Latest / WCHS Network Podcasts / 07/29/2024 Retire Right Radio with John Burdette

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07/29/2024 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 1: Contact us at Meeks dot us.
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Speaker 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five eight WCCHS,
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Speaker 2: its employees or WVRC Media. This is retire Right Radio,
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Speaker 2: a weekly show from John Verdet at Fourth Avenue Financial
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Speaker 2: that aims to answer your questions about financial planning, investing,
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Speaker 2: and how to retire right. Fourth Avenue Financial is located
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Speaker 2: in downtown Charleston at one seventy Court Street. More information
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Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
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Speaker 2: by calling three oh four three four five fifty eight
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Speaker 2: fifty eight or text three oh four nine three five
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Speaker 2: fifty oh eight. On Retire Right Radio, Let's go live
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Speaker 2: to the studio with host Dale Cooper and John Verdett
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Speaker 2: from Fourth Avenue Financial.
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Speaker 3: And the very pleasant Good morning to you you're listening
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Speaker 3: to or try right Radio on five adw c HS.
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Speaker 3: The voice with Charleston in the studio with me this morning,
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Speaker 3: if I can keep my voice for long enough for
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Speaker 3: the program. John Burdett is here from Fourth Avenue Financial
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Speaker 3: back in the Mountain State this week. How you doing, John,
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Speaker 3: I'm doing wonderful, outstanding. Appreciate you coming back in and
1:19
Speaker 3: let me get the contact information out there for you,
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Speaker 3: because I know that you're probably interested on how you
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Speaker 3: can manage your finances right, how you can retire right,
1:26
Speaker 3: how you can give yourself some peace of mind for
1:29
Speaker 3: your future financial endeavors. You can just call this morning
1:31
Speaker 3: three zero four three four five fifty eight fifty eight.
1:34
Speaker 3: Three zero four, three four five fifty eight fifty eight.
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Speaker 3: You can also text over any questions you have to
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Speaker 3: three zero four non three five five zero zero eight
1:39
Speaker 3: three zero four non, three five five zeros or eight.
1:42
Speaker 3: The more you call in this morning, the less I
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Speaker 3: will have to talk, which would be good because I
1:45
Speaker 3: don't know how long my.
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Speaker 4: Voices looking about just hip puberty.
1:48
Speaker 3: I don't know what this happened to me last year
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Speaker 3: two and where I got full on laryn right is
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Speaker 3: where I lost my voice completely. I hope that this
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Speaker 3: is as bad as it gets, but yesterday woke up
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Speaker 3: and coadn't talk. I think it had to do with Saturday.
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Speaker 3: We were at the Great Gas Giveaway. Had to do
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Speaker 3: a little MC work and plus we have music points.
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Speaker 3: Whenever you're talking to people, you know, you got to
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Speaker 3: talk like going to a bar. Basically, I've got to
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Speaker 3: talk a little louder and stuff like that, you know.
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Speaker 3: So I think maybe because my voice isn't conditioned for
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Speaker 3: those things much anymore. I don't go out much. I mean,
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Speaker 3: but I talked for like four hours a day on
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Speaker 3: the radio. You wouldnt think it would make that much
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Speaker 3: of a difference, but man, I'm struggling little bit this morning.
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Speaker 3: We'll get through though. We'll get through, all right. You
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Speaker 3: can get us call this morning three zero four three
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Speaker 3: four five fifty to fifty eight. More information online Fourth
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Speaker 3: Avenue Financial dot com. Fourth Avenue Financial dot com. You
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Speaker 3: spell out the whole thing find on the website or
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Speaker 3: do that search on Facebook and you can like the
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Speaker 3: page over there. Talking about all kinds of different things
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Speaker 3: on how you can retire right, retirement planning, how you
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Speaker 3: can get into retirement, investment strategies for your financial management today,
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Speaker 3: looking at getting rid of doing a debt snowball and
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Speaker 3: getting out from under debt and start making the right
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Speaker 3: decisions for your financial future. John can have you on
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Speaker 3: the right path. It was to call this morning three
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Speaker 3: zero four three four five fifty eight fifty eight. We
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Speaker 3: always talk a little bit about the market from the
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Speaker 3: week before. Very interesting kind of week in the market,
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Speaker 3: as it turned out last week, a little bit, a
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Speaker 3: little bit of a little bit of everything.
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Speaker 4: So you know, there's all kinds of things going on
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Speaker 4: last week.
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Speaker 3: But the.
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Speaker 4: Big thing that we've talked about now for a few
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Speaker 4: weeks in a row is the sector rotations. It is
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Speaker 4: amazing the power of that sector rostation that's going on
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Speaker 4: right now. Just to give you an idea, the broader market,
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Speaker 4: the S and P five hundred last week was actually
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Speaker 4: down point eight percent. The Nasdaq, which is the tech
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Speaker 4: heavy was down two point one percent last week, but
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Speaker 4: the Dow Industrials was up point seven So there's just
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Speaker 4: been this huge leadership switch. And if you look at
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Speaker 4: the sectors, you know what the so far this year,
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Speaker 4: the number one sector has been or the real estate,
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Speaker 4: and the second place is utilities really wow, and financials,
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Speaker 4: all of those things have have taken the lead and
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Speaker 4: tech stocks are at the bottom of the barrel. And
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Speaker 4: and that's not since the beginning of the year, it's
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Speaker 4: in the last two months. So you know, it is
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Speaker 4: definitely turned. The leadership has turned. You know, I don't
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Speaker 4: know if that will well last or not. We've had
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Speaker 4: these head fakes before, but this has been more powerful
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Speaker 4: than I've seen in a long long time, the sector rotation.
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Speaker 3: Is there any is there any like is there any
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Speaker 3: real world activities that's leading to this sort of thing,
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Speaker 3: like like a broad stroke or is it more of
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Speaker 3: a sentiment thing? What's kind of leading this this change?
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Speaker 4: Well, earnings, for one thing, are coming in across the
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Speaker 4: board stronger than expected. So far, the the the earnings
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Speaker 4: that have been out have have surprised to the upside.
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Speaker 4: Earnings growth about nine point seven percent this quarter, which
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Speaker 4: is pretty strong. And it is not just the tech
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Speaker 4: stocks that are that are having the earning it is.
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Speaker 4: It is broad based and you're starting to see that,
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Speaker 4: you know, throughout the market and the financials all along
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Speaker 4: the line. And you know, the economy is definitely slowing,
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Speaker 4: but it's slowing at a at a measured pace. I
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Speaker 4: guess that also has has put a damper on inflation.
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Speaker 4: There were some indicators last week again that that inflation
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Speaker 4: is continuing to moderate. There. Again, that doesn't mean prices
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Speaker 4: are going backwards.
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Speaker 3: Never going to happen, never going to happen.
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Speaker 4: To It just means that prices are rising at a
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Speaker 4: more reasonable pace than than than they have in the
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Speaker 4: last few years. And we are now because of that,
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Speaker 4: looking at interest rate cuts, which which is a positive
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Speaker 4: thing for a lot of the sectors that we're talking
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Speaker 4: about where the sector rotation is happening, they are they
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Speaker 4: tend to be bigger dividend payers, technology stocks, things like that.
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Speaker 4: They they tend not to pay dividends. They reinvest back
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Speaker 4: in their in their companies to try to innovate and
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Speaker 4: grow more mature companies. Think about you know, utilities or
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Speaker 4: even real estate companies are income based. If interest rates
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Speaker 4: get cut, those dividend yields look more attractive in relationship
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Speaker 4: and so I think you're seeing some of that play
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Speaker 4: out as well.
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Speaker 3: It's definitely been interesting and to me anyway, and being
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Speaker 3: a lay person, anything I know is just from us
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Speaker 3: doing our shows, but from from my sentiment standpoint, if
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Speaker 3: I was the consumer's sentiment. One thing about the broadening
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Speaker 3: of the market does for me. Sometimes I felt like
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Speaker 3: the like the tech hause that we were having where
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Speaker 3: they were leading so much, was almost like losing weight
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Speaker 3: because you're sick or something. It's like it's it's a
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Speaker 3: good like It's like, oh, I needed to lose this
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Speaker 3: weight anyway, but unfortunately I was doing it because I
6:57
Speaker 3: was ill, you know, and and and and it's not
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Speaker 3: maybe necessarily the best reason. So it was nice that
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Speaker 3: they were kind of carrying the market. But I feel
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Speaker 3: like it's much healthier when it's a when there's a
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Speaker 3: little bit of a broadening of it, then it's not
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Speaker 3: just all the perverbial eggs in one basket. I guess, yeah, no.
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Speaker 4: Doubt it's it's definitely much healthier, and it's it's easier
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Speaker 4: to manage a portfolio. Obviously, not that not that a
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Speaker 4: portfolio necessarily suffers, but when you have narrow leadership, there's
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Speaker 4: a big tendency to want to chase that and people
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Speaker 4: see headlines and say, hey, why is my portfolio not
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Speaker 4: not measuring up to that? Well, because you have a diverse,
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Speaker 4: fied portfolio, hopefully you have a diversified portfolio. Certainly if
7:38
Speaker 4: you're if you're utilizing our services, you have a diversified portfolio,
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Speaker 4: and that's for a reason. That's for long term stability
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Speaker 4: and growth of a a in a measured way. And
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Speaker 4: with one sector gets out of whack, I mean, you
7:55
Speaker 4: can see how quickly it can turn. And so if
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Speaker 4: you're particular in retirement or drawing income off we're close
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Speaker 4: to that, you have to be very careful about chasing
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Speaker 4: those narrow winds in the market and feeling the pressure
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Speaker 4: and to to pull yourself out and chase and deviate
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Speaker 4: from that long term plan. And this kind of proves
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Speaker 4: that that diversification. You know, if if you're in a
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Speaker 4: portfolio where one sector is outgrowing the others, you know,
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Speaker 4: you're the percentage that you have of that inside your
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Speaker 4: diversified portfolio grows, you know you should be harvesting that
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Speaker 4: and redistributing to keep the balance in the portfolio. Don't
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Speaker 4: chase the market. You know, give you know a portfolio,
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Speaker 4: build a portfolio around where you are in your life
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Speaker 4: and what your needs are, and then stick to that
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Speaker 4: and then let the returns come to you rather than
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Speaker 4: chase these sectors. And you can see why that long
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Speaker 4: term makes sense even those short terms sometimes it feels
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Speaker 4: like you're being left out.
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Speaker 3: Yeah, yeah, I can see how if you were only
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Speaker 3: looking at things on that more narrow amount, you know,
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Speaker 3: you might actually think that. But over the long term,
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Speaker 3: that's what you want to really dial into this morning.
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Speaker 3: You can text us questions by the way as well,
9:15
Speaker 3: if you'd like two three zero four nine, three five
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Speaker 3: five zero zero eight three zero four nine, three five
9:19
Speaker 3: five zero or eight. If you have any questions for
9:20
Speaker 3: John Burdett with Fourth Avenue Financial on how you can
9:24
Speaker 3: plan for retirement right how you can do proper financial
9:27
Speaker 3: planning for your life as it is now, you can
9:29
Speaker 3: give a call this morning three zero four, three four
9:31
Speaker 3: five fifty eight fifty eight. I know that we I
9:33
Speaker 3: think we talked about this last week while you were
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Speaker 3: you were gone, but I ran into another situation with this.
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Speaker 3: Actually was on my afternoon show on Hotline with Dave Weekly.
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Speaker 3: We have on Amy Smith from Investors dot Com once
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Speaker 3: a week or so, and Amy where she's not an
9:46
Speaker 3: actual advisor, she can talk about individual stocks and stuff
9:49
Speaker 3: every once in a while. And I just found it
9:51
Speaker 3: was there was a person that was basically holding a
9:54
Speaker 3: real time conversation with her own text about a stock
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Speaker 3: that he was very concerned about. It doesn't really matter
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Speaker 3: WHI stock it was or anything along those lines, But
10:02
Speaker 3: as the conversation was developing and it was a relatively
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Speaker 3: minor stock, I did a little bit of looking up
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Speaker 3: on it and stuff like that. It felt like it
10:08
Speaker 3: was somebody's like fate, like it might have been this
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Speaker 3: listener's favorite, like it was like almost their sacred cow
10:13
Speaker 3: or something like this is the one, like tell me
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Speaker 3: everything I need to know about this, and like they
10:17
Speaker 3: didn't want to get rid of it. You could tell
10:18
Speaker 3: that was the main thing of it. And maybe, and
10:22
Speaker 3: I know that you've talked about that you can create
10:24
Speaker 3: like a like a fund for if somebody wants to
10:26
Speaker 3: play around with their own investments or something like that.
10:28
Speaker 3: There's you know, there's nothing necessarily wrong with that, but
10:30
Speaker 3: you do want to be careful when you really attach
10:33
Speaker 3: into it. And I was thinking more broadly about sectors,
10:35
Speaker 3: like maybe somebody was really into AI at the beginning
10:37
Speaker 3: of the year or something along those lines. You really
10:39
Speaker 3: latch into something like that, you got to be a
10:40
Speaker 3: little bit careful of that, because that thing's not always
10:42
Speaker 3: going to be the girl with the.
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Speaker 4: Girl yeah, well, I mean certainly there's that. And you know,
10:49
Speaker 4: when you when you are are latching onto things, you're
10:54
Speaker 4: emotionally attached to the things, you lose the perspective that
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Speaker 4: you need. You see that sometimes people maybe they inherited
11:04
Speaker 4: stock and and you'll have you know, oh, you know,
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Speaker 4: my dad owned IBM from the sixties or something like that,
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Speaker 4: and and it did so well for them over the years.
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Speaker 4: And then and then you know, the child inherits the
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Speaker 4: stock and there's an emotional attachment to it, and not
11:25
Speaker 4: that necessarily the stock is bad, but you know, it's
11:30
Speaker 4: it's not diversified if it's in one company, and you
11:33
Speaker 4: can see the fates of companies change over time. I mean,
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Speaker 4: you know, Sears used to run the world, right, the
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Speaker 4: retail world, and look where that is. So diversification makes sense.
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Speaker 4: And and sometimes in an inheritance situation like I just mentioned,
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Speaker 4: you also have the advantage at that time of selling
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Speaker 4: that stock with a stepped up cost basis and not
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Speaker 4: not creating a capital gag. And so sometimes that can
12:03
Speaker 4: be the ideal time to make those switches. You know,
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Speaker 4: maybe maybe dad mom didn't want to sell the stock
12:11
Speaker 4: when they had it because they had such a built
12:13
Speaker 4: up gain and didn't want to create a tax bill.
12:16
Speaker 4: But when it passes, you can sell with a stepped
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Speaker 4: up cost spaces and not uh and not incur that
12:22
Speaker 4: capital gain tax. And so those are things to think
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Speaker 4: about and and and of course, you know, I'm sure
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Speaker 4: mom and Dad wants you to be financially sound, wanted
12:32
Speaker 4: you to be financially sound, and hanging all your hopes
12:36
Speaker 4: on one stock and that you're emotionally attached to it
12:40
Speaker 4: is most likely not the not the prudent way to go.
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Speaker 3: Not the best, and not the best at all. It
12:45
Speaker 3: kind of related along those lines. Something else I've been
12:47
Speaker 3: coming across again a lot recently, And I haven't really
12:50
Speaker 3: ran across as much since the meme stock era a
12:52
Speaker 3: couple of years ago, where everybody was doing the game
12:55
Speaker 3: stop and things like that. But I've been seeing so
12:58
Speaker 3: much more like real financial advisors with their financial advisor
13:03
Speaker 3: advice that they give when like their TikTok channel or
13:05
Speaker 3: whatever it is. And man, some of these people like
13:08
Speaker 3: like I say, I don't know anything about anything, but
13:10
Speaker 3: I can watch these things and be like, man, that
13:11
Speaker 3: sounds like a terrible right, you know. I mean, like
13:14
Speaker 3: some of these. Usually they're a little younger. Usually they
13:16
Speaker 3: have some sort of like edgy vibe that they're trying
13:18
Speaker 3: to do, like you do all of this in one
13:19
Speaker 3: hundred percent and the two days you do, and it's like,
13:22
Speaker 3: you know, for whatever process it is that they claim
13:24
Speaker 3: it's going to work, it takes like multi steps of
13:27
Speaker 3: massive movements of like money and different things that you're doing,
13:30
Speaker 3: I mean, just to get ahead or whatever you're planning.
13:33
Speaker 3: And what happens if you miss Thomson, I mean, it
13:35
Speaker 3: just seems like a complete catastrophe to me, ready to happen.
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Speaker 4: Well, you know, that was one of the challenges when
13:42
Speaker 4: I was attempting to do the podcast. You know, I've
13:45
Speaker 4: I did a series of podcasts they're still out there
13:48
Speaker 4: and available called Winning at Wealth. And you know, as
13:52
Speaker 4: a licensed advisor, you have to be careful what you say,
13:56
Speaker 4: what can be construed as advice and that sort of thing.
14:00
Speaker 4: That's why we really don't dive into too many granular
14:04
Speaker 4: situations even on this show, but on the on the internet,
14:09
Speaker 4: if you're not an advisor, if you don't have a license,
14:12
Speaker 4: this is kind of a strange reality. But if you
14:16
Speaker 4: don't have the license, then you don't fall under regulation.
14:23
Speaker 4: So so it's pretty much the wild West out there.
14:26
Speaker 4: Anybody with a with a mic and a camera can
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Speaker 4: can try to build an audience. And and of course,
14:32
Speaker 4: building an audience is not always the same as rendering
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Speaker 4: sound advice.
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Speaker 3: Right right engagement to build your numbers doesn't. It doesn't
14:40
Speaker 3: mean that you've been successful at building somebody's numbers or
14:43
Speaker 3: your own. It just means you're very good at reaching
14:45
Speaker 3: people and making content, whatever that might be. That's right.
14:48
Speaker 3: I just think back to COVID era things and stuff
14:50
Speaker 3: like that, and all the silliness that got out online
14:52
Speaker 3: and things like that. People are very much into their
14:54
Speaker 3: emotions and without somebody like John Frankly to to you know,
14:59
Speaker 3: kind of be that filter or between being overly emotional
15:01
Speaker 3: to your finances and doing the right thing, you could
15:05
Speaker 3: really get. You know, you find that creator that you
15:07
Speaker 3: really like, and boy, they really like their ideas. Maybe
15:09
Speaker 3: their political ideology is just like yours, and so they
15:12
Speaker 3: must know exactly what they're doing. And then before you
15:15
Speaker 3: know it, you're following steps. It's going to put you
15:16
Speaker 3: in some sort of financial peril. You've got to be
15:18
Speaker 3: careful with stuff like that.
15:19
Speaker 4: Yeah, and back to politics. I mean, you know, who
15:23
Speaker 4: knows what's going to happen this year. It's just but
15:26
Speaker 4: we do know one thing. We know that you have
15:30
Speaker 4: your own personal goals, you have your own dreams that
15:33
Speaker 4: you're pursuing, and you have your own strategy, and you
15:37
Speaker 4: control all of those things, and what happens in politics
15:44
Speaker 4: does not change all of those things that are internal
15:46
Speaker 4: and specific to you. Those are the things you need
15:49
Speaker 4: to focus on the things that you can control. And
15:53
Speaker 4: there's just going to be a lot of noise this year. Obviously,
15:56
Speaker 4: there's going to be a lot of noise this year.
15:58
Speaker 4: But you know, the reality is there's nobody from Washington
16:02
Speaker 4: riding in on the white horse going to make your
16:05
Speaker 4: financial life better. You're doing that through your own actions,
16:09
Speaker 4: through your own strategies and pursuing those things, through quality
16:15
Speaker 4: habits that you build over time. And there will be
16:19
Speaker 4: presidential elections, there will be you know, Congress will turn over,
16:24
Speaker 4: there'll be bad earnings from companies from time to time,
16:27
Speaker 4: great earnings from companies from time to time, But that
16:29
Speaker 4: doesn't change the fact that you have to retire, that
16:32
Speaker 4: you have to ensure that hey, I can fulfill the
16:36
Speaker 4: needs and meet the needs that I'm going to have
16:38
Speaker 4: in the future, and that's largely under your control.
16:42
Speaker 3: That's great information and sage advice from John Bredet from
16:46
Speaker 3: Fourth Avenue Financially. We'll go ahead and take our break
16:47
Speaker 3: right now. We'll come back, so plenty of things we
16:49
Speaker 3: want to talk about will transfer over to talking about
16:52
Speaker 3: different things along how you can retire right, how you
16:55
Speaker 3: can manage your financial future, make sure that you're doing
16:57
Speaker 3: so soundly and avoid some of the pitfalls your well
16:59
Speaker 3: and gives a all this morning. Three zer a four
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Speaker 3: three four five fifty eight fifty eight. Three four five
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Speaker 3: fifty eight fifty eight is a number you can text
17:04
Speaker 3: three zero four non three five five zero zero eight
17:06
Speaker 3: for the text line three zero four non three five
17:08
Speaker 3: five zero zero eight. Fourth Avenue Financial is located in
17:11
Speaker 3: downtown Charleston. More information Fourth Avenue Financial dot com. You
17:13
Speaker 3: spellut the whole thing. Fourth Avenue Financial dot com. You
17:16
Speaker 3: can like that on Facebook as well. I'll get their
17:17
Speaker 3: contact information out a little bit later on, so you're
17:20
Speaker 3: not jotting down too many numbers or trying to memorize
17:22
Speaker 3: them in your head. Our number three zer a four
17:24
Speaker 3: three four five fifty eight fifty eight will take a
17:25
Speaker 3: break and be back after this. You're listening to a
17:27
Speaker 3: retire Right Radio with John Bredet for Fourth Avenue Financial.
17:29
Speaker 3: I'm Dell Cooper on five ADWCCHS, The Voice of Charleston.
17:33
Speaker 3: Retire Right Radio was sponsored by Fourth Avenue Financial, which
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Speaker 3: CO Advisors. Fourth Avenue Financial, jw CL Financial and jw
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Speaker 3: CO Advisors are unaffiliated entities. The opinions expressed by John
17:48
Speaker 3: Bredet should not be construed as specific investment, legal, or
17:51
Speaker 3: tax advice. All economic and performance information is historical and
17:54
Speaker 3: not indicative of future results. Investing may involve risk of
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Speaker 3: loss of principle. Any tax advice on this show is
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Speaker 3: not intended to be used by any person for the
18:02
Speaker 3: purpose of avoiding US federal or state tax penalties that
18:05
Speaker 3: may be imposed on such a person, and each listener
18:07
Speaker 3: should seek advice from their tax advisor or legal console
18:11
Speaker 3: when topics that arise from the show. John Burdett is
18:13
Speaker 3: not providing legal or tax advice. Nothing should be construed
18:16
Speaker 3: as solicitation of an offer to buy securities. This program
18:19
Speaker 3: is sponsored by Fourth Avenue Financial, which is solely responsible
18:22
Speaker 3: for its content.
18:23
Speaker 4: Are you changing jobs or gearing up for retirement. Don't
18:26
Speaker 4: navigate your financial journey alone. At Fourth Avenue Financial, we
18:30
Speaker 4: specialize in guiding individuals through life's transitions, from optimizing your
18:34
Speaker 4: retirement savings to managing your investments. We're here to provide
18:38
Speaker 4: expert advice every step of the way. Schedule your free
18:41
Speaker 4: consultation with John Burdette and take control of your financial
18:45
Speaker 4: future today. Fourth Avenue Financial.
18:47
Speaker 2: Dot com Securities offered through jenipu Call Financial Incorporated. Member
18:50
Speaker 2: fin Recipent advisory services offer through jenipuq Advisors Incorporated.
18:54
Speaker 5: Big Lead Pegley Wigley on Spring Street has served three
18:57
Speaker 5: generations of shoppers since nineteen fifty five and is the
19:00
Speaker 5: largest locally owned independent grocery store in the area. The
19:03
Speaker 5: Joseph family owners grew up here, so you know they're
19:05
Speaker 5: invested in the community. They provide the biggest variety of
19:09
Speaker 5: choice maades, the freshest produce and in house deli bakery,
19:12
Speaker 5: great wine selection, and more of your favorite brands. Every
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Speaker 5: purchase gives you gasoline points so you can save at
19:17
Speaker 5: our pumps order online for pickup at big Leipigleywiggiley dot com.
19:21
Speaker 5: Big Leepigleywigily on Spring Street. No one beats the pig.
19:25
Speaker 2: This is retire Right Radio with John Burdett from Fourth
19:29
Speaker 2: Avenue Financial, taking your calls at three oh four three
19:32
Speaker 2: four five fifty eight fifty eight or texts on three
19:36
Speaker 2: oh four ninety three five fifty oh eight.
19:48
Speaker 3: It's about eighteen minutes of the top of the hour.
19:50
Speaker 3: You're listening to retory Right Radio and fab they get
19:52
Speaker 3: them the cehs the voice from Charleston. I'm del Cooper,
19:54
Speaker 3: and get us a call this morning three zero four
19:55
Speaker 3: three four five fifty eight fifty eight. Three zero four
19:57
Speaker 3: three four five fifty eight fifty eight. More information online
20:00
Speaker 3: on about Fourth Avenue Financial. Fourth Avenue Financial dot com
20:02
Speaker 3: located one seventy Court Street, downtown Charleston, s right across
20:05
Speaker 3: from the Town Center Mall. Their phone number three zero
20:07
Speaker 3: four seven four six seven nine seven seven three zero
20:09
Speaker 3: four seven four six seven nine seven seven. Still in
20:12
Speaker 3: the radio this morning for another a little over fifteen minutes.
20:14
Speaker 3: Associate and give us a call at three zero four
20:16
Speaker 3: three four five fifty eight fifty eight. Three zero four
20:19
Speaker 3: three four five fifty eight fifty eight. So we talked
20:22
Speaker 3: a little bit earlier about one of the leading sectors
20:26
Speaker 3: in twenty twenty four. It is when real estate. Real
20:28
Speaker 3: estate has been very high. And I was wondering because
20:31
Speaker 3: that's something that you know, we talk about small business
20:34
Speaker 3: owners and people doing different things, but real estate is
20:36
Speaker 3: something that people a lot of times to get into
20:37
Speaker 3: along with whatever else are doing. They'll have their regular job,
20:40
Speaker 3: their career, they've been doing forever, and they start dipping
20:42
Speaker 3: into different real estate. You might get a duplex here
20:45
Speaker 3: or single family residence here. Is something that you're doing
20:48
Speaker 3: if somebody is looking to make assuming that they're maybe
20:52
Speaker 3: already a client of yours, they got the rest of
20:54
Speaker 3: their financials set to the point where they're pretty comfortable
20:57
Speaker 3: with it, how do you start making maneuvers like that
21:00
Speaker 3: safely in order to make investments in something like real estate,
21:02
Speaker 3: Because I mean you're talking a fairly significant investment for
21:05
Speaker 3: non unoccupied properties, you usually have to have a pretty
21:07
Speaker 3: significant down payment to go in on that. So what's
21:10
Speaker 3: the safe way for someone looking to build in real estate?
21:14
Speaker 4: Well, you're right. With commercial property, you need twenty twenty
21:18
Speaker 4: five percent down, which is considerably more than a unoccupied
21:23
Speaker 4: house that you have to put down, so you have that,
21:27
Speaker 4: I think with real estate, and I know this a
21:30
Speaker 4: little bit firsthand because I have some real estate as well,
21:34
Speaker 4: rental property, residential, commercial, and the stock market is passive,
21:44
Speaker 4: and I think this is what is what has overlooked
21:48
Speaker 4: the real estate that you buy yourself locally. It's not
21:54
Speaker 4: just a numbers game at that point. There is effort involved.
21:59
Speaker 4: You know, you have to maintain the property, you have
22:03
Speaker 4: to get tenants in the property, and problems arise and
22:07
Speaker 4: you have to fix them, that sort of thing. And
22:10
Speaker 4: so I always tell folks, if you're going to buy
22:15
Speaker 4: real estate, make sure you're buying it right and get
22:18
Speaker 4: a return that justifies the effort that you have to
22:24
Speaker 4: put into it as well, because if it doesn't justify it,
22:28
Speaker 4: why not just put it in the market passively. So
22:32
Speaker 4: you know, if you expect long term to get an eight, nine,
22:35
Speaker 4: ten percent rate of return on your market based investments,
22:40
Speaker 4: then you better darnwell get you know, considerably more than
22:45
Speaker 4: that on your real estate that you directly own, because
22:50
Speaker 4: you know you're working there as well. It's not you know,
22:54
Speaker 4: working every day nine to five, but there are efforts
22:59
Speaker 4: that go along with that that you know, a my
23:04
Speaker 4: my sink is stopped up for sure, you know, you know,
23:08
Speaker 4: maybe you go fix that yourself, maybe you call somebody,
23:11
Speaker 4: but either way, you're in charge.
23:13
Speaker 3: Of that, right right, and you could have parts you
23:15
Speaker 3: need to get in things like that. You talk often
23:18
Speaker 3: about your your primary residence being you have to not
23:20
Speaker 3: only look at it as you know, sort of an investment,
23:23
Speaker 3: but it's also a liability because you do have the
23:25
Speaker 3: upkeep and the taxes and everything that you have to
23:27
Speaker 3: put into it. And income properties are that except even
23:31
Speaker 3: more so. I mean you have to be more almost.
23:33
Speaker 4: But at least income property. To me, like your home,
23:38
Speaker 4: your home really represents consumption. You know, you can live
23:42
Speaker 4: in a basic house or you can live in an
23:45
Speaker 4: elaborate home. And they're both houses. They're both shelter essentially,
23:50
Speaker 4: and one shelter costs a lot more than the other shelter,
23:52
Speaker 4: for instance. You know, that's consumption. You're you're deciding how
23:56
Speaker 4: to allocate your dollars into something that you're consuming, you're
24:01
Speaker 4: living in, you're not jenerrying income from it. That's where
24:04
Speaker 4: the real estate, you know, commercial real estate and residential
24:09
Speaker 4: rental real estate, it is more of an investment because
24:14
Speaker 4: you're not consuming that at all. You know, for your
24:17
Speaker 4: own house. Yes, let's say you buy a house for
24:20
Speaker 4: two hundred thousand and twenty years from now you sell
24:22
Speaker 4: it for three hundred thousand. Well that's great, but you
24:25
Speaker 4: still have to live somewhere. So you sell it for
24:28
Speaker 4: three hundred thousand, what are you going to buy. You're
24:30
Speaker 4: probably not going to buy anything comparable for much less
24:34
Speaker 4: than three hundred thousand. So in order for you to
24:37
Speaker 4: realize the gain on that, you have to downsize your
24:40
Speaker 4: lifestyle by taking a smaller house to realize the gain. Well,
24:49
Speaker 4: what kind of quality investment makes you downsize your lifestyle.
24:53
Speaker 4: That's a great point, you know, where if you spent
24:56
Speaker 4: two hundred thousand dollars on a rental property and down
25:01
Speaker 4: the road it sells for three hundred thousands, you can
25:06
Speaker 4: do whatever you want.
25:06
Speaker 3: With Yeah, that doesn't affect you.
25:08
Speaker 4: You're not consuming that at all.
25:10
Speaker 3: That's a great point.
25:11
Speaker 4: And so so they're entirely two different things. That doesn't
25:15
Speaker 4: mean you should have known a home, you know, it's
25:17
Speaker 4: I'm not saying that at all, But don't confuse the
25:20
Speaker 4: fact that I'm going to buy more of a house
25:22
Speaker 4: to live in, because it's an investment for me. It
25:26
Speaker 4: really isn't a duplex is you know, is an investment
25:32
Speaker 4: for you? Somebody else is paying for that. You know,
25:35
Speaker 4: you are basically managing that investment, but somebody else is
25:39
Speaker 4: paying for it, building the equity, and when it's sold,
25:43
Speaker 4: if you elect to sell it, the cash is available
25:46
Speaker 4: to you for any other purpose, unlike your home equity.
25:50
Speaker 3: Yeah, that makes such great, It makes it a lot
25:53
Speaker 3: more makes that as an investment, It makes it a
25:57
Speaker 3: lot more flexible because you're not tied into it, into
25:59
Speaker 3: the place that you're living, you know, I mean, you
26:01
Speaker 3: could have two hundred thousand dollars of equity in your home,
26:03
Speaker 3: but it doesn't mean anything if you can't access it
26:06
Speaker 3: or if you're you know, I mean.
26:07
Speaker 4: You know, it's a number on a balance sheet. It's
26:09
Speaker 4: an asset, but it's not You can't generate income off
26:13
Speaker 4: of it to provide for a retirement, for instance.
26:17
Speaker 3: So when somebody if they're getting into real estate, and
26:19
Speaker 3: as you talked about, you have to you have to
26:23
Speaker 3: have to keep up, keep up with the real estate
26:24
Speaker 3: and things like that. How do you manage your finances
26:26
Speaker 3: as far as a good calculation, I should be setting
26:29
Speaker 3: aside a certain ratio to the value or the cost
26:33
Speaker 3: or like. However you decide what you need to create
26:36
Speaker 3: for your real estate, I guess account because you need
26:38
Speaker 3: to have something where you're funding the repair and the
26:41
Speaker 3: maintenance and stuff like that out of I guess.
26:43
Speaker 4: Yes, I mean that is that is something going back
26:48
Speaker 4: to one of the points we made earlier about social
26:51
Speaker 4: media and bloggers and people that are get rich quick
26:55
Speaker 4: trying to build the audiences. You frequently will see them
26:59
Speaker 4: talk about real ESTs state because you know, a lot
27:01
Speaker 4: of people think real estate is great because of the
27:04
Speaker 4: leverage component. You don't have to have a lot of money,
27:08
Speaker 4: you know, comparatively speaking, to control a large asset, and
27:12
Speaker 4: then if that asset goes up in value, your your
27:15
Speaker 4: return is great because it's based on your down payment
27:20
Speaker 4: versus the the total value your credit the absolutely so,
27:25
Speaker 4: so you know you'll see these things online that you know,
27:30
Speaker 4: I just would caution you. You know, if you buy a
27:34
Speaker 4: place and you're taking a mortgage out on it and
27:38
Speaker 4: you don't have the capacity to pay for it yourself,
27:42
Speaker 4: if something goes wrong, then you've put your whole financial
27:47
Speaker 4: future into the tenant's ability to pay.
27:52
Speaker 3: That I've seen this happen so many times.
27:55
Speaker 4: Yeah, you better darn well. No, that's a good tenant
27:58
Speaker 4: right where you need to be financially strong enough to
28:02
Speaker 4: take that risk on because it is a risk. And
28:08
Speaker 4: you know, if you're depending entirely on a tenant, then
28:12
Speaker 4: your financial future is not in your hands anymore. You've
28:15
Speaker 4: placed it into a person that can't buy his own home,
28:19
Speaker 4: right right, I mean to to you know, to when
28:22
Speaker 4: you really think about that, your whole financial future if
28:26
Speaker 4: you've let yourself get in that situation, is tied to
28:30
Speaker 4: someone that you have no control.
28:32
Speaker 3: Over and you need them to make the payment in
28:34
Speaker 3: it eliminates you're for med. It'll make the right decision
28:37
Speaker 3: a lot of times because you have you have a
28:38
Speaker 3: tenant in there that maybe they'll make the payment next
28:41
Speaker 3: month and maybe you'll get closer to me and right
28:43
Speaker 3: the right thing that you would probably be doing a
28:45
Speaker 3: victim and get somebody in there that could pay. But
28:47
Speaker 3: then you know that you're thirty sixty ninety days away
28:49
Speaker 3: from getting any income on the property and you can't
28:52
Speaker 3: do that. That's a trouble situation to be And if
28:54
Speaker 3: you can't fund that yourself.
28:55
Speaker 4: Yes, so you have to be financially strong, you know.
29:00
Speaker 4: Now have people done it with with no money and
29:04
Speaker 4: managed it correctly? And and and can you see thread
29:07
Speaker 4: that needle? Maybe sometimes, but it's still not in your control.
29:11
Speaker 4: I mean, you don't control if a tree falls on
29:12
Speaker 4: the house. You don't control all kinds of things that
29:15
Speaker 4: that could go wrong. And and if you if you
29:19
Speaker 4: do it just because it might work, you know, you
29:25
Speaker 4: don't want to your future tied to luck essentially, which
29:30
Speaker 4: which you know a lot of that would be because
29:34
Speaker 4: you don't know when these things are going to happen.
29:36
Speaker 4: That's why they're called emergency emergency funds.
29:40
Speaker 3: You know.
29:41
Speaker 4: The reality is that. I mean I can tell you
29:44
Speaker 4: stories that I've had. I had a guy once that
29:47
Speaker 4: stopped paying in a house, and uh, it took months
29:51
Speaker 4: to get to get the guy out of the house.
29:54
Speaker 4: When I finally got repossession of the house, the sink
29:59
Speaker 4: was missing, the fawcets were gone, I mean, the cabinets
30:04
Speaker 4: were in the ad bullet and the old add paper
30:06
Speaker 4: ad bullet and for sale. I mean, he was stripping
30:09
Speaker 4: the house out before. You know, if you don't have
30:15
Speaker 4: the financial ability to deal with that. That's a major
30:18
Speaker 4: major problem. And so those are the things that they
30:22
Speaker 4: don't happen very often, but it does happen, and until
30:28
Speaker 4: you can get to a scale where it becomes a
30:30
Speaker 4: numbers game, you're taking a lot of risk on if
30:33
Speaker 4: you don't have financial wherewithal deal with it.
30:36
Speaker 3: This isn't really what we're talking about, but just as
30:37
Speaker 3: a commentary thing, this is really the needle that you
30:41
Speaker 3: try to thread when it comes to like landlord rights
30:44
Speaker 3: and resident rights because people you hear people talk about
30:47
Speaker 3: all the time how landlords can be abusive or whatever else. Sure,
30:51
Speaker 3: maybe I understand that there's always bad apples that do things,
30:54
Speaker 3: just like there's bad renters that will do things as well.
30:56
Speaker 3: But when somebody's making an investment into a property right
30:59
Speaker 3: that you have to be able to give that person
31:01
Speaker 3: pretty strong legal rights to protect their property because this
31:05
Speaker 3: exact situation that you're talking about can happen somebody gets
31:08
Speaker 3: in that property and abuses it, uses the legal system
31:10
Speaker 3: to stretch out the amount of time that they can
31:12
Speaker 3: stay in it before they have to leave the property.
31:15
Speaker 3: That could put the owner or the actual owner of
31:17
Speaker 3: the property, and real financial problems you have to have
31:19
Speaker 3: some sort of recourse from that. Yeah, you know, and
31:21
Speaker 3: people will game the system. I mean, there are innocent
31:24
Speaker 3: people out there where they get sucked up in it,
31:25
Speaker 3: that's true. But there's also people that absolutely abuse the
31:28
Speaker 3: system and they can hurt the owner in that case.
31:31
Speaker 4: Yeah, and you know, there again we're off subject a
31:36
Speaker 4: little bit. But as you know, as a landlord, there
31:39
Speaker 4: are many times when like, hey, you know, if you
31:43
Speaker 4: can't pay, it does mean no good to try to
31:46
Speaker 4: pursue that person. Right, if you own a property and
31:50
Speaker 4: somebody can't pay, well, they can't pay, you know, the
31:54
Speaker 4: best thing to do at that point is find a
31:57
Speaker 4: solution to get them out amicably. And there again, you
32:04
Speaker 4: have to have enough financial wherewithal to be able to
32:06
Speaker 4: make that transition and make that happen. So, you know,
32:10
Speaker 4: real estate is a great investment, but it's not a
32:12
Speaker 4: passive investment and you have to manage it. It can
32:16
Speaker 4: be a disaster if it's not managed properly.
32:19
Speaker 3: In real estate is just one of those areas where
32:21
Speaker 3: everybody has an atypical investment. In financial lifestyle, everybody has
32:26
Speaker 3: a different solution that you need to find, or a
32:28
Speaker 3: different situation they need to find a solution for Maybe
32:30
Speaker 3: it's real estate, maybe it's collectibles, maybe it's any number
32:33
Speaker 3: of things. Maybe you're self employed, or you have a
32:35
Speaker 3: combo job where you work full time and also do
32:38
Speaker 3: ubers or something like that, or you have a situation
32:41
Speaker 3: where you have a large family and you're trying to
32:43
Speaker 3: fund colleges for multiple people. Whatever your situation is, it
32:47
Speaker 3: is unique to you, but it's also one that could
32:49
Speaker 3: be helped with some professional advice. And that's where financial
32:53
Speaker 3: planning and having a advisor in your life is going
32:56
Speaker 3: to help you get through all of these different things
32:58
Speaker 3: as that's happening. If you are a little bit to
33:00
Speaker 3: headline ready, you're reading the headlines and it puts you
33:02
Speaker 3: into a puts you into like an emotional state because
33:05
Speaker 3: of where your investments are. Chances are maybe they're not
33:08
Speaker 3: where they're supposed to be because that you shouldn't have
33:10
Speaker 3: that effect, and so maybe that means it's time for
33:12
Speaker 3: you to reach out to a financial advisor. Reach out
33:14
Speaker 3: to Fourth Avenue Financial, where John can help you to
33:17
Speaker 3: get situation to make you feel a little bit better,
33:19
Speaker 3: demystify the whole thing, make it relatable to you, and
33:22
Speaker 3: get you set right for your financial future in retirement,
33:25
Speaker 3: so you can. We still have a minute or two
33:26
Speaker 3: left this morning if you want to give us a
33:28
Speaker 3: call three zero four three four five fifty eight fifty eight.
33:30
Speaker 3: Three zero four three four five fifty eight fifty eight.
33:32
Speaker 3: You can also have find out more informational line fourth
33:33
Speaker 3: Avenue Financial dot Com where you spell out the whole thing.
33:36
Speaker 3: Fourth Avenue Financial dot Com located one seventy Court Street,
33:39
Speaker 3: Downtown Charles and their phone number three zero four seven
33:41
Speaker 3: four six seven non seven seven three zero four seven
33:43
Speaker 3: four six seven nine seven seven.
33:47
Speaker 4: Yeah. Well, well, I don't know if if you had
33:49
Speaker 4: a question, but I was going to mention before we
33:51
Speaker 4: got out of here. My wife is opening up an
33:56
Speaker 4: antique mam noll.
33:57
Speaker 3: The big day's coming.
33:58
Speaker 4: The big day is coming Thursday.
34:00
Speaker 3: No way that soon?
34:01
Speaker 4: Yeah, yeah, on on on the first So it's called
34:05
Speaker 4: Vintage and von Mercantile. It's on six O nine D
34:09
Speaker 4: Street in South Charles Street. It's ten thousand square feet there.
34:13
Speaker 4: There's two floors, five thousand square feet on each floor.
34:17
Speaker 4: There are approximately fifty different vendors. Wow, it's fill filled
34:24
Speaker 4: up nicely and and you'll find almost anything you can
34:31
Speaker 4: imagine in there. You know, with that many vendors, with
34:34
Speaker 4: that many different focuses, you're gonna find a little bit
34:37
Speaker 4: of everything. I've done a lot of labor on this
34:40
Speaker 4: podcact myself.
34:41
Speaker 3: You know.
34:41
Speaker 4: My wife comes up with ideas and she moves her
34:44
Speaker 4: finger around like a magic wand and then and then
34:47
Speaker 4: I end up doing it right. That's how it works
34:52
Speaker 4: a lot of organ I'm sure. But but in return
34:56
Speaker 4: for that, I even got a little section of the
34:58
Speaker 4: store for myself. I him, as we've talked about before,
35:02
Speaker 4: a music lover, and I'm putting a record section in
35:06
Speaker 4: the back there.
35:07
Speaker 3: That's awesome.
35:08
Speaker 4: I'm going to have, you know, in our spare time,
35:11
Speaker 4: I'm going to be able to go spend some tunes
35:13
Speaker 4: and you can come down and see us there and uh,
35:17
Speaker 4: you know, find some vinyl.
35:18
Speaker 3: I should get. I'm going to have to tell weekly
35:20
Speaker 3: for sure, because he's a huge vinyl guy as well,
35:23
Speaker 3: and I know that he'll be down there. He's always
35:25
Speaker 3: posting his vinyl fines. You guys are similar in that regard.
35:27
Speaker 3: I always hear about your all his vinyl fines on
35:29
Speaker 3: the weekends and stuff when I come in on Monday.
35:31
Speaker 3: So that's that's a matchmate and have. So that's going
35:33
Speaker 3: to be six on nine D Street, six D Street
35:36
Speaker 3: Thursday morning.
35:37
Speaker 4: South Charleston. Yeah, Thursday, the ribbon cutting.
35:39
Speaker 5: Uh.
35:39
Speaker 4: I think the mayor is going to be there at
35:41
Speaker 4: ten ten am, I believe, and and then V one
35:46
Speaker 4: hundred Jenny's coming at in the evening and he's going
35:50
Speaker 4: to do a remote for us.
35:51
Speaker 3: So fantastic.
35:52
Speaker 4: Yeah, yeah, it's it's a big day. So I just
35:54
Speaker 4: wanted to give her a shout out and hope to
35:57
Speaker 4: see people down there.
35:59
Speaker 3: Those when you launch your your business and it's u
36:03
Speaker 3: and it's a kind of a passion play something you've
36:06
Speaker 3: been really working on for a long time, putting it
36:07
Speaker 3: together stuff, and it's a big moment when you finally
36:09
Speaker 3: open those doors and think and people start coming in
36:12
Speaker 3: and when it's a retail adventure sort of retailish, I guess, uh, yeah,
36:16
Speaker 3: it's it's a it's a good feeling, you know, it's
36:18
Speaker 3: a good feeling to finally see that project come in.
36:20
Speaker 4: Well, the the you know, the space is filling up nicely.
36:23
Speaker 4: And yes, it's it was a blank slate when we
36:28
Speaker 4: got the building and uh, and we pretty much started
36:31
Speaker 4: over and filled it out and it's it's looking good.
36:34
Speaker 3: So what's the name of it again.
36:36
Speaker 4: Vintage and Vines Mercantile.
36:39
Speaker 3: Vintage and Vines Mercantile. That's going to be Thursdays going
36:41
Speaker 3: to be the grand opening at six oh nine d
36:43
Speaker 3: Street in South Charleston, so you can check that out.
36:46
Speaker 3: The one hundred will be over there a little bit
36:47
Speaker 3: later on in the afternoon and a reven cutting at ten
36:49
Speaker 3: o'clock with the mayor. That's awesome stuff, man, Yeah, good deal.
36:52
Speaker 3: That's congratulations to you, to you and your wife for that.
36:54
Speaker 3: That's a job for dat for Fourth Avenue Financial. Make
36:57
Speaker 3: sure you get the information out to you one more time.
36:58
Speaker 3: Fourth Avenue Financial. You can find the information online. It's
37:02
Speaker 3: fourth Avenue Financial dot com. Fourth Avenue Financial dot com
37:04
Speaker 3: located one seventy Court Street, Downtown Charleston. You can you
37:08
Speaker 3: can also find him on Facebook at fourth Avenue Financial
37:11
Speaker 3: dot com and uh and like the page over there
37:14
Speaker 3: for that. We have a show over here every Monday
37:17
Speaker 3: morning at eight twenty four retire Right Radio. You can
37:19
Speaker 3: find out more information or listen to past shows online
37:22
Speaker 3: at WCHS network dot com slash retire Right, WCHS network
37:26
Speaker 3: dot com slash retire, right, John, that'll do it for
37:28
Speaker 3: us for today. You will be back here next Monday. Yes,
37:30
Speaker 3: you have to let us know how their grand opening goes.
37:32
Speaker 4: Oh, definitely will. Let's let's take care.
37:34
Speaker 3: That's John bradad Mdel Cooper, Dave Allan on five A
37:36
Speaker 3: Live is coming up next. Have a great day everyone.
37:38
Speaker 3: On five AD w c HS The Boys of Charleston.
37:48
Speaker 2: Five eight WCHSA ninety six point five on Charleston one
37:51
Speaker 2: oh four point five Cross Lane WUVRC Media Station. We're
37:57
Speaker 2: proud to live here too,