Spring Cleaning Your Finances

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Amber Posthauer: Hello, everyone! Thank you for joining us today. We're going to get started here in 60 seconds to allow for everyone to get connected. We'll get started shortly.

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Amber Posthauer: Welcome, everyone, to Spring Cleaning Your Finances. Thank you all so much for joining us.

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Amber Posthauer: Please send questions to the Q&A located on your Zoom menu bar. We'll try our best to answer all of your questions, but if for whatever reason we're unable to get to your question today, please email learning at nfp.com.

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Amber Posthauer: Today's presentation is being recorded and will be shared in the coming days. At this time, I'd like to hand over the call to our speaker. Colin, the floor is yours.

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Collin Deysher: Thank you, Amber. Hi, everyone. My name's Colin Deicher. I'm one of the financial advisors and financial educators at NFP. Today, as part of the NFP virtual webinar series, we will be talking about spring cleaning your finances.

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Collin Deysher: Just like spring cleaning your home, your finances will benefit from a regular reset. You're checking what's working, seeing what's not, seeing where there's clutter.

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Collin Deysher: So today, we're going to dive in. Throughout this, please put any questions you have in the chat, but we do our best to get to them.

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Collin Deysher: So, today's agenda, we're going to review how to review your current financial situation, ways to declutter spending and debt, and strategies to refresh savings and goals.

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Collin Deysher: So, the first step anyone should take is…

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Collin Deysher: taking inventory. You want to know what money is coming in, and what expenses are going out. Where is your money going? This is, you know, the base of any kind of financial, plan. It is, you know, identify where is your money being spent.

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Collin Deysher: Maybe some categories that you're overspending. A common one is eating out.

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Collin Deysher: And then maybe forgotten expenses, old…

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Collin Deysher: You know, old subscriptions, duplicate subscriptions, it happens more times than you think.

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Collin Deysher: Best way to just start this, let's keep it very simple, pen and paper.

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Collin Deysher: Write down your fixed expenses, your variable expenses, and what do you think you spend on the discretionary stuff, like eating out, clothing.

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Collin Deysher: And stuff like this.

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Collin Deysher: Then you have your debts. You know, there are good debts, there are bad debts. How do you determine the difference? A lot… it has to do a lot with interest rates.

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Collin Deysher: Example of some good debts? Student loans, mortgages. They're typically lower interest rate for longer periods of time,

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Collin Deysher: Homes typically increase in value over time, and education, you know, builds yourself up.

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Collin Deysher: Then there are our bad debts. Those are, credit cards, payday loans, personal loans, can even be considered bad debt.

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Collin Deysher: Just because they will typically have higher interest rates. I mean, we're seeing, you know, as interest rates go higher in general, so do the interest rates on credit cards. We're seeing more and more 30% interest rates on credit cards.

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Collin Deysher: 10 plus percent interest rates on car loans. Money's getting a little more expensive.

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Collin Deysher: That might be a good time to consider refinancing.

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Collin Deysher: Shopping a loan out is one strategy to refinance. You just go to different banks or credit unions to see, hey, what are they offering?

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Collin Deysher: Maybe they can save you a couple percent and shorten a loan. You know, there's different ways to refinance there.

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Collin Deysher: One really, often forgotten…

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Collin Deysher: That area is investments. You should always know where your money is, what it's worth, and what it's invested in.

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Collin Deysher: An asset allocation is the investments between stocks and bonds within your investments, typically 401Ks or retirement accounts.

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Collin Deysher: You know, if you look back 20 years ago, you might be investing for a different reason than you are today.

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Collin Deysher: Like, I see someone in their 30s, typically they're investing differently than someone in their 60s.

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Collin Deysher: So, you want to take a look and see, if you haven't looked at when you picked those investments.

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Collin Deysher: Those should be reviewed.

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Collin Deysher: Because over time, risk tolerance, your risk level might change. In your 30s, if your account goes down by 20%, might not be that impactful, because you don't need the money yet.

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Collin Deysher: But if your account goes down 20-plus percent in retirement, that could create havoc on a retirement plan.

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Collin Deysher: So that's something that should be reviewed at least once a year, if not more.

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Collin Deysher: 401Ks, you know, it's very, not common that someone has one job their entire, entire career, so often 401Ks get left at previous employers.

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Collin Deysher: There's… if you don't recall…

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Collin Deysher: where they are and don't have contacts at that company. There are, websites you can go to, like Capitalize and Lostandfound.gov. They can, they can be used as tools to track down lost 401Ks.

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Collin Deysher: And if you don't know where they are, you know, you might want to consolidate them. There are benefits in that. You know, having one investment strategy so you don't have to make changes at 5 different accounts.

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Collin Deysher: should know what taxes you're paying. If you are constantly getting large, tax refunds.

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Collin Deysher: It's essentially an interest-free loan to the government.

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Collin Deysher: No one wants to do that. It might feel nice during tax time to, you know, get a couple thousand dollars back, but if you can get those couple thousand dollars back spread out throughout the year, it could, you know, increase your take-home pay, which could help alleviate some of the pressures of rising costs of daily goods.

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Collin Deysher: It can be used towards paying bills off, paying debt off.

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Collin Deysher: And just use it on a day-to-day basis.

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Collin Deysher: When trying to calculate how much tax you should withhold, you would want to update your W-4, and there are estimators out there to help calculate what you should actually be withholding.

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Collin Deysher: Social Security. This is another area…

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Collin Deysher: That is very, very critical to one's retirement.

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Collin Deysher: Even if you're not retiring in the next year or two, you should still have an account with Social Security Administration. This is where you can review your earnings, because it'll track that every year.

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Collin Deysher: You want to look out for errors? Errors do happen.

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Collin Deysher: And you want to see your future benefit.

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Collin Deysher: In short, you get 4 credits per year. You need 40 credits to be eligible for Social Security.

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Collin Deysher: Generally, when you're late 40s, early 50s, that's really when you should start, taking a look at your Social Security.

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Collin Deysher: The earliest you could take Social Security is at age 62.

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Collin Deysher: Lazy you take it to 70, and it just goes up every year.

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Collin Deysher: So that's something, you want to know the numbers for. You want to start planning and, you know, planting the seed for retirement. How much am I gonna get in Social Security every month?

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Collin Deysher: So now, budgeting. You know, when it comes to money coming in, expenses going out, a budget really helps keep you on track from month to month, year to year. There are a few different ways. First way, it's the 50-30-20 method.

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Collin Deysher: 50% of your income goes towards your needs. Your mortgage, your rents, your car payment, your insurance, healthcare. Things that you need.

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Collin Deysher: To be able to live.

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Collin Deysher: 30% of your income goes to wants. This is going to dinner, going to the movies, buying clothing, things that you want to do.

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Collin Deysher: And then 20% goes to savings.

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Collin Deysher: If I make $1,000, $200 of it gets saved.

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Collin Deysher: The next is zero-based budgeting. This is where you set a specific budget for each category. How much you're gonna spend on gas a month, how much you're gonna spend on entertainment, like going to the movies, bowling.

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Collin Deysher: and then you track that every month. It takes a little bit more effort, but you're gonna be much more detailed in the results.

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Collin Deysher: And then you have the pay-it-first method. This, I believe, is the most simplest way, is you start with savings.

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Collin Deysher: You should be able to… you should be saving 10-20% of your income.

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Collin Deysher: Now, that's combining your 401 contributions, IRA contributions, and just putting money in the bank, in a savings account for a rainy day.

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Collin Deysher: Once you have that.

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Collin Deysher: your savings is budgeted, you want to budget your needs next. This is, alright, I have X dollars left over after I saved, now I can spend that on housing, transportation.

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Collin Deysher: Food, your needs.

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Collin Deysher: And then once that is budgeted.

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Collin Deysher: Whatever's left over, that is your discretionary, that is your… your entertainment fund.

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Collin Deysher: That is your, you know, going out to dinner, doing, you know, the things you want to do, traveling.

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Collin Deysher: Because once you have your budget, your, your,

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Collin Deysher: Your savings budgeted, and your expenses budgeted?

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Collin Deysher: you know, that will, you know, build over time. And creating automations within that, automatically saving X dollars per week, or every other week, will help it make it even easier.

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Collin Deysher: There are also budgeting tools. They are really good and very detail-oriented.

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Collin Deysher: Pocket Guard, NerdWallet, Honeydew is great, personal use on that one.

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Collin Deysher: And YNAP? They are all tools that integrate into your debit cards, your credit cards, your loans. You can see everything in one place, and you can manually track every expense. You can see, oh, I think I spend…

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Collin Deysher: $200 a month eating out. Oh, it's actually $500. Now I can see why I can cut back in that area, because you're phys… you're actually seeing a chart saying this is how much you're actually spending versus how much you think.

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Collin Deysher: Next part of spring cleaning is getting rid of the unnecessary stuff, cutting the clutter.

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Collin Deysher: Canceling those unused subscriptions. Are you accidentally paying for two Netflix accounts?

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Collin Deysher: That can be cut. Are you paying for every streaming service? Maybe you don't need them all. This is where you can start, cutting down your expenses.

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Collin Deysher: Reducing the impulse spending in today's age, little costs are adding up more and more.

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Collin Deysher: You know, everything seems to cost $10 to $20, and when they happen multiple times a week.

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Collin Deysher: just of little spendings here and there, you don't notice them. Over time.

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Collin Deysher: They really add up, and that… this is where the apps help catch those, just because it's unbudgeted, miscellaneous spending.

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Collin Deysher: You can negotiate bills, too.

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Collin Deysher: I've done this personally last month for my internet bill. If you haven't called them in a year or more, you can call and just ask for a discount. Surprisingly, they will often do it.

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Collin Deysher: Same thing for insurances. Car insurance, home insurance. Once in a while, you shop it around. Prices always change.

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Collin Deysher: And maybe you could find some savings.

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Collin Deysher: And you want to audit your recurring charges.

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Collin Deysher: Like your subscriptions?

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Collin Deysher: You know, we're in a day and age where everything is a subscription.

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Collin Deysher: You have to get a handle on them.

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Collin Deysher: So, hey Chad, I encourage everyone to, you know, put one thing they would like to cut out of their, you know, out of their budget. Once it's out, once it's out there, you have to do it.

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Collin Deysher: Now, you know, tackling debt. This is a… this is more of an art. There's two main ways to do it. First is the snowball method.

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Collin Deysher: This is where, if you have multiple different loans, credit cards, payments, you make the minimum payment on all of them.

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Collin Deysher: And any… and you make extra payments on the smallest balance.

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Collin Deysher: Once that small… the smallest balance is gone, you take whatever that payment was, and you move it to the next. So you're making even a bigger payment on the next smallest.

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Collin Deysher: And a bigger payment on the next smallest. And it will snowball.

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Collin Deysher: And start paying off the loans faster, so you're, you know, boil them down, and paying them off faster.

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Collin Deysher: The next is the Avalanche.

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Collin Deysher: This is where you're still making your monthly payments, but you're making extra payments on the highest interest rate loan.

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Collin Deysher: Typically credit cards.

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Collin Deysher: This might take longer, just because, you know, there might be a higher balance on a higher interest rate loan.

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Collin Deysher: But it's also going to be effective because you're paying the most interest on those accounts.

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Collin Deysher: Next, once all the clutter's out, Let's start cleaning.

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Collin Deysher: You want to make sure you have an emergency fund saved. Three to six months of your expenses is a good starting point. If you make $3,000 a month, you want to have between $9,000 and $18,000 in cash. High-yield savings, something that's going to earn interest.

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Collin Deysher: At a bank.

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Collin Deysher: Why do you want this amount? It really helps reduce financial stress. You know, you don't have to worry about, I hope I can make my bills next month, or you're, you know, one tire away from putting money on a credit card again.

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Collin Deysher: So, you want to think, like, if you lost your primary income today, how long can you pay your expenses?

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Collin Deysher: It is a real thought. If you run over a bed of nails and you have 4 flat tires, is… can you recover from that, or would that be going on alone?

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Collin Deysher: Are we paid by a loan.

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Collin Deysher: So you have short-term and long-term savings. They should be handled very differently.

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Collin Deysher: It's all based around when do you need the money, or when could you need the money?

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Collin Deysher: Short term, that is your emergency fund.

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Collin Deysher: You know, you can use it in the case of emergencies, rainy day, or the unexpected events.

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Collin Deysher: You should be safe with this, because you need it to be there when you need it.

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Collin Deysher: So, you want to use, high-yield savings accounts.

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Collin Deysher: It's probably the best way, because it's accessible. Still earning some money, earning an interest while it's sitting there, because hopefully you don't have to use it.

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Collin Deysher: But, if you do, it's there.

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Collin Deysher: Versus long-term savings, that's, like, your retirement accounts.

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Collin Deysher: You know, that you can invest, and I'll talk about that in a little bit.

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Collin Deysher: Automating your savings contributions, it's…

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Collin Deysher: It's the most beneficial thing. Like your 401Ks or retirement plans, if you automatically contribute a certain amount each pay or each week.

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Collin Deysher: You start to not notice it, and…

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Collin Deysher: Even if you started saving $25 a week.

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Collin Deysher: $1,300 a year that, you know, you might not miss, and it'll help build that emergency fund.

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Collin Deysher: So, once your emergency fund's built, you know, try to avoid dipping into it.

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Collin Deysher: You know, without having a plan to replenish it. And we understand that, you know, unexpected things might happen, you might have to use a little bit of it, but then you really focus on building that back up, and keep it at that 3-6 month level.

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Collin Deysher: So now, financial goals. This is, I think, the most fun part, because you can dream. You can, you know, plan out the future. If you have short-term goals, always, you know, keep it safe, build your emergency fund, pay off credit cards.

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Collin Deysher: That's… that's the base of everything.

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Collin Deysher: After that, it's, hey, I wanna buy a car in a couple years. I wanna… I wanna, you know, stop renting, I wanna buy a home.

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Collin Deysher: You know, maybe 1 to 5 years out, this is where you can start to invest the money a little bit more than just a savings account, because…

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Collin Deysher: You know, buying a car and…

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Collin Deysher: Putting a down payment for a home will typically be a larger… a larger amount, and takes more time.

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Collin Deysher: And then you have your long-term investment.

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Collin Deysher: And long-term goals.

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Collin Deysher: Generally, it's retirement, retirement planning,

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Collin Deysher: or paying for children's education. They're years away, they're… they're able to be invested, and, you know, the dollar you put in hopefully can grow.

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Collin Deysher: So this is something where you are really focusing on your actual investments within each, and having a strategy behind… behind it.

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Collin Deysher: You know, for example, you want to make sure, if you just had a child.

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Collin Deysher: for their education, a 529 account can help grow the money to help pay for their college. College is getting more expensive every year, so…

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Collin Deysher: Stay organized. You want to, you know, keep tax returns for a few years, you want to keep your most current bank or loan statements.

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Collin Deysher: Keep insurance policies on hand.

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Collin Deysher: Get rid of the old utility bills, the ones that have been sitting around for months and months. You know, your old insurance policies, you generally get a new statement every year. You don't need the old one.

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Collin Deysher: If you do want to keep, you know, a history of all these bills and policies.

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Collin Deysher: Statements, go digital. You know, you don't have a cardboard box full of papers in the corner of some room.

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Collin Deysher: You're never gonna look at it.

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Collin Deysher: Yeah, there's, there's apps called Expensify, where you can scan receipts, have, you know, a digital vault of

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Collin Deysher: all these documents.

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Collin Deysher: And, you know, when it comes to making payments.

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Collin Deysher: set up auto-pay. It can avoid late fees, it can sometimes even offer discounts. And it helps automate. You don't have to think about it every month.

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Collin Deysher: Protection. Now that we cleaned everything out, let's protect it.

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Collin Deysher: Once in a while, you know, check your credit report. A lot of times, they're linked into your banking apps, and just keep an eye on it, and make sure there's no unexpected, charges or pulls.

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Collin Deysher: Update your passwords.

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Collin Deysher: Make sure that's up-to-date. Cybersecurity is very important now that everything is going digital.

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Collin Deysher: Insurance.

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Collin Deysher: You know, homeowners and auto, they go up every year, and that's what I was saying when every couple years, just… it doesn't hurt to ask and see and shop it around.

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Collin Deysher: If it does feel high.

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Collin Deysher: I'm sure if you compare it to the next 3 companies in your local area.

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Collin Deysher: I'm sure you can find a lower rate.

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Collin Deysher: Life insurance, it is very important.

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Collin Deysher: It is for the people who just had a child, the people who just bought

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Collin Deysher: A home, or have, you know, a large amount of debt.

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Collin Deysher: Or, you have a family that if something were to happen to you, you want to make sure they're protected.

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Collin Deysher: generally, 7 to 10 times your salary is a good amount for life insurance. And life insurance…

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Collin Deysher: Can be cheaper than you think.

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Collin Deysher: Watching for fraud,

00:21:24.470 - 00:21:37.049
Collin Deysher: suspicious emails, suspicious phone calls, everyone's coming up with more creative ways, just be on alert. You know, you want to protect, you know, what you've built, and you want to protect your family.

00:21:37.460 - 00:21:40.159
Collin Deysher: Watch out for fraud. They're… they're always out there.

00:21:40.940 - 00:21:44.570
Collin Deysher: On the legal side, wills and trusts are very important.

00:21:46.500 - 00:21:55.210
Collin Deysher: You know, wills are… can be very easy to be put together, and, you know, helps dictate what hap… what would happen to your… your belongings.

00:21:55.350 - 00:21:57.480
Collin Deysher: In the case that something would happen to you.

00:21:58.050 - 00:21:59.700
Collin Deysher: Beneficiaries?

00:22:00.150 - 00:22:08.040
Collin Deysher: Every life event, make sure your beneficiary is up to date through, marriage, divorce, having children.

00:22:08.310 - 00:22:18.149
Collin Deysher: make sure your beneficiary's up to date, because if whoever is your beneficiary and something were to happen to you, they're gonna get that money. It's… it's pretty cut and dry.

00:22:18.650 - 00:22:21.199
Collin Deysher: And then powers of attorney.

00:22:22.070 - 00:22:39.159
Collin Deysher: You want to make sure you name it someone with power of attorney, especially if you become unable to make decisions, make medical decisions. Kids that go off to college, have them, you know, have power… give you power of attorney, just in case something were to happen to them, and they're out of state.

00:22:44.510 - 00:22:46.629
Collin Deysher: So, I want to take a little pause here.

00:22:47.280 - 00:22:50.099
Collin Deysher: I saw there were some questions in the chat.

00:22:51.740 - 00:22:55.150
Collin Deysher: And if anyone else has questions, please put them in the chat.

00:22:58.320 - 00:23:00.600
Collin Deysher: I saw, you know, one question here is…

00:23:00.800 - 00:23:07.700
Collin Deysher: I've come to find it hard to find a brick-and-mortar bank that has a good, high-yield savings account percentage.

00:23:09.960 - 00:23:22.569
Collin Deysher: recently heard that credit unions could have better ones. I am a huge fan of credit unions. I think they offer very good ways to…

00:23:22.750 - 00:23:26.309
Collin Deysher: Save money. Sometimes can offer better rates.

00:23:26.420 - 00:23:32.850
Collin Deysher: That's something, again, always shop around, check Google search saying the highest

00:23:33.150 - 00:23:42.600
Collin Deysher: high-yield savings accounts in my area, and they'll come up. There are also other online-only banks that do have,

00:23:42.850 - 00:23:50.720
Collin Deysher: pretty good rates, because they don't have brick and mortar. That's a big difference, because they don't have as much expenses. They can offer a little bit higher.

00:23:51.050 - 00:23:59.389
Collin Deysher: And some of those online-only banks do have really good tech. Good apps, good websites.

00:23:59.870 - 00:24:03.180
Collin Deysher: They could be also a huge benefit.

00:24:05.680 - 00:24:09.239
Collin Deysher: Next question here, what type of accounts…

00:24:09.820 - 00:24:27.329
Collin Deysher: would be good. What type of account would be good to maximize interest returns for a lump sum of money? Looking to put property tax in an account for 6 months to accrue. When you have short-term needs like that, you don't want to really invest it too much, other than high yield, maybe even CDs.

00:24:27.780 - 00:24:35.419
Collin Deysher: Just because you know, at that time, you're gonna pay that… you're gonna pay property taxes. There's no, I might need it or I might not.

00:24:35.790 - 00:24:40.819
Collin Deysher: Something with a good interest rate, and short-term is what… really what you're looking for there.

00:24:48.560 - 00:24:51.740
Collin Deysher: One second here, blowing up more questions.

00:24:55.170 - 00:25:03.400
Collin Deysher: I'm also gonna put my contact information, in the chat. Please, everyone, after this call,

00:25:03.580 - 00:25:05.500
Collin Deysher: Feel free to reach out.

00:25:06.460 - 00:25:12.159
Collin Deysher: Via email, phone call. A lot of questions are very situational.

00:25:16.510 - 00:25:21.390
Sam Walker: Colin, somebody asked, what's the best option for buying life insurance?

00:25:22.800 - 00:25:38.640
Collin Deysher: Perfect. So, life insurance comes in many different… wears many different hats. Term insurance is the cheapest way while you're young and, maybe have a lot, you know, some debt, or a mortgage, or a family.

00:25:39.370 - 00:25:42.399
Collin Deysher: More than happy to reach out.

00:25:42.440 - 00:26:02.020
Collin Deysher: We can help kind of go over all the different types of policies. Once you're a little bit older, in your 50s, there are different types of, you know, permanent insurances to last till you're about age 120. So it is something that is, very tailored to your situation. They can be designed in any way.

00:26:05.140 - 00:26:21.749
Collin Deysher: Do you recommend consolidating 401Ks? Absolutely. A 401 , in my opinion, is one of the best ways to save money for retirement. Comes out of your paycheck automatically, gets invested automatically, very streamlined.

00:26:22.150 - 00:26:32.750
Collin Deysher: Once you have old 401Ks lying around, consolidation can often offer better investment options, more consolidated investment strategies.

00:26:32.930 - 00:26:35.550
Collin Deysher: And more tailored to, you know, fit your needs.

00:26:40.760 - 00:26:43.380
Collin Deysher: Is there a way to…

00:26:43.660 - 00:26:47.659
Collin Deysher: Is there a way to calculate when the best time to take Social Security?

00:26:49.000 - 00:26:54.400
Collin Deysher: I'll say that is a question that takes a lot more planning.

00:26:54.640 - 00:27:04.580
Collin Deysher: Because it really revolves around how much do you need per month to live? And what assets do you have you saved for retirement?

00:27:04.720 - 00:27:07.639
Collin Deysher: It's all about percentages. So that's something…

00:27:07.840 - 00:27:17.469
Collin Deysher: I would love to help, you know, learn about your situation. If anyone has… has been wondering that, we can understand the situation and kind of give you a more tailored

00:27:18.010 - 00:27:20.550
Collin Deysher: Recommendation and guidance there.

00:27:24.800 - 00:27:39.880
Collin Deysher: Speaking to… can you speak about Roth conversions during a down market? Absolutely. So, the theory is, if you have, X amount of money in pre-tax IRAs, when the markets are down.

00:27:40.920 - 00:27:42.990
Collin Deysher: You can,

00:27:43.310 - 00:27:52.520
Collin Deysher: convert those shares into Roth. You pay the tax on any amount you convert. Why that is good is because you don't sell the shares.

00:27:53.850 - 00:27:58.669
Collin Deysher: You don't want to sell when the markets are down, so you pay less tax because those shares are

00:27:58.780 - 00:28:01.500
Collin Deysher: On sale in a down market.

00:28:11.880 - 00:28:22.220
Sam Walker: I think one more from Ryan. He said, should the cost of inflation be taken into consideration when financial… financially planning? Can you talk about that a little bit?

00:28:22.220 - 00:28:22.900
Collin Deysher: Yes.

00:28:23.110 - 00:28:33.430
Collin Deysher: Absolutely. You know, inflation, we've felt it the last 5 years, what's gonna be in 5 more? 10 more, 20 more? That is something…

00:28:33.840 - 00:28:38.190
Collin Deysher: You absolutely need to take into account when financial planning.

00:28:38.300 - 00:28:46.650
Collin Deysher: Because, you know, what feels… you know, $1,000 today is gonna feel like $500 in 20 years.

00:28:46.760 - 00:28:53.470
Collin Deysher: So that's something where you're gonna need to… Take into account, especially at…

00:28:53.630 - 00:29:04.079
Collin Deysher: 2.5%, 3.5% inflation, and especially during high… times of higher inflation, I mean, prices are getting more and more expensive. Look at gas.

00:29:04.340 - 00:29:07.749
Collin Deysher: or eggs over the last couple years. I mean, it's…

00:29:08.660 - 00:29:11.269
Collin Deysher: It adds up, year after year.

00:29:16.730 - 00:29:21.110
Collin Deysher: Perfect. I just want to say thank you to everyone.

00:29:22.860 - 00:29:29.589
Collin Deysher: everyone on the call. Again, my name's Colin Deicher. Please, I strongly encourage you to reach out.

00:29:29.870 - 00:29:42.590
Collin Deysher: We're here as a resource, here to help with answering these questions, help with planning, help with investing, and help you spring clean your finances. I'm gonna pass it back to Amber.

00:29:44.290 - 00:29:44.880
Collin Deysher: Chew on.

00:29:44.880 - 00:29:54.959
Amber Posthauer: All right. Well, thank you, Colin, for sharing your valuable time and expertise with us today. To reiterate, today's presentation was recorded. We'll be sharing the recording in the coming days.

00:29:55.280 - 00:30:11.569
Amber Posthauer: At the end of this call, a survey will populate in a new window. Please take a brief moment to complete the survey, as it lets us know what topics are important to our listeners, and helps make our education program as current and relevant as possible. That concludes our webinar for today. Thank you, everyone, for joining us, and have a great day.