EPS 7 - Annuities 101 (with Dalton): Plain-English Basics, Risks & When They Fit

SPEAKER_02: 1:06

Welcome to the Pink Money Podcast. I'm your host, Jerry Williams. And in this podcast, we talk about all things about money from a gay perspective. And today, we're going to talk a little bit about annuities. And the reason why is because I've had a lot of questions about them, kind of how they work, what they are, etc. So I brought someone in here who I think is going to help move this conversation forward and I think the kind of questions I'm going to answer probably are very universal. So I think this will be helpful to a lot of people. So I brought Dalton in here.

SPEAKER_03: 1:41

Hello.

SPEAKER_02: 1:43

So I know that we've talked about a lot of different things and you have some knowledge, right, about annuities. Kind of tell me where this interest germinates from.

SPEAKER_03: 1:55

It's more so like know it's not something you're taught in school um you're not really taught what an annuity is from my understanding well if you are then i never took that class and so just you know as i'm getting older these are things that i'm wanting to maybe consider um you know if i have a certain amount of money so basically like what it is why would i want to use it and you know Have

SPEAKER_02: 2:24

you heard that term somewhere before? I mean, did your parents or you read about it or, you know, what did you have? I guess what I'm looking for is what kind of familiarity do you have with it at all?

SPEAKER_03: 2:35

Not much. Just like on TV, you know, or commercials. Just I've just heard the term fly around before, you know, but I just quite it's just like one of those words that you hear and you're like, OK, that sounds interesting. Maybe. I don't know what it is, though. Right. You just push it off.

SPEAKER_02: 2:55

Well, you know, when I think about annuity, the thing that pops immediately to mind is like when you buy a lottery ticket, because when you buy a lottery ticket, they always ask you, do you want a lump sum or do you want payments? And a lot of people choose the lump sum. But, you know, if you kind of want to stretch this out and make sure you don't run out of money, then annuity is a better option. And that's what annuity is, is a series of payments. You drop in a lump sum of money, and then the insurance company who is the creator of this product, they will then start sending you a series of payments. And that can last for a certain period of time, or it can last for your lifetime. And when people receive an annuity like that, it's beneficial often to people because they don't want to run out of money and if this is structured over your lifetime then you will not run out of money now whether that's all the money you need for the rest of your life or not i mean that remains to be seen but does that make sense

SPEAKER_03: 3:56

yeah so basically like people like me who are bad with money don't want to take the buyout right away because i might go buy a house in france egypt paris a lamborghini things that i right shouldn't be buying And the annuity is going to make sure that I can't buy those things all at one time.

SPEAKER_02: 4:13

How many times have you heard those stories about lottery winners going broke?

SPEAKER_03: 4:17

Yeah, most, I think, I don't know. I don't know the statistics, but I think it's like over half.

SPEAKER_02: 4:22

And someone even like, you know, MC Hammer, you know, what happened to him? He blew all of his millions and ended up broke too. Yeah. So... You know, it's not that it's necessarily just for people who are poor money managers, but it can create a lot of good opportunities because annuities have been around for a long, long time. I mean, probably since, you know, somewhere in the 1800s, but all annuities, and there's a wide variety like index annuities, variable annuities, fixed annuities, but all annuities have two common phases, accumulation and distribution. You're putting your money in, you're pulling your money out. And that word annuitization, just like we said, is a series of structured payments over time.

UNKNOWN: 5:11

Okay.

SPEAKER_03: 5:11

Go ahead. I'm going to interrupt you real quick, just to make sure that I'm following along correctly. So in the beginning, you said you could drop a good amount of money into it. You know, so as you're saying right now, what was the word contribution that you used?

SPEAKER_02: 5:26

Yeah, I'm just... Can you

SPEAKER_03: 5:28

continue to do that or... over

SPEAKER_02: 5:30

time or maybe it depends. Okay. It depends because there's, there's the contract that you buy will state what you can do. Like for example, you can buy, and I don't, I really don't know if this exists today, but you used to be able to buy like a two year annuity or five year annuity or a 10 year annuity. Most likely five and 10 still exist. Two years. I'm not sure anymore because interest rates are pretty low, but they used to be at a, period where they were fairly high and you could get a two-year annuity and it would pay decently and what that means is let's just say you dropped in a hundred thousand dollars on a two-year annuity at the end of that two years you get your hundred thousand dollars back and you get the interest that you've earned over those two years so that two years obviously you've earned a little bit of money And let's just say it's$1,000, just a simple example. So that$1,000 you earned on your$100,000, you won't pay any taxes on that$1,000 until it comes out. And that depends how you're going to take it. So are you familiar with a certificate of deposit? Do you know what that is? Nope. Never heard of it. A certificate of deposit is what a bank will offer. And meaning, if you want to grow your money, typically one way to do it is put it in your savings account, right? And you can slowly try to, you know, build up a little pot of money. But if you want to earn a higher interest rate, typically a certificate of deposit is the way to go with a bank. So what they do is they take that lump sum of money that you give them and they lock it away for a certain period of time and they pay you a certain interest rate. So with the bank, does and why they like CDs is because they take that money then and they're able to invest it out there in the great big world. So they'll lend that money to people who want to buy a house, people who want to buy a car, people who want to build whatever project they're working on. So they make money then on They're lending practices. They pay you what they need to pay you because they're holding your money. And then, of course, what they earn, that spread, they keep the difference. So that's beneficial to the bank. It's beneficial to you only in the sense that you know your money is safe and secured. If it's with a bank, generally it's FDIC insured. So should the bank go belly up, you get your money back. But you get that interest on top of it. So that's a very, very conservative way to grow your money. Now, in today's interest rate environment, those CD rates are going to be really, really low. It's not like you're going to get a 10% interest rate on a CD at a bank. That's not going to happen in today's world anyway. That would have to be something maybe in the 70s and 80s, and that's been a long, long time ago. So a CD, again, you just drop a certain amount of money, and for a certain period of time, you get a certain interest rate. And at the end of that time, you get your money back and the interest. So far, so good?

SPEAKER_03: 8:31

Kind of. I'm a little confused because... What is a CD different? How is that different than an annuity?

SPEAKER_02: 8:38

So when the CD comes due, right, at the end of that term, you just have your principal plus your interest. That's all you have, which is fine, right? Because you got$1,000 in the interest in my$100,000 example, right? So you have to decide at the end of that, what do I want to do? Do I want to buy another CD? Do I want to buy real estate with this? Whatever you want to do with that money, right? Because it's no longer growing because the CD is over. So far, so good? Yeah. Okay. So if let's say I had$100,000 and I wanted to grow it, but at the end of that term, I decide that, hey, you know what? I really don't need this money anymore. today so i can continue to just essentially buy another annuity for another period of time or i can annuitize my contract and turn it into a series of payments that option of annuitizing your contract is not an option that's available with a certificate of deposit at the bank The bank just says, again, you give me a certain amount of money for a certain period of time at this certain interest rate, we're going to pay you that for that time frame, be it one year, two, five, ten, whatever it is, whatever length of time they offer these CDs for. So in an annuity, the other benefit that you have, and these can be qualified, non-qualified annuities, and what I mean by that is generally when you put money into an annuity account, You have a tax-deferred feature to it, meaning you don't pay any taxes on any of the gains or the interest you receive while your money is in the annuity. You will only pay taxes on any gains or interest you receive when the money actually comes out of the annuity, whether it's in a lump sum or whether it's in a series of payments. And if you, let's say, receive it in a series of payments, you know that the$100,000, you've already paid taxes on that, right? Because it came out of your checking account, right? You probably got it from working, and you've already paid taxes through your employer, and your employer withheld taxes. So that$100,000, you've already paid taxes on it. So when it comes out of this process, annuity you don't want to pay taxes on that again because you've already paid taxes on it once what you haven't paid taxes on is the gain that interest so when you start annuitizing this contract you're going to get your principal back and you're going to get a little bit of that interest back and that interest that's never been taxed will ultimately be taxed at the time you take it out so far so good

SPEAKER_03: 11:43

a little bit yeah i mean i'm Trying to follow along as best I can.

SPEAKER_02: 11:46

So you may choose to annuitize your contract or you may not. Depends on the type of annuity you get into. So it could be an option or it may not be an option that you exercise. It's really up to you. So generally, people will buy an annuity... when they want to receive a series of payments immediately or sometime in the future. There's such a thing called a single premium immediate annuity. And let's say you inherited$100,000 from your Grandpa Joe, because you are such an awesome guy, right? He loves you. And you inherit$100,000 from him. Now, again, going back to our example earlier, maybe if you don't trust yourself to spend this wisely... then maybe the best option is to create an annuity where you start receiving structured payments. That's great because, again, this can go over your lifetime. Now, it doesn't mean you're going to get$100,000 a year. It depends on your life expectancy and what the insurance company will ultimately pay you. So you could receive it for just, let's say, 10 or 20 years, and then you will get, you know, those payments based on those number of years every single month.

SPEAKER_03: 13:08

So let's say for instance, you know, I decide uncle Joe gives me my money and I, I throw it in an annuity and I start getting payments. And then lo and behold, let's say a hospital bill comes up or I need to buy a new car or something like that. Are there ways to, Depending upon a contract, I guess you're saying you can get more money or less money? Or is it just a fixed rate usually all the time?

SPEAKER_02: 13:31

Well, let's say you're an employer, right? At your job, if you have a medical bill that comes due or your car breaks down, are you able to take a cash advance from your employer? Not usually, right? No. They will say, go to the bank and get a loan. Because... They're not in the business of supporting your debts. They are just paying you to do a certain job at a certain time. They don't generally pay you in advance for doing your work. And again, we're talking in general terms. But they're going to pay you when the work is done. So an annuity is similar in the sense that when this money goes in there, it is locked away. And the only way you're really going to get it is when that contract ends. or you annuitize it. So that's the only way to get it. If you had, just like you said, a medical bill that comes due, you're going to have to get a loan or you're going to have to find some other means to pay that. Now you can pay it off in monthly installments because you're getting monthly payments from the annuity, which also can be changed either to monthly, biannually, annually, however you want to get it. But again, typically it's month by month. So again, it creates a paycheck for you whether you work or not. It's very useful when you retire and people who are no longer receiving a paycheck because they quit their job, right? They retired. They take the money that they've saved for retirement and oftentimes they will create an annuity for themselves so they continue to receive income every month. Now, some annuities... and it depends on the contract, may allow you to take out 10% of what's in your annuity every year. So let's say, again, that you got$100,000 and you bought a five-year annuity. So at the end of that five years, you get your principal plus any gains, right? But if something happens after the first year, you typically can go in and take 10% of what's in there out. Now, again... You'll never get taxed on what's already been taxed because that doesn't make sense. You shouldn't be getting double taxed on anything. You only get taxed on the gain. So if it's first in, first out, then that's what you're going to get. Your principal and then you get the interest. If it's last in, last out, then you're going to get the interest first and then your principal. But nevertheless... You don't get taxed on money that's already been taxed, only what has never been taxed. And so the beauty, again, of an annuity is that you get structured payments and you only pay taxes on what's never been taxed before. So there's different annuities that are structured in different ways, and that depends on what you want to buy and how much risk you're willing to take. Like, how would you describe how much risk you are comfortable taking with your money?

SPEAKER_03: 16:42

Um, it really just depends, um, how comfortable I was in my knowledge of what I'm using it for or doing with it. And, um, you know, whether I know that it's safe, you know, if, if I don't know if, you know, so-and-so is going to end up under belly and I'm not going to get my money back, why would I do that? Unless I feel like it's trusted. So I guess risk factors, it's, It really just depends. I mean, I think a lot of people like me are very skeptical when it comes to things because they, A, like me, I don't have the knowledge. Right. I went to school to do hair and makeup. You know, you ask me how to do an up to a ponytail haircut.

SPEAKER_02: 17:28

Boom, I gotcha.

SPEAKER_03: 17:29

Bam. And me explaining it to you might... be different. And so, you know, being a financial person yourself, you get it a little more. So you are probably more apt to risk versus like, you know, me and people that I know that just have no idea. So there we don't want to spend the risk there. I just want to like put it in a savings account. So at least I know it's there.

SPEAKER_02: 17:52

Well, let's just say, for example, on a scale of one to five with one being conservative and five being aggressive, where would you see yourself on that scale like that? Probably a five. Aggressive.

SPEAKER_03: 18:03

Oh, one being a five. I'm sorry. One

SPEAKER_02: 18:05

being conservative and five being aggressive.

SPEAKER_03: 18:07

2.5. Oh,

SPEAKER_02: 18:08

so kind of moderately aggressive. Moderately conservative.

SPEAKER_03: 18:11

Yeah, I might do it. A little risk, but not a lot of risk. I'm not going to go full-blown. So

SPEAKER_02: 18:18

that being said, let's just stick with that. So generally, if you were to go with that certificate of deposit at the bank, you know you're not taking any risk at all, right?

SPEAKER_03: 18:27

Yeah.

SPEAKER_02: 18:28

Because it's FDIC insured, and whatever happens at the bank, you know that the government's got you. They're going to back that up. You're always going to get your money back. but you're also going to receive little interest because there's no incentive for the bank to pay you more.

SPEAKER_03: 18:44

There's no risk.

SPEAKER_02: 18:46

There's zero risk.

SPEAKER_03: 18:47

Okay, so you were saying, like, I guess from what I'm understanding real quick, I'm just... Go ahead. Let me know if I'm backtracking. Like, a CD is going to be, like, zero risk. Right. An annuity might be, let's say, like, a 1% risk. So... On that 1 to 5 scale,

SPEAKER_02: 19:03

depending upon... Let's take it a step further, then. on the level of risk, annuities can also be very little risk, very conservative, and they can also be very high risk. So they cover that entire gamut because a fixed annuity is just going to pay you plain, simple interest, whereas a variable annuity or an index annuity, those are based on the market, meaning your$100,000 that goes into it is purchasing stocks and bonds via mainly mutual funds that go up and down. So you can have ones that are very concentrated, all aggressive, very heavy invested in stocks. One that's more balanced that goes between stocks and bonds and everything in between. So, Generally, when you're looking at something moderately conservative, you're going to be somewhere on the spectrum of, let's say, an 80-20 mix, 80% being bonds, 20% being stocks. Because stocks and bonds kind of act like a teeter-totter. Stocks go up, bonds go down in general. So when you have them both together in your portfolio, you have a little bit more balanced portfolio. If you're on the more conservative side, then we're going to have more bonds. The more aggressive side, we're going to have more stock. So in an annuity, these are... insurance products offered by insurance companies somewhere like a new york life or an aig or allianz somebody like that so should this insurance company go belly up there's no guarantee backing this now and i'm talking general terms there's you know some Pools of money, they're available, et cetera. But let's just say, again, these are definitely not FDIC insured. So there is an element of risk. So when you go into an annuity, you really want to make sure that whomever the company is that you're buying it from that is a very solid, stable company, and you can check with the insurance commission and see their ratings, whether it goes AAA, AAA, et cetera. You want to make sure that they're a very highly rated company, very strong, They're going to be there when you need your money. That's not something you really typically have to do all on your own unless you just really want to do that. When you work with a financial professional, they should be showing you an annuity that's from a reputable company and be able to give you the confidence that if you're going to put your money in it, you're going to be able to get your money out of it.

SPEAKER_03: 21:36

More like a pen to paper kind of– not like– are you saying like to show you kind of like lay it out point blank versus just like talking like an exact example versus– because what I've gotten from what you said is there are many different types of annuities. Right. So they can show you specific annuity. that would be beneficial to you. Right. So basically what you're saying is you need a financial advisor.

SPEAKER_02: 22:03

Well, just like you said, you know, I mean, I can go home and I can cut my hair myself, right? And God only knows what that's going to look like. Or I'm going to box dye my hair and see what happens there. And the results are going to be what they are. And you know that you've done it yourself. Exactly. Because a professional is going to be able to see the mistakes that you've made and go, Maybe you should have come to me. Yeah. Let's fix that.

SPEAKER_03: 22:29

Same in, you know, the financial world. That's right. I can invest all I want. All

SPEAKER_02: 22:33

you want.

SPEAKER_03: 22:34

But I might not be doing it right.

SPEAKER_02: 22:36

Well, because it's all on you. Who do you have to blame? Myself. Yourself.

SPEAKER_03: 22:40

Because, you know, there's a lot of other things. I know we're talking about annuities, but, you know, and later, like, you know, they have different options later in life, like 401ks, IRAs. They have a whole bunch of different things. So... I would think that just having someone that knows what they're talking about would be probably the best option.

SPEAKER_02: 23:03

Absolutely, because when you're looking at the realm of investment choices, you could invest your money in anything and everything. Land, gold, stocks, you name it. Art, who knows? Anything and everything your heart desires. But you don't generally want to... go out there and throw your money into anything and everything. You want to have it concentrated so it works harder because money working together works better. So when you work with a financial advisor, they should be able to tailor their recommendations to you based on their knowledge of you. So they're going to do what's called a suitability review where they learn all about you. They're going to ask you things like, Do you file your taxes single, married, married filing separately? What is your annual income? What is your tax bracket? What is your net worth? What's your liquid net worth? And even if you don't know all those things, they're going to walk you through it because they're going to gather all that information. Everything you're feeding them is what they need to know to tailor these recommendations specifically to you. Now, they are under a compliance umbrella as well, so they know they have to obtain this information because their company... Definitely does not want you getting into any kind of a financial product and you turning around saying, I don't know what I'm doing. I don't know how I got into this. I want my money out. Yeah. That's not helpful to anybody.

SPEAKER_03: 24:37

Yeah. Because, you know, when people get scared, that's what they do. Right. You know, the... not my grandma but my friend's grandma all her money was underneath her mattress

SPEAKER_02: 24:49

yeah and what happens if the house burns up

SPEAKER_03: 24:52

and it goes with it but she didn't trust people she didn't trust banks she trusted underneath her mattress because she knew it was there you know so sometimes it can be scary right especially in the digital world that we live in today and you know you can see it digitally there but is it physically there like tangible it can not be you know so like sometimes those things especially like me i'm In my 30s, you know, I didn't think about these things. During my 20s, I thought about, you know. Having fun. Yeah, making money. Yeah, going out and. Partying. Having a good time. I didn't, until my bones started creaking, like, then I'm like, oops. Right. I started thinking about my future.

SPEAKER_02: 25:33

Well, especially when you are in the profession that you're in. Yeah. Most often, there's no safety net for you. Yeah, like. Getting no pension. There's. Probably maybe not even a 401k that's available to you.

SPEAKER_03: 25:47

It just depends on which company you work for. It's gotten a lot better in the beauty industry, thankfully. But, I mean, where I currently work, and I currently work for myself as well, I can't offer myself a 401k. No? I have to go to a company, you know.

SPEAKER_02: 26:04

Well, you can create your own quote-unquote 401k. Or an annuity. You could invest in a plain, simple IRA, and that's a way for you to put money aside for retirement. You could also use an annuity, depending on the type of annuity that you buy. There are some that you can contribute on a regular basis. They allow you to put money in on a regular basis. Depends on if that's something that's comfortable to you. So you could even, not to money the waters too much, but you could even put an annuity inside of an IRA and Because in the IRA, you can put pretty much any kind of financial product you want, with some exceptions. But for all intents and purposes, you could do that if you choose. So if you put money into an annuity from the get-go, one of the things that you get is you have that, again, tax-deferred nature to it. Which is beneficial to you. But unlike an IRA, which has annual contribution limits to it, you can also contribute a whole lot more to the annuity than you can to the IRA. Okay. So that may be something also. And we're talking all depends on your circumstances. Yeah. All depends on your circumstances.

SPEAKER_03: 27:27

At the end of the day, what I'm hearing, I mean, you can tell me, you know, until you're blue in the face. is that I need a professional. Just like someone needs a professional to get their hair done, you need someone to help you out unless you are completely financially able to. Well,

SPEAKER_02: 27:45

some people are really astute, right? I've had many people who they are super sharp, they know exactly what they're doing, and they almost sometimes know more than I do. You know, because they... some people are just very detail oriented and they love doing all their homework and research and they will search out every annuity that's under the sun. Yeah. Now I don't have time to do all that. That's beyond what I want to do with my life.

SPEAKER_03: 28:12

Also, it's something that, I find boring a little bit, you know, like personally. So like I'd rather be, you know, out ice skating or, you know, picking up trash on the side of the road versus looking for an annuity. Right. You know, and it's just so coming from personal, you know, speaking for myself, it's just something that I guess that's what I need to look forward and is to gaining someone that has the financial knowledge.

SPEAKER_02: 28:41

Right.

SPEAKER_03: 28:42

That I don't. have myself although you know i've learned a lot right now it's still you can always learn more i guess

SPEAKER_02: 28:50

you know well and i think annuities as well often get a very bad reputation and i know there's some financial advisors and some celebrity advisors i don't even know what they're called but they will sometimes really slam annuities and i don't know the full reasons why They may think they're chock full of fees or they're really terrible products to put your money in. But like every financial product, there are some that are really... All products can be good for all people and all products can be unsuitable for all people. So it really just depends. The annuities in and of themselves are not bad. If you got into it for the wrong reasons, that would be bad. But... you can't blame the product for people making bad decisions or people being put into something that's not suitable for them. And there's always what's called, you know, a grace period where you can get out and get your money back if that is the case. So, you know, when you are talking about fees, et cetera, now there's always fees that are attached to any financial product because these companies don't offer these things for free. There's always fees that are involved. And the fees are not always obvious. You have to sort of look at the contract so that you can be aware of what you're actually paying. Like there's a mortality and expense fee, the administration fees, all kinds of fees, and probably the person selling you that is going to receive a commission as well.

SPEAKER_03: 30:32

That was going to be my next question, yeah. It's like so, you know, obviously they need to put food on their table too, right? Right. So I guess you just have to realize and understand what, you know, as long as it's broken down, then I think that, you know.

SPEAKER_02: 30:47

Yeah, is it reasonable? Sure. Because you're cutting someone's hair. You don't cut it for free.

SPEAKER_03: 30:55

No.

SPEAKER_02: 30:55

Right. You want to be paid for your level of expertise, your skill, and the fact that you really know what you're doing. And you look at that person and talking with them and doing the consultation with them. You guys decide on what's going to be an appropriate color cut combination. Right. Similarly, a financial advisor wants to do the exact same thing with you. Get to know you, understand what you're trying to do, and make the best recommendation for you. Because they're really not out there to get you. They're really out there to help you.

SPEAKER_03: 31:27

Well, because if they go out to get you and you decide within that grace period, as you're saying, that some places offer, then they spook you. you take your money back, then they don't get help. They don't, you know, it's not helping them. That definitely doesn't help. It's not helping them to, you know, try to manipulate you or anything like that.

SPEAKER_02: 31:47

No, but mistakes do happen. I mean, it certainly has happened. And there's good financial advisors and there's, you know.

SPEAKER_03: 31:57

There's people.

SPEAKER_02: 31:58

People are people. So you definitely want to go with someone you can rely on and trust. I always say you should go with a company versus an individual in the sense that if you go with a financial advisor that works for a company, whether your advisor is going to be there next year or not, you have that ability to have continuity with that company. People come and go, and your advisor, who knows what happens, right? They're here today. They might be gone tomorrow. But if you're with that company, there will always be another advisor to step up and help you out. That's always my recommendation. And I don't care if it's an attorney or a doctor or whatever. You know, I always say go with... you know, a company. Now, just because you have to develop that comfort level and you will develop a level of comfort if you're with that advisor for a long time because you're sharing a lot of information with that person and that comfort level will certainly be helpful to you, you know, as time marches on. So, you know, an annuity, like I said, there's, there's a lot more to it and we could go on and on and on and really dig into the weeds until you're probably have a spinning head. But in a general sense, they're a great product for the right reasons. And there's so many good companies out there that offer outstanding products, um, that are very, very helpful for saving for retirement or again for creating a, uh, immediate annuity for you to create a series of payments that you may need not maybe today maybe in the future just depends so does that clear up a little bit about how annuities work yeah

SPEAKER_03: 33:39

yeah it does um it gives me more of a forefront than I had.

SPEAKER_02: 33:44

I'll tell you that for sure. I don't think you wake up every day going, oh, let's talk about annuities because I'm bored. That's not

SPEAKER_03: 33:52

the first thing that's on my Google list.

SPEAKER_02: 33:53

Let's just

SPEAKER_03: 33:54

say

SPEAKER_02: 33:54

that. Yeah. But as situations happen where you come into a windfall of money, then certainly what I would think is it may be one of those things that are in your portfolio will be an annuity.

SPEAKER_03: 34:09

Yeah. Well, when I come into it, a lot of money, I definitely will probably learn a lot more. Yeah,

SPEAKER_02: 34:14

because, you know, there's all kinds of situations you can't, you know, that you don't think about today, you know, that can happen. So, anywho. I think that's pretty much it for us today. I'm going to probably have part two of annuity discussion because there's a lot more to it. But if you have any questions, reach out to me at jerry at pinkmoneyonline.com. Also on Facebook, Instagram, you can find me there as well. And that's pretty much it, guys. Well, thanks for having me, Jerry. I appreciate it. Thank you for coming in. I really appreciate all your time and really great questions.

SPEAKER_03: 34:54

Thanks.

SPEAKER_01: 35:02

I work all night, I work all day to pay the bills I have to pay Ain't it sad? And still there never seems to be a single penny left for me

SPEAKER_00: 35:22

That's too

SPEAKER_01: 35:24

bad

SPEAKER_00: 35:25

In my dreams I have a plan If I got me a wealthy man I wouldn't have to work at all I'd fool around and have a ball