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Do you want to spend time with our good friend
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Scott McCombe on the Legacy Retirement Group dot com phone line. Scott,
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of course, the former president of Hartland Bank. Mister McComb
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Good morning, sir, how are you hey?
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I'm doing great, Mike, how are you doing this morning?
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Great to hear your voice, my friend.
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And you spent some time with the Congressman Troy Balderson yesterday.
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This was a round table conversation on the national debt.
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Uh yeah, yeah, Troy, Representative Boston had a hat a
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round table. He invited Lloyd Smucker, who is a he's
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the chair of the Ways and Means Committee in the House,
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and that's really who, you know, kind of pulls the
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purse strings in Washington, and they're the ones who decide,
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you know, where the money goes and and and how
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and such and so forth. And obviously they have not
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been very successful as of late, because we have we
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have a national debt. It's at you know, thirty nine
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point two trillion dollars as of today and and running.
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If you ever go to Usdebt clock dot org, you
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can just watch the national debt run. It kind of
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art's making your blood pomp a little bit, you know,
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when you just watch that clock continue to spend.
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But how does that, how does that affect How does
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that affect the average you know, guy and gal listening
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this morning on their way to work or wherever you
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hear about you know, that number. It's it's it's hard
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to wrap your brain around that big of a deficit.
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How does it almost feels like monopoly money? Scott, How
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does that affect everyday people?
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Well, the thing is, you know, most people just don't
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even think about it. They don't want to think about it.
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It does affect this because it directly, it directly affects
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the quality of government services we're getting from our federal government.
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So if you think about it, if you're paying you know,
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more and more dollars to get you know, a certain service,
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So just if we if we can just take it
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down to the individual consumer. For instance, why would you
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go to a car wash and pay you know, thirty
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dollars for a car wash it doesn't wash your car. Well,
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that's kind of the same thing that's happening with services
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from the federal government. We're paying more and more for
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these services and and it it really they're just without
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a balance budget amendment or a balanced budget each year,
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you know, we are getting less for our money. And
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then the interest carry simply on that debt or on
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the on the past bill is just astronomical. So people
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really need to start paying attention to it. And and frankly,
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if they ran their own household that way, you know,
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they wouldn't be around very long, right, they'd be they'd
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have to file for bankruptcy.
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I was just gonna I was just going to bring
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that up speaking to one of the good guys, Scott
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become former president Heartland Bank. So what what can what
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can we do about it? I mean, it's such a
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big number, it seems insurmountable.
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All right, well let's just break it down. So you've
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got you know, instead of talking about the national debt,
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and again I would encourage you to go to US
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debt clock dot org. There's all kinds of things you
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can click on there. You can go buy state, you
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can look at it over time, you can go there
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have this time machine button that's really interesting, and you
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can you can get down in some really good rabbit
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holes there. But taking that to your personal finances, first
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things you have to have is a budget you know,
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even if you do well and you and you don't
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spend as much as you make, it's really important for
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you to have a budget. Most people that's not the case, right,
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They're they're pinching pennies, especially with gas prices and stuff.
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You got Rember gas prices now though aren't nearly
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as
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high as they were, you know, back in twenty twenty two,
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you know, during the and that was self inflicted. This
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is you know, from a war. So but things, you
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have to have a budget, right, and and then you
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have to measure your net worth to your cash flow
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probably twice a year at a minimum, and share that
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with your significant other so that you kind of know
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whether you're bleeding, whether you're saving. You know, those kind
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of things are very very important, those those two steps,
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having a budget and then revisiting where you're at at
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least bi annually with your network statement and your cash flow,
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just to see where you're at. And then there's several
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tricks that you can have too, like like if you
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get a raise. You know, most most folks on an
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annual basis, you know, or buy annually whatever they're going
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to get a raise. Well, whenever you get that raise,
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let's say it's a three percent, Take ten percent of
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the of the three percent that you get and increase
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your four oh one k allocation or or increase your
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your amount that you're putting into a savings account or
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something of that nature, because you won't miss that income
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if you never had it right, It's called the ten
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percent trick. Another thing is insurance deductibles. You know, when's
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the last time, Mike, you wrecked your car?
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I'm thankfully knock on what I never have?
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Okay, what's your deductible on your insurance?
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Off the top of my head, I couldn't tell you.
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Well, most people picked what the guy gives us. You know, right,
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the insurance guy knows he gives us a two fifty deductible. Well,
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you're paying more in a premium every year because you're paying,
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you're getting a lower deductible. If you have a wrecked
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your card. You don't even remember the last time you
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wrect your car. Go for one thousand dollars deductible. You
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can can, And that way you can save money just
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every month on your on your auto insurance. Another one's
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review your subscriptions. Oh, get out your credit card statement,
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get out your checking account statement and does see what
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you're spending your money on? Do I have to do
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it every month? And it obviously the later in life
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you get, the more you're doing that. But but one
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big one in phoneship or subscriptions now is your phone bill.
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Everybody on the planet has a phone, whether government gives
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you one for free when you cross the border, or
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or whether you're paying for it yourself like everybody else,
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then then you you have a phone bill. Right. All
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the phone carriers now are super aggressive with with some
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of these other you know, off brand, not AT and T,
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not Verizon type carriers. And I mean I saved like
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eighty dollars a month just by saying, hey, I don't
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think I'm going to switch it, Well, no, don't switch here,
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We'll drop your bill. And so just go ask and
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look at those look at those things. The other thing,
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finally is that your credit report. So if you look
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at your credit report, you'll actually see you may even
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find some credit or some bills you didn't even know
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you had, or or you might get mixed up with
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someone else's bills and so all that kind of stuff.
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Though you know, paying attention to those finances on a
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bi annual or a quarterly basis is going to save
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you a ton of money.
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Great tips, I mean, and just the notion of paying
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yourself first before you know, if you get that that raise,
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maybe a small raise, but don't run out and buy
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some shiny new toy. You know, pay yourself first, is
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you know what I'm hearing from you there? And then
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really important, I love the whole review your subscriptions. I mean,
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think about how many streaming packages we have nowadays and.
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Oh yeah, I mean just think about it. I mean,
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you want to watch the game. Oh
geez, I got
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to watch the game, so oh, I'll do the I'll
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do the free thirty date next thing. You know, you
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got six of those and you didn't even know you
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were paying it. I had a family member that will
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remain nameless was paying, and of course you could narrow
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it down because there's not too many of us, but
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he was paying. He was paying, now I really there.
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He was paying renters insurance on an apartment he had
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in college and he've been paying it for eight years.
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Yeah.
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It's like just take a look, you know, and see
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where that is, and you'd be surprised how much you
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can sweep you know, you can sweep out from underneath
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the rug and put back in your pocket.
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Yeah, I mean canceling some of those subscriptions you don't
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use me not seem like a lot. Okay, okay, great,
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I just saved twelve bucks a month, But that I
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mean two or three of those that starts to really
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really add up. And that's extra cash in your.
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Pocket, oh exactly, and it adds up quick. And there's
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this again so many ways. Now people do a lot
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of direct debit from their checking account, so they don't
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have to write bills, they don't have to trust the
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US Postal Service that you're going to get your bills
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there or your checks there on time. And so that convenience, though,
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creates a little bit of a mask of what's actually
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happening inside your account. So it's always good to review.
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And you know, when I was at the bank, and
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of course I'm still on the board there, it was
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notorious that customers would not review their statements. Yeah, it
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was just a fact. And we'd send out a notice
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to somebody, Hey, this is going to happen on this date,
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and the phone would just ring off the hook at
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that date. What you didn't tell us no, it's not
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a statement. Oh I never reviewed my statements, and it's
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just a common thing that people wouldn't review their bank statements.
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It's real important that you do that and to save
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yourself time, money, fraud, all kinds of different bad things
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that can happen to you