Skip to main content
Global Edition
Friday, August 19, 2022

Midmorning With Aundrea - July 23, 2019 [ENCORE PRESENTATION]

Credit: WCBI
Duration: 0 shares 2 views

Midmorning With Aundrea - July 23, 2019 [ENCORE PRESENTATION]
Midmorning With Aundrea - July 23, 2019 [ENCORE PRESENTATION]

(Originally aired June 20, 2019) Break away from your everyday with Aundrea Self!

Today, Aundrea talks with registered financial advisor Barbara Coats about early retirement and financial independence.

>>> that will do it forit'sever it's never too early to start saving for the future.

More on a new trend among young professionals.

And, money and matrimony.

More on that.

Plus, a look at the life and career of gloria vanderbilt midmorning starts right now.

Are u a are you a saver or a spender?

A growing trend shows young people aggressively saving - so they can retire early.

The movement is called fire.

It stands for financial independence, retire early.

Here's 34 year- old kiersten saunders and her husband julien we are on target to hit our financial independence number our fire number in 2021 our number is 1.3 million the intuition behind it is fairly simple.

It's save your money so that you don't have to work forever.

For me the step for fire, // was to eliminate the debt.

// 16;17;10;28 i was a huge spender housing, trantransportation and food for most people are the largest expenses that you have so if you do whatever it takes to keep that cost low or eliminate it all together that's going to be a huge way to boost your savings over time.

We obviously invest in index funds and in the market but we have 2 rental homes that are income generating investments and then we continue to invest in vehicles 401ks iras hsas.

We don't consider the decisions that we've made to be sacrifices.

We consider them to be tradeoffs.

We're trading off one decision now to be able to have plentifully in the future.

I think the biggest misconception of the fire movement would be how extreme is this something that everyone can do?

Save a lot and retire early?

Barbara coats is a registered financial advisor and a retirement income certified professional with modern woodman of america.

She is here this morning to explain how this works.

What is fire?

Fire is a movement that's been around for a while and which is really gaing steam.

Fire is an acronym for financial independence / retire early.

What does that mean to the everyday person?

The concept behind fire is amazingly simple.

It's based on expenses, income and time, and the concept that once we have amassed a certain amount in savings, we are then financially independent.

What that means is that based on a few basic assumptions, we have enough money to live reasonably for the rest of our lives on the money we have saved.

How does that work?

There is a decades-long study called the trinity study that measures retirement savings, money withdrawn from that savings, and how long the money lasts.

In the trinity study, "success" is measur by not going broke over 30 years of retirement!

This study shows that on average, through up and down markets, we can plan to withdraw 4% annually from our retirement savings and still have money throughout our retirement lives.

There are many details that play into this, which i won't delve into, but as an average, this number works whether your retirement life is 30 years, or 40 or 50 or 60.

So when fire purists say you need x-amount of money to be financially independent, this is the theory they're using.

How do i know what it will take for me to be financially independent?

First, you need to know your annual expenses - not income, but expenses.

Let's say you spend $50,000/year.

Multiply that amount by 25 and that tells us that you need to have $1.25 million in savings before you are financially independent.

That seems out of range for most people, right?

Here's where the fire purist pulls out his whip!

Examine very carefully that $50,000 in expenses.

Do you really have to have $50,000/year to live, or are there areas where you can cut back?

A person living the true fire life peels back that onion to get things down to bare bones.

A fire purist who makes $50,000/year might live on less than half of that, which - of course - increases the amount he can be saving.

One podcast i listened to spoke of people in the us "hemorrhaging money" food!

In my practice, i see that to be absolutely true and one area where people can save easily hundreds of dollars a month.

Obviously, if you can increase your saving amount - either by decreasing spending or by making more money, then you're going to get to that $1.25 million sooner.

Is fire intended only for financial independence for people in their 50s, 60s and beyond?

No, it's not.

Actually, one of the basic tenets of fire is flexibility - having the ability to work or not work, or change your work at any stage of life, once you have achieved financial independence.

For example, one of my clients who is in her 30s does not have to work anymore, in the traditional sense.

She has the money she should reasonably need for the remainder of her life.

So now she gives back to the community that she loves.

That is her full-time job - giving her time and talents back to people who can use her help.

Money is not a factor in her day-to-day decisions because she knows she has saved enough.

Another of the fire champions i read about is a man known as mr. money mustache.

He and his wife "retired" at 30, and n they teach others how to do the same - how to live a frugal life of flexibility and choices.

Making more money is not always an option for people who would like to save more.

Do the fire believers offer any strategies for reducing spending?


There are tons of websites, blogs, videos and books out there on the fire lifestyle.

They talk about things like cell phone service outside the usual providers, eating at home rather than dining out, utilizing free television options rather than traditional cable or satellite services, and even using credit cards strategically to make the most of rewards.

One man i listened to opens and closes about 6 credit card accounts every year to maximize travel rewards.

Theris a there is a ton of information on the internet and in book stores about becoming financially independent.

Some that i recommend are: www.playingwith m www.mrmoneymu http://www.mrmoneymustache.

Com can everyone be financially independent?

Here an here's an idea.

Start your marriage off by saving on the wedding.

That story is next ju is po june is a popular month for weddings.

But from the gown to the flowers, taking the plunge can take a big bite out of your future finances.

Tom hanson reports.

For connie kim and sylvester cyran, getting engaged was easy..

"it wa wonderful.

Ck: we went to the park and we were having a picnic and he was playing guitar."

But planning for the big day..

Can come with a ábig price tag..

19:50;28;06 the catering was like 8 or 10 k, the florist was like 4k.//they say that an average wedding in new york is 70 thousand dollars and we want to do well below that.

According to the planning website the knot, couples spent an average of $34,000 on their weddings last year.

Cbs news business analyst jill schlesinger tells couples the most important thing is sticking to a budget.

17:51:02;19 we found that about 45 percent of people who actually created a budget blew through the budget and that can lead to trouble in paradise - newlyweds taking on debt... a move 74% of couples actually áchooseá to make... tom: is a wedding worth going into debt for?

Jill: i mean there is no reason you should be borrowing money to do this.

Live within the confines of what you can afford.

Schlesinger recommends creating a financial checklist to eliminate some of the costly frills.

"those includ things like the cost of a wedding planner, which many people say they regret hiring because it was a big expense, flowers, centerpieces // but beyond all of that, the number of people that you invite is the single biggest factor in how much your wedding is going to cost."

And schlesinger says the wedding is just one of ámanyá financial considerations.

Couples should share detailed information about debt, savings, investments and retirement holdings& before the ceremony.

Tom hanson, cbs news, new york.

Schelsinger says the main thing to worry about is having a good time... she says the last thing you want to rember from the big day... is debt.

Are you smarter than a third grader?

Don't answer until you see this story, from chip reid.

At valleyview elementary school in oneonta new york, the third grade class was feeling more than a little frustrated: i felt disrespected i felt stress and i didn't like it at all what made them so unhappy was a problem in a math workbook that said "christophe columbus landed in america" my reaction was that whoa, that's not the right answer.

"america" th said refers to what is now the united states of america.

They immediately protested because they knew columbus didn't land in the united states of america, he landed in the caribbean islandsá so they voted to send a letter to the publisher asking that the wording be changed.

Who was the motivating force here, you or the kids.

No this was student led.

// this was entirely their ideaá // i was the typist over several months they sent three letters but got only form letters in return.

That made them mad.

Really really furiousá they didn't answer me, i don't like when people don't answer meáá why do you think they ignored you because we were just kids.

Kids who refused to give up.

Next, they created a petion on-line and got 1,285 signatures.

That got houghton mifflin harcourt's attention, which soon informed them that the next edition of the text book would say "christophe columbus landed in the caribbean" the company commended the students for their critical thinking.

The students were elated.

What felt the best?

Having so many people support us.

What do you think is the big lesson of all of this?

I think if you're a kid just keep pushing to do something incredible.

I mean, if its hard just keep pushing, keep pushing, and if somebody says you can't do it just prove them wrongáá a big lesson for the rest of us, too.

Chip reid cbs news oneonta new york video game companies are banking on the hype building around new game trailers debuted at last's week's e3 expo to translate into big money come holiday shopping season.

So just what do you get for the gamers in your life?

Mary moloney breaks down some of the cool new tech and exciting new games.

The holidays may still be 6 months away, but fans of video games are probably already writing their letters to santa... áluigi mansion trailer nats "mario?"

The biggest names in the video game industry converged at the e3 expo in los angeles to showcase the latest and greatest in gaming... on display-- new technology-- like cloud-based gaming, such as google's stadia and microsoft's xcloud-- allowing players to ditch the console and go mobile..

Phil spencer/head of xbox: "b putting an xbox in the cloud, allows that same great xbox experience with all those games, to have the potential of reaching everybody who can reach the internet on the planet."

But that doesn't mean the console is dead... for the vintage gamer... "introducing the atari vcs ... a modern system, with a retro feel xbox also unveiled their new system, project scarlett- billed as their most immersive console yet- due out by the 20 holidays phil spencer/head of xbox: "we're going to see th storytelling go up in video games " and gamers will definitely want to load up their wishlists with some of those exciting new games due out ahead of the holidays like the legend of zelda: link's awakening pokemon sword and shield and star wars jedi: fallen order... nats this year, the hardest part of shopping for the gamer in your life will be staying on budget.

For consumer watch, i'm mary moloney.

When we come back, a decision made by leaders in one california city may change everything about e- cigarettes.

We'll tell you why next safransc san francisco could soon become the áfirstá city to block the sale of e-cigarettes, in an effort to crack down on vaping by kids.

City leaders voted unanimously yesterday to ban the sale of the products in the city.

The measure still requires final approval.

Anna werner is following the story.

Nat supervisor valerie brown/sf board of supervisors hnc308 @ 17:36:10:15 think of the health cost and think about what is going to happen to our youth.

It is unacceptable.

One by one the san francisco supervisors spoke at city hall tuesday& supervisor gordon mar/ sf board of supervisors hnc308 @ 17:33:39:10 i am gravely concerned with the skyrocketing use of vaping products by youth.

It is as easy as clicking purchase online.

There is no verification supervisor shamann walton sf board of supervisors hnc308 @ 17:28:41:25 companies like juul have had three years to submit their product and marketing to the fda the question is why haven't they.

San francisco city attorney dennis herrera co-sponsored and drafted the legislation.

He says cities and states are taking action because the fda has not.

The fda has totally abdicated its responsibility to do the review that they should have done // gfx in the fda says that e- cigarette manufacturers must get their products approved by 2022& yet the products are already for sale, and middle school students use increased by more than 40- percent from 2017 to 2018.

Gfx out gfx in san francisco is just one of many cities taking action: the campaign for tobacco-free kids notes that nearly 30 cities have banned menthol cigarettes and flavored tobacco products and their sales.

Gfx out matthew myers heads the group.

Well what we're already seeing nationwide is real momentum to reign in the cigarette industry, particularly the flavors that have fueled the epidemic among kids.

Most of the e- cigarette market share is held by juul labs.

The company is fighting back by proposing a ballot initiative in san francisco that it says would tighten youth access to tobacco products& gfx in but preserve access for adults.

If passed it would stop any ban from going into effect.

Gfx out over a year ago, juul adminstrator ashley gould told us the company had changed its marketing approach and did not mean to attract teens.

I will take that criticism.

But we know now.

We're working very hard.

And we are committed.

But persons who are of 21, i think they should have the choice to choose what they want to do.

Juul labs said in a statement it will continue to work to "enac stronger regulation and enforcement rather than complete prohibition."

The f-d-a won't comment on pending legislation, but says it is "committed t tackle the troubling epidemic of e- cigarette use among kids."

Aw, cbs news, nyc nat supervisor valerie brown/sf board of supervisors hnc308 @ 17:36:10:15 think of the endometriosis is a disease that affects about 10% of women in their reproductive years and about half have fertility problems. the disease has a range of symptoms and there is no blood imaging test, so it can take years to get the right diagnosis.

Dr. tara narula introduces us to a woman who struggled with infertility because of the disease.

Trt 2:13 atge 4- at age 40-- after seeing 10 doctors -- she finally learned why she had difficulty getting pregnant.

Tn: o when you were told you had endometriosis what was your reaction ..?

Thank you for giving me a diagnosis/in my gut, i knew.

I said once we figure out the underlying cause, i will get pregnant like georgie many women only discover they have endometriosis after fertility problems. but most patients have severe pain during their menstrual cycle endometriosis occurs when tissue similar to the lining of the uterus appears áoutsideá the uterine cavity& scattered throughout the pelvis and abdomen.

Researchers are still working to understand how this happens.

The lag time between onset of symptoms and diagnosis is usually anywhere from eight to ten years dr. arnold advincula performs the minimally- invasive surgery required to diagnose and remove the tell- tale lesions that interfere with pregnancy and disrupt women's lives.

Women are-- plagued with-- chronic pain symptoms// and it- affects women at a time in their life when they're trying to have a family.

We are told from a very young age to ignore this part of our body after struggling with endometriosis for decades, columbia university researcher noemi el-had developed a smartphone app to track symptoms and gain a better understanding of the disease: data collected data collected from 9-thousand women so far shows that women can have pain outside the time of their menstrual period and symptoms can include things like low back pain, ringing in the ears, bowel and bladder problems and even chest pain.

We can't help them yet with relief but at least we can give them the validation and the better communication tools for themselves.

Removing lesions with laparoscopic surgery is considered the best treatment option.

However, many women may also be treated with hormones, oral contraceptives, painkillers, and even hysterectomy.

Dr. tara narula, cbs news, new york.

Experts say adolescents and teens can also suffer from symptoms of endometriosis.

Saying goodbye to one of the nation's most glamorous women.

The life of gloria vanderbilt next on mid morning.

Degnernd designer and socialite gloria vanderbilt has died.

The mother of cbs 60 minutes contributor and cnn anchor anderson cooper was 95 years old.

Marc liverman takes a look back at her life and legacy.

Gloria vanderbilt lived a life of wealth and opulence in the public eye.

Born in 1924...her father reginald vanderbilt was heir to the vanderbilt fortune.

At the age of 10...she was dubbed the "poor little ric girl" as a result of a custod battle between her globe- trotting mother, gloria mercedes vanderbilt, and her aunt.

She later became known for her work as an actress and a known for her brand of designer jeans...with a signature white swan label.

At its peak in 1980, her famous jeans generated $200-million in sales.

-nats- the mother of cbs contributor and cnn news anchor anderson cooper...the two appeared together in new york in 2016 at the premiere of 'nothing left unsaid'...a documentary exploring vanderbilt's life and relationship with her children.

When my mom turned 91, i decided i want to change the conversation that we have.

I want there to be a new way that we talk about each other and learn about each other.

Cooper's brother killed himself at the age of 23, a suicide his mother witnessed and called the most painful moment of her life.

Vanderbilt was married four times.

Earlier this month... she was taken to the hospital with advanced cancer in her stomach...that had spread.

In a statement from cnn -- cooper remembered his mother as a 'painter, writer, designer, remarkable mother, wife and friend...adding 'she was 95 years old, but ask anyone close to her, and they'd tell you, she was the youngest person they knew, the coolest, and most modern.'

Vanderbilt died at her home surrounded by family and friends.

Marc liverman cbs news.

Vanderbilt had four children.

Anderson cooper is remembering his mother today, calling her an extraordinary mom and an incredible woman.

We'll be right at a mor that and more on the next midmorning.

You might like

Related news coverage


More coverage