Join us for the much-anticipated continuation of our wealth-building journey on Clover Club. Host Erika Audrey is back, along with expert guest Lauren Iddins, wealth strategist for Raymond James, in this eagerly awaited Part 2 of our series.

In this episode, Erika and Lauren pick up where they left off, delving deeper into the importance of financial planning and growing wealth. Building on the cautionary tales and insights shared in the previous episode, they explore additional strategies and actionable steps to empower listeners on their financial journeys.

Through candid conversation and expert guidance, they address key topics such as investment diversification, risk management, and long-term financial goals. Drawing from their own experiences and expertise, Erika and Lauren provide valuable advice to help listeners make informed decisions and set themselves up for financial success and freedom.

Whether you're a novice investor or a seasoned pro, this episode offers valuable insights and practical tips to continue building wealth and securing your financial future. Tune in and join the Clover Club community as we navigate the path to prosperity together.

Contact Lauren Iddens here

Shop Hawkins & Clover here

Follow Hawkins & Clover here

_________________________________________________________________

Any opinions are those of Lauren Iddins of the Atlanta 3KG Branch and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not indicative of future results.  Diversification does not ensure a profit or guarantee against a loss.

Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Investment products are: Not deposits. Not FDIC Insured. Not guaranteed by the financial institution. Subject to risk. May Lose Value.

U.S. government bonds and Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. U.S. government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the U.S. government. 

CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. 

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

The Dow Jones Industrial Average (DJIA), commonly known as “The Dow” is an index representing 30 stock of companies maintained and reviewed by the editors of the Wall Street Journal. 

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.

401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. 

ETF shareholders should be aware that the general level of stock or bond prices may decline, thus affecting the value of an exchange-traded fund. Although exchange-traded funds are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indexes, the funds may not be able to exactly replicate the performance of the indexes because of fund expenses and other factors.

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.

welcome to Clover club, a podcast

about curious conversations and stories

2

intended to make you laugh and learn.

3

. And welcome back to part two with Lauren.

4

It ends that we have so

much information for you.

5

Thank you for joining us again.

6

Let's get started.

7

Oh, this is actually the

perfect next question.

8

, I make more than my spouse and

I want to grow money of my own

9

separately from our joint accounts.

10

What's the best option.

11

Would it all come out in a divorce.

12

So I know we've kind of touched on this,

but if there's anything specifically

13

to this question that we could add.

14

Uh, spin on this question.

15

And this is another compliance.

16

Not all situations are

right for every person.

17

Yeah.

18

If it makes sense for you and

you and your spouse are like,

19

well, where do I invest my money?

20

We've got money to invest.

21

Where do I do it?

22

I like Roth contributions.

23

Okay.

24

So if you have a 401k.

25

Or 4 57 or something like that.

26

You should have the option of

making a Roth contribution or

27

a traditional contribution.

28

Traditional is pre-tax, which means

we're going to use round numbers here.

29

If you make a hundred thousand dollars.

30

And you make a traditional

contribution of $10,000.

31

It's like that $10,000 you

didn't make it that year.

32

The IRS only charges charges you

ordinary income on the $90,000.

33

Okay.

34

Now that 10,000 God.

35

Dollars goes into your 401k.

36

It grows and grows and grows and grows.

37

When you pull that money out in

retirement, every dollar of your

38

contribution and all of that growth.

39

Is taxed at ordinary income rates.

40

So let's say someone who's 40 right now.

41

They're retiring on average

age, 65, 25 years from now.

42

Hopefully that is a whole

lot of compounded interest.

43

And earnings.

44

Where do you personally

think that interest rates

45

are going to be in 25 years?

46

It's not right or wrong.

47

We don't know.

48

W where do you think they're going to be?

49

Uh, I have no idea.

50

I hire them.

51

They are now.

52

Yeah.

53

I mean, I think higher, I think higher.

54

Yeah.

55

, we have had lower taxes for the past eight

years, but that's, that's been totally a

56

fluke and that's getting ready to expire.

57

, taxes are probably going to be

higher, so you can pay the devil

58

now that you know, Or you can pay

the one we don't know in decades.

59

So the alternative to traditional

contributions are Roth or

60

after tax contributions.

61

If you make a hundred thousand, you put

in $10,000, you don't get a deduction.

62

You pay ordinary income on the a hundred

thousand dollars that you made this year?

63

That money grows tax deferred, just like

with the traditional, but in the 25 years.

64

Every dollar comes out completely.

65

Tax-free that's awesome.

66

Think of it another way

with the traditional.

67

The traditional contribution route.

68

If you want to receive.

69

$10,000 from your IRA or 401k.

70

You have to take out more than $10,000

because we have to account for taxes.

71

So there's a lot of shrinkage with.

72

We don't like shrink edge.

73

Um, so I love Roth now.

74

That was just more of the

like taxable category.

75

Another reason why I like retirement

contributions is that money is there

76

and locked away until 59 and a half.

77

You can't go in and pull money

out, essentially for a new

78

car for renovating your house.

79

Like you have to come up with

the money for those things.

80

Through some other savings and intentions.

81

So.

82

So I like retirement savings.

83

I like Roth because of how much it will

likely save you in taxes down the road.

84

, and then the vehicle could be 401k.

85

If you've already maxed out your

401k at work, you can look at if you

86

can still make IRA contributions.

87

You get into some income limits.

88

Definitely.

89

, you also get into some more

complex strategies, like perhaps

90

a after tax Roth conversion.

91

, but the limit on dollars

in are also different in an

92

IRA versus a 401k for 2024.

93

If you are under 50 with a 401k, you

can currently contribute $23,000 a year.

94

Okay.

95

In an IRA again, that's a retirement

account outside of your employer.

96

It's $7,000 a year.

97

If you're less than 50.

98

So I want you to be doing all of it,

but if you have to start somewhere.

99

As much money as you can, that

401k is going to let you do it.

100

And I believe in the power

longterm of the Roth.

101

Yeah.

102

It makes perfect sense.

103

Okay.

104

Cool.

105

. This one, we maybe should have

swung around to the beginning, but

106

I know nothing about investing.

107

Can you tell me how

the stock market works?

108

Like I'm a child.

109

Yes.

110

And this is important for people to know.

111

Yeah.

112

, the stock market is a representation of

a bunch of companies where you can own

113

a little tiny piece of that company.

114

And the price per share.

115

Is what people think that that company

is worth now or what it could be worth

116

based on a variety of factors like

profitability, cash flow, , business

117

plans, acquisitions, , economic

moat, meaning like how unique are

118

you in the space that you operate?

119

, other competitors.

120

So it's a ton of factors.

121

But that creates a price per share.

122

There's also different.

123

Style investing with stocks.

124

You have value, style

investing, growth and blend.

125

Okay.

126

With value, style stocks.

127

You're traditionally looking to

buy something when it's on sale.

128

You think that well, the

stock is already down.

129

It theoretically, shouldn't

go down that much more.

130

You can also have dividend paying stocks

that fall under the umbrella of value.

131

Dividend paying stocks tend to move a

little bit slower and steadier, but they

132

have a regular dividend that they pay.

133

And I'm going to come back to that.

134

Okay.

135

On the complete other end,

you have growth style stocks.

136

You want to get in at any price, because

this is just a really hot and exciting

137

company, big buzzword or company

right now is Nvidia in the AI space.

138

Okay.

139

Not a particularly new company,

but last year I think they were up

140

230 something percent year to date.

141

I think they're already

up another 70 to 80%.

142

Am I investing in that?

143

Uh, you do have some exposure.

144

Yes.

145

Thank.

146

Yes.

147

That is an example of, wow.

148

That stock is high.

149

Yeah.

150

Let's get in.

151

But it's going to continue to

do really impressive things.

152

And then blend is sort of stocks

that have characteristics of both.

153

Maybe not super hot and exciting,

like Nvidia, but they're not

154

super discounted or they don't

really fit into either category.

155

Okay.

156

The S and P 500 is sort

of considered blend.

157

And I'm going to take that a step further.

158

So the S and P 500 is what most

people classify as the market.

159

And you need to know what someone

means when they say the market.

160

It used to be the Dow or the

Dow Jones, industrial average.

161

, that's not what people mean when

they say the market anymore.

162

The words the same, but the correct

understanding of, of, are you thinking

163

of the same thing when I say the market?

164

Yeah.

165

And then also when you hear on the news

and this gets to wording of things.

166

If you hear a news caster, say.

167

The stock market crashed

a hundred points today.

168

Well, a hundred points compared to what.

169

So the S and P is currently trading around

52 and some change, 5,200 and some change.

170

A hundred points on

that is about 1.9% drop.

171

Okay.

172

So that'd be not a great day.

173

That that's not the end of the world.

174

Yeah.

175

Terminology like the market crashed

a hundred points is, is going

176

to make you feel more scared.

177

Than what the numbers actually say,

crashes dramatic crashes dramatic

178

versus just like the stock market

was down a hundred points today.

179

Okay.

180

I mean a hundred doesn't sound

good, but like, you need to

181

know what is that a hundred?

182

On right.

183

The only other thing I would add

to that as we've talked a lot

184

about stocks, there are also bonds.

185

So stocks are a bit sexier.

186

You tend to make more money in stocks.

187

Bonds are on the more conservative

side, because we're not

188

going to use the safe word.

189

They're more on the conservative side.

190

, they tend to fluctuate less.

191

But lower return.

192

, there is a bond market as well,

but traditionally the market is

193

going to be the stock market and

it's going to be the S and P 500.

194

Okay.

195

Bond's gets into a whole other

realm and you've got bond math and

196

it is actually fairly complicated.

197

, and that's another area where

when you are figuring out the

198

advisor, you want to work with.

199

What do they propose as the

right allocation and mix for

200

you between stocks and bonds?

201

There's a lot of advisors out there

that I think regardless of your risk

202

profile, you need some allocation to bond.

203

My personal business

structure is different.

204

So Eric, his portfolio is completely

different from everyone else's, which is

205

completely different from mine, which is

completely different from my husband's.

206

So you are young.

207

You're comfortable with fluctuations.

208

You don't need bonds.

209

We're trying to make a lot of money.

210

Yes.

211

You don't need bonds.

212

Not every advisor is going

to take that approach.

213

That's something else.

214

, that I would suggest that people ask.

215

And figure out how they feel about

the answer that that advisor gives.

216

Yeah.

217

Yeah, no.

218

What you own know what it's likely

to fluctuate both up and down.

219

When I recommend investments for clients.

220

Again, I try to be super upfront.

221

And in 2022, it was a

bad year for everything.

222

The stock market, the S and P 500.

223

Was down for the calendar year,

about 18%, the growth part of

224

the market was down closer to 30.

225

Wow.

226

I call that out and say like, are

you going to be okay with that drop.

227

Well, 2023 comes along, growth

came roaring back and you

228

made a lot of money in growth.

229

And interestingly has kinda wraps

together a lot of different theories

230

about stay invested, like make sure that

that you're comfortable for the ride.

231

Things come back after their down.

232

You would have actually made more money.

233

If you look at the start of

234

So huge down year 2022 big up year 2023.

235

You made more money in growth stocks,

236

because you were up so much more in 2023.

237

Then, if you were in conservative

investments that were down

238

way less and 20, 22, but they

239

That's cool.

240

Super interesting.

241

Yeah.

242

Oh, I love that.

243

All right.

244

Cool.

245

Um, uh, hopefully all the

children listening to understand.

246

The stock market now.

247

, next question.

248

What's a realistic expectation

for how much my money can grow.

249

So this was a fun homework assignment,

a homework assignment for me.

250

The SMP over the past.

251

10 years.

252

Has averaged 12.4% per year.

253

Wow.

254

That's a huge rate of return.

255

Yeah.

256

And if you go back even 15 years,

16.2% per year for the S and

257

P 500 big, big, big numbers.

258

Now that is not a number that I

feel comfortable telling clients

259

they can expect, like, not

even close, so many variables.

260

So many variables, , most portfolios,

unless you just own an S and P 500 index.

261

They're not going to

mirror that identically.

262

The software program that I use that

runs, you know, modeling around all

263

the potential different returns that

you could have over a 20 year period.

264

It spits out a potential annualized

rate of return of six and a half

265

percent for a growth portfolio.

266

Okay.

267

Way way less.

268

So if, if pressed to

give a number to someone.

269

I would say between six and 8%, I really

don't want to model higher than 8%.

270

And if we are modeling 8% per year, I say.

271

We might not target that.

272

And what I'll do is I'll go back and I'll

look at their actual performance and.

273

Hopefully they're a client

we've had for five plus years.

274

So like you actually have

some good track record there.

275

And a lot of times it falls

in that six to 8% window.

276

, very few clients are

averaging even an 11%.

277

Which is still shy of what the S and

P is saying over the 10 years, because

278

you do have emotional decisions.

279

You have years where maybe

people can't contribute as much.

280

So there was less money in the

account, and then you add money and

281

then the market's down a little bit.

282

You have a whole lot of

factors that go into that.

283

Yeah.

284

So assume for a stock portfolio that is at

least moderately to growth oriented Lilly.

285

If that's a word.

286

Invested.

287

Six to 8%, depending on

a whole lot of variables.

288

Yeah.

289

Perfect.

290

More than it would make under your bed.

291

It is., I thought of something that we

did not include on the education piece.

292

That is important.

293

Okay.

294

, What are the different

investment vehicles?

295

We talked about account types, but like

what's a stock versus a mutual fund.

296

Yeah.

297

Versus an ETF.

298

All of these are different rappers.

299

So a stock is an individual

company, one individual company.

300

Uh, home Depot and Nvidia

and Amazon a Google one.

301

Okay.

302

A mutual fund or an ETF or a

unit investment trust UIT is

303

going to be a basket of stocks.

304

They can also be a basket of bonds.

305

Okay.

306

Not to leave bonds out

of the conversation.

307

But it is a basket of them.

308

And with a basket, you reduce your risk

of one company failing spectacularly.

309

So if we kind of go back to

like the cryptocurrency and

310

like gambling money analogy.

311

Think of one individual stock, like a

roulette wheel and I don't play roulette.

312

So I'm probably not

going to get this right.

313

But with one stock, you're saying I'm

betting that I'm going to hit red seven.

314

And if you hit red seven and

red seven does well, you're

315

going to make a big payout.

316

Yeah.

317

Versus a mutual fund or an ETF or a UIT

where you have many stocks included.

318

You're just betting that any

red number is going to win.

319

Yeah, your payout's going to be

a bit less, but you have a higher

320

likelihood that a red number will

hit versus specifically red seven.

321

So those people who are concerned

about air quotes, safety and

322

investing something like a mutual

fund would be like, I would think of

323

a psychologically more comfortable.

324

Potentially.

325

Yeah, you have to know, is

this a growthy mutual fund?

326

Is it a more conservative mutual fund,

but, but yes, diversification can

327

reduce risk and even diversification of.

328

Your fund manager.

329

So I am your wealth strategist.

330

And then I have a list of mutual

fund managers that I like.

331

So there is a portfolio manager for

each of these mutual funds and they

332

are actively buying and selling

the individual stocks for you.

333

Okay.

334

They don't ask my opinion.

335

They don't ask your opinion.

336

They're just actively doing this

based on their research, their

337

outlook, , and a whole series of

parameters that they have and deciding

338

what they think the fund should own

and what they don't want to own.

339

And that's called active management.

340

Okay.

341

I'm a big believer in active management.

342

You don't want to own everything.

343

Yeah.

344

You know, the good, the bad and the ugly.

345

He only want the good

and the beautiful, yeah.

346

, And mutual funds and ETFs and well mutual

funds and ETFs can be active or passive.

347

Passive meaning you just don't everything.

348

Okay.

349

There's no one making that decision

about this is a good stock.

350

This is a bad stock.

351

So you also need to know.

352

Is your investment active

or passive and why?

353

If it's passive or active, are

you owning that type of strategy?

354

And different managers look

at research differently.

355

, you know, there's someone that,

interestingly, I think Tesla is a

356

wildly volatile stock and I think

Elon Musk as a person is insane.

357

Like I would not want

him running a company.

358

That I certainly was working at, or,

or to the extent that I can control

359

it, where my money is invested.

360

I wouldn't want him

making me a ham sandwich.

361

Right.

362

But one of the conservative growth

funds that I own, if you can bear

363

with me on that oxymoron actually

really likes Tesla as a stock.

364

Because they are doing something

different with their dealerships.

365

They don't really have dealerships,

which are very expensive cost centers.

366

For auto makers and so longterm,

they think that that is an

367

interesting business model for Tesla.

368

And that makes sense.

369

So, so different opinions are good.

370

Yeah.

371

They own Tesla and their portfolio.

372

, it's a fond to that.

373

I personally own.

374

Different way of looking at it.

375

Yeah.

376

Yeah.

377

Yeah.

378

, ah, I think too, one thing for me is that.

379

I want there.

380

This is why I love you.

381

I want there to be a little distance

between me and every single thing

382

I'm invested in, because I know that

there's companies that I'm invested

383

in that I don't agree with, but I

also don't give a shit because other

384

people are also invested in them.

385

And this is about my money.

386

And so.

387

I think too, sometimes people are like,

oh, well, I just, I want to make sure

388

that I put my money in things that

feel comfortable and are in alignment

389

with my values and that in almost

any other category, I would support

390

that ideology, but not when it would

potentially risk how much I can scale

391

my income or my wealth, you know?

392

So let's take that to a political place

given that this is an election year.

393

Uh, I will get the

comment or the question.

394

I am terrified that XYZ will be elected or

reelected, whatever people's opinions are.

395

And we have clients that are

both staunch, Republican, staunch

396

Democrats, and somewhere in the middle.

397

And what I say is my job is

to make you the most money

398

that you're going to let me.

399

And if this person is elected, is that

going to change you spending money?

400

And for the majority of people,

it doesn't, you're still going

401

to go to the grocery store.

402

You are still going to go to target.

403

You're still going to

buy a new pair of shoes.

404

Like your normal spending continues.

405

Yes.

406

And what you're investing in in the

stock market is business profitability.

407

People don't stop spending their money.

408

A president.

409

Only speeds up or slows down

something that's already happening.

410

So, you know, yes, there can be a

shift, but it's not a complete reversal.

411

Starbucks is not suddenly

going to stop selling coffee.

412

I'm not going to stop buying coffee.

413

Right.

414

The world keeps revolving and

I do tell people, try to take.

415

Your political or emotional beliefs.

416

Apart from the concept of, of

the investments making you money.

417

Yeah.

418

I love that.

419

I think that's super important.

420

Well said.

421

All right, couple more questions.

422

, if the stock market crashes, should

I have cash and gold on hand?

423

People a lot of I want and get very

excited about, I want to invest when

424

the market is down because that's

what we're supposed to do, right?

425

He, yes.

426

Yes.

427

We want to buy low, sell high,

but you can continue waiting.

428

To get that money invested

and it could take you years.

429

And let's take last year for an example.

430

2022, the market was down the whole year.

431

People were super fed up with it.

432

And emotionally, it can be hard to

get your money invested when you've

433

seen the market go down and down and

down, because why would you invest it?

434

Thinking that like, it

could still go lower?

435

Like why would I invest now?

436

Sure.

437

The biggest upswings come

right after the very low.

438

So almost very beginning of

20, 23, the market shot up.

439

And then it was a very low volatility year

until the third quarter market was up.

440

Yeah, you would have probably missed

out on making roughly 24% in the market.

441

If you were waiting for that pullback

to get your money, invest it.

442

So sure.

443

Keep a little money on the side.

444

I mean, I'm talking like 5%.

445

Okay.

446

Which is a pretty small amount

and have the rest of it invested

447

because if we know going in.

448

There will be down years and we're

not trying to avoid them, but maybe

449

we can add a little bit of extra.

450

Sure.

451

Maybe you can get some ohms.

452

But it's having your money

invested for the long run that

453

is going to be most powerful.

454

Absolutely.

455

No one can time the market

effectively, consistently, or even

456

regularly, like you might get lucky

once you might get lucky twice.

457

It's not going to continue.

458

So I'm a big believer in keep it

invested, like be within the risk

459

parameters that are comfortable for you.

460

And again, this is not money that you're

going to be spending in a year or less.

461

, And that's really having your

money kind of spread out a bit.

462

All those red numbers have a little

bit of value, have some blends,

463

have some growth because when one

area pops your money, is there.

464

Last year, the growth part of the market.

465

Huge range, but we're going to say the

growth part was up between 30 and 50%.

466

The, the general market was at 24,

the dividend part of the market.

467

Uh, maybe more 10%.

468

Okay.

469

You needed your money there and in

growth to have that big upswing.

470

Yeah.

471

So it has to already be there.

472

Yeah.

473

Makes sense.

474

Perfect.

475

Oh, gold.

476

Let me, let me tell you a goal.

477

That's another one I have

a strong opinion on right.

478

People used to love gold because they

thought it was a stable store of value.

479

And then there was sort of like, you know,

when inflation spikes gold does well.

480

That's not true as much

now as it used to be.

481

Gold.

482

The price of gold is not tied to the

actual amount of gold in circulation.

483

Okay.

484

, so that's just different and

there are other hedges against

485

inflation that I think work.

486

Better than gold.

487

And depending on the time period,

you've look at, , I haven't

488

pulled my exact numbers on this.

489

I should have.

490

, over the past three and five years, gold

has probably made you one to 2% per year.

491

Oh, wow.

492

I mean, pretty ridiculous

and way less than inflation.

493

Yeah.

494

So gold is not the, we're not going

to use the S word conservative,

495

alternative that many people think it is.

496

Again, you need to understand what are you

owning and gold and why are you owning it?

497

Do you see how much it can

be down when it's down?

498

And are you comfortable with the low

level of growth that it could provide

499

and what that does to your portfolio?

500

Yeah, I think too, like if I'm

reading and I think I remember

501

who wrote this question.

502

Like, if there's an apocalyptic

end of time situation, gold bars,

503

aren't going to be the currency.

504

It's going to be like

water and bullets and food.

505

You know, I, you're not going

to lug around your gold hands.

506

Food I can opener.

507

Yeah.

508

You know, sometimes people will

ask me like truly catastrophic,

509

almost end of the world scenarios.

510

And I'm like, if, if that comes

to fruition, None of us are

511

worried about the stock market.

512

We.

513

We are worried about absolute

food, water, shelter, survival.

514

Yes, exactly.

515

Gold is not going to help unless

you throw a bar at someone's head.

516

He said, they're funny.

517

Alright, next question.

518

Oh, I like this next one.

519

Should my business be investing

or just me personally?

520

I am a big believer in relying

on your other professionals.

521

So we've talked about,

uh, estate attorneys.

522

, your CPA is, is one that gets

involved in this question.

523

You want a great CPA.

524

You want a CPA that is active

and making suggestions to you.

525

So.

526

When someone asks me that question, I

say, We need to loop in your CPA and

527

understand what your situation is.

528

, but, but yes.

529

With the caveat.

530

This is not money that your business

needs for payroll for, for any reason

531

for again, call it like two years.

532

, but money above and beyond that.

533

Yes, absolutely.

534

But you have to have the

planning to know what is liquid,

535

what are you going to need?

536

, and maybe setting up if you are

truly a very small business.

537

A solo 401k.

538

You can make contributions as the

employee and your business can make

539

matching contributions as the employer.

540

So you get double benefit.

541

So that is a way of your business

quote, unquote making investments, but

542

you can also have a business account.

543

There's things like

profit sharing accounts.

544

If you do have more employees,

, that than just yourself.

545

So there are vehicles out there.

546

Absolutely.

547

And some have big tax advantages.

548

Some are going to be tax neutral.

549

, the things you can invest in are going

to be essentially the same across

550

every type of account we've talked

about so far, except for your 401k's.

551

Okay.

552

401k's are going to have a very

specific list of investments.

553

That's all that you can invest in.

554

Whatever's on that list.

555

Everything outside of that.

556

Is going to be a huge, like

endless possibilities, an IRA,

557

a taxable account, a solo 401k.

558

You know, it can be individual stocks,

mutual funds, bonds, ETFs, UITs.

559

I mean, the world is your oyster

when it comes to variety there.

560

So it's not like, well, in my business

account, I can only own this type

561

of an investment or in my IRA.

562

I can only buy this.

563

No, and that's a big misconception.

564

Okay.

565

You can own the same things and all of

your accounts, as long as it's not a 401k

566

or you can own different things because

maybe we have different strategies here.

567

IRA is very long-term money.

568

Your taxable account might be something

that in five years you're going to need.

569

So we're still growing it slowly.

570

Yeah.

571

But different than the

longterm retirement money.

572

Okay.

573

I like that.

574

, Lauren, I have one more question for you.

575

What percentage of my income

should ideally be saving.

576

As much as possible.

577

Okay.

578

And that might get into, you might

have to make sacrifices somewhere.

579

I'm going to be the big bear

of bad news on that one.

580

But as much as possible.

581

And most people are not there yet when

they come to me and I expect that.

582

So we go back to, what

are you already doing?

583

Can we increase that by a

hundred dollars this month?

584

And in three months, can we

increase that by another $50?

585

'cause you're just paying yourself.

586

Yeah.

587

Which is perfect.

588

I mean, that's what you want, that

money's not going towards taxes.

589

That money's not going towards

anyone, but you and your future.

590

So.

591

Have in mind what the annual maximums

are and they change every year.

592

, currently, like I said, if

you're less than 50 years old,

593

it's $23,000 into your 401k.

594

And depending on income limits, the

IRA is $7,000 per person per year.

595

It goes up by typically $500 a year.

596

So factor that in.

597

Get to where you're maxing things out.

598

Now the flip side is I totally understand.

599

There are people that are like, I will

never be able to do $23,000 a year.

600

Yeah.

601

That's where you need.

602

Full circle, the financial plan.

603

When are you looking at retiring

and how much are you going to need

604

to pull out from your investments?

605

Because how much you save.

606

Is going to determine how

much you can pull out.

607

Makes sense.

608

And if you're someone that's like,

I need to pull out $20,000 a month

609

to live on you better have a big

pool of money that can support that.

610

Yeah.

611

Or if you say I live super

leanly, I won't have a mortgage.

612

I won't have a car payment.

613

I.

614

I don't have expensive hobbies.

615

I like to read books from the library.

616

Okay.

617

Well, then we can get by with less,

but we just have to run the numbers.

618

To know.

619

So I'm not trying to decide to skirt the

question and not give you a percentage.

620

You don't typically want your

mortgage to be roughly more

621

than like 30% of your income.

622

You know, that's typically the biggest

piece, but there's so much else that

623

factors into your monthly expenses.

624

And you still have to have

room for saving and investing.

625

So you have to start somewhere.

626

And you have to make it a priority

to do more until you're at the level,

627

which the plan says you're golden.

628

And at that point, If you.

629

Continue to save more.

630

You're only giving

yourself more flexibility.

631

So.

632

There's a lot of people, our age

that really wants to retire early.

633

Like they're pretty burnt out on going.

634

Non-stop.

635

But with people that actually hit

retirement age, there is a fear of,

636

well, what am I going to do now?

637

And so that's where

it's financial freedom.

638

Comes into play.

639

You have enough money to retire.

640

You can absolutely do it.

641

That, that mental freedom of knowing

that they can make some feel so much

642

better than I can't quit working.

643

I have to do this to pay my bills.

644

, I have a client love her.

645

She's she's saucy.

646

She doesn't take crap from anyone.

647

She worked at a law firm and

I think it was a pretty busy.

648

Rough place to work.

649

And we updated her retirement plan kind

of spur of the moment she called me and

650

was like, I need to know the numbers.

651

She quit.

652

And she went and got

a job at trader Joe's.

653

And we were thinking like, oh,

like you're doing like, like a

654

corporate job at trader Joe's.

655

No, no she's stocking shelves.

656

She's probably so relaxed.

657

Yeah, she says it's the best workout ever.

658

Yeah.

659

But so she's still working and she doesn't

need to, and she is moved from a desk

660

job to a very physically intensive job.

661

It was the mental freedom to be like,

I don't have to have this income,

662

but like, I don't want to be bored.

663

So let me do something different.

664

Love that total power move.

665

Oh, awesome.

666

You just have to run the

numbers and see what they say.

667

Yeah.

668

The numbers, the numbers don't lie.

669

And if they don't look

amazing in the beginning.

670

Okay.

671

Like, I'm your partner in this?

672

We will figure it out.

673

I've never said to someone

like you failed a task, like,

674

hope you go and figure it out.

675

It's like, okay.

676

I always come to people with

solutions before they can even say,

677

well, well, what do you suggest?

678

And then we come up with like,

what actually is the right.

679

Mick's moving forward of spending

versus savings versus like, Hey, if

680

you've got kids in private school

that have braces and they're on a

681

traveling soccer team right now.

682

It might not work, but if you're

committed to in four years, when

683

that situation is a little bit

different, I can do more than okay.

684

Let's plan on that.

685

Yeah.

686

But I'm going to remember that you said

it and I'm going to come back around.

687

I think one, uh, I'm

going to plug myself here.

688

The things I like most about

my relationship with clients.

689

I'm your accountability buddy.

690

And I take that seriously.

691

And I don't think all advisors do that.

692

I am sure.

693

Some do.

694

But if you tell me something,

this is a goal and I want to do

695

this, but it's not happening now.

696

I need to come back to that and make

sure that we then put it into place.

697

When you said that you can or

reevaluate, maybe the timeline for it.

698

Sure because I'm not here

to be your yes person.

699

Yeah.

700

I love that.

701

, Lauren, thank you so much for answering

all of our listener questions.

702

This has been so informative

and I appreciate how thorough

703

that your answers are.

704

, is there anything you want to ask me?

705

So a million questions, because

I think that this is such a fun

706

one-on-one relationship that I

get to have with my clients, but

707

it's also a really personal one.

708

And I don't want you to reveal anything

that maybe you're not comfortable

709

with everyone knowing about you.

710

And also we have to like stay within

the lines of what compliance is.

711

Okay.

712

With.

713

Yeah.

714

Tell me how your perception

of money has changed since

715

we've started working together.

716

If you're comfortable.

717

Oh, I'm very comfortable.

718

, I feel, uh, So much more confident.

719

And, , knowing that I have you

as a partner to bounce questions

720

off of, and I mean, this is my

mind immediately came to this.

721

I maybe it was two years ago, ish.

722

I was like, Lauren, I

can't do this anymore.

723

I'm selling everything.

724

And I'm just going to travel Europe.

725

And you were like, okay.

726

So let's like talk about

what that looks like.

727

, and I had it planned out to a certain

extent, but then you're like, what then?

728

And I'm like, oh, I don't know.

729

Then maybe I just call myself,

like, I dunno, like, and

730

you're like, I don't love this.

731

But you.

732

Helped me redirect, like, Hey, if that's

something you could see yourself wanting

733

to do at some point, why don't we.

734

Adjust things and maybe invest

more and kind of just do it.

735

Safely, we'll use the S word for this,

or at least just more responsibly as

736

opposed to just blowing your life up

and then having hopefully decades left

737

to like, be like, what have I done?

738

, so it's nice because I could see

myself making some crazy ass choices.

739

, and without somebody like you to

help kind of guide me and educate

740

me on doing it responsibly.

741

, I, who knows where I'd be.

742

, and I just feel a lot more.

743

Like knowing that there

is potential freedom.

744

Makes me steadfast in, uh, being

consistent with my contributions

745

and keeping in mind, like, look, I

think I said to you a year or so ago.

746

Hey, like I'm about to get, um, oh,

I sold my Porsche and for a bunch of

747

money and I was like, I think I have

a chunk of money here that I want

748

to let's just put this somewhere.

749

So.

750

Like I never would put this much.

751

Thought into things before.

752

, so it's nice that you challenged

me to think about why I want

753

to do things and what the

ramifications of those choices are.

754

, and that it's not even necessarily,

there's a right and a wrong answer,

755

but like, well, if you go down this

path, this is what that looks like.

756

And if you go down this path,

This is what that looks like.

757

, so yeah, I just feel,

I feel super empowered.

758

I remember that conversation.

759

Did you get off the phone and

you were like, oh my God, what do

760

you want to just sell everything?

761

And you were like, I don't know,

like I'm going to spend the money.

762

And then when I come back,

I'll, I'll start fresh.

763

And I thought that that was a F.

764

A very scary.

765

Prospect.

766

Not that I don't believe

in you, but that's hard.

767

To start over.

768

Um, Um, and I definitely

think that there's been an

769

evolution there and I love that.

770

And my goal is to never

change people completely.

771

I mean, certainly not, but how do we

blend my, maybe more conservative approach

772

to making sure that the future stuff is

there with what is your current lifestyle?

773

Yeah.

774

You are also a person that is very

calm with fluctuations in the market.

775

And not as impressive, given that

the way you started all this was

776

thinking you had kind of a good deal

going with something and then whoa.

777

It wasn't what you thought.

778

How do you help?

779

Create separation between markets down.

780

Th this, this is what I've got now.

781

And sticking with what we're doing.

782

So how do you mentally emotionally

handle that on a everyday basis?

783

That's a really good question.

784

, I think.

785

Hm.

786

You know, I've experienced a lot of loss

in my life financially, emotionally.

787

, I talk about it very

openly on this podcast.

788

And I think I just have gotten to a

point where I've never lost anything

789

or weathered a storm that I haven't

come out on the other side of.

790

And so I think I just trust that

no matter what happens, even

791

if it's a worst case scenario.

792

One way or another, I'm going to be okay.

793

, and then that of course

partnered with trusting you.

794

And now knowing that I have

somebody in place, , to help

795

me manage my budding wealth.

796

, that I genuinely do trust.

797

, I really have a set it and

forget it kind of mindset.

798

So like, I'd have no idea what my

investments look like right now.

799

, I do.

800

Yeah.

801

Are they good?

802

Yay.

803

, so I just, yeah, I don't know.

804

I think that there's, , all of

the big, scary stuff has happened.

805

And so I just sort of, I'm like, Ugh.

806

I don't know, I I'm, I'm way more

present focused with my emotions.

807

And then I, I think it's just a,

an abundant kind of trust that I'm

808

doing the right things that I should

be doing with the right people.

809

And I believe that I will get to the

outcome that I want because of that.

810

Yeah.

811

I mean, it's a super

individualized response.

812

I was curious.

813

What year is, is you are an

incredibly strong person.

814

And had you sold everything and gone

away and came back and, and restarted,

815

like I would have had complete

confidence in you that you would have

816

rebuilt something hugely successful.

817

Um, it's going to be

different for everyone.

818

Sure.

819

Sure.

820

A common theme that I hear from people

is they do set it and forget it.

821

They don't look at the accounts every day.

822

And that is something that I recommend.

823

Don't like every day.

824

I have to look every day.

825

, and it makes you a little bit crazy.

826

Yeah.

827

Do the due diligence upfront find

that advisor that you really trust.

828

Make sure that the things that you're in.

829

Make sense for you?

830

You can tolerate the ups and downs.

831

And then also know when

you are going to check in.

832

You can't never look at it, especially

if your advisor isn't calling you

833

and that's a whole other problem.

834

Um, But you need to know.

835

I mean, it can be once a year.

836

Mm, probably twice a year is better.

837

Yeah.

838

More if you have more times per year, if

you have more complex things going on.

839

You don't want to make

changes too often, right?

840

But, but you do have to

look in occasionally.

841

So don't make yourself crazy.

842

Don't avoid it for forever.

843

Yeah.

844

I think it's like a weighing

yourself, like weighing

845

yourself every day is insane.

846

And you shouldn't do that.

847

, but if you're like, Hmm, my

pants aren't fitting the same.

848

Let me check in on that.

849

Yeah.

850

Ah, B where the trend?

851

Yeah, exactly.

852

Catch the trend up or

catch the trend down.

853

Yes.

854

But catch it before it's the

train has left the station.

855

Yeah.

856

How do you envision retirement, but

like, what's that look like for you?

857

So luxurious.

858

So much travel so much.

859

Indulgence and self enjoyment.

860

And I want to be generous

with people in my life also.

861

So I want to be able

to say, oh, I'm going.

862

Um, snowboarding in Switzerland.

863

Come with me, like we're

staying at the nicest hotel in.

864

Vendor lock-in.

865

, Ah, yeah, I just, I don't want to

think about money when I retire.

866

And I, and I think I picture.

867

I'm really thinking about this.

868

I picture my day to day being simple.

869

Like I don't want to live

in a big fancy house.

870

I do want to drive a nice car.

871

You know, me, um, But I don't

need necessarily like a lavish

872

day-to-day, but I want to be, yeah.

873

Free to travel a lot and to

travel, not on Southwest.

874

When you spend money, you want to spend.

875

Good money.

876

Yeah.

877

I worked really hard earning it

and saving it and growing it.

878

And I want to, Yeah, I want to

enjoy the fruits of my labor.

879

And yours.

880

As you've progressed through being

a business owner and life events.

881

Do you think that the way

that you approach preparedness

882

for retirement has changed?

883

I mean, there's always going to

be some like, as I matured from a

884

20 something to where you are now.

885

Yeah.

886

Like some of that comes,

but how else do you think.

887

Being a business owner

and being a single woman.

888

Has influenced that.

889

Uh, evolution.

890

, , I feel like it just like makes me

more like hardcore, like the longer

891

that I'm, self-sufficient the.

892

The higher, the like, Hmm.

893

How do I want to word this?

894

, I would think and hope that

it is a confidence booster.

895

Totally.

896

Yeah, because I'm like, I've got this.

897

Yeah.

898

I think I probably.

899

For my, a romanticized

retirement plan should be giving

900

you more money every month.

901

, and that will happen.

902

, but yeah, I think I just feel, , I don't

feel afraid to explore the stock market.

903

I don't feel afraid to say.

904

I'm building wealth.

905

Maybe this is maybe this is

the thing I think, and I.

906

I do think it's a more woman thing.

907

But I don't feel any of that.

908

Like subservient, domestic.

909

Play it safe.

910

I don't have an ounce

of that in me at all.

911

And that's, I'm not digging

anybody who does that because it's

912

a different ride for everyone.

913

But I think.

914

Being single for a long time.

915

And especially on the heels of almost

being married to somebody that I

916

know my life would be horrible with.

917

You know what I mean?

918

I think it's created a mindset where.

919

I like I'm fiercely.

920

, Defensive of my quality of life.

921

And my wellbeing.

922

You know, and so to a.

923

Share that or to introduce

other elements of that.

924

The bar just keeps

getting higher and higher.

925

And my confidence keeps

getting higher and higher.

926

And, uh, you know, you do one thing.

927

I mean, you save $10,000 in a shoe box.

928

That's uh, at 26, that was a

huge amount of money for me.

929

Um, not that I wouldn't mind it now.

930

, but you know, you, you reach one kind

of bar and then you're like, oh, next

931

up, it's this, you know what I mean?

932

So it's like just, it's

kind of lovely to watch.

933

Things that felt big, turned into

things that feel medium turned

934

into things that feel small.

935

I think the confidence that it

builds and the I've done that.

936

I can do more.

937

I've tackled this onto the next, I

think it permeates through everything.

938

Yes.

939

Because all of it is intertwined.

940

I mean, the money facilitates.

941

Lifestyle in the future.

942

It also impacts what's

happening day to day.

943

You know, maybe some, some compromises

on spending money now or, or not,

944

but it all feeds into who we are

as people, the confidence we have.

945

And I think confidence I've now

said that word probably four

946

times in the past three sentences.

947

I think that was also important in

investing and knowing what you want.

948

So I have confidence in my ability to

pick someone that I want to work with.

949

And this is going to be a good plan.

950

I have confidence that I can get

there and I can make the changes

951

needed, or I can continue on the

path that I'm on to make this.

952

Uh, reality.

953

I think of.

954

Financial security as providing freedom,

freedom to think about other things,

955

do other things, do what you want.

956

, it, it just makes life a lot easier.

957

It doesn't solve problems.

958

But it makes it easier.

959

I mean, it lets you leave a job

that it doesn't work for you or a

960

relationship that doesn't work for you.

961

Uh, the freedom in being

financially secure is a.

962

Uh, a privilege, but also something

that I think people should really

963

do themselves, the service of

aggressively working towards.

964

They should it.

965

A story that I've debated bringing

up, but, but it has resonated with me.

966

And I think about it regularly.

967

A friend of mine found out her

husband was cheating on her.

968

And she had young children.

969

And she had already not been

working for many years because

970

he didn't want her to work.

971

And she had cashed out the retirement

accounts that she had worked

972

really, really hard for when she

was working and she was single.

973

To put into a business idea of his.

974

Oh my God.

975

And when she came to me,

The second time he cheated.

976

Same person, same person.

977

Um, no, I mean, you cheated on

her with a different person.

978

Yeah.

979

Serial cheaters, same husband.

980

Multiple.

981

Cheating other people.

982

I said, leave him, leave him.

983

I'm gonna come.

984

I'm gonna scoop you on the kids up.

985

We'll figure it out.

986

Like I don't, I don't have the

answer, but we'll figure it out.

987

And she said, Lauren, let's be realistic.

988

I haven't worked in five years.

989

I have not a penny to my name.

990

Starting over with two young children.

991

Uh, it, it doesn't make sense.

992

It doesn't make sense.

993

And she's still there.

994

Oh, my gosh.

995

And, , It's kind of the thing that

shall not be named, like it came

996

up once more and I think he was

veering towards maybe cheating again.

997

They're always veering

towards maybe cheating again.

998

But in.

999

But her piece was, it's not

going to make a difference.

00:47:41,793 --> 00:47:45,753

I have, I have made my choice that

for the security of my children.

00:47:46,353 --> 00:47:49,323

And the life that I have put together.

00:47:49,323 --> 00:47:50,493

I'm just going to cope with it.

00:47:50,913 --> 00:47:52,563

And I think had she had her own money.

00:47:53,313 --> 00:47:56,463

And if she was still working, the

answer could have been different.

00:47:56,493 --> 00:48:00,753

I don't know that it would have, but,

but her reason for not leaving was.

00:48:01,353 --> 00:48:05,133

I have no money and I haven't worked

and I have young children and she

00:48:05,133 --> 00:48:06,963

handed all of her power over to him.

00:48:07,653 --> 00:48:12,603

And, uh, this is something

that happens every single day.

00:48:12,693 --> 00:48:13,263

It does.

00:48:13,263 --> 00:48:17,583

And it's so upsetting and I think too,

I'm sure your friend's a lovely person

00:48:17,583 --> 00:48:20,943

or else you wouldn't be friends with

her, but she's making a decision that

00:48:20,943 --> 00:48:22,803

not only impacts her, but her kids.

00:48:22,803 --> 00:48:26,403

And now she's showing, I hope she doesn't

have daughters, but she's saying, Hey,

00:48:26,823 --> 00:48:34,053

compromising on something huge like

fidelity and actually being in a loving,

00:48:34,233 --> 00:48:37,233

real relationship is less important to me.

00:48:37,233 --> 00:48:39,303

Or I'm willing to sacrifice

all of that and put it.

00:48:39,963 --> 00:48:41,823

Just as a terrible example for kids.

00:48:42,273 --> 00:48:44,253

That's the relationship that

they're going to base all of

00:48:44,253 --> 00:48:45,393

their future relationships on.

00:48:45,633 --> 00:48:48,183

And even if they don't know

what actually happened.

00:48:48,603 --> 00:48:51,393

They know something, you

know, they sense that dynamic.

00:48:51,873 --> 00:48:52,923

She is the best.

00:48:52,923 --> 00:48:57,993

She, and she is a really strong individual

and I would still classify her as strong.

00:48:57,993 --> 00:49:00,633

I mean, emotionally,

she puts up with that.

00:49:01,113 --> 00:49:02,913

And that is what her

marriage is for, for her.

00:49:03,213 --> 00:49:04,293

For forever.

00:49:04,353 --> 00:49:05,193

She also cheating.

00:49:05,193 --> 00:49:07,983

Cause I feel like she just needs

to go like no tennis instructors.

00:49:08,223 --> 00:49:13,233

She's not, she, she is all in.

00:49:13,263 --> 00:49:13,773

Oh, I know.

00:49:13,773 --> 00:49:14,343

Right.

00:49:14,403 --> 00:49:18,513

Yeah, she is all in, on being

the very best mom for her kids.

00:49:18,513 --> 00:49:22,443

And I think to them, she

probably does demonstrate.

00:49:22,683 --> 00:49:23,163

Strength.

00:49:23,163 --> 00:49:24,723

Like I think her kids see that.

00:49:25,203 --> 00:49:29,643

, I hope the other stays hidden

from them for as long as possible.

00:49:29,943 --> 00:49:32,823

It's just one of those weird things

that I never would've thought that that

00:49:32,823 --> 00:49:34,383

situation would have happened to her.

00:49:34,383 --> 00:49:39,273

Cause she was probably the friend

that pushed me most to not accept

00:49:39,333 --> 00:49:41,493

anything less than amazing for myself.

00:49:41,523 --> 00:49:42,033

Wow.

00:49:42,063 --> 00:49:43,323

That's so disappointing.

00:49:44,253 --> 00:49:46,803

I think, I think money is, is.

00:49:47,553 --> 00:49:48,813

The only difference there.

00:49:48,873 --> 00:49:51,033

100%, 100%.

00:49:51,063 --> 00:49:53,613

I, it makes me so sad to

hear stories like that.

00:49:53,803 --> 00:49:57,313

, and I've watched so many clients go

through the exact same thing and,

00:49:57,343 --> 00:50:01,303

uh, You know, Uh, again, with the

addition of kids, I think really

00:50:01,303 --> 00:50:05,893

complicates things, but it's just a

cautionary tale of never truly becoming.

00:50:06,433 --> 00:50:08,803

Handing your autonomy over

to another human being.

00:50:09,343 --> 00:50:11,833

And that can be a parent

or a, uh, an employer.

00:50:11,863 --> 00:50:13,903

I mean, there's lots of dynamics

where people get into an

00:50:13,963 --> 00:50:16,123

unhealthy financial balance.

00:50:16,393 --> 00:50:19,873

But you don't want to be in a

situation that you can't get out of.

00:50:20,083 --> 00:50:20,983

If you want to.

00:50:22,033 --> 00:50:26,383

And I feel like we have emphasized the

power and the importance of the female.

00:50:26,563 --> 00:50:28,153

Love my male clients too.

00:50:28,453 --> 00:50:30,613

There are great guys out there.

00:50:30,973 --> 00:50:35,563

Uh, love my relationships where

maybe they're the stay at home.

00:50:36,073 --> 00:50:37,933

Um, so it goes both ways.

00:50:38,023 --> 00:50:38,953

I just think.

00:50:40,693 --> 00:50:44,533

Women don't get as much

empowerment in this area.

00:50:44,533 --> 00:50:48,673

So I wanted to make sure that we

communicate to all you ladies, you

00:50:48,673 --> 00:50:52,603

are strong, you have got this and,

and you need to have your own.

00:50:52,933 --> 00:50:57,583

A hundred percent and sometimes

life puts scenarios in front of

00:50:57,583 --> 00:50:58,843

you that require a hard choice.

00:50:58,873 --> 00:51:01,963

And I invite everybody to make the

hard choice if it's the right choice.

00:51:03,553 --> 00:51:06,163

You know, like the right decision

can still be very, very hard

00:51:06,163 --> 00:51:08,023

to make sometimes more so.

00:51:09,343 --> 00:51:10,843

I'm someone that doesn't love change.

00:51:10,903 --> 00:51:15,313

And I mean, I made a huge career change,

uh, you know, going from public relations

00:51:15,343 --> 00:51:18,883

to financial advisory, big, big change.

00:51:19,303 --> 00:51:19,993

, it was scary.

00:51:20,053 --> 00:51:24,493

I think change is scary for most

people and it's how you embrace it.

00:51:25,243 --> 00:51:29,473

And what the pros and cons

are on the other side.

00:51:29,503 --> 00:51:30,223

And you know what?

00:51:30,283 --> 00:51:34,873

We all make decisions at some point

in our life that don't work out.

00:51:35,773 --> 00:51:37,393

And that is part of the journey of it.

00:51:37,423 --> 00:51:37,813

Yes.

00:51:37,873 --> 00:51:41,683

And I don't think that that

should be what keeps us from

00:51:41,683 --> 00:51:44,263

trying something totally agreed.

00:51:44,533 --> 00:51:46,423

Totally varying from financial topics.

00:51:46,483 --> 00:51:46,873

But.

00:51:47,503 --> 00:51:48,373

Change.

00:51:48,823 --> 00:51:50,683

You know, don't avoid change.

00:51:50,803 --> 00:51:51,733

We have to embrace it.

00:51:51,733 --> 00:51:54,883

We have to get through some

of the uncomfortable stuff.

00:51:54,883 --> 00:51:58,543

Some of the things that we wish weren't

happening, whether that's a relationship

00:51:58,543 --> 00:52:02,263

that you have with someone, a life

event that we have no control over.

00:52:02,323 --> 00:52:02,923

Absolutely.

00:52:02,983 --> 00:52:04,513

Can't control everything in your life.

00:52:04,543 --> 00:52:04,993

Yes.

00:52:05,053 --> 00:52:06,853

But you control how you respond to it.

00:52:07,333 --> 00:52:07,843

That's it.

00:52:08,633 --> 00:52:09,113

, wow.

00:52:09,143 --> 00:52:11,363

Lauren, this episode has been amazing.

00:52:11,693 --> 00:52:18,143

, . Thank you so, so much for listening to

these episodes with Lauren and Lauren.

00:52:18,143 --> 00:52:18,713

Thank you so much.

00:52:18,713 --> 00:52:19,913

I know how busy you are.

00:52:19,913 --> 00:52:22,223

The fact that you've taken this

much time and giving us this much

00:52:22,253 --> 00:52:24,643

information is so , appreciated.

00:52:24,833 --> 00:52:27,713

, if you're listening and you're not

doing any savings or anything, I

00:52:27,713 --> 00:52:31,613

invite you to explore what introducing

that to your life could look like

00:52:31,853 --> 00:52:34,163

in realistic, meaningful ways.

00:52:34,433 --> 00:52:38,363

Like now, like let's make a commitment

to each other that if we're saving, we're

00:52:38,363 --> 00:52:42,143

going to really just kind of turn on

the lights and see what's going on and

00:52:42,173 --> 00:52:44,153

empower ourselves to make smart choices.

00:52:44,373 --> 00:52:47,283

I find Lauren to be, , such

a great resource for me.

00:52:47,283 --> 00:52:50,613

If you have questions for her, I'll

link her contact info in our show notes.

00:52:50,803 --> 00:52:53,863

, of course I empower you to choose

whatever financial investor feels

00:52:53,863 --> 00:52:55,393

like a good fit like we discussed.

00:52:55,713 --> 00:52:58,613

, and, , Yeah, just thank you

so, so much for listening.

00:52:58,613 --> 00:53:02,513

I hope you got as much out of this

episode, as I did and friendly reminder

00:53:02,663 --> 00:53:07,493

listeners get 10% off@hawkinsandclover.com

with promo code Clover club.

00:53:07,793 --> 00:53:12,173

All caps and you can find us on

social media at Clover club pod.

00:53:12,173 --> 00:53:16,273

And that's where we collected all of the,

, all of the questions for today's episode.

00:53:16,273 --> 00:53:18,373

So if you don't follow this

already, please give us a follow

00:53:18,373 --> 00:53:19,993

because we do some fun stuff on.

00:53:20,293 --> 00:53:21,073

Instagram.

00:53:21,323 --> 00:53:23,783

, and if you found that this

episode was beneficial to you.

00:53:24,323 --> 00:53:25,103

Please share it.

00:53:25,103 --> 00:53:29,273

I rarely ask directly to have episodes

shared, but I think that this is one,

00:53:29,483 --> 00:53:32,213

you know, while you're listening,

surely you thought of some friends or

00:53:32,213 --> 00:53:33,713

family members that could benefit from.

00:53:33,953 --> 00:53:36,173

From hearing this information,

please share it because

00:53:36,173 --> 00:53:37,283

it's really important to me.

00:53:37,563 --> 00:53:41,253

, especially like Lauren said, as women to

just be empowered, to make smart financial

00:53:41,253 --> 00:53:43,683

decisions and equip ourselves to live.

00:53:44,163 --> 00:53:48,663

Well, There's no shame in

wherever you are starting.

00:53:48,783 --> 00:53:48,903

Yeah.

00:53:49,053 --> 00:53:51,093

It could be from absolute zero.

00:53:51,963 --> 00:53:54,003

It might be, you're

already doing something.

00:53:54,183 --> 00:53:55,593

There is no shame in any of it.

00:53:55,653 --> 00:53:59,193

And as Erica said, these questions

were ones that you guys came up with.

00:53:59,193 --> 00:54:02,823

So there's other people out there

that are having the same question

00:54:02,823 --> 00:54:03,933

to not knowing where to start.

00:54:04,173 --> 00:54:06,273

Not understanding what the market is.

00:54:06,513 --> 00:54:07,743

Just having.

00:54:07,863 --> 00:54:10,413

Absolutely no idea that is okay.

00:54:10,593 --> 00:54:15,063

Talking to someone is the biggest, first

step you've already gotten the ball.

00:54:15,063 --> 00:54:15,723

Rolling.

00:54:16,203 --> 00:54:17,463

By reaching out to someone.

00:54:17,703 --> 00:54:18,573

Yes, you can do.

00:54:18,633 --> 00:54:19,623

Out of yourself for doing that.

00:54:19,653 --> 00:54:20,103

Yeah.

00:54:20,193 --> 00:54:20,853

Totally do it.

00:54:21,333 --> 00:54:21,753

Oh man.

00:54:21,783 --> 00:54:26,163

Okay, Lauren, thank you so,

so much loved being here.

00:54:26,223 --> 00:54:28,083

Super passionate about helping people.

00:54:28,083 --> 00:54:29,523

Thank you for letting me.

00:54:29,893 --> 00:54:33,163

, go on a bit of a mind journey

of all the things I think about

00:54:33,163 --> 00:54:34,693

when I try to guide people.

00:54:35,053 --> 00:54:36,403

You guys can do it.

00:54:36,433 --> 00:54:37,063

Yes.

00:54:37,183 --> 00:54:37,663

Yay.

00:54:37,783 --> 00:54:38,233

All right.

00:54:38,443 --> 00:54:39,553

Bye everybody.