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 Die 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<br> talk about the ins-and-outs of money pretty much everything under the sun release of you having a happier healthy relationship with money I want to thank you for joining us today again my name is Steve Sexton I appreciate you sharing this with your friends your family and your co-workers and so on it's just wonderful now we've got some really big things going on today you know what with all the stuff that's going on economic late I'm going to be talking about the consequences of higher Treasurer Rios We just hired mr. Powell reverse his position and they were going to go rates higher and higher and higher what does that mean to you secondly<br> right now we have pretty much everybody in that is Cesar experienced it contraction what they're able to spend cuz of inflation and interest rates going up and we're seeing those costs going up mini people in retirement or finding it harder and harder to keep it financially and now one of the cool things as we have a 20-year veteran of the mortgage and Street Angela wife cough she works for a reverse loan Solutions and she's here to get a educated about reverse mortgages walk through the transaction to spell all the myths and misinformation and I think it's really important especially when you're getting to this point in life where you going to hate I need to do something but not sure I've heard a bunch of rumors and it scares the heck out of me so you know what with that I want to introduce you all to Angela wife got to answer welcome to the show thank you for having me Steve<br> first of all I can't say enough how important is you're here because you're what you're about to talk about you know what we have a ton of listeners and viewers and you know what we are on our blogs we got a number people hey what about this reverse mortgage think how does this work how do I get the equity out of my house so I can use it in case I have an emergency all that kind of good stuff I want to see that's not a good stuff if you have an emergency but right now or just dealing with these weird economically X you know what one of the things that I always like to ask ass is this<br> what motivated you get in this business<br> so that started pretty young for me at age 13 we had to move in with my grandmother and I watched her struggle to take care of her mother so it was Nana taking care of great Nana she was not physically able to and after a certain. She sent her to a nursing home fortunately it was in the area that we were in but every time you walked in it was so cold she was screaming thinking people were trying to poison her and it was just a terrible experience to watch her deplete her her life essentially by going into that and it had we had the ability to bring in home care her end-of-life experience would have been a lot more pleasant<br> you know what I can understand how that would motivate you to do what you're doing right now I love seniors they essentially built this country and you know just watching that struggle that early in life was like I've got to do something about that okay so here's the first question for me<br> you've got 20 years experience doing this so many people utilize a reverse mortgage<br> for many different things what do you sing the music for I understand the emergency like with your family went through and I get that part but what about the other things there are so many ways to Taylor reverse mortgage there are no to that are alike it's very very tailored and specific to your needs and the problem is that people call an 800 number they get an order take her on the phone whose only goal is to maximize company profits and I'm here to talk to you and have the real conversation what's the pain points what's the goal and let's structure this so that it benefits you and your ears the most people can pull a lump sum out of the property you can support an income gap like if your Social Security isn't having covering it and you have a deficit each month let's split that up into monthly payments or you can have a ring dates on a line<br> credit that grows they give you access to more funds the longer you leave it there and in a high rate environment it's actually a positive thing because it actually grows at a much higher rate so taking advantage of that is definitely ikey I make less money but hey I can sleep at night I try to structure these with integrity and in the best interest of the singer<br> you know what it's are truly interesting when we started looking at reverse mortgages with our fan base and our listeners and we say hey you know what are you here and you know what you're all the junk like hey the bank owns my house you know you know my mom passed away we're going to lose it to the bank all that kind of stuff so I'd love for you to just take a moment and dispel some of the myths and misinformation that comes out there the first one which is in the reason why it's the first one cuz I got like 30 emails at someone and it says you know what<br> what happens if my mom and dad passed away with a reverse mortgage okay does it go to the bank what happens<br> so the bank never owns your home let's let's put that out there right now you still retain title just like you would with any other mortgage products and he's the reverse mortgage does have to be paid off just like any other loan against the property and any proceeds that are left go to The Heirs if there are no proceeds which does happen then it's a wash and I would send the keys to the lender and let them let them sell it cuz there's no profit in it so it's important to have these conversations up front what is the intention are you intending on leaving the home to the errors does anyone want to occupy the home cuz they have the ability to either refinance it into their own reverse mortgage if there's enough equity or purchase it with like a forward mortgage so there's definitely options and what I do is I go over the proposal in-depth and I show them what their Equity looks like from day one so they know at age 10<br> dread what they're expecting and how that's going to impact their heirs okay so I have another question back in 2008 when the whole real estate market got punched in the face almost knocked out there was people who had really high reverse mortgages end in the reverse mortgage was probably<br> $100,000 or more over and above with the value of the home is and then somebody passed away how does it work with something like that I mean do they just give it back to the bank or my understanding back then there's that it wasn't like the portion of the percentage of a below the appraised value that they were able to take a purchase the home correct correct 95% of current market value is what the heirs are allowed to purchase the home at so if the case comes where the property is does owe more than it's worth it's a wash to the airstairs don't get a bill in the mail for $300,000 or whatever it ends up being I have people often call me in there like you know my kids are successful honestly I'll be dead and I don't I don't care what happens so you know if I can I get people that are painfully honest with me and you know<br> being a non-recourse loan the value or I'm sorry the balance can exceed the value but the bank is never going to go after the errors or send you a bill it's a wash and send the keys to the bank okay so for example I did hear stories back in 2008 where people were buying homes at pretty much half the value of the mortgage because that 95% Rule and they actually turned around and made money okay good that's good to know because we're in a weird economically time in right now when you have real estate rates at 7% you know what makes it very hard for people to buy a home if somebody's in trouble and people who were trouble you know because covid all that stuff are starting to work their way through the to the foreclosure and all that meeting that process so we might have more houses you know the housing prices might go down in value so I just care<br> no<br> there's a big question here hey reverse mortgage is a really expensive that's that's the number to it is and I can somewhat agree however what I do is I try and explain the value of the cost so for instance there are FHA insured mortgages are reverse mortgages and then their proprietary the fha-insured mortgage has an upfront mortgage insurance premium which is 2% of the value of the home this amount is collected this 2% upfront protects you or your errors from ever owing more than the property is worth so remember how if there's a $300,000 deficit if you pay you know let's play friends since your value of your home is 500,000 and you paid a $10,000 mortgage insurance premium up front and by the time the law<br> passes there's an overage of the account of 250,000 who's going to who's going to pay for that $10,000 you paid up front<br> that's an insurance policy to essentially protect you from that also there is a half a percent collected each month in mortgage insurance premium and that protects the credit line that you opened or the monthly distribution that you set up so when you say that these loans are expensive expensive compared to what so if you sold your home you're going to pay 6% commission to a realtor<br> if you wanted to stay in your home and avoid having to move and you know I moved 35 years of you know tchotchkes or what-have-you it it's a lot more affordable to use your home to stay at home I think the big thing there is people didn't realize what what they're paying for for what they get correct and that's why I take the time to explain it because a lot of people want to pay the mortgage insurance will that insurance is a very very small price to pay to live in your home for as long as you live in your home and it's all based off life expectancy in there using tables from like 1987 and we're living a lot longer retirement retirees are living fifteen to thirty years you know after retirement and their income is not going up your way we're going to run a stick right there we got to take a break pay some bills so everybody stick with this will be right back with more and we're Wyckoff<br> 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 ins-and-outs 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 in 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<br> hey welcome back to the saving with Steve show where we talked about the ins-and-outs of money pretty much everything under the sun release you having a happy healthy relationship with money I hope you're enjoying all this I truly want to thank you for tuning in and appreciate you letting your friends and families know about the saving a shoe show all the replays are available at ww.w saving with Steve. Us if you're enjoying the stories of helpful information and insight on saving to see that encourage you to suck drive to our YouTube channel never misses show check out a few of our Affiliates at UK help radio BBS radio UK Health radio talk radio in New York City networks are dedicated to empowering you to solve problems up with your spirit and live a life of personal financial Freedom you can also follow us on Facebook is saving with Steve Sexton and get the behind-the-scenes stuff you can see all my wife loves as well as everybody else's lives are cats walking across the screen all that kind of good stuff now with that I want to welcome back Angela Wyckoff reverse more<br> reverse loan solution we've been talking about reverse mortgage dispelling all the myths and misinformation and the cool thing about it is all of our viewers sending an email saying I want to know about this now let's see I like that I just got a kick out of this when the bank tells me what to do with my money A lot of people are very very concerned about this and when we first started searching for somebody that could help us and educate us on the show was about reverse mortgages one of the questions that says hey if I have a reverse mortgage in my property goes down in value<br> will they take away the portion of the loan will the valley it will they take away some my funds what what occurs there<br> that goes back to the important question that we were talking about is how expensive reverse mortgages were remember that you do mortgage insurance premium of 2% that we didn't want to pay with that is what protects you if a value goes down and you have her upside down on the property and you were promised payments of $1,200 a month or what-have-you that's protected that's the insurance policy that you paid for upfront that 2% of the value at the time you established the reverse mortgage that protects you from continuing to be able to access your line of credit or receive your distributions or however you ended up setting up out of curiosity those payments that were set up for the inflation-adjusted at all know they are static so for instance at the time you set up you can say I can tell you how much is available and you can say oh you know what I kind of want 30,000 right now to do some repairs around the home and then we could take what's left and distribute in the into 10<br> commence so if you live longer than the bank expects you to you're getting a lot more I had a client call in and they had spoken with you know somebody on the TV that they called because of a moustache and piano they got a telephone jockey and they're like well they're going to give me $200 or $200,000 and I'm like oh wow that's amazing what you going to do with that $200,000 is all well I'm going to take 30,000 make some repairs repair the roof excetera I'm going to put the rest in my savings account and withdraw $1,000 a month for my wife's life and long in long-term care policies had Parkinson's and I said why would you pay interest on that from day one so I was able to get him the $30,000 closing I wasn't able to set up payments of $1,500 a month for the tenure of the loan wear it whenever the last bar or leaves the home and instead of $200,000 splitting it up that way<br> cute by each 100 would have received $478,000<br> that's awesome yeah it's amazing it's such an amazing retirement tool and I've made it my passion to dispel all these missed because it's so amazing what the weather big thing here is this doing some planning with somebody makes all the difference in the world so if you're looking a reverse mortgage whoever you talkin with if they're just still doing quote and verse that's not going to work you need to understand exactly what you're getting into what you need it for how it's going to benefit you and what it was for long-term all about cuz if you did and most people and when my understanding is I don't do reverse mortgage but when you're in the financial field of people understand. Front now down the road with the benefit is and what they're paying for for what they're getting<br> be a lot more palatable and you start to say okay all those things that I've been hearing aren't quite true now I'm one of the things that a lot of people are asking is you know what should I get a HELOC instead of reverse mortgage and what would be better what's the difference how does that make sense or not<br> okay so a HELOC vs. a hecatomb which is a home equity conversion mortgage so they key lock only has a Dr. Of 10 years and you have to make interest-only payments the hekim is for as long as you live in the property so what 30 plus years and there are no payments required<br> you draw as at your leisure and you can pay back to just like your credit card you can you could do that to you no kind of postponed the interest accumulation so you can pay a portion of it back but you know the longer you leave it in there growing the more access to funds that you have often times when I'm doing my proposals within 10 years the amount doubles so if you had two hundred thousand in a line of credit that was going to be available to you and let's see your young your 65 and you want to use it for your rainy day or you know you have some health issues that are going to be coming up and you want to be able to use that when the time comes cuz it's not if it's when you know 10 years down the road when you're seventy-five there's going to be like $400,000 in there those wonderful Okay so<br> where did that go I just have this wonderful question about one of the thing and we have about 45 minutes to go and this is a very important thing because we've had some people says hey I got everybody qualified for reverse mortgage but they didn't so what are the things that make sense about qualifying for a reverse mortgage and then obviously let's walk into the rules the rules and the number one it has to be a primary residence you must live in the property you can't rent it out if you had let's say for instance you have a married couple and one goes to assisted living as long as one bar were remains in living in the property then you're still you notes submitting to the rules rule number two is that you have to pay your property taxes and you<br> insurance you have to maintain those and you have to maintain the property so you're the property can't go into disrepair the you know City can't come by and condemn it or if you know you don't like a 5-acre property they might not be able to maintain it we might want to consider maybe selling it and take you the proceeds and doing a reverse for purchase so you can do that too so that's essentially the rules of qualifying now you can qualify for reverse mortgage a lot easier than you would for a forward mortgage because there's no pee and I to qualify for right so you have to qualify for your taxes your insurance and whatever credit that's that you have and in some cases you can pay off those debts through the loan to qualify and of course you know having that conversation is early is is necessary because as the values start to love loss and or reduce you might not qualify for as much so definitely having that conversation while the values are high<br> it's important okay so let's talk about the high rates we know our rates are up what are rates for reverse mortgages<br> they're pretty well in line with conventional rates so prints inside literally just had one where it was like 6.875 which is what I'm selling on on forward mortgages as well so it's very very well in line without the 6th Street reverse mortgages though they are a little bit higher there were closer to 9.99 and the higher you go in the interest rate the more funds the the lender is willing to give against the property so these are all things that we talked about we talk about the various options when I do a proposal I always show you the adjustable the fixed and then of course based off the goals you know how to properly you know takes the most advantage of each individual's own product<br> so did you hear that folks very very very important you want to see all aspects of every single loan not just the one that somebody's presenting to you too often in any business especially when you're in the advice business there's a lot of people who just have a cookie cutter box you don't want the cookie cutter box you want somebody is going to adapt something to your needs and give you an idea of what's possible that's very important because if you were looking at something and you actually need a larger loan hey that higher rate might make more sense or if you need something that's an income it all depends on what you need so it's really important that you look at all the different aspects and you have somebody like Angela do that Angela we're about wrapped up here but I need to know how people can get ahold of you<br> absolutely you can reach me at 805-301-1933 that's 805-301-1933 you can call or text or you can shoot me an email Angela at reverse loan solutions.com<br> again that phone number is 805-301-1933 correct folks you want to make sure you check out Angela Angela I want to thank you for sharing that information with us today it made a big difference for a lot of people so thank you for being here and stay safe and stay healthy sounds great so everybody stick with us we'll be right back with more<br> 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 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 in to the saving with Steve show join me Steve Sexton on a 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<br>hey welcome back to the saving with Steve show again for talking about the ins-and-outs of money today I'm going to be talking about the consequences of higher treasury yields so I've been sharing with you guys over the last few months the rising treasury yields are caused by the rise of inflation however it's worth noting the rise in treasury yield has a far more systematic consequence and that is the u.s. is paying a whole lot more on its debt think about it on Monday the u.s. issue 48 billion dollars worth of six months he built last time this year based off where the yield Works us would pay 180 million in interest on these bonds<br> I think about this today the US will pay 1.3 billion in interest on these bonds this is just one tiny example this issue and this is you will apply to all the dead u.s. issues going forward I erase means hiring payment us has over 30 1 trillion dollars in debt and it's adding to this mountain of debt via that 1 trillion-dollar deficit that we've already know about this year so we're going to be talking about greater greater debt payments on a mountain of debt which will need to be repaid or rolled into something in the near future what are the implications and consequences think about it there's so much broken economically and yet in the monetary policy right now we will face consequences sooner than later and it won't be pretty The More We Kick the Can down the road the more painful the concrete consequences will be and you know I'm not only for the economy of the market<br> back most recently we've got the FED chairman mr. Powell and his speech indicated that rate hikes will increase higher than originally thought cuz he wants to make sure he gets inflation rate down to 2% and as a result the market sorry pricing<br> Wall Street analyst Ernie canning the higher the rates lower earnings earnings decline resulting in higher layoffs moving us more more into recession we even have major brokerage houses the chief of equity strategies there any kid in the US Stocks declined unsustainable high and face imminent loss has once investors realize what we just found out from mr. pal that the FED Reserve isn't pivoting the lower rates later in the year folks here's the big question you want to ask yourself especially if you're about to retire or in retirement<br> you taking income are you using the right tool for the job are you using an accumulation or a growth strategy for the distribution phase of your life this could be very problematic and is also the number one reason that people face<br> this dilemma with their assets being cannibalized away when they're withdrawing in a declining market and many times most people never recover from it which is causing change of life so it's really important that you perceive with whatever you're doing with caution hey I want to thank you for joining us today on saving with Steve this is my little money minutes segment for the show will look forward to seeing you next week with another great episode stay safe and stay healthy we're going to see you next time bye bye<br> 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 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<br> 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 show where we talked about the ins-and-outs of money pretty much everything under the sun really see you having a happier healthy relationship with money I want to thank you for joining us today my name is Steve sex and I'll be your host I want to just really appreciate everybody for sharing this with your friends and family in the United States<br> seated over 600,000 listener so we're very excited about that our audience overseas is growing worse and she's 54 countries right now and our audience keeps going for well over 80,000 they were very very excited I just want to thank you because it makes a difference when you share this around one of the big things today is we're seeing a lot of economic storms out there okay you got that we started with the pandemic and then we started hitting inflation we got the Ukraine war that the Russia and China all that stuff we got interest rates going up which doesn't seem to slow down we see them the interest rate increases impact corporate earnings we see or start to see more layoffs and now and nobody thought of this but you nobody got 3 weeks we're going to see some banks having some issues and a lot of that has to do with you know what interest rates that they've been giving loans out for years and then through cigarette pay and all the sudden it's a lot higher than that so a lot of those banks are having some issues in<br> interesting part of it it doesn't matter where you are cuz we just heard this morning credit Swiss is having some problems and you know what that's not a bank like the one we saw the United States think that when I had the United States spb a 200 billion dollars credits Twisted six hundred billion dollars so it's a bigger it's affecting worldwide now here's the thing the coal thing we actually have the perfect guest for everybody we have Romey pick run she's a certified financial planner got ejected Decades of experience she's a co-founder of an app called reduce at 5 and it's a financial technology app that designed to help accelerate student loan payoff which is really big cuz it's really is a lot of issues in student loans she also the big thing here she looks she strives to help others break out of the pattern of unhealthy money management to create lasting well there's so many people who struggle with this even more so you know weight loss and all that stuff the other thing is this what a lot of people don't know she serves the panelists<br> mentor for United Negro College Fund the Thurgood Marshall College Institute and then what we need to think of all the stuff that you do any one of you know there's no wonder why she's been named or been awarded 50 under 50 so you know what roaming welcome to the show we're glad to have you<br> thank you so much for having me today Steve and thank you to the list nurse for joining us today it's especially a privilege to be here with you during women's History Month considering that I would have been 92,000 certified financial planners here in the nation in the United States women we make up only about 21% of that figures I was only about nineteen thousand women certified financial planners within the nation so happy women's History Month. I actually think there's going to be more more women financial planners out there and the reason being is there a how to put a 90% of males pass away if the wife and you know that there's a lot of people a lot of ladies at you know I had passed away without a husband so it's very important that they give great advice and then you women are wonderful at that I think most women have a special test for it so I think that's a<br> I want to see how about you so which got your passions going<br> that's a great question Steve you know what as a child I was always a phenomenal favor so much so that I applied for and actually work that event while I was attending college and then immediately after graduation I launch my career with one of the largest asset managers in the world Fidelity Investments as a stock Trader at the age of 23 years old from there I was promoted to working with high net worth clients so millionaires I work with millionaires in my twenties and that's what really motivated me to continue my career as a financial planner and then also inspired me to start my financial management company asset Achievers to be able to provide financial management to the everyday person and make wealth-building accessible to specifically first generation Wealth Builders like myself<br> I think it's wonderful you're giving back is a lot of people who are financial planners don't focus on first generation and I think that's wonderful I also really love I just checking out your app they're my son's already on it by the way because he just graduated got his master's but he has some Dutch<br> tell him come on over especially with all the men in the world how to approach money differently in this market and you know I just want to start<br> with a very first question hear that a lot of people don't pay attention to and I just got to say this up front if you're not paying attention you're going to be sorely surprised so you really want to pay attention to what romi's talkin about here in the first question is your money loses value during inflation rising cost of gas food red falling all that kind of stuff so how can people start looking at hey let's just think about if I had a hundred thousand dollars last year and inflation was 7.1% and I was earning to that means my hundred thousand dollars is only worth $95,000 in purchasing power what should people be doing with with with England with him when it comes to inflation on their hard-earned dollars<br> well as you mentioned to eat when you have high inflation at 6% I'm like we're having today that affects a multitude of things one being the cost of borrowing becomes more expensive for items such as credit cards mortgages auto loans personal loans and even student loans to all of those things much more expensive to the everyday person so it always works to your advantage to be strategic about the way that you pay that your desk but even more so during times of high inflation my today so ideally if you have a variety of that is best to prioritize my paying the death of that's costing you the hot the most money so that would be the debt with the highest interest rates when you prioritize that. That's causing you the most money ultimately ends up saving you money and then you're able to place that additional money towards<br> other dads for their savings towards our investment so that's one way to address it and strategize your your money the opposite end of the spectrum we know that I am placing also affects deposit accounts in a positive way so this is actually a prime-time for individuals to take advantage of having money in their savings account specifically high-yield savings account CDs and money markets because it's those items are some of the safest places to keep your money seeds and not only that they're actually earning some of the highest rates that they learned over the last 10 years to all of my clients that I saw the cheevers I recommend that they either have one of these type of products to help combat inflation because CDs and savings and money market are currently earning between about three and a half percent to 5% so if you have inflation running at 6%<br> when you come back in place and by having one of those type of products that the earning you much more money than a regular savings account looks wonderful so you know when it comes to money Savings in an invoice Terry. You know what what percentage of somebody's money should they be having in a savings account you have knowing that he will love you when you're too short of where you know this because let's be candid the banks have never really kept up with inflation there are there are the interest rates are always a little bit lower but so when it comes dad how much would make sense for somebody to keep in savings as opposed to you know what having everything in there what would be a good percentage of assets to keep in savings depends on the person their overall goals and their expensive expenses so I normally recommend between 5 and 10% as we you know see what's really happening<br> within the economy in this possible recession than you may even want to increase your savings just to have enough of a buffer in case of emergency because we'd see that there's been hundreds and thousands of layoffs were just in a period of hiding and burn tea so I would recommend between 5 and 2% and then depending on how the economy is going you may want to increase that percentage of a savings okay so I think that's great now I want to jump back to something we talked about before about paying off dad you know what you talked about a method by paying off the highest interest rate for so yes with Rising interest rates especially on credit cards and I'm going to get some of the credit card interest rate to Ghana from 14 all the way up to 18 or 19 because interest rate increases and looking at that you're like wow that's a lot of money but you know what when somebody is how to put it<br> kind of grinding it out so to speak trying to pay those things off what are ways that people can find areas to save money or make more money to pay off those credit card debt so they can get to the point where they're saving money<br> well let me tell you Steve I've been there done that my spouse and I we actually paid off $130,000 of student loans at but then two and a half years so I know all about cutting expenses in the in the truth of the matter is I when when you have time so I can we have today high inflation and you know numerous layoffs really do have to take inventory of your money and find out exactly what areas can you save on or what area code what area is can you put on your expenses and what we find most of the time when I go to my clients and look at their balance sheet is that individuals normally spend the most money on food and eating out until that was a personal one of my personal biggest expenses as well well I was going through the time frame with pain down my student loan debt so for me I made a plan to to cook more often throughout the week since food is one of the largest<br> fences and I know that everyone is not good at cooking or don't have that skill but you have to let you know be a strategic as possible and in cutting your expenses another item that I was down for a lot of my clients were those like entertainment expenses but not necessarily the things that you may use like you may have a gym membership that you're not utilizing full one more area that I was able to stay almost $1,000 at least $750 a year and that was just simply switching my cell phone carrier a lot of people don't think about that and often times with loyal to these companies that we have but when it comes down to your bottom line and your dollars you have to be strategic as possible so I would say food that's one area should look and find out if you can cut your expenses their providers whether it's your cell phone or even switching your insurance carrier there was another area in which I was able to<br> brummie thank you very much that's wonderful hey folks we're going to have to take a break pay some bills so stick with this will be right back with more romantic run in Saving with Steve more expert advice for having a happier relationship with money still to come I'm 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 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 in 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 same with Steve shall we talk about the ins-and-outs of money I owe you truly want to thank you for tuning in appreciate you sharing this with your friends and family and Associates has been wonderful if you're looking for replays are available at ww.w saving with see. You asked if you're enjoying the stories of helpful information inside on saving with Steve then I encourage you to subscribe to your YouTube channel or Spotify channel so you never missed a show by the way you want to check out a field or a few leads at UK Health radio bvs radio talk radio in New York City e360 TV Las Vegas TV network all these networks are dedicated to empower you to solve problems up your spirit and live a life of personal and Financial Freedom by the way you can also follow us at shaving with Steve Sexton on Facebook you can get replays behind the show stop where you can see everybody make the fun flub and<br> you know what you also get some gifts there so was that I want to welcome Romy pickren back she's a certified financial planner we're lucky to have her she's been giving us some great advice expecially during this mess sometimes really let's talk about developing methods to save more money or invest in reputable defensive sectors you know you already talked about how yield savings what are other things people can do because right now most people have some sort of a balanced portfolio there across all different Market sectors demographics all kind of stuff like that they got bonds and basically they're seeing their bond funds go down because interest rates are going up in there seeing what's happening in the market because of declines all over what can they do when you talk about<br> reputable defense sectors<br> yes so as we know Economist are saying that there is a likelihood of a 60 or 60% likelihood of a recession this year so during times of a recession defensive sectors can to stabilize our perform better than other sectors within the stock market and so when I talk about defensive sectors I'm specifically speaking about utilities consumer staples and then you have Healthcare and when you think about it at all makes sense because those are the items that we intend to utilize no matter what's happening in the economy you're going to keep your lights on your you're going to still utilize your water everyone's got to buy food and beverage is so that's why those sectors in to stabilize or perform better during the other sectors during times of economic hardship or a recession<br> one more inspector that I would like to throw in their Steve that a lot of people do not think about during times of recession that I believe that we should bring to the Forefront and that's real estate but specifically Real Estate Investment Trust<br> based on Research are real historically outperformed during periods of above-average inflation by where is experiencing today and for those of you who are not familiar with Real Estate Investment Trust those are just companies who operate and manage real estate or other Investments within real estate that are income-producing and the good thing about those is that they pay a high dividend so they helped to also combat inflation a high dividend and steady earnings during times of economic hardship but overall the theme should be for investors to look for a value investment so Investments that are paying dividends that have strong earnings and that have the potential to our ride out either a recession or economic hardships of those would be those strong companies that have<br> around for some time<br> I totally understand cuz I was as I think about that you know what health care doesn't matter what your economic situation as you're going to. OK Google one and you know what everybody's flushing a toilet everybody's turning on the water everybody was doing those things I do I totally get that I do have a question for you about the Real Estate Investment Trust a lot of different types of real estate so there's real estate that like you have vacation properties you might have small Office Buildings and isn't how important it is to have the right real estate within the Real Estate Investment Trust cuz you know it's just like you said yes they do what do well during certain periods of times but there's other things that might not be doing well based off you cannot mix<br> yes and that's a great point so thank you for pointing that out Steve specifically Real Estate Investment Trust areas such as we mentioned earlier you have Healthcare real estate real estate investment trust and you didn't you also have data centers those are the areas to look do during times of the reception because if we mention with Healthcare no matter what you're going to go to the doctor's going to fill your prescription so those Healthcare real estate investment trusts are primed for times of a recession just because they're going to be much more stable than other types of Real Estate Investment Trust throughout this time frame so we will you say data forms help people at a sinner. Sinner Sinners to help you understand what that is a company like T-Mobile or even Facebook so you have to have a data center just stored the type of information<br> receive from people when we're searching the web citer we're on our phones and we're Googling things so those would be data centers that's a big companies utilize to store our information okay so what you're saying is you got this million works perfect place is just filled with servers and basically they got to have them otherwise Facebook or Amazon or some other companies not going to be able to do what they need to do to support their environment absolutely in size in the world<br> right now we have a few minutes left just a couple questions here you know what<br> we we we talked about having you a 60% Central recession if people are planning for things like that you know what what would be I know you talking about you know making sure your you get high is interest as possible on your money once like a 1 to 3 that we can give our listen to hey here's the first three steps who's your first three priorities what would be those first three priorities your emergency money with an ether a high-yield savings a money market in the additional money in a CD and that's going to be one of the first way to combat inflation because there are three and a half and 5% as I mentioned earlier the second thing if you have to definitely make sure that you are in your high interest that the death is costing you the most money<br> because as rates go up it's just costing you or any more money on that day and then the third thing is you are investing this is a great time to rebalance your money in to ensure that you were portfolio is properly positioned for a possible recession in the way that you do that is to have a good portion of it and defensive sectors such as I want to hear such as utilities and a consumer staples and even considering adding Real Estate Investment Trust to your portfolio is because they have historically outperformed during periods of higher inflation Roman we have about a minute half left in my understanding is you have a financial literacy class and I'd love for you to share that with our listeners if somebody would like to partake in it they may know where to go in the whole shop<br> absolutely Sol I have a recession ready class coming up here a financial literacy month at the end of April and we discuss are the principles of having your money ready for our possible recession just like Economist are predicting here soon so that I classes available at the end of April and you can go to set a cheevers got, and it's not up today but will have it up here very soon and as acid achievers.com I'm also on Facebook Instagram and Twitter at @ao cheevers and also on LinkedIn under my name or me pick Rock us a big favor could you an email with the link for your class supposed to put it up on the website so if somebody wants to go over there go hey where can I find it and they forget everything else they can go right there and they can just like that Lincoln get involved with your class whatever you're absolutely<br> thank you so much for being here on saving with Steve you know what the wisdom you impart of the people in this this time is just going to make a big difference in their lives so everybody thank you for being part of the show this is roaming pigments used certified financial planner and you can see your passion you can see why she's been awarded $50 50 which is kind of cool and love to have you back again so thanks for being with us today thank you so much. It's been a complete pleasure to be here with you and your listeners today all ready for bed you have a wonderful day stay safe and stay healthy and have to take a break pay some bills so stick with us we'll be right back with more baby Masti 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 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 same thing with Steve show where we talked about the ins-and-outs of money you know one of the big things we need to discuss has you know what's going on in economically the question is rummy talked about how to get prepared for this economically storm so let's talk about it a little bit further again we all started with the pandemic you know what in fact that most Economist predicted a recession in 2021 and that got pushed down the road a little bit because we had the pandemic and you know what basically the federal the government through and what 20 trillion dollars over a two or three-year period into the economy and as a result we sat outside our supply chain issues that we saw High inflation overseas we're seeing inflation over here and the set started raising interest rates<br> and as a raised interest rates we started seeing that the inklings of earnings for companies to climb and as those earning started to climb or starting to hate your white layoffs okay and in fact there's been 380 companies that have laid off over a thousands of people since the first of the year and we just heard Facebook is to get another ten thousand or more likely going to see more now one of the side effects of that inflationary increase is now we see mortgage rates at almost 7% making it much more expensive to get a mortgage think about it yeah 88 hundred thousand-dollar mortgage at the beginning of 2022 at two and a half percent you're looking a little over $3,000 a month<br> now you're looking at almost 5 $6,000 a month in interest alone you're the only have $1,000 mortgage you could be paying as much as $100,000 a year just to make the mortgage payment makes it much harder to afford housing prices are going to be going down less people buying the whole shot the top of that one of the things that most people don't realize it's those your banks in the last three years would have been doing hey they've been giving low-cost loan that you would have a said they've been buying low interest rate for the last eight or nine years and then all of a sudden in a short. Of time we see the interest rates go from the tubes or next-to-nothing all the way up to six ok and in fact they're expecting to see interest rates your further but this is causing issues Banks we're beginning to see which we've already seen with SVU bang First Republic and now credit Swiss a worldwide Bank take meeting the issues that we're having the economic mess you're seeing once<br> remember them in the reality is the Federal Reserve their damned if they do damned if they don't in the thing that you need to understand about that is if they don't raise interest rates we've got inflation<br> we're also adding to the debt<br> Dance of the Dead that means taxes are going to go up we're going to have issues there and if they raise interest rates were going to see more on employment we're going to see more issues with banks so either way they got we got some problems in that storm is probably going to come quicker than later and the reason why I say that is who out there thought 3 weeks ago there's going to be an issue in the banking system<br> think about it folks<br> in what One Way Or Another We're going to see some trouble economically<br> you're definitely going to want to get prepared for it so you know what stay tuned we're going to give you a more stuff on what's going on I want to thank you for sharing your time here with shaving with Steve and we'll look forward to seeing you next week we're going to help you with great advice and wonderful gas and with that I hope you have a wonderful day today shakes a healthy 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 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<br>