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WWL>Topics>>4-29 9:35am Tommy, paycheck to paycheck?

4-29 9:35am Tommy, paycheck to paycheck?

Apr 29, 2014|

Tommy talks to Deana Arnett, a certified financial planner, about how to balancing planning for the future with budgeting for the now

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Automatically Generated Transcript (may not be 100% accurate)

-- -- Jones -- announcer provide financial planner. At Rosenthal wealth management group morning Dana. Well thank you take that thank you for taking time -- to join as it when -- -- -- -- like this. Two thirds of the people living paycheck to paycheck middle class I guess we need to start by defining middle class and also his paycheck to paycheck means. Well paycheck to paycheck that means bad. We went went up when they're making them fight it. Pretty right until it statement next paycheck. Is that frivolous spending or do we do we have any research that indicates people -- Bind more than any energy is paying the bills. Well you know as a financial planner I really hope it's -- has their act together for what they -- but it's. I ejected after they made their contribution to -- -- retirement plans -- -- That people are doing this sort it out of sight out of mind -- it get mad at a paycheck before they get the paycheck with a lot less painful. But it fortunately my experience tells -- that idiot back into town middle class answers are simply I averaged. -- marched out there and make them pay is the circus. And I would be credit cards. Maybe more housing in a. -- there's a lot. A little bit beyond the basically -- is that this is on the Federal Reserve statistics. Credit card. In the United States -- never set out in dollars. It's nice -- and -- human. Well it. And it are likely -- the state credit card debt. Check out in the United States with chronic heart and it's more than double the number that would get out. So what happens to people you know that don't want that but then they they realized I had choices in life to make idea. As Intel might get no shoes and put money credit card what is supposed to do. That the -- I think that line came back and the recession was set. Worse they were as risky adjustable rate mortgages. Mortgage web -- by an astronomical number every month in Antwerp where did you like how does she quit on. Deal. -- all. About factor that -- Pot. Yeah. You wind up buying a brand you know like I credit card debt what are the other two pieces of the post. And actually. If you look at 833000. Dollars. 330 backs are. I think at some point -- the whole. Return on investment angle toward education has gone out of the window and I think some people are looking at it as OK I get one chance to go through college. I wanna do -- -- Wake Forest not realizing -- they major in English nothing wrong with being an English major it's gonna take him awhile -- -- that back. Idiot idiot. You did this and our economy has to change that much in the past two or -- agent at. We as a society. Got do you. Change out for outlook on. We do everything we could be very much and fracturing economy and now we're dairy matches our economy. And it is that our economy -- hear someone. -- capturing back Korea. You got to figure out how to migrate from the main -- mindset to -- mindset. Sometimes that means getting them additional deal. Sometimes that means she did work with Europe. At large and they're so stupid to console. It's it's not a EP. There he is does it. Mortgage debt the average mortgages almost a 150 -- -- -- dollars. With the credit for property taxes that insurance and that helped into the back of the quarterbacks are -- It's something in terms of approval. And finance companies or banks and in these ratios that she had a meet to get approved for mortgage. We're still at the 28 -- -- equity ratio that has not changed. What are your time prior to the respect and that -- here you really. It would be wonderful -- wonderful that they -- quickly. Wonder about globe and a lot people. -- -- They've really bought it but I'll mention that real estate practice partly for Cadillac then take that. That that last option adjustable rate mortgage -- the paint with it be to let it that way right no problem out there that the that he just -- Still it XBLA but we all the captain and as a result at the height weight and those types of mortgages. -- -- industry really -- that ought requiring documentation. They heighten that you can give the credit. The best interest rates -- based on credit score and but I want to -- people aged. They simply did not have. The into it support what they were -- -- by the bank board -- -- healthy to be able to mortgage. You know you. Get a tax here from guy says he's Jefferson Parish deputy -- paycheck to paycheck. Because of the public school system have to pay for private school and no credit card debt -- house note. A lot of people here go through that he has in other areas where the schools are substandard although we have made some progress. -- And that. While I. It may -- That probably. Regional bank account feed back out she. Europe at the court but right outside -- could be they. That being at odds paycheck to paycheck and. Some point you just have to make choices do you not about you put the money in your kids do you put it. You know the drive a luxury Carty is saving for retirement. It got our. Our. I think that the -- -- week it blurred the line between what is it what could be. I I could get people all the time that they that well I I. -- this car and maybe it's. Art that is out -- -- the year. And it might die in week. Can you really want app market they'd -- -- Kick -- people. Patent law into technical mindset state meet certain pains to. You packed hour here at grey here and clip art barker. -- The bank wanted for -- format work I mean security financial security by. That was eight. Did you say big at Mercedes. I. Know I'm looking at an 89 corolla is curious that Lisa -- good morning and he might be an 89 coral on and on you -- Probably should be yen. -- -- -- Free. And let me do you buy the vehicle. Shot warning me 08. And the art. The permit. And cooler. Here. At -- kind to me. Deeply that that I. -- and purchase is that we may we really did. -- -- -- -- -- -- -- -- Apparently it's what he bought. I about it but it was my car park -- that I -- -- for I can't want it. The kind that added that it ain't. Over. Yet we find yourself at work by its position. And -- and -- -- a question about put money in retirement and seemingly got to ask you quickly about the Range Rover what was it worth it. Oh yeah all day ago he had be happy to what did you want -- overrun out. Quite high you know I keep in -- And it wiped out by -- I don't like I get locked. And all like -- -- our car Iran bought for price and air or something and I'm not that -- on. -- one and did you question about -- and -- she talked about what money or let's say we -- they'll get all star. -- like where protection each that's the can only were there any diet and -- -- -- like a park or. How -- opened at eight RL. LB that. A -- I think you bra bra banks and question Indian Indian couple more seconds he commands and and I think the bigger question here is. I think we have a mentality sometimes. Hey no talent we're going to be forty of fifty who knows what's gonna happen tomorrow. But yet the statistics show that people -- living longer than ever right. -- -- address that when we come back with the you know -- -- certified. Financial planner with Rosenthal wealth management talking about middle class people. Two thirds of those that. That. We could have a major problem -- I think on two thirds of those. That's. Mom. Live paycheck to paycheck. Our. Middle class people Nike Jordan for put words in my years -- -- it would take a break we come back we will play. The mystery mom for you and give me a chance to win. Obviously a mineral content and give -- chance to win. A fifty dollar gift card to pro flowers which should be a good financial management things we did due back in a flash -- -- -- -- deal Arnett as I guess certified financial planner. With -- -- -- wealth management and any you know when things like this happen I always think about the old story. Public that was taken skydiving lessons and he said you know what -- shoot. And if nothing happens -- a second student a B a truck down here to take you back to the airports people's first you'd none happens. Bulls' second you'd nothing happens and Aziz hurtling toward the grounded high rate of speed he says I'll bet that -- not going to be there either. Tell me about people in their mentality when it comes spending middle class people like that the caller said before a lot of the -- -- -- -- to -- -- Got a live for today tomorrow's night guaranteed but actually if you look at the numbers. People are living longer today than any other hand which means they need more socked away for retirement and less spending like -- being. Tomorrow. I agree I agree eat at -- key things there it that I need to that. I think need to electorate but -- -- -- -- -- I for a debate planned capital like policy we feel like -- -- -- the right thing. But you know normal for today orbit. And and I -- quiet and not advocate exciting for -- evening -- is pretty. You'd like you don't know. We don't know what on earth -- we have to play at the -- and the thing that I met by people. It came at a -- people hate could be -- But the reality that it change how much she used it for today vs how much -- currently Kirk. He comes alleged -- the time -- and I hope you are under two deadly Oracle's. But we'll have a great day don't we talk to you again and I opera.

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