Jones: Those are great tips. Then let’s also talk about the different types of challenges that those people may face when they are getting started. What do you think are some challenges and solutions when they encounter those challenges? How are they able to, I guess, combat those challenges when starting investing?
Peters: Yeah. One is getting past the fear of getting started. One the first challenges is like, I don’t know what to do, and everything seems so complicated, and again, I always say you’re better off downloading a random app – not a random app – but one of the trusted brokerages that are out there, and investing something because once you start, you’ve started, and delaying that is only going to hurt you. If you started doing nothing for a year and it’s still better off than having started a year later. There’s a lot of complexity oftentimes that can come with investing. Should I open my own account, should I do a 401(k), what should I do? Oftentimes, the easiest way to get started too is if you’re not already doing it, start with your 401(k) from employer. One of the best investments you can ever make is your employer match if your employer offers it because it’s guaranteed 50% to 100% returns on your money. You put into $100, they put in $50. People will be concerned it’s going into retirement account, can I use it, can I touch it, things along those lines. One is you should be saving for your retirement, you should allow the money to grow long term. There are several tax benefits about doing an account like this. Then lastly, two, if you are blessed to be in a problem where you have I think $10 or $12 billion in the IRA, like Petersfield, there are ways that you will be able to access and use that money to either purchase a house for addressing other assets. There’s a few different ways to do that. Then sometimes, some of the other challenges is your friends and family. I don’t know this, I lost money in the stocks, I’m afraid, and the truth is you can’t let the fear of other people truly dictate what you do. Sometimes you’re watching the news, you hear there’s a crash coming, everything is bad, which you’ll hesitate, it will stop you from going to the market, but the truth is consistently buying into the market, consistently investing has been time-tested and proven over hundreds of years to build capital and return for people. Those are some of the challenges that they might come across in ways to really take a punch and get started when it comes to building wealth.
