Curbside Consult – December 2017
Stress about money consistently tops the charts in annual psychological surveys. The current state of our finances, forecasting future investments, budgeting, family goals, and changing circumstances all contribute to the stress we experience. Couple that with medical school debt and it could seem like a pretty daunting task to even consider thinking about our finances now, let alone the future!
As a fee-only financial planner, with my very own physician family, I want to help people like you recover, build, and become confident in your finances.
This is where the Curbside Consult comes in. The Curbside Consult allows you to ask your most mind-consuming questions from student debt repayment to vetting the right financial planner before hiring them.
Whatever your question, I want to hear it!
Have a financial question keeping you awake at night? Wish you could have somewhere to ask it? Get yours answered and featured on the show. Here’s your chance. Just click below. But, first, here’s this month’s edition of Curbside Consult!
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Don’t Stress About Money – Here are 4 Questions Answered in Today’s Episode of Curbside Consult
This past month, I’ve received several questions from people just like you who want the answers to their financial questions, so today, you’ll hear the answers to 4 of them.
- Jonathan asks: How do you balance paying off your medical student loans, saving for retirement as a slightly older physician and rewarding yourself and your family?
- Lara asks: How did you decide how much of your income to save each month? Did you both agree on the number right away or was there some compromise?
- Tim asks: I have a friend that gives good financial advice. He is a fiduciary but I don’t pay him anything for his advice. Should I trust his advice or should I go find an actual fee-only financial planner?
- Elizabeth asks: We are looking for a financial planner but we are confused on the differences between fee only and fee-based financial planning. Which should we choose and why?
Answers At a Glance!
Q. How do you balance paying off your medical student loans, saving for retirement as a slightly older physician and rewarding yourself and your family?
A. First, establish a plan for your debt. If you are going for Public Service Loan Forgiveness (PSLF) then you will want to maximize the amount of debt to be forgiven while minimizing the monthly payments. If you are not going to PSLF, then you will need to decide on a balance between paying down debt aggressively or investing in your future.
First, I would look at maximizing your employer-sponsored retirement plans and fully funding your IRA contributions. Next, you will need to decide how much to let your lifestyle inflate vs how aggressively to pay down loans or save.
Being a resident, this is the perfect time to figure these things out because you haven’t seen the big paychecks yet and you don’t have any bad tendencies. I would even go as far as making a list of the luxuries that you know you would like – a new car, traveling with family, etc. Rank them by what would make you happiest to help prioritize what is most important to you and your family.
Q. How did you decide how much of your income to save each month? Did you both agree on the number right away or was there some compromise?
A. While the amount saved is important, the most important thing is to set up a good foundation of financial habits. Sit down and talk openly and honestly about what is really important to you, how you want to live your lives and what would make you happy.
PS: There are always compromises.
Q. I have a friend that gives good financial advice. He is a fiduciary but I don’t pay him anything for his advice. Should I trust his advice or should I go find an actual fee-only financial planner?
A. It’s great to have a friend that is a financial planner. The idea of not paying him for advice means that he probably doesn’t know all of your financial details and more than likely he doesn’t know what your goals or ideal life would look like. He is a great resource, but take his advice as general advice that may or may not apply 100% to you and your situation. Hopefully, he is telling you to be looking for highly diversified low expense ratio funds that invest passively in the entire market vs trying to time the market by buying high expense ratio actively managed funds.
You can do this by yourself, but there is value in getting second opinions on what you are doing or how you are approaching things, especially if there are big changes (having a child, buying a home or car, etc).
I’m also assuming that your friend is a good person, knowledgeable and isn’t trying to sell you some insurance product. If you value his opinion but don’t want to share everything with him, then I would really recommend reaching out to a fee-only planner that you feel comfortable with and could trust. Otherwise, read up, study up, pay attention to your finances and just ask him general questions and expect general answers back.
Q. We are looking for a financial planner but we are confused on the differences between fee only and fee-based financial planning. Which should we choose and why?
A. Check out my episode with Tim Baker on finding a financial planner that you can trust. Fee-only planners make up around 3% of financial planners. Fee-based planners could charge for financial planning directly or they could offer it for free and get paid by another source such as selling you insurance products you probably don’t need.
There are grey areas that can be confusing but the easiest rule is… If your advisor can sell you insurance, they are fee-based. Selling insurance means they have a conflict of interest because they are making commissions off the plans you purchase. If they are recommending universal life or whole life, they most likely aren’t worried about your best interest or acting as a fiduciary to you. They are chasing the commissions that they are getting paid by the insurance companies. Also, fee-based planners can receive referral fees for places they refer you to – such as estate planning attorneys, CPA, or other businesses.
Fee-only planners have the least amount of conflicts of interests. They cannot receive commissions and they cannot receive referral fees for referring you to another provider. They usually either charge a large up-front fee for one-time planning or monthly fees for ongoing planning. They also tend to charge AUM fees on assets managed.
The main difference is that fee-only planners try to reduce the conflicts of interest as much as possible by aligning their compensation with the client’s best interest. Imagine if doctors were only paid by drug companies, would you feel comfortable with that model? I wouldn’t and that’s the equivalent of being fee-based in the finance industry. So if you are wanting to work with a financial planner, look for a fee-only planning firm that works exclusively with physicians.
Full Transcript: Curbside Consult – December 2017
Are you curious how to balance paying off student debt, saving for retirement, and actually affording a luxury or two? Well, I cover those questions and more in today’s curbside consult.
What’s up everyone? And welcome back to another episode of the Financial Residency Podcast. I’m pretty excited. We’re going to be doing another curbside consult episode this week. We’d done one about three weeks ago and I received a ton of great feedback from you guys, honestly, more than any other show that I’ve put out there, that this was the type of content you guys wanted to hear and that you liked hearing questions from your peers and my answers to it.
So, I’m honored that you guys took the time out to let me know that, and I’m happy to bring you another episode that I hope you get a ton of value from. I’ve got about a dozen questions coming up for the next episodes, but I’d really like you guys to ask more questions.
So, if you’ve got one or two questions you’d like you ask, go to FinancialResidency.com and scroll about halfway down the page and there’s a button there that says “record your question” and let me know your name and where you’re calling in from, it’s always fun to know where you guys are all located. And ask that important question, that question that’s keeping you up at night, the one that you just really are dying to get an answer to. I really hope to feature you guys on the show.
You can also join me and a couple hundred other physicians and physician spouses in the group that I had set up exclusively for us on Facebook called, The Financial Residency VIP Community. Participate and ask questions there, and I’ll also be pulling some questions out of the group and answering those on the show, as well.
Also, before today’s show, I want to make sure to announce this important disclaimer. I am a family financial planner and a fiduciary for my clients, but let’s be honest, I don’t know you or anything about you. This show is for educational purposes only and shouldn’t be taken as legal or financial advice. Please consult your attorney, CPA, or your family financial planner before you take any action or make any important financial decisions.
And now, it’s time for the Curbside Consult.
Our first question comes from Jonathan.
Hey, Ryan. My name’s Jonathan. I’m a second year resident. I live in Detroit Michigan. And my question for you today is, I started medical school after taking a five year break after undergrad, and I worked for a few years during those years. So, I’m going be a little bit older than most graduates, and essentially my question is, how do I aggressively save for retirement when I’m done, and balance that with paying down these massive student loans that I have? And then, also balancing that with rewarding myself and my family for getting through this process? You know, buying a new car. How do you balance those three things? Paying back loans, saving for retirement, as a slightly older physician, and rewarding yourself. Thanks.
Hey, Jonathan. Thanks so much for the question. I actually understand where you’re coming from. Physicians already get a late start, with respects to saving for retirement, on top of the massive student loan burden that they’re carrying. Starting on a career path for a physician a few years later, even, makes you feel even further behind, but I would challenge you to think about it a little bit differently, if that’s possible. Place yourself in a normal career trajectory that your peers are going through. You really can’t change the past, only the future, so I’d really encourage you to not worry about the things that you can’t change. With that said, I think you bring up some really good points, and I’d really like to address each one.
So, having high student debt, a late start on retirement savings, and wanting to be able to afford a few luxuries that you’ve been putting off, even if it wasn’t by choice, are pretty typical for your circumstance.
The first thing I would do is establish a plan for your debt.
So, first thing I would do is, I would establish a plan for your debt. And while you didn’t say how much your debt was, there’s a big difference numerically between talking about $100,000 worth of debt and $500,000 worth of debt, but it really doesn’t make a difference when you’re establishing a plan for the debt. So, if you’re going for public service loan forgiveness, then your repayment plan’s going to look totally different than if you’re going into private practice. And I don’t want to go into too much of the detail of student debt here, but if you want to learn more about the student debt, I did a whole show with Travis Hornsby from StudentLoanPlanner.com and I encourage you to check it out.
So, putting together a plan, you’re going to have to make a few decisions. Again, if you’re going for public service loan forgiveness, you basically want to make sure that you’re in the right repayment plan that’ll maximize the amount to be forgiven. You just need to make sure that these payments are qualified payments, you have direct loans, and that really the goal would be to figure out how to make the most that you can while paying the smallest monthly payment possible. Now, you’re probably going to be maximizing out pretax retirement plans to help you lower your taxable income and thus it’ll kind of make your monthly payment smaller. Unfortunately, your balance is likely to be increasing, but that’s the whole purpose of this, even if it looks really scary. So, basically, you’re going to be seeing your balance increase, but that’s the whole point, to maximize the amount to be forgiven and making the minimal monthly payments necessary to remain in the program.
Assuming you aren’t going for public service loan forgiveness, then the question becomes, do you put every dollar to paying down the debt, as fast as possible? And living really like you currently are as a resident for another maybe three to five years? After training to extinguish this debt? Or, how long do you drag out all these payments? And what do you do with the money that isn’t being paid over the monthly minimum payments on the debt? That’s probably your toughest decision, in really aggressive debt pay down will require extreme discipline and mathematically, it’s probably going to be the best choice, but it’s going to be tough.
This delayed gratification for you and your family, ultimately, might give you the most independence in the longterm, financial independence, and I say might because I believe that once you’re finished with training, you really should be able to maximize out those employer sponsored retirement plans. Depending on where you’re working, it’s a 401K, or a 403B, or a 457, as well as IRA contributions. If you’re 1099, then setting up a solo 401K and making contributions to that should be doable if you live by that concept of paying yourself first, which I actually recommend.
How much do you let your lifestyle inflate?
So, now we’re looking at, are you investing in your future versus spending now? Or, paying down the debt? Honestly, let’s look at it. If everything in your life stayed the same, except for your paycheck, and that monthly loan payment going up, then there should still be plenty of money to live off of. As your salary goes up three to five times more of that training salary. So, then it becomes a decision of, how much do you let your lifestyle inflate? Versus, how aggressive you pay down the debt on the loans, or how much do you save? The thing is, is no one can really tell you what that number is because the only person to know that are you and your family. Like, what’s that right decision for your exact situation? And it’s back to this whole personal finances, the personal in personal finance.
So, I think you’re at a really good point in life to be planning this out. You haven’t experienced the lifestyle inflation firsthand, you’re still in training, you haven’t seen these massive paychecks hit your bank account. I would assume that, even if you wanted to, you can’t really have bad tendencies or you don’t have behaviors to fix, just because the money really isn’t there yet. So, I think it’s a perfect time for you to figure all this stuff out.
I’d like to say, probably, that there are some luxuries that you know you want. Right? And I think you mentioned a new car here. It might be a new car. It might be travel a few times a year with the family. I don’t know, but I bet you do. And, so I’d rank them by importance. A ranking system that would be, what would really make you the happiest, or your family the happiest? Is it driving a $60,000 Tesla and having a car payment and not being able to travel? Or get a new TV, or whatever else is on your list. Would you rather do that? Or, would you rather buy a $20,000 car and maybe have a medium travel size fund for traveling and maybe one or two real small luxuries?
Again, I’m kind of just making this up here, these examples up, but I think you get the picture. So, in summary, I would determine what the best repayment plan is for your loans, and then figure out what’s really important, what would really make you happy? Or the most happy, I should say. Inflate your lifestyle a little bit, once you’re done with training. And maybe taking that extra trip or buying the car, but maybe a cheaper car. Moderation is key, and I really can’t stress that enough.
So, our next question comes from Laura.
Hi Ryan. This is Laura with the Married to Doctor’s Podcast. You and your wife save an impressive amount of your income every month, how did you guys decide how much to save? And also, did you both agree to the number right away? Or was there some compromise?
Hey, Laura, thanks so much for your question and honestly, it made me chuckle a little bit. And I say that because there’s always compromises in any relationship. I believe my first episode I stated that my wife and I, the way we set it up is, to live off of one of our salaries and then to save the other. And for those of you that haven’t heard the first show, I’d encourage you to go check it out so you can hear more about me, my backstory, a little bit more about my family, and also why I created this podcast.
Dig into this stuff and really nerd out on the numbers.
So, to hit the question directly, it might not be the easiest to be married to a financial planner, honestly. I love digging through numbers. I love analyzing where spending’s going. I love analyzing what our investments are doing, and you know, where we should really be allocating out money and why. I really nerd out on this stuff. My wife, not so much.
So, it was a bit easier when she was in training and I was working for another financial planning firm. We both had W-2 income. We knew exactly what was coming in every month. And there was really no temptation to live crazy above our means. I’m really lucky that my wife is extremely intelligent and isn’t a huge spender. We didn’t have kids during med school or residency, which obviously makes it a whole lot cheaper and easier to live. We’re also able to sleep in past 6:00 in the morning and I didn’t really appreciate that until having the little kiddos running around.
So, we do have two kids and had them both in fellowship. And I did leave that safe W-2 job for this entrepreneur life of running my own family financial planning firm. So, things became a bit more challenging to plan, but we’ve primarily kept true to this living off of one salary and saving the rest. It might fluctuate month to month, but I think that we’ve really held true to that.
The next part of your question was, did we always agree on it? No. No, not really. And that’s the truth. We really didn’t. Sometimes it was hit or miss. So, occasionally we’d spend more than the 50% of our take home pay. And me being the money nerd, I’d bring it up and say, “Hey, this is what we did, but in the grand scheme of things, was it a big deal? Not really.” Because we’ve still, like I said, hovered around that 50% mark.
What I did think the most important thing was, during training and, still even to this day, we’ve really set up this really good foundation of financial habits that has served us greatly for when more money started to finally come in, which is where we are today, as my wife finished training about a year and a half ago. We still save around that, again, that 50% of the income coming in. We don’t sweat it too much though, if we spend a little bit more. We definitely aren’t the most frugal people out there, but we try to keep our spending in check and we really aren’t trying to keep up with the Jones’. We don’t care what other people are doing. We’re just kind of doing our own thing, what’s comfortable for us. We have the occasional luxury here and there, but we just do what’s comfortable for us. We do have the occasional luxury here and there, but we know what our vision is for our ideal life, and so we just keep moving down that path.
Frequently talk about what is important to you and your spouse.
I probably should add in something here. We did sit down, and we do quite frequently, honestly, and talk about what’s important to us. What that ideal life looks like and what our vision looks like, and how do we want to live our life? And what really makes us happy? Cutting past all the material things and focusing on the core happiness stuff, that real important stuff.
So, in a few weeks, I’ve actually convinced my wife, Taylor, that we’re going to be doing an episode together, where we talk through some of these important questions and exercises that I actually do with my clients at Physician Wealth. So, should be interesting. I’m really excited that I’ve convinced her to do this and we’re actually pushing the record button and doing this, but it’ll allow you guys to hear some of the behind the scenes stuff that I do in my life planning practice. And because it’s the time of year that we normally do talk about this stuff in detail, anyways, I kind of convinced her to allow me to record it, and to let others hear some of the discussion, in hopes that it’ll help them out in their own life.
So, our next question comes from Tim out in Kansas City, which is awesome because I’m huge Chiefs fan. Go Chiefs.
Hi Ryan, my name’s Tim. I’m an internist in Kansas City. My question is about, I guess, a financial planner. I have a friend of mine who gives me good financial advice. He’s a financial planner. He talks a lot about how he’s a fiduciary. I guess that means he’s apt to look out for me, but I don’t pay him any money, so I don’t know if I should be using his advice, or if I should actually get a financial planner.
Thanks, Tim, for the question. I think it’s actually a really unique question. So, having a buddy that works in the financial planning space and is knowledgeable and is a fiduciary, is a really great resource for you. When you say he’s a fiduciary, that means he’s a fiduciary for his clients, not to you, but assuming that he’s a good buddy and a good guy, he’s probably looking out for you and your best interests, but just wanted to give you a little disclosure there.
The idea of not paying him for his advice, probably means that he doesn’t know all of your financial details. And more than likely, he doesn’t know what your goals are, what your visions are for your ideal life, and what that may look like. And it’s not the end of the world that he doesn’t know this, but I would say take his advice as more general advice than it may not or may apply to you and your situation, but without knowing all of the details, it’s really hard to give anyone great advice.
There is value from getting a second opinion from a financial planner.
Example, there’s no way he could possibly know what your tolerance for risk is when you’re talking about your investments. He could tell you what he thinks could be a good portfolio based on your age, giving you some ballparks, but he doesn’t know for sure. When you’re looking at his advice, just remember that. And hopefully he’s telling you in this example, that look for a highly diversified, low expense ratio of funds that are invested passively in the entire market and not trying to time the market by buying the high expense ratio actively managed funds.
Now, I’m not saying you can’t do this by yourself because you absolutely can, but there is a value in getting a second opinion on what you’re doing and how you’re approaching certain aspects of your life. If things changed, like you had a kid, or you bought a home, or you bought a car, just as examples, or if you’re thinking about these things, and you go talk to your buddy, he doesn’t know everything, or he doesn’t know maybe about this, and that could change his advice. So, again, this is going back to the advice he’s giving you is probably pretty general, and he’s banking on his experience, but he doesn’t know if it’s perfect advice for you guys.
And again, I want to throw this out here that this is actually assuming that he’s a good person, that he’s knowledgeable, he isn’t trying to sell you some type of product. I’m not bagging on your buddy, but I’ve seen it happen before. So, if you value his opinion, but you don’t want to share everything with him, and you still need some help, then I’d actually recommend reaching out to a fee only planner. And I want to stress fee only. A fee only planner that you feel comfortable with and that you can trust. Again, not saying your friend’s advice is bad, but without knowing all the details, how great is that advice really going to be?
So, otherwise, you’ve got to read up, study up, pay attention to your finances. Just ask some general questions and, honestly, expect to get general answers back.
So, next up, we have Elizabeth from San Diego.
Hey Ryan, my name’s Elizabeth. And I practice pediatric respiratory medicine in California. My significant other and I are looking for a financial planner and I’m confused on the difference between fee only and fee based. Which should we choose and why?
Elizabeth, thanks so much for your question. We’re opening up a huge can of worms here. The first thing I want to tell you is to check out my episode with Tim Baker. We did an episode all about finding a financial planner that you can trust. And we talked a ton about fee only and fee based and the dark side of financial planning, which is fee based planning. He came from the fee based side of the business and now he’s fee only. So, I think you’d actually get a real big benefit of listening to that episode with Tim Baker.
There is a stark difference between fee-only and fee-based financial planners.
So, I’ll recap some of the highlights from that interview and kind of give more of my two cents into this. So, fee only planners make up about 3% of anyone that holds themselves out as a financial planner or a financial advisor or an investment advisor or any other crazy variation of that. I know it seems ludicrous that we could call ourselves all these different things, but really it means the same thing.
So, let’s dive into what fee based versus fee only actually means. Fee based planners can charge for financial planning directly, or they could offer it for free, and free, I’m putting it in quotes, right here, air quotes, so you can’t see me because no one works for free. They are getting paid by some other source, otherwise they wouldn’t be able to live and feed their family. So, remember that, when someone says, “Oh, I include planning for free.” And we’ll talk more about it in just a minute. They could charge a monthly fee for the planning work they do. They could charge quarterly. They could charge a large one time upfront fee.
Typically, this ranges on four to ten thousand dollars, depending on the clientele that they’re targeting, which means, are they focusing on retirees that have lots of assets, that can afford to pay high one time fees? Along with the AUM? Or, are they trying to work with younger clients on the lower end of that range and quoting them on that low end of the range? I mentioned, AUM fees, which is assets under management fees. Typically, advisors charge on assets that they manage for clients in addition to the planning work that they’re doing. The bigger the assets, the more a fee, because that’s just how it’s scales. And that also could be how they give planning work for free because you’re already paying a high fee for the assets that they’re managing. It’s very common in the industry that financial planning firms do this, fee only and fee based actually do this. Very few firms are going that flat fee model, which I said is rare, and it’s even more rare for fee based advisors going a flat fee model.
And, like I said, fee only and fee based, they actually kind of all do that, which seems fine. Honestly, if it stopped there, it would be fine, but now we’re kind of going to get into these gray and darker areas. If the advisor sells you insurance, immediately you know they’re fee based. That’s really the easiest way to tell if someone is fee only or fee based. If they can sell insurance and transact in insurance. If they’re an agent and they can transact and sell you insurance, they’re fee based.
While selling insurance doesn’t mean that they’re a terrible person, it just means that they have a conflict of interest.
While selling insurance doesn’t mean that they’re a terrible person, it just means that they have a conflict of interest. The more insurance they sell you, the more money they make. Are you going to be over insured so they make more money? Or are you adequately insured? And, it becomes that kind of fine line, or is he/she selling you these policies because they’re in your best interest? Are they really recommending that right amount? Or are they just kind of lining their pockets? This is assuming that they’re doing the right thing and telling you to buy the right insurance products that you need, like term and disability. If they’re recommending universal life or whole life, they most likely aren’t worried about your best interest or even acting as a fiduciary to you. They’re chasing the commissions that they’re getting paid by these insurance companies.
I have a post that I’ll link to you in the show notes I think, honestly, everyone listening to this needs to read. It shows how insurance agents are paid, how much they’re getting paid, and on average, based on the policy that they’re selling. So, I’ll just quickly mention a few figures, but I really want you guys to go check out that full article that you can find at FinancialResidency.com and search in the show notes.
So, the agent that is selling you disability, on average, is going to get 40-50% of the first year’s premium and then a trail, which means they’re essentially getting paid every year after that about 2-8% of that premium as long as the policy is active, which means as long as you’re paying the premiums, they’re going to get paid.
For term insurance, they’re going to earn anywhere between 50 and 90%, maybe higher, on the first year’s premium, but then typically, there’s no trail after it. So, it’s really this one and done type thing.
For whole life, or variable life, they’re going to get 30-60% of the first year premium and then 2-10% trail, on either the cash value or the premium paid. That sounds like a pretty nice passive income stream right there. And each of these policies could yield the agent thousands or tens of thousands of dollars in the year that they’re sold. And then, thousands of dollars each year, as long as they’re active and the premium’s paid.
So, while they might quote you lower planning fees, or free, they’re still getting paid for the work that they’re doing with you. I don’t transact insurance and I don’t recommend any permanent life insurance products, like whole life or variable life. I, honestly, can’t really see the situation that it would be the best fit for any client, especially young physicians, so if your advisor is trying to sell you whole life or variable life, I’d run. I’d run as far, as fast and as far away as you can and I wouldn’t look back. Not only do they have conflicts of interest, with respects to insurance, but if they recommend you to an estate planning attorney, or a CPA, or another business, they can receive kickbacks or referral fees for you becoming clients at the places that they’re recommending. And while that doesn’t seem really fair, or in your best interest, they don’t have to disclose that they’re being compensated by Bob the accountant that they just referred to you. And now, you’re sitting here wondering, is Bob really the best choice for me and my circumstance? Or, did the advisor just choose Bob because he gave them the most money?
Fee-only financial advisors can’t receive commissions.
Fee only planners, they have the least amount of conflicts of interest out of any other financial planner out there. Some will even sign a fiduciary oath, I know that I do, that’ll state that they’re going to put your interests ahead of their own. Fee only advisors, they can’t receive commissions, which is why they can’t transact in insurance. They can’t receive kickbacks, they can’t receive referral fees, for referring you to the Bob the CPA, or some estate planning attorney, or any other business. They tend to charge a larger fee for one time planning. They can charge monthly fees for ongoing planning. They can charge hourly, but that’s not as common as the one large time planning fee. They can also charge AUM fees, similar to fee based advisors.
So, the main difference and take aways that you need to know is that a fee only planner is trying to reduce the conflicts of interest as much as possible, by aligning their compensation with the client’s best interests. Imagine if doctors were paid by drug companies. Would you feel comfortable with that model? I wouldn’t. And that’s like the equivalent of a fee based advisor in the finance industry. So, if you’re wanting to work with a planner, and you want to value someone’s opinion, and build a longterm relationship with a planner, look for a fee only financial planning firm. And if you can find one that specializes in working with your specific industry, even better.
Thanks to the four of you that asked those phenomenal questions. I really appreciate you guys taking the time going and asking those, and I really hope that you also had a lot of value out of my answers. For those of you listening, again, I really encourage you guys to go to FinancialResidency.com and ask those couple questions that are keeping you up at night, or that are important for you guys to get answers to. I’d love to feature you guys on the show. Or, you can join us in the exclusive Face Book group that I created, Financial Residency VIP Community, because I’ll be pulling some questions out of there for some future episodes, as well.
Next week, we have on Abby Chao from CollegeBacker.com. We had a great conversation all about saving for your children’s education. We touch on all the different ways that you can and then we kind of go real on a big deep dive on 529’s, the pros and cons, some of the best plans that we think that are out there, and it was overall a great show. So, I’m excited for you guys to hear that show. Thanks again for listening. Make sure you ask those questions, if you have them, and happy holidays.