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Transcript

09/08/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: The views and opinions expressed on this program do not
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  Speaker 1: necessarily reflect the views and opinions of 580 WCHS, its employees,
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  Speaker 1: or WVRC Media.
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  Speaker 2: RetireRight Radio is on the air. John Burdett from 4th
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  Speaker 2: Avenue Financial is here each week to answer your questions
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  Speaker 2: about financial planning, investing, and building the retirement you deserve.
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  Speaker 2: Find 4th Avenue Financial in downtown Charleston at 170 Court
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  Speaker 2: Street or online at 4thAvenueFinancial. com. Call 304-345-5858 or text 304-935-5008
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  Speaker 2: to join the conversation. Now let's go live to the
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  Speaker 2: studio with John Burdette.
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  Speaker 3: And a very pleasant good morning to you. You are
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  Speaker 3: listening to Retire Right Radio on 580 WCHS, the voice
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  Speaker 3: of Charles. And I'm Dale Cooper. Thanks for tuning in.
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  Speaker 3: On this Monday, or no, it's a Tuesday morning now.
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  Speaker 3: Used to John Burdett being here on Monday mornings, but
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  Speaker 3: it is Tuesday morning with a special edition of Retire
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  Speaker 3: Right Radio that you can tune into this morning. Thanks
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  Speaker 3: so much for listening in. John Burdett joins me in
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  Speaker 3: studio now from 4th Avenue Financial. John, good morning. How
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  Speaker 3: are you doing this morning? I'm doing great. Appreciate you
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  Speaker 3: coming in this morning, day after Labor Day. Lots of
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  Speaker 3: laboring going on yesterday. So that was interesting. You know,
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  Speaker 3: labor of another sort I saw where my wife's doctor,
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  Speaker 3: who's OB here in the area, delivered something like seven
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  Speaker 3: babies yesterday. So that's a whole different kind of Labor Day.
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  Speaker 4: Elon Musk will be happy. Yeah, right.
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  Speaker 3: They'll be all his. That's right. You can, obviously, you're
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  Speaker 3: listening in this morning to Retire Right Radio. If you
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  Speaker 3: have any questions as we go along here this morning,
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  Speaker 3: you're welcome to give John a call. 304-345-5858 is our number. 304-345-5858.
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  Speaker 3: You can also text over questions. That's quite popular. You
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  Speaker 3: can do that at 304-935-5008.
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  Speaker 5: 304-935-5008.
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  Speaker 3: Several things we're going to talk about this morning. We're
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  Speaker 3: kind of going to reset topics and go down through
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  Speaker 3: some of the top concerns that folks look into when
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  Speaker 3: they're planning for their retirement, for their investments, and so forth.
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  Speaker 3: We're going to be talking about inflation and market volatility,
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  Speaker 3: what happens with job loss, making sure you're ready for retirement,
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  Speaker 3: high debt levels, health care costs, both the current and
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  Speaker 3: when you get into retirement. all types of things that
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  Speaker 3: we're going to cover this morning. So you have any
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  Speaker 3: questions along those lines or anything at all, when it
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  Speaker 3: comes to planning for your financial future, you can give
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  Speaker 3: us a call this morning. Once again, that number is
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  Speaker 3: 3 0 4 3 4 5 58 58. You can
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  Speaker 3: text 3 0 4 9 3 5 5 0 0
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  Speaker 3: 8 online. It's 4th Avenue financial.com. You spell out the
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  Speaker 3: whole thing, 4th Avenue financial.com. You can do that same
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  Speaker 3: search on Facebook and like the page over there. So, uh, briefly,
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  Speaker 3: like we do every week, we take a look back
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  Speaker 3: into the market and what happened the previous week. Um,
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  Speaker 3: Lots of activities still going on for sure. NVIDIA had
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  Speaker 3: good earnings that churned out. It looks like that tech
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  Speaker 3: is churning still. It's very interesting how all of these
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  Speaker 3: things are working in concert with what's going on with
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  Speaker 3: the war or not war.
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  Speaker 4: Yeah, there was some volatility last week around the oil
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  Speaker 4: prices are back up with all that's going on over there.
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  Speaker 4: We'll see how that plays out. It seems like that's
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  Speaker 4: been going on in the background for quite a while now.
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  Speaker 3: Coming close to Friday, so that means a resolution will
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  Speaker 3: be announced at some point over the weekend, hoping we
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  Speaker 3: don't fail on Sunday night for the sixth month in
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  Speaker 3: a row.
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  Speaker 4: Yeah, I don't know. I think– well, who knows? Who
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  Speaker 4: has a crystal ball? But I do think the screws
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  Speaker 4: are going down on them pretty hard right now. So
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  Speaker 4: we'll see what happens. It may be– a passing thing,
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  Speaker 4: but who knows, you know. Everybody, you know, when you
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  Speaker 4: look at things, you think, wow, gosh, this is what's
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  Speaker 4: going on six months or, you know, really six months
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  Speaker 4: isn't that long of a period of time. I mean,
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  Speaker 4: when you come right down to it, it's something that,
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  Speaker 4: you know, two or three years from now will certainly
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  Speaker 4: be background noise, at least we would hope, but we'll see.
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  Speaker 4: We'll see how it plays out. Up until now, You know,
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  Speaker 4: the market has been resilient. You know, inflation certainly is
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  Speaker 4: a concern with higher oil prices and how that will
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  Speaker 4: spill out. But really, for the last three years plus,
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  Speaker 4: earnings are growing. And not earnings of just companies, but
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  Speaker 4: individual earnings, household earnings, have risen faster than inflation for
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  Speaker 4: over three years in a row now. And so, you know, yes,
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  Speaker 4: there was the big inflation spike. Everybody felt that. And
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  Speaker 4: for three years now, we've kind of been slowly growing
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  Speaker 4: out of that. It doesn't correct itself as quickly as
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  Speaker 4: it hurt, but certainly household earnings are growing faster than inflation,
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  Speaker 4: except for the last month or two where oil prices
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  Speaker 4: have come up. But if you look at the last
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  Speaker 4: three years, it's been a pretty strong case of household
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  Speaker 4: earnings growth too. It's not just corporate earnings. Households are
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  Speaker 4: slowly catching up with prices.
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  Speaker 3: And so indicators as we always go along– I mean
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  Speaker 3: it's been– if you observe long enough, you're going to
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  Speaker 3: get a mixed bag. So it doesn't really– any weak
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  Speaker 3: snapshot doesn't really indicate how the year has gone or
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  Speaker 3: how it's going to go from here on out.
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  Speaker 5: Right.
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  Speaker 3: The fundamentals remain the same as far as you're trying
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  Speaker 3: to plan into your retirement and so forth. I mean,
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  Speaker 3: these things matter, of course, because they generally affect the world.
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  Speaker 3: But plans should exist outside of these things that are
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  Speaker 3: happening on an individual week or month or anything along
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  Speaker 3: those lines. You have to adjust as you can. But
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  Speaker 3: that's what we're going to talk about some this morning
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  Speaker 3: is we have all these things that are going on.
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  Speaker 3: But if your concerns are inflation or something along those
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  Speaker 3: lines– It's not just today's inflation. It's their strategies that
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  Speaker 3: you have in place. So you battle inflation in general,
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  Speaker 3: and that would include for today. And so there are
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  Speaker 3: strategies that we can put in place. And there's top
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  Speaker 3: concerns that come in from folks who are planning for
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  Speaker 3: their retirement and investing. You can get your concern in
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  Speaker 3: as well if you want to give us a call
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  Speaker 3: this morning, 304-345-5858, 345-5858. So let's just talk about some
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  Speaker 3: of these concerns that folks bring to you when people
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  Speaker 3: are talking about planning for their retirement, they're planning for
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  Speaker 3: their investment into their future. And of course, at least
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  Speaker 3: for the last six or eight years now, we've been
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  Speaker 3: talking about inflation and people are worried about the inflation level.
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  Speaker 3: Part of that, as we've talked about before, is that
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  Speaker 3: we have like almost an entire generation of people that
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  Speaker 3: never really dealt with inflation beyond like the background 2
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  Speaker 3: percent or so.
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  Speaker 4: Yeah, yeah. I mean certainly inflation in the 70s was much, much,
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  Speaker 4: much higher than it is in the early 80s, much,
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  Speaker 4: much higher. than we've experienced. We had the big dose post-COVID,
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  Speaker 4: and that really kind of woke everybody up to the
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  Speaker 4: fact that, hey, inflation really does have an impact. Not
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  Speaker 4: that it didn't have an impact before. Even 2% inflation
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  Speaker 4: over time, compounding, makes a big difference in a 20-year period.
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  Speaker 4: And so if you're planning for retirement, if you're in
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  Speaker 4: retirement and trying to base your income You know, what
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  Speaker 4: it is today is going to have to be different
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  Speaker 4: down the road for you to live the same way
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  Speaker 4: because of inflation, even if it's a background two or
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  Speaker 4: three percent. So it's something you have to factor in.
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  Speaker 3: You know, a lot of.
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  Speaker 4: Times when you see inflation, it feels like, well, I'm
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  Speaker 4: getting pinched everywhere. And sometimes the first thought you have
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  Speaker 4: is to become more conservative, you know, conserve your money
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  Speaker 4: and that sort of thing with your investments as well.
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  Speaker 4: And really, when you look at it, stocks are the
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  Speaker 4: best way over long periods of time to keep up
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  Speaker 4: with inflation. The companies you own are producing the goods
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  Speaker 4: and services that are inflating. So their profit margins, if
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  Speaker 4: the profit margin stays the same, the top line of
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  Speaker 4: the revenue grows and the earnings are more to keep
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  Speaker 4: up with inflation. In the very same way, your wages
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  Speaker 4: tend to rise over time with inflation. the idea that
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  Speaker 4: you become conservative and you want to put money in
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  Speaker 4: cash or hoard cash and things of that nature, yes,
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  Speaker 4: you should have an emergency fund, but that money, if
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  Speaker 4: it's not growing, the purchasing power of that money is
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  Speaker 4: getting lost. If you go back, when I was in
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  Speaker 4: high school, a new car, a $ 10, 000 car was an
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  Speaker 4: expensive car You go back to the previous generation and
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  Speaker 4: a $ 5, 000 or a $ 3, 000 car was an expensive car.
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  Speaker 6: Yeah, right.
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  Speaker 4: And now, you know, what is the average car? Pushing $ 40, 000.
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  Speaker 3: At least, yeah, maybe more, yeah.
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  Speaker 6: Yeah.
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  Speaker 4: So if you have your cash safely tucked away or
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  Speaker 4: in a tin can in the backyard, 20 years later,
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  Speaker 4: can you buy as much stuff?
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  Speaker 3: No.
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  Speaker 4: So by being too conservative, you've exposed yourself fully to
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  Speaker 4: the risk of inflation. And so you sometimes have to–
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  Speaker 4: it might seem counterintuitive. When things are feeling pinched, you
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  Speaker 4: have to pull back with your investments and things of
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  Speaker 4: that nature. But you're giving up the very things that
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  Speaker 4: over time keep.
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  Speaker 3: Up with inflation. And so that's just– when we talk
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  Speaker 3: about tools in the toolbox, that's– and that makes a
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  Speaker 3: lot of sense. I mean if the companies are participating
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  Speaker 3: in the same world that you're participating in and you're
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  Speaker 3: living in an inflationary world, Those companies, in order to
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  Speaker 3: remain viable, also have to perform within those inflationary measures.
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  Speaker 3: So it makes sense that those companies— companies that you
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  Speaker 3: invest in that are looking to– they have to make
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  Speaker 3: their investors or their board or whoever it is, they
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  Speaker 3: have to make them whole or they get replaced and
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  Speaker 3: they'll find people that do the job. So I mean
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  Speaker 3: there's a little bit of a safety net in there
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  Speaker 3: because there are people that have to do their jobs.
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  Speaker 3: They have to find profitability and things along those lines. Sure, sure.
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  Speaker 4: And– The best way also to battle inflation is to
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  Speaker 4: live below your means and create savings and investment. That
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  Speaker 4: is how you're going to keep up with it. One
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  Speaker 4: day you're not going to be working. Hopefully you'll be
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  Speaker 4: retired happily and you're not working anymore. You're not out
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  Speaker 4: in the marketplace selling your own goods and services. So
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  Speaker 4: your income is somewhat fixed at that point. If you
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  Speaker 4: don't have growth assets, you will be pinched. with inflation
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  Speaker 4: over time. And by living below your means, creating savings
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  Speaker 4: and investment, you're almost automatically building that cushion that you
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  Speaker 4: need to deal with it. So it all comes back
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  Speaker 4: to inflation is essentially– it's a very dangerous thing if
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  Speaker 4: you don't have assets. If you don't own your home,
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  Speaker 4: if you don't– if you're borrowing money for things because
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  Speaker 4: interest rates are going to be higher in that environment.
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  Speaker 3: You have no real tether there. That's right.
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  Speaker 4: But if you're constantly living below your means in saving
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  Speaker 4: and investing, now you're an asset owner. What happens to
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  Speaker 4: assets and inflation? Look at what happens to home prices.
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  Speaker 4: They go up. Things go up. Assets go up because
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  Speaker 4: the dollar has declined in value with that inflation. So
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  Speaker 4: in a way, inflation is a tax on people that
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  Speaker 4: don't have assets. And so the best way to combat
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  Speaker 4: that is have a good, solid foundation and a plan
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  Speaker 4: where you're constantly creating that savings and investment. That's how
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  Speaker 4: you're going to deal with that. And yes, it needs
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  Speaker 4: to be calculated in your plan. But the fact that
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  Speaker 4: you're doing those basic things will almost over time mitigate
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  Speaker 4: that just by nature.
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  Speaker 3: You know, one of the insidious things when it comes
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  Speaker 3: to it, and it's not so much maybe the dollar
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  Speaker 3: amount as just the permissiveness of people separating themselves from
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  Speaker 3: their money that this causes. And this has become so
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  Speaker 3: common in our society now where you go to check
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  Speaker 3: out at a place. Number one thing that you get
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  Speaker 3: is do you want to round up or give money
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  Speaker 3: to this charitable cause? It's like every single time you
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  Speaker 3: check out somewhere, it's like you can give a dollar
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  Speaker 3: more or round it up to whatever it is and
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  Speaker 3: give more and more and more. Not that that's a
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  Speaker 3: lot of money, but I've done some research of those things.
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  Speaker 3: The dollars do not spread well on those things where
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  Speaker 3: you donate at the cash register. If you want to
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  Speaker 3: find targeted donations, you can do that. Those are usually
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  Speaker 3: not the best ones. I'm not saying everyone, but usually
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  Speaker 3: that's not the place where you want to put your
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  Speaker 3: Your charitable giving is at the cash register. But you're
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  Speaker 3: asked constantly. Not only that, but you're asked constantly for
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  Speaker 3: a tip. You're asked to give a tip just for
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  Speaker 3: some way of making change. You go and you buy
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  Speaker 3: a gum and you go to checkout and it's like,
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  Speaker 3: do you want to leave a tip? I don't, and
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  Speaker 3: not everybody does, but it's the permissiveness that we're constantly like, okay, yeah,
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  Speaker 3: leave a tip. Okay, we'll donate here. We'll do this here.
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  Speaker 3: We'll do that. It seems that by nickel and diming,
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  Speaker 3: we're constantly just giving our money away, not to mention
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  Speaker 3: now you go to– a local business, and they're charging
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  Speaker 3: you to use a credit card. It's like, do you
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  Speaker 3: want me to spend money here or not? I don't understand.
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  Speaker 3: You're going to charge me to use money at your business? Okay,
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  Speaker 3: I guess that's a business plan. Thank you. It's just
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  Speaker 3: everywhere you go now, you're getting nickel and dimed and
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  Speaker 3: being asked for money. I mean, in this culture, and
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  Speaker 3: I'm being serious, we have to learn to protect our
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  Speaker 3: money more, whether it's $ 100 here or there and not
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  Speaker 3: getting something on the credit card, but frankly, being nickel
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  Speaker 3: and dimed to death too, because to me anyway, that permission,
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  Speaker 3: that environment of just giving your money away basically leads
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  Speaker 3: it to other things like suddenly $ 5 here or there
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  Speaker 3: isn't that big of a deal. Well, $ 20 here or
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  Speaker 3: there isn't that big of a deal. $ 100 here or
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  Speaker 3: there isn't that big of a deal. I don't like
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  Speaker 3: that culture. I'm not a big fan of it.
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  Speaker 4: That's right.
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  Speaker 3: Yeah.
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  Speaker 4: There's a gas station here in town that It asks
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  Speaker 4: like 16 questions before you're even allowed to pump gas.
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  Speaker 3: It drives me crazy. I can't stand it. Do you
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  Speaker 3: want a receipt?
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  Speaker 4: Do you want to donate to this?
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  Speaker 3: Remember when you could just roll up and you could
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  Speaker 3: get the thing off there and jam it in there
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  Speaker 3: and get your gas? It's like a whole– the administrative
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  Speaker 3: burden that we have to go through just to like
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  Speaker 3: click all the screens and do all the stuff and
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  Speaker 3: then they ask you for more money on top of that.
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  Speaker 4: Get off my lawn.
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  Speaker 3: This is like my big– but in a very real sense,
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  Speaker 3: you do have to be aware of– and we can
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  Speaker 3: dial that down to anything that you're doing when you're
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  Speaker 3: controlling your debts, whether it's your subscription fees or buying
• 14:49
  Speaker 3: a coffee once a day, whatever it might be. You
• 14:50
  Speaker 3: need to be aware of all the– not only the
• 14:52
  Speaker 3: big things that you're spending on. You have house repairs
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  Speaker 3: or car repairs you need to do, but all these
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  Speaker 3: little incidental things that happen every single day.
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  Speaker 4: Yeah, and if you are donating money to those things,
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  Speaker 4: I mean– and that is a line item in your budget.
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  Speaker 3: That's one thing.
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  Speaker 4: But be aware of what you're spending. Be aware of
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  Speaker 4: what you're– if that's important to you to do that,
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  Speaker 4: it needs to be in your budget. It can't just
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  Speaker 4: be a throwaway dollar here or a throwaway dollar there
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  Speaker 4: because if you do that multiple times a week or
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  Speaker 4: a day, it is a budget line for sure. It's
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  Speaker 4: something you have to think about.
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  Speaker 3: John Burdett is with us from 4th Avenue Financial. We're
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  Speaker 3: talking about planning for your retirement this morning and for
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  Speaker 3: your financial solvency. If you have any questions about how
• 15:32
  Speaker 3: you can plan– Do your financial planning. John is here
• 15:35
  Speaker 3: to take your questions. You can give us a call
• 15:37
  Speaker 3: at 304-345-5858. 304-345-5858. You can text 304-935-5008. That's our text
• 15:45
  Speaker 3: line number, 304-935-5008. Let's go ahead and do this. Let's
• 15:49
  Speaker 3: take a break. When we come back, we still have
• 15:50
  Speaker 3: plenty of stuff that we're going to get into today.
• 15:53
  Speaker 3: John has several topics we're going to talk about. We're
• 15:55
  Speaker 3: going to get a little bit into what happens if
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  Speaker 3: you have job uncertainty or you lose your job. We'll
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  Speaker 3: get back into talking about how to pay down your
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  Speaker 3: debt and what to do if you have high debt levels.
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  Speaker 3: Health care costs is an issue as well. A lot
• 16:07
  Speaker 3: of stuff that we're going to get into. If you
• 16:09
  Speaker 3: want to contribute to the conversation, give us a call. 304-345-5858.
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  Speaker 3: You're listening to Retire Right Radio. I'm Dale Cooper. That's
• 16:15
  Speaker 3: John Burdett. We'll take a break and be back right
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  Speaker 3: after this. This is Retire Right Radio on 580 WCHS,
• 16:21
  Speaker 3: the voice of Charleston.
• 16:23
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• 16:26
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  Speaker 7: Cole Financial member, FINRA SIPC. Investment advice offered through J.W.
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  Speaker 7: Burdett should not be construed as specific investment, legal, or
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  Speaker 7: tax advice. All economic and performance information is historical and
• 16:53
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  Speaker 7: may be imposed on such a person. And each listener
• 17:09
  Speaker 7: should seek advice from their tax advisor or legal counsel
• 17:12
  Speaker 7: on topics that arise from the show. John Burdett is
• 17:15
  Speaker 7: not providing legal or tax advice. Nothing should be construed
• 17:19
  Speaker 7: as solicitation of an offer to buy securities. This program
• 17:22
  Speaker 7: is sponsored by Fourth Avenue Financial, which is solely responsible
• 17:25
  Speaker 7: for its content.
• 17:25
  Speaker 8: Why do people trust Peyton Law Firm for personal injury
• 17:29
  Speaker 8: claims in West Virginia?
• 17:30
  Speaker 3: Simple.
• 17:31
  Speaker 8: Tom and Harvey Peyton are lifelong West Virginians. They live here,
• 17:35
  Speaker 8: they work here, and they're proud to stand up for
• 17:38
  Speaker 8: their neighbors. If you've been hurt and want no-nonsense representation
• 17:42
  Speaker 8: that gets results, you want the Peyton Law Firm. Call
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  Speaker 8: 755-5556 or visit PeytonLawFirm.com to learn more. The attorneys referenced
• 17:52
  Speaker 8: in this ad are lifelong residents and are licensed to
• 17:54
  Speaker 8: practice law in the state of West Virginia.
• 17:57
  Speaker 6: At Polka Valley, your savings deserve Simply More. The Simply
• 18:01
  Speaker 6: More money market is designed for people who want growth, flexibility,
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  Speaker 6: and convenient access to their money when they need it most.
• 18:08
  Speaker 6: Whether you're building your savings or planning for the future,
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  Speaker 6: Polka Valley is here to help you make the most
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  Speaker 6: of every dollar.
• 18:14
  Speaker 3: Ready to learn more?
• 18:15
  Speaker 6: Visit polkavalleybank.com, call 844-782-2651, or stop in to your nearest
• 18:21
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  Speaker 4: Member FDIC.
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  Speaker 5: Have you ever dreamed of a project that seemed impossible,
• 18:31
  Speaker 5: wondered who could bring it to life with precision and care?
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  Speaker 5: At Jarrett Construction, they don't just build, they craft futures.
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  Speaker 5: See more at jarrett-construction.com, WV030133. Right on time, right on budget.
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  Speaker 1: Call on Jarrett Construction.
• 19:01
  Speaker 9: At Allstate, we know second chances are important to you,
• 19:04
  Speaker 9: so they're important to us. That's why with Allstate's accident forgiveness,
• 19:08
  Speaker 9: your rate won't go up just because of an accident,
• 19:11
  Speaker 9: even if it was your fault. So while you might
• 19:13
  Speaker 9: find yourself wondering how long will this take or what
• 19:16
  Speaker 9: will this cost, you won't have to question your rate
• 19:19
  Speaker 9: after an accident. If it's important to you, it's important
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  Speaker 9: to us. You're in good hands with Allstate.
• 19:25
  Speaker 3: Not available in every state.
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  Speaker 9: Optional policy feature terms apply.
• 19:27
  Speaker 3: Allstate North American Insurance Company and affiliates Northbrook, Illinois.
• 19:30
  Speaker 10: I move mountains for a living.
• 19:32
  Speaker 2: Literally.
• 19:33
  Speaker 10: That means I don't carry hand lotion, and when it
• 19:35
  Speaker 10: comes to serious heartburn, I don't mess around with anything
• 19:38
  Speaker 10: but Rolaid's Max Strength. Its dual active formula has 1,500
• 19:42
  Speaker 10: milligrams of calcium carbonate and magnesium hydroxide that relieves heartburn fast.
• 19:47
  Speaker 10: And the best part? The roll fits right here. in
• 19:50
  Speaker 10: my pocket so I can get back to moving mountains.
• 19:53
  Speaker 1: Rolaid spells powerful relief.
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  Speaker 3: 1,500 milligrams is our highest amount of antacid per tablet.
• 19:57
  Speaker 3: Read each label. Use as directed. Keep out of reach
• 19:58
  Speaker 3: of children.
• 19:59
  Speaker 1: This is Retire Right Radio with John Burdett from 4th
• 20:04
  Speaker 1: Avenue Financial. Taking your calls at 304-345-5858 or texts on 304-935-5008.
• 20:07
  Speaker 1: Working 9 to 5, what a way to make a living.
• 20:08
  Speaker 1: Getting by, it's all taking and no giving. They just
• 20:12
  Speaker 1: use your.
• 20:15
  Speaker 6: Mind and they never give you credit.
• 20:20
  Speaker 5: It's enough to drive you.
• 20:36
  Speaker 3: You're listening to 580 WCHS, the voice of Charles and
• 20:39
  Speaker 3: I'm Dale Cooper. A little Dolly 9 to 5 bringing
• 20:41
  Speaker 3: us back there. There you go. Got to let that.
• 20:43
  Speaker 3: I like how there's all these September 25th that are
• 20:46
  Speaker 3: now being called like Dolly Days because it's like 9
• 20:50
  Speaker 3: to 5, September 9 to 5, September 25th. I think
• 20:54
  Speaker 3: Garth Brooks did something. Now there's like different cities and
• 20:57
  Speaker 3: stuff that are adopting that as Dolly Day. So what
• 20:59
  Speaker 3: do you know? There's always clever things to do with numbers, right? Yeah, yeah.
• 21:02
  Speaker 4: You know, Dolly, I saw some billboards up about that.
• 21:06
  Speaker 4: I was like, who paid for those?
• 21:07
  Speaker 2: I know.
• 21:07
  Speaker 3: Just like a tribute. No logo on it. No ad
• 21:11
  Speaker 3: or anything. I saw that too. It was like somebody
• 21:13
  Speaker 3: just altruistically put up a Dolly billboard.
• 21:16
  Speaker 4: Okay.
• 21:17
  Speaker 3: I mean, I guess stuff like that can still happen.
• 21:19
  Speaker 3: If you have any questions, you can give us a
• 21:20
  Speaker 3: call this morning, not about Dolly, but about your retirement.
• 21:23
  Speaker 3: You can give us a call, 304-345-5858. You can also
• 21:26
  Speaker 3: text over any questions you have to 304-935-5008. John Burdett
• 21:31
  Speaker 3: is here with us. We're talking a lot this morning
• 21:34
  Speaker 3: about some of the top concerns about folks when they're
• 21:36
  Speaker 3: getting into their finance and investments. We talked a little
• 21:38
  Speaker 3: bit about market volatility, a little bit about debt and
• 21:41
  Speaker 3: things along those lines. But let's talk about Creating a–
• 21:46
  Speaker 3: if you're in a situation where you've been building towards
• 21:48
  Speaker 3: your retirement and you like to try to explore all
• 21:52
  Speaker 3: avenues so you're safeguarded as much as possible, but some
• 21:54
  Speaker 3: huge life events you just can't necessarily plan for, like
• 21:56
  Speaker 3: a sudden job loss or something along those lines, you
• 21:59
  Speaker 3: can't always plan for those things. You can try to
• 22:00
  Speaker 3: be as bulwarked as possible against the potential, but those
• 22:05
  Speaker 3: things just happen sometimes. What can you do in those situations?
• 22:09
  Speaker 3: How do you create a resilient situation? So you can
• 22:13
  Speaker 3: roll with the punches as you go along your life.
• 22:16
  Speaker 3: I mean if you're investing and you do it right,
• 22:18
  Speaker 3: you're going to be rolling with this thing for 30
• 22:19
  Speaker 3: or 40 years, right? So you could have life events
• 22:22
  Speaker 3: like that that happen to you. Yeah, and it all.
• 22:25
  Speaker 4: Really comes back to the same thing. Have a solid
• 22:29
  Speaker 4: foundation and a plan. Make sure you plan for things
• 22:34
  Speaker 4: before the events happen. COVID was a disruption. Well, you
• 22:40
  Speaker 4: can't predict when things like that happen. But if you
• 22:44
  Speaker 4: were doing the right things beforehand, you would have had
• 22:47
  Speaker 4: an emergency fund. You wouldn't have had consumer debts if
• 22:51
  Speaker 4: you were running your budget the way it needed to
• 22:54
  Speaker 4: be run. You would have had that firm foundation that
• 22:58
  Speaker 4: would have helped you get through those periods without really
• 23:02
  Speaker 4: throwing you as much off course. You know, sometimes, you know,
• 23:05
  Speaker 4: the wind blows sometimes and sometimes you will drift off
• 23:08
  Speaker 4: course a little bit. But if your foundation and your
• 23:10
  Speaker 4: anchor is solid, you're not going to get so far
• 23:15
  Speaker 4: off that it can't be corrected or that when the
• 23:18
  Speaker 4: tide shifts, you don't get back on course. And so
• 23:22
  Speaker 4: that's really the best way to deal with those things
• 23:25
  Speaker 4: is have a plan before things happen. Execute that plan
• 23:30
  Speaker 4: over time and those plans will take care of you.
• 23:34
  Speaker 4: You know, if you have three to six months of
• 23:37
  Speaker 4: emergency funds. If you don't have credit card debt that
• 23:41
  Speaker 4: is piled up, that you're servicing that high interest on,
• 23:45
  Speaker 4: there again, if you're an investor, what are you hoping
• 23:49
  Speaker 4: to get? You're hoping to get a compound return of, what, 8%, 9%, 10%, 11%,
• 23:54
  Speaker 4: maybe 12% in the market over long periods of time.
• 23:59
  Speaker 4: You're not going to out-earn a 30% credit card interest.
• 24:03
  Speaker 4: So it doesn't even make sense to invest if you
• 24:06
  Speaker 4: have that type of consumer debt. You know, those are
• 24:11
  Speaker 4: the things that you have to get right to be
• 24:13
  Speaker 4: able to plow through those rocky times that come. And,
• 24:19
  Speaker 4: you know, this concept of a market crash, that's on
• 24:22
  Speaker 4: a lot of people's minds. I mean, particularly with the
• 24:25
  Speaker 4: news that goes on and we see more of everything
• 24:28
  Speaker 4: today because of social media and access to information. and
• 24:34
  Speaker 4: it's sometimes difficult to know what information is information you
• 24:39
  Speaker 4: should act on or.
• 24:39
  Speaker 3: Not act on. That's a big one, yeah.
• 24:43
  Speaker 4: And really, it's just all about focusing inward, focusing on
• 24:49
  Speaker 4: what you can control and staying diversified. The way you
• 24:54
  Speaker 4: allocate your funds, depending on the time of life that
• 24:57
  Speaker 4: you're in, can tackle a lot of risk. It doesn't
• 25:01
  Speaker 4: mean that you're not going to experience declines in your
• 25:05
  Speaker 4: portfolio when the market gets rocky. But it means that
• 25:11
  Speaker 4: you don't have to panic or sell because of an
• 25:14
  Speaker 4: emergency out of your control because you have your foundation built.
• 25:19
  Speaker 4: And anytime the market has fallen, COVID, 2008, the dot-com
• 25:26
  Speaker 4: bubble of 2000, all of those things, those were not
• 25:29
  Speaker 4: fun things to go through. But it didn't take very
• 25:32
  Speaker 4: long before the market was back to new highs. And
• 25:35
  Speaker 4: if you had the foundation built, it didn't change your
• 25:39
  Speaker 4: life other than you looking at the statement of being
• 25:42
  Speaker 4: disappointed for a year or so. It didn't force you
• 25:46
  Speaker 4: to do anything that was out of your control. You
• 25:51
  Speaker 4: still were in command of your financial plan even through
• 25:54
  Speaker 4: that because you had strong hands because you built that foundation.
• 25:59
  Speaker 4: And that's how you really have to deal with those
• 26:01
  Speaker 4: things except that those times will come and build the
• 26:05
  Speaker 4: plan with that expectation. And then when it comes, you'll
• 26:09
  Speaker 4: know you're prepared for it.
• 26:11
  Speaker 3: I have this– in the long arc of humans being humans,
• 26:17
  Speaker 3: we've had this instant information era, a very– whisker-thin amount
• 26:22
  Speaker 3: of time during that time that humans have been humans.
• 26:25
  Speaker 3: And I have this feeling that we're maybe not made
• 26:29
  Speaker 3: to make decisions as quickly as what we're forced to
• 26:32
  Speaker 3: make decisions a lot of times now. I think that
• 26:33
  Speaker 3: we're supposed to be kind of deliberate species, you know,
• 26:35
  Speaker 3: where we think about things and we weigh options and
• 26:38
  Speaker 3: things like that. And the culture that we're in now
• 26:41
  Speaker 3: really makes you make decisions very quickly, you know, because
• 26:44
  Speaker 3: the information comes so fast.
• 26:47
  Speaker 4: To a degree, but I don't think that usually a
• 26:50
  Speaker 4: fast decision-making, if you have your plan that's built long-term
• 26:54
  Speaker 4: with a solid foundation, oftentimes the decision is to do nothing.
• 26:59
  Speaker 3: Oh, quite. Yeah, sure.
• 27:00
  Speaker 6: Yeah.
• 27:01
  Speaker 4: You know, if your plan is set correctly. I do
• 27:04
  Speaker 4: think as humans just from the caveman days, you know,
• 27:09
  Speaker 4: if you hear something, if you were a caveman and
• 27:12
  Speaker 4: heard something rustling in the bushes– Your first reaction is
• 27:19
  Speaker 4: to react, is to run or to hide or to
• 27:23
  Speaker 4: prepare to fight or something of that nature. So that's
• 27:28
  Speaker 4: kind of instinctual and– or you'd get eaten. Well, we're
• 27:37
  Speaker 4: not hiding from the thing in the bushes today but
• 27:40
  Speaker 4: we still have that instinct to that's fearful. I need
• 27:44
  Speaker 4: to react right away. And that's hard sometimes to overcome.
• 27:50
  Speaker 4: But really when you're dealing with investments in the market,
• 27:54
  Speaker 4: if you've had your plan built, you do have the
• 27:57
  Speaker 4: time to consider and to look and to be deliberate.
• 28:01
  Speaker 4: And you almost have to overcome to be successful that
• 28:08
  Speaker 4: kind of innate instinct that that we have for good
• 28:12
  Speaker 4: reason so we wouldn't be eaten.
• 28:14
  Speaker 3: Trevor Burrus Right. It's exactly true.
• 28:16
  Speaker 4: Peter Robinson But you almost have to overcome that to
• 28:20
  Speaker 4: be successful and it's hard to do. I mean it's
• 28:24
  Speaker 4: a psychological trick but most people that are successful long
• 28:28
  Speaker 4: term in the markets have the ability to see through
• 28:32
  Speaker 4: that and not react– overreact. Now, there may be things
• 28:37
  Speaker 4: you need to adjust if you have something wrong going
• 28:40
  Speaker 4: in or in a period of time if something persists,
• 28:44
  Speaker 4: you might have to make a few adjustments. But this
• 28:47
  Speaker 4: idea of panic or run back into the cave or
• 28:52
  Speaker 4: whatever the case is, that is not– that's not conducive
• 28:58
  Speaker 4: to good long-term investing and that's kind of a natural
• 29:02
  Speaker 4: instinct that we have as human beings. And instead of
• 29:06
  Speaker 4: the beast in the bush, it's the news that's hitting
• 29:10
  Speaker 4: us every day from every angle.
• 29:12
  Speaker 3: That's a great point, like just having a little bit
• 29:17
  Speaker 3: of that shielding, like having an expert that can help
• 29:21
  Speaker 3: translate some of these things for you. One of the
• 29:23
  Speaker 3: things that I was wondering about when it comes to
• 29:26
  Speaker 3: these things, and this is very complicated for folks depending
• 29:29
  Speaker 3: on what your situation is. One reason is because it's
• 29:32
  Speaker 3: always a political football when you talk about health care costs.
• 29:35
  Speaker 3: You know, everybody, well, nobody has a plan, but everybody
• 29:37
  Speaker 3: claims to have a plan when it comes to healthcare.
• 29:39
  Speaker 3: So it really means that it's kind of a roll
• 29:41
  Speaker 3: of the dice whenever there's a change of administration, whenever
• 29:44
  Speaker 3: there's major changes, whatever it is. These things change a
• 29:46
  Speaker 3: lot and none of it has been great so far.
• 29:48
  Speaker 3: But not that that matters like politically. I don't really
• 29:50
  Speaker 3: care one way or the other. But from an individual
• 29:52
  Speaker 3: standpoint– that really can change, you know, like suddenly do
• 29:56
  Speaker 3: I have access to healthcare where I just have to
• 29:58
  Speaker 3: pay like a, a monthly fee and I can pay for,
• 30:02
  Speaker 3: for medical emergencies or am I going to have to
• 30:04
  Speaker 3: actually plan for the medical emergency itself? Because there is
• 30:06
  Speaker 3: nothing that's going to be, I mean, there's a wide
• 30:09
  Speaker 3: scope in there in the spectrum that could, that people
• 30:12
  Speaker 3: have to deal with. Yeah.
• 30:14
  Speaker 6: Yeah.
• 30:14
  Speaker 4: No doubt about it. And, and especially today, I, you know,
• 30:17
  Speaker 4: firsthand from, from being self-employed, you know, A lot of folks,
• 30:24
  Speaker 4: they'll get their paycheck and say, wow, I'm paying $ 400
• 30:27
  Speaker 4: a month for health insurance through my employer out of
• 30:29
  Speaker 4: my paycheck.
• 30:30
  Speaker 3: That's what your employer is paying.
• 30:32
  Speaker 8: Yes.
• 30:32
  Speaker 4: I can tell you for a family coverage, for a
• 30:35
  Speaker 4: full family coverage for a small business owner, it's north
• 30:40
  Speaker 4: of $ 3, 000 a month.
• 30:40
  Speaker 3: Yeah, it's very expensive.
• 30:42
  Speaker 4: And so when you see that $ 400 off your paycheck,
• 30:46
  Speaker 4: know somebody else is paying a lot more on the
• 30:48
  Speaker 4: backside of that. I mean that is a cost of
• 30:50
  Speaker 4: your employment and– It is very valuable.
• 30:55
  Speaker 3: And it wasn't long ago where you didn't pay anything
• 30:57
  Speaker 3: for your healthcare coverage and it was basically 80 or
• 31:00
  Speaker 3: 90 percent coverage off the top. I mean it was
• 31:03
  Speaker 3: much easier a quarter century ago, 25 years ago.
• 31:06
  Speaker 2: Oh, yeah.
• 31:06
  Speaker 4: I mean just in the last 10 or 12 years,
• 31:10
  Speaker 4: I think our rates have almost tripled. And it's one
• 31:18
  Speaker 4: of those things that over a long period of time,
• 31:22
  Speaker 4: it is– it has outstripped the overall inflation rate greatly,
• 31:27
  Speaker 4: just like college costs and things like that. Now, eventually,
• 31:33
  Speaker 4: that will not be able to persist. So hopefully we'll
• 31:38
  Speaker 4: see that. Or maybe the high prices, if it weren't
• 31:43
  Speaker 4: for all the red tape, would inspire some innovation in
• 31:47
  Speaker 4: the marketplace. But we'll see. But there again, the thing
• 31:51
  Speaker 4: you have to do is just have that foundation built
• 31:55
  Speaker 4: with most of these things. If you're doing the right thing,
• 31:58
  Speaker 4: that's all you can do. Sometimes you can't predict those things.
• 32:06
  Speaker 4: But if you're saving and investing and living below your means,
• 32:10
  Speaker 4: you're going to be able to deal with whatever situation
• 32:14
  Speaker 4: better than somebody who did not do that. And that
• 32:18
  Speaker 4: is– And in retirement, some people have costs that others
• 32:23
  Speaker 4: don't with health care. And those are unpredictable things. That's
• 32:27
  Speaker 4: just part of the life. But a firm foundation and
• 32:33
  Speaker 4: a good, solid plan will allow you to deal with
• 32:36
  Speaker 4: that better than if you didn't have one.
• 32:38
  Speaker 3: With somebody just briefly here, about a minute left, if
• 32:40
  Speaker 3: somebody had these concerns or I guess anybody really would
• 32:44
  Speaker 3: have this concern, OK, what am I going to do
• 32:46
  Speaker 3: about my health care as I progress and get older?
• 32:48
  Speaker 3: Is that something that you work with? Like, okay, here's
• 32:50
  Speaker 3: the insurance I have with my job. I have an
• 32:52
  Speaker 3: HSA account or whatever it is that I can put
• 32:54
  Speaker 3: this into, so on and so forth. Is that part
• 32:56
  Speaker 3: of the plan altogether then? Okay, this is what you
• 32:58
  Speaker 3: can do. You can create another account here or put
• 33:00
  Speaker 3: all of it. If you have an HSA account, I
• 33:02
  Speaker 3: guess you can keep it all in there or however
• 33:03
  Speaker 3: that works out. That becomes part of the planning?
• 33:06
  Speaker 4: Yes, absolutely. And long-term care can be an issue that
• 33:11
  Speaker 4: can be dealt with in a financial plan. Sometimes it
• 33:15
  Speaker 4: makes sense to to do that. Sometimes it doesn't, depending
• 33:18
  Speaker 4: on what the cost is. I mean, everybody's different. Everybody's
• 33:21
  Speaker 4: situation is different. What they're trying to protect is different.
• 33:25
  Speaker 4: And those are things that you certainly have to be
• 33:28
  Speaker 4: aware of. And it is part of a financial plan.
• 33:31
  Speaker 3: John Burdett with 4th Avenue Financial. So much stuff that
• 33:33
  Speaker 3: we haven't had a chance to get into this morning.
• 33:35
  Speaker 3: We'll pick this conversation up next week on Monday as
• 33:39
  Speaker 3: we talk more about how you can plan for your
• 33:41
  Speaker 3: financial solvency into the future. 4th Avenue Financial, you can
• 33:44
  Speaker 3: find information online. It's 4thAvenueFinancial. com. 4thAvenueFinancial. com, you do a search
• 33:48
  Speaker 3: for or you spell out the entire thing, put a.
• 33:50
  Speaker 3: com behind it, and you can find it. You do
• 33:52
  Speaker 3: that same search on Facebook, 4th Avenue Financial, and like
• 33:54
  Speaker 3: the page over there. Located at 170 Court Street right
• 33:57
  Speaker 3: here in downtown Charleston. John, thank you so much for
• 33:59
  Speaker 3: your time today. We really appreciate your time and coming
• 34:01
  Speaker 3: by and sharing your expertise as always.
• 34:04
  Speaker 4: All right.
• 34:04
  Speaker 3: Thank you. Take care. That's John Burdett with 4th Avenue Financial.
• 34:07
  Speaker 3: Once again, their phone number, 304-746-7977, 304-746-7977, 4thAvenueFinancial. com. Every Monday,
• 34:09
  Speaker 3: normally right here on Retire Right Radio, 580 WCHS, The
• 34:10
  Speaker 3: Voice of Charleston, 304-746-7977. Have a great day, everyone. Dave
• 34:22
  Speaker 3: Allen's up next. I'll be back this afternoon at 3
• 34:24
  Speaker 3: or 6 with Dave Weekly on Hotline. Have a great
• 34:26
  Speaker 3: day listening to your voice at Charleston 580 WCHS.
• 34:29
  Speaker 1: WCHS AM, W243DRFM Charleston, and W283AQ Crosslanes, a WVRC media station.
• 34:37
  Speaker 1: We're proud to live here, too.