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*A Roth conversion may not be suitable for your situation. The primary goal in converting retirement assets into a Roth IRA is to reduce the future tax liability on the distributions you take in retirement, or on the distributions of your beneficiaries. The information provided is to help you determine whether or not a Roth IRA conversion may be appropriate for your particular circumstances. Please review your retirement savings, tax, and legacy planning strategies with your legal/tax advisor to be sure a Roth IRA conversion fits into your planning strategies. All rights reserved.
Video Transcript
Rebecca Powers 00:24
Welcome to On the Money with Secure Money with Brian Quaranta of Secure Money Advisors. Wonderful to see you all at home. Thank you for joining us again. And always great to see you, Brian, always great seeing you. All right, we promised last week because we ran out of time, but we are going to take a lot of your questions today. We love this question. So, keep them coming in. Libby, and so quickly wants to know, is it ever too early to start thinking about your retirement? If you’re only 34? Where’s the best way to invest? If you just came across an extra 5000? Nice. That’s a good deal. Yeah.
Brian Quaranta 00:56
Well, I always I always say debt first, right? It’s that first good idea that first before you do any investing, pay down our debt, pay down your start, pay don’t high interest rate credit cards, you know, I wouldn’t worry about mortgages. Okay, but higher interest rates, credit cards, definitely build an emergency cash reserve, and then you can start to invest. Right, those are that’s kind of the order that you should consider. Yeah, I know, you like annuity some of them? How much do you what is the minimum? Could you get an annuity at 5000? Or not quite? No, annuities typically are going to start around 50 to $100,000. But you know, if you just look, you know, what I’ve done for myself, is I started buying annuities when I was 36, I believe 36. And so I would, I would just buy, you know, small ones a little bit of time, like, you know, $50,000 at a time, and, and so if you look at what’s happening with those that I’ve purchased over the years, is it’ll create a paycheck for me when I get ready to retire, you know, now I could cancel them at any point in time, I want to take the money out if I wanted to. But I’m not going to do that. Because I’ve got to create a pension for myself, because the most important thing to me in retirement is the income that I can generate for my family. Because that’s going to be the money that we use to do all the things that we want to do so. And you know, me, I believe the number one thing that you’re supposed to be doing is taking care of and protecting your income more than anything else.
Rebecca Powers 02:24
Since we talked about annuities for a minute, we’ll take some more questions. Tell that Babe Ruth story, because that’s fascinating. Annuities have been around a lot longer than I realized.
Brian Quaranta 02:32
A long time. I mean, you can actually trace them back to the Greek Roman times. Wow. Yeah. So, but, you know, it was 1929. Right. Great Depression. Babe Ruth, obviously, best baseball player at the time. Probably ever, right? Yeah. And he, Major League Baseball, attendance was down about 40%. And so, people were concerned about what’s going to take place with Major League Baseball. His manager at the time, I believe his name was Christie Walsh, I could have that wrong, but convinced him to go see an insurance agent. And he said, I want you to buy an annuity that generates income for you. So, Babe listened to him. And he went and he purchased an annuity. And when he retired, that annuity generated $17,800 a year in income. It’s all in my book. By the way, the whole story is $17,800 a year in income, which if you look at that, in today’s dollars, it’s over $260,000 in today’s dollars. So that’s the power of those accounts. Right? Hey, Kenny. Yeah. And you know, look, they’ve gotten a bad rap for a long time. I’ve been screaming at the top of my lungs for a long time. How can anybody not like an account that guarantees and protects your principal and provide you with a guaranteed lifetime income? See, people don’t realize that we insure everything in life? Yeah, right. We insure our cars, we insure our health, we insure our homes. The one thing that needs to be insured more than anything, is your retirement income. Because if you lose your retirement income, that’s it. Life changes forever, right. So, getting that retirement income insured is absolutely critical. And that is exactly what that’s designed to do. Think about it. I’ve got little kids, right. You’ve got children. Yeah. If something happens to your husband, where does the money come from? to take care of them? We go out we buy life insurance. Right? Right. That’s what we do. We so you know, and if our house burns down, we have homeowners insurance to pay for that. Well, look, if you’re only have money invested in the market, right? And the market is not going well and you’re pulling money out. That’s like your house burning down, and you’re not having any money to replace that house. Exactly. Right. So, with an annuity, the guarantee that you get is from the insurance company and with the income If the balance of the account goes to zero, this is critical, Rebecca because if the balance of the account goes to zero, you still are paid the income, that is powerful. So, when I hear all these nasty things about annuities, it blows my mind. Right. But then I look at the sources that it’s coming from. And it’s coming from people that have agendas, look, but annuities don’t pay advisors a lot of money. You may think they do because people, right Oh, the guy just wants to earn a commission, yada, yada. Yeah. An advisor gets paid one time on an annuity. That’s it. That’s it. Somebody that’s managing your money is making one and a half 2% Every single year, they will make more money off view investing your money in the market than they will ever buy in you and annuity. When I was at the big box firm. I had brought up the idea of utilizing annuities as a way to protect a portion of the money.
Rebecca Powers 05:53
You’re so bright eyed and positive. Hey, how about we protect people’s money? They’re like, Who is this kid?
Brian Quaranta 05:59
Yeah, I know. Right? Right? They’re like-
Rebecca Powers 06:01
That’s a terrible idea, Brian
Brian Quaranta 06:02
Terrible idea. So, I really dug in, I said, Why are we not doing this? How can we not like an account that’s going to protect somebody’s retirement income? Right? You know what they told me, but they said, if we start moving money from the market accounts into the annuities, we will cannibalize the fees of the business. There you go. They admit it, they will cannibalize the fees of the business. So, imagine, let’s just say an investment advisory firm is earning a million dollars a year in an annual fees, right? Yeah, from their fees that they’re charging. Let’s say that they decide that they’re going to move 30% of their portfolio to annuities to protect their clients retirement income. That’s a 30% loss that they’re going to take on their reoccurring revenue.
Rebecca Powers 06:48
And they’re not doing that. They have massive overheads.
Brian Quaranta 06:50
Follow the money, follow the money, follow the money. It’s very, very simple. It’s everything in life follow the money. Yeah. And this is this is why you have such a bad rap. And look, there are bad ones out there that I would not purchase for myself, right. But there are really good ones that people should consider.
Rebecca Powers 07:05
Okay. All right. Let’s take another question. Oh, actually, let’s go to a very short break. And we’ll take more of your questions. Let’s give that number Brian and invite them in to meet you.
Brian Quaranta 07:12
Yeah, look, folks. For the next 10 callers who call in the right now we are going to give you a complimentary right track retirement review, where you’re gonna get a couple of reports prepared by a certified financial planner, and my team is going to go over that with you those reports are going to look at the fees that you’re paying, it’s going to look at the risk that you’re taking. And most importantly, it’s going to look at the probability of success of your plan. These reports are generated by very powerful software. And what’s great is that we don’t give you our opinion, all we’re doing is showing you the data. This appointment is absolutely complimentary. It’s free, I don’t know any other way to say it, all you got to do is do your part, though, call 1-888-382-1298. You could scan the QR code at the bottom of the screen. Or you can go to righttrackyourretirement.com. And you can schedule your complimentary appointment there. And as a bonus, I’m going to send you a copy of my book, which is called right track your retirement. And the reason I wrote this book is because for almost 25 years, I’ve been asked, Are we doing the right things? Are we on the right track? Do we own the right investments? If you didn’t have the right investments? If you weren’t on the right track? When would you want to know, come in and find out 1-888-382-1298.
Rebecca Powers 08:22
And he just said at no cost, no obligation whatsoever, give us a call. We’ll be right back more on how you can secure your money for retirement. So
Brian Quaranta 08:30
everybody can tell you how to invest your money. There’s not a lot of people out there and a lot of firms that can teach you how to use your money. Most people also tell you that they’re scared. And the reason they’re scared is because they’re afraid of running out of money.
Neil Major 08:44
The last thing you want to do is have a really good job and you’re in your 60s retire, be looking for work again in their late 70s.
Brian Quaranta 08:52
The average person might say, well, a good portfolio would be a good mix of stocks, bonds, mutual funds. A good portfolio is all designed around the five key areas, income, taxes, investments, health care and legacy planning.
Neil Major 09:07
Because we’re not just product pickers here. What we do best here is we build retirement plans.
Brian Quaranta 09:12
9 out of 10 people when they walk through the door would ask us, we just want to know if we’re on the right track. And I always say if you’re not on the right track, when would be a good time to know it? Probably now.
Neil Major 09:22
People, you know, can actually see a vision once we start to really build out their plan.
Brian Quaranta 09:28
This is about you if you’re not getting what you need, and you feel that when you walk out of the advisor’s office, it’s time to get a second opinion. And you can’t get a second opinion from the person that gave you the first the difference at secure money advisors as a fiduciary firm, we help you manage the risk, build the income and give you the retirement you dream of.
Rebecca Powers 09:58
Welcome back to secure money, On the money with Brian Quaranta. I’m Rebecca Powers. We’re taking your questions this week. And we thank you for sending those in, keep them coming. Mark and Mary in Moon Township want to know, what is the difference between passive management and active management? Yeah, you’re gonna learn this because I don’t even know what they’re talking about. passive
Brian Quaranta 10:17
Management is very simple. I mean, you know, an example of passive management would be like buying a stock market index fund, kind of like the S&P 500 index. So, you can go out to companies like Vanguard and fidelity and buy the S&P 500 index, that would just mean that you’re buying all 500 companies that are in the index, it’s passive, because it just means that all of your money is going to be spread amongst all 500 companies in that index. And there’s going to be no moving back and forth in and out to the markets, right, or in or selling off certain stocks and buying other stocks. Gotcha. So, you’re just going to kind of mirror whatever the market does, that’s, that’s passive investing. Great way, by the way, for younger people to invest. You know, and studies have shown that passive management, starting at a young age can be very advantageous. Now, as you get older, things change a little bit, right, because when the market starts to go down, you are not going to probably want to be in a passive management portfolio. Because if the market starts to decline, you don’t want to mirror a 40% life that the market could take. So maybe you would want to gear more towards active management to where you have an investment manager, managing and trading and actively moving money in and out of different stocks, different asset classes, or even coming out of the market altogether temporarily and going back in. And this is what professional management does. And if you’re working with a fiduciary firm, this is typically the type of strategies that you’ll use because they’re trying to mitigate as much risk and downturn as they possibly can if the markets don’t cooperate.
Rebecca Powers 11:55
Okay, that makes sense. All right, Ben. Oh, we have one from Ohio from Akron wants to know, I have $250,000 and more in my 401 K, when is the best time to do a Roth conversion? Do you do it all at once? And can you handle this for me? Or is it a schedule that I would need to do myself? I’m only 40. And I’ve never even thought about it till I saw your show.
Brian Quaranta 12:15
Yeah, yeah. Now now, now, now now. Convert, convert, convert, convert, especially if you’re young, and you’re 40. I mean, that’s like the perfect time because the quicker you can get that money converted from taxable wanted to tax free money, the longer you’re going to have for that tax free money now to grow, right, recoup what you had to pay out in taxes. So, the timing of retire, that sum of money should be rebuilt, and some, and now all your withdrawals from those accounts are going to be tax free.
Rebecca Powers 12:42
So, he should not do it himself. Because the mistakes I know, you mentioned this in your book, if you do too much, it can put you in a higher tax bracket, you can get penalized. And so, let’s talk about the tax ramifications for doing it improperly.
Brian Quaranta 12:55
For everybody, it’s a little bit different, right? So, I have Roth conversions that we’re doing over a five-year schedule, I have Roth conversions that I do immediately. But it’s all dependent on the individual’s tax situation, right. Because when you do a conversion, any money you convert is going to count as income in the year that you do that conversion. Right. So, you got to look at each individual situation like someone that might be, you know, 60, to 65, to 70, whatever in that range, right? Doing a conversion all at once, could cause a multitude of problems, meaning they would have to pay more taxes under Social Security, they have to their Medicare premium could go up because if you get too much income, your Medicare premium goes up, there’s a compounding effect that can take place. But overall, this is part of the tax planning, right? Because we want to go from taxable money to tax free money. So, you’re going to pay the taxes one way or the other. It’s either do you want to pay the taxes on the seed, or the harvest, I pay the taxes on the seed versus the harvest. So, I try to get the IRS out of my life as quickly as I can, by converting as much money as I can every single year so that my money is as much tax free as possible.
Rebecca Powers 14:08
And that 59 and a half, you know, some people say, Oh, the rich just get all the tax breaks. Well, they’re the educated, there’s the educated and the uneducated. We all have the same law. Yeah. Let’s talk about that wonderful 59 1/2 that the IRS allows us to do and that Roth conversion. Yeah,
Brian Quaranta 14:23
It’s interesting. You bring that up, because, you know, I always thought tax accountants knew everything about taxes. And what I’ve learned in my 25 years of practicing is that tax accountants know how to handle w two is to 90 nines, you know, LLC s. S corporations, but they’re really not that great with understanding the rules around retirement accounts.
Rebecca Powers 14:46
Or looking forward. They’re just looking at your back. Yeah,
Brian Quaranta 14:48
They’re saying, Oh, well, why don’t you make a contribution this year to your IRA, you can do a 6000 or $7,000 contribution and deduct it from your taxes, right? And so Okay, well, that’s great. They’re saving a little bit of taxes now, but they’re causing a big tax problem down the road, right. So, you know, everybody’s situation is different. And that’s why, in my opinion, you really got to get together with a good fiduciary firm that’s independent, that will customize a plan based on your specific needs.
Rebecca Powers 15:15
And you have everything under one roof.
Brian Quaranta 15:17
We do.
Rebecca Powers 15:17
So, Social Security questions you have an attorney that you do business with that can do yes, estate and legacy planning. I think that’s important for people at home to understand, you don’t need to go to all these different places, this really can be your one stop.
Brian Quaranta 15:30
It used to be that way. It used to be that way. Now, what you’re seeing is that a new generation of advisors is coming in. And the need for the for the individual client is that they don’t want to have to go to all these different places. So, you know, we’ve got estate plus Planning Specialists, we have Tax Planning Specialists, we have Medicare Planning Specialists, we have the financial and Retirement Planning Specialist. So, it makes things very easy. So, if all of a sudden somebody has a question about Medicare, I can walk right out of the conference room. Yeah. And say, Lisa, can you come on over here and talk to Mr. or Mrs. Smith, because they have a very unique situation with Medicare that needs to be addressed, right, or, you know, they’ve got a unique situation with the real estate that needs to be addressed. You know, I’ve got a lot of clients that have special needs children and special needs, trusts need to be set up and funded correctly, right, because, you know, special needs, children typically are getting some type of government money to help live. And if they receive a large sum of money, you could actually disqualify them for their benefits. And so, everybody’s situation is so unique, that you really need a financial team working for you. And my advisers and myself act as the engineers, the quarterbacks, the doctors, however, you want to look at it, right. And that’s the special, unique culture that we’ve built at secure money advisors.
Rebecca Powers 16:52
And it’s so great, because the left hand truly knows what the right hand is doing very important. Communication is definitely key. All right, let’s take a very short break, there’s the number, we’re going to put it up in just a minute 32888321298. It’s so important buy and explain this really incredible offer with absolutely no obligation or pressure. Yeah, so
Brian Quaranta 17:12
we’ve been doing this for years. So, it’s our right track retirement review. And during this review, we’re going to prepare a number of reports for you, we’re gonna have our certified financial planners prepare those reports, and they’re gonna go over a number of things. Number one is the risk that you’re taking the fees that you’re paying, and the probability of success of your plan, we’re also going to look for any unique tax strategies that you might be able to take advantage of to save on taxes. But you got to do your part, you’ve got to call us, and you’ve got to schedule your right track retirement review, call 1-888-382-1298, our team is standing by to take your call and get you scheduled. And also, as a bonus for scheduling your appointment, we’re going to send you a copy of my book, right track your retirement, the number one question I’ve gotten for almost 25 years is, Am I on the right track? Am I doing the right things? If you’re not on the right track? When would you want to know? Right? How helpful could it be to know now versus later 1-888-382-1298. Or you can scan that QR code at the bottom of the screen, that’ll take you to righttrackyourretirement.com. And you can schedule there, and also get a copy of my book absolutely free.
Rebecca Powers 18:15
And if you’re on the right track, they’ll tell you that as well. Maybe just a little tweak here or there and they’ll be happy to Alright, stay with us more on how you can retire with secure money right after this.
Brian Quaranta 18:25
So, everybody can tell you how to invest your money. There’s not a lot of people out there and a lot of firms that can teach you how to use your money. Most people also tell you that they’re scared. And the reason they’re scared is because they’re afraid of running out of money.
Neil Major 18:39
The last thing you want to do is have a really good job and you’re in your 60s retire, be looking for work again in the late 70s.
Brian Quaranta 18:47
The average person might say, well, a good portfolio would be a good mix of stocks, bonds, and mutual funds, kind of a good portfolio is all designed around the five key areas income, taxes, investments, health care and legacy planning.
Neil Major 19:02
Because we’re not just product pickers here, what we do best here as we build retirement plans,
Brian Quaranta 19:07
9 out of 10 people when they walk through the door would ask us, we just want to know if we’re on the right track. And I always say if you’re not on the right track, when would be a good time to know it. Probably now,
Neil Major 19:17
People, you know can actually see a vision once we start to really build out their plan.
Brian Quaranta 19:23
This is about you. If you’re not getting what you need, and you feel that when you walk out of the advisor’s office, it’s time to get a second opinion. And you can’t get a second opinion from the person that gave you the first of the difference at secure money advisors. As a fiduciary firm. We help you manage the risk, build the income and give you the retirement you dream of.
Rebecca Powers 19:53
Welcome back. We’re talking about securing your money for retirement. You do not have to watch the news and get sick to your stomach. You don’t have to be sick here to open that portfolio. There is a way to secure your money. This week, we are taking your wonderful questions. And we really, really appreciate those. So, keep them coming in. Okay, Jared wants he didn’t say where he lives. But Jared says, If I already am 72, but have not turned on my social security, is it too late? I was trying to maximize, but I enjoy working. Should I stay part time? What do you suggest?
Brian Quaranta 20:23
So, he’s the same? He’s 72? Yes. Oh, he’s still working.
Rebecca Powers 20:27
And he hasn’t even turned on his Social Security. So that’s a good thing.
Brian Quaranta 20:30
Yeah, I would probably say that’s probably a little bit of a mistake, because 70 is where your security maxes out. So, by waiting any longer than that you’re not you’re not benefiting at all, right? So-
Rebecca Powers 20:41
I’m sorry, you’re saying it’s 70. It’s that little 8% increment that
Brian Quaranta 20:46
Yeah, it’s maxed out, that’s where you get your maximum amount. So okay, so like, he says, he enjoys working. Yeah, but that’s okay. So, this is very important for people to know. So, there’s two main ages with Social Security, right? That are very important ages. First is your full retirement age, they call that on your Social Security statement, and it’ll be on there as your FRA. Okay. And you’ll see these weird words on your security statement says You’re entitled to your PIA,
Rebecca Powers 21:11
And your FRA, the government’s good with acronyms.
Brian Quaranta 21:15
FRA stands for your full retirement amount, and your PIA stands for your primary insurance amount, which just means the amount of monthly income you’re gonna get from Social.
Rebecca Powers 21:23
Okay, why don’t they just say that.
Brian Quaranta 21:25
I know, okay, I agree. But at your full retirement age, Social Security will allow you to start collecting your Social Security and make as much money as you want, without analyzing you. Good, okay. You can also you can now you can do that, from any age, from your full retirement age, all the way up to 70. Right and beyond. So, you know, for this individual 70, he should have been collecting very easily, because he’s getting his full amount, and he could have been collecting and getting his work income. Right. So now what he’s doing is he’s now reducing his probability of actually collecting a decent amount, because who knows what without? Who knows how long he’s gonna live? Right, right. So Social Security is one of those things, we got to remember that it’s only guaranteed while you’re living, right, so one of the biggest factors that comes into play when deciding when to take your Social Security is not the actual Social Security amount itself, it’s really your health. Right? How good is your health because if your health is not that great, or you don’t have longevity on your in your family, then collecting it sooner than later might be to your advantage, because you might not be able to collect long enough the breakeven on Social Security is like 78, you know, the difference between collecting at 62 versus your full retirement age is like 78. And then the difference between your full retirement age and 70 gets out to like 80. So, and the average the average life expectancy of a male in Allegheny County is like 78 years.
Rebecca Powers 22:54
But if he’s still working at 72, he must be in great shape.
Brian Quaranta 22:58
Yeah, but I would tell him to turn it on. You know, unless there’s a unique situation that he’s not disclosing to us, right? and this is why I think he needs-
Rebecca Powers 23:06
To come in and meet you.
Brian Quaranta 23:07
Yeah, don’t sit there, go see somebody.
Rebecca Powers 23:09
Right. So, I guess I was misunderstanding I thought from 70 to 72. His situation would be, that would be money in that pot. Yeah. But it doesn’t work that way.
Brian Quaranta 23:19
No, doesn’t work that way. Doesn’t work that way. I mean, so, if he’s working, right, if he’s working time, he’s still paying into Social Security. But he’s better off collecting at 73. He really is, he’s not going to get much leverage by continuing to work. Not only that, but if he’s got, you know, qualified retirement accounts, like IRAs and 401 K’s though, and he retires now, you know, he’s got a whole nother problem, because he’s gonna have to take these required minimum distributions. Now, he wouldn’t have to take it from a 401k If he’s working, right, but he would have to take it from his IRA. This is where it gets really twisted. Right.
Rebecca Powers 23:54
So, much of it is twisted. That’s why it’s so important. These intricacies, you know, you can go down so many wrong paths with without even realizing.
Brian Quaranta 24:01
Yes, this is where people need to realize that not all advisors are created equal. I think people think that all financial advisors do the same thing. And it’s just as in the case, you know, our clientele is 55 and older. The only reason we’re working with somebody younger is because our client referred their daughter or their son or their grandson or their granddaughter or whatever. But our strategies are for those that are 55 and older. And that’s where we focus because there’s a lot to focus on. And you cannot be a master of all right, you have to be famous. And this is why doctors you know, specialize you know, you’ve got you got neurosurgeons heart surgeons, nice, you know, hand surgeons, I mean, they specialize in all kinds of areas. So, in financial planning, it’s the same thing. We focus on the distribution phase of life, which is just called the time of life when you’re going to need your money, because there’s all these rules right after 59 and a half, you can start withdrawing money from your retirement accounts without a 10% penalty. But here’s another rule at 59 and a half, most people don’t know, but a 59 and a half, you can do something called an in-service rollover from your 401k, which means you can still be working right, you could still be working for your employer. But you want to start shifting from the accumulation phase to the distribution phase, a 401k is not designed to do that. But if 59 and a half, your employer will allow you to roll over your 401k, no taxes, no penalties. And it’ll allow you to position that money for retirement, rather than keeping it in a risk account. Now, the 401k doesn’t close. So, you can still get your contributions, you still get your matching, and maybe five years go by, but you’ll have this chunk of money here that you rolled out five years ago, that’s protecting your retirement, and maybe this money right here has grown a little bit because of contributions and growth. That’s a big one, right that most people don’t know, these people know, you can do that. And then at 65, you got to decide, you know, you gotta you gotta collect on Medicare, right. And if you don’t sign up for Medicare, even if you’re working and you don’t sign up, you can get penalized for not signing up. Because, right, you know, at 70 and a half, it used to be to take your RMD now, then it went to 72. Now it went to 73. Now, and then it’s gonna go to 75.
Rebecca Powers 26:18
And major penalties if you don’t do that RMD is required minimum distribution, another deadline that if you’re not on the ball, you might miss. Yeah, right. I mean, do they send you the letters.
Brian Quaranta 26:32
Ultimately, the IRS says it’s your responsibility to take your required minimum distribution, right? Whether you want to or not, you know, you might not need it, but they say you’re gonna have to take it if you don’t, for a long time, that penalty was 50%. I think they’re reducing that now. But folks, this is why you have to get yourself with a good fiduciary firm, someone that focuses on providing you with a written plan. So for the next 10 callers who call in right now, we are going to give you a complimentary right track retirement review. There’ll be a number of reports that we prepare for you by our CFPs. And we’re going to go over that on my team. And I will go over that with you walk you through these. And we’re going to look at the risk that you’re taking the fees that you’re paying, and more importantly, we’re going to look at the probability of success of your plan, getting you through retirement. This way you can see where you are, and if there’s any adjustments, we can see where those adjustments need to go. The Appointments absolutely free, no obligation, do your part call 1-888-382-1298 and scheduled today. And I also will give you a complimentary free copy pay for the shipping and handling of my book right track your retirement scan the QR code. I think we’ll see you again sometime next week.
Rebecca Powers 27:35
Right? Absolutely. And thank you so much for joining us. You can always send in your questions. We’d love that. There’s a number again 883821298 This could be the most important life changing call you ever make. We’ll see you next time. Hope you learned a lot!