Latest / WCHS Network Podcasts / 10/28/2024 Retire Right Radio with John Burdette

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10/28/2024 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
• 0:03
  Speaker 1: the realtor makes real estate dreams a reality, whether it's
• 0:05
  Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
• 0:09
  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
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  Speaker 2: necessarily reflect the views and opinions of five eight WCCHS,
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  Speaker 2: its employees or WVRC Media. This is Retire Right Radio,
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  Speaker 2: a weekly show from John Verdett at Fourth Avenue Financial
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  Speaker 2: that aims to answer your questions about financial planning, investing,
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  Speaker 2: and how to retire right. Fourth Avenue Financial is located
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  Speaker 2: in downtown Charleston at one seventy Court Street. More information
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  Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
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  Speaker 2: by calling three oh four three four five fifty eight
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  Speaker 2: fifty eight or text three oh four nine three five
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  Speaker 2: fifty oh eight. On Retire Right Radio, let's go lide to.
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  Speaker 3: The studio with host Dale Cooper and John Verdett from
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  Speaker 3: fourth have any financial.
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  Speaker 4: Shows and a good morning to everyone. And it's not
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  Speaker 4: Dale Cooper today, It's Dave Allen today.
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  Speaker 5: In for Dale Cooper.
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  Speaker 4: Thanks for a joining us this morning. I'm getting some
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  Speaker 4: major echo through the headphones here, so I don't know
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  Speaker 4: exactly what's going on there. I'll just kind of turn
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  Speaker 4: it down a little bit if if we don't know
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  Speaker 4: what's going on, you just turned down. I sound like
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  Speaker 4: I'm in a ballpark. I sound like it should be
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  Speaker 4: now batting.
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  Speaker 5: For the Yankees. Yankees Yankee. So I don't know exactly
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  Speaker 5: what's going on there, so I'll just I.
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  Speaker 6: Have no headphones today.
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  Speaker 5: That was through the show without headphones.
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  Speaker 3: How is that?
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  Speaker 5: Does that work for me and you? John talking?
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  Speaker 4: So you can call us at three zero four, three
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  Speaker 4: four five fifty eight fifty eight three zero four nine
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  Speaker 4: three five five zero zero eight. Does the tax line retire?
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  Speaker 4: Right Radio with John bur Dad from Fourth Avenue Financial?
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  Speaker 4: Good morning, John, How are you man? I'm doing great,
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  Speaker 4: I you know, talking before the show. I you know,
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  Speaker 4: am the world's biggest Dallas cowboy fan. So I stayed
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  Speaker 4: awake last night and watched.
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  Speaker 5: Uh, it wasn't really a debacle of the game.
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  Speaker 4: I mean, Dallas didn't play that badly, although at one
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  Speaker 4: point Chris collins Worth said about Dak Prescott, I don't
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  Speaker 4: know who he was throwing that too, So that's problematic,
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  Speaker 4: you know when you hear that.
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  Speaker 6: Now pre show, you said, I don't want to talk
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  Speaker 6: about the Cowboys, and the first thing you talk about is, well,
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  Speaker 6: the problem is the problem is is that because when
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  Speaker 6: you are sports not like I am, and you live
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  Speaker 6: and die by your team, that's the first thing that
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  Speaker 6: people want to talk about. And you know, and again
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  Speaker 6: people that know me know I've been at Cowboys fand
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  Speaker 6: literally since I was I think seven years old. They
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  Speaker 6: played the Broncos in the Super Bowl. I chose the
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  Speaker 6: Cowboys because I like the star in their helmet. I
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  Speaker 6: don't know the first thing about football I was learning,
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  Speaker 6: you know, as a young as a young.
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  Speaker 5: Kid of a boy cheerleaders and now cheerleader didn't come.
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  Speaker 4: For a little bit later, although I did like them
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  Speaker 4: a lot too at a later point.
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  Speaker 5: But yeah, so we'll just move on. Are you a
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  Speaker 5: baseball fan?
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  Speaker 6: Yeah? I like baseball. That's probably my favorite. I don't
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  Speaker 6: watch it as much as I used to watch baseball.
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  Speaker 6: He used to listen to it on the radio all
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  Speaker 6: the time too. Yeah, nothing like you listen to a
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  Speaker 6: game on the radio. Yeah, yeah, right in the background,
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  Speaker 6: it's it's just good times.
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  Speaker 4: I grew up listening to Marty and Joe on the
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  Speaker 4: REDS Radio network, and my grandfather his garage, and I
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  Speaker 4: think he went outside to escape from my grandmother more
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  Speaker 4: than anything else. But he would he'd crank up Marty
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  Speaker 4: and Joe, and you know, about six or seventh inning,
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  Speaker 4: Joe was pretty much tanked.
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  Speaker 5: So it made for entertainment radio.
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  Speaker 3: Yeah.
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  Speaker 4: Well, the Dodgers are up to to nothing in the
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  Speaker 4: World Series.
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  Speaker 2: They go back to New York.
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  Speaker 4: Or they go to New York for the first time
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  Speaker 4: tonight and show heeyo tiny will be playing, they say,
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  Speaker 4: will Dodgers. Yeah, he suffered a look, look like a
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  Speaker 4: pretty painful injury the other day, but he's he's they say,
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  Speaker 4: he's going to play tonight for the Dodgers.
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  Speaker 6: Did you see how much those tickets are?
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  Speaker 5: No, I did not.
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  Speaker 6: The entry level tickets about eight hundred dollars, and they
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  Speaker 6: go up to ten grand for World Series tickets and
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  Speaker 6: we're all talking Super Bowl.
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  Speaker 5: Yeah, World Series.
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  Speaker 4: Well, you know, and when you have those teams, I
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  Speaker 4: mean Major League Baseball, they not not but they play favorites,
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  Speaker 4: don't get me wrong, but they want Major market teams
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  Speaker 4: in there. They don't get excited when Arizona's in there.
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  Speaker 4: You know, they want the Yankees, they want the Red Sox,
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  Speaker 4: they want the Dodgers, they want the Cubs. You know,
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  Speaker 4: those teams that have a national following the outside of
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  Speaker 4: their respective cities. And that's why when it came down
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  Speaker 4: to the champion and even some of the other teams
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  Speaker 4: that were in the Championship Series in the NLCS, they
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  Speaker 4: had national followings too, so I think, but the Yankees
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  Speaker 4: and the Dodger and there's a lot of people, one
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  Speaker 4: of my buddies that are sports fans just say, yeah,
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  Speaker 4: I'm not gonna be because it's just a battle of
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  Speaker 4: the bank accounts, basically who's got the biggest checkbook, which
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  Speaker 4: leads us into Fourth Avenue Financial. All right, so one
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  Speaker 4: week in a day until the election is ever there's
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  Speaker 4: an election, you know, there should be something and if
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  Speaker 4: anything else, if you're a local television viewer, you will
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  Speaker 4: not have to see another Bernie Marino and Shared Brown commercial. Uh,
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  Speaker 4: there hasn't been a lot of I haven't seen a
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  Speaker 4: lot of advertising for a lot of the local races.
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  Speaker 4: And I'm talking about not necessarily the House or the Senate.
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  Speaker 4: I'm talking about uh more more along the lines of
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  Speaker 4: like the governor or the or the or the US
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  Speaker 4: Senate races, as as Jim Justice will be battling uh
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  Speaker 4: former Wieli mayor Glenn Elliots to take Joe Manson's spot.
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  Speaker 5: Not as much there.
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  Speaker 4: But when it comes to elections, what should I mean?
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  Speaker 4: Because this is the only election during my lifetime, and
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  Speaker 4: you and I are roughly the same agent, like I'm
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  Speaker 4: a few years older, but there's only election during my
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  Speaker 4: lifetime that people have said that if the other side wins,
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  Speaker 4: that democracy is done. And I mean, and you've heard it,
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  Speaker 4: and I don't have seen it online, and you've heard
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  Speaker 4: the talking heads talking about it. Maybe your friends or
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  Speaker 4: families say that that if fill in name here the
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  Speaker 4: other side wins were history. I've never seen that in
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  Speaker 4: any other election during my lifetime. I think the first
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  Speaker 4: election I voted in would have been the eighty eight
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  Speaker 4: presidential elections, the first one I voted in.
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  Speaker 5: I've never seen that before.
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  Speaker 6: Yeah, I mean, it's and it certainly we got calls
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  Speaker 6: on that all the time. But I will tell you
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  Speaker 6: I've been doing this of financial advonser for twenty plus years.
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  Speaker 6: So there have been several elections and they do pass.
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  Speaker 6: At least in the past they've passed. We'll see what
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  Speaker 6: happens this time. But historically, who wins or loses the
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  Speaker 6: election doesn't affect the stock market as much as you
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  Speaker 6: think that it will. If your team loses doesn't mean
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  Speaker 6: that the stock market is over, or if your team wins,
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  Speaker 6: it doesn't grow to the moon. Really, when you own
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  Speaker 6: a piece of stock own a stock, you own a
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  Speaker 6: piece of a company, and that company and the value
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  Speaker 6: of that company is based on its earnings, and largely
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  Speaker 6: that doesn't change depending on who the president is. It
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  Speaker 6: changes whether that company is producing goods and services that
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  Speaker 6: people value, and if they are, that will earn money
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  Speaker 6: for the company and in turn earn money for the
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  Speaker 6: owners of that company. And I think it's best to
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  Speaker 6: focus on what you actually own. In other words, keep
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  Speaker 6: your head down, understand what you own, and make sure
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  Speaker 6: that those companies are always providing value. If you think
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  Speaker 6: about economic activity, it goes on no matter what's going
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  Speaker 6: on in Washington. You know, you woke up this morning,
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  Speaker 6: you made a coffee, and you drove to work, and
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  Speaker 6: all that creates economic activity. Businesses were involved in you
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  Speaker 6: getting here this morning, and those habits and those routines
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  Speaker 6: aren't going to change after the election, and so the
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  Speaker 6: earnings aren't going to change much after the election.
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  Speaker 4: You hear the term a lot, and again we're talking
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  Speaker 4: with job Brenet retire Rite Radio from Fourth Avenue Financial.
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  Speaker 4: You hear a lot the term short term of volativity.
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  Speaker 4: And depending what happens next week, and if we know
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  Speaker 4: come Wednesday morning, who the President of the United States
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  Speaker 4: is going to be next Wednesday, I don't think we will.
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  Speaker 4: I think it's going to be a couple of days,
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  Speaker 4: which kind of concerns me, to be honest with you, John,
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  Speaker 4: because I think, no matter what I think, once you
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  Speaker 4: get a delay, you start getting you know, cons conspiracy
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  Speaker 4: type theories coming out there and whoever is in the
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  Speaker 4: White House. Just I think, and not put to put
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  Speaker 4: words in your mouth that I think people just need
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  Speaker 4: to kind of remain calm, just remain calm, and not
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  Speaker 4: just financial just in general.
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  Speaker 6: Yeah, I think that's probably wise, particularly from my perspective
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  Speaker 6: of the financial perspective. Decision making with heightened emotions, emotional
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  Speaker 6: decision making is generally going to be bad decisions. I mean,
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  Speaker 6: emotions getting in clouding your long term plan. Short term
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  Speaker 6: emotions clouding your long term plan. That's usually where mistakes
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  Speaker 6: are made in financial planning. So it's best to keep
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  Speaker 6: your head down, focus on the things that you can control.
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  Speaker 6: You know, you can control that you're out there working
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  Speaker 6: and serving people and being productive to society. You can
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  Speaker 6: control that you live below your means. You can control
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  Speaker 6: that you're creating savings and investment consistently in your financial life.
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  Speaker 6: Those are things that you can control, and those are
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  Speaker 6: things that aren't really predicated on who's in Washington. It's
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  Speaker 6: all about you putting your head down and focusing on
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  Speaker 6: what you can control.
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  Speaker 4: And historically speaking, and there may be exceptions to this,
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  Speaker 4: but historically speaking, long term investment strategies, at least if
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  Speaker 4: you've got a good financial planner or you're doing it right,
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  Speaker 4: they typically remain unaffected.
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  Speaker 6: Yeah, I mean, you know you're seeing right now. We
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  Speaker 6: had six weeks in a row where the market has
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  Speaker 6: been up. Last week it gave back just a little bit,
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  Speaker 6: not much. You know, the market knows there's an election
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  Speaker 6: coming up, and it's at record highs basically, so you
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  Speaker 6: know the market is forward looking. The market isn't predicting
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  Speaker 6: doom and gloom at this point. Now, depending on who wins,
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  Speaker 6: there might be some adjustments in portfolios around the edge,
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  Speaker 6: but you know, usually it's not a big wholesale change,
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  Speaker 6: and usually that volatility that might happen as people adjust
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  Speaker 6: those portfolios if they if they thought something was going
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  Speaker 6: to happen and the other outcome happens, that's a short
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  Speaker 6: that's a short term thing. You know, you're looking at retirement.
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  Speaker 6: Even if you're entering retirement right now, you're planning for
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  Speaker 6: the next twenty five years. You know, you're not planning
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  Speaker 6: for the next two months. All of the things that
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  Speaker 6: you're concerned about today will not be the things you're
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  Speaker 6: concerned about a year from now or five years from now.
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  Speaker 6: It's just the way it is.
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  Speaker 4: Do you anticipate though, that come next Wednesday morning, November
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  Speaker 4: the sixth, that your phone's gonna ring been on what happens?
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  Speaker 5: Or you're going to get some emails?
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  Speaker 2: Or have you?
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  Speaker 4: Have you talked to your clients enough to go pump
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  Speaker 4: the brakes, calm down a little bit, No matter now.
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  Speaker 6: I mean we have been getting calls along the way,
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  Speaker 6: you know, as in the lead up to it, not
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  Speaker 6: frantic cause, just concerns that you know, if this person wins,
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  Speaker 6: then this is going to happen. If that person wins,
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  Speaker 6: this is going to happen. And you know, it's it's
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  Speaker 6: good to keep in mind that the government does have
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  Speaker 6: three branches, and yes, and no matter what happens. To
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  Speaker 6: be honest with you, if you look at the historic
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  Speaker 6: numbers of elections in the past, the Republican being president
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  Speaker 6: or the Democrat being president doesn't really it's not a
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  Speaker 6: big difference. The market tends to thrive in conditions where
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  Speaker 6: the government has divided. When the government is divided, nothing happens.
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  Speaker 6: If nothing happens, the rules don't change. If the rules
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  Speaker 6: don't change, companies know how to operate and they tend
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  Speaker 6: to you know, that stability provides a good runway for
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  Speaker 6: them to be proper fit.
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  Speaker 4: So chaos is not bad well you know, or organized chaos.
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  Speaker 6: But yeah, well you know, and if if you think
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  Speaker 6: about it, just like you mentioned before, you know, the
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  Speaker 6: government or the public is divided right now, Oh yeah,
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  Speaker 6: the public is divided in which direction to go. You
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  Speaker 6: know the fact that people complain that nothing gets done
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  Speaker 6: in Washington, Well what should get done. If the people
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  Speaker 6: don't agree, I mean, really is is that a flaw
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  Speaker 6: in the system or is that the system working.
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  Speaker 5: It's a good way to put it.
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  Speaker 4: Talking to John Burdette retire Right Radio here and of
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  Speaker 4: course he's for Fourth Avenue Financial. They're located at one
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  Speaker 4: seventy Court Street in Charleston. You can give John a
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  Speaker 4: call at three zero four seven four six seventy nine
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  Speaker 4: seventy seven, or visit the website Fourth Avenue Financial dot com.
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  Speaker 4: I want to switch gears here for a moment, and
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  Speaker 4: I want to talk about I know that you're a
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  Speaker 4: big proponent of Dave Ramsey. You and my wife have
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  Speaker 4: that in common. She she loves, she loves Dave Ramsey.
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  Speaker 4: And and for the Avenue Financial, you folks use some
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  Speaker 4: steps similar to what Dave Ramsey colls his baby steps,
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  Speaker 4: focusing on those simple things budgeting, debt management, and building wealth.
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  Speaker 4: It sounds like it's a very simple plan, but so
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  Speaker 4: many people John struggle with it.
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  Speaker 6: Yes, I mean, I think the steps to becoming wealthier
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  Speaker 6: are very simple. That doesn't mean it's easy. You know,
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  Speaker 6: life has a way of simple.
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  Speaker 4: And easy aren't necessarily the same thing in this respect.
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  Speaker 6: That's correct, that's correct. The process is very simple. You know,
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  Speaker 6: if you go out and are productive and earn money,
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  Speaker 6: the certificates basically that say you've served someone and you're
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  Speaker 6: able to set some of that aside by living below
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  Speaker 6: your means and create savings which ultimately then you can
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  Speaker 6: turn into investment dollars where you're owning entities that are
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  Speaker 6: doing what serving people, meeting needs, solving problems. And you
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  Speaker 6: repeat that process, it's inevitable that you will become better off.
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  Speaker 6: It's that simple. I mean that that is how you
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  Speaker 6: become financially independent and wealthy, repeating that process over and
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  Speaker 6: over and over again and allowing you know, the miracle
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  Speaker 6: of compound interest work.
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  Speaker 3: You know.
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  Speaker 6: And and the problem is life intrudes and can make
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  Speaker 6: that simple process very difficult to achieve. And that's where
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  Speaker 6: you have to safeguard yourself against things by having emergency funds,
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  Speaker 6: for instance, set up when those curve balls of life
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  Speaker 6: come at you, that it doesn't disturb your long term
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  Speaker 6: plans that you're working towards, you know, making sure that
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  Speaker 6: you get some of those things in place before you
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  Speaker 6: start to invest. You know, if you come in my
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  Speaker 6: office and you're a young person and say hey, I
• 14:49
  Speaker 6: want to put money on the stock market. And we
• 14:51
  Speaker 6: get to talking and you don't have a savings of
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  Speaker 6: an emergency fund. You know, I'm going to tell you to,
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  Speaker 6: you know, go back to start and and get that
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  Speaker 6: in place first, because you know, everybody wants to participate
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  Speaker 6: in the stock market when it's good, right, and and
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  Speaker 6: that's a wonderful goal to do, but you can't skip
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  Speaker 6: the steps. You know. If if let's say you're thirty
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  Speaker 6: years old, twenty five years old and want to start
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  Speaker 6: investing and say I want to put this in a
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  Speaker 6: roth ira and save for my retirement, well, guess what
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  Speaker 6: if if you have no emergency fund? What happens when
• 15:32
  Speaker 6: unexpectedly you have to put five hundred dollars in a
• 15:35
  Speaker 6: car repair? Where are you going to get that money?
• 15:38
  Speaker 6: You're either going to borrow it and pay twenty five
• 15:42
  Speaker 6: percent on a credit card interest, which is you'll never
• 15:45
  Speaker 6: out earn that in this in any market, or you
• 15:50
  Speaker 6: have to liquid eate your long term investments. What if
• 15:53
  Speaker 6: the market's down, it's an inopportune time. If you put
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  Speaker 6: it in a retirement account and you're pre fifty nine
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  Speaker 6: and a half, now you're taking taxes, penalties on that money.
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  Speaker 6: It's just a bad plan to skip those steps.
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  Speaker 4: I'm gonna ask a very very simple question, Okay, because
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  Speaker 4: I'm a simple guy, John, I'm gonna ask a very
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  Speaker 4: very simple question. Somebody comes to you, as you said,
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  Speaker 4: you gave the example, somebody maybe in the early twenties,
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  Speaker 4: just out of out of out of college, or out
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  Speaker 4: of their post high school education, whatever the case may be,
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  Speaker 4: and they look at you and they say I want
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  Speaker 4: to I want to invest, and you tell them, you know,
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  Speaker 4: you probably as you said, I like your term go
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  Speaker 4: back to start and start building up an emergency fund.
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  Speaker 4: And I know it varies per situation and per person,
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  Speaker 4: but what percentage should they have set aside for an
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  Speaker 4: emergency fund in your opinion, And I know it's that's
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  Speaker 4: a very blanket statement.
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  Speaker 6: Generally, it's three to six months of living expenses, you know,
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  Speaker 6: so if it takes you twenty five hundred dollars a
• 16:54
  Speaker 6: month to live your lifestyle, then seventy five hundred to
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  Speaker 6: fifteen thousand dollars. And we see so many people that
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  Speaker 6: want to live well beyond their means, and they want
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  Speaker 6: the flashy new car, and they want the success and Look,
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  Speaker 6: it's America. You know you've worked hard for it.
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  Speaker 5: You should be able to do that.
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  Speaker 4: However, there are more There can be more important things
• 17:16
  Speaker 4: than that flashy new car. When you have two hundred
• 17:19
  Speaker 4: dollars in your savings account.
• 17:21
  Speaker 6: There is nothing wrong with buying the flashiest car you
• 17:24
  Speaker 6: want to buy if you can afford it. And I
• 17:28
  Speaker 6: would argue that you if you're borrowing for that, if
• 17:32
  Speaker 6: you don't have the savings, if you aren't making the
• 17:36
  Speaker 6: steps necessary to secure your financial future, then you can
• 17:41
  Speaker 6: afford it, even though you might be able to make
• 17:43
  Speaker 6: the payment. Making the payment and affording it are two
• 17:45
  Speaker 6: different things.
• 17:47
  Speaker 4: Talk about what some of the services that forth the
• 17:49
  Speaker 4: Avenue Financial can offer somebody. I just walk in John
• 17:52
  Speaker 4: off the Street and I say, like you said, I'm
• 17:53
  Speaker 4: starting off in life and I want to be wealthy. Sure,
• 17:59
  Speaker 4: I want to let me say this, You're not America worker,
• 18:02
  Speaker 4: but I want to start to acquire wealth and just
• 18:05
  Speaker 4: be better off financially and be ready to, as the
• 18:07
  Speaker 4: name says, retire right at some point.
• 18:10
  Speaker 5: What's the first thing you do?
• 18:11
  Speaker 6: Well? The first thing we do is we we do
• 18:13
  Speaker 6: a check up of where you are. You first have
• 18:15
  Speaker 6: to know where you are before you start a trip.
• 18:17
  Speaker 6: So we have some questionnaires that we go through to
• 18:23
  Speaker 6: help understand the situation, and then from there we can
• 18:28
  Speaker 6: branch out and say, okay, you know, here, here's the deal.
• 18:31
  Speaker 6: You've got this credit card to that, you've got these
• 18:34
  Speaker 6: things that really, you know, why would you invest in
• 18:37
  Speaker 6: a market that historically might pay you ten percent if
• 18:41
  Speaker 6: you're paying twenty eight percent on a credit card. Your
• 18:44
  Speaker 6: best investment is getting your financial house in order first.
• 18:48
  Speaker 6: And so those are the things that particularly with younger
• 18:52
  Speaker 6: folks that we're dealing with now. Of course, my bread
• 18:55
  Speaker 6: and butter is are folks that are nearing retirement. You know,
• 18:59
  Speaker 6: there we're doing more. And of course even then you
• 19:03
  Speaker 6: have people that may have holes in there in their
• 19:08
  Speaker 6: financial life, maybe debts that they shouldn't have as they
• 19:11
  Speaker 6: enter into retirement. Things of that nature. You know, will
• 19:14
  Speaker 6: address those things. But you know, as a retiree, you know,
• 19:18
  Speaker 6: we're looking at things like, okay, what what do you
• 19:22
  Speaker 6: need to retire on? You know, what is the number
• 19:25
  Speaker 6: you need? Because your number in my number may be different.
• 19:27
  Speaker 6: Things you know, you have may have an expectation or
• 19:30
  Speaker 6: a comfort level of a lifestyle that maybe I do not.
• 19:34
  Speaker 6: You might cost you know, twice as much for you
• 19:37
  Speaker 6: to retire as for me and be comfortable, And so
• 19:41
  Speaker 6: that number is floating depending on what those those needs are.
• 19:44
  Speaker 6: So we have to identify what those needs are and
• 19:46
  Speaker 6: what that comfort level is and then make sure that
• 19:49
  Speaker 6: the assets that you have can't support that long term.
• 19:53
  Speaker 6: Like you say, it's not just retirement is a you know,
• 19:56
  Speaker 6: it can be a twenty thirty year venture. It's a
• 20:00
  Speaker 6: lot to fund that, and a lot of consistency in
• 20:03
  Speaker 6: your in your plan necessary to fund that. You know,
• 20:06
  Speaker 6: the things that you were investing in when you're twenty
• 20:08
  Speaker 6: five probably aren't the right things to invest in when
• 20:12
  Speaker 6: you're sixty five. You know, you have to make those
• 20:15
  Speaker 6: adjustments along the way. You have to make sure not
• 20:19
  Speaker 6: only are you not too aggressive, but also not be
• 20:23
  Speaker 6: too conservative. That can be just as big of a
• 20:26
  Speaker 6: problem in a retirement portfolio because if your money is
• 20:31
  Speaker 6: not growing and the price of groceries is, how's that
• 20:36
  Speaker 6: going to look five or ten years right now? You know,
• 20:38
  Speaker 6: all of those things have to be factored in when
• 20:40
  Speaker 6: you're building that plan.
• 20:42
  Speaker 4: And we see so many people, so many older folks
• 20:46
  Speaker 4: that start to downsize their homes you know, they don't
• 20:48
  Speaker 4: need the they don't need the home that they needed
• 20:51
  Speaker 4: because that they had grown up, because they don't have
• 20:52
  Speaker 4: the three kids are off on lives of their own
• 20:55
  Speaker 4: right now. And so I say that to say this
• 20:57
  Speaker 4: that when you're planning for your retire ironment, there gonna
• 21:02
  Speaker 4: be a time when those that two story houses not
• 21:04
  Speaker 4: going to work for you anymore in some cases, you know.
• 21:06
  Speaker 4: And so that's something that you've got to think about too.
• 21:09
  Speaker 4: And as when homes get older, they need more stuff.
• 21:12
  Speaker 4: You know, you're going to replace that roof, You're going
• 21:14
  Speaker 4: to replace that to HVA system, you know.
• 21:17
  Speaker 6: And I see a lot too. You know, when you're
• 21:20
  Speaker 6: planning for retirement, you don't have a crystal ball. You
• 21:25
  Speaker 6: don't know what your life is going to look like
• 21:27
  Speaker 6: ten years from now, fifteen years from now. A lot
• 21:30
  Speaker 6: of times those moves that you just mentioned happened because
• 21:34
  Speaker 6: the children moved here, the children moved there, and so
• 21:38
  Speaker 6: you know, sometimes you're you're moving chasing children around and
• 21:42
  Speaker 6: grandchildren around. You know, though you're a lot of older
• 21:45
  Speaker 6: people to say I want to move to so and
• 21:47
  Speaker 6: so because I want to absolutely and those are things
• 21:50
  Speaker 6: that that you know you have to have your financial
• 21:52
  Speaker 6: house in order to be able to make those choices
• 21:55
  Speaker 6: down the road. You know, you might not have that
• 21:57
  Speaker 6: as a plan initially because you don't you don't know,
• 22:00
  Speaker 6: but if you're doing the right things consistently, you'll have options.
• 22:05
  Speaker 6: You'll have options down the road. And that's what we're
• 22:07
  Speaker 6: trying to do. We're trying to make sure that we
• 22:10
  Speaker 6: build a plan that has some flexibility because life changes.
• 22:14
  Speaker 6: Things happen that we don't plan for, don't expect. Maybe
• 22:19
  Speaker 6: our needs are wants and desires change, money and finances
• 22:24
  Speaker 6: allows you to have the ability to respond to that
• 22:28
  Speaker 6: and gives you options and choices, and that's really what
• 22:31
  Speaker 6: it's about.
• 22:32
  Speaker 4: So I'm with John Bredev This is Retire Right Radio,
• 22:34
  Speaker 4: Dave Valid and for Dale Cooper. Today we're going to
• 22:37
  Speaker 4: take a break and we'll be back right after this
• 22:39
  Speaker 4: on the Voice to Charleston WCCHS.
• 22:41
  Speaker 7: We're Tired Right Radio was sponsored by Fourth Avenue Financial,
• 22:43
  Speaker 7: which is solely responsible for its content. Security is offered
• 22:46
  Speaker 7: through jw CO Financial member Fenricipic Investment advice offered through
• 22:49
  Speaker 7: jw CO Advisors. Fourth Avenue Financial, jw CO Financial and
• 22:53
  Speaker 7: jw CO Advisors are unaffiliated entities. The opinions expressed by
• 22:56
  Speaker 7: John Bredett should not be construed as a specific investment, legal,
• 22:59
  Speaker 7: or time advice. All economic and performance information is historical
• 23:03
  Speaker 7: and not indicative of future results. Investing may involve risk
• 23:06
  Speaker 7: of loss of principle. Any tax advice on this show
• 23:09
  Speaker 7: is not intended to be used by any person for
• 23:10
  Speaker 7: the purpose of avoiding US federal or state tax penalties
• 23:14
  Speaker 7: that may be imposed on such a person, and each
• 23:16
  Speaker 7: listener should seek advice from their tax advisor or legal
• 23:19
  Speaker 7: console on topics that arise from the show. John Burnett
• 23:22
  Speaker 7: is not providing legal or tax advice. Nothing should be
• 23:24
  Speaker 7: construed as solicitation of an offer to buy securities. This
• 23:27
  Speaker 7: program is sponsored by Fourth Avenue Financial, which is solely
• 23:30
  Speaker 7: responsible for its content.
• 23:32
  Speaker 8: Kanaw County needs an effective and stable leader in the
• 23:35
  Speaker 8: prosecutor's office. We need John R. Mitchell Junior. John is
• 23:39
  Speaker 8: a seasoned professional with forty years of criminal law experience.
• 23:42
  Speaker 2: John R.
• 23:43
  Speaker 8: Mitchell Junior has experienced in the public Defender's office and
• 23:46
  Speaker 8: was the chairman of the West Virginia State Bar Criminal
• 23:48
  Speaker 8: Law Committee. John is endorsed by the Chemical Valley FOP,
• 23:52
  Speaker 8: the CWA, and Kannau Valley Labor Council of the afl
• 23:56
  Speaker 8: CIO Cannaw County needs John R. Mitchell Junior, paid for
• 24:00
  Speaker 8: by the Committee to elect John R.
• 24:01
  Speaker 2: Mitchell Junior.
• 24:02
  Speaker 4: As retirement approaches, Are you confident in your financial plan?
• 24:05
  Speaker 4: At Fourth Avenue Financial. They specialize in helping you to
• 24:08
  Speaker 4: prepare for this important milestone. Whether you're concerned about income, investments,
• 24:12
  Speaker 4: or leaving a legacy. John Fredett provides personalized strategies to
• 24:15
  Speaker 4: ensure a secure and fulfilling retirement.
• 24:17
  Speaker 2: Don't leave your future to chance.
• 24:19
  Speaker 4: Trust Fourth Avenue Financial to help you retire right with
• 24:21
  Speaker 4: confidence your financial goals their expert guidance. Visit them today
• 24:25
  Speaker 4: at Fourth Avenue Financial dot com.
• 24:27
  Speaker 8: Securities offered through jennabr Financial Incorporated. Remember fin Recipent advisory
• 24:31
  Speaker 8: services offer through Jenibuc Advisors Incorporated.
• 24:34
  Speaker 3: This is Retire Right Radio with John Burdett from Fourth
• 24:38
  Speaker 3: Avenue Financial taking your calls at three oh four, three
• 24:41
  Speaker 3: four five fifty eight fifty eight or texts on three
• 24:44
  Speaker 3: oh four nine three five fifty oh eight.
• 24:50
  Speaker 5: Welcome back to the show Retire Right Radio.
• 24:52
  Speaker 2: John Bredett.
• 24:53
  Speaker 4: It's here for Fourth Avenue Financial. They're located at one seventy.
• 24:56
  Speaker 2: Court Street in Charleston.
• 24:57
  Speaker 5: You can call them at.
• 24:57
  Speaker 4: Three zero four seven four six seventy nine seventy seven.
• 25:01
  Speaker 4: They also are very active on Facebook as well. The
• 25:04
  Speaker 4: website is forth Avenue Financial dot Com.
• 25:06
  Speaker 5: Dave Allen and for Dale Cooper.
• 25:08
  Speaker 4: Today, I will be of course in the host chair
• 25:10
  Speaker 4: for five eighty Live, a Dave Allan show coming up
• 25:12
  Speaker 4: after the top of the hour. Quick plug here. Delli
• 25:14
  Speaker 4: get Hot Lewis is on the show today and to
• 25:16
  Speaker 4: spend some time talking about some senior services program offered
• 25:19
  Speaker 4: here in the Kenaw Valley. And we're gonna be checking
• 25:21
  Speaker 4: in with Rob Reel, who is on this walk John
• 25:24
  Speaker 4: from Charleston to Morgantown for WVU Children's Hospital.
• 25:28
  Speaker 5: He left a couple of weeks ago and.
• 25:30
  Speaker 4: He's averaging about twenty miles a day on this walk
• 25:34
  Speaker 4: because he wants to deliver in person this check for
• 25:37
  Speaker 4: somewhere and they read one hundred and seventy thousand dollars,
• 25:41
  Speaker 4: one of those big old checks. And we asked him
• 25:43
  Speaker 4: when I had him on the show, when you're leaving,
• 25:44
  Speaker 4: I said, you didn't forget the check, did you, because
• 25:46
  Speaker 4: you'd hate to have to.
• 25:47
  Speaker 5: Turn around and come back, but he's getting.
• 25:49
  Speaker 4: He's traveling the back roads because they won't, you know,
• 25:51
  Speaker 4: for safety purpose. He can't follow the interesty. So he's
• 25:53
  Speaker 4: getting to see some beautiful parts of West Virginia, places
• 25:56
  Speaker 4: like Glenville and all of God's glory out there right
• 25:59
  Speaker 4: now with the with the callers out there.
• 26:02
  Speaker 6: Yeah yeah, I drove up towards Morgantown a few days
• 26:05
  Speaker 6: ago and the leaves are spectacular.
• 26:07
  Speaker 5: Yeah. Absolutely.
• 26:08
  Speaker 4: I've had a question to the show here, John, somebody
• 26:10
  Speaker 4: asked your opinion. I don't know if it's something you
• 26:12
  Speaker 4: want to get into or not, but leasing a car
• 26:15
  Speaker 4: versus buying a car, any thoughts on that?
• 26:18
  Speaker 6: Well, I mean the best answer is write a check
• 26:23
  Speaker 6: for your car, pay cash for it, pay cash for it.
• 26:26
  Speaker 6: And if you can't pay cash for it, by a
• 26:29
  Speaker 6: used car and pay cash for it, you know, a
• 26:32
  Speaker 6: car payment is I think the number one factor in
• 26:40
  Speaker 6: a person not having the cash flow to save for
• 26:45
  Speaker 6: retirement or save for future. I think the average car
• 26:48
  Speaker 6: payment now is over six hundred dollars. I mean six
• 26:51
  Speaker 6: hundred dollars month after month after month. If you could
• 26:55
  Speaker 6: put that towards saving for retirement would be millions of dollars.
• 26:58
  Speaker 6: I mean, so that car you'reing is really a million
• 27:01
  Speaker 6: dollar decision, which is hard to you know, hard to
• 27:05
  Speaker 6: get your head around sometimes, but that's how compound interest works.
• 27:08
  Speaker 6: So you know which is best to lease or or
• 27:13
  Speaker 6: or to uh uh to buy a lot of it
• 27:17
  Speaker 6: really depends on what the interest rate is on that.
• 27:22
  Speaker 6: You know that even a lease has an interest rate
• 27:24
  Speaker 6: implied inside of that. And uh, you know, the best
• 27:28
  Speaker 6: way to determine a car is is not you know
• 27:31
  Speaker 6: what is my payment, but what is this car actually
• 27:34
  Speaker 6: going to cost?
• 27:35
  Speaker 3: Me?
• 27:36
  Speaker 4: And so many people John that's a mistake that that
• 27:38
  Speaker 4: they make, and is that I mean most people are
• 27:41
  Speaker 4: payment buyers. Uh, And they go in and I understand,
• 27:44
  Speaker 4: I understand both sides. I mean, you know in your
• 27:46
  Speaker 4: budget what you can afford for a payment. And what
• 27:49
  Speaker 4: happens is as I think sometimes in the car business
• 27:51
  Speaker 4: is so many people get caught up in this web
• 27:54
  Speaker 4: and it's like a never ending cycle here. It's like, Okay,
• 27:58
  Speaker 4: I can afford uh fire on hundred dollars a month
• 28:00
  Speaker 4: for my car payment. And then but they don't, they
• 28:04
  Speaker 4: don't look at the interest. They go in and the
• 28:06
  Speaker 4: and they go to their car dealer and they say,
• 28:08
  Speaker 4: I got five hundred bucks a month, what can I get?
• 28:10
  Speaker 4: And they don't look at what the interest rate is
• 28:12
  Speaker 4: and what they're actually paying for said car. And then
• 28:15
  Speaker 4: when that car either they want a new one or
• 28:17
  Speaker 4: or they want to trade or whatever. Again, Okay, I'm
• 28:22
  Speaker 4: up upside down. It's a term that they use in
• 28:23
  Speaker 4: the car business and so many people. And I've got
• 28:25
  Speaker 4: a brother in law in the car business and a
• 28:27
  Speaker 4: lot of friends that have been in the business and
• 28:29
  Speaker 4: in radio. I've spent a lot of time on car lots,
• 28:31
  Speaker 4: you know, doing live broadcasts or whatever. So many people
• 28:35
  Speaker 4: are what they call upside down on a car payment.
• 28:37
  Speaker 6: Yeah, and there's a lot of financial wizardry that can
• 28:40
  Speaker 6: be done behind the scenes to make that payment what
• 28:43
  Speaker 6: you wanted to make. But but end up, you know,
• 28:46
  Speaker 6: it costs you a lot more than you think. So
• 28:49
  Speaker 6: you know, I guess that that is my answer. You know,
• 28:52
  Speaker 6: try to find a car that you could buy outright
• 28:55
  Speaker 6: if possible, and if not, don't ask what the payment's
• 28:59
  Speaker 6: going to be. Ask how much of the car is
• 29:01
  Speaker 6: going to cost.
• 29:02
  Speaker 4: And how much you're going to be You'd be shocked.
• 29:04
  Speaker 4: I think a lot of people would when they see
• 29:06
  Speaker 4: that sticker price or that truck or that car, and say,
• 29:09
  Speaker 4: if the salesman looked at him and said, Okay, this
• 29:11
  Speaker 4: vehicle is priced at forty five thousand dollars, you're actually
• 29:14
  Speaker 4: paying seventy five thousand for it. I'm just throwing that
• 29:17
  Speaker 4: number out there. If you probably would turn around a
• 29:19
  Speaker 4: walk away, you know, if you thought about it, but
• 29:21
  Speaker 4: your mind mine don't. It might as don't work that way.
• 29:23
  Speaker 4: You think I'm going to sit down. I'm old school.
• 29:26
  Speaker 4: I would say I'm going to write a check, but
• 29:27
  Speaker 4: it would be deducted or however your month of your
• 29:30
  Speaker 4: planning payment is. I want to talk about tax policy
• 29:34
  Speaker 4: for a moment where there are changes in tax policies,
• 29:39
  Speaker 4: because it happens frequently.
• 29:40
  Speaker 5: Tax codes change, or maybe.
• 29:42
  Speaker 4: People's people's individual situations changed and they find themselves in
• 29:46
  Speaker 4: a new tax bracket or whatever. How do you handle
• 29:49
  Speaker 4: those sort of things as a financial planner.
• 29:51
  Speaker 6: Well, I mean there's a little bit of trying to
• 29:55
  Speaker 6: look in a crystal ball there. Nobody really knows, you know,
• 29:58
  Speaker 6: even And I think that's the thing too with in
• 30:02
  Speaker 6: the political landscape. Just because a politician says something doesn't
• 30:09
  Speaker 6: necessarily mean the policy will result in looking the way in.
• 30:14
  Speaker 4: Help, are you implying John, that a politician may be
• 30:19
  Speaker 4: less than truthful.
• 30:20
  Speaker 6: Well, they may be very committed to what they're saying,
• 30:24
  Speaker 6: but after the sausage gets made, you don't know what
• 30:27
  Speaker 6: comes out. So I I think that is one of
• 30:37
  Speaker 6: the things around the election time when people hear things,
• 30:40
  Speaker 6: When people hear about policies, you know, you automatically jump
• 30:44
  Speaker 6: to the extreme end of that policy when the reality
• 30:47
  Speaker 6: is it's probably going to be a mishmash of things.
• 30:51
  Speaker 6: When when that policy changes. You know, generally speaking, taxes
• 31:00
  Speaker 6: right now are more reasonable than they have been. You know,
• 31:05
  Speaker 6: I do have clients and people that are like, you know,
• 31:08
  Speaker 6: I'm going to take certain distributions that I have to
• 31:10
  Speaker 6: take soon. I'm going to go ahead and take it
• 31:12
  Speaker 6: now versus later, thinking that maybe the rates are more
• 31:16
  Speaker 6: advantageous now. Of course, nobody really knows that. Those are
• 31:20
  Speaker 6: just thoughts that you have until it actually happens. Are
• 31:25
  Speaker 6: tax is going to go up? You know, something has
• 31:30
  Speaker 6: to change as far as the budget goes or taxes
• 31:34
  Speaker 6: one way or the other. You can't spend trillions more
• 31:36
  Speaker 6: than you're taking in without creating you know, some kind
• 31:40
  Speaker 6: of an issue. You know, most folks will look at
• 31:46
  Speaker 6: it and say, well, taxes are going to go up,
• 31:47
  Speaker 6: well they may or a government spinning may have to collapse.
• 31:51
  Speaker 6: So something's going to have to happen at some point
• 31:54
  Speaker 6: in the future. You know, the deficit in itself is
• 31:57
  Speaker 6: not does it keep me up at night as far
• 32:00
  Speaker 6: as the number, because somebody's already had to produce it.
• 32:07
  Speaker 6: So really with the deficit, you know, if the government
• 32:10
  Speaker 6: issues a bond, who buys the bond? Well, typically people
• 32:16
  Speaker 6: do people buy the bonds? Who are the people? Well,
• 32:19
  Speaker 6: mostly Americans? I mean you know, yes, foreign countries own
• 32:23
  Speaker 6: pieces of our bonds, but by and large it's owned
• 32:26
  Speaker 6: by Americans. And they wouldn't be able to buy those
• 32:28
  Speaker 6: bonds if they didn't already produce it by being productive.
• 32:35
  Speaker 6: You know, they actually had to earn and serve to
• 32:39
  Speaker 6: have the money to buy the bond. And the interest
• 32:42
  Speaker 6: goes back to who the people. You know, you look
• 32:45
  Speaker 6: at right now, interest rates are high, higher than they
• 32:50
  Speaker 6: were not historically high, and people, well that'll slow the
• 32:54
  Speaker 6: economy down. Well yes, but it also benefits a whole
• 32:57
  Speaker 6: lot of people. There are all kinds of bondholders out
• 33:00
  Speaker 6: there that the government is now paying interest to in
• 33:03
  Speaker 6: much higher rates. So it doesn't The answers are never
• 33:09
  Speaker 6: as clear as people would like them to be. I
• 33:12
  Speaker 6: guess this is what I'm trying to carry a.
• 33:13
  Speaker 4: Few concrete it's A or B. Yeah, there's a lot
• 33:16
  Speaker 4: more c's and d's and ease.
• 33:18
  Speaker 2: And they're right.
• 33:19
  Speaker 6: And even if a policy changes and you don't like it,
• 33:23
  Speaker 6: there's probably a beneficiary to some other side of that policy,
• 33:28
  Speaker 6: you know, just like in the market. You know, well
• 33:30
  Speaker 6: we're against oil and gas, or we're for oil and gas. Well,
• 33:35
  Speaker 6: you know a lot of folks would say that the
• 33:36
  Speaker 6: current administration is not for that, it's more for renewable
• 33:41
  Speaker 6: type things. Well, oil and gas stocks did fine during
• 33:44
  Speaker 6: that time. Now, it probably wasn't a good time to
• 33:46
  Speaker 6: work for some of those companies as they were making
• 33:48
  Speaker 6: those changes, but the companies themselves in the stock market
• 33:52
  Speaker 6: and their earnings largely did fine.
• 33:55
  Speaker 4: And I think you have to beware too when you
• 33:58
  Speaker 4: hear and we have done it take a really good
• 34:00
  Speaker 4: job on this show today of trying to walk the
• 34:02
  Speaker 4: line and not you know, not calling names on anything.
• 34:05
  Speaker 4: But when a political person, regardless of party, regardless of
• 34:10
  Speaker 4: ideology says I'm going to lower your taxes. It's not
• 34:15
  Speaker 4: that simple as the president or the governor or whomever
• 34:18
  Speaker 4: come in saying I'm going to lower taxes. It's not
• 34:22
  Speaker 4: really how it works. Yoh no, it's not. It's not
• 34:25
  Speaker 4: not in our system. And like I say, some people
• 34:27
  Speaker 4: complain about that, but to be honest, I see that
• 34:30
  Speaker 4: more as a like I say, a feature, not a flaw.
• 34:34
  Speaker 4: The the system makes for compromise or gridlock, and you
• 34:41
  Speaker 4: either compromise to a degree or you have gridlock.
• 34:44
  Speaker 6: And lately we've had a lot of gridlock. But we're
• 34:48
  Speaker 6: also divided. I mean, you know, if you pull the people,
• 34:50
  Speaker 6: we're very divided. Should big changes happen when people don't
• 34:54
  Speaker 6: have consensus built around a direction.
• 34:56
  Speaker 4: I mean, it's all built on compromise. That's all Washington is.
• 34:59
  Speaker 4: I mean, Dan Charleston, I mean some of it. And
• 35:02
  Speaker 4: you know, I talked to a lot of politico's on
• 35:04
  Speaker 4: my show on both sides of the aisle, and they'll
• 35:06
  Speaker 4: tell you that most of the bills that come out
• 35:08
  Speaker 4: of the West Virginia legislature, for example, are bipartisan. They
• 35:11
  Speaker 4: and they work together and they don't care whether you're
• 35:13
  Speaker 4: a Republican or a Democrat or whatever.
• 35:15
  Speaker 5: They just work together.
• 35:16
  Speaker 4: That's not the sexiness though, That's not what really makes
• 35:18
  Speaker 4: news headlines on this entity or any other, because it's
• 35:21
  Speaker 4: always the big things. It's not the things where people
• 35:24
  Speaker 4: work together don't always get all the headlines right right.
• 35:27
  Speaker 6: But that you know, to me that that is a
• 35:30
  Speaker 6: sign of strength and not a weakness, the fact that
• 35:33
  Speaker 6: government can go to gridlock.
• 35:35
  Speaker 4: I'm presuming that you'll do a show next week, because
• 35:37
  Speaker 4: you're on every Monday, so so you'll have one more
• 35:41
  Speaker 4: and a coup will be back by then, so you'll
• 35:43
  Speaker 4: have one more show with people you know, ringing their fingers,
• 35:46
  Speaker 4: wringing their hands here about the elections.
• 35:48
  Speaker 6: That's where we make all of our secret predictions.
• 35:52
  Speaker 5: You've got one more to get it.
• 35:53
  Speaker 4: But I think if anything at all we could take
• 35:55
  Speaker 4: away from this show is you know, support who you
• 35:57
  Speaker 4: want to support for to run the country. That's that's
• 36:01
  Speaker 4: totally on you. Whatever your value system is, however, just
• 36:06
  Speaker 4: be calm, Be calm.
• 36:07
  Speaker 6: And focus on what you can control. You know, you
• 36:12
  Speaker 6: have a plan for your future, and that whether the
• 36:16
  Speaker 6: you think the person in Washington has that plan or not.
• 36:19
  Speaker 6: For you. You still have to make those plans for yourself,
• 36:22
  Speaker 6: all right.
• 36:22
  Speaker 4: And a good way to do it is to get
• 36:23
  Speaker 4: ahold of John and the folks of Fourth Avenue Financial.
• 36:26
  Speaker 4: They're located at one seventy Court Street in downtown Charleston.
• 36:29
  Speaker 4: You can call them at area code three zero four
• 36:31
  Speaker 4: seven four six seventy nine seventy seven three oh four
• 36:34
  Speaker 4: seven four six seventy nine seventy seven seventy seven it is,
• 36:38
  Speaker 4: or visit the website fourth Avenue Financial dot com. Check
• 36:41
  Speaker 4: them out on Facebook as well. I've aways got a
• 36:42
  Speaker 4: lot of good tips on their Facebook page. John, I
• 36:44
  Speaker 4: appreciate you being here man. Thanks all right, Thanks a
• 36:45
  Speaker 4: bunch all right.
• 36:46
  Speaker 5: Coming up at the top of.
• 36:47
  Speaker 4: The hour, We've got to ABC News Local News will
• 36:50
  Speaker 4: follow that, and then a little of money and economic information,
• 36:54
  Speaker 4: and then I'll be in to host five eighty Live.
• 36:56
  Speaker 5: Ryan Nicholson is our producer today. Thank you so much.
• 36:58
  Speaker 5: We'll do it.
• 36:59
  Speaker 4: Dale Cooper will back next week for Jobredeth Dave Allen
• 37:02
  Speaker 4: on the Voice Charleston w c H S.
• 37:39
  Speaker 3: W c H S A W two four three t
• 37:42
  Speaker 3: R F M, Charles Stand W two A three A
• 37:43
  Speaker 3: Q Cross Lands A w V r C Media Station.
• 37:48
  Speaker 2: We are proud to live here too.