Latest / WCHS Network Podcasts / 11/10/2025 Retire Right Radio with John Burdette

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11/10/2025 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
0:35
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.
0:54
Speaker 2: On Retire Right Radio, let's go live to the studio
0:57
Speaker 2: with host Dale Cooper and John Verdet from to have
1:00
Speaker 2: any financial.
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Speaker 3: Game and very pleasant Monday morning to you. Careful on
1:03
Speaker 3: the roadway is out there just a little bit of
1:05
Speaker 3: wet as we had the snow that came through in
1:07
Speaker 3: the early part of the morning. Not to that out
1:09
Speaker 3: there probably some slip spots on the bridges, but the
1:13
Speaker 3: roads are relatively clear at least right now in the
1:15
Speaker 3: Greater Charleston area in the Canal Valley. So just be
1:17
Speaker 3: careful as you're heading into work or wherever you're going.
1:19
Speaker 3: This morning as our first taste of weather for this
1:22
Speaker 3: winter season. Usually the results aren't always the best when
1:26
Speaker 3: when that happens. John Fordette is in studio with us
1:28
Speaker 3: again this week from Fourth Avenue Financial. We're going to
1:30
Speaker 3: talk about your financial health and how you can retire. Right, John,
1:33
Speaker 3: Good morning, how you doing. I'm doing great. I've picked
1:35
Speaker 3: the wrong week to go to Florida. Huh away, yeah, right,
1:39
Speaker 3: should have waited to avoid this Monday morning, There's no doubt.
1:42
Speaker 3: But hey, if you have any questions out there, of
1:43
Speaker 3: course you can help control the conversation this morning. If
1:45
Speaker 3: you want to know how you can retire, right, you
1:47
Speaker 3: have some questions, you know, it's always uncertainty. There's nothing
1:51
Speaker 3: unique about today's time to anything else. But there's always
1:54
Speaker 3: certainty too, which is the market generally goes up. You
1:57
Speaker 3: can give us a call this morning three zero four
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Speaker 3: three four five fifty fifty eight three zero four three
2:01
Speaker 3: four five fifty fifty. You can text three zero four
2:02
Speaker 3: non three five five zero zero eight if you want
2:05
Speaker 3: to keep things on a text base basis. That's three
2:07
Speaker 3: zero four non three five five zero zero eight. Will
2:09
Speaker 3: be here until nine o'clock. So you're welcome to give
2:11
Speaker 3: us a call or send a text throughout this morning
2:13
Speaker 3: and helped John, or let John help you navigate through
2:16
Speaker 3: whatever questions you have about your financial health, be it
2:18
Speaker 3: in retirement or investments you're looking to make broadly speaking,
2:22
Speaker 3: or anything along those lines. So we're coming back around.
2:26
Speaker 3: You're back from Ford to this week, and it looks
2:28
Speaker 3: like that the government shut down is possibly going to
2:31
Speaker 3: be coming to a close sometime soon.
2:34
Speaker 4: Anyway, it appears that way.
2:35
Speaker 5: And you know, the market last week did take a
2:40
Speaker 5: little bit breather. It went on vacation with me apparently,
2:44
Speaker 5: but you know, the market was down one percent that
2:47
Speaker 5: the tech stocks got hit a little harder. Last week,
2:49
Speaker 5: the Nasdaq was down three percent. And there again, the
2:52
Speaker 5: earnings of these companies have come out. The earnings of
2:55
Speaker 5: these companies have have been great. There's just you know,
2:59
Speaker 5: fear out there that maybe we're running ahead of ourselves
3:02
Speaker 5: a little bit. And and actually this is a healthy thing. Uh,
3:05
Speaker 5: to see these kind of pullbacks within the market. You're
3:08
Speaker 5: going to always see kind of the fits and starts
3:11
Speaker 5: of the market as it as it churns higher.
3:14
Speaker 3: In some ways doomers where they try to lean into
3:18
Speaker 3: stuff like this, like, well there was a pull a
3:20
Speaker 3: little bit of a pullback from the from the text stocks. Uh,
3:22
Speaker 3: last last week they didn't crash. And so actually, like
3:27
Speaker 3: what you're talking about, you're talking about like sort of
3:28
Speaker 3: a healthy breathing of the of the industry. I mean,
3:31
Speaker 3: you want to see some retraction in some in some
3:35
Speaker 3: I guess good faith skepticism when it comes to these things,
3:37
Speaker 3: and you expect that to happen. If it was just
3:40
Speaker 3: going straight up, then that would be a problem.
3:42
Speaker 5: Right, And and like you say, last week, those stocks
3:45
Speaker 5: let off a little bit of steam and came down.
3:48
Speaker 5: What is that that's like ten days of growth the
3:51
Speaker 5: previous ten days. You know, it grew by that much,
3:54
Speaker 5: and nobody's talked about that. I mean, well people talked
3:57
Speaker 5: about it, but didn't think that was a problem. So
4:00
Speaker 5: so you know, put that in perspective. You know, earnings
4:03
Speaker 5: are coming in solid now. What is happening, and what
4:06
Speaker 5: the expectation is is is that earnings going forward are
4:11
Speaker 5: going to be more evenly distributed throughout the different industries.
4:18
Speaker 5: So right now, the tech stocks have been powering ahead
4:22
Speaker 5: and earning their earnings growth is two to three times
4:26
Speaker 5: what the average non tech stock has been, which has
4:32
Speaker 5: left the rest of the market behind. The expectation is
4:36
Speaker 5: the earnings growth of those tech stocks will start to slow,
4:42
Speaker 5: not go down, but just the growth rates slow and
4:46
Speaker 5: the growth rates of the other industries should be expanding
4:52
Speaker 5: over the course of the next year. That's what the
4:54
Speaker 5: expectation is, which is very very healthy. You know, you're
4:58
Speaker 5: going to see maybe some moderation and now maybe some
5:01
Speaker 5: participation of some of these other stocks in the in
5:04
Speaker 5: the growth of the market.
5:05
Speaker 3: And that only helps everyone. You mentioned something before we
5:07
Speaker 3: went on there that I thought was really insightful. You
5:09
Speaker 3: get a lot of folks when these things are happening,
5:12
Speaker 3: when the market is going well, and that conversation people
5:16
Speaker 3: are so kind of If you're not an expert, you
5:19
Speaker 3: hear these things about the well, you get in low
5:20
Speaker 3: and then you sell high and that's how you make
5:21
Speaker 3: your money. And it's almost like people confuse like day
5:24
Speaker 3: traders or something with with with your with your retirement plan,
5:28
Speaker 3: because that's not what you're worried about. The market being
5:31
Speaker 3: out of high. That doesn't mean that you shouldn't buy in.
5:32
Speaker 3: That means that the market's doing its job and it's
5:34
Speaker 3: likely to be in another high next year, and then
5:35
Speaker 3: the next year and then the next year. You shouldn't
5:38
Speaker 3: wait to get into your retirement plan or whatever it
5:40
Speaker 3: might be, just because the market's doing well.
5:42
Speaker 4: Yeah, that's right.
5:43
Speaker 5: I mean, there are periods of time where the market
5:46
Speaker 5: does go down, but if you hold long enough, if
5:48
Speaker 5: your tom horizon is long enough, the market always reaches historically,
5:53
Speaker 5: is reach new highs you take you know, the Dow.
5:59
Speaker 5: If you're within five percent of the high and you buy,
6:03
Speaker 5: the likelihood of you being higher a year from now
6:06
Speaker 5: is the same if you if you waited until it
6:08
Speaker 5: was ten percent off. It doesn't seem to make sense,
6:12
Speaker 5: but statistically it does because the market generally, even if
6:19
Speaker 5: it declines greater than five percent, within a year, it's
6:24
Speaker 5: back to new highs. So's it's all about the holding
6:28
Speaker 5: period rather than it is guessing if you have a
6:31
Speaker 5: long term goal.
6:32
Speaker 4: You know.
6:32
Speaker 5: There again, I always tell folks to that, I say, well,
6:35
Speaker 5: it's high should invest. And the right time to invest
6:39
Speaker 5: is when you have money. That is exactly the right
6:42
Speaker 5: time to invest. If you've got your foundation built, if
6:45
Speaker 5: you've got your emergency funds, if you've got your your
6:49
Speaker 5: consumer debts paid off, and you have money, you should
6:53
Speaker 5: be putting it to work. You shouldn't be trying to
6:55
Speaker 5: guess and out guess the wisdom of the collective market.
7:00
Speaker 4: Right. Yeah, that makes a lot of sense.
7:02
Speaker 3: And you could put a strategy and this is this
7:04
Speaker 3: is what John does, So you could put a strategy
7:06
Speaker 3: in place. If you find yourself in that situation where
7:07
Speaker 3: you have money that you can go put to work
7:09
Speaker 3: for you, don't try to figure it out. My wife
7:11
Speaker 3: was talking to me this week and it was like,
7:13
Speaker 3: what do you think She was talking about buying a
7:15
Speaker 3: diamond or something. I'm like, I'm like, look, if you
7:18
Speaker 3: want to buy a diamond with your you can do
7:19
Speaker 3: whatever you want to with it. But as an investment, no,
7:21
Speaker 3: you don't want to buy a diamond. That's that doesn't
7:23
Speaker 3: make any sense. And I could you could call John
7:26
Speaker 3: and talk to him if you want to, and exactly why.
7:28
Speaker 3: That doesn't make a lot of sense, but I'm a
7:29
Speaker 3: little you know, scared that anytime somebody could flood the
7:32
Speaker 3: diamond market or any number of things, you know, but
7:34
Speaker 3: it just you want to make sure if you have
7:37
Speaker 3: that money, that there's ways that you can make it
7:39
Speaker 3: put to work. Even if you're somewhat conservative or whatever
7:41
Speaker 3: it might be, you can find ways to put that
7:42
Speaker 3: to work for you.
7:43
Speaker 4: Oh yeah, no doubt about it.
7:44
Speaker 5: There are all kinds of facets of the market you
7:47
Speaker 5: can invest in and diversify and there again, and it
7:50
Speaker 5: needs to line up with what your individual goals are.
7:54
Speaker 4: And so.
7:55
Speaker 5: You know, the market is not an individual stuff. You know,
8:01
Speaker 5: the market is the collective of hundreds of companies, the
8:04
Speaker 5: S and P five hundred and five hundred companies, the
8:06
Speaker 5: greatest companies in the world. It's their collective valuation. And yes,
8:13
Speaker 5: one company may have good fortunes and one company may
8:16
Speaker 5: have bad fortune. But if you're well diversified, if the
8:20
Speaker 5: quality of our life improves, if our productivity improves, the
8:25
Speaker 5: goods and services and access to that improves, like historically,
8:31
Speaker 5: I mean, you and I over fifty plus years have
8:34
Speaker 5: not known anything other than that. Yeah, you know, if
8:38
Speaker 5: you think that that's going to continue, that we're going
8:41
Speaker 5: to continue to innovate and do things more efficiently, and
8:45
Speaker 5: your patient, why wouldn't you want to own the companies
8:48
Speaker 5: that are that's providing all of that. And that's what
8:52
Speaker 5: it is. That's investing. You know, Trading is looking at
8:55
Speaker 5: a stock and saying, oh, it's got this momentum and
8:58
Speaker 5: I'm going to buy now, and I'm going to sell
9:00
Speaker 5: a week from now or a month from now. That's
9:03
Speaker 5: a whole lot different than investing. You know, when you're
9:05
Speaker 5: talking about trying to build a program for yourself, trying
9:10
Speaker 5: to make sure that you reach goals that are long term,
9:13
Speaker 5: you need to be investing, not trading.
9:15
Speaker 3: Yeah, trying to pick winners and losers in that situation
9:17
Speaker 3: is really want to hurt you, Right, I'm thinking just
9:19
Speaker 3: in my time where I've seen folks that for example,
9:23
Speaker 3: if you were in on you know, the web one
9:25
Speaker 3: point zero when things were first starting to launch out
9:28
Speaker 3: and I'm not even talking about the dot com first.
9:29
Speaker 3: I'm talking about like just say, the search engine infrastructure.
9:33
Speaker 3: If you would have been around back when Google was
9:37
Speaker 3: Nansen and asked, Jeeves and Yahoo were so prominent, you
9:40
Speaker 3: would have thought that the leading technology at the time
9:42
Speaker 3: probably was Yahoo would have been your search leader, you know,
9:45
Speaker 3: your your email leader for online email was probably Hotmail.
9:51
Speaker 3: You know, I mean these were like the so that
9:53
Speaker 3: would be possibly an analog to maybe, you know, like
9:57
Speaker 3: an open ai right now, that's the name that everybody
9:59
Speaker 3: knows and the thing that everybody attaches to, you know,
10:03
Speaker 3: like Google mail and email were synonymous for a long time,
10:06
Speaker 3: or hot mail and was synonymous for a long time,
10:08
Speaker 3: and it's not the case anymore. Eventually, those things start
10:11
Speaker 3: to the industry matures, and the original players that kind
10:14
Speaker 3: of brought things to the forefront aren't necessarily the ones
10:17
Speaker 3: that's going to be making all the juice in the
10:19
Speaker 3: future of that thing. That's why the industry is important.
10:22
Speaker 3: But being a trader and trying to guess winners and looters,
10:24
Speaker 3: is that that could be a real problem.
10:26
Speaker 5: Oh yeah, I mean you're you're assuming that you have
10:29
Speaker 5: some kind of an insight that the collective market doesn't have,
10:32
Speaker 5: and what are the odds that you do?
10:34
Speaker 3: Yeah, who would have really have known for sure that
10:36
Speaker 3: Amazon would have outperformed by dot com at one time
10:40
Speaker 3: they were basically equals, you know, by dot com was
10:42
Speaker 3: really a really popular site to go to buy stuff.
10:44
Speaker 5: Yeah, and as an individual company, look at Navidia. Navidio's
10:49
Speaker 5: powered the indexes forward. If you're an investor and diversified,
10:52
Speaker 5: you've participated in that already, you're participating in it as
10:55
Speaker 5: we as we speak. But as an individual looking at
11:00
Speaker 5: that one company, you know, I missed it personally, you know,
11:04
Speaker 5: I didn't invest in the video as an individual company.
11:07
Speaker 5: Now I've participated in it through my investments, but you know,
11:11
Speaker 5: at the time, the only thing I knew about in
11:14
Speaker 5: the video was that they were making those graphics cards
11:17
Speaker 5: for bitcoin minding, right, which I didn't think made a
11:21
Speaker 5: whole lot of sense to me, And I thought, well,
11:23
Speaker 5: if something happens to bitcoin, then what's going to happen
11:26
Speaker 5: to their earnings. Well, now we see that that was
11:29
Speaker 5: a wrong assumption, you know.
11:32
Speaker 3: But which in itself was a crazy pivot because for
11:35
Speaker 3: years in the video was known as the graph was
11:37
Speaker 3: that their graphic cards were for gamers, you know, that
11:40
Speaker 3: was like their big thing. It was like gamers. They
11:41
Speaker 3: transitioned to bitcoin, and now they're transitioned to AI, right.
11:44
Speaker 4: And so.
11:46
Speaker 5: I missed that. How many people miss that? A lot
11:49
Speaker 5: of people missed that if you were trying to pick
11:51
Speaker 5: the individual stock. But if you're an investor and are diversified,
11:55
Speaker 5: you've definitely participated in that, and you don't have to
12:00
Speaker 5: guess what the right company is going to be. You know,
12:03
Speaker 5: you're not necessarily betting on the right horse. You're just
12:06
Speaker 5: betting on the system and the process of innovation and
12:10
Speaker 5: progress that happens over time when you invest in the market.
12:13
Speaker 3: Is there any kind of and again, when the market
12:17
Speaker 3: is when you're talking broadly, interruptions shouldn't affect you too
12:21
Speaker 3: much as a as an investor for your retirement, but
12:24
Speaker 3: as assuming that the government starts to reopen with the
12:27
Speaker 3: deal that's been made, and then, you know, we haven't
12:30
Speaker 3: had official government data for a long time. You've seen
12:32
Speaker 3: some unofficial stuff that's come together. Is there any like
12:35
Speaker 3: sort of a bracing period that you should be aware
12:37
Speaker 3: of when data starts flooding in just in case, Hey,
12:39
Speaker 3: it's going to show unemployments really bad, or inflation's a
12:42
Speaker 3: lot hotter than we thought, or whatever it might be,
12:44
Speaker 3: or do you just have to kind of ride that
12:45
Speaker 3: kind of thing out.
12:47
Speaker 5: I suspect that we have generally know what's going on
12:52
Speaker 5: from other sources, you know, people that with the boots
12:57
Speaker 5: on the ground, the companies that are that are you know,
13:00
Speaker 5: doing the payroll services, the company they report data that
13:05
Speaker 5: we have that's going to be in the ballpark. You know,
13:08
Speaker 5: the job's market is definitely slowing, but still growing. You know,
13:17
Speaker 5: we may see some unemployment taking up slightly, but it's
13:20
Speaker 5: it's still a relatively healthy jobs market close to the
13:24
Speaker 5: I think thirty five forty percent of the job losses
13:28
Speaker 5: have have been in the government sector. So you know,
13:33
Speaker 5: it's it's scrashing the surface on the size of government.
13:37
Speaker 5: But but there have been job losses in the government
13:41
Speaker 5: sector more so than than any other sector. Right, it
13:45
Speaker 5: would take that, you know, good or bad what it is? Yeah, yeah,
13:50
Speaker 5: it is right, But but it it that tends to
13:52
Speaker 5: be less economic sensitive job losses than other types of
13:57
Speaker 5: companies who are looking at their their future earnings, future
14:01
Speaker 5: business prospects and pulling back on the reins. And over
14:05
Speaker 5: time too, you know, at some point we may even
14:07
Speaker 5: see impacts of some of this AI efficiency affecting the
14:12
Speaker 5: jobs market to some degree.
14:14
Speaker 3: Now I read some stuff this weekend where there's some
14:16
Speaker 3: unofficial surveys being done of some companies that have on
14:18
Speaker 3: boarded the AI in different places, and yeah, there's yeah,
14:21
Speaker 3: you know, there's some graphs and things out there that
14:23
Speaker 3: show that there is a little bit of a softening
14:24
Speaker 3: because of AI in some industries right.
14:27
Speaker 5: Right, which there again, it depends on what hat you're wearing.
14:31
Speaker 5: You know, if you're the person that lost that job,
14:34
Speaker 5: that is a it's a bad thing. If you're a
14:36
Speaker 5: long term investor in the profitability of companies like we
14:40
Speaker 5: talk about on the show, you will benefit from that efficiency.
14:46
Speaker 5: And then the idea is the labor the capital. Labor
14:51
Speaker 5: capital can be redeployed somewhere else in another efficient manner,
14:55
Speaker 5: and that's how the economy grows. And so, you know it,
15:00
Speaker 5: it's easy to look at things and just pick that
15:04
Speaker 5: negative out. But if the market is and not just
15:08
Speaker 5: the stock market, but just people voting with their feet
15:12
Speaker 5: and saying, Okay, this is more efficient, I'm going to
15:14
Speaker 5: do it this way, you know, that's going to be
15:17
Speaker 5: the winner. You know, that's how that's how these things
15:21
Speaker 5: are decided, and that's how we allocate our resources in
15:25
Speaker 5: our capital. I mean that's what the market does. That's
15:28
Speaker 5: why you know, you see the United States occasionally have
15:32
Speaker 5: these hiccups where there's an economic downturn. That's that's bad.
15:36
Speaker 5: Two thousand and eight, for instance, was the last you know,
15:40
Speaker 5: non COVID issue. That was a pretty deep thing. But
15:43
Speaker 5: we bounce back pretty quick. Why did we do that
15:46
Speaker 5: because because we're relatively efficient at at voting with our
15:52
Speaker 5: feet and making adjustments. And some other types of economies
15:58
Speaker 5: I'm thinking China for instance, you know, they're not as
16:02
Speaker 5: efficient of allocating those resources because one person is largely
16:07
Speaker 5: deciding how they get allocated. We have millions of people
16:11
Speaker 5: every day voting with their feet deciding how capital gets allocated,
16:15
Speaker 5: which sometimes can seem inefficient, but actually it over time,
16:21
Speaker 5: is an extremely efficient way of allocating resources.
16:24
Speaker 3: The I guess the I don't know if it's been
16:26
Speaker 3: a secret from everyone, but one of the things I
16:29
Speaker 3: guess this weekend, big story that was breaking across some
16:32
Speaker 3: of the news in financial sectors as far as China goes,
16:35
Speaker 3: is it hasn't necessarily been hiding, but it hasn't been
16:38
Speaker 3: frontline news that China's in the middle of a depreciation.
16:41
Speaker 3: They have the cost of everything is falling. The goods
16:44
Speaker 3: are falling. I mean, and people here might be like, oh,
16:48
Speaker 3: what did China do right? They're the groceries are more
16:51
Speaker 3: affordable now. No, no, no, this is not good news.
16:54
Speaker 3: China's in a lot of trouble right now when it
16:56
Speaker 3: comes to these things. And whatever you think about COVID,
16:59
Speaker 3: the recovery, whatever else, we did it better than that,
17:03
Speaker 3: you know, in a lot of other countries, you know,
17:06
Speaker 3: they're in a lot of trouble, you know, And so
17:08
Speaker 3: you're right, it seems like that the way that they they've.
17:10
Speaker 4: Invested in.
17:13
Speaker 5: Unproductive infrastructure, they've invested in product product production facilities to
17:21
Speaker 5: produce goods and services well beyond what the market will bear.
17:26
Speaker 5: You know, a company will you know, they're not going
17:29
Speaker 5: to do that, and if they do, they don't last,
17:33
Speaker 5: you know, and the problem corrects itself. There's no there
17:37
Speaker 5: has been no correction in an economy like that that
17:41
Speaker 5: is commanded by essentially one person. Those those abnormal things,
17:50
Speaker 5: they fester and they grow and they become large problems.
17:54
Speaker 6: You know.
17:55
Speaker 5: Usually, you know, looking across our economy, usually a problem
18:02
Speaker 5: gets snuffed out before it becomes a major problem because
18:06
Speaker 5: of the way you know, we're structured.
18:10
Speaker 3: China is also apparently from the government side of things,
18:13
Speaker 3: and of course that works a little differently than here.
18:15
Speaker 3: But sometimes you have to be aware of flags going
18:18
Speaker 3: through some processes to limit media access. They're changing their
18:21
Speaker 3: media access rules and things that media could get in
18:24
Speaker 3: contact with.
18:25
Speaker 5: Now familiar beats, yes, And you know, with a system
18:30
Speaker 5: like China, it can sometimes seem like it's superior because
18:38
Speaker 5: one person can make the decision. It's clean. You know,
18:41
Speaker 5: you say, well, we're going to do this and put
18:43
Speaker 5: all the capital behind it, and by golly, they can
18:45
Speaker 5: maybe do things faster because there's not this process to
18:52
Speaker 5: check some balances along the way. And so when things
18:55
Speaker 5: go good like they have in the last twenty years
18:58
Speaker 5: fifteen years in China, you know it's like, wow, that's
19:01
Speaker 5: a better system. Well, you know, history shows that that
19:06
Speaker 5: it is not a better system than millions of people
19:10
Speaker 5: having to vote with their feet and their money. And
19:15
Speaker 5: you know, there's really never been a time over a
19:17
Speaker 5: long period of time that that that is superior. That
19:21
Speaker 5: doesn't mean we're flawless and the way we we operate
19:24
Speaker 5: and there's not flaws in the systems and flaws and capitalism.
19:27
Speaker 5: There's no perfect sence. Best is not perfect, right, right,
19:31
Speaker 5: but but it's kind of interesting to see, and I
19:35
Speaker 5: think that does play in a part why you know,
19:38
Speaker 5: you get those questions like why should I invest if
19:42
Speaker 5: the market is at high? Well, because of that right,
19:46
Speaker 5: because of that persistence to to improve over incrementally over time.
19:51
Speaker 3: It's great stuff with jeenre debt for Fourth Avenue Financial.
19:53
Speaker 3: Encourage you to give us a call if you have
19:54
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19:56
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20:07
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20:07
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20:31
Speaker 3: to this. I'm Del Cooper. You're listening to retire Right Radio,
20:33
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20:38
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23:00
Speaker 6: This is retire Right Radio with John Burdett from Fourth
23:04
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23:29
Speaker 3: You're listening to or tirry Right Radio one five ATWHS
23:32
Speaker 3: the Voice of Charles and I'm Del Cooper. Thanks for
23:34
Speaker 3: tuning in on this Monday morning. John Burdett is here
23:36
Speaker 3: with us from fourth Avenue financially, You're welcome to give
23:38
Speaker 3: us a call this morning if you have any questions
23:39
Speaker 3: about your retirement future, how you can retire right three
23:42
Speaker 3: zero four three four five fifty eight fifty eight you
23:44
Speaker 3: can text three zero four non three five five zeros
23:46
Speaker 3: er eight three zero four non three five five zero
23:48
Speaker 3: zero eight. A couple of things I saw a little
23:50
Speaker 3: bit in the news being floated around this weekend, and uh,
23:53
Speaker 3: this isn't something that is any sort of official policy yet,
23:56
Speaker 3: but we can talk about this in context of things
23:58
Speaker 3: that do exist. I saw that there was a suggestion
24:03
Speaker 3: floated around for possibly having like a fifty year mortgage
24:06
Speaker 3: out there, you know, because it would reduce your payments,
24:09
Speaker 3: you know. I mean, if you expand the amount that
24:12
Speaker 3: you're paying over, then it makes sense that it reduces
24:14
Speaker 3: your payments. The problem is there's interest that pays into that.
24:16
Speaker 3: And you're talking about average adding almost a whole other
24:19
Speaker 3: loan time frame.
24:21
Speaker 5: Yeah, buying the house three times instead of twice.
24:23
Speaker 4: Yeah, And I was doing some and I know this.
24:26
Speaker 3: I know this these numbers a little bit because I
24:28
Speaker 3: was in the mortgage industry for a while, so I
24:29
Speaker 3: know what any five year increment will do to the
24:31
Speaker 3: amount of interest that you pay back, and it's absolutely ridiculous.
24:34
Speaker 3: So imagine adding twenty years to what you're already doing,
24:37
Speaker 3: and it's pretty I don't know about the how much
24:40
Speaker 3: sense that that makes, but there are products that actually
24:42
Speaker 3: exist today that are similar to that in the auto industry,
24:45
Speaker 3: for example, and things like that. And I'm just thinking,
24:47
Speaker 3: like the last time I went to go finance a car,
24:49
Speaker 3: and I tried. Believe me, I went fifteen years without
24:52
Speaker 3: financing a car. I'll run my cars into the ground
24:54
Speaker 3: if I can keep from it. But the last time
24:56
Speaker 3: I went to go finance a car I had, I
24:57
Speaker 3: was shocked that they were offering me. I remember if
25:00
Speaker 3: it was six or seven years. It was like, I thought,
25:02
Speaker 3: five was the mix that you can go back when
25:04
Speaker 3: I was the last time that i'd financed the car,
25:06
Speaker 3: five was the mix I could go. I financed for
25:07
Speaker 3: three and paid it off in two and a half.
25:11
Speaker 3: This one, like the last time that I got it
25:12
Speaker 3: they were offering me is like we were payment shopping
25:14
Speaker 3: a little bit at first, and then I started saying, well,
25:17
Speaker 3: this is a decent payment, Uh, what's the terms? And
25:20
Speaker 3: then you find out the terms are like seventy two months.
25:21
Speaker 3: I'm like, I don't want a seventy two month car?
25:24
Speaker 3: Are you kidding me? And so some of this stuff
25:26
Speaker 3: can be I mean, it sounds good on the front
25:28
Speaker 3: end because yeah, you can save a little money and
25:29
Speaker 3: stuff like that, but man, that interest really pals up.
25:33
Speaker 5: Yeah, And it's important to realize what the true cost
25:35
Speaker 5: of something is. You know, if you buy a car
25:37
Speaker 5: for thirty thousand dollars, you know, that's what you need
25:40
Speaker 5: to look at. That's what your you know, that's what
25:42
Speaker 5: the cost of the car is. Those monthly payments added up,
25:46
Speaker 5: that's the cost of the loan. That because you can't
25:50
Speaker 5: afford to buy the car up front. And so I
25:54
Speaker 5: think what would happen just thinking this through, if you
25:57
Speaker 5: have fifty year mortgages instead of thirty or fifteen, it
26:02
Speaker 5: would actually work against affordability in the long run because
26:07
Speaker 5: it would inflate the price of housing.
26:11
Speaker 4: Because some manly people could pay. Yeah, right, I see
26:13
Speaker 4: what you're saying.
26:13
Speaker 5: Right, you know, anytime you introduce more money into a system,
26:18
Speaker 5: that's that's what's going to happen. And so people are like, well,
26:24
Speaker 5: houses are so expensive now? Well, because houses are so expensive. Now,
26:28
Speaker 5: that is the market saying, hey, houses are expensive, that
26:33
Speaker 5: should over time put some sort of a governor on
26:36
Speaker 5: that on that. Now, if you go to a fifty
26:39
Speaker 5: year mortgage and throw that into the mix, that relieves
26:42
Speaker 5: that market pressure of that monthly payment and allows it,
26:46
Speaker 5: that allows the price to be extended. That's the way
26:49
Speaker 5: I would see that. You know, you can't escape from
26:52
Speaker 5: the price of something. You know you can finance it,
26:54
Speaker 5: but you still have to pay it and pay it
26:56
Speaker 5: with interest. So your best you know, not looking at
27:00
Speaker 5: what your payment is. You know, when you go into
27:02
Speaker 5: a car dealership, everybody's done this and they ask you
27:07
Speaker 5: what would you like your payment to be? Don't answer
27:10
Speaker 5: that question because the cost of the car is the
27:14
Speaker 5: number of the price of the of the of the
27:16
Speaker 5: vehicle that they're going to sell it to you. If
27:17
Speaker 5: you were writing a check. That's the important thing. All
27:21
Speaker 5: the financing can be worked out after you determine that
27:23
Speaker 5: number if you need financing. But you know, it's easy
27:28
Speaker 5: to work backwards and say, well, I want my payment
27:30
Speaker 5: to be five hundred dollars a month.
27:31
Speaker 4: Well, then the.
27:32
Speaker 5: Price of the car can be almost anything, depending on
27:35
Speaker 5: how you financing at the end.
27:38
Speaker 3: As an example using a possible homeworgage. I was doing
27:42
Speaker 3: some math during the break and one of the things
27:44
Speaker 3: I came up with, For example, if say you wanted
27:46
Speaker 3: to get your home for under fifteen hundred dollars a month,
27:48
Speaker 3: that's all that.
27:49
Speaker 4: You asked for.
27:49
Speaker 3: Well, at fifty years, at a six point seventy five
27:51
Speaker 3: interest rate, you can have a two hundred fifty thousand
27:53
Speaker 3: dollars home at This is just principal an interest, not
27:55
Speaker 3: with taxes in insurance. At fourteen hundred and fifty six
27:58
Speaker 3: dollars a month you met the bill, you got an
28:00
Speaker 3: or fifteen hundred dollars a month. That same thirty year
28:02
Speaker 3: mortgage at today's rates would be a little over fifteen hundred.
28:04
Speaker 3: It would be about five hundred or fifteen hundred and
28:06
Speaker 3: fifty dollars a month. So that's too much money. However,
28:09
Speaker 3: the difference in the amount that you're paying back in
28:10
Speaker 3: that over a thirty year period under the thirty year mortgage,
28:14
Speaker 3: that you would be paying back about five hundred and
28:15
Speaker 3: fifty seven thousand dollars. So interest really gets you there
28:17
Speaker 3: a little bit, so twice as much, a little bit
28:19
Speaker 3: more than twice much. In what you borrowed to begin with.
28:21
Speaker 3: Over fifty years, that number balloons to eight hundred and
28:24
Speaker 3: seventy three thousand dollars three hundred thousand dollars more in
28:27
Speaker 3: interest that you're paying back over that time only in
28:30
Speaker 3: one hundred dollars a month savings.
28:32
Speaker 4: Yeah, so a little bit backwards you wish for.
28:36
Speaker 3: Yeah, that's a look and this goes for a lot
28:37
Speaker 3: of things on when people look at the cost of
28:41
Speaker 3: something upfront instead of like what the actual Sometimes people
28:45
Speaker 3: say costs versus value, But in a lot of cases
28:47
Speaker 3: when it comes to finances, you really have to know
28:49
Speaker 3: what it is. In this case, and what you would
28:51
Speaker 3: advise somebody to do is see what it is you
28:53
Speaker 3: could actually afford using normal financial tools, and then you
28:57
Speaker 3: make it so your finances matches that you can put
29:00
Speaker 3: money to work for you, not try to game the
29:02
Speaker 3: system so you're less than ideal finances could can work
29:06
Speaker 3: for you.
29:07
Speaker 4: That's just not the smart way that payback.
29:09
Speaker 5: You know, that extra eight hundred thousand could have been
29:12
Speaker 5: working for you.
29:13
Speaker 4: That's a great point, right, you know. That is where.
29:17
Speaker 5: It all comes back to the same rules we always
29:20
Speaker 5: talk about. You know, earn money and live below your
29:23
Speaker 5: means is that is what this is saying. If you
29:27
Speaker 5: live below your means. In other words, yes, the bank
29:30
Speaker 5: will alan me this money, but do I need to
29:33
Speaker 5: really be what is the ultimate.
29:36
Speaker 4: Cost of that?
29:37
Speaker 5: Well, the cost of that is now you have eight
29:39
Speaker 5: hundred thousand dollars that you weren't able to invest productivity
29:43
Speaker 5: in productive investments, which maybe two or three or four
29:49
Speaker 5: million dollars of your retirement money. So you know, you've
29:52
Speaker 5: bought a fifty thousand dollars bigger house. Yes, you might
29:58
Speaker 5: enjoy that now, but you're going to be enjoying that
30:01
Speaker 5: house for a long long time time and not ever
30:07
Speaker 5: be being able to, you know, move beyond that. You're
30:12
Speaker 5: going to have to keep working to keep paying that payment.
30:15
Speaker 4: To that point.
30:16
Speaker 3: What this reminds me of a little bit when I
30:17
Speaker 3: was in the mortgage industry working on the broker side
30:19
Speaker 3: of things. Thirty your mortgages even then were considered Yeah,
30:23
Speaker 3: you saw some people hold note for thirty years, but
30:25
Speaker 3: more often than not, thirty years was already people that
30:28
Speaker 3: were looking to lower their rate as much as possible,
30:31
Speaker 3: with the expectation, at least when the market was good
30:33
Speaker 3: and rates were pretty decent they'd refine five years, or
30:36
Speaker 3: they had refined ten years, try and or we're only
30:39
Speaker 3: going to be in this house for so long or whatever.
30:40
Speaker 5: It might be right, right, and you know that that's
30:45
Speaker 5: I mean, there are all kinds of tools you can
30:46
Speaker 5: use depending on your situation.
30:48
Speaker 3: The problem with that, of course, when you refine, that's cost.
30:50
Speaker 3: That's cost off the top, that's not even interest costs.
30:53
Speaker 3: You're paying money to do the refi.
30:55
Speaker 5: Right, right, and and there are some periods of time
30:57
Speaker 5: where you know, in the in the late seventies, you're
31:02
Speaker 5: a handful of years ago where prices escalated quickly. You know,
31:07
Speaker 5: those type of deals and those financing deals. Certainly, it's
31:11
Speaker 5: just like timing the market. I mean, it's possible that
31:14
Speaker 5: some things make sense in certain environments. Yeah, well, but overall,
31:20
Speaker 5: you know, there's no free lunch. You have to if
31:22
Speaker 5: you're consuming that home by living in it, you have
31:25
Speaker 5: to pay for it.
31:26
Speaker 4: Eventually.
31:26
Speaker 3: There was a narrow sliver of time in the late
31:28
Speaker 3: nineties in the early two thousands, and that's when I
31:30
Speaker 3: was in the industry where there were people with sterling
31:32
Speaker 3: credits seven hundred credit scores that had interest rates in
31:35
Speaker 3: eleven or twelve percents because they had got those rates
31:37
Speaker 3: ten or twelve years before. They were about fifteen years
31:40
Speaker 3: into a thirty year mortgaging. You could call virtually anybody
31:42
Speaker 3: and say, I could give you your same fifteen year
31:45
Speaker 3: mortgage remaining, cut your interest rate by two thirds, give
31:49
Speaker 3: you fifty thousand dollars cash out, and your payment still
31:51
Speaker 3: goes down. Would you like to sign right? And everybody
31:54
Speaker 3: said yes. I mean, it was impossible for people not
31:56
Speaker 3: to sign on that deal. But those that environment does
31:59
Speaker 3: not existingmore, it's because it's already played out.
32:03
Speaker 5: No, and it's it's the same thing as trying to
32:07
Speaker 5: time the stock market. You know, you can always look
32:12
Speaker 5: and try, well, I can game it. I think this
32:14
Speaker 5: is going to happen, that's going to have You know,
32:16
Speaker 5: that requires clairvoyance that none of us have, and to
32:21
Speaker 5: to be able to think that you can time the
32:23
Speaker 5: real estate market, the stock market, any any market. Because
32:26
Speaker 5: you're one individual out of millions that are that are
32:29
Speaker 5: making those decisions. You know, just because you do something,
32:33
Speaker 5: you're not influencing the market. You know what what you
32:36
Speaker 5: think is going to happen may or may not happen,
32:39
Speaker 5: but you have no control over that and so that's
32:43
Speaker 5: a game that that in whether it be real estate
32:46
Speaker 5: or or or the market, it's it's not something you
32:50
Speaker 5: can consistently win at.
32:51
Speaker 3: And broadly is the things that we talked about this
32:53
Speaker 3: morning with jarberdet for Fourth Avenue financial are things that
32:55
Speaker 3: that are pitfalls that folks may observe try to avoid
32:58
Speaker 3: things along those lines. And reason we talk about all
33:00
Speaker 3: of these things sort of as topics is these are
33:03
Speaker 3: also the things that John helps with. So any of
33:05
Speaker 3: these things that sound a little bit worrisome or man,
33:08
Speaker 3: there are a lot of different financial options out there.
33:10
Speaker 3: I almost thought about taking a reverse mortgage one whatever
33:13
Speaker 3: it might be, and maybe you need a little bit
33:15
Speaker 3: of help counseling through that. Not everybody understands exactly what
33:18
Speaker 3: the financial ramifications are going to be, especially fifteen or
33:20
Speaker 3: twenty years down the road, and what's going to mean
33:22
Speaker 3: for your retirement, how that interest compounds and everything else.
33:25
Speaker 3: That's why it makes sense to reach out to somebody
33:27
Speaker 3: that can help you do your financial planning and to
33:29
Speaker 3: make sure that you're making solvent decisions. You know that
33:31
Speaker 3: you're not being sort of marketed into making a decision
33:34
Speaker 3: that's not going to be best for you, and that's
33:36
Speaker 3: why you should give John a call. You can find
33:37
Speaker 3: out more about Fourth Avenue Financial online. It's fourth Avenue
33:40
Speaker 3: Financial dot com. Fourth Avenue Financial dot Com. They're located
33:42
Speaker 3: at one seventy Court Street, Downtown Charleston. Three zero four
33:45
Speaker 3: seven four six seven non seven seven three zero four
33:47
Speaker 3: seven four six seven nine seven seven.
33:49
Speaker 4: And it just so happens.
33:50
Speaker 3: Although John will tell you anytime that just because you're
33:54
Speaker 3: not the end of the year is not necessarily the
33:55
Speaker 3: best time to make major changes and things like that.
33:59
Speaker 3: Sometimes it's some one people brains. You know, you're getting
34:01
Speaker 3: your tax stuff together, you're getting your documents together, open
34:04
Speaker 3: enrollment for my insurances right now. A lot of people
34:06
Speaker 3: are probably going through that right now. So you're kind
34:08
Speaker 3: of thinking about these things anyway, So it may not
34:10
Speaker 3: be a bad opportunity to pick up the phone and
34:12
Speaker 3: see what you can do better for your retirement future.
34:14
Speaker 5: Yeah, it's a good time, right before things get real
34:17
Speaker 5: busy for the holidays, you know, take a little time
34:21
Speaker 5: out for yourself and come on in and let's take
34:25
Speaker 5: a look. It doesn't cost anything for that first consultation,
34:28
Speaker 5: and it's a pretty pretty easy left.
34:31
Speaker 3: Maybe this is something we could get into a little
34:33
Speaker 3: bit deeper as we get closer to the holiday season.
34:35
Speaker 3: But what we are in the holiday season, I guess
34:37
Speaker 3: there's no there's no denying that anymore. But as we
34:39
Speaker 3: get closer to actually Christmas time and the gifts and
34:42
Speaker 3: everything like that, every year there's somebody comes out with
34:46
Speaker 3: an article with how much debt we go into over Christmas?
34:49
Speaker 3: You know, people spend credit card debt and things along
34:51
Speaker 3: those lines. I used to do that when I was younger.
34:53
Speaker 3: I've gotten, I hope better in my adult age that
34:56
Speaker 3: I only buy what I can afford. And I would
34:58
Speaker 3: never go into debt to buy gifts for people because
35:00
Speaker 3: that's counterproductive, you know, but that's not the case for everyone.
35:04
Speaker 3: And if you have a big family, you know you're
35:06
Speaker 3: looking to buy for your kids. What are some tip
35:09
Speaker 3: I mean, you just want to save, right, you want
35:10
Speaker 3: to only spend what you can, try to do it
35:12
Speaker 3: in cash. Make smart decisions.
35:14
Speaker 5: Yeah, don't don't don't borrow to give gifts. That's a
35:17
Speaker 5: great uh, a great one. And you know, think about
35:22
Speaker 5: you want to give something to your loved one. You
35:25
Speaker 5: know you can do things meaningful that don't cost a
35:28
Speaker 5: lot of money doesn't mean you're not giving a gift.
35:32
Speaker 5: It just might not be the type of gift that
35:34
Speaker 5: you maybe initially think of. Uh, think about things like that,
35:39
Speaker 5: and and also think about that level one that that
35:42
Speaker 5: you care about that you want to give that gift to.
35:44
Speaker 5: Would they want to see you in a financial mess?
35:49
Speaker 5: Probably not, you know, so think think about those things
35:52
Speaker 5: as you go, as you go shopping and uh. And
35:55
Speaker 5: if you've saved and you've set aside money and it's
35:58
Speaker 5: within your budget and you want to give something to somebody,
36:01
Speaker 5: go do it. But but if if not, get the
36:05
Speaker 5: financial house in order, so next year and the year
36:07
Speaker 5: after and the year after you'll be able to do
36:09
Speaker 5: that with confidence.
36:10
Speaker 3: Yeah, you just want to make sure you're making right decisions.
36:12
Speaker 3: Don't spend yourself into some sort of despair because because
36:16
Speaker 3: you have too big of a heart. I mean, you
36:17
Speaker 3: find people that want to give, give, give, and they
36:19
Speaker 3: don't have the financial means to give. And you know,
36:22
Speaker 3: sometimes maybe there's something else you can do for someone
36:24
Speaker 3: that that's not necessarily reaching so deep into the financial misery,
36:28
Speaker 3: because that unfortunately, as great as Christmas is and as
36:32
Speaker 3: great as our as our holidays are, sometimes folks get
36:34
Speaker 3: that a little bit upside down. I think it's the
36:36
Speaker 3: family first, not the.
36:37
Speaker 4: Gift of time. Time is the best gift you could give.
36:40
Speaker 3: No, Hey, that's very true. Spend some time with your
36:42
Speaker 3: loved ones and that will pay off in dividends. Well, John,
36:45
Speaker 3: thank you so much for your time today. Hey, that
36:47
Speaker 3: was almost a pun for the show too. Thanks so
36:50
Speaker 3: much for the time today, and we'll see you back
36:52
Speaker 3: here next week. And with all things that are going
36:54
Speaker 3: on with the market, it should be an interesting week.
36:56
Speaker 3: Maybe the government shut down ends, maybe we start getting
36:59
Speaker 3: some federal days on some of uh, you know, employment
37:02
Speaker 3: and inflation and stuff like that.
37:03
Speaker 4: So we'll have a spirited show next week. Sounds good.
37:05
Speaker 4: Sounds good.
37:06
Speaker 3: That's John Badet with Fourth Avenue Financial. He can help
37:08
Speaker 3: you out Fourth Avenue Financial dot Com. One seventy Court Street,
37:11
Speaker 3: Downtown Charleston. Seven four six seven nine seven seven three
37:14
Speaker 3: zero four seven four six seven nine seven seven seven
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Speaker 3: four six seven nine seven seven.
37:18
Speaker 4: That's gonna do it for us.
37:19
Speaker 3: Coming up next, Dave Allan's gonna be here with five
37:21
Speaker 3: eighty Live talk line will come this afternoon, followed by
37:24
Speaker 3: midday and then I'll be back this afternoon at three
37:26
Speaker 3: oh six with Dave Weekly on Hotline on this Monday.
37:29
Speaker 4: Have a great day. Everyone. Listening to five ad w
37:31
Speaker 4: CCHS we are your voice of Charleston.