Latest / WCHS Network Podcasts / 11/11/2024 Retire Right Radio with John Burdette

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11/11/2024 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: the realtor makes real estate dreams a reality, whether it's
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Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
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Speaker 1: key to exceptional real estate experience is start here Meeks Realtygroup.
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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
0:18
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
0:31
Speaker 2: that aims to answer your questions about financial planning, investing,
0:35
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
0:42
Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
0:47
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
0:53
Speaker 2: fifty oh eight. On Retire Right Radio, let's go live
0:57
Speaker 2: to the studio with host Dale Cooper and John Verdet
1:00
Speaker 2: from Fourth Avenue Financial. Measure time.
1:04
Speaker 3: And repluz Good morning to you. You're listening to ask
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Speaker 3: the expert. Retire Right Radio. Monday, morning in the month
1:10
Speaker 3: of November. This is the Is this the eleventh, twelfth,
1:13
Speaker 3: something like that.
1:14
Speaker 4: The eleventh, Okay, it's the eleventh of November, eleven eleven.
1:16
Speaker 4: I read this morning.
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Speaker 3: It's sorry Veterans Day, and you're tuned into the radio.
1:20
Speaker 3: John Bredad is here in studio with this, and you're
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Speaker 3: listening to retire Right Radio from Fourth Avenue Financial Online,
1:25
Speaker 3: Fourth Avenue Financial dot Com. We'll get into all of
1:27
Speaker 3: the contact details as we go along today, but John's
1:29
Speaker 3: the studio.
1:29
Speaker 4: With this this morning. How you doing this morning, John.
1:31
Speaker 5: I'm doing wonderful, grace, great morning out there.
1:34
Speaker 4: It is.
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Speaker 3: It's a nice morning. Finally feeling a little autominal this weekend.
1:37
Speaker 3: You know, it was dark most of the day yesterday
1:40
Speaker 3: with a little bit of rain and cloudy. Just felt
1:42
Speaker 3: nice for it not to be What was it actually,
1:44
Speaker 3: I guess it was on Wednesday of last week, after
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Speaker 3: the election day. The next morning it was like it
1:48
Speaker 3: was like dark all day, but it was like eighty
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Speaker 3: degrees or something, just like a weird feeling day.
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Speaker 5: Did you make that word up just now?
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Speaker 4: Autominal?
1:55
Speaker 5: Yeah?
1:55
Speaker 4: Isn't that a real word? Yeah, that's a real word.
1:57
Speaker 5: I've missed out, missed out on that one somewhere.
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Speaker 3: It's so it's so odd that you bring that up,
2:01
Speaker 3: because I literally remember when I learned that word. Yeah,
2:05
Speaker 3: it was I was listening to the radio, as a
2:07
Speaker 3: matter of and I think that it was a It
2:11
Speaker 3: was like a jock doing like a word of the
2:13
Speaker 3: day or something like that. It was only a music
2:15
Speaker 3: station when I was like a teenager or something like that,
2:17
Speaker 3: and it was like word for.
2:18
Speaker 4: Today, it's a tom blah blah blah. It was like, oh, hey,
2:20
Speaker 4: that is a nice word.
2:21
Speaker 5: So there you go.
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Speaker 4: I've hung one to it for like forty years now because.
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Speaker 5: I have to figure out how to put that in
2:26
Speaker 5: a sentence.
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Speaker 4: Today. You can get ahold of us this morning.
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Speaker 3: We do have phone lines open if you have any
2:32
Speaker 3: questions for John on how you can retire write presidential
2:34
Speaker 3: elections over now.
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Speaker 4: Maybe you're the fog of the election stuff is clear.
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Speaker 3: Now and you need some some clear headed advice on
2:42
Speaker 3: how to go forward or where to go from here,
2:44
Speaker 3: or hey, you just want to take a look at
2:46
Speaker 3: where you stand, or you have some questions about some
2:51
Speaker 3: nuances underneath the hood. You're welcome to give us a
2:53
Speaker 3: call this morning. Pay attention to the number for a
2:56
Speaker 3: temporary amount of time. It is a different number. So
2:58
Speaker 3: you call our office line number three or a four
2:59
Speaker 3: three two eight one three one three zero four three
3:02
Speaker 3: four two eight one three one. I asked to talk
3:03
Speaker 3: to John, one asked the expert, and you'll be transferred back.
3:06
Speaker 4: To our studio.
3:07
Speaker 3: So three zero four three four two eight one three one,
3:09
Speaker 3: or you can text as always three zero four non
3:11
Speaker 3: three five five zero zero eight to three zero four
3:13
Speaker 3: non three five five zero zero eight. But we always
3:15
Speaker 3: kick off the show talking about market performance for the
3:17
Speaker 3: last week.
3:18
Speaker 4: Last week was pretty good.
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Speaker 5: Oh yeah, it was historically good. Yeah, the market in
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Speaker 5: general was up about five percent last week. Of course,
3:27
Speaker 5: after the election, dust settled and uh didn't take as
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Speaker 5: long for the dust to settle as we thought it might.
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Speaker 3: Yeah, yeah, which was I mean in a lot of ways,
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Speaker 3: I think that's good. Honestly, I think that's good.
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Speaker 5: The market, uh, you know responded very well to the election,
3:41
Speaker 5: and and also hidden in there was an interest rate cut.
3:45
Speaker 5: Everybody forgot about that one. I almost forgot about that one. Yeah,
3:48
Speaker 5: it had a quarter percent rate cut, you know. Of course,
3:54
Speaker 5: the big news was the election, and it's not so
3:56
Speaker 5: much that anything changed with the election immediately. It's the
3:59
Speaker 5: h I think a lot of it is just the
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Speaker 5: relief that we had an election and it's over.
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Speaker 3: And you know, the thing that we have to look
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Speaker 3: forward to. And I don't I really don't mean this
4:11
Speaker 3: to be pithy at all. I mean it to be
4:12
Speaker 3: absolutely sincere. The economy is such a driver from We've
4:16
Speaker 3: talked about it before on sentiment. There's such a driver
4:18
Speaker 3: sentiment even without anything really changing, within about a month
4:21
Speaker 3: or so, all the sentiments are going to be much better,
4:24
Speaker 3: including the people in power, you know. But it's just
4:29
Speaker 3: the sentiment's going to help, you know, I mean, just
4:31
Speaker 3: the changing of the guard. Even with all the fundamentals
4:33
Speaker 3: not changing, the sentiment's going to help us move forward.
4:35
Speaker 3: And that's a positive thing too. Anytime you can inject
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Speaker 3: some positivity.
4:38
Speaker 5: Well, what happens is, you know, as you're going into
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Speaker 5: the election with two opposing viewpoints, those viewpoints craft policy,
4:48
Speaker 5: not wholesale crafting of policy. There's a lot that goes
4:51
Speaker 5: into making a bill and passing a law. But you
4:56
Speaker 5: know there are rules out there, some of them changing.
4:59
Speaker 5: You know, the tax tax law that was going to
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Speaker 5: revert in sunset. You know, we still don't know exactly
5:06
Speaker 5: how that's going to work out, but now that the
5:08
Speaker 5: election's over, it's pretty and you see how Congress has
5:13
Speaker 5: come in as well. It's a pretty decent assumption now
5:17
Speaker 5: if you're a business owner somebody making those big plans,
5:21
Speaker 5: that the tax environment is not going to get worse
5:25
Speaker 5: than it is now. And so you know what happens
5:28
Speaker 5: is the election. It's it's narrowing down the possibilities of
5:31
Speaker 5: things that could happen as you're making plans, as business
5:34
Speaker 5: are making their plans, and so I think that's part
5:37
Speaker 5: of the relief that comes with it. And and of
5:39
Speaker 5: course in this time, we had the the secondary relief
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Speaker 5: of wondering if we'd even know who the president was
5:45
Speaker 5: for a period of time, which is an unusual conversation historically.
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Speaker 5: But but you know, it was a clear victory and
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Speaker 5: and you know, over over pretty cleanly.
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Speaker 3: I'm I'm still surprised in retrospect that less you talked
6:03
Speaker 3: about the sunsetting tax cuts that are coming up, that
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Speaker 3: less was discussed about that, I mean, and all the
6:10
Speaker 3: lead ups to the election, normy people are are fairly
6:14
Speaker 3: exposed because of the tax cut that's coming up because
6:16
Speaker 3: it sunsets for us but not for the business interest
6:18
Speaker 3: side of things. So that has to if that doesn't
6:20
Speaker 3: go through, which you have to assume that something is
6:22
Speaker 3: at this point, we want to fix that. But if not,
6:24
Speaker 3: that's a huge explosion. And the problem is when they
6:27
Speaker 3: negotiated that the first time around, there was a zero
6:29
Speaker 3: interest rate environment too. So to make sure that our
6:32
Speaker 3: rates as normies don't go up, that's going to be
6:35
Speaker 3: a tricky thread needle to thread.
6:37
Speaker 5: I think, yeah, yeah, Like I say, I think that
6:42
Speaker 5: a lot of the risk associated with that is removed now.
6:46
Speaker 5: You know, if you look at the market, you know,
6:47
Speaker 5: the Fed cut rates last week a quarter four percent,
6:51
Speaker 5: but last week interest rates, long term interest rates went up.
6:55
Speaker 5: It was like, well, wow, why did that happen? Well,
6:58
Speaker 5: if you're going to have the tax cut and such,
7:01
Speaker 5: there's an assumption that maybe that means the deficit doesn't improve,
7:05
Speaker 5: which will require more borrowing, which will require higher interest
7:09
Speaker 5: rates to attract dollars to buy those bonds. Now that
7:13
Speaker 5: remains to be seen. I mean, there's also a school
7:15
Speaker 5: of thought that says if you keep tax tests low,
7:19
Speaker 5: you might have a deficit for a period, but then
7:21
Speaker 5: economic activity expands fast enough that even at lower rates,
7:28
Speaker 5: you're generating more revenue. I mean, there's a school of
7:31
Speaker 5: thought on that as well, and I think that that
7:34
Speaker 5: is true to an extent. At some point there is
7:37
Speaker 5: an optimal rate out there, but who knows what that
7:41
Speaker 5: is exactly in a dynamic economy.
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Speaker 3: If you have any questions this morning about how twenty
7:46
Speaker 3: twenty five might look for you and any changes you
7:48
Speaker 3: might want to make, or maybe you've been shy about
7:51
Speaker 3: about contacting someone who can advise you, a financial advisor
7:55
Speaker 3: that can help you out, you give us a call
7:56
Speaker 3: this morning if you have any questions. John can help
7:58
Speaker 3: you navigate through those, give you some advice. Threes are
8:01
Speaker 3: four three four two eight one three one three zero
8:02
Speaker 3: four three four two eight one three one. You can
8:04
Speaker 3: also text over any questions you have to three zero
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Speaker 3: four non three five five zero zero eight three zerre
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Speaker 3: a four non three five five zero zero eight. Is
8:11
Speaker 3: there any Although we talk about how from presidential election
8:16
Speaker 3: to presidential election doesn't really change, uh as far as
8:19
Speaker 3: the broad strokes of the economy, what people People are
8:21
Speaker 3: still going to try to make money. But is there
8:23
Speaker 3: anything that that a savvy investor could at least keep
8:27
Speaker 3: like an antenna up for like a look you see
8:30
Speaker 3: what indicators are for like manufacturing sector or tech sector.
8:34
Speaker 3: I mean, Trump's a lot of his coalition is built
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Speaker 3: around like the tech sector and people that are involved
8:39
Speaker 3: with that via JD. Vance and Peter Teel and stuff
8:42
Speaker 3: like that. Is there gonna be opportunity there or is
8:44
Speaker 3: it just hold your powder?
8:46
Speaker 5: You know? And there again, no one has a crystal ball,
8:50
Speaker 5: least of which me. However, one would think that in
8:56
Speaker 5: this environment you would see smaller company stocks, more domestic stocks.
9:04
Speaker 5: You know, if we have some trade interruptions or trade
9:12
Speaker 5: wars or anything like that that breaks out, I mean
9:14
Speaker 5: that smaller domestic companies might do well in that environment.
9:20
Speaker 5: You can see last week some of the better performers,
9:23
Speaker 5: you know, as a broad based rally the financial sector,
9:27
Speaker 5: regional banks, things like that. Because of the regulatory environment.
9:32
Speaker 5: The assumption is that that will improve, you know, so
9:36
Speaker 5: you can pick and choose things. But like we said,
9:37
Speaker 5: even the last administrator, this current administration, you know, when
9:42
Speaker 5: Biden came in, well there's the end of investing in
9:45
Speaker 5: oil and gas, and those performed very well. So you know,
9:48
Speaker 5: I'm very cautious about saying because of this, this will happen. Now,
9:54
Speaker 5: those policies absolutely will change the dynamics there, but how
9:57
Speaker 5: do those companies respond and how does that offitability actually
10:01
Speaker 5: play out? It's it's really difficult to you know, project that.
10:04
Speaker 5: But in general, if you look and we've already started
10:08
Speaker 5: experience this, we've seen a broadening of the market. I
10:12
Speaker 5: expect that that would continue in this environment, but again
10:16
Speaker 5: that is a projection and a prediction that is not
10:21
Speaker 5: set in stone.
10:22
Speaker 4: I'd just like to see it.
10:23
Speaker 3: I mean, the broadening portion of the last year that
10:25
Speaker 3: we've seen has been has been well received for the market.
10:29
Speaker 4: So to sexpan more that would be great.
10:31
Speaker 5: Yeah, I mean I think you know, last year, earning's
10:33
Speaker 5: growth for companies was relatively flat. This year we're up
10:39
Speaker 5: eight to ten percent generally for earnings growth. Next year
10:44
Speaker 5: there's an expected acceleration to maybe close to fifteen percent
10:49
Speaker 5: in earnings growth for companies. That is how the market
10:52
Speaker 5: is going to keep moving forward. You're not going to
10:55
Speaker 5: get the most likely, you're not going to get further
11:00
Speaker 5: expansion of the multiple of earnings that people are willing
11:04
Speaker 5: to pay. We're going to have to see that real
11:06
Speaker 5: earnings growth, the power of the market forward can continue
11:09
Speaker 5: that and that's going to require a broadening of the market, and.
11:14
Speaker 3: We'll have to stay tuned because we talk about that
11:16
Speaker 3: every week here and examine what happened in the market
11:19
Speaker 3: of the week before. If you followed the show over
11:21
Speaker 3: the course of the last few years, it's not like
11:24
Speaker 3: this isn't the prediction market. However, if you've listened to
11:28
Speaker 3: John Sage advice over tome and and take things as
11:31
Speaker 3: they come, I think that we've done pretty well on
11:34
Speaker 3: the show, and you've done pretty well in the show.
11:36
Speaker 3: And what we caution people to look out for the
11:39
Speaker 3: things that are important, things that you can kind of
11:40
Speaker 3: let go under the bridge. I think that we try
11:42
Speaker 3: to hit all those things correctly when it comes to
11:45
Speaker 3: how you can evaluate your financial future and how those
11:47
Speaker 3: things are going to play in for you. We've talked
11:49
Speaker 3: about all kinds of different things in the past and
11:53
Speaker 3: past episodes. There was a couple of things that I
11:55
Speaker 3: did want to bring up. We're not quite towards the
11:57
Speaker 3: end of the year yet, but I was thinking about
11:59
Speaker 3: because of a mistake that was on my taxes last year,
12:02
Speaker 3: I had to monkey around to do some things for
12:04
Speaker 3: this year, and I'm expecting because I had to do
12:06
Speaker 3: some extra withholdings and things like that to make sure
12:08
Speaker 3: I get through the backside of it, I'm expected to
12:11
Speaker 3: have a little bit more, probably a little bit more
12:12
Speaker 3: of a tax return this year than what I'm expected to.
12:14
Speaker 3: It's not in the budget right now for me to
12:16
Speaker 3: use that for anything. Sometimes I do plan on budgeting,
12:19
Speaker 3: you know, tax return, put it into the house, or
12:20
Speaker 3: do something. That's another area though, that if somebody's looking
12:23
Speaker 3: again at either following the snowball or looking to make investments.
12:26
Speaker 3: If you're getting a significant amount of money back at
12:28
Speaker 3: the end of the year for some reason or another,
12:30
Speaker 3: that's a good opportunity. I mean, it's not free money
12:33
Speaker 3: because it's taxes you're getting back. But at the same time,
12:35
Speaker 3: you can use that as a lump sum to take
12:37
Speaker 3: care of some credit card debt or something along those lines.
12:40
Speaker 3: If you're still working on your snowball to become debt free,
12:42
Speaker 3: that's not a bad use. Instead of planning that for
12:44
Speaker 3: a vacation, maybe you can take the early year off
12:47
Speaker 3: for vacation and use it to pay down a couple
12:49
Speaker 3: of credit cards instead.
12:50
Speaker 5: Yeah, no doubt about it. You know, take that money,
12:53
Speaker 5: pay off those high intrast credit cards and you know,
12:56
Speaker 5: take a long weekend of with toga here here locally
12:59
Speaker 5: and to save you some money. So yeah, the the
13:04
Speaker 5: anytime you get a quote windfall like that, you know,
13:08
Speaker 5: the the urge is to hey, this is this is
13:11
Speaker 5: found money. I could go do what I wish, but
13:13
Speaker 5: it can really go a long way to shoring up
13:16
Speaker 5: your your finances. And you know, right now, credit cards
13:22
Speaker 5: are you know twenty five trlus. I mean, it is
13:25
Speaker 5: not the time to be carrying credit card debt. Focus
13:30
Speaker 5: focus on that. There's no way you can out earn
13:32
Speaker 5: that credit card interest in the market, even even in
13:37
Speaker 5: the concept well I need to get in the market
13:39
Speaker 5: because the market's doing so well. No, you need to
13:41
Speaker 5: pay off those credit cards before you get into the market.
13:46
Speaker 5: You know, use that found money to to shore up
13:49
Speaker 5: those finances. And uh, you know, a reality is what
13:53
Speaker 5: a tax refund is. You've overpaid, You've paid more than
13:58
Speaker 5: the government required you to pay, and you paid it
14:01
Speaker 5: through each individual paycheck and so it's been like an
14:05
Speaker 5: accumulation or a savings plan. And you know, if you
14:11
Speaker 5: think about that, you know, a lot of times you'll
14:13
Speaker 5: hear folks say, well, I can't afford to say for
14:14
Speaker 5: a retirement, or I can't afford to do this or that. Well,
14:18
Speaker 5: if you're getting a refund, you obviously can't afford because
14:22
Speaker 5: if you have your withholding set up to force savings
14:25
Speaker 5: for you, so when it was forced you were able
14:28
Speaker 5: to do it. Well, you can also take an autonomy
14:31
Speaker 5: of that and say I'm going to do this myself.
14:33
Speaker 3: Yeah, that's that people have a hard time getting getting
14:36
Speaker 3: past that, I think sometimes and realizing that, you know,
14:39
Speaker 3: even if it was even if you're able to do
14:41
Speaker 3: it with a stir of measures before for someone, that
14:43
Speaker 3: means you can do it.
14:44
Speaker 4: You know.
14:44
Speaker 3: Sometimes it means that you have to live a little
14:46
Speaker 3: bit more frugally for an amount of time to get
14:50
Speaker 3: momentum to start making some progress on things.
14:52
Speaker 5: Yeah, any any any big accomplishment usually takes some form
14:57
Speaker 5: of sacrifice, and building financial health and wealth is really
15:03
Speaker 5: no different. And most of that sacrifice comes up front. Yeah,
15:08
Speaker 5: you know, that's where it comes. That's when it's the
15:10
Speaker 5: hardest to get going, and you've got to put that
15:14
Speaker 5: effort in upfront, and then it will take long before
15:17
Speaker 5: you realize that you're on the right track. But upfront,
15:21
Speaker 5: it's not fun. It's like going to the gym for
15:23
Speaker 5: the first time. Yeah, I haven't been for years, and
15:25
Speaker 5: then you go and it's like, wow, this is a struggle.
15:29
Speaker 5: But after you know, six three months, six months, eight
15:31
Speaker 5: months in, it's like now it's sort of like when
15:34
Speaker 5: you leave in the morning and you forget to wear
15:36
Speaker 5: your watch, you feel awkward all day. It's the same thing.
15:40
Speaker 5: Once you get those habits built, it's like, gosh, I
15:42
Speaker 5: didn't get to the gym today, and then you and
15:44
Speaker 5: then instead of dreading.
15:46
Speaker 4: Going, it's like, got to make it up somewhere else.
15:48
Speaker 5: Right, and it finances are the same way.
15:51
Speaker 3: It's amazing that you mentioned it like that because when
15:55
Speaker 3: I became when I was really saddled by that in
15:57
Speaker 3: my late twenties early thirties, and UH decided to do
16:02
Speaker 3: something about it. The first thing we did is I
16:04
Speaker 3: had I was living I was living in an apartment
16:08
Speaker 3: but owned a home that I that I had was
16:10
Speaker 3: renting out. And so although that was making some money
16:11
Speaker 3: for him, we ended up selling, selling, selling the house
16:14
Speaker 3: and got that taken care of. But then we reinvested
16:18
Speaker 3: that money what I did with the the as far
16:20
Speaker 3: as paying off my consumer that I had like eighteen
16:22
Speaker 3: thousand dollars, and it was a combination of stupid stuff.
16:26
Speaker 4: I spent on.
16:26
Speaker 3: But also I was a business owner, and so I
16:28
Speaker 3: had some business dead on the things that I opened
16:29
Speaker 3: up to get stores ready and things along those lines.
16:32
Speaker 3: But what we did is every year we had two vacations.
16:35
Speaker 3: Every year. We had one at the beginning of the year,
16:36
Speaker 3: one towards the end of the year, and they weren't lavish. Usually,
16:40
Speaker 3: my my ex wife and I like to drive a lot,
16:42
Speaker 3: so we would take these big road trips around the
16:44
Speaker 3: country into different things. But when we decided that we
16:46
Speaker 3: were going to do this what we would call now
16:48
Speaker 3: the debt snowball. That's not we just came up with
16:50
Speaker 3: the concept. Then that's what we would call it now.
16:52
Speaker 3: We just skipped our We just skipped a vacation. It's like, hey,
16:54
Speaker 3: you know, we're going to skip our April vacation this year.
16:56
Speaker 3: Let's take all the money we're going to use on that,
16:58
Speaker 3: and we'll pay off this, this and this, and that's
17:00
Speaker 3: all we did. We paid off three relatively small debts.
17:02
Speaker 3: But what that meant is we didn't have to pay
17:04
Speaker 3: those those small debts again the next month.
17:06
Speaker 4: And so we did this noball.
17:07
Speaker 3: We took the money that we were paying for that
17:09
Speaker 3: started applying it to the next thing, which I think
17:10
Speaker 3: was a car payment. We got the car paid off,
17:12
Speaker 3: and we had and it was within it was less
17:15
Speaker 3: than twelve months that we took care of eighteen thousand
17:18
Speaker 3: dollars worth of debt just by reading. Now, we were
17:20
Speaker 3: making decent money and everything at the time, but still
17:22
Speaker 3: it cleared away all of that debt and a relatively
17:25
Speaker 3: short amount of time. And at the end of that,
17:28
Speaker 3: the feeling that you have where you're looking every month
17:31
Speaker 3: that you're at your profit and loss both from the business,
17:34
Speaker 3: and you're looking at yourself personally, and you don't have
17:36
Speaker 3: any debt you're paying out. You just have your regular expenses.
17:39
Speaker 3: It's a powerful feeling. Man, That is a powerful feeling.
17:41
Speaker 5: Yeah, it feels great, and it also makes you stronger.
17:45
Speaker 5: So if something happens to your income, now you don't
17:49
Speaker 5: have all those things to pay, you can get through
17:52
Speaker 5: those lead times much much easier if you're financially sound.
17:56
Speaker 5: That's why you know you have to have those things
17:59
Speaker 5: done before you invest because you know, we talk about
18:03
Speaker 5: this all the time. The market is volatile. The market
18:06
Speaker 5: is a wonderful tool for long term growth of your
18:09
Speaker 5: money and allowing that compounding to happen. But if you
18:14
Speaker 5: set yourself up financially where the first time an emergency comes,
18:19
Speaker 5: you've got all these bills to pay, your income is down,
18:23
Speaker 5: where do you get the money you're going to have
18:25
Speaker 5: to liquidate your long term investments? Well, what if the
18:27
Speaker 5: market's down? You know what if you're at an age
18:30
Speaker 5: where you're taking tax penalties that that ended up being
18:35
Speaker 5: the exact wrong thing to do is to invest. You know, here,
18:39
Speaker 5: I'm an investment guy and say, you know, that's the
18:42
Speaker 5: wrong time, It's the wrong thing to do, and you
18:45
Speaker 5: have to get those steps in order. You have to
18:47
Speaker 5: put those things in place so that so that your
18:50
Speaker 5: long term investments you have a strong hand on them,
18:53
Speaker 5: that you're not going to be shaken out of them
18:54
Speaker 5: the first time the inevitable, you know, then happens to
19:00
Speaker 5: upset to your plans.
19:02
Speaker 4: That's great information, as always with it.
19:04
Speaker 3: John Burdett for Fourth Avenue Financial talking about your financial
19:07
Speaker 3: future from any number of different scenarios. Maybe you're just
19:10
Speaker 3: starting out your debt snowball. You need to know how
19:11
Speaker 3: to pay these things off and how to plan for
19:13
Speaker 3: your future financially. John can help you with any tips
19:16
Speaker 3: along those lines. It gives a call this morning three
19:18
Speaker 3: zero four, three four two eight one three one three
19:20
Speaker 3: zer a four three four two eight one three one.
19:21
Speaker 3: Maybe you're a little bit farther along and you're looking
19:23
Speaker 3: at trying to find a soft landing as it may
19:26
Speaker 3: be for your retirement, or you're somewhere in the middle
19:29
Speaker 3: and you're word you're not going to quite make the bill.
19:30
Speaker 3: Whatever your questions are, this morning, John can help point
19:32
Speaker 3: you in the right direction, answer some questions and uh
19:35
Speaker 3: and maybe do some follow up for you and give
19:36
Speaker 3: us a call this morning. Three zero four, three four
19:38
Speaker 3: two eight one three one three four two eight one
19:40
Speaker 3: three one. You can text three zero four nine three
19:41
Speaker 3: five five zeros eight. We're gonna take a break and
19:43
Speaker 3: be back right after this. You're listening to retire Right Radio.
19:45
Speaker 3: That's John Burdett. I'm Delle Cooper. This is five ADWCHS,
19:48
Speaker 3: the Voice of Charleston. Retire Right Radio was sponsored by
19:51
Speaker 3: Fourth Avenue Financial, which is solar responsible for its content.
19:54
Speaker 3: Security is offered through jw Call Financial member Fenris CIPIC.
19:57
Speaker 3: Investment advice offered through JW CO Advisors, wth Avenue Financial,
20:00
Speaker 3: JW CO Financial and JW CO Advisors are unaffiliated entities.
20:04
Speaker 3: The opinions expressed by John Bredett should not be construed
20:06
Speaker 3: as specific, investment, legal, or tax advice. All economic and
20:10
Speaker 3: performance information is historical and not indicative of future results.
20:13
Speaker 3: Investing may involve risk of loss of principle. Any tax
20:16
Speaker 3: advice on this show is not intended to be used
20:18
Speaker 3: by any person for the purpose of avoiding US federal
20:21
Speaker 3: or state tax penalties that may be imposed on such
20:23
Speaker 3: a person, and each listener should seek advice from their
20:26
Speaker 3: tax advisor or legal console on topics that arise from
20:29
Speaker 3: the show. John Bredett is not providing legal or tax advice.
20:32
Speaker 3: Nothing should be construed as solicitation of an offer to
20:35
Speaker 3: buy securities. This program is sponsored by Fourth Avenue Financial,
20:38
Speaker 3: which is solely responsible for its content.
20:40
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Speaker 8: This is retire Right Radio with John Burdett from Fourth
21:44
Speaker 8: Avenue Financial, taking your calls at three oh four three
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Speaker 8: four five fifty eight fifty eight or texts on three
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Speaker 8: oh four nine three five fifty oh eight.
22:03
Speaker 3: You're listening to try Right Riders from Uchs the Voice
22:06
Speaker 3: of Charleston. I'm del Cooper. That's John Burdett sitting here
22:08
Speaker 3: taking your phone calls to give. It's called this Morning.
22:10
Speaker 3: Three zero four three four two a one three one
22:12
Speaker 3: three zero four three four two eight one three one.
22:14
Speaker 3: You can text over any questions you have to three
22:15
Speaker 3: zero four non three five five zero zero eight on
22:18
Speaker 3: how you can retire Right Retire Right Radio every Monday
22:20
Speaker 3: morning at eight twenty right here on five ad W
22:22
Speaker 3: chs the Voice of Charleston. John Burdett is with Fourth
22:24
Speaker 3: Avenue Financial Online. You can find more information. It's Fourth
22:26
Speaker 3: Avenue Financial dot com. You spell out the whole thing
22:28
Speaker 3: Fourth Avenue Financial dot Com. You also do that search
22:30
Speaker 3: on Facebook. You can like the page there. We've talked
22:33
Speaker 3: in the past. John is uh has a goal of
22:36
Speaker 3: having some weekend meetings, like some kind of casual meetings,
22:41
Speaker 3: melding of the minds and of folks that can get
22:44
Speaker 3: together over the weekends.
22:45
Speaker 4: That's something.
22:45
Speaker 3: If you sign up or if you like the Facebook page,
22:48
Speaker 3: you'll be notified of when there's an event that John
22:50
Speaker 3: wants to put together.
22:51
Speaker 5: Yeah, we'll get that together here in the next few weeks.
22:53
Speaker 5: So we have the Christmas open House officially ushering in
22:59
Speaker 5: the holiday shopping season at the Vintage Advan shop, my
23:03
Speaker 5: wife's antique shop, and my records my records apartment, and
23:08
Speaker 5: so we utilize that space over the weekend. We had
23:11
Speaker 5: the piano player there and food and all all kinds
23:16
Speaker 5: of fun stuff there in that space that we're ultimately
23:19
Speaker 5: going to use for this this meeting. So we're we're
23:21
Speaker 5: getting close to it there.
23:23
Speaker 3: There's so many interesting people too that that comes through
23:26
Speaker 3: on stores, like what what your wife has and the
23:28
Speaker 3: different things itself. When when I owned businesses, it started
23:31
Speaker 3: off as simply as a used bookstore, and over time
23:35
Speaker 3: Amazon came along before us, but but over time we
23:39
Speaker 3: sort of followed the Amazon model on a on a
23:42
Speaker 3: local level. So we started with books, then we started
23:45
Speaker 3: doing vhs and DVDs and video games and different things
23:49
Speaker 3: along those lines that we did media with on on
23:52
Speaker 3: previously used media. But the thing that would always always
23:56
Speaker 3: impress me is people that were fans of certain things,
23:58
Speaker 3: whether it be games or books or whatever it might be,
24:00
Speaker 3: can really be fans of those things. I'm thinking about
24:03
Speaker 3: folks that will come into a vinyl shop and they'll
24:04
Speaker 3: have lists of you know, l trying to fill in.
24:07
Speaker 3: There was a guy that came into my bookstore. He
24:08
Speaker 3: was a big science fiction writer. He had literally a
24:12
Speaker 3: bonder that was probably nearly a foot thick, and it
24:15
Speaker 3: was all of the soffid novels that he had read
24:18
Speaker 3: and wanted to read, and he would just go through
24:19
Speaker 3: page by page through our sofa section and pull out
24:22
Speaker 3: all these little thin books, you know, from like the
24:24
Speaker 3: nineteen fifties or sixties or something like that. People when
24:26
Speaker 3: they get into collecting, man, they it's sometimes the completest
24:30
Speaker 3: thing ady to everything.
24:32
Speaker 5: Oh, no doubt about it. I mean I sold yesterday
24:37
Speaker 5: Metallica Ride the Lightning was the name of the album,
24:42
Speaker 5: but it was a green vinyl French pressing, original pressing.
24:48
Speaker 5: You know. People saw that and were like what is that?
24:51
Speaker 5: You know, the people that were fans, sure, And finally
24:53
Speaker 5: some money came along and paid the price.
24:55
Speaker 4: But I figured the game.
24:58
Speaker 3: When I was younger, I was really into anything that
25:01
Speaker 3: could get my hands on from the Beatles and their members.
25:04
Speaker 3: So not only from like Beatles bootlegs and different things
25:06
Speaker 3: like that, but from things that Paul or John or
25:09
Speaker 3: whoever would do on a bootleg space and stuff like that.
25:12
Speaker 3: And I quickly come I mean I would make trips
25:14
Speaker 3: in New York, like I would go to Greenwich Village
25:17
Speaker 3: and go to record stops there in Columbus and all
25:18
Speaker 3: these different places. I quickly learned that, man, there is
25:21
Speaker 3: so much stuff out there that and then it gets
25:24
Speaker 3: repackaged in different ways and different stuff like that.
25:27
Speaker 2: Yeah.
25:27
Speaker 3: Man, you could just chase that stuff forever, and then
25:30
Speaker 3: of course you wait thirty years and it's all been released.
25:32
Speaker 3: I mean, but like all that stuff I was chasing
25:33
Speaker 3: around in the nineties, it has all been released with
25:36
Speaker 3: in pristine audio and different conditions over over time.
25:39
Speaker 5: Yeah.
25:39
Speaker 2: Yeah.
25:40
Speaker 5: There's actually a box set of the Beatles that was
25:42
Speaker 5: I think it was in the eighties that came out
25:44
Speaker 5: maybe I don't know, but you know, high quality pressings
25:48
Speaker 5: in a box and that can go for you know,
25:51
Speaker 5: get up there. Yeah.
25:52
Speaker 3: I think of Dave weekly in the afternoons. He's a
25:55
Speaker 3: huge Bob Dylan fans and chasing those basement tapes all
25:57
Speaker 3: these years. Man, I mean, there's just so many of
25:59
Speaker 3: the oh yeah, yeah, and you have to really have
26:02
Speaker 3: a rooted knowledge to even understand what you're getting into there.
26:05
Speaker 3: Like I'm a Dylan fan, but I look at all
26:06
Speaker 3: that stuff. I'm like, I don't know what all this.
26:08
Speaker 5: Well, yeah, yeah, I know he's got the one album
26:11
Speaker 5: that one of them it was released with the wrong
26:14
Speaker 5: song or a different different tracks on it, and it's
26:17
Speaker 5: very rare and hard to find, and you know, it's
26:20
Speaker 5: just and a lot of people probably shuffle those through
26:24
Speaker 5: their hands and don't even realize what they have because
26:25
Speaker 5: it's so obscure.
26:26
Speaker 3: Oh, I guarantee, yeah, I know that. I think I've
26:29
Speaker 3: told the story before. But a buddy of mine and
26:31
Speaker 3: I went to the Washington Courthouse flea market one time
26:35
Speaker 3: and went to a record stop there and my buddy
26:37
Speaker 3: that went I usually I just tag along with him,
26:39
Speaker 3: and usually we would go for hours and I would
26:42
Speaker 3: get to the end of okay, can we go yet,
26:44
Speaker 3: like towards the end of that, because he was way
26:45
Speaker 3: more into it me. We were there for like twenty minutes,
26:47
Speaker 3: and he was like, let's go, Like what go all
26:49
Speaker 3: right if you want to? And it ended up he
26:51
Speaker 3: found a Butcher cover Beatles Butcher cover that was in
26:54
Speaker 3: it was the one with the paste over top of it,
26:56
Speaker 3: so he didn't have the Butcher cover on the front
26:57
Speaker 3: that he was able to pull back the and I
26:59
Speaker 3: guess those are sure the ones that have the Butcher
27:01
Speaker 3: cover and then it's been pasted over with a promotional
27:03
Speaker 3: Piccher on Talk. He's like, I got mine today, Let's
27:05
Speaker 3: just go. He didn't want to look around or anything else.
27:08
Speaker 3: He's like, not going to get any more lucky than this.
27:10
Speaker 3: We better get out of.
27:10
Speaker 5: Here before they realized what they ask.
27:13
Speaker 4: Exactly exactly true. Still a few minutes left in the show.
27:16
Speaker 3: Today, We're not We just took a moment to talk
27:18
Speaker 3: about collectibles, but we can talk about the real business
27:20
Speaker 3: of your finances this morning at three zero four three
27:22
Speaker 3: four two eight one three one three zero four three
27:24
Speaker 3: four two eight one three one. We talk about these
27:26
Speaker 3: things and I bring it up on occasion. But you know,
27:29
Speaker 3: sometimes when I when I do these experts shows, they'll
27:31
Speaker 3: just be conversations that I either have or overhear people having,
27:34
Speaker 3: or whatever might be. And I'm like, I wonder what
27:36
Speaker 3: John would say to this in context of our show.
27:39
Speaker 3: And we've addressed this before, but I was I was
27:43
Speaker 3: part of a conversation the other day where the person
27:45
Speaker 3: working they had what they call two jobs, but really
27:49
Speaker 3: what it was is they had one job that they
27:50
Speaker 3: were a.
27:51
Speaker 4: W two employee.
27:53
Speaker 3: But not full time, so they were working under thirty
27:55
Speaker 3: hours a week or whatever. And then they had a
27:57
Speaker 3: spectrum of jobs that was the different door dashes, delivery,
28:01
Speaker 3: things like a personal shopper. Thing they were doing on
28:04
Speaker 3: their own. Like it wasn't like through an app or anything.
28:06
Speaker 3: They were just like helping older people shop, I think,
28:08
Speaker 3: and like this whole spectrum of things that they were doing,
28:11
Speaker 3: and it just got me to think, is like, that's
28:13
Speaker 3: somebody that probably needs help on how to plan for
28:16
Speaker 3: a retirement because in that case, you have a job
28:18
Speaker 3: where you're making whatever the hourly wages, and maybe that
28:21
Speaker 3: company offers them even for part time employees. I know
28:23
Speaker 3: here you can opt into four A one K and
28:25
Speaker 3: make a contribution even if you don't get the match
28:27
Speaker 3: from the company when you're part time. So maybe this
28:30
Speaker 3: person does something along those lines. But then you have
28:32
Speaker 3: just this whole mess of different streams of income that
28:35
Speaker 3: you have coming in that you have to control yourself.
28:38
Speaker 3: You have to take care of your taxes for the
28:39
Speaker 3: most part of it yourself, and you have to have
28:41
Speaker 3: some consideration for your future.
28:43
Speaker 5: Yes, and there are many avenues that a self employed
28:47
Speaker 5: person can use to just say for their retirement, and
28:53
Speaker 5: you can in that example, if you have a four
28:55
Speaker 5: to oh one K, that doesn't necessarily mean you can't
28:58
Speaker 5: participate in other things as self employed person. There is
29:02
Speaker 5: a global limit that you can tax defer each you're
29:06
Speaker 5: across all of those but if you're not hitting the
29:10
Speaker 5: you know you're not going to hit that limit in
29:11
Speaker 5: a four oh one K, So you have room to
29:14
Speaker 5: save another avenues as as the self employed person, because
29:18
Speaker 5: your income from all of those sources makes up your lifestyle.
29:23
Speaker 5: And so if you're saving enough over in the in
29:25
Speaker 5: the main job too to reproduce that income when you retire,
29:30
Speaker 5: there what are you going to do about the other
29:32
Speaker 5: income you're you're missing out on and not saving to reproduce.
29:36
Speaker 5: So you have to be very aware of that.
29:38
Speaker 3: So that's something where you can create and you can
29:40
Speaker 3: do it like all out of your bank account, Like
29:42
Speaker 3: if you get if you get paid on all of
29:44
Speaker 3: these streams of jobs that you have every so often,
29:46
Speaker 3: every two weeks, every month, whatever it might be, you
29:48
Speaker 3: can divert funds from your account into Heck, you might
29:51
Speaker 3: even be able to put it into your four to
29:52
Speaker 3: one K if your workplace is offering you one even
29:54
Speaker 3: if they're not matching, you might be able to put
29:55
Speaker 3: some stuff in there. You can open up, you can
29:57
Speaker 3: talk to John and find other other opportunities where you
30:01
Speaker 3: can put your money away. But the bottom line is,
30:04
Speaker 3: and I work self employed for a long time, and
30:06
Speaker 3: although I did have a mind towards that we need
30:08
Speaker 3: to put money away for retirement, it wasn't disciplined enough.
30:11
Speaker 3: And if I would have done that over I did
30:13
Speaker 3: it for ten years. If I would if I would
30:15
Speaker 3: still be doing it now thirty years later, I would
30:17
Speaker 3: be in trouble if I didn't find If I didn't
30:19
Speaker 3: find something to attach my future to, you know, what
30:22
Speaker 3: am I going to do when I want to retire
30:24
Speaker 3: at this point? And I feel there's a lot of
30:26
Speaker 3: people out there that are that look at this. And
30:29
Speaker 3: we talked about this all the time. America is a
30:30
Speaker 3: land of opportunity. I mean, sure, a lot of things
30:32
Speaker 3: happened during COVID, but people had a lot of good
30:34
Speaker 3: ideas too, you know, to make money on the other
30:36
Speaker 3: end of those things. But the thing is a lot
30:38
Speaker 3: of those ways to make money are not traditional.
30:39
Speaker 8: You know.
30:40
Speaker 3: Traditionally you get money taken out for taxes, part of
30:43
Speaker 3: your benefit package with your employer is that they offer
30:45
Speaker 3: you some ability to plan for your retirement and stuff
30:47
Speaker 3: like that. Without that safety that taken from you as
30:50
Speaker 3: a self employed person, you have to be disciplined and
30:52
Speaker 3: make some decision that.
30:53
Speaker 5: Yeah, no doubt about it. And that's been the trend
30:55
Speaker 5: for a generation now. You know. It used to be
30:58
Speaker 5: I get the pension and I'm taken care of of
31:00
Speaker 5: and you work for one company and you work there
31:02
Speaker 5: all your life, and and that's the way it was.
31:04
Speaker 4: It sounds kind of nice, honestly, you know.
31:08
Speaker 5: And then the four oh one K really came about
31:10
Speaker 5: and the pensions uh started drifting downward as far as
31:15
Speaker 5: the availability, So that put more of the emphasis on
31:20
Speaker 5: the individual to to make smart choices and save and
31:23
Speaker 5: invest and and make that decision to participate. And those
31:27
Speaker 5: that did and and do uh, you know, have generally
31:32
Speaker 5: even a better outcome than the pension if if you
31:35
Speaker 5: grab hold of that opportunity. And those that don't obviously
31:40
Speaker 5: are going to have trouble because it's not being done
31:42
Speaker 5: for them. But if you take advantage of it, you
31:45
Speaker 5: have the ability to to you know, come out way ahead.
31:48
Speaker 5: Then then even a pension would provide you, and now
31:52
Speaker 5: people are working differently and it continues to to break
31:57
Speaker 5: down to the individual level of making those visions. You know,
32:00
Speaker 5: if you're a self employed person, you know, you don't
32:03
Speaker 5: even have a four to one case setup for you
32:05
Speaker 5: that you can choose to to participate in. Now it's
32:08
Speaker 5: entirely up to you to to save and invest for
32:12
Speaker 5: your future. And I would I would say the sooner
32:17
Speaker 5: you do that, the better off you're going to be.
32:21
Speaker 5: And why would you go to work and build your
32:24
Speaker 5: business and and not want something out of it at
32:27
Speaker 5: the end, you know, that's the that's one of the
32:30
Speaker 5: big reasons you set up your business for those opportunities.
32:33
Speaker 3: Too many people just use their debit card until it's declined.
32:36
Speaker 3: I mean it's like it's like I see it all
32:38
Speaker 3: the time, Like they don't you don't have Like I
32:41
Speaker 3: grew up in a time where you still took you
32:43
Speaker 3: still had a checkbook, you know, and so you had
32:45
Speaker 3: like some idea like even though everything's so easy today,
32:48
Speaker 3: I'm still looking at things that I want to make
32:50
Speaker 3: sure are going to clear from my account before I'm
32:52
Speaker 3: making any decision. I don't think that some people have
32:55
Speaker 3: that concept of outstanding you know like, hey, I wrote
32:57
Speaker 3: that check two days ago, hasn't cleared my bank account
32:59
Speaker 3: yet when they look at their balance on their phone,
33:01
Speaker 3: where they're like, oh, I have eight hundred dollars, so
33:03
Speaker 3: that's plenty of money. I just wrote a check for
33:04
Speaker 3: six hundred the other day. But I think that there's
33:06
Speaker 3: a real knowledge gap sometimes these days. That comes into
33:10
Speaker 3: that from us that grew up where you had to
33:11
Speaker 3: do line item on your checkbook or something like that
33:15
Speaker 3: to keep up on things. You saw where the money went.
33:17
Speaker 3: You knew much how much you had at any given time.
33:18
Speaker 3: At the end of the month, if you were a
33:20
Speaker 3: few bucks off, you really had to go through and
33:21
Speaker 3: figure out where that was because it could be an
33:23
Speaker 3: indicator of a larger problem. And we were more hands
33:26
Speaker 3: on with our finances. Now it's like here's our debit card,
33:29
Speaker 3: here's our balance off our debit card, scan it and
33:31
Speaker 3: go through. I mean that just leads to irresponsibility.
33:34
Speaker 5: I think, yeah, you know, like I said, we used
33:36
Speaker 5: to have to do those things by hand. Now the
33:38
Speaker 5: tools are available, but the tools also make it easy
33:42
Speaker 5: to just brush it off, right.
33:44
Speaker 3: That's exactly because when you put in the hard work
33:45
Speaker 3: for it, you really understand, Okay, well I paid. Even
33:48
Speaker 3: if it's just your you're writing down your coffee expenditures
33:51
Speaker 3: or something. I mean, when you're writing three dollars down
33:53
Speaker 3: and you do it like every day for seven days,
33:55
Speaker 3: you're like, wow, yeah exactly, Whereas when you just see
33:59
Speaker 3: it as part of your.
34:00
Speaker 5: Appairly you bought coffee out lately, three dollars can go
34:04
Speaker 5: very far anymore.
34:05
Speaker 4: Good news for me is I only drink black coffee,
34:07
Speaker 4: so the three. The three still gets me.
34:08
Speaker 3: In the realm most of the time, I don't get
34:10
Speaker 3: I don't get specialized drinks. But yeah, when I see
34:12
Speaker 3: somebody in front of me and they're ordering and their
34:13
Speaker 3: coffee is like nine dollars or something, I'm like, man,
34:16
Speaker 3: I think I would have cut out the whip and
34:18
Speaker 3: the syrup or whatever it gets up there, because that's expensive.
34:20
Speaker 2: Man.
34:21
Speaker 5: That's right.
34:23
Speaker 3: You get into the right business. You get into the
34:24
Speaker 3: coffee business. That's what you get into.
34:27
Speaker 5: You know, it's addictive. They have to come back.
34:31
Speaker 3: Yeah, there's that's a great point. That's a great point.
34:35
Speaker 3: But uh uh. Nevertheless, you can make you can you
34:38
Speaker 3: can you can find a way since since maybe you're
34:42
Speaker 3: you're not forced to make these decisions anymore. You can
34:44
Speaker 3: find a way to force yourself to make these decisions.
34:46
Speaker 3: And it all comes down to discipline to make sure
34:47
Speaker 3: that you're doing it.
34:48
Speaker 4: The right way.
34:49
Speaker 3: And and I think I've even mentioned before we used
34:52
Speaker 3: to try to counsel people when we when we owned
34:54
Speaker 3: a business, and we would help people open their businesses
34:58
Speaker 3: under our model and uh, and then we would even
35:00
Speaker 3: supply them with the inventory, you know, we would set
35:02
Speaker 3: them up completely. And then when it came to let
35:04
Speaker 3: us show you a little bit about how we do
35:06
Speaker 3: this to make sure you know, you don't get over
35:08
Speaker 3: your skis on expenders. I mean, we have five years
35:10
Speaker 3: experience doing this now, seven years experience doing this.
35:12
Speaker 7: Now.
35:12
Speaker 3: We have five different places that have been successful. And
35:15
Speaker 3: it amazed me when we get to the point of
35:17
Speaker 3: actually showing somebody how to run the business profitably. We
35:19
Speaker 3: could give them all the inventory, everything else, set up
35:22
Speaker 3: the store, everything else. When it came to that actual place,
35:25
Speaker 3: so many people are like, I got it right, I
35:27
Speaker 3: got it. It's good. It's like we're the ones selling
35:30
Speaker 3: you this business and we have the experience.
35:32
Speaker 4: You're good. Now. It's wild that sometimes people don't want
35:35
Speaker 4: to take advice.
35:37
Speaker 5: Well, that's a fact and I know that from here
35:39
Speaker 5: to life. But on the small business issue, yeah, if
35:46
Speaker 5: you're out there working for a small business, there are
35:48
Speaker 5: a lot of folks that work for small business points.
35:51
Speaker 5: You know, you have things one individually you can do,
35:54
Speaker 5: but you can also go to your employer. You know,
35:56
Speaker 5: most of these small businessors or family run operations and
35:59
Speaker 5: just hey, have you thought about putting in a retirement
36:04
Speaker 5: plan of some sort for yourself and the employees and
36:10
Speaker 5: you know, have the employer even reach out to us?
36:12
Speaker 4: Is that something you can help with too?
36:13
Speaker 5: We can help and you know a lot of times
36:15
Speaker 5: folks think, well it's it's expensive to do that. It's
36:17
Speaker 5: it's a difficult process. It all depends on the type
36:21
Speaker 5: of plan you put in place. There are lots of
36:23
Speaker 5: different options depending on what you can do, and we
36:26
Speaker 5: can help help you decide and discover the best path
36:31
Speaker 5: for your business at that time. You know, you might
36:34
Speaker 5: start out with one plan and as your business grows,
36:36
Speaker 5: you gravitate into other types of plans. But even the
36:41
Speaker 5: smallest you know, mom and pop business, my business, you know,
36:44
Speaker 5: I have a handful of employees in my business. You know,
36:48
Speaker 5: we have a retirement plan, and that retirement plan has
36:51
Speaker 5: changed as our business has has made changes, and just
36:56
Speaker 5: get that process started. But if you're working for a
36:58
Speaker 5: small business without a retirement plan, you know, bringing up
37:01
Speaker 5: to your employer, have them reach out to us. We
37:03
Speaker 5: can help you take care of that.
37:05
Speaker 4: We're winding down on time.
37:06
Speaker 3: But one brief thing I wanted to say about that
37:08
Speaker 3: is when it comes to benefits like that, what small
37:09
Speaker 3: businesses sometimes don't take into account because we always think
37:12
Speaker 3: about the churn turn of employees turning over, those are
37:15
Speaker 3: benefits to help retention. If you put those things together,
37:19
Speaker 3: people are less likely to leave your business and that
37:21
Speaker 3: could help you in the long run.
37:22
Speaker 5: And there are even some plans that vest so the
37:26
Speaker 5: employee is if they leave a year in they don't
37:28
Speaker 5: get all the money.
37:29
Speaker 3: That's great information. John bre Debt, Fourth Avenue Financial, Fourth
37:31
Speaker 3: Avenue Financial dot Com. Every Monday eight twenty right here
37:34
Speaker 3: on retire Right Radio, John thinks a bunch of your time.
37:36
Speaker 3: Appreciate it, sure, take care retire Right Radio, Fourth Avenue
37:39
Speaker 3: Financial dot Com. Have a great day everyone on five.
37:41
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