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♪ Quick money ♪
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♪ Quick money ♪
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♪ Quick money ♪
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♪ Quick money ♪
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Let's talk about money, a tricky subject, I know.
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There is want more, need more,
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too little, too much, have, and have not.
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It's what we work for, what funds our lives,
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factors into our decisions every day,
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and it can be intimidating to talk about
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because money is a fickle subject,
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especially when we get into the concept of money management.
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And what about a major life change?
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Like when a new grad first enters the workforce,
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or if you endure an unfortunate midlife event,
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how does one navigate the murky waters of money
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and finances in those scenarios?
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It's complicated, complex, and frankly, pretty scary.
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But with some insights and tips from our two guests today,
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navigating the ups and downs,
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the ebbs and flows of finances can be a little bit easier.
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I am Jacob Carozza,
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and you're listening to "Now at Ohio State."
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We talk with researchers, innovators, and bold thinkers
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who look at our world, see what the real challenges are,
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and create the solutions that people need now.
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Let's start by talking big purchases,
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maybe even the biggest purchase many of us will make.
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Let's talk about home ownership. Do you own a home?
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Are you looking to buy a home, refinance,
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leverage your home equity,
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or have you been looking to buy a home,
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but given up due to the current market?
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Whichever lane you might be in,
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Ohio State's, Stephanie Moulton
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has some helpful information for you.
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Stephanie is a professor and associate dean
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for faculty and research
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at the John Glenn College of Public Affairs,
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and she specializes in housing and consumer finance,
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with expertise in mortgages and access to home ownership.
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She sits down with our Ross Bishoff
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to discuss the ins and outs of home ownership,
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what the long-term impact can be for you
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and future generations,
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and some of the many resources out there
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that help first time home buyers make that leap.
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Stephanie, thank you so much for being here today.
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Thanks so much for having me.
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I always love talking to you because I always walk away
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so much more educated on housing and financing,
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and everything that goes into it,
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so I'm looking forward to this.
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Tell us what you do here at Ohio State.
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My name's Stephanie Moulton.
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I am a professor at the John Glenn College of Public Affairs
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at the Ohio State University,
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and I'm also our associate Dean
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for faculty and research there.
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And so a lot of the work that I've done lately,
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and even from the beginning, focuses on homeowners,
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and how people that wanna be homeowners,
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or people that are homeowners interact with credit markets.
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So typically thinking about mortgages
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across their lifecycle journey
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from a individual that's buying their first home
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to somebody that might be weathering a job loss,
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or a health shock as a homeowner,
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to even older adults as they're thinking about
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how they wanna use home equity and retirement,
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and kind of pass on the housing wealth,
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potentially, to their kids.
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For decades, home ownership
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went hand in hand with the American dream, right?
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It seems like that American dream home ownership
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is sort of out of reach,
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or maybe it's become too difficult.
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Am I wrong on that? What are your thoughts on that?
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You know, about 65% of the population
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in the United States are homeowners.
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We've gone down just a baby bit in the past few years,
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but it's really hovered right around there,
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never gone much above 70%, even at our peak,
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and then has come back down to around 65%.
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If you are currently a homeowner,
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you're actually experiencing unprecedented rises
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in your home equity because house prices are going up.
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You might have locked in these really low interest rates
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a couple of years ago, you might be doing really well,
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but for somebody that's trying to get into this market
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for the first time,
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or maybe had exited home ownership and wants to get back in,
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or maybe as a current homeowner and wants to move somewhere,
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it's really hard right now for a couple of reasons.
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One, we just have really low supply, really low inventory,
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and that's in part because of this kind of,
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lack of new construction and housing starts
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that we've had at these affordable price levels.
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That's what's one factor.
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And another factor that's just sort of compounded it,
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made it like this tsunami is the low interest rates
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that we had in 2021 and 2022.
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Something like 60% of homeowners refinanced
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or purchased a home during that period.
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So they locked in these interest rates of 3%,
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and now we call this this lock-in effect
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where people don't wanna sell and move
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because they don't wanna realize
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these higher rates that exist today.
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I mean, at the lowest, we might get down to 6% in 2025,
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but we're probably not gonna go much below that.
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So, a lot of these folks have 3% interest rate
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on their mortgages,
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and that keeps the supply really kind of gummed up.
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And so people trying to enter the market
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have a hard time finding homes
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that are for sale at their price points.
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And then combined with, you know,
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depending on where you live,
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other costs of owning a home have gone up too.
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And you could think about, if you lived on a coast,
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oh my gosh, like homeowners insurance, flood insurance,
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those things are definitely going up,
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but it's rippling across the whole country.
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It is not just on coastal areas.
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It's actually here in Ohio too,
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that homeowner's insurance costs
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are also something that's creating a challenge.
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And then as property values rise, property taxes go up too.
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So all of these things make the owning of a home
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feel like more of a challenge,
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or more of an obstacle that's difficult to get into,
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and then to kind of maintain.
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When were the worst interest rates?
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Worst interest rates, so in the 1970s,
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I mean, we got up to almost 20%.
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Wow. (laughs)
Yeah.
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So we're nowhere near that right now. (laughs)
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One of the ways Americans have traditionally built wealth
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is through home ownership.
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Is that still a thing? Is that changed?
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What are your thoughts on that?
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So I've been studying home ownership since 2004, 2005.
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And so I was studying it during the boom
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and the bust of the last period,
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and there was this move, this rash to say, you know,
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we've pushed home ownership too far.
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We really need to not make this the American dream anymore.
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There's, for a lot of people,
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for whom home ownership is just shouldn't be,
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there was a should, this ought.
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I get the fact that we might overstress it in our country,
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or we might overemphasize it as part of an American dream.
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On the other hand,
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and I think this is what you and I have talked about,
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it is the primary way that people build wealth
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in our country, for better and for worse.
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We could argue that, you know,
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really people should have more diversified investments.
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They shouldn't be all in their home,
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but it actually, for most people in the US,
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by the time they're over the age of 65,
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the primary source of wealth for the average person
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is going to come from their home.
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And in fact, this is even truer
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among lower income individuals.
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So if we look by like income quintile,
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the lowest income quintile, it's like 70% of their wealth,
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if they're homeowners, comes from the equity in their home.
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I just saw this recently, in 2023,
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homeowners had 40 times more wealth than renters.
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So the median renter has about $10,000,
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according to the Survey of Consumer Finance, in 2023,
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median renter in the United States has about $10,000
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in net wealth, in assets.
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Median homeowner in that same 2023 year, close to $400,000.
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And now that doesn't mean that if these renters
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were just magically dropped into home ownership,
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they would suddenly have the same amount of wealth.
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Some of that wealth is housing wealth,
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some of it is other types of investments,
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and we do find that renters are also less likely
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to hold other types of investments than homeowners.
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For the reasons we've talked about,
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there's a lot of barriers to getting into home ownership.
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It requires some sort of money for a down payment.
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It requires that you have good credit.
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It requires that you can afford the monthly payment,
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based on your income.
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So you have to have stable income,
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and you have to have enough income,
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and not too much other debt
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to be able to afford that payment.
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So there's a lot of barriers
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that make the population of people who are renters
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and the population of people who are homeowners different.
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There's a lot of selection factors
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into who becomes homeowners
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that also correlates with wealth.
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But putting that aside,
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it is the number one source of wealth
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for even among low income homeowners.
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That is their primary source of wealth.
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You probably know this,
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but people who are Black in our country
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have 1/10th of the wealth of people who are White.
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Some of that is driven by
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this persistent 30 percentage point gap
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in the home ownership rate
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between Black and White households in our country
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that has persisted for over 30 years.
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So it's like this 30% gap over 30 years hasn't budged,
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and that gap in home ownership rate has,
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it contributes to this huge gap in wealth
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that we see between Black and White households
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in our country, and you can trace that back
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to all sorts of historic redlining
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and discriminatory practices that were happening.
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Lack of access to home ownership,
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or lack of affordable channels
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by which people can access home ownership,
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can exacerbate these kind of big wealth gaps
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that we see in our country.
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The wealth and equality that we see gets compounded
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when we don't provide affordable on-ramps
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for home ownership for people of all different types.
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So if I do wanna buy a home
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and I'm a first time home buyer,
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what kind of advice would you give me?
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So Ohio Housing Finance Agency, for example,
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is the state housing finance agency in Ohio,
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and they provide programs for first time home buyers,
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including, oftentimes,
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a lower interest rate on the mortgage,
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but then also down payment assistance.
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The majority of first time home buyers
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get their down payment from their parents,
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but if their parents didn't own a home,
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they may not have the wealth to give them to buy a home.
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So down payment assistance programs,
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like what OHFA provides,
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can help make up for some of those intergenerational
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kind of inequities that we might have
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where you may need a little bit saved,
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but not as much saved as you would have to have
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if you were to try to do it without assistance.
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They also have a Grants for Grads Program,
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which is for individuals that have graduated
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from an Ohio College or University in the last five years.
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And then they also have a Heroes Program,
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which is for firefighters and teachers, nurses,
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that they can access some of these funds
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at a lower interest rate,
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and then get some of that down payment assistance.
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Another resource, there are nonprofit organizations
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that provide free education and counseling
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for people that are thinking about home ownership.
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Or maybe you're not a first time homeowner,
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but you've been out for a while
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and you wanna reenter again, maybe after a divorce.
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There's these home buyer education and counseling classes
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can be super helpful.
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And you can find this nonprofit organizations
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that provide these,
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through the US Department of Housing and Urban Development,
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HUD, on their website,
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if you just type HUD housing counseling,
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there's lookup tools where you can look by your state
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and look by your area to find the nonprofit organizations
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in your area that provide that sort of counseling.
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There's a new resource through the Ohio Treasurer's Office.
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They have something called the Ohio Home Buyer Plus Program,
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and it's a tax advantage savings account
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that you can use to save for a down payment.
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There's a deduction for family members
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and other people who contribute to the account.
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So think of it kind of like a 529 account, if you will,
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for saving for a down payment.
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So that might be also something to check out.
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Stephanie, thank you so much for talking with me today.
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It's been a pleasure. Thanks for having me.
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(bright music)
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Now let's talk long-term financial stability.
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From the new grad to the young professional, to midlife,
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how exactly does one improve their net worth,
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grow their finances,
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rather than treading water from day to day?
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Enter Sam McCoy.
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Sam is a financial advisor and president
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of his own wealth management firm,
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Tenacity Private Wealth.
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A two-time Ohio State grad,
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Sam is also a member of the Alumni Board
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of Ohio State's Fisher College of Business,
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and he's part of the Ohio State
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Estate and Gift Planning Professional Advisory Council.
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He talks with our Ross Bishoff
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about strategies to build wealth over time,
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00:12:05.280 --> 00:12:08.400
ways to save and tactics to grow your finances
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no matter what life stage you're in.
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Sam, thank you so much for joining us today.
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Yeah, no, my pleasure. Thank you for having me.
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Could you maybe just introduce yourself to our audience
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and tell us what your connection to Ohio State is?
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My name is Sam McCoy. I am a financial advisor.
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I own my own wealth management firm,
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called Tenacity Private Wealth.
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I am a born and bred Buckeye, grew up in Columbus.
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My grandfather was the dean of the business college-
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Oh wow.
From 1959 to '74.
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His sons, my dad, everybody, all Buckeyes.
315
00:12:42.000 --> 00:12:44.850
And then I myself am a double buckeye.
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So I have an undergrad from Fisher in accounting,
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and then a master's in accounting as well.
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And then post-college, I've remained involved with Fisher
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as a member of the Alumni Board at Fisher,
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and then I'm also a part of the Ohio State
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Estate in Gift Planning Professional Advisory Council.
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If you had to boil it down,
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maybe what is one asset people need
324
00:13:10.530 --> 00:13:13.830
when it comes to building long-term wealth?
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00:13:13.830 --> 00:13:15.600
Wealth building and saving
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00:13:15.600 --> 00:13:20.340
is a long-term, tenacious endeavor, right?
327
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It takes time, it takes consistency, it takes patience.
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You have to commit to it,
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00:13:28.860 --> 00:13:30.780
and so just having the discipline
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to continue to do it when things are hard,
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at some level, right?
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00:13:35.550 --> 00:13:38.280
You know, everybody says, "Well, I don't make enough money,"
333
00:13:38.280 --> 00:13:40.260
right, but it's all percentage-based.
334
00:13:40.260 --> 00:13:43.290
You know, if you only made $100 a week,
335
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you could put $1 somewhere, right?
336
00:13:45.630 --> 00:13:49.560
Or, you know, multiply that out towards much larger numbers,
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00:13:49.560 --> 00:13:51.240
do it on a percentage basis,
338
00:13:51.240 --> 00:13:53.280
and you're at least gonna start building something.
339
00:13:53.280 --> 00:13:56.130
And so having that disciplined,
340
00:13:56.130 --> 00:14:00.330
consistent contribution somewhere
341
00:14:00.330 --> 00:14:01.773
is what changes everything.
342
00:14:02.610 --> 00:14:05.520
My daughter's graduating in May.
343
00:14:05.520 --> 00:14:07.440
Every graduating class comes out
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00:14:07.440 --> 00:14:09.300
and probably the first thing they're wondering
345
00:14:09.300 --> 00:14:11.790
is like, "How am I gonna manage my money?"
346
00:14:11.790 --> 00:14:14.610
They're going from having probably a part-time job
347
00:14:14.610 --> 00:14:15.870
to now having a full-time job,
348
00:14:15.870 --> 00:14:19.470
having to get an apartment and a car, and those kind...
349
00:14:19.470 --> 00:14:23.430
And then obviously, student loans are a big piece of this.
350
00:14:23.430 --> 00:14:25.650
How would you maybe just set them up
351
00:14:25.650 --> 00:14:28.150
to maybe get through the first few years, I guess?
352
00:14:29.460 --> 00:14:31.500
I think the really important thing there,
353
00:14:31.500 --> 00:14:34.950
and this is true for everybody,
354
00:14:34.950 --> 00:14:37.470
is to live below your means, right?
355
00:14:37.470 --> 00:14:41.190
As a college student, you're used to living on nothing.
356
00:14:41.190 --> 00:14:42.023
Right?
357
00:14:42.023 --> 00:14:45.420
$5,000 a year, $10,000 a year, low amounts, right?
358
00:14:45.420 --> 00:14:47.310
And you're gonna come out and get a job
359
00:14:47.310 --> 00:14:51.240
and make substantially more than that, likely.
360
00:14:51.240 --> 00:14:54.150
It's easy to get caught up
361
00:14:54.150 --> 00:14:56.670
in the keeping up with the Joneses,
362
00:14:56.670 --> 00:14:57.900
for lack of a better word,
363
00:14:57.900 --> 00:14:59.640
where you wanna buy that cool car,
364
00:14:59.640 --> 00:15:01.500
you want to live in that cool apartment,
365
00:15:01.500 --> 00:15:05.370
your clothes get better, your food gets better, right?
366
00:15:05.370 --> 00:15:08.970
It's easy to move up the scale of life
367
00:15:08.970 --> 00:15:10.770
when you get more income.
368
00:15:10.770 --> 00:15:13.620
Once you're doing that, it's hard to back it off, okay?
369
00:15:13.620 --> 00:15:16.350
And so, like, if you're coming from college
370
00:15:16.350 --> 00:15:18.090
and you're used to living on nothing,
371
00:15:18.090 --> 00:15:19.560
certainly scale it up a little bit,
372
00:15:19.560 --> 00:15:21.540
but like, don't go to the Nth level
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of spending every dollar of your income, right?
374
00:15:24.131 --> 00:15:26.220
Like, you have to live below your means
375
00:15:26.220 --> 00:15:29.100
and you have to get used to saving money.
376
00:15:29.100 --> 00:15:30.300
So if you go from, you know,
377
00:15:30.300 --> 00:15:32.010
you were living on $5,000, $10,000 a year,
378
00:15:32.010 --> 00:15:34.920
and you make 50 grand in your first year,
379
00:15:34.920 --> 00:15:38.250
live on, you know, 25, 30 of it, right?
380
00:15:38.250 --> 00:15:41.700
And say, you know, taxes are gonna take out 10% of that,
381
00:15:41.700 --> 00:15:43.860
or, you know, 15%, depending on your income level,
382
00:15:43.860 --> 00:15:48.860
but, you know, save the other 10%, right?
383
00:15:48.990 --> 00:15:50.130
Start putting it away
384
00:15:50.130 --> 00:15:54.540
to slowly increase your quality of life over time.
385
00:15:54.540 --> 00:15:57.960
'Cause you don't want to spend every dollar you earn.
386
00:15:57.960 --> 00:15:59.880
That would be the big problem.
387
00:15:59.880 --> 00:16:02.250
So now that we have them living below their means,
388
00:16:02.250 --> 00:16:04.770
what should they do with that extra savings?
389
00:16:04.770 --> 00:16:07.500
I think there's a hierarchy of savings
390
00:16:07.500 --> 00:16:08.703
that I would go through.
391
00:16:09.930 --> 00:16:12.090
Somebody that's starting new, and right, like,
392
00:16:12.090 --> 00:16:14.793
I think this would apply to new graduates,
393
00:16:15.750 --> 00:16:18.720
somebody further along, anybody in a phase of life
394
00:16:18.720 --> 00:16:20.880
where they are starting fresh, right?
395
00:16:20.880 --> 00:16:23.610
All of these tenets would apply.
396
00:16:23.610 --> 00:16:24.780
The first things first is like,
397
00:16:24.780 --> 00:16:27.630
you need to build an emergency savings account.
398
00:16:27.630 --> 00:16:30.540
If you're single, building that on your own,
399
00:16:30.540 --> 00:16:32.400
they say that you need six months
400
00:16:32.400 --> 00:16:37.380
of operating expenses available to you,
401
00:16:37.380 --> 00:16:40.230
because if you lost your job, you had a major expense,
402
00:16:40.230 --> 00:16:41.820
whatever it might be,
403
00:16:41.820 --> 00:16:45.480
you don't wanna have to go do things like, you know,
404
00:16:45.480 --> 00:16:47.910
pull money out of your 401k, or whatever, to pay for things.
405
00:16:47.910 --> 00:16:49.230
You wanna have that cash available.
406
00:16:49.230 --> 00:16:51.120
So if you're single,
407
00:16:51.120 --> 00:16:56.120
six months of monthly expenses is the recommendation.
408
00:16:56.490 --> 00:16:58.740
If you're in a two income household,
409
00:16:58.740 --> 00:17:03.270
so you're married and you both have stable jobs,
410
00:17:03.270 --> 00:17:08.190
you can bring that down to a three month savings account,
411
00:17:08.190 --> 00:17:09.900
and then invest the rest after that.
412
00:17:09.900 --> 00:17:13.230
But, right, step one, get the emergency savings, all right?
413
00:17:13.230 --> 00:17:17.050
After that, then you gotta start going through
414
00:17:18.450 --> 00:17:20.789
where can I get free money, right?
415
00:17:20.789 --> 00:17:21.990
(laughs) It sounds dumb,
416
00:17:21.990 --> 00:17:25.320
but if you think about a 401k at your employer,
417
00:17:25.320 --> 00:17:28.410
if your employer offers a 401k, first and foremost,
418
00:17:28.410 --> 00:17:31.800
most of them offer a match for your contribution.
419
00:17:31.800 --> 00:17:36.800
So if you put in 4% of your paycheck into your 401k,
420
00:17:37.590 --> 00:17:40.920
the company will give you 4%, right?
421
00:17:40.920 --> 00:17:44.400
That's free money to you that wasn't a part of your salary
422
00:17:44.400 --> 00:17:45.660
or agreement, or anything like that,
423
00:17:45.660 --> 00:17:46.830
and you wanna take advantage of that.
424
00:17:46.830 --> 00:17:50.340
So you at least wanna know what it is
425
00:17:50.340 --> 00:17:52.980
that your employer matches,
426
00:17:52.980 --> 00:17:56.220
and how you can get all of that from them.
427
00:17:56.220 --> 00:17:57.960
And every employer's gonna be different,
428
00:17:57.960 --> 00:18:00.720
but you gotta read your individual plan.
429
00:18:00.720 --> 00:18:05.250
And then if you have capacity after that,
430
00:18:05.250 --> 00:18:06.720
there's a lot of different options, right?
431
00:18:06.720 --> 00:18:08.400
That's where it starts to get interesting is like,
432
00:18:08.400 --> 00:18:10.890
so guarantee your emergency savings,
433
00:18:10.890 --> 00:18:13.680
get your free money from the 401k,
434
00:18:13.680 --> 00:18:16.710
and then there's a whole bunch of levers you can pull.
435
00:18:16.710 --> 00:18:18.960
You can either do that pre-tax,
436
00:18:18.960 --> 00:18:23.160
meaning your contributions go in before taxes
437
00:18:23.160 --> 00:18:26.970
and all of your money grows before taxes.
438
00:18:26.970 --> 00:18:29.130
So then in the future, when you pull the money out,
439
00:18:29.130 --> 00:18:31.020
you have to pay ordinary income.
440
00:18:31.020 --> 00:18:32.460
It saves you money today,
441
00:18:32.460 --> 00:18:35.550
but can be maybe more costly in the future,
442
00:18:35.550 --> 00:18:37.143
versus Roth,
443
00:18:38.070 --> 00:18:41.430
where you pay the taxes on the contribution today,
444
00:18:41.430 --> 00:18:43.950
but every dollar you earn in that Roth account
445
00:18:43.950 --> 00:18:46.440
grows tax free for the rest of your life.
446
00:18:46.440 --> 00:18:49.170
If you're young, highly recommend that option
447
00:18:49.170 --> 00:18:52.530
because paying that tax today
448
00:18:52.530 --> 00:18:57.530
is way less costly than the tax-free growth
449
00:18:57.777 --> 00:19:00.660
on the earnings for the rest of your life.
450
00:19:00.660 --> 00:19:01.830
What advice would you give
451
00:19:01.830 --> 00:19:05.250
when it comes to either paying back student loans,
452
00:19:05.250 --> 00:19:07.860
or preventing using credit cards?
453
00:19:07.860 --> 00:19:08.967
I mean, I don't know how else to say that,
454
00:19:08.967 --> 00:19:11.550
but like, credit cards are always a fear, right?
455
00:19:11.550 --> 00:19:16.260
Yeah, student loans, they're hard, right?
456
00:19:16.260 --> 00:19:19.980
Because interest rates can vary, right?
457
00:19:19.980 --> 00:19:24.480
So you need to understand the different loans you have
458
00:19:24.480 --> 00:19:27.270
and what the different interest rates are,
459
00:19:27.270 --> 00:19:30.240
and pay the highest interest rate one first, right?
460
00:19:30.240 --> 00:19:31.710
And work them down.
461
00:19:31.710 --> 00:19:33.420
But again, that's a discipline thing, right?
462
00:19:33.420 --> 00:19:36.870
Set up a monthly contribution to them
463
00:19:36.870 --> 00:19:38.490
that you're comfortable with.
464
00:19:38.490 --> 00:19:40.050
That's probably just a little bit higher
465
00:19:40.050 --> 00:19:41.820
than the minimum required.
466
00:19:41.820 --> 00:19:43.230
Obviously it's gonna depend also too,
467
00:19:43.230 --> 00:19:45.060
if your loans will be forgiven, right?
468
00:19:45.060 --> 00:19:47.190
If you're in the healthcare industry,
469
00:19:47.190 --> 00:19:48.750
if you're a nurse or something like that,
470
00:19:48.750 --> 00:19:51.660
like you spend 10 years at Ohio State, or, you know,
471
00:19:51.660 --> 00:19:53.460
they'll forgive those loans over time.
472
00:19:53.460 --> 00:19:55.203
Or if you do public service,
473
00:19:56.820 --> 00:19:58.230
that's something to be aware of,
474
00:19:58.230 --> 00:20:01.170
but that's a long-term thought
475
00:20:01.170 --> 00:20:04.083
that you need to be conscious of,
476
00:20:04.980 --> 00:20:06.240
'cause what you don't want
477
00:20:06.240 --> 00:20:08.280
is you don't make payments on those,
478
00:20:08.280 --> 00:20:09.630
and they build and grow,
479
00:20:09.630 --> 00:20:11.100
and then it's too much to get out from under.
480
00:20:11.100 --> 00:20:14.490
So again, being disciplined, being consistent,
481
00:20:14.490 --> 00:20:16.590
setting up automatic payments to those things
482
00:20:16.590 --> 00:20:18.690
so it never touches your checking account,
483
00:20:18.690 --> 00:20:21.150
and just having a plan to getting that done
484
00:20:21.150 --> 00:20:23.250
is the way that those get paid.
485
00:20:23.250 --> 00:20:25.863
And credit cards are a dangerous thing.
486
00:20:27.450 --> 00:20:29.910
Like I'll tell a story about myself, right?
487
00:20:29.910 --> 00:20:33.090
Like, I do this for a living, I'm a CPA, I'm A CFP.
488
00:20:33.090 --> 00:20:35.280
I talk about money all day, every day,
489
00:20:35.280 --> 00:20:38.820
but I had never paid credit card interest in my life,
490
00:20:38.820 --> 00:20:42.870
and so, candidly, I didn't fully understand it, right?
491
00:20:42.870 --> 00:20:47.370
And I remember I was getting paid on like a Wednesday,
492
00:20:47.370 --> 00:20:50.700
but my credit card bill was due on a Tuesday,
493
00:20:50.700 --> 00:20:52.830
and I could have moved the money,
494
00:20:52.830 --> 00:20:54.930
like from account A to B to pay it off,
495
00:20:54.930 --> 00:20:58.953
but I was like, it's one day of interest, who cares?
496
00:21:00.540 --> 00:21:02.703
I was wrong. (laughs) Completely wrong.
497
00:21:03.900 --> 00:21:05.100
What I found out is that
498
00:21:05.100 --> 00:21:10.100
when you don't pay your credit card bill the day it's due,
499
00:21:10.290 --> 00:21:15.290
fully, the clock then goes back to the first day
500
00:21:15.660 --> 00:21:19.020
that you started spending on that bill
501
00:21:19.020 --> 00:21:22.440
for the entire balance the whole way through.
502
00:21:22.440 --> 00:21:24.900
So, you know, you spend on a credit card for a month
503
00:21:24.900 --> 00:21:25.980
and then you probably don't pay that
504
00:21:25.980 --> 00:21:27.240
for another two or three weeks.
505
00:21:27.240 --> 00:21:31.080
So now you just incurred six weeks of interest,
506
00:21:31.080 --> 00:21:33.060
and meanwhile, after that month ended,
507
00:21:33.060 --> 00:21:36.750
you started accruing expenses for the next month.
508
00:21:36.750 --> 00:21:41.220
So now you're sort of at like a two month total expense.
509
00:21:41.220 --> 00:21:44.250
If you want to turn that interest off,
510
00:21:44.250 --> 00:21:47.580
you owe the entire balance to zero.
511
00:21:47.580 --> 00:21:49.890
It's not just pay that whole month off,
512
00:21:49.890 --> 00:21:52.620
it's pay the entire credit card to zero,
513
00:21:52.620 --> 00:21:54.480
otherwise the interest will be on and accruing.
514
00:21:54.480 --> 00:21:58.960
So what I thought would cost me $5, cost me like 600 bucks,
515
00:21:58.960 --> 00:22:01.470
(laughs) like for one day.
516
00:22:01.470 --> 00:22:02.760
But it was a lesson learned, right?
517
00:22:02.760 --> 00:22:07.760
I now know better how it works and how not to do that.
518
00:22:10.320 --> 00:22:13.370
The house always wins.
Yeah, always, always.
519
00:22:13.370 --> 00:22:16.050
So the moral of the story there is, right, is like,
520
00:22:16.050 --> 00:22:16.887
don't get into credit card debt-
521
00:22:16.887 --> 00:22:19.045
Right. (laughs)
Just, right?
522
00:22:19.045 --> 00:22:20.280
Like pay that bill off monthly
523
00:22:20.280 --> 00:22:22.740
because those rates are astronomical, right?
524
00:22:22.740 --> 00:22:26.280
You know, some of them are 20, 30%, depending on the card,
525
00:22:26.280 --> 00:22:29.010
and that's a dangerous game to play
526
00:22:29.010 --> 00:22:32.220
because it's really hard to get out from under that.
527
00:22:32.220 --> 00:22:35.910
So switching now to somebody who maybe is starting over,
528
00:22:35.910 --> 00:22:38.190
say somebody had a death of a partner,
529
00:22:38.190 --> 00:22:40.380
or maybe they're enduring a divorce,
530
00:22:40.380 --> 00:22:42.990
what kind of advice would you give them
531
00:22:42.990 --> 00:22:45.330
if they're trying to get back on track?
532
00:22:45.330 --> 00:22:48.970
I don't think it's too different than the young graduate
533
00:22:50.070 --> 00:22:52.740
because I think those tenants are the same, right?
534
00:22:52.740 --> 00:22:54.570
It's a little bit more complicated at that point,
535
00:22:54.570 --> 00:22:56.670
'cause maybe you have kids or, you know,
536
00:22:56.670 --> 00:22:59.100
life is just more expensive,
537
00:22:59.100 --> 00:23:01.950
but the basics and the fundamentals are the same, right?
538
00:23:01.950 --> 00:23:04.050
You need to build an emergency savings,
539
00:23:04.050 --> 00:23:07.740
you need to automate things, you need to pay yourself first.
540
00:23:07.740 --> 00:23:09.750
You need to set those things in motion
541
00:23:09.750 --> 00:23:12.450
so that they can work for you over time.
542
00:23:12.450 --> 00:23:14.220
The time value of money is real.
543
00:23:14.220 --> 00:23:17.010
The sooner that you start things,
544
00:23:17.010 --> 00:23:19.230
the easier it will be for you, right?
545
00:23:19.230 --> 00:23:23.700
Because compounding money over a 60 year time period
546
00:23:23.700 --> 00:23:28.410
versus a 30 year, versus a 10, is significant.
547
00:23:28.410 --> 00:23:30.030
So if you have less time,
548
00:23:30.030 --> 00:23:32.340
you're further along in that picture,
549
00:23:32.340 --> 00:23:35.700
then you need to be a little bit more aggressive
550
00:23:35.700 --> 00:23:36.840
about those things.
551
00:23:36.840 --> 00:23:41.550
Your lifestyle needs to pair back pretty significantly,
552
00:23:41.550 --> 00:23:44.100
and you need to adjust your expectations, right?
553
00:23:44.100 --> 00:23:46.890
And what those expectations are,
554
00:23:46.890 --> 00:23:50.370
are I need to save more, I need to spend less,
555
00:23:50.370 --> 00:23:54.390
I need to work longer, and when I do retire,
556
00:23:54.390 --> 00:23:56.760
whatever my goals are gonna be different.
557
00:23:56.760 --> 00:23:58.800
And sometimes that's a hard pill to swallow,
558
00:23:58.800 --> 00:24:03.090
but sometimes that's the cards people are dealt.
559
00:24:03.090 --> 00:24:05.430
I was gonna ask you, as a follow up,
560
00:24:05.430 --> 00:24:07.440
somebody who maybe comes to you, I'm 50,
561
00:24:07.440 --> 00:24:10.740
I don't have much in retirement, what should I do?
562
00:24:10.740 --> 00:24:12.090
It's tough, right?
563
00:24:12.090 --> 00:24:16.740
Because they're not gonna like the answer,
564
00:24:16.740 --> 00:24:18.480
and the answer's not good, right?
565
00:24:18.480 --> 00:24:23.480
It is, start saving aggressively, change your expectations,
566
00:24:23.550 --> 00:24:25.953
and you're gonna work longer, right?
567
00:24:27.480 --> 00:24:30.420
You know, depending on what you think about social security
568
00:24:30.420 --> 00:24:32.520
and whether it's going to be there or not,
569
00:24:32.520 --> 00:24:34.230
it's a pretty amazing tool.
570
00:24:34.230 --> 00:24:36.960
You know, if people can get to their full retirement age,
571
00:24:36.960 --> 00:24:41.880
it's 67 or 68, and collect that check from Social security
572
00:24:41.880 --> 00:24:43.440
if they've been paying into it over time,
573
00:24:43.440 --> 00:24:48.440
like for a lot of Americans, that is their retirement.
574
00:24:48.660 --> 00:24:51.180
And it's incredibly helpful and beneficial,
575
00:24:51.180 --> 00:24:56.180
and very material to the results, I'll say that.
576
00:24:57.930 --> 00:24:59.220
Sam, this has been wonderful.
577
00:24:59.220 --> 00:25:00.900
Thank you so much for being here today.
578
00:25:00.900 --> 00:25:02.070
Yeah, no, it's my pleasure.
579
00:25:02.070 --> 00:25:04.680
I really appreciate the time and the conversations,
580
00:25:04.680 --> 00:25:08.630
so thank you for having me.
(buoyant music)
581
00:25:14.460 --> 00:25:16.170
Even after study and practice,
582
00:25:16.170 --> 00:25:18.390
money is still a complicated thing.
583
00:25:18.390 --> 00:25:20.250
Seeking help, seeking guidance
584
00:25:20.250 --> 00:25:22.980
is a big part of understanding how money works.
585
00:25:22.980 --> 00:25:25.740
And with practice, patience and a little know-how,
586
00:25:25.740 --> 00:25:28.050
you can begin to master your finances.
587
00:25:28.050 --> 00:25:30.870
Grow your accounts, invest in your future,
588
00:25:30.870 --> 00:25:32.730
and your family's future.
589
00:25:32.730 --> 00:25:34.920
And even though our bank accounts might not be fuller
590
00:25:34.920 --> 00:25:36.870
after finishing this episode,
591
00:25:36.870 --> 00:25:39.000
at least we're all richer in knowledge,
592
00:25:39.000 --> 00:25:40.053
and that's priceless.
593
00:25:42.732 --> 00:25:45.315
(upbeat music)
594
00:25:53.317 --> 00:25:54.870
"Now at Ohio State" is produced
595
00:25:54.870 --> 00:25:56.460
by the Ohio State University's
596
00:25:56.460 --> 00:25:58.890
Office of Marketing and Communications.
597
00:25:58.890 --> 00:26:03.890
For more information, visit us at go.osu.edu/now.
598
00:26:04.920 --> 00:26:07.713
I'm your host, Jacob Carozza. Thanks for listening.
599
00:26:09.320 --> 00:26:11.987
(buoyant music)