Latest / WCHS Network Podcasts / 06/17/2024 Retire Right Radio with John Burdette from Fourth Avenue Financial

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06/17/2024 Retire Right Radio with John Burdette from Fourth Avenue Financial · WCHS Network Podcasts

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Unlock your dream property with Meeks Realty Group, where Rich the realtor makes real
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Contact us at Meeks dot us. The views and opinions expressed on this
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employees or WVRC Media. This is retire Right Radio, a weekly show from
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John Verdett at Fourth Avenue Financial that aims to answer your questions about financial planning,
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investing, and how to retire right. Fourth Avenue Financial is located in
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downtown Charleston at one seventy Court Street. More information online at Fourth Avenue Financial
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On retire Right Radio, let's go lie to the studio with host Dale Cooper
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and John Burdett. Fourth Avenue Financial folds and a very pleasant good morning to
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you. You're listening to retire Right Radio on five AWCHS the Voice of Charleston
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Live in studio this morning. Our phone number three zero four three four five
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fifty eight fifty eight. Three zero four, three four five fifty eight fifty
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eight. John Bredata is back from Fourth Avenue Financial. John, Good morning.
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How you doing this morning. I'm doing great. Appreciate you coming in
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this morning and sharing some of your knowledge about what's going on in the market.
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We're going to talk about retirement strategies coming up here in just a little
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bit. By the way, if you have any questions about your strategy and
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how you can retire right you have some questions about your investment strategy into the
1:30
market right now, or you want to know how you can go about properly
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planning for your future, John can help you out with all those things.
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You give us a call this morning. Three zero four three four five fifty
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eight fifty eight three four five fifty eight fifty eight. We're gonna be talking
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a little bit this morning about the spenders and the savers. Now, by
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spenders, I don't mean people that irresponsibly spend. The people that tend to
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spend within the structure of their savings profile and that can exist. And we're
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going to talk to John a little bit about the different personality types that make
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up the spenders in the savers, and also how you can be one or
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the other and make sure that you're approaching your retirement in the market correctly.
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So if you have any questions about those things or anything when it comes to
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how you can secure your future, give us a call this morning three zerre
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a four three four five fifty eight, or you can text three zerre a
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four non three five five zero zero eight. Well, John, last week
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was a fairly big week. There were some earnings, inflation numbers came out,
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employment numbers, things along those lines, and generally speaking, I think
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things were were taken in a positive light. Yeah, the inflation numbers.
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Finally we got some reports that were a little cooler than expected, and the
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market certainly like that, particularly the bond market. The bond yields fell,
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which means bond prices rose. And you know, if you look at the
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Fed. In March, the Fed themselves said hey, we're going to cut
2:46
three times this year. Now the Fed is saying that probably once this year
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is what they'll cut. But going out on their little dot graph that they
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do every meeting, it's still projected to get to the same place. So
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you know, how much faith can you put in that. I mean,
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I don't know, but the likelihood is still that the rate cuts are coming.
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How many there will be and in what time frame is unknown. Clearly
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the FED doesn't even know, because they were wrong in March when they said
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they were going to cut three times this year. So you know, but
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I think it's safe to say that that the next move will be a rate
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cut. It seems like we've talked about threading that needle, and it seems
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like we've been trying to poke that little hole for a long time now and
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trying to doubt about it. I mean, the economy is, you know,
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the numbers have have come in a lot of times they are stronger than
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anticipated, which and even the inflation numbers have been stubborn. But you know,
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we'll see how it all plays out. But uh uh, you know,
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this soft landing is, you know, whatever everybody talks about, and
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and and I think the FED actually believes that that they've they've they've pulled that
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off and and of course I don't know if they get the credit parted up,
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but they're going to take it anyway. Very at least it doesn't look
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like it's going to be the cliff landing. At least it doesn't look like
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it's going to be where it's the it's your landing gears down and you missed
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the landing strip by miles and you know, it's a roughly at least it
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doesn't look like it that's going to be the case. So it's somewhere in
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between. Who knows, who really knows? Uh, you know, I
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hate to give that as an answer, Yeah, right, but the reality
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is, you know, the expert in this case, the fad clearly they
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don't know or they wouldn't have had it had it wrong. In Mark and
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as you as anybody with a little bit of sense, and I think that
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that you've mentioned time and time again on this program. It ended up not
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being the worst case scenario that so many people out there were peddling, and
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ended up not being the pollyannic scenario that many people were peddling. It came
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somewhere in the middle. Luckily, it seems like it's landing more on the
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positive side of the middle than the bad side of the middle, kind of
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where we're at. Yeah, And and you know, one would think when
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when rates start to be cut that that will benefit certain stocks, and and
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we've talked about that a broadening of the market. There has been a little
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bit of a broadening of the market this year. However, last week it
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was the big tex stocks again, I know, right there, you know,
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they they're roaring ahead, and the Dow actually was down last week,
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but the tech stocks, like I say, drove the market higher. I
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think I heard there was a conversation we were having on hotline with Amy Smith
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from Investors of Business Daily and she comes on every Thursday, and a few
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weeks ago we were talking about Navidia, and you know, she was kind
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of like, you know, at this point, when it's something's on a
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meteoric rise, you don't really know when a good place to get in on
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is because you know, when's it going to platau. She's like, you
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know, it's probably gonna cool off at some point. That they just kept
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on going pretty amazing, and then for a little bit of a plateau,
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it just shot back up again in pretty amazing. Market cap now is right
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there. I mean, it's about ready to eclipse even Microsoft and Apple as
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the largest are just publicly traded company, so uh, yeah, And I
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don't know, I don't know. I'm not gonna I'm not gonna, you
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know, pass judgment when the market does that every day, right right,
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right, yeah, I mean yeah, you get your microcosm of judgments every
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day. One thing I didn't want to bring up before you kind of start
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transitioning more into what our topic is. I've been hearing a lot in to
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be fair, I heard it. I've heard it no matter who the administration
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is that's in that's in office. So suddenly, uh, you hear a
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lot of conspiracy. Like the inflation numbers are cool, Ah, isn't that
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convenient? I'm sure they'll be adjusted up when when the adjustment numbers come out.
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There's always adjustments. I mean every single time that there is a report,
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there's always a lagging adjustment. Every single month there's a lacking adjustment.
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It's not a conspiracy. It just happens. It happened under the last administration
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and the last administration before that, and the last administration before that. It's
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not a conspiracy. No. And and you know, sometimes the adjustments go
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the opposite way that you want, and it's not always uh you know,
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in your favor. It's not just a bank er in your as they say
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in the Monopoly game. The interesting thing with the conspiracy is they can spin
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it either way, so the numbers get worse than what was published, and
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suddenly it's like, oh, well they we're trying to hide the numbers,
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or the numbers get better, it's like, oh, well they're trying to
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you know, cook the books. Yeah, yeah, I mean I think
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that you know, they do the best they can with those numbers. And
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and I think the best way to look at most of those things I don't.
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I don't view those as events to trade on in prince of that nature.
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It's just, you know, it's a good bramber to tell you,
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hey, what what might be the path we're on, and and look at
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it a little longer view. And it amazes me when i've, as i've
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over the year started getting more into like some of these indicator numbers and things
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like that, how we have to have numbers from somewhere and but and the
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indicators, you know, you use the same indicators a month over month.
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They have some value there, but as you said, they're only predictive them
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to themselves, not predictive them to what you should do. As someone in
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the market, and and there's there's a little bit of a nuance there,
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but sometimes folks kind of roll over that a little bit. Yeah, I
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mean nobody. Uh, those numbers could mean different things to different people.
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You know, those numbers don't know that, Hey, I'm a retire drawing
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from my portfolio every month. They don't They don't know that you're thirty years
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old and starting to buy a house and and try to figure out how to
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save for retirement. The numbers are going to happen, and you still,
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regardless of what the numbers are, have to take the actions that are right
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for you. I want to talk, well, you wanted to talk this
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morning, and I think this is a this is a fascinating topic. We
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want to talk a little bit about the two types of money people when it
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comes to to saving and investing. And we talk about this a lot on
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the show. You bring it up every time that there's different personality types.
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But if we were to broadly separate the two types of personalities in one way,
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there's many ways that you could do it, but spenders and savers is
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one way that you can do that. Right and your type what's in stright
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exactly right, exactly, and my uh, your first my first impression something
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like this is, well, the the savers are always going to be at
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the greatest benefit, and the spenders are always going to be kind of chasing
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their tail in things a little bit because there's something lesser about their strategy than
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the other ones. But and reading the materials that you sent me and kind
9:09
of checking myself in a little common sense, there's no reason to shame anyone
9:13
who's trying to incorporate living a life inside of also funding their future. You
9:18
know, I mean, somebody doesn't have to be a miser and not spend
9:22
any money, and right, you know they ultimately that's what you're saving for
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for retirement, so I can live comfortably in retirement. And I see this
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frequently, and you know, somebody comes in, they've worked, they've done
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the right thing over the years, they've amassed a little pot of gold that
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they can live comfortably on for the rest of their lives, and then they
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get to that point and don't want to spend it, right, right,
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they don't want to spend it, they don't want to use it. They're
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afraid that they don't want to see the account potentially fall in value because they're
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worried they'll run out of money at some point. So, you know,
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it's a great thing that you've built this nest egg up and you were successful
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doing that, But psychologically it's like, okay, you know, this is
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why you did this right. It's a very you know, money is it's
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not all math. There's a whole lot of psychology into it, and and
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and that plays into it. And you know the reality is, if you've
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built the habits over thirty forty years to accumulate and save, which is a
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good thing, it's hard to change that mindset sometimes when you enter into retirement.
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It's an amazing number of people that don't even spend their money in retirement.
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They would rather live bear bones and social Security and they may have a
10:46
million dollars in a retirement account reluctant to to take distribution. I've ran across
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it. Certainly that's your professions and not like you have, but I've colloquially
10:56
ran across this a lot where it seems like you're still living in this relatively
11:01
astir environment, which if that's I mean, I'm not shaming anybody if that's
11:03
the way they want to live. That's fine, but maybe it is like
11:07
a cultural thing, or like you get so used to working hard, keeping
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your nose to the grindstone and not spending any money and stuff like that,
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you really should reap the fruits of your labor. At some point. I
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think my mom's finally starting to figure this out a little bit. She's uh.
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I've been really heartened recently in talking to her. She's done a lot
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of improvements around her house. She told me last night, She's like,
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you know, I think I want to buy a new car. You know,
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and by buying a new car for her at this point means that she's
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gonna pay cash for a car somewhere because she can do that in retirement.
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Now I'm glad. I'm glad that she's doing this, you know, I'm
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glad to see her. She's beautifying her house a little bit, doing some
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stuff around her property, and now she's looking to buying a new car.
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Those are things I want her to do. Man's she worked hard for her
11:45
money. She's in retirement. She was able to fund her retirement. Do
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it, man, you cat, you know, you live, you live
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on a mountain. You need to do things and have some fun now that
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you're in she's doing that, and I like seeing that because I think that
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because of her per so nowly the way that she grew up. I mean,
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she started saving when she was eighteen years old, had an investment account
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of it right away, deposited what she could every month for her entire life
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to get to this point. And I was well worried about that that maybe
12:11
she couldn't break out of that mindset. But she's doing a great job,
12:13
and I think it helps you be happy, you know, to have that
12:16
freedom to be able to do things. I'm not talking about flying around the
12:18
world, although some people want to do that too, but just being able
12:20
to live comfortably on your property and with your family and with your life.
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That's a great place to be. It is, but like you say,
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psychologically, sometimes it's hard for people to go out of that mindset of I
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have to save for retirement, save for retirement, and then retirement gets here,
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and then it's almost like you kick the reverse button, and it's hard.
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It's hard for folks to do that. Does the reverse of that happen
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too, where somebody maybe spends a little bit more in their savings for retirement
12:48
and then they get to that point where they pull the pen and then they
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have to start to rein in it in a little bit. Yeah, so
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occasionally, I mean, but I have I have more conversations with clients about
13:01
yes, it's okay to take this trip, or yes, it's okay to
13:03
buy this RV, or yes it's you know, this is why you save
13:07
to do this, right, and uh, then I do you know,
13:11
hey, you're spending more money than you should be out of this account,
13:15
and many many more conversations of of the uh, it's okay to spend money.
13:22
And there again, I think it's because the folks that have money saved
13:26
for retirements psychologically are just bent bent towards that. They they've accumulated their savers,
13:33
they they plan and and you know, it's just a big mindset change.
13:39
If someone is naturally more of a spender and they're looking to to still
13:46
you know, have their personality while they're saving for the retirement and to and
13:48
to make adjustments for their future, what are some of the strategies that they
13:52
can deploy. We we don't want to shame anybody, of course, for
13:56
for what their personality type is and how they want to live their life.
13:58
So what are some of the different way as you would approach that person.
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Well, I think I think budgeting is one way to do that, almost
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giving yourself permission to do certain things, but putting guardrails around it. For
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instance, we've talked before about the fifty thirty twenty budget. You know,
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fifty percent of your earning should be spent on your needs, your housing and
14:20
food and transportation, things that you need to have to live, thirty percent
14:28
on your wants, and twenty percent for savings and investment. And if you
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live that way, that gives you a big chunk of money that you have
14:35
discretion of. You know, then you have permission essentially to decide how you
14:41
want to spend that and not feel guilty that, hey, I'm not looking
14:46
out after tomorrow, but I'm also able to make some choices today on things
14:50
that I want. And if you can structure yourself that way, you know,
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it's much easier. You know, if you want to buy an inexpensive
15:01
car, for instance, that's great. If you want a nice car,
15:05
well, that's fine if it's in your wants budget. You know, transportation
15:09
is a is a need, but a BMW is a want. You know,
15:15
you can buy anexpensive car. So as long as you're thinking about things
15:18
that way, you know, that's a way to give yourself permission. I've
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found in the past that I operate best in virtually any scenario, but including
15:28
with budgeting or anything else, when I almost sort of gamify it when I
15:31
when I turn it into Okay, you know, here's my budget, and
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I want to do these things, So how can I make these things fit
15:37
within my budget? And what order? What can I do or how can
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I make a little room here to do this or whatever? And sometimes if
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you're able to like almost find interest within the strategy of keeping within your budget,
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that kind of helps keep you on the straight and narrow because it's like,
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for me anyway, I feel like it's a personal loss. Like if
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I would have to break my budget or whatever it might be, it's like,
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I don't want to do that because although there's nobody else in the world
15:58
that's going to know necessarily that happened, it still, you know, to
16:00
me feels like that I failed on this internal game then playing That's how I
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lost all that weight and stuff. It was an internal game that I played
16:07
in my head. People are different psychologically as far as that goes. But
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you need to find that whatever that is that keeps you on the straight and
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arrow to make sure that you're always following the right program. Yeah, and
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the earlier you start saving and living it within your means and on a budget,
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you know, the easier it is because you're able to give yourself permission
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in that budget to do some fun things along the way. And so it's
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not all about saving, saving saving for retirement, you know, it's about
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balance, finding that balance, and that's really what we're talking about. Whether
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you spend too much or you or you you know, or you know,
16:42
stockpiling money for a rainy day or or for a goal that you never actually
16:52
you know, take I remember going to a gaming con when I was seventeen
16:56
or eighteen years old or something like that, you know, real nerd stuff.
16:59
You know. We were traveling, I think we're going to Columbus or
17:00
something, me and my friend groups. And it was somewhat expensive. The
17:03
admission was somewhat expensive. It was an overnight trip. We were gonna have
17:07
to stay and so required a hotel room. We knew we were gonna have
17:10
to eat and stuff like that. But me and my friend group there was
17:11
like, I think three of us that went we actually like planned months ahead,
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looked at the hotel costs, looked at how much it was going to
17:19
cost us ballparked how much food we were gonna need, and how much we're
17:22
gonna eat WHI we could take with us or whatever it was. We came
17:25
out with like how much the total amount would be basically divided at by three,
17:27
and then over the course of like four pay periods or something like that,
17:32
each of us put back eighty four dollars a pay period or whatever it
17:34
was. So when it came to time to go, we could pull our
17:37
resources and we all had the money to go based on the budget that we
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put together. It worked, The trip went fine. None of us over
17:42
extended our budget. I was a dumb seventeen year old then. I don't
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know that I've been half as smart with most of the decisions that I've made
17:49
since there. To be honest with you, I mean, that's the right
17:52
way to do things. You sit down, you plan it out, even
17:53
if there's other people involved. You pay into that and fund it and don't
17:56
put it on a credit card or something and hope to pay it off later.
18:00
Yeah. Yeah, it's like the old Christmas clubs. Even you know
18:02
it's the same thing. It's you're saving, but that that goal is there,
18:06
and and you know that's what it was for. That's so you don't
18:11
feel bad about spending it for that that was budgeted for that purpose. And
18:15
I think with the difference with retirement things like that, it's such a long
18:19
term goal, is exactly right. You need to take that concept and apply
18:23
it to a forty year term or something, right, right, It's hard
18:26
to do that. And and and like you say, folks that have been
18:32
successful saving and investing, you know, it's habit. It's it's habit forming.
18:37
You know, that's why you get to get to that point. You're
18:41
consistently saving and investing, you're living below your means, you're automatically putting money
18:45
in retirement accounts or funding iras systematically. It just happens. And and and
18:52
those habits are there, and they're hard to break, and the mindset's hard
18:56
to change when you when you move over into the kind of the second stage.
19:00
I guess, let's go ahead and do this. I still have several
19:03
questions I want to get into when we come back. We talked a little
19:06
bit about about what can happen to you, especially after your retire if you've
19:10
been a conservative investor. But I want to talk about some of the possible
19:11
pitfalls that a conservative investor can fall into during their during their time building up
19:15
to the retirement, and how to maybe avoid some of those mistakes, and
19:18
plus any questions that you have as well. If you want to give us
19:21
a call this morning, three zero four three four five fifty eight fifty eight
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three zer a four three four five fifty eight fifty eight, you can text
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three zer a four none three five five zero zero eight and get in on
19:29
the text line as well. John Burdett is here from Fourth Avenue Financial.
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You can find out more informational online. It's fourth Avenue Financial dot com.
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do that same search on Facebook and like the page to be kept up to
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date with all the goings on over at Fourth Avenue Financial. Let's go ahead
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and take a break. We'll be back right after this. You're listening to
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a retire Right Radio with John Burdett. I'm Dell Cooper on five EDWCHS,
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least through Thursday this week. There's gonna be a heat advisory all throughout the
22:17
Greater Knaw Valley in the Charleston area. We're looking at actual temperatures being in
22:21
the mid nineties with real field temperatures being well over one hundred. That's hot,
22:26
man, that's gonna be pretty hot. That's that's the time of the
22:27
year that you need to cool down. You know, how does the video
22:30
stock hot as than the videos like, yeah, I stay away from that.
22:33
So be sure that you stay hydrated, and be sure you have water
22:37
out for your animals and stuff too, if you keep them outside, anything
22:40
about bringing them in, make sure they have some shade somewhere and getting some
22:42
water out there, because we haven't had it seems like every year we have
22:47
one of these real hot snaps. That come by for a week or so,
22:51
and this is going to be at at least the first one, hopefully
22:52
the last one this year. I like hot weather, but one hundred degrees
22:56
is a little warm for me. You know what was that last week?
23:00
You know, it was about seventy eight and that was beautiful, beautiful evenings
23:03
were beautiful, the whole thing. It's going to be hot. This is
23:07
that time of year when you walk outside in the morning when you expect it
23:08
to be slightly cool with you know, seven am or something like that,
23:11
and it's already hot. Yeah, that's when you know that you got a
23:14
hot day coming. When I played hooky Monday last Monday, Yeah, with
23:18
the show and when to play golf. So oh, that's why you were
23:22
so busy. That's busy. Yeah, that's right. Hey, it was
23:26
first time this year. That's all right. I'm allowed to do that.
23:27
Yeah, absolutely, that's absolutely true. You can get in today if you
23:30
have any questions for John or Debt fro Fourth Avenue Financial about how you can
23:33
retire right any investment questions that you have, You're welcome to go to call
23:37
this morning at three zero four three four five fifty fifty eight three zero four
23:41
three four five fifty eight fifty eight, or you can text over your questions
23:42
at three zero four non three five five zeros r eight. Talking a little
23:45
bit this morning about spenders and savers when it comes to types of folks getting
23:51
ready for their retirement, and of course you might fall somewhere in the middle.
23:53
There's there's a gradient here. There's not necessarily one or the other.
23:57
But we're trying to to answer as many questions as possible, and you can
24:02
take what's good from that for you, or you can call in and ask
24:04
a question of for your own that directs it more in a in a direction
24:08
that is relevant to you and give us a call it three zero four three
24:11
four five fifty eight fifty eight three four five fifty eight fifty eight. And
24:15
I did want to talk some about you know, like I said, when
24:18
approaching this topic, my initial reaction is that, well, the conservative investor
24:22
is always going to have the advantage over the spending investor, which may at
24:25
a core level be true, but that doesn't mean that the conservative investor couldn't
24:29
make some mistakes somewhere along it will be a little too conservative, overly conservative
24:32
somewhere down the line, what are some of the pitfalls that someone who is
24:36
a conservative needs to be sure that they're not falling into. Well as far
24:40
as investments go. Yeah, you know, there is a risk in being
24:45
too conservative, you know, to being too playing it safe, playing it
24:49
too safe for you know, we've seen that that risk really play out the
24:53
last couple of years. You know, if you were in just seeing fixed
25:00
investments, you know, three or four years ago, you were earning almost
25:04
nothing on those accounts, and inflation got up to nine percent at his peak.
25:11
You know, you were losing You were safe, but you were losing
25:15
your purchasing power. You were losing your ability to buy as many groceries with
25:19
that money because you weren't keeping up with it. And so most folks look
25:25
at risk is simply is the dollar amount in my account going up or down?
25:30
You know, is it changing? And that is a risk, But
25:36
so is the risk of loss of purchasing power. And if you're too conservative,
25:41
you're protecting yourself against the volatility risk, but you're fully exposing yourself to
25:47
the loss of purchasing power. And so it is a balancing act, just
25:49
like the balancing act between living today and living for tomorrow. That you know,
25:53
spending and saving. It's all about finding the right balance for you.
26:00
Do you run into a trouble with people having especially when we have large portions
26:04
of time when we had like the zero interest rate or near zero interest rate
26:07
environment for so long. Do people develop like kind of secret cows when it
26:11
comes to their investing that they think that this is the way to invest and
26:15
this has worked for me for twenty years. That you have to get around
26:18
to all those yeah, allthough they didn't change for long, things things do
26:22
change, right. It's like, oh, this is my favorite you know,
26:26
if you're quarterback, Oh I love this this call. You know,
26:30
I love this play? Right, And before long the the defense figures out
26:37
to read it. Yeah right, And so you know you have to you
26:40
have to alter the place sometimes as your life changes. And that's what we
26:45
can help you do, trying to figure out what's prudent, what makes sense,
26:51
what you can do with the savings that you've accumulated, What is what
26:55
is a fair amount that you can use and not feel guilty about it?
26:59
For instance, like you say, it's not always a math game. There's
27:03
a lot of emotion around money. It's easy to get attached to, emotionally
27:07
attached to even a process. It happens to me sometimes where it just happened
27:11
to me last week. There's a process I used to go through for a
27:15
scheduling event that I have to do here at work, and there's a process
27:18
that I set up years ago that's worked great for me, and it's worked
27:21
every single week. It's streamlined, it's nice, and recently I've been having
27:23
some trouble getting it to work the right way. I've had to tweak the
27:26
front end or tweak the back end, and suddenly it became harder to do
27:30
my tweak than it was just to do the thing the long way. But
27:33
then I realized as I was figuring it out that through several upgrades and different
27:37
things that we had around here, that the technology surrounding the event changed and
27:41
there's actually a much easier way to do it than what my original workaround way
27:45
was. And so now I can do it and it's incredibly fast, even
27:47
faster than what it was before. But I wasn't aware of it until I
27:49
actually started a look and why wasn't it working the way that it had been
27:53
for years and years and years, And that analogy kind of plays out a
27:56
little bit because you never know what's going on under the hood, so to
28:00
speak. It's not a it's not one of your client's jobs to know everything
28:06
about your job. That's your job to know those things. So you never
28:08
know what you're forgetting, what processes have been made easier, or what investments
28:12
have been made better as you've been kind of on the sidelines or have been
28:15
doing other things. Yeah, and there again when we talk about that change
28:21
from saving to drawing down, your portfolio needs to change. You know,
28:26
there can be a big comfort level with I've done this for thirty years and
28:32
look it's been successful. Well, you've done it for thirty years as you
28:37
were saving, as you were investing, as you were adding to the account.
28:41
The volatility didn't bother you at that point because you're just throwing the money
28:47
in there and you're waiting it out. You get the long term return of
28:51
the market when you're doing that. Once you're drawing it out, you're no
28:55
longer a long term investor with all of your money. That portfolio should change
29:00
because now your goal is different, and there could be almost an emotional attachment
29:08
to the way you've always done things, and and even though that has worked
29:14
for you before. If you're changing the way you're using the money and what
29:17
your goals are and your portfolio doesn't change, you could be exposing yourself to
29:22
some some pitfalls there. That makes a lot of sense. I run into
29:26
that in non financial situations all the time with people that I'm training, or
29:29
as things get upgraded. I mean, sometimes you just get kind of married
29:32
to a process, and sometimes that process becomes instinct. Yeah, it happens
29:37
to all of us. I mean, I'm still I peaked at iPhone four.
29:41
That's right, I know what you mean. Believe me. You know,
29:45
I'm to the age now I have to ask my kids like, hey,
29:48
what's this do? I was struggling with my kid turned six, and
29:52
I was struggling with something the other day that I was trying to do on
29:55
my phone and she was looking over my shoulder. She's like, no,
29:56
Dad, and she like just reaches down and she like fixed it. I
30:00
was like, are you kidding it? Right now? I just figured out
30:03
that you can you can speak text instead of typing them out. Oh yeah,
30:10
I just figured this out, and uh it's awesome, it's great.
30:14
I use the only thing you have to do is either people need to get
30:18
used to the run on sentences or you need to remember to put in your
30:21
punctuation. That's like the only real thing that that's the caveat with the text
30:25
to speech. But I use it all the time. You know, sometimes
30:26
when you're driving. I never ever text when I'm driving, but sometimes if
30:30
I glance down and it's something work related, something I have to respond to,
30:33
you can do it all voice related. And I enjoy being on to
30:36
do that. It's it's very good. I yeah, learned something new every
30:38
day, even though that's probably ten years old. But it's some of the
30:44
stuff you should This is a different line, but I set I put my
30:48
U. I put the new function of the chat GPT now that it has
30:52
the modal capabilities where it can have real time conversations. I put that on
30:56
a smart speak speaker and let my and put it on a training thing that
31:00
I had been doing for my daughter on education. So it had like her
31:03
whole like education stuff on it, and she just had a conversation like with
31:06
a teacher. Oh my god, it was really cool. Yeah, you're
31:08
a you're ahead of the game for me. You can give them all the
31:12
materials and then say, as a teacher, you know, ask sy questions
31:15
along these lines, and she can just have a whole conversation and it will
31:18
keep it on topic about the subject. It's amazing, it's really pretty cool.
31:22
Something else. Yeah, it's pretty cool stuff. I guess that was
31:25
that was what made Apple pop, uh last week with their AI. I
31:30
guess they've figured out that, hey, we're going to introduce this on our
31:34
phones, but now everybody has to upgrade their phone to get it, so
31:38
surprise, surprise, surprise. Last thing, well not maybe not the last
31:42
thing, depends on the time. But another thing that I think it's interesting
31:45
around this conversation, as we were talking about spenders and savers, you can
31:48
sometimes have one of each in a relationship. Oh absolutely, And I could
31:52
imagine from your perspective that can be kind of interesting sometimes when you have,
31:56
you know, maybe a wife who's more conservative with the money and what's save
32:00
more a husband who's like, hey, I want to go on golf trips
32:01
every weekend and buy a new car every three years or whatever. It might
32:05
be a lot of that is their deal. You know, they have to
32:07
figure it out, but you you do have to offer some counts on those
32:10
situations. Yeah, there again trying I try to steer into what is prudent,
32:15
what is possible with the resources that you have, almost give permission to
32:21
say, Okay, here's what you have, here's what your needs are,
32:25
and here's an amount that you know, this is reasonable, this is something
32:30
that that if you choose to spend it, you're okay. Like I say,
32:34
it's it's strange sometimes that you know, this person has a million dollars,
32:38
two million dollars, three million dollars, yet they're asking permission almost to
32:44
spend their own money. And uh, but that's really sometimes what it is.
32:50
You know, Rarely do I have that opposite conversation. You know,
32:53
rarely do I say, hey, you need to slow things down and that's
32:58
something and that's somethingly the the opposite, And I guess it just goes to
33:01
how I mean, when you start compounding your personalities, you know, like
33:07
you start off somewhat conservative maybe and it works for you, and then well,
33:10
if being a little conservative work, then being a lot conservative is going
33:13
to work better. And maybe you know, you keep on kind of using
33:15
that to reinforce yourself. And you mentioned spouses. I think if you have
33:22
over the course of thirty years, you and your spouse have built a nice
33:27
nest egg. There can be differences on how to spend the money, but
33:31
generally those folks are on They're at least in the same chapter of the book,
33:37
maybe not the same page. But you can't have a relationship for decades
33:42
and be at war all the time on finance. Is that just kiddy?
33:44
Yeah, especially you know, especially if you've successfully saved and invested. You
33:49
know, you know, most most folks are generally, you know, somebody
33:54
might want, you know, a lot of a lot of you know things.
33:59
It's not traveling the world. It's like I need a new tractor,
34:02
right right, you know, things like that, but I should be able
34:06
to buy that tractor, and it's like, oh, you don't need another
34:07
tractor. You know that Those are the types of conversations more often than not.
34:13
That makes a lot of sense to me. That the more practical end.
34:15
If we talk about this in radio all the time, because we give
34:17
away, we can give away things like trips and stuff and a trip.
34:20
Giving away a trip is awesome. We've done that a few times, but
34:22
frankly, not everybody is always ready to take a trip, you know,
34:28
I mean, although it might be a twenty thousand dollars trip with a cruise
34:30
and everything. I mean, frankly, if I won that in certain times
34:32
in my life, I'd be like, man, thanks, but man,
34:35
I don't have time to do that right now. However, if you win
34:37
a tractor or a car or cash or something like that, those things travel,
34:42
baby. I mean, that's that's pretty much good at any time,
34:45
you know. So I can see how those conversations come down, not to
34:47
hey, I want to travel the world and do a cruise or whatever,
34:50
but hey, can we buy a car, can we buy a tractor?
34:52
Can we get this there? I can see how that would be the discussion.
34:54
Yeah, yeah, that's and like I say, most of the time,
35:00
by the time they get into my office nearing retirement and have successfully saved,
35:05
like say, they're generally not at arms about those type of things.
35:10
It's just being cautious essentially. You know. The people that have saved successfully
35:16
are they've you know, have the habit of being cautious with their money,
35:22
as we've talked about before. John b. Dept With Fourth Avenue Financial,
35:23
let me get the contact information out there again at one seventy Court Street,
35:27
downtown Charleston. Their phone worth three zero four seven four six seven on seven
35:30
seven three zero four seven four six seven done seven seven on line. It's
35:34
Fourth Avenue Financial dot Com. Any of this stuff we've talked about today,
35:37
or of course any question that you have at all about how to plan for
35:38
your future financially, how you can retire right, do the right financial planning
35:44
for you and your family, you can give John a call and like you
35:46
say, John, it's a relatively short introductory phone call that there's no cost
35:51
or commitment to it. Folks just want to ask you on what they need
35:53
to take on the next steps on how you would advise that you can start
35:57
that relationship just by a phone call. Yeah, you know, ten minute
36:00
phone call free. Will this chat a little bit about your situation and what
36:05
we can do for you? I highly recommend it once again. That's Stron
36:07
Bredet with Fourth Avenue Financial. The phone number three zero four seven four six
36:12
seven non seven seven three zero four seven four six seven non seven seven Fourth
36:15
Avenue Financial dot Com. We're tired Right Radio is on every Monday morning at
36:19
eight twenty right here on five ADWCHS. The Voice of Charleston. John thank
36:22
you again for your time this week. Really appreciate it. Learned a lot,
36:24
all right, thank you, Take care. That's Jron Bredett with Fourth
36:27
Avenue Financial. I'm del Cooper, Thanks so much for tuning in everyone.
36:30
Coming up after this program, we're going to have a Dave ballin with five
36:34
ad Love coming up at just after nine o'clock, and then Hoppy Churchival is
36:37
back today on Metronews Talk Lone Hoppy. We'll be back at ten o six
36:40
on hotline, and then I'll be back this afternoon. Dave Weekly is actually
36:45
off today. I'll be hosting a hotline at three oh six. We'll have
36:47
the normal lineup of our Monday guests will be in there. Carl Lee will
36:52
be in the five o'clock hour. We'll give you all the updates for the
36:53
weekends from sports and entertainment and everything that happened. You'll want to tune in
36:59
for that today at three o'clock one Metro News Hotline. We'll ta We'll go
37:01
ahead and get out of here now once again. John Burdett with Fourth Avenue
37:05
Financial. Fourth Avenue Financial dot Com. Their phone number three zero four seven
37:08
four six seven non seven seven Retire right Radio every Monday, right here at
37:12
eight twenty on five eight w c HS, the Voice of Charleston. Have
37:15
a great day, everyone, five E w c H S A ninety six
37:50
point five. That's on Charleston one oh four point five Cross LANs w v
37:53
RC Media Station. We're proud to live here too.