Latest / WCHS Network Podcasts / 10/12/2026 Retire Right Radio with John Burdette

Transcript

10/12/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

• 0:00
  Speaker 1: The views and opinions expressed on this program do not
• 0:03
  Speaker 1: necessarily reflect the views and opinions of 580 WCHS, its employees,
• 0:07
  Speaker 1: or WVRC Media.
• 0:10
  Speaker 2: RetireRight Radio is on the air. John Burdett from 4th
• 0:14
  Speaker 2: Avenue Financial is here each week to answer your questions
• 0:18
  Speaker 2: about financial planning, investing, and building the retirement you deserve.
• 0:23
  Speaker 2: Find 4th Avenue Financial in downtown Charleston at 170 Court
• 0:27
  Speaker 2: Street or online at 4thAvenueFinancial. com. Call 304-345-5858 or text 304-935-5008
• 0:37
  Speaker 2: to join the conversation. Now, let's go live to the
• 0:43
  Speaker 2: studio with John Burdett.
• 0:45
  Speaker 1: And a very pleasant Monday morning to you. You are
• 0:47
  Speaker 1: listening to Retire Right Radio on 580 WCHS, the voice
• 0:50
  Speaker 1: of Charleston. I'm Dale Cooper. Thanks for tuning in on
• 0:53
  Speaker 1: this Monday morning and in studio with us this morning.
• 0:55
  Speaker 1: It's John Burdett from 4th Avenue Financial. How are you
• 0:57
  Speaker 1: doing this morning, John? Doing great. Appreciate you coming in
• 1:00
  Speaker 1: this morning after a... A long weekend, a lot of weather,
• 1:04
  Speaker 1: of course, affecting the rest of the country. You know,
• 1:07
  Speaker 1: we have I mean, we had some areas in the
• 1:09
  Speaker 1: state that got hit with weather last night. But there's
• 1:13
  Speaker 1: a lot of places in the country that's getting a
• 1:15
  Speaker 1: lot of a lot of rain this morning and more
• 1:17
  Speaker 1: expected to come through our area as well as the
• 1:20
  Speaker 1: rest of the state today. Just keep your head up
• 1:22
  Speaker 1: on a swivel. Keep listening to the radio and we'll
• 1:24
  Speaker 1: keep you updated. on the weather situation as it comes in.
• 1:27
  Speaker 1: But if you have questions about maybe the stormy relationship
• 1:31
  Speaker 1: that you have with your retirement this morning, you can
• 1:33
  Speaker 1: give John a call because John can help you out
• 1:36
  Speaker 1: with demystifying some of the terminology and some of the
• 1:40
  Speaker 1: programs and things, the tools that are available for you
• 1:42
  Speaker 1: around your ability to retire right online. FourthAvenueFinancial.com. It's FourthAvenueFinancial.com.
• 1:48
  Speaker 1: You spell out the whole thing, FourthAvenueFinancial.com. And also on Facebook,
• 1:52
  Speaker 1: you can like the page over there and find more information.
• 1:55
  Speaker 1: I'll get you more contact information as we go out
• 1:57
  Speaker 1: throughout the morning this morning. We're here until 9 o'clock.
• 2:00
  Speaker 1: You can give us a call at 304-345-5858.
• 2:00
  Speaker 3: 345-5858.
• 2:00
  Speaker 1: You can text 304-935-5008.
• 2:01
  Speaker 3: 304-935-5008.
• 2:01
  Speaker 1: So John and I always talk about sort of the
• 2:03
  Speaker 1: week that was when it comes to the market and
• 2:04
  Speaker 1: finances and things that you need to be aware of.
• 2:06
  Speaker 1: This is kind of broadly aware of when it comes
• 2:19
  Speaker 1: to dealing with your retirement and so forth. So how
• 2:22
  Speaker 1: are things looking right now, John? It's been– wait, 2026
• 2:24
  Speaker 1: has been an odd year, hasn't it?
• 2:26
  Speaker 4: Well, it has been an odd year, but the market
• 2:30
  Speaker 4: is up.
• 2:30
  Speaker 5: Up, up, up.
• 2:31
  Speaker 1: Up, up, and away, really.
• 2:33
  Speaker 4: Even last week, there was a lot of volatility with
• 2:35
  Speaker 4: the oil spike, but we were still up for the week.
• 2:38
  Speaker 4: It comes right back to earnings. That is what everything
• 2:43
  Speaker 4: is based off of. And the market now that we're what,
• 2:48
  Speaker 4: six months into whatever you want to call what's happening
• 2:53
  Speaker 4: in the Gulf.
• 2:54
  Speaker 1: The non-war war.
• 2:55
  Speaker 4: Right, right.
• 2:57
  Speaker 1: Orway.
• 2:58
  Speaker 4: We're six months into that now. I think the market
• 3:02
  Speaker 4: is kind of used to it, shrugged it off, and
• 3:04
  Speaker 4: it's focusing back on ultimately what really matters. Are companies
• 3:08
  Speaker 4: making money? Are their earnings growing? And they are. Earnings
• 3:14
  Speaker 4: are up. you know, going to be up about 30
• 3:16
  Speaker 4: percent this year across the board, you know, on average.
• 3:18
  Speaker 4: That is that's pretty huge.
• 3:21
  Speaker 1: I see the sentiment that and I think that I
• 3:25
  Speaker 1: don't know if it's people that are pessimists or if
• 3:27
  Speaker 1: they have some other agenda to grind or something like that,
• 3:29
  Speaker 1: that they'll say, well, the markets just haven't realized what's
• 3:32
  Speaker 1: happening yet. And when they do, it's going to the
• 3:35
  Speaker 1: bottom is going to fall out over things. But it
• 3:38
  Speaker 1: seems I mean, we have precedence to this kind of
• 3:41
  Speaker 1: wild handle. I mean, sure, every week brings something new,
• 3:43
  Speaker 1: but it's been wild for a while now. And I
• 3:45
  Speaker 1: think sort of like the boy that cried wolf a
• 3:48
  Speaker 1: little bit, that the market's like, hey, we're just going
• 3:50
  Speaker 1: to keep on doing our thing. Tell us when the
• 3:52
  Speaker 1: wolves are actually at the door.
• 3:53
  Speaker 5: Yeah.
• 3:54
  Speaker 4: And well, the market is forward looking always. So when
• 3:58
  Speaker 4: you invest money, you're investing based on expectations of what
• 4:03
  Speaker 4: you believe is going to happen. And right now, The
• 4:08
  Speaker 4: market is looking at the situation and saying, OK, how
• 4:11
  Speaker 4: will this impact our earnings, expectations for companies? And right now,
• 4:17
  Speaker 4: the market in general is believing that it won't affect
• 4:21
  Speaker 4: it very much, that this will pass in a way
• 4:25
  Speaker 4: or there will be some sort of adjustments made to
• 4:32
  Speaker 4: protect corporate earnings.
• 4:34
  Speaker 1: Right. Whoever you are out there, don't root for calamity.
• 4:36
  Speaker 1: Sometimes I feel like the people are like, well, once
• 4:39
  Speaker 1: they get a wind of what's happening here, then things
• 4:41
  Speaker 1: will really– then people will– you can deal with that
• 4:44
  Speaker 1: stuff like in the arena that it's built for. If
• 4:47
  Speaker 1: it's your political agenda or whatever else, deal with that
• 4:50
  Speaker 1: in the political agenda. Just let people's livelihoods and their
• 4:55
  Speaker 1: 401ks and stuff like that, just leave it alone. Just
• 4:57
  Speaker 1: let the market do what the market does.
• 4:59
  Speaker 4: And focus on making the right decisions for your household.
• 5:03
  Speaker 4: I mean that's what you can control and that is
• 5:08
  Speaker 4: simple but not easy to execute. I saw an article yesterday.
• 5:17
  Speaker 4: I was looking through some articles and it was how
• 5:22
  Speaker 4: much money do you have to earn to afford a
• 5:25
  Speaker 4: million-dollar home? Do you have any idea what the number was?
• 5:29
  Speaker 1: You know, at one time I probably did a little bit. Boy,
• 5:32
  Speaker 1: it's– By afford, do you mean– Qualify for a mortgage. Yeah,
• 5:37
  Speaker 1: I have no idea.
• 5:38
  Speaker 4: I mean depending on the ratios that you use and
• 5:41
  Speaker 4: assuming you don't have a lot of other debt, only $ 200, 000
• 5:44
  Speaker 4: to $ 250, 000 a year. So those are the types of decisions.
• 5:46
  Speaker 1: I'm talking about.
• 5:46
  Speaker 4: If you make $ 200, 000 a year and are buying a
• 5:51
  Speaker 4: million-dollar home whose payment will be well north of $ 5, 000
• 6:04
  Speaker 4: a month with interest rates where they are now. Does
• 6:09
  Speaker 4: that leave anything left over for savings and investment? That's
• 6:15
  Speaker 4: going to make it tough even at $ 200, 000 a year income.
• 6:20
  Speaker 4: And so I think certain things like a home, it's
• 6:24
  Speaker 4: been spun as some sort of an investment that And
• 6:30
  Speaker 4: it is not. It's really consumption. You're living in it.
• 6:34
  Speaker 4: And it doesn't matter if that million-dollar home is worth
• 6:36
  Speaker 4: a million-five down the road. You don't have other investments
• 6:43
  Speaker 4: that you can live off of. And if you want
• 6:45
  Speaker 4: to realize that growth of that home, what do you
• 6:47
  Speaker 4: have to do? You have to sell it and downsize.
• 6:50
  Speaker 4: Investments that are productive shouldn't make you downsize your lifestyle.
• 6:55
  Speaker 1: And the thing that was happening around the 2008 crash
• 6:58
  Speaker 1: is that people were not being tricked, but kind of
• 7:02
  Speaker 1: being sold that their house was basically like a savings account.
• 7:06
  Speaker 1: You have all this equity. That's like money you've saved.
• 7:08
  Speaker 1: Why don't you refinance your house and you can pull $ 50, 000
• 7:12
  Speaker 1: of your hard-earned equity right out of your house, which,
• 7:15
  Speaker 1: I mean, it's great if you're like improving the house
• 7:16
  Speaker 1: or doing things, but there was a rash of people
• 7:19
  Speaker 1: doing that in the turn of the century around the
• 7:21
  Speaker 1: 2000s that were just doing that buying a car and
• 7:23
  Speaker 1: going on vacation or whatever. They were cashing out equity
• 7:27
  Speaker 1: because suddenly interest rates were 12% for so long. They
• 7:29
  Speaker 1: were coming down to 7%. People were shortening the term
• 7:32
  Speaker 1: on their loans. They were doing all this stuff and
• 7:34
  Speaker 1: suddenly everybody was equity rich and just cashing out on
• 7:36
  Speaker 1: this equity. Well, what happened less than 10 years later,
• 7:39
  Speaker 1: everybody was maxed out on their loan values and nobody
• 7:42
  Speaker 1: had any equity left in their house. So when prices
• 7:44
  Speaker 1: actually started to decelerate and depreciate a little bit, people
• 7:47
  Speaker 1: were upside down on it. You can't look at your
• 7:49
  Speaker 1: house that way because it's not something that's just going
• 7:50
  Speaker 1: to keep on giving back. It's a real relationship that
• 7:54
  Speaker 1: you have with it. It's an expense.
• 7:56
  Speaker 4: You're paying taxes. You're paying maintenance, all the unexpected things
• 7:59
  Speaker 4: that come with that. Now, it's a great thing because
• 8:01
  Speaker 4: you're somewhat locking in and shielding yourself against future house
• 8:07
  Speaker 4: cost inflation when you lock in a house. So there's
• 8:11
  Speaker 4: value to it over time. I mean there's certainly value
• 8:15
  Speaker 4: to that. But it's not the traditional investment that I
• 8:19
  Speaker 4: think people have been sold. It's a great thing to
• 8:25
  Speaker 4: do if you can buy a house. But you have
• 8:27
  Speaker 4: to be aware that it is consumption. It's not just
• 8:29
  Speaker 4: an asset like an investment is that keeps compounding and
• 8:33
  Speaker 4: growing that you can reap the benefits of without downsizing
• 8:39
  Speaker 4: your lifestyle or borrowing against something to do that. Looking
• 8:45
  Speaker 4: at the numbers– And I think these are the types
• 8:48
  Speaker 4: of decisions that trips people up I think the most.
• 8:54
  Speaker 4: House payment. A home buyer today that's getting a mortgage,
• 9:01
  Speaker 4: the average principal and interest payment, not counting the taxes
• 9:06
  Speaker 4: and insurance associated with the house, is $ 2, 641 a month.
• 9:12
  Speaker 4: That is the average mortgage on a home purchased today.
• 9:18
  Speaker 4: And the average car payment, one car payment, is $ 765. Well,
• 9:27
  Speaker 4: if you have the average car payment and average house payment,
• 9:33
  Speaker 4: that is eating up, what, $ 3, 300, $ 3, 400 a month. But
• 9:35
  Speaker 4: that's of after-tax money.
• 9:43
  Speaker 1: Right. Yeah. Right.
• 9:44
  Speaker 4: So, you know, you might have to earn.
• 9:48
  Speaker 3: $ 4, 200, $ 4.
• 9:48
  Speaker 4: 500 gross salary to net that. You know, you start
• 9:52
  Speaker 4: making those type of decisions and then you wonder, why
• 9:55
  Speaker 4: can't I not accumulate any savings and investment? Because it's
• 10:00
  Speaker 4: being consumed up front. There's nothing left over. So those
• 10:05
  Speaker 4: are the type of decisions that are more important than
• 10:07
  Speaker 4: what's happening in the news. Controlling those expenses and being
• 10:13
  Speaker 4: aware that these things might be nice, but they're also
• 10:19
  Speaker 4: They cost you something. There's an opportunity cost in that
• 10:22
  Speaker 4: you can't make productive investment going forward if you purchase
• 10:26
  Speaker 4: too much of a house or too much of a car.
• 10:29
  Speaker 4: And those are the decisions that keep people from that
• 10:35
  Speaker 4: long-term financial success as far as being able to retire
• 10:39
  Speaker 4: comfortably and allowing your money to compound. Like I say,
• 10:42
  Speaker 4: I'm not saying it's a bad thing to buy a home.
• 10:45
  Speaker 4: It certainly isn't. It's a great thing to buy a home.
• 10:48
  Speaker 4: But you have to be aware of what the actual cost.
• 10:52
  Speaker 1: Of that home is.
• 10:54
  Speaker 4: And, you know, if you buy too much, you're going
• 11:00
  Speaker 4: to have to give up those future retirement goals.
• 11:04
  Speaker 1: It really makes a lot of sense. You would have
• 11:06
  Speaker 1: liked my friend Juan McKelvey. He's a successful mountaineer out
• 11:09
  Speaker 1: in Arizona right now. But he was my assistant manager
• 11:12
  Speaker 1: when I was running the mortgage companies. And we were
• 11:13
  Speaker 1: like Batman and Robin.
• 11:14
  Speaker 5: We were.
• 11:15
  Speaker 1: Good buddies. But he always had, he was a very
• 11:18
  Speaker 1: money forward kind of guy. And he always had like
• 11:20
  Speaker 1: these little sayings that he would come up with or whatever.
• 11:22
  Speaker 1: And we were going to a client's house one time.
• 11:24
  Speaker 1: We were walking in and we were walking by. It
• 11:25
  Speaker 1: was an older model car. It was in pretty good shape.
• 11:28
  Speaker 1: It was like a, maybe like a Cutlass Supreme or something.
• 11:31
  Speaker 1: I can't remember what it was like an older car,
• 11:33
  Speaker 1: but it was sharp and really nice shape. We were
• 11:34
  Speaker 1: walking by. He was like, one of these days I'll
• 11:37
  Speaker 1: be able to buy a car like that. And wasn't
• 11:39
  Speaker 1: that nice. I was like, what are you talking about, man?
• 11:41
  Speaker 1: I was like, uh, that's, that's, uh, I was like, man,
• 11:44
  Speaker 1: that's cars kind of old. What do you got your
• 11:45
  Speaker 1: eyes on? He's like, I want to be so rich
• 11:47
  Speaker 1: that I stopped caring about what kind of car that
• 11:49
  Speaker 1: I drive and just drive. Whatever's paid off. And he
• 11:51
  Speaker 1: just kept on walking. I was like, all right, I
• 11:53
  Speaker 1: see what you're coming in there, man. And, and, and
• 11:55
  Speaker 1: the point is pretty well made. And I've heard this
• 11:57
  Speaker 1: in other seminars that you've taken and stuff in the
• 12:00
  Speaker 1: habits that you see of like wealthy people and stuff
• 12:02
  Speaker 1: like that. There's a point of, of, of, of upper
• 12:06
  Speaker 1: middle class or something like that, where people get, Land
• 12:08
  Speaker 1: Rovers and different things like that. Nothing wrong with that.
• 12:12
  Speaker 1: You're paying forward what you've earned and there's absolutely nothing
• 12:15
  Speaker 1: wrong with that. But there's another level that maybe goes
• 12:17
  Speaker 1: beyond that a little bit where suddenly the person is
• 12:20
  Speaker 1: so wealthy that they live a very sparse lifestyle. Relatively speaking,
• 12:24
  Speaker 1: they drive older cars, live in a smaller house, things
• 12:26
  Speaker 1: along those lines because that's what may help them accumulate
• 12:29
  Speaker 1: their wealth to begin with.
• 12:30
  Speaker 5: Yeah.
• 12:30
  Speaker 4: Well, in financing, financing allows people to buy things that
• 12:36
  Speaker 4: they maybe shouldn't. Before they're able realistically to do it.
• 12:41
  Speaker 4: Like you say, if you have all of your retirement
• 12:44
  Speaker 4: goals on track and things of that nature, everything is
• 12:49
  Speaker 4: in top shape with your emergency fund and you decide,
• 12:54
  Speaker 4: you know what? I want to buy that Land Rover
• 12:57
  Speaker 4: or that expensive car. Well, then you can actually afford
• 13:01
  Speaker 4: to do that. But if you don't have those things
• 13:04
  Speaker 4: in place and decide to do that first, buy that
• 13:08
  Speaker 4: vehicle first, then you'll never have the investment in place
• 13:12
  Speaker 4: because that's going to take all the resources. All your
• 13:16
  Speaker 4: investment resources are going to be sucked up by the
• 13:19
  Speaker 4: sponge of that vehicle purchase. And those are the little
• 13:25
  Speaker 4: decisions that make a big difference. And what's happening today
• 13:29
  Speaker 4: too– The Gen Z, I guess, is what they're called.
• 13:36
  Speaker 4: I don't know what the Gen Z is.
• 13:38
  Speaker 1: I have no idea.
• 13:39
  Speaker 4: Yeah, whatever generation.
• 13:40
  Speaker 1: It's like we've run out of the alphabet and now
• 13:41
  Speaker 1: we're having to, I don't know, like go to Greek
• 13:43
  Speaker 1: numbers or something.
• 13:44
  Speaker 4: I don't know. But one of these big issues with
• 13:48
  Speaker 4: the– as much as things cost now and trying to
• 13:52
  Speaker 4: have things today versus waiting is that more and more
• 13:58
  Speaker 4: adult– adults, people that are Young adults moving out are
• 14:05
  Speaker 4: being subsidized actually by their parents. And the numbers on
• 14:09
  Speaker 4: that are really unbelievable. The average– there was a survey
• 14:16
  Speaker 4: done of 1,000 people. The average subsidy that parents are
• 14:22
  Speaker 4: giving adult children now that live outside of the home
• 14:25
  Speaker 4: is over.
• 14:25
  Speaker 1: $ 1, 400 a month.
• 14:27
  Speaker 3: The average.
• 14:30
  Speaker 1: Does that include like if you're paying for the cell
• 14:32
  Speaker 1: phone bill or the insurance.
• 14:33
  Speaker 4: Or whatever it might be? Cell phone bill, yes. All
• 14:35
  Speaker 4: of those type of things.
• 14:37
  Speaker 1: I've seen– I've met some grown people like well into
• 14:40
  Speaker 1: their adulthood who have never paid their own cell phone
• 14:42
  Speaker 1: bill before because they're still on mom's account or whatever.
• 14:45
  Speaker 4: Right, right. Well, things like that, it's so easy to–
• 14:48
  Speaker 4: you're on that plan and it's just so easy to
• 14:52
  Speaker 4: keep that together. So I think that probably happens a lot.
• 14:55
  Speaker 1: Of course. Yeah, absolutely.
• 14:57
  Speaker 4: But you have to also be aware of that, that–
• 15:01
  Speaker 4: If you are the parent, are you able to do that?
• 15:05
  Speaker 4: Are you able to do that subsidy without sacrificing your
• 15:10
  Speaker 4: financial future? And if you're the adult child receiving it,
• 15:16
  Speaker 4: are you receiving it because you've made some of those
• 15:19
  Speaker 4: decisions that you bought too much of a car or
• 15:22
  Speaker 4: too much of a house and it puts you in
• 15:24
  Speaker 4: a financial situation where now you have to be dependent
• 15:27
  Speaker 4: on someone else? to provide for your lifestyle. And those
• 15:33
  Speaker 4: are just things to keep in mind. And statistically, you know,
• 15:37
  Speaker 4: they're real trends that are impacting households.
• 15:40
  Speaker 1: And to be fair, everybody wants to criticize, you know,
• 15:42
  Speaker 1: the kids these days for doing things wrong or whatever.
• 15:44
  Speaker 1: To be fair, when I was growing up, for example,
• 15:46
  Speaker 1: when we talk about the car, if I wanted to,
• 15:48
  Speaker 1: if I was moving out of my house and I
• 15:50
  Speaker 1: wanted to go buy a car, I couldn't afford to
• 15:51
  Speaker 1: finance a car, of course. So I wanted to go
• 15:53
  Speaker 1: buy a car. So I saved a couple grand to
• 15:56
  Speaker 1: go buy something. It was relatively easy in the 90s
• 15:59
  Speaker 1: for me to look through the auto trader that I
• 16:02
  Speaker 1: would pick up at the grocery store, something along those lines,
• 16:04
  Speaker 1: and look and find a car for under $ 5, 000 that
• 16:06
  Speaker 1: I could go get. Just pay cash for it. It
• 16:08
  Speaker 1: wouldn't be that big of a deal. Those things don't
• 16:10
  Speaker 1: exist anymore, or at least very rarely. It's not as
• 16:13
  Speaker 1: easy to find something. You can save for it still.
• 16:18
  Speaker 1: Your goal will be a little bit farther, but people
• 16:20
  Speaker 1: were pushed into financing so much quicker because– The easy– just, hey,
• 16:24
  Speaker 1: there's all kinds of these $ 1, 000 cars out there that
• 16:26
  Speaker 1: I can go get just to get me to school
• 16:27
  Speaker 1: and back or whatever it might be. Those things don't
• 16:29
  Speaker 1: exist as easily as they once did.
• 16:32
  Speaker 4: Maybe, but you have to remember certainly a $ 5, 000 car
• 16:34
  Speaker 4: that you're talking about in the 90s, that doesn't exist anymore.
• 16:40
  Speaker 4: But also– Due to inflation, incomes, everything else has changed.
• 16:45
  Speaker 4: So that $ 5, 000 car might now be a $ 12, 000 car.
• 16:48
  Speaker 1: I just– $ 5, 000 might be– I just mean the ability
• 16:51
  Speaker 1: to buy something without financing, whatever that number is.
• 16:55
  Speaker 4: I think that it largely still exists but people– their
• 17:01
  Speaker 4: expectations are different or their desires are inflated. I mean
• 17:08
  Speaker 4: I think you can certainly buy used cars. But it
• 17:16
  Speaker 4: is what– what are you willing to do? And I
• 17:19
  Speaker 4: think that the focus on some of those things has–
• 17:25
  Speaker 4: social media and everybody taking pictures of everything. Well, I
• 17:28
  Speaker 4: can't drive that. I have to look this certain way
• 17:32
  Speaker 4: for the gram or whatever. And that has creeped in
• 17:37
  Speaker 4: I think and people are just spending– a lot of
• 17:43
  Speaker 4: money on things that are not productive assets and getting
• 17:46
  Speaker 4: tied up in things that even like a house, like
• 17:49
  Speaker 4: you say, it's an asset but it's a different type
• 17:52
  Speaker 4: of asset. It's not a productive asset like a stock
• 17:56
  Speaker 4: or a bond or some sort of financial asset that
• 17:59
  Speaker 4: keeps compounding and growing for you. So I think those
• 18:01
  Speaker 4: are the types of mistakes. Every week we talk about
• 18:04
  Speaker 4: what's going on in the world and the news. That
• 18:08
  Speaker 4: really pales in comparison to the little decisions like that
• 18:11
  Speaker 4: or really the big decisions like that that you're making
• 18:16
  Speaker 4: personally in your own household.
• 18:18
  Speaker 1: John Burdett with 4th Avenue Financial. For more information online,
• 18:21
  Speaker 1: it's 4thAvenueFinancial. com, 4thAvenueFinancial. com. You can take a look over there. Also,
• 18:25
  Speaker 1: you can like that same page on Facebook, do the
• 18:27
  Speaker 1: search and like the page over there for more information
• 18:29
  Speaker 1: from 4th Avenue Financial. Located at 170 Court Street right
• 18:32
  Speaker 1: here in downtown Charleston. Let's go ahead and take our
• 18:34
  Speaker 1: break right now. We'll get you more contact information when
• 18:36
  Speaker 1: we come back. And you're welcome to join in on
• 18:38
  Speaker 1: the conversation if you want to steer the conversation towards
• 18:40
  Speaker 1: something that concerns you this morning on how you can
• 18:42
  Speaker 1: retire right. You can give John a call here this morning, 304-345-5858, 345-5858.
• 18:47
  Speaker 1: You can also text your questions in 304-935-5008, 304-935-5008. You
• 18:55
  Speaker 1: are listening to Retire Right Radio with John Burdett from
• 18:57
  Speaker 1: 4th Avenue Financial. I'm Dale Cooper. This is 580 WCHS,
• 18:59
  Speaker 1: the voice of Charleston.
• 19:00
  Speaker 6: Retire Right Radio is sponsored by 4th Avenue Financial, which
• 19:04
  Speaker 6: is solely responsible for its content. Securities offered through J.W.
• 19:08
  Speaker 6: Cole Financial member, FINRA SIPC. Investment advice offered through J.W.
• 19:13
  Speaker 6: Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.D.U.
• 19:17
  Speaker 6: Cole Advisors are unaffiliated entities. The opinions expressed by John
• 19:22
  Speaker 6: Burdett should not be construed as specific investment, legal, or
• 19:26
  Speaker 6: tax advice. All economic and performance information is historical and
• 19:30
  Speaker 6: not indicative of future results. Investing may involve risk of
• 19:34
  Speaker 6: loss of principle. Any tax advice on this show is
• 19:37
  Speaker 6: not intended to be used by any person for the
• 19:39
  Speaker 6: purpose of avoiding use federal or state tax penalties that
• 19:43
  Speaker 6: may be imposed on such a person. And each listener
• 19:46
  Speaker 6: should seek advice from their tax advisor or legal counsel
• 19:49
  Speaker 6: on topics that arise from the show. John Burdett is
• 19:52
  Speaker 6: not providing legal or tax advice. Nothing should be construed
• 19:56
  Speaker 6: as solicitation of an offer to buy securities. This program
• 19:59
  Speaker 6: is sponsored by Fourth Avenue Financial, which is solely responsible
• 20:02
  Speaker 6: for its content.
• 20:03
  Speaker 7: I'm John Morgan of Morgan & Morgan. Today, our roads
• 20:06
  Speaker 7: are littered with killing machines. I'm talking about semi-trucks. They
• 20:10
  Speaker 7: can easily kill, even at low speeds. Overworked truck drivers
• 20:14
  Speaker 7: are driving all day and all night. Injured in a
• 20:17
  Speaker 7: trucking accident? We became the largest injury law firm in
• 20:20
  Speaker 7: the world for a reason.
• 20:21
  Speaker 1: There's only one Morgan & Morgan. Office 222 Capitol Street, Charleston.
• 20:25
  Speaker 1: Cases will be handled by West Virginia licensed attorneys. The
• 20:28
  Speaker 1: attorney in this ad is not licensed in West Virginia.
• 20:31
  Speaker 2: Morgan & Morgan, ForThePeople.com.
• 20:33
  Speaker 3: Leon was about to leave the military.
• 20:35
  Speaker 5: My biggest concern was what am I going to do next?
• 20:38
  Speaker 3: He found out about my computer career and their military
• 20:40
  Speaker 3: transition program.
• 20:41
  Speaker 5: The Cyber Warrior program takes you from not knowing anything
• 20:44
  Speaker 5: about a computer at all to being a subject matter expert.
• 20:47
  Speaker 3: How long is that going to take?
• 20:49
  Speaker 5: In the span of four months, I was able.
• 20:53
  Speaker 1: Months?
• 20:53
  Speaker 3: Leon's advice?
• 20:54
  Speaker 7: Highly recommended.
• 20:55
  Speaker 3: Become a certified cyber warrior in just months at mycomputercareer.edu.
• 20:59
  Speaker 3: This is one student's experience. Individual results vary. VA education
• 21:02
  Speaker 3: benefits available to those who qualify.
• 21:20
  Speaker 1: Well, you might as well jump this morning and get
• 21:22
  Speaker 1: your finances going with 4th Avenue Financial, getting a head
• 21:26
  Speaker 1: start on your financial future and learn to retire right.
• 21:29
  Speaker 1: And give us a call, 304-345-5858, 304-345-5858 to get a
• 21:33
  Speaker 1: hold of John Burdett from 4th Avenue Financial. Online, 4thAvenueFinancial. com,
• 21:37
  Speaker 1: located at 170 Court Street, downtown Charleston. Their phone number
• 21:40
  Speaker 1: is 304-746-7977. 304-746-7977. However, this morning, you want to give
• 21:46
  Speaker 1: us a call. 304-345-5858. 304-345-5858. And I thought we were
• 21:52
  Speaker 1: on a discussion there. It was really people have to make,
• 21:57
  Speaker 1: even in the things that are considered part of maybe
• 22:00
  Speaker 1: even the American dream or something along those lines, in
• 22:02
  Speaker 1: our pursuit of getting there, you own your house, you
• 22:04
  Speaker 1: own your car, you want your two and a half kids,
• 22:05
  Speaker 1: whatever it might be. You want to make sure that
• 22:08
  Speaker 1: you take those steps towards your dream incrementally and don't
• 22:10
  Speaker 1: do them all at first because that's where you can
• 22:12
  Speaker 1: get behind the eight ball a little bit with financing especially.
• 22:15
  Speaker 1: You work very hard. In the early part of your life,
• 22:17
  Speaker 1: you have really great credit. You've got your 800 credit
• 22:19
  Speaker 1: scores out there. You can get basically anything you want.
• 22:25
  Speaker 1: Credit providers aren't going to tell you, oh, now wait
• 22:27
  Speaker 1: a minute. Don't you take this loan out and owe
• 22:29
  Speaker 1: us money. They're going to give you the money if
• 22:32
  Speaker 1: you say that you want to pay it back. That's
• 22:34
  Speaker 1: where you have to be careful at with this stuff.
• 22:36
  Speaker 4: Yeah, no doubt about it and most people that are
• 22:39
  Speaker 4: financially successful, they didn't start out with the house they
• 22:43
  Speaker 4: have now. They didn't start out with the car they
• 22:46
  Speaker 4: have now. They started out in a much more modest
• 22:52
  Speaker 4: arrangement for sure and I feel like a lot of
• 22:56
  Speaker 4: people want to skip those steps and it's natural I
• 23:01
  Speaker 4: guess to a degree because– With affluence that a lot
• 23:06
  Speaker 4: of folks have, the parents have nice cars and have
• 23:14
  Speaker 4: nice houses. But they didn't start out there. They started
• 23:18
  Speaker 4: out in a starter home that was very, very modest.
• 23:25
  Speaker 4: They started out with very used cars. My wife and I,
• 23:31
  Speaker 4: we had one car that we shared. We both worked.
• 23:33
  Speaker 4: She would drive me to work and then go to
• 23:35
  Speaker 4: her job. And those are things that you need to do. Now,
• 23:40
  Speaker 4: could we have gone and financed a second car? Yeah,
• 23:44
  Speaker 4: we could have. But then what would that impact be
• 23:48
  Speaker 4: down the road? And so finance companies are– it's great
• 23:54
  Speaker 4: to have those options. But you have to be very
• 23:57
  Speaker 4: aware of the cost of those things. And not skip steps.
• 24:06
  Speaker 4: You can't go from I'm moving out of the home
• 24:11
  Speaker 4: that I grew up in to the exact same situation
• 24:14
  Speaker 4: because you haven't put the 30 or 40 years of
• 24:17
  Speaker 4: work and savings in to get to that point. You
• 24:20
  Speaker 4: can't skip those steps or you'll end up sacrificing your
• 24:25
  Speaker 4: future and the ability for that– you know, you're going
• 24:30
  Speaker 4: to be working the rest of your life if you
• 24:32
  Speaker 4: are basically working for houses and cars and all of
• 24:37
  Speaker 4: those things that really you aren't in the financial position
• 24:43
  Speaker 4: to realistically have or, you know, like I say, you
• 24:50
  Speaker 4: can have it, but It's not prudent that you have it.
• 24:54
  Speaker 1: Sometimes the hustle just for the sake of hustle isn't
• 24:56
  Speaker 1: really worth it. I mean you're not really furthering your
• 24:59
  Speaker 1: life endeavors there. You're just– it's a very– we've talked
• 25:02
  Speaker 1: before I know about like bad advice from like TikTok
• 25:06
  Speaker 1: influencers and things like that and how that's becoming so prevalent.
• 25:09
  Speaker 1: I've seen– I've now seen where there's these like TikTok
• 25:12
  Speaker 1: busters or whatever that investigate– the supposed influencers, you know,
• 25:16
  Speaker 1: these high dollar influencers that are on TikTok and they
• 25:19
  Speaker 1: reveal that, no, you don't actually own that house. You
• 25:21
  Speaker 1: borrowed it from like your uncle. And no, you don't
• 25:23
  Speaker 1: actually drive that car. You rented it from this luxury
• 25:27
  Speaker 1: rental places. It's like these people living fake lives that
• 25:29
  Speaker 1: they just pretend to live on TikTok or whatever to
• 25:32
  Speaker 1: give you financial advice when they're completely fake anyway. They're
• 25:35
  Speaker 1: not even they didn't even like get that one trick
• 25:38
  Speaker 1: and they happen to make it. And then they're just,
• 25:40
  Speaker 1: you know, it used to be like in self-help books
• 25:41
  Speaker 1: and stuff that Somebody stumbled upon something that worked for
• 25:44
  Speaker 1: them and they tried to sell it to everybody. It
• 25:45
  Speaker 1: doesn't work for everybody, but it made them a bestseller.
• 25:48
  Speaker 1: So really the idea worked anyway. But these people are fake.
• 25:52
  Speaker 1: They're not even actually making the money. They're going in
• 25:55
  Speaker 1: debt pretending that they're making the money just so they
• 25:57
  Speaker 1: can get clicks on TikTok or something. Don't listen to
• 26:00
  Speaker 1: these people. They're idiots.
• 26:01
  Speaker 4: No, there are actually sets, homes, things that people rent
• 26:09
  Speaker 4: by the hour. to make their videos in these cities
• 26:12
  Speaker 4: around the country. And it is very easy to get
• 26:16
  Speaker 4: sucked into that.
• 26:17
  Speaker 1: We have a caller that's called in this morning to
• 26:19
  Speaker 1: be on line with John Burdett. Go ahead. What's your name, caller?
• 26:23
  Speaker 5: John. Hey there, John. Well, what I was wanting to
• 26:27
  Speaker 5: know is I think people are kind of wary of
• 26:30
  Speaker 5: the stock market right now because a lot of people
• 26:34
  Speaker 5: feel it's being manipulated. And what I'm saying is whenever people...
• 26:39
  Speaker 5: maybe Trump or one of his cabinet members says something about,
• 26:43
  Speaker 5: we're going to bomb Iran. Stock market goes down or,
• 26:49
  Speaker 5: or we're going to do this. Then the stock market
• 26:52
  Speaker 5: goes up. So you have a, a few that's been
• 26:55
  Speaker 5: manipulating the market and it's, you know, I, I mean,
• 27:01
  Speaker 5: I'm retired. I've taken a lot of mine out because
• 27:04
  Speaker 5: of this. Um, you know, I've lost a lot of money, uh, but, Yeah,
• 27:09
  Speaker 5: I don't think one or two people ought to manipulate
• 27:12
  Speaker 5: the market. I think, you know, like a president, he
• 27:15
  Speaker 5: should say things like, you know, come out. And I
• 27:19
  Speaker 5: don't trust him as far as that, because I think
• 27:22
  Speaker 5: he is manipulating the market. But, you know, where's the
• 27:27
  Speaker 5: balance here? Where's somebody to stop that?
• 27:32
  Speaker 1: Yeah, I don't know.
• 27:33
  Speaker 2: I don't know.
• 27:33
  Speaker 4: That's more of a political... you know, question as far
• 27:38
  Speaker 4: as who's going to stop that. I mean, there are,
• 27:42
  Speaker 4: you know, there certainly are levers in the constitution that
• 27:45
  Speaker 4: allow that to be stopped if there was a will
• 27:47
  Speaker 4: to stop it, I guess.
• 27:48
  Speaker 5: But, um, yeah, I mean, you're, you're, you're a financial person.
• 27:53
  Speaker 5: So you, I mean, you see it too. I mean,
• 27:57
  Speaker 5: I think that the middle class people, middle, middle class people,
• 28:00
  Speaker 5: everybody around is saying it's been manipulated and nothing's been done.
• 28:06
  Speaker 4: Well, I think as far as manipulation goes, certainly the
• 28:14
  Speaker 4: market as a whole consists of trillions of dollars and
• 28:20
  Speaker 4: millions of people making decisions and buying and selling. And
• 28:27
  Speaker 4: most people are doing that trying to– Own companies that
• 28:32
  Speaker 4: are growing their earnings, that have good prospects and that
• 28:35
  Speaker 4: sort of thing. Like I say, most of these things
• 28:38
  Speaker 4: that happen are short term. And really when it comes
• 28:43
  Speaker 4: down to it, it's about focusing on what your timeline is.
• 28:47
  Speaker 4: Do you– for instance, you're retired. Are you drawing off
• 28:52
  Speaker 4: your money? If so, then you need to allocate it correctly.
• 28:58
  Speaker 4: You need to have fixed income so that– that you
• 29:02
  Speaker 4: don't have to sell when the market is down because
• 29:04
  Speaker 4: you've set it aside for a period of time. But
• 29:08
  Speaker 4: you can't avoid the market altogether because that's where you
• 29:12
  Speaker 4: lose ground in inflation. And so even if there is–
• 29:23
  Speaker 4: even if you think there's some sort of a manipulation
• 29:26
  Speaker 4: in the market, There are still real companies and real
• 29:29
  Speaker 4: earnings that you can participate in over time if you
• 29:33
  Speaker 4: have yourself structured in a way that matches what your
• 29:37
  Speaker 4: individual needs are. What is your income need? What is
• 29:41
  Speaker 4: your time horizon? What is your tolerance to risk? And
• 29:44
  Speaker 4: then build it from there. And then all of a sudden,
• 29:47
  Speaker 4: those things, while they might be important in the political world,
• 29:53
  Speaker 4: you've kind of insulated yourself from it by focusing on
• 29:56
  Speaker 4: what your job is or your goal is. And over time,
• 30:03
  Speaker 4: the country and the system, it has a real tendency
• 30:09
  Speaker 4: to be like the swinging pendulum on a clock. When
• 30:14
  Speaker 4: things get one way that goes off course a little bit,
• 30:20
  Speaker 4: it inevitably swings back. So there again, if that's the case,
• 30:24
  Speaker 4: then it's really about structuring your investments around your time horizon.
• 30:30
  Speaker 4: And those cycles will take place, and they always have
• 30:33
  Speaker 4: taken place.
• 30:35
  Speaker 1: Yes.
• 30:36
  Speaker 5: Well, I've got enough to do me, you know. But
• 30:42
  Speaker 5: what I try to do is watch the market. I'll
• 30:45
  Speaker 5: call my investor and have him freeze it, you know,
• 30:47
  Speaker 5: if something's starting to go bad or something. You know
• 30:49
  Speaker 5: what I mean? I mean, I'm not going to get nothing,
• 30:52
  Speaker 5: but I'm not going to lose nothing.
• 30:54
  Speaker 4: Yeah, yeah. It's a tough game, though, to be timing
• 30:58
  Speaker 4: the market. Because like say if there are people out
• 31:04
  Speaker 4: there that control the news, they can– you're basically adrift
• 31:12
  Speaker 4: on the ship that they've set. So– on the sea
• 31:16
  Speaker 4: that they've set. So like you say, I think you're
• 31:19
  Speaker 4: better off staying in a portfolio that is designed for
• 31:24
  Speaker 4: you and then just forget about– to a large degree,
• 31:30
  Speaker 4: the news. Yes.
• 31:33
  Speaker 3: All right.
• 31:33
  Speaker 5: I do appreciate it.
• 31:34
  Speaker 1: John, appreciate that phone call. Thanks a lot for calling in.
• 31:36
  Speaker 1: Thank you.
• 31:37
  Speaker 5: Thank you.
• 31:38
  Speaker 3: Bye.
• 31:38
  Speaker 1: That's John calling in this morning. At least a phone
• 31:39
  Speaker 1: line open for you. We'll probably have time for you
• 31:41
  Speaker 1: to get in if you want to try to squeeze
• 31:42
  Speaker 1: in here real quick at 304-345-5858. I was listening to
• 31:47
  Speaker 1: kind of a wonky podcast on finances and stuff. I
• 31:50
  Speaker 1: think it was this past weekend. But they said something.
• 31:53
  Speaker 1: It wasn't exactly like this, but I thought it was
• 31:55
  Speaker 1: a really good illustration. And when there was... some systems
• 32:00
  Speaker 1: take corruption into it. I mean, it just happens. Things
• 32:03
  Speaker 1: happen and there's a larger system, but it's like injecting
• 32:05
  Speaker 1: ink into a giant aquarium of water. It dilutes. It
• 32:10
  Speaker 1: doesn't mean that it's not there and there are people
• 32:13
  Speaker 1: that need to be concerned about that, but the vast
• 32:14
  Speaker 1: majority of the people, you have to be aware of
• 32:17
  Speaker 1: what's good for you and take advantage of those levers
• 32:20
  Speaker 1: that are available for you. I understand where John's coming from.
• 32:21
  Speaker 1: It sounds like he's a little closer to retirement than
• 32:23
  Speaker 1: what maybe some people are, so he's worried about these things,
• 32:26
  Speaker 1: but In some ways, it's healthier to have a silo
• 32:29
  Speaker 1: over those things like you were trying to explain I think. Yeah.
• 32:32
  Speaker 4: I mean no doubt about it. I mean if you're
• 32:35
  Speaker 4: going into retirement, you're going to have certain needs. Let's
• 32:38
  Speaker 4: say you have $ 1, 000 a month income need off of
• 32:42
  Speaker 4: your portfolio. If you look at the history of the market,
• 32:47
  Speaker 4: if you have $ 1, 000 income need and the volatility of
• 32:51
  Speaker 4: the stock market, most of the time when the market
• 32:53
  Speaker 4: goes down in three years, it's back. I mean that's
• 32:57
  Speaker 4: the history of the market. Even 2008, that pretty well worked. $ 1, 000
• 33:01
  Speaker 4: a month times 36 months, $ 36, 000. If you have a $ 500, 000
• 33:03
  Speaker 4: portfolio and you cordon off $ 36, 000 and put it in
• 33:05
  Speaker 4: fixed income for your needs that you have over the
• 33:08
  Speaker 4: next three years off of your money, then what does
• 33:11
  Speaker 4: it matter really? You're not going to like it if
• 33:25
  Speaker 4: the market goes down, but it doesn't change your life.
• 33:28
  Speaker 4: You've insulated yourself against all the news and the volatility
• 33:32
  Speaker 4: because your short-term needs are met up front. And that's
• 33:36
  Speaker 4: what I say when I'm talking about time horizons and
• 33:39
  Speaker 4: understanding what you want from your money. That's how you
• 33:42
  Speaker 4: wisely allocate it. And then you're not subject to whatever
• 33:47
  Speaker 4: the news cycle is, whether Some of these things that
• 33:50
  Speaker 4: you see are true and some are rumors and some
• 33:53
  Speaker 4: are speculation. Now you're not emotionally attached to that and
• 33:58
  Speaker 4: you can largely ignore it. Because if the market goes down,
• 34:07
  Speaker 4: it's not going down forever because the companies that make
• 34:12
  Speaker 4: the market up are making all the goods and services
• 34:14
  Speaker 4: that we all consume every day. And unless we just
• 34:18
  Speaker 4: one day say, you know what? We're all going back
• 34:20
  Speaker 4: to living in caves. I kind of think that these
• 34:25
  Speaker 4: companies will continue to make goods and services because we're
• 34:28
  Speaker 4: going to keep demanding them.
• 34:30
  Speaker 1: We've mentioned this on the show before too. The thing
• 34:32
  Speaker 1: that I find somewhat disappointing on occasion is to get
• 34:36
  Speaker 1: a better read of finances, oftentimes– The best article you're
• 34:39
  Speaker 1: going to read is from like Bloomberg Finance, which unfortunately
• 34:42
  Speaker 1: is behind a pretty steep payroll or paywall. I mean
• 34:45
  Speaker 1: it costs a lot to read those. But when you
• 34:46
  Speaker 1: read something that's breaking down like a company or something
• 34:49
  Speaker 1: from there, there's very little political language that's loaded in it.
• 34:52
  Speaker 1: You get kind of– they'll interview somebody from one side
• 34:54
  Speaker 1: of the thing and somebody from another, the different things
• 34:56
  Speaker 1: that it could mean in the long term, what it
• 34:58
  Speaker 1: means for the investors, and that's kind of the article.
• 35:00
  Speaker 1: But then when you go to your favorite newspaper or
• 35:02
  Speaker 1: your favorite cable news or something like that, they'll take
• 35:04
  Speaker 1: that same story– And they can make it kind of
• 35:07
  Speaker 1: sound any way that they want to depending on what
• 35:10
  Speaker 1: way they're trying to engage you. And I'm not saying
• 35:11
  Speaker 1: that it's one side of the media or another. And
• 35:13
  Speaker 1: I hate the both sides everything. But this is all
• 35:16
  Speaker 1: one side. And that one side is getting your eyeballs
• 35:18
  Speaker 1: and your clicks or whatever it might be. The politics
• 35:20
  Speaker 1: doesn't matter to that. That's all they're trying to do
• 35:22
  Speaker 1: is to get your clicks, to get your eyeballs, to
• 35:24
  Speaker 1: make you feel like the earth is falling out from
• 35:26
  Speaker 1: under you. Your individual situation might be bad. There might
• 35:28
  Speaker 1: be things going on there. But Find a news organization
• 35:32
  Speaker 1: or media that you trust and don't fall for this
• 35:35
  Speaker 1: sky is always falling thing because that's all they're trying
• 35:37
  Speaker 1: to get you to think all the time.
• 35:39
  Speaker 4: Yes, and there again, focus all day. This whole show,
• 35:44
  Speaker 4: we've talked about focusing on what's close to you, the
• 35:47
  Speaker 4: things that you can control, whether that be the house
• 35:51
  Speaker 4: you buy.