The financial responsibilities of a Yiddish Family

conference teleconference it's the first time I'm doing this and with that we should have as usually I give a uh disclaimer in the beginning that I am not a life insurance agent and nor am I a legal financial advisor I am not a huge expert in stocks I don't know all the stocks and I I don't know all the symbols however what I do have is information that's very important that I will bring for the people over here listening into this conference and we hope everybody's going to be able to take out from this conference as much as possible as I start the conference I do this nishas my three brothers that passed away I have a brother he was a of 21 years old when he passed away and he did not get married he didn't leave over your children so I do the part of how to put away money in order to marry off your children then I had a brother he he was a he was he was 44 years old when he passed away he left over Al 13 had no life insurance there was a $100,000 policy that Yesa had so I decided to take upon myself to go out and give a little bit knowledge about life insurance and then I had a brother y that just passed away a few months ago he was also not an older person he passed away in his young years in the high 60s and will talk about retirement so I have four topics what I talk about my first topic is called living responsible the responsibilities of a the second part once I finish the part basically of living responsibilities I go into the part of how to put away money and how to save money for when you need to marry off your children third part is retirement I speak about retirement and the importance of it and the fourth part is after life insurance so I will start with part number one which is the responsibilities of Mama as everybody knows the expenses today's Days the grocery builds are exuberant expenses of Life extremely high and we are struggling to make ends meets a lot of people are hardly covering their daily and weekly and monthly budget and when you start talking to them that they need to save money for marrying of their children they don't know what you're talking about they don't even have enough money to cover their daily budget and you're talking about putting away money so I want to start with a topic of credit cards I will give a little a before the credit cards explaining what money is the importance of money and the of money in the olden days when we wanted to buy something there was such a thing as a trade someone was growing apples he traded with someone that was growing wheat that was someone that was growing wheat was trading with someone that was milking cows was the wine maker everybody was trading with each other in kazal it says KY keny M Kenyan there was no such a thing as making kenun with money then in the later ages uh money started becoming a Zak it became coins there was golden coins silver coins copper coins precious metals and the value of a coin of a of of a golden coin was able to buy let's say a pound of apples or whatever it is a silver was able to buy a little bit less copper was able to buy a little bit less and this is how trading started going away from product to product versus gold to product as civilization developed we started having coins with signatures pictures of kings and queens of Kingdoms and it wasn't only the gold part of it but it was the uh the value of the coins started having with whoever produced the coins then the lat years we came to America we were down in the in the later years we started trading the coins were totally not precious metals it was true truly on the coin based at what the government decided is it's either a quarter a dime a penny a nickel now we have this notes started coming out notes the first note was a gold uh a gold certificate the first dollars that came out was gold certificate notes then it went away from gold certificates to numbers of a $100 note a $50 note $20 note $10 $5 and so on and was called Green dollars as we all knew all the olden age we used to have green dollars today's days all those notes are history by now by most people there's new currency called plastic the plastic a credit card and if you're a little better you have a metal credit card but aapam it's a credit card that we started living off what the credit card did to us took away the total value of money as if in the beginning of kazal times if you knew the value of apples was wheat or was it milk or was it whatever and then the gold was trading and you knew the value of gold this is the money was all of a sudden the plastic is the currency and we don't know what we're doing so when someone goes into grocery fills up a shopping cart fills up a full shopping cart he doesn't know the prices for nothing because he walk in the groceries none of the Shelf has prices everything is priceless you want to go ask the store a price of something he looks at you like you're from the Moon what are you asking the price about I know when I was younger we used to go by we had to make a decision was it an anger's mayonnaise or was it a Li's mayonnaise and we start looking at the prices which one was five or 10 or 20 cents cheaper we bought today's days has nothing to do I like this I buy it I don't goes into my shopping Carriage so let's say a couple that earns $11,000 a week $1,500 a week he has a nice job he's making $2,000 a week he starts his shopping spree and he goes out with his credit card he got paid his $2,000 his $1,500 he goes into the grocery fills up his shopping cart they came out clients came out with a new ice cream into the shopping cart new potato chips into the shopping cart everything into the shopping cart by the time he reaches the cash register he doesn't even look he doesn't even look at the cash address's number he just takes his card and swipes it through then goes to the fish store and then goes to the Butcher and then goes to the wine store totally out of control we have no idea what we're doing and this is the same for men and the same for woman I'm I'm talking for the whole family wise we just go from one thing to the other by the time Sim the 30th of the month Kim a huge credit card bill arrives and and you start asking these questions my God what happened here you know all earning is, $1,500 a week and all of a sudden my credit card bills is here $810,000 000 he start buying mat and wine and clothing and so all theas everybody has now the Amazon app on their phone and you just press the button and it goes again and again and again without stop the delivery the Amazon trucks are delivering on a daily based boxes to your door you're totally out of control you're totally out of money you have no idea what you're doing the bill comes to the end of the month comes a bill of 87 $110,000 all you earned was5 $6,000 for the month and you start cring a cup where do I pay this so they came inal Pent the credit card companies the banking it's not enough that took away the value from us and they took away our own control of self-control they made a new thing it's called it's not a new thing it's since the credit cards are out and it's minimum payment so you see a minimum payment of $500 you have a $10,000 bill you see a minimum payment of $500 and you feel okay fine I don't have to come with $10,000 I pay $500 $500 payment the interest rates on credit cards is between 22 and 30% it's eating us up alive he pays $500 comes next month they go on a shopping spree again you start from the beginning by the time you're 6 months in your credit card bills you have no idea the minimum payment again and again and again and again again I have an uncle of mine told me last week a story he an older person and is a left of a good person and someone came over to him he needs money he says I can't give you money so at least borrow me you my your credit card if I can borrow your credit card I got to do shopping for the I'll pay it back to you you and this Ingam man put up on this SC card $14,000 over $114,000 my uncle asked the guy for money tomorrow my uncle started paying the minimum payments the interest he paid $350 a month he paid for two years $350,000 $350 a month he ended up paying $7 to $8,000 in interest and the balance was still at the same balance of the $14,000 you hear two years paying balance is still the same $144,000 it's EST of alive eating him up alive he went to G he took out of gak for two years he wrote checks of $600 for two years or two and a half or three years whatever it was but was able to pay back his loan as many speeches I gave as many I gave by every speech I have people coming over telling me their sad stories about the credit cards the same situation should be with a family would decide let's put our credit card aside let's stop using the credit card let's try it for a month okay let's take all the credit cards all everything put it away aside and let's start living off cash you get paid on the on a Thursday on a Friday whenever your money gets into your bank whenever you get your direct deposit go to the bank take out the few thousand put it in the Box in the house and say tell everybody the whole family this is how we are paying our groceries this is how we paying our everything we're shopping is from this cash start spending this way the money you will see a huge difference in your weekly and monthly expenses you can imagine toand the samean that we spoke before that goes into the grocery fills up his shopping carriage and he swiped through $ 7 or $800 his credit card bill for the groceries the saming amount puts in his pocket $700 or $800 he has his envelope of money that he got from work and he starts go gets up to the cash register and the cash register R Rings him up $750 he he takes out that envelope all he has is $1,200 because this is as much as he was he made this week he starts counting $200 300 by $400 bill his fingers are starting to tremble by the 500 when he starts looking the envelope what he has left in there he says okay okay okay let me see maybe I could put back the ice cream I don't need this most expensive new ice cream I don't need this most expensive potato chips let me see if I can do without this I can do that and all of a sudden he brings down his bill to $500 and the same is in the wine store he goes into the wine store if it's a credit card he doesn't care he takes down a bottle 80 $90 $100 wine bottle a tequila $150 no matter Boom the is white but if you pay it with cash and you have your envelope left only $400 after your groceries and fish and mean and you got to buy a wine you start making the uhuh I'll go for a $25 at 30 for I'll go for more expensive wine but at this point so so it is extremely extremely important to the first stage of a person of thinking of putting away and start living is you have to start living with a you must start living with a and the easiest way to live a is if you start living on cash if you can't live on cash there is many forms out there that you can get budgeting forms I was at a lecture they gave out budgeting forms I had in gaman came into my office to speak to me and he showed me an app on his phone he has his budget and he has $1,000 grocery a week and I asked him what do you have from a budgeting app if you putting groceries $1,000 you know you're not getting there you don't have the money and you budget $1,000 how are you doing it so it's it's not only writing down the amounts you're spending it's not only keeping tap of your budget it's also understanding your budget understanding the amount of money you're making understanding the amount of money you're earning understanding what you could afford what you can I had a coing man called me up he's 19 years in Co his wife has a teaching job she makes $500 to $600 a week he gets from K $100 a week it's 19 years after the he told me he doesn't he has about $10,000 say Saed up but out of $600 a week he has a and he was able to survive and I asked him how did you do that so assistance we're not going to go there but he made a with his wife and kids there is no such a thing as a grocery biller there's no bills there is money in the the house they live off whatever there is on the cards that they have in the public assistance and whatever there is the money that's left over after paying the rent they have a low rent because they have assistance on the rent as well so they have a low rent is whatever is left over from the rent whatever is left over from the clothing you can spend the groceries there's no money in the draw there's no more money left on that benefits card we don't buy we just don't buy we buy what we must and all these kind of things milk and bread you buy but you don't buy all kind of stuff that you don't need this is called living with a and it's so important for the woman and the man alike everybody in the family to understand today because of the money have no value because you live off the credit cards and you he still wanted to write a of bargain so let's put down the scenario of a bar Park woman goes out in this goes out in the street she's in the street she texts her husband do me a favor when you come home from work go to bingo pick up three cases of Selter three cases of shelter a case of paper goods a case of Cups a case of um napkins and whatever like 10 15 cases of stuff because she's going to save $3 on a Case $3 on the S say $4 she's going to save about $40 she's going to save on this whole order now the singan has tole all these cases into this car from Bingo because there's no go that help you you have to shle it up the the three floors you have to shap up the three floors yourself because because there's nobody to help you and he saved $40 at the same time that the woman sent him that text she is standing in 13th Avenue store spending $300 $100 a pair of pants for a little kid for a three-year-old or an outfit for a 5 old girl she's spending $600 or a jacket for $800 at the same token he saved $3 on a Case slapped up three flights of steps he slapped up to save $3 on a case of eler while she is in a store swiping a credit card for $300 but we're losing our we're losing our Consciousness do saving here you want to save money and here you go to his store when I was a kid I don't know if you people whoever knows remers those times it was in the 70s and the 80s when I was a kid everybody's shoes had a mouth okay the bottom got a new pair of shoes wasn't every new to the kids or the or outfits style now you could afford it but you have to understand is going to come one day you're going to need real money and if you really not careful with your money you will not have that money when I was a kid my pants I didn't have a single pair of pants that did not have a patch all my pants had a patch there's no such a thing getting new pants just because and there's no such a thing getting pants because it was on sale wasn't a pair of pants you were able to wear we got new pants now again and again you know people tell me that I say these stories and I'm in pain I'm not in pain about it and my kids are happy and I'm happy and everybody around me is happy but you have to have in context because money is the last we had it [Music] that all the money that a person has comes all the money everything was and is a fire a fire if you're going to use the money you're supposed to use it a fire could burn you fire could warm you if you don't use the money the way you're supposed to use your money it's going to burn you and if they use it the way you're supposed to use it it's going to heat you that means fire you can cook with fire you could burn guil is a holy thing money is a real holy thing and we are all we have to watch on our money the gave him guil and we have to be very careful with it and if you're not careful with your money and the day comes and you have to marry off your child and you go out and you say so it's so important to understand the value of money on a daily base how we shop how we spend how we live our life so the Gill is try to live on cash this way you'll be able to have control of your money and even if you get a credit card and you use a credit card be extremely cautious write down your expenses start having Cas and once you will have on your money you'll have control of your money you will be able to be budgeted and try to make your ends meet to be able to continue life the next part I want to go into part number two which is how do you put away money so once we establish that money is a very holy thing a very sacred thing and we have to really watch on our money and we have to be very careful with how money we spend now we know how once we have the money we're going to talk how to save money say I'm talking small money people think you have to put away huge monies it's not true it's small money but it has to start from when the child is born today's days is to marry off a child whoever married off a child knows this today's days to marry off a couple is $250,000 the boy say listen again to marry off a couple is $250,000 you'll make it with kunas you'll do it for $200,000 that's $100,000 each side between clothing the the the music the the jewelry now someone asked me why don't you talk a little bit the not to spend too much money for the there is no way I can talk about first of I understand people are not willing to change we had a CO we thought we're going to have a reset we started making small no invitations just invited immediate family he said oh finally we're having a reset what happened a year passed there was Co money there was all big as in the world we forgot what do you mean we forgot about it today's days we have all purple lights pink lights with outfit it's like bananas we going crazy but for me to say don't spend it I cannot tell you that you want to do it so I'm going to say how can you get to put away to have $100,000 for a child I want to make it very clear it's not a guarantee it's a suggestion it might work it might not work most probably ACC according to history it will work but definitely if you don't do it for sure will not work so what I'm talking is putting away $5 a day that's five days a week comes out to $25 a week four weeks a month is $100 a month per child that's $5 a day $100 per month it's $1,200 a year if you put away for 20 years in the index fund like the S&P you will have anywhere between $80 to $100,000 the S&P 500 has produced an average of a 10% annual return for the past 20 years true from 2000 to 2010 it was kind of even or in a minus from 2010 till 2020 it was 20% or 30% in plus and when you average it you come out to a 10% average annual I am strictly speaking about putting in money in a long term not in a short term if anybody help admit what's happening in the market the last week Market is crashing um all the profits that was accumulated from November till now is basically gone for a person that sells his position now it's gone but for a person that sits tight and understand that this is the way this is the m it goes it's going to turn around and it's going to go back up and it's going to be make back all of it that at lost plus the stock market in America never went to zero in the 1920s it lost 80% of its value the next biggest crash was in 2008 where it lost 35 or 38% in its value but if a person put in money in 2006 and in 2008 he saw his money down at 50% let's say he put on $100,000 and it went down to $50,000 if he sold down his position he lost $50,000 but if he sat tight till 2014 he already doubled his money not lost 50% but we already double his money so of course you're going to have waves this is the way it works it's it's it's its waves and we have to be very strong and very disciplined this is not the way I work my is you have to open up an account in a brokerage firm like fidelity.com you open up a broke uh an account for each child you start putting in $25 a week $5 a day he set it up on a weekly at $25 a week for every child for 20 years and it has to go steady not when I have the money I put when I don't have the money I don't put you have to set it up steady $5 a day that's $25 a week in the account automatic withdrawal from your bank account it goes into your account there's another right now is the beginning of the year earn tax earn credit if you take $110,000 from this money I know everybody already has their own what they're going to do with this 10 15 12 15 $18,000 that they're getting back if either it's country or it's or it's whatever it is you have going to do with this money if you take $10,000 from this money and you put it in on this on on on on on on on the mutual fund on the index fund of the S&P 500 on uh that we we spoke about this this this 10% so let me explain you when you put in money on an average compound interest of 10% your average to double your money you should be able to double it every seven years the rule is the 72 rule whoever knows the rule if you double your money if you get 10% compounding interest you will double your money every seven years so let's say if you take now $110,000 from the tax income tax credit that you're getting now $10,000 and you take that money you put it into a fund let's say your name your son's name is moi moi's born this year you put it into moi's account when Moi turns seven the $10,000 becomes 20 when mhi turns 14 a year after his b mitv the 20 turns to 40 when Moi turns 21 which is another 7 years later from the 40 becomes 80 you hear well $10,000 today will give you $80,000 by the time you marry off your child so there's two either you take a big chunk of the beginning you put it in and you don't have to do anything on a monthly and if you could add because it's going to help help you or you do it on a monthly base but it's definitely something that must be taken care of it's so important unfortunately 70% of Cl today's Days in the community cannot go to I will say 50% if you're going to ask 50% I was in I gave and they told me in this everybody that married off their it's not a joke so I have five six seven children how do I have money to put away every month so the question as the question to the answer to this question is a very simple one this kid is going to be 1920 you're going to do a you need $100,000 how will you have that $100,000 you right now you don't have you have to somehow make some kind of what should I do how should I just my life to have that money to put away but how will you have that $100,000 don't say you know all these kind of things that you say that's that's that's without hand and feet if you're sitting on a certain job on a certain position and you're only earning a certain amount of money you can't say that of course of course it's going to come to the question is with the way that people will or will it be a way he has the money in his draw there is there in there's no fights there's no arguments there's no disagreements on stuff you have the money you spend it but when you don't have the money ask anybody that got there's no money in the house everything becomes an issue every dress every jewelry every piece every item becomes an issue there's fights on a daily basis so again to reate $5 a day which is a coffee in a Danish costs more than $5 a day $5 a day child I had your mom told me that he used to drive down 14th Avenue stop in the gas station buy breakfast every day for $204 $15 order Uber launch in his office m city he spent today about $50 in food on between breakfast and lunch take out food okay $50 a day it is told me I do not have a dollar in my account and he says to himself stupid me I take this $50 that I spent today I put it in can you imagine how much money this is Let's Make A casman a dollar every dollar per month for 20 years listen well every dollar per month for 20 years is $1,000 20 years $10 a month for 20 years is $10,000 $100 per month for 20 years is $100,000 $200 is $200,000 $500 a month is $500,000 $1,000 a month if you put away you have a million in 20 years this is huge Money Take This Man spent $50 a day on his breakfast and lunch that's $250 a week that's $11,000 a month he spent for his breakfast and lunch $1,000 a month would he have put it away for 20 years he would have a million but he needs breakfast and lunch true do the way into you buy a loaf of bed in the house anyways for the kids you send off the kids to school you have a loaf of bread and cream cheese and peanut butter whatever you put on on for your kidss put on for yourself make yourself a sandwich let the woman prepare for the man a sandwich for breakfast and for lunch and if you have time come home from scho sit down with your wife having a aack of breakfast over there a nice scrambled egg make your own scrambled egg and a red and you will not spend $50 a day on your on your $200 a day on a week on your or 250 so that's why called I can promise you everybody that will make will find that $5 the $10 the $20 a day that he could put away in a mutual fund where he can marry off his children and now I'll go into the the item from the the next third um um which is retirement it's called Ira a Roth IRA everybody has to ask their account what's better for them but unfortunately today's days there is so many Elder people that do not have any money the kids have to give them money there is people that had jobs no social security was accumulated and unfortunately they do not have any money for retirement say this is not for everybody I'm not saying everybody could do it more important is the the importance more the at the time being at the moment so you should have enough money for now but if you can somehow chip off a couple hundred dollar a month I'm not talking big money couple $100 a month put in a retirement fund as well in the S&P 500 by the time you'll reach 65 you'll have a million a million and a half $2 millionar it depends on your age when you start and it's huge monies and you're going to need the money you'll need money for for for for all kind of stuff you need so if you could afford it make sure think about putting away if you have a business you can do 401k if you don't have a business you can do the uh the the IRA Roth IRA speak to your accountant what's the most important what's the best for you but it's definitely very important for you to open up a retirement fund the next part isang in life insurance this is the final chapter my final chapter about believe on aily unfortunately old brother passed away plitz link passed fell down and he was gone left over there was no charity funds there was no internet at those time it was 20 years ago we had to go out we had had to go out from SCH to SCH to put together a fund a chair a fund for the you know and we felt like schuts for no reason and mes we could eliminate this issue literally eliminate this issue it is aish for every person that is married as a wife and children should make life insurance and the life insurance should be term I am talking about term life insurance not whole life insurance term life insurance for a 25y old for a million dollar is about $30 to $40 a month for a 30-year-old it's about 40 to 50 it goes up like this by the ages but it's buus it's buus it's small money if a person has a wife with four children means he has to have $2.5 million insurance coverage if he doesn't have a $25 million insurance coverage is you must have life insurance because look how many old people do you see you hardly see old people you know why because most old people are gone is a scam nobody lives to 120 didn't get to 120 almost 120 most people an average lifespan if you reach 70 or 80 you're a winner 90 you're in a wheelchair already so yes you have to be protected when you're young and don't think for tomorrow you have to do it today there's something like aring aring is a very good thing it's $40 a month and it covers $150,000 per person in the family and he can take it out of s it's very important now people I'm not going to go into huge details the differences between the S&P 500 and life insurance there's a lot of things to talk it can take hours and hours and hours we can go on and on and on to speak about how to how to uh the right Investments to do but whatever you want to decide to do you should do you must do it it's very important very very important all these topics be careful on your money watch your money save up you could afford it and be sure that you're covered in life insurance it's a minimum of minimum should minimum that you must have to be covered 4 to $500,000 per child in on the woman as well something he was in his in his 30s he didn't have a life insurance policy his wife was a teacher passed away pling in school had no life insurance his wife had no life insurance he had to bring in a cook he had to bring in cleaning ladies he had to bring in people to help him in the house he couldn't got work normal he couldn't make normal money and then he told me he got remarried and she came in with children he has his children together they have children she has children set up any savings my number one question that I'm being asked since I started my my speeches is where were you 20 years ago to tell me this information so whoever is young in the 20s know it's your prime time in the 30s you can still hop on the wagon in the 40s there is still time for you as well everybody easy I will open up the the line for for for um for to to be able to ask questions I will try to answer questions one by one as best as I can and I will unmute the phones now all participants are muted and they can unmute themselves whoever wants to mute conference participants press one to mute all participants are m muted and they can unmute themselves whoever wants to ask a question you can unmute Yourself by pressing six pound six