The Biblical Wealth Podcast

Do I NEED Uninsured Motorist Coverage?

March 30, 2022 Jared Williams Episode 69
The Biblical Wealth Podcast
Do I NEED Uninsured Motorist Coverage?
Show Notes Transcript

This Week's Questions:

1) I'm trying to cut expenses as much as possible.  I was looking through my auto insurance policy and it seems like I heard that a person doesn’t have to have Uninsured or Underinsured motorists on the policy.  Do you know if that is true or not? 

Also we have a 2012 dodge van.   It looks like our policy has auto collision insurance for 67.17 with a $1000 deductible.  In addition to the regular premium.  Under limits It has Actual Cash Value.    Is this necessary to have?  The vans not worth much over the $1000 deductible probably.  It’s in bad shape but we are driving it until it quits. - Sandy 

2) I work a contract job and they offer a 401k and Roth 401k, there is NO matching. Which 401k should I put money in from my paycheck?

3) What's the difference between a self-directed IRA (SD-IRA) and a Solo 401k?

Resources Mentioned:
Ep 55: What Insurance Do I Need and What's a Waste?
Ep 20:  You've Never Met a Home & Auto Insurance Agent Like This - with Darron Miller

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Jared Williams:

Hello, and welcome to this week's episode of the biblical wealth podcast. I appreciate you being here and listening as always, I just finished recording this. And when I got done, I realized my microphone was switched to off. So I'm not sure what happened not sure if a kid got a hold of it if it just did it when I put it away last time, but I did not check. So I just, I just recorded all this. And now I'm going to be recording it again. So if it sounds a little bit off, you know that that's why, but that's okay. I've had to do things like that before, I don't think I've ever thought or recorded an entire podcast and then found out that I did and at least today's a solo episode no guest today. So at least I'm not having to re record with a guest, which can be embarrassing and frustrating. So anyway, nonetheless, I'm glad you're here. We got some three, three great questions this week. Sandy asks about do I need uninsured, underinsured motorist coverage? And I'm looking forward to answering that question. Question number two was an anonymous question asking about should he? Well, I'm assuming he I don't know. Should they contribute to a 401k or Roth 401k? And there's a little bit more detail. We'll get into that. And I'll give you my thoughts. And finally, what's the difference between a self directed IRA and a solo 401k? And so I know we've discussed that some I don't know if I've ever exactly answered that question. So I wanted to make sure I took some time and answered that question on here. But let's begin with the first question for the week, which comes from Sandy. Sandy says, I'm trying to cut expenses as much as possible. I was looking through my auto insurance policy. And it seems like I heard that a person doesn't have to have uninsured or underinsured motorist on the policy. Do you know if that's true or not? Also, we have a 22 Sorry, a 2012. Dodge van, it looks like our policy has auto collision insurance for $67 with $1,000 deductible in addition to the regular premium, under limits, it says actual cash value, is this necessary to have the vans not worth much over the $1,000 deductible? Probably, it's in bad shape, but we're driving it until it quits. Sandy. So Sandy, thank you for your question. I really appreciate you asking that. This is a great question to ask. And we're going to start with the collision coverage on the van. So you are definitely right in that question. If the vans, you know, what the band is worth, or its actual cash value is, you know, not a lot more than $1,000 or you know, maybe even a few $1,000, then it may not make sense to keep that coverage and pay that premium. You know, a loss of a vehicle at its current value, loss of that vehicle at its current value would be, you know, a forfeit your loss. And so it definitely falls into what I would call the headache category on my risk spectrum. The risk spectrum is an excellent tool for answering this question. But both of these questions you're asking, Sandy, so if you're not familiar with the risk spectrum, you can listen to episode 55. Called what insurance do I need? And what's a waste? And I will, I will try my best to remember to put a link to that in the show notes. But if it's not there, we're in Episode 60 something now. So just scroll down a bit. And you should go to find that episode. Real quick. And I definitely would encourage you to listen to that as you're thinking through not only this question, but you're probably thinking through other insurance and premium related questions as well. So on to your question about the uninsured slash underinsured motorist coverage? My answer is please, please, please do not cancel this underinsured motorist and I'm just gonna, I'm just gonna use that term. And rather than saying both of them, it's just easier. underinsured motorist coverage is there to protect you and your family. A severe auto accident can cause medical bills, long term care needs and disability simultaneously. So you can incur significant bills and a loss of income at the same time. So there's definitely catastrophic risk potential when it comes to auto accidents. So this is a coverage that you 100% want to keep. And I think that applies to everyone, regardless of situation. We'll talk about that a little bit more later on in the well, just as I continue to answer the question. So there's a few more things I do want to say on this rather than just leaving you with a note. I'll cancel it. Yes, you need it, you know, question? First, there's a great misconception about underinsured motorist coverage. You know, we all know that there are people driving without any insurance and and that's definitely a risk. You know, if you don't have the underinsured motorist coverage, and so that's what we tend to think about, you know, yeah, there's people out there who are driving you know, without insurance and if they were to hit me and cause an accident, then you know, I may be protected or I need to have this underinsured motorist coverage, but there's not a lot of them. You know, most people because law requires people to have insurance most people have insurance. And so that's that's how we think about that. But as someone who spent You know, several years in the home and auto insurance business, I can say, with great confidence that the majority of people are underinsured. You know, the legal limits or the minimum required liability, it varies by state. But many drivers carry minimum minimum limits. And the reason is this money can be tight, you know, they either they either don't understand why they should or need to have more, you know, or maybe they just, they don't want to be driving illegally, they do want to have insurance, but they can't afford more than the minimum limits. And I know in Tennessee, right now, the minimum liability is $25,000 per person, and $50,000 per accident. So 25,000, you know, for a single person is, at least in Tennessee, the minimum. And I imagine that's probably similar, most other places. But that that's what you know, if you live in Tennessee, that's what you know, a lot of people, not everyone, obviously, but a lot of people have that kind of auto liability limits. But let's, let's take this little farther, okay? Let's think about even if someone has the maximum amount of coverage, it could still not be enough. Let me give you an example. For most auto policies, the maximum coverage you can buy is $250,000 per person, and $500,000 per accident if there are multiple people involved. Now, let's say that someone hits and severely injures me and I become disabled, and I can no longer work. Well, I have years of income potential that is, I'm approaching the middle age mark, but I've got a lot of years still to go $250,000, you know, which is the most that a person could ever could even purchase on an auto policy wouldn't be nearly enough to replace my lost income for decades, right. So in this instance, you know, if that would happen, their auto policy would pay out the maximum to $50,000. And then my insurance policy would pay an additional 20 $50,000. Because again, that's the maximum uninsured motorist coverage I can have on my auto policy, because I do have that maximum insurance. So $500,000, you know, now, that would certainly help, right. But if I've got decades of income earning, you know, time left, that is really still pretty, it's still pretty insignificant, not insignificant, but just low, it's not enough, it's still under insured. But my point there is that everyone is virtually everyone is virtually under insured, because the financial impact of a severe accident can be very high. Now, obviously, while an auto policies Max is usually $250,000 per person, someone could have an umbrella policy to add, you know, an additional million or even millions of coverage. And that's, that's great. And hopefully, you know, if you were in an accident, they would have that. But the truth is most people, except for hopefully my listeners, you know, most people don't have umbrella policies. And so you definitely can't, you know, bank on somebody else having that policy, most people just they just don't. So another thing, did you know that you can add underinsured motorist coverage to your own umbrella policy, again, that helps protect you. It's actually very inexpensive. But it doesn't come by default. In fact, when I was an auto insurance agent, I didn't even know that you could do that. So let me let me say that again, when I wasn't a licensed auto insurance agent, and I sold auto insurance every day. I did not know that you could add underinsured motorist to an umbrella policy. And so it is likely and I was a like, I was a, you know, coverage nerd, like I wanted to learn this stuff. I was a much more studious agent than most, who are probably better salesman than me, probably made more money at it than I did. But I generally knew, you know, the coverage stuff better than most. And so what I'm saying to you is that it's likely your auto insurance agent didn't know that doesn't know that either. And so it wasn't until I met Darren Miller, who I interviewed in Episode 20 of the podcasts, that island, you could do this. And so I went and asked my agent, and sure enough, I was able to add, you know, a million dollars or more to my own family's protection. And for nearly, you know, no additional premium, it may have been like 18 or $30 a year or something like that. I can't remember. I mean, it was enough that I didn't think about it. It was a it was a done deal. And I'll tell you this too, because it is you know, there is a high likelihood not a high likelihood but among the risks that you know, I face currently, as you know, a healthy guy in my 30s an auto accident is up there. It's one of the more likely you know, things that could create a catastrophic you know, financial situation for me, it's really not the only thing but it but it's more likely I'm less likely to have a health issue or something like that unexpectedly. An auto accident could definitely could definitely do it. And so while it isn't, you know, I wouldn't say it is it is likely. It's definitely not unlikely enough that I'm not going to take it seriously. So had my insurance carrier not Not allowed me to do that I would have switched no question, I would not have stayed with that company, I would have found a company that would have let me add that coverage to my umbrella once I knew that you could do it. So now, Sandy, I want to say another thing. You know, as someone who has started a company, and I'm the sole income earner for my family, currently, I totally understand that there are times when expenses need to be cut. You know, I've had some really rough financial years. And if it weren't for supportive family, and you know, others who've really believed in my vision for this business, I'm not sure what we'd have done at times. But no matter how bad it got, I never let my catastrophic insurance, protection, lapse. You know, I've kept life insurance, health insurance, and, you know, disability insurance and liability insurances, including the uninsured motorist coverage, you know, the whole time. Because while in the short term in the short term, you know, whether, you know, whether you're cutting expenses, because you're trying to save, and that's, that's good, or you're cutting expenses, because you have to, you know, all of that is hopefully going to be a short term thing for you. But a financial catastrophe, again, not a headache, you know, not the band, but a short term, or a financial catastrophe can be something that you just you almost can't can't come back from, right, certainly not to where things could have been. And so, you know, I was, there were times I would not pay other things, I would certainly there were times when I, you know, didn't make that payments and got behind on that payments that I had, that I did, I did not let those those insurances, those catastrophic insurance protections, lapse, or be cancelled. So Sandy, I would not only encourage you to keep your underinsured motorist coverage, but I would encourage you to find another place to save some money and take that money and buy an umbrella policy, it's probably going to be like 10 to 12 bucks a month, maybe 20. You know about the cost of Netflix and and then and then I would encourage you to add the uninsured motorist coverage to that umbrella policy. I hope that you never need it. And that it was in hindsight, a total waste of money. But obviously, as you know, if it is ever needed, you would be extremely thankful. Thankful that you had it. So Sandy, appreciate your question. I hope this was helpful. I hope you will, you will heed my advice, and I hope that it will be advised again that you never had never needed to have had. So on the question number two, this was an anonymous question. And the person asked I work with I work a contract job and they offer a 401k and Roth 401k. There is no matching, which 401k? Should I put money in for my paycheck? So a great question. I see lots of questions about should I contribute to this 401k? Or that 401k? You know, the Roth option? Or the traditional option? I get this match? Does that make sense? If I'm getting this match, how much should I put in? You know, these are just really day to day logistical questions that that nearly everyone, you don't have to think about it consider at some point. So I appreciate these. I appreciate these questions. So first, to answer your question directly. Obviously, it depends, but I would tend to lean more toward the Roth. In case you in case you aren't sure the the traditional 401k saves you tax saves you on taxes today, you know, because it you're able to deduct your contributions from your taxable income this year. But then those taxes grow tax deferred those sorry that those taxes, those accounts, the investments grow tax deferred. Now you'll I've read some books, I mean, I've seen it in articles and books, all kinds of places, people will say that it's tax free, it is not, it is not tax free, in a traditional 401k. It may not be taxed for 20, or 30 or 40 years. And so it's growing without being taxed. Today, that is true, but it is not tax free. Those taxes will be paid, they will be paid by you in retirement, or they will be paid by your children or they will be paid by your estate. But there is no avoiding those taxes, unless you use some other kind of investment that has deductions and things like that there. So there are ways to avoid those taxes or minimize them. But you can't outlive them, they don't leave when you die, you know those taxes are going to be paid or dealt with one way or another. So they are not tax free. They're just deferred and kick, you know, kind of kick the can down the road a little bit. Roth, on the other hand, you pay your taxes today. So your contributions are not deduction today. But the investments do grow tax free over the long term. Now, I have I have talked about this sometime in the podcast, I'm sure the mathematical answer to the question is if you are in the same tax bracket all of your life today and when you retire in your entire life, then it's actually comes up equal. The math comes out equal. So the deduction today versus the savings down the road and all that you know it comes out to be equal. So the big question mark, anytime you're thinking about traditional versus Roth, you Do I think I'm in a higher or lower tax bracket today than I will be in the future. And if I think I'm in a higher tax bracket today, then I want to save on those taxes today in the firm attaches to the lighter to the future. If I think I'm in a lower tax bracket today, then I want to pay those taxes now, and not paying any taxes in the future, when I think I'm gonna be in a higher bracket. So if you're, you know, if you have a moderate to low income, you're not a particularly high income earner, you're probably not in a terribly high tax bracket today. And we are in a historically low tax period right now. And so I think they're, you know, if I'm a betting man, I'm definitely gonna bet on higher taxes in the future, just on the way things are the way things are going. And, you know, if you have advancement in your career, or do other things where your income is higher, or even if you end up having greater investment returns, and you have a large account at some point, and you start taking income from that, that's gonna put you into a, you know, not bottom of the not bottom of the barrel, tax bracket. And so for that reason, I typically prefer the Roth. Also, Roth has more flexibility. If it's a 401k, then there may be some limitations from your employer. But you know, if you ever leave that job and have a new job, you can roll that 401k over into an IRA. So you could roll into a Roth IRA. And at that point, you know, there's more flexibility in terms of getting access to your contributions, you can use that money for, you know, first time home purchases for education, expenses, and just different things. So, depending on your situation, a Roth can be a lot more flexible as well. So I tend to prefer it for that reason. Now that said, because you're saying there's no match, then I would question whether a 401k makes sense at all, whether it's Roth or you know, or traditional. I actually recorded a training video today with Riley Smith, who has been on the show here before, and you've probably heard me mention them if this isn't your first time listening. And we began to answer some of these questions about 401, k's and matches, specifically, we're gonna have to do a second part, we didn't have time to finish it. Today, we're gonna do a second part and look at another a deeper analysis. But one of the things that we discussed today was that if there is not a match, or if the match is relatively small, then it doesn't always make sense to invest into the 401k. Anyway, you can have a lot more control, you probably will have lower fees and costs. And depending on how you invest, you might get better, much better, you know, better or much better, returns outside of a 401k. We also did discuss that if there is a good match, then it can it can make sense to, you know, focus on the 401k? Again, it depends. So we'll have that training out available. It'll be on the podcast. So it'll be out in the next few weeks. As one of the episodes, you'll get to hear kind of part one. And and then part two, we're going to look at, you know, should we invest in a 401k at all? And so even if there is a match, even if there's a 50, or 100% match, does it make sense to invest in order to get that match? Or are there other factors that when considered can even, you know, outperform or, or beat out the advantage of getting the match? And so we're going to we're going to run a few different analysis and situations and take a look at that. I think that'd be really helpful for people thinking through thinking through questions like this. So finally, in this to finish off this question, there, there is a circumstance rollies actually said this today, and I thought this was really wise advice. There is a situation where I think a 401k whether it's traditional, or Roth can make sense, even if there's no match. And that is if you are someone who has a difficult time saving, if if it's unlikely that you're going to be able to you know, get money in the bank, and then set it aside and save it or invest it somewhere else. If you're more likely to spend that money, then a 401k, which just pulls it out of your paycheck every single time you don't even really see it, you kind of forget that it's you know, you forget that that money's there, and you're building up, you're building up a savings account a retirement account very passively, then that can make sense, you know, then obviously, the more of the match, the better. But even without a match if that's if a forced saving plan, the forced savings plan is necessary to help you, then that can really be an advantage. I know that I've I know, I've talked about that. I know Riley talked about that some when it comes to whole life insurance as well, you know, because of the because the way the cash value can build up. And because that is, you know, liquid money that you can access and you can use and you can use it to invest and, you know, it's growing and compounding over time that those premiums kind of become a forced savings. It's a little different than a 401k Of course. But, you know, especially when you're farther into it, it's not something you'd want to you know, let go and have be canceled. So it can become a sort of forced premium or forced savings via a premium. And again, for some people that is really helpful. They will pay their bills, they're not going to miss a payment, they're not going to be late, they're going to pay their bills, but they might have a hard time actually saving. And so you know, forced savings plans like that can be kind of a, you know, it's a mental trick, you're not technically forced, but it can really help you to, to save when it may be difficult otherwise. So thank you again, for your question. I hope that is helpful. Question number three, what's the difference between a self directed IRA and a solo 401 K. So again, self directed IRA, and solo 401k. So these may be new terms to you, I've definitely discussed them on the podcast, some, but you tend to start hearing about these, when people are discussing investing outside of Wall Street. So stocks mutual funds, there's really no need to have solo 401k, or self directed IRAs. But if you're wanting to invest in real estate, or private lending, or cryptocurrencies, or, you know, anything, anything that is not, you know, stocks, bonds mutual funds, then you would need a self directed IRA or solo 401k To do that, with retirement, you know, account money. And obviously, you can invest in anything, virtually anything, you know, with non qualified money, just free and clear, you know, your money, that's not in an account at all. But if you're talking about investing retirement account funds, you know, typically, this is money that's already been put into a 401k, or an IRA in the past, and now you're looking at wanting to invest into real estate or something, then that's when that's when these types of accounts start to come up. So there's a number of different kind of facets, I guess, to, to the differences between these. So I'll just talk about the different facets of it and hopefully help answer this question. So obviously, they are both retirement accounts. So the, you know, the 59, and a half age limit for distributions or penalty free, you know, age limit for distributions applies to both of them currently. They, they do have their they do have contribution limits. So an IRA has Ira contribution limits, which I believe today is $6,000 a year per person, I don't try to keep up with it, I just look it up, and I need to know, but it changes every year. So I don't try to memorize them. But I believe right now, 6000 per person, or 7000, if you can make a catch up contribution, whereas a solo 401k seem to have higher contribution limits. And the solo 401k has, I think it's up to $52,000 a year, I may be wrong, but it's up there, it's you know, it's in the 10s of 1000s. And I believe, you know, above $50,000 a year. So if you're someone who's looking to contribute significant money, you know, currently contribute significant money, then a 401k is going to be a far better, you know, fit for that, then than an IRA, they can both have Traditional and Roth components. So we just discussed the differences there. But you can have traditional or Roth self directed IRA, you can have traditional or Roth solo 401k, you can even have kind of mix of both. With current contributions, both of these can have virtually unlimited rollover amounts into them. So if you have an old 401k, or an old IRA, or several, you know, of the above, you can roll those over into self directed IRAs, you can roll those over into solo 401 K's, so they're the same, they're the same in that regard as well. So some key differences, and the self directed IRA has to be has to work with a custodian to work through a custodian. So IRAs have to have a custodian by law. So even though it's self directed, you don't, you know, have full control, you don't own the account, really, it's there's a custodian for the benefit of you, of your IRA. So you have to work with the custodian. And so there's going to be cost to that there's going to be, you know, account opening fee. And then they'll either have like an annual fee or, or an assets under management, like a percentage based fee, or they may have a per asset flat fee. Some of them have pretty low fees in that regard, but they kind of have little itemized, you know, every time you make a transfer, every time you make a distribution every time you make a contribution, or whatever it may be, you know, they're kind of nickel and dime fees that way, and it can get pretty costly, depending on the custodian. And some custodians also have limits on what they allow you to invest in. So I know one, I've actually had several clients use and they've been great. They've been really good to work with and their fees are reasonable, but they don't allow you to own direct property. So you could, for instance, invest in a multifamily syndication where technically you own shares of a limited partnership or shares, LLC, and they're happy to have that but you couldn't buy a rental property yourself, you couldn't, you know, go out and buy the actual property yourself, you know, residential rental and put it into their IRA, that you can do that with other custodians. So, that is a custodian custodian basis. And so, that would be something to consider with a solo 401k you essentially are the custodian you are the administrator or really there is no custodian but you know, you hold the assets and so on. You can invest in, you know, anything that's, you know, legal and available to invest in, they both do have some limitations because their retirement accounts there are what are called prohibited transactions, the biggest one being, you can't kind of have a conflict of interest. So you can't, you can't make an investment that somehow personally benefits you beyond the investment itself. So, you know, parents can't invest in their kids business and or vice versa, you can't, you know, normally, you can make loans, you can have loans or promissory notes and things and self directed IRAs and solo 401k 's, but if it's a loan to a direct family member, where there's some additional kind of benefit to the family for that you can't do that. You can't own a vacation home and then go stay in it yourself, you can own a vacation home, that you rent out to other people all year, but you can't use that you can't have use of the asset besides as a as a passive investment. So, but they're the same in that regard. Let's see, I was little smoother earlier. So yeah, this is my second time through. So I feel like I've already said all the stuff that maybe I haven't said on this recording through so. So I apologize, I apologize for that. One big one big difference, maybe I may be missing something. But one big difference is that with a solo 401k, or let me start with the self directed IRA, right, the self directed IRA can be subject to some special taxes. So while it does, you know defer the income tax or it does avoid the income tax depending on which type of irate is if you are investing in, you know, real estate that has any kind of debt, so a residential property that you use a mortgage on or a multifamily or other commercial real estate property that has debt or a mortgage under it, then you can be subject to what's called it's a UDF I unrelated debt financed income. That's not actually the tax, it's a category of tax, but the tax is EBIT, unrelated business income tax. And, and so in that case, while the income tax technically is deferred, or avoided, this is an additional tax to the IRA. And it can be pretty substantial it is, the calculation is complicated. But I recently ran some numbers for some clients, and who had multifamily investments that were selling, and so they were having a capital gain, and it was gonna be about 30% of the capital gain. And so that ended up being, you know, pretty significant, it's gonna be about $13,000, on a $50,000 gain, they were gonna have to pay in taxes. And so we did different things, we ended up for all that we moved it, we move the investment out of the IRA into other solo 401k, or they just owned it themselves non qualified, because they were old enough to do that. And so they still had some income tax at that point, potentially, but they did not have this additional tax. On top of it, the solo 401k just does not have that the 401k is not subject to that tax, I can't say why, but it is what it is. And it's a good thing, if that's a strategy that you are considering, you know, having rental properties with a mortgage or investing in any cap of commercial real estate through a syndication or something, then you you may very well want to consider using a solo 401k If you're wanting to use retirement retirement funds to do that, I guess last thing is that anyone can have self directed IRA, however, you have to qualify to have a solo 401k. So you do have to be a it's called individual 401k, or the self employed 401k. Or there's another there's another name, I'm forgetting for it. But basically, you have to be self employed, you have to own your own business. Or that sounds big, really, you have to have 1099 income, and you have to not have any employees. And so it could just be you know, simple contract work where you're getting paid a 1099. For some work you do but you don't have employees, then you can qualify for a solo 401k. Or if you have a schedule C, you know, because you're doing some kind of work like that, then that's also a form of business income. And so as long as you don't have full time employees, you can qualify for the solo 401k, there may be a few other small qualifications, but that's the big thing. Obviously, you'd want to look into this more detail before you open one. But that's something to consider. So you can't have a full time job, you can have a W two job, and then have you know, a small side business and qualify for the solo 401k. So a lot of people do that if they have larger 401k. So they are wanting to roll over into a solo 401k so that they can invest in real estate and things like that, then they would you know, just open a small business on the side, you know mowing yards, or driving for Uber or various different things you could do to have that self employment income and qualify for the solo 401k and have all the advantages of that type of account. I'm actually in the process of creating a course. And it'll it'll there'll be more information coming out in the next few weeks on the podcast about that but it is it is in the works. It's not quite halfway down, but it's close to halfway done at this point called Creating compounding cashflow. And so we're going to go way more in depth on understanding different types of invest stuff that we've discussed on the podcast, but have not been able to really dive deep into and show you, you know, let you see for yourself, examples of this and returns and risks and things like that. But one of the modules of that course is going to be called Understanding tax and self directed retirement accounts. And so I'll go into way more detail and you know, have some visuals and print outs and things to help you really compare and contrast different types of self directed retirement accounts. And what would make sense based on the type of investing that you may be planning to do. So more information on that coming soon. But if you are currently investing in real estate, a really a Mini Con. And if you are planning on investing in real estate in the future or want to know more about it, if you you know, are interested in the idea of creating compounding cash flow, which we have not talked about in this episode, but we have and a lot of previous episodes than this, this course would be very worthwhile, definitely something to consider. So again, more info on that coming out soon. Thank you, Sandy. And thank you, everyone else who contributed questions for this week. I appreciate it. Thanks for everyone listening, and we will talk to you next week.