Latest / The Jon Sanchez Show / From Retiree To Entrepreneur. Creating Income, Purpose And Freedom In Retirement
Transcript
- Jon G. Sanchez: Good Monday afternoon to you. Welcome to the John Sanchez Show on New Stock 780K, which it's a pleasure to be with you. I hope you enjoyed the three-day weekend. I know I did. I can't believe it. It went by so absolutely incredibly fast, but it did. We're back at it. But the market, ⁓ still kind of took a little bit of a vacation today, at least on the NASDAQ and the SP side of things today. Going to give you all the details what the heck happened today after the holiday shortened session last week. All right, folks, let's get down to it and tell you what's on the agenda after I go through my stock market. Recap with you. know, millions and millions of Americans ⁓ retirement each and every day. Many of them find out that retirement isn't quite what they wanted because the realization happens that they haven't saved enough money. Taxes, they take a much bigger hit out of their net paychecks, meaning retirement paychecks, than they anticipated. Their income isn't quite covering the lifestyle they envisioned. Especially when we get into choppy market conditions. So I have a solution for you if you fall into that category. Today we're going to be discussing a surprise solution. And the reason I say surprise is because a second ago I just said retirement. Well, listen to me now. This surprise solution is the following: a small business ⁓ retirement. Yes, you heard me correctly. Wait a minute. Retire and then start a small business? Absolutely. And I've been thrilled. I can't wait to talk to you about this topic. We're going to explore how retirees are turning their experiences, their skills, their passions, all into income-producing businesses. And you know, folks, the great thing about it, I've you I've I've I've I've I don't know how many times I've done this topic over the years. But there's probably not been an ⁓ better time to be a retiree needing to start a small business for all the reasons I mentioned. Taxes Not enough income. Or maybe you're just bored, right? We got a lot of clients that's like, you know what? Retirement thing's okay. You know, I got plenty of money. I'm doing just fine, but I'm bored. I need something to do. Well, you can go to work for somebody and still pay taxes and so on and so forth. Or you can go to work and build some equity for yourself, create a small business. But back to my point, there's not been a better time to do it. Why? This great thing called AI, this great thing called the internet. You can sit in the comfort of your living room, have some AI agents working for you, no payroll or anything, and let them go out and do the work. Let them go out and post on social media advertising your business. Let them scour the internet to find out what competition is doing. Let them write your business plan. The list goes on and on. You just have to have the idea and the vision. And the technology nowadays is there to do all the hard lifting for you. Again, imagine being in retirement, you got everything going fine. But how nice would it be to have a few bucks coming in extra, building some equity and maybe a business that you can sell or pass on to another generation in your family? But in the meantime, you're enjoying some great tax deductions. Now all of a sudden, part of your home becomes a tax deduction, your vehicle becomes a tax deduction, your cell phone becomes a tax deduction, some of your utilities become a tax deduction. And ⁓ by the way. You can save in a brand new retirement account. That's right. Tons of advantages. So I've titled today's show From Retiree to Entrepreneur Creating Income, Purpose, and Freedom. That's what I'm going to be covering with you. Let's get down to the stock market side of things today. once again, of course, Friday was a holiday. Market closed. Thought everything would be fine. Over the weekend, that ceasefire that the market got all excited about over the prior leading into the weekend. Well, it started to get ⁓ a little bit on shaky grounds. JD Vance didn't fly over to ⁓ Switzerland like it was anticipated, the headlines were just everywhere. Israel fired upon Iran again, got involved. mean, there are all kinds of headlines. Thought, well, okay, here we go. This thing's already unfolded and the dr inks barely drive with the president sign a couple days ago. But the market came into this morning, went, Hey, you know what? This is part of the rhetoric, just like I said on Thursday. This is part of it. Market just doesn't know what to believe anymore. It's going to lean towards the signs of optimism at this point. We can have all kinds of things going on, and market's going to go, you know what, we know eventually things are going to get handled. And that was kind of it. Woke up this morning, had a couple hundred point gain on the Dow futures, had ⁓ almost a 200 point gain on the NASDAQ. Things went just fine. And it continued that way until a couple hours into the session. And then things began to fade a little bit. Oil wasn't the problem. Matter of fact, oil was down throughout the session. But the problem was Twofold. I'm going to blame two companies in today's sell-off. number one I'm going to blame is Google Alphabet apparent, of course. It was one of the worst performing stocks in the SP 500 today. The stock sank below its 50 day moving average. And if you don't know what 50 day moving average is, ⁓ that just as the name says, that's the 50 day ⁓ price of the stock. It's a technical indicator that traders, the algorithms look at. And when a stock breaks a 50 day moving average, like when it breaks a 100 day or a 20 day People sit up in their chairs and they take notice of it. Well, when you get a company the size of Google and it breaks its 50-day moving average, that is a negative. So that happened with the stock today, finished down $18.68. That was about a 5.08% loss to $348.78. the of the reasons that the stock fell today is the announced early this morning that a top engineering executive, his name is John Jumper. Well, Mr. Jumper jumped Google. He decided to leave them. he's actually was running the Google Deep Minds and he joined Anthropic. Well, that headline added to the lingering concerns that I've mentioned so many times on this program over the company's massive AI capital expenditure. The stock is now down about 8% for the month of June. once that happens with a market leader like Google, it copies over to other names ⁓ Meta, finished down $13.37, 2.32% loss to $563.85. Netflix down 5.82%, ⁓ to its lowest level since late 2024. And the communications sector itself was down about 3.8%, ending the day as the worst performing sector out of the 11 of the SP 500. Amazon down $11.60, 4.3 quarter percent loss to $232.79. of tomorrow's prime day event. SpaceX, this was the second culprit of the weakness in the NASDAQ today. Stock tumbled, got ⁓ crushed $30.40 loss, ⁓ down decline. To 154.60. Now remember, we're well, you know, spent a good portion of last week up over the $200 price range. Remember, our IPO in this was $135. that stock breaks that $135, that could mean trouble. So this is the third consecutive day that we have seen SpaceX going down. And no one knows why. You to take you behind the scenes with Wall Street, there's a lot, a lot of games that are played after a company goes IPO. You see the underwriters, they usually will make a sometimes it's written, sometimes it's unwritten rules with the company, meaning a company like SpaceX. See, and they will support the stock for a certain number of days. Meaning if they start to see selling pressure on it, they will, as the investment bankers, they will step in and start bidding the stock up or try to hold it steady. But when that time period ends, guess what? Then the stock starts to float, just like any stock does on the market. And that's when you really truly find out if the market Believes in this company, or if it doesn't. You know, you look back again at all of the hoopla, the biggest IPO ever in history, and the run-up that the stock had its first few days of trading, especially on the opening day, and you look back at all the stories and how this company can do no wrong, and you know, here it is at only $154.60. So I still think long-term-wise, it's going to be fine. Company has massive losses. So it's going to take some time for the street to get adjusted to it, give it some time for it to release release its first quarterly earnings numbers. And you know, some of the basics that we look at in stocks. So if you're in there, you know, as long as you have a long term horizon, I think you're gonna be fine, but be prepared for some short term choppiness. let's see. then we go to some of the other major tech names that weighed on the market today. Microsoft down twelve dollars and six cents, three point one eight percent loss, the three sixty seven thirty four. Nvidia is down two dollars and three cents. ⁓ one of the stars, however, ⁓ I should say more of a sector than individual names was in the semiconductor space. Micron standout after its earnings released last Wednesday. gain today, 6.82%, $1,211.38. Supermicro up $4.80, 15.66%. Corning, rise up about 7.66% to $209.85. So there were some standouts on the tech space, right? Whether it's semiconductor or some of the other AI related type of sectors. only had ⁓ really well One major announcement today as far as a merger and acquisition in the healthcare sector, they got a strong boost, that whole group did, by ⁓ the following news. ABV, ABB V, the symbol, ⁓ thirteen dollars and fifty-seven cents, six point two seven percent gain to two thirty ⁓ six ⁓ the company agreed to acquire Apogee Therapeutics, APGE, for $135.11 in cash. Apogee finished the day at $132.55 up forty-two dollars and seventeen cents. no economic reports whatsoever today. just ⁓ really actually nothing major tomorrow. It's gonna be a pretty light week except when we get towards the end of the week when we get the Fed's favorite measure of inflation, the personal consumption expenditures. So ⁓ yeah, we're just struggling for some news also, right? Earnings season just about wrapped up and a lot of the major reports are out of the way. So ⁓ yeah, just kind drifting at this point. But how do we set on a year-to-day basis? Not too shabby still. ⁓ For the year, the NASDAQ is up twelve point six percent, while off of its highs, obviously. The Dow's gained seven point six percent. The SP is up nine point two percent. And my star, hopefully you heard heeded my advice and added some of this to the portfolio months ago. Russell 2000, higher by 21.1% year to date. All when we come back, you're all caught up in the market. I am way ahead of schedule, which I love about this. From retiree to entrepreneur creating income, purpose, and freedom. Welcome back to the John Sanchez show on News Talk 780 KOH. Hope you have a great Monday. All right, here's how we finished up for the day. a ⁓ again a decent day on the Dow side of things for the entire session, but finished up 148, about 0.29% gain to 51,712. But as you heard me say, the pressure was on the Nasdaq side. 351 pullback ⁓ closing at 26,166, and the SP down 28 points or 0.37%, closing the day at 7,472. On the commodity side, oil was our friend. ⁓ we finished down $1.40, $75.19 a barrel. Can you believe that? for the day down $42.70, closed of $4,202.16 ounce. And 10-year treasury yield, this was the other ⁓ negative the stock market. bond yields were up across the board, six basis point increase on the 10-year to a yield close of 4.51%. All right, with said, let me get started on my topic today. I've been so excited to talk to you about this throughout the session. Again, millions of Americans are entering into retirement only they discover, and I don't have enough cash flow coming in. Taxes are taking a bigger hit. I mean, I hear that one. I had a dollar for every time I've heard that one. Taxes are taking a bigger hit on my retirement income. On on and on. So let's come up with a solution for you. For decades we have been told that retirement means we work hard, we save diligently, we sacrifice, and someday, when that magical day happens, get to live off of our retirement investments. But what happens? Let me ask you this question. What happens when the numbers just don't work? Again, don't beat yourself up. Maybe you had you thought you had enough saved up, something happened, you needed to spend some of the money, now you don't have the retirement income. Maybe you never were able to save enough money, right? You got kids and grandkids and life itself. And you're like, man, I'm never going to be able retire. But that's not the case. Not at all. Have faith for me. But bottom line is, what happens if the numbers don't work? What happens when inflation increases your expenses? Where were we this weekend? I went, let's see, yesterday I went to Home Depot. Yeah, I sat in the car. My wife went into Walmart and and sat in the car when she went into tractor supply. ⁓ it must have been Home Depot. Now now again, I I gotta be honest with you. I don't get out a lot and go shopping. I I I just I don't have the time to do it. And when do go, prices are a shock to me. I I just I gotta admit that. And and she Bought something for Father's Day, something for our Father's Day dinner last night. I can't remember what it was. And I said, You gotta be kidding me. It's that expensive. And she just laughed at me. Yeah, I know. Sounds stupid, but the problem, the bottom line is you are on a fixed income ⁓ you in a retirement income, every little increase you feel, and you feel it very, very hard. So once again. What do we do? Right. Our in our inflation's rising up or increasing our expenses. volatility, not so much right now, but the time will come where it's going to impact your portfolio. ⁓ you again you've never been through a market downturn since you've been retired, ⁓ gonna feel it a whole bunch of different ways than you did when you were working. Trust me on that one. Taxes, yeah. We had the big, beautiful bill, helped them some areas, really helped for entrepreneurs. That's why I'm doing. Part of this subject today. But taxes are taking a lot more. You've heard me say or show their story millions of times retirees, once again, we try to prepare them when we do all of our cash flow planning, getting them ready for retirement. But inevitably you get somebody that didn't, you know, they come in late ⁓ after already retired and they complain because they just got their taxes done. First year they got their taxes done being a retiree, and the accountant informed them they've got to pay quarterly taxes. I'm like, what the heck is this? Yeah, you gotta pay the quarterly taxes when you're retired. If you don't have enough money withheld from your Investment ⁓ income. So the taxes definitely consuming more than expected. And your retirement savings simply isn't generating the cash flow that you wanted for whatever the reason may be. Maybe a bad allocation. you know, again, that's a whole different show. But you get my point. Taxes, inflation, not getting enough income off the portfolio, et cetera. And you're going, what in the heck do I do? I don't want to go back to my normal job that I retired from. What do I need to do? Well, today we're going to challenge one of the biggest assumptions in retirement planning. What if retirement doesn't mean that you stop working entirely? see, there's a there's a I'll call it a movement going on around the country where retirees are phasing into retirement. And nowadays, the reason that that's becoming so prevalent is because employers finally have realized the value of us old folks, right? We have a lot of years of experience, a lot of gray hairs, and employers going. Yeah, maybe I can find a kid 25, 30 years old that, you know, fresh out of college or grad school or whatever, but they don't have the real life experience. Not their fault, but they just don't have it. They're too young. So what if I could bring in, you know, Fred who wants to retire and slow down a little bit and mentor that young kid for again, part-time basis. I've I've got one situation right now where I have a client, very successful entrepreneur, of partners in his business. And That's exactly what he's gonna do. He's gonna transition into retirement. And I'm seeing more and more companies doing that. So what are you gonna do with that free time? Maybe you're gonna be able to, you catch up on honeydews. Maybe you're gonna be able to go relax, do whatever you want to do. But maybe the point, or not maybe, but the point will come where you're like, okay, enough of this transition into retirement. I'm fully retired, but I'm not physically and mentally ready to retire. Or again, I need need some income or taxes or whatever the case is. So again, what if that solution isn't withdrawing more money from your portfolio, but it's creating a new source of income? Well, today again, I'm going to get into more details about why more retirees, more than ever, are starting businesses in retirement and how the right business can provide income, purpose, flexibility, potential significant tax advantages. It checks all the boxes. It really does. You know, I was I told you a second ago I went to Home Depot I needed some bags of mortar on a project. I'm building a waterfall. And they're way down on the bottom shelf, way in the back. And I'm like, okay, I don't have the world's best back. I'm not gonna reach down and grab nine of these sixty pound bags. So I'm gonna call for some help. I'm gonna put my ego aside, I'm gonna call for some help. So here come two Home Depot workers. ⁓ One young buck, another one guy. I'm guessing probably late 50s, early sixties. And I'm thinking, man, why why is this gentleman, this older gentleman, why is he working here? Why is he lifting 60 pound bags of mortar? I always want to ask what their story is. Again, maybe they love it. I've had some clients that have loved gone that they they've gone to work to Home Depot or some other like Lowe's and things like that to work in the garden center because they love gardening. That's cool. But man, to have to do that physical back breaking work, you know, in your early 60s because things didn't go right. That's what I'm going to try to avoid with you. when we come back from this break, I'm going to start with my first discussion, which is the retirement income gap. Then going to be getting into things, why retirees make incredible, incredible retirees or incredible entrepreneurs. we'll talk some of the best businesses for you retirees. And how about some advantages? then we'll start to wrap things up. What businesses really that you should avoid? All that when we come back. Let's turn it over to Jack Sabin. He's got news. He's got traffic. He's got weather. Hey Jack. You got it. First, we must understand something. Why are we doing this? Why are we even considering this? Well, I call it the retirement income gap. see, many retirees discover that again, the amount of money they've saved for whatever reason, as I said, I don't care what the reason is, but it's not enough lump sum to provide the income that they need to survive and prosper. As I said earlier, the other reason we have a retirement income big income gap, inflation. Folks, I don't see, ⁓ don't know about you. I've around this block a long time. Never see prices go down, you know, of any substance. So this higher inflation that our economy has created over these last few years after COVID and so on and so forth, it's not going anywhere. It's only gonna increase. Sequence of returns. I've covered this one many times. is where Murphy, I call it Murphy's Law, Layman's version, right? You retire next day, or you retire, you get your money invested. Next day the stock market creator's on you. Right? Your coworker retires and he invests two days later and the market rose. You have you'll probably never catch up to him with all things being equal. That's called the sequence of returns. And trust me, it happens in retirement. That's why I call it Murphy's Law. Longevity risk. Now, Many of you obviously hopefully you view this as a positive. We are all living longer, right? We are all living longer. But at the same time, that means our money's got to last us all those many more years. So that's another reason we have a retirement income gap. Rising health care costs, my goodness. Yes, whole nother issue on that side of things. am seeing many clients that are not of Medicare age of 65 spending. probably what they more than on spending more on medical insurance per month than probably what their first two or three homes in their life cost them. Fifteen, eighteen hundred dollars a month for a couple is ⁓ on low end. And then the taxation of retirement income. I don't need to beat that one. You know, again, it it's it's it's it's income, right? It's like earned income when you start taking money out as you know from a from a retirement account, which is where most of your income is gonna come from, right? You're gonna roll over 401k. That money's never been taxed. again, you start taking income off of there. That's taxable income to you. So state, federal, on and on and on. If you're in a state that has taxes. So the question I want you to think about for that is this how additional income would improve your lifestyle? Take that pressure off. That's where you have to kind of start. Is it a thousand bucks a month? 2,000, 5,000, 10,000, what it whatever it is, that's where you start with when we get into why retirees make great entrepreneurs. You know, when I when I put this down on paper and I thought, why do retirees make great entrepreneurs? it was so obvious, but yet we all know about age discrimination, right? Many companies refuse to hire somebody that's got some gray hairs in their head, for reasons. Well, to heck with them. Take charge of your own financial life. Start a business. But here's why I think retirees make great entrepreneurs. Number one, You've got something again, that young kid, I don't care if they graduated from Ivy League school, whatever the case is, they don't have the decades of experience that you have. They have an existing professional network. They have financial maturity. yes, they do. They know how to make decisions, ⁓ They've been through a million decisions in their life. They have the ability to avoid mistakes that younger entrepreneurs make, which is I'll build in this business to get rich overnight. Got a little maturity behind you, a few gray hairs. You're gonna go, you know what? This is a marathon. It's not a sprint. With a young kid goes, this is a sprint. Need to make as much as I can, go buy the big ski boat, the big lift of truck, do all those things. Another reason that retirees make great entrepreneurs, freedom to choose projects they enjoy. Mm-hmm. That's right. That's why the planning process is so important. And why I've said many times when I've covered entrepreneurial topics, your number one thing, number one, forget about everything else. Your number one issue is do something you have a passion for that will carry you through and make you successful. So I kind of highlighted, I'm thinking, you know, what are some of the great businesses a retiree? Right. Obviously, we don't want to do anything physical in most cases. So here's one I have a couple clients doing right now, and I've had clients in the past that have done this a lot, which is consulting, right? You leave a company, you've got 30, 40 years of experience, you walk out the door. They can hire 10 young people and they don't have the same experience you do. what I'm seeing now, and again, I've it it goes through ebbs and flows based upon the economy and the jobs picture. But I'm seeing now is, and I've some clients on this, and it's really worked great. I tell them when talk about do the retirement plan, and it and I, you know, they're they're like, Yeah, you know what? I I I just I don't the day-to-day grind, the, you know, quote, nine to five, like anybody works nine to five anymore. I don't really want that anymore. But I I'm I don't want to sit home either. I want to work maybe You know, part time, 24, 23, 24 hours a week. I said, okay, here's what I want you to do. Go and sit down with your manager or the owner of the company, depending upon how big you are, and say, look, it, here's what I'm willing to do. I'm willing to come back on a part time basis. A couple days a week, three days a week, whatever you need me. I'm not going full time though. And guess what? Here's the second part that that is really successful. I tell the client, tell them you'll come back as a 1099 employee. Businesses love that, right? Because there's no more payroll taxes, there's no more 401k match, there's no medical insurance, there's none of that. And you win because you're making a higher hourly wage. See, it's a win-win for both. So these companies are jumping all over this strategy that I'm telling my clients to do because again, they've got all these years of experience. Now it doesn't last forever. The client doesn't want to do it forever, nor does the business want to do it forever. But it's a phenomenal transition period. And very lucrative. I had one guy that did it years ago. worked for ATT. And know, like, geez, was probably 10, 15, 10, 12 years ago. And I'm not kidding you, that gig lasted, I think, north of 10 years. It just worked out beautiful for ATT and it worked out beautiful for the client. It's a win-win. So come back as a consultant. They'll pay you for it. Come back as a manager, right? A lot of times companies are like, you know, I really don't need a full time manager. Boy, I'd love somebody again with experience to be my part-time manager. And most of them, a lot of them, and depending upon the business, will allow you to do it on a virtual basis. And then if you're a specialist, come back as a consultant, right? Again, they can't ⁓ they can't buy your experience. services, boy, if you've always had a knack for numbers and you know you're you're really good with QuickBooks or something like that, start a bookkeeping service. Right. Again, I'm trying to do things where you can kind of work from home too. Coaching. Coaching has ebbed and flowed in our economy. I did it for a number of years with some of our entrepreneurial clients and I loved it. I I absolutely loved it. But there's a big need out there right now for people to be coached in a lot of different areas. And especially if you have expertise in your industry, back as a as a coach. No problem. Training, same thing. If your industry is constantly through changes, especially like with AI, et cetera, come back as a trainer. That's a short term gig. Maybe you come back for a week, two weeks, and then you're gone. And then you wait for them to call you again, or you go to another company and do some training. Speaking. Yeah, believe it or not, with email and text messages, people still like to sit down at a at a at a at an auditorium and hear people speak. They really do. Great business for a part-time entrepreneur. Now, here comes the fun ones. What I call the passion based businesses. And folks, can do this, but I'll tell you what they are when we come back. These are really fun and exciting. Back the John Sanchez show on News Talk 780K, which I've been talking about from retireed entrepreneur creating income, passion, and freedom. That's right. Starting a business in retirement for various reasons. Now let's get into some fun ideas. I call these passion-based businesses. Here's a couple of them thinking about. A fishing guide service. I have a handful of clients that love fly fishing. They turned it into a guide business, right? Lord knows we live in the right place to do this. Hunting guides. go out, they get the proper licensing, credentials, insurance, et cetera. And find them, you know, trudging through the forest or the great Nevada searching for elk ⁓ and deer antelope, et cetera. I can't believe what some people are paying for these guides. Mind boggling. I've had some clients tell me that it's like, you spent how much to go get that? Yeah. But it it happens. But imagine having that as your business. Photography. Woodworking. I this one I geez, I can think of five clients right off the top of my head that I started in the ⁓ helped get started in the woodworking business. It was a hobby. They retired. We wanted some tax deductions. They wanted some income. They had shops that they built at their property. They turned it into a business. Love it. Absolutely love it. Making money, getting deductions. Craft businesses, I don't have much experience in that one. Online education, huge demand for that. Again, especially if you were a specialist in your area of expertise. Writing books. is a number of ways now that you can write books without the big capital expenditure up front. it's kind of books on demand. So once again, probably not gonna make you rich, but just an idea. And content creation, once again, if you're an expertise in somewhere. ⁓ ⁓ you can sit down and dictate a book. You can sit down and dictate a study course. you can you can online now and create your own study course for about $200 and turn around and sell that. Right. If you love real estate, here's some ideas. Property management, real estate consulting, home watch services, even becoming a realtor. I've done this with clients many times. They've retired and they love real estate and they maybe they already had some properties under their belt. I'll say, you know what? Go out and get your real estate license. Take you about six months to a year to get it. And guess what? You're now a real estate professional. You now have the whole world of income deductions available to you, expense deductions, I should say, once you are a professional. Go do a few deals a month. Worked out really well. Also, ⁓ real estate consulting, so on and so forth. You get the idea. Online businesses. Again, this is what I would do if I was retired. E commerce, digital products, online courses, affiliate businesses. There is a guy, I had him on the show years ago. I won't mention his name. Does a really good podcast where he interviews small business owners. And this guy's making over $2 million a year. He shows his income on his website. He's making over $2 million a year. Almost all of it, about 95, 96% of it, is net profit. Because he uses two virtual assistants. But on his income, where he makes his income, is affiliate income. If you don't know what affiliate income is, that's where if I came back from break and I said, hey, you know what? XYZ product is John Sanchez, his favorite, da-da-da-da-da-da-da. And then when you log in, Use favorite code John Sanchez. And then I get a commission every time that a sale is done. That's called affiliate income. That's called pajama money, folks. That's where you're making money, not even doing anything. So huge amount of money. And again, he makes about over 90% of his income off of affiliate businesses. the other now we into the tax advantages. I think I've touched on this, but let me just hit him once again, real fast. Again, business deductions. Vehicle expenses, home office deductions, travel expenses, equipment purchases, right? You can you can write off over a million dollars of equipment now in one year. potential retirement plan contributions. I'm working right now with a with a couple up at the lake that he retired from a a government job and he had a part-time business while he was still working. Well, he retired at a very young age, and now we're doing all kinds of strategies, implementing all kinds of strategies for his new business. And one of those is what's called a solo 401k. And it's going to be really successful for he and his wife. She's involved in the business, or they can shelter a whole bunch of money. They can borrow against it. They can do all kinds of things that a Fortune 500 company can do. They're just a little business. What businesses should you avoid? ⁓ this is the last one I'll leave you with. Please do not get into debt in retirement. This is where people have problems. Don't go rent a big fancy space. Don't go start a restaurant. In other words, stay away from high capital requirements. Stay away from excessive debt. Don't jeopardize your retirement savings to start this business in retirement. Stay away from complex franchises, businesses, right? Your body's slowing down a little bit. Don't get involved in something that's going to require you to go out and beat the heck out of your body. Don't get into a business where you have employees or one that if you do have employees, make it a small number. In other words, stay away from the large payrolls. They will kill you. And importantly, ⁓ speculative right? Some businesses make it, some will fail, but the bottom line is. You're in control. a look at it. If, you know, if again, I checked all the boxes for you as far as what you need in retirement, you need to lower the taxes, get a little bit more income, have some financial freedom, et cetera. Take a look at this idea. And if you have any questions, you just give me a call. I'll be more than happy to coach any of you. 775-800-1801. God bless. Have a great afternoon. See you tomorrow on the John Sanchez Show.