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Saving with Steve, 14/12/2021

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Saving with Steve
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Guests, Patty Apler and Nik Fields

Saving with Steve with Steve Sexton

Guests, Patty Apler and Nik Fields

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Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

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 healthier happy relationship with money now here is your host of saving with Steve Steve Sexton hello welcome to the shaving with Steve shall we talk about the ins-and-outs of money pretty much everything under the sun it relates to you having a healthy relationship with money my name is C-section I want to thank you for joining us today we have over 600,000 listeners here in the United States and we started expanding overseas<br>12 / 44,000 listeners overseas in 56 countries so we're very very excited we're glad you're here or definitely talking about money many seniors are wondering if they have enough money to last through retirement in early re going into retirement communities and many other things are crazy cuz it covid now we have Steve's last he's become a leader in the industry that have educated people through seminars videos media all sorts of things he said go to housing wellsource in 2020 when he was named the reverse mortgage Game Changer from Yahoo finance so we have Steve here a little bit later I'm going to be talking on how to protect yourself when it comes to Holiday Camp it's just crazy what's going on I'll go to The Duce and down to where to look and make sure you're protected and you know what let's start with the most important thing that we're seeing out today you know weather here in California are the nationally do you got 10 million Americans are looking for new jobs right now because they're simply just not satisfied with where they are question is how will an exposition be any better<br>gas patio Albers she says there's a key questions you need to ask before you go into the interview I think it's important before we get in with Patty is to know a little bit about it besides being the president of a portfolio group to marketing consulting company she's a board member the most of the network of teaching entrepreneurs USA 2020 the White House initiative is to build sponsorship and stem careers with the science technology engineering and math she's also been appointed to the corporate committee for million women Mentor is a trustee that films collection been recently inducted into the who's who is America's national teaching unturned Daenerys with a Lifetime Achievement Award now she's an author have to work how to Mentor how to mentor and a project can close the skills Gap in America now what is things when we started checking into Patty we feel I said she's going to get smart and Los Angeles Times New York Times the Huffington post's The Washington Post and I'm Times magazine. Traffic magazine the parade she got one heck of a background that's why a lot of people want to go to her Patty welcome to the show<br>to be here I'm glad you're here too I'm really excited for this I think a lot of people are really looking forward to this the segment with you because they have a lot of questions some people even trying to understand things and before we get into that everybody has a career path why did you take yours I'll be real break for this somehow I managed to get myself into the Guild of construction I was one of the first women in the Washington DC Market to be a partner in a what we call the interior project management company and I learned about myself that I'm strategic I'm a communicator I was the arm to develop a company get new clients and in that process I learned about myself how much I learned what I was good at I learned what I didn't like I learned that I am extremely strategic and I love winning and I love being an entrepreneur so a little later in life my family form the foundation and I got involved with this organization that<br>I love and I'm still on their national board it's called the network for teaching entrepreneurship nfte and in that capacity that go to inner-city schools they teach teachers how to teach business and inner-city kids launch company they learn how to write a plan and with mentorship they learn how to actually launched so I wanted to go in and see for myself how does this happen I didn't want to just be the best kids cold out in front of me I wanted to go into the classroom and so I became a guinea pig Mentor back in 2001 so 20 years ago I am I wanted my goal was to see what can I do to add value to the kids and not interrupt the teacher so I took notes of what my role might be so ultimately what I did was I sat with kids and one on one and I help Mentor them through their project how to develop a plan is the plan practical I played Devil's Advocate<br>help them build it talk about who Their audience was all the skills I have just learned right in the construction business and it was magical I mean I still to this day I mean I had a kid coming over to my house to present to my husband and I five new restaurants he's open to many kids I'm still in touch with 20 years later that are operating company so it is it was an amazing experience of which I wrote about a 200-page plan on how to grow this so that it would grow throughout the country in different regions and it actually did bro mentorship became part of the Nipsey program in 14 regions and in that capacity day I would invite other business people you know software real estate Finance to come in and then to work so the only place just people need to be you know taught how to do a live in a little bit<br>understand how to go backwards and talk to kids so there is a lot to it and I think it's a food I believe it's something that should be part of Education ongoing education whether you're in school or you're an adult you never stop learn and why not go to somebody who knows something different or more than you may think they're learnings over and the reality it's just begun so and if you'd stop learning you stop growing which means kneel in many cases you could be to stop becoming prosperous or level out so I think that's wonderful I love what you're doing I love what you're doing the kids I was a coach and Mentor mostly in sports but I love watching young kids not have any coordination or still at the ever develop into something and then see him take that to the next level and it was to me it's just like<br>call and managers and you see somebody see they have the grit and I Want to Rock talent some emotional intelligence and you can see them grow when they start understanding what's going on and develop their own plans and and it's just fun to see them one of my goals was to see how many people I can get promoted when I was working at one company I thought it was really cool if I could get every single manager which was Sixteen at the time promoted man we got 15 of them promoted one woman decided she wanted to have kids instead of him and determine if they're that kind of person you'd want to work for you know I love that that was there was there was like the juice got me up in the morning so I think that's wonderful I love where you come from so let's just talk a little bit about the phrase people are simply not satisfied with their current or their password employment if they left so where is that<br>the article in the Washington post about the great resignation or point three million people resigned in August so what is that another quote that I read that I think's leads me into where I want to go with us is this woman named Liz Shuler who is the head of the AFL-CIO sad that mostly white and blue he's want is to be acknowledged and to be appreciated so if we look at what the pandemic has handed us it's just it's like a convergence of The Perfect Storm you have people working from home you got kids that are at home you have stress Beyond stress you still have the same amount of work to get done but you got a thousand interruptions you got kids that are trying to either daycares closed they're trying to do a virtual school or the parent has to help with the school while holding their jobs so they're doing their job<br>all different hours the level of anxiety and discomfort and pain and sort of adapting to all of these new circumstances can build a burnout I mean it's one of the things that I recommend I suggest is that suppose and ploys and employers come to think about what role mentorship can take in that died of specially when people are more isolated and don't have the affirmations if you get all day long working in an office environment do something that I write about I've talked about actually trademark is what I call project-based mentoring and it really stems from the entrepreneurship that my Nifty program that I was just describing these kids have to write a plan so if you think about your assignment jobs are built around projects you have to get something done and I kind of view the mentorship role as try<br>that the same as you were discussing helping you or at least just go a little faster or try a little harder you're a behind-the-scenes Tour de but I called project which you have experience in it but the leader of the project is that employee home or at work or wherever they are but they may not know all the directions to turn a may need to develop a master plan what are my actions going to be what's my implementation do I need to interview what's the research where is this going so at the end of the day you have some guidance along the way to help you when when you trying to get for oil when you get screwed up when your plans go awry so that you got that grits you got that perseverance and at the end of the day you have to present what you have uncovered what is your findings so that coach that Mentor also can help you deliver your final<br>ideas to whomever you have to present them to do is very project and creating a culture of getting back gross it feels to an employee like someone's investing in you that they care that you succeed and most importantly just like you just said Steve at the end of the day that employee knows our project and finished it and takes ownership of it and has a new confidence that they did it kind of a culture that will prevent burnout prevent people from quitting people they're keeping loyalty how many numbers of advantages for that little bit of investment<br>Pittsburgh Van Halen everybody we're going to have to take a break right now or going to sit back we're going to talk with more Patty Albert you right back stick with us more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show we're going to be talking about the in an ounce of money does Financial issues it 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 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<br> 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 of the Shaving wish to show where we talked about the ins-and-outs of money I want to truly thank you for tuning in at appreciate you sharing this with your friends family the show Suits all the repairs are available at dating with Steve. Us if you're enjoying the stories of helpful information and inside and saving with Stephen and courage YouTube subscribe charge YouTube Spotify Google Play channels and I'd like to send some things out to our Affiliates UK help radio CBS radio talk radio New York City e360 TV Las Vegas TV and live a life of personal and Financial Freedom now if you have questions and would like to connect with us and have a question answered on are just go to viewers at sitting with Steve. You ask and just let us know what you like to know and we'll be more than<br> help you still with that we're back with more Patty Albert we're dealing with a very important situation here one of the big things is how can people ask questions Patty that enable them to determine whether or not I that company that they're working for that boss if they'd be working for would be right for them from somebody that could mention them help them get to where they want to go in life I believe whenever you're going into an interview it's a two-way street you're interviewing them as much as they're interviewing you I'm going to say this I used to call on real estate developers and corporations all the time and I was selling something but the first thing I would say to them as we're not right for everybody we have to figure this out and have a conversation if we're the right company to work with you and you you know you need what we have to offer<br> so I think the same thing holds true in an interview to first you have to know yourself that you have to know what you're looking for and you know are you an autonomous person do you want micromanagement are you what are the elements of a job environment that you like so the first thing I would say is know yourself know what it is you're looking for like do some homework and researching thinking<br> you know do you like the kind of people that are drawn to this do you like the kind of clients that you will be dealing with so do some research inwardly and then as you're sitting there I happen to believe that this mentorship piece dictates whether a company is really invested in you and your growth and your you know your willingness to try hard and their willingness to help you do that so why asking you if I were sitting in an interview I might say something like you know I'm look looking to work for a company that supports me that trains me that believes in the ideas of learning and growth<br> and it wants me to take on more and more challenges<br> what can you offer me that will tell me you're that kind of company do you have mentorship as part of your program here and what will how will I benefit from that so you're turning the tables a little bit<br> I love loving you answer is all too often people<br> I would say that to anybody and was a twenty-five Years cuz that's how long I've been married but all too often people go into an interview with the focus of have Resources company every since this person but it's towards selling themselves as opposed to making it a two-way street and a lot of times people do that and then they find out and I said that earlier while we're chatting you know it could be so crushing if you don't ask the right questions because you can find out you're in a job that just won't get you where you want to go in your back in the same place you were before it just a different location so I think it's very very important that people really understand what they want and one of things I say this when you're never people who work here but when the pandemic it we close down our other locations in fact everybody but one person<br> love the fact they were working remotely in fact it was they felt it was better for them and we obviously we're touching them all the time but one person needed to come into an office so that one person comes into an office three days a week to get their office feel and they're happy everybody's happy we actually have some workers that actually moved out of state and they're even happier with that because it makes it better for their family but they're still working here so the thing is that we took into account what was going to enable them to use their super powers so to speak and they love their super powers they do all day and it's stuff that I hate no one understand it but they loved it and that's cool and it cuz it works I think about this all the time this is my latest thought yesterday I brought someone into work with me on something that I need help with so here's what I have to say the older I've gotten<br> I realize what I know and what I don't know and I love knowing what I don't know and that is the moment at which I need to go ask and I believe I don't know what happens to us in school where we're sort of scared to raise our hand if we don't have the right answer like we'll get penalized but it isn't it much nicer to be in an environment where somebody says if you don't know come find out we're here to help it sounds like what you're doing is you're very much aware of where people are most productive and helping them be there super power self took me awhile to learn so it's important to know your self and then it's important it's okay or it's good to find a culture that<br> you can ask and you can be yourself<br> right oh I agree and I look at not knowing it's a learning experience in some cases it's I failed at this but it's a learning experience the growth experience everything is if you look at any different it's not going to work for you and people look at it differently from Medellin some point they won't work here but the reality is I'm looking for people who look at things from her perspective okay I got it wrong so how do I get it right you know I have the comment on that I wrote an article a while back I was at the Aspen Institute and I heard the head of Google X talk about their environment or innovation<br> and they have a whole grid of criteria and they want tons of ideas brought to the fore and then those ideas are tested down to this grid and what they do is it that idea doesn't make it through the strenuous for the qualifications to survive they have a failure party they have a party that says okay we're glad we stopped in at this point it was a really good idea but we learn from it and they celebrate failure I found that fascinating that's why Google's Google talk about making a billion-dollar mistakes but obviously they've made many many many successes and it's turned into multi-billion $2 so<br> everyday life you're going to fail in some things are going to get things wrong as long as you continue to grow and I love the fact that they're having a party over a failure<br> so the other thing is is that in this sort of Project based mentorship there's room for that there's room to try and you got this you know when you're on a tightrope you have the you have a room to fall cuz you've got somebody catching you you got somebody behind you so there's room to experiment and I've been doing a lot of research on<br> what are schools teaching and what are the skills that they are preparing people for and what are the job requirements today you know and they're different I mean people have to be you know automated they have to be Innovative they have to be able to sink and turn on a dime they have to be able to be resourceful there's many more characteristics of today's culture in a work environment that have changed the don't mimic School<br> and memorization so it's a constant growth and change and adaptation and being able to work easily through that cuz times have changed. They're not going to stop right or agree with that I mean when I first got into the workforce there wasn't really a laptop in the cell phone looked at the size of a suitcase repeating yourself and me to England I had one of those rollers that you can hammer a nail in and that's with the cell phone in the United States they have they had the Motorola's had the flip phone so it was a big difference in change in the reality is they will continue to change in people have to adapt with that if they don't adapt learn and grow but they're just not going to be there but it's nice to have somebody who's a mentor that could walk him through the next episode of people are asking question<br> that would put them in a position where they can say hey they're going to help me grow there in tune to that this is the type of person I want to work for they can have a fruitful career as opposed to the flip side and I've always called soul-crushing cuz it always it always annoys me to see a manager that was autocratic and never really gave somebody credit for what they did or never really help somebody with all about them you know I saw those managers that make sure it was somebody else's fault as opposed to theirs and they're the ones that always end up leaving because people realize they were getting it done I want to respond to that in my classes where I'm entered the kids you know 15 to 18 year-old I brought in many kinds of mentors from different fields and so often I don't know what happens to us as we get older but we get more self-important and we want to<br> take claim for I did this and I did that and these are my credits you know this is like whatever you read about me that's on the back of the book right but that's not really who I am and where my noticing isn't the kinds of questions that kids want answered<br> and I would have to bring these Executives down a few notches to make them more humble and more accessible because the kid didn't want to know that you run a hundred million dollar company and you love what you do they want to know how did you know you could do that and weren't you scared of state and what was your first big mistake and how did you overcome that they want to know that your Pathways and when you share that then you become motivational<br> you become more of an inspiration to the kids who then says gosh if they can do that maybe I can<br> but it's not with that I'm greet I was scared too cuz we all were so just bring everybody back down a little bit. The destination when it comes to talking about your credits Patty I want to thank you for being here we're actually over our time but it was worth it and you know what how can people get ahold of you how can people connect with you if they're looking for a mentor<br> so I am I written a book iPhone how happily suggest people look at that because in the back of the book is like 40 pages of ideas where to Mentor by your heel cream that's number one on number to the book is called teach to work my website in www.com and of course you can reach me at info I am at the show at teach to work.com and I would love to hear from your audience love to help them talk about how they can introduce mentorship either within their company or within their Community you so much for your time so I wish you safety and health and I'd love to have you back sometime so I'm going to have to let you go cuz I got to go to the next day you have a wonderful day and<br> we see you soon bye bye everybody that was Patty Albert wasn't that just wonderful again you want to go take a look at her book teach to work I think that's just wonderful book for everybody's check out now we're going to take a quick break and going to be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the ins-and-outs of money it was 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 on 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 in to the saving with Steve show join me Steve section 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<br> 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 they welcome back to the saving with Steve schorr we talked about the ins-and-outs of money again I want to thank our Affiliates UK help radio BBS radio talk radio New York City e360 TV in Las Vegas TV you to solve problems uplift your spirit live a life of personal financial Freedom also follow us on Facebook and join the shaving with Steve inside of a saving with Steve. You asked all replays exclusive access to our after show videos guest gifts and more now let's just talk real quick or in the holiday season here we got a short amount of days till Christmas how do you protect yourself from the holidays in 2019 still at this holiday festivities will likely look a little bit different here in 2021 against people are seeking a balance between celebrating with loved ones and stain stay<br> one tradition isn't going anywhere it's sadly it's the season for scams cyber Crooks teams exploit our holiday habit a few scans are specific the holidays but most of the variations are everyday for ramped up to match seasonal Spike and spending and web traffic not surprising they often Center on shopping especially online to Thursday consumers expect to buy gifts mostly online with the season according to research nearly three and five are doing so much more than they did before the pandemic know if you feel like you have been scammed where you see a scam go to the Federal Trade Commission website you can either online you can go in and let them know that about a scam or you can call them and talk to him about a scam or you can sign up for the air praise scam tracking map OK Google Earth the whole shop know and retailers roll out their seasonal deal scammers<br> social media campaigns and impersonating Major Brands this is called spoofing okay and safe post for products that you'll never receive many red vehicles for harvesting credit cards and other personal data they're frauds was used to commit identity theft and sell them information on the dark web scammers May distribute malware loaded into being supposed to order confirmation Providence bowling gift cards is nearly two-thirds of Shoppers during the holiday season now the Hallmarks of the typical holiday scan a third of all charitable giving is done during December now there's fundraising software company's Network for good reports this means more exploiting Americans good will be a fake websites and pushy telemarketers delivery skiing I seen a bunch of phishing emails disguises UPS<br> RDH the holeshot notifications of incoming or Miss deliveries links lead to phony sign-in page is asking for personal information or they're infested with malware like the despite the pain Samick 46% of the US you know adults will plan to travel during the Holiday Inn Corning to SurveyMonkey spoof booking sites an email offer proliferate with travel deals that look too good to be true and quite frankly they probably are so you got to watch yourself okay let her some scammers can do this legally scammers looking to scavenge personal information of you are worst your kids grandkids the reality is if they scan information from you about your kids your grandkids your kids might not realize until way later that their identity been stolen that I knew about this personally found by one of my clients who had won their grandkids can we turned 18 try to get a job and they found out he had really bad Credit One credit card<br> went out on social media posts for I'm from their website spelling errors or Scotty Grammer on shopping sites or emails or shopping or travel sites as not was the phone number or street address and it's just an email address for a contact for a site does not have a privacy policy unsolicited emails asking you to click on links links in emails and social media has to identify the true URL okay and click through only if you're certain that's a legitimate side with a credit card charge to get your money back especially if you've been scant to research on unfamiliar retail traveling charity sites online search for their names with terms like scam reviews complaints and there's more resources to look for return and refund policies and shopping on an unfamiliar and on and suspicious site why because you want to make sure it's really clear that you can get your money back if it's not what you think it is<br> gift cards online directly from the parade or so if you're getting an Amazon card get it from Amazon if you're getting a Home Depot card get it from Home Depot you're getting it from Macy's get it from me she's you know what if you buy a car. You might you want to carefully examine them for signs of tampering everything looks scratched out or anything like that what it could mean is a thief has access the PIN code and can drain his value as soon as somebody buys or load money on I saw this happened to see it happen but one of my clients have a situation where they put $1,000 on Amazon card for one of their kids who was working over seat and they sent it to him by the time I arrived there was nothing on it a scammer it deleted are taking it all so don't don't assume a website to stay because it shows sign of encryption world have lock icon for an HTP for the URL many scam sites now uses technology knowing that ride Saturday consumers liquid according to anti-phishing workgroup don't make a purchase donate to charity conduct a financial transaction<br> when using public Wi-Fi why cuz it's not secure somebody can steal your stuff go purchase or make a donation if it website or car seats payment through wire transfer gift card and prepaid cards are you really do any walking over your cash so take your time for Mason's the ones you love and care about okay cuz the last thing you need is during the holiday season the fraudsters people won't deliver your stuff or even have your identity stolen so they can steal your stuff then up next we have Steve's last he's wonderful and helping people utilize our housing well in retirement so stick with us we're going to be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent 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 in an ounce 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 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 tuna to the saving with Steve show join me Steve section of the 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<br> 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 hey welcome back to the saving Willis TV show where we talked about the ins-and-outs of money we had a wonderful conversation with Patty Albert you want to get that book teach to work go to website and you really want to look into that cuz the wonderful information especially if you're looking to make the right decision on your next employment now we also talked about how to protect yourself from holiday scam and now we're going to be talking to Steve / think about this many seniors are wondering if they have enough money to last through retirement early. Going into retirement communities now more than ever because of covid-19 in something long-term care insurance due to covid-19 been any seizures may not realize that their home equity like likely represents a large portion of their net worth in fact Homer's 862 + saw their Collective<br> wealth increase understanding how to reduce the Heat and tax-efficient incorporate this well did your conference of retirement income strategy may be the key to protecting a longer than this dig with funds needed for long-term care yes this has become a leader and is in Jersey and has been educating people through seminars videos media is Steve as he's known as the go-to house wealthsource in 2021 he was named the reverse mortgage Game Changer by Yahoo Finance in the business for over 20 years this is all about money look everybody I want to say thank you welcome to Steve Steve's thanks for doing the show likewise thank you for having me stay with you I just want to say this once we let people know that you were coming on to show our viewers email just started blowing up before we jump into this I know you were in regular mortgages for a few years and you've been into reverse mortgages for about 15 tell us your little story why did you transition into the reverse mortgage work<br> yeah I got in the mortgage business. About 20 years ago now and spent the first few years of of my mortgage career doing what most mortgage professionals do and that's Cash out refinance has purchases at that point there was a big subprime market and we were originating those loans as well and I had to make a big decision 2007/2008 when the housing bubble Came Crashing Down what was I going to do right at that point the company that I work for was not able to originate FHA Loans in that left me really unable to perform the business that I've come to know and love and I had to make a very strategic decision at that point and I had start researching reverse mortgages at the time but I was in my young twenties and I had a lot of doubts that I would be able to engage with an older demographic but through my research and through my studying Steve what I found was the reverse mortgage she's such an incredible tool to protect and prolong one's retire<br> and I jumped in head first 15 years later I haven't looked back in retrospect it's the best career decision that I've ever made I've dedicated myself to reverse mortgages and helping folks to live a better and more comfortable retirement ever since and very grateful for making that decision a while back I think it's a noble service you provide the key here is what I really liked when looking at your videos as you educate people a lot of people are concerned because they've been doing the same thing for decade and a reverse mortgage is something new I have a lot of questions but I would love for you just to briefly talk about how does a reverse mortgage work you know Steve what we teach more than anything else is the concept of integrating housing wealth into a comprehensive financial plan Steve for 74% of folks that are 62 years old and they're already short of their retirement income needs however a new report came out about a couple months ago there is / 9 trillion<br> dollars in untappd equity of folks 62 and older in America / 9 trillion dollars and so that money is dead equity and it's not working for those folks it's not doing it it's just sitting there dormant what we teach Steve is how to incorporate that Equity strategically and tax efficiently with a reverse mortgage loan in use those funds as in most cases the clients largest asset use them proactively instead of reactive light and the result is we're able to extend their finances were able to extend the longevity of their investment portfolios were able to allow them to enjoy a better and more comfortable retirement and we're able to make their money last longer because we're the leveraging what is their largest asset and that's the equity in their home when it comes to a reverse mortgage everybody's trying to figure out he will it work for me and my good candidate for this you expand on that so people can say hey in My Fit does it work what there's two different types of reverse mortgage there's a<br> home equity conversion mortgage those are government-insured reverse mortgage loans and I would say probably 95% of every reverse mortgage originator today is a heckin government-insured there's also now Steven a lot of innovation on their proprietary reverse mortgage side so private lenders non-government insured are now rolling out reverse mortgage products and most of these loans are jumbo reverse mortgages they are for a higher net worth clientele we can land on a jumbo reverse mortgage up to three million dollars in cash for homes valued all the way up to 10 million dollars reverse mortgages work like this you got to be at least sixty plus you got to own your home and you got to have roughly 50% equity for folks that have pay mortgage one of the biggest benefits is we can replace their traditional mortgage with a reverse mortgage and eliminate the mandatory mortgage payment requirements so by doing that were able to extend their cash flow were able to free up cash flow free<br> finances and we can also if they have enough equity to qualify we can release funds to them from the equity in the home and that can be done in a variety of ways folks can choose to take a 10-year pay out which is basically your home send you a check every month until the funds are exhausted there's also a term or you just say hey Steve I need x amount of dollars and I need it for x amount of. Of time five years 10 years 15 so on and so forth you can take a lump sum from your home equity or the most effective strategy as you can take out a reverse mortgage line of credit and a reverse mortgage line of credit is very different than a traditional line of credit Steve won their federally insured they can never be suspended reduced or frozen your regardless of what the economy does or what the market does that's big these lines of credit also have a guaranteed growth rate attached to that until you're able to borrow more of your home equity every year the line of credit is in place so when you talk about cuz this is<br> the question of my viewer ask if they know that your line of credit will grow by a certain interest rate each year is it based off the equity that you have that is available to be with Ron and that harsh gross providing you have it take money out from that or the line of credit has a a set growth rate and what's important to point out to is this is a growth rate it's not interest so think of it as a credit card where your limit is being increased each year on the line of credit is 5% over the interest rate on the loan so today's interest rates on reverse mortgages are about two and a half 3% off figure the growth rate is going to be three to three and a half percent on any unused portion of the line of credit as you draw funds out obviously you don't get any gross on the funds that you're pulling out any funds that you leave and let sit in the line of credit we call it a standby line of credit cuz you can just park it put it reserved put it on standby those funds grow over time and you just treated no<br> in any traditional line of credit and you draw from it if and when you need it was wonderful so I think one of the big things there is that it can't be taken away it can't be reduced so that means if once the foreclosures and all that stuff comes to beer in the market values go down even though somebody got a reverse mortgage today say their equity line is 200,000 and maybe their house is only worth two hundred thousand take that away it's not like a credit card where they redo they can reduce your your your credit limit exactly Steve 2008-09 when the housing market crashed you had a lot of folks a lot of these folks were over 60 they had traditional home equity lines of credit they thought they had access to a hundred $200,000 or more in some cases in the back came back and said you know what no we're not going to let you borrow that money anymore and that wrecked a lot of people's retirement plan that cannot happen with reverse mortgages because the line of credit is federally insured it is guaranteed you're awesome<br> is Steve able to borrow on today's market value in a booming housing economy right now me and there's bidding wars on homes you know he is in some cases homes don't even make the market and there's a bidding war already and so values are soaring you can take out a reverse mortgage line of credit today and lock in today's value you and I were talking about this before the show came on its in all likelihood values are going to at least level off if not go down so too is the market the economy and so it's a great hedge against future Market Corrections being added a lock that line of credit in and do it at today's value not future values and know that that values guarantee that's wonderful hey this is great information we're going to take a quick break. I stick with this we got to pay some bills would be right back with more Stevens less more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce 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 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 in to 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<br> 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 hey welcome back to the same thing with Steve truly thank you for tuning in appreciate you letting your friends family and Associates know about the show with Steve. You asked if you're enjoying the stories of helpful information inside of saving with Steve and I encourage you to subscribe to your YouTube channel Apple play in Spotify Channel a check out a few of our feelings that you can't help radio DBS Radio talk radio New York City E36 tgv Las Vegas TV networks all these networks are dedicated to empowering you to live a life of Financial and personal freedom also you can follow us at Facebook if you like some more financial tips so here we come back with Steve's last we've got a slew of questions here so we're just going to get started there's pros and cons to anything what's the downside of a reverse mortgage what's the concert starts in the beginning<br> suitability and so when somebody comes to us Steve and they say hey I'm interested in learning about a reverse mortgage theirs first and educational Journey that we need to take them on we're also trying to figure out ourselves are they suitable first question we asked you was how long do you want to live in the home for if somebody were to stay 3 years 4 years it's probably not a great fit and so there would be a downside there I think the barrier to entry the cost to take out a reverse mortgage loan is probably too great at that point if you're only going to be in the house for a few years this is a long-term solution to living a comfortable retirement and doing so aging-in-place in the comfort of your own home outside and it's not necessarily A downside it really depends on what your Viewpoint of this is reverse mortgages are loans that has negative amateur ization which means that if you make no payments and Steve you can treat a reverse mortgage no different than a traditional mortgage if you want to make payments you certainly have the right to be able to do so but a lot of folks choose not to make monthly mortgage payments and if you choose not<br> how to make a monthly mortgage payment your balance each month is going to increase lot of folks are fearful of that they're fearful of their balance increasing what we teach Steve's is what the home is a low growth potential asset if you have a financial advisor that is managing your money and that money as well Diversified it's in the right Market it's invested well chances are that advisor is using you you know 72106 to 10% returns right now historically the home appreciates at 1 to 4% per year and so we teach use the home equity first instead of using the retirement assets first and combine all of your assets but a lot of folks are a little hesitant because they're fearful of their balance rising over time and look at that point you have to become educated you got to become empowered and ultimately you got to make the best and most astute financial decision for you must clear up some of the misinformation can somebody lose their house with reverse mortgage you cannot lose your house because you had a reverse mortgage that that's a huge Miss<br> and if we have time for a quick backstory so prior to 2015 if you are over 62 you had equity in your home and you had a pulse you had blood pumping through your body you could get a reverse mortgage if there was no credit qualifications there was no income qualifications and so with the result was you had a lot of folks that were already of destitute they had already run out of money and they were using the reverse mortgage as a last resort a reverse mortgage just prolong the inevitable if prolong their ability to remain in the home but it was inevitable they were going to lose their home because they just couldn't afford it didn't have enough income to pay the taxes and the insurance those are the qualifications of the reverse mortgage got to pay your homeowner's insurance you got to pay your property taxes and they got to maintain the home if you default on any of those requirements you will lose your home but that's no different look if you have a regular mortgage for even know mortgage at all Steven you don't pay your taxes you're going to get foreclosed on you're going to lose your home but by having a reverse mortgage you cannot lose your hair<br> simply by having below what happens for example we've got the market screaming up right now with the housing market everybody wants to buy and all the supply line issues I get a reverse mortgage it's a $600,000 reverse mortgage the market goes down in my house is actually worth $300,000 and I pass away our non-recourse loves non-recourse means there's no recourse and there's no debt pass to your heirs or you restate that they have to come out of pocket and pay so at the time of your death your heirs are going to have the option to buy the house for 95% of the appraised value at the time they can also walk away if there's more owed on the reverse mortgage than what the home is worth they can walk away and the non-recourse component kicks at the heck I'm reverse mortgages have government reverse mortgage insurance on them that insurance policy that is on all these reverse mortgages will settle Thomas like<br> for your car seat for you total your car you owe $20,000 the insurance company catch at 4:15 that's $5,000 Gap is covered reverse mortgages work the same way so you can have the Peace of Mind of knowing that you can take a reverse mortgage and if at some point there is a market correction and you do owe more than what the value of the home is at the time of death your heirs can simply walk away or they have the option to buy back at 95% of the reasons why I said his back in 2008 one of my clients who had a reverse mortgage passed away and the reverse mortgage is actually like $450,000 and after 2008 house value when they appraise it with a 195,000 when the air is were looking at just dumping it they hate mine but when I explained to him and said you can get a house for $195,000 and let it grow and they owe my and basically they bought the house for 195 and sold it a few years later for twice that much so they were in a wonderful position when that occurred in it's a great option one of the questions<br> I do have is this in this world you have divorces okay and this question is come up probably I probably have 30 of these questions divorce rates in California and 50% if it's a second divorce and they're older than 55 it's at 72% what's the effect of reverse mortgage and some of the receiving end, if there's a I want to say gray hair so we're divorced I love that questions do we have a partnership with the idsa The Institute for divorce financial analyst we're working with financial analysts that specialize in senior divorce and we're helping them use reverse mortgage loans to navigate their client's Financial woes while they're going through this divorce and so were using the reverse mortgage as a tool to divide the marital home and end-use that equity for one person to remain in the home while the other leaves the house we're also using it Steve we just had a case like this not too long ago where the couple sold their home for $300,000 they both<br> put down $150,000 on two separate $300,000 homes and they bought those homes with a reverse mortgage you can actually use a reverse mortgage loan Steve to purchase a home in retirement most folks don't even realize that most Realtors don't realize that a very effective strategy that we are deploying quite a bit as we work through the institute for divorce Financial analysts to help their clients he's that financial difficulties of grey or silver divorce come to me and they've come to me because they're trying to find a way to make retirement work and I've overspent or over help the child or something like that and we've got in contact with a reverse mortgage specialist for the primary reason and in one case the couple actually took out a jumper reverse mortgage but they were able to eliminate their current mortgage payment which is a little over $2,500 which was the Gap they needed to make the retirement work for the rest of their life<br> and then they had an equity line left over that they were going to use in case some health issues ramped up on them and they're just going to let that grow until it was there that was probably 12 years ago and they let that thing grow I think it's like little over a half million dollars and they started tapping into it because of Home Care needs so they can have more than enough to do it and they're so thankful that I said hey look at consider getting a reverse mortgage because this is what you need so they were able to prolong their life by the retirement that they want and now being able to take care of somebody just because they looked at what you talk about strategically tapping into that acid which is their house equity in the bottom line is there's / 9 trillion dollars of senior housing wealth that is not being used right now reverse mortgage is just one way to use it there's other options there's traditional mortgages there's traditional home equity lines of credit however the difference with the reverse mortgages there's no mandatory payment obligation to if you're in your 60s or you're in your seventies<br> looking to take funds from the equity in your home would you rather do it and not have to pay those funds back not have a mandatory mortgage payment or would you rather be saddled with a 15 20 or 30 year mortgage have to come out of pocket with that payment every month didn't end until you're in your 90s and some until oftentimes it makes more sense to take out a reverse mortgage but again it's all about education and it's about weighing the options and what works for some may not work for others and that's where we come in to help them figure that out a lot of people are in situations like in States like California Illinois to New York where the cost of living's got pretty expensive there only options are to selling down side or move out-of-state or they look at getting that reverse mortgage just a free of that money that they need to make their life works I think what you do is Noble I think what you're doing right now with educating everybody is very very important and is needed and that's sad we're about to wrap up our segment with you could you tell us how people can get<br> all of you how they can go get your videos so they can get educated and get the hell out there looking for my firm's name is the Stephen Jace last group to Stephen Jay / group we are the reverse mortgage division for Primary Residential Mortgage we have branches in all 50 states throughout the country you can reach us by phone or number is +41-081-475-7541 0 8 1 4 7-5 7-5 or online at the Sledge group the Les l e s s group.com on YouTube where all our videos are as well and we have a lot of educational content on there if you just go on YouTube and search the Stephan J / group you pull up our content if you get there I'd appreciate if you'd like the videos and if you want to be notified when we put out more content just subscribe and hit the bell at the top and every time we release a new video you'll get to know if they've got a great resource<br> flexicrew.com do you want to go out there and look at it you're looking to get a hold of Steve definitely go to that website if I want to thank you for joining us hey stay safe stay healthy we have a lot more questions than it answers so we're probably have to Circle back in a few months and have you back on is that okay I love to I appreciate the opportunity you're doing great work see if I appreciate it with us today I want to thank you all for joining us today my name is Steve Sexton this is the saving with Steve Stegman we had Patty alpers we had Steve will look forward to seeing you next time right here on saving whiskey have a wonderful week bye bye 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<br> 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<br>