Latest / WCHS Network Podcasts / 05/19/2025 Retire Right Radio with John Burdette

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05/19/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

0:00
Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 2: The views and opinions expressed on this program do not
0:18
Speaker 2: necessarily reflect the views and opinions of five ADWCCHS, its employees,
0:23
Speaker 2: or WVRC Media. This is retire Right Radio, a weekly
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Speaker 2: show from John Verdet at Fourth Avenue Financial that aims
0:31
Speaker 2: to answer your questions about financial planning, investing, and how
0:35
Speaker 2: to retire right. Fourth Avenue Financial is located in downtown
0:39
Speaker 2: Charleston at one seventy Court Street. More information online at
0:42
Speaker 2: Fourth Avenue Financial dot com. Join the conversation by calling
0:47
Speaker 2: three oh four three four five fifty eight fifty eight
0:50
Speaker 2: or text three oh four nine three five fifty oh eight.
0:54
Speaker 2: On Retire Right Radio, let's go live to the studio
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Speaker 2: with host Dale Cooper and John Verdett from Fourth Have
1:00
Speaker 2: any Financial Nations?
1:02
Speaker 3: Twenty two minutes past eight o'clock. You're listening to Retire
1:04
Speaker 3: Right Radio. I am del Cooper. This is five ADWCHS,
1:08
Speaker 3: the Voice of Charleston.
1:10
Speaker 4: Welcome to.
1:13
Speaker 3: Pro Cycling in the Capital City of West Virginia. If
1:16
Speaker 3: you're driving around the capital city this morning, you're probably
1:19
Speaker 3: aware that there's a cycling race that's going to be
1:21
Speaker 3: taking on here the rest of the week. If you
1:22
Speaker 3: weren't aware on Friday, if you weren't aware on Saturday,
1:25
Speaker 3: you weren't aware on Sunday. Driving into work today, you're
1:28
Speaker 3: probably aware. Not that he wasn't aware, but running into
1:31
Speaker 3: some of those same temporary barriers as John Berdet for
1:35
Speaker 3: Fourth Avenue Financial, who at the.
1:36
Speaker 4: Moment is joining us from the phone line. Good morning, John,
1:38
Speaker 4: how you doing this morning.
1:40
Speaker 5: I'm doing wonderful.
1:42
Speaker 3: Appreciate your time a little bit. You could give us
1:44
Speaker 3: a real time traffic report out there. I hear the
1:45
Speaker 3: Southside Bridge is a little backtop right now.
1:48
Speaker 5: Well, it's yes. My commute to my commute to the
1:54
Speaker 5: station is about probably three miles and I've been on
1:58
Speaker 5: at about thirty minutes now and I'm about halfway there.
2:00
Speaker 3: So so at some point John may show up at
2:04
Speaker 3: the studio, but it's okay either way. We have phone
2:06
Speaker 3: lines ready to go and we can still take phone
2:07
Speaker 3: calls if that's what we want to do a little
2:08
Speaker 3: bit later on. You can text in your questions if
2:10
Speaker 3: you like this morning three zero four non three five
2:12
Speaker 3: five zero zero eight three zero four non three five
2:14
Speaker 3: five zeroser eight. You can also give us a call
2:16
Speaker 3: on the phone line. Threes are a four three four
2:18
Speaker 3: five fifty eight fifty eight three zero four three four
2:20
Speaker 3: five fifty eight fifty eight. More information about Fourth Avenue
2:22
Speaker 3: Financial one line. It's Fourth Avenue Financial dot com. You
2:24
Speaker 3: spill out the whole thing Fourth Avenue Financial dot com. Also,
2:27
Speaker 3: you can like that phase on Facebook as well to
2:29
Speaker 3: be uh cops updated with all the information that's going
2:31
Speaker 3: on over at Fourth Avenue Financial. Of course, we UH
2:35
Speaker 3: always started well. I wanted to ask a big weekend.
2:38
Speaker 3: This weekend we had all those storms. Did you come
2:41
Speaker 3: through all of the storms in the weather and everything. Okay,
2:43
Speaker 3: I think we had a little bit of a of
2:44
Speaker 3: a veering off from the valley anyway, and we had
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Speaker 3: a lot of power outages, but not quite as bad
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Speaker 3: maybe as what we were expecting.
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Speaker 5: Yeah, we came through. We came through fine. There was
2:55
Speaker 5: of course, like everybody else, we had our eyes on
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Speaker 5: the sky.
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Speaker 4: Came through it, okay, every once in a while.
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Speaker 3: This was one of those ones that, you know, my
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Speaker 3: wife was a little concerned, and I, honestly I was,
3:07
Speaker 3: you know, you don't want you don't want a tree
3:09
Speaker 3: to come down on your on your cars or whatever.
3:11
Speaker 3: And we have a lot of trees, so I have
3:12
Speaker 3: the you know, low level concerns all the time. But
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Speaker 3: I was taking this. I was like, it's just a storm.
3:16
Speaker 3: We grew up with storms all the time. We used
3:19
Speaker 3: to not be a big deal. It's just a storm.
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Speaker 3: I was really hoping that would be true, and I
3:22
Speaker 3: think I wished it into existence.
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Speaker 4: So that was nice.
3:24
Speaker 5: There you go. Well, thanks thanks from everyone.
3:27
Speaker 4: Yeah, yeah, you're welcome.
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Speaker 3: A little special magic powers and controlling the weather is
3:31
Speaker 3: it's one of my specialties. As a matter of fact,
3:33
Speaker 3: it was a call this morning three zero four three
3:35
Speaker 3: four five fifty eight fifty eight. You can text three
3:36
Speaker 3: zero four nine three five five zers or eight. You
3:38
Speaker 3: can put the power of Fourth Avenue Financial on your
3:40
Speaker 3: side on how you can retire right. John Burdett can
3:42
Speaker 3: help you get that, get to that level this morning,
3:46
Speaker 3: or at least get you in the right direction. Anyway,
3:47
Speaker 3: if you have any questions for that. Even in the
3:49
Speaker 3: uh you know, sort of the the area that we're
3:52
Speaker 3: living in, with the with with the market, the economy,
3:55
Speaker 3: things like that. John's advice always seems to shine through
3:58
Speaker 3: as we find out on this program, and that's what
4:01
Speaker 3: we try to help you do. John tries to help
4:03
Speaker 3: you retire. Write any questions you have this morning. He
4:05
Speaker 3: can help you out with that. Taking a look back
4:06
Speaker 3: to the next week, or I mean take a look
4:08
Speaker 3: back the next week, that would be a trick. Taking
4:10
Speaker 3: a look back to last week. Market has kind of
4:13
Speaker 3: settled into this choppy but rising generally speaking. I mean,
4:19
Speaker 3: it seems like there's still like a lot of stuff
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Speaker 3: going on, but generally speaking, we can see a stabilization.
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Speaker 5: It seems yes, despite the the gnashing of the teeth
4:28
Speaker 5: that we've had this year, the market is actually up.
4:33
Speaker 6: For the year.
4:34
Speaker 5: So last week put us over the top in the
4:37
Speaker 5: in the down the SMP, the nestec's still down about
4:40
Speaker 5: a half a percent, but overall the diversified portfolio, if
4:44
Speaker 5: you're looking at your account statements, you're probably noticing that
4:48
Speaker 5: despite all of the volatility, you you have a little
4:51
Speaker 5: bit of a game for the year.
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Speaker 3: And that's obviously where you want to be. And as
4:56
Speaker 3: you talk about on this program all the time, that's
5:00
Speaker 3: planning things out properly and having a game plan, sticking
5:03
Speaker 3: with it, so on and so forthing you might have
5:04
Speaker 3: to modifyze things, but that's exactly what you expect to happen.
5:07
Speaker 3: And if folks just continue to basically put one at
5:09
Speaker 3: one foot in front of the other in front of
5:11
Speaker 3: the other, they're probably looking at the other portfolio and
5:14
Speaker 3: their situation and it's really not as bad as what
5:17
Speaker 3: they thought it was going to be a couple months ago.
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Speaker 5: Yes, and and all of the concern You know, I
5:24
Speaker 5: always try to use these episodes as you know, it's
5:28
Speaker 5: something to look back on for perspective. But when that
5:33
Speaker 5: anxiety is the highest, it's almost always the wrong time,
5:37
Speaker 5: uh to make decisions and especially panic out. You know,
5:43
Speaker 5: if if you look at where we are now when
5:45
Speaker 5: everybody was fearing the end of the world with trade
5:48
Speaker 5: and those types of things, rather than sell, you would
5:52
Speaker 5: have been much better off to be a buyer in
5:54
Speaker 5: those situations. So you know, you have to keep that
5:58
Speaker 5: perspective because that's the way the market it works. It's
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Speaker 5: a marketplace of buyers and sellers, and every time somebody
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Speaker 5: panics them sells, there's somebody on the other side buying
6:09
Speaker 5: up those shares that you're panic selling, and the person
6:14
Speaker 5: with those strong hands buying into that weakness is typically
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Speaker 5: the one that at the end comes out the winner.
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Speaker 3: And it seems like that again, I think that a
6:25
Speaker 3: lot of times people confuse market with economy and vice versa,
6:28
Speaker 3: things along those lines. If you're setting down with a
6:31
Speaker 3: financial advisor, if you have somebody that's helping you plan
6:33
Speaker 3: these things, that's another one of those things that you
6:35
Speaker 3: can help kind of navigate yourself through. Because one of
6:38
Speaker 3: the things that's happened in the last decade or so,
6:39
Speaker 3: when you hear reports on the quote unquote market, you
6:44
Speaker 3: not you, but a lot of people substitute economy for that,
6:47
Speaker 3: and then the other way around. They hear something about
6:48
Speaker 3: the economy and they substitute the market for that. Those
6:50
Speaker 3: things are not necessarily hand in hand all the time,
6:53
Speaker 3: and I think sometimes folks will substitute one for the
6:56
Speaker 3: other and maybe miss a layer of nuances to their understanding.
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Speaker 5: Yes, I mean the underlying economy is still performing fairly well.
7:08
Speaker 5: You know, the the inflation numbers that were out last week.
7:12
Speaker 5: They were they were good. They were the inflation is
7:15
Speaker 5: showing up less than expectations were. Now the GDP of
7:21
Speaker 5: the previous month was was actually adjusted upward with the
7:25
Speaker 5: with the you know, after the fact adjustments that get made.
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Speaker 5: You know, we're we're we're chocking long okay, and hopefully
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Speaker 5: that continues and if it continues, that's what the market
7:40
Speaker 5: is based on. The market is based on long term,
7:44
Speaker 5: not short term, but long term. The market is based
7:48
Speaker 5: on earnings and what people are willing to pay to
7:52
Speaker 5: own that earning stream, because that's what's happening when you're
7:55
Speaker 5: buying a stock. You're buying a piece of a company
7:57
Speaker 5: that has a has an earning stream, and you're paying
8:01
Speaker 5: a price for that. And when you do that, you
8:04
Speaker 5: hope that your company continues to earn or grows their earnings.
8:07
Speaker 5: And companies over time have a clear history of figuring
8:11
Speaker 5: out how to do that. So anytime you see these
8:15
Speaker 5: news stories, it's certainly something to keep your eye on.
8:17
Speaker 5: But but the idea of you know, panicking into that,
8:23
Speaker 5: into that and changing your personal long term strategies and goals,
8:30
Speaker 5: you know, that's that's really not you know a good idea,
8:35
Speaker 5: a good idea and history proves that out time and
8:37
Speaker 5: time again.
8:39
Speaker 3: Great information this morning, But John are Debt from Fourth
8:41
Speaker 3: Avenue Financial helping you educate yourself and going forward into
8:45
Speaker 3: your financial planning for the future, and you might be
8:47
Speaker 3: planning for retirement anything along those lines. You can gi
8:50
Speaker 3: us call this morn if you have any questions you
8:51
Speaker 3: want to put John to work for you at least
8:53
Speaker 3: to ask them questions this morning and see where it
8:55
Speaker 3: goes from there. You can give us a call three
8:56
Speaker 3: es or a four three four five fifty eight threes
8:58
Speaker 3: or a four three four fiveth aft the fifty eight.
8:59
Speaker 3: You can also text three zero four non three five
9:01
Speaker 3: five zero zero eight three zero four non three five
9:04
Speaker 3: five zers er eight. I'll get over that text line
9:05
Speaker 3: and just a moment. I haven't checked that yet this morning,
9:07
Speaker 3: so if you sent anything in, I'll get to it
9:09
Speaker 3: in just a moment. Three zero four non three five
9:10
Speaker 3: five zero zero eight. And that reminds me. It just
9:13
Speaker 3: came up as a notification on my phone. Thank goodness
9:15
Speaker 3: technology works to remind me of things every once in
9:17
Speaker 3: a while. Because we got an email right after we
9:19
Speaker 3: went off the air last week of a person that
9:22
Speaker 3: had a question and wanted do you to summarize again
9:25
Speaker 3: what a business owner, a small business owner can do
9:27
Speaker 3: to help set up retirement for their employees. This person
9:31
Speaker 3: has a business. He's looking at different options on helping
9:34
Speaker 3: his employees set up a set up a retirement plan
9:38
Speaker 3: and again or at least give access to it, and
9:40
Speaker 3: he's wondering what the steps are involved with someone who's
9:42
Speaker 3: a business owner.
9:45
Speaker 5: Sure, well, there are several things you can do. It's
9:48
Speaker 5: just a matter of what you're wanting to accomplish as
9:51
Speaker 5: far as the employer goes. So you know, if you
9:56
Speaker 5: want the employees to fund and uh the majority of it,
10:02
Speaker 5: you can do. A simple IRA is a good start.
10:06
Speaker 5: It's a very low cost way with less red tape
10:10
Speaker 5: to set up a basic plan for your employees. You
10:14
Speaker 5: can do a four to one K and a four
10:17
Speaker 5: one K. There again, it's a it's a little more
10:20
Speaker 5: complicated than a simple IRA as far as the regulatory requirement,
10:25
Speaker 5: but the limits that you can put in and save
10:28
Speaker 5: are greater. You can go if the employer wants to.
10:33
Speaker 5: You can do profit sharing contributions on behalf of the employees.
10:38
Speaker 5: Sometimes you can do that where you put vesting schedules
10:42
Speaker 5: on so that it helps you retain your employees. You know,
10:47
Speaker 5: there are a lot of ways that you can go
10:49
Speaker 5: at this depending on what you as the business owner
10:52
Speaker 5: would like to see happen within your in your business.
10:57
Speaker 5: I mean, there are some plans that allow the own owner,
11:00
Speaker 5: the highly compensated person in the in the in the
11:03
Speaker 5: business to really get large, large contributions. And you know
11:09
Speaker 5: a lot of times to be able to do that though,
11:11
Speaker 5: you have to do certain things for your employees. So
11:14
Speaker 5: there again it's it's it's business specific, and it would
11:18
Speaker 5: require knowing a little bit more on the business to
11:21
Speaker 5: to actually say this, this is a good option for you.
11:25
Speaker 5: But the options exist out there and and a business
11:28
Speaker 5: owner really can benefit from it as well as the employees.
11:33
Speaker 5: Getting something like that set up for us, you know,
11:37
Speaker 5: just give us a call or shoot us an email
11:39
Speaker 5: and you know, we can go through that process asking
11:42
Speaker 5: some questions that that will help us determine the right
11:47
Speaker 5: direction to point you as far as the structure of
11:50
Speaker 5: the plan goes. You know, usually it would require us
11:54
Speaker 5: to get an employee census so that we know how
11:58
Speaker 5: many employees are there, what are their wages, how long
12:01
Speaker 5: have they been there, what are what are their ages?
12:04
Speaker 5: You know, from that, we can work the numbers through
12:09
Speaker 5: the various types of retirement plans and then show you
12:13
Speaker 5: what each plan would look like for your individual business.
12:17
Speaker 3: And that's really what it's all about. Speaking from someone
12:19
Speaker 3: who's a previous business owner, and I've seen things go
12:22
Speaker 3: in different directions along these lines. In this environment that
12:25
Speaker 3: we have where there's a little bit of a competition
12:27
Speaker 3: for employees and competition for employees that have skill sets
12:30
Speaker 3: and things along those lines, I think the great reshuffle
12:33
Speaker 3: is probably over, but there's still a lot of that
12:35
Speaker 3: that's out there. If you're a smaller like say a
12:37
Speaker 3: retail outfit or a smaller outfit that's looking to get
12:40
Speaker 3: the advantage on hiring employees that are well placed or
12:44
Speaker 3: could be well placed within your company, having the ability
12:47
Speaker 3: to offer benefits is actually a great it's a benefit.
12:49
Speaker 3: It's a great benefit to offer someone from a smaller
12:52
Speaker 3: business perspective. A lot of people would prefer to work
12:54
Speaker 3: for a smaller company, but sometimes the benefits don't match
12:56
Speaker 3: up with what larger ones we give them. If you're
12:58
Speaker 3: able to offer some sort of retirement or something like that,
13:01
Speaker 3: that is a great tool for recruitment and a great
13:03
Speaker 3: tool for for retention as a matter.
13:06
Speaker 5: Of fact, right, and there there are also you know,
13:09
Speaker 5: sometimes smaller employers don't have these plans, which is they
13:12
Speaker 5: think they're they're complicated or expensive, and certainly some of
13:17
Speaker 5: them can be. But there are options that you know,
13:21
Speaker 5: for instance, don't require the annual filings that are four
13:26
Speaker 5: O n K. Does you know through a simple IRA.
13:29
Speaker 5: There are options that that you know you don't have
13:33
Speaker 5: to to put large contributions on behalf of your employees.
13:36
Speaker 5: There's all kinds of of ways to uh tailor the
13:41
Speaker 5: plan in to what you're trying to accomplish as a
13:43
Speaker 5: business owner.
13:45
Speaker 3: And for those things and for any of these questions
13:47
Speaker 3: that you have a text if you want to follow
13:50
Speaker 3: up on any of this. It gets a little bit
13:51
Speaker 3: more complicated when you get specifically into your business. Yes,
13:53
Speaker 3: it is possible to do it. No, it does not
13:55
Speaker 3: necessarily have to be expensive. And I think the size
13:58
Speaker 3: matter as far as scale goes. It can relatively small
14:01
Speaker 3: businesses benefit from that as well.
14:05
Speaker 4: Retirement and certainly.
14:07
Speaker 5: The the owner potentially could benefit as much or as
14:14
Speaker 5: more as the employees. And a small business because most
14:17
Speaker 5: of the most of the retirement plan options that allow
14:23
Speaker 5: highly compensated people to maximize contributions require contributions on behalf
14:31
Speaker 5: of the employees. If it's a small business, then there's
14:34
Speaker 5: a fairly small number of employees, the costs of the
14:38
Speaker 5: employees might not be that great because it's not across
14:43
Speaker 5: a large number of employees. So in other words, the
14:46
Speaker 5: small business owner can tax defer you know, the maximum
14:51
Speaker 5: amounts allowed under the plan and the cost in total
14:55
Speaker 5: that he has to put in for the employees because
14:59
Speaker 5: not not that you're sure changing an individual employees, just
15:01
Speaker 5: there are less employees that have to get that contribution.
15:05
Speaker 5: Sometimes it works really really well for particularly small businesses
15:09
Speaker 5: where you have maybe one highly compensated owner and you
15:13
Speaker 5: know three or four, you know, the average type employees.
15:22
Speaker 5: Those type of plans can can can really benefit the owner,
15:26
Speaker 5: not just the employees.
15:28
Speaker 3: And if you have any questions about it, you and
15:29
Speaker 3: give us a call this morning three zero four three
15:31
Speaker 3: four five fifty eight fifty eight three zero four three
15:33
Speaker 3: four five fifty eight fifty eight. If you want to
15:34
Speaker 3: ask John a question this morning, you can text in
15:36
Speaker 3: your question as well, just like our last textor did
15:38
Speaker 3: at three zero four non three five five zeros er
15:40
Speaker 3: eight three zero four non three five five zeros year eight.
15:43
Speaker 3: One of the things I thought that we could touch
15:45
Speaker 3: on just a little bit this morning, because you've done
15:46
Speaker 3: these shows before where you've brought in kind of adjacent
15:50
Speaker 3: businesses that help with financial planning and retirement, and for example,
15:54
Speaker 3: you've brought in tax advisors and things like that before.
15:57
Speaker 3: One of the things that was kind of on my
15:58
Speaker 3: horizon is there's a couple of issues and we're not
16:01
Speaker 3: sure what's happening. There's a budget mark up that's going
16:03
Speaker 3: on now in Congress. It's a little bit we're not
16:07
Speaker 3: real sure where that's going to go as far as
16:09
Speaker 3: approve or not goes. This is kind of going with
16:12
Speaker 3: the background of the Tax Cuts and Jobs Act, which
16:16
Speaker 3: was passed back in twenty seventeen. I think it was
16:19
Speaker 3: the tax cut that President Trump passed the first time
16:21
Speaker 3: in a lot of those are sunsetting this year. Those
16:23
Speaker 3: sunset in twenty twenty five, including some of state gifting
16:28
Speaker 3: exemptions and also just tax rate and things along those lines.
16:32
Speaker 3: We don't know what the future is going to hold
16:33
Speaker 3: for that, but is this one of those situations that
16:36
Speaker 3: of course, you should have a tax advisor anyway or
16:38
Speaker 3: something along those lines. If you have questions about what
16:40
Speaker 3: your status is going to be, what's going to happen
16:43
Speaker 3: with all these different things. It always helps to have
16:45
Speaker 3: another layer of professionalism there if you're worried about like
16:47
Speaker 3: your taxes and things like that, to have another someone
16:50
Speaker 3: else that helps out with advise with those things.
16:53
Speaker 5: Yes, and even things like that you sometimes set and forget,
16:58
Speaker 5: like your estate planning documents, your wills and those type
17:02
Speaker 5: of things. Trust that maybe you've set up in the past,
17:06
Speaker 5: you need to make sure that they're up to date
17:08
Speaker 5: because as these laws change, it may very well impact
17:12
Speaker 5: your estate planning and what you can do. And and
17:16
Speaker 5: of course right now we're in a holding pattern because
17:19
Speaker 5: we don't know how that's all going to all going
17:21
Speaker 5: to come through. You know, the expectation is that it
17:25
Speaker 5: will largely you know, pass without too many, too many changes,
17:31
Speaker 5: but it's you know, there are certainly political fights along
17:34
Speaker 5: every every decision that's made, so you don't truly know
17:37
Speaker 5: how it's going to turn out until it turns out.
17:40
Speaker 3: Yeah, and and uh, and that's one of you have
17:43
Speaker 3: to have some people that have some ability to forecast
17:46
Speaker 3: what these things might might mean, what they might change
17:49
Speaker 3: ways that you might and some people may not affect
17:51
Speaker 3: them at all. But there's there could be some of these.
17:54
Speaker 3: I mean, we don't know what we don't know. Like
17:55
Speaker 3: you just said, if if the if the tax cuts
17:58
Speaker 3: expire at sunset without any other plan behind them, I mean,
18:02
Speaker 3: that just means that most people's taxes are going to
18:04
Speaker 3: go up. So I mean you have to plan out
18:06
Speaker 3: for that sort of thing and make sure that you're
18:08
Speaker 3: that you're well positioned to maneuver if you need to.
18:11
Speaker 5: Yeah, no doubt about it. And there are all kinds
18:14
Speaker 5: of intricate programs that may affect an individual or a
18:17
Speaker 5: business that you know are even below the headlines. You know,
18:20
Speaker 5: I've I personally have been affected by, uh, you know
18:24
Speaker 5: a program I was I've got a commercial building and
18:28
Speaker 5: I was going to put solar panels on the top,
18:30
Speaker 5: and and uh, you know, all those programs right now
18:33
Speaker 5: are frozen. So uh, you know, as far as the
18:37
Speaker 5: the the rebates and the and the and the tax
18:42
Speaker 5: credits and things like that. You know, so that project
18:44
Speaker 5: is in a holding pattern until we see what's going
18:47
Speaker 5: to happen there. So you know the law can change,
18:52
Speaker 5: and when it changes, you've got to change with it
18:54
Speaker 5: and be able to flow along the way. And you
18:56
Speaker 5: don't want to miss something you know that might either
18:59
Speaker 5: be a impact planning that you've had in place before,
19:03
Speaker 5: or even an opportunity to do something in the future
19:05
Speaker 5: that couldn't be done before.
19:08
Speaker 3: Great information with John Bredebt from Fourth Avenue Financial. We'll
19:10
Speaker 3: take a break here in just a minute. When we
19:11
Speaker 3: come back, I thought we'd do a couple of things.
19:13
Speaker 3: Number One, I want to kind of reintroduce you to
19:15
Speaker 3: John just a little bit, go over his qualifications, experience,
19:18
Speaker 3: and things along those lines. We've covered that on the
19:20
Speaker 3: show before, but a lot of times in passing recently
19:23
Speaker 3: because John's been on the show for years with us now,
19:25
Speaker 3: but I thought maybe we could reset some of those things,
19:29
Speaker 3: especially for new listeners that might be out there or
19:30
Speaker 3: folks that are in town for the cycling event that's
19:33
Speaker 3: here that may be able to take some advantage of that.
19:35
Speaker 3: I'll reintroduce you to John a little bit when we
19:37
Speaker 3: come back. Plus, we'll take your questions and phone calls.
19:39
Speaker 3: If you want to send over a text question, you're
19:41
Speaker 3: welcome to do that. At three zero four nine three
19:42
Speaker 3: five five zeros you eighth three zero four nine three
19:45
Speaker 3: five five zeros you eight. You can also give us
19:47
Speaker 3: a call three zero four three four five fifty eight fifty.
19:49
Speaker 4: Eight, John, do you mine own? Hanging on? Is just
19:51
Speaker 4: for a minute, Yeah, that'd be fine.
19:53
Speaker 5: Actually, I could come in the studio. I finally made
19:56
Speaker 5: it to the parking lot.
19:57
Speaker 3: We'll take a break and come on in and we'll
19:59
Speaker 3: continue our versations live. That's John Brett with Fourth Avenue Financial.
20:02
Speaker 3: He'll be back with us in just a moment. We're
20:04
Speaker 3: going to take a break and be back right after this.
20:05
Speaker 3: You're listening to retire Right Radio. I'm Del Cooper. That's
20:07
Speaker 3: John Bredett on five ADWCHS, the Voice of Charleston. Retire
20:11
Speaker 3: Right Radio is sponsored by Fourth Avenue Financial, which is
20:13
Speaker 3: solely responsible for its content. Security is offered through JW
20:16
Speaker 3: CALL Financial member Fenricipic. Investment advice offered through JW CO Advisors.
20:20
Speaker 3: Fourth Avenue Financial, Jwall Financial and JW CO Advisors are
20:23
Speaker 3: unaffiliated entities. The opinions expressed by John Bredett should not
20:26
Speaker 3: be construed as specific investment, legal, or tax advice. All
20:30
Speaker 3: economic and performance information is historical and not indicative of
20:33
Speaker 3: future results. Investing may involve risk of loss of principle.
20:37
Speaker 3: Any tax advice on this show is not intended to
20:38
Speaker 3: be used by any person for the purpose of avoiding
20:41
Speaker 3: US federal or state tax penalties that may be imposed
20:44
Speaker 3: on such a person, and each listener should seek advice
20:46
Speaker 3: from their tax advisor or legal console on topics that
20:49
Speaker 3: arise from the show. John Bredett is not providing legal
20:52
Speaker 3: or tax advice. Nothing should be construed as solicitation of
20:55
Speaker 3: an offer to buy securities. This program is sponsored by
20:58
Speaker 3: Fourth Avenue Financial, which is solely respond it's apports content.
21:01
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24:00
Speaker 6: This is retire Right Radio with John Burdett from Fourth
24:04
Speaker 6: Avenue Financial, taking your calls at three oh four three
24:08
Speaker 6: four five fifty eight fifty eight or text on three
24:11
Speaker 6: oh four nine three five fifty eight.
24:16
Speaker 10: I say.
24:25
Speaker 3: You're listening to We're Sorry Right Radio on Bobb DWHS
24:28
Speaker 3: the Voice of Charleston. I'm Dells book for Thank you
24:30
Speaker 3: so much for tuning in this morning.
24:32
Speaker 4: Say nice.
24:35
Speaker 3: John Burdette has now made it transitions from his car
24:38
Speaker 3: to the studio. John, Welcome to the studio. Thanks for
24:40
Speaker 3: coming in this morning.
24:41
Speaker 12: Yeah, I feel like I'm a you know, a real
24:43
Speaker 12: regular person now.
24:45
Speaker 3: If you haven't made it out and about, and I
24:47
Speaker 3: think the traffic is starting to as folks are settling
24:50
Speaker 3: into work, the earlier shifts are starting to settle in.
24:52
Speaker 3: I think traffic is starting to break up just a
24:54
Speaker 3: little bit. However, if you're coming into Charleston this morning,
24:56
Speaker 3: don't forget it is the uh this is the week
24:59
Speaker 3: of the the USA Cycling Pro Road National Championships is
25:04
Speaker 3: going to be here in Charleston all week long. That
25:06
Speaker 3: means that you can go to the city's website, you
25:08
Speaker 3: can listen to whs throughout the day. We're going to
25:10
Speaker 3: have all of the updates and things that.
25:11
Speaker 4: Are on there.
25:11
Speaker 3: But downtown is a little bit of a mess right now.
25:13
Speaker 3: I mean, the city's doing the best that they can
25:16
Speaker 3: with law enforcement and everything to keep things straight. But
25:18
Speaker 3: if you're used to driving around, Frankly, usually folks coming
25:22
Speaker 3: into Charleston have a harder time driving around. But I
25:24
Speaker 3: think that this is gonna be harder for natives. I
25:26
Speaker 3: think folks coming into Charleston are gonna be fine. They'll
25:28
Speaker 3: just they'll just follow the signs or as we're all
25:30
Speaker 3: used to, which ways the road's supposed to go, and
25:32
Speaker 3: so there are a lot of those have changed downtown,
25:35
Speaker 3: so we have to be a little bit careful of that.
25:37
Speaker 12: Yes, and you know, as far as my business Worth
25:39
Speaker 12: Avenue Financial on Porch Street, Court Street is closed, Yeah,
25:43
Speaker 12: so you know it's gonna be very difficult throughout this
25:47
Speaker 12: period to have folks come into the office. We're still working,
25:51
Speaker 12: we're still available, but you know, it's going to be
25:56
Speaker 12: a pretty thin week in the office as far as appointments,
25:59
Speaker 12: because there's you know, no reason to double down on chaos.
26:03
Speaker 3: If you can, if you can make it anywhere or
26:05
Speaker 3: downtown where you get like on Capitol or Summer Street,
26:08
Speaker 3: all you have to do is take the probably walkway
26:09
Speaker 3: all the way to the mall, Hang a left, and
26:11
Speaker 3: it's right there on the left.
26:11
Speaker 4: Hang a left and that's right there on the left.
26:13
Speaker 4: There you go, and you can find it. You can
26:15
Speaker 4: find it very easily, right.
26:16
Speaker 12: Yeah, you know it's interesting though my parking. I access
26:20
Speaker 12: my parking lot on on Court Street, you know I
26:24
Speaker 12: can't get on came.
26:25
Speaker 13: Oh yeah, so I don't even know where I'm going
26:29
Speaker 13: to park. Can't you come to work this morning? And
26:31
Speaker 13: we have room here if you need to. If you
26:32
Speaker 13: need to, yeah, you know, have laptop, we'll travel.
26:37
Speaker 3: If you have any questions for John this morning, he's
26:38
Speaker 3: in the studio now. You're welcome to give him a call.
26:40
Speaker 3: Of course, you could have at any point three zero four,
26:43
Speaker 3: three four five, fifty eight fifty eight three four five
26:45
Speaker 3: fifty eight fifty. You can text three zero four non
26:47
Speaker 3: three five five zeros or eight three zero four non
26:48
Speaker 3: three five five zeros. You eight is our text line number.
26:51
Speaker 3: Double check no new text coming in. No, no new
26:53
Speaker 3: text coming in yet, So we'll check that as we
26:55
Speaker 3: go along. I thought we would talk a little bit
26:57
Speaker 3: with John. This was sort of my emergency question with
27:00
Speaker 3: you not in the studio, But I think that these
27:01
Speaker 3: kind of work out a little bit. I was gonna
27:03
Speaker 3: take an approach. We have a lot of new folks
27:04
Speaker 3: in town, a lot of people that maybe don't come
27:05
Speaker 3: to Charleston a lot, or have their radios on in
27:07
Speaker 3: the morning that maybe from the area and they don't
27:09
Speaker 3: necessarily listen to the program a lot. So I thought
27:11
Speaker 3: maybe we'd give you a chance to introduce reintroduce yourself
27:13
Speaker 3: just a little bit to folks. Fourth Avenue Financial you
27:15
Speaker 3: can find online it's Fourth Avenue Financial dot com, located
27:17
Speaker 3: here downtown Charleston on Court Street. As we were just
27:19
Speaker 3: talking about, right across from the Town Center Mall, as
27:22
Speaker 3: far as au as a retirement right and the financial
27:25
Speaker 3: ploer uh financial plier Advisor. So you're a fiduciary, right,
27:32
Speaker 3: how does that work as far as your responsibilities UH
27:34
Speaker 3: as the role as a financial advisor.
27:36
Speaker 12: Yes, so I am uh you know, I'm licensed, you
27:40
Speaker 12: know fully Series seven. But I also have the uh
27:44
Speaker 12: you know, the advisory and and insurance. So basically, if
27:48
Speaker 12: you come and UH and are working with me, we
27:51
Speaker 12: can we can have all the tools in the toolbox
27:54
Speaker 12: that are necessary to build the financial plan around your needs.
27:58
Speaker 12: And when you hear the term fiduciary, a lot of
28:01
Speaker 12: folks have seen commercials and and we'll talk about that,
28:04
Speaker 12: but don't don't really know exactly what that means and
28:08
Speaker 12: and and basically we have to serve in your best interests.
28:14
Speaker 12: The structure in an advisory account is such that you
28:20
Speaker 12: know you're paying a fee rather than commission. So for instance,
28:25
Speaker 12: if I make changes in your account, you're not in
28:28
Speaker 12: the back of your mind thinking, well, he did that
28:30
Speaker 12: because he wants to generate revenue by making those transactions.
28:34
Speaker 12: There are no additional fees when you're paying an advisory fee,
28:39
Speaker 12: so there are no commissions there.
28:41
Speaker 4: There there the.
28:45
Speaker 12: You know this concept that we're it's a level playing
28:47
Speaker 12: field and we're on the same team. Because what happens
28:49
Speaker 12: if your account grows, my fee grows. What happens if
28:52
Speaker 12: your account does not, my few shrinks. So it puts
28:57
Speaker 12: us on the same side of the table. And so
28:59
Speaker 12: a lot of the business over the last really decade
29:03
Speaker 12: has has moved and transitioned into that structure. When I
29:08
Speaker 12: started the business twenty some years ago, that wasn't all.
29:10
Speaker 12: That wasn't really the case. That was just coming about.
29:13
Speaker 12: But you know, just like anything else in life, things
29:16
Speaker 12: things change, and things my grade and and I think
29:19
Speaker 12: this is a much much better, cleaner, more transparent way
29:26
Speaker 12: that that you know, you can access financial services.
29:29
Speaker 3: And the way I understand it and reading reading up
29:32
Speaker 3: on it before I think this, My my knowledge is
29:34
Speaker 3: probably years old now because I did this before we
29:36
Speaker 3: did our first programs, I think. But but the level
29:40
Speaker 3: of knowledge that that enormy has when it comes to
29:43
Speaker 3: financing myself, for people that listen to real people listen
29:46
Speaker 3: to this program probably know a lot more than I do.
29:47
Speaker 3: But but the the gap and knowledge between that and
29:50
Speaker 3: somebody who's an actual professional in that in that area
29:53
Speaker 3: is it's pretty huge. And at one point in time,
29:55
Speaker 3: like you said, like over a decade ago or something,
29:57
Speaker 3: you really had to broker that relationship and find somebody trusted,
30:01
Speaker 3: you know, whatever it might be, because you really didn't
30:03
Speaker 3: know if they were necessarily working and if they weren't
30:05
Speaker 3: committed to that. You didn't know if they were necessarily
30:08
Speaker 3: I mean they were trying to make money, of course,
30:10
Speaker 3: but the relationship was a little bit questionable, like you
30:12
Speaker 3: really had to go through your due diligence to find
30:14
Speaker 3: somebody it was going to work for you, so ow
30:15
Speaker 3: and so forth. This takes this takes away a little
30:17
Speaker 3: bit of that level of insecurity from someone who really
30:20
Speaker 3: doesn't know what they're like, I don't know what I'm
30:21
Speaker 3: talking about. It it's nice to have that layer of
30:24
Speaker 3: security there.
30:25
Speaker 12: Right, And you know how how does that come into
30:27
Speaker 12: play in real life? Well, let's say you're you're not
30:30
Speaker 12: in an advisory setting and you're paying commissions. What if
30:35
Speaker 12: one product pays a five pent commission and one product
30:38
Speaker 12: pays a two or is the advisor going to recommend
30:42
Speaker 12: the two percent commissioned if you know, if that's the
30:47
Speaker 12: better product for that individual situation. Well, the advisory setting
30:51
Speaker 12: takes that takes that away because everything is compensated the same.
30:57
Speaker 3: Yeah, and that's that's such a benefit in and that way. Also,
31:01
Speaker 3: you know, people in a different industry for years, and
31:04
Speaker 3: I think it's still a little bit of a problem.
31:05
Speaker 3: But there was some safeguards put against like pharmaceutical companies
31:08
Speaker 3: going into doctors' offices and you know, you leave a
31:11
Speaker 3: bunch of medicine there. You're like, hey, you know, would
31:13
Speaker 3: like a vacation to Cancun to come here about the
31:15
Speaker 3: seminar on this new medicine. You know, if you subscribe
31:17
Speaker 3: so much of it, prescribe so much of it, then
31:19
Speaker 3: certain doctors are being brought in to go on this
31:22
Speaker 3: meet whatever it is. You know, then suddenly there's a
31:25
Speaker 3: reason to maybe start prescribing that medicine over another medicine
31:29
Speaker 3: that works just as well, or whatever it might be.
31:31
Speaker 3: Takes that level of sort of dealing out out of it,
31:34
Speaker 3: and you know that the person's always working on your behalf.
31:36
Speaker 3: That's a huge safety net for someone who really isn't trusting.
31:39
Speaker 3: You know, here's my retirement, here's my money, here's the
31:41
Speaker 3: keys to the castle, so to speak, you know, help
31:44
Speaker 3: me get there. That really helps that quite a bit.
31:46
Speaker 12: Yeah, I think so. I think certainly, the like you say,
31:49
Speaker 12: the business has migrated, and I think it's in this
31:51
Speaker 12: case migrated in a much much more investor friendly platform
31:59
Speaker 12: and quite frank it makes it easier on the advisor.
32:01
Speaker 4: Now I can imagine.
32:02
Speaker 3: So yeah, I can imagine, says, because this is what
32:05
Speaker 3: it costs and it's like a menu, right, it is
32:07
Speaker 3: what it is, right, Yeah, that makes a lot of sense.
32:09
Speaker 3: Jamrada with Fourth Avenue Financial Online, Fourth Avenue Financial dot Com,
32:11
Speaker 3: Fourth Avenue Financial dot Com just doing kind of a
32:14
Speaker 3: speed run of reintroducing John to folks that might be
32:16
Speaker 3: in town for the first time, that haven't heard the
32:18
Speaker 3: program or haven't heard the program in a while, as
32:20
Speaker 3: far as kind of your style of helping folks into
32:23
Speaker 3: their retirement to get them to the point where they
32:25
Speaker 3: can retire. Right hence the name of this radio program.
32:27
Speaker 3: You follow the Ramsey process when it comes to when
32:31
Speaker 3: it comes to financial planning and debt relief. That's so
32:34
Speaker 3: to speak, that the debt snowball, you know. But the
32:37
Speaker 3: bottom line is is you want to make sure that
32:38
Speaker 3: you have as little or no debt as possible to
32:41
Speaker 3: start your retirement planning and to and to make the
32:45
Speaker 3: smart moves to get to that point. And you help
32:47
Speaker 3: people kind of get through all of those points from
32:49
Speaker 3: the beginning stages all the way to the point where
32:51
Speaker 3: they're really just flying in and putting money to put
32:53
Speaker 3: back for the retirement.
32:54
Speaker 12: Yeah, no doubt about it. And of course, you know,
32:57
Speaker 12: Ramsey is a pretty defined process and sometimes real life
33:02
Speaker 12: is not as clean as that. That is, but the
33:05
Speaker 12: principles behind that, you know, makes sense. For instance, if
33:09
Speaker 12: you're a young person, you're coming into the office and
33:12
Speaker 12: you say, I want to start investing, you know, and
33:14
Speaker 12: you have credit card debt. I'm not going to open
33:18
Speaker 12: that account you until you solve that right. You know,
33:21
Speaker 12: why do you have credit card debt? Well, it's because
33:23
Speaker 12: you're living beyond your means. It means there's a problem
33:25
Speaker 12: in your budgeting, you know. So we'll go back and
33:28
Speaker 12: and uh, make sure you have those foundations built before
33:32
Speaker 12: you step into the next stage. And and that way,
33:35
Speaker 12: when you get to that next stage, you're there on
33:38
Speaker 12: firm ground and it can really build.
33:41
Speaker 3: And that's really what you're talking about here, is trying
33:43
Speaker 3: to operate into getting into your into your retirement future.
33:47
Speaker 3: What's some confidence and where you're not worried all the time,
33:50
Speaker 3: you know, you have some confidence in making making these
33:52
Speaker 3: choices and that's why when you come in with a
33:54
Speaker 3: financial planner, you help in all number ways. You help
33:57
Speaker 3: people get rid of their debt first and get into
33:59
Speaker 3: the financial planning, but of course you're going to help
34:01
Speaker 3: with things that affect them later on in life. There
34:03
Speaker 3: are a state planning when it comes to when they
34:05
Speaker 3: finally do retire. We talked last week about end of
34:08
Speaker 3: life and end of life care and how you get
34:10
Speaker 3: into doing that without putting yourself into poverty. To get
34:13
Speaker 3: halfway decent care, changes into the tax codes and things
34:16
Speaker 3: like that, you reference people, or you can refer people
34:18
Speaker 3: to folks in the tax industry that can help and
34:20
Speaker 3: work alongside of you. This is a really this is
34:24
Speaker 3: a really developed way in order to take care of
34:26
Speaker 3: your finances for retirement right.
34:28
Speaker 12: And you know, I become my firm becomes a source
34:33
Speaker 12: of information in a way that it's not like you
34:37
Speaker 12: google something. There's a relationship there. We know you, right,
34:41
Speaker 12: and we can make advice based on your individual situation.
34:45
Speaker 12: There's a lot of information out there, but that doesn't
34:48
Speaker 12: mean it translates to knowledge. And I think that's probably
34:54
Speaker 12: more so today than ever. You know, certainly you can
34:58
Speaker 12: get information on anything you can ask AI a question
35:01
Speaker 12: and to come up.
35:02
Speaker 4: With you answer.
35:04
Speaker 3: It'll make it sound good, answered that so confidently, so confidently.
35:09
Speaker 12: But the things you read about and the things that
35:12
Speaker 12: you see, you know, spit spit spitting out to you
35:15
Speaker 12: from a computer query. That's not necessarily you in your situation.
35:21
Speaker 12: We get that all the time. People say, hey, I
35:22
Speaker 12: read this, Should I be doing this? It sounds great? Well, no,
35:26
Speaker 12: it doesn't work in your situation because of ABC. And
35:32
Speaker 12: you're not going to get that without that actual relationship
35:36
Speaker 12: being formed. And that's really what I think I as
35:38
Speaker 12: an advisor bring to the table. It's it's a relationship.
35:42
Speaker 2: You know.
35:43
Speaker 12: The investments are just kind of part of the part
35:45
Speaker 12: of the scope. But but I think the real value
35:50
Speaker 12: there is is that individual relationship. Is that barrier between
35:57
Speaker 12: you and emotional decision making and the coaching that goes
36:00
Speaker 12: along with that. That's really the value an advisor brings.
36:06
Speaker 12: That I bring more so than I'm going to pick
36:10
Speaker 12: the greatest stock tomorrow.
36:11
Speaker 4: Right.
36:11
Speaker 12: Yeah, it's building the plan that works for you and
36:15
Speaker 12: your situation and where you want to go. You know,
36:18
Speaker 12: you may have goals that I don't have. How can
36:21
Speaker 12: you have a cookie cutter approach then, and so that's
36:24
Speaker 12: that's the difference maker.
36:26
Speaker 4: I believe it really seems that way.
36:28
Speaker 3: And in years and doing the show here with John,
36:29
Speaker 3: every person comes to him with that. It's basically a fingerprint.
36:32
Speaker 3: Everybody has their own their own situation that they need
36:36
Speaker 3: to navigate through. And not everything can fit, you know,
36:39
Speaker 3: the exact ratios and the exact formula or whatever it
36:42
Speaker 3: might be.
36:42
Speaker 12: Sometimes it needs unwound. You know, if you're in a
36:45
Speaker 12: situation you may have taken you twenty years to get there.
36:48
Speaker 12: You have to work on unwinding that before Sometimes you
36:52
Speaker 12: can fix and move forward and and you know you
36:56
Speaker 12: can't skip those steps and and there again, that's the
37:00
Speaker 12: advisory relationship that is so valuable.
37:02
Speaker 3: That's a very important information with John Bredet for Fourth
37:04
Speaker 3: Avenue Financial. As always, hopefully welcome in new listeners this
37:07
Speaker 3: week coming into Charleston for the Cycling Championship. Thank you
37:11
Speaker 3: so much for tuning in this morning. Let me get
37:12
Speaker 3: the information once again for John Bredett at Fourth Avenue Financial.
37:15
Speaker 3: Fourth Avenue Financial is located on Court Street, downtown Charleston,
37:18
Speaker 3: one seventy Court Street. You might have to take Brawley
37:20
Speaker 3: Walkway to get there this morning though, or park at
37:21
Speaker 3: the mall or something you walk over there that you
37:23
Speaker 3: can find it. One seventy Court Street, Downtown Charleston. His
37:25
Speaker 3: phone number three zero four seven four six seven nine
37:27
Speaker 3: seven seven that works regardless of the traffic. Three zero
37:30
Speaker 3: four seven four six seven done, seven seven. John will
37:32
Speaker 3: see you back.
37:32
Speaker 4: Here next week.
37:33
Speaker 3: Okay, sounds great Next week at eight twenty for retire
37:35
Speaker 3: Right Radio. Coming up next to Dave Island to five
37:37
Speaker 3: eighty love have a great day everyone on five eighty
37:38
Speaker 3: w CCHS.
37:39
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