Latest / The Jon Sanchez Show / Are Your Adult Children Derailing Your Retirement?
Transcript
- Jon G. Sanchez: Good Friday afternoon to you. Welcome to the John Sanchez Show on Newstock 780KOH. Pleasure to be with you, TGIF. I hope you have a great weekend ahead of you. Well, what an interesting day it was today. Diverging markets, as we like to say. Strengthen the NASDAQ, strengthen the SP 500, and a little bit flat on the Dow Jones Industrial Average. But you know, it's kind of par for the course. This market, again, has gone through a lot this week. And I'm going to recap, of course. What we did deal with this week between the economic data, the Fed interest rate increase, the big sell-off, you know, we experienced a couple days out of the week. you know, it was all thrown at us this week. But you know what? It's Friday. It's all behind us. All we can do now is look forward and figure out how do we position best our portfolios for the days ahead. But you know, it's Friday, and I always like to try to bring you a kind of a fun topic to, you know, maybe have a discussion with your significant other over the weekend and Talk about what I discussed on Friday besides the market recap. All right. And I chose a really interesting topic today. And I've titled it, Are Your Adult Children Derailing Your Retirement? Are your adult children derailing your retirement? You see, I like to call this the silent retirement crisis. And why do I say that? Well, it's pretty simple. Here's the facts. And I've got some data I'm going to share with later in the program. You spend your life, your working life, saving for retirement. But here's the question: Are you now using that money to support your grown children? Well, today we're going to discuss when helping becomes enabling, the hidden cost of your retirement, and how to establish what I like to call a loving relationship with financial boundaries. How many of you are supporting your adult children? And we know, we know how expensive it is for a young person these days. We know the cost of daycare. I I my daughter in law told me the other day, and I I can't remember the exact amount, you know, because we've got two young you know, preschool grandchildren. And she said, Dad, she said, gosh, what was the number? That's like over a thousand dollars a week, I think now for you know, one's a baby and one's two just turned two years old yesterday. She says it was like I think she said it was over a thousand dollars a week if these kids went to daycare. I mean, think about that for a second. Two thousand dollars a week, eight thousand dollars a month, who in their right mind can afford that unless you're making, you know, three or four hundred thousand dollars a year? It's tough. And I'll be the first to admit. God rest my parents' souls. How many times when I was a young broker that I'd have to call them up and go, hey dad, need some help, you know, making the mortgage payment, or hey dad, need some help with this or with that, right? We all did it. And most likely we all have children that have asked for the same thing. It just depends upon what extent that we want to help our children out. But again, as the old saying goes, things are much more expensive this time than they were when we were younger. Right? First house I bought, $110,000. My goodness. Payment was, I think, six, seven hundred dollars a month. That was PMI everything. Getting get a studio apartment in Reno for that cost now. So yeah, it is challenging. But you know, those of us that are millennials, I've used this term a lot over the years, and I haven't used it recently, but I'm going to throw it out there today. We're the ret the we're the the sandwich generation. Have you ever heard that term before? Think of a sandwich. You had two pieces of bread and let's say some roast beef in between. You're the roast beef. Bread is your children. The bottom piece of bread, the top piece of bread are your parents. How many of you right now are supporting both? You're supporting your children, your adult children. You're supporting your parents who may not have long-term care insurance or whatever the case is, they may not have been able to save, and you're helping them out financially, especially if they're in an assisted living facility, you're helping out a lot financially. And then, of course, there's you and your spouse. Trying to pay the bills, you're trying to save for retirement. And you just feel stretched. You're like, everybody's dipping into my pocket. What do I do? So, so we find ourselves, you know, again, in a in a real challenging situation as costs continue to go up, inflation continues to go up, wage growth is very stagnant for most people, and it's tough. So, how far do you go? We all love our kids, but how far do you go before you stop helping them at the expense of helping yourself and your spouse save for retirement? So again, very, very, you know, challenging time period that we find ourselves in. I sure hope my voice holds up for the rest of the show. Pardon me a second, please. I'm so sorry. I've been fighting this cold that's came on this week. so anyways, that's what we're gonna be talking about. Of course, we're gonna go through the the week on Wall Street. Try to highlight of course what what happened on the street and like I said, the interest rate scenario and so on and so forth. Okay, so let's get down to today's market activity. You know, we go back to this morning and you know it was a day where really the down never never really did much of anything, never really made it into positive territory. really at at no time at all. It was a challenge throughout the entire day on the Dow side of things. No specific reason behind it. we had actually you know fairly nice decline in oil prices, nice decline in you know, a few other areas that are critical to the market. We just had very light economic data today. We had the the August industrial production numbers, which showed an unchanged number. We had capacity utilization checking at 76.3. That was an unchanged number. So overall it was you know, very light on the economic side of things. And again, oil price is coming down. We ended up losing a dollar seventy-nine per barrel at a hundred dollars and twenty-four cents. But was but what was significant, however, was the rise in bond yields, right? We've had a day or so, or you know, even on the the Wednesday when we had the Fed interest rate decision, bond yields came down. And we got to experience that yesterday. But today was just the opposite. We're right back to where we were leading up to the Fed interest rate decision, which is essentially a 19 month high, right? level we haven't been out in quite some time. We hit the five percent mark once again on the 10 year treasury. Close right on the mark. That seems to be the the resistance level at this point by the traders sitting right at that 5% mark. And again, that's very significant, right? We when I come back from break, I'll actually matter of fact, I'll just do it excuse me, I'll just do it right now and let's check a look and see where the 30 year mortgage finished up per mortgage news daily. And yeah, just a one basis point increase, but we're sitting at 7.2%. So You know, it was a again a pretty tough week. Matter of fact, we ended up, believe it or not, I was surprised when I ran the numbers. We ended up just with a two basis point increase on the tenure treasury for the entire week. again, but today it was up five basis points, like I said, closing right at the five percent mark. So you know, this is what we dealt with today. It was it was a day again where I think everyone was very tired. I think everyone was just hoping that nothing too tremendous was going to to really happen. But you know, we we finished with a loss of ninety-five on the Dow. The Nasdaq gave or NASDAQ rose, excuse me, 104.40%. S P rose thirteen points. But, you know, the the the the weakness in the Dow side of things today did not help on the the weekly basis. We we finished slightly down on the Dow Jones Industrial Average. Matter of fact, this was the third losing week for the Dow, down about one point seven percent for the week. Again, it's worse performance going all the way back to the month of March. SP was off one tenth of a percent for the week, and the Nasdaq finished just with a very small gain of seven tenths of a percent. All right, more market action for you when we come back, and then we'll get ready for our topic. Are your adult children derailing your retirement? Welcome back to the John Sanchez Show on News Talk 780K, which again I sincerely apologize for my my voice and my cough and everything else and just doggone flu or cold, excuse me. Hopefully we make it through. I'm trying. I'm trying, I'm trying. All right, here's again how we we finished up today. Again, a little bit of a rough one on the downside. Finished down 95 points, but again, percentage-wise, nothing, just a fraction of a percent. Our close is 51,682. NASDAQ rose 104.40% to a close of 26,522, and the SP up 13 points fraction of a percent to 7,650. As I said, pullback in oil down a buck seventy-nine one hundred dollars and twenty-four cents a barrel. Gold rose twenty-five bucks at four thousand four twenty-five thirty an ounce. And also, as I said, a five basis point increase on the tenure back to that five percent mark up two basis points for the week. All right. Where was the strength at today? Well Once again, it was no problem on the technology or the AI side of things today. We saw some nice leadership in the semiconductor stocks. Sandisc rose $177.43, 10.99% to $1,791.82. Seagate technology up $55.66, 6.93%, closed at 858.79. And Coherent was another standout with some of the best performers in various areas. nice move here, 7.22% gain up. $21.38 to $317.36. Matter of fact, it was the best performing. I was trying to say best performing SP 500 component. Amazon up about 1%, $2.52 to $253.71. Help the consumer discretionary sector out. Let's see, Coinbase, so we had pretty good gains in some crypto today. So we saw likes of Coinbase up $20.28, $11.66% increase to $194.25. Robin Hood up $10 and a penny, 9.12% rise there. At $119.82. Now, some problems in the steel area, Nucore and Steel Dynamics specifically. Nucor basically guided the street lower for the third quarter. So that affected that stock, and then Steel Dynamics got caught up in the I'm sorry, let me reverse that. Steel Dynamics gave the earnings warning, Nucore got caught up in it. Nucore down sixteen dollars and seventy-six cents, six point three two percent. To 248.38, steel dynamics, a $10.9 loss, down 4.11% to $235.26. Last one I want to mention is Netflix. the stock got a downgrade this morning at Wells Fargo to an underweight from an eco-weight. It lost 4.7% or $3.54 to $71.77. All right, where do we set on a year-to-date basis? Always like to tell you this on a Friday. Well, for the Dow, we're up just 7.5% for the year. NASDAQ up 14.1. SP's gained 11.8. And the Russell 2000 is still leading the pack. with a fifteen point three percent increase. All right, with that said, I'm gonna get an early start on our topic. Are your adult children derailing your retirement? yeah. Again, as I said at the beginning of the show, I kind of like to call this retirement's silent crisis, right? How do you help your children you love, that you give your life for, most likely, without sacrificing your retirement that you've worked your entire life to build? So again, this retirement crisis has nothing to do with the rising cost of healthcare, inflation, taxes, stock market correction. It's your kids, it's your adult children. And I know that may sound harsh, and trust me, I don't mean it to be that way. And I want to be real clear, today's show is not, and I repeat, it is not about criticizing young adults. No way. Housing's expensive, groceries are expensive, insurance, childcare, automobiles, borrowing costs, everything has gone up, and it's making it very, very difficult for young families. They're working hard, but they're still struggling. And when your kid calls you and says, Mom, I'm a little bit short on rent, or dad, my car broke down. We need some help with the down payment on a house. We no longer can afford daycare. What would what parents, which one of you say? sorry, you're on your own. I know there's a couple, but for the most part, most of you are gonna say, okay, what can we do to help you? But what we have to ask ourselves is this: at what point does helping your children begin jeopardizing your own retirement? So I dug up a very interesting survey. It was a survey by BMO, and I found that 48% of parents. And forty-one percent of grandparents plan to financially assist their adult children. So almost half of parents or grandparents. Even more revealing was that 27% of Americans said parents should, should, should financially support their children for as long as they are alive. Isn't that amazing? Let me repeat that stat. 27% of Americans said parents should financially support their children for as long as they are alive. I know some of you are out there going, there is no way that I'm gonna be doing that. Well, it's up to you. Everybody has their own decisions. But what does this mean with a survey? It means that millions of retirement plans may contain an expense that was never once included in the original calculation. In the probably thousands of retirement plans that I've written over my career, I can tell you I'm right in there. I have never once, and shame on me, I have never once included an expense for helping out the adult children. And I think The reason, even if I asked, I think a lot of parents and grandparents are embarrassed to say they are helping them out. It's like it's a sign of weakness or something. It shouldn't be. So let's start off with my first area. I've titled it This Is Not Just a Lazy Kids Problem. Far from it. Again, we know that they're facing high housing costs, expensive childcare. I should throw in rising student loan payments, right? You you encourage your kid to go to college. They went to college. Maybe you helped them a bit, but you probably said, like I did, hey, you know what? I'm not gonna fit the whole bill. Go get a student loan. Well, now they have student loan payments, higher insurance premiums, car payments. Again, I am just shocked, just shocked at the price of especially trucks, which is all I buy. It what a new truck costs and what the payment is. Again, I think we all can agree that have been around for a while that have some gray hairs in your head. Your car payments or their car payments are now approaching probably what your first mortgage payment was. And as I said earlier, wages may not have kept pace with the cost of establishing a household. And then by the way, you're saying, hey, when are you going to give me some grandkids? And maybe they have given you grandkids. Well, we know, of course, it is not cheap to raise a child. So today's conversation is absolutely not about saying, you know what, I had it hard, so they should have it hard. No, that's not it. It's about recognizing that two generations can be financially vulnerable at the same time. Your kids may generally need your help. But you may also be approaching retirement without enough time to replace the money that you are giving away. Your 30-year-old child may have another 35 years of working left, 35 years to earn money, to save, and recover from a financial setback. But let's say you're 65. You don't. So now we enter into the most dangerous phase of retirement. And one of the things I hear a lot is, hey, you know what, John? It's no big deal. It's only 500 bucks a month that I'm giving my kid. Well, let's do some math. $500 per month is $6,000 per year. Over 10 years, that's $60,000 transferred out of your retirement. Let's throw in a 6% hypothetical return. $500 invested monthly for 10 years could grow to approximately $82,000. Let me repeat that. Just a 6% return, $500 that you're giving your kid every month. Do that and instead invest in your own for the next 10 years, that'd be worth about $82,000. So if you're giving your adult child $1,000 per month, that's $120,000, obviously, over the next 10 years, and potentially about $164,000 when lost investment growth is considered. See, that's a painful way to look at it, isn't it? So this becomes no longer an occasional assistance area. That is a second retirement being funded from yours. So I want you to think about something when I go to break. If this continues for five or let's say 10 years, can my retirement still survive? Do not evaluate recurring assistance as one small monthly payment. Calculate it as a cumulative cost. Because helping once is an event. Helping every month, well, that's a light item in your retirement. So how do you tell the difference between helping an adult child through a temporary crisis and financing a lifestyle they can't afford? Welcome back to the John Sanchez Show on New Stock 780K, which happy Friday to all of you. We finished down 95 on the Dow. The NASDAQ rose 104, the SP higher by 13. But the week's behind us, and now I'm focusing on you. A good retirement light topic for a Friday to wrap things up. We're talking about are your adult children derailing your retirement plan? Once again, this is a silent crisis going on in the world of retirement. All right. So I told you when we come back from break, which we are back now, how do you tell the difference between helping an adult child out? Through, well, let's call it a temporary crisis or temporary situation, and financing a lifestyle they cannot afford. So let's talk about this. Are you helping or are you enabling your kids? There's a very important difference between giving someone a bridge or you become the bridge. So, what are some examples of this? What's a healthy assistance? Well, it has a specific purpose, a defined amount, a beginning and ending date. What plan for what happens next? Some participation or sacrifice from the adult child, like, hey, I'm gonna go get a second job, even though you you lent me, you know, five hundred bucks to help me cover my rent for the month or repair for that or pay for that repair for the the automobile. But what could be harmful assistance, just the opposite? Well, I've created a list of warnings for you, warning signs, I should say. The same emergency happens repeatedly, month after month after month. The child doesn't know where the money goes. You're paying necessities while they fund vacations and entertainment. Ooh, that one irritates me to death. You're hiding the assistance from your spouse. yeah, dealt with that one before. You feel guilty whenever you try to say no. Yep, I've done that one. The amount continually increases. There is no plan for the child to become independent. And you're taking withdrawals from your retirement accounts, or you're creating debt, i.e., credit cards, borrowing, so on and so forth, that's I'll cover here in a moment, to help pay your children. So here's a very uncomfortable question you have to ask yourself. Am I solving a temporary problem or removing every reason? for this person to actually change. Now if the child knows that mom and dad are gonna always be there to cover that shortage, that shortage, what ends up happening, can become very permanent. So let's talk about what I call the adult child bailout bailout, excuse me, the adult child bailout cycle. And here's how that cycle learns. I got seven points. Number one, the adult child experiences a financial emergency. The parents provide the money immediately. Mom and dad come to the rescue. Number three, nobody ever, meaning you parents or grandparents, you never ask, what's the underlying cause of this? Then the crisis passes temporarily. child spending behavior doesn't change. Then guess what? Lo and behold, probably not even the next month. Maybe a few weeks later, here comes another emergency. And guess what? Here you are as the parent or grandparent. What do you need? How much money do you need? And every one of these bailouts feel wonderful in your heart. You feel great about doing it. But over time, the parent becomes financially weaker, while the adult child never, ever develops the skills needed to become stronger. So a better question than how much do you need, son or daughter? should be the following. What caused the shortage? If you've never asked your child that, let me tell you, that is the most powerful thing that I can come up with for you as far as an advice. What caused you to be short? And I'm not talking, asking that question again, because they're they're gonna they're the the they're gonna back into a corner. They're gonna feel they're backed into a corner going, my gosh, mom and dad are just delving into my life. I don't want to share with them what happened. So it's a one-time event, okay, maybe you don't want to ask the question. But if they're coming to you on a regular basis, you have to dig in. What caused the shortage? Next question you ask is is this a one-time problem? Next, why, or excuse me, what are you contributing towards the solution? Again, are you coming to me just to get that extra 500 bucks or a thousand bucks or $10,000, whatever the case may be? And just sitting back and going, you know what, I mom and dad are always going to be there. Or are you trying to, again, come up with a solution? Like I said, taking on a second job, maybe starting a small business on the side, whatever it may be. You also should be asking, so what expenses have you reduced? You want to do a really fun exercise? Ask your kid, let me see your budget. First of all, they're gonna look at you cross eyed and probably go, budget? What is that? There's your first time. They don't know where their money's going. So therefore, they're not gonna be able to answer that question. What expenses have you reduced? Next question, what changes will prevent you from doing this again? And then lastly, if I help you, when is this going to end? I've been helping you month after month, week after week. Where's this gonna end? Again, these can feel like very, very cruel questions, but they're also very responsible questions. So I want you kind of come away from this area regarding the following. Real help should move someone towards independence, not make dependence more comfortable. Right? You want to make it a bit uncomfortable for your children when they come to you. Even though they're adults, you don't want them to think that the bank of mom and dad are is open forever. Now, I want to give you five things that you as parents or grandparents should think twice about. Number one, rating your 401k or your IRA. I had a gentleman years ago, and this was I would have done the same thing. I'll just tell you this right from the beginning. Didn't have a significant sum of money saved up in his retirement. I think it was about 220, 250,000, but he was very close to retirement. And he calls me up and he said, I need to take about a hundred thousand out of my IRA account. I whoa, yeah. What's going on? Tell me what's happening. So we got into a very lengthy discussion where a lot of tears were shed by him. And he said, Look at I have to pay for my son to go into drug rehab. And this was, I think, the second or third time that he's had to do this. I said, you know what? I if I were in your shoes, I'd do the same thing. I don't care what the taxes would be. I don't care about anything. If it's, you know, for my kids' life, of course I'm going to do it. And we did it. Now I wish I could come back and tell you that it was successful and it was a great investment, but it didn't end up that way. Son went to rehab, client spent a whole bunch of money, and I think the last time I checked, the son ended up back basically on the streets. So very tragic. So you have to be very careful about this. So once again, you you raid the 401k, you raid the IRA, because that's where most majority of your money is. But remember, you taking money from your retirement account can create the taxes. If you're under 59 and a half, it can create penalties. But what a lot of people fail to look at is it reduces the future growth and increases the possibility that you are going to outlive your investments, right? Especially if it's significant like it was with that client. You may also push yourself into a higher tax bracket or affect other parts of your financial plan. Once again, every dollar you take out of a qualified plan, that's reported as income to you. Did it bump you up into a higher bracket? Maybe, maybe not, but you should know before you take that money out. And your child could potentially borrow for education, borrow for a house, a car, or a business. And I tell this to clients all the time: I'm like, remember, especially when it comes to college, I've had to talk many clients how to take your money out of their retirement accounts. To pay for their kids' college education. You know, a few thousand bucks here, a few thousand bucks there, no problem. But, you know, Lord knows it is not cheap anymore to send a kid to college, even for, you know, some of the not, you know, top of the list type of colleges like an Ivy League school. 40,000, 50,000 bucks a year, very easy to spend that on your kid. So I always tell clients, look at, and I run those projections. Look at you take out, you know, let's say it's fifty thousand bucks a year. Four years, if you're lucky, usually it's five. Let's say it's five years. That's 50,000, that's $250,000. That's not working for you for the next 10 years before you retire. Make the kid go out and get a loan. Make them responsible. If you want to help out a little bit, absolutely. But I I just cringe when people come to me and they want to take out, you know, and pay for all their kids' college education out of their retirement accounts. It's it's not the right thing to do. Cause remember, you cannot borrow for retirement. They can borrow for education, a house. car, a business, etc. Number two that you should think twice about. I've said this many times with the real estate boys on the show. Co-signing alone. Remember, when you cosign, you are not providing a character reference. You're not that emergency contact if they default that the lender's going to come knocking on your door. You are agreeing to repay the debt. If your child misses the payment, your credit's going to be damaged. The lender of course can pursue you and come after your assets. Your ability to borrow may be affected May not be a big deal now. You're going, hey, but you my house is almost paid off. I'm not gonna be dying buying another house. You never know when you're gonna need capital. And of course, really the most important, the family relationship can deteriorate. Now, why do I say that? What are you gonna do if your son that you co-signed on that $600,000 house for decides that, you know what, I don't like being a homeowner. I'm out of here. Mom and dad, it's all yours. Or he loses his job, can't make the payment. So not only are you co, not only have you cosigned, but now you're stuck making the entire payment. What are you going to do? Foreclose on your kid? Nope. You're going to continue making it. So that family relationship again can really, really come under pressure. So if you cannot comfortably afford to make every payment yourself, please think very carefully before co-signing. I'll come back with the rest of my list of the five things that parents should think twice about. Welcome back to the John Sanchez show on New Stock 780 KOH. All right, just took up the took a look at the economic calendar for next week. Well, we got a pretty light, nothing major. got some durable goods on the twenty-fifth. final read miss University of Michigan consumer confidence also on Friday the twenty-fifth. But the rest of it, yeah, got some real estate data on the twenty-fourth new home sales, but rest of it's pretty blasé. So no major reports. we're at the tail end of earning season. a lot of Retailers are going to be reporting next week. So we'll see how that kind of gauges for the the consumer. But market then's gonna be so this tells me what we're gonna be focusing on next week will be interest rates and oil prices. So no Fed decision and thank goodness we have that behind us already. And again, as I said, no major economic reports. So hopefully a relatively quiet week next week, but we'll see. All right. Are your adult children derailing your retirement? Now let's Continue on on my list of five things that you should really think twice about. So first one I told you, rating your 401k or your IRA to help your kids out. Number two, co-signing a loan. And now here's number three: borrowing against your home. Your home may be one of the last financial safety that's available during retirement. If you use your home equity to fund an adult child's lifestyle, a business, a down payment, that transfers their financial risk onto your personal balance sheet. In other words, it's now. your risk. I want to focus on the business for a second. I've seen clients do this a lot. No, I shouldn't say a lot, but a few times over the years. child comes to mom and dad, says, Look at you know I'm not happy in my career. I want to go launch a business. Cool. Got my support. by the way, I need you know a hundred thousand dollars down payment to get the business up and running, need some initial capital. That's a tough one to say no to, right? You want your kids to succeed, you you respect them for venturing out and trying something, but you have to ask yourself, what happens? If they can't pay you back. So what I want all of you to think about is if your child, adult child ever comes to you and and says, really, it's not just a business down payment, but really borrowing any money, you have to ask yourself, can I continue to fund my retirement, live the life I want, whatever the case may be, can I still be financially sound if my child doesn't pay me back? Because in many cases, the child will never pay you back. Number four, giving unequal amounts without documenting them. So now I'm gonna bring on my estate planning hat for you. Let's say suppose you give one child $100,000 for a house and another child receives nothing. Was that a gift? Was it a loan? Should it be equalized through your estate? Do your does your trustee and other children know your intentions? Undocumented family assistance can create significant amount of anger and conflicts after you die. And as I've said when I've covered this on my Wednesday estate planning topics, significant gifts, significant loans, et cetera. They absolutely should be coordinated with your financial, your tax, your estate planning professionals. Let them know what's going on. Not again that you're gonna, you know, have an estate tax problem or anything like that. But once again, you can gift up to nineteen thousand dollars per person to as many people as you want to. That reduces your lifetime gifting credit. You need to have your accountant keep track of it. And a lot of times parents will back to the business, they'll say, you know what? Let me give gift you this $100,000. Again, anything significant, let your accountant know so they can keep track of it. Number five, sacrificing your own financial security. You see, some parents will do anything to help their kids. They'll stop traveling, they'll postpone retirement, they'll reduce their healthcare spending, they'll drain their savings, they'll tap the equity in their house, whatever the case is, they'll do anything to help their kid because they cannot emotionally tolerate telling their adult child. Considers what happens if you run out of money later. Is your child going to be there to take care of you? Probably not. The very children you're trying to protect may eventually have to support you in the best case scenario. So destroying your retirement does not eliminate the financially the the family's financial problems. All it does is postpone it and reverses who need your help. And like I said, one turn I'm seeing a lot in estate planning is parents but you have to have good wealth to do this. They would rather give away money to their kids. now so they can get that personal enjoyment to s to help them, see them, get that warm feeling in the heart that they've helped out their children, their grandchildren, et cetera, versus waiting till they're in the grave. I'll wrap you up with a fun thing to kind of think about. I call it the airplane rule. Remember when you're on last time you were on a plane, the flight attendant tells you to put on your oxygen mask first before you help anybody else? Well, that's not selfishness. It is recognition that if you become incapacitated, you can't help anyone else. Retirement planning works the exact same way. Protect your retirement is not choosing your money over your children. It's protecting yourself from becoming their future. financial responsibilities. If we can help you in your financial planning needs, by all means give our office a call at eight hundred eighteen one or go online to SanchezGunt dot com. God bless, have a great weekend. Thanks for being with me this week. Have a great weekend. I'll see you on Monday.