Latest / WCHS Network Podcasts / 08-19-2024 Retire Right Radio with John Burdette

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08-19-2024 Retire Right Radio with John Burdette · WCHS Network Podcasts

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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,
0:22
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 rite. 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 Verde
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Speaker 2: from Fourth Avenue Financial.
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Speaker 3: Plus Monday Morning Too. You're listening to ask the expert.
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Speaker 3: Retire Right Radio edition on Monday Morning five HS the
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Speaker 3: Boys and Charles and I'm del Cooper. Well. Being back
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Speaker 3: into the studio's been a lesses. We see each other,
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Speaker 3: I think, John, with my time off and your time
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Speaker 3: away and back and forth a little bit, I think
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Speaker 3: it's first time seening each other in a while. Howre
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Speaker 3: you doing this morning, I'm doing great.
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Speaker 4: Yeah, I guess well. Last week I was in Boston
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Speaker 4: right right up to the A meeting at the Fidelity headquarters,
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Speaker 4: which you know, Boston's a nice town, and the weather
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Speaker 4: was perfect. I mean it was just perfect.
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Speaker 3: I've always wanted to go back to Boston. I drove
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Speaker 3: through once on the way to somewhere else, and it's
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Speaker 3: one of those things where you think, oh, I'll be
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Speaker 3: back in this part of the country at some point
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Speaker 3: in time. I never have been. So I drove by Boston.
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Speaker 3: Saw Fenway from like kind of a passing biotype situation
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Speaker 3: that was about it.
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Speaker 4: Actually got to go to Fenway and I got to
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Speaker 4: climb on the Green Monster, and you know, did the
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Speaker 4: whole tour of the back tour of it.
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Speaker 3: That's great.
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Speaker 4: Those really really fun.
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Speaker 3: It's a hallowed hall, that is for sure as far
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Speaker 3: as baseball goes.
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Speaker 4: Yeah, thing and talking about inflation. I was looking. The
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Speaker 4: ballpark was built I think in nineteen eleven and twelve.
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Speaker 4: Any venture I guess on how much it costs to
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Speaker 4: build the thing?
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Speaker 3: Oh, let's see thirty dollars, Well six six hundred fifty thousands,
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Speaker 3: so it wasn't not quite that much.
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Speaker 4: But six fifty I thought that was yeah, that's yeah.
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Speaker 3: It's tens of billions stillions.
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Speaker 4: And billions today. I mean, can you imagine just the
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Speaker 4: land that that park sets on. Can you imagine?
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Speaker 3: Oh? Yeah, right, yeah, that's insane. That's insane, man, it's
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Speaker 3: it is. It is a nice sound. What kind of meeting?
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Speaker 3: Was it just just like like a continuing education type.
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Speaker 4: Thing, or well, not really continuing education. We use you know,
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Speaker 4: a lot of the Fidelity software in the practice, and
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Speaker 4: it was it was basically just some training on software
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Speaker 4: that they have recently introduced. And you know, they have
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Speaker 4: a lot of a lot of neat things in that
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Speaker 4: Fidelity headquarters. They have a room it's called the chart room,
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Speaker 4: and essentially it's it's charts, I mean the size of
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Speaker 4: you know, thirty feet long, and they update it every
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Speaker 4: month with the market action, and they overlay all kinds
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Speaker 4: of data on that chart, and it's just really interesting
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Speaker 4: to see going back to the beginning of the stock
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Speaker 4: market and wow, and you know, you can really see,
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Speaker 4: you know, how different events have affected or not affected
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Speaker 4: the market and inflation and and and even deflation. It's
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Speaker 4: really interesting to see on that chart the inflation over
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Speaker 4: time and deflation, which is something that we're very unfamiliar with.
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Speaker 4: The actual falling of prices used to happen quite a bit.
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Speaker 4: Used to happen quite a bit. There were these big
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Speaker 4: cycles of booms and bus and uh. Really since we well,
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Speaker 4: when you look at the charts, it seems like when
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Speaker 4: we kind of broke away from the the uh gold
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Speaker 4: standard and and and things of that nature, pretty much
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Speaker 4: inflation is the is the you know, just normal course
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Speaker 4: now because you can just print money.
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Speaker 3: Right, I guess yes, that makes sense. Uh, I know
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Speaker 3: that it's uh, it's interesting that, uh, during this course
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Speaker 3: of this ongoing discourse about inflation and where people have
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Speaker 3: their their own opinions or whatever, it seems like that
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Speaker 3: that one of the things that you see quite often
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Speaker 3: is somebody talking about, well, if you look at the
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Speaker 3: prices of so and so now over what it was
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Speaker 3: a year ago, or two years ago, the prices have
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Speaker 3: gone up and they're not really giving a denominator to that,
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Speaker 3: and people are like, yeah, that's always right, yeah right.
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Speaker 3: I mean, there hasn't been a year in modernity that
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Speaker 3: you've gone from one year to the next where the
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Speaker 3: prices didn't go up in some way, shape or for because
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Speaker 3: inflation rests around that two percent period and so it
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Speaker 3: always goes up to some degree. I think you have
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Speaker 3: people to like add the inflation together every year it's like,
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Speaker 3: well it's gone up to it's gone up three percent
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Speaker 3: every year for four years. That's inflation's up twelve percent. Well,
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Speaker 3: if that's the case, then it goes up two percent
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Speaker 3: every year before, you know, I mean, if you're you
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Speaker 3: got to compare apples to apples when you when you
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Speaker 3: do things like.
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Speaker 4: That, Yeah, you know that that is. And of course,
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Speaker 4: the inflation numbers last week came in pretty pretty nice.
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Speaker 4: I mean they were a little less than expected, and
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Speaker 4: our inflation eighte is is now you know, hovering around
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Speaker 4: three of you know, two point nine to three somewhere
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Speaker 4: in that range, and there's some still some expectations that's
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Speaker 4: going to moderate as more of these housing numbers filter
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Speaker 4: through those are really lagging into into that number, which
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Speaker 4: sets the fed up for rake cuts real soon.
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Speaker 3: Let's hope that that happens. If you have any if
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Speaker 3: you have any questions this morning, of course, how you
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Speaker 3: can retire right, how you can put the power of
5:58
Speaker 3: compound interest on your side, among other things. Gives a
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Speaker 3: call this morning. Three z are a four three four
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Speaker 3: five fifty fifty eight. Threes are a four three four
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Speaker 3: five fifty to fifty eight. You want to talk to John
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Speaker 3: ber Debt for Fourth Avenue Financial. Find out more information
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Speaker 3: online Fourth Avenue Financial dot com and Fourth Avenue Financial
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Speaker 3: on Facebook. You spell off the whole thing Fourth Avenue Financial.
6:12
Speaker 3: You can find it that way. Give us call this
6:14
Speaker 3: morning three zero four three four five fifty eight fifty eight.
6:16
Speaker 3: You can text three zero four non three five five
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Speaker 3: zero zero eight and get your questions in over for John.
6:21
Speaker 3: This kind of dovetails nicely into what we talk about
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Speaker 3: every week when we first kind of kick off the show.
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Speaker 3: Didn't have a show last week. I missed the one
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Speaker 3: before that, which I think would have been the show
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Speaker 3: where we had the Monday bloodbath, and we had the
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Speaker 3: drawback for a little while, and I did go back.
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Speaker 3: You and Jeff did the show in that morning, and
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Speaker 3: of course the thing that you always want to roll
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Speaker 3: out there is just keep your powder dry. You know.
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Speaker 3: There's a lot of people that the clown themselves with
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Speaker 3: announcing certain emphatics with a one day drawback, and it
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Speaker 3: ended up not coming to pass. Right.
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Speaker 4: Yeah, the market is not quite back up to the
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Speaker 4: to the all time high, but it turned out to
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Speaker 4: be a short term swoon.
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Speaker 3: It was.
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Speaker 4: It was deep the stocks, I mean the tech stocks.
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Speaker 4: Actually we're in correction territory, so which is a decline
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Speaker 4: of timber center more. And but quickly they have they
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Speaker 4: have bounced, and uh, you know, last week was really
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Speaker 4: the best week the markets had in a year. And
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Speaker 4: and like you say, we're within a few hundred points
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Speaker 4: of the Dow from being.
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Speaker 3: Back at record highs from a and of course that's
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Speaker 3: a big speed bump in our recent past. But again
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Speaker 3: one of those things we tell us about. Enough, it's
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Speaker 3: just another step along the way. As as the market
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Speaker 3: overall value keeps one creeping up. I mean, that's what
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Speaker 3: we see historically and what we continue to see. Yeah.
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Speaker 4: Yeah, and we have a scenario here where the FED
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Speaker 4: is is you know, the wind is behind the sales,
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Speaker 4: so to speak. You know, the FED is finished raising
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Speaker 4: rates and now it's just a question of how many
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Speaker 4: rate cuts and how quickly will they come. There's there's
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Speaker 4: a meeting coming up shortly. I can't remember the dates exactly,
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Speaker 4: but the fedwell, I think it's the Jackson Hole meeting
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Speaker 4: that they have every year, and and uh, there's an
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Speaker 4: expectation that they'll signal that, hey, when we meet again
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Speaker 4: in September, we're gonna we're gonna cut raids.
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Speaker 3: Just briefly, what's up with Jackson Hole place? The reason
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Speaker 3: I asked that is when I first started working in
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Speaker 3: the radio, we had I had a co worker here
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Speaker 3: named Christy NPR for a long time. I don't know
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Speaker 3: if Christie is still around, and not Christy if you're
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Speaker 3: out there high, but christyuh lived in Jackson Hole for
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Speaker 3: a while and she was Harrison Ford's nanny, okay, and uh,
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Speaker 3: and I've come to find out after that that there's
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Speaker 3: like a depository of wealth in Jackson Hole. For whatever reason.
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Speaker 3: It's like why Jackson Hall. I had no idea a lot.
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Speaker 4: I guess it's it's it's pretty out there.
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Speaker 3: I don't know.
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Speaker 4: I mean, I think there are some uh some really
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Speaker 4: nice developments and resorts and things like that. It's it's
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Speaker 4: sort of like you know Aspen or or you know,
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Speaker 4: something like that.
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Speaker 3: I think I wonder if that was never been because
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Speaker 3: that was like thirty five years ago. Has has the
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Speaker 3: FED always met out there? I wonder if that was
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Speaker 3: like a precursor. If I was like a really savvy investor.
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Speaker 4: I don't know, so.
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Speaker 3: Little has a house here, Maybe I should look into
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Speaker 3: getting some land out here. And then who knows what
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Speaker 3: would have happened today?
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Speaker 4: Right, Yeah, who knows? Who knows? But speaking of Harrison Ford,
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Speaker 4: I heard it in the radio coming in that his
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Speaker 4: Indiana Jones hat was auctioned off. Oh my goodness, did
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Speaker 4: you hear it?
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Speaker 3: No? I didn't hear that. What did that go for?
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Speaker 3: Did we hear?
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Speaker 4: Six hundred and fifty thousand? Wow?
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Speaker 3: Wow? Man? Almost three quarters of a million dollars for
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Speaker 3: that half for a hat?
9:38
Speaker 4: Yeah?
9:38
Speaker 3: And I when I was in South America, I was
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Speaker 3: on a mission to find a hat that looked like that. Yeah,
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Speaker 3: Like I wanted that hat to wear around when I
9:44
Speaker 3: was like in the rainforest or whatever else. I probably
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Speaker 3: found one. I finally found one.
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Speaker 4: Speaking of hats, and we're off subject now, sorry, but
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Speaker 4: I I I read an article it's been a couple
9:54
Speaker 4: of years ago now that this guy bought one of
9:57
Speaker 4: Napoleon's tricorn hat.
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Speaker 3: These all always a picture in no way.
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Speaker 4: Yeah, And he was one of these eccentric tech billionaires
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Speaker 4: or something, and and I think it was, you know,
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Speaker 4: approaching a million dollars is what he paid for this hat.
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Speaker 4: And he actually wore it to his own wedding.
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Speaker 3: Oh my goodness, gracious wow. I mean, I guess you
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Speaker 3: got the money. I mean, what what functional use does
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Speaker 3: it actually have? Anyway? I guess if you want to
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Speaker 3: buy it for that, why not?
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Speaker 4: You know, can you imagine the wedding pictures? Though, I'm
10:27
Speaker 4: sure I'm sure is now. Wife was like, what are
10:29
Speaker 4: you doing?
10:29
Speaker 3: We I thought it was usually Bridezilla and not like
10:32
Speaker 3: general Groom. I don't know what it's all about. Once
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Speaker 3: again goes to call this morning three zerre four three
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Speaker 3: four five fifty eight fifty eight three zero four three
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Speaker 3: four five fifty to fifteen. But when you so if
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Speaker 3: they were talking about the potential and we're in the
10:44
Speaker 3: where all the indicators, all the headwinds. As you said
10:46
Speaker 3: that we might be seeing an interest rate cut. Now
10:48
Speaker 3: we've talked about on this program before how the different
10:51
Speaker 3: background of the interest rates will either make certain tools
10:55
Speaker 3: in the investors toolbox greater or maybe a little less end.
10:58
Speaker 3: But when you when you do tap into those things,
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Speaker 3: they're set for a certain amount of time. So just
11:03
Speaker 3: because there's going to be potentially a rate cut, that
11:05
Speaker 3: doesn't mean all those investments that you made based on
11:07
Speaker 3: other rates are suddenly going to be no good. You
11:09
Speaker 3: may want to look at something else when your rates
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Speaker 3: when those things come for renew or something like that,
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Speaker 3: but your rates aren't just going to pulled out from
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Speaker 3: under you.
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Speaker 4: So the first thing you'll notice when the rates begin
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Speaker 4: to be cut, you know, if you have cash and
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Speaker 4: money markets short term CDs, you'll notice very very quickly
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Speaker 4: that the rates are not going to be as good
11:26
Speaker 4: when you renew those. Sure that those are going to
11:29
Speaker 4: be the first places that you're going to notice that.
11:33
Speaker 4: You know, how do you get around that, Well, you
11:35
Speaker 4: really don't pull in the short term money. That's just
11:38
Speaker 4: what's going to happen. You know, in your portfolio. You
11:42
Speaker 4: can go out a little longer on the yield curve.
11:45
Speaker 4: But you know, in other words, instead of buying a
11:47
Speaker 4: three or six month, you can go out and buy
11:50
Speaker 4: longer term, longer maturities and try to lock higher rates in.
11:53
Speaker 4: Although some of those have already adjusted to a degree
11:56
Speaker 4: in anticipation of rate cuts, but still may be some
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Speaker 4: opportunity on down the yield curve. And as as you uh,
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Speaker 4: as you go out and allocate, reallocate, like you say,
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Speaker 4: there are certainly when rates are cut, you're going to
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Speaker 4: see most likely mortgage rates begin to drift down. So
12:18
Speaker 4: we'll see how that affects the housing market. And uh,
12:24
Speaker 4: you know, the stock market also usually benefits from from
12:31
Speaker 4: I guess easy money or or or low borrowing costs
12:36
Speaker 4: for a couple of reasons. One, if a company needs
12:39
Speaker 4: to borrow money to expand or or in their operations,
12:42
Speaker 4: it's cheaper to do that when the interest rates are lower. Also,
12:47
Speaker 4: you have income or in an investors and you know,
12:51
Speaker 4: think of high dividend paying stocks that are that are
12:54
Speaker 4: out there. You know, people are buying those stocks a
12:57
Speaker 4: lot of times for the yield, for the for the
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Speaker 4: dividend yield, and if the prevailing interest rates are lower,
13:05
Speaker 4: they are more attractive because the yields are relatively higher.
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Speaker 4: Even if they're the same, they're relatively higher in the
13:12
Speaker 4: market and tend to attract more investors.
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Speaker 3: I mean, as we discuss these things, and this is
13:18
Speaker 3: you know, sometimes I get into the minutia of what
13:21
Speaker 3: we discussed and I get very interested in that, and
13:23
Speaker 3: as we talk about it, I realize it's very it
13:26
Speaker 3: can be very complicated. You're really threading a needle in there.
13:28
Speaker 3: And then I think, well, that's why we do the
13:30
Speaker 3: show because I don't have to worry about those things.
13:32
Speaker 3: I don't have to worry about knowing all of this
13:33
Speaker 3: in the background, or knowing the context or the history
13:35
Speaker 3: of these things. So that's what somebody comes to you for.
13:37
Speaker 3: I mean, you you have that knowledge and you're able
13:41
Speaker 3: to make recommendations and adjustments based on that. So somebody
13:44
Speaker 3: doesn't have to worry about, Hey, what do I need
13:45
Speaker 3: to learn about right now? The interest rates are going
13:47
Speaker 3: to be cut? What's that going to mean for what
13:49
Speaker 3: tools are available for me? You know, you call up
13:52
Speaker 3: John and you say, hey, okay, we need to take
13:54
Speaker 3: a look at what we're going to do, or maybe
13:55
Speaker 3: that's something that comes up in a look back or
13:57
Speaker 3: something like that. But those are things that having somebody
14:00
Speaker 3: that helps plan for your financial future, that helps you retire, right,
14:03
Speaker 3: those are the things that you get help with. You
14:05
Speaker 3: don't have to figure out all this stuff on your own.
14:07
Speaker 3: Figure out what the best investment is going to be,
14:09
Speaker 3: what does it mean in a changing landscape, or interest
14:11
Speaker 3: rates are going to be dropping or there's gonna be
14:13
Speaker 3: different things you don't have to worry about all that.
14:15
Speaker 3: You don't have to worry about how to set an
14:17
Speaker 3: arm when you break your arm and you go to
14:18
Speaker 3: the doctor. You know, you don't you don't try to
14:21
Speaker 3: learn it online and do it yourself. You just go
14:22
Speaker 3: to the doctor and how the doctor help you out.
14:24
Speaker 3: And that's what you really need to do, is you
14:26
Speaker 3: contract someone to help you out, like John as a
14:28
Speaker 3: financial advisor, and you can you can have that teammate
14:31
Speaker 3: that helps you get into this part of your life
14:33
Speaker 3: where you make those decisions. And that's really important. Sure.
14:35
Speaker 4: I mean, if you're still in your working career and
14:38
Speaker 4: you know, then you can focus on the things that
14:40
Speaker 4: are that are the most important, the things that you
14:42
Speaker 4: can control. You know, how much are you working and
14:47
Speaker 4: earning and how much are you saving. You know, focus
14:49
Speaker 4: on those big, big things and someone like me can
14:54
Speaker 4: help take care of the of the details, and then
14:57
Speaker 4: you don't have to think about that from day today
15:00
Speaker 4: so much. We circle back a few times a year
15:04
Speaker 4: and set a time up that we do that together,
15:08
Speaker 4: and same thing in retirement. If you're in retirement, the
15:12
Speaker 4: last thing you want to think about is all the
15:14
Speaker 4: news that goes on and all of the minutia of
15:17
Speaker 4: the stock market and the movements from day to day.
15:20
Speaker 4: You know, you want to play golf, you want to
15:21
Speaker 4: play with the grandchildren, and you want to make sure
15:24
Speaker 4: that the check comes every month from your investment portfolio
15:29
Speaker 4: that you've spent so long building. You know, we can
15:32
Speaker 4: take that stress and wait off of you when we
15:35
Speaker 4: work together.
15:36
Speaker 3: That's a great information, of course, and also a time
15:40
Speaker 3: to call for open phone lines if you want to
15:41
Speaker 3: give us a call this morning. We going to take
15:42
Speaker 3: a break. We'll come back. We still have plenty of time.
15:44
Speaker 3: Things we're going to talk about this morning cover a
15:46
Speaker 3: couple of different things from John's perspective, but we'd like
15:48
Speaker 3: to hear from your perspective as well. If you have
15:50
Speaker 3: any questions this morning on how you can retire right,
15:52
Speaker 3: questions that you have in the market, directions that you'd
15:54
Speaker 3: like to take, maybe just a procedural question, or some
15:57
Speaker 3: other definition that you've been looking for. Help to God
16:00
Speaker 3: the way. John's here for your questions. You can give
16:02
Speaker 3: to call this morning at three zero four three four
16:04
Speaker 3: five fifty eight fifty eight three four five fifty eight
16:06
Speaker 3: fifty eight. You can also text over your questions to
16:08
Speaker 3: three zero four non three five five zero zero eight
16:11
Speaker 3: three zero four non three five five zero zero eight.
16:13
Speaker 3: We're going to take a break. We'll come back right
16:14
Speaker 3: after this. You're listening to Ask the Expert on five ADWCHS.
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Speaker 3: opinions expressed by John Bredett should not be construed as
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16:39
Speaker 3: information is historical and not indicative of future results. Investing
16:42
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16:47
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16:56
Speaker 3: or legal console on topics that arise from the show.
16:58
Speaker 3: John Bredett is not providing legal or tax advice. Nothing
17:01
Speaker 3: should be construed as solicitation of an offer to buy securities.
17:04
Speaker 3: This program is sponsored by Fourth Avenue Financial, which is
17:07
Speaker 3: solely responsible for its content.
17:09
Speaker 5: According to USA Today, one in seven children in West
17:12
Speaker 5: Virginia face food in security issues. Hi, I'm Jason Quintrell,
17:16
Speaker 5: President and CEO of Union Mission Ministries. There are some
17:19
Speaker 5: obstacles our children face with access to food, despite many
17:23
Speaker 5: feeding programs available. That is why Union Mission has partnered
17:27
Speaker 5: with some local middle schools to place food directly into
17:30
Speaker 5: the hands of children who need it. Help us remove
17:33
Speaker 5: those obstacles and help feed our kids. Visit Union Mission
17:37
Speaker 5: dot com to learn more.
17:39
Speaker 4: Are you changing jobs or gearing up for retirement? Don't
17:41
Speaker 4: navigate your financial journey alone. At Fourth Avenue Financial, we
17:45
Speaker 4: specialize in guiding individuals through life's transitions from optimizing your
17:50
Speaker 4: retirement savings to managing your investments. We're here to provide
17:54
Speaker 4: expert advice every step of the way. Schedule your free
17:57
Speaker 4: consultation with John Burdette and take control of your financial
18:00
Speaker 4: future today. Fourth Avenue Financial dot.
18:03
Speaker 2: Com securities offer thir Jenna Financial Incorporated. Remember fin recipitent
18:06
Speaker 2: advisory services offered through Jennibuc Advisors Incorporated.
18:09
Speaker 6: Brought to you by City National Bank, where you can
18:12
Speaker 6: get a special low interest rate on a home equity
18:14
Speaker 6: line of credit for a convenient location near you. Log
18:17
Speaker 6: on to bank Atcity dot com. This is retire Rife
18:21
Speaker 6: Radio with John Burdett from Fourth Avenue Financial, taking your
18:25
Speaker 6: calls at three oh four three four five fifty eight
18:28
Speaker 6: fifty eight or texts.
18:29
Speaker 2: On three oh four nine three five fifty oh eight.
18:43
Speaker 3: You're listening Ceni jets the points pre Anson's retire Right
18:47
Speaker 3: Radio which after death Fourth Avenue Financially Your phone call
18:49
Speaker 3: the three zero four three four five fifty to fifty
18:51
Speaker 3: eight threes are four three four five fifty to fifty eight.
18:53
Speaker 3: You can text over questions to three zero four non
18:55
Speaker 3: three five five zeros R eight three zero four non
18:57
Speaker 3: three five five zeros you're eight. We were just talking
18:59
Speaker 3: during the break, just briefly. Just wanted to give a
19:01
Speaker 3: shout out to your wife's new business that that opened
19:04
Speaker 3: up over in South Charlestons won pretty well.
19:07
Speaker 4: Things are going well. Vintage and Vonn's Mercantile over on
19:11
Speaker 4: D Street in South Charleston, six of nine D Street.
19:14
Speaker 4: You know it's a vintage vintage shop or forty vendors upstairs.
19:18
Speaker 4: And I've got the little record shop in the bag,
19:22
Speaker 4: so you have to check that out. So as you know,
19:24
Speaker 4: we've got a lot of good bumper music on the show.
19:27
Speaker 4: That's right. I've got the actual vinyld.
19:31
Speaker 3: So so you good check out that's over in South Charleston.
19:34
Speaker 4: Vintage Vintage and.
19:37
Speaker 3: I love that name.
19:38
Speaker 4: You can find that well in the in the vine's
19:41
Speaker 4: part comes from she has a house plants selection in
19:46
Speaker 4: vintage pots and things.
19:48
Speaker 3: Very cool, so very cool, very cool. So you can
19:51
Speaker 3: check outut over in South Charleston. I have any questions
19:52
Speaker 3: for us this morning? Three zero four three four five
19:54
Speaker 3: fifty fifty eight three zero four three four five fifty
19:56
Speaker 3: to fifty You can text over your questions the three
19:58
Speaker 3: zero four non three five five zero zero so Obviously,
20:01
Speaker 3: we're getting ready to transition back into school starts today
20:06
Speaker 3: and I guess it started last week in a lot
20:07
Speaker 3: of places, but we're getting back into the full school
20:11
Speaker 3: calendar and things along those lines. And if you're in
20:13
Speaker 3: a situation where you're a young parent or you're a
20:15
Speaker 3: parent out there and you want to take advantage of
20:18
Speaker 3: and this is a question that's come up in my
20:19
Speaker 3: personal life, I thought that this would help as we
20:21
Speaker 3: talk about different things. When you're starting to plan for
20:24
Speaker 3: investments and different things that you want to go for,
20:26
Speaker 3: one of the things you might need to do is
20:28
Speaker 3: layer different types of things. For like if you want
20:30
Speaker 3: to send your kid to private school or something like that.
20:32
Speaker 3: In West Virginia, we have the Whole Hope Scholarship which
20:34
Speaker 3: will help pay for a portion of that, but you
20:36
Speaker 3: could arrange something with the way you put up to
20:39
Speaker 3: your investments together. You could put money to do some
20:42
Speaker 3: work for you that also would later on help pay
20:45
Speaker 3: off some or pay for some of your kids private school,
20:47
Speaker 3: like you can use dividends or something for that, or
20:49
Speaker 3: put something together you.
20:51
Speaker 4: Could and even things like the smartpov tune on here
20:55
Speaker 4: in West Virginia that you can save for college, and
20:58
Speaker 4: there's some tax advantages that I U. Over the weekend,
21:02
Speaker 4: dropped dropped my youngest off at wv U.
21:05
Speaker 3: So, uh first year for the first first year, my
21:08
Speaker 3: first time.
21:09
Speaker 4: Yeah, so uh so yeah, he was he was there
21:12
Speaker 4: about uh three or four hours and he called and said, Hey,
21:17
Speaker 4: my xbox isn't working. I need some money.
21:19
Speaker 3: Oh my goodness, graces, are you kidding me? Got me?
21:22
Speaker 3: I mean that's the that's the most important tool to
21:24
Speaker 3: start off your Yeah, you have to have the xbox.
21:27
Speaker 4: Apparently at the right store.
21:29
Speaker 3: Oh man.
21:30
Speaker 4: So, so it's not just college costs out there you
21:32
Speaker 4: have to look out for. It's all those little things
21:34
Speaker 4: that come along also.
21:37
Speaker 3: But from a broader perspective, that is something as as
21:39
Speaker 3: you're planning your future, planning your family and things like that.
21:42
Speaker 3: These are all the things that you that you help
21:44
Speaker 3: folks as a financial planner and financial advisor, that you
21:47
Speaker 3: help people walk through. You know, what are you going
21:49
Speaker 3: to have that's coming? Do you want to send your
21:50
Speaker 3: kid to a private school? Can you fund that out
21:52
Speaker 3: of pocket? If not, do we have to come out
21:54
Speaker 3: with something to help with that. What's your college education
21:57
Speaker 3: plans like or vocational whatever it might be, you should
22:00
Speaker 3: have a plan laid out for something like that, so
22:02
Speaker 3: it's not just like, oh, hey, you're graduating in two years,
22:04
Speaker 3: we've got to figure out how we're going to pay
22:06
Speaker 3: for whatever you're doing next.
22:07
Speaker 4: Right, And just like with retirement or anything else, the
22:12
Speaker 4: sooner you start planning for it, the sooner you start
22:15
Speaker 4: putting some action together. The way compound interest works, it's
22:20
Speaker 4: going to be an easier task the sooner you begin,
22:23
Speaker 4: and every day you delay, it's a harder job.
22:27
Speaker 3: And that's just how it works, because I mean, it
22:32
Speaker 3: just gives you less time to put those things together.
22:34
Speaker 3: And we've seen some of those exercises are done with
22:36
Speaker 3: compound interest and just how just like a five or
22:39
Speaker 3: a ten year gap, how much that that keeps you
22:41
Speaker 3: from having money work for you.
22:42
Speaker 4: Yeah, it's less time for you to save, but it's
22:46
Speaker 4: also less time for the markets to work for you
22:49
Speaker 4: and to compound and grow. So that means if you wait,
22:53
Speaker 4: you have to do all the work. It all comes
22:56
Speaker 4: from your sweat. When if you wait and pay for
22:59
Speaker 4: it as you go, if you start early, the market
23:02
Speaker 4: does a lot of the work for you.
23:04
Speaker 3: If you're somebody that's if you're somebody that's been like
23:07
Speaker 3: on a bit of a seesaw when it comes to
23:09
Speaker 3: your finances different parts in your life. Maybe you've relocated
23:12
Speaker 3: a few times, so you're kind of start all starting
23:14
Speaker 3: all over, and then you bounce back back and forth.
23:16
Speaker 3: Does each time that you're trying to get ahead for
23:19
Speaker 3: your planning for retirement, does it kind of work out
23:21
Speaker 3: the same way? Like if you became debt free and
23:23
Speaker 3: then you had to move somewhere, you incurred some debt
23:25
Speaker 3: during that time, Like, you always have to work off
23:28
Speaker 3: that debt first for the most part, right, I mean,
23:30
Speaker 3: you got to do that before you really can can
23:32
Speaker 3: do anything else.
23:33
Speaker 4: Yeah, I mean most of those debts that you would
23:35
Speaker 4: be carrying are are higher interest debts, consumer debts, things
23:41
Speaker 4: like that. There's no way to out earn that in
23:45
Speaker 4: the stock market. Your best investment is to pay that off.
23:48
Speaker 4: That's why when we talk about things like the the budget,
23:55
Speaker 4: the fifty to thirty twenty budget that we've talked about before,
23:59
Speaker 4: that twenty percent that's supposed to go towards savings and investment.
24:03
Speaker 4: That's also paigeal principle. You know that counts in that
24:07
Speaker 4: twenty percent paying off principles that you owe on debts,
24:11
Speaker 4: that's just as good as savings because it's strengthening your
24:15
Speaker 4: balance sheet, and that's more cash flow you're going to
24:19
Speaker 4: have that you can then put to productive things when
24:22
Speaker 4: you get those paid off.
24:24
Speaker 3: I noticed what was it. It was actually just this year,
24:27
Speaker 3: a few months ago. I noticed that in my automatic
24:30
Speaker 3: setup on my bank account, where I have certain bills
24:33
Speaker 3: that are just automatically paid every month, my car payments
24:35
Speaker 3: one of them. It just gets automatically deducted out of
24:37
Speaker 3: there and sent out every month. And I had noticed,
24:39
Speaker 3: because I did it from my bank side and not
24:42
Speaker 3: the receiving bank side, that I actually had a typo
24:44
Speaker 3: in there. And the typo was that I had been
24:47
Speaker 3: paying sixty dollars over the amount of my car payment
24:52
Speaker 3: for a couple of years now. So it's interesting I
24:55
Speaker 3: went in and looked at my principle and reran amateurization,
24:57
Speaker 3: and I'm actually scheduled to pay my car off about
25:01
Speaker 3: nine or ten months early now than what it was
25:03
Speaker 3: going to be. It was completely by accident, but suddenly
25:05
Speaker 3: the term I've almost taken a full year off of
25:07
Speaker 3: the term of my car being paid off. One accident
25:11
Speaker 3: just from paying an accidental amount over my principal over
25:13
Speaker 3: the few years. Now, I knew in principle that that works,
25:15
Speaker 3: but I didn't know that I was accidentally doing it.
25:17
Speaker 3: I just left it alone. I was like, Man, I'm
25:18
Speaker 3: gonna pay off my car early. I love it.
25:19
Speaker 4: Yeah, yeah, you can't beat that, but be careful doing
25:23
Speaker 4: things like I've done in the past. One time, I
25:25
Speaker 4: was paying the electric bill online and I keyed in
25:28
Speaker 4: an extra zero. Oh yes, and it paid out, and
25:32
Speaker 4: you know, I didn't have to pay an electric bill
25:34
Speaker 4: for a year.
25:35
Speaker 3: It's good luck getting that back, and you sort of can,
25:38
Speaker 3: but it's almost not even worth it by the time
25:40
Speaker 3: it all comes down to. Yeah, so you didn't have
25:41
Speaker 3: to worry about electric bill for years. That's not so bad.
25:44
Speaker 3: But it really is a real world situation. This happened
25:46
Speaker 3: to me. I worked very hard in my early thirties
25:51
Speaker 3: to become debt free, as I was becoming a business
25:53
Speaker 3: owner at the time. You know, I wanted to get
25:55
Speaker 3: rid of my personal debt, so I only had certain
25:56
Speaker 3: and it worked and for deck for a decade or more,
25:59
Speaker 3: I was completely debt free. Everything I did was based
26:01
Speaker 3: on cash basis. Even the business that I had. I
26:03
Speaker 3: very rarely went into debt that carried me on thirty days.
26:05
Speaker 3: I mean, I just paid everything as I went and
26:07
Speaker 3: did a pretty good job at it. However, when I
26:10
Speaker 3: got out of being in business on my own and
26:12
Speaker 3: I relocated because of the situations, I didn't have a
26:15
Speaker 3: ton of money to move one, so I incurred debt
26:17
Speaker 3: once again, thinking that, Okay, here's where I am, this
26:20
Speaker 3: is what I want to do. It's only going to
26:22
Speaker 3: take me a couple of years maybe to get back
26:24
Speaker 3: to zero. And at the time I was willing to
26:26
Speaker 3: do that. Well, you know, during that time, you meet
26:29
Speaker 3: somebody and you get remarried unexpectedly, so that comes up,
26:33
Speaker 3: and then you decide that you want to have kids,
26:35
Speaker 3: and oh, you can't have kids naturally, so you'll look
26:37
Speaker 3: into IVF and that comes up, and before you know it,
26:40
Speaker 3: you're fourteen years later, and just a couple months ago.
26:42
Speaker 3: Did I finally get to the point where I'm like,
26:44
Speaker 3: you know what, I'm sort of debt free again. Other
26:46
Speaker 3: than my house. I'm kind of there again. I finally
26:47
Speaker 3: got kind of to the point that I needed to
26:49
Speaker 3: get to. But man, fourteen years I thought it would
26:52
Speaker 3: be two. You know. I mean, it's a it's a
26:54
Speaker 3: tough it's a tough sled sometimes if when life events
26:59
Speaker 3: comes at you or something like that. I didn't have
27:01
Speaker 3: any help, though, And I look back now and I'm thinking,
27:03
Speaker 3: the things that I've learned since we've done this show
27:05
Speaker 3: and the things we've done, I probably should have had
27:06
Speaker 3: some help. I probably should have asked somebody this is
27:09
Speaker 3: what I'm trying to do. I'm getting out of the
27:10
Speaker 3: business here that I need to try to maintain. I
27:13
Speaker 3: could have had somebody help me out, and I probably
27:14
Speaker 3: could have saved myself some heartache.
27:16
Speaker 4: Sure, And what that does, and it gives you clarity
27:19
Speaker 4: in a path where there's some confidence in that path.
27:22
Speaker 4: You know, I know, if I do this, then this
27:25
Speaker 4: should happen at the end. And you track that through
27:29
Speaker 4: those goals, and you know, a lot of times you
27:31
Speaker 4: find that you can achieve things that either you didn't
27:36
Speaker 4: think you could achieve or you do it in a
27:39
Speaker 4: much faster fashion.
27:41
Speaker 3: Yeah. And I think that just like anything else, like
27:45
Speaker 3: losing weight or anything that once you successfully, like you
27:48
Speaker 3: pay off that first debt or whatever it might be,
27:50
Speaker 3: or make that first goal, then suddenly, if that was
27:53
Speaker 3: a you know, seventy dollars a month payment or something.
27:56
Speaker 3: Suddenly here's seventy more dollars. You roll into the next
27:58
Speaker 3: one where you pay that when you're like wow.
28:00
Speaker 4: And the trap that most people fall in, though, is
28:02
Speaker 4: when they pay that seventy dollars off, there's no plan
28:06
Speaker 4: or discipline to apply that to the next debt to
28:09
Speaker 4: knock it out sooner. That's seventy dollars just kind of
28:12
Speaker 4: gets frittered away in the budget and you don't realize
28:16
Speaker 4: the gain of that. You increase your lifestyle, or you
28:20
Speaker 4: go out to eat once or twice more a month,
28:22
Speaker 4: and you don't think about it, and so you lose
28:26
Speaker 4: traction because you don't have a plan that you're committed to.
28:30
Speaker 3: You bring up such a great deal a point there,
28:32
Speaker 3: because it shows the difference to between like kind of
28:35
Speaker 3: a diffusion of the money and when you're targeting that money.
28:38
Speaker 3: Because if I would tell you that I made seventy
28:41
Speaker 3: extra dollars a month, I mean big deal. I mean honestly,
28:44
Speaker 3: I mean who really cares about that? All? Great? What
28:46
Speaker 3: you went out to eat like one more time? I
28:47
Speaker 3: mean literally I went out to eat this weekend, And
28:49
Speaker 3: that wouldn't be even covered at a modest place, that
28:52
Speaker 3: wouldn't even cover the meals. So what I mean, what
28:54
Speaker 3: are you doing in your lifestyle there? However, you take
28:56
Speaker 3: that seventy dollars a month and you have it laser
28:58
Speaker 3: focused on paying off your next debt or whatever might be,
29:00
Speaker 3: it does way much, way, much more work for you
29:03
Speaker 3: in that regard than it ever would just spending it out.
29:05
Speaker 4: Of your posert over the course of the year. That's
29:07
Speaker 4: eight hundred and forty dollars, Wow, going to a productive
29:11
Speaker 4: use of paying the debt off. If that debt for
29:14
Speaker 4: instances is at twenty percent, you know you're saving one
29:17
Speaker 4: hundred and seventy dollars in interest every year by making
29:21
Speaker 4: that commitment to pay that off. You know, you can
29:24
Speaker 4: see how that momentum gets going as you start paying
29:28
Speaker 4: these debts off. If you have a discipline around it,
29:30
Speaker 4: and you and you save yourself money as you're paying
29:34
Speaker 4: the things off, and it just it just snowballs.
29:37
Speaker 3: It really does snowball. I've had it happen, but the
29:39
Speaker 3: first time it happened to me at the like year
29:42
Speaker 3: and a half mark or something like that, suddenly I
29:43
Speaker 3: was still living exactly how I was living before I
29:46
Speaker 3: decided to start doing that, so my life style didn't
29:47
Speaker 3: change at all. I had the discipline to take everything
29:50
Speaker 3: that I was saving to put back into it. And
29:51
Speaker 3: suddenly you're not putting seventy dollars a month into paying
29:54
Speaker 3: off the rest of your debt. You're taking eleven hundred dollars,
29:56
Speaker 3: twelve hundred dollars, fifteen hundred dollars a month and putting
29:59
Speaker 3: it towards.
29:59
Speaker 4: Now.
30:00
Speaker 3: Now, my car is gonna be paid off two years early.
30:01
Speaker 3: Now this is going to happen, and suddenly you don't
30:03
Speaker 3: have any tests left.
30:04
Speaker 4: That's right. And and just in your case, you know
30:07
Speaker 4: you paid extra on your car. You didn't even realize that.
30:11
Speaker 3: I was doing it right, It was didn't know.
30:12
Speaker 4: That's that's you know. That's why I always question when
30:16
Speaker 4: folks say, well, I don't have enough money to start doing.
30:18
Speaker 3: This eighty one instead of eighteen. That's simply all it was, Yeah.
30:22
Speaker 4: You know I don't have enough money to start doing this. Well,
30:24
Speaker 4: I think if you know, if you're if you're employed,
30:27
Speaker 4: you have cash flow. It's your cash flow to decide
30:31
Speaker 4: how to allocate it. And so it's a decision. In
30:34
Speaker 4: most cases, it's a decision to to, you know, use
30:39
Speaker 4: your money productively, and uh, you know, it's not what
30:44
Speaker 4: you make, it's it's what you do with what you make.
30:46
Speaker 4: And there are folks that come in my office that
30:49
Speaker 4: have very modest incomes that do very very well on
30:52
Speaker 4: the investment side. And there are folks that make a
30:55
Speaker 4: lot of money that come in and their finances are
30:58
Speaker 4: a mess. So it's it's really about always how much
31:02
Speaker 4: you make. Obviously you can get farther if you make
31:05
Speaker 4: more and and are disciplined to boot. But you know,
31:11
Speaker 4: controlling your budget, you can at any stage you can
31:14
Speaker 4: get far no matter what your income is.
31:17
Speaker 3: I have a parallel in my family, but it's an
31:20
Speaker 3: amazing difference where I see someone in my family that
31:24
Speaker 3: had made a relatively modest amount of money through most
31:26
Speaker 3: of their life in retirement now and they're completely fine,
31:29
Speaker 3: I mean, well funded in their retirement, zero issues whatsoever.
31:33
Speaker 3: And then another family member around the same age retired
31:35
Speaker 3: around the same time, who's really struggling right now because
31:37
Speaker 3: they did and they made way more money during the
31:40
Speaker 3: course of their life than what my other family member did,
31:42
Speaker 3: but they're nowhere near as prepared for retirement. Is what
31:45
Speaker 3: the more modest one was. So it's all about how
31:47
Speaker 3: you manage your money.
31:48
Speaker 4: Really, it really is. And once you get to that
31:50
Speaker 4: point where you're debt free, think about your what your
31:53
Speaker 4: living expenses look like. I mean, yes, food has gone
31:56
Speaker 4: up at the grocery store, but it's still within your
32:00
Speaker 4: budget relatively inexpensive. If you have all your debts paid off,
32:06
Speaker 4: it doesn't take that much really at that point to
32:10
Speaker 4: meet your basic needs.
32:11
Speaker 3: A year ago, when I was would sit down and
32:14
Speaker 3: every couple weeks or whatever to get my bills paid
32:16
Speaker 3: or whatever, I'd have to put on like the you know,
32:18
Speaker 3: like the the visor hat and have my calculator out
32:21
Speaker 3: with the tape on it and everything else, hammering things
32:23
Speaker 3: out to make sure. And since I've now finally taken
32:26
Speaker 3: care of a couple of those debts that were outstanding,
32:29
Speaker 3: it's literally like paying like three bills, I mean, like
32:31
Speaker 3: three things a month other than you know, like internet
32:33
Speaker 3: or whatever. But it's easy, you know, it makes life
32:36
Speaker 3: so much easier when you take care of those things.
32:38
Speaker 3: It gives you so much more focus to be able
32:39
Speaker 3: to do other things.
32:40
Speaker 4: Yep, no doubt about it. So just give us a
32:43
Speaker 4: call and let's get a plan together.
32:45
Speaker 3: Let me get the contact information out there for you
32:47
Speaker 3: one more time that you can put the power of
32:49
Speaker 3: compound interest on your side. You can have John bre
32:52
Speaker 3: Debt from Fourth Avenue Financial help out with your retirement
32:54
Speaker 3: planning or financial planning, any questions that you have. Fourth
32:57
Speaker 3: Avenue Financial is located at one seventy Court Street, Downtown Charles,
33:00
Speaker 3: that's across from the Town Center Mall and their phone
33:03
Speaker 3: number is three zero four seven four six seven nine
33:05
Speaker 3: seven seven three zero four seven four six seven nine
33:08
Speaker 3: seven seven, and you can find out more information online.
33:10
Speaker 3: It's Fourth Avenue Financial dot com. Fourth Avenue Financial dot com.
33:13
Speaker 3: You spell out the whole thing Fourth Avenue Financial dot com.
33:16
Speaker 3: And also on Facebook, you can like the page over
33:18
Speaker 3: there and be kept up to date on all of
33:21
Speaker 3: the happenings of Fourth Avenue Financial and he continuing education pieces,
33:25
Speaker 3: seminar things along those lines. You can find out more
33:27
Speaker 3: information there as well as if you're somebody looking at
33:30
Speaker 3: to talk to John for the first time, you can
33:32
Speaker 3: set up your appointments at the website or through the
33:35
Speaker 3: Facebook page right. You can go there and it can
33:37
Speaker 3: set all of those things up for you. Just you
33:39
Speaker 3: can take a look your initial consultation is free. Of course,
33:42
Speaker 3: John will just talk to you for a few minutes
33:43
Speaker 3: and see how he can help you out. So again,
33:45
Speaker 3: that's fourth Avenue Financial dot com or fourth Avenue Financial
33:48
Speaker 3: on Facebook and the phone numbers three zero four seven
33:50
Speaker 3: four six seven nine seven seven three zero four seven
33:53
Speaker 3: four six seven nine seven seven. I have about a
33:55
Speaker 3: minute left here and taking a look at when we
33:58
Speaker 3: coming back to do our show now week. Any major announcements, earnings,
34:03
Speaker 3: fed meetings, anything like that this upcoming week that we
34:05
Speaker 3: should be aware of.
34:06
Speaker 4: I think it's a fairly quiet week, to be honest
34:09
Speaker 4: with you. We've kind of been through the earnings, you know,
34:14
Speaker 4: pretty well, and earnings were were good this time around.
34:17
Speaker 4: So all the things that are supposed to surprise to
34:20
Speaker 4: the positive have been doing that generally, and that's why
34:25
Speaker 4: the market keeps the resilience going.
34:28
Speaker 3: I read one piece of so much of the financial
34:31
Speaker 3: editorials that I find not behind paylaw paywalls are so pointless.
34:35
Speaker 3: I mean, I get so sick of reading some of
34:37
Speaker 3: these things sometimes. But I did find one that had
34:39
Speaker 3: a pretty good had a pretty good reminder, and it
34:42
Speaker 3: reminded me of things that we talk about a lot
34:44
Speaker 3: it was. We're now in the silly season when it
34:46
Speaker 3: comes to like election politics and different things like that,
34:48
Speaker 3: and there's a lot of different candidates running out different policies,
34:53
Speaker 3: populist type things that people are expecting to bring people in.
34:57
Speaker 3: Don't make any financial decisions based off of these promises
35:00
Speaker 3: that are being made right now, because the chances of
35:02
Speaker 3: any of these things actually being played through the way
35:04
Speaker 3: that they're being presented as the people making the promises
35:07
Speaker 3: know are very unlikely to happen as they're being presented.
35:10
Speaker 3: So don't get panicky or think you're going to have
35:12
Speaker 3: to change something. This always happens during election seasons. It
35:15
Speaker 3: might be good politics, but it's not necessarily good policy,
35:19
Speaker 3: and so a lot of those things get evened out
35:21
Speaker 3: towards the ease.
35:21
Speaker 4: Yeah, and when you really study it, you know who
35:25
Speaker 4: wins the presidency that sort of thing. It really makes
35:28
Speaker 4: very little difference in what happens in the stock market.
35:32
Speaker 4: If anything. The only thing you can find when you
35:35
Speaker 4: study elections in the markets, the markets love a government
35:40
Speaker 4: that is divided because stats the status quo happens. And
35:46
Speaker 4: if status quo happens, and your company's already making billions
35:49
Speaker 4: of dollars. That's not going to change, is it.
35:51
Speaker 3: Let's go deadline, John, thanks a lot. I appreciate your
35:56
Speaker 3: time this morning.
35:57
Speaker 4: All right, take care.
35:57
Speaker 3: That's John Berdet from Fourth Avenue Financial. More information on
35:59
Speaker 3: line on again, Fourth Avenue Financial dot com. Fourth Avenue
36:02
Speaker 3: Financial dot com. You can also call three zero four
36:04
Speaker 3: seven four six seven non seven seven three zer a
36:06
Speaker 3: four seven four six seven non seven seven. Dave Islands
36:08
Speaker 3: up next for five eight Live follow aout hoppy COURACHIBALOK
36:10
Speaker 3: talk line at ten o'clock. I'll be back this afternoon
36:13
Speaker 3: at three oh six with Dave Weekly four Hotline. Have
36:15
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