The future of Facebook & Investing for a Child

in today the talk of the town facebook instagram was out for eight hours it uh caused massive anxiety amongst a lot of people depression confusion um all of the above not only instagram facebook and whatsapp all of the whole facebook's trilogy um was down for the day and its stock was down crazy stock was down seven percent i believe yep um along with the rest of the market which we'll talk about that so all right let's get into this conversation about facebook um do you guys question me on if not you but if uh tick tock is gonna overtake them in two years they have a billion users this is a clean example of why they are not the dominant forces they used to be so the whistleblower came out and stated they had been covering up the hate speech and as a result you know the dns records went missing for a while um facebook's in trouble it's a lot of things that i want to say about the topic but i want to keep us on air but this is the start of a slow decline of facebook and the pass under guard has begun already yeah i mean i believe i want to say your name right francis hugin i believe is the name of whistleblower so you're not familiar with it um so yes so she she did say that about the hate speech especially during uh the election um but sex trafficking was one of the things she claimed that they would knew about and hadn't taken action on um so it's interesting but that tomorrow she's testifying in front of congress um about this information and today facebook uh was down and instagram was down now ian i know we only want to call them conspiracy theories but some things just don't happen by accident some things we've got to stay away from as well what does that mean i mean even the privacy changes in an ad business from apple is hurting them dramatically and that's why i kept telling you guys you guys like well it'll never get passed up and the youth is there because of instagram they let the bots remain on instagram because the engagement is not as high as it used to be yeah so our business owners you know i wasn't able to no i was going to say so the ad i'll just explain that really quickly because i wrote some notes on that so people can really understand what's happening with the apple uh privacy so facebook's been warning advertisers for some time that apple's new privacy features which allow mobile users to opt out of being tracked across the ios apps would cause issues for the way its ad targeting business typically operates so if you were somebody that spans through facebook ads right and obviously you use iphone or ios there had been some misleading numbers right i think they said up to 15 the numbers were actually 15 off so if you're spending at a higher rate like a lot of small businesses do to get their their message and their uh company out there to the billions of users that are on facebook and you're overpaying and they're saying like look our numbers are off by 15 now estimated 15 percent could be more uh we'll find out a little bit more tomorrow that's a huge issue that's a huge issue um and so i mean they're in a tough spot they're in a tough spot and i guess the logical question for people would be like all right well do we believe in facebook probably yeah right it's a fang stock where's a good point to get in or no no i'm getting there is no good name me for better companies than facebook right now there's a reason why wall street historically and a hedge from space is not like zuckerberg as the ceo i will not get into it ig i still need to be verified brian help me out but does the stock no don't i wouldn't touch it so you would you wouldn't advise people okay and this is solely because you feel that it it it has it's it's reached its peak and it's it's like downhill from here there's limited upside to facebook at this moment now even if you look outside of acquisitions what innovation has facebook had in the last five years okay i mean are we still taking into account that the amount of small businesses and businesses that use the platform and the fact that it it's i mean it's still the largest social media platform with all the ancillaries uh what's happened obviously instagram you see how bright that ball shining behind me there's a lot that i can't say okay and for all the stuff that i said for me to say i can't say something it's much deeper than this and then also two other networks got affected this isn't just a facebook thing it is going to be tied to a few other companies this will be a changing of the guard can you swing trade it and make some coins off of it sure long term and i've been a fan of facebook since 2005 when stevie g put me on it i tried to get my family to invest in it as an angel couldn't convince him that a hundred grand would have turned into 48 million by now probably no so all right so okay stay away from facebook then uh any last words about facebook for for my business owners began to start uh to use tiktok linkedin and other platforms and also if you do not have the data of your customer and client list personally you're going to be in trouble there's a lot of people today who were depressed because they thought they were going to go out of business because they don't have access to their client data only you are responsible for your own business yeah wall street journal had an article about that um especially people in the fitness industry where they rely solely to reach their customers through facebook or facebook messenger and how in a day they lost business because there was no way to contact them you know it's interesting that they facebook actually pushed the message out that they were down on twitter yeah they had no other outlet they couldn't put it on facebook or instagram i thought that was that was pretty ironic okay well you were known for being the social media giant but had to go to another one because we're having quote unquote technical issues can i can i okay well facebook hold your head um let me let me i want to just do something if we can real quick because i've been traveling a lot and i've been meeting people and um thank you for all your encouraging words we really really appreciate it what i realized is that this shout out to everybody on youtube 4 000 people please hit the like button i realize there's a lot of people that tune in to us and um are just getting started and um are just new to investing so even though we mentioned something before um it might be good to every once in a while just kind of refresh it so if we could take a couple minutes i wanted to talk about something that is we've talked about before but it's always a relevant conversation and something that's always extremely important investing for your children um and kind of just you know just break this down a little bit so i wanna i wanna like i said i don't wanna rush over things and i want to make sure that everybody has a good understanding so that they can go out and execute and um really put these plays into action because that's what we're here for so when we talk about um investing for your children you know we talk about two things really the 529 plan we've spoke about that before and the 529 plan um our state-sponsored uh investing plans we used to be uh college savings but uh president trump a few years ago he changed that with the tax law um that he passed and now you can actually use the money for any form of education so the benefit of the 529 plan is that the money grows and is tax-free as long as you use it for education so you know you have different states every state new york new jersey connecticut california and they all have 529 plans depending on which state you live in you can get a state tax deduction you can't get a federal tax deduction but depending on what state you live in you can get a state tax deduction if you invest in that state's 529 plan so that might be something to look into if you are interested in investing money and having money um for private school for you know college or prep school any any of the above so that's that's the question that people get a lot and then there's another alternative to that which is the atma which is the uniform transfers of miners account and you can really open that on any any brokerage um and what that allows you to do is set up an investment account just like you would set up an investment account for yourself but an investment account for your child you don't have the same tax benefits but um you can use the money for whatever you want not just education so now you know you can use the money down the line you can give them to start a business or they you know want to just buy a car whatever they want to do it's an investment account that they have access to when they're an adult but now you can invest in etfs you can invest in index funds you can invest in individual stocks so that's another you know way to save for a child just has a lot more flexibility but you don't have the same tax benefits so that's something that like i said i just wanted to kind of throw that in there because every week i think we should just talk like just one i don't want to call it basic because everybody's in different levels so it's just one thing that we might have to just go back to you know the beginning stages yeah because at least you know there are some people that's watching this that's watching this for the first time and um have not invested so we just always want to make sure that we mix in high level conversations with some conversations that might be a little bit more you know beginning level so people have you know a clear understanding so they can take action yeah you gentlemen want to add anything to that yeah i'll just add to the conversation so when you talked about stocks we talked about uh iras but you could also in invest in real estate and that's in uh art cars i mean it's not really limited whereas the agma uh is traditionally just for stocks bonds and iras so there's a there's a slight difference between the two but both the custodial counts um a great way a great tool to invest for your children we talk about ours all the time and how we're investing for our children so that when they reach a certain age they'll have a income that we never saw because not that our parents weren't prepared but they weren't possibly not properly educated or even new um about what these things were so the more we learn the more we're able to teach so we're just passing that forward ian you want to add anything to that yeah the more that you invest for your child the better that's the most important decision that a parent has to make write down right now how much you're going to invest for your child every single month and do not deviate from that plan even if you put away ten thousand dollars for your child by the time they're 20 they should have a million easily if you listen to some of the advice that i give and the market continues to run at this pace be more than that so um put money away for your child every way every month and this should be the first bill that you pay every single month for sure i got a question for both of you right so when we talk about ourselves as individuals we always say all right we should have this amount of money saved for six to twelve months and have a portfolio make sure it's diversified what do we think about for our children are we gonna have that same approach where we have custodial accounts we have a savings account what do you think for your child yeah i mean i think that you don't necessarily have to have a savings account for your child but you can have i would have a uh 529 plan if you want to go that approach like if you want to have just money just for college because that's real big a lot of people want to just save money just for college you have the 529 plan but then if you want to just have money just for them then you will go with the item so you can do you can actually do both and another question is like how much should you put away there's really no set number it depends on how much money you have but i'll go with the 80 20 rule um eighty percent of your investment in budget should be for yourself and then twenty percent should be fiat is my opinion i feel like you have to secure your own future before you can secure anybody else's future including your child so you know make sure that you're invested in your own retirement first make sure you're investing in your own brokerage account first make sure you're investing in yourself first because ultimately if you don't have enough money in your own account and you have money in your child's account and you need money you're going to take money from their account anyway it's happened before oh so yeah i've seen it happen before it is it is lightning in l.a what is it um so that's my that's my thoughts like i said that's just something that secure your own secure your own future first and if you invest in long-term for your child you won't need the savings because the gains and the compounding will be there and you're going to get a hell of a better return doing it that way for sure that's what i've done for xander and it's worked out amazing so i would say invest every dollar that you can for your child and even with um parents and friends instead of getting your kids toys have them invest directly into the market for your child if they really care about them my graduates from my school being forbes back drop back drop my drop back drop [Applause]

Channel: Earn Your Leisure

Views: 9,795

Rating: 4.9676375 out of 5

Keywords: earn your leisure, business, finance, 529, Utma, Custodial account, College savings, Investing, Facebook, Facebook scandal

Id: _L3G5XsW8Q0

Length: 13min 38sec (818 seconds)

Published: Tue Oct 05 2021