everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthy happy relationship with money now here is your host of saving with Steve Steve Sexton
hello welcome to the shopping list you show where we talked about everything under the sun that lights the money begins now to make sure you have a happy day I want to say thank you for everybody that is cheering with your friends and family we just did a hundred and eighty-seven thousand people who are watching your show on a weekly basis so we're very excited about the gas dad are viewers at Puritan dating with Steve. You last have been talking about for a long time and wanted to know you know what the first one and other cryptocurrencies have been gaining popularity $56,710 Bitcoin not far off you might be able to walk into a Tesla store and buy one now we have been white one of the co-founders at coin flip 2 walkthrough what's happening in the world
Snowmass to make sure that crypto comes out from now today I'll be talking about you just submitted your application for a mortgage loan the financial credit check it out really exist because the rest of the applications have names to put synthetic background help us understand what's going on and what you can do about it if there's anything you can do about it so with that I wanted a coin flip the US largest crypto ATM provider with over 1,400 units across the country need help people through their currencies and 290 the 9 most traded cryptocurrencies offering people way to invest in assets Bank away cast and learn more about the finances login
what are things that you don't know is a coin flip then why Cedar is also working with Regulators like spin San like the part of justice as they're communicating or trying to communicate with that by the ministration about how to properly do this in our environment to make sure it's safe for everybody now been welcome to the show at thanks for having me I really appreciate I think we're going to have a fascinating show today I'm looking forward to that too I think the topic was rocket shoes getting a startup we tried to buy Bitcoin in 2015 and it was almost impossible to buy so we wanted to make it as easy as possible for people to get cryptocurrency that's why we now have 2,000 ATMs in 45 States and you know it's super important that everyone has the chance to get involved in cryptocurrency and finance
conclusion statement called bang and I've had a lot of questions about that could you explain that my understanding is two billion people have in Bank what does that actually mean yes and there's a unbank and underbanked unbanked is people who don't have a bank account and underbanked is people who may have a bank account but now they serve balance from bank to bank because they can't afford overdraft fees or you know dirty predatory practices in certain areas by some banks and I think of the u.s. is 22 twenty-five percent of people are unbanked are on your bank but in the world like I think you should 2 billion it is huge and as much as I love crypto and what it's doing in the US I'm even more passion about I think what it's going to do in developing countries and in the third world I think she's going to give some people a real shot at Athena financial and economic freedom
so we need like we used to the dollar being somewhat stable and we served at for granted look at all these countries were people savings are basically just inflated away or you know there's no rule of law there's no to process the government can just see people's bank accounts so I think that crypto is really the greatest equalizer out there right now it's going to do more for the world than any single policy could you know what I worked overseas I was working in South African I went to Zaire on vacation and the week after is there the ruler change their currency from a red strip to Blue script which means anybody that had the red script it was worthless yeah I could see that if everybody is a worldwide currency and nobody has to worry about inflation all over some of the Arbitrage does it go away with currency would go away but that's okay it just makes me feel so it's not either-or know the dollar can still be
I use credit cards to buy coffee but there's definitely a legitimate used case for Bitcoin and is not as nice as it is for like investors to make money when the price goes up I think no Bitcoin is so much more than that and it's really a movement and it is on par with the creation of the internet Industrial Revolution things like that so it's a big thing now you know a lot of people know about Bitcoin but you actually trade nine different cryptocurrencies on your platform so what are the other cryptocurrencies obviously they Bitcoins the big one because it has the highest value per coin and where the others were they stand how long they been around it at the same plane as the client I'm BND which is binance coin believe Dash and there's other ones do I know sometimes we go swap them in and out depend on customer demand we can actually put any coin
Esprit Turbo from Attack perspective but noodles 95% of demand is 4 Bitcoin I personally my personal opinion is I really love Bitcoin mining away more I like either too but the point is like by far my favorite currency and you know this isn't financial advice but if a coin is worth two cents I'm having super like oh this could be the next big coin but a lot of times it's because it's where two cents per reason you know high-priced for reasons so there's a lot of options in the cryptocurrencies face if I think it's great but I know people also need to be careful with the coins that haven't been around for a long time and he knows I'm Bitcoin has stood the test of time. World especially know what that volatility can something goes down like it did you know in 2013 or 2017 usually like a text back wouldn't bounce back from that but Bitcoin is sohrab us while exchanges have been hacked
okay so when I've Got Friends that we're good Google and Qualcomm and some of them black Bitcoin way back when when they were biting their they're buying four hundred bucks and they've actually done very well and you know what is currency just like any other investment from IRS damn point where they say he bought it for this she sold it for that she got to pay the difference in taxes like a stock correct that's good to know xse for everybody get in there is no clue about what it's worth. Help us understand how flip coin Works in Yosemite goes to an ATM how does that whole transaction work coin flip a coin more and what sounds better but so it a coin flip ATM all you need is your phone and cash and
you know it depending on the level of cryptocurrency the dollar amount you're buying you may need government issued ID on me and we are regulated and B are registered like a bang with since then so I'm but you can go up to an ATM get your coin within 10 minutes 24/7 customer support you don't need to be an expert to use it we can help you we can recommend a Venous stasis wallet for cryptocurrency safe we can sit on the phone while you complete your transaction even if it's for $10 and that's sort of from day one we've always but the customer first means well obviously you want to make a transactional Largent Embark dollars but if that's the case it's nice to know that you're able to help out there a little guy seems to be a couple hundred dollars
so if somebody could come in they have a wallet they can get connected through the ATM for the wallet and then they can stay here at 1 with raw say $2,000 to go shopping somewhere in most people actually like 95% of it on a piece of paper or like on your phone most people use their phone if you work with all you do is scan it automatically put your address and I'll send it right away no delay you can do it at 3 in the morning we're not a bank forecloses by Young that's wonderful you know what I think this is great this great time to take a break so we're going to pay some bills and we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve
show
don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where to be talking about the ins-and-outs of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton
hello welcome back to the same thing with Steve shall I want a truly thank you for tuna and appreciate you letting your friends family Associates know about the show all the replays are available at saving with Steve. You as if you're enjoying the stories of helpful information on insights on saving with Steve they're encouraged you to subscribe to a YouTube channel still you never miss the show and check out a few of our Affiliates like UK help Radio bbsradio stock radio New York City e360tv Las Vegas TV network all these networks are dedicated to empower you to solve problems uplift your spirit little life of personal and Financial Freedom also falls on Facebook at saving with Steve Sexton you can join the in-service clubs you can get guest gifts guest book special questions get answered on your behalf so you know what thank you all and welcome back to the show appreciate you being here thanks for having one of the things that you know what a lot of people they see Bitcoins been around for 10 years and back a lot of people don't realize exactly been around for 10 years that's it
getting with like anything you hear the negative stuff too much not much of the positive stuff the big positive things is we seen if we seen the value of Bitcoin go from almost a dollar to you know I got over $56,000 in people really excited about that and then hear the stories about people who forgot about their passcode and you know they can't find their 270 million bucks so worried about is your communicating or trying to communicate with regulator such as fence and the by the ministration you're looking to help educate people about the right way to integrate Bitcoin into our financial system our economy so you could you expand on what coin flip is doing with that or I think your are you leaving this effort yes I can have a whole team of people we have known
Apple the next Amazon is going to be something crypto related and we love for that in the US and not oversee I can you imagine if the US wasn't the place that are not like to call different countries important to protect Consumers National Security and sometimes but in the most government officials that one of your block Warren Buffett said this and I think there is a misnomer about that is Warren Buffett didn't have a positive State when it first came out but obviously you know what that was based
Sprint stock with friends and good friends advice and it's not great advice so could you dispel that little myth talk about a little earlier about that it was going to go anywhere Warren Buffett's right most of the time but not this time I mean the guy likes to invest in hamburgers and Coke made a living you know out of investing in value investing in. She's not a tech investor he's not of venture capitalists invest in solid companies that you know are around for a long time and give dividends do this you know it's wrong to get set up on coin flip do they go to your website how do they go about doing that bill quite the backpack you can find an ATM probably within 10 minutes of you and 45 or 46
there is a lot of novices you just don't have a clue and you talked about earlier than the people who thinks it's a wallet helping me out with the wallet help me out with the electronic Wallet help her out or listeners out on you know what I know you don't want to make recommendations but you know what there was one that you talk about him this is a good one has more customers like to use their phone a day to Camelot on this phone to previous super duper important you hold your Bitcoin you own your Bitcoin the wallet is not like that company bread is no access to your coins so what you need to do is remember your password is also something called a greasy it's either 12 or 24 letters that's basically where your Bitcoin is those 12 or 24 words all your Bitcoin you can Mash volume times if you have those word game
Stone you type them in your wallet your Bitcoins are your Bitcoin is not on your phone is not in the bread wallet really it's you know what time it is in the bread wallet but it's not like physical therapy with those 12 your money right there so take that incredibly spiritually when you set up your wallet and every wallet has the same sort of 12 or 24 recovery see things right toes down you know I have two copies don't share them with anyone ever scramble them if you have to put that has to know too many people who have lost too much money because they thought they would never lose their spouse or something so important if you have a lot of crypto probably don't want to hold it all on your phone I recommend Cold Storage the best company for that is treasure same exact concept but it was a little jump drive again your money is really not on that jump drive you can lose that treasure my mom's through one of mine out one day I was pretty Disturbed but I had you know this is like 4 years ago I had those words I've been back in
I think you don't need each other unless he's getting to like the. With no $10 in dollars of Bitcoin but that is the most secure way you with and super important that you know with the freedom of that coin of Iran Bank comes the responsibility you can't just call treasure we are going to be like I lost my recovery that I know where viewers will as well now so basically when you're looking at currency are the different crypto I mean there's eight nine in basically you're dealing with ones that you'll move them around on your platform depending on the demand for them at any given time but you know what is if somebody's your he's talked about E30 talk about Bitcoin what are the top three or four that are in demand right now I'm by far the most interior done Litecoin Bitcoin is solidly the currency aetherium is actually
perspective but you asked me what your programmers pay for things like building smart contracts building what are you all that stuff they use ether to like in Jasper basically paid to play to program a million stuff on top of each other's way cooler from that perspective but it's like from an investment from Basic Finance like Bitcoin is the hardest money in the world so and then those are the top two what was it what was the other one you mentioned it split one more of us take my transactions and stuff like that Glenn has the ghastly on keep playing industry 4.0 1%
sample there's certain companies allow you to buy a house with Bitcoin some allow you to buy cars paper hotel rooms and all that stuff would like if you're going to buy Bitcoin is an investment probably a good idea to buy a bunch of you just basically what company they pay about 5 to 10% interest rate deposit your Bitcoin with them I wouldn't put all your Bitcoins
and if people want to make you know he can't make any interested in so if you're if you're using your business going as a base eats a margin loan when you're looking at a broker-dealer and all they're doing is forcing hate we can only lend you so much of the value but you know what charge you interest for that and if somebody thing 5 or 10% that works out pretty well you won't like you can also don't like the deposit your back on the interstate that's not the least things is not like it's just developing but in 5 years you will see every single thing you said
and 5 * no more individual website so everybody can go check you out and if they want to start buying some Bitcoin they know where and they can keep watching this so they can get the wild in the cold storage so they could do it properly. Coin flip. Check on my piercing has been able to reach out to me are appreciate that you have a wonderful day hopefully he'll be back soon. Thanks so much more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where to be talking about the ins-and-outs of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton
welcome back to share my name is Steve Sexton and this is the same thing with Steve she would like to do is just give her a quick little recap we had been Weis coin flip talking about cryptocurrency they have almost 2,000 ATM throughout the United States I went through all the regulatory things he talked to you about the smart way to get a wallet to get cold storage if you have a lot of different crypto so you want to read what you want to remember those things cuz it could make a difference in your future cuz you don't want to be one of those guys on the news that just lost 270 million dollars you forgot your password now later on we'll be talking about you know what the mistakes people make when they retire early and how to avoid them but now I want to talk to you about Miss Holly Harris music co-founder it's any weekend I want to just keep this up for you just put a loan application in at the mortgage place and you know what you got all your stuff in there the companies are checking you out and guess what they found 10 other people with
social security number with different names different kind of History to the holeshot and you're the only real one that's called synthetic frog eyes and it's happening and that's the one of the reasons why we have simulink here we have Natalia Natalia welcome to the show thanks for being here now before we get in
I would love for you to tell the story of how you know what city we get started I was the first scientist at the online lender a firm which does point-of-sale loans or e-commerce purchase when I probably tried it was really excited and I was put in charge of managing the positioning system so anytime someone would apply for a loan with the on my lender affirm the code and models that I built in lighter the team that I led would build would decide whether or not someone will get approved now on the front side we spend most of our time thinking about identity. Which as we know is when someone steal somebody else's identity in 1 day is reviewing cases we found something really interesting exactly as you mention someone had applied for credit with us 12 different times with the same name and date of birth but twelve different Social Security numbers and and
there's no way there's 12 people are born on the same day all with the same name who all of a sudden decided today that they were going to get a loan from affirm and these are not actually real people that something pretty obvious just on the face of it before we was all these accounts let's just double check with the credit bureaus make sure that the bureau's also agree with us and so we took a look at our attempts and to my huge shock all 12 of them had real credit reports with really good 750 plus credit scores on and lunch from every major back and wonder and at this point I looked at this and I was like how is it possible that this individual was obviously a fake person has a 750 credit score and you look and it's like wow you got a $20,000 credit card from a major bank and here's a $20,000 unsecured personal loan and while there was $50,000 luxury car and you started working at the sand at some point my
working at a firm and Max Legend who are also founded Paypal directions to Max and tell him that was really excited for us and said that we could start a new company as long as he as long as he could invest so yeah we were fortunate to have him Lee Dorsey Browns and that's how we got the company start okay so I want to split the first question I have is how do these companies set up the synthetic identity and how do they go about getting credit I'm assuming the credit file doesn't last too long cuz you can you tell me cuz I don't want this is very very surprised because I thought this would be
a person doesn't exist like how it turns out that our system is actually a quite a bit more fragile than most of us would think I was really shocked by this so soon everyone who's listening to the show around the world please don't go and actually do this telling you how you would do this play this is a felony so don't actually go ahead and do that don't do that you don't want to Don't Take Your Life in this direction but the way you actually do this is you make up a fake person so make up a fake name and date of birth that's the easy part number that's going to go real is hard but it's actually not it turns out that social security numbers have a bigger structure that the first time will tell you the gate in your engine when she was issued this was true throughout the whole history of ASL signs up until June of 2011 and what the process will do is The Lacs Kickin us is done typically will take one was issued in the last 18 years
2009 SSI Michigan Wisconsin do that is if someone actually has it if it's probably a 12 year old living in Wisconsin doesn't have any credit profile and there's not competing something so you make up the name of the first you pick enough sun on now you have a ninja to birth message Linda the really crazy part. I couldn't believe the way that you build a credit profile the way you get a credit report a person from synthetic identity is actually by applying for credit believe it or not he has assumed that if a bank reputable bank is making inquiry about some profile and they don't have this identity as a strong know your customer program report for someone that they previously never heard of Institutions are actually assuming that somebody else is doing their job and in the middle that's where the fraud is taking place
NSC visits is even scarier than that because everyone is assuming everyone else knows what they're doing to their credit bureaus are thinking of you don't understand what's going on here and do the banks are no being a lot of pain by the most banks that must be a real person and so both sides are relying on the other the banks believe the credit bureaus know what they're doing the credit bureaus believe what they're doing on in actually come to try to sort of collaborating in that I can see now I know okay so what's the cost of synthetic fraud I mean obviously it's been happening you talking about somebody about a car that you know a personal loan and they did it all on you don't think information so obviously that bank isn't going to get paid back so what's what's the actual cost and impact of no people
doing that I'm assuming I don't want to assume but I'm in a bad that there's a lot of a lot of this is going on but it's probably happening in other places by you can be the United States understand about Quantum stickler is that unlike identity theft where there's a a consumer that's really victimized by this new synthetic fried know if I go make up a big person and use a fake person to credit a single like victim that really find out about this necessarily and so it's invisible invisible to most of the public has a couple of different categories the first one is just as direct Financial cost which is born primarily by Financial it's a huge amount of money that is just going out the door to criminals that are able to trick financial institutions and the credit bureaus into
a direct Financial costs actually has bigger even bigger a cost associated with other kinds of financial crimes that are committed with synthetic identity about it if you wanted to commit a crime whether it's laundry money from drugs or terrorist financing or what-have-you I treated way of doing that is push it through the account that you created back to you no one will ever know konark on you and me and you can laundry coin with one of your other kind of course there's the cost which is born by a consumer's wear if a bank needs to cover losses that their suffering from severe chronic pain all of our rates go up Oliver fees go off the bank ice to staph a larger team young people and immigrants are people because they have shorter histories
born just before she like the best identities are of newborns because they have 18 years before anybody really going to find out anything and the younger the are the better so a lot of people just the next real got a question about the next question I have really comes into the how do we go about how does sending link go about detecting synthetic frog before you get into that we're going to go ahead and take a break okay we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where did he talk about the ins-and-outs of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve sex and other saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton
a walking back to the shaving with Steve shall we have Nepali Harris of Cindy Lang before we get into that I just want to thank you all for tuning in I appreciate you letting your friends family Associates know about the show we have 423000 listeners last month we also had a hundred eighty-seven thousand people spoil the show last week's over building is doing great all the replays are available in WW2 shaving with Steve. You asked if you're enjoying the stories of help information inside on saving with Steve and I encourage you to scratch her YouTube channel so you never miss the show me to check on a few over a billion that you can help radio bbsradio talk radio New York City e360tv Las Vegas TV Audience Network are dedicated to empower you to solve problems up with your spirit little life of personal and Financial Freedom if you like to join us on Facebook to get more helpful Financial tips and hints are you going to go to the Facebook page of Shaving this piece
are you can also go back to the saving with Steve. You asked for guest gifts more giveaways more card information and obviously check out the show now joining us we want to talk to you about how you guys go about detecting the you know what that is synthetic frog cuz it seems really scary that somebody can just kind of take over like that you're absolutely and so I requested Beckham synthetic Rogers really crowded in our deep understanding of what synthetic identities look like and how they differ from real people on Inside Gable and Pirates game of Risk analyst that do investigations everyday to define fraud and we use the inside of someone's risk analyst to build the models that we have that differentiate one of them friends since is a mole look and see who the best owner of an S and actually I still free sample Steve if I created
synthetic identity and I started using your SSN find is a there's two profiles one person which has been using your SSN consistently for years and years in the addresses to use a completely different profile which end of the salt might look like hey this is reasonable like this is unacceptable consider using yes that's one of the things that we will look for something earlier in our conversation I mentioned that I'm after June of 2011 the Social Security Administration started randomizing obvious as soon as I get out and we've done extensive research into what patterns of estheticians actually look like one of them to be discovered is Criminal is creating a whole ring of synthetic identity example if you see it
bring up synthetic identity is a ring of identities where the incrementing no slippers SN is 100 million + 100 million + 100 ready to start a garden resort with chocolate and nuclear non-random is there and we can differentiate. From real patterns of us initially I'm just inside like that which going to the bottles and we produce I was ultimately her how we're able to technician robot ever discovered as a team I'm all the day that we have about identity in United States and what they look like in the stories we checked all of that every time we receive a application in less than five hundred milliseconds to 200 million * verifying identities in financial institution application and raible to detect all this really really why you do that for banks financial institutions you use a broker-dealer is like swap in LA
in all those what other institutions do you work with us so we work with over a hundred different financial institutions that run the gamut from lenders depository institutions stock brokerages insurance is this a small business lending setups for small businesses as well as we know you're the most important part of understanding and to synthetic identity CPP stimulus program where criminals have stolen money from all the taxpayers and claiming that they have a business grading synthetic beneficial owners
acrylic synthetic employees and cleaning up and doing noises.
I thought we was going on with unemployment was bad we work in that space as well it's a lot of money flying out the door and unfortunately the criminals. Answer your question we work with all sorts of financial institutions government anytime someone's legs are flying True Crime guy I love all that stuff and we talked about this before you know this is scary but it's not as scary somebody stealing your identity because you see the design to go after big institutions and we were talking about that the patterns are was it that I remember talk to an FBI gentleman that down with money laundering and he says here when you talk about the patterns he says with money laundering they will very certain increments but it always be 3210 4513 and they all very those deposit
but they'll have them through like 19 Banks and when I used to work in the insurance field you know why there's a big thing with anti money-laundering and are you working I mean just send me links work with companies to make sure people who are depositing into Financial accounts while I don't know how they can see that they're actually real or is that something that you're working with you I'm with you and your first deposit accounts like saving to checking because the financial institution typically is in on them but there is a massive risk of money laundering and other kinds of French and the unemployment insurance in certain States
vegetable traditional ones as well as a prepaid card on programs and I'm happy to say that I was able to stop and Domino real to stop it from going to the partners are platform and that's one of these cases were even if we're not really helping a specific financial institution to prevent their own losses on door to prevent fraud is actually more of an industry-wide somewhere and we can help all of society other financial institutions government tax payers to reduce the load of criminals on our know your obviously the criminals know they are now getting wind that you're doing this so how you know what Howard like I don't know if you can discuss this on here but how are the tasks of the criminals changing I mean it got to be bi I mean changing in doing different things to see if they can get around you yeah that's right I will say
we were less than 80% of them are not too bright light to 20%. So she quite a bit harder and I'm really really interesting and it is rosters actually stealing the identities of everyone with a common name in the United States email address for John Smith or you set up a phone number or maybe make a fake ID and prove that continue to come up with new ideas from a certain perspective
we do our best to stop it and we're almost always successful but sometimes you have to be alone by 20% this one's got to worry about which is better than Apple harder you know I wish that they would just work really hard on the weekends only they would actually try to catch you after we decided we could be living in a very different world play the automobile club in we had somebody that walked in and buy traveler's checks and then would call and say they were stolen or he lost them and they started tracking it in this person would go from one place that one thing or one officer next to do this and he said yeah that's that's how that's how they launder money and I said I don't get it I don't think because you know what the issue is Steve is you don't think that way these people
think that way all the time and their whole goal is how can I do the simply and easily and he says that's just the mindset by my hope is that we have more people with the right mindset and not the wrong one other one is suspicious of everyone will come in the phone back okay Mom
I want to thank you so much for being here if you know if you have a somebody from a company that has having these issues or thinks it might be having an issue just want to find out how do they get ahold of you how do they get in contact with you so they can engage your firm and so on s e n t i l i n k i.com or you can find a weekend or just reach out to me thank you for being here with us or trying and we were really talking about the the synthetic fraud out of section your bottom line the whole staff is not a lot you could do better cuz they're focusing on big company but know that the stuff
what's happening in there so many ways that you know what if you're with a company you can get in contact with them they can help you with it the cool thing is they're helping many companies reduce their loss. One final segment to go we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so she'd with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton
play welcome back to the show my name is Steve Saxon and that was neptali heroes from seney when he was talking about synthetic fraud but you can do what they do to protect you reduce your large financial institutions cost because of fraud so you can have better lower costs that are rates for things now now to be talkin about some of the biggest hit balls at people have if they decide to retire early and how to go about avoiding you know it's really interesting that people that show up in the office talking to him for a long time no wonderful vacation with the family and decided I'm done working it's overrated it go in and they quit result the retired others just in the last year because this pandemic we've seen companies just cut out a level of management to save on costs and as a result people that are in their late 50s early 60s or getting retired and it's tough to find a position that
pay the same amount of money or what they need and they just aren't you know what maybe I'll just retire if they found some health issues and they realized I think it's time for me to retire the brownies are all hiring early okay and one of the biggest things that we see people do is they relying on factors control and they said that they do their Excel spreadsheet they set up their own plan is it look if I can an average of 7% rate of return or Supercenter a or whatever it is and they feel that he may be able to retire they just think the Market's going to turn 7 % OK and then they look at it as long as inflation stays below 3 I'm good and we all know if you look back in the 70s with a 10% inflation in the late 70s and you know what and if your house keeps growing up by about 3% of them right and oh yeah Healthcare
we should stay about the same while we know that doesn't happen here's the reality people look at many people that retire early think they can do so many things based off certain Constance Constance is quite frankly don't exist as well as you also know inflation goes up and down from your back we only saw a small increase in Social Security that should give you a hint second wave you look at your home prices home prices are going up right now that's because there's not a lot of demand but low interest rates so prices are going up but when there is a lot of demand okay or when the 8.5% of all mortgages that are in default right now start going to the Foreclosure short-sale route you're going to see a wider range of homes on the market you're going to see prices come down that's the cycle the real estate market in healthier it doesn't matter is grown in about 5% of years so you don't want to stick with things you can't control all right
the chance you know what the key here is that you want to set your financial situation up to minimize any Reliance on factors outside your control or example one of the six factors I see people doing this hair it's called this sequence of returns if you retire and you have positive returns for the first two three four years and you're probably going to be fun if you can part about to somebody who had negative return for the first couple years of retirement you find the person who had negative return the first couple years in the market compared the 100 positive returns, flip the script every 5 years and one with a negative returns to the first couple years obviously have a lot less money like we run out of money quicker than the somebody my father has been so what does that tell you if I was you it makes most sense to look at look at the sequential rate of return which also means reducing the risk that you're taking on in your portfolio so if the market
do negative you could be in a position to where you're not going to be in his impacted
that you also might want to look at this sequence of just
most people have some sort of asset allocation work 60% of stocks and bonds, this is when that was created 1956 bond for creating returns in the 7 today which was great but now it's about two and a half so how is it able to keep up with that there's a lot of research do you have to look for something there that would do that if you just want to take out the money out of everything each and every year with the market is up or down you know what in 17 years have you started with a million dollars you'd only have a Ridah 670,000 no think about that I know I just gave your number to think of it like this when the market is moving forward you're taking your withdraws from what's in the market you find a suitable safe bucket weather using bonds and noticed he was going to get you a rate of return is higher than 2 and 1/2 / 326 eating inflation how to grow and just let it grow but when the market goes down you take your withdrawals out of the state bucket
you can have anywhere from 25 to 50% more at the end of that 70 years 17 years for biting you reduce the risk and look at things to cancel rate of return you want to be talking to your advisor is this Billy side here is we see people that just spend way too much too early hey you know what I'm going to remodel the house I'm going to give the new car or I'm going to have the medical you know issue I'm going to go do the big trip and all that stuff in that school there's nothing wrong with that okay if you're looking if you don't do all those things or just do the remodel instead of $100,000 in memory of 158 / 250 so what you want to do is you want to start taking one with drawers on a consistent basis like it's a paycheck hey how much am I taking out every every two weeks okay if you can do that you can put you in a situation self in a situation where you're living on the edge
all right and then you can plan your expenses appropriately to fit within your budget which allows you to keep things there so one of the big things that I see is people they go to work and they're just spending money and saving money because that's what they always send but they never really sat down and figure out exactly how much these expenses are so you want to look and find out how much all those expenses are you want to listen to everything to the gas is Starbucks the eating out travel the insurance the property that the property taxes everything what you do that you're now in a position where you understand exactly which expenses are you can see how long your your income single and providing you get some sort of an average rate of return and then you want to you want to take a look at that and say hey okay here I am all right and then take a look at your income Source one of the biggest things that I see it
people taking social security early and you can take his age 62 okay if your spouse does the way you can start as early as age 60 but understand something if your full retirement age is 66 rolling again 75% full retirement if you're 40 time of 1867 takes to 62% no I want to point of fact that you in 2021 the average social security amount is paid out to the average workers 1500 about $89 the maximum at full retirement age of 3130 tells you a lot of people took their social security early I'm going to bed some of them did the math and do some analysis and if you don't understand what they're getting into it on this flip side is a lot of people who didn't look into the pros and cons of making that decision it makes a lot of sense to look at when you do that why because it allows you not only to protect your assets longer because you're you're
we have more money to it allows you to create a larger income if you were to pass away in your wiper to receive that income life example my mom raised five kids and you don't see my dad gets 3000 my mom gets 15 everything keeps going up to the realities when my mom passes way you can get the heart of the two so security so you know she's going to get $3,000 hundred in this needs to be taken to that when you retire early how's it going to impact you spell now one of the other things that I see here is and it comes down to too much time to little money UK you know what retirement sounds like a dream come true which is why most people shoot for retiring early in the first place but all that extra time but you don't have anything planned for spend money on shopping travel Arts crafts Home Decorating expenses associated with hobbies and so on so here's the thing
can go crazy at home and makes a lot of sense to figure out what you're going to do you know what my dad retired at the age of 57 okay and that was because his work decided they were going to lay out a whole bunch of things he was in the governor of the fence business and you know what he didn't want to move to a really freezing City so he decided to retire the right but he had he retired cold and you know what other than taking a trip to figure out how he's doing what he's going to do language lessons he would not go out with its sure to get involved with Charity Hospital pick up call it a whole bunch of things what are the biggest things that I recommend you do figure out what you're going to do before you retired I've had people come to me and I'd ask them questions it what do you get if you retard because I don't know we just want to retire I said I recommend you figure out what you like to do and start working your way toward that if that means moving to another state by all means go and visit that state for
call taker vacation there make sure it's a place you want to live in their recommend to do it then the worst weather months of the year and next day okay I recommend you I got one couple that they wouldn't bought all the utilities on Groupon so they would go to Groupon and they get a sailing lessons on figure out the less they went through. They both loved it there's a Groupon and they wouldn't to cooking classes white-painted I would love to be still doesn't she doesn't and they figured out things are they figured out how they're going to live their life they will enable them to have a retirement build a retirement whether you want to get into Charities would you rather think you're going to have to do something with your time to decide she ever done for 20 again I want to thank you all for joining us this has been a wonderful segment we had a dolly Terrace of Samira talking about synthetic frog we also had Benjamin Weiss of coin flip talking to us about
cryptocurrency what's happening right way to get the wallet or the cloud cloud storage to make sure you probably save your cryptocurrency now I want to thank you all for joining us looking forward to seeing you next week on the show you have a wonderful day again this is Steve checking to saving with Steve show
thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton