Latest / WCHS Network Podcasts / 04/13/2026 Retire Right Radio with John Burdette

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04/13/2026 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 ADWCCHS, its employees,
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Speaker 1: or WVRC Media. This is retire Right Radio, a weekly
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Speaker 1: show from John Verdett at Fourth Avenue Financial that aims
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Speaker 1: to answer your questions about financial planning, investing, and how
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Speaker 1: to retire right. Fourth Avenue Financial is located in downtown
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Speaker 1: Charleston at one seventy Court Street. More information online at
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Speaker 1: Fourth Avenue Financial dot com. Join the conversation by calling
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Speaker 1: three oh four three four five fifty eight fifty eight
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Speaker 1: or text three oh four nine three five fifty oh
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Speaker 1: eight On Retire Right Radio, Let's go live to the
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Speaker 1: studio with host Dale Cooper and John Verdett from Fourth
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Speaker 1: Avenue Financial HIVS.
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Speaker 2: It is twenty three minutes past the hour. You're listening
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Speaker 2: to retire Right Radio one five ADWCHS the Voice of
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Speaker 2: Charles and I'm Deel Cooper. Thanks for tuning in on
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Speaker 2: this Monday. Congratulations you made it through the weekend. Pretty
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Speaker 2: nice weekend overall, especially yesterday. Ohoy, yesterday was nice, nice nice. Well,
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Speaker 2: I guess both days were it. Yes, as far as
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Speaker 2: that goes Saturday was nice as well. I spent a
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Speaker 2: lot of time outside this weekend. That was That was
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Speaker 2: a very good feeling to be felt, like brushing off
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Speaker 2: the crustiness from the winter or something being out and
1:17
Speaker 2: and and being out in the SunShot and something got
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Speaker 2: a vitamin D shot this weekend. It was nice. It
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Speaker 2: was nice. I hope you had a good weekend as well.
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Speaker 2: We're back at it here on a Monday morning, and
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Speaker 2: studio with me this morning is John Burdett from Fourth
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Speaker 2: Avenue Financial, here to answer any of your financial questions.
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Speaker 2: Good morning, John, how are you doing this morning. I'm
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Speaker 2: doing wonderful, very good. Lots of stuff that we can
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Speaker 2: get into as the morning goes along today. If you
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Speaker 2: want to control the conversation at all, if you have
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Speaker 2: some questions about about your financial sovereignty, you're looking to
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Speaker 2: retire for your or you're looking to say for your retirement,
1:46
Speaker 2: looking to get into financial planning, that you can give
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Speaker 2: us a call this morning. Three zero four three four
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Speaker 2: five fifty eight fifty eight three four five fifty fifty eight.
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Speaker 2: You can text over your questions the three zero four
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Speaker 2: non three five five zero zero eight three zero four
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Speaker 2: non three five five zeros zero eight, And we always
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Speaker 2: start off the show kind of talking about how things
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Speaker 2: are as far as the market stuff goes a little bit.
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Speaker 2: It's been a little different the last few months. We're
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Speaker 2: under like sort of a war watch type of thing,
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Speaker 2: I guess, but it's more the same.
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Speaker 1: I guess.
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Speaker 3: Well, last week the market had a week We'll see
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Speaker 3: what happens, you know, this week after the the talks
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Speaker 3: fell through. I think oil prices were up seven or
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Speaker 3: eight percent again, although the oil market is still predicting
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Speaker 3: a relatively short narration of of elevated prices. So we'll see,
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Speaker 3: you know, if that, if that plays out, it'll be interesting.
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Speaker 3: I guess today they're supposed to do the blockade or
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Speaker 3: something like that.
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Speaker 2: I've honestly lost track. I mean, it's been so many
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Speaker 2: like back and forth kind of things. I'm a little
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Speaker 2: bit I'm a little little bit off track now right right.
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Speaker 3: I think that, you know, the likelihood is, I mean,
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Speaker 3: certainly it's not going to last forever. And I follow
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Speaker 3: over a month ago, that's right, that's right, Yeah, it
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Speaker 3: was over militarily, uh, you know, but there's still some nagging,
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Speaker 3: nagging issues. I guess that need to be mopped up.
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Speaker 3: So who knows, who knows, but the market after last
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Speaker 3: week is believe it or not, about back to flat
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Speaker 3: for the year. So we had all of the all
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Speaker 3: of the gnashing of the teeth where people thought that,
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Speaker 3: you know, we were going over the cliff for for
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Speaker 3: good and and you know, one good week brought us
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Speaker 3: back basically from from from the depths that we were
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Speaker 3: this year, which I think is really the lesson. The
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Speaker 3: lesson is if you panic out at the wrong time
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Speaker 3: and you missed a week like last week, you know
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Speaker 3: that has a big impact on your performance and now
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Speaker 3: you're setting at it thinking should I get back in?
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Speaker 1: Yeah?
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Speaker 2: Right, because you the one thing and this is what
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Speaker 2: John brings to the table every week, that that if
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Speaker 2: you listen, you've really I think it's really helped you
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Speaker 2: through times like this is this yo yoing that we've
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Speaker 2: had it And unfortunately, for whatever the reason, in the
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Speaker 2: last fifteen years or so, we talk about market, economy,
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Speaker 2: stock market, all these things all meaning the same thing.
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Speaker 2: Like we've really obliterated the nuance meaning between what the
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Speaker 2: economy means as based off of what the market means.
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Speaker 2: Is what personal finance I mean all of these things
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Speaker 2: are part of the whole, but not each of them
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Speaker 2: are are indicators that necessarily overlap all that directly. And
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Speaker 2: there's really been a flooding of the marketplace with the market. This,
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Speaker 2: the market that, the market market, marketing market, and really
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Speaker 2: for somebody like me and who contract somebody like you
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Speaker 2: to be my financial advisor, these things just I mean,
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Speaker 2: I know we talk about this every week, but this
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Speaker 2: is just a great example of it. That's been topsy
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Speaker 2: turvy for the this entire year really more or less.
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Speaker 2: But if you just were planning your finances and doing
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Speaker 2: your job, I mean, I don't want to say you
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Speaker 2: were unaffected, but basically you were unaffected.
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Speaker 3: Yeah you're today, like say, you would be flat and
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Speaker 3: if and if you're saving consistently or your number is
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Speaker 3: actually probably higher than you started at the end of
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Speaker 3: the year because you were buying through that.
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Speaker 2: Swoon, I'm still up for the year.
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Speaker 3: Yeah, right, So, you know, all of this news that's
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Speaker 3: out there, all of this uh you know, worry that's
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Speaker 3: out there, It it does pass. And if you focus
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Speaker 3: on the things that you can control, you know, let's
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Speaker 3: let's plot away and live blow our means. Let's consistently
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Speaker 3: save and invest and almost forget about the market in
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Speaker 3: the short term. You know, the market will take care
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Speaker 3: of itself. We've seen that time and time. We've done
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Speaker 3: this show long enough now that we've seen this time
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Speaker 3: and time again. COVID is a good example. I mean,
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Speaker 3: there have been lots of scares and and uh and
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Speaker 3: and market declines that we're the topic of the day,
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Speaker 3: and now we don't even really remember them.
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Speaker 2: The thing I was thinking about when I was driving
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Speaker 2: in this morning, that I was trying to get out
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Speaker 2: there in that first bed, is that is that we
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Speaker 2: are so consciously aware of the market all the time
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Speaker 2: now like our our fathers and grandfathers never really had
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Speaker 2: to worry about this. And so I think what that
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Speaker 2: also leads to is a lot more people that misunderstand
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Speaker 2: because there's so much more like surface level information out there.
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Speaker 2: So sort of like the argument from ignorance, when you
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Speaker 2: don't really know how X and y equals z, you
6:22
Speaker 2: can make those variables mean anything and say, well, there's
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Speaker 2: Z and that's what's happening, and that's just a dangerous
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Speaker 2: place to be. I mean, put one foot in front
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Speaker 2: of the other other and follow your plan and it.
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Speaker 3: Works well in fear. I mean it's a natural instinct
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Speaker 3: that humans have, and that's why we've been able to survive.
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Speaker 3: You know, if you go out oh to the woods
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Speaker 3: and you experience something that you don't recognize, your first
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Speaker 3: inclination is to recoil from that, to be cautious. And
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Speaker 3: you know that instinct plays itself out in handling finances
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Speaker 3: as well. And you know that natural human instinct that
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Speaker 3: that you know protects you in the woods is not
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Speaker 3: always the right one when you're dealing with your finances
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Speaker 3: and it runs counter to our instincts somewhat.
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Speaker 2: Yeah, that's that's those those evolutionary flags are not just
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Speaker 2: like for the long haul of dark, you know, turning
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Speaker 2: your back to the dark or whatever it might be.
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Speaker 2: I mean, well, we learned all kinds of things and
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Speaker 2: that goes with our near history as well, not just
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Speaker 2: something that's encoded from millennia or whatever it might be.
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Speaker 2: You're welcome to weigh in this morning if anything that
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Speaker 2: we're talking about that John gets to this morning, if
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Speaker 2: you have questions about it and how it relates to
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Speaker 2: your personal finances, you're welcome to give us a call.
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Speaker 2: Threes are a four three four five fifty eight fifty eight.
7:38
Speaker 2: Threes are a four three four five fifty eight fifty
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Speaker 2: eight is the best number that you can that you
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Speaker 2: can call this this morning. And as far as I
7:47
Speaker 2: guess that, if if you're somebody that's in this situation
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Speaker 2: and you're looking to you haven't been in where you've
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Speaker 2: consistently been saving, consistently been planning for your finances or
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Speaker 2: something like that, and you're looking around, say, well, now
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Speaker 2: is a terrible time to get in. That's not true.
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Speaker 2: Like anytime, anytime is good. You can do it now,
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Speaker 2: just like anytime.
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Speaker 3: It's always a good time. If you have money to
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Speaker 3: do the right thing with it, So put it in
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Speaker 3: the right place based on your tome horizon. And if
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Speaker 3: you're right at retirement and and you don't have you know,
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Speaker 3: fixed income, if you don't have some of the basis
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Speaker 3: covered up front, that might lead you to investments outside
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Speaker 3: of the market, that's fine. You know, it's based on
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Speaker 3: your situation, not necessarily what the news is of the day.
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Speaker 3: So you know, if you're close to retirement, you need
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Speaker 3: some fixed income. And if you had fixed income anywhere
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Speaker 3: in retirement and the market did the volatility that we've
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Speaker 3: had this year. You know, it shouldn't worry you that
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Speaker 3: much because if you're allocated correctly, you're somewhat insulated from that.
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Speaker 1: You know.
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Speaker 3: That doesn't mean that part of your portfolio doesn't feel
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Speaker 3: the volatility, but it doesn't change your life, and and
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Speaker 3: you've planned for that volatility. It's inevitable. If it weren't Iran,
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Speaker 3: it would be something else we would be talking about.
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Speaker 3: I guarantee you there would be something we would be
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Speaker 3: talking about. Yeah, in place of.
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Speaker 2: That again, something that that really generations before us didn't
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Speaker 2: have to worry about. We're the first fully formed generation
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Speaker 2: under the twenty four hour cable news moniker. You know,
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Speaker 2: I mean under the the moniker's the wrong word there,
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Speaker 2: but the twenty four that has been something this our
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Speaker 2: generation is the first one fully realized underneath that twenty
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Speaker 2: four houran that didn't happen to our to our grandparents,
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Speaker 2: they didn't have.
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Speaker 3: One hundred and fifty years ago that the only thing
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Speaker 3: that a person had to worry about was whether it
9:39
Speaker 3: was going to rain on the crops today. Yeah right,
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Speaker 3: I mean that that was the extent. I mean, you
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Speaker 3: didn't have you know, by the time the news got
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Speaker 3: to you. The news was old, right, So it's just
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Speaker 3: a different environment and there's a more danger that you
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Speaker 3: can be sucked into that kind of doom thinking, you know,
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Speaker 3: and if you step back and look at history that
10:04
Speaker 3: you know, yes, there's a lot of bad things that happen,
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Speaker 3: but you know, there's a lot of progress being made
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Speaker 3: and continuing to be made, and if you recoil from
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Speaker 3: it completely, you won't participate in it. You won't get
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Speaker 3: to the place that you want to be.
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Speaker 2: And when you look at it from the right perspective,
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Speaker 2: I think, and one of the things that I always
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Speaker 2: enjoy with our conversations, and you articulate so well your
10:26
Speaker 2: theory about you know, those businesses and companies that generally
10:30
Speaker 2: speaking are more reliable, the ones that produce something that
10:33
Speaker 2: people have, that there's value in that people consume or
10:36
Speaker 2: whatever it might be. Sometimes, when you're able to look
10:38
Speaker 2: at that just more from an academic perspective anyway, it
10:41
Speaker 2: actually becomes very interesting. You know, you can see how
10:44
Speaker 2: the flow of the money's work and stuff like like that,
10:47
Speaker 2: how trade works, how different things interlock, and stuff like that.
10:50
Speaker 2: If that's something that you're interested in anyway, it is
10:53
Speaker 2: a very It is a very interesting area. But again
10:58
Speaker 2: you're not an expert in it. The people out there,
11:00
Speaker 2: so whatever you know lay person academic interest that you
11:04
Speaker 2: take in it. You really need to rely on the
11:06
Speaker 2: experts and folks that can help you help you get
11:08
Speaker 2: over the horizon mark when it comes to saving for
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Speaker 2: your for your future, saving for your retirement and getting
11:14
Speaker 2: to the right number, all of those things can be
11:16
Speaker 2: very interesting. But the bottom line is you want to
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Speaker 2: make sure that you know what you're doing and you're
11:19
Speaker 2: putting the right the right program for you forward for yourself.
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Speaker 1: Sure.
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Speaker 3: Sure, and we could help you do that, you know,
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Speaker 3: just give us a call, come on into the office.
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Speaker 3: We'll set down, look at your situation, talk about what
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Speaker 3: your goals are, and then formulate a plan that works
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Speaker 3: for you. And and and when I when I say that,
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Speaker 3: a lot of that is about the allocation and the
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Speaker 3: tom horizon of what you're which you're going to use
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Speaker 3: the money. That's how you deal with this volatility. You
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Speaker 3: can't avoid the volatility, but you plan for it.
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Speaker 2: That's great information. John more Debt from Fourth Avenue and
11:52
Speaker 2: financially welcome. He goes to call this morning three zero
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Speaker 2: four three four five, fifty eight fifty eight three four
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Speaker 2: five fifty eight fifty. You can text three zer a
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Speaker 2: four non three five five zeros your eighth from the
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Speaker 2: threes or four nine to one. My daughter is twenty
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Speaker 2: three and just starting her first real job. What's the
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Speaker 2: one thing you wish young people would understand about money
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Speaker 2: before they develop bad habits?
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Speaker 3: Oh? Well, the power of compounding interest.
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Speaker 2: Oh that's a good one.
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Speaker 3: Yeah, I think that that is once you understand that,
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Speaker 3: it does two things. One, it encourages you to invest,
12:21
Speaker 3: and it also encourages you not to pay interest to
12:24
Speaker 3: credit card companies and to be really thoughtful about taking
12:29
Speaker 3: on those debts. You know, if you look at the
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Speaker 3: compound interest, there's that rule of seventy two we've talked
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Speaker 3: about before, where if you take the rate of return
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Speaker 3: that you're getting divided into seventy two, that tells you
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Speaker 3: how long it takes for money to double. So if
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Speaker 3: you get a ten percent rate of return, it takes
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Speaker 3: you roughly seven point two years for your money to double.
12:51
Speaker 3: You know, let's say let's say seven years to make
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Speaker 3: the math easy. Well, at twenty three, how many seven
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Speaker 3: year periods do you have before you retire, you've got
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Speaker 3: a bunch.
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Speaker 2: What would that be? Probably eight, yes, probably eight or
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Speaker 2: so seven to eight, six to eight. Yeah.
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Speaker 3: So let's say you know you have aight, so you
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Speaker 3: save one thousand dollars and get it invested, and you know,
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Speaker 3: a thousand goes to two, that goes to four thousand,
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Speaker 3: doubles to eight thousand, to sixteen thousand, to thirty two
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Speaker 3: thousand to sixty four thousand, two hundred and twenty eight thousand.
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Speaker 3: That one thousand dollars, if you could get it in
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Speaker 3: the market. Historically, that grows at ten percent. That one
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Speaker 3: thousand dollars you save as a twenty three year old
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Speaker 3: by the time you reach retirement could be worth over
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Speaker 3: one hundred thousand dollars. That's how powerful it is. If
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Speaker 3: you wait until you're fifty to start saving, that one
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Speaker 3: thousand dollars may only double twice one thousand to four thousand,
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Speaker 3: So that thousand dollars you save is only worth four
13:54
Speaker 3: thousand in retirement. That's how powerful compound interest is.
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Speaker 2: Man, that's a good that's good illustration there. Yeah, if
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Speaker 2: you have any questions about that, that points you in
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Speaker 2: the right direction. That might get your daughter to pay
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Speaker 2: attention a little bit. You can send us a text
14:07
Speaker 2: threes or four non through five fives yers or eight
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Speaker 2: threes are four non three five five zeros or eight.
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Speaker 2: I found one left over from our last conversation. We were
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Speaker 2: talking about the different types of investors that there are
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Speaker 2: out there, investors or savers, and this was from the
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Speaker 2: six eight nine four eight three. Do people actually change
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Speaker 2: their money personality or are we pretty much wired the
14:25
Speaker 2: way we are? A kind of financial planner really change
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Speaker 2: how someone relates to money or do you just manage
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Speaker 2: a round it?
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Speaker 1: Well?
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Speaker 3: I mean people can change attitudes a little bit over time,
14:35
Speaker 3: but a lot of things with money are kind of
14:38
Speaker 3: ingrained from early on in your attitude towards money. And
14:42
Speaker 3: that's where a financial advisor really can can add value.
14:45
Speaker 3: It adds another perspective and a buffer kind of between
14:51
Speaker 3: you and emotional decision making, which can be very valuable.
14:55
Speaker 3: And you know, you are who you are because of
15:00
Speaker 3: your experiences largely, you know, if you grew up without money,
15:04
Speaker 3: you're going to think about money differently from a point
15:08
Speaker 3: of scarcity. If you grew up with abundance, you're you're
15:12
Speaker 3: going to approach that differently. And and it's hard to
15:16
Speaker 3: break those cycles for for sure. I mean, you can,
15:21
Speaker 3: you know, log through and try to use logic and
15:24
Speaker 3: that sort of thing. But really, and I think that
15:28
Speaker 3: is the value of working with an advisors, that it's
15:31
Speaker 3: that buffer, the kind of the emotional barrier between you
15:37
Speaker 3: and your money and the decision making from.
15:40
Speaker 2: The three zero four six two nine. I'm going to
15:42
Speaker 2: try to paraph you this just a little bit. I've
15:43
Speaker 2: run own business and work basically seven days a week.
15:45
Speaker 2: I have more money now than I ever thought I would.
15:48
Speaker 2: Some personal stuff in here, I'm sorry about that. How
15:52
Speaker 2: can I tell myself to slow down? Because I know
15:54
Speaker 2: things are fine, it's having some problems at home. They're
15:57
Speaker 2: working a little too much. I guess.
15:59
Speaker 3: Yeah, that's particularly somebody in your own business. An entrepreneurial
16:05
Speaker 3: person sometimes has the you know, it's a I won't
16:10
Speaker 3: call it an affliction because it's a good thing.
16:12
Speaker 2: You can feel like you're off though, you can feel
16:14
Speaker 2: like you're always working.
16:15
Speaker 3: Yeah, when you're working.
16:16
Speaker 2: For yourself, you know, you're like, oh, let me pull
16:17
Speaker 2: out the laptop here real quick and knock that out,
16:19
Speaker 2: and you know, and then it's in the middle of
16:20
Speaker 2: dinner or something, right.
16:21
Speaker 3: And and when you running your own business, you probably
16:24
Speaker 3: are wearing lots of hats, so there's always something to
16:27
Speaker 3: think about or something to do. You know, money is
16:33
Speaker 3: part of you know, being comfortable down the road in retirement.
16:38
Speaker 3: You certainly need that, but you also you don't want
16:43
Speaker 3: quality of life, and money doesn't always equate to quality
16:46
Speaker 3: of life. And that is something that you know, as
16:51
Speaker 3: we're working through financial plans with folks, it's like, what
16:53
Speaker 3: do you want your life to look like? You know,
16:55
Speaker 3: and then we can plan around that because you know,
16:59
Speaker 3: not always stacking the most money wins if it takes
17:04
Speaker 3: away your quality of life, right, And so you've got
17:08
Speaker 3: to find that balance there. And you know, without certainly,
17:15
Speaker 3: you know, if you're making a lot of money, maybe
17:17
Speaker 3: there's a maybe there's a hire you could make to
17:19
Speaker 3: help you help you with some of that, to free
17:22
Speaker 3: it up, you know, where you you know, maybe you say, hey,
17:25
Speaker 3: I'm not going to do any work, or you know,
17:27
Speaker 3: on this day of the week, or you know, you know,
17:31
Speaker 3: just make a commitment. Now, when you own a business,
17:33
Speaker 3: there are things that come up that are truly emergencies
17:36
Speaker 3: that you may have to work through. But but you
17:40
Speaker 3: need to have your time and you need to have
17:42
Speaker 3: that balance some way. And you know, it's a great
17:46
Speaker 3: thing that you're financially successful, but the quality of life
17:50
Speaker 3: is you know, why why do you work and save
17:52
Speaker 3: for the future? Well, you work and save for the future,
17:54
Speaker 3: so you have a quality of life, and it's just
17:57
Speaker 3: striking that balance somewhere.
17:59
Speaker 1: You know.
17:59
Speaker 2: I wonder if we have another question from the three
18:01
Speaker 2: zero four four one seven. I've been maxing out my
18:03
Speaker 2: four one K for fifteen years. I've got a nice
18:05
Speaker 2: emergency fund, but I feel guilty every time I spend
18:07
Speaker 2: money on anything. Is that normal? And what do I
18:09
Speaker 2: need to do to loosen up? And let me just
18:12
Speaker 2: ask this from a from a late person perspective. If
18:14
Speaker 2: you dedicate an account that you put money in that
18:17
Speaker 2: you know that you're free to spend from, is that
18:19
Speaker 2: a way to do it? Like psychologically, if you're spending
18:22
Speaker 2: from that account, then you should be hey, I'm good there.
18:25
Speaker 3: Yeah, you know, everyone is different. This is what I
18:30
Speaker 3: tell myself because I am not you know, I'll just
18:35
Speaker 3: share my personal you know, experience. I am not a
18:39
Speaker 3: real detailed budgeter, you know. Now, I don't have the
18:45
Speaker 3: impulse to spend widely either you know, I'm pretty. I
18:48
Speaker 3: love pretty simply, I guess, other than the vice of
18:52
Speaker 3: eating out all too much.
18:54
Speaker 2: Do some final records?
18:57
Speaker 3: Yeah, but I sell those, ye, that pays for the habit.
19:02
Speaker 3: But but the uh, the way I approach it is
19:09
Speaker 3: I save first, so I know I'm you know, I'm
19:13
Speaker 3: maxing out my four owing K first. I know I
19:15
Speaker 3: have my emergency fund set and I know that I'm
19:18
Speaker 3: doing all the things that I need to be doing
19:21
Speaker 3: for the long term first. And if there's money that
19:25
Speaker 3: I want to spend and it's there, you know, I
19:28
Speaker 3: try not to feel guilty about that because I know
19:30
Speaker 3: I've taken care of those things there. Again, that's that's
19:33
Speaker 3: the balance you're trying to strike. And how much money
19:37
Speaker 3: do you you need to have to have the quality
19:40
Speaker 3: of life that you want? And that number two, you know,
19:44
Speaker 3: that's different for everybody. You know, some people want a
19:47
Speaker 3: lifestyle that's different than somebody else is comfortable with. And
19:50
Speaker 3: that's perfectly fine, But but you have to strike that
19:53
Speaker 3: balance somewhere. You know, it's all work and no play
19:57
Speaker 3: makes John or doll boy.
20:00
Speaker 2: I have seen I have seen where someone who who
20:06
Speaker 2: passed ended up passing with with with a lot of
20:10
Speaker 2: you know, they they retired well, they saved a ton
20:13
Speaker 2: of money, but they lived like a miser in there
20:15
Speaker 2: in their retirement. They they lived very a stir in
20:18
Speaker 2: their retirement. And it makes you wonder. You know, at
20:22
Speaker 2: some point, I think you you start just worrying about
20:24
Speaker 2: what you're collecting instead of how you're living and and
20:27
Speaker 2: and if that's how, if that's how you're happy, I
20:29
Speaker 2: guess if some.
20:29
Speaker 3: Of that is is fear, Some of that is fear
20:33
Speaker 3: of running out of money, and and I think that's
20:38
Speaker 3: also an area where a financial advisor can help you
20:41
Speaker 3: through that. You know, what will this money actually do
20:44
Speaker 3: for you if it's structured correctly, you know, to try
20:48
Speaker 3: to give you more confidence in in the plan so
20:52
Speaker 3: that you can feel free to go ahead and take
20:54
Speaker 3: that trip. You can do it. You've you've got the
20:57
Speaker 3: resources to do that. Because you know, people that tend
21:04
Speaker 3: to be successful and save you know, there's some kind
21:09
Speaker 3: of a motivation there, and oftentimes it is that, you know,
21:12
Speaker 3: it's just running off of a fear that you're not
21:15
Speaker 3: doing enough right and and sometimes that fear is why
21:22
Speaker 3: they are successful, but it also keeps them from you know,
21:28
Speaker 3: living off the fruits of that success that they've had.
21:30
Speaker 2: Now, the dominoes there are dangerous because you don't want
21:33
Speaker 2: to remove from someone the thing that's making them good
21:35
Speaker 2: at what they do, you know. So, but at the
21:37
Speaker 2: same time, you hope that somebody finds a way to
21:39
Speaker 2: enjoy their life at something.
21:40
Speaker 3: Yeah, you know, when somebody comes in, I always say,
21:46
Speaker 3: you know, let's figure out what your spend need is
21:49
Speaker 3: every month for you to be comfortable to live, and
21:53
Speaker 3: then we'll budget around that. You know, if it's three
21:55
Speaker 3: thousand dollars a month you need out of your investment account, okay,
21:59
Speaker 3: we'll do three thousand a month with hold the taxes
22:02
Speaker 3: state and federal for you, so you don't have a
22:03
Speaker 3: big surprise at the end of the year. And but
22:07
Speaker 3: your money will do more than that for you. You know,
22:09
Speaker 3: in certain cases, if you have enough money, you've got
22:13
Speaker 3: more money than your basic needs are. But I say budget,
22:16
Speaker 3: budget yourself around those basic needs and then know a
22:20
Speaker 3: lot of times I'll tell folks, you know, this is
22:23
Speaker 3: what you're taking, this is what your lifestyle is. But
22:26
Speaker 3: you know you have extra extra fuel in the tank here.
22:30
Speaker 3: If you want to take a vacation if you want
22:32
Speaker 3: to do something, as long as we're under this this range,
22:36
Speaker 3: I'll try to give people ranges of as long as
22:39
Speaker 3: we're under this range. You know, don't feel guilty about it.
22:43
Speaker 3: Just give us a call and take the trip if
22:44
Speaker 3: you want to take a trip, or if you want
22:46
Speaker 3: to go see the grandkids, if you want to, you know,
22:48
Speaker 3: take them to Disneyland or something. You know, you know,
22:52
Speaker 3: you don't have to worry as long as we're in
22:55
Speaker 3: these ranges. But you still have the discipline of the
22:58
Speaker 3: budget every month that you're working around. In other words,
23:02
Speaker 3: you know, I think I think a lot of times
23:04
Speaker 3: folks will say, oh, you know, I can take sixty
23:08
Speaker 3: thousand a year off of this and the money should last. Okay, great,
23:13
Speaker 3: But if you're only spending forty, don't take sixty, because
23:18
Speaker 3: one you're creating a tax bill that maybe you don't
23:21
Speaker 3: need to right now, and then two you're giving up
23:25
Speaker 3: the future return that that money may.
23:29
Speaker 2: Money still doesn't work for you.
23:30
Speaker 3: Yeah, that's right. And so you know, if your if
23:34
Speaker 3: your lifestyle is forty and your your your money will
23:38
Speaker 3: support sixty, well that means you've got a twenty thousand
23:41
Speaker 3: dollars buffer there So if you want to take the trip,
23:43
Speaker 3: if you want to do those things, you know at
23:46
Speaker 3: some point you're going to need to buy a new
23:47
Speaker 3: car in retirement. You know that's where some of that
23:50
Speaker 3: money comes from. You know that that's the type of
23:53
Speaker 3: thing that you know we work through. So even though
23:57
Speaker 3: your money supports something, it doesn't mean you have to
23:59
Speaker 3: take it all.
24:00
Speaker 1: But you should know.
24:04
Speaker 3: What your money could do for you, so that when
24:07
Speaker 3: you want to make decisions, you're making it from a
24:09
Speaker 3: position of confidence and not worrying about am I taking
24:13
Speaker 3: too much?
24:14
Speaker 2: Screen information with joenbre Debt from Fourth Avenue Financial. More
24:16
Speaker 2: information online Fourth Avenue Financial dot com. That's fourth Avenue
24:19
Speaker 2: Financial dot com. You can find all the information over there.
24:21
Speaker 2: Threes zerre four seven four six seven on seven sevens
24:23
Speaker 2: the phone number three zero four seven four six seven
24:25
Speaker 2: nine seven seven. When you do go to the website
24:27
Speaker 2: or the Facebook page, just spell out the whole thing.
24:28
Speaker 2: Fourth Avenue Financial and fourth Avenue Financial dot Com. Let's
24:32
Speaker 2: take a break. When we come back, we still have
24:33
Speaker 2: plenty more we can talk about. You can control the conversation.
24:36
Speaker 2: If you want to get in you can. You can
24:38
Speaker 2: text us at three zero four nine three five five
24:40
Speaker 2: zero zero eight. We have a few of those still
24:41
Speaker 2: to get through, or you can give us a call
24:43
Speaker 2: three zero four, three four five fifty eight fifty eight
24:45
Speaker 2: three four five fifty eight fifty We'll take a break
24:47
Speaker 2: and be back right after this. You're listening to retire
24:49
Speaker 2: Right Radio. John Bredet is here from Fourth Avenue Financial.
24:51
Speaker 2: I'm Del Cooper and this is five ADWHS.
24:53
Speaker 4: The voice of Charleston Retire Right Radio, a sponsored bout
24:55
Speaker 4: Fourth Avenue Financial, which is solo responsible for its content.
24:58
Speaker 4: Security is offered through JWA called Financial Member fen RECIPIIC
25:01
Speaker 4: Investment advice offered through JW COL Advisors. Fourth Avenue Financial,
25:05
Speaker 4: jw CL Financial and JW COL Advisors are unaffiliated entities.
25:09
Speaker 4: The opinions expressed by John Burdett should not be construed
25:11
Speaker 4: as specific investment, legal, or tax advice. All economic and
25:15
Speaker 4: performance information is historical and not indicative of future results.
25:19
Speaker 4: Investing may involve risk of loss of principle. Any types
25:22
Speaker 4: advice on this show is not intended to be used
25:24
Speaker 4: by any person for the purpose of avoiding US federal
25:27
Speaker 4: or state tax penalties that may be imposed on such
25:29
Speaker 4: a person, and each listener should seek advice from their
25:32
Speaker 4: tax advisor or legal console on topics that arise from
25:35
Speaker 4: the show. John Burdette is not providing legal or tax advice.
25:39
Speaker 4: Nothing should be construed as solicitation of an offer to
25:41
Speaker 4: buy securities. This program is sponsored by Fourth Avenue Financial,
25:45
Speaker 4: which is solely responsible for its content.
25:47
Speaker 1: For the past decade, West Virginia has said one of
25:50
Speaker 1: the most conservative state senates in America, and much of
25:52
Speaker 1: that leadership has come from doctor Tom Tacubo.
25:55
Speaker 5: I'm doctor Tom Tacubo, as your state Senator. I led
25:58
Speaker 5: the charge to end abode here in West Virginia and
26:01
Speaker 5: protect innocent life. We were one of the first states
26:04
Speaker 5: in the nation to ban transgender surgery and protect our children.
26:08
Speaker 5: And I've consistently voted to defend our Second Amendment right.
26:11
Speaker 1: Proven conservative leadership, Doctor Tom Takubo for State Senate paid
26:15
Speaker 1: for it by the Kubo for Senate.
26:17
Speaker 6: Kanank County tax Payers. If you've not paid your twenty
26:20
Speaker 6: twenty five taxes yet they are now considered delinquent. You
26:24
Speaker 6: haven't till the end of the business day Friday, May
26:26
Speaker 6: first to pay these taxes. After that, the lovel newspaper
26:29
Speaker 6: will print a list of all delinquent Kanank County taxes.
26:32
Speaker 6: Unpaid taxes must be paid in full. You cannot only
26:35
Speaker 6: pay the half year fee. Pay online or visit one
26:38
Speaker 6: of the Kanak County Sheriff's locations. Visit Kanah Sheriff dot
26:41
Speaker 6: us to learn more about paid your twenty twenty five taxes.
26:47
Speaker 1: This is retire Right Radio with John Burdett from Fourth
26:51
Speaker 1: Avenue Financial, taking your calls at three oh four three
26:54
Speaker 1: four five fifty eight fifty eight or texts on three
26:58
Speaker 1: oh four nine three five fifty.
27:00
Speaker 2: Oh wait, you're listening to the Voice of Charleston. Five awhs.
27:12
Speaker 2: I'm Dale Cooper. Thanks for tuning in on this Monday morning.
27:17
Speaker 2: It's going to be a pretty nice day to day.
27:19
Speaker 2: I think it's going to be in the upper seventies,
27:21
Speaker 2: maybe a little bit of rain, a little overcast when
27:23
Speaker 2: I got here this morning. Hopefully the rest of the
27:25
Speaker 2: day will shake out pretty well. I think it's going
27:27
Speaker 2: to be. I think we're officially in spring. I don't
27:29
Speaker 2: think we're going to have any more of those days
27:30
Speaker 2: where we're going back into the thirty or forty degree days.
27:34
Speaker 2: Knocking one whatever items we have around here to keep
27:37
Speaker 2: that from happening.
27:38
Speaker 3: The grass is telling me it's spring.
27:40
Speaker 2: So I spent so much time outside this weekend. It
27:43
Speaker 2: was nice. I did a full uh did a full lawnmow.
27:46
Speaker 2: I went around and cut off, you know, some overgrowth
27:50
Speaker 2: and stuff and got that cut down, and did a
27:52
Speaker 2: little cleaning around the house and stuff. Did my eaves
27:55
Speaker 2: a couple of weeks ago. I feel like I've really
27:57
Speaker 2: done some home owner things. It feels kind of nice.
28:00
Speaker 2: It was kind of niceable home. Yeah, you have for
28:02
Speaker 2: once if you have any questions this morning, we still
28:05
Speaker 2: have a few minutes left with johnbre Debt from Fourth
28:07
Speaker 2: Avenue Financial. If you have any questions about your financial future,
28:10
Speaker 2: you're welcome to give us a call. Threes er A
28:11
Speaker 2: four three four five fifty eight fifty eight threes are
28:13
Speaker 2: four nine, three, five fives zerers or eight is the
28:15
Speaker 2: text line number. You can give us a call and
28:17
Speaker 2: let us know about anything that's on your mind as
28:20
Speaker 2: far as those things go. Did have a couple of
28:22
Speaker 2: text line questions. A few of these were left over
28:25
Speaker 2: from last week. I think there was another new one
28:27
Speaker 2: in here. I'll see if I can find it, but
28:28
Speaker 2: this one was uh uh. We kind of addressed this
28:31
Speaker 2: last week, but I think that it's still a good
28:32
Speaker 2: place to start. Let's see from the threeser of four
28:35
Speaker 2: eight nine two. I'm forty four, and be honest, I
28:37
Speaker 2: have no idea what my expenses actually are. I know
28:40
Speaker 2: I should care about about it, but at this point
28:42
Speaker 2: I just don't. Is it too late for me to
28:44
Speaker 2: get my I together?
28:47
Speaker 3: No, no, it's not too late. You know, if you
28:52
Speaker 3: if you have consumer debt, your credit card debts, things
28:55
Speaker 3: like that, then that's a good sign that you're living
28:59
Speaker 3: beyond your me or you know, not following a budget.
29:05
Speaker 3: You know, if you think, how do I figure this out?
29:08
Speaker 3: I mean, you can do the process of writing everything
29:10
Speaker 3: down that you spend for a month or two, and
29:12
Speaker 3: that'll kind of tell you where your money is going.
29:14
Speaker 3: It's good. That's a good exercise to figure out where
29:17
Speaker 3: the money goes. Sometimes you may be surprised where it goes.
29:21
Speaker 3: Like you say, gosh, eating out can be an outrageous expense.
29:30
Speaker 3: You know, it's two people could go out for, you know, sandwiches,
29:34
Speaker 3: and it's thirty five to forty dollars.
29:36
Speaker 2: If I can interject there just for a minute, if
29:37
Speaker 2: you're somebody that maybe set your ratios a decade ago,
29:41
Speaker 2: you know, and so you had like your your entertainment
29:43
Speaker 2: expenses and things have basically been working for you, but
29:46
Speaker 2: you haven't really changed those ratios. You no longer can
29:49
Speaker 2: go do like the the UH meal on the weekends
29:52
Speaker 2: for the same amount of money that you could ten
29:54
Speaker 2: years ago. That just doesn't exist anymore. It's going to
29:57
Speaker 2: cost almost I mean, I know that everything hasn't gone
29:59
Speaker 2: up one hundred percent, but it's going to cost seemingly
30:02
Speaker 2: about twice as much to go out the email.
30:04
Speaker 3: Yeah. And as far as percentages in your budget, they
30:07
Speaker 3: change too. I mean, if you think about you know,
30:10
Speaker 3: things like electronics, those have come down, so as a
30:13
Speaker 3: percentage of your budget, they actually may be less where
30:17
Speaker 3: food may have grown, you know, in that piece of
30:23
Speaker 3: the pot. So you have to revisit it every so often.
30:26
Speaker 3: But no, I mean, the first thing you need to
30:28
Speaker 3: do if you are trying to quote get your act
30:30
Speaker 3: together is get rid of that consumer debt, building emergency
30:35
Speaker 3: fund up. After you do that of three to six months,
30:38
Speaker 3: and then really start trying to catch up with the investments.
30:42
Speaker 3: You know, if you haven't saved anything, you know, saving
30:45
Speaker 3: the five ten percent is probably not going to be enough.
30:49
Speaker 3: You know you're you're behind. You probably need to step
30:51
Speaker 3: it up to fifteen to twenty percent. You know, ideally
30:55
Speaker 3: you can get to twenty percent of your of your
30:59
Speaker 3: income as savings and investment. You know you'll catch up
31:03
Speaker 3: quicker than you quicker than you can imagine. But you
31:07
Speaker 3: can't do that unless you manage your budget, manage your spending.
31:13
Speaker 3: You have to make that a priority to to get
31:17
Speaker 3: your budget in line and create savings and investment consistently.
31:22
Speaker 3: Try to automate it. You know, if you have a
31:23
Speaker 3: four to one k at work, you know that's a
31:25
Speaker 3: good way to automate it. You don't have to think
31:26
Speaker 3: about it. Investment plans iras things that you can do
31:32
Speaker 3: through an advisor like myself. We can set up auto
31:35
Speaker 3: drafts out of checking accounts so you're not actually writing
31:37
Speaker 3: a check and thinking about it. It becomes part of
31:40
Speaker 3: your budget and really your lifestyle. But don't go do
31:46
Speaker 3: those things before you get the foundation built. You know
31:49
Speaker 3: you've got to. You've got to make sure that you're
31:52
Speaker 3: not paying those high interest rates on those credit cards.
31:56
Speaker 3: Just like the example that we had earlier in the
31:58
Speaker 3: show about the compounding. Now that was ten percent interest.
32:02
Speaker 3: What if you're paying thirty right? You know how you
32:06
Speaker 3: know that is you do the math the other way.
32:08
Speaker 3: That's how much money is being taken from you to
32:11
Speaker 3: do work. Yeah, that's scary. Which could you know amount
32:14
Speaker 3: to actually over a lifetime millions?
32:17
Speaker 1: That's crazy.
32:17
Speaker 3: I mean yeah, when you think about what, you know,
32:20
Speaker 3: the not necessarily millions of your dollars, but millions of
32:24
Speaker 3: your potential dollars because you've lost not only have you
32:27
Speaker 3: paid the interest, but you've lost the potential growth if
32:29
Speaker 3: you had not paid that interest on the money you
32:32
Speaker 3: would have had. So it's a you know, it's an
32:35
Speaker 3: incredibly damaging thing to have in your financial life of
32:39
Speaker 3: consumer debt. So that's got to be the priority.
32:42
Speaker 2: And much like we were talking about how the way
32:44
Speaker 2: that we approach the market is different now because of
32:47
Speaker 2: news and things like that, and there's different products where
32:49
Speaker 2: you keep up to date on these things, the same
32:52
Speaker 2: thing kind of goes with with our expenses as well.
32:54
Speaker 2: It used to be you had, you know, like your
32:56
Speaker 2: installment and your revolving credit and that's basically what you
32:58
Speaker 2: had to worry about, and you had your your utility bills.
33:01
Speaker 2: But now there's so much. On top of all those
33:04
Speaker 2: credit card credit card bills with the high interest rates,
33:07
Speaker 2: you also just have everything's on a subscription now, right,
33:09
Speaker 2: you know. I mean then those aren't interest based, but
33:11
Speaker 2: still it's sort of like and it feels like that
33:13
Speaker 2: because you're not paying anything off. You just pay the
33:16
Speaker 2: same amount every month for something you can't own.
33:18
Speaker 3: Well, here's a thought as well. How many of us
33:21
Speaker 3: have subscriptions that we've realized that we've been paying for
33:25
Speaker 3: a year and we never.
33:26
Speaker 2: Get That's what I was coming to.
33:27
Speaker 3: Yeah, absolutely, Okay, if you can do that, then can
33:31
Speaker 3: you not instead save it somewhere? A lot of times
33:36
Speaker 3: people say, well I can't afford to save. You're paying
33:40
Speaker 3: the subscription and not missing it. So it's not about
33:43
Speaker 3: whether you can do it or not. It's about whether
33:45
Speaker 3: you've just taken the action to do it.
33:48
Speaker 2: Yeah. And one thing that that has helped me, like
33:52
Speaker 2: all these streamers, for example, they don't give you loyalty points,
33:54
Speaker 2: you know, like if you have you know Disney, and
33:56
Speaker 2: if there's nothing on Disney that you're watching right now,
33:58
Speaker 2: just cancel it. If something comes on in a couple
34:01
Speaker 2: weeks you want to watch, get it. Back. They don't
34:03
Speaker 2: give you loyalty points for it. You're not getting a
34:05
Speaker 2: better deal because you keep it for so long now
34:07
Speaker 2: that you might have bundles and stuff like that Mike
34:09
Speaker 2: messed with it. But I at the beginning of the year,
34:11
Speaker 2: I canceled five subscriptions on various things platforms, apps, streamers,
34:17
Speaker 2: different things like that. This past weekend was the first
34:20
Speaker 2: time that it came up, and it was for a
34:21
Speaker 2: baseball game, and I was like, yeah, we're not going
34:23
Speaker 2: to worry about it because that's me. We're not going
34:25
Speaker 2: to worry about but five subscriptions, so it's saving about
34:28
Speaker 2: one hundred and twenty dollars a month. I canceled at
34:29
Speaker 2: the beginning of the year, and I didn't tell anybody.
34:32
Speaker 2: I just did it, and we just ran into it
34:33
Speaker 2: for the first time in April, right, So I mean
34:36
Speaker 2: that's a quarter of the year pass before we even
34:39
Speaker 2: knew that that or even more than a quarter of
34:41
Speaker 2: the year. There's a thirty the year pass before we
34:42
Speaker 2: even knew that anything was wrong with it. So yeah,
34:44
Speaker 2: there's a lot of money that people spend out there.
34:46
Speaker 2: I think that they could probably get control back over.
34:49
Speaker 3: Right, right, no doubt about it, and you know, think
34:53
Speaker 3: about that. I mean, if you're paying those subscription fees
34:55
Speaker 3: and aren't using it and forgot about it, then clearly
35:00
Speaker 3: you have the money to be investing in saving.
35:02
Speaker 2: It's a great point.
35:04
Speaker 1: Just make some adjustments, right, That's.
35:05
Speaker 3: All you need to do.
35:06
Speaker 2: It's a great stuff with genbre Debt for Fourth Avenue
35:08
Speaker 2: Financial as always, another great show for you today. You
35:10
Speaker 2: can catch the podcast anytime, usually about an hour or so.
35:12
Speaker 2: After the show's over. You can go to WCHS network
35:14
Speaker 2: dot com slash retire right and all of our podcasts
35:17
Speaker 2: show up over there. The general podcast feed is at
35:20
Speaker 2: WCHS network dot com slash podcast. You can find everything
35:22
Speaker 2: over there, including this show as it comes up. That's
35:25
Speaker 2: going to do it for the show this week. You
35:27
Speaker 2: can catch retire Right Radio every Monday at eight twenty
35:29
Speaker 2: right here on five EDWCHS. The Voice or Charles. Some
35:32
Speaker 2: more information about Fourth Avenue Financial. You can find the
35:34
Speaker 2: information online. It's Fourth Avenue Financial dot com. Fourth Avenue
35:37
Speaker 2: Financial dot Com. You spell out the whole thing Fourth
35:39
Speaker 2: Avenue Financial Com. Also on Facebook, you can do a
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Speaker 2: search for Fourth Avenue Financial. Will like the page there
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Speaker 2: and be kept up to date on everything that's going
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Speaker 2: on through John Bredett and Fourth Avenue Financial. John things
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Speaker 2: a bunch of your time again this week, had a
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Speaker 2: good time, all right, Thank you, take care. We'll talk
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Speaker 2: to you next week. That's John bred Debt with Fourth
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Speaker 2: Avenue Financial here on retire Right Radio. Coming up next
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Speaker 2: is gonna be Dave Allen on five E D Love,
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Speaker 2: Dave Wilson and TJ on talk Line at ten. Back
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Speaker 2: at noon is Dave Allen and Amanda Baron, and then
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Speaker 2: I'll be back this afternoon at three or six with
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Speaker 2: Dave Weekly on Hotline. Have a great to everyone, and
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