TIAA 2017 Family Money Matters - YouTube

- You're on the right path,

it's just kinda like, hmm...

- We live so financially strapped.

- I have a different view, like,

I don't think we live financially strapped.

- I need to set up a retirement fund.

- Thank you for coming today,

'cause I really wanted all of you to be here,

so that we could have this conversation

that I think is really important.

- I think we need to have conversations

around finances that, you know,

we have not had to this point.

- So, are y'all cool with that?

- Alright, sounds good. (all agreeing, laughing)

- What will be some advice that you guys can give to me

to prepare for my future, I mean,

you guys are older.

- Oh, you're calling us old, thanks. (chuckling)

- What stuff should I take?

- Save your money, you never know

what's gonna happen tomorrow.

- You need to start a savings, and continue to add on to it.

- And it is enough to be alive, think.

- Yeah.

- 'Cause you're young, you can set aside a little bit.

- But you're gonna have to make sacrifices,

and start planning for the future.

(speaking foreign language)

(speaking foreign language)

- I think I'm better at spending than saving.

(all laughing)

- I think so.

- Yeah, I think so, too.

- What do the two of you think our plans are

for our inheritance?

- My assumption has always been that most,

the majority of your money goes to the church.

- I don't think either of us have assumed we're gonna come

into money when you guys die.

- There'll be some, there will be some.

- Yeah, but, I just don't think that...

(all laughing)

- Yeah, there'll be some.

- Are you saying that it's gonna be more?

(all laughing)

- Yeah, what are you leading into?

- We don't know.

- No, we don't know.

- Is there $400,000 buried in the backyard?

(all chuckling)

- If you guys had the chance to do something differently

in your lives, what would you do?

- I would invest more, 'cause I just think

with Pete's salary and the money he was making

we could have had a lot more.

- I think for me, I was a freelancer for so much of my 20's

that I probably would have talked to somebody

about how to manage that type of lifestyle,

because, even though it wasn't consistent income,

it was still income,

and I could have been doing a lot more with it.

- What is it that you would like us to be prepared for,

that would make you feel

like we're living a more comfortable lifestyle.

- I think taking care of our debt is the main thing.

- When I think of debt,

I never think of the mortgage as the debt.

It is debt, I guess,

now that you're pointing it out, you're right.

- Being stuck in debt, it really scares me, it does.

- So, maybe our strategy needs to be

that we open the checkbook together,

and pay the bills so that we're on the same page

in terms of what we feel is debt,

and what we feel we're paying down,

or not paying down enough.

- Right.

- Do you have financial advisors?

- I have nothing, I need to set up a retirement fund.

- Oh, you still don't have the 401(k)?

- I'm living by the seat of my pants right now, guys, it's..

- Whoa.

- I have a wife that's a doctor, so that helps.

(all laughing)

- What would be you guy's

number one financial concern for us?

- My number one concern would be education.

- Yeah.

- I know that is very expensive.

As time goes on, it's gonna continue to rise.

- When I think about Ava,

I want to make sure that she's taken care of and

she has a great education and that

we're able to provide that for her.

- I mean, if you need help,

and we can help you, we will help you.

- My hope for our family's future is for us

to have these sit-downs and concentrate

on what is important to us.

I think we got a, kind of a good understanding of

what we stand, and what we need to do to go forward.

I'm glad we could have the conversation because

who knows when we would have had it

if we didn't do this, and it's given us lots to think about.

- You both have been very open with us, and that's,

you know, I think that's something that

we definitely cherish together.