Latest / LAUNCH: Parenting Tips for Raising Adult Children & Building Better Relationships / #42: Will I Have Enough Money to Retire If My Adult Kids Are Still Living at Home? Financial Advice for Parents

Transcript

#42: Will I Have Enough Money to Retire If My Adult Kids Are Still Living at Home? Financial Advice for Parents · LAUNCH: Parenting Tips for Raising Adult Children & Building Better Relationships

• 0:00
  SPEAKER_01: Parents, we all want to provide for our kids.
• 0:02
  SPEAKER_01: And I work with a lot of physicians.
• 0:04
  SPEAKER_01: And I work with physicians are some of the hardest working people we have.
• 0:09
  SPEAKER_01: They're taking care of us.
• 0:11
  SPEAKER_01: But money is a very taboo topic for them.
• 0:13
  SPEAKER_01: And they'll even admit that.
• 0:15
  SPEAKER_01: They don't like talking about money.
• 0:16
  SPEAKER_01: You know, then physicians are in a position where people are always coming to them for help and healing and advice.
• 0:24
  SPEAKER_01: And money isn't really something that's typically in the physician's wheelhouse.
• 0:30
  SPEAKER_01: I have a client who's told she's brilliant.
• 0:32
  SPEAKER_01: She's absolutely brilliant.
• 0:34
  SPEAKER_01: And she's really sarcastic too.
• 0:35
  SPEAKER_01: So which makes her even makes her hilarious.
• 0:37
  SPEAKER_01: But she, when we talk about her investments, she's like, Eric, I can I can tell them like she's not really loving it.
• 0:43
  SPEAKER_01: Where I'm geeking out on, I think how great this is.
• 0:46
  SPEAKER_01: And she's like, Eric, do you realize I'd rather have my eyeballs tattooed and go through my investments?
• 0:50
  SPEAKER_01: So physicians are have this situation where they want to be able to provide, but if they can't provide to their kids, they can give them these five steps.
• 0:58
  SPEAKER_01: And then the five steps helps put the kid in a great place for their own financial wellness.
• 1:03
  SPEAKER_00: If you're a parent of an adult child, worried and frustrated because they are struggling to become independent, responsible, and find purpose in their life, or you want to know what to do to prevent it, you're in the right place.
• 1:16
  SPEAKER_00: This is Launch, a podcast that helps you guide your adult child to launch confidently into adulthood.
• 1:23
  SPEAKER_00: I'm Sherry Jones, author, educator, and co-parenting in Telden, taking a deep dive into the ongoing challenges that you're faced with as you watch your adult child struggle.
• 1:33
  SPEAKER_00: Each episode will deliver actionable steps and strategies that you can take to help your young adult become confident, motivated, and self-sufficient.
• 1:41
  SPEAKER_00: Parents, if you want your adult child to achieve a life of independence, thrive in this world, and reach their full potential, then listen in to launch.
• 1:52
  SPEAKER_00: My guest today is Eric Mangold, the founder of Argosy Wealth Management.
• 1:57
  SPEAKER_00: Eric's journey into the field of financial planning was deeply personal.
• 2:01
  SPEAKER_00: He grew up watching his hardworking father battle illness and saw the toll that financial struggles can take on a family.
• 2:08
  SPEAKER_00: That experience motivated him to want to help people feel more secure about their financial future.
• 2:15
  SPEAKER_00: For over 13 years, Eric has not only saved his clients millions in taxes, but has guided them toward financial freedom with strategies built on both expertise and empathy.
• 2:26
  SPEAKER_00: Today, he's here to answer the questions that so many parents secretly worry about.
• 2:31
  SPEAKER_00: Am I on the right track?
• 2:32
  SPEAKER_00: Will I have enough to retire?
• 2:34
  SPEAKER_00: And when can I retire?
• 2:36
  SPEAKER_00: He'll also be offering his expert advice on how parents can help their young adults avoid common financial pitfalls and build smart money habits for the future.
• 2:46
  SPEAKER_00: Don't forget to hit the subscribe button so you never miss an episode of Launch.
• 2:51
  SPEAKER_00: Let's get started.
• 2:52
  SPEAKER_00: Thank you for joining me today on Launch.
• 2:54
  SPEAKER_01: Thank you for having me.
• 2:56
  SPEAKER_00: I really appreciate you being here.
• 2:58
  SPEAKER_00: You know that when I talk to parents who are in their 50s and 60s, who still have an adult child dependent on them, whether or not they're living at home, one of their biggest concerns is money.
• 3:14
  SPEAKER_00: They are really worried that they are not going to have enough to retire.
• 3:19
  SPEAKER_00: And uh I hope that today that you can provide us with some advice, answer a few questions, and you know, leave the listener with, you know, something that they can work toward.
• 3:33
  SPEAKER_00: Because that's what I think that that most people need today is some answers and a plan.
• 3:40
  SPEAKER_01: Yeah, we have a uh I have a saying, and I can't say it's my saying, it's actually from the Boy Scouts, but the saying is the time to have the map is before you enter the woods.
• 3:51
  SPEAKER_01: And it applies for scouting and hiking, obviously, but also for retirement.
• 3:56
  SPEAKER_01: You got to have that map way before you start retiring and you retire.
• 4:00
  SPEAKER_00: I love that.
• 4:01
  SPEAKER_00: I love that.
• 4:02
  SPEAKER_00: Okay, but before we dive in, can you give us a sense of what the average mature parent is actually facing today?
• 4:11
  SPEAKER_00: I mean, when it comes to retirement plans, like how prepared or unprepared are they?
• 4:17
  SPEAKER_00: I think I think that will help our listeners to realize that they're not alone.
• 4:21
  SPEAKER_01: Yeah, I would say not very prepared is the answer.
• 4:25
  SPEAKER_01: And I think the statistics and studies and surveys show that, and I and also there is a retirement conundrum in this, in this country.
• 4:34
  SPEAKER_01: And the way it used to work is you would work for the same company for 30 or 40 years to give you a pension.
• 4:42
  SPEAKER_01: You would retire at 65 on your pension, on social security, and whatever savings you had.
• 4:47
  SPEAKER_01: Maybe it was a little nest egg or something you put aside every now and again.
• 4:51
  SPEAKER_01: But the the majority of the responsibility for your retirement was based upon the company you work for, because they gave you a pension and the government, Social Security.
• 5:00
  SPEAKER_01: The smallest amount of responsibility is your own nest egg.
• 5:03
  SPEAKER_01: Well, that entire retirement pyramid, if you will, has been shifted on its head.
• 5:08
  SPEAKER_01: Now, pensions are very, very rare, if if you know, very hard to find them unless you're maybe a cop or firefighter or a teacher.
• 5:16
  SPEAKER_01: Social Security is still going to be there.
• 5:17
  SPEAKER_01: There's a lot of doom and gloom about social security, but it's still going to be there in some shape or form.
• 5:21
  SPEAKER_01: We can have a whole conversation about that.
• 5:24
  SPEAKER_01: But the biggest part of one's own retirement is now their own responsibility.
• 5:29
  SPEAKER_01: It's the nest egg.
• 5:29
  SPEAKER_01: The nested is now the biggest part.
• 5:31
  SPEAKER_02: Right.
• 5:32
  SPEAKER_01: And I think a lot of people don't realize that.
• 5:35
  SPEAKER_01: And when they do, it's a little bit of a wake-up call.
• 5:40
  SPEAKER_01: Yeah.
• 5:41
  SPEAKER_01: So, and I and I agree with you.
• 5:43
  SPEAKER_01: I think when you feel that you're not alone, it it almost gives you a sense of comfort.
• 5:49
  SPEAKER_01: And that's and that's good.
• 5:51
  SPEAKER_01: But then it's like kind of what you were saying earlier is you got to take action here because you know, when we were kids and we were playing hide and seek and tag or whatever, and somebody kind of bent the rules a little bit, and you're everybody was like, all right, you know, you kind of bent the rules.
• 6:05
  SPEAKER_01: We'll have a do-over.
• 6:06
  SPEAKER_02: Yeah.
• 6:07
  SPEAKER_01: You start the game, you start the game fresh, right?
• 6:09
  SPEAKER_01: Well, when you get to retirement, there are no do-overs.
• 6:12
  SPEAKER_00: Right.
• 6:13
  SPEAKER_01: You know, what you have is what you have.
• 6:15
  SPEAKER_01: You can't rewind the clocks back and say, I wish I started saving 10 years earlier.
• 6:19
  SPEAKER_01: I wish I saved this.
• 6:19
  SPEAKER_01: I wish I did this.
• 6:21
  SPEAKER_01: It's not whatever you have is what you have.
• 6:23
  SPEAKER_00: Yeah.
• 6:23
  SPEAKER_00: Do you have any statistics for us?
• 6:26
  SPEAKER_01: Yeah, I mean, the statistics uh it is it are are kind of scary.
• 6:31
  SPEAKER_01: Um, and and I I don't, you know, about 38% of Americans aren't saving anything for the retirement.
• 6:39
  SPEAKER_01: You know, 50% of Americans feel that they're not I I hate the statistic.
• 6:42
  SPEAKER_01: 50% of Americans feel they're not gonna have enough money in retirement.
• 6:46
  SPEAKER_01: And what does that mean really?
• 6:47
  SPEAKER_01: Okay, you're not gonna enjoy retirement to the fullest.
• 6:50
  SPEAKER_01: You've worked and worked and worked and worked, and you feel like you're not gonna have enough to enjoy retirement.
• 6:56
  SPEAKER_01: That that's an awful statistic.
• 6:59
  SPEAKER_01: And you know, I I I've and there's you know, there's a there's a quarter of Americans who have no savings.
• 7:06
  SPEAKER_01: So the statistic that really bothers me, the one though, is the one about people feeling how they're behind in retirement, they're not gonna have enough money in retirement because none of us want to get to retirement and not being able to do the things we want to do, whether that's travel, see the grandkids, you know, play at the golf course, join the golf course, buy the boat.
• 7:27
  SPEAKER_01: You know, no one wants everybody wants those things, but thinking that you're never gonna be able to achieve them is a horrible place to be.
• 7:34
  SPEAKER_00: Yeah.
• 7:35
  SPEAKER_00: You know, recently I read that 64% of Americans worry more about not having enough money when they retire or running out of money when they retire, more about that than they do about dying.
• 7:50
  SPEAKER_01: Absolutely.
• 7:50
  SPEAKER_01: And you know, sorry, they they read they redo that survey every couple of years, and it's always the same.
• 7:56
  SPEAKER_01: It's always the same.
• 7:57
  SPEAKER_01: I'd rather run out of, I'd rather die before I run out of money.
• 8:00
  SPEAKER_00: Yeah, you know, I honestly I can relate to that.
• 8:02
  SPEAKER_00: And and not not because I put more priority on money, because first of all, I'm not afraid of dying, but I'm I am, I would be very uncomfortable living without any money.
• 8:12
  SPEAKER_01: 100%.
• 8:14
  SPEAKER_01: We have another little saying, we have a lot of catchphrases in there saying, but running out of running out of money before you run out of breath is never a good strategy.
• 8:23
  SPEAKER_01: And, you know, I mean, because you if you think about it, we talk about now with a lot of your clients that are still working with their kids, maybe that are dependent upon them.
• 8:34
  SPEAKER_01: You know, that can flip when we get into retirement.
• 8:37
  SPEAKER_01: And we're okay, do you really want to call your son or daughter and say, do you have that spare room ready for me?
• 8:43
  SPEAKER_01: Oof.
• 8:43
  SPEAKER_01: We need, you know, mom and I need to move back in because we ran out of money.
• 8:47
  SPEAKER_01: Yeah.
• 8:47
  SPEAKER_01: I mean, what a what an awful place to be.
• 8:50
  SPEAKER_00: Yeah.
• 8:50
  SPEAKER_01: What an awful place to be.
• 8:52
  SPEAKER_01: Yeah.
• 8:52
  SPEAKER_00: You know, it's funny because I think what's happening, you mentioned it, you know, it's with inflation, social security, taxes, it is getting so much harder to save for retirement.
• 9:04
  SPEAKER_00: And then we have more adult children living at home than ever before.
• 9:09
  SPEAKER_00: So, no, you can forget about your kids taking care of you, right?
• 9:13
  SPEAKER_00: So, yeah, it's it's really becoming uh an issue.
• 9:17
  SPEAKER_00: It really is.
• 9:17
  SPEAKER_00: It's frightening.
• 9:18
  SPEAKER_00: First, I want to talk about parents' personal financial concerns, and then we're gonna touch on what are the best practices that you can suggest for parents to help their kids with money.
• 9:30
  SPEAKER_00: So, here's how I want to do this.
• 9:32
  SPEAKER_00: I'm gonna ask you the questions that I think many uh many parents are wondering, and then you just give me your best advice.
• 9:40
  unknown: Okay.
• 9:40
  SPEAKER_00: If I'm gonna just fire them off.
• 9:43
  SPEAKER_00: Okay, how do I know if I'm okay?
• 9:45
  SPEAKER_00: In other words, how do I know if I'm gonna have enough money to retire?
• 9:50
  SPEAKER_01: Great question.
• 9:51
  SPEAKER_01: Couple, couple different methods you can do that.
• 9:53
  SPEAKER_01: If you're in your 30s or 40s or 50s, you can take a temperature check.
• 9:57
  SPEAKER_01: What that temperature check says, and this is kind of back of the napkin math, but it's a good, it's a it's a good start.
• 10:03
  SPEAKER_01: Okay, you want to have a certain amount saved by the time you're 35.
• 10:07
  SPEAKER_01: So if you're making$100,000 when you're 35 years old, just using that as a nice round number, you want to have at least$100,000 saved for retirement.
• 10:16
  SPEAKER_01: And when you're 45, that should be three to five times.
• 10:20
  SPEAKER_01: When you're 55, that should be five to eight times.
• 10:23
  SPEAKER_01: And the reason that math works is because the surveys suggest, and this is based upon retirees, people that have retired, is that you're gonna need about 80 cents on the dollar of your pre-retirement income to live at the same lifestyle when you retire.
• 10:38
  SPEAKER_01: What does that mean?
• 10:40
  SPEAKER_01: If you're 65 years old and you're making$100,000 and you retire to maintain that same lifestyle, the survey suggests you're gonna need about$80,000 a year, 80 cents on the dollar.
• 10:51
  SPEAKER_01: Okay, so that's where those savings temperature checks come into play.
• 10:54
  SPEAKER_01: Okay.
• 10:54
  SPEAKER_01: Okay.
• 10:55
  SPEAKER_01: The second idea is do you know how much money you're going to need the day you retire?
• 11:03
  SPEAKER_01: And it's not necessarily how much assets you have, because in retirement, it takes a mentality shift.
• 11:11
  SPEAKER_01: Okay.
• 11:12
  SPEAKER_01: People are working all their lives, saving, saving, saving, building their wealth, building wealth, trying to build wealth, and they want that wealth to be as big as it possibly can.
• 11:21
  SPEAKER_01: But when you get to retirement, retirement isn't about assets, it's about income.
• 11:26
  SPEAKER_01: How much income can you derive from all of your different sources, whether it's your investments, pensions, social security, rental, income, what side hustles, whatever it may be.
• 11:35
  SPEAKER_01: Okay, so that's that's that's the second thing.
• 11:38
  SPEAKER_01: How much money are you going to need on the day you retire?
• 11:41
  SPEAKER_01: And third, it's also a good exercise, I believe, to have a retirement projection built for you.
• 11:48
  SPEAKER_01: Let's say you're 50 years old and you want to retire at the time you're 65.
• 11:53
  SPEAKER_01: Work with a trusted financial professional who can build a retirement projection for you.
• 11:59
  SPEAKER_01: If you're saving what you're saving today using a conservative rate of return, how much money are you going to be able to drive an income when you're 65?
• 12:07
  SPEAKER_01: And when I do this with my clients, I typically get a nice deep breath moment of, okay, we're either on the right track, we're close to being on the right track.
• 12:20
  SPEAKER_01: Or even if they're not on the right track, then we can put steps in place to get them on the right track for a happy retirement.
• 12:28
  SPEAKER_01: So those are three ideas.
• 12:29
  SPEAKER_00: Okay.
• 12:30
  SPEAKER_00: I mean, it this might be saying the same thing, but how do I know that I won't run out of money when I retire?
• 12:36
  SPEAKER_00: Like what happens if I live longer than I planned?
• 12:39
  SPEAKER_01: But and and that's a real, a real risk, right?
• 12:41
  SPEAKER_01: It's it's another one of our fancy little sayings is retirement but planning would be easy if then we knew the day we were going to die.
• 12:48
  SPEAKER_01: You just plan for how much money you're going to need, and then the last check in this world bounces to the undertaker.
• 12:54
  SPEAKER_01: But the the issue is as well, is that centurions, the age demographic of people turning 100 is one of the largest growing age demographics in the country.
• 13:04
  SPEAKER_01: Now that's not saying people are living super, super healthy, just saying we're living longer.
• 13:08
  SPEAKER_01: So if you retire at 65, I mean, feasibly you could be living off of your retirement income for 35 to 40 years.
• 13:15
  SPEAKER_01: Yeah.
• 13:16
  SPEAKER_01: So in those retirement projection strategies, we make sure that we are building retirement plans that show that someone's never gonna run, never gonna run out of money.
• 13:25
  SPEAKER_01: And again, that's a nice big deep breath moment because that shows them, okay, if I live to 85 or 105, I'm still gonna have an income coming in in some shape or form.
• 13:36
  SPEAKER_00: And when you say income, you're talking about from your investments and your assets.
• 13:40
  SPEAKER_00: You're obviously not generating income.
• 13:42
  SPEAKER_00: So it's it's based on what you've saved.
• 13:45
  SPEAKER_01: Exactly.
• 13:45
  SPEAKER_01: You build that nest stag, you build that nest stag, and then you turn it into specific income-producing strategies that'll give you a paycheck.
• 13:53
  SPEAKER_01: And in retirement, we'd like to call them a play check.
• 13:56
  SPEAKER_01: Because you know, you're not you're not working for your paycheck, you're working for you're getting your investments to give you your play check.
• 14:02
  SPEAKER_01: So you can go and enjoy yourself.
• 14:04
  SPEAKER_01: That's really what retirement is, right?
• 14:05
  SPEAKER_01: Yeah, making sure that you're enjoying yourself.
• 14:07
  SPEAKER_00: I love that.
• 14:08
  SPEAKER_01: Play check.
• 14:10
  SPEAKER_00: Okay, this is a very subjective question, but how do I know, or is there a certain amount of money that I will need to comfortably retire?
• 14:16
  SPEAKER_00: And I think you might have answered it.
• 14:18
  SPEAKER_00: You said something about 80%.
• 14:20
  SPEAKER_00: 80%.
• 14:21
  SPEAKER_00: Okay.
• 14:22
  SPEAKER_01: 80%.
• 14:23
  SPEAKER_01: And and also there used to be, might be dating myself a little bit, but about 10 or 15 years ago, there was a commercial where people were walking around and it had this number scrolling over the top of their head.
• 14:34
  SPEAKER_01: And the, and the, and the premise was, what's my number?
• 14:37
  SPEAKER_01: What's my number?
• 14:38
  SPEAKER_01: And what's what the philosophy of that commercial was was, what is my number to retire?
• 14:44
  SPEAKER_01: Well, how much money, how much money do is that nest egg need to be for me to retire?
• 14:48
  SPEAKER_01: And again, that has a lot of flaws to its thinking because again, retirement isn't about assets, it's about income.
• 14:54
  SPEAKER_01: How much money comes in the door every single month so that whether the market goes up, down, or sideways, you know that you're still getting money coming in the door so that you can live your life.
• 15:05
  SPEAKER_01: Pay for your expenses, go see your grandkids, get a couple extra Christmas gifts, right?
• 15:11
  SPEAKER_01: Maybe throw some money into the 529s for the grandkids, maybe put some money into some charities.
• 15:17
  SPEAKER_01: Okay.
• 15:18
  SPEAKER_01: If you know that you're gonna get a certain amount each and every month, whether the market goes up or down, you have that confidence that you're gonna be able to do the things that you want to do.
• 15:27
  SPEAKER_00: So, with today's market being so volatile, how do I protect my investments?
• 15:32
  SPEAKER_01: So it's there's a couple of things.
• 15:33
  SPEAKER_01: If you're pre-retired, if you're not retired yet and you're in your 30s and 40s, you know, a lot of times what we say is you have a long enough runway to ride out a lot of the market storms.
• 15:46
  SPEAKER_01: Because what we don't want to see is people making emotional decisions regarding their investments, meaning the market goes down and all of a sudden you pull all of your money out of the market and you put it into cash.
• 15:55
  SPEAKER_01: That's typically not a great strategy because what happens when the market goes down is that the day or two after that, the market goes back up.
• 16:05
  SPEAKER_01: So if you've pulled all of your money out of it, pulled all of your money and put it into cash, and then the next day after that, the market goes back up.
• 16:13
  SPEAKER_01: Now you've mixed, you've caught captured all of the downside, but you haven't captured any of the upside.
• 16:19
  SPEAKER_01: So it's not to say you have to always take the market volatility on the chin and just ride it out.
• 16:23
  SPEAKER_01: That's not what I'm saying.
• 16:24
  SPEAKER_01: It's just you don't want to make emotional decisions, such as life, right?
• 16:28
  SPEAKER_01: Typically, when you're making decisions solely based upon emotions, are they really the best decisions for you?
• 16:33
  SPEAKER_02: Right.
• 16:34
  SPEAKER_01: So, how do you protect your investments?
• 16:35
  SPEAKER_01: First things first, don't make emotional decisions regarding your investments.
• 16:39
  SPEAKER_01: Ride it out a day.
• 16:41
  SPEAKER_01: Ride it out a day.
• 16:42
  SPEAKER_01: Because and and I tell you, COVID was a great educator of this.
• 16:45
  SPEAKER_01: The financial crisis was a great educator of this.
• 16:48
  SPEAKER_01: Is that in COVID, we saw stock market swings of the Dow that were down some days, it was down seven, eight hundred points.
• 16:56
  SPEAKER_01: Next day it was up seven, eight hundred points.
• 16:59
  SPEAKER_01: Those market shifts used to be so dramatic, it was news, it was headline news.
• 17:06
  SPEAKER_01: But during COVID, you know what it was?
• 17:08
  SPEAKER_01: It was Tuesday, and then it was and then it was Thursday.
• 17:11
  SPEAKER_01: It happened so often.
• 17:13
  SPEAKER_01: So if you were taking your money out and putting it in the cash and then putting it back in, and then taking it out, putting it back in.
• 17:20
  SPEAKER_01: The tough part about that is not you have to not make just one great decision of when to pull your money out.
• 17:25
  SPEAKER_01: You got to make two.
• 17:26
  SPEAKER_01: You gotta decide on when you're gonna pull your money out, and you have to decide when you're gonna put your money in.
• 17:31
  SPEAKER_01: And those two decisions are extremely hard.
• 17:33
  SPEAKER_00: Great advice.
• 17:34
  SPEAKER_00: But you you made a reference to 30, 40-year-olds.
• 17:37
  SPEAKER_00: Our market that are that are listening right now, they're like our age.
• 17:40
  SPEAKER_00: So they're like 50, 60.
• 17:43
  SPEAKER_00: So is it the same uh advice that you can say to them?
• 17:46
  SPEAKER_00: It's just don't don't make an emotional decision, don't rush into any, don't sell stocks, just sit.
• 17:51
  SPEAKER_00: I to be honest, I actually take your advice.
• 17:53
  SPEAKER_00: I don't even look.
• 17:56
  SPEAKER_00: I don't even look.
• 17:57
  SPEAKER_00: I don't open my monthly statements, I just ignore it and just say, I'll when I when I really, really have to, I will.
• 18:06
  SPEAKER_00: But I I hate looking.
• 18:07
  SPEAKER_00: I don't want to see those ups and downs.
• 18:10
  SPEAKER_01: Yeah.
• 18:10
  SPEAKER_01: And so I think for our audience, when you're in your 50s, I think the importance of having that retirement projection built is ever so more important.
• 18:19
  SPEAKER_01: It is uh one of those things that is gives you that understanding that you are on a track and are you on the right track.
• 18:28
  SPEAKER_01: And when we build a retirement projection, we're using a conservative rate of return.
• 18:35
  SPEAKER_01: That conservative rate of return shows that, okay, because the markets don't move in straight lines.
• 18:40
  SPEAKER_01: But if we're using a conservative rate of return, then what it's doing is it's almost flattening out the market volatility.
• 18:48
  SPEAKER_01: So if you have that projection, that plan, that game plan, that strategy of what you're going to do up into retirement and into retirement, when the market is volatile, you can weather that storm a little more comfortably because you know, okay, this bad this was a bad day in the market.
• 19:04
  SPEAKER_01: Is it going to derail our retirement plans?
• 19:06
  SPEAKER_01: Most likely not.
• 19:08
  SPEAKER_01: Or is it?
• 19:09
  SPEAKER_01: And then do we need to change course?
• 19:11
  SPEAKER_00: Okay.
• 19:11
  SPEAKER_00: So my last question to you is when can I retire?
• 19:17
  SPEAKER_01: Well, I guess, you know, again, that comes down to uh the amount that you've saved, the retirement plan projection that you've that you've hopefully have built.
• 19:27
  SPEAKER_01: Okay, because that is going to show can you retire at 60?
• 19:32
  SPEAKER_01: Can you retire at 65?
• 19:34
  SPEAKER_01: Can you do you want to retire at 70?
• 19:36
  SPEAKER_01: A lot of people these days don't retire at 65.
• 19:40
  SPEAKER_01: And you know, they they think they're continuing going on.
• 19:44
  SPEAKER_01: Now, the more you're able to work is the longer you're able to work is going to be helpful because of the fact that that's going to prolong the time before you have to start taking money out of your investments.
• 19:56
  SPEAKER_01: Okay.
• 19:57
  SPEAKER_01: So that that's a good thing too.
• 19:58
  SPEAKER_01: But you know, having having that that plan built is it can be can be really so vital.
• 20:05
  SPEAKER_01: It can be really so vital because again, it gives you that sense of comfort if the market is up or down, that you're able to weather that storm.
• 20:12
  SPEAKER_00: Do you get uh clients that come to you at the age of 50 that haven't saved anything?
• 20:18
  SPEAKER_01: Yes.
• 20:19
  SPEAKER_00: Is it too late for them?
• 20:22
  SPEAKER_01: It's it's never too late.
• 20:24
  SPEAKER_01: It is always uh prudent to start, even if you're 50.
• 20:28
  SPEAKER_01: And I and I think that's the thing too, is sometimes people get so uh concerned that they're starting so late.
• 20:33
  SPEAKER_01: They're like, oh, I'll never have enough money, I'll be working until I'm 90.
• 20:36
  SPEAKER_01: No, you can still save.
• 20:38
  SPEAKER_01: You can still save, and you can still start saving for your own retirement.
• 20:42
  SPEAKER_01: It's tough to when they're trying to force in the fact that they're going to be working until they're 90.
• 20:47
  SPEAKER_01: And that and that's the belief system that they have.
• 20:49
  SPEAKER_01: It's like, no, no, no, you still, you still have time.
• 20:51
  SPEAKER_01: You just need to take action on it.
• 20:53
  SPEAKER_00: I'm sure you know how worried parents are about their adult kids.
• 20:57
  SPEAKER_00: The housing market, the job market, the economy, it's all very disheartening.
• 21:02
  SPEAKER_02: Yeah.
• 21:03
  SPEAKER_00: So, how can parents start teaching their kids about money so they can start saving it and not get bogged down in debt?
• 21:12
  SPEAKER_01: That's a great question.
• 21:13
  SPEAKER_01: I think the first, one of the first steps that parents need to understand is they need to have good money habits on their own.
• 21:20
  SPEAKER_01: And our kids are watching us.
• 21:22
  SPEAKER_01: You know, they they watch how they watch how we behave and they watch how they perform.
• 21:26
  SPEAKER_01: So our kids are watching us.
• 21:28
  SPEAKER_01: So then the parents need to have good money habits on their on them themselves.
• 21:32
  SPEAKER_01: It's tough to tell your kids to stay out of credit card debt if you're saddled with 40, 50, 60 grand of credit card debt yourself.
• 21:38
  SPEAKER_01: Okay.
• 21:39
  SPEAKER_01: And those can just be just devastating, devastating moves to have some that some type of credit card debt like that.
• 21:46
  SPEAKER_01: Okay.
• 21:47
  SPEAKER_01: But I think with the biggest thing, and I work with a lot of my clients' kids now that are just getting started out, and it's more about teaching them how to avoid the certain pitfalls than it is, you know, we're gonna get to how they can.
• 22:00
  SPEAKER_01: Build their own wealth.
• 22:01
  SPEAKER_01: But it's really okay.
• 22:02
  SPEAKER_01: Let's see how we can avoid the pitfalls.
• 22:05
  SPEAKER_01: Make sure that the kids are saving.
• 22:07
  SPEAKER_01: Make sure that the kids are putting a little money into their emergency fund or rainy day fund should sometimes something happen, right?
• 22:14
  SPEAKER_01: They need to access quick cash.
• 22:16
  SPEAKER_01: When they have that emergency fund, then they don't go to the credit cards and use credit cards as a charge card.
• 22:22
  SPEAKER_01: Okay.
• 22:23
  SPEAKER_01: Credit cards are super, super convenient.
• 22:25
  SPEAKER_01: But the intent of what they used to be built was is that if you made a charge at a department store or online or whatever it was, is you charged it and you paid it off.
• 22:36
  SPEAKER_01: Like you don't want to have that like right away.
• 22:38
  SPEAKER_01: Yeah.
• 22:39
  SPEAKER_01: Because especially right now, with some of these credit card interest rates are 15, 16%.
• 22:44
  SPEAKER_01: It becomes so difficult to get out from under that debt.
• 22:48
  SPEAKER_01: So it's it's really, really imperative.
• 22:51
  SPEAKER_01: I mean, the the the credit card conundrum is is is really it's so so convenient, but that debt amount can just spiral out of control really quickly, really quickly.
• 23:03
  SPEAKER_01: So I think that's the things that parents need to teach their kids.
• 23:05
  SPEAKER_00: Yeah.
• 23:06
  SPEAKER_00: So you you mentioned the word uh pitfalls.
• 23:08
  SPEAKER_00: Is there any other financial pitfalls that parents could tell their kids to avoid?
• 23:12
  SPEAKER_00: You just mentioned credit card, but is there anything else or is that the big one?
• 23:17
  SPEAKER_01: I would like to see when kids are when kids start and are starting to work, okay, and if their company provides a an employer-sponsored retirement plan, like a 401k plan, see if that company offers a match.
• 23:28
  SPEAKER_01: Okay.
• 23:28
  SPEAKER_01: And you might say, okay, maybe I've got some student as a as a you know, as a 20-year-old, maybe I got some student loan debt, hopefully not, but maybe I have some credit card debt or I have some things I need to pay off.
• 23:38
  SPEAKER_01: It's really hard for me to start the 401k.
• 23:40
  SPEAKER_01: But a lot of 401ks will offer a match and and put contribute enough into the 401k to at least get the full match from the company.
• 23:50
  SPEAKER_01: If the company's matching you 3%, put in 3% of what you put in, put in your 3%.
• 23:55
  SPEAKER_01: If they're matching you 4%, put in your 4%.
• 23:58
  SPEAKER_01: Okay.
• 23:59
  SPEAKER_01: So at least do that.
• 24:01
  SPEAKER_01: At least do what the company is matching you up to.
• 24:03
  SPEAKER_00: Because I was going to ask you if a young adult has both debt, obviously from school, and a 401k option, what should they focus on first?
• 24:12
  SPEAKER_00: Should they pay down the debt or start to invest?
• 24:15
  SPEAKER_00: And I think you touched on it.
• 24:16
  SPEAKER_00: So if we can just kind of put that answer out there.
• 24:20
  SPEAKER_01: Yeah, it's it's it's it's a great question and sometimes very challenging because what you want to do is you want to make sure that you're saving first.
• 24:26
  SPEAKER_01: You're saving for yourself first.
• 24:28
  SPEAKER_01: Okay.
• 24:29
  SPEAKER_01: And then saving for yourself, ideally, you want to be saving 15% of your income for hopefully some of your listeners.
• 24:35
  SPEAKER_01: This isn't like all sh, you know, sticker shock.
• 24:38
  SPEAKER_01: But when you have a situation where you're not saving for your retirement and all you're doing is paying down debt, you could be in your 40s and 50s and getting, like you were saying, having nothing saved for yourself.
• 24:49
  SPEAKER_01: So sometimes it does take some belt tightening.
• 24:52
  SPEAKER_01: Sometimes it does take some belt tightening.
• 24:54
  SPEAKER_01: And let me just touch on the 15% of income as kind of the neighborhood of where you should be saving.
• 24:59
  SPEAKER_01: If you're not saving 15% of your income, so let's say you're saving 2%, and you're hearing from me, financial professional, saying save 15% of your income, okay?
• 25:08
  SPEAKER_01: Then you're saying that's gonna be a massive amount.
• 25:12
  SPEAKER_01: I'm not gonna be able to do that.
• 25:13
  SPEAKER_01: I'm not gonna be able to save 15% tomorrow.
• 25:17
  SPEAKER_01: If you're saving 2% now, save 4% tomorrow.
• 25:20
  SPEAKER_01: Then next year, ratchet it up to 6%.
• 25:22
  SPEAKER_01: The year after that, ratchet it up to 8%.
• 25:25
  SPEAKER_01: Do it slowly.
• 25:26
  SPEAKER_01: Because if you're doing it slowly and gradually, what's gonna end up happening is you're gonna get up to that 15% pretty quickly, but you're not gonna feel the bite in your lifestyle.
• 25:34
  SPEAKER_00: Right.
• 25:35
  SPEAKER_00: So, what are some good money habits that parents could be helping their children to build right now?
• 25:41
  SPEAKER_01: So let me give you the five steps we say, five steps to build any sound financial plan.
• 25:46
  SPEAKER_01: Okay.
• 25:47
  SPEAKER_01: The first thing is you need to get organized.
• 25:50
  SPEAKER_01: You need to get financially organized.
• 25:51
  SPEAKER_01: Know all of your assets, all the things that you own, know all your liabilities, all the things that you owe, know your expenses, know how you're protecting yourself, you're protecting your assets, and know what you're saving.
• 26:02
  SPEAKER_01: Okay, get financially organized.
• 26:04
  SPEAKER_01: There's a lot of online tools that can do that and help with help with that these days.
• 26:08
  SPEAKER_01: But that's step one.
• 26:09
  SPEAKER_01: Get financially organized.
• 26:11
  SPEAKER_01: Step two is protect your house.
• 26:13
  SPEAKER_01: Okay, build that moat around your castle.
• 26:16
  SPEAKER_01: Okay, and what do I mean by protected?
• 26:18
  SPEAKER_01: Okay, do we make sure that we have the ample amounts of auto insurance, homeowners insurance, umbrella insurance?
• 26:24
  SPEAKER_01: No, I don't, I'm not licensed for those types of insurance products, but I know a lot about them.
• 26:30
  SPEAKER_01: And a lot of times people don't have enough.
• 26:32
  SPEAKER_01: Okay.
• 26:33
  SPEAKER_01: Are your wills done?
• 26:34
  SPEAKER_01: Do you have enough life insurance?
• 26:36
  SPEAKER_01: On the life insurance front, it's like one of those things that people don't like talking about.
• 26:39
  SPEAKER_01: But I'm sure you've seen, because I know I have seen on those Facebook posts where we have Facebook posts where friends or friends of friends have said, oh, you know, a friend lost a spouse.
• 26:50
  SPEAKER_01: Here's the go fund me for their wife and kids.
• 26:54
  SPEAKER_01: Okay.
• 26:55
  SPEAKER_01: That's not life insurance.
• 26:56
  SPEAKER_01: That's not life insurance.
• 26:58
  SPEAKER_01: Okay, life insurance is there to protect in the event of that type of disaster.
• 27:02
  SPEAKER_01: Okay.
• 27:03
  SPEAKER_01: So step one, get financially organized.
• 27:05
  SPEAKER_01: Step two, pay to protect what you have.
• 27:08
  SPEAKER_01: Okay, step three, we want to be saving, get to that 15% of savings.
• 27:12
  SPEAKER_01: 15% of savings mark.
• 27:14
  SPEAKER_01: Okay, that's step three.
• 27:15
  SPEAKER_01: Financially organized, step one, protect step two, step three, save 15% of your income.
• 27:21
  SPEAKER_01: Step four, we want to have three to six months worth of living expenses saved in the emergency fund.
• 27:28
  SPEAKER_01: The emergency fund, the rainy day fund, the slush fund.
• 27:31
  SPEAKER_01: I had a client one time called a chaos fund.
• 27:33
  SPEAKER_01: I'm like, why do you call it that?
• 27:35
  SPEAKER_01: She goes, well, whenever chaos ensues, that's where I go.
• 27:37
  SPEAKER_01: And I was like, so I was like, I gotta take that one.
• 27:40
  SPEAKER_01: I gotta, I gotta use that, use that one.
• 27:42
  SPEAKER_01: Um, so three to six months worth of living expenses.
• 27:45
  SPEAKER_01: If you lose a job, if you need to buy a car, if the roof goes, you know, you have ample supply of where you can go into your savings.
• 27:54
  SPEAKER_01: Instead, if you don't have that, then you start racking up debt.
• 27:57
  SPEAKER_01: Okay.
• 27:57
  SPEAKER_01: And step five is pay off all the bad debt.
• 28:00
  SPEAKER_01: That's credit card debt, credit card debt.
• 28:03
  SPEAKER_01: And Shari, those steps are in that order for a reason.
• 28:07
  SPEAKER_01: Okay, they are in that order for a reason.
• 28:08
  SPEAKER_01: People might say, pay to protect what I have.
• 28:10
  SPEAKER_01: Why is that step two?
• 28:12
  SPEAKER_01: Well, if you're saving 15% of your income, and let's say your investments are going like gangbusters and you're getting 15, 20% having a great year, but you don't have the right amount of life insurance and your spouse dies, or somebody sues you and they can take all of your assets.
• 28:31
  SPEAKER_01: You know, it doesn't matter what that rate of return was if you didn't protect what you had first.
• 28:35
  SPEAKER_01: Okay.
• 28:36
  SPEAKER_01: And also when you asked that question a moment ago, what would you rather do?
• 28:38
  SPEAKER_01: Save for your 401k or pay off debt.
• 28:40
  SPEAKER_01: This is where you save 15% of your income, get that emergency fund established, and then tackle all those, all that bad debt.
• 28:47
  SPEAKER_01: Bad debt typically isn't a mortgage, you know, because you have some tax deductibility to it and hopefully you got in at a decent rate.
• 28:54
  SPEAKER_01: But the bad debt is that high interest debt like credit cards, um, any, you know, home equity loans that might be, excuse me, super high in debt.
• 29:03
  SPEAKER_01: So that's what those are the five steps that you anyone can take.
• 29:07
  SPEAKER_01: And you know, so I didn't mention, I didn't mention rate of return there.
• 29:10
  SPEAKER_01: You know, if you take those five steps, you are on your way to building a really sound financial plan for yourself.
• 29:19
  SPEAKER_00: So that's advice for a parent that a parent would want to share with their adult child.
• 29:23
  SPEAKER_00: Is that the same advice that they would take for themselves?
• 29:26
  SPEAKER_01: Absolutely.
• 29:26
  SPEAKER_01: If those steps haven't been met, it works for it works for pretty much anyone.
• 29:30
  SPEAKER_01: Yeah.
• 29:31
  SPEAKER_01: If it's because that's, and I think that's also one of the things is that parents, we all want to provide for our kids.
• 29:36
  SPEAKER_01: And I work with a lot of physicians.
• 29:38
  SPEAKER_01: And I work with physicians are some of the hardest working people we have.
• 29:44
  SPEAKER_01: They're taking care of us, but money is a very taboo topic for them.
• 29:48
  SPEAKER_01: And they'll even admit that they don't like talking about money.
• 29:51
  SPEAKER_01: You know, then physicians are in a position where people are always coming to them for help and healing and advice.
• 29:58
  SPEAKER_01: And money isn't really something that's typical in the physician's wheelhouse.
• 30:04
  SPEAKER_01: Uh I have a client who's told she's brilliant.
• 30:07
  SPEAKER_01: She's absolutely brilliant, and she's really sarcastic too.
• 30:10
  SPEAKER_01: So which makes her even makes her hilarious.
• 30:12
  SPEAKER_01: But she, when we talk about her investments, she's like, Eric, I can I can tell I'm like, she's not really loving it.
• 30:18
  SPEAKER_01: Where I'm geeking out on, I think how great this is.
• 30:20
  SPEAKER_01: And she's like, Eric, do you realize I'd rather have my eyeballs tattooed to go through my investments?
• 30:25
  SPEAKER_01: And I'm like, I go, yeah, but listen, you walk into any room and the average IQ goes up by 30, 40 points.
• 30:32
  SPEAKER_01: And she's like, Yeah, you know what, that may be true, but I hate talking about this stuff.
• 30:35
  SPEAKER_01: I just yeah.
• 30:36
  SPEAKER_01: So physicians are have this situation where they want to be able to provide, but if they can't provide to their kids, they can give them these five steps.
• 30:43
  SPEAKER_01: And then the five steps helps put the kid in a great place for their own financial wellness.
• 30:49
  SPEAKER_00: Right.
• 30:50
  SPEAKER_00: I have a couple more questions, I think, that parents secretly wonder about.
• 30:55
  SPEAKER_01: Hmm.
• 30:56
  SPEAKER_00: Should they share their retirement plan with their kids?
• 31:00
  SPEAKER_01: I think it's a good idea.
• 31:01
  SPEAKER_01: Uh, I have I have what are called, it's not a fancy term, family meetings with my retired clients and their kids.
• 31:09
  SPEAKER_01: Um, because it's important to know on a lot of things.
• 31:13
  SPEAKER_01: It's important to know that mom or dad are going to be taken care of by their retirement plan from an income perspective.
• 31:20
  SPEAKER_01: They're not gonna have to call their kids up and say, you know, like I said earlier, do you know, do you have that spare bedroom ready for me?
• 31:26
  SPEAKER_01: Okay.
• 31:27
  SPEAKER_01: So that's that's the first thing is the is the income plan.
• 31:31
  SPEAKER_01: Then we also, another one of our sayings is that no retirement plan is complete without a plan for long-term care.
• 31:38
  SPEAKER_01: We talked about a little earlier about how people are living longer and longer.
• 31:42
  SPEAKER_01: Okay.
• 31:42
  SPEAKER_01: And a healthy 65-year-old couple has over a 55%, a 50% chance that they're going to need some form of long-term care in their future.
• 31:51
  SPEAKER_01: And that's for 65-year-old couple, healthy 65-year-old couple today.
• 31:55
  SPEAKER_01: So, what is the plan for long-term care?
• 31:57
  SPEAKER_01: And I've had, I have clients where a spouse has, you know, lost their husband, lost their wife, and they were in a long-term care type of situation.
• 32:08
  SPEAKER_01: And the very first thing they say to me is, Eric, we need to make sure that my kids aren't taking care of me the way I was taking care of my husband or wife.
• 32:18
  SPEAKER_01: Okay, so what is the plan for long-term care?
• 32:20
  SPEAKER_01: Once that plan is in place, then we typically share it with the kids and say, okay, this is what mom and dad are going to be, how they're going to be protected in the event they need some type of long-term care.
• 32:31
  SPEAKER_01: Got it.
• 32:32
  SPEAKER_01: And then finally is the estate plan.
• 32:34
  SPEAKER_01: Now, sometimes the the the the mom and dad, they don't want to share the entirety of the estate plan, but a lot of times they do.
• 32:42
  SPEAKER_01: And unfortunately, I have seen so many situations where once someone passes, I hate to say it like this, but sometimes the money can can pollute.
• 32:55
  SPEAKER_01: And the kids and the siblings that once had a great relationship, once there's an inheritance involved, then they can be like sharks with blood in the water.
• 33:04
  SPEAKER_01: And and I hate to say it like this.
• 33:06
  SPEAKER_01: And and I have a trust in the state attorney contact who I work with closely, and she said, you know, if the families didn't fall apart once the inheritance was involved, I probably wouldn't have a job.
• 33:18
  SPEAKER_01: So it does happen.
• 33:19
  SPEAKER_01: Yeah, it's it's it's I've seen some really sad situations.
• 33:24
  SPEAKER_01: And when the estate plan is shared and everybody knows, okay, here's the cards on the table.
• 33:30
  SPEAKER_01: Then what I do believe it can help where if one when the parents are no longer around, that there isn't going to be as much infighting because then all the siblings know, hey, no, no, no, no, that's not what mom or dad wanted.
• 33:42
  SPEAKER_01: And this is what the will says.
• 33:44
  SPEAKER_01: We're not going to start bickering about it now.
• 33:46
  SPEAKER_01: We all want to stay family.
• 33:48
  SPEAKER_01: So that's the last part of it.
• 33:49
  SPEAKER_00: Yeah, that was my second secret question was what's your opinion on inheritance?
• 33:54
  SPEAKER_00: And should should parents tell their children what they what to expect when when they're gone?
• 33:59
  SPEAKER_01: So inheritance is is a very unique, unique situation for each individual.
• 34:05
  SPEAKER_01: I think for all my clients, it's it's the when I say what is legacy, what does inheritance mean to you?
• 34:10
  SPEAKER_01: And I usually get the the pondering, you know, the pondering pose of, you know, let me think about that.
• 34:15
  SPEAKER_01: Because some people want to leave a boatload behind to their kids or a charity.
• 34:20
  SPEAKER_01: Some people want to leave something.
• 34:22
  SPEAKER_01: A lot of people say, I want to live my retirement to my fullest, and whatever's left over is left over.
• 34:28
  SPEAKER_02: Yeah.
• 34:28
  SPEAKER_01: And I have some clients that say, you know what?
• 34:32
  SPEAKER_01: I paid to raise my kids, I paid to educate my kids, I got my kids off out of the out of the gates.
• 34:38
  SPEAKER_01: Whatever is left is left, but I want the last check in this world to bounce to the undertaker.
• 34:43
  SPEAKER_01: So it really is, you know, I more that question is more of a question that I ask my clients is what does legacy mean for them?
• 34:51
  SPEAKER_01: And then I build the strategy around that because the answers are really unique.
• 34:55
  SPEAKER_00: Yeah.
• 34:56
  SPEAKER_00: Interesting.
• 34:58
  SPEAKER_00: Um, what's a good, a good approach or a healthy way to look at one's retirement plan?
• 35:05
  SPEAKER_01: It is build it.
• 35:08
  SPEAKER_01: You know, the time to have the map is before you head to the woods, build the projections and revisit it.
• 35:13
  SPEAKER_01: Build the projections, revisit it annually at least.
• 35:17
  SPEAKER_01: If life throws you a curveball, if a spouse gets sick or hurt and can't work anymore, if you want to retire a little bit early, okay.
• 35:25
  SPEAKER_01: Can that retirement projection be, is it nimble enough where it can handle life's curveballs?
• 35:31
  SPEAKER_01: So revisit it at least annually, but revisit it if life throws you a curveball.
• 35:36
  SPEAKER_01: And, you know, when you have that, if life does throw you a curveball and you could say, okay, my retirement plan can absorb this curveball.
• 35:44
  SPEAKER_01: It's not going to completely derail us or derail us at all.
• 35:47
  SPEAKER_01: Then again, you have that comfort and confidence to know, okay, we're on the right track here.
• 35:52
  SPEAKER_01: Even if that, you know, market volatility, spouse gets hurt or sick, they lose a job, whatever it may be.
• 35:59
  SPEAKER_01: I mean, our audience, you know, a lot of people, you know, ageism is a is a is a real thing.
• 36:04
  SPEAKER_01: And a lot of people in their 50s, if they're losing a job, it's very hard for them to find a new job.
• 36:09
  SPEAKER_01: So, okay, what's the next step for them?
• 36:11
  SPEAKER_01: So, okay, revisit the retirement plan.
• 36:13
  SPEAKER_01: Is it going to derail everything?
• 36:15
  SPEAKER_01: Are they going to still be on the right track?
• 36:17
  SPEAKER_00: Good.
• 36:18
  SPEAKER_00: I always like to leave on a positive note.
• 36:21
  SPEAKER_00: Um any words of wisdom that you can share with our listener, like especially for parents who feel guilty about you know socking away their money for themselves.
• 36:31
  SPEAKER_01: So I tell my clients, and for lack of a better phrase, when it comes to your own retirement, you have to be a little bit selfish.
• 36:38
  SPEAKER_01: You have to be a little bit selfish because the fact, as we touched on earlier, the responsibility for retirement is on your own shoulders.
• 36:46
  SPEAKER_01: There are no do-overs.
• 36:47
  SPEAKER_01: So you do have to be a little selfish.
• 36:49
  SPEAKER_01: You do have to be a little selfish.
• 36:51
  SPEAKER_01: There are parents, I I work with a lot of parents who want to give money to their clients.
• 36:56
  SPEAKER_01: And I'm working with clients right now that want to give a significant amount of money to one of their one of their kids.
• 37:02
  SPEAKER_01: And if they do that, it the amount that they want to give to their kids, it's going to derail their retirement plan.
• 37:08
  SPEAKER_01: And sometimes I it's a little bit of tough love.
• 37:11
  SPEAKER_01: I get it.
• 37:12
  SPEAKER_01: You want to give some money to your to your kids.
• 37:14
  SPEAKER_01: However, if you give this much, if you give this much that you're that you're planning, it's going to change your retirement plan.
• 37:21
  SPEAKER_01: Can we give a little bit less and then see, you know, when you're no longer here, give some that, give some there.
• 37:26
  SPEAKER_01: So, you know, I think a lot of it is don't listen to the doom and gloom.
• 37:32
  SPEAKER_01: Get a plan in place.
• 37:34
  SPEAKER_01: Make sure that plan is as nimble and as airtight as it possibly can be to give you that sense of comfort.
• 37:40
  SPEAKER_01: If you're listening to the doom and gloom, you're gonna feel I'm gonna be working until I'm 90.
• 37:44
  SPEAKER_01: And it doesn't have to be that way.
• 37:46
  SPEAKER_00: Yeah.
• 37:47
  SPEAKER_00: Eric, thank you so much for taking the time today to answer these questions.
• 37:51
  SPEAKER_01: I know thank you, and thank you for having me.
• 37:53
  SPEAKER_00: Yeah, I know so many parents worry and wonder about these things.
• 37:56
  SPEAKER_00: And I'm sure that you know, hearing your perspective today will help them feel a little less overwhelmed.
• 38:02
  SPEAKER_00: So I hope so.
• 38:04
  SPEAKER_01: I hope so.
• 38:04
  SPEAKER_00: I really appreciate you being here.
• 38:06
  SPEAKER_01: Thank you, Sherry.
• 38:07
  SPEAKER_01: Thank you so much.
• 38:08
  SPEAKER_00: I'm gonna leave your all your information in the show notes.
• 38:10
  SPEAKER_00: If anybody wants to reach out to you, they should.
• 38:13
  SPEAKER_00: And again, thank you.
• 38:15
  SPEAKER_01: Thank you so much.
• 38:18
  SPEAKER_00: I hope today's episode gave you valuable insights and actionable steps that will help you guide your young adult to launch successfully into adulthood.
• 38:27
  SPEAKER_00: If you found this topic helpful, feel free to leave a comment and hit the subscribe button so you never miss an episode.
• 38:34
  SPEAKER_00: Leaving a five-star review helps us reach more parents who are dealing with the same issues.
• 38:38
  SPEAKER_00: And if there's something you want to ask me, I invite you to join Launch Advice, my weekly publication where I answer one question from parents just like you.
• 38:47
  SPEAKER_00: It's free advice that will appear in your inbox probably when you need it the most.
• 38:52
  SPEAKER_00: Just click Launch Advice in the show notes and don't forget to email me your confidential question.
• 38:57
  SPEAKER_00: And remember, no one ever said parenting is easy, especially when you're raising an adult.
• 39:02
  SPEAKER_00: Talk to you soon.