Latest / WCHS Network Podcasts / 09/15/2025 Retire Right Radio with John Burdette

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09/15/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five ADWCHS, its employees,
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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
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Speaker 2: to retire right. Fourth Avenue Financial is located in downtown
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Speaker 2: Charleston at one seventy Court Street. More information online at
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Speaker 2: Fourth Avenue Financial dot com. Join the conversation by calling
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Speaker 2: three oh four three four five fifty eight fifty eight
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Speaker 2: or text three oh four nine three five fifty oh eight.
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Speaker 2: On Retire Right Radio, Let's go lide to the studio
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Speaker 2: with host Dale Cooper and John Verdett from to have
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Speaker 2: any financial Games.
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Speaker 3: Now twenty one minutes past eight o'clock, you are listening
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Speaker 3: to retire Right Radio on a Monday morning in the
1:08
Speaker 3: month of September. We're in the city of Charleston, the
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Speaker 3: state of West Virginia, the country of the United States,
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Speaker 3: and John Burdett is in studio with us this morning. John,
1:15
Speaker 3: good morning. How do you doing this morning. I'm doing great.
1:17
Speaker 3: Appreciate you coming in this morning. Did you have a
1:19
Speaker 3: good weekend?
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Speaker 2: Uh?
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Speaker 4: Yeah, yeah, it was good weather and certainly a good
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Speaker 4: football game. I made it up to Oregon down for
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Speaker 4: the game, so yeah, you can't beat that one.
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Speaker 3: Nothing wrong with making it to the backyard brawl. When
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Speaker 3: West Virginia wins an overtime game, you know, come from
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Speaker 3: behind first, they lose the lead, and then they come
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Speaker 3: from behind to get it to overtime and end up
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Speaker 3: getting in and overtime and winning. Hey, man, you can't
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Speaker 3: it's the backyard brawl. You can't get much better than that.
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Speaker 4: Right, No, No, And the crowd was really really into it.
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Speaker 4: It's certainly the twelfth Band showed up on that one.
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Speaker 3: Man. I really enjoyed that game on Saturday. It was
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Speaker 3: a fun game to watch. On top of everything else,
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Speaker 3: I'm glad West Virginia came out on top. On a
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Speaker 3: personal bit, my Seahawks went in and handled business with
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Speaker 3: Aaron Rodgers and the Steelers yesterday. I think Steelers fans
2:03
Speaker 3: might be tapping the breakfast a little bit on that
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Speaker 3: fountain of youth thing that they thought that they found
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Speaker 3: with Aaron Rodgers looked pretty pedestrian yesterday, as the Seahawks
2:10
Speaker 3: defense actually looks pretty darn good. They're struggling a little
2:13
Speaker 3: bit on offense right now, but their defense looks pretty
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Speaker 3: darn good. So I'm like the only person in the
2:18
Speaker 3: state me and are old I mean retired engineer Noel Richardson,
2:22
Speaker 3: who was from the area, a huge Seattle fan. His
2:24
Speaker 3: son lives up there. Now. I think we're about the
2:26
Speaker 3: only ones of care. But anyway, it was good seeing
2:29
Speaker 3: the Seahawks. That means today on hotline with Dave Weekly,
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Speaker 3: I'm in the captain's chair today, and I don't have
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Speaker 3: to worry about you know, oh, you have to bring
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Speaker 3: up that game. He'll be the one appointing the game
2:39
Speaker 3: this week, not me, So that's always fine. When the
2:42
Speaker 3: two of us get the square off like that, that's
2:44
Speaker 3: good stuff. By the way, you can give us a
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Speaker 3: call this morning if you have any questions about how
2:48
Speaker 3: you can retire right any questions about your investment strategies.
2:51
Speaker 3: You've had a life changing event, you're maybe a little
2:54
Speaker 3: bit too into the headline news, and you wonder, oh, no,
2:57
Speaker 3: what in the world can I do? Everything is terrible. Well,
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Speaker 3: you can give us a call this morning. John can
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Speaker 3: help you out, at least help you navigate through some
3:02
Speaker 3: of your questions and then maybe help you lead to
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Speaker 3: a solution or to give him a call a little
3:07
Speaker 3: bit later on. You can call us this morning at
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Speaker 3: three zero four three four five fifty eight fifty eight
3:10
Speaker 3: three four five fifty eight fifty eight. It's an auto cue,
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Speaker 3: so you'll get put right in the hold, and then
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Speaker 3: we'll ask your name before we put you on the air.
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Speaker 3: So three zero four, three four five fifty eight fifty eight.
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Speaker 3: You can also text over your questions. I know that
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Speaker 3: sometimes financial questions could get a little tricky in profit
3:23
Speaker 3: and some folks prefer to text those in, so you
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Speaker 3: can do that as well. At three zero four non
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Speaker 3: three five five zero zero eight three zero four non
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Speaker 3: three five five zero zero eight. So I guess the
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Speaker 3: first thing that we always check into when we start
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Speaker 3: the shows, we take a look back at the previous
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Speaker 3: week and again We're at kind of a complicated area
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Speaker 3: because it seems like all the indicators last week, although
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Speaker 3: they might not have all been great, they probably are
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Speaker 3: leading us to a definite cut from the Fed.
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Speaker 4: Yes were they were great enough, But yeah, markets were
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Speaker 4: up last week again pretty much cross the board, one
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Speaker 4: two percent most of the indexes. So we're we're up,
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Speaker 4: you know, hovering around the record highs again, and interest
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Speaker 4: rates have drifted down. Bond the ten year bond touched
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Speaker 4: four percent, which we haven't seen in a long time.
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Speaker 4: The inflation numbers came in about it's expected, still a
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Speaker 4: little hotter than the Fed would like, but not hot
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Speaker 4: enough that takes the rate cut off the table. Which
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Speaker 4: we'll figure out what the Fed is going to do
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Speaker 4: Wednesday of this week. So that's that'll be the big
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Speaker 4: should be the big news this week what the Fed does,
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Speaker 4: and the expectation is for a rate cut, you know,
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Speaker 4: but with the expectation so high that there's going to
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Speaker 4: be a rate cut, the real story will probably be
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Speaker 4: what do they say, what.
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Speaker 3: Rate cut it is, and what they're the context of
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Speaker 3: it is I guess.
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Speaker 4: Right, yes, And is it a one off thing? I
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Speaker 4: think most people are the market is expecting I think
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Speaker 4: two rate cuts by the end of the year. I
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Speaker 4: think the FED they put out the the dot plot map,
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Speaker 4: you know, where the board governors expect rates to be.
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Speaker 4: I think the market is a little bit ahead of
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Speaker 4: the FED as far as rate cuts go. So I
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Speaker 4: think that will be the story, not the fact that
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Speaker 4: there's a rate cut, but what is said about the
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Speaker 4: rate cut and the and the trajectory and.
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Speaker 3: As far as that goes. Like we've talked about before,
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Speaker 3: that rate cut, don't expect any if if everything goes
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Speaker 3: to oil, if everything goes as expected, don't expect any
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Speaker 3: major movement because there's a rate cut, because that's kind
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Speaker 3: of big dead at this point.
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Speaker 4: Yeah, that's probably true. Yeah, it'll be sure, it'll be
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Speaker 4: mostly you know, predicated on what is said about the
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Speaker 4: rate cut in the future direction when when it's been
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Speaker 4: telegraphed so much that there should be a rate cut.
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Speaker 3: It's interesting how all of these things work. And we've
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Speaker 3: been following this for so long. You can't and this
5:55
Speaker 3: is why it's so important for folks to not that
5:57
Speaker 3: don't do this for a living, they not get too
5:59
Speaker 3: tied up with certain indicators, with with you know, you know,
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Speaker 3: all of this downward adjusting of the jobs market and stuff.
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Speaker 3: I mean, it could lead you to some you know,
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Speaker 3: you might think, oh my gosh, that's the worst news possible.
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Speaker 3: But all of these things kind of lead into this
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Speaker 3: that's now going to make this rate cut possible. You know,
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Speaker 3: all this thing is like a living and breathing organizing
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Speaker 3: to take some from one and give some to another.
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Speaker 3: I mean, it's just the way things are. And you
6:22
Speaker 3: can't get too tied into one headline or another. I
6:24
Speaker 3: remember when COVID first hit and we had our sister
6:27
Speaker 3: station had on the Bloomberg channel, and so I was
6:29
Speaker 3: listening to this business news all the time, and they
6:31
Speaker 3: were absolutely they were following the inverted yield curve. It
6:34
Speaker 3: was like right, it was like that was basically their bible,
6:36
Speaker 3: their religion when that and that ended up kind of
6:39
Speaker 3: breaking a little bit during COVID. And so you can't
6:42
Speaker 3: really rely on any one indicator that much.
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Speaker 4: No, And it's a good thing to remember too that
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Speaker 4: if you look back at history, go back ten years,
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Speaker 4: go back twenty years, how many times have there been
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Speaker 4: rate cuts and rate hikes? How many times have the
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Speaker 4: employment numbers been good and bad? But yet look at
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Speaker 4: where the market is right from where it started. You know,
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Speaker 4: if you own quality, productive assets companies and are patient,
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Speaker 4: you know, that's how you win the game.
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Speaker 3: Yeah, I think that it's just so important to remember
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Speaker 3: that the market is a separate entity. It's not the
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Speaker 3: all the economy, it's not the jobs. You know that
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Speaker 3: the market is the market. You know, it's like the
7:21
Speaker 3: heart of your of your body. And then there's all
7:22
Speaker 3: these arms and appendages and other things that that you
7:25
Speaker 3: know are kind of separate from that. You know, the
7:27
Speaker 3: heart works independently from those things. Anyway, you can give
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Speaker 3: a call this morning if you have any questions three
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Speaker 3: zero four three four five fifteen fifty eight three four
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Speaker 3: five fifteen fifty eight. Any major announcements or anything we
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Speaker 3: can expect this week. The FED obviously is the huge one.
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Speaker 4: Yeah, that's the big one. That's everybody's size. Everything else
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Speaker 4: pretty much pales in comparison.
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Speaker 3: I know that it was interesting that Elon Musk is
7:47
Speaker 3: no longer the richest guy in America. I think that, Yeah,
7:51
Speaker 3: over the probably is today they got and forth right.
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Speaker 3: That's pretty crazy though, to think how oracle kind of
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Speaker 3: this legacy institution, you know, and that's another thing we've
8:00
Speaker 3: talked about before.
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Speaker 4: But it's uh, you know, all in that same area
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Speaker 4: of the cloud space and and you know, those big
8:07
Speaker 4: contracts with the people that are doing the AI and
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Speaker 4: and they they just took advantage of the you know,
8:13
Speaker 4: the right space, of the right size, and they have
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Speaker 4: the scale to do that. And you know, and you know,
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Speaker 4: Larry Ellison, the guy that runs it, he still owns
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Speaker 4: a very large percentage of the company. You know, a
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Speaker 4: lot of people A good example is Steve Jobs with Apple.
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Speaker 4: You know, he was extremely wealthy, but he wasn't in
8:34
Speaker 4: the stratosphere of all the others because he hadn't known
8:36
Speaker 4: the big enough percentage of his own company. You know,
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Speaker 4: Larry Ellison owned a lot of this company. Bill Gates
8:42
Speaker 4: owned a lot of Microsoft, you know when he was
8:44
Speaker 4: when he was running it. So you know, it's all
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Speaker 4: about the percentage of ownership and the size of those companies.
8:52
Speaker 4: And that's how you know, people say, well he has
8:55
Speaker 4: that much money, he doesn't have that much cash.
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Speaker 3: It's net worth.
9:01
Speaker 4: It's you know, if he sold all of that and
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Speaker 4: turned it to cash, will any no longer probably be
9:06
Speaker 4: run on the company, right, right, So you know, it
9:10
Speaker 4: is a somewhat of an accounting figure when you get
9:15
Speaker 4: to those kind of numbers.
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Speaker 3: Kind of an illustration of that. It's a little bit
9:17
Speaker 3: as back when when Elon Musk bought Twitter. Although he
9:20
Speaker 3: was the richest guy in the world, it's not like
9:22
Speaker 3: he just went out and got whatever the billions of
9:24
Speaker 3: dollars was for it out of the banking like, oh,
9:26
Speaker 3: here you go, I have all this money. I'm worth it,
9:27
Speaker 3: you know, one hundred million dollars and I'm only paying
9:29
Speaker 3: five This is easy. Here you go. He had to
9:31
Speaker 3: go and secure financing and all kinds of other things.
9:33
Speaker 3: He didn't have the cash to do it. He had
9:36
Speaker 3: to get investors and stuff to go into and do it,
9:37
Speaker 3: although obstensibly he had quote unquote had the money. That's
9:41
Speaker 3: just not the way things work, right, I.
9:43
Speaker 4: Mean, you know, net worth and cash in the bank
9:45
Speaker 4: are two different things. And and most of the large,
9:51
Speaker 4: you know, multi billion dollar networks are tied to equity
9:55
Speaker 4: of in some entity. Very very few of of those
10:00
Speaker 4: people are are cash heavy and liquid. That's how they
10:04
Speaker 4: got there. They got there through capital appreciation of some
10:08
Speaker 4: type of security or business.
10:10
Speaker 2: Generally.
10:10
Speaker 3: It's just interesting, and this is me commenting on the
10:12
Speaker 3: on the Stock, not not John, but it's just interesting
10:14
Speaker 3: to me on something like on an Oracle been around
10:16
Speaker 3: for a long time. It's a tech company that's been
10:17
Speaker 3: around forever, and seeing it suddenly shoot up like in
10:21
Speaker 3: the video or something. It would almost be like seeing
10:23
Speaker 3: IBM or do something, do something simmer steady Stock been
10:26
Speaker 3: around forever or something like that, but kind of in
10:28
Speaker 3: the background of like all tech, you know, not really
10:30
Speaker 3: on the cutting edge of anything, and then suddenly just
10:33
Speaker 3: you know, that's it's just kind of interesting to watch
10:35
Speaker 3: that all because of AI for the most part, pretty crazy,
10:38
Speaker 3: pretty crazy.
10:38
Speaker 4: I mean, you know, Microsoft was a similar story. You know,
10:42
Speaker 4: of course now it was a I, but before that
10:44
Speaker 4: it was the cloud computing that they kind of got
10:46
Speaker 4: I got ahead of and and they went from a
10:49
Speaker 4: kind of a pedestrian mature company and it took them
10:54
Speaker 4: to the next to the next.
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Speaker 3: Level, which also from the outside looking in, is actually
10:58
Speaker 3: a quite interesting story. But because it's about these companies
11:01
Speaker 3: that I mean, Microsoft obviously has been synomymous with computing
11:04
Speaker 3: since personal computers became a thing, and so you think
11:06
Speaker 3: about these things personal computers, you know, you're getting your
11:10
Speaker 3: Dell Machine, Microsoft eleven. I mean, you're kind of stuck
11:12
Speaker 3: into that space or whatever it might be.
11:14
Speaker 4: Here.
11:14
Speaker 3: They are in a whole other sector and that's where
11:16
Speaker 3: they're really setting their anchors at now, in the next
11:20
Speaker 3: step of future. And it's just an interesting story to
11:23
Speaker 3: see how these companies teck and move and tack and
11:26
Speaker 3: move and tack and move, and how technology and computing
11:30
Speaker 3: becomes to encompass even more things. Sure, and it's just interesting.
11:33
Speaker 3: It's a very fascinating thing.
11:34
Speaker 4: Well, and how dynamic the economy is. Like you say,
11:37
Speaker 4: the winners don't always have to stay the winners, because
11:41
Speaker 4: innovation happens. I saw a video Eric Schmidt, he's one
11:48
Speaker 4: of the Google founders, talking about computers and personal computers
11:54
Speaker 4: and now that we have AI and speech recognition and
11:58
Speaker 4: all of these things. You know, how long will it
12:00
Speaker 4: be until we don't need a menu based interface on
12:04
Speaker 4: your computer? You know, at what point will you just
12:07
Speaker 4: be able to say, hey, computer, this is what I
12:11
Speaker 4: want to do? Yes, yes, and the menu and the
12:15
Speaker 4: drop down you know that you're clicking on now. You
12:18
Speaker 4: know there will be a time, potentially in the near future,
12:21
Speaker 4: where that all changes, and if the companies don't adjust
12:26
Speaker 4: to that, you know, they'll suffer in. The companies that
12:30
Speaker 4: are cutting edge will prevail, you know, just like malls
12:37
Speaker 4: are not what they used to be because online shopping is.
12:42
Speaker 4: You know, you have to stay in front of that.
12:44
Speaker 4: And that's what these companies do. They don't set still.
12:47
Speaker 4: They're always looking for the better way to serve and overall,
12:53
Speaker 4: you know, it's hard to pick a winner and loser
12:55
Speaker 4: as an individual company, but overall that process creates health
13:01
Speaker 4: for society wealth if you're a participant in it in
13:05
Speaker 4: the stock market. It's just tried and true. You go
13:08
Speaker 4: back over time, and that's the way it works. Creative destruction.
13:13
Speaker 3: It's great information and great insights from John. Her dad
13:15
Speaker 3: has always I am kind of convinced that my daughter
13:18
Speaker 3: who's seven, may when she is a young woman, be
13:21
Speaker 3: walking around in malls again and maybe have a unified
13:23
Speaker 3: cable service. The way things are going, it's like this
13:26
Speaker 3: new business plan. You can have all of your streaming
13:29
Speaker 3: in one place. By now, I.
13:31
Speaker 4: Don't know, you know, they'll be probably streaming on the
13:34
Speaker 4: back of the eyelids before long.
13:36
Speaker 3: I have to my kind of I'm fifty one, so
13:39
Speaker 3: I'm not exactly you know, I'm supposedly right in the
13:41
Speaker 3: middle of the Gen xers, right. I feel older and
13:44
Speaker 3: older by the day, and never has that been more
13:48
Speaker 3: apparent than this year getting into trying to find how
13:52
Speaker 3: to watch sports. And I'm sorry. I mean, I'm not
13:55
Speaker 3: somebody who's like, I'm not a lutite. I've been on
13:58
Speaker 3: the cutting edge of technologies. I was using like streaming
14:01
Speaker 3: devices and stuff before most people were as far as
14:04
Speaker 3: streaming things goes. But my goodness, I can't find anything anymore.
14:07
Speaker 3: And I pay for everything. I have every ESPN thing,
14:09
Speaker 3: I have the NFL thing and all this stuff. Half
14:11
Speaker 3: of the games are on Disney for ESPN, and then
14:14
Speaker 3: the other half are on Hulu, and then you have
14:16
Speaker 3: to get the app to watch the other one. And
14:18
Speaker 3: it's ridiculous. Man, I just want a place where I
14:20
Speaker 3: can go and put it on a channel and watch
14:22
Speaker 3: it the game.
14:23
Speaker 4: Yeah yeah, my son downloaded I can't even remember what
14:25
Speaker 4: it was, but it has all kinds of sports on it,
14:28
Speaker 4: and it's like a free trial that he'll probably forget
14:31
Speaker 4: to cancel and I'll end.
14:32
Speaker 3: Up paying exactly.
14:35
Speaker 4: But you know, it was kind of nice you could
14:37
Speaker 4: get add all the games.
14:40
Speaker 3: I rarely watch.
14:41
Speaker 4: Yeah, sometimes I'll listen to a baseball game or something
14:44
Speaker 4: like that. But last week the Pirates were on and
14:48
Speaker 4: Schemes was pitching.
14:49
Speaker 3: Yeah right, yeah, And it was nice to.
14:51
Speaker 4: Be able to go and say, I want to check
14:53
Speaker 4: that out, and uh, I don't know what the app is.
14:56
Speaker 4: I'll get it. I'll get it to you so you can.
14:59
Speaker 4: You can try it out.
15:00
Speaker 3: Man, it drives me nuts.
15:01
Speaker 4: But all the sports were on, whatever the service was.
15:04
Speaker 4: But yeah, I'm like you, I'm behind the curve.
15:07
Speaker 3: I don't know when it happened. Man, it used to
15:09
Speaker 3: be I was one of the guys at least riding
15:10
Speaker 3: the curve.
15:10
Speaker 4: And well I saw something not long ago. The average
15:13
Speaker 4: age of an American is like thirty six years old.
15:16
Speaker 4: So at fifty one, yeah, a little you know, you're
15:19
Speaker 4: out there a little bit kind of getting out there.
15:21
Speaker 3: Yeah. Man's it is what it is. But sometimes I
15:24
Speaker 3: feel seriously like every older person that came before me
15:27
Speaker 3: that I knew growing up, I'm just I just want
15:29
Speaker 3: to slam things down sometimes, just like, well, you just work.
15:33
Speaker 3: I know how to get this to work. Twenty years ago,
15:35
Speaker 3: it was just a button. I would hit it and
15:36
Speaker 3: it would work. Now, we can't do it, an we'll.
15:37
Speaker 4: See in the future. It might work better for us
15:39
Speaker 4: if we survive long enough, because we can just speak
15:42
Speaker 4: into the computer.
15:43
Speaker 3: Now, all right, that might be a happens. See, that's
15:45
Speaker 3: the other that's what got me thinking about it. One
15:47
Speaker 3: of the one of the most dire things that goes
15:49
Speaker 3: on in our house right now is my daughter tries
15:51
Speaker 3: to use our our voice activated assistant to do things
15:54
Speaker 3: like if she has a search or something, she'd be like,
15:56
Speaker 3: you know, she'll ask Google, like you know, who played
15:59
Speaker 3: it out? I mean, she'll have a question and she'll
16:00
Speaker 3: ask Google about it. Sometimes it's like, hey, what's double
16:02
Speaker 3: black holes mean or something? And that's something hard and
16:04
Speaker 3: I won't know. But the problem is she she is
16:08
Speaker 3: articulate for a child, but she still has you know,
16:10
Speaker 3: she's seven, so she doesn't say all words correctly, and
16:13
Speaker 3: so her biggest frustration is, well, she'll ask Google to
16:16
Speaker 3: do something, it doesn't understand her, and then she'll stop,
16:18
Speaker 3: compose herself and ask again, and it still doesn't understand her,
16:21
Speaker 3: and she just flips out. She gets so mad, she
16:25
Speaker 3: gets absolutely so mad. Even give us a call this
16:27
Speaker 3: morning three zero four three four five fifty eight fifty eight,
16:29
Speaker 3: three four five fifty fifty. We're gonna talk a little
16:31
Speaker 3: bit this morning, of course John with Fourth Avenue Financial.
16:33
Speaker 3: You can find out more information online fourth Avenue Financial
16:36
Speaker 3: dot com. That's fourth Avenue Financial dot com with for
16:38
Speaker 3: all of your retirement needs for retirement planning here on
16:41
Speaker 3: retire Right Radio. And we're gonna talk a little bit
16:43
Speaker 3: about a financial advisor this morning, maybe some of the
16:45
Speaker 3: misconceptions that go behind being a financial advisor and things
16:49
Speaker 3: that John deals with every single day. You're welcome to
16:52
Speaker 3: weigh in on the conversation by calling us at three
16:54
Speaker 3: zero four three four five fifty eight fifty eight. You
16:56
Speaker 3: can also texting your questions to three zero four non
16:58
Speaker 3: three five five zeros your eight. One of the things.
17:00
Speaker 3: And it's funny because I remember back when we first
17:03
Speaker 3: started doing shows, we talked about this a lot. And
17:05
Speaker 3: I think that's a very important point, is when somebody
17:09
Speaker 3: says that they have a financial plan or a financial planner,
17:12
Speaker 3: that does not mean necessarily that they are wealthy at
17:15
Speaker 3: that very at that particular moment. And if I'm working
17:18
Speaker 3: on it, yeah, and in fact that maybe even people
17:20
Speaker 3: that need to work one a little harder could benefit
17:23
Speaker 3: the most from a plan or a planner.
17:24
Speaker 4: Yes, and that is a kind of a preconceived notion
17:28
Speaker 4: that you have to be wealthy to engage the services
17:32
Speaker 4: of a financial planner, and that's not really true. I mean,
17:35
Speaker 4: certainly a person that is wealthy could also use and
17:40
Speaker 4: needs the services of a financial planner. There are all
17:42
Speaker 4: kinds of tax strategies, all kinds of things that you
17:46
Speaker 4: know you may be looking at there that you can
17:48
Speaker 4: miss and can be very costly. But getting yourself on
17:52
Speaker 4: the right track early is a is a really valuable
17:56
Speaker 4: piece that a financial advisor can add. You know, we've
17:59
Speaker 4: talked time and time again about compound interest, how things work,
18:03
Speaker 4: how if you start young, and of course if you
18:05
Speaker 4: start young, what don't you have usually piles of money
18:10
Speaker 4: right right? You know, you're you're starting that process to
18:13
Speaker 4: build and financial advisor can give you some clarity on
18:18
Speaker 4: the path. You know, some rules of thumbs of things
18:20
Speaker 4: you should be looking at and doing consistently, the types
18:24
Speaker 4: of habits you need to be building so that over
18:27
Speaker 4: time you're consistently being productive and moving towards the goals
18:31
Speaker 4: that you have. Those aren't things that you you know
18:35
Speaker 4: everybody has those things and to deal with, not just
18:38
Speaker 4: wealthy people, right.
18:39
Speaker 3: Right, and and and in fact, everybody has tools that
18:44
Speaker 3: are available to them to help them going into retirement,
18:46
Speaker 3: planning for their finances and things like that. And those
18:49
Speaker 3: tools are not just accessible. A lot of times you
18:51
Speaker 3: hear that are like, well, once you get wealthy, you
18:52
Speaker 3: have all these different options ahead of you, and you can.
18:54
Speaker 3: Everybody has those tools available to them to different degrees.
18:57
Speaker 3: You just have to know how to access them and
18:59
Speaker 3: know the person and it best knows how to put together.
19:02
Speaker 4: That sure And and yes, there are some strategies that
19:05
Speaker 4: maybe a wealthy person has. It's more beneficial to a
19:09
Speaker 4: wealthy person versus not, but the same can be true
19:13
Speaker 4: of somebody you know that's building that It's at a
19:17
Speaker 4: different level. There are many opportunities that you have that
19:21
Speaker 4: wealthy people don't in your planning process, you know, tax
19:25
Speaker 4: savings and strategies, access to certain types of accounts that
19:29
Speaker 4: you might uh you know, index out of as far
19:33
Speaker 4: as your wages and things like that. If you make
19:35
Speaker 4: too much money or have you know, have too much,
19:38
Speaker 4: the government disallows certain things. And so knowing wherever you
19:44
Speaker 4: are the right strategy the right tools, the right opportunities,
19:48
Speaker 4: and that's what a financial advisor can bring all across
19:51
Speaker 4: that spectrum.
19:52
Speaker 3: Now that that's a great point to be made. It's
19:54
Speaker 3: so hard to keep all of this information online. And
19:56
Speaker 3: you know, we talk about we talked about Oracle and
19:59
Speaker 3: AI and as far as like everybody's using AI. The
20:01
Speaker 3: one thing that you know, people are somewhat aware of
20:04
Speaker 3: the the artificial intelligence, so that they call them the
20:07
Speaker 3: delusions or whatever that happens. The real issue with that
20:10
Speaker 3: you might be aware that they have delusions, but the
20:12
Speaker 3: delusion that it really might give you is that you
20:14
Speaker 3: could do anything. You know that you can type in
20:17
Speaker 3: your little query and it gives you back what seems
20:19
Speaker 3: like a plausible answer, and you're like, well, what do
20:20
Speaker 3: I need any expert advice for? I can do this,
20:22
Speaker 3: this and that and whatever it might be. And even
20:25
Speaker 3: as it gets better, and I'll admit that even in
20:27
Speaker 3: that regard, AI in a lot of ways has gotten
20:29
Speaker 3: better just in the last couple of years, you know,
20:30
Speaker 3: and stuff that I use it for. The thing is,
20:32
Speaker 3: and you can see this with all types of surfaces.
20:34
Speaker 3: It takes the most common and generic situational information and
20:40
Speaker 3: gives it to you. That means it is not customizing
20:42
Speaker 3: something for that person. So it might give you a
20:45
Speaker 3: general idea on something and give you some ideas to
20:47
Speaker 3: look at. It's not an expert and it doesn't know you.
20:50
Speaker 3: And that's where having a financial somebody that's actually looking
20:52
Speaker 3: at your situation is a total different game changer.
20:56
Speaker 4: And you know, as a financial financial advice or if
21:01
Speaker 4: I could come up with a plan for somebody that
21:05
Speaker 4: statistically will work in the best way possible, but if
21:11
Speaker 4: that person doesn't have the temperament to stick with it
21:16
Speaker 4: in the ups and downs, in the news cycle, in
21:18
Speaker 4: the unexpected things that happen, they're never going to get
21:22
Speaker 4: to their goal. So that is also something that a
21:25
Speaker 4: financial advisor can provide perspective and kind of a little
21:30
Speaker 4: bit of a handholding, you know, offering historical perspectives and
21:38
Speaker 4: how these things play out over time, so you can
21:41
Speaker 4: one the portfolio can be adjusted closer to your wrist tolerance,
21:45
Speaker 4: something that you're comfortable with. But two, when those inevitable
21:50
Speaker 4: ups and downs of the market happen, you've got somebody
21:53
Speaker 4: there as a sounding board and a barrier between you
21:58
Speaker 4: and emotional decision making, which historically is quite honestly, the
22:04
Speaker 4: vast value that an advisor can bring right right to
22:08
Speaker 4: give you some separation there, Yes, and you know that
22:12
Speaker 4: is and we've seen that. I mean, look at COVID,
22:15
Speaker 4: look at all these things that have happened that people
22:17
Speaker 4: thought this is the worst thing that could happen to investments.
22:21
Speaker 4: But yet look what the market has done. What if
22:24
Speaker 4: you panicked and sold in those times, where would you
22:29
Speaker 4: be now? When would you have gotten back in? You know,
22:32
Speaker 4: now you're on that emotional roller coaster like, oh now
22:34
Speaker 4: I've missed it. Now do I get in now? Or
22:37
Speaker 4: is it already rebounded and recovered? You know, those type
22:41
Speaker 4: of decision making based on the roller coaster emotions is
22:46
Speaker 4: not conducive to building wealth, right, And so that's a
22:50
Speaker 4: super important thing that you get with a financial advisor.
22:54
Speaker 3: Again, just massive amounts of great information that you're getting
22:58
Speaker 3: with John or Dad. And another thing that people well,
23:00
Speaker 3: when I hear this myself and a lot of things,
23:01
Speaker 3: we'll do this, we'll take a break and we'll come
23:02
Speaker 3: back and we'll kind of wrap up some of the conversation.
23:05
Speaker 3: And you can't blame people for feeling this because anytime
23:09
Speaker 3: you give somebody your information. No matter what it is
23:11
Speaker 3: you think that, hey, I just need to do this
23:13
Speaker 3: or that, need to get take this professional service, whatever
23:16
Speaker 3: it is taken care of. Suddenly that opens you up
23:18
Speaker 3: to marketing on all kinds of different avenues. And so
23:21
Speaker 3: you want to do one thing and suddenly you have
23:23
Speaker 3: to decline doing forty seven other things just to get
23:25
Speaker 3: the one thing done that you needed to get done,
23:28
Speaker 3: meaning that you know, somebody comes in behind offering you
23:30
Speaker 3: a service and then they have tons of other things
23:32
Speaker 3: that they make you choose from if you want to
23:33
Speaker 3: do this or that and just for nine ninety nine
23:35
Speaker 3: more and they add four ninety nine for this. The
23:37
Speaker 3: thing with the thing with what fourth Avenue Financial does,
23:40
Speaker 3: and you're a fiduciary, you take responsibility for your for
23:43
Speaker 3: your clients.
23:44
Speaker 4: Sure your best interest and the compensation is aligned. So
23:50
Speaker 4: no matter what is recommended, the pay structure is the same.
23:55
Speaker 4: It doesn't change. You know, there's never a time where well,
23:58
Speaker 4: if I sell you this, I'm going to I'm going
24:00
Speaker 4: to get more money out of you or something of that.
24:03
Speaker 3: So it's for the best plan, not to plan with
24:05
Speaker 3: the most products.
24:06
Speaker 4: That's correct. It's it's it puts you It puts all
24:10
Speaker 4: the tools available to you that you might need in
24:13
Speaker 4: building the financial plan. But it is not it is
24:17
Speaker 4: not a compensation way that that favors one over the other.
24:23
Speaker 4: You know, you make the same no matter what. So
24:26
Speaker 4: we're truly looking for how do we make this work
24:30
Speaker 4: best for you? Because it doesn't matter the tool at
24:32
Speaker 4: that point that we use to make that happen. It
24:35
Speaker 4: puts us on the same page, basically, the same side
24:39
Speaker 4: of the table.
24:40
Speaker 3: That's a lot of great information and a lot more
24:42
Speaker 3: that we can get into this morning. You're wanting to
24:44
Speaker 3: give us a phone call if you want to gi
24:45
Speaker 3: us a call, you can do that and talk to
24:46
Speaker 3: John if you have any questions that you want to
24:47
Speaker 3: get to get answered for you, and give us a
24:49
Speaker 3: call at three Z or A four three four five
24:51
Speaker 3: fifty eight fifty eight. Three four five fifty eight fifty
24:52
Speaker 3: eight is our number that you can call and get
24:55
Speaker 3: some questions answered for you. If you have any questions
24:57
Speaker 3: about your financial situation you're in right now and how
25:02
Speaker 3: that can help out, give us call three zero four
25:03
Speaker 3: three four five fifty to fifty eight three four five
25:06
Speaker 3: fifty eight fifty eight. Well, when now is going to
25:07
Speaker 3: take a break. We'll be back right after this with
25:09
Speaker 3: more with John Bredett for Fourth Avenue Financial. Fourth Avenue
25:11
Speaker 3: Financial dot Com. You're listening to Retire You Right Radio
25:14
Speaker 3: on WCHS, the voice of Charles.
25:16
Speaker 5: Retire Right Radio is sponsored by Fourth Avenue Financial, which
25:18
Speaker 5: is solo responsible for its content. Security is offered through
25:21
Speaker 5: jw CL Financial Member Fenrecipic Investment advice offered through jw
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Speaker 5: COL Advisors. Fourth Avenue Financial. Jw CL Financial and jw
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Speaker 5: COL Advisors are unaffiliated entities. The opinions expressed by John
25:32
Speaker 5: Burdett should not be construed as specific investment, legal, or
25:35
Speaker 5: tax advice. All economic and performance information is historical and
25:39
Speaker 5: not indicative of future results. Investing may involve risk of
25:42
Speaker 5: loss of principle. Any tax advice on this show is
25:45
Speaker 5: not intended to be used by any person for the
25:47
Speaker 5: purpose of avoiding US federal or state tax penalties that
25:50
Speaker 5: may be imposed on such a person, and each listener
25:52
Speaker 5: should seek advice from their tax advisor or legal console
25:56
Speaker 5: on topics that arise from the show. John Burdett is
25:59
Speaker 5: not providing legal or tax advice. Nothing should be construed
26:02
Speaker 5: as solicitation of an offer to buy securities. This program
26:05
Speaker 5: is sponsored by Fourth Avenue Financial, which is solely responsible
26:08
Speaker 5: for its content.
26:09
Speaker 4: What if the market drops after you retire? What if
26:11
Speaker 4: healthcare costs continue to rise? What if you outlive your savings?
26:14
Speaker 4: If these questions keep you up at night, You're not
26:17
Speaker 4: alone and you don't have to figure it out alone.
26:19
Speaker 4: I'm jombered out with Fourth Avenue Financial and I specialize
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Speaker 4: in retirement income planning. Let's turn your whatifs into a
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Speaker 4: plan you can count on. Schedule your free consultation today
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Speaker 3: That's all right right Radio. What this Monday Morning? Come
29:01
Speaker 3: five adw CHS and the Money The Voice of Charleston.
29:06
Speaker 3: You can catch his podcast at WCCHS network dot com
29:08
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29:10
Speaker 3: program's over, you can catch the whole thing back over there.
29:13
Speaker 3: There's a huge archive over there of programs as well.
29:15
Speaker 3: WCHS network dot com slash retire right. You can find
29:18
Speaker 3: all the information over there. You can call us this
29:21
Speaker 3: morning at three zero four three four five fifty eight
29:23
Speaker 3: fifty eight three four five fifty eight fifty eight. You
29:24
Speaker 3: can text three zer a four non three five five
29:26
Speaker 3: zeros your eight. John Burdett is here from Fourth Avenue
29:29
Speaker 3: Financial located over at one seventy Court Street, downtown Charleston,
29:32
Speaker 3: right across from the Town Center Mall. The web address
29:34
Speaker 3: is fourth Avenue Financial dot com. You can also do
29:36
Speaker 3: that search on Facebook. You spell out the whole thing
29:38
Speaker 3: fourth Avenue Financial. You can find it in both ways.
29:41
Speaker 3: Talking a little bit this morning about some of the
29:42
Speaker 3: myths about why people might be a little hesitant in
29:46
Speaker 3: asking for help from a financial advisor or having one,
29:49
Speaker 3: some of the procrastinations got to be a huge issue
29:52
Speaker 3: with it as well. That's something in the last fifteen
29:55
Speaker 3: years of my life I guess I've really tried to
29:57
Speaker 3: work on is when I need to do something, I
30:00
Speaker 3: try to eliminate every barrier that I can and just
30:02
Speaker 3: do it. Instead of being like, well I can do
30:03
Speaker 3: it tomorrow. I can do it tomorrow. There's still like
30:06
Speaker 3: things I can't get over that hump one, but some
30:08
Speaker 3: things I can.
30:09
Speaker 4: Right and delaying, especially with financial advisor work and investment,
30:15
Speaker 4: you're giving up the most precious asset you have and
30:19
Speaker 4: the best and the most important ingredient to financial success,
30:24
Speaker 4: and that's time. Every day, every month, every year you wait,
30:29
Speaker 4: you're making your job so much harder to get to
30:32
Speaker 4: where you want to be. And if the earlier you start,
30:36
Speaker 4: the earlier you get on the right path, the easier
30:39
Speaker 4: it is to achieve your goal. The more of your
30:43
Speaker 4: goal will be achieved through the market action rather than
30:47
Speaker 4: your hard work, because the compounding will do a lot
30:51
Speaker 4: of the work for you. If you wait until you
30:55
Speaker 4: know you're a few years away from retirement and you're behind,
30:58
Speaker 4: you have to do the work. The market's not good
31:00
Speaker 4: to do as much of that work. You've got to
31:03
Speaker 4: put it in you. You've got to actually save it
31:08
Speaker 4: physically out of your paycheck, a much greater percentage of
31:12
Speaker 4: it than you would have to do if you allowed
31:14
Speaker 4: the market to do the work over time.
31:16
Speaker 3: And so there really are no barriers people that think
31:20
Speaker 3: they're barriers. This is what I've learned from doing the
31:21
Speaker 3: show with you. There's really no barriers to getting started.
31:23
Speaker 3: And you know, the folks that think that I need
31:24
Speaker 3: to have, oh I need to get you know, a
31:27
Speaker 3: ream of paper together all this paperwork I need to
31:29
Speaker 3: find like my last ten years, ten forties and my
31:32
Speaker 3: last six paycheck stuffs. It's like doing a mortgage or whatever.
31:34
Speaker 3: It's not that at all. It's not even close to that.
31:37
Speaker 4: No, it's not. It's it's basically setting down, have a conversation,
31:40
Speaker 4: trying to figure out, Okay, where would I like my
31:43
Speaker 4: life to be?
31:45
Speaker 6: What?
31:45
Speaker 4: What are my goals? And everybody has different goals. Some
31:48
Speaker 4: people are are, you know, saving for retirement that's ten
31:51
Speaker 4: years away, some forty years away. Some people have goals
31:55
Speaker 4: outside of retirement, you know, you know, I want to
31:58
Speaker 4: by the time i'm ma age fifty to have a
32:02
Speaker 4: cabin in the mountains or a place at the beach.
32:05
Speaker 4: How do I pay for that? How do I put
32:07
Speaker 4: a plan together to make sure that we get there?
32:09
Speaker 4: Because you can't be out of your retirement money because
32:12
Speaker 4: you're you have penalties if you access that pre fifty
32:15
Speaker 4: nine and a half, so you have to have another plan.
32:18
Speaker 4: You have to put that together. So there are all
32:20
Speaker 4: kinds of reasons that working with somebody, at any age
32:26
Speaker 4: and at any goal, you're going to be better off.
32:31
Speaker 4: You know, There's just an unlimited number of things that
32:36
Speaker 4: people desire to do, and all of them are achievable.
32:40
Speaker 4: I was having this conversation driving up to the to
32:43
Speaker 4: the game this weekend with the friend that I went with.
32:48
Speaker 4: We were the first year college roommates. I hadn't seen
32:50
Speaker 4: him in several years. But you know, everything that you see,
32:55
Speaker 4: everything that exists, started in your mind. Everything you see
33:03
Speaker 4: started as an idea. That's how powerful ideas are. And
33:09
Speaker 4: so you know, if you have an idea that you'd
33:11
Speaker 4: like to achieve something, it's extremely doable if you put
33:17
Speaker 4: your mind to it and put the action behind it.
33:21
Speaker 4: And you know, so sometimes our thoughts limit ourselves. We think, oh,
33:25
Speaker 4: we're not I'm not in a position to do this. Well,
33:28
Speaker 4: you're in the position you are, and these things exist
33:32
Speaker 4: out there. It's it's just a matter of you deciding
33:34
Speaker 4: I'm going to take myself from where I am to
33:36
Speaker 4: this point and putting a plan together and the actions
33:39
Speaker 4: behind that plan, and it's doable. And that's what an
33:44
Speaker 4: advisor can can help with. Help put that plan together,
33:48
Speaker 4: help put you know the real knowledge behind it, the
33:54
Speaker 4: real strategies behind it that we'll get you there the
33:59
Speaker 4: most efficient way.
34:01
Speaker 3: And it's not set it and forget it, of course,
34:02
Speaker 3: because you do look box and make sure that people
34:04
Speaker 3: are properly balanced and different things along those things and
34:06
Speaker 3: make sure that it's right. But the nice thing about
34:09
Speaker 3: this is once you set it up, once all that
34:11
Speaker 3: infrastructure is already in place, and then it's just a
34:13
Speaker 3: matter of moving around your tools or your allocations or
34:15
Speaker 3: whatever it might be, with your advisement. But you don't
34:17
Speaker 3: have to do that redo it every single time. Once
34:19
Speaker 3: you have it set up, man, you can do pretty
34:21
Speaker 3: much anything you want. Maybe you need to add something
34:22
Speaker 3: later or whatever it might be. But once it's set up,
34:24
Speaker 3: it's set, and then you can pretty much take that
34:26
Speaker 3: with you wherever you go.
34:27
Speaker 4: Yeah, and most large goals over time are achieved through habit. Yeah,
34:34
Speaker 4: proper habits and disciplines. So when you decide, hey, I
34:37
Speaker 4: want to achieve this ten years from now, you know,
34:41
Speaker 4: how do you do that in a way that you're
34:42
Speaker 4: building habits that gets you there. Because after that's ingrained
34:47
Speaker 4: in you, it's just going to happen. It's going to
34:50
Speaker 4: come to fruition because you know, after a while it's
34:54
Speaker 4: a habit. You're not going to break that. It's hard
34:57
Speaker 4: to break a habit after you start. That's why most
35:00
Speaker 4: folks that are successful at planning for retirement, you know,
35:04
Speaker 4: they go and they've worked thirty forty years, They've done
35:07
Speaker 4: what they're supposed to do and saved regularly. They probably
35:12
Speaker 4: haven't tinkered with their four oh one k too much
35:14
Speaker 4: at all, and they have more money than they ever
35:19
Speaker 4: thought they would. They weren't picking lucky stocks. They just
35:25
Speaker 4: built a habit of savings and investing and then that
35:28
Speaker 4: grew on itself. That's what it's really about. And when
35:33
Speaker 4: you consult with a financial advisor, you know, you're getting
35:36
Speaker 4: advice on what habits you need to build to achieve
35:41
Speaker 4: the goal that you specifically have for yourself. Because everything
35:45
Speaker 4: you can imagine is is possible.
35:48
Speaker 3: The other thing that you know you mentioned how is
35:51
Speaker 3: not all about retirement, and that's an important thing to me.
35:53
Speaker 3: I was listening to a show this weekend that derives
35:56
Speaker 3: a lot of its funding from people that just contribute
35:59
Speaker 3: to it. It's a it's a five to one C
36:01
Speaker 3: three communication show. But one of the things that they
36:05
Speaker 3: said is, hey, if you want to go to this website,
36:07
Speaker 3: you can check on how to leave us in your
36:09
Speaker 3: will if you want to pay, if you want to
36:11
Speaker 3: leave us money in your will. And I was thinking,
36:13
Speaker 3: there is all kinds of complicated things that people might
36:15
Speaker 3: want to fund, not only towards their end of life
36:18
Speaker 3: where they want to be able to do things, but
36:19
Speaker 3: also in their passing where they want to have different
36:23
Speaker 3: charities they might fund or different things like that to do.
36:25
Speaker 3: If that's one of your goals, that's something you can
36:27
Speaker 3: work towards. If that's something you want to do, you
36:29
Speaker 3: can work towards that goal as well. It's not like
36:31
Speaker 3: you just accidentally stumble upon having money left over when
36:34
Speaker 3: when it's your time to go and you're like, oh,
36:35
Speaker 3: maybe I can send this to charity. If you have
36:37
Speaker 3: a charitable hearte' something you want to do on your passing,
36:39
Speaker 3: you can set it up. You can put it together.
36:41
Speaker 4: Absolutely. I mean there are ways that even the four
36:44
Speaker 4: oh one case you have that you can at a
36:48
Speaker 4: certain age once you're required to take distributions, donate those
36:51
Speaker 4: to charities and skip the tax bill.
36:53
Speaker 3: Oh.
36:54
Speaker 4: I mean, there's all kinds of things that you know
36:57
Speaker 4: you may have these goals, but there again it's how
37:00
Speaker 4: do I achieve those goals the most efficient way, in
37:02
Speaker 4: the most productive way, the most advantageous way. There Again,
37:07
Speaker 4: that's where somebody that's in the trenches knows what the
37:11
Speaker 4: rules are because the rules change all the time. Stay
37:14
Speaker 4: on top of that for you, you know that way
37:16
Speaker 4: you're communicating these are things that are important to me.
37:20
Speaker 4: These are things I want to achieve, and it's my
37:23
Speaker 4: job to set down and figure out Okay, if this
37:25
Speaker 4: is what you want to do, here are the rules,
37:28
Speaker 4: here are the ways to go about doing that.
37:30
Speaker 3: It's great information and really putting a professional on your
37:33
Speaker 3: side makes all the difference in the world on something
37:36
Speaker 3: like this. A lot of people think they can do
37:37
Speaker 3: these things themselves, and I mean it's not that nobody
37:40
Speaker 3: ever has or anything like that. It's just you really
37:42
Speaker 3: tear down some of the issues that you have and
37:45
Speaker 3: trying to figure things out the up to date information,
37:48
Speaker 3: making sure that you're taking advantage of all the tools,
37:50
Speaker 3: that you're not putting yourself in a bad liability situation
37:53
Speaker 3: because you don't understand something right. It's just nicer to
37:56
Speaker 3: go through an expert to do something like this.
37:58
Speaker 4: Yeah. Yeah, and there again, somebody looking over your shoulder
38:02
Speaker 4: to make sure that you're not making those emotional decisions.
38:06
Speaker 3: Fourth Avenue Financial Fourth Avenue Financial dot Com one seventy
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Speaker 3: Court Street, Downtown Charleston, across from the Town Center Mall
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Speaker 3: do the same thing on Facebook and find it over there.
38:24
Speaker 3: John will see you back here next week. Appreciate it, Okay,
38:26
Speaker 3: take care, Take care, John, Thank you so much. Coming
38:28
Speaker 3: up next is the Dave Allen Show on five eighty Live,
38:30
Speaker 3: follow About talk Line. I'll be back this afternoon at
38:32
Speaker 3: three oh six on Hotline with Dave Weekly. Have a
38:34
Speaker 3: gret day everyone. On five eighty w CHS. We are
38:36
Speaker 3: the voice of Charleston.
38:40
Speaker 2: Fighting wc HSAMTY six point five on Charleston one oh
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Speaker 2: four point five Cross Lane on WVRC Media Station. We
38:49
Speaker 2: are proud to live here too.