45-Year-Old Lost ALL Of Her Money

26:30No, I think the traditional IRA is the one that's like at a hundred something. Oh, then what's the difference between the$26 ,000 and the$18 ,000? That's good. Unless, are these just... That's a good question. One might just be like assets that's being invested, and then the other one is the Roth IRA. I think that's how that works. Okay.

26:52I should know more about my money, I feel like, now. Like you're asking me these questions, and I'm like, I don't know. Well, these are both pretty similar. We have, it's spread across the Dow Jones, NASDAQ, SP500, Amex, interestingly enough, just a random company being put in. Yeah, I don't like to do anything with this. 30-year treasury and 10-year treasury, but it's pretty small percentages of your overall portfolio. Right now, those are the ones doing well, but again, over the long term, personally, that's not something I get into. Well, I mean, I would, you said you're 45? Yeah. I mean, I probably would switch getting a little more into the bonds game, maybe in my 50s and 60s.

27:38Okay. Just make it a little lower risk throughout retirement. It is an option. That's something that a lot of people talk about. The Money Guy show, they talk about that. So all the retirement I had was cashed out by my ex-husband? So this is me starting over from scratch. Did you sue him? He can't just do that. I mean, yeah, he can. No, no, no. He cashed it all out. Well, in the settlement and the divorce, what was agreed upon? Well, it was done before the divorce. Did you ever talk to a lawyer about that? Oh, yeah, yeah. I spent a lot of money on lawyers. There's nothing I could do about it.

28:09How much was it? $250 ,000. Yeah, dang. When was the divorce? About 10 years ago. 2015 it became final. Yeah, that probably would have been like$500 ,000 today, maybe. Something like that. Yeah, yeah. I didn't have to pay the taxes on it coming out, so that was good. Yeah. yeah so those kind of things i gotta set aside and then i had saved a bunch of money and then it um some of it got stolen so then stolen how from where from what so stolen like cash from my house i was like saving money and i had some cash in the house and so why we don't do cash well yeah i know i know a super i really don't i don't want to tell you because it's super embarrassing range 50 ,000 yeah yeah we don't do that no no it was super stupid and I like I blame myself a lot for it but at the same time like I thought that I was safe in my own home and I was helping out um yeah so that has happened over the last couple years so I just feel like I've taken several hits in the last 10 years that have made me feel really um financially stressed and so i don't really like when i look at this i'm like okay yeah i mean it seems really nice but like i guess i just have like all these fears of like what happens this isn't actually that much yeah i'm definitely understanding a little more now when you said you're anxious about retirement yeah i understand it so uh we don't know which one's the roth specifically or which ones is a brokerage but again you think this one the 26 000 is the Roth it doesn't say either then yeah I don't know but either way I think that this one wait let's see what's the initial maybe if I knew what the initial value was I might be able to figure it out but I don't know I don't know well prior and I'm not touching any of this is kind of like my my thought is like I don't I don't touch it I just put money into it so yeah and then again the other account so the $18 ,000 account,$26 ,000 account.

30:16They're distributed into different things like the Dow Jones, NASDAQ, S &P 500, the Amex, and then a few treasuries as well. Pretty much the same on both. So, okay, cool. If those were your only two accounts, I would definitely be concerned at 45, but we'll look at your larger account now. Yeah. I don't... Largesque? Largesque. All right. So this one you said is your traditional IRA? Yes. Okay, so was it rolled over from like a previous 401k? Yeah, there were a whole bunch of different ones like from different places that I had worked. And they were kind of like, oh, you've got one with ING and you've got one with this person over here and one over there.

30:53And so I just was like, okay, let's just put it all into one big thing instead of letting it just sit somewhere rotting. Yeah, okay, so that makes sense. And then this, again, your distribution into different funds. It's, again, exactly the same. Dow Jones, NASDAQ, S &P 500, Amex, 30-year treasury, 10-year treasury. So, okay. And this one's sitting at 103 ,751. Of course, all these accounts are taking a little bit of poo. That's okay. We're not worrying about it right now. Okay. Because it's not coming out, right? You probably won't retire for 20 years, right? I don't know. When do people retire?

31:29When do you want to retire? I don't know that I ever really want to retire. I actually really like working. Fair enough. So, but I mean, like, so I don't know. When do you, well, eventually distributions will be required to take out, but when do you plan on withdrawing from these accounts, I guess I should say? I guess when I need them. That sounds like a really, like, try it answer. But, I mean, I'm thinking, like, oh, okay, if I have, like, some kind of medical issue when I get older, but, like. Do you have a health savings account at all? No. Okay. Yeah. Okay. Do I need one? It's not, it's, if it's offered through your work, I mean, it's a.

32:04Oh, yeah. It's a tax advantage account. It's a good way to take care of medical expenses. But it's not a glaring error by any means in here. I'm not freaking out about it. But since you said that specifically, I was curious. Yeah, no, I actually have never really even thought about that question. I'm like, okay, well, we'll just go until we go. And then we'll see how it goes. I guess I would probably try to figure that out. It's been so long since I haven't had four kids that I'm sort of like, I don't know what happens after they leave the house. and what expenses look like. You hope everyone's employed and maybe they can survive on their own.

32:43One hopes. So I don't even know what life looks like in 15 years. So my plan is figure it out in 15 years, which isn't always the best way to go. Well, we'll get to some planning. And again, we're going to loop back to things, but we have one more thing to go through, a debt. I do not know what this debt is for. It has an overall balance of$5 ,281 with a minimum monthly payment of$921. What is this? Okay, that's my car. It's a vehicle. What's the interest rate on this? I don't know. You asked me these questions. I have no idea. It's important to know, especially on a vehicle loan. Okay. Do you have credit karma on your phone?

33:18Okay, so the vehicle loan that I got for this was when my ex-husband trashed my credit and they were the only people who would give me a loan for anything. Oh, so it was probably very bad. Oh, it was probably absolutely wretched. And they were like, well, you've never missed a payment on a car, so we'll give you a loan. I put a bunch of money down on it and then I pay$300 a month. What's the car? It's a Dodge Durango. Year? 2000. I always forget this. I think it's 14, 2014. Okay. Do you have Credit Karma downloaded on your phone? No. We'll get you to download it real quick. Okay. Yeah, 731. Nice.

33:51Yeah. That feels good. That's like three, almost 400 points higher than it was like eight years ago. After he trashed you? Yeah. Absolutely. Making a comeback. payment history 100 good credit card okay so everything's falling off good good good total account's 23 i yeah still okay you're gonna look at me like that i have no idea but i know some of the accounts that he didn't take me off of are still on there one that you say you don't use the census three thousand six hundred seventy dollars on there okay yeah go on so i let my partner use my credit card so he's paying that one off that's not on my debt.

34:30He is paying it off. Yeah he is paying it off. Totally or? Yeah it's totally all his charging. No like is he paying it off like we're gonna pay it off in a few months or we're paying it off like this month? Well he'd like to pay it off this month all of it but he's been giving me about a thousand dollars a month to pay it off. Why don't you just pay it off and have him pay you back? Because the interest rate. Oh yeah no the interest rate's crazy it's like 40 bucks a month. Yeah You're paying interest? Technically, it's hitting your credit. Oh. The interest payment makes a difference? It's only 19 % utilization.

35:04So the good news is it's okay. I saw$3 ,670. I was like, okay, that's probably relatively high utilization compared to normal. So that would hurt the credit. Not paying on it and not the interest accruing. But it's 19%, so it is below the 30%. It's fine if you want to do it this way. Hopefully in the next two months, it's paid off is kind of the idea. So if not, if not, then I'll know to pay it and do it a different way. Yeah. Okay. So here's the car. 58 % paid off or 68%. Sorry. Okay. So it's a 73 month term, which I hate. Yeah. Well, I had zero options when it came to the car. Yeah. Typically, sometimes I had to cry just to get him to give me a loan.

35:46I mean, sort of kidding. sometimes it can guess on here uh and quite accurately what the interest rate is and that was my curiosity okay how far off were you it's not guessing is the hard part so i don't know i'm still assuming it's bad yeah i would make that assumption i think you're correct okay then we could be worse than that what i would do a lot of the other accounts are just closed account so never mind it wasn't that crazy it was those old accounts so let's do a couple things here this retirement account because we definitely need to talk about retirement right as one of your larger anxieties we have 103 751 and one we have 26 169 and another and we have what was it 18 oh and i just put in six more in december i put my full six in for the year and my traditional good i put in traditional because they told me i could um i could write it off on my taxes that way instead of putting into the roth and i can't write it off so this year i chose to do traditional rather than roth and that's fine if you're earlier in life i'd be like just do roth yeah i know but i'm not a spring chicken anymore my 45's not old no it's not spring though it's definitely summer sure okay yeah yeah okay i'm a summer chicken okay i can vibe with that okay and oh the car the car so the car i put it somewhere and i'm getting lost in all the paper the car is oh what have i done we have just about 70 000 sitting in savings right yeah yeah about that 68 yeah 68 70 where it is okay i like set a savings goal every year and i'm like this year i'm gonna save 30 000 or this year i'm gonna save you know 25 000 dollars okay so big picture here's the goals okay non-official financial advice what i would do if i were in your shoes you have a payoff amount on your car uh 55 5292 yeah uh the moment i get home i'd open up the computer i'd go to the payoff amount and be like okay payoff from your savings okay for real because like yes i have sometimes um thought like okay is it worth it it's building my credit right to pay it every month so i've been doing that and then i was like what am i actually going to save in interest because i'm really not paying that much interest anymore because it's the end of the the loan does that make sense you're in the second half of it so my so those were my thoughts i mean that was my rationale that i was like well you're losing 30 in interest a month right now currently oh okay times 12 that gives me what like 30 $360 a year.

38:34And it sure does help. Yes. And it sure does help with the building the credit as well. So there's a few things. What I would, I would still do it because I don't like to, one, the car is a little older at this point. It is. So I wouldn't want to have debt on a depreciating asset that is, could be entering in its later years. Yes. It's definitely not a spring chicken. Yeah. You never know with the car and I'm not a car person, so I definitely can't say for sure. Okay. but I wouldn't want to have debt on that. It's just an easier situation if something were to happen to it, you know. Okay. So at this point, maybe it's not worth holding onto to build the credit because.

39:11Maybe not. What I would actually do to confirm, so I would just go and check out what that interest rate is. Again, you're right. You did mostly pay the interest. It might be seven or 8%. Okay. And if that is the case, even still, now that you're entering the more principal area or so, you know, $30 in interest is what you're paying on. Yeah. I hate paying interest. It makes me angry. It makes me super mad. And it would be great, especially as child support payment starts to decrease, that a bill's gone. Okay, yeah. No, no, no, that makes sense. And your savings is, even if we weren't even thinking about the credit, and even if this was a zero interest loan at this point, because your savings is just at a really good place, and we're anxious about retirement and monthly bills and all that stuff, then with the$70 ,000, I'd cut five out of it, and the car's gone.

39:59car is owned okay yeah and one thing we can do no that makes sense that makes sense the more i'm thinking about i'm like yeah okay that frees up another 300 a month which then when the child support goes down i've been really concerned about like okay how am i gonna like make all the ends meet i mean one child doesn't eat 800 worth of food a month you know so sure and i want to help them while they're in college so then there's more money coming out and less coming in and i still I want to talk about that. We'll get there. This one thing you can do with the$300, you can then pretend like it doesn't exist and put it in the.

40:33You can take the$300. Americans told Washington what they want. Lower costs. Yet Brandon Carr's FCC is considering a merger between TV station giants Nexstar and Tegna. If approved, millions of Americans will pay even more to watch TV. They'll pay more to watch the news, entertain their kids, or cheer on their favorite team. thankfully president trump knows what americans want and president trump can stop this spending car needs to reject the next star tecna merger and protect americans from higher tv bills paid for by keep it local media you put it into a third savings bucket and you can sense your car is it's not old it's not old this is not new a new car either we're both summer chickens i don't I don't know that car and the longevity of that car.

41:20How many miles does it have? 136 ,000. I would start putting this$300 into another bucket, and that's your car fund. And then when your car either has a repair that's not worth it for the car or it just breaks. Okay. Then. So I've been really lucky because my partner is mechanic. Oh, good. He has mechanical skills. Yeah, that's great. And so he's really good at fixing car things and doing stuff like that. That is great. That's been super helpful and saved us a lot of money. So. So because eventually what will happen is, you know, a repair will be too expensive for it and it'll break. And then hopefully your car fund at that point that you're saving up$300 a month for you can use that to get a car in cash.

41:57Not to put down. Oh, no. There's no more need to borrow at this point in your life. I'm really ready to like, you know, get a smaller car too. Okay. Yeah. Well, then you definitely can. And we're going to aim to get it in cash because as you are heading in the years of really trying to maximize retirement, well, let's just not have a monthly bill, especially a monthly bill where again at the beginning it's all going to interest and not principal and as we just want less payments possible as some of the income starts to go away and we want to be putting money in places so that's what i would do when it comes to the car i'd get rid of it start saving up uh you can even do more than 300 if you want a month it doesn't matter just something as long as there's something there to something that's actually moving a needle you know if it's a few bucks it's like what's the point right fair enough the savings we already talked about that 40 000 in a high yield and then since tax season's coming up probably the rest of it besides what you put on the car probably just keep that there until i know not in the emergency fund but in a separate bucket for taxes right and then starting now we're putting 30 aside into that bucket okay for taxes in the future yes yeah yeah well with the dependence that helps i've never i haven't really been super great at figuring out my taxes We'll sit down with the CPA.

43:08It's worth like 500 bucks to just get it all figured out. Okay. You'll probably save more in the long run than that$500 initial investment. So that is very worth it. All right. Now you will talk about, we'll get the retirement. I want to touch the college thing first. Okay. Is there a college fund? Oh, okay. So this is really weird. So maybe I started a college fund for my kids when we lived in Virginia. It's like a 529 savings plan. And I put$30 in for them. And now they have$33. It's very exciting. So I have$33 saved for them, which would buy them all of, I think, some pens. But I'm not sure.

43:48Maybe. Maybe. It would have bought this single pen. Right. They'll just have to keep up with the pen. But, and here's, okay, so I think that my parents have some kind of college savings for my kids. But they've never told me about it. Other than saying we have a college savings and then they tell my kids that they have a college savings, but I'm not sure if they're actually contributing or not. So one's graduating this year? Yeah, this year. What are their college plans? What have they talked about? MIT. Have they got accepted? Harvard. No, but they got deferred. They went early action and they got deferred for regular action.

44:23So that's super exciting because, you know, not a no is awesome. You're not going to like my thoughts on this. Oh, it's a 3.9 acceptance rate. He's not going to like it either. No, they're not. Yeah, both. Okay. So Harvard, Yale, Stanford, kind of your Ivy Leagues, their fallback is UT. So that's really great because of my income. Their fallback is what they should go to. I agree. Either way. No, I agree. If they don't listen, then maybe you don't pay. Well, here's kind of a neat thing is that all of those Ivy League schools, because of my income level, have free tuition. Okay. That is a different story.

45:01So now I'm like, oh, okay. Yeah. Right on. Apply to all of them. 100 % guaranteed? Yeah. It's all need-based. And if you make under$100 ,000 a year, then it's free. Yeah. They do have ridiculous endowments. Yeah. No, it's fantastic. So I was like, apply to all of them. Out of state? Yep. Mm-hmm. Cool. Yeah. Okay. So if he gets free college. So I was like, all right. Yeah. No, that's great. Then I'm done for that. Yeah. That makes sense. The other three are a different story, though. Because the other three have their father's income to deal with. The older one, all same dad, but the older one was thrown out of the house when they were 11.

45:34What were the ages again? 17, 14, 13, 11. Okay. Yeah. I told them they're going to have to marry rich. I'm just kidding. Okay. If they get free college. Well, one of them. Yeah. One of them. The 17 year old. Yeah. Crossing my fingers. And they have the grades for it and they have the scores. And then if not, and if they go to UT and it's not free, they're applying to every single scholarship. No one did. 100 % yeah very cool yeah and all of them are applying to scholarships good one thing I would do like tonight is I'd ring up the parents hey someone's mother-grade can we get a little more insight yeah that's probably a good idea because that changes the whole conversation yeah I think if it you know honestly it just felt like a really awkward conversation to have to be like hey just calling to see how much you're giving my kid for college well you frame it a little different you're like hey I am planning out what I'm gonna do to support them throughout college okay And, you know, different college funds.

46:31You've mentioned this in the past. I just want to know kind of what that picture looks like so we can incorporate that into my planning and stuff like that. I think you need to send me a copy of the recording so I can just, like, write that down and, like, read it off a piece of paper. Oh, you can send this to them as well. Yeah, I'll be like, hey, just check that out. We need to talk. So that's really cool, and I hope they get that free. I'm rooting for that. Yeah, me too. I could see a point where no matter what the 11-year-old does, that you could have their tuition paid for if you really wanted to.

47:02I think so. We could get to that point. Okay. I'm open. Not to anywhere. Well, no. But to like two years at Community and then two years at like Texas State. Yeah. Okay. Well, I mean, I've always told them, hey, all their grades are high. They're all straight-A students. Good. They do a wonderful job. They participate in sports and clubs and things like that. and all their own motivation, which is awesome. And I just was like, hey, there's lots of scholarships out there. You've got to take advantage. Well, that's great. Then, heck, yeah, as much free stuff they can grab onto. That's great. I'd love for them to get out without any debt.

47:37Yes, exactly, because that was the main part of the conversation that I was going to go into, but it's just changed from, you know, all that we just learned in the past few minutes. So that's great. I think as long as you agree with what they're doing and they're doing in college, any financial support you want to, that's fine. I want your diversion to be into retirement because it's going to be a little different. So there's a couple different ways to look at this. There is the you can divert some of what you need to retire comfortably into paying for college if necessary. You know, and like we don't know.

48:08It sounds like, you know, maybe I'm not sure. Yeah, but you could do that. However, that diverts in retirement. So what that ends up happening, though, it might feel good for them in the moment of not having to work or anything. during college, it will put a burden on them later because you won't be able to retire. And that puts a burden on kids. Right. And they're going to have to take care of me. So I almost prefer if, let's say, college isn't fully taken care of, that they find ways to work through college and everything like that. Oh, no, I think they should work through college. They should.

48:35Yeah. And pay for it while you're focusing on your retirement because when they're trying to build their careers at some point, trying to build their families, they're not going to have to worry about taking care of mom. Yeah. They will thank me later for not helping them. yeah yeah exactly so if the context is put out there they understand i mean ultimately i just want to be able to like if my kids fall on hard times or they need help that i have something there and i can be like hey okay don't worry i can give you half your rent this month you're okay life's not going to fall apart also teach them the importance of an emergency fund yes and then they that's something we have actually already opened up accounts with them so they actually have their own bank accounts and things like that so that's cool yeah they should never have to rely on you but if you want to help that's totally okay that's your money it's a parental thing that you just want to like hold those baby birds in a big nest and make sure they're okay and it's your money you can do whatever you want with it we just don't want them to have to right right no yeah yeah if they have to they gotta come live back at home yeah and nobody wants to do that i know i tried that for a year i've done it so you could do that so again i'm pretty comfortable where well i wouldn't say i'm comfortable with college but i think things are gonna work out I'm having that vibe.

49:46Okay. With them. And then. I feel better than the magic eight ball. Sure. Yeah. If they can't, if they don't get into a college that's free, if they're not getting all these scholarships, then be like, okay, I will support you. But if you go to community college. Right. No, no, no. Two years, community college, get your basics down and then move on. Yeah. But not like, don't like be like, I'll support you no matter what. Like if you go to the most expensive school ever. The other three's father will help them too. Oh, okay. Yeah. Will? You know for a fact? No. But I mean, I make the assumption.

50:18That's not a great assumption given our history. Yeah, I was going to say, on everything I've heard so far. I was like, but I mean, he really loves his children and that's really important. Good. Yeah. Okay. Well, hopefully you save enough for that then because that's also. I have no idea. So. I don't think he's spoken to me in eight years. Really? Yeah. What do you think you need to retire? In 20 years if you just retired. I mean, if you want to, what do I really think I need? On an annual basis. How much money do you need on an annual basis? Oh, that's a good question. Okay, so maybe I need like$50 ,000 a year.

50:54I mean, is my house paid for? Those are the questions. Is my house paid for, you know. How much is remaining on your home? How many years? Maybe 17. Well, you said you got it 10 years ago. Okay, so the house will be paid for. So the house should be paid for. I think we got a 20-year mortgage. Oh, really? Okay. Does that sound standard? 15 or 30. Oh, 15 or 30? The typical. Oh, okay. So not 20. Maybe 30 then. Probably a 30 year. Okay. But, I mean, the other plan is to, like, make that extra mortgage payment every year. Just to principal. Just one extra? And then, right? I thought there was that, like, whole thing where if you make one extra payment to your principal, that it, like, knocks it down.

51:35It's not going to change the overall story. Like, it takes, like, several years off your mortgage. One payment a year? I guess I don't know the math. Like one extra payment. I don't know. Maybe I read that a long time ago. I don't know. Okay. I don't know. What do most people need? Like if it's just you as like a person. No, that's up to you. I'm thinking like$50 ,000 a year. No,$50 ,000 a year in today's money. In today's worth of the dollar. Yeah, in today's worth of the dollar. I mean, that seems like I could live off of that. Maybe I'm not like taking expensive trips to Europe or anything.

52:06But like, I mean, I don't really eat that much. And both my dogs will be gone by then. Oh, don't say that. That makes me sad. We just don't talk about that. Okay. So I'm guessing I need two and a half million dollars. I'm seeing about two million. Okay. You'll be able to pull off like three percent-ish. Yeah, but I don't know where I'm getting two million dollars from. Well, we're going to talk about compound growth and how to get there. So right now, with where your account is at now and what you're invested in, in today's, well, two million in today's money, to be clear. Yeah. So that's what I'm doing the math off of.

52:42Let's see how much you'd have to invest on a monthly basis. Oh, no. The number's getting a little high. Yeah, I think I have to invest like$2 ,700,$2 ,800 a month to make it to that. Make that about$3 ,400? What? No. To make it in today's money. Today's money. I mean, for how many years? 20 years. 20 years? Yeah. 20 years. With what you're invested in Taking those things out I'm giving you an average rate of return of 8 % Than taking into account inflation for the value of money Okay, I mean, yeah So what it'll actually be Probably-ish around Probably$2.7 million in future money In 20 years, but we're talking inflation Okay, alright Yes Social security, we don't want to rely on that Sounds like I need to get another job Not necessarily Okay, that's good I mean, I think I could probably save like$2 ,000 a month.

53:38Well, it depends how much you want to be able to, if you want to retire. Okay. Be able to retire. Yeah, I'm feeling like ramen. That'll get you six. Sounds great. Well, that'll be$60 ,000. So it's a little less to be 50, but I was just doing some rounding up. Now I'm starting to feel nervous again. Like I should put in my goat milking application soon. so right now that would be saving 48 of your money not including the child support so take away child support and this is 48 if you did what we talked about um 3400 okay which is a big percentage to save okay yeah no no it makes me feel a little um a little warm yeah yeah this is this is why it's we always talk about starting investing early and of course you went through that horrible thing but just for example for the audience the best years of time you would just want the years of compound growth and you're only if we're talking 65 going to be able to take advantage of only 20 years of compound growth and that's annoying and that's annoying for you but that is okay well i only talk about what i would do i would understand that you know understand the math around that the way we've laid it out and i would do it because i have to do it yeah so i would just is what it is luckily with your child support you know we're talking this is going to bring it closer to like 35 percent of your income and that's not a terrible percentage of something 35 of post tax 35 okay okay no i feel like it's doable it is yeah that's where the monthly budget comes in.

55:14If you know, here's the pie of money I have, divvy it out. We have a minimum$4 ,400 that we're putting into a brokerage. Now we're maxing out Roth IRA every year, uh, or your traditional IRA. And we're, you know, you can max out, well, because the 401k tax advantage, you know, probably tried to get as much of it in there as well. So that'll be pulled from your $3 ,000 paycheck as well. So some of it there, and then the rest you can put into the brokerage. So you'll just have to math it out and you can sit down with the financial advisor to it. math it out in terms of where it's best to take from.

55:47But as much as we can take to put into your 401k as well. It's a way to go? Yeah. Versus putting it in a brokerage. Or the rest will be put into a brokerage. Or into like a savings account, right? No. Yeah. Okay. No, because that will just, even if it's a high yield, will only be growing at 3%. We're at least growing at 8%. And this money has to grow at 8 % to meet the goals we want. Okay. Okay. In this$3 ,400. But also keep that savings bucket. Yeah. Not put it over there and then take it out if I need. No, what we already have for the emergency fund is fine. And then we're saving up for the car, and we're saving up for the...

56:18Okay. One thing you can do, and I wouldn't necessarily do it this way, if you know a car is getting older, but if a car breaks down, you can just use the emergency fund to pay for a$20 ,000 car in cash, and then just, in an emergency, save up as much money as possible to rebuild it to$30 ,000,$40 ,000. Okay. So, it's up to you how you want to go about it. I would rather have a car fund if I know the status of my car. So it's just, again, this will come down to budget. Where is the money allocated? And we're sticking to the strict rules that you set out for yourself. And then you could put$3 ,400 a month, I think, on this.

56:54Now, once all child support is gone, which is actually going to be a while because the youngest is 11 and then 13 above that. Right. So I have, you know, I have five years until it's really. we can take a look at making sure that those side hustles for the writing you know go from four thousand or go from three thousand on average to four thousand to five thousand on average anything like that helps if you're i get much more comfortable if the two thousand seven hundred starts being replaced through the writing through other things okay you can yeah no that's um definitely been a concern but oh and again but my time will also free up and i'll have more time to like work when you don't have to take care of four kids.

57:33Right. Absolutely. Yeah. So the thing is coming to the end of this, my thoughts on this in terms of your anxiety, I think a lot of the anxiety is just, you don't know. Yeah. Just, you don't know what retirement looks like. We don't know if we can afford the home. We don't know about paying for college. We don't know where our budget is. so the more you can structure these things, having this concrete budget, knowing what we're saving to meet a retirement goal, which we can hit if you put that money aside, it gets rid of these anxieties and I think you'll be in a good place. I think you're in an okay place now.

58:10I think we get to a good place by just structuring some of this out. Okay. Okay, well that makes me feel better. Yeah. Sort of. Now it just takes a step of actually doing it. Right, yeah. Like paying off the car. Yeah. No, now it's just kind of like you said, like kind of figuring out to think about it from a different perspective than I've been coming from and be like, Oh, okay. How do I maximize and make everything work? Absolutely. And you can sit down with whoever your representative is at this investing platform. I'm not sure that who that is as well. And if they suck, then I would transfer it to someone who doesn't suck.

58:41No, I like the guy so far. So good. Yeah. Yeah. He's been really nice. So cool. And make sure that you're trying to at least get something that averages out on a 10 year average of at least 8%. 8%. I would try to go for that 10%, which I don't like having everything only in one thing, but the S &P 500 on average gives you that 10%, just over 10 % on average. Okay. So that's where you stand in my shoes. I think you have a good path forward. It just comes down to discipline, structuring things, and stuff like that. Okay. What are your final thoughts? Well, I'm feeling better. I'm feeling a little better.

59:14I mean, the fear of the unknown is just so hard. Like, you're just like, well, what does life look like later? And I think that's something that's been causing me like a lot of anxiety. So this makes me feel better knowing like, hey, it is possible. It's going to take a little bit more elbow work and that's okay. I don't mind a little bit more work. But knowing like, oh, okay. Having that number in my head and being like, okay, let's try to get that into an account because it's going to be better later. We'll be, that makes me feel better. Just like, okay, I've got a goal. I can hit it again and again and again.

59:46for Brooke her overall financial position is pretty okay pretty middle of the road that debt situation she's going to take care of it today then debt free except for the house so that's really good she just needs to save a little more for retirement to kind of catch up with the money being stolen and everything like that so right now hammer financial score six out of ten but it will quickly be a seven and an eight if not a nine then a ten in the coming years make sure to check out all the fun links in the description including my twitter and instagram Don't forget to subscribe. Thanks.