Latest / WCHS Network Podcasts / 03/16/2026 Retire Right Radio with John Burdette

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03/16/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: The views and opinions expressed on this program do not
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  Speaker 1: necessarily reflect the views and opinions of five ADWCHS, its
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  Speaker 1: employees or WVRC Media. This is retire Right Radio, a
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  Speaker 1: weekly show from John Verdett at Fourth Avenue Financial that
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  Speaker 1: aims to answer your questions about financial planning, investing, and
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  Speaker 1: how to retire right. Fourth Avenue Financial is located in
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  Speaker 1: downtown Charleston at one seventy Court Street. More information online
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  Speaker 1: at Fourth Avenue Financial dot com. Join the conversation by
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  Speaker 1: calling three oh four three four five fifty eight fifty
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  Speaker 1: eight or text three oh four nine three five fifty
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  Speaker 1: oh eight on Retire Right Radio.
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  Speaker 2: Let's go live to the studio with host Dale Cooper
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  Speaker 2: and John Verdett from Fourth Avenue Financial.
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  Speaker 3: Hug and happy Monday morning to you. You made it through
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  Speaker 3: the weekend and it's Monday morning, twenty three minutes past
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  Speaker 3: eight o'clock right here on five ADWCHS, your voice of Charleston.
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  Speaker 3: Thanks for tuning in. John Burdett from Fourth Avenue Financial
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  Speaker 3: is here this morning for Sorry Right Radio and you
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  Speaker 3: can give us a call IFEE have any questions you
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  Speaker 3: might have questions about things right now it's hard to
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  Speaker 3: tell when it comes to your financial future. So if
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  Speaker 3: you need John to talk you down a little bit
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  Speaker 3: or give you some good advice, it's a good time
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  Speaker 3: to call this morning. Three zero four three four five
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  Speaker 3: fifty eight fifty eight three four five fifty eight fifty eight.
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  Speaker 3: You can text over your questions as well to three
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  Speaker 3: zero four non three five five zero zero eight three
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  Speaker 3: zero four non three five five zero zero eight is
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  Speaker 3: our text line number. You can get a hold of
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  Speaker 3: John either one of those ways. You're more than welcome
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  Speaker 3: to do that. You can find out more about Fourth
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  Speaker 3: Avenue Financial online. It's Fourth Avenue Financial dot com. Spall
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  Speaker 3: out the whole thing, and you can find the website.
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  Speaker 3: Do that same search on Facebook and you can like
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  Speaker 3: the page over there. So John, how you doing this morning?
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  Speaker 3: Welcome in.
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  Speaker 4: Yeah, I'm doing pretty good. I unexpectedly missed last week,
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  Speaker 4: so that's good. A little while, Yeah, ended up, I
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  Speaker 4: went to Florida. My wife had her big milestone birthday.
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  Speaker 4: I'm not going to stay which one it is, but
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  Speaker 4: my flight got delayed. We were flying down Sunday evening
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  Speaker 4: and yeah, we got in it in the middle of
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  Speaker 4: the night. So it's like Monday morning is way too early.
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  Speaker 3: When Tom Payton was on here a couple of weeks ago,
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  Speaker 3: his wife was having a birthday and he wished her
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  Speaker 3: a happy birthday. But then when Harvey was on this
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  Speaker 3: past week, he let the he let the cat out
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  Speaker 3: of the bike. He was like as a grand as
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  Speaker 3: a grandpa, I can do. I thought that was pretty funny.
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  Speaker 3: But yeah, my wife's a not ready to turn down
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  Speaker 3: of it as well. So you know that happens, it does,
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  Speaker 3: it does on occasion. Like I said, there, he gives
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  Speaker 3: a call this morning three zero four three four five
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  Speaker 3: fifteen fifty. So we always take a look back on
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  Speaker 3: the previous week before we get our topic today. And
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  Speaker 3: we're going to talk about some of the different types
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  Speaker 3: of money personality types that there are out there. And
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  Speaker 3: I thought this was a pretty interesting article that John
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  Speaker 3: sent me, and boy, I can recognize a lot of
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  Speaker 3: people and myself and a lot of these categories that
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  Speaker 3: that's kind of divided. And so we're going to talk
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  Speaker 3: about that as the show goes along a little bit today,
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  Speaker 3: and you might find yourself in there as well. And
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  Speaker 3: there's some advantages and disadvantage to each of those things,
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  Speaker 3: and maybe this is something you need some help being
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  Speaker 3: coached around, and that's something else that John can help
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  Speaker 3: you with as well. So if you have any questions
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  Speaker 3: as the time comes up today, you're welcome to give
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  Speaker 3: us a call at three zero four, three four five
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  Speaker 3: fifty to fifty eight. So taking a look back at
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  Speaker 3: at I guess what we're in basically a war economy
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  Speaker 3: now more or less. But what does that even mean?
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  Speaker 3: I mean, is it?
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  Speaker 2: Yeah?
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  Speaker 4: I mean I think at this point there's probably not
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  Speaker 4: a whole lot of long term effect on the market,
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  Speaker 4: but certainly short term oil prices are jumping around.
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  Speaker 3: You know.
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  Speaker 4: Of course, anytime there's uncertainty, stock prices tend to be
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  Speaker 4: more volatile. Like we've seen, we've given up the gains
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  Speaker 4: that we've had for the year. We've given the gains
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  Speaker 4: up and now we're down a couple of percent. Which
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  Speaker 4: there again, that's not a major move for the market.
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  Speaker 4: It's very normal for a market to have a correction
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  Speaker 4: and be down as much as a ten percent or
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  Speaker 4: more really multiple times a year. So maybe this is
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  Speaker 4: one of those times. And the catalyst was is what's
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  Speaker 4: going on? The backdrop of earnings still looks good, you know,
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  Speaker 4: the long term effect will certainly really be playing out
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  Speaker 4: over what really how long this keeps going on and
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  Speaker 4: and how long will these disruptions continue, which is a
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  Speaker 4: which is an unknown to a degree, But you know,
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  Speaker 4: I kind of get the feeling that there's probably some
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  Speaker 4: sort of a we've got to be getting closer to that.
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  Speaker 4: There's gonna There's only so many things you can balm.
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  Speaker 3: Right, I mean, yeah, it'd be nice if be nice
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  Speaker 3: if there was a goal somewhere.
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  Speaker 4: So I mean, I I you know, I gathered that
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  Speaker 4: it looks like the military targets and it almost seems
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  Speaker 4: like they're starting to strike more precise you know, group
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  Speaker 4: and individuals to try to see if they can get
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  Speaker 4: some kind of momentum for a for a popular uprising.
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  Speaker 4: Well that happened, who knows. But as far as the
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  Speaker 4: rest of the world goes, I mean, you know, it's
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  Speaker 4: it's that straight over moves being open and the oil
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  Speaker 4: flowing and that sort of thing, and and it's hard
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  Speaker 4: for me to imagine that it will be you know,
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  Speaker 4: we'll be talking about that six months from now, for instance. Yeah,
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  Speaker 4: I mean, it just doesn't seem like that is you know, realistic.
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  Speaker 4: I mean, it could happen. But I think a lot
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  Speaker 4: of things that are written and talked about kind of
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  Speaker 4: get into the extreme fear versus what you know, the
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  Speaker 4: reality is somewhere there in the middle. Probably of course
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  Speaker 4: that's an opinion, you know.
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  Speaker 3: Yeah, I mean, there's nothing to do but to see,
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  Speaker 3: and we haven't been in this type of military exercise
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  Speaker 3: in a while, especially that's ended up lasting this long,
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  Speaker 3: and so, you know, with a lot of people, it's
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  Speaker 3: pretty interesting. With the people younger than me experienced it
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  Speaker 3: a lot differently, you know. I mean, you know this
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  Speaker 3: is I won't say common. I mean, I didn't grow
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  Speaker 3: up in a real war mongering age, but both golf
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  Speaker 3: wars and everything that was involved in that, plus Afghanistan
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  Speaker 3: and everything, So I mean I kind of get where
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  Speaker 3: that's coming from. A couple of related questions and we'll
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  Speaker 3: get to our topic of the day. I want to
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  Speaker 3: move off to the war thing, because, like you said,
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  Speaker 3: that's highly opinionated, very but there's there's oh, go ahead,
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  Speaker 3: I'm sorry, I dont want to.
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  Speaker 4: Well, and just like every other news story we've talked about,
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  Speaker 4: the market ultimately is pretty resilient, that says, because it
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  Speaker 4: adapts and you know, there's no reason to believe that
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  Speaker 4: companies won't continue to adapt to whatever the situation happens
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  Speaker 4: to be.
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  Speaker 3: Is there any issue? Maybe not from the company standpoint,
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  Speaker 3: This is a this is a brief question. Then I
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  Speaker 3: have a follow up to it. The thing with like
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  Speaker 3: the oil prices and stuff like that, does that affect
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  Speaker 3: like investor confidence or anything, like when there seems to
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  Speaker 3: be like bad information that gets pedled out, Like when
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  Speaker 3: a somewhat I won't say regular basis but happens and
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  Speaker 3: oil prices go down. Oh it looks like the things
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  Speaker 3: are then well that it ended up not being true.
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  Speaker 3: Then they shoot back up and then down and up
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  Speaker 3: and down and up. It's it's does that affect confidence
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  Speaker 3: in any way or are people kind of is that
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  Speaker 3: kind of baked into Hey, we're on an unknown you know.
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  Speaker 4: I think oil prices can jump around for the short term,
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  Speaker 4: and if it's just a blip, it just kind of
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  Speaker 4: goes away. Now over time, if it seems to be
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  Speaker 4: an ongoing thing that lasts months and months a month,
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  Speaker 4: that's going to end up affecting consumer confidence, which is
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  Speaker 4: about yeah, OK, seventy percent of the economy, so which
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  Speaker 4: is all.
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  Speaker 3: Wobbly right now. Yeah, it's okay.
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  Speaker 4: It's a consumer says, hey, we're getting pinched by these
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  Speaker 4: gas prices for instance, or the or even if the
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  Speaker 4: concern is that they will escalate. Well, that affects, you know,
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  Speaker 4: the decisions that people make with their money. Should I
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  Speaker 4: spend this today or should I put it back and
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  Speaker 4: and and you know, save it and in case things
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  Speaker 4: get worse, that sort of thing. So so it certainly
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  Speaker 4: can effect. But short term, I think the effects are
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  Speaker 4: maybe overblown, and maybe long term they're they're under under priced,
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  Speaker 4: and if things go a certain direction, it's it's in
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  Speaker 4: there again. Those are kind of crystal ball type type issues.
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  Speaker 4: But it's certainly, you know, it's the same thing when
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  Speaker 4: the stock market goes up. You know, people talk about
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  Speaker 4: this wealth effect. If your four zero and K goes up,
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  Speaker 4: you know, fifty thousand dollars in six months, maybe you
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  Speaker 4: feel richer. So it's it's you can you feel like
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  Speaker 4: you can spend more money. It's the same kind of concept,
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  Speaker 4: it's just reversed.
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  Speaker 3: I was in the industry that granted credit and score
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  Speaker 3: credit and things like that. Around the two thousand and
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  Speaker 3: eight financial mortgage collapse and different things along those lines,
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  Speaker 3: and I follow a lot of newsletters and different things
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  Speaker 3: like that that has to do with credit. One thing
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  Speaker 3: that I am seeing a lot of, and it's broken
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  Speaker 3: over into the mainstream. I've been seeing this for a
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  Speaker 3: few weeks now, but it broke over into the mainstream
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  Speaker 3: this weekend. There appears to be a coming credit crunch.
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  Speaker 3: Have you seen things along those lines.
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  Speaker 4: I've seen some of some of that. One of the
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  Speaker 4: interesting things about what's going on with the war, and
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  Speaker 4: if you look at the bond market, interest rates actually
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  Speaker 4: have been creeping up since this has been going on,
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  Speaker 4: which is almost the opposite of what you would think
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  Speaker 4: would happen to treasury bonds in a in a time
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  Speaker 4: of uncertainty. And you know why is that?
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  Speaker 3: You know?
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  Speaker 4: There again, I don't really know, but it could be that,
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  Speaker 4: you know, if this, if this goes on and on
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  Speaker 4: and on, there's certainly a lot of money that's spent
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  Speaker 4: and potentially a lot of borrowing needs to fund these operations,
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  Speaker 4: particularly if they're a long term, a longer term.
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  Speaker 3: Than we.
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  Speaker 4: Think. So the bond market seems to be pricing in
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  Speaker 4: maybe larger deficit spending, and it's acting a little unlike
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  Speaker 4: the traditional safe haven that you would see in times
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  Speaker 4: like this.
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  Speaker 3: I've seen where some credit granters and the huge institutions
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  Speaker 3: that control some of the money are rewriting some of
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  Speaker 3: their rules right now, I mean, we're not rewriting, but
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  Speaker 3: they're they're putting some some roadblocks up when the amount
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  Speaker 3: of money they're making available and things along those lines,
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  Speaker 3: and the downward pressure effect could be you know, borderline
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  Speaker 3: credit scores to get your car, your house, interest rate,
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  Speaker 3: whatever it might be that that might change, which is.
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  Speaker 4: You know, it's certainly not good if you get turned
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  Speaker 4: down on what you're wanting to do. However, that is
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  Speaker 4: a market response that that helps temper and ensure that
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  Speaker 4: we don't have a we you know, there may be
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  Speaker 4: a slowdown in certain areas, but that's different than a crash.
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  Speaker 3: Or elas and even the two thousand and eight things
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  Speaker 3: that happened, all of the things that went into effect
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  Speaker 3: to kind of stop that as it was in place.
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  Speaker 3: I mean, it was tough for a lot of people,
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  Speaker 3: but if those things didn't happen, then it was spread
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  Speaker 3: like a virus that would have been completely out of control.
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  Speaker 3: So it was a rough time. But the safe or
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  Speaker 3: the things that were put into place to try to
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  Speaker 3: stop it. At the time, they did mitigate it. You know,
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  Speaker 3: eventually it was just that wasn't pretty. So maybe we're
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  Speaker 3: getting a little bit ahead of if there's something out
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  Speaker 3: there that people are seeing. And I don't know where
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  Speaker 3: the what industry is causing the most pressure here, or
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  Speaker 3: if it's just a combination of things, but maybe we're
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  Speaker 3: getting a little bit further out ahead of it this time.
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  Speaker 3: I guess we'll see.
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  Speaker 4: Yeah, you know, those are things that are that are unknowable,
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  Speaker 4: but there will certainly be lots of different problems in
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  Speaker 4: the future and lots of different solutions.
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  Speaker 3: I just know that there's some newsletters and stuff of
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  Speaker 3: some financial people and things that I follow that this
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  Speaker 3: has been kind of a background conversation for a few
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  Speaker 3: weeks now, But now I notice that I think Bloomberg
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  Speaker 3: and CNBC had some stuff on credit and stuff like.
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  Speaker 3: So it's started to break into the to the normy
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  Speaker 3: space now, and which I'm usually a part of. I
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  Speaker 3: just read on the other stuff work for this show
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  Speaker 3: and stuff, so I can hopefully not be a complete
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  Speaker 3: idiot when it comes to it. Hey, your one gives
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  Speaker 3: a call this morning we're going to transition over into
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  Speaker 3: kind of our topic of the day today, which is
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  Speaker 3: the different money personality types for financial discussions and for
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  Speaker 3: determining sort of the the feedom that you go into
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  Speaker 3: when it comes to determining your financial well being and
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  Speaker 3: how you want to achieve to get there, sort of
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  Speaker 3: the psychology behind it. If you have any questions about
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  Speaker 3: these things as we're discussing them this morning, you're welcome
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  Speaker 3: to goes to call three zero four three four five
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  Speaker 3: fifty eight fifty eight. Threes are a four three four
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  Speaker 3: five fifty eight fifty eight. And I find this this
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  Speaker 3: is pretty fun, and I want to run down the
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  Speaker 3: seven categories that this broke it into first, and then
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  Speaker 3: we'll kind of go back and talk about each of
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  Speaker 3: these things. You have the compulsive savor, the compulsive spender,
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  Speaker 3: the compulsive money maker, those that are indifferent to money,
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  Speaker 3: the savior, splurger, the warrior, and the gambler. So we
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  Speaker 3: have these different personality types when it comes to when
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  Speaker 3: it comes to finances. And I'm guessing Jean that in
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  Speaker 3: your death of experience with this, nobody is one just
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  Speaker 3: one of these things, right? You see a combination of this.
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  Speaker 4: Yeah, yeah, combination of it in the individuals and certainly
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  Speaker 4: combinations of it in couples.
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  Speaker 3: Oh, great point, right.
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  Speaker 4: And sometimes those are things that need to be recognized
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  Speaker 4: and navigated because you know, we're all different, we all
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  Speaker 4: have different backgrounds, we all have different experiences in life
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  Speaker 4: and with money, and that that affects how you think
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  Speaker 4: about it and how you operate. You know, even going back,
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  Speaker 4: I can think of my you know, my grandpa that
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  Speaker 4: went through the depression and that they lost the family
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  Speaker 4: farm and all of those type of things happened to him. Well,
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  Speaker 4: you can bet that he was a saver, but he
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  Speaker 4: didn't trust the banks, so it was you know, you know,
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  Speaker 4: in pages of books at the house and things like that.
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  Speaker 3: Yeah, I literally met a guy before when I when
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  Speaker 3: I talked before that I was that I did credit
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  Speaker 3: related stuff, was in the mortgage industry back in the
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  Speaker 3: early two thousands, and I met a guy the proverbial
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  Speaker 3: cash and the mattress or whatever. I met a guy
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  Speaker 3: that had it wasn't in his mattress, but he just
• 13:48
  Speaker 3: had stacks of cash at his house and he had
• 13:50
  Speaker 3: to go deposit the cash weeks before our transaction because
• 13:54
  Speaker 3: the money had to be seasoned in order for him
• 13:55
  Speaker 3: to be able to do it, and so like we
• 13:57
  Speaker 3: had to delay closing and everything because my question to
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  Speaker 3: him at the beginning, what do you have cash for closing?
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  Speaker 3: He's like, yes, we get closed to closing and I'm like, okay,
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  Speaker 3: you're going to need to bring you three thousand dollars
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  Speaker 3: or whatever it was to closing. He's like, okay, I
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  Speaker 3: have it. And I was like, well, it has to
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  Speaker 3: be seasoned in your bank. Do you have a bank account?
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  Speaker 3: He's like, oh, well yeah, but I don't have any
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  Speaker 3: money in it. I'll have to deposit. And then he
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  Speaker 3: explained the whole thing to me, and you know, so
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  Speaker 3: I learned that was a learning experience for me because
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  Speaker 3: I learned the follow up question to that, and is
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  Speaker 3: that in a bank account. I'll learned to ask that
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  Speaker 3: question because people be like, yes, I have the money,
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  Speaker 3: but it's like in a shoe box or whatever it
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  Speaker 3: might be. You never know. And so that person is saving.
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  Speaker 3: Good job, But man, you're that money's not doing any
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  Speaker 3: work for you, right right.
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  Speaker 4: I'll see that sometimes even in my business. You know, hey,
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  Speaker 4: I have cash, how do I bring Can I bring
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  Speaker 4: cash in? No? No, we can't take cash for the
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  Speaker 4: avenue financial but put it in your bank, write your
• 14:47
  Speaker 4: personal check and where good to go.
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  Speaker 3: Well, what what of these types do you see most
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  Speaker 3: often around here? I mean, I know you said it's
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  Speaker 3: a blend sometimes of couples and stuff like that, But
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  Speaker 3: is there one thing that you tend to see more
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  Speaker 3: often around here than anything else?
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  Speaker 4: Well, of course, what I see is probably a little
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  Speaker 4: more focused than the general population. You know, the folks
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  Speaker 4: that seek got an advisor have have I'm sure a
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  Speaker 4: different outlook than the general population.
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  Speaker 3: But I.
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  Speaker 4: The most successful people that I see are the ones
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  Speaker 4: that keep their head down, don't get emotional, and just
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  Speaker 4: they know they're supposed to save and live within their means,
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  Speaker 4: keep a budget and just and just plow money away
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  Speaker 4: and don't don't think about it, don't overthink about it,
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  Speaker 4: don't worry about it. Just you know, understand that, hey,
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  Speaker 4: this is the process that that that will make us
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  Speaker 4: successful down the road. And now what category does that
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  Speaker 4: fall into, you know, I I would say it's probably
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  Speaker 4: more compulsive savor type issues. I mean, I have I
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  Speaker 4: have more people I would say that that come in
• 16:01
  Speaker 4: and have the wherewithal to spend and do things without
• 16:06
  Speaker 4: worrying about it and and don't because of the you know,
• 16:13
  Speaker 4: well this is I'm supposed to be saving. I was like, well,
• 16:15
  Speaker 4: that's true. But at some point you've achieved your goal.
• 16:20
  Speaker 4: You know, now you can bear the you know, enjoy
• 16:23
  Speaker 4: the fruits of that.
• 16:24
  Speaker 3: It seems like that if you if you work yourself
• 16:26
  Speaker 3: into a situation where you're meeting your objectives, that that's
• 16:29
  Speaker 3: the point where you can then enjoy your life. And
• 16:32
  Speaker 3: I mean now that you don't enjoy your life outside
• 16:33
  Speaker 3: of that, but but you should also reward yourself in
• 16:37
  Speaker 3: those circumstances and and live your life. And if you
• 16:39
  Speaker 3: can save more money than what you was your goal,
• 16:42
  Speaker 3: that's great. But and and if you tend to go
• 16:44
  Speaker 3: towards extreme saving and hoarding, then not only are you
• 16:47
  Speaker 3: going to miss out on maybe some joy in your
• 16:49
  Speaker 3: life and different things, but also you might miss out
• 16:52
  Speaker 3: on some financial opportunities because you know, maybe you're fine
• 16:55
  Speaker 3: with that money market account and you're just like cashing
• 16:57
  Speaker 3: money in it, and you're and you think that everything
• 16:59
  Speaker 3: in the market it is too risky or you think
• 17:01
  Speaker 3: whatever it might be. But if you just see those
• 17:03
  Speaker 3: dollars and sure, you're doing a good job of it,
• 17:06
  Speaker 3: but you might be robbing yourself not only have a
• 17:07
  Speaker 3: little bit of like work life balance, but also the
• 17:10
  Speaker 3: opportunity to make more money. You know, you like to
• 17:12
  Speaker 3: make it, but you go to work more for you
• 17:14
  Speaker 3: So you have to walk that of all things, of
• 17:16
  Speaker 3: these categories that I was reading through that there are
• 17:18
  Speaker 3: to be that seems like the one that, yeah, you
• 17:20
  Speaker 3: might miss opportunities. There might be some things, but if
• 17:22
  Speaker 3: you at least have that down where you're saving as
• 17:25
  Speaker 3: much as you possibly can, maybe you can work around
• 17:27
  Speaker 3: the other stuff. You know, at least you have the
• 17:29
  Speaker 3: core of the saving part of it.
• 17:30
  Speaker 4: Right right, I And of course everybody's you know, like
• 17:36
  Speaker 4: say different, I'm trying. I was trying to look at
• 17:38
  Speaker 4: my life and figure out where do I fall in
• 17:40
  Speaker 4: in these categories, And you know, it's interesting as you
• 17:45
  Speaker 4: go through it. I think that I am probably a
• 17:49
  Speaker 4: certainly in the saveror category, and and I don't really
• 17:53
  Speaker 4: think of myself that way that much. But then I
• 17:56
  Speaker 4: look at things and think, you know, I even have
• 18:01
  Speaker 4: you know, ten thousand Chick fil A points for a
• 18:07
  Speaker 4: million points for uh, you know, for for AMEX travel.
• 18:12
  Speaker 3: You still have free rentals at Blockbuster.
• 18:14
  Speaker 4: I mean, yeah, you know, and I think, why do
• 18:16
  Speaker 4: I you know, it's not even money, but it's just
• 18:18
  Speaker 4: the concept.
• 18:19
  Speaker 3: Right you save it, I save it?
• 18:21
  Speaker 4: Okay, Like that doesn't make any sense at all because
• 18:23
  Speaker 4: I should be spending that, because they're deflating in value
• 18:27
  Speaker 4: of me saving them.
• 18:28
  Speaker 3: Yeah, right, man, it was ten thousand chickil a points
• 18:30
  Speaker 3: like two years ago could have got you a lot.
• 18:32
  Speaker 3: Now you might get out with a with a meal
• 18:34
  Speaker 3: for a family, right right.
• 18:35
  Speaker 4: So So anyway that I was reading this article, I
• 18:39
  Speaker 4: was thinking of that, that is strange that I hoard
• 18:43
  Speaker 4: my that's interesting my chick fil a points.
• 18:47
  Speaker 3: I was as I was reading this, it was I
• 18:49
  Speaker 3: was doing kind of the same thing. And it's interesting
• 18:50
  Speaker 3: to me because I and looking back, I can see
• 18:53
  Speaker 3: myself coming in and out of different categories. There's no
• 18:56
  Speaker 3: question that when I was a young man in my
• 18:59
  Speaker 3: twenties and kind of got into a job, well, when
• 19:01
  Speaker 3: I first got into mortgages, right at the peak of
• 19:03
  Speaker 3: when you can make money and mortgages, I went from
• 19:06
  Speaker 3: you know, being an hourly employee that was making decent
• 19:08
  Speaker 3: money but not great money, to making really stupid money
• 19:13
  Speaker 3: for somebody that kind of lucked into a position more
• 19:15
  Speaker 3: or less, and I had zero guardrails to that. So
• 19:18
  Speaker 3: I would go out to the bars and buy the tabs,
• 19:22
  Speaker 3: and like, if a friend of mine was struggling, Oh,
• 19:25
  Speaker 3: here have some money, Well you need a new computer,
• 19:26
  Speaker 3: A I'll go buy you one for you. I mean,
• 19:28
  Speaker 3: I threw money away like crazy. So I'm straight into
• 19:32
  Speaker 3: category number two, which is the compulsive spender. Right. There's
• 19:35
  Speaker 3: very few redeeming traits in that, honestly. I mean when
• 19:39
  Speaker 3: you look at like what you can resuscitate from the
• 19:42
  Speaker 3: rest of these categories and skills that maybe that Okay,
• 19:45
  Speaker 3: well you're strong here and not in these other places.
• 19:47
  Speaker 3: If you're a compulsive spender, you kind of need to
• 19:50
  Speaker 3: hit the reset button.
• 19:51
  Speaker 4: Yeah, I think so. And you know, spending and enjoying
• 19:55
  Speaker 4: your things are great. I always trying to fund balance.
• 20:00
  Speaker 4: I think that's the real answer, finding a balance that
• 20:04
  Speaker 4: works for you. I know for me, what I try
• 20:09
  Speaker 4: to do is I've got a certain amount of money
• 20:12
  Speaker 4: that I think, or a percentage of my income that
• 20:14
  Speaker 4: I think I should be putting away for the future.
• 20:19
  Speaker 4: And if I hit that, then I don't. I try
• 20:24
  Speaker 4: not to feel too bad about spending anything else that
• 20:27
  Speaker 4: I want as long as I'm hitting that, and that's
• 20:30
  Speaker 4: the way I'm I kind of try to balance that out.
• 20:35
  Speaker 4: You know, my wife, on the other hand, she is
• 20:39
  Speaker 4: probably she doesn't spend money hardly at all on things,
• 20:47
  Speaker 4: I mean like clothing or things like that. Like splurging
• 20:50
  Speaker 4: for something expensive that is a rare, rare occasion for her. Now,
• 20:56
  Speaker 4: I don't shop a whole lot, but I generally, if
• 21:00
  Speaker 4: I want something, I will buy.
• 21:02
  Speaker 3: Yeah that's me too, Like, yeah, that's me. Like I
• 21:05
  Speaker 3: don't splurge on anything. But if I'm like, man, I
• 21:07
  Speaker 3: need a couple of new pairs of pants, I just
• 21:09
  Speaker 3: buy the new pairs of pants.
• 21:10
  Speaker 4: Yeah, I don't worry too much about It's like, well,
• 21:12
  Speaker 4: that's fifty dollars or seventy or it is what it is,
• 21:15
  Speaker 4: and I need the pants, so you know that sort
• 21:17
  Speaker 4: of thing. So I don't there Again, I don't know
• 21:19
  Speaker 4: what category that falls in, but I feel like I
• 21:22
  Speaker 4: can do that because I'm doing over here, I'm hitting
• 21:27
  Speaker 4: my savings and investment goals, which gives me the ability
• 21:32
  Speaker 4: or the kind of the mental permission to spend that much.
• 21:36
  Speaker 3: Sure, yeah, that makes sense. That makes sense. If you
• 21:38
  Speaker 3: know that you haven't you made the rest of your
• 21:41
  Speaker 3: choices correctly, then I mean, that's exactly what those safes
• 21:43
  Speaker 3: the things are there for. You know, that's the reason
• 21:45
  Speaker 3: that they're there. Well, take a break here, Let's go
• 21:48
  Speaker 3: ahead and take our break. Now we have about fifteen
• 21:49
  Speaker 3: minutes left in the program, and we still have more
• 21:51
  Speaker 3: of these categories we want to talk about. We go
• 21:52
  Speaker 3: down to the compulsive money maker. I want to talk
• 21:54
  Speaker 3: about the indifferent to money because I think that that's
• 21:57
  Speaker 3: kind of interesting and I wonder how John gets around
• 21:58
  Speaker 3: some of the personality traits that's in that and will
• 22:02
  Speaker 3: work our way down through that list with the saver, splurger,
• 22:04
  Speaker 3: the worry or the gambler. The gambler might be interesting.
• 22:07
  Speaker 3: I want to make sure we get to that because
• 22:08
  Speaker 3: in this day and age, it seems like, yeah, that boasts. Yeah,
• 22:13
  Speaker 3: it's crazy. Literally you can gamble on the war. It's
• 22:16
  Speaker 3: it's absolutely insane. What's going on with these prediction markets
• 22:18
  Speaker 3: and stuff. So we'll talk about that a little bit
• 22:21
  Speaker 3: when we come back as well. If you have any questions,
• 22:22
  Speaker 3: please give us a call through as er A four
• 22:23
  Speaker 3: three four five fifty fifty eight three four five fifty
• 22:25
  Speaker 3: eight fifty eight. We'll be back right after this. You're
• 22:27
  Speaker 3: listening to ask the expert when to retire Right Radio.
• 22:30
  Speaker 3: It's John Bredet f form Fourth Avenue Financial, Fourth Avenue
• 22:32
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• 22:35
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  Speaker 3: You're listening two or try Right Radio one five aw
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  Speaker 3: hs the Voice of Charleston on Deel Hooper. Thanks for
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  Speaker 3: tuning in. You can get to call this morning. John
• 25:06
  Speaker 3: Burdad is here three zero four three four five fifty
• 25:08
  Speaker 3: fifty eight three four five fifty eight fifty. We're talking
• 25:10
  Speaker 3: about the money personality types and we're going to uh,
• 25:12
  Speaker 3: we're going to get to I want to actually start
• 25:14
  Speaker 3: with the Gambler here, although that was the last one
• 25:16
  Speaker 3: was on the list. I think that there's a lot
• 25:18
  Speaker 3: there to talk about. We have about ten minutes left
• 25:20
  Speaker 3: in the program. In previous times, like fifteen years ago,
• 25:23
  Speaker 3: the gambler would mean a personality tree. You know, they
• 25:27
  Speaker 3: weren't at verse to risk necessarily anymore. It's probably that
• 25:31
  Speaker 3: plus literally they might have apps on their phone where
• 25:35
  Speaker 3: that's part of their part of their monthly expenses, where
• 25:38
  Speaker 3: they spend money in prediction markets and draft kings whatever
• 25:42
  Speaker 3: else there might be out there where they're constantly into
• 25:44
  Speaker 3: those sorts of things. Man, if there is anything in
• 25:47
  Speaker 3: this in the modern times that to me seems like
• 25:50
  Speaker 3: a bunch of red flags. That seems like it.
• 25:53
  Speaker 4: Oh yeah, yeah, I mean it turns out old Pete
• 25:55
  Speaker 4: Rose might have been ahead of his time. Yeah right,
• 25:58
  Speaker 4: But I mean, you know, there's a gamification and basically
• 26:04
  Speaker 4: a monetizing of almost everything today, and you know there
• 26:10
  Speaker 4: are as far as personality traits of the gambler, that's
• 26:14
  Speaker 4: the person that you know is willing to take a
• 26:18
  Speaker 4: big risk for a big reward, knowing that the opposite
• 26:23
  Speaker 4: might become true and you might, you know, lose everything
• 26:26
  Speaker 4: that is not investing. I think it's important to state
• 26:30
  Speaker 4: that because a lot of times folks think, well, if
• 26:32
  Speaker 4: I'm invest in the market, i'm gambling. That is absolutely
• 26:36
  Speaker 4: not true. You know, in gambling, if you if you
• 26:41
  Speaker 4: win somebody by definition loses. Investing does not work that way.
• 26:47
  Speaker 4: Investing is an expanding pool and pie of resources that
• 26:53
  Speaker 4: happens as a as a business grows and the economy grows.
• 26:58
  Speaker 4: There is no loser in that in that equation, there's
• 27:03
  Speaker 4: nobody that has to lose. There's no house that has
• 27:05
  Speaker 4: to that is going to win it. You're participating with
• 27:10
  Speaker 4: other investors in a project that that you know can
• 27:16
  Speaker 4: grow with no with no loser. So that's the big
• 27:19
  Speaker 4: difference between gambling and investing, and I think it's much
• 27:23
  Speaker 4: easier today for people to confuse that because gambling is
• 27:27
  Speaker 4: every everywhere out there, you know. But if you're betting
• 27:31
  Speaker 4: on a game or you're you know, that's there's there's
• 27:34
  Speaker 4: definitely somebody on the other side of that that is
• 27:37
  Speaker 4: losing if you win.
• 27:38
  Speaker 3: I it alarms me so much, not for me personally,
• 27:42
  Speaker 3: because I have like one thing I am blessed with.
• 27:44
  Speaker 3: It's a zero interest in any kind of gambling at all.
• 27:46
  Speaker 3: Like I have always had zero interest in it. I
• 27:48
  Speaker 3: don't get drawn into it at all. But but the
• 27:51
  Speaker 3: one thing that like I've been reading and following along
• 27:54
  Speaker 3: with some of these stories if you can and who
• 27:55
  Speaker 3: knows what's real anymore. I mean, it's hard to tell.
• 27:57
  Speaker 3: But I was following the stories of this one guy
• 28:00
  Speaker 3: who was pretty young, I think about nineteen and rolled
• 28:04
  Speaker 3: and rolled into a college, and he had money on
• 28:08
  Speaker 3: the Wall Street bets things. That's a subreddit, and so
• 28:11
  Speaker 3: that's sort of like where the mean stocks and all those,
• 28:13
  Speaker 3: but people that are basically amateur day traders or maybe
• 28:17
  Speaker 3: even professional, but there's all sports in there. But this
• 28:20
  Speaker 3: kid went through like he had twenty thousand dollars or
• 28:24
  Speaker 3: something that was his money from his parents or whatever
• 28:26
  Speaker 3: for school that he had just control over. He ended
• 28:29
  Speaker 3: up gambling it all away on prediction markets and things
• 28:32
  Speaker 3: along those lines. Ended up he was down to like
• 28:35
  Speaker 3: his last couple hundred dollars, ended up making it all back,
• 28:38
  Speaker 3: plus thousands of dollars on top of that. And he
• 28:40
  Speaker 3: keeps on posting this and everybody's like, shut it down, man,
• 28:43
  Speaker 3: you're good, you know, time to shut it down. You've
• 28:45
  Speaker 3: even realized profits at this point. Shut it down. He
• 28:48
  Speaker 3: didn't do it, went through the whole situation again and again,
• 28:51
  Speaker 3: lost all of his money again, and then he crashed
• 28:54
  Speaker 3: out like he couldn't make it back, and like the
• 28:55
  Speaker 3: threat all had to do with he had to leave
• 28:57
  Speaker 3: school and like all these different things and stuff like that,
• 29:00
  Speaker 3: and I'm just thinking, man, again, it's hard to tell
• 29:02
  Speaker 3: with one thing if that's real or not. I mean,
• 29:04
  Speaker 3: you know, the story sounded compelling, but it seems real.
• 29:07
  Speaker 3: You know, it matches up with a lot of stories
• 29:10
  Speaker 3: that I'm hearing. If that's happening to one nineteen year
• 29:13
  Speaker 3: old individual that's going to school, it's happening to hundreds,
• 29:16
  Speaker 3: if not thousands, if not tens of thousands, right, right.
• 29:20
  Speaker 4: And the lure of that, it's like, oh, this is easy,
• 29:23
  Speaker 4: easy money. And especially if you see examples, which on
• 29:26
  Speaker 4: the internet you do, of people that have made it
• 29:30
  Speaker 4: or that way, it's like, oh, I could be the
• 29:32
  Speaker 4: next person to do that, and it becomes very seductive,
• 29:36
  Speaker 4: and before you know it, you're sucked into this really
• 29:41
  Speaker 4: scheme that is designed. It is absolutely designed for you
• 29:47
  Speaker 4: to be a loser. That's the only way that you
• 29:50
  Speaker 4: can look at it.
• 29:51
  Speaker 3: You know. I will listen to an interview last weekend
• 29:55
  Speaker 3: about the guy who was had a hand and basically
• 29:58
  Speaker 3: developing the prediction markets. It was original only for military uses, right,
• 30:03
  Speaker 3: and and also things that had to do with like
• 30:06
  Speaker 3: economy and stuff like that. But the high specific specificity
• 30:09
  Speaker 3: that it's being used for now was never necessarily intended.
• 30:12
  Speaker 3: And he's like, the whole thing has like gone off
• 30:13
  Speaker 3: the rail. So he's like, this is never what I
• 30:15
  Speaker 3: intended for it to be used for. He believed in
• 30:18
  Speaker 3: the product, but he didn't believe in the product that's
• 30:19
  Speaker 3: going now. If you're somebody that has this personality type,
• 30:22
  Speaker 3: it's not like you can just necessarily It's just like
• 30:24
  Speaker 3: smoking or anything else. Gambling is a certified addiction. So
• 30:27
  Speaker 3: it's not like you can just be like, Okay, I'm
• 30:28
  Speaker 3: gonna stop doing this. What are some maybe other than counseling,
• 30:32
  Speaker 3: but what are some maybe guidelines that you can try
• 30:34
  Speaker 3: to live by, try to install into your finances or
• 30:36
  Speaker 3: something like that to keep from losing money.
• 30:39
  Speaker 4: Well, you know, I'm I'm not a gambler so to speak.
• 30:44
  Speaker 4: I'm more of an investor. However, if I'm out at
• 30:47
  Speaker 4: a conference and there's a casino or something like that,
• 30:50
  Speaker 4: I don't mind go and you know, play a crap
• 30:55
  Speaker 4: stable or something like that. But I have a number,
• 30:58
  Speaker 4: you know, one hundred dollars to hundred dollars whatever I take,
• 31:02
  Speaker 4: I look at that as entertainment.
• 31:04
  Speaker 3: Yeah, exactly like a movie or anything else.
• 31:06
  Speaker 4: Right, not gambling. You know, I'm just I'm entertaining myself
• 31:11
  Speaker 4: along the way. So I think, you know, if you're
• 31:15
  Speaker 4: attracted to that type of thing and that's your personality trade,
• 31:19
  Speaker 4: you know, you got to somewhat work with that. But
• 31:22
  Speaker 4: you also have to protect your your real money that's
• 31:28
  Speaker 4: going to support you down the road through some sort
• 31:32
  Speaker 4: of a budgeting process. I mean, I I don't know.
• 31:34
  Speaker 4: I mean, ideally you get counseling and you don't you
• 31:37
  Speaker 4: don't gamble.
• 31:38
  Speaker 3: So what you hear about even people that have separate
• 31:39
  Speaker 3: accounts is eventually they'll go through that account, then they'll
• 31:41
  Speaker 3: tap into the other ones.
• 31:42
  Speaker 4: Right, and it requires discipline that that you know, certain
• 31:46
  Speaker 4: personalities are are going to struggle with. So uh, you know,
• 31:51
  Speaker 4: if you if you can't control that impulse, then then
• 31:55
  Speaker 4: you're going to have.
• 31:55
  Speaker 3: To delete the app, delete, delete the app and and
• 31:59
  Speaker 3: frankly deleting the app from your phone, even if you can't,
• 32:03
  Speaker 3: if you can't eliminate the compulsion deleting the app from
• 32:06
  Speaker 3: your phone. So at very least you have to sit
• 32:07
  Speaker 3: down behind a desktop or a laptop or something like that.
• 32:10
  Speaker 3: To do anything, you can't do it like at all times.
• 32:12
  Speaker 3: It's just like freezing the credit card in the freezer
• 32:14
  Speaker 3: back in the day, right. I mean, it might give
• 32:16
  Speaker 3: you that moment to keep it from being something that
• 32:18
  Speaker 3: you know, you hear something on ESPN radio or whatever
• 32:20
  Speaker 3: like oh man, I need to get right away. You know,
• 32:22
  Speaker 3: maybe it will dial that stuff down a little bit. Yeah,
• 32:25
  Speaker 3: So that's something that to me, it seems like like
• 32:28
  Speaker 3: the person that's this word spender that that can't save
• 32:30
  Speaker 3: any money. This seems like it's a disaster waiting to
• 32:32
  Speaker 3: happen because you might be like a one in a seven.
• 32:35
  Speaker 3: Maybe you save tons of money, but your problem is
• 32:38
  Speaker 3: you also gamble all that money away and you're never
• 32:40
  Speaker 3: ever getting ahead of anything with money doing work for
• 32:42
  Speaker 3: you because of the compulsion.
• 32:44
  Speaker 4: And I tell you, I was at a conference with
• 32:46
  Speaker 4: a bunch of financial advisors and it's hotel, you know,
• 32:51
  Speaker 4: bar lobby bar. After the conference, you know, you go
• 32:54
  Speaker 4: down there until you talk to everybody, and the conversation
• 32:59
  Speaker 4: among most of the was about game and gambling on sports.
• 33:05
  Speaker 3: Like that they were doing it or that they were
• 33:07
  Speaker 3: caution that they were doing it as well, and I
• 33:10
  Speaker 3: was sitting.
• 33:10
  Speaker 4: There thinking, am I in the right group on here?
• 33:14
  Speaker 3: Man? Because the other thing that's happening right now is
• 33:17
  Speaker 3: bankruptcies I think are the highest that they've been since
• 33:19
  Speaker 3: two thousand and eight. And then kind of the dark
• 33:21
  Speaker 3: side of that is Chapter thirteen's which was the personal
• 33:24
  Speaker 3: reorganization bankruptcy that people are going through, are getting are
• 33:27
  Speaker 3: getting discharged like the courts aren't aren't allowing for them
• 33:31
  Speaker 3: to take place. So if you think that, if you're
• 33:33
  Speaker 3: one of these people to think, for whatever reason, that
• 33:35
  Speaker 3: bankruptcy is going to be your ultimate savings, that's not
• 33:38
  Speaker 3: even necessarily the case right now. May you could be
• 33:39
  Speaker 3: in a lot of trouble if that's where you think
• 33:41
  Speaker 3: that you're going. And bankruptcies are going through the roof
• 33:43
  Speaker 3: yet again. See, man, you gotta get careful on this stuff.
• 33:46
  Speaker 3: Default on credit card payments I saw was the highest
• 33:48
  Speaker 3: that it's been in twenty years or something like that.
• 33:51
  Speaker 3: Installment credit is bad again. Things are a little dicey
• 33:55
  Speaker 3: when it comes to the credit area out there, and
• 33:57
  Speaker 3: there's a lot of people that estimate that a lot
• 33:59
  Speaker 3: of that is cause people are borrowing because they're in
• 34:01
  Speaker 3: gambling debt. Right that's a problem.
• 34:05
  Speaker 4: No, it is a It is a it is a
• 34:07
  Speaker 4: big problem. And I think the the big one of
• 34:10
  Speaker 4: the big factors is the the relationship to investing that
• 34:15
  Speaker 4: gets confused.
• 34:16
  Speaker 3: Yep, you're absolutely right.
• 34:18
  Speaker 4: And and that is is very damaging to to really everyone,
• 34:23
  Speaker 4: not just the people that participate in the in the gambling.
• 34:27
  Speaker 4: And uh yes, I mean delete that app. I mean,
• 34:32
  Speaker 4: you know, replace it with candy.
• 34:33
  Speaker 3: Crush, do something right. I mean, I'm literally just to
• 34:36
  Speaker 3: get myself out of the toxic environment of one line.
• 34:39
  Speaker 3: I adopted some gaming and different things like that beyond
• 34:42
  Speaker 3: my hobbies just to do so I'm not doom scrolling
• 34:44
  Speaker 3: or anything, right, And it's helped it. I've done that
• 34:46
  Speaker 3: for quite some time now, but it's helped quite a bit,
• 34:48
  Speaker 3: it really has.
• 34:49
  Speaker 4: Yeah, my wife is like, you needed to delete that
• 34:51
  Speaker 4: candy Crush, and I did, but I but I replaced
• 34:53
  Speaker 4: it with a word game. So now I'm learning vocabulary.
• 34:57
  Speaker 3: There you go. My wife got me into like Royal
• 34:59
  Speaker 3: Kingdom or one of those things, and it's just one
• 35:01
  Speaker 3: of those match games and like you could sit down
• 35:03
  Speaker 3: and burn an hour through without any problem, you know,
• 35:05
  Speaker 3: and that's better than going through X or Facebook or something.
• 35:08
  Speaker 3: That's for sure. I think there's plenty of these things
• 35:10
  Speaker 3: we can talk about. Maybe we have to carry some
• 35:11
  Speaker 3: of this conversation in the next week because I think that,
• 35:14
  Speaker 3: you know, the worrier is another one that although there's
• 35:16
  Speaker 3: problems there, but you have something maybe you can work
• 35:19
  Speaker 3: with there, you know, you teach some other other strategies
• 35:21
  Speaker 3: and somebody that worries a lot, we want you to worry,
• 35:23
  Speaker 3: so that that's good. Maybe just don't worry about everything
• 35:26
  Speaker 3: and we can have those conversations.
• 35:27
  Speaker 4: Yeah, if you worry, I mean certainly that makes you cautious,
• 35:31
  Speaker 4: which is not necessarily a bad thing. And we are
• 35:37
  Speaker 4: just as humans wired that way to be worried. I mean,
• 35:41
  Speaker 4: it's survival of the fittest, you know, and that is
• 35:46
  Speaker 4: something that is very natural. And that's where the education
• 35:51
  Speaker 4: of understanding what you're doing with investing really comes into play.
• 35:56
  Speaker 3: Great advice as always from job A Data, Fourth Avenue Financial.
• 35:59
  Speaker 3: We still have a few of these types to get to.
• 36:00
  Speaker 3: We might do that next week. But if you have
• 36:02
  Speaker 3: questions about your type and how you can get some help,
• 36:04
  Speaker 3: or you just need some advice getting through a hard time,
• 36:06
  Speaker 3: whatever it might be. Three zero four seven four six
• 36:08
  Speaker 3: seven Non seven seven seven four six seven Don seven
• 36:10
  Speaker 3: seven seven four six seven Don seven seven every Monday
• 36:13
  Speaker 3: at eight twenty right here on five adw CHS John,
• 36:15
  Speaker 3: Thanks and March. We'll see you next week. All right,
• 36:17
  Speaker 3: thank you, take care, have a great day. Everyone listening
• 36:19
  Speaker 3: to the Voice of Charleston. We are five eight w
• 36:21
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• 36:25
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• 36:28
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• 36:35
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