{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.78,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.78,"body":"to the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2.84,"endTime":7.039,"body":"I'm your host, Mike Cavaggioni,"},{"speaker":"Average Joe Finances","startTime":2.84,"endTime":7.039,"body":"and today's guest is T R Smith."},{"speaker":"Average Joe Finances","startTime":7.31,"endTime":10.4,"body":"So T R I am super excited to have"},{"speaker":"Average Joe Finances","startTime":7.31,"endTime":10.4,"body":"this conversation with you today."},{"speaker":"Average Joe Finances","startTime":10.44,"endTime":12.763,"body":"The last time we tried to do"},{"speaker":"Average Joe Finances","startTime":10.44,"endTime":12.763,"body":"this, we had some technical"},{"speaker":"Average Joe Finances","startTime":12.763,"endTime":14.173,"body":"difficulties on my end here."},{"speaker":"Average Joe Finances","startTime":14.383,"endTime":16.873,"body":"My internet just"},{"speaker":"Average Joe Finances","startTime":14.383,"endTime":16.873,"body":"completely died out on me."},{"speaker":"Average Joe Finances","startTime":16.948,"endTime":19.809,"body":"It was really bad, but I'm"},{"speaker":"Average Joe Finances","startTime":16.948,"endTime":19.809,"body":"glad we were able to reschedule"},{"speaker":"Average Joe Finances","startTime":19.809,"endTime":20.619,"body":"this and make it happen."},{"speaker":"Average Joe Finances","startTime":20.619,"endTime":23.379,"body":"So thank you again for taking"},{"speaker":"Average Joe Finances","startTime":20.619,"endTime":23.379,"body":"the time to talk with me today."},{"speaker":"T R Smith","startTime":23.739,"endTime":24.429,"body":"Thank you, Mike."},{"speaker":"T R Smith","startTime":24.429,"endTime":25.529,"body":"Yeah, I'm excited to be here."},{"speaker":"Average Joe Finances","startTime":25.649,"endTime":26.369,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":26.373,"endTime":29.467,"body":"Hey, I'm gonna kick things off the"},{"speaker":"Average Joe Finances","startTime":26.373,"endTime":29.467,"body":"same way I kick off every episode,"},{"speaker":"Average Joe Finances","startTime":29.827,"endTime":32.527,"body":"and we wanna know more about you,"},{"speaker":"Average Joe Finances","startTime":29.827,"endTime":32.527,"body":"so if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":32.532,"endTime":34.237,"body":"about yourself, share your story."},{"speaker":"Average Joe Finances","startTime":34.297,"endTime":36.19,"body":"Who is T R Smith?"},{"speaker":"T R Smith","startTime":36.76,"endTime":37.69,"body":"Yeah, thanks for that."},{"speaker":"T R Smith","startTime":37.69,"endTime":42.369,"body":"And obviously I just put my new book"},{"speaker":"T R Smith","startTime":37.69,"endTime":42.369,"body":"out, paychecks and Profits and the book"},{"speaker":"T R Smith","startTime":42.369,"endTime":47.979,"body":"is a lot about my own personal finance"},{"speaker":"T R Smith","startTime":42.369,"endTime":47.979,"body":"journey of coming out to college, getting"},{"speaker":"T R Smith","startTime":47.979,"endTime":52.359,"body":"my first real job, getting that first"},{"speaker":"T R Smith","startTime":47.979,"endTime":52.359,"body":"real paycheck and thinking, wow, this is"},{"speaker":"T R Smith","startTime":52.359,"endTime":56.431,"body":"less than what I thought I was gonna be"},{"speaker":"T R Smith","startTime":52.359,"endTime":56.431,"body":"taking home and that sort of kickstarting"},{"speaker":"T R Smith","startTime":56.431,"endTime":59.861,"body":"this journey of saying, okay, I got to"},{"speaker":"T R Smith","startTime":56.431,"endTime":59.861,"body":"really make some time to understand,"},{"speaker":"T R Smith","startTime":59.861,"endTime":61.034,"body":"not just how to make more money, but."},{"speaker":"T R Smith","startTime":61.414,"endTime":63.334,"body":"Maybe pay less in taxes if I can."},{"speaker":"T R Smith","startTime":63.634,"endTime":67.125,"body":"How to really understand the benefits"},{"speaker":"T R Smith","startTime":63.634,"endTime":67.125,"body":"that my employer is offering and how"},{"speaker":"T R Smith","startTime":67.125,"endTime":70.005,"body":"to maximize that and make a profit"},{"speaker":"T R Smith","startTime":67.125,"endTime":70.005,"body":"off of some of those benefits."},{"speaker":"T R Smith","startTime":70.455,"endTime":73.181,"body":"And, it took a long time for"},{"speaker":"T R Smith","startTime":70.455,"endTime":73.181,"body":"me to figure that stuff out."},{"speaker":"T R Smith","startTime":73.181,"endTime":77.105,"body":"It took several jobs of different benefits"},{"speaker":"T R Smith","startTime":73.181,"endTime":77.105,"body":"packages to really feel like I understood,"},{"speaker":"T R Smith","startTime":77.105,"endTime":80.963,"body":"what was happening and what were the"},{"speaker":"T R Smith","startTime":77.105,"endTime":80.963,"body":"costs and benefits of different programs."},{"speaker":"T R Smith","startTime":81.101,"endTime":83.831,"body":". And, as I figured all these things"},{"speaker":"T R Smith","startTime":81.101,"endTime":83.831,"body":"out, I realized that a lot of"},{"speaker":"T R Smith","startTime":83.831,"endTime":86.621,"body":"my coworkers and friends had not"},{"speaker":"T R Smith","startTime":83.831,"endTime":86.621,"body":"really figured these things out."},{"speaker":"T R Smith","startTime":86.621,"endTime":89.248,"body":"And so I thought, wow, this could"},{"speaker":"T R Smith","startTime":86.621,"endTime":89.248,"body":"be a great opening for a book"},{"speaker":"T R Smith","startTime":89.728,"endTime":92.702,"body":"because, I love all the personal"},{"speaker":"T R Smith","startTime":89.728,"endTime":92.702,"body":"finance books that are out there."},{"speaker":"T R Smith","startTime":92.702,"endTime":94.64,"body":"If you name a best seller,"},{"speaker":"T R Smith","startTime":92.702,"endTime":94.64,"body":"I've probably read it."},{"speaker":"T R Smith","startTime":94.709,"endTime":96.975,"body":"But, I it just dawned on me that"},{"speaker":"T R Smith","startTime":94.709,"endTime":96.975,"body":"no one else has really talking"},{"speaker":"T R Smith","startTime":96.98,"endTime":100.224,"body":"about how to really manage your own"},{"speaker":"T R Smith","startTime":96.98,"endTime":100.224,"body":"paycheck how to really capitalize"},{"speaker":"T R Smith","startTime":100.224,"endTime":104.862,"body":"on things that, in a lot of cases"},{"speaker":"T R Smith","startTime":100.224,"endTime":104.862,"body":"are gonna give you, a better profit."},{"speaker":"T R Smith","startTime":104.962,"endTime":107.852,"body":"What you're gonna get, out on your"},{"speaker":"T R Smith","startTime":104.962,"endTime":107.852,"body":"own, even with a good investment."},{"speaker":"T R Smith","startTime":107.852,"endTime":110.436,"body":"And for instance, in the book, I go"},{"speaker":"T R Smith","startTime":107.852,"endTime":110.436,"body":"through a couple examples of, what"},{"speaker":"T R Smith","startTime":110.436,"endTime":113.376,"body":"do we think of as a typical low"},{"speaker":"T R Smith","startTime":110.436,"endTime":113.376,"body":"risk or risk free investment, right?"},{"speaker":"T R Smith","startTime":113.376,"endTime":117.418,"body":"That could be a government bond"},{"speaker":"T R Smith","startTime":113.376,"endTime":117.418,"body":"or a savings account of 1% or 3%."},{"speaker":"T R Smith","startTime":117.418,"endTime":120.331,"body":"We think about stock market"},{"speaker":"T R Smith","startTime":117.418,"endTime":120.331,"body":"returns can be 10 or 12%."},{"speaker":"T R Smith","startTime":120.871,"endTime":125.198,"body":"And it's good to have those benchmarks"},{"speaker":"T R Smith","startTime":120.871,"endTime":125.198,"body":"in mind because then in the book I"},{"speaker":"T R Smith","startTime":125.198,"endTime":128.015,"body":"try and walk people through examples"},{"speaker":"T R Smith","startTime":125.198,"endTime":128.015,"body":"where Hey, what if you could make"},{"speaker":"T R Smith","startTime":128.206,"endTime":133.857,"body":"a quick profit of 15% or 30% or"},{"speaker":"T R Smith","startTime":128.206,"endTime":133.857,"body":"more with, little to no risk."},{"speaker":"T R Smith","startTime":134.217,"endTime":136.497,"body":"And we will go through"},{"speaker":"T R Smith","startTime":134.217,"endTime":136.497,"body":"some examples of that."},{"speaker":"T R Smith","startTime":136.503,"endTime":139.309,"body":"I'm not looking to sell anybody on any"},{"speaker":"T R Smith","startTime":136.503,"endTime":139.309,"body":"investment, but I just want people to"},{"speaker":"T R Smith","startTime":139.309,"endTime":143.554,"body":"understand what's available to them"},{"speaker":"T R Smith","startTime":139.309,"endTime":143.554,"body":"and how much they can make off of it."},{"speaker":"T R Smith","startTime":143.554,"endTime":146.88,"body":"I got my MBA it's been"},{"speaker":"T R Smith","startTime":143.554,"endTime":146.88,"body":"about 15 years I guess now."},{"speaker":"T R Smith","startTime":147.0,"endTime":149.31,"body":"So I've been out in the private"},{"speaker":"T R Smith","startTime":147.0,"endTime":149.31,"body":"sector for quite a while."},{"speaker":"T R Smith","startTime":149.64,"endTime":153.989,"body":"And even in the MBA programs that"},{"speaker":"T R Smith","startTime":149.64,"endTime":153.989,"body":"you go to, they teach you a lot of"},{"speaker":"T R Smith","startTime":154.559,"endTime":157.289,"body":"valuable information about business, but"},{"speaker":"T R Smith","startTime":154.559,"endTime":157.289,"body":"there's not a ton of information about"},{"speaker":"T R Smith","startTime":157.739,"endTime":158.919,"body":"how to manage your own investments."},{"speaker":"T R Smith","startTime":159.499,"endTime":162.619,"body":"How to think about taxes,"},{"speaker":"T R Smith","startTime":159.499,"endTime":162.619,"body":"how to reduce your taxes."},{"speaker":"T R Smith","startTime":162.949,"endTime":167.569,"body":"And those things are hugely important"},{"speaker":"T R Smith","startTime":162.949,"endTime":167.569,"body":"for people who really want to not just"},{"speaker":"T R Smith","startTime":167.569,"endTime":172.309,"body":"save an invest, but really compound"},{"speaker":"T R Smith","startTime":167.569,"endTime":172.309,"body":"that money as best they can over time."},{"speaker":"T R Smith","startTime":172.699,"endTime":176.863,"body":"And there's just so many, things"},{"speaker":"T R Smith","startTime":172.699,"endTime":176.863,"body":"available to people that the data tells"},{"speaker":"T R Smith","startTime":176.868,"endTime":178.213,"body":"us they're not taking advantage of it."},{"speaker":"T R Smith","startTime":178.213,"endTime":182.033,"body":"And I hope that with my book and with this"},{"speaker":"T R Smith","startTime":178.213,"endTime":182.033,"body":"podcast, we'll reach more people who can"},{"speaker":"T R Smith","startTime":182.033,"endTime":183.673,"body":"now take advantage of more of that stuff."},{"speaker":"Average Joe Finances","startTime":183.793,"endTime":185.672,"body":"Yeah, T"},{"speaker":"Average Joe Finances","startTime":183.793,"endTime":185.672,"body":"R, I really appreciate that."},{"speaker":"Average Joe Finances","startTime":185.672,"endTime":190.289,"body":"And cause I found myself in a spot,"},{"speaker":"Average Joe Finances","startTime":185.672,"endTime":190.289,"body":"while I was still in the Navy, that I was"},{"speaker":"Average Joe Finances","startTime":190.294,"endTime":194.475,"body":"sitting in this financial seminar that"},{"speaker":"Average Joe Finances","startTime":190.294,"endTime":194.475,"body":"they had offered us at this resiliency"},{"speaker":"Average Joe Finances","startTime":194.48,"endTime":197.595,"body":"retreat that I was at and they were"},{"speaker":"Average Joe Finances","startTime":194.48,"endTime":197.595,"body":"talking about the thrift savings plan."},{"speaker":"Average Joe Finances","startTime":197.6,"endTime":201.812,"body":"So that is a retirement tool or an"},{"speaker":"Average Joe Finances","startTime":197.6,"endTime":201.812,"body":"investment tool for people in the"},{"speaker":"Average Joe Finances","startTime":201.812,"endTime":203.291,"body":"military, or federal employees."},{"speaker":"Average Joe Finances","startTime":203.438,"endTime":206.39,"body":"One of the things I learned is,"},{"speaker":"Average Joe Finances","startTime":203.438,"endTime":206.39,"body":"cause you know, at the time I had"},{"speaker":"Average Joe Finances","startTime":206.57,"endTime":210.25,"body":"recently commissioned as an officer"},{"speaker":"Average Joe Finances","startTime":206.57,"endTime":210.25,"body":"so my pay was steadily going up"},{"speaker":"Average Joe Finances","startTime":210.31,"endTime":214.533,"body":"pretty nicely and I was getting"},{"speaker":"Average Joe Finances","startTime":210.31,"endTime":214.533,"body":"myself into a new tax bracket, right?"},{"speaker":"Average Joe Finances","startTime":214.833,"endTime":218.913,"body":"And then I learned that I can actually"},{"speaker":"Average Joe Finances","startTime":214.833,"endTime":218.913,"body":"put more into my traditional thrift"},{"speaker":"Average Joe Finances","startTime":218.918,"endTime":224.763,"body":"savings plan to lower my income, to"},{"speaker":"Average Joe Finances","startTime":218.918,"endTime":224.763,"body":"put me back into that lower tax bracket"},{"speaker":"Average Joe Finances","startTime":225.063,"endTime":226.533,"body":"while I'm still investing that money."},{"speaker":"Average Joe Finances","startTime":226.538,"endTime":227.043,"body":"And it's still."},{"speaker":"Average Joe Finances","startTime":227.155,"endTime":228.855,"body":"and I'm like, huh, okay."},{"speaker":"Average Joe Finances","startTime":228.855,"endTime":231.648,"body":"This is pretty cool, there's like"},{"speaker":"Average Joe Finances","startTime":228.855,"endTime":231.648,"body":"little tips and tricks like that"},{"speaker":"Average Joe Finances","startTime":231.648,"endTime":234.561,"body":"you can do to lower that tax burden."},{"speaker":"Average Joe Finances","startTime":234.596,"endTime":237.956,"body":"Because I think everybody gets that"},{"speaker":"Average Joe Finances","startTime":234.596,"endTime":237.956,"body":"initial shell shock when you get"},{"speaker":"Average Joe Finances","startTime":237.956,"endTime":240.866,"body":"your first job and you're like,"},{"speaker":"Average Joe Finances","startTime":237.956,"endTime":240.866,"body":"oh, I make this much per hour."},{"speaker":"Average Joe Finances","startTime":241.196,"endTime":242.972,"body":"I worked, this many hours this week."},{"speaker":"Average Joe Finances","startTime":242.972,"endTime":243.902,"body":"I should be getting this."},{"speaker":"Average Joe Finances","startTime":243.902,"endTime":246.51,"body":"And then you open up that"},{"speaker":"Average Joe Finances","startTime":243.902,"endTime":246.51,"body":"paycheck and you're like, what,"},{"speaker":"Average Joe Finances","startTime":246.51,"endTime":247.765,"body":"everybody gets that shell shock."},{"speaker":"Average Joe Finances","startTime":247.765,"endTime":249.643,"body":"But, Uncle Sam's gonna take their cut."},{"speaker":"Average Joe Finances","startTime":249.661,"endTime":253.329,"body":"Any way that you can reduce and it's"},{"speaker":"Average Joe Finances","startTime":249.661,"endTime":253.329,"body":"not anything illegal or anything."},{"speaker":"Average Joe Finances","startTime":253.329,"endTime":256.836,"body":"It's, it's working the tax code"},{"speaker":"Average Joe Finances","startTime":253.329,"endTime":256.836,"body":"that's put in place to help"},{"speaker":"Average Joe Finances","startTime":256.836,"endTime":258.505,"body":"people, be relieved of that burden."},{"speaker":"Average Joe Finances","startTime":258.533,"endTime":259.791,"body":"So I definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":260.001,"endTime":262.949,"body":"Now can we dive a little bit"},{"speaker":"Average Joe Finances","startTime":260.001,"endTime":262.949,"body":"more into you had mentioned like"},{"speaker":"Average Joe Finances","startTime":262.949,"endTime":264.429,"body":"how to manage your paycheck."},{"speaker":"Average Joe Finances","startTime":264.499,"endTime":265.569,"body":"Can we talk about that a little bit."},{"speaker":"T R Smith","startTime":265.686,"endTime":266.556,"body":"Yeah, absolutely."},{"speaker":"T R Smith","startTime":266.584,"endTime":269.91,"body":"Part of it is just understanding,"},{"speaker":"T R Smith","startTime":266.584,"endTime":269.91,"body":"the basics of the taxes."},{"speaker":"T R Smith","startTime":269.941,"endTime":273.511,"body":"And to go to your example of like people"},{"speaker":"T R Smith","startTime":269.941,"endTime":273.511,"body":"getting bumped up into different tax"},{"speaker":"T R Smith","startTime":273.511,"endTime":277.742,"body":"rates, even someone who makes, $50,000"},{"speaker":"T R Smith","startTime":273.511,"endTime":277.742,"body":"per year for instance, they're paying"},{"speaker":"T R Smith","startTime":277.747,"endTime":280.562,"body":"about 22% federal income tax on that."},{"speaker":"T R Smith","startTime":280.712,"endTime":285.122,"body":"And then if you layer in Social"},{"speaker":"T R Smith","startTime":280.712,"endTime":285.122,"body":"Security Medicare tax, it's a little"},{"speaker":"T R Smith","startTime":285.122,"endTime":286.772,"body":"bit more than seven and a half percent."},{"speaker":"T R Smith","startTime":286.777,"endTime":288.482,"body":"So we'll round up and call it 8%."},{"speaker":"T R Smith","startTime":288.752,"endTime":290.342,"body":"So just those two combines."},{"speaker":"T R Smith","startTime":290.627,"endTime":295.493,"body":"30% of every dollar you earn, or at"},{"speaker":"T R Smith","startTime":290.627,"endTime":295.493,"body":"least on a marginal basis, meaning, the"},{"speaker":"T R Smith","startTime":295.493,"endTime":299.549,"body":"first, X number of dollars you earn might"},{"speaker":"T R Smith","startTime":295.493,"endTime":299.549,"body":"be at a lower tax rate, but then now"},{"speaker":"T R Smith","startTime":299.549,"endTime":304.109,"body":"you're making above a certain threshold,"},{"speaker":"T R Smith","startTime":299.549,"endTime":304.109,"body":"you're paying 22% plus payroll tax."},{"speaker":"T R Smith","startTime":304.114,"endTime":305.169,"body":"That's about 30%."},{"speaker":"T R Smith","startTime":305.269,"endTime":306.599,"body":"And that is a lot, right?"},{"speaker":"T R Smith","startTime":306.599,"endTime":307.979,"body":"So anything you can do."},{"speaker":"T R Smith","startTime":308.499,"endTime":312.129,"body":"that saves you 30% on"},{"speaker":"T R Smith","startTime":308.499,"endTime":312.129,"body":"those dollars is huge."},{"speaker":"T R Smith","startTime":312.154,"endTime":314.13,"body":"Because, we just talked"},{"speaker":"T R Smith","startTime":312.154,"endTime":314.13,"body":"about the stock market."},{"speaker":"T R Smith","startTime":314.13,"endTime":318.15,"body":"That might give you 10 or 12%,"},{"speaker":"T R Smith","startTime":314.13,"endTime":318.15,"body":"but if you can make 30% just by"},{"speaker":"T R Smith","startTime":318.15,"endTime":322.83,"body":"understanding in your case, maybe"},{"speaker":"T R Smith","startTime":318.15,"endTime":322.83,"body":"it was the TSP or we'll go through"},{"speaker":"T R Smith","startTime":322.83,"endTime":324.12,"body":"some more examples here in a minute."},{"speaker":"T R Smith","startTime":324.125,"endTime":327.387,"body":"But, anything you can do"},{"speaker":"T R Smith","startTime":324.125,"endTime":327.387,"body":"to reduce that is helpful."},{"speaker":"T R Smith","startTime":327.387,"endTime":329.712,"body":"And I give an example in the"},{"speaker":"T R Smith","startTime":327.387,"endTime":329.712,"body":"book or a quote in the book, I"},{"speaker":"T R Smith","startTime":329.712,"endTime":332.296,"body":"say, the IRS is your front of me."},{"speaker":"T R Smith","startTime":332.961,"endTime":336.261,"body":"Okay and I think most people"},{"speaker":"T R Smith","startTime":332.961,"endTime":336.261,"body":"are familiar with that term, but"},{"speaker":"T R Smith","startTime":336.261,"endTime":337.911,"body":"basically it means, you typically,"},{"speaker":"T R Smith","startTime":337.911,"endTime":340.191,"body":"you have someone in your life"},{"speaker":"T R Smith","startTime":337.911,"endTime":340.191,"body":"who's like kind of a friend,"},{"speaker":"T R Smith","startTime":340.191,"endTime":341.353,"body":"but an enemy at the same time."},{"speaker":"T R Smith","startTime":341.353,"endTime":344.983,"body":"It could be coworker or even a"},{"speaker":"T R Smith","startTime":341.353,"endTime":344.983,"body":"sibling, someone who's just in your"},{"speaker":"T R Smith","startTime":344.988,"endTime":346.293,"body":"life and you have to deal with them."},{"speaker":"T R Smith","startTime":346.893,"endTime":348.809,"body":"I think of the IRS as the same way, right?"},{"speaker":"T R Smith","startTime":348.811,"endTime":354.451,"body":"Nobody loves paying tons of money in"},{"speaker":"T R Smith","startTime":348.811,"endTime":354.451,"body":"taxes, but if you begin to understand."},{"speaker":"T R Smith","startTime":354.756,"endTime":358.236,"body":"The little loopholes and the little"},{"speaker":"T R Smith","startTime":354.756,"endTime":358.236,"body":"tips and tricks of, okay, if I"},{"speaker":"T R Smith","startTime":358.236,"endTime":363.814,"body":"reduce my taxable income and I do,"},{"speaker":"T R Smith","startTime":358.236,"endTime":363.814,"body":"jump through certain hoops I'm gonna"},{"speaker":"T R Smith","startTime":363.814,"endTime":365.104,"body":"come out better on the other side."},{"speaker":"T R Smith","startTime":365.104,"endTime":368.363,"body":"And that's of course a big part of, how"},{"speaker":"T R Smith","startTime":365.104,"endTime":368.363,"body":"a lot of wealthy people make their money."},{"speaker":"T R Smith","startTime":368.663,"endTime":371.858,"body":"They are able to, whether it's,"},{"speaker":"T R Smith","startTime":368.663,"endTime":371.858,"body":"real estate investing or other"},{"speaker":"T R Smith","startTime":371.858,"endTime":375.586,"body":"things that they do, they're able"},{"speaker":"T R Smith","startTime":371.858,"endTime":375.586,"body":"to find these, little avenues."},{"speaker":"T R Smith","startTime":375.753,"endTime":378.917,"body":"Filtering their money and, just"},{"speaker":"T R Smith","startTime":375.753,"endTime":378.917,"body":"paying a lot less in taxes."},{"speaker":"T R Smith","startTime":378.917,"endTime":381.417,"body":"And that's a big factor in"},{"speaker":"T R Smith","startTime":378.917,"endTime":381.417,"body":"growing your wealth over time."},{"speaker":"Average Joe Finances","startTime":381.517,"endTime":382.147,"body":"Yeah, definitely."},{"speaker":"Average Joe Finances","startTime":382.147,"endTime":385.345,"body":"It's one of the things that I"},{"speaker":"Average Joe Finances","startTime":382.147,"endTime":385.345,"body":"do to, lower my tax burden is"},{"speaker":"Average Joe Finances","startTime":385.345,"endTime":386.785,"body":"invest in real estate as well."},{"speaker":"Average Joe Finances","startTime":386.854,"endTime":390.514,"body":"Okay, so you said you wanted to go"},{"speaker":"Average Joe Finances","startTime":386.854,"endTime":390.514,"body":"through a couple of these strategies."},{"speaker":"Average Joe Finances","startTime":390.557,"endTime":392.345,"body":"So I definitely would"},{"speaker":"Average Joe Finances","startTime":390.557,"endTime":392.345,"body":"love to talk about that."},{"speaker":"Average Joe Finances","startTime":392.368,"endTime":394.851,"body":"What are some of the things that"},{"speaker":"Average Joe Finances","startTime":392.368,"endTime":394.851,"body":"you do besides real estate, right?"},{"speaker":"Average Joe Finances","startTime":394.851,"endTime":398.051,"body":"Because I talk about that all the time on"},{"speaker":"Average Joe Finances","startTime":394.851,"endTime":398.051,"body":"the podcast, but what are some other ways?"},{"speaker":"Average Joe Finances","startTime":398.201,"endTime":399.081,"body":"Maybe to do that?"},{"speaker":"Average Joe Finances","startTime":399.101,"endTime":399.291,"body":"That."},{"speaker":"T R Smith","startTime":399.391,"endTime":401.191,"body":"Yeah, and maybe at"},{"speaker":"T R Smith","startTime":399.391,"endTime":401.191,"body":"the tail end we can get into a"},{"speaker":"T R Smith","startTime":401.191,"endTime":402.331,"body":"little bit of real estate talk."},{"speaker":"T R Smith","startTime":402.381,"endTime":404.532,"body":"But yeah, most of my book"},{"speaker":"T R Smith","startTime":402.381,"endTime":404.532,"body":"is about so let's go through"},{"speaker":"T R Smith","startTime":404.532,"endTime":405.552,"body":"some of the basic stuff here."},{"speaker":"T R Smith","startTime":405.552,"endTime":407.053,"body":"So 401k Plan right?"},{"speaker":"T R Smith","startTime":407.111,"endTime":411.294,"body":"A lot of people, roughly half of all"},{"speaker":"T R Smith","startTime":407.111,"endTime":411.294,"body":"workers are just not participating"},{"speaker":"T R Smith","startTime":411.294,"endTime":415.794,"body":"in their employer's 401k Plan, and"},{"speaker":"T R Smith","startTime":411.294,"endTime":415.794,"body":"the vast majority of those are."},{"speaker":"T R Smith","startTime":415.901,"endTime":419.761,"body":"Plans that offer some kind of"},{"speaker":"T R Smith","startTime":415.901,"endTime":419.761,"body":"match on the employee contribution,"},{"speaker":"T R Smith","startTime":420.011,"endTime":423.401,"body":"which effectively means people are"},{"speaker":"T R Smith","startTime":420.011,"endTime":423.401,"body":"turning down free money, which is,"},{"speaker":"T R Smith","startTime":423.638,"endTime":424.983,"body":"one of the craziest things, right?"},{"speaker":"T R Smith","startTime":425.253,"endTime":428.15,"body":"So in, with a good plan, you're"},{"speaker":"T R Smith","startTime":425.253,"endTime":428.15,"body":"gonna get a dollar for dollar"},{"speaker":"T R Smith","startTime":428.155,"endTime":429.65,"body":"match up to a certain point."},{"speaker":"T R Smith","startTime":429.726,"endTime":434.176,"body":"So if you contribute 5% of your income,"},{"speaker":"T R Smith","startTime":429.726,"endTime":434.176,"body":"a lot of employers will match that,"},{"speaker":"T R Smith","startTime":434.206,"endTime":438.019,"body":"dollar for dollar, or they'll match the"},{"speaker":"T R Smith","startTime":434.206,"endTime":438.019,"body":"first 3% and then maybe it's, 50 per"},{"speaker":"T R Smith","startTime":438.109,"endTime":441.499,"body":"half of what you contribute, meaning"},{"speaker":"T R Smith","startTime":438.109,"endTime":441.499,"body":"like 50 cents on the dollar of what"},{"speaker":"T R Smith","startTime":441.504,"endTime":443.539,"body":"you contribute up to a certain point."},{"speaker":"T R Smith","startTime":443.809,"endTime":447.199,"body":"So if you put in 5%, your employer"},{"speaker":"T R Smith","startTime":443.809,"endTime":447.199,"body":"puts in 5%, or maybe you put in"},{"speaker":"T R Smith","startTime":447.199,"endTime":449.539,"body":"6%, they put in 4%, but either."},{"speaker":"T R Smith","startTime":449.562,"endTime":453.207,"body":"It's an incredible deal, cause no"},{"speaker":"T R Smith","startTime":449.562,"endTime":453.207,"body":"one else out there, no stockbroker,"},{"speaker":"T R Smith","startTime":453.207,"endTime":457.606,"body":"no realtor, no one's gonna give"},{"speaker":"T R Smith","startTime":453.207,"endTime":457.606,"body":"you, an automatic return of 50% or a"},{"speaker":"T R Smith","startTime":457.611,"endTime":459.496,"body":"hundred percent on new investments."},{"speaker":"T R Smith","startTime":459.796,"endTime":463.186,"body":"So that could be the difference"},{"speaker":"T R Smith","startTime":459.796,"endTime":463.186,"body":"between retiring with $1 million or"},{"speaker":"T R Smith","startTime":463.186,"endTime":464.686,"body":"retiring with half a million dollars."},{"speaker":"T R Smith","startTime":465.346,"endTime":470.117,"body":"And hopefully this is also educational for"},{"speaker":"T R Smith","startTime":465.346,"endTime":470.117,"body":"people who maybe they've turned down that"},{"speaker":"T R Smith","startTime":470.177,"endTime":473.297,"body":"corporate job because they think, oh, I"},{"speaker":"T R Smith","startTime":470.177,"endTime":473.297,"body":"don't want that particular type of job."},{"speaker":"T R Smith","startTime":473.717,"endTime":476.898,"body":"And that might be okay, but they should"},{"speaker":"T R Smith","startTime":473.717,"endTime":476.898,"body":"also understand what are they actually"},{"speaker":"T R Smith","startTime":476.903,"endTime":480.429,"body":"giving up in terms of that, what am"},{"speaker":"T R Smith","startTime":476.903,"endTime":480.429,"body":"I not taking advantage of in terms of"},{"speaker":"T R Smith","startTime":480.609,"endTime":483.909,"body":"that 401k mush and the other programs"},{"speaker":"T R Smith","startTime":480.609,"endTime":483.909,"body":"that we'll talk about in a minute."},{"speaker":"T R Smith","startTime":484.209,"endTime":486.999,"body":"But I encourage people in the book"},{"speaker":"T R Smith","startTime":484.209,"endTime":486.999,"body":"to also think, how does a Wall Street"},{"speaker":"T R Smith","startTime":486.999,"endTime":490.266,"body":"investor, how does a professional"},{"speaker":"T R Smith","startTime":486.999,"endTime":490.266,"body":"investor approach these decisions?"},{"speaker":"T R Smith","startTime":490.312,"endTime":495.532,"body":"If the stock market gives you 12%, and if"},{"speaker":"T R Smith","startTime":490.312,"endTime":495.532,"body":"you as an investor can earn 15% or 20% or"},{"speaker":"T R Smith","startTime":495.532,"endTime":499.492,"body":"something consistently above the market,"},{"speaker":"T R Smith","startTime":495.532,"endTime":499.492,"body":"you know that investor is gonna get rich."},{"speaker":"T R Smith","startTime":499.517,"endTime":501.909,"body":"If they know what they're doing and if"},{"speaker":"T R Smith","startTime":499.517,"endTime":501.909,"body":"they have some clients that they work"},{"speaker":"T R Smith","startTime":501.914,"endTime":503.309,"body":"with that understand what they're doing."},{"speaker":"T R Smith","startTime":503.439,"endTime":506.319,"body":"Here you have employers that are"},{"speaker":"T R Smith","startTime":503.439,"endTime":506.319,"body":"trying to give free money, trying"},{"speaker":"T R Smith","startTime":506.319,"endTime":511.279,"body":"to give you 50% or a 100% profit on"},{"speaker":"T R Smith","startTime":506.319,"endTime":511.279,"body":"the new contributions that you make."},{"speaker":"T R Smith","startTime":511.669,"endTime":513.529,"body":"And a lot of people just"},{"speaker":"T R Smith","startTime":511.669,"endTime":513.529,"body":"aren't turning it down."},{"speaker":"T R Smith","startTime":513.57,"endTime":516.279,"body":"I go through examples of that in"},{"speaker":"T R Smith","startTime":513.57,"endTime":516.279,"body":"the book and hopefully people."},{"speaker":"T R Smith","startTime":516.308,"endTime":519.598,"body":"Are able to understand that, whenever"},{"speaker":"T R Smith","startTime":516.308,"endTime":519.598,"body":"someone's dangling free money out there,"},{"speaker":"T R Smith","startTime":519.598,"endTime":521.174,"body":"they should take it within reason."},{"speaker":"T R Smith","startTime":521.354,"endTime":525.382,"body":"And, and for people who are worried"},{"speaker":"T R Smith","startTime":521.354,"endTime":525.382,"body":"about sealing this money off until"},{"speaker":"T R Smith","startTime":525.387,"endTime":530.387,"body":"retirement, even then, there are ways"},{"speaker":"T R Smith","startTime":525.387,"endTime":530.387,"body":"to sometimes access that money in an"},{"speaker":"T R Smith","startTime":530.387,"endTime":532.847,"body":"emergency or under certain circumstances."},{"speaker":"T R Smith","startTime":533.117,"endTime":535.998,"body":"If somebody needs to do that, they"},{"speaker":"T R Smith","startTime":533.117,"endTime":535.998,"body":"should go talk to an accountant"},{"speaker":"T R Smith","startTime":536.003,"endTime":538.008,"body":"or some other professional that"},{"speaker":"T R Smith","startTime":536.003,"endTime":538.008,"body":"can help them with that because"},{"speaker":"T R Smith","startTime":538.008,"endTime":539.808,"body":"there can be penalties and whatnot."},{"speaker":"T R Smith","startTime":540.198,"endTime":540.858,"body":"But again,"},{"speaker":"T R Smith","startTime":541.233,"endTime":545.643,"body":"If you're turning down a 100% profit"},{"speaker":"T R Smith","startTime":541.233,"endTime":545.643,"body":"because you're worried about some tax"},{"speaker":"T R Smith","startTime":545.643,"endTime":549.793,"body":"penalty down the road, I would say you got"},{"speaker":"T R Smith","startTime":545.643,"endTime":549.793,"body":"to rethink your priorities and be focused"},{"speaker":"T R Smith","startTime":549.793,"endTime":552.163,"body":"on how do I get that big profit now?"},{"speaker":"T R Smith","startTime":552.463,"endTime":554.613,"body":"And, you'll deal with"},{"speaker":"T R Smith","startTime":552.463,"endTime":554.613,"body":"the future as it comes."},{"speaker":"T R Smith","startTime":554.613,"endTime":558.17,"body":"But, it's important to invest while"},{"speaker":"T R Smith","startTime":554.613,"endTime":558.17,"body":"you're young and take advantage of that"},{"speaker":"T R Smith","startTime":558.66,"endTime":559.928,"body":"compound interest, while you're young."},{"speaker":"Average Joe Finances","startTime":560.155,"endTime":563.168,"body":"Yeah, the younger"},{"speaker":"Average Joe Finances","startTime":560.155,"endTime":563.168,"body":"you start the better, which is why, have"},{"speaker":"Average Joe Finances","startTime":563.468,"endTime":568.028,"body":"all different age groups that listen to"},{"speaker":"Average Joe Finances","startTime":563.468,"endTime":568.028,"body":"my podcast, but when I see the numbers"},{"speaker":"Average Joe Finances","startTime":568.088,"endTime":572.671,"body":"of the people that are between 18 and"},{"speaker":"Average Joe Finances","startTime":568.088,"endTime":572.671,"body":"24 that listen to the show that makes"},{"speaker":"Average Joe Finances","startTime":572.671,"endTime":574.505,"body":"me happy because it's a large number."},{"speaker":"Average Joe Finances","startTime":574.535,"endTime":578.504,"body":"So that's who I want to target,"},{"speaker":"Average Joe Finances","startTime":574.535,"endTime":578.504,"body":"especially with episodes like this"},{"speaker":"Average Joe Finances","startTime":578.539,"endTime":583.396,"body":"to get them really understanding, the"},{"speaker":"Average Joe Finances","startTime":578.539,"endTime":583.396,"body":"greatness of compound interest and how"},{"speaker":"Average Joe Finances","startTime":583.636,"endTime":587.43,"body":"the younger you start the more better"},{"speaker":"Average Joe Finances","startTime":583.636,"endTime":587.43,"body":"off you're gonna be in the future."},{"speaker":"Average Joe Finances","startTime":587.443,"endTime":591.821,"body":"Now it's funny cause like the military"},{"speaker":"Average Joe Finances","startTime":587.443,"endTime":591.821,"body":"recently transitioned out of their"},{"speaker":"Average Joe Finances","startTime":591.821,"endTime":596.871,"body":"pension plan to this new plan where"},{"speaker":"Average Joe Finances","startTime":591.821,"endTime":596.871,"body":"they match their thrift savings plan."},{"speaker":"Average Joe Finances","startTime":596.871,"endTime":600.089,"body":"So similar to a 401K"},{"speaker":"Average Joe Finances","startTime":596.871,"endTime":600.089,"body":"matching in a corporate job."},{"speaker":"Average Joe Finances","startTime":600.131,"endTime":604.271,"body":"And I look at this if they would've"},{"speaker":"Average Joe Finances","startTime":600.131,"endTime":604.271,"body":"had this when I first joined and I"},{"speaker":"Average Joe Finances","startTime":604.271,"endTime":608.471,"body":"had the knowledge that I have today, I"},{"speaker":"Average Joe Finances","startTime":604.271,"endTime":608.471,"body":"probably wouldn't have done 20 years."},{"speaker":"Average Joe Finances","startTime":608.471,"endTime":611.351,"body":"I probably could have done"},{"speaker":"Average Joe Finances","startTime":608.471,"endTime":611.351,"body":"10 to 12 years and got out."},{"speaker":"Average Joe Finances","startTime":611.371,"endTime":612.823,"body":"Just doing it, smartly."},{"speaker":"Average Joe Finances","startTime":612.884,"endTime":617.134,"body":"So It's, there's a lot of opportunity"},{"speaker":"Average Joe Finances","startTime":612.884,"endTime":617.134,"body":"out there, especially for now, newer,"},{"speaker":"Average Joe Finances","startTime":617.254,"endTime":621.318,"body":"young servicemen and women right"},{"speaker":"Average Joe Finances","startTime":617.254,"endTime":621.318,"body":"to go out there and really take"},{"speaker":"Average Joe Finances","startTime":621.318,"endTime":624.601,"body":"advantage of this and take advantage"},{"speaker":"Average Joe Finances","startTime":621.318,"endTime":624.601,"body":"of that employer match that they give."},{"speaker":"Average Joe Finances","startTime":624.821,"endTime":626.074,"body":"Yeah I definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":626.074,"endTime":630.96,"body":"So now there's a whole bunch of"},{"speaker":"Average Joe Finances","startTime":626.074,"endTime":630.96,"body":"different ways in the corporate world,"},{"speaker":"Average Joe Finances","startTime":630.96,"endTime":633.052,"body":"to invest with employee options."},{"speaker":"Average Joe Finances","startTime":633.081,"endTime":636.561,"body":"So besides the 401k that we were"},{"speaker":"Average Joe Finances","startTime":633.081,"endTime":636.561,"body":"talking about, there's also like"},{"speaker":"Average Joe Finances","startTime":636.561,"endTime":638.991,"body":"employee stock purchase plans, right?"},{"speaker":"Average Joe Finances","startTime":639.021,"endTime":642.597,"body":"So what does something like that look"},{"speaker":"Average Joe Finances","startTime":639.021,"endTime":642.597,"body":"like, especially for a, I guess a newer"},{"speaker":"Average Joe Finances","startTime":642.597,"endTime":644.482,"body":"startup company that, that's taking off."},{"speaker":"T R Smith","startTime":644.582,"endTime":647.856,"body":"Sure startup companies can"},{"speaker":"T R Smith","startTime":644.582,"endTime":647.856,"body":"be a little bit different because they"},{"speaker":"T R Smith","startTime":647.856,"endTime":650.166,"body":"may be promising you equity or options."},{"speaker":"T R Smith","startTime":650.25,"endTime":653.027,"body":"The example that I give in the book"},{"speaker":"T R Smith","startTime":650.25,"endTime":653.027,"body":"that probably applies to most people"},{"speaker":"T R Smith","startTime":653.027,"endTime":656.004,"body":"is this thing called the ESP or"},{"speaker":"T R Smith","startTime":653.027,"endTime":656.004,"body":"like you just said, employee stock"},{"speaker":"T R Smith","startTime":656.004,"endTime":660.049,"body":"purchase plan and what that means is"},{"speaker":"T R Smith","startTime":656.004,"endTime":660.049,"body":"your employer's allowing you to buy"},{"speaker":"T R Smith","startTime":660.062,"endTime":661.862,"body":"the company's stock at a discount."},{"speaker":"T R Smith","startTime":661.862,"endTime":664.792,"body":"So this mostly applies to"},{"speaker":"T R Smith","startTime":661.862,"endTime":664.792,"body":"people who, work for a large."},{"speaker":"T R Smith","startTime":664.896,"endTime":669.308,"body":"The stock is traded publicly, and again,"},{"speaker":"T R Smith","startTime":664.896,"endTime":669.308,"body":"what the surveys have found is roughly"},{"speaker":"T R Smith","startTime":669.308,"endTime":672.518,"body":"half of the people who are eligible for"},{"speaker":"T R Smith","startTime":669.308,"endTime":672.518,"body":"this just aren't taking advantage of it"},{"speaker":"T R Smith","startTime":672.518,"endTime":677.708,"body":"because they don't want to take on that"},{"speaker":"T R Smith","startTime":672.518,"endTime":677.708,"body":"short term pain of investing, or they may"},{"speaker":"T R Smith","startTime":677.708,"endTime":679.658,"body":"just not understand how the program works."},{"speaker":"T R Smith","startTime":679.658,"endTime":683.738,"body":"But in my experience and in my research,"},{"speaker":"T R Smith","startTime":679.658,"endTime":683.738,"body":"I can tell you that most of these plans"},{"speaker":"T R Smith","startTime":684.158,"endTime":686.018,"body":"have very few restrictions on them."},{"speaker":"T R Smith","startTime":686.378,"endTime":688.767,"body":"So you know, if you are able to buy."},{"speaker":"T R Smith","startTime":688.867,"endTime":691.539,"body":"Typically, the way it works is"},{"speaker":"T R Smith","startTime":688.867,"endTime":691.539,"body":"you put aside a certain portion"},{"speaker":"T R Smith","startTime":691.539,"endTime":694.659,"body":"of your income, typically it can"},{"speaker":"T R Smith","startTime":691.539,"endTime":694.659,"body":"be up to 10% of your gross income."},{"speaker":"T R Smith","startTime":695.349,"endTime":698.649,"body":"You can put that into a special account,"},{"speaker":"T R Smith","startTime":695.349,"endTime":698.649,"body":"and then typically on a quarterly"},{"speaker":"T R Smith","startTime":698.649,"endTime":702.625,"body":"basis, so about every three months"},{"speaker":"T R Smith","startTime":698.649,"endTime":702.625,"body":"in this account typically is E-Trade"},{"speaker":"T R Smith","startTime":702.63,"endTime":704.215,"body":"or some other brokerage account."},{"speaker":"T R Smith","startTime":704.575,"endTime":708.055,"body":"They essentially buy the stock for"},{"speaker":"T R Smith","startTime":704.575,"endTime":708.055,"body":"you, but it's at a discount to what"},{"speaker":"T R Smith","startTime":708.455,"endTime":709.615,"body":"whatever the stock is trading at that."},{"speaker":"T R Smith","startTime":709.776,"endTime":712.696,"body":"And then the stock is now in your"},{"speaker":"T R Smith","startTime":709.776,"endTime":712.696,"body":"account and you have a choice."},{"speaker":"T R Smith","startTime":713.026,"endTime":716.986,"body":"Do you want to just sell the stock"},{"speaker":"T R Smith","startTime":713.026,"endTime":716.986,"body":"and say, I'm out and take your"},{"speaker":"T R Smith","startTime":716.986,"endTime":718.466,"body":"profit, or do you wanna hold onto it?"},{"speaker":"T R Smith","startTime":718.566,"endTime":722.033,"body":"and the sort of generic advice I give"},{"speaker":"T R Smith","startTime":718.566,"endTime":722.033,"body":"to people in the book is, look, don't be"},{"speaker":"T R Smith","startTime":722.033,"endTime":724.403,"body":"afraid to just take the money and run."},{"speaker":"T R Smith","startTime":724.421,"endTime":728.297,"body":"Because you're not require if they're"},{"speaker":"T R Smith","startTime":724.421,"endTime":728.297,"body":"not requiring a holding period they're"},{"speaker":"T R Smith","startTime":728.297,"endTime":729.947,"body":"just giving you an amazing profit."},{"speaker":"T R Smith","startTime":729.991,"endTime":733.81,"body":"So going back to that example of what"},{"speaker":"T R Smith","startTime":729.991,"endTime":733.81,"body":"do you expect on a typical investment?"},{"speaker":"T R Smith","startTime":733.835,"endTime":735.982,"body":"Maybe 10 or 12% on the stock market."},{"speaker":"T R Smith","startTime":736.222,"endTime":738.492,"body":"But if you can get 15% in a quarter."},{"speaker":"T R Smith","startTime":738.673,"endTime":741.973,"body":"Again, that's better than what"},{"speaker":"T R Smith","startTime":738.673,"endTime":741.973,"body":"anyone out there can promise you."},{"speaker":"T R Smith","startTime":741.973,"endTime":743.967,"body":"It's a really great"},{"speaker":"T R Smith","startTime":741.973,"endTime":743.967,"body":"return on your investment."},{"speaker":"T R Smith","startTime":743.967,"endTime":747.897,"body":"And if you think about, if I can just"},{"speaker":"T R Smith","startTime":743.967,"endTime":747.897,"body":"set aside this money and kind of just"},{"speaker":"T R Smith","startTime":747.897,"endTime":751.147,"body":"cycle through it every quarter, you're"},{"speaker":"T R Smith","startTime":747.897,"endTime":751.147,"body":"talking on an annualized basis, it's"},{"speaker":"T R Smith","startTime":751.147,"endTime":755.517,"body":"more like 60% or even 70% in some"},{"speaker":"T R Smith","startTime":751.147,"endTime":755.517,"body":"cases where people are making that"},{"speaker":"T R Smith","startTime":755.517,"endTime":758.967,"body":"profit again with very little risk,"},{"speaker":"T R Smith","startTime":755.517,"endTime":758.967,"body":"always wanna be careful not to say, oh."},{"speaker":"T R Smith","startTime":758.967,"endTime":760.027,"body":"There's no risk at all."},{"speaker":"T R Smith","startTime":760.027,"endTime":763.043,"body":"You could buy the stock and the"},{"speaker":"T R Smith","startTime":760.027,"endTime":763.043,"body":"stock could go down that day, but if"},{"speaker":"T R Smith","startTime":763.043,"endTime":765.143,"body":"they're offering you 5%, 10%, 15%."},{"speaker":"T R Smith","startTime":765.563,"endTime":768.046,"body":"Count, the odds are pretty"},{"speaker":"T R Smith","startTime":765.563,"endTime":768.046,"body":"unlikely that you're gonna get hit."},{"speaker":"T R Smith","startTime":768.076,"endTime":772.396,"body":"You know that hard where you would lose"},{"speaker":"T R Smith","startTime":768.076,"endTime":772.396,"body":"money on the transaction and even if"},{"speaker":"T R Smith","startTime":772.396,"endTime":775.786,"body":"it did, God forbid, happened like that"},{"speaker":"T R Smith","startTime":772.396,"endTime":775.786,"body":"one quarter, there's still the next"},{"speaker":"T R Smith","startTime":775.786,"endTime":777.166,"body":"quarter and the next quarter after that."},{"speaker":"T R Smith","startTime":777.466,"endTime":781.67,"body":"So for people who are eligible for this"},{"speaker":"T R Smith","startTime":777.466,"endTime":781.67,"body":"it's a great program in the ESP of all"},{"speaker":"T R Smith","startTime":781.67,"endTime":782.99,"body":"the programs I talk about in my book."},{"speaker":"T R Smith","startTime":783.545,"endTime":787.63,"body":"In a way, the ESP is almost my favorite"},{"speaker":"T R Smith","startTime":783.545,"endTime":787.63,"body":"because in my experience in most of"},{"speaker":"T R Smith","startTime":787.63,"endTime":791.5,"body":"these programs, it comes with the"},{"speaker":"T R Smith","startTime":787.63,"endTime":791.5,"body":"fewest like strings attached, right?"},{"speaker":"T R Smith","startTime":791.68,"endTime":794.05,"body":"It's not just set aside for retirement."},{"speaker":"T R Smith","startTime":794.35,"endTime":798.162,"body":"It's not just set aside for, healthcare"},{"speaker":"T R Smith","startTime":794.35,"endTime":798.162,"body":"spending or something like that."},{"speaker":"T R Smith","startTime":798.462,"endTime":802.662,"body":"It's literally stock that you can"},{"speaker":"T R Smith","startTime":798.462,"endTime":802.662,"body":"sell, and now the cash is yours again."},{"speaker":"T R Smith","startTime":802.817,"endTime":805.275,"body":"Not sure if you've come across that"},{"speaker":"T R Smith","startTime":802.817,"endTime":805.275,"body":"in the past, but I can tell you"},{"speaker":"T R Smith","startTime":805.275,"endTime":807.645,"body":"there are millions of people that are"},{"speaker":"T R Smith","startTime":805.275,"endTime":807.645,"body":"eligible for this and a lot of them"},{"speaker":"T R Smith","startTime":807.645,"endTime":809.085,"body":"are just not taking advantage of it."},{"speaker":"Average Joe Finances","startTime":809.625,"endTime":812.517,"body":"No I definitely"},{"speaker":"Average Joe Finances","startTime":809.625,"endTime":812.517,"body":"have not, I served 20 years in the Navy"},{"speaker":"Average Joe Finances","startTime":812.548,"endTime":814.138,"body":"that was not really an option for us."},{"speaker":"Average Joe Finances","startTime":814.138,"endTime":816.265,"body":"And can't really buy"},{"speaker":"Average Joe Finances","startTime":814.138,"endTime":816.265,"body":"stock in the Navy, but."},{"speaker":"T R Smith","startTime":816.775,"endTime":816.865,"body":"True."},{"speaker":"Average Joe Finances","startTime":816.911,"endTime":819.357,"body":"However, this"},{"speaker":"Average Joe Finances","startTime":816.911,"endTime":819.357,"body":"does remind me so my kids started"},{"speaker":"Average Joe Finances","startTime":819.737,"endTime":820.407,"body":"watching The Simpsons, right?"},{"speaker":"Average Joe Finances","startTime":820.407,"endTime":823.176,"body":"So I've been sitting down and watching"},{"speaker":"Average Joe Finances","startTime":820.407,"endTime":823.176,"body":"it with them as they go through a couple"},{"speaker":"Average Joe Finances","startTime":823.176,"endTime":827.256,"body":"of the seasons, and it reminds me of"},{"speaker":"Average Joe Finances","startTime":823.176,"endTime":827.256,"body":"that one episode where every employees"},{"speaker":"Average Joe Finances","startTime":827.256,"endTime":831.216,"body":"at the nuclear power plant, all of a"},{"speaker":"Average Joe Finances","startTime":827.256,"endTime":831.216,"body":"sudden were rich because the stock options"},{"speaker":"Average Joe Finances","startTime":831.216,"endTime":836.097,"body":"that they got for being an employee"},{"speaker":"Average Joe Finances","startTime":831.216,"endTime":836.097,"body":"at the power plant, like the value"},{"speaker":"Average Joe Finances","startTime":836.097,"endTime":837.657,"body":"just skyrocketed and they're all rich."},{"speaker":"Average Joe Finances","startTime":837.657,"endTime":840.942,"body":"And then it gives like a flashback"},{"speaker":"Average Joe Finances","startTime":837.657,"endTime":840.942,"body":"to when Homers like, woo-hoo, I"},{"speaker":"Average Joe Finances","startTime":840.942,"endTime":843.192,"body":"could sell this for $25, right?"},{"speaker":"Average Joe Finances","startTime":843.312,"endTime":845.768,"body":"And then all of a sudden they see"},{"speaker":"Average Joe Finances","startTime":843.312,"endTime":845.768,"body":"the news and everything and it's"},{"speaker":"Average Joe Finances","startTime":845.798,"endTime":848.805,"body":"oh yeah, if you own this, portion"},{"speaker":"Average Joe Finances","startTime":845.798,"endTime":848.805,"body":"of the the nuclear power plant,"},{"speaker":"Average Joe Finances","startTime":848.805,"endTime":850.095,"body":"congratulations, you're a millionaire."},{"speaker":"Average Joe Finances","startTime":850.515,"endTime":854.038,"body":"And Marge and the family, and everybody's"},{"speaker":"Average Joe Finances","startTime":850.515,"endTime":854.038,"body":"all excited and then homer's like dope."},{"speaker":"T R Smith","startTime":854.501,"endTime":854.672,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":854.672,"endTime":857.252,"body":"So a lot of"},{"speaker":"Average Joe Finances","startTime":854.672,"endTime":857.252,"body":"times, so that, that example that you"},{"speaker":"Average Joe Finances","startTime":857.252,"endTime":860.19,"body":"gave earlier where they say, after"},{"speaker":"Average Joe Finances","startTime":857.252,"endTime":860.19,"body":"they purchased the stock and you can"},{"speaker":"Average Joe Finances","startTime":860.19,"endTime":864.448,"body":"turn around and sell it right away, or"},{"speaker":"Average Joe Finances","startTime":860.19,"endTime":864.448,"body":"you can turn around and hold onto it."},{"speaker":"Average Joe Finances","startTime":864.458,"endTime":865.273,"body":"You know that."},{"speaker":"Average Joe Finances","startTime":865.373,"endTime":868.132,"body":"Selling right away thing, always"},{"speaker":"Average Joe Finances","startTime":865.373,"endTime":868.132,"body":"just just doesn't feel right to me."},{"speaker":"Average Joe Finances","startTime":868.132,"endTime":871.981,"body":"I feel like got to hold it for some amount"},{"speaker":"Average Joe Finances","startTime":868.132,"endTime":871.981,"body":"of time and just watch it, watch it do"},{"speaker":"Average Joe Finances","startTime":871.981,"endTime":873.969,"body":"its thing and let it do its thing, right?"},{"speaker":"Average Joe Finances","startTime":873.969,"endTime":877.651,"body":"Because sure, it might go down"},{"speaker":"Average Joe Finances","startTime":873.969,"endTime":877.651,"body":"pretty quickly as soon as you buy it."},{"speaker":"Average Joe Finances","startTime":877.713,"endTime":879.123,"body":"But it's gonna go back up, right?"},{"speaker":"Average Joe Finances","startTime":879.128,"endTime":880.273,"body":"It generally always does."},{"speaker":"Average Joe Finances","startTime":880.273,"endTime":884.608,"body":"Now this is an individual stock versus the"},{"speaker":"Average Joe Finances","startTime":880.273,"endTime":884.608,"body":"S\u0026P-500 where all of them put together."},{"speaker":"Average Joe Finances","startTime":884.608,"endTime":890.242,"body":"But, generally if you're in a strong"},{"speaker":"Average Joe Finances","startTime":884.608,"endTime":890.242,"body":"company,  that is offering a program like"},{"speaker":"Average Joe Finances","startTime":890.242,"endTime":893.242,"body":"this it's not likely to just decline."},{"speaker":"Average Joe Finances","startTime":893.298,"endTime":893.808,"body":"Right away."},{"speaker":"Average Joe Finances","startTime":893.808,"endTime":897.183,"body":"So now I wanted to ask you, like"},{"speaker":"Average Joe Finances","startTime":893.808,"endTime":897.183,"body":"with that program, is it capped?"},{"speaker":"Average Joe Finances","startTime":897.543,"endTime":898.738,"body":"At 10%?"},{"speaker":"Average Joe Finances","startTime":898.738,"endTime":903.368,"body":"Or can employees maybe if they wanna"},{"speaker":"Average Joe Finances","startTime":898.738,"endTime":903.368,"body":"contribute more or is 10% the minimum?"},{"speaker":"Average Joe Finances","startTime":903.368,"endTime":904.179,"body":"Like how does that work?"},{"speaker":"Average Joe Finances","startTime":904.509,"endTime":904.689,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":904.689,"endTime":906.928,"body":"In most cases, I've seen it capped at 10%."},{"speaker":"Average Joe Finances","startTime":906.928,"endTime":909.503,"body":"There could be some companies that are"},{"speaker":"Average Joe Finances","startTime":906.928,"endTime":909.503,"body":"figuring out ways to do it differently,"},{"speaker":"Average Joe Finances","startTime":909.503,"endTime":912.713,"body":"but in most cases it'll be 10% and"},{"speaker":"Average Joe Finances","startTime":909.503,"endTime":912.713,"body":"the people just feel more comfortable."},{"speaker":"Average Joe Finances","startTime":912.713,"endTime":914.338,"body":"I'll put 5% in or something."},{"speaker":"Average Joe Finances","startTime":914.367,"endTime":916.263,"body":"It's at their discretion what they can do."},{"speaker":"Average Joe Finances","startTime":916.355,"endTime":918.755,"body":"And typically they can change"},{"speaker":"Average Joe Finances","startTime":916.355,"endTime":918.755,"body":"it, once a year and one"},{"speaker":"Average Joe Finances","startTime":918.755,"endTime":919.932,"body":"concession I would make to you."},{"speaker":"Average Joe Finances","startTime":919.975,"endTime":921.025,"body":"The holding it too."},{"speaker":"Average Joe Finances","startTime":921.137,"endTime":924.857,"body":"In general, if you do hold the stock"},{"speaker":"Average Joe Finances","startTime":921.137,"endTime":924.857,"body":"for let's say a year or more typically"},{"speaker":"Average Joe Finances","startTime":924.857,"endTime":928.832,"body":"you're gonna pay a lower sort of"},{"speaker":"Average Joe Finances","startTime":924.857,"endTime":928.832,"body":"long-term capital gains tax on it too."},{"speaker":"Average Joe Finances","startTime":929.192,"endTime":932.443,"body":"So again, everyone can do their own"},{"speaker":"Average Joe Finances","startTime":929.192,"endTime":932.443,"body":"homework about, what's right for them."},{"speaker":"Average Joe Finances","startTime":932.448,"endTime":934.88,"body":"If they wanna hold on to some, individual."},{"speaker":"Average Joe Finances","startTime":934.88,"endTime":935.379,"body":"Stock."},{"speaker":"Average Joe Finances","startTime":935.709,"endTime":938.937,"body":"But but certainly it is true if you"},{"speaker":"Average Joe Finances","startTime":935.709,"endTime":938.937,"body":"feel like it's a good investment, you"},{"speaker":"Average Joe Finances","startTime":938.937,"endTime":942.669,"body":"wanna hold onto it, then you might"},{"speaker":"Average Joe Finances","startTime":938.937,"endTime":942.669,"body":"pay a lower tax rate down the road."},{"speaker":"Average Joe Finances","startTime":943.089,"endTime":946.675,"body":"And again it's, it is up to that employee"},{"speaker":"Average Joe Finances","startTime":943.089,"endTime":946.675,"body":"to think okay, if this is 10% chunk of"},{"speaker":"Average Joe Finances","startTime":946.675,"endTime":948.855,"body":"my money do I need that to live off of?"},{"speaker":"Average Joe Finances","startTime":948.855,"endTime":950.355,"body":"Or do I not need to live off of it?"},{"speaker":"Average Joe Finances","startTime":950.45,"endTime":953.66,"body":"On a day-to-day basis, if you can"},{"speaker":"Average Joe Finances","startTime":950.45,"endTime":953.66,"body":"afford to just set it aside and"},{"speaker":"Average Joe Finances","startTime":953.66,"endTime":956.517,"body":"forget it and say, Hey, I'm gonna"},{"speaker":"Average Joe Finances","startTime":953.66,"endTime":956.517,"body":"wait, And see if the stock goes up."},{"speaker":"Average Joe Finances","startTime":956.797,"endTime":959.442,"body":"That could be a good strategy"},{"speaker":"Average Joe Finances","startTime":956.797,"endTime":959.442,"body":"and obviously just depends on the"},{"speaker":"Average Joe Finances","startTime":959.442,"endTime":961.332,"body":"individual risk profile at that point."},{"speaker":"Average Joe Finances","startTime":962.022,"endTime":962.292,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":962.375,"endTime":964.415,"body":"And the other thing is too,"},{"speaker":"Average Joe Finances","startTime":962.375,"endTime":964.415,"body":"like you said, this is just"},{"speaker":"Average Joe Finances","startTime":964.415,"endTime":965.945,"body":"like buying an individual stock."},{"speaker":"Average Joe Finances","startTime":965.945,"endTime":968.387,"body":"It's not it's not like the 401k."},{"speaker":"Average Joe Finances","startTime":968.387,"endTime":972.067,"body":"Like you don't have to wait until"},{"speaker":"Average Joe Finances","startTime":968.387,"endTime":972.067,"body":"you're 59 and a half to take"},{"speaker":"Average Joe Finances","startTime":972.067,"endTime":973.747,"body":"it out or anything like that."},{"speaker":"Average Joe Finances","startTime":973.798,"endTime":975.492,"body":"You can cash it out at any time."},{"speaker":"Average Joe Finances","startTime":975.532,"endTime":976.132,"body":"Okay, cool."},{"speaker":"Average Joe Finances","startTime":976.462,"endTime":979.037,"body":"Now there's some other ones I know"},{"speaker":"Average Joe Finances","startTime":976.462,"endTime":979.037,"body":"you wanted to talk about as well."},{"speaker":"Average Joe Finances","startTime":979.065,"endTime":982.091,"body":"One of them being like the flexible"},{"speaker":"Average Joe Finances","startTime":979.065,"endTime":982.091,"body":"spending account and that could be used."},{"speaker":"Average Joe Finances","startTime":982.091,"endTime":987.004,"body":"For healthcare dependent care how does"},{"speaker":"Average Joe Finances","startTime":982.091,"endTime":987.004,"body":"that help you with your tax burden?"},{"speaker":"T R Smith","startTime":987.514,"endTime":990.692,"body":"Yeah, there's a couple"},{"speaker":"T R Smith","startTime":987.514,"endTime":990.692,"body":"of different FSA type programs."},{"speaker":"T R Smith","startTime":990.692,"endTime":992.901,"body":"So let's talk about the"},{"speaker":"T R Smith","startTime":990.692,"endTime":992.901,"body":"healthcare FSA first."},{"speaker":"T R Smith","startTime":992.982,"endTime":996.604,"body":"So I think in the introduction there,"},{"speaker":"T R Smith","startTime":992.982,"endTime":996.604,"body":"I was alluding to marginal tax rates."},{"speaker":"T R Smith","startTime":996.604,"endTime":999.311,"body":"So let's go through an example of just"},{"speaker":"T R Smith","startTime":996.604,"endTime":999.311,"body":"again, so people can think about whatever"},{"speaker":"T R Smith","startTime":999.316,"endTime":1002.701,"body":"marginal tax bracket they're in and they"},{"speaker":"T R Smith","startTime":999.316,"endTime":1002.701,"body":"can go on the IRS website and just see,"},{"speaker":"T R Smith","startTime":1002.861,"endTime":1006.193,"body":"what is my highest marginal tax bracket,"},{"speaker":"T R Smith","startTime":1002.861,"endTime":1006.193,"body":"but let's say the average worker's making"},{"speaker":"T R Smith","startTime":1006.193,"endTime":1011.293,"body":"somewhere around 50,000, again, that"},{"speaker":"T R Smith","startTime":1006.193,"endTime":1011.293,"body":"means they're paying about 22% in federal"},{"speaker":"T R Smith","startTime":1011.293,"endTime":1013.393,"body":"income tax, roughly 8% in payroll tax."},{"speaker":"T R Smith","startTime":1013.393,"endTime":1016.541,"body":"So basically it's this"},{"speaker":"T R Smith","startTime":1013.393,"endTime":1016.541,"body":"30% you pay in taxes."},{"speaker":"T R Smith","startTime":1016.588,"endTime":1020.308,"body":"What the flexible spending account program"},{"speaker":"T R Smith","startTime":1016.588,"endTime":1020.308,"body":"says is if you put dollars into this"},{"speaker":"T R Smith","startTime":1020.308,"endTime":1026.081,"body":"healthcare, FSA you, essentially, this"},{"speaker":"T R Smith","startTime":1020.308,"endTime":1026.081,"body":"is money you're putting in without paying"},{"speaker":"T R Smith","startTime":1026.103,"endTime":1028.473,"body":"any federal income or payroll tax on it."},{"speaker":"T R Smith","startTime":1028.478,"endTime":1032.227,"body":"So if you put in a hundred bucks, you're"},{"speaker":"T R Smith","startTime":1028.478,"endTime":1032.227,"body":"getting 30 bucks back into your pocket,"},{"speaker":"T R Smith","startTime":1032.707,"endTime":1034.147,"body":"which again, pretty amazing deal."},{"speaker":"T R Smith","startTime":1034.178,"endTime":1036.479,"body":"For anybody and I'll give"},{"speaker":"T R Smith","startTime":1034.178,"endTime":1036.479,"body":"you a quick side note."},{"speaker":"T R Smith","startTime":1036.578,"endTime":1039.445,"body":"I think the first time I was eligible"},{"speaker":"T R Smith","startTime":1036.578,"endTime":1039.445,"body":"for this, somebody explained it to"},{"speaker":"T R Smith","startTime":1039.445,"endTime":1042.981,"body":"me as if you have certain healthcare"},{"speaker":"T R Smith","startTime":1039.445,"endTime":1042.981,"body":"expenses, you can use the FSA."},{"speaker":"T R Smith","startTime":1043.241,"endTime":1046.036,"body":"And at the time I thought yeah, I was"},{"speaker":"T R Smith","startTime":1043.241,"endTime":1046.036,"body":"pretty young and healthy at the time,"},{"speaker":"T R Smith","startTime":1046.036,"endTime":1048.499,"body":"and I just thought, I didn't have"},{"speaker":"T R Smith","startTime":1046.036,"endTime":1048.499,"body":"any healthcare expenses last year."},{"speaker":"T R Smith","startTime":1048.499,"endTime":1051.891,"body":"I'm just not gonna sign up for it,"},{"speaker":"T R Smith","startTime":1048.499,"endTime":1051.891,"body":"but what they didn't tell me was"},{"speaker":"T R Smith","startTime":1051.976,"endTime":1056.189,"body":"you can use this in general on your"},{"speaker":"T R Smith","startTime":1051.976,"endTime":1056.189,"body":"contact lenses, on your eyeglasses."},{"speaker":"T R Smith","startTime":1056.579,"endTime":1059.759,"body":"You can use this for other"},{"speaker":"T R Smith","startTime":1056.579,"endTime":1059.759,"body":"stuff that might be on like"},{"speaker":"T R Smith","startTime":1059.759,"endTime":1062.729,"body":"fsastore.com or the Amazon FSA."},{"speaker":"T R Smith","startTime":1062.796,"endTime":1067.174,"body":"And I don't get paid any money by them"},{"speaker":"T R Smith","startTime":1062.796,"endTime":1067.174,"body":"to say that, but is good for those, for"},{"speaker":"T R Smith","startTime":1067.174,"endTime":1070.393,"body":"anyone that's curious about this, go on"},{"speaker":"T R Smith","startTime":1067.174,"endTime":1070.393,"body":"those websites and figure out like what"},{"speaker":"T R Smith","startTime":1070.393,"endTime":1072.403,"body":"is it that I can spend these dollars on?"},{"speaker":"T R Smith","startTime":1072.403,"endTime":1076.335,"body":"And it's actually a huge range is"},{"speaker":"T R Smith","startTime":1072.403,"endTime":1076.335,"body":"everything from band-aids to, in some"},{"speaker":"T R Smith","startTime":1076.34,"endTime":1079.569,"body":"cases this wouldn't be on the website,"},{"speaker":"T R Smith","startTime":1076.34,"endTime":1079.569,"body":"but things like IVF treatments and"},{"speaker":"T R Smith","startTime":1079.574,"endTime":1083.229,"body":"fertility treatments, even stuff"},{"speaker":"T R Smith","startTime":1079.574,"endTime":1083.229,"body":"that an insurance company might not."},{"speaker":"T R Smith","startTime":1083.429,"endTime":1087.719,"body":"Necessarily cover, sometimes you can still"},{"speaker":"T R Smith","startTime":1083.429,"endTime":1087.719,"body":"use those FSA dollars on it because it's"},{"speaker":"T R Smith","startTime":1087.719,"endTime":1089.341,"body":"part of the general healthcare spending."},{"speaker":"T R Smith","startTime":1089.4,"endTime":1092.153,"body":"So again, I encourage everyone to"},{"speaker":"T R Smith","startTime":1089.4,"endTime":1092.153,"body":"do their own research to make sure"},{"speaker":"T R Smith","startTime":1092.158,"endTime":1093.463,"body":"that they're , not going overboard."},{"speaker":"T R Smith","startTime":1093.893,"endTime":1097.686,"body":"So again, 30% return in some cases"},{"speaker":"T R Smith","startTime":1093.893,"endTime":1097.686,"body":"is more, if you're a high income"},{"speaker":"T R Smith","startTime":1097.686,"endTime":1100.642,"body":"earner, you could be making a lot"},{"speaker":"T R Smith","startTime":1097.686,"endTime":1100.642,"body":"more profit in terms of the tax code."},{"speaker":"T R Smith","startTime":1100.742,"endTime":1104.298,"body":"And the other thing that people"},{"speaker":"T R Smith","startTime":1100.742,"endTime":1104.298,"body":"should also be aware of is"},{"speaker":"T R Smith","startTime":1104.508,"endTime":1108.791,"body":"When you use an FSA, the expectation"},{"speaker":"T R Smith","startTime":1104.508,"endTime":1108.791,"body":"is that you use it or lose it, right?"},{"speaker":"T R Smith","startTime":1109.091,"endTime":1113.921,"body":"So if you put a thousand dollars into"},{"speaker":"T R Smith","startTime":1109.091,"endTime":1113.921,"body":"your healthcare FSA, you need to actually"},{"speaker":"T R Smith","startTime":1114.071,"endTime":1116.65,"body":"use those dollars in that same year."},{"speaker":"T R Smith","startTime":1116.656,"endTime":1120.406,"body":"So if you have money left over, there's"},{"speaker":"T R Smith","startTime":1116.656,"endTime":1120.406,"body":"a chance that you could lose those funds."},{"speaker":"T R Smith","startTime":1120.706,"endTime":1124.306,"body":"So people just have to be actively"},{"speaker":"T R Smith","startTime":1120.706,"endTime":1124.306,"body":"managing that and budgeting for it."},{"speaker":"T R Smith","startTime":1124.636,"endTime":1128.136,"body":"And then also be thinking in the back"},{"speaker":"T R Smith","startTime":1124.636,"endTime":1128.136,"body":"of your mind oh, I could also, maybe"},{"speaker":"T R Smith","startTime":1128.136,"endTime":1131.556,"body":"at the end of the year, I could go on"},{"speaker":"T R Smith","startTime":1128.136,"endTime":1131.556,"body":"to Amazon or some other website and"},{"speaker":"T R Smith","startTime":1131.556,"endTime":1135.036,"body":"just use it on FSA eligible items."},{"speaker":"T R Smith","startTime":1135.366,"endTime":1137.855,"body":"And you could probably use up those"},{"speaker":"T R Smith","startTime":1135.366,"endTime":1137.855,"body":"dollars without too much trouble."},{"speaker":"T R Smith","startTime":1137.855,"endTime":1141.361,"body":"So that's just one, one little thing"},{"speaker":"T R Smith","startTime":1137.855,"endTime":1141.361,"body":"to be aware of in terms of potential"},{"speaker":"T R Smith","startTime":1141.361,"endTime":1142.861,"body":"risk to you as an individual."},{"speaker":"T R Smith","startTime":1143.131,"endTime":1146.05,"body":"But again, for most people, it's"},{"speaker":"T R Smith","startTime":1143.131,"endTime":1146.05,"body":"gonna be a great return on the"},{"speaker":"T R Smith","startTime":1146.35,"endTime":1149.549,"body":"investment or the dollars that they're"},{"speaker":"T R Smith","startTime":1146.35,"endTime":1149.549,"body":"cycling through the savings account."},{"speaker":"Average Joe Finances","startTime":1149.616,"endTime":1150.036,"body":"That's great."},{"speaker":"Average Joe Finances","startTime":1150.036,"endTime":1152.536,"body":"And especially Depending on"},{"speaker":"Average Joe Finances","startTime":1150.036,"endTime":1152.536,"body":"your healthcare coverage too."},{"speaker":"Average Joe Finances","startTime":1152.536,"endTime":1154.438,"body":"There's a lot of things that"},{"speaker":"Average Joe Finances","startTime":1152.536,"endTime":1154.438,"body":"aren't covered and that you can"},{"speaker":"Average Joe Finances","startTime":1154.438,"endTime":1157.944,"body":"use the, these FSA dollars to"},{"speaker":"Average Joe Finances","startTime":1154.438,"endTime":1157.944,"body":"cover some of those other expenses."},{"speaker":"Average Joe Finances","startTime":1158.014,"endTime":1158.784,"body":"That's pretty awesome."},{"speaker":"Average Joe Finances","startTime":1158.802,"endTime":1161.911,"body":"And the fact that you're not paying"},{"speaker":"Average Joe Finances","startTime":1158.802,"endTime":1161.911,"body":"those federal taxes or social security"},{"speaker":"Average Joe Finances","startTime":1161.911,"endTime":1163.808,"body":"taxes on it right off the bat is huge."},{"speaker":"Average Joe Finances","startTime":1163.808,"endTime":1165.053,"body":"Now what about state taxes?"},{"speaker":"Average Joe Finances","startTime":1165.053,"endTime":1166.433,"body":"That, is that still gonna come out."},{"speaker":"T R Smith","startTime":1166.463,"endTime":1167.963,"body":"Yeah, I think"},{"speaker":"T R Smith","startTime":1166.463,"endTime":1167.963,"body":"it differs state by state."},{"speaker":"Average Joe Finances","startTime":1167.963,"endTime":1168.053,"body":"Okay."},{"speaker":"T R Smith","startTime":1168.053,"endTime":1170.993,"body":"So some states might"},{"speaker":"T R Smith","startTime":1168.053,"endTime":1170.993,"body":"choose to subsidize it in that way by"},{"speaker":"T R Smith","startTime":1170.993,"endTime":1172.793,"body":"saying, yeah, we like the FSA program."},{"speaker":"T R Smith","startTime":1172.793,"endTime":1175.043,"body":"So folks can do their"},{"speaker":"T R Smith","startTime":1172.793,"endTime":1175.043,"body":"own research on that."},{"speaker":"T R Smith","startTime":1175.048,"endTime":1177.773,"body":"But even if you're not getting"},{"speaker":"T R Smith","startTime":1175.048,"endTime":1177.773,"body":"that extra state benefit, the"},{"speaker":"T R Smith","startTime":1177.773,"endTime":1179.243,"body":"federal benefit is pretty huge."},{"speaker":"Average Joe Finances","startTime":1179.363,"endTime":1180.353,"body":"Yeah, no, definitely."},{"speaker":"Average Joe Finances","startTime":1180.413,"endTime":1180.743,"body":"Definitely."},{"speaker":"Average Joe Finances","startTime":1180.773,"endTime":1181.073,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1181.493,"endTime":1182.033,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":1182.088,"endTime":1187.634,"body":"Now what about like for dependent care"},{"speaker":"Average Joe Finances","startTime":1182.088,"endTime":1187.634,"body":"is it, does it still fall into the realm"},{"speaker":"Average Joe Finances","startTime":1187.634,"endTime":1189.573,"body":"or same rules or how does that work?"},{"speaker":"T R Smith","startTime":1189.633,"endTime":1190.953,"body":"Yeah, pretty similar rules."},{"speaker":"T R Smith","startTime":1191.006,"endTime":1195.036,"body":"Now the FSA, going back to healthcare"},{"speaker":"T R Smith","startTime":1191.006,"endTime":1195.036,"body":"for a second, the cap, like this year"},{"speaker":"T R Smith","startTime":1195.086,"endTime":1199.7,"body":"is I believe the maximum contribution"},{"speaker":"T R Smith","startTime":1195.086,"endTime":1199.7,"body":"is about 2,850 for healthcare spending."},{"speaker":"T R Smith","startTime":1200.06,"endTime":1203.42,"body":"What's nice about the Dependent Care"},{"speaker":"T R Smith","startTime":1200.06,"endTime":1203.42,"body":"program is the cap is typically around"},{"speaker":"T R Smith","startTime":1203.42,"endTime":1205.74,"body":"$5,000 for people that are eligible."},{"speaker":"T R Smith","startTime":1206.03,"endTime":1209.39,"body":"So again, you're not paying taxes"},{"speaker":"T R Smith","startTime":1206.03,"endTime":1209.39,"body":"on that $5,000, so just using."},{"speaker":"T R Smith","startTime":1209.557,"endTime":1213.067,"body":"30% number again is about 1,480 bucks."},{"speaker":"T R Smith","startTime":1213.128,"endTime":1215.648,"body":"And tax money back in your"},{"speaker":"T R Smith","startTime":1213.128,"endTime":1215.648,"body":"own pocket that you can spend."},{"speaker":"T R Smith","startTime":1216.098,"endTime":1219.199,"body":"So just to go through the depending"},{"speaker":"T R Smith","startTime":1216.098,"endTime":1219.199,"body":"care example if you have a child, if"},{"speaker":"T R Smith","startTime":1219.199,"endTime":1223.815,"body":"you're eligible you can fund this FSA"},{"speaker":"T R Smith","startTime":1219.199,"endTime":1223.815,"body":"with every paycheck that you get, you"},{"speaker":"T R Smith","startTime":1223.815,"endTime":1228.357,"body":"opt into the program and then you're"},{"speaker":"T R Smith","startTime":1223.815,"endTime":1228.357,"body":"able to then spend those FSA dollars"},{"speaker":"T R Smith","startTime":1228.357,"endTime":1232.077,"body":"on whatever sort of dependent care"},{"speaker":"T R Smith","startTime":1228.357,"endTime":1232.077,"body":"or daycare provider you're using."},{"speaker":"T R Smith","startTime":1232.437,"endTime":1236.144,"body":"So most of that would go to a daycare"},{"speaker":"T R Smith","startTime":1232.437,"endTime":1236.144,"body":"center or nursery school or preschool."},{"speaker":"T R Smith","startTime":1236.144,"endTime":1239.114,"body":"And for most people, I think most"},{"speaker":"T R Smith","startTime":1236.144,"endTime":1239.114,"body":"parts of the country, you're gonna"},{"speaker":"T R Smith","startTime":1239.114,"endTime":1241.004,"body":"spend at least $5,000 per year."},{"speaker":"T R Smith","startTime":1241.354,"endTime":1243.24,"body":"On that type of program."},{"speaker":"T R Smith","startTime":1243.243,"endTime":1246.541,"body":"For most people it should be like a real"},{"speaker":"T R Smith","startTime":1243.243,"endTime":1246.541,"body":"slam dunk to say, wow, if I can, just get"},{"speaker":"T R Smith","startTime":1246.541,"endTime":1250.948,"body":"this FSA for kids that are already in the"},{"speaker":"T R Smith","startTime":1246.541,"endTime":1250.948,"body":"program, that's gonna be a huge win-win."},{"speaker":"T R Smith","startTime":1251.014,"endTime":1254.786,"body":"I know going back to my own personal"},{"speaker":"T R Smith","startTime":1251.014,"endTime":1254.786,"body":"story the first year that our first child"},{"speaker":"T R Smith","startTime":1254.786,"endTime":1257.736,"body":"was born I didn't even realize that this"},{"speaker":"T R Smith","startTime":1254.786,"endTime":1257.736,"body":"program existed, , it's one of those"},{"speaker":"T R Smith","startTime":1257.736,"endTime":1262.885,"body":"weaknesses of companies that sometimes"},{"speaker":"T R Smith","startTime":1257.736,"endTime":1262.885,"body":"don't sell these programs all that well,"},{"speaker":"T R Smith","startTime":1263.155,"endTime":1267.063,"body":"because you might have, one of those"},{"speaker":"T R Smith","startTime":1263.155,"endTime":1267.063,"body":"Orientation meetings on your first day"},{"speaker":"T R Smith","startTime":1267.063,"endTime":1271.053,"body":"of the job or your first week on the job,"},{"speaker":"T R Smith","startTime":1267.063,"endTime":1271.053,"body":"and somebody tells you about this program."},{"speaker":"T R Smith","startTime":1271.083,"endTime":1273.573,"body":"By the way, we have a dependent"},{"speaker":"T R Smith","startTime":1271.083,"endTime":1273.573,"body":"care FSA program, right?"},{"speaker":"T R Smith","startTime":1273.573,"endTime":1276.333,"body":"And if you're young and single and"},{"speaker":"T R Smith","startTime":1273.573,"endTime":1276.333,"body":"no kids, or even if you're married"},{"speaker":"T R Smith","startTime":1276.663,"endTime":1278.853,"body":"and you don't have kids, you're"},{"speaker":"T R Smith","startTime":1276.663,"endTime":1278.853,"body":"thinking, my brain does not need to"},{"speaker":"T R Smith","startTime":1278.853,"endTime":1280.233,"body":"hold onto that information, right?"},{"speaker":"T R Smith","startTime":1280.238,"endTime":1281.883,"body":"This is not, I got too"},{"speaker":"T R Smith","startTime":1280.238,"endTime":1281.883,"body":"much to worry about."},{"speaker":"T R Smith","startTime":1282.303,"endTime":1285.614,"body":"And then sadly, no, nobody reminded"},{"speaker":"T R Smith","startTime":1282.303,"endTime":1285.614,"body":"me, flash forward, a year from them."},{"speaker":"T R Smith","startTime":1286.244,"endTime":1289.597,"body":"And nobody bothered to remind me, oh,"},{"speaker":"T R Smith","startTime":1286.244,"endTime":1289.597,"body":"hey, you can sign up for this program now."},{"speaker":"T R Smith","startTime":1289.602,"endTime":1291.247,"body":"So I went a whole year."},{"speaker":"T R Smith","startTime":1291.397,"endTime":1294.217,"body":"So I lost out on like at least a"},{"speaker":"T R Smith","startTime":1291.397,"endTime":1294.217,"body":"thousand dollars of tax savings."},{"speaker":"T R Smith","startTime":1294.322,"endTime":1297.044,"body":"But obviously once I figured"},{"speaker":"T R Smith","startTime":1294.322,"endTime":1297.044,"body":"it out, I signed up again."},{"speaker":"T R Smith","startTime":1297.044,"endTime":1300.642,"body":"So this is my message to the world that"},{"speaker":"T R Smith","startTime":1297.044,"endTime":1300.642,"body":"don't make the same mistake that I did,"},{"speaker":"T R Smith","startTime":1300.892,"endTime":1302.844,"body":"and, really focus on these benefits."},{"speaker":"Average Joe Finances","startTime":1303.444,"endTime":1304.586,"body":"Yeah, that's fantastic."},{"speaker":"Average Joe Finances","startTime":1304.646,"endTime":1308.096,"body":"Yeah, because it's funny because it,"},{"speaker":"Average Joe Finances","startTime":1304.646,"endTime":1308.096,"body":"it reminds me of  every time I transfer"},{"speaker":"Average Joe Finances","startTime":1308.096,"endTime":1309.356,"body":"to a new command in the Navy, right?"},{"speaker":"Average Joe Finances","startTime":1309.356,"endTime":1312.867,"body":"We always have this indoctrination"},{"speaker":"Average Joe Finances","startTime":1309.356,"endTime":1312.867,"body":"where you learn about the command,"},{"speaker":"Average Joe Finances","startTime":1312.867,"endTime":1315.117,"body":"you learn about the different programs"},{"speaker":"Average Joe Finances","startTime":1312.867,"endTime":1315.117,"body":"and everything that's going on."},{"speaker":"Average Joe Finances","startTime":1315.178,"endTime":1317.454,"body":"But that's it's that little"},{"speaker":"Average Joe Finances","startTime":1315.178,"endTime":1317.454,"body":"orientation that you get and then"},{"speaker":"Average Joe Finances","startTime":1317.459,"endTime":1319.014,"body":"that's it there is no reminders."},{"speaker":"Average Joe Finances","startTime":1319.014,"endTime":1322.921,"body":"There is no, hey, I know a year"},{"speaker":"Average Joe Finances","startTime":1319.014,"endTime":1322.921,"body":"ago we talked about A, B, C, and D."},{"speaker":"Average Joe Finances","startTime":1322.961,"endTime":1325.571,"body":"Here's your reminder that"},{"speaker":"Average Joe Finances","startTime":1322.961,"endTime":1325.571,"body":"you can still do this."},{"speaker":"Average Joe Finances","startTime":1325.601,"endTime":1326.537,"body":"But yeah, you don't see that."},{"speaker":"Average Joe Finances","startTime":1326.543,"endTime":1328.363,"body":"And then the thing is too,"},{"speaker":"Average Joe Finances","startTime":1326.543,"endTime":1328.363,"body":"like the way you described it"},{"speaker":"Average Joe Finances","startTime":1328.363,"endTime":1329.723,"body":"is It's kinda like a wave top."},{"speaker":"Average Joe Finances","startTime":1329.723,"endTime":1331.133,"body":"They'll say, oh yeah,"},{"speaker":"Average Joe Finances","startTime":1329.723,"endTime":1331.133,"body":"we have this program."},{"speaker":"Average Joe Finances","startTime":1331.133,"endTime":1332.423,"body":"But they don't explain it in depth."},{"speaker":"Average Joe Finances","startTime":1332.843,"endTime":1335.243,"body":"cause if they actually sat down"},{"speaker":"Average Joe Finances","startTime":1332.843,"endTime":1335.243,"body":"and talked about it in depth and"},{"speaker":"Average Joe Finances","startTime":1335.243,"endTime":1337.965,"body":"you're sitting there thinking I am"},{"speaker":"Average Joe Finances","startTime":1335.243,"endTime":1337.965,"body":"married and I do plan on having kids."},{"speaker":"Average Joe Finances","startTime":1338.145,"endTime":1339.315,"body":"Maybe I should do this right."},{"speaker":"Average Joe Finances","startTime":1339.32,"endTime":1341.011,"body":"Maybe this is something I"},{"speaker":"Average Joe Finances","startTime":1339.32,"endTime":1341.011,"body":"should keep in my back pocket."},{"speaker":"Average Joe Finances","startTime":1341.011,"endTime":1342.272,"body":"But when they only give you like that."},{"speaker":"Average Joe Finances","startTime":1342.277,"endTime":1343.862,"body":"Hey, we have this program,"},{"speaker":"Average Joe Finances","startTime":1342.277,"endTime":1343.862,"body":"you're like, yeah, okay."},{"speaker":"Average Joe Finances","startTime":1344.022,"endTime":1344.1,"body":"Whatever."},{"speaker":"Average Joe Finances","startTime":1344.2,"endTime":1344.92,"body":"Dependent program."},{"speaker":"Average Joe Finances","startTime":1344.92,"endTime":1345.22,"body":"Cool."},{"speaker":"Average Joe Finances","startTime":1345.22,"endTime":1347.11,"body":"I'll worry about it when"},{"speaker":"Average Joe Finances","startTime":1345.22,"endTime":1347.11,"body":"I have a dependent, right."},{"speaker":"T R Smith","startTime":1347.11,"endTime":1347.935,"body":"Yeah, totally."},{"speaker":"T R Smith","startTime":1348.055,"endTime":1348.355,"body":"Yeah."},{"speaker":"T R Smith","startTime":1348.535,"endTime":1351.795,"body":"And I think some, human resources"},{"speaker":"T R Smith","startTime":1348.535,"endTime":1351.795,"body":"people, most of them probably"},{"speaker":"T R Smith","startTime":1351.8,"endTime":1353.045,"body":"understand the programs pretty well."},{"speaker":"T R Smith","startTime":1353.045,"endTime":1355.595,"body":"Some of them might not understand"},{"speaker":"T R Smith","startTime":1353.045,"endTime":1355.595,"body":"the program that well, and that's why"},{"speaker":"T R Smith","startTime":1355.595,"endTime":1359.462,"body":"they're not explaining it, really in"},{"speaker":"T R Smith","startTime":1355.595,"endTime":1359.462,"body":"depth or they just don't want to be"},{"speaker":"T R Smith","startTime":1359.467,"endTime":1361.434,"body":"out there, giving tax advice to people."},{"speaker":"T R Smith","startTime":1361.522,"endTime":1364.666,"body":"And just for clarity I'm not a"},{"speaker":"T R Smith","startTime":1361.522,"endTime":1364.666,"body":"CPA, I'm not offering any tax"},{"speaker":"T R Smith","startTime":1364.666,"endTime":1365.746,"body":"advice or investment advice."},{"speaker":"T R Smith","startTime":1365.808,"endTime":1369.041,"body":"These rules are out there for people"},{"speaker":"T R Smith","startTime":1365.808,"endTime":1369.041,"body":"to, read the rules, understand the"},{"speaker":"T R Smith","startTime":1369.041,"endTime":1372.402,"body":"rules, and again, people are on"},{"speaker":"T R Smith","startTime":1369.041,"endTime":1372.402,"body":"their own to figure these things out."},{"speaker":"T R Smith","startTime":1372.432,"endTime":1375.818,"body":"And but I think the more time"},{"speaker":"T R Smith","startTime":1372.432,"endTime":1375.818,"body":"people spend on these issues,"},{"speaker":"T R Smith","startTime":1375.818,"endTime":1376.928,"body":"the more they realize that."},{"speaker":"T R Smith","startTime":1377.095,"endTime":1380.645,"body":"The opportunity really is great"},{"speaker":"T R Smith","startTime":1377.095,"endTime":1380.645,"body":"to build wealth over time."},{"speaker":"T R Smith","startTime":1381.005,"endTime":1383.675,"body":"And even if you're not looking to build"},{"speaker":"T R Smith","startTime":1381.005,"endTime":1383.675,"body":"wealth, you just wanna save on your"},{"speaker":"T R Smith","startTime":1383.675,"endTime":1386.989,"body":"taxes and then spend that money no one's"},{"speaker":"T R Smith","startTime":1383.675,"endTime":1386.989,"body":"gonna stop you from doing that either."},{"speaker":"T R Smith","startTime":1387.019,"endTime":1389.466,"body":"So definitely people should,"},{"speaker":"T R Smith","startTime":1387.019,"endTime":1389.466,"body":"be focused on these things."},{"speaker":"Average Joe Finances","startTime":1389.74,"endTime":1389.835,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1389.835,"endTime":1390.735,"body":"Def a hundred percent."},{"speaker":"Average Joe Finances","startTime":1390.763,"endTime":1393.79,"body":"I wanna talk about the final one that you"},{"speaker":"Average Joe Finances","startTime":1390.763,"endTime":1393.79,"body":"mentioned in your book, and that's the"},{"speaker":"Average Joe Finances","startTime":1393.821,"endTime":1398.13,"body":"the health savings account and how this"},{"speaker":"Average Joe Finances","startTime":1393.821,"endTime":1398.13,"body":"could be used as a triple tax advantage."},{"speaker":"Average Joe Finances","startTime":1398.37,"endTime":1400.743,"body":"So if you could explain that"},{"speaker":"Average Joe Finances","startTime":1398.37,"endTime":1400.743,"body":"to us and how that works."},{"speaker":"T R Smith","startTime":1401.073,"endTime":1401.373,"body":"Yeah."},{"speaker":"T R Smith","startTime":1401.373,"endTime":1404.447,"body":"So the HSA and I think this is"},{"speaker":"T R Smith","startTime":1401.373,"endTime":1404.447,"body":"sometimes where it gets confusing."},{"speaker":"T R Smith","startTime":1404.452,"endTime":1407.28,"body":"I think sometimes people they hear"},{"speaker":"T R Smith","startTime":1404.452,"endTime":1407.28,"body":"all these abbreviations and it"},{"speaker":"T R Smith","startTime":1407.28,"endTime":1408.714,"body":"becomes an alphabet soup, right?"},{"speaker":"T R Smith","startTime":1409.134,"endTime":1412.444,"body":"So the FSA that we just talked"},{"speaker":"T R Smith","startTime":1409.134,"endTime":1412.444,"body":"about is basically, Typically"},{"speaker":"T R Smith","startTime":1412.864,"endTime":1417.031,"body":"designed to work with most health"},{"speaker":"T R Smith","startTime":1412.864,"endTime":1417.031,"body":"insurance programs for whatever you"},{"speaker":"T R Smith","startTime":1417.031,"endTime":1418.291,"body":"might need to spend your money on."},{"speaker":"T R Smith","startTime":1418.681,"endTime":1423.241,"body":"The HSA is a different program set up"},{"speaker":"T R Smith","startTime":1418.681,"endTime":1423.241,"body":"for people who are participating in"},{"speaker":"T R Smith","startTime":1423.241,"endTime":1428.431,"body":"like a high deductible health plan, or"},{"speaker":"T R Smith","startTime":1423.241,"endTime":1428.431,"body":"they call an HDHP just to give people"},{"speaker":"T R Smith","startTime":1428.431,"endTime":1430.456,"body":"more alphabet soup to keep track of."},{"speaker":"T R Smith","startTime":1430.947,"endTime":1434.944,"body":"But if you're on a high deductible health"},{"speaker":"T R Smith","startTime":1430.947,"endTime":1434.944,"body":"plan there's a good chance you're eligible"},{"speaker":"T R Smith","startTime":1434.949,"endTime":1437.454,"body":"for an HSA or a Health Savings Account."},{"speaker":"T R Smith","startTime":1437.814,"endTime":1440.787,"body":"And it provides, like you just"},{"speaker":"T R Smith","startTime":1437.814,"endTime":1440.787,"body":"said, a triple tax advantage, which"},{"speaker":"T R Smith","startTime":1440.787,"endTime":1442.807,"body":"means that you can put money in."},{"speaker":"T R Smith","startTime":1443.107,"endTime":1445.777,"body":"So your contributions are"},{"speaker":"T R Smith","startTime":1443.107,"endTime":1445.777,"body":"tax free, which is great."},{"speaker":"T R Smith","startTime":1446.167,"endTime":1450.876,"body":"The money grows every year without any"},{"speaker":"T R Smith","startTime":1446.167,"endTime":1450.876,"body":"kind of taxation on the annual growth."},{"speaker":"T R Smith","startTime":1451.043,"endTime":1453.863,"body":"And the third part of it is"},{"speaker":"T R Smith","startTime":1451.043,"endTime":1453.863,"body":"then you're able to withdraw"},{"speaker":"T R Smith","startTime":1453.863,"endTime":1455.363,"body":"the money without paying taxes."},{"speaker":"T R Smith","startTime":1455.533,"endTime":1458.575,"body":"And that's a little bit different"},{"speaker":"T R Smith","startTime":1455.533,"endTime":1458.575,"body":"from some 401k plans where maybe"},{"speaker":"T R Smith","startTime":1458.575,"endTime":1461.965,"body":"you get the tax benefit up upfront,"},{"speaker":"T R Smith","startTime":1458.575,"endTime":1461.965,"body":"but you're gonna pay for it down"},{"speaker":"T R Smith","startTime":1461.965,"endTime":1464.455,"body":"the road because eventually you'll"},{"speaker":"T R Smith","startTime":1461.965,"endTime":1464.455,"body":"get taxed on the withdrawal."},{"speaker":"T R Smith","startTime":1464.995,"endTime":1469.133,"body":"But just putting that aside, so you know,"},{"speaker":"T R Smith","startTime":1464.995,"endTime":1469.133,"body":"the HSA, when you withdraw the money"},{"speaker":"T R Smith","startTime":1469.133,"endTime":1473.887,"body":"on from the HSA, it's meant to be used"},{"speaker":"T R Smith","startTime":1469.133,"endTime":1473.887,"body":"for eligible health expenses, right?"},{"speaker":"T R Smith","startTime":1473.887,"endTime":1476.857,"body":"So doctor Bills, prescription drugs,"},{"speaker":"T R Smith","startTime":1473.887,"endTime":1476.857,"body":"and all those sort of routine things."},{"speaker":"T R Smith","startTime":1476.881,"endTime":1481.076,"body":"For, so right now, the people signing"},{"speaker":"T R Smith","startTime":1476.881,"endTime":1481.076,"body":"up for the HSA tend to be, wealthier"},{"speaker":"T R Smith","startTime":1481.076,"endTime":1484.94,"body":"individuals that want to take advantage of"},{"speaker":"T R Smith","startTime":1481.076,"endTime":1484.94,"body":"the compound growth and the tax benefit."},{"speaker":"T R Smith","startTime":1484.94,"endTime":1488.174,"body":"But certainly there are a lot of lower"},{"speaker":"T R Smith","startTime":1484.94,"endTime":1488.174,"body":"income people that are eligible for it."},{"speaker":"T R Smith","startTime":1488.224,"endTime":1491.743,"body":"In a lot of cases you don't even need"},{"speaker":"T R Smith","startTime":1488.224,"endTime":1491.743,"body":"to necessarily have an employer plan."},{"speaker":"T R Smith","startTime":1491.743,"endTime":1494.683,"body":"You can be self-employed and depending"},{"speaker":"T R Smith","startTime":1491.743,"endTime":1494.683,"body":"on where you live and the type"},{"speaker":"T R Smith","startTime":1494.683,"endTime":1497.995,"body":"of plan you have, you could be on"},{"speaker":"T R Smith","startTime":1494.683,"endTime":1497.995,"body":"this as a self-employed person too."},{"speaker":"T R Smith","startTime":1498.031,"endTime":1501.241,"body":"So it's great if you can invest"},{"speaker":"T R Smith","startTime":1498.031,"endTime":1501.241,"body":"the money and set it aside."},{"speaker":"T R Smith","startTime":1501.405,"endTime":1505.275,"body":"There's also no requirement that"},{"speaker":"T R Smith","startTime":1501.405,"endTime":1505.275,"body":"you wait to use the dollars."},{"speaker":"T R Smith","startTime":1505.275,"endTime":1508.487,"body":"So similar to the FSA, if you're"},{"speaker":"T R Smith","startTime":1505.275,"endTime":1508.487,"body":"just saying look, I think I'm"},{"speaker":"T R Smith","startTime":1508.487,"endTime":1511.976,"body":"gonna have, 500 bucks or a thousand"},{"speaker":"T R Smith","startTime":1508.487,"endTime":1511.976,"body":"dollars of health expense this year."},{"speaker":"T R Smith","startTime":1512.276,"endTime":1516.232,"body":"I can put the money in and then I"},{"speaker":"T R Smith","startTime":1512.276,"endTime":1516.232,"body":"can still pull it out that same year."},{"speaker":"T R Smith","startTime":1516.502,"endTime":1517.882,"body":"So it's a similar benefit."},{"speaker":"T R Smith","startTime":1518.207,"endTime":1522.287,"body":"In that regard, but it does offer a"},{"speaker":"T R Smith","startTime":1518.207,"endTime":1522.287,"body":"little bit of a superior benefit just"},{"speaker":"T R Smith","startTime":1522.287,"endTime":1523.817,"body":"in terms of the long-term growth."},{"speaker":"T R Smith","startTime":1523.884,"endTime":1525.817,"body":"People are able to keep"},{"speaker":"T R Smith","startTime":1523.884,"endTime":1525.817,"body":"the money in the plan."},{"speaker":"T R Smith","startTime":1525.817,"endTime":1527.197,"body":"It rolls over year to year."},{"speaker":"T R Smith","startTime":1527.467,"endTime":1530.467,"body":"There's no user or lose"},{"speaker":"T R Smith","startTime":1527.467,"endTime":1530.467,"body":"it provision on the HSA."},{"speaker":"T R Smith","startTime":1530.857,"endTime":1533.309,"body":"And so for people that are"},{"speaker":"T R Smith","startTime":1530.857,"endTime":1533.309,"body":"comfortable with that,  they may"},{"speaker":"T R Smith","startTime":1533.309,"endTime":1536.439,"body":"already be on the high deductible"},{"speaker":"T R Smith","startTime":1533.309,"endTime":1536.439,"body":"plan, then that's gonna be good."},{"speaker":"T R Smith","startTime":1536.447,"endTime":1539.201,"body":"And the other benefit of the"},{"speaker":"T R Smith","startTime":1536.447,"endTime":1539.201,"body":"high deductible healthcare plan"},{"speaker":"T R Smith","startTime":1539.591,"endTime":1543.664,"body":"is that you are typically gonna"},{"speaker":"T R Smith","startTime":1539.591,"endTime":1543.664,"body":"have lower monthly premiums."},{"speaker":"T R Smith","startTime":1544.114,"endTime":1546.794,"body":"So you're paying less on"},{"speaker":"T R Smith","startTime":1544.114,"endTime":1546.794,"body":"your paycheck every week."},{"speaker":"T R Smith","startTime":1546.794,"endTime":1550.192,"body":"But then just be aware of the pros and"},{"speaker":"T R Smith","startTime":1546.794,"endTime":1550.192,"body":"cons that if you do get stuck with, like"},{"speaker":"T R Smith","startTime":1550.192,"endTime":1554.332,"body":"a big hospital bill, for instance, your"},{"speaker":"T R Smith","startTime":1550.192,"endTime":1554.332,"body":"deductible is generally gonna be higher."},{"speaker":"T R Smith","startTime":1554.392,"endTime":1555.082,"body":"Hence the name."},{"speaker":"T R Smith","startTime":1555.687,"endTime":1558.329,"body":"And you may have to pay more"},{"speaker":"T R Smith","startTime":1555.687,"endTime":1558.329,"body":"out of pocket that year."},{"speaker":"T R Smith","startTime":1558.422,"endTime":1563.282,"body":"So again, go into this with your eyes"},{"speaker":"T R Smith","startTime":1558.422,"endTime":1563.282,"body":"open, but again, for people who are"},{"speaker":"T R Smith","startTime":1563.282,"endTime":1567.092,"body":"not expecting those big bills or that"},{"speaker":"T R Smith","startTime":1563.282,"endTime":1567.092,"body":"they know they can pay out of pocket"},{"speaker":"T R Smith","startTime":1567.092,"endTime":1571.115,"body":"up to a certain point this could"},{"speaker":"T R Smith","startTime":1567.092,"endTime":1571.115,"body":"provide another nice benefit to them."},{"speaker":"Average Joe Finances","startTime":1571.215,"endTime":1571.875,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1571.875,"endTime":1574.074,"body":"That's like another"},{"speaker":"Average Joe Finances","startTime":1571.875,"endTime":1574.074,"body":"good tax blanket, right?"},{"speaker":"Average Joe Finances","startTime":1574.074,"endTime":1578.076,"body":"Because, if you have a good idea,"},{"speaker":"Average Joe Finances","startTime":1574.074,"endTime":1578.076,"body":"there's routine things and you know"},{"speaker":"Average Joe Finances","startTime":1578.076,"endTime":1581.513,"body":"that you got to pay a deductible or"},{"speaker":"Average Joe Finances","startTime":1578.076,"endTime":1581.513,"body":"a certain fee that's not gonna be"},{"speaker":"Average Joe Finances","startTime":1581.513,"endTime":1584.978,"body":"covered by your insurance, and you"},{"speaker":"Average Joe Finances","startTime":1581.513,"endTime":1584.978,"body":"can kind of book that out and know how"},{"speaker":"Average Joe Finances","startTime":1584.983,"endTime":1589.004,"body":"much you're gonna be paying that year,"},{"speaker":"Average Joe Finances","startTime":1584.983,"endTime":1589.004,"body":"just putting that into the HSA and not"},{"speaker":"Average Joe Finances","startTime":1589.004,"endTime":1591.07,"body":"paying taxes on that, that's fantastic."},{"speaker":"T R Smith","startTime":1591.114,"endTime":1591.384,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":1591.443,"endTime":1593.193,"body":"And you're not"},{"speaker":"Average Joe Finances","startTime":1591.443,"endTime":1593.193,"body":"getting hit when you take it out, so."},{"speaker":"T R Smith","startTime":1593.793,"endTime":1594.273,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":1594.363,"endTime":1595.198,"body":"Yeah, I love that."},{"speaker":"Average Joe Finances","startTime":1595.558,"endTime":1595.828,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1595.828,"endTime":1596.248,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1596.428,"endTime":1599.511,"body":"Hey, T R this has been"},{"speaker":"Average Joe Finances","startTime":1596.428,"endTime":1599.511,"body":"phenomenal information."},{"speaker":"Average Joe Finances","startTime":1599.541,"endTime":1601.401,"body":"I'm really happy that you were"},{"speaker":"Average Joe Finances","startTime":1599.541,"endTime":1601.401,"body":"able to share that with us."},{"speaker":"Average Joe Finances","startTime":1601.641,"endTime":1605.061,"body":"I'd like to transition this into"},{"speaker":"Average Joe Finances","startTime":1601.641,"endTime":1605.061,"body":"something that we call the final round."},{"speaker":"Average Joe Finances","startTime":1605.511,"endTime":1607.701,"body":"It's where I'm gonna ask you the"},{"speaker":"Average Joe Finances","startTime":1605.511,"endTime":1607.701,"body":"same four questions that I ask"},{"speaker":"Average Joe Finances","startTime":1607.701,"endTime":1608.871,"body":"everybody that comes on the show."},{"speaker":"Average Joe Finances","startTime":1609.201,"endTime":1611.931,"body":"So if you're ready to go, we"},{"speaker":"Average Joe Finances","startTime":1609.201,"endTime":1611.931,"body":"will get that party started."},{"speaker":"T R Smith","startTime":1612.471,"endTime":1612.771,"body":"Okay."},{"speaker":"T R Smith","startTime":1612.771,"endTime":1613.281,"body":"That's great."},{"speaker":"Average Joe Finances","startTime":1613.701,"endTime":1613.881,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1613.881,"endTime":1614.331,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":1614.331,"endTime":1619.179,"body":"The first question is, what's the biggest"},{"speaker":"Average Joe Finances","startTime":1614.331,"endTime":1619.179,"body":"mistake you've ever made in investing?"},{"speaker":"T R Smith","startTime":1619.279,"endTime":1621.384,"body":"Biggest mistake,"},{"speaker":"T R Smith","startTime":1619.279,"endTime":1621.384,"body":"I would say is, probably not."},{"speaker":"T R Smith","startTime":1621.546,"endTime":1625.596,"body":"Aggressive enough when I was younger"},{"speaker":"T R Smith","startTime":1621.546,"endTime":1625.596,"body":"in terms of investing and the other"},{"speaker":"T R Smith","startTime":1625.596,"endTime":1628.489,"body":"thing that goes along with that is,"},{"speaker":"T R Smith","startTime":1625.596,"endTime":1628.489,"body":"don't sell when the market's down."},{"speaker":"T R Smith","startTime":1628.489,"endTime":1630.812,"body":"Which I think a lot of us"},{"speaker":"T R Smith","startTime":1628.489,"endTime":1630.812,"body":"have made some version of that"},{"speaker":"T R Smith","startTime":1630.812,"endTime":1631.88,"body":"mistake when we were younger."},{"speaker":"T R Smith","startTime":1631.88,"endTime":1633.747,"body":"I know when you're young"},{"speaker":"T R Smith","startTime":1631.88,"endTime":1633.747,"body":"and you've managed to scrape"},{"speaker":"T R Smith","startTime":1633.747,"endTime":1635.427,"body":"together some amount of money."},{"speaker":"T R Smith","startTime":1635.427,"endTime":1639.117,"body":"Maybe you have $20,000 and you wake"},{"speaker":"T R Smith","startTime":1635.427,"endTime":1639.117,"body":"up and one day it's worth $10,000"},{"speaker":"T R Smith","startTime":1639.117,"endTime":1640.587,"body":"and you think the world's ending."},{"speaker":"T R Smith","startTime":1640.651,"endTime":1643.173,"body":"I'd say, look, just remember"},{"speaker":"T R Smith","startTime":1640.651,"endTime":1643.173,"body":"your long-term plan."},{"speaker":"T R Smith","startTime":1643.184,"endTime":1646.504,"body":"Try to have investments that you don't"},{"speaker":"T R Smith","startTime":1643.184,"endTime":1646.504,"body":"have to tap into in the short term."},{"speaker":"T R Smith","startTime":1646.509,"endTime":1648.03,"body":"And just plan to ride that out."},{"speaker":"T R Smith","startTime":1648.086,"endTime":1651.681,"body":"The last 10 or 20 years have been a"},{"speaker":"T R Smith","startTime":1648.086,"endTime":1651.681,"body":"rollercoaster for a lot of investors."},{"speaker":"T R Smith","startTime":1651.681,"endTime":1655.561,"body":"But hopefully, Everyone gets the"},{"speaker":"T R Smith","startTime":1651.681,"endTime":1655.561,"body":"message there to, don't be overly"},{"speaker":"T R Smith","startTime":1655.561,"endTime":1656.701,"body":"conservative when you're young."},{"speaker":"T R Smith","startTime":1656.701,"endTime":1659.937,"body":"This is a chance to, invest"},{"speaker":"T R Smith","startTime":1656.701,"endTime":1659.937,"body":"in stocks that when you have a"},{"speaker":"T R Smith","startTime":1659.937,"endTime":1662.374,"body":"longer time horizon and, try to."},{"speaker":"T R Smith","startTime":1662.374,"endTime":1665.789,"body":"And if you do sell when the market's"},{"speaker":"T R Smith","startTime":1662.374,"endTime":1665.789,"body":"down and you make a mistake by doing"},{"speaker":"T R Smith","startTime":1665.794,"endTime":1669.387,"body":"that, try to learn that lesson and then"},{"speaker":"T R Smith","startTime":1665.794,"endTime":1669.387,"body":"don't repeat the lesson as you get older."},{"speaker":"Average Joe Finances","startTime":1669.56,"endTime":1670.339,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1670.369,"endTime":1671.749,"body":"I appreciate that transparency."},{"speaker":"Average Joe Finances","startTime":1671.749,"endTime":1674.894,"body":"I think that is a very common answer"},{"speaker":"Average Joe Finances","startTime":1671.749,"endTime":1674.894,"body":"that I hear a lot is that, a lot of"},{"speaker":"Average Joe Finances","startTime":1674.894,"endTime":1678.431,"body":"people wish that they really were more"},{"speaker":"Average Joe Finances","startTime":1674.894,"endTime":1678.431,"body":"aggressive when they were younger."},{"speaker":"Average Joe Finances","startTime":1678.431,"endTime":1680.708,"body":"cause you know, you can"},{"speaker":"Average Joe Finances","startTime":1678.431,"endTime":1680.708,"body":"recover from those risks."},{"speaker":"Average Joe Finances","startTime":1680.708,"endTime":1684.042,"body":"You can recover from that 50%"},{"speaker":"Average Joe Finances","startTime":1680.708,"endTime":1684.042,"body":"loss that you described, right?"},{"speaker":"Average Joe Finances","startTime":1684.047,"endTime":1686.588,"body":"Don't just freak out and"},{"speaker":"Average Joe Finances","startTime":1684.047,"endTime":1686.588,"body":"sell cause you've got room."},{"speaker":"Average Joe Finances","startTime":1686.588,"endTime":1689.734,"body":"Just remember that, you have a"},{"speaker":"Average Joe Finances","startTime":1686.588,"endTime":1689.734,"body":"plan and just stick to that plans."},{"speaker":"Average Joe Finances","startTime":1689.851,"endTime":1690.721,"body":"Definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":1691.051,"endTime":1693.96,"body":"All right, so this next question"},{"speaker":"Average Joe Finances","startTime":1691.051,"endTime":1693.96,"body":"kind of ties into this that last one"},{"speaker":"Average Joe Finances","startTime":1693.96,"endTime":1697.828,"body":"T R and that is what is something"},{"speaker":"Average Joe Finances","startTime":1693.96,"endTime":1697.828,"body":"that you've learned that you wish"},{"speaker":"Average Joe Finances","startTime":1697.828,"endTime":1699.488,"body":"you knew when you first started?"},{"speaker":"T R Smith","startTime":1699.588,"endTime":1702.708,"body":"Yeah, I think the"},{"speaker":"T R Smith","startTime":1699.588,"endTime":1702.708,"body":"other lesson along those lines"},{"speaker":"T R Smith","startTime":1702.713,"endTime":1704.218,"body":"would be, keep it simple."},{"speaker":"T R Smith","startTime":1704.32,"endTime":1708.449,"body":", a lot of people have embraced"},{"speaker":"T R Smith","startTime":1704.32,"endTime":1708.449,"body":"the idea that, index funds"},{"speaker":"T R Smith","startTime":1708.449,"endTime":1709.499,"body":"can be a great way to go."},{"speaker":"T R Smith","startTime":1709.499,"endTime":1713.16,"body":"The S\u0026P-500 Index Fund can be a great"},{"speaker":"T R Smith","startTime":1709.499,"endTime":1713.16,"body":"place to be, even Warren Buffet has"},{"speaker":"T R Smith","startTime":1713.16,"endTime":1717.082,"body":"said that I think he's told some of his"},{"speaker":"T R Smith","startTime":1713.16,"endTime":1717.082,"body":"heirs that, look, you can hold on to"},{"speaker":"T R Smith","startTime":1717.172,"endTime":1721.122,"body":"my company stock if you want to, but"},{"speaker":"T R Smith","startTime":1717.172,"endTime":1721.122,"body":"ultimately your best bet is probably"},{"speaker":"T R Smith","startTime":1721.122,"endTime":1725.932,"body":"to have something like 90% of your"},{"speaker":"T R Smith","startTime":1721.122,"endTime":1725.932,"body":"wealth in the S\u0026P-500 and 10% in like"},{"speaker":"T R Smith","startTime":1725.937,"endTime":1727.382,"body":"government bonds or something like that."},{"speaker":"T R Smith","startTime":1727.482,"endTime":1731.437,"body":"And so again, for people that are young"},{"speaker":"T R Smith","startTime":1727.482,"endTime":1731.437,"body":"that are just trying to accumulate"},{"speaker":"T R Smith","startTime":1731.437,"endTime":1734.937,"body":"wealth if you're not super close to"},{"speaker":"T R Smith","startTime":1731.437,"endTime":1734.937,"body":"retirement age, I'd say keep it simple."},{"speaker":"T R Smith","startTime":1735.297,"endTime":1738.321,"body":"Look at those index funds keep"},{"speaker":"T R Smith","startTime":1735.297,"endTime":1738.321,"body":"money in there for the long haul."},{"speaker":"T R Smith","startTime":1738.348,"endTime":1742.04,"body":"And the other sort of lesson that"},{"speaker":"T R Smith","startTime":1738.348,"endTime":1742.04,"body":"goes along with that is don't be too"},{"speaker":"T R Smith","startTime":1742.04,"endTime":1743.91,"body":"focused on picking individual stocks."},{"speaker":"T R Smith","startTime":1744.01,"endTime":1748.25,"body":"It's tempting to do it, and I'm not saying"},{"speaker":"T R Smith","startTime":1744.01,"endTime":1748.25,"body":"that nobody should ever do it, but don't"},{"speaker":"T R Smith","startTime":1748.25,"endTime":1751.461,"body":"fool yourself into thinking that you're"},{"speaker":"T R Smith","startTime":1748.25,"endTime":1751.461,"body":"gonna pick 10 stocks every year that,"},{"speaker":"T R Smith","startTime":1751.521,"endTime":1753.861,"body":"and they're gonna outperform the market."},{"speaker":"T R Smith","startTime":1753.893,"endTime":1755.063,"body":"If you can, that's great."},{"speaker":"T R Smith","startTime":1755.063,"endTime":1758.063,"body":"Maybe you should get a job on Wall Street"},{"speaker":"T R Smith","startTime":1755.063,"endTime":1758.063,"body":"and be paid a million bucks a year."},{"speaker":"T R Smith","startTime":1758.063,"endTime":1760.96,"body":"But for most investors, it's"},{"speaker":"T R Smith","startTime":1758.063,"endTime":1760.96,"body":"very difficult to outsmart"},{"speaker":"T R Smith","startTime":1761.2,"endTime":1762.04,"body":"the market in that way."},{"speaker":"Average Joe Finances","startTime":1762.204,"endTime":1763.194,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1763.194,"endTime":1765.933,"body":"Definitely appreciate that you shouldn't"},{"speaker":"Average Joe Finances","startTime":1763.194,"endTime":1765.933,"body":"sit here and try to time the market."},{"speaker":"Average Joe Finances","startTime":1766.19,"endTime":1767.129,"body":"And keeping it simple."},{"speaker":"Average Joe Finances","startTime":1767.208,"endTime":1769.523,"body":"I like that acronym kiss,"},{"speaker":"Average Joe Finances","startTime":1767.208,"endTime":1769.523,"body":"Keep It Simple, Stupid."},{"speaker":"Average Joe Finances","startTime":1769.523,"endTime":1771.341,"body":"Because it tell myself that all the time."},{"speaker":"Average Joe Finances","startTime":1771.611,"endTime":1771.791,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1771.791,"endTime":1773.921,"body":"When I'm looking at, oh, like maybe I"},{"speaker":"Average Joe Finances","startTime":1771.791,"endTime":1773.921,"body":"should do this, maybe I should do that."},{"speaker":"Average Joe Finances","startTime":1773.991,"endTime":1774.109,"body":"No."},{"speaker":"Average Joe Finances","startTime":1774.139,"endTime":1775.636,"body":"Let's bring it back to the basics."},{"speaker":"Average Joe Finances","startTime":1775.636,"endTime":1779.329,"body":"Let's keep it simple and, ride it out"},{"speaker":"Average Joe Finances","startTime":1775.636,"endTime":1779.329,"body":"with the plan that we have in place."},{"speaker":"Average Joe Finances","startTime":1779.39,"endTime":1779.69,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1779.72,"endTime":1780.17,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1780.44,"endTime":1784.367,"body":"All right, so the next question also"},{"speaker":"Average Joe Finances","startTime":1780.44,"endTime":1784.367,"body":"ties into that, and that's gonna"},{"speaker":"Average Joe Finances","startTime":1784.367,"endTime":1788.117,"body":"be, do you have any tips or tricks"},{"speaker":"Average Joe Finances","startTime":1784.367,"endTime":1788.117,"body":"that you would recommend to someone"},{"speaker":"Average Joe Finances","startTime":1788.117,"endTime":1789.717,"body":"that is just getting started today?"},{"speaker":"T R Smith","startTime":1789.782,"endTime":1792.466,"body":"Yeah, so just staying on the"},{"speaker":"T R Smith","startTime":1789.782,"endTime":1792.466,"body":"theme of my book, obviously there, there's"},{"speaker":"T R Smith","startTime":1792.696,"endTime":1794.607,"body":"a lot of great advice that's out there."},{"speaker":"T R Smith","startTime":1794.607,"endTime":1796.475,"body":"Your podcast is great and whatnot."},{"speaker":"T R Smith","startTime":1796.475,"endTime":1800.631,"body":"But just staying on the theme of my"},{"speaker":"T R Smith","startTime":1796.475,"endTime":1800.631,"body":"book, I would say that, really, set aside"},{"speaker":"T R Smith","startTime":1800.631,"endTime":1803.331,"body":"some time to understand your benefits."},{"speaker":"T R Smith","startTime":1803.39,"endTime":1805.36,"body":"Understand the tax code."},{"speaker":"T R Smith","startTime":1805.362,"endTime":1807.132,"body":"It's not the most exciting thing."},{"speaker":"T R Smith","startTime":1807.132,"endTime":1809.879,"body":"It's probably not as exciting"},{"speaker":"T R Smith","startTime":1807.132,"endTime":1809.879,"body":"as reading about, cryptocurrency"},{"speaker":"T R Smith","startTime":1809.979,"endTime":1811.529,"body":"and NFTs and stuff like that."},{"speaker":"T R Smith","startTime":1811.529,"endTime":1813.712,"body":"I'm sure that stuff can be,"},{"speaker":"T R Smith","startTime":1811.529,"endTime":1813.712,"body":"really exciting to learn about."},{"speaker":"T R Smith","startTime":1813.761,"endTime":1816.821,"body":"My, my hope is that the content that"},{"speaker":"T R Smith","startTime":1813.761,"endTime":1816.821,"body":"I'm putting out there will become"},{"speaker":"T R Smith","startTime":1816.881,"endTime":1818.406,"body":"like foundational knowledge, right?"},{"speaker":"T R Smith","startTime":1818.406,"endTime":1822.006,"body":"In the same way that people talk"},{"speaker":"T R Smith","startTime":1818.406,"endTime":1822.006,"body":"about the value of your 401k and"},{"speaker":"T R Smith","startTime":1822.006,"endTime":1823.636,"body":"your IRA and compound growth."},{"speaker":"T R Smith","startTime":1823.665,"endTime":1826.755,"body":"That the next conversation is,"},{"speaker":"T R Smith","startTime":1823.665,"endTime":1826.755,"body":"oh, by the way, understand your."},{"speaker":"T R Smith","startTime":1826.98,"endTime":1827.64,"body":"Your benefits."},{"speaker":"T R Smith","startTime":1827.64,"endTime":1831.183,"body":"So that means, make friends with"},{"speaker":"T R Smith","startTime":1827.64,"endTime":1831.183,"body":"somebody in the HR office that can"},{"speaker":"T R Smith","startTime":1831.183,"endTime":1832.443,"body":"explain all these benefits to you."},{"speaker":"T R Smith","startTime":1832.443,"endTime":1834.903,"body":"Make friends with a coworker that's"},{"speaker":"T R Smith","startTime":1832.443,"endTime":1834.903,"body":"been there for a while that can"},{"speaker":"T R Smith","startTime":1834.903,"endTime":1838.198,"body":"explain what these benefits really"},{"speaker":"T R Smith","startTime":1834.903,"endTime":1838.198,"body":"mean or, how not to get burned"},{"speaker":"T R Smith","startTime":1838.203,"endTime":1839.916,"body":"by, some restriction on the plan."},{"speaker":"T R Smith","startTime":1840.426,"endTime":1844.162,"body":"So that's the advice that I would give"},{"speaker":"T R Smith","startTime":1840.426,"endTime":1844.162,"body":"for people that are just starting out now."},{"speaker":"Average Joe Finances","startTime":1844.262,"endTime":1844.472,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1844.472,"endTime":1845.414,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":1845.424,"endTime":1846.384,"body":"Great advice."},{"speaker":"Average Joe Finances","startTime":1846.714,"endTime":1849.625,"body":"All right, tr I'm going to ask you"},{"speaker":"Average Joe Finances","startTime":1846.714,"endTime":1849.625,"body":"this last question and preface it"},{"speaker":"Average Joe Finances","startTime":1849.625,"endTime":1852.108,"body":"with, besides your own cause we've"},{"speaker":"Average Joe Finances","startTime":1849.625,"endTime":1852.108,"body":"been talking about your book this"},{"speaker":"Average Joe Finances","startTime":1852.108,"endTime":1854.448,"body":"whole time and it is a fantastic book."},{"speaker":"Average Joe Finances","startTime":1854.748,"endTime":1858.648,"body":"But besides your own, do you have a"},{"speaker":"Average Joe Finances","startTime":1854.748,"endTime":1858.648,"body":"favorite business investing or real"},{"speaker":"Average Joe Finances","startTime":1858.648,"endTime":1861.781,"body":"estate related book or podcast or both?"},{"speaker":"T R Smith","startTime":1861.881,"endTime":1865.857,"body":"Yeah, for, for people that"},{"speaker":"T R Smith","startTime":1861.881,"endTime":1865.857,"body":"want just a really good foundation on"},{"speaker":"T R Smith","startTime":1866.367,"endTime":1870.365,"body":"books about money Tony Robbins has put"},{"speaker":"T R Smith","startTime":1866.367,"endTime":1870.365,"body":"out a few different books about money."},{"speaker":"T R Smith","startTime":1870.403,"endTime":1873.015,"body":"And even if you don't think Tony"},{"speaker":"T R Smith","startTime":1870.403,"endTime":1873.015,"body":"Robbins is like the most amazing"},{"speaker":"T R Smith","startTime":1873.015,"endTime":1875.89,"body":"individual person I think his books"},{"speaker":"T R Smith","startTime":1873.015,"endTime":1875.89,"body":"are pretty solid cause they just give"},{"speaker":"T R Smith","startTime":1875.89,"endTime":1877.348,"body":"a lot of excellent knowledge about."},{"speaker":"T R Smith","startTime":1877.798,"endTime":1880.888,"body":"How to ride out the storms"},{"speaker":"T R Smith","startTime":1877.798,"endTime":1880.888,"body":"of the market ups and downs."},{"speaker":"T R Smith","startTime":1880.888,"endTime":1883.438,"body":"So I think his first one was"},{"speaker":"T R Smith","startTime":1880.888,"endTime":1883.438,"body":"called Money Master The Game."},{"speaker":"T R Smith","startTime":1883.499,"endTime":1885.938,"body":"He had a shorter one he"},{"speaker":"T R Smith","startTime":1883.499,"endTime":1885.938,"body":"put out called Unshakeable."},{"speaker":"T R Smith","startTime":1885.938,"endTime":1887.101,"body":"That was really good too."},{"speaker":"T R Smith","startTime":1887.461,"endTime":1890.971,"body":"And the other book this not tied"},{"speaker":"T R Smith","startTime":1887.461,"endTime":1890.971,"body":"to investing, but it just tied"},{"speaker":"T R Smith","startTime":1890.971,"endTime":1892.475,"body":"back to business in general."},{"speaker":"T R Smith","startTime":1892.475,"endTime":1895.483,"body":"There's a book called the"},{"speaker":"T R Smith","startTime":1892.475,"endTime":1895.483,"body":"Common Path to Uncommon success."},{"speaker":"T R Smith","startTime":1895.606,"endTime":1899.474,"body":"And for anyone that's, trying to"},{"speaker":"T R Smith","startTime":1895.606,"endTime":1899.474,"body":"start a business or going into"},{"speaker":"T R Smith","startTime":1899.474,"endTime":1901.994,"body":"content creation, I think there's"},{"speaker":"T R Smith","startTime":1899.474,"endTime":1901.994,"body":"a lot of great practical advice in"},{"speaker":"T R Smith","startTime":1901.994,"endTime":1903.624,"body":"there for people to, to focus on."},{"speaker":"Average Joe Finances","startTime":1903.724,"endTime":1905.644,"body":"Yeah, no, that's,"},{"speaker":"Average Joe Finances","startTime":1903.724,"endTime":1905.644,"body":"those are great recommendations."},{"speaker":"Average Joe Finances","startTime":1905.644,"endTime":1906.634,"body":"Definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":1907.054,"endTime":1907.474,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1907.804,"endTime":1911.319,"body":"Now T R, this has been an"},{"speaker":"Average Joe Finances","startTime":1907.804,"endTime":1911.319,"body":"absolutely awesome conversation."},{"speaker":"Average Joe Finances","startTime":1911.349,"endTime":1912.909,"body":"That is it for the final round."},{"speaker":"Average Joe Finances","startTime":1912.948,"endTime":1915.078,"body":"But this interview was absolutely amazing."},{"speaker":"Average Joe Finances","startTime":1915.093,"endTime":1918.22,"body":"I genuinely appreciate you taking"},{"speaker":"Average Joe Finances","startTime":1915.093,"endTime":1918.22,"body":"the time to chat with me today."},{"speaker":"Average Joe Finances","startTime":1918.49,"endTime":1922.265,"body":"I know it was, Hectic and"},{"speaker":"Average Joe Finances","startTime":1918.49,"endTime":1922.265,"body":"having to reschedule everything."},{"speaker":"Average Joe Finances","startTime":1922.265,"endTime":1925.705,"body":"But I appreciate your flexibility cause"},{"speaker":"Average Joe Finances","startTime":1922.265,"endTime":1925.705,"body":"this worked out perfectly, I think."},{"speaker":"Average Joe Finances","startTime":1926.005,"endTime":1928.525,"body":"And I think my audience is"},{"speaker":"Average Joe Finances","startTime":1926.005,"endTime":1928.525,"body":"gonna get a lot of value out of"},{"speaker":"Average Joe Finances","startTime":1928.53,"endTime":1929.665,"body":"this conversation that we had."},{"speaker":"T R Smith","startTime":1929.923,"endTime":1930.548,"body":"Well, that's awesome."},{"speaker":"T R Smith","startTime":1930.548,"endTime":1930.758,"body":"Yeah."},{"speaker":"T R Smith","startTime":1930.758,"endTime":1931.718,"body":"I'm so glad it worked out."},{"speaker":"T R Smith","startTime":1931.718,"endTime":1932.018,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1932.228,"endTime":1934.178,"body":"But I do have"},{"speaker":"Average Joe Finances","startTime":1932.228,"endTime":1934.178,"body":"one more question for you, and it's"},{"speaker":"Average Joe Finances","startTime":1934.178,"endTime":1935.438,"body":"the most important question of all."},{"speaker":"Average Joe Finances","startTime":1936.023,"endTime":1940.313,"body":"And that's gonna be, so again, like I just"},{"speaker":"Average Joe Finances","startTime":1936.023,"endTime":1940.313,"body":"described, we had an amazing conversation."},{"speaker":"Average Joe Finances","startTime":1940.313,"endTime":1944.243,"body":"So my audience is gonna say, Hey,"},{"speaker":"Average Joe Finances","startTime":1940.313,"endTime":1944.243,"body":"I wanna know more about T R, I"},{"speaker":"Average Joe Finances","startTime":1944.243,"endTime":1945.623,"body":"wanna know more about his book."},{"speaker":"Average Joe Finances","startTime":1945.648,"endTime":1946.548,"body":"Where can I find it?"},{"speaker":"Average Joe Finances","startTime":1946.878,"endTime":1948.168,"body":"All that good juicy stuff."},{"speaker":"Average Joe Finances","startTime":1948.173,"endTime":1950.028,"body":"So if you could share that with us."},{"speaker":"Average Joe Finances","startTime":1950.066,"endTime":1952.886,"body":"Do you have a website you could share"},{"speaker":"Average Joe Finances","startTime":1950.066,"endTime":1952.886,"body":"social media that people could follow?"},{"speaker":"Average Joe Finances","startTime":1953.066,"endTime":1954.266,"body":"And where can we find your book?"},{"speaker":"T R Smith","startTime":1954.366,"endTime":1958.197,"body":"Yeah, the the website"},{"speaker":"T R Smith","startTime":1954.366,"endTime":1958.197,"body":"is paychecksandprofits.com."},{"speaker":"T R Smith","startTime":1958.527,"endTime":1961.587,"body":"You can find me on most of"},{"speaker":"T R Smith","startTime":1958.527,"endTime":1961.587,"body":"the social media platforms,"},{"speaker":"T R Smith","startTime":1961.592,"endTime":1963.187,"body":"especially Instagram and TikTok."},{"speaker":"T R Smith","startTime":1963.192,"endTime":1964.467,"body":"I'm the most active on there."},{"speaker":"T R Smith","startTime":1964.528,"endTime":1967.748,"body":"My name on there is @TRSmithInvests."},{"speaker":"T R Smith","startTime":1967.772,"endTime":1970.415,"body":"The book is available"},{"speaker":"T R Smith","startTime":1967.772,"endTime":1970.415,"body":"wherever you wanna find books."},{"speaker":"T R Smith","startTime":1970.467,"endTime":1973.67,"body":"Amazon's typically the best place,"},{"speaker":"T R Smith","startTime":1970.467,"endTime":1973.67,"body":"if you love it, leave a review."},{"speaker":"T R Smith","startTime":1973.837,"endTime":1976.528,"body":"And that's the most I can hope"},{"speaker":"T R Smith","startTime":1973.837,"endTime":1976.528,"body":"for but yeah, I would love to get,"},{"speaker":"T R Smith","startTime":1976.549,"endTime":1978.019,"body":"Engage with people on social media."},{"speaker":"T R Smith","startTime":1978.019,"endTime":1978.799,"body":"Send me a message."},{"speaker":"T R Smith","startTime":1978.799,"endTime":1981.483,"body":"I try to read and respond"},{"speaker":"T R Smith","startTime":1978.799,"endTime":1981.483,"body":"to any messages that I get."},{"speaker":"Average Joe Finances","startTime":1981.583,"endTime":1982.033,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1982.033,"endTime":1982.633,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":1982.873,"endTime":1986.404,"body":"I'm gonna make sure I have all of"},{"speaker":"Average Joe Finances","startTime":1982.873,"endTime":1986.404,"body":"those links in the show notes to"},{"speaker":"Average Joe Finances","startTime":1986.404,"endTime":1987.689,"body":"make it easier for the listeners."},{"speaker":"Average Joe Finances","startTime":1987.719,"endTime":1990.329,"body":"So you guys can just go and"},{"speaker":"Average Joe Finances","startTime":1987.719,"endTime":1990.329,"body":"copy and paste or click away."},{"speaker":"Average Joe Finances","startTime":1990.329,"endTime":1991.679,"body":"Just don't do it while you're driving."},{"speaker":"Average Joe Finances","startTime":1991.732,"endTime":1994.346,"body":"T R, again thank you so"},{"speaker":"Average Joe Finances","startTime":1991.732,"endTime":1994.346,"body":"much for joining me today."},{"speaker":"T R Smith","startTime":1994.546,"endTime":1994.966,"body":"Thanks, mike."},{"speaker":"T R Smith","startTime":1994.971,"endTime":1995.476,"body":"This was great."},{"speaker":"Average Joe Finances","startTime":1995.686,"endTime":1996.046,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1996.046,"endTime":1998.836,"body":"And hey, to my listeners, thank"},{"speaker":"Average Joe Finances","startTime":1996.046,"endTime":1998.836,"body":"you so much for joining me and"},{"speaker":"Average Joe Finances","startTime":1998.836,"endTime":2002.916,"body":"our special guest, T R Smith on"},{"speaker":"Average Joe Finances","startTime":1998.836,"endTime":2002.916,"body":"the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2003.246,"endTime":2006.336,"body":"Go leave us a five star review and"},{"speaker":"Average Joe Finances","startTime":2003.246,"endTime":2006.336,"body":"tell us what you liked about today's"},{"speaker":"Average Joe Finances","startTime":2006.341,"endTime":2011.086,"body":"episode with T R Aloha from Hawaii"},{"speaker":"Average Joe Finances","startTime":2006.341,"endTime":2011.086,"body":"and have a great rest of your day."}]}