Skip to content 10 Things You Need To Know About Finances Gary Keesee Oct 7 · 24 min ...more
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Fixing The Money Thing with Gary Keesee will educate and equip you to walk out your God-given purpose and provide insights and solutions on the topics of faith and finances.
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0:01 Today on fixing the money thing, 10 things you need to know about finances.0:11 50 percent of the time, the IRS makes mistakes themselves with themselves. You will save on the average 60 to 100000 dollars. They found out that 1500000000.0 dollars in0:22 government benefits were not being utilized because anything you don't know about sets you so sets you up for a loss. I'm Gary Kasim. For 9 years, I had debt I couldn't pay, which brought0:34 on panic attacks, antidepressants until the kingdom of God drastically changed my life. Now I wanna help you fix the money thing.0:44 America's financial coach, Gary Kasim, wants to mentor you in the0:49 kingdom principles that will set you free. If you put God's principles in place, you will prosper.0:57 This is Gary Kasey. Fixing the Money Thing.1:05 Oh, hey. It's good to see you again today. I'm Gary Kasey, and this is Fixing the Money Things show. It does look different. I was preparing to do the show when my wife and daughter kind of interrupted the flow of things1:16 and hijacked me and said, we've got to have some answers on some of the financial issues we keep hearing about today. And I said, well, okay, let's do that. And so I came back and began to research those answers.1:29 But I think you'd probably get a better feel for what happened if we go back before this moment. Let's take a look at what happened a few minutes ago.1:39 Amy, there's so many people that give us emails and write us emails about finances. I This seems to be a huge issue, particularly with single women. There's just a lot of issues going on with finances.1:49 Yeah, it's very confusing. I think there's so many differing opinions out there.1:52 So I think we need to go to the expert today. Think we need to talk to dad. Let's go ask Gary. He's the financial expert. All right, let's go.2:04 Hey Gary. Hi. We've been talking, and there are so many issues with finances, and so many emails, and it seems confusing, especially to us women folk. Nice, can be.2:14 So we're2:15 looking for you to narrow it down. Could you just talk to us today? Give us 10 top things that people need to know about their finances.2:23 That's a great2:24 idea.2:24 So it's not so Preparing for fixing the money thing, and just writing down some notes. But I think that that would be a good topic, if2:31 we can2:32 maybe dialogue on that. Think a lot of people would probably We2:35 need to narrow it down, because I've heard so many things about, you you gotta do this, or2:39 no, don't do that. And I just think it would be great if we could simplify it. Simplify it down for us.2:45 Very2:45 good. Give us your top 10. Let us know what are the top 10 things we need to do financially.2:50 Do you mind if I turn the cameras on? I think this might work. We might just be able to talk to some people at same time. How's that? Good. You girls mind?2:56 Good.2:57 Can you guys do that? Can you guys turn the cameras on? I think they have a good idea. We'll just kind of jump in on that, and then we'll see if it works out for us. Well, first off, understanding finances. We have to3:08 understand it's a big topic, you know. But if you had to ask me what the number 1 thing I would tell people, get out of debt. And here's the magic bullet, if you will. Here's they don't know. Is that the3:20 average family can be out of debt in 5 to 7 years, including their home mortgage, without changing their income. Now that sentence just kind of3:30 sticks. People would3:31 not believe that. I don't think.3:33 No, but your mother and I researched that. Way back we started our businesses, God spoke that to us. And we researched it and found We went through all kinds of files and clients. We found that for3:45 86 percent of all the families we dealt with in our business, that was true. Wow. Incredible. Now here's what is an interesting thing. Now to make that happen, you gotta find money, you gotta3:56 reposition assets, and move some things around. But we, 1 of our sponsor, Ford Financial Group, does a plan that actually shows people exactly where the money comes from, and exactly how to be out of4:08 debt in less than 7 years. For instance, this family had a 140000 dollars mortgage, like 6 credit cards, 2 car loans, and the plan shows how to free up money. And we found 1400 dollars a4:20 month. Dollars 1400 a month was found in the tax They4:23 already were spending that they didn't need to spend?4:25 Just by repositioning money, money they didn't know they were losing, overpaying taxes, just by moving money around, 1400 dollars a month. And then by applying that money to their debt, they were out4:37 of debt in 6.9 years, including their mortgages, their cars, their credit cards. Now how do you think they felt about Pretty4:44 exciting. That's pretty exciting. They cut their 30 year mortgage, you're saying, down to 6.54:49 years? Yes, 6.9 years. Wow. And they were excited about that. Now, Ford Financial Group has made an arrangement with the Fixing the Money Thing program that we can do that for our guests,5:00 for our viewers. They can have this very plan done for them free of charge.5:04 And we'll also do it for Drenda's.5:06 And the Drenda program as If they'll just call the number on the screen, or they'll go to our website and get the number, we'll be glad to have Ford Financial Group send that out to them.5:16 Cool. Mean, a great tool. They show5:19 you exactly what to do.5:20 Exactly. And5:20 that's number 1, get out of debt.5:22 Get out of debt.5:22 Get out of debt. What's number 2?5:24 Number 2 is similar, and that is restructure your debt. So if you were a client of mine, I would look at your debt first, and I would look at all the debt. In other5:36 words, you know, course, we want to pay it off quickly, but in the process of waiting for that to happen, like the 6.9 years, we can get it done faster by lowering the interest rate on the current debt5:48 structure.5:48 Right.5:49 So for instance, we would look at the mortgage, we would look at the consumer debt, which is always higher interest than a mortgage. We would look at car loans, credit cards, and we would see if there's a way to5:59 consolidate or refinance, bring those interest rates down.6:03 Now when is it really worth it to refinance?6:06 When it saves you money.6:08 So if you can drop your interest point by a whole 0.12 point, how6:13 There's a formula. It depends on how long you're going to stay in the house.6:15 Okay.6:16 Typically, want to stay in the house over 2 years to refinance.6:19 Okay.6:20 But, you know, if you consider the interest rate times your mortgage debt. So if you had a savings of 1 percent that you're going to save by refinancing against a 200000 dollars6:31 mortgage, you could then calculate how much it's going to save you. Right. Then take the cost of the refinancing compared to savings, you could figure out how much time it would take to break even.6:40 Okay.6:41 So, but typically, about a year and a half to 2 years is what it takes to break even on a refinance.6:46 Okay. So restructure the debt. What's number 3?6:49 Well, 3 is probably common sense. Have a cash reserve. Without a cash reserve, you're going to always have to have debt options.6:59 Right.6:59 Like a credit card in your pocket.7:00 If you're living paycheck to paycheck, you're gonna be using credit. Yeah, car breaks down or something. So how do we get this cash reserve though? Because a lot of people say, I don't have the extra money, That's why7:08 I'm using debt.7:09 Right. Well, that's I'm glad you asked, because that's what we did for 30 years. We helped people find money. Most people have all the money they need, obviously, to get out of debt in 6.9 years. They already had7:21 the money. They already had the money. They just didn't know they had the money. I call it the fragment business. If you add up enough little pieces of money, it adds up to a large amount of money, and you can be out of7:33 debt very quickly. Now, where can we look? Well, the biggest loss area is taxes. I mean, everyone hates taxes.7:41 Right.7:42 Who wants to talk about taxes? Who wants to look at tax forms? But there is big money there.7:47 Aren't taxes, don't they just tell you how much you owe and there's really no way to7:50 get around? Who's pay?7:51 The IRS?7:52 No, the IRS does not tell you how much to7:54 pay. Okay.7:55 Tax professionals that do your return tell you how much it looks like you're gonna7:59 owe. Okay.7:59 The IRS's responsibility is to dictate the laws.8:02 Right. Aren't those pretty straightforward? I mean8:05 Well, straightforward's kind of a pretty That's not really straightforward because that's why we have H and R Block, we have all these tax companies, all these people prepare, we have TurboTax, all these companies that8:15 help because it is confusing.8:17 And there's a huge difference in what you can pay depending on who did your return, right?8:21 Huge. Really?8:22 Well, 50 percent of the time the IRS makes mistakes themselves with themselves. In other words, they get their own advice wrong 50 percent of the time. Money Magazine says they guarantee the average family loses8:34 25 at least, or 50 percent in overpaying their taxes.8:39 Oh my gosh. Say And nobody catches it?8:42 Who's gonna catch it? The same guy that did it? Mean, you know, your tax preparer did it. Obviously can't8:47 see He needs a second opinion and8:48 You need a second opinion or a third opinion on your tax return.8:51 Okay.8:52 And so you have to understand how to do that. So we've got to find money to get out of debt. So taxes is the biggest expense. In fact, you work until April eleventh or9:03 twelfth, I think it is the twelfth of every year just to pay taxes. So every dime you make goes to pay taxes. That's the biggest expense in your life.9:12 Okay? I'm trying to fund my cash reserve. I can do that with tax?9:17 Well, here's a simple 1. So you fund it? Tax refund check. 2 thirds of Americans count it a victory to get a tax refund check.9:24 Uh-huh.9:24 Let me ask you a question. How much interest did the IRS pay you on the refund?9:29 None. None.9:30 0. Would you get all excited about investing your money at a bank that advertised 0 percent interest?9:36 No. No.9:36 No. So what you want to do is go back to your employer and get the W-nine form, and fill in the allowances. And there's a formula you go through, which then tells you how much you should have withheld.9:48 So take that money as it's repositioned back into your cash flow. In other words, you don't want a big refund check, maybe 200 bucks.9:54 Okay.9:55 So free that money up into your monthly cash flow and put that towards your cash reserve. Right. Once that's established, then you'll start accelerating debt with it.10:03 Would you set that up like in a debit or something, and it goes into account?10:05 You can, you can. Which you can10:07 do that. Same money then, so you don't spend it. Just, you clear it. Well you gotta get it out of the10:12 checking account.10:12 What about even if have a garage sale, get things out of10:14 the cash. Well that's my next point, finding money. How about this, dollars 400000000000 is lost in the United States. Go to every state's website, they have a file called Unclaimed Money.10:26 Whatever state you live in, go to your website, go to Unclaimed Funds. There's money, millions, billions of dollars there that people have not claimed.10:34 From what?10:35 Well, they move, their employer can't find them, an aunt leaves them an inheritance or something, and this money's all recorded by law. It has to be held for you in escrow. And there's 400000000000. You can10:47 start your search by missingmoney dot com. It's a website that actually searches all these databases for you and tells you. I went online myself and found that my grandpa left money that I didn't know about.10:59 Wow. Super.11:01 Yeah. And how about overpaying taxes? My dad got a refund check of about 4000 dollars when we went online and found out that he'd overpaid his property taxes. There's money to be found by11:12 going online and checking these things out. But you mentioned garages and basements are a great source of funds. I mean, there's all kinds of stuff down there.11:21 So get that cash reserve is the main thing.11:22 Sell it on Craig's list, get stuff out, sell stuff.11:25 Haven't needed it for 6 months. And how big is this emergency cash fund? Yeah.11:30 Does that cash it needs to eventually get up to 6 months to a year, but I always tell people, start with 2000 dollars Because they just have to start somewhere, you know.11:39 Set tires,11:39 it'll pay for of pay for a lot of things.11:43 But11:43 this can go on for a long time. But listen, when we come back, let's dig further into this, let's talk about how to find more money. Yeah. And find out how we can get these top 10 things listed out11:55 for All these things you've been talking about have come out of your book fixing the money thing, a practical And that came12:00 out of our life that we learned.12:01 Right, right.12:02 So, when we come back, we'll talk again some more with Amy and Drinda about the top 10 financial things you need to know to start the process of getting out of debt, getting your house in order. Be right back.12:16 You're watching fixing the money thing.12:20 When we first moved here, we were not doing as great financially. For us, it was just always that paycheck to paycheck living, never quite enough. Something12:32 major would always happen, as soon as we did get any money, and so it just felt like we could never get ahead.12:37 When we were transferred out here, that whole first year, I worked my guts out that entire year and we actually lost 20000 dollars that year. So,12:49 that first year, you know, trying to take care of a baby, spending a lot of time away from my house doing sales only to be 20000 dollars less than what I was the year before. It was really13:01 stressful.13:01 Well, we both grew up in the same church together and so we had a very law based religious background and so a lot of Pastor Gary's teachings13:12 was totally different than how we grew up and so we really had to renew our mind.13:18 That that whole concept of, you know, taking your burdens and giving them to the Lord and live in that double portion, in that fullness and completion, we we digested it. I mean, we took13:30 notes. We couldn't get enough. Yeah. And that was the beginning of 2018. We ended up getting together with a friend of ours from Ford Financial, and we wanted to break it down. We we wanted to be able13:42 to get out of debt. We wanted to fix our situation. We sat down with them in March to lay out an 18 month game plan to get out of debt. 3 months later, we paid off our credit card,13:53 bill. And then a month and a half later, we paid off, our student loan bill. And I remember calling my friend saying, hey, I know it's an 18 month plan, but, it's 5 months in and we're out of debt, you know?14:05 And it was a it was a change. Yeah. But we knew that there was more.14:09 For us, that was a big deal to just see that happen because you're like, okay, this works. So we took that and then we started applying it to how we operated with the debt and things14:21 just started compounding quickly and money and money would just cut whether he earned bone different bonuses, you know, our different streams of income that we have started increasing and, and we were just able14:33 to quickly pay off that debt. I think it was just having, you know, there was a practical side to it of having a plan, but then there was also applying the spiritual principles.14:44 And I feel like, you know, even for the people that have had success with this, we we have to think bigger because there's a lot more people that need to see how good God is in our life and how he can be in their life14:54 too.14:55 Yeah.15:04 Get out your notebook. Gary has 6 more financial tips you need to know.15:11 The things that Gary's been sharing are in his books, fixing the money thing and financial keys you need to know. 10 Things. So we're trying to cover some of those things. We're on number 5.15:20 Yeah, finding money.15:21 Finding money. That's our15:22 favorite part is my favorite.15:23 We're shoppers. We love to find deals. Speaking15:26 of finding money, you know, we're talking about finding the money we need to get out of debt. Right. Some new laws are coming through the United States where they've deregulated gas and electric. And for instance, by 115:37 simple phone call, most people can reduce their electric bill by 20 to 30 percent. That's big money. Yeah. Especially for business owners. But if they want more information about that, then go to the website. Of course,15:49 our company that's sponsoring Ford Financial Group, again, they handle some of that and get some ideas and can help people with that.15:54 Okay.15:54 But that's simple money. 1 phone call, 20 percent off, 30 percent off your electric bill. Right. It's just an idea how we find money. There's fragments16:02 Doesn't necessarily mean16:03 working harder, just working smarter.16:05 Exactly. There's money out there. Right.16:08 That's exactly right. Yes, number 6. Give us number 6.16:10 Well, number 6 is in line with finding money, but it deals with insurance. Everyone loves to pay for insurance, right?16:17 Is it boring? It's boring.16:19 Mean, people read their insurance policies to put themselves asleep at night. Well, could, because they would put them to sleep. But the bottom line is, they don't know about it. They don't want to know about it. Because16:29 anything you don't know about you up for a loss.16:34 Knowledge is to take advantage16:35 of you. Right. So let me give an example. Life insurance. And how exciting is that? Not. It's not exciting. Now think about this. Life insurance is not exciting. No 1 wants to talk about it. But it has more money than16:46 real estate, banking, and oil combined.16:49 What?16:50 Huge. Bigger than real estate, banking, and oil16:53 I didn't know that.16:54 Combined. So what are you talking about? Life insurance. Life insurance companies are the biggest financial companies in the world. Wow. Now, they got that money from17:06 selling different types of products and ways they've done things. Specifically, what we call cash value life insurance, where it has a cash value as opposed to term insurance. It's like you have a group, you know. You17:18 have a group policy. If something happens to you, just pays a death amount. So to give you an example why we need to learn these things, a typical 250000 dollars life insurance policy may cost17:29 you 3200 dollars a year. It means if something happens to you, it pays 250000 dollars to your spouse. Okay. But a typical term insurance policy pays out the same, dollars 250000 per17:41 year, but only cost 400 dollars a year compared to 3200 dollars a year.17:47 That's kind of what With cash value, I've always heard you're investing, you know, in17:51 your Yes, you're right. It does build up money. In fact, in the example I just gave you, it would build up 113000 dollars after 30 years. But here's the key you don't know, is if something happened to you, the life18:02 insurance company pays the death claim and keeps your cash.18:06 Which sounds like they're stealing. Really?18:08 That is exactly. And if you want the money out while you're living, you have to borrow it and pay interest on it.18:14 I wanna know, is the return on the money then? Borrowing it and you've been paying your own money into the policy18:20 all Well, Federal Trade Commission did a research, a 2 year study of that, and the average return was about 0.7 to 0.9 percent return. But the point I'm making is, is that's 1 little example in the insurance18:32 area. So if I was a company, would I want to sell 250000 dollars worth of liability for 400 dollars or 3200 dollars18:39 Right. Understand they've got to push the 3000 dollars18:42 You understand how they made a lot of money.18:44 Right.18:44 But so, there's things you need to know about insurance. Car insurance, homeowners insurance, all these different areas have losses when you do not know how they operate. And so, that's 1 of the things18:55 that we Ignorance is not bliss. Ignorance is not bliss. Even if it's an area you don't want to delve into, it's worth it because you're losing lots of money.19:03 Exactly. Something so simple as that, right?Show more
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