is to provide for our loved ones if something were to happen to us so it's about protection so it's insurance right so the insurance side of that it's for the family so no I would not include your life insurance in your net worth that is an insurance that's a protection for you and your family so what you would do is and again I've got a free net worth calculator on my website you go to chris hogan 360 comm and you can find that but don't include life insurance that's a protection for your family your net worth is an asset that you own that's your 401ks your 403 b's your IRAs your cars your cash your home all of those things add it up anything you own – anything you owe on equals your net worth so thank you for that question that is a fantastic thing and a lot of people have that very question in their minds well listen it's time to wrap it up and I want to just thank all of the callers I want to thank the everyday Millionaire Facebook group I want to thank the Chris Hogan production show team they are rock stars in there I've got Eric I've got am and I've got Jackie I've got Waylon and Seth they're all in here we're excited to be here for you and remember don't make excuses make progress