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

Transcript

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

0:00
Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
0:03
Speaker 1: the realtor makes real estate dreams a reality, whether it's
0:05
Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
0:09
Speaker 1: key to exceptional real estate experience is start here Meeks Realtygroup.
0:13
Speaker 1: Contact us at Meeks dot us.
0:15
Speaker 2: The views and opinions expressed on this program do not
0:18
Speaker 2: necessarily reflect the views and opinions of five eight WCCHS,
0:22
Speaker 2: its employees or WVRC Media. This is Retire Right Radio,
0:27
Speaker 2: a weekly show from John Verdett at Fourth Avenue Financial
0:31
Speaker 2: that aims to answer your questions about financial planning, investing,
0:35
Speaker 2: and how to retire right. Fourth Avenue Financial is located
0:38
Speaker 2: in downtown Charleston at one seventy Court Street. More information
0:42
Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
0:46
Speaker 2: by calling three oh four three four five fifty eight
0:49
Speaker 2: fifty eight or text three oh four nine three five
0:52
Speaker 2: fifty oh eight. On Retire Right Radio, Let's go live
0:57
Speaker 2: to the studio with host Dale Cooper and John Verdett
0:59
Speaker 2: from Fourth Avenue Financial. Fires Down and.
1:02
Speaker 3: A very flu's a good morning to you. This is
1:05
Speaker 3: Monday morning here in the studio at five d W
1:08
Speaker 3: s HS the Voice of Charleston. I'd like to welcome
1:10
Speaker 3: in studio with us this morning. It is John Bredett
1:13
Speaker 3: with Fourth Avenue financials here. I discovered with Harvey Payton
1:16
Speaker 3: last week that when we leave these headphones in here
1:19
Speaker 3: on that Chris turns them off because the audio bleed
1:22
Speaker 3: out of them gets on to his broadcast. And so
1:25
Speaker 3: I need to remember to turn on your headphones every
1:27
Speaker 3: time you sit down. So I think we got it there.
1:28
Speaker 3: Now we're all good. That's John Bredet for Fourth Avenue Financial.
1:31
Speaker 3: More information online, It's fourth Avenue Financial dot com. Fourth
1:34
Speaker 3: Avenue Financial dot Com and John will be in here
1:36
Speaker 3: for the next forty minutes or so taking your phone calls.
1:39
Speaker 3: You can give us a call this morning standard number
1:41
Speaker 3: three zero four three three zero four three four five
1:43
Speaker 3: fifty eight fifty eight three zero four three four five
1:46
Speaker 3: fifty eight fifty eight. You can call in if you
1:47
Speaker 3: want to put John Burdett on your side on how
1:50
Speaker 3: you can navigate through the complexities of how you can
1:53
Speaker 3: retire right. A lot of headline level stuff going on
1:56
Speaker 3: in the world right now doesn't change much about the
1:58
Speaker 3: fundamentals about how you can reach hire right we're going
2:00
Speaker 3: to get into some of those things. We're going to
2:02
Speaker 3: try to set aside. We got to talk about the
2:03
Speaker 3: market a little bit, because that's what we always do,
2:05
Speaker 3: but then we're going to try to set aside some
2:06
Speaker 3: of that stuff and talk about the fundamental some of
2:09
Speaker 3: the things mistakes that folks make regardless of what the
2:12
Speaker 3: market is like, and some of the things.
2:13
Speaker 4: That you can do to address those issues.
2:15
Speaker 3: If that sounds like you, or an issue that you'd
2:17
Speaker 3: like to have resolved otherwise, you can give us a
2:18
Speaker 3: call this morning three four five fifty eight fifty eight.
2:20
Speaker 3: You can also text three zero four non three five
2:22
Speaker 3: five zero zero eight three zero four non three five
2:25
Speaker 3: five zero zero eight.
2:26
Speaker 4: So, John, how you doing this morning.
2:28
Speaker 3: I'm doing great. It's a beautiful day out there so far.
2:31
Speaker 3: I know we're supposed to get a litt rain a
2:32
Speaker 3: little bit later on today, I think, But man, it's.
2:34
Speaker 4: Really nice right now.
2:35
Speaker 5: Obfully nice right now.
2:36
Speaker 4: Yeah, for sure. Yeah.
2:37
Speaker 3: I'm a big fan of these sunny mornings and it's
2:40
Speaker 3: not super hot yet and it's just really nice nice.
2:43
Speaker 3: I know that that first morning when I walk out
2:45
Speaker 3: of the house at like seven point thirty or seven
2:47
Speaker 3: o'clock or something and you hit that wall of heat.
2:50
Speaker 3: I know that day is coming when you when you
2:51
Speaker 3: walk out and it's like, oh gosh, it's already that hot.
2:54
Speaker 4: I'm not complaining. I like the I like the heat.
2:56
Speaker 3: I'm just observing that that moment is coming very soon,
2:58
Speaker 3: and I like these cool mornings.
3:00
Speaker 5: Yes, And I'm just trying to wonder if this week,
3:03
Speaker 5: if my son will return from college before I have
3:06
Speaker 5: to cut the grass myself. That's when I'm I know,
3:10
Speaker 5: any take the over under on that one.
3:12
Speaker 3: I took every cloud yesterday to be like, oh, I
3:15
Speaker 3: can't mow the line. I mean, I was manifesting reasons
3:18
Speaker 3: not to mow the line. I really should have, but
3:20
Speaker 3: I didn't. It was a nice weekend of not doing
3:23
Speaker 3: a whole lot, to be honest with the idea one
3:25
Speaker 3: of those we've been busy. We've been you know, we've
3:27
Speaker 3: had in laws and Easters and birthdays and everything else.
3:31
Speaker 3: I've been having to move around quite a bit, so
3:32
Speaker 3: it was nice just to do things around the house
3:34
Speaker 3: and get things.
3:35
Speaker 4: Taken care of it.
3:36
Speaker 3: Anyway, we're here to talk about the financial business and
3:39
Speaker 3: how you can retire right.
3:40
Speaker 4: Lots of stuff going on.
3:41
Speaker 3: In the the financial space.
3:45
Speaker 4: I guess conflicting things.
3:46
Speaker 3: Like last week we hear the GDP shrunk, you know, which,
3:50
Speaker 3: leading up until this year, was supposed to be like
3:52
Speaker 3: the I mean like that was the thing that made
3:55
Speaker 3: everybody panic. You know, some of the people that used
3:59
Speaker 3: to panic at that now are very sage about what
4:01
Speaker 3: happens or that happens. It's funny how that happens. But
4:03
Speaker 3: then on the other side of the things, pretty decent
4:05
Speaker 3: week for some of the other markets, good earnings reports
4:08
Speaker 3: and things like that, So it's for decent.
4:09
Speaker 5: Yeah, the jobs report was strong, and he did the
4:13
Speaker 5: GDP report. I don't want to be one of those
4:15
Speaker 5: those guys, but you know, much of that was from
4:19
Speaker 5: the vast imports that were coming in as as companies
4:24
Speaker 5: were getting ready for the tariffs. So if you look
4:26
Speaker 5: underlying the consumer spending things like that inside the GDP number,
4:33
Speaker 5: it was pretty strong, and it would it would kind
4:36
Speaker 5: of give you the indication that once that trade imbalance
4:40
Speaker 5: settles out over the next quarter or two, that you know,
4:44
Speaker 5: underlying everything, the economy is still pretty good.
4:48
Speaker 3: Well, I guess what we hope for is there's nothing
4:50
Speaker 3: that's gonna knock down the pins that are under that
4:52
Speaker 3: are holding everything up. Like if as long as that
4:53
Speaker 3: underlying stuff is still strong, like we talked about last week,
4:56
Speaker 3: you could code switch into a no tariff environment tomorrow
5:00
Speaker 3: and suddenly everything would just boop, just pack up. There
5:03
Speaker 3: would be So that's sort of what is there some
5:05
Speaker 3: anticipation of some of that happening? You know, you keep
5:08
Speaker 3: on getting sort of the carrot on the stick from
5:10
Speaker 3: the administration. We're talking to people, we're talking to people,
5:12
Speaker 3: we're talking people. Is that the anticipation that people are
5:14
Speaker 3: kind of bubbling on right now?
5:16
Speaker 5: Well, the market seems to be believing that there will
5:19
Speaker 5: be some trade deals happening, and the I guess the
5:24
Speaker 5: acute pressure that the tariffs were placing on the markets,
5:29
Speaker 5: it seems to be being relieved as more moderation is
5:35
Speaker 5: being talked about. So we'll just see what happens. I mean,
5:38
Speaker 5: you know the thing about news and trying to trade
5:40
Speaker 5: off of news like this, one news story could change
5:44
Speaker 5: the whole perception.
5:45
Speaker 3: And we know that this administration likes to use the
5:47
Speaker 3: news to manipulate public perception and different things like that,
5:51
Speaker 3: and unfortunately the market kind of falls underneath that sometimes,
5:53
Speaker 3: right right.
5:54
Speaker 5: I'm still of the belief the longer that these things
5:57
Speaker 5: go on, the less and less the market will pay
5:59
Speaker 5: attention to the day to day news.
6:01
Speaker 3: Eventially figures out a way to bake it in, right, Like,
6:03
Speaker 3: eventually like a little bit here and there, a little
6:05
Speaker 3: bit there, like it gets kind of baked in.
6:06
Speaker 5: A little difficult because it's sporadic. But but you know,
6:10
Speaker 5: over time, you would think the market would take some
6:14
Speaker 5: of these things with a grain of salt.
6:16
Speaker 3: You probably have to have the deals, though, because they're
6:18
Speaker 3: starting to probably build in that a little bit, right,
6:20
Speaker 3: the anticipation that there's going to be deals. So you
6:22
Speaker 3: got to have some deals somewhere down.
6:23
Speaker 5: Absolutely, and I think there will be. Now how big
6:26
Speaker 5: they'll be and and you know how big the headline
6:30
Speaker 5: will be behind the actual deal, who knows, but.
6:33
Speaker 3: We know that we know the initial headline will be huge.
6:36
Speaker 3: But what's what's the the underlying details will be what
6:40
Speaker 3: goes into that. It's a fascinating time because as we
6:42
Speaker 3: talk about this, as we've done every week, the advice
6:45
Speaker 3: that you give out still among all of the other
6:49
Speaker 3: inconsistencies and volatility and stuff like that, the advice that
6:53
Speaker 3: you give out when's the day. I mean, I mean
6:55
Speaker 3: you can still track even within a short amount of time,
6:57
Speaker 3: or of course, if you want to go the long
6:59
Speaker 3: bend of the time that we've been doing this show.
7:02
Speaker 3: We talk about these headlines issues because we can't talk
7:05
Speaker 3: around them because they're out there. But the bottom line
7:07
Speaker 3: is follow your advice, do incorporate the best practices, live
7:13
Speaker 3: on less than what you earn, and save money.
7:15
Speaker 4: It's going to work. You're going to find a way
7:17
Speaker 4: through well.
7:17
Speaker 5: And also when you look at just the market this year,
7:20
Speaker 5: with all the volatility, with all the headlines, if you're
7:23
Speaker 5: in a diversified portfolio, if you're near retirement or in retirement,
7:27
Speaker 5: in a moderate style type portfolio, you are flat this year.
7:35
Speaker 5: You might be up a few points, you might be
7:37
Speaker 5: down a few points percentage points, but there has been
7:41
Speaker 5: no disaster.
7:42
Speaker 3: My HSA account. I have a little investment account that's
7:45
Speaker 3: attached to my HA account which has actually gotten to
7:47
Speaker 3: be fairly substantial suddenly just over the course of time.
7:50
Speaker 3: I haven't used it all that much, but anyway, it's up. Yeah,
7:53
Speaker 3: it's up. My overall four one K is not up
7:56
Speaker 3: my main main one, but it's close to flat. You're right,
7:59
Speaker 3: it's not not too far down, and my other ones' up.
8:01
Speaker 3: I couldn't believe it. I was looking at the other day's.
8:03
Speaker 4: Like what right.
8:04
Speaker 5: You know, if you're diversified and you have some international
8:06
Speaker 5: which has done very very well, you have a good
8:10
Speaker 5: mix of large cap, small cap, growth and value, have
8:15
Speaker 5: a little bit of fixed income mixed in, you know,
8:18
Speaker 5: you're not doing terribly. I mean, certainly, the headlines of
8:21
Speaker 5: what's been going on looks a whole lot worse than
8:25
Speaker 5: your statement does.
8:26
Speaker 4: I know.
8:26
Speaker 5: Now, if that's not the case for you, if you're
8:29
Speaker 5: in that retirement zone and you're down ten or fifteen percent,
8:33
Speaker 5: you know, then you may have an allocation problem. That's
8:36
Speaker 5: where you need to look at it. But truly, a
8:40
Speaker 5: balanced portfolio this year has weathered the storm very very well.
8:43
Speaker 3: I know three people in my life that's recently within
8:45
Speaker 3: the last few years have opted for retirement, and of
8:49
Speaker 3: the three, two of them went about retirement the like
8:54
Speaker 3: your way. I mean, basically, you know, basically that the
8:57
Speaker 3: poster child for doing retirement the right way. They're not
9:00
Speaker 3: feeling any pressure at all right now. The one person
9:02
Speaker 3: that is feeling pressure would be feeling pressure now regardless
9:05
Speaker 3: of what the other situations were, because it was mistakes
9:07
Speaker 3: made leading up to this point. It wasn't anything that's
9:10
Speaker 3: happened in the last six months or year that's that's effected.
9:12
Speaker 4: They're retirement.
9:13
Speaker 3: So that's anecdotally, but it proves that, I mean, it's
9:16
Speaker 3: fairly a large amount of people in my life just
9:18
Speaker 3: in the last short amount of time this shows to retire.
9:20
Speaker 3: It's absolutely true. I haven't heard a single peep as
9:23
Speaker 3: far as like even in casual conversation bringing things up
9:25
Speaker 3: or whatever. And and uh, two of them like they're
9:29
Speaker 3: they're kind of studies on each the end of the
9:30
Speaker 3: political spectrum too. No complaints, no complaints.
9:33
Speaker 5: They're doing fun, which you know, may be anecdotal evidence that, hey,
9:38
Speaker 5: the underlying economy is going to you know, the consumer
9:40
Speaker 5: is going to be continue to be healthy, and if
9:43
Speaker 5: we can get through this trade volatility and figure out
9:46
Speaker 5: what the what the endgame is, you know, we may
9:50
Speaker 5: we may be okay, Yeah, economy goes.
9:53
Speaker 3: It's always good to be empathetic to people and try
9:56
Speaker 3: to understand things. But when you start hearing our arguments
9:58
Speaker 3: like my four on one case down so I can't
10:00
Speaker 3: buy eggs today, you know that people are making kind
10:03
Speaker 3: of a bad faith argument because nobody is paying for
10:05
Speaker 3: eggs out of their four o one K. I mean,
10:07
Speaker 3: you don't. If you don't spend that money, you don't
10:09
Speaker 3: lose it. We've talked about that before. It's it's not
10:10
Speaker 3: that everything's great, and then you shouldn't have some trepidation
10:13
Speaker 3: if you if you have some personal issues, but don't
10:15
Speaker 3: get caught in this thing like, oh, I'm going to
10:17
Speaker 3: have a hard time making my car payment this month
10:18
Speaker 3: because my four to one K went down. Brother, if
10:20
Speaker 3: that's the way you're living, then we got problems in
10:22
Speaker 3: a way because that's not the way anything works. That's
10:24
Speaker 3: not the way anything works as far as that goes.
10:26
Speaker 3: I thought that you sent over as we kind of
10:28
Speaker 3: transition over to talk about some topics. You're welcome to
10:30
Speaker 3: give us a call this morning if you want to
10:31
Speaker 3: get in on the conversation. Three zero four three four
10:33
Speaker 3: five fifty eight fifty eight talk to John Bredet from
10:35
Speaker 3: Fourth Avenue Financial. We're going to talk about some money
10:37
Speaker 3: mistakes to avoid. Now, this will this will last. This
10:40
Speaker 3: will last you from from nineteen hundred until twenty one hundred.
10:44
Speaker 3: The last two hundred year period. You can apply these
10:46
Speaker 3: principles and they are always going to work because people
10:49
Speaker 3: always make mistakes with their money. They find out different things.
10:52
Speaker 3: So we're going to talk about a couple of these things.
10:53
Speaker 3: We're going to take a break, then we'll come back
10:54
Speaker 3: and kind of wrap up our conversation and hopefully incorporate
10:57
Speaker 3: some phone calls at three zero four three four five
10:59
Speaker 3: fifty eight fifty eight three zero four, three four five
11:01
Speaker 3: fifty eight fifty. Some of these things might seem rudimentary,
11:06
Speaker 3: but you have to start at the very beginning because
11:08
Speaker 3: some people, you got to state the obvious. Don't live
11:11
Speaker 3: above your means. Seems simple, right. I've known so many
11:14
Speaker 3: people that once you sit down and you explain to
11:16
Speaker 3: them you're living above your means, you're like, oh, I
11:19
Speaker 3: didn't even understand what that meant. I mean it's seriously
11:21
Speaker 3: an education point.
11:22
Speaker 5: Well absolutely. I mean if you look at the statistics
11:25
Speaker 5: about the number of Americans that are paycheck to paycheck
11:29
Speaker 5: or have huge amounts of credit card and consumer debt,
11:33
Speaker 5: I mean, that's what that means. You're living beyond your means.
11:37
Speaker 5: If you're borrowing money from tomorrow to pay for things,
11:41
Speaker 5: you're buying today, That by definition is you're living beyond
11:45
Speaker 5: your means. You're you're living beyond what your current production
11:49
Speaker 5: productivity will support, and you cannot be successful financially if
11:54
Speaker 5: you're consistently doing.
11:55
Speaker 3: That, and you can make mistakes early that get you
11:58
Speaker 3: started with that. You're still living at home. You can
12:00
Speaker 3: afford that credit card payment right now, so why not
12:02
Speaker 3: get that credit card to get the thing that you
12:04
Speaker 3: can't afford this very moment that you can get it
12:06
Speaker 3: on credit? And then suddenly now you have a credit
12:08
Speaker 3: card and that you've already bought something on that you're
12:10
Speaker 3: planning on paying off. You know, I mean, there's I know,
12:13
Speaker 3: there's an argument we made that having a credit card
12:16
Speaker 3: or building credit is not a bad thing. You need
12:18
Speaker 3: to find a balance in that. But you know, I
12:21
Speaker 3: know when I was growing up, it was always get
12:23
Speaker 3: your for me. I think my actual very first credit
12:26
Speaker 3: card that wasn't like a Visa MasterCard was a Sonoco
12:29
Speaker 3: credit card and it was my gas card. So the
12:31
Speaker 3: idea was supposed to be, I get my gas. I
12:32
Speaker 3: wanted every month, pay it off every month, and it
12:34
Speaker 3: builds up your credit. Of course, as a knucklehead eighteen
12:37
Speaker 3: year old or whatever. I would just buy my gas
12:39
Speaker 3: and pay the minimum and and that thing, you know,
12:42
Speaker 3: not great when you're not disciplined.
12:43
Speaker 5: Well, my good example, my son first year of college
12:48
Speaker 5: and he calls me up and say, hey, my professor.
12:51
Speaker 5: I think it was an economics or some kind of
12:54
Speaker 5: business professor. My professor said, I need to get a
12:57
Speaker 5: credit card. You need to get a credit card. Before
13:01
Speaker 5: you get a credit card, maybe you should get a job.
13:06
Speaker 5: How are you going to pay the credit card back
13:08
Speaker 5: if you get a credit card? You know, just things
13:11
Speaker 5: like that. I mean, it's almost second nature for people
13:16
Speaker 5: to live beyond their means by using consumer debt.
13:19
Speaker 3: And kind of to that point there you're talking about
13:22
Speaker 3: a son in college. I don't want to call it predatory,
13:24
Speaker 3: but there is a there is a marketing avenue to
13:28
Speaker 3: credit card companies where they allow for people without jobs
13:31
Speaker 3: to get credit cards, which are students. They lean into
13:35
Speaker 3: that a lot. Hey, free up your dormitory. You can
13:39
Speaker 3: get whatever the problem is is you're doing this thing
13:41
Speaker 3: either relying on mom and dad to pay it, your
13:43
Speaker 3: part time job that you have while you're in school
13:46
Speaker 3: trying to pay it off, or you're just not worried
13:47
Speaker 3: about the bill. I mean, there's no real good solution there.
13:50
Speaker 3: To be honest with you, there's not a great solution, right.
13:52
Speaker 5: Right, So you know, you don't need a credit card
13:55
Speaker 5: if you don't have a job.
13:57
Speaker 3: And then if we move beyond, you know, I don't
13:59
Speaker 3: want to be up on college kids too much because
14:01
Speaker 3: I've known plenty of adults that do this as well.
14:03
Speaker 3: You know, you talk about a beer budget with a
14:05
Speaker 3: champagne lifestyle, and that's kind of a funny little saying,
14:08
Speaker 3: but the truth of the matter is there's plenty of
14:10
Speaker 3: people that like to put on airs of being more
14:15
Speaker 3: well oft than what they actually are. The ironic thing
14:18
Speaker 3: being people that are absolutely wealthy. I saw this thing
14:20
Speaker 3: about I think it was a Jack Black at a
14:23
Speaker 3: Lakers game, right, and he was sitting beside there was
14:25
Speaker 3: some businessman who was moderately wealthy, you know. I mean,
14:27
Speaker 3: you're talking about a millionaire, but you're talking about a
14:29
Speaker 3: movie star that makes tens of millions of dollars and
14:31
Speaker 3: you know somebody that's worth probably hundreds of million dollars.
14:34
Speaker 3: He's in like a jersey that barely fits, it's like
14:36
Speaker 3: four times too big, wearing shorts, his beards all out
14:39
Speaker 3: to know where you would think he was a bomb
14:40
Speaker 3: off the street if you didn't know who he was.
14:42
Speaker 3: And here's the other guy next to him who people
14:44
Speaker 3: would look at and say, oh, well there's wealth, but
14:45
Speaker 3: the other guys.
14:46
Speaker 4: Like ten times more wealthy. Oh yeah.
14:48
Speaker 3: That's the ironic thing is that people that try to
14:50
Speaker 3: put on airs are really just satisfying themselves or kind
14:53
Speaker 3: of a mid level showmanship.
14:55
Speaker 5: Yeah. I've always heard that if you have a group
14:57
Speaker 5: of business people around the table and and you know,
15:01
Speaker 5: six of them are in suits and one is not
15:03
Speaker 5: in the suit, the one not in the suit is
15:05
Speaker 5: probably the guy in charge.
15:06
Speaker 4: Yeah.
15:06
Speaker 3: Yeah, I had the guy that owned the mortgage business
15:09
Speaker 3: that I used to be a manager of a good guy,
15:11
Speaker 3: but very wealthy. But also he'd be the kind of
15:14
Speaker 3: guy that would go buy a car in what he
15:17
Speaker 3: just addressed a deer in that morning, so he would
15:19
Speaker 3: have like deer guts all over him and like Camo
15:21
Speaker 3: or whatever. He'd walk into Literally I was seen him
15:23
Speaker 3: walk into like a Portia dealership dressed like that and
15:27
Speaker 3: walk across the street because nobody paid enough attention to
15:29
Speaker 3: him because they thought that he wasn't you know there
15:31
Speaker 3: with real money, and he went and paid cash across
15:33
Speaker 3: the street for whatever carding.
15:35
Speaker 2: You know.
15:35
Speaker 4: So, yeah, there's some really something too that.
15:37
Speaker 3: Not to get too long down that line, but I've
15:39
Speaker 3: personally witnessed this in my life where people are used
15:41
Speaker 3: to coming up. Maybe they grew up in a more
15:44
Speaker 3: well off lifestyle and so they grew up expecting that
15:47
Speaker 3: they get to their point where they're managing their own.
15:49
Speaker 4: Life and it's not quite that level.
15:51
Speaker 3: You know, it's okay that you don't have to necessarily
15:53
Speaker 3: achieve that, especially if you're a little younger and you're
15:55
Speaker 3: building towards something in your career. But yet they still
15:58
Speaker 3: continue to live like that. Maybe they take vacations to
16:01
Speaker 3: where everybody else in the family takes vacations. You can't
16:03
Speaker 3: really afford it, so you put it on the credit card.
16:04
Speaker 3: Whatever it might be.
16:05
Speaker 5: You got to work with the you know, Instagram lifestyle.
16:09
Speaker 4: Yeah, people, everything's a destination.
16:10
Speaker 5: Something in absolutely can can force you to live beyond
16:14
Speaker 5: your means or or encourage you to live beyond your means.
16:17
Speaker 5: You're certainly not forced to, but that is certainly number
16:22
Speaker 5: one as far as you'll never get anywhere in your
16:26
Speaker 5: financial life. Forget the investment return. Forget the markets. If
16:30
Speaker 5: you're violating that, you're going to be stuck in that.
16:34
Speaker 5: You know that that hamster wheel for for for life.
16:39
Speaker 4: And it's tough.
16:39
Speaker 3: Sometimes I've like caused some borderline fights in my personal
16:43
Speaker 3: life where I'm just like, we're not doing that. It's
16:45
Speaker 3: not within our means, you know, And it causes a
16:47
Speaker 3: little bit of trouble because I'm adamant about it's not
16:50
Speaker 3: something we're going to do, you know, no matter what
16:52
Speaker 3: way you talk about it, we're not doing it right.
16:55
Speaker 3: And sometimes that that causes a huge issue. But man,
16:59
Speaker 3: I mean, I know the numbers man, and we're not
17:01
Speaker 3: doing that without going to debt. And we're not going
17:03
Speaker 3: to debt for a vacation. It's not happening. You know,
17:06
Speaker 3: a medical emergency sometimes you got to do what you
17:08
Speaker 3: got to do or whatever it might be, not a
17:09
Speaker 3: vacation that is completely elective, right not to get on.
17:13
Speaker 5: There, because if you do it for a vacation, then
17:15
Speaker 5: you still have out the inevitable emergency, right you know,
17:19
Speaker 5: which you can't do both and.
17:22
Speaker 3: Which Let's get into that next and then we'll take
17:24
Speaker 3: a break and come back with more topics. Because the
17:26
Speaker 3: one thing that I have to admit in my life
17:28
Speaker 3: that maybe has changed. I won't say like drastically my
17:34
Speaker 3: ind scenario as far as retirement goes, but just the
17:37
Speaker 3: clearance that I have in my day to day life
17:39
Speaker 3: was finally been able to establish an emergency fund that
17:41
Speaker 3: I can keep funded. I've had to tap into it
17:44
Speaker 3: just since COVID, because I, like I had to spin
17:47
Speaker 3: down virtually everything during COVID. But I've got my emergency
17:49
Speaker 3: fund built back up to the point now where I've
17:51
Speaker 3: had a few occurrences come up within the last couple
17:54
Speaker 3: of years where just previously, man, you know, I would
17:57
Speaker 3: have had to pull some money from savings or do
17:58
Speaker 3: something like that to cover it. Having to do that
18:00
Speaker 3: right now, I mean we're not talking ten thousand dollars,
18:02
Speaker 3: but if I need a thousand dollars here or twelve
18:04
Speaker 3: hundred dollars there, I.
18:05
Speaker 4: Got it, you know.
18:06
Speaker 3: And man, that really I can't tell you how much
18:08
Speaker 3: that that really takes some of the pressure off the
18:10
Speaker 3: top when a plumbing issue comes up or something like that.
18:13
Speaker 5: I think the psychological value of having that emergency fund,
18:18
Speaker 5: it makes you better in all aspects of great financial life,
18:21
Speaker 5: even if your investing life is better if you have
18:24
Speaker 5: the emergency fund first, because you know, no matter what
18:27
Speaker 5: happens with the markets, for instance, you don't need to
18:31
Speaker 5: sell out. You've got your emergency fund. You know, those
18:33
Speaker 5: are long term investments. You've got your short term needs
18:36
Speaker 5: and met with that emergency fund. And you know, you've
18:40
Speaker 5: seen the articles most Americans can't come up with four
18:43
Speaker 5: hundred dollars. Yeah, you know if four hundred dollars, you know,
18:47
Speaker 5: barely buys a new tire.
18:48
Speaker 3: Yeah, anymore, that's hardly anything, right, And that amount that
18:51
Speaker 3: they have a hard time coming up with doesn't change.
18:54
Speaker 3: It's going to stay around four hundred dollars. And unfortunately,
18:56
Speaker 3: what four hundred dollars is going to be able to
18:57
Speaker 3: buy in the near future is going to be a
18:58
Speaker 3: lot less, you know, So that that's a really symmetry
19:02
Speaker 3: there to what people can make available to them and
19:05
Speaker 3: what they can apply to an emergency situation.
19:07
Speaker 5: I know, for me personally, when I had an emergency
19:09
Speaker 5: fund finally built up to where it needed to be,
19:12
Speaker 5: I mean, the weight that comes off your shoulders is amazing.
19:17
Speaker 5: I mean, I think that's the one factor in all
19:20
Speaker 5: the financial you know, guid Post that really is the
19:26
Speaker 5: is the life changer. If you have that in place
19:29
Speaker 5: everything else, it's it's much easier to get everything else
19:31
Speaker 5: to check the box off that you're doing those well too,
19:34
Speaker 5: because you're making all your decisions from a level of confidence.
19:39
Speaker 5: You know, I know that I can do this because
19:42
Speaker 5: I'm secure over here.
19:44
Speaker 3: Changes everything I have a My car is financed through
19:47
Speaker 3: a bank that I don't normally do any banking through
19:51
Speaker 3: it all. However, I do have an account there and
19:53
Speaker 3: I came up with this thing a couple of years
19:54
Speaker 3: ago when I when I got this new car at
19:56
Speaker 3: that because I don't have any access to that, I
19:58
Speaker 3: don't have a checking I mean, I could get on
20:00
Speaker 3: line if I had to. I can't even remember my
20:01
Speaker 3: password to it. So I had to look it up
20:03
Speaker 3: the other day. Because what I did do because I
20:05
Speaker 3: had the routing information for it, is all of this
20:07
Speaker 3: stuff that I need for my car, the taxes, yearly
20:10
Speaker 3: taxes and stuff like that. I just have a small
20:12
Speaker 3: fraction of my paycheck taking off every week and divert
20:14
Speaker 3: into that one little I don't even see that account.
20:16
Speaker 3: I have no idea what's in it. So when my
20:18
Speaker 3: taxes were due for me to get my registration stuff
20:21
Speaker 3: is here.
20:21
Speaker 4: It was there.
20:22
Speaker 3: I didn't have to worry about coming up with it
20:23
Speaker 3: wasn't that much money. It was just nice that, you know,
20:25
Speaker 3: I didn't have to write that check for a few
20:27
Speaker 3: hundred dollars this particular month and figure out how it
20:29
Speaker 3: goes in the budget. I just went to that other
20:30
Speaker 3: camp like, oh, hey, I did that already. I forgot
20:32
Speaker 3: it's right there. That's pretty cool, you know, when you
20:35
Speaker 3: think ahead of time. Yep, no doubt about it.
20:37
Speaker 5: So those you know living beyond your means, having the
20:40
Speaker 5: emergency fund, you know, three to six months worth of
20:42
Speaker 5: your living expenses is a good rule of thumb. That's
20:46
Speaker 5: not set in stone. If you have a job, for instance,
20:48
Speaker 5: that has variable pay, you probably need a little extra
20:51
Speaker 5: in your emergency fund because your budgeting is a much
20:56
Speaker 5: more difficult to do if you don't have a steady salary.
21:00
Speaker 5: Those are things to keep in mind. But I think
21:02
Speaker 5: if you if you get that, you'll be surprised how
21:06
Speaker 5: much that affects the rest of your financial life having
21:09
Speaker 5: that emergency fund in place.
21:10
Speaker 3: And when I worked in mortgages on commission, there were
21:13
Speaker 3: some months that I literally made twelve or fifteen thousand
21:17
Speaker 3: dollars in a month and then maybe three or four
21:21
Speaker 3: hundred dollars the next month. You know that it really
21:23
Speaker 3: can bound depend on budget together that way really very difficult,
21:27
Speaker 3: very difficult.
21:28
Speaker 5: That's why that extra cash on hand really can help
21:31
Speaker 5: you through that and smooth those edges off and and
21:35
Speaker 5: make you feel confident that, hey, next month is you
21:38
Speaker 5: know it's cyclical. Next month that's going.
21:40
Speaker 4: To come around.
21:41
Speaker 3: Yeah, Yeah, And don't act like that if you cash
21:43
Speaker 3: out and you know, get a ten grand paycheck one month,
21:45
Speaker 3: unless you're really good at your job and it's one
21:47
Speaker 3: hundred percent comission, does instily mean you're gonna make a
21:49
Speaker 3: hundred and twenty thousand dollars right.
21:52
Speaker 5: Yeah, don't pat your budget on your hot month.
21:54
Speaker 4: Yeah, you gotta make sure of that.
21:55
Speaker 3: Let's do this. Let's go ahead and take our break.
21:57
Speaker 3: When we come back. We saw plenty more that we're
21:58
Speaker 3: going to talk about today. We're going to get more
22:00
Speaker 3: into some of the top money mistakes that you can make.
22:03
Speaker 3: You know about those credit cards. Something else we want
22:04
Speaker 3: to talk about. Have you seen this thing when you
22:06
Speaker 3: check out even to buy groceries, you can like spread
22:08
Speaker 3: them out over four or five different payments. That sounds
22:10
Speaker 3: like a bad idea too. We're gonna talk about that
22:11
Speaker 3: when we come back, not having enough money for savings
22:15
Speaker 3: and not keeping things up properly in balanced. We're gonna
22:18
Speaker 3: talk about some of the top ten money mistakes that
22:20
Speaker 3: you need to avoid, and plus you can weigh in
22:22
Speaker 3: on the conversation as well. Maybe you have a mistake
22:24
Speaker 3: or something that you'd like to share, or you need
22:26
Speaker 3: some advice from John on how you can retire right
22:28
Speaker 3: and give us a call this morning. Three zero four
22:29
Speaker 3: three four two eight one three one three zero four
22:31
Speaker 3: three four two eight one three one. You can also
22:33
Speaker 3: text over any questions you have to three zero four
22:35
Speaker 3: non three five five zero zero eight. You're listening to
22:38
Speaker 3: a Retire Right Radio with John Bredett. I'm del Cooper.
22:40
Speaker 3: This is five adwc HS, the Voice of Charleston. Retire
22:43
Speaker 3: Right Radio was sponsored by Fourth Avenue Financial, which is
22:45
Speaker 3: solar responsible for its content. Security is offered through JW
22:48
Speaker 3: CALL Financial member Fenricipic Investment advice offered through JW CO Advisors.
22:52
Speaker 3: Fourth Avenue Financial, JW Call Financial and JW CO Advisors
22:55
Speaker 3: are unaffiliated entities. The opinions expressed by John Burdett should
22:59
Speaker 3: not be construed as specific investment, legal, or tax advice.
23:02
Speaker 3: All economic and performance information is historical and not indicative
23:05
Speaker 3: of future results. Investing may involve risk of loss of principle.
23:09
Speaker 3: Any tax advice on this show is not intended to
23:11
Speaker 3: be used by any person for the purpose of avoiding
23:13
Speaker 3: US federal or state tax penalties that may be imposed
23:16
Speaker 3: on such a person, and each listener should seek advice
23:18
Speaker 3: from their tax advisor or legal console on topics that
23:22
Speaker 3: arise from the show. John Burnett is not providing legal
23:24
Speaker 3: or tax advice. Nothing should be construed as solicitation of
23:27
Speaker 3: an offer to buy securities. This program is sponsored by
23:30
Speaker 3: Fourth Avenue Financial, which is solely responsible for its content.
23:33
Speaker 3: Reds Baseball on five eighty WCCHS.
23:37
Speaker 6: He swings and he hammers this to deep left center field.
23:41
Speaker 6: That's way back there.
23:42
Speaker 4: It's gone doel.
23:44
Speaker 6: V Marte launching one out of here at the left
23:46
Speaker 6: center swung on and hit art and deep.
23:49
Speaker 4: And high and bye bye.
23:52
Speaker 6: No doubt are off the ba of the left fielder
23:55
Speaker 6: Austin Hayes as he launches it right here.
23:57
Speaker 3: Find the Reds broadcast schedule at WCS network dot com.
24:01
Speaker 4: Slash Sports.
24:05
Speaker 7: These days, it's hard to tell what tech works or
24:07
Speaker 7: what to trust.
24:08
Speaker 2: I stay tech savvy with the digital.
24:10
Speaker 7: Goddess Kim Commando. Her insights keep me informed and ahead
24:14
Speaker 7: of the curve. She breaks down the latest gadgets, online scams,
24:17
Speaker 7: and privacy tips and plane English. She takes calls and
24:20
Speaker 7: explains the latest headlines your kids and grandkids are talking about.
24:24
Speaker 7: It's like having a tech expert in your corner every weekend.
24:28
Speaker 7: Keep up with the Kids, Saturday afternoons from ten to
24:30
Speaker 7: one on five eighty WHS.
24:33
Speaker 2: This is retire Rife Radio with John Burdett from Fourth
24:37
Speaker 2: Avenue Financial, taking your calls at three four three four
24:41
Speaker 2: five fifty eight fifty eight or texts on three oh
24:44
Speaker 2: four nine three five fifty oh eight.
25:00
Speaker 3: You're listening too, We're sorry right Radio five ADWCHS the
25:03
Speaker 3: voice of Charles and Nom del Cooper. Thanks for tuning
25:05
Speaker 3: in on this Monday morning. John Bredad is in studio
25:08
Speaker 3: with us.
25:08
Speaker 4: This morning.
25:08
Speaker 3: We're talking about top ten money mistakes or top Money's
25:11
Speaker 3: mistakes that you can make regardless of what the headlines
25:14
Speaker 3: are telling you about everything else. These these persist over
25:18
Speaker 3: I mean decades, eons, really I mean, if you go
25:20
Speaker 3: back to money changers, you can probably figure out ways
25:24
Speaker 3: that if you don't live above your means, you're going
25:26
Speaker 3: to find ways to save money towards the end. And
25:29
Speaker 3: so we're talking about some of those things this morning.
25:32
Speaker 3: Checked off the boxes. You can give us a call.
25:34
Speaker 3: We still have Tom left a few minutes left in
25:35
Speaker 3: the program. Three zero four three four five fifty eight
25:38
Speaker 3: fifty eight. Three zero four, three four five fifty eight
25:40
Speaker 3: fifty eight. You can text over any questions you have
25:42
Speaker 3: to three zero four non three five five zero zero eight.
25:44
Speaker 3: I'll check the text line here in just a second.
25:46
Speaker 3: Haven't done that in well? Three zero four non three
25:47
Speaker 3: five five zero zero eight. Few of the things that
25:49
Speaker 3: we were talking about was not having an emergency fund,
25:52
Speaker 3: living beyond your means and uh and I wanted to
25:56
Speaker 3: talk a little bit about high interest rate credit cards.
25:59
Speaker 3: I think the credit cards thing. I mean, obviously, in
26:01
Speaker 3: today's environment, those interest rates are crippling. I don't carry
26:05
Speaker 3: balance on any cards. Yeah, it's it's ridiculous. And if
26:09
Speaker 3: you're into that space where you're like putting things on
26:12
Speaker 3: your credit card to finance a life, like groceries or
26:15
Speaker 3: or something like that, that is not great because that
26:19
Speaker 3: that's gonna that's gonna cost you a lot of money.
26:21
Speaker 3: And not only do you have these traditional credit cards
26:24
Speaker 3: that that have really high interest rates. And then you know,
26:28
Speaker 3: relatively recently within the last few decades, we've known about
26:31
Speaker 3: the payday loan places, so obviously those are also very
26:34
Speaker 3: bad deals. You know, Uh, man, ask a friend or
26:36
Speaker 3: something like, don't don't go to one of these places
26:38
Speaker 3: and get into I don't even know what the interest
26:40
Speaker 3: is on there.
26:40
Speaker 5: They're like, I don't know, that's ridiculous. You drive through
26:43
Speaker 5: town and if you see those places, you're you're probably
26:48
Speaker 5: in the wrong side of Yeah, yeah, I mean they
26:51
Speaker 5: prey on uh, you know, folks that are are you know,
26:56
Speaker 5: not in a good spot to begin with. And then
26:58
Speaker 5: once you get sucked into that, I mean, it's just
27:02
Speaker 5: it's hard to get out.
27:03
Speaker 3: And what's sad is some people just use them as
27:04
Speaker 3: a bank, like they don't even really need their services,
27:06
Speaker 3: but they just don't have a regular bank account, so
27:08
Speaker 3: they'll go do it so they can cast their checks
27:10
Speaker 3: and pay pay a premium to get their checks cash
27:12
Speaker 3: and stuff.
27:12
Speaker 4: It's really you know, and.
27:13
Speaker 5: With these high interest rates on these things, it's you know,
27:16
Speaker 5: sometimes you see people that are saving for their retirement
27:22
Speaker 5: and yet paying thirty percent interest on that right on.
27:26
Speaker 5: You know, credit cards, you'll never out earn thirty percent interest.
27:31
Speaker 5: You know, it is an emergency to pay the credit
27:34
Speaker 5: card debt off. If you're paying those type of interest rates,
27:36
Speaker 5: you won't out earn it in your investment.
27:38
Speaker 3: Yeah, don't pretend like, hey, I can still save and
27:40
Speaker 3: at the same time carry this balance in this card.
27:42
Speaker 5: Get You're never going to do it is to get
27:44
Speaker 5: rid of that debt.
27:45
Speaker 4: Yeah.
27:45
Speaker 3: I even remember I tried playing before I realize you
27:48
Speaker 3: just have to try to pay everything off. I even tried,
27:50
Speaker 3: like the thing, I'll attash an extra fifty dollars over
27:53
Speaker 3: the minimum payment due or you know, you never can
27:56
Speaker 3: catch up with it. I mean you really have to
27:58
Speaker 3: if you don't, especially if are still using it. Yeah,
28:01
Speaker 3: that's the caring, right.
28:02
Speaker 5: Yeah, you know, because you're paying the extra, but then
28:04
Speaker 5: you're also consuming more on the card, so you really
28:07
Speaker 5: didn't pay any extra. You just shifted money around. It's
28:12
Speaker 5: like a vicious cycle. You know, you're not paying extra
28:16
Speaker 5: if you're also borrowing at the same time.
28:18
Speaker 3: I hate to do anecdotally and I hate to be
28:20
Speaker 3: beat up on kids, but this is just such a
28:22
Speaker 3: great example of this. I had a young girl that
28:24
Speaker 3: worked for me with the last previous job that I have,
28:27
Speaker 3: and just as an older manager, you know, she would
28:30
Speaker 3: come in and talk about things, and we would discuss
28:32
Speaker 3: things that everyone So I never tried to give any
28:33
Speaker 3: real advice because I don't know anybody's life or an
28:35
Speaker 3: expert in anything. But she would just share frustrations or
28:37
Speaker 3: different things like that. So her parents got really mad
28:39
Speaker 3: at her. She was an intern that was trying to
28:41
Speaker 3: convert into a full time job, so she had just graduated,
28:44
Speaker 3: and her parents were really mad at her at one
28:48
Speaker 3: particular time, and she came in the office one morning
28:50
Speaker 3: was really upset that her parents were mad at her.
28:52
Speaker 3: And I was like, well, you know, what's going on,
28:54
Speaker 3: what's happening, And so she tells me like her dad
28:57
Speaker 3: was really mad at her for being irresponsible, and irresponsibly came.
29:01
Speaker 3: Irresponsibility came from she had a credit card that her
29:04
Speaker 3: parents gave her when she went to college. She was
29:05
Speaker 3: supposed to pay it every month. Her thought was paying
29:07
Speaker 3: it every month was whatever they sent you as the
29:10
Speaker 3: amount do was the amount that you had to pay
29:12
Speaker 3: every month. So she was like, I pay nineteen dollars
29:14
Speaker 3: a month, ye, you know, whatever, it was, right, But
29:17
Speaker 3: what she did is that credit card all she used
29:19
Speaker 3: it for. Dad told me just to use it every
29:20
Speaker 3: day for a little bit and then pay it off
29:22
Speaker 3: every month. Well, she used it for a coffee every
29:24
Speaker 3: single day, and one of those like Starbucks nine dollars
29:27
Speaker 3: coffees or whatever. So at the end of her run
29:31
Speaker 3: as a student, she had thousands of dollars on this
29:34
Speaker 3: credit card that she was just paid in the minimum
29:36
Speaker 3: amount on that Mom and dad didn't know anything about
29:38
Speaker 3: until she was graduating, and she had a huge debt
29:41
Speaker 3: that was literally nothing but coffee and whatever she would
29:44
Speaker 3: get at the coffee store down the street, you know,
29:46
Speaker 3: coffee or a little snack or whatever it was. But
29:48
Speaker 3: I mean, that's the type of thing that if you
29:49
Speaker 3: don't think about it, and if you're not doing it right,
29:51
Speaker 3: suddenly you're in debt. And it's ridiculous the amount that
29:53
Speaker 3: you have to pay off to get out from under it.
29:55
Speaker 5: Right, And and there again that is it's not really
30:00
Speaker 5: something that she intentionally did, right, Yeah, she just didn't
30:02
Speaker 5: know any better, right, And.
30:04
Speaker 4: Maybe it was silly. But I mean when you're a
30:06
Speaker 4: young kid, I mean, you know.
30:07
Speaker 5: Right right, I mean, if you logically think it through,
30:10
Speaker 5: it's like, well, wait a second, I'm spending five dollars
30:12
Speaker 5: a day on coffee and twenty dollars a month. Probably
30:16
Speaker 5: I'm not paying enough on that. But you know you
30:18
Speaker 5: canto logically. But you know, first time out there, first
30:22
Speaker 5: credit card, maybe you don't know the difference. But that
30:25
Speaker 5: that's why those things are so dangerous, right, you know
30:29
Speaker 5: that you just creep into it. And like you say,
30:31
Speaker 5: even if you think you're paying more, if you're still charging,
30:34
Speaker 5: you're just shifting money from one pocket to the other.
30:37
Speaker 5: You're not making any progress.
30:40
Speaker 3: And there's all types of things and and kind of
30:42
Speaker 3: things that can help give you some peace of mind. Definitely,
30:45
Speaker 3: you don't want to let those those credit cards trap you.
30:48
Speaker 3: I wanted to mention too, this thing that you see
30:50
Speaker 3: now anytime, you know, my wife and I will use
30:53
Speaker 3: the Kroger click list fairly often now about time every
30:56
Speaker 3: other time we go to the store. It's easy, you
30:58
Speaker 3: click it, you go get it and pick it up.
31:01
Speaker 3: But now I see there or if you're picking some
31:04
Speaker 3: wherever you shop at basically when you check out, you
31:07
Speaker 3: have these different services now where you can break that
31:10
Speaker 3: payment down over certain amounts of times. It's like interest
31:13
Speaker 3: free for fee free or whatever it is, and you
31:15
Speaker 3: can take and sometimes it's like, here's your fifty dollars
31:18
Speaker 3: grocery your grocery bill.
31:20
Speaker 4: Split it over.
31:21
Speaker 3: Four payments, and it's like, why am I splitting fifty
31:24
Speaker 3: dollars over four payments?
31:25
Speaker 4: Number one?
31:26
Speaker 3: And of course it was four or five hundred dollars.
31:28
Speaker 3: Somebody might be tended to do it, but those are
31:29
Speaker 3: bad news too, because I don't know exactly how it works,
31:34
Speaker 3: but I'm pretty sure, like you have to make the
31:35
Speaker 3: payment every single week to pay a bike, and if
31:38
Speaker 3: you're like a day or an hour later or something
31:39
Speaker 3: like that, that's when you start getting fees that are
31:41
Speaker 3: trapped on top of everything.
31:42
Speaker 5: Yeah, I mean that. That's one of my rookie mistakes
31:45
Speaker 5: that I bought a washer and dryer at Sears when
31:49
Speaker 5: I first, you know, got my first place, and it
31:52
Speaker 5: was the six month or one year same as same
31:55
Speaker 5: as cash, and by golly, I missed that a couple
31:59
Speaker 5: of days, and you know, I paid like triple for
32:01
Speaker 5: the right for the washer and dryer. I mean, you
32:03
Speaker 5: know these these companies, Yes, they can be convenient to use,
32:09
Speaker 5: but they're not doing it out of the kindness of
32:12
Speaker 5: their heart. They're making money. Their goal is to make
32:15
Speaker 5: money off of off of you.
32:17
Speaker 3: Yeah, it does it make sense for ABC financial institution
32:20
Speaker 3: to say, what you're trying about two hundred dollars worth
32:22
Speaker 3: of groceries here, let me give you two hundred dollars.
32:24
Speaker 3: You can pay it back to me fifty dollars at a
32:26
Speaker 3: time over four weeks. We're good, right, Why would they
32:29
Speaker 3: do that? Exactly right?
32:30
Speaker 5: You know there's a reason behind it because enough people
32:34
Speaker 5: probably pay four hundred dollars for the two hundred dollars
32:37
Speaker 5: worth of groceries that it makes financial sense for them
32:39
Speaker 5: to do that.
32:40
Speaker 3: Yeah, right to So you got to be careful of
32:41
Speaker 3: all these different things you might think that they're It's
32:43
Speaker 3: kind of like playing one of those mobile games. It's
32:45
Speaker 3: like it's free and then you get it and there's
32:47
Speaker 3: like a million different things that you have to buy
32:49
Speaker 3: to continue playing the game. Sure you can get it
32:50
Speaker 3: for free, but you got to keep on buying to
32:52
Speaker 3: continue playing the game. You also should have some plans
32:56
Speaker 3: for retirement if you're able to to retire earlier if
33:01
Speaker 3: you have a full plan that's in place. You shouldn't
33:04
Speaker 3: just necessarily be shooting for that age sixty seven or
33:07
Speaker 3: whatever your retirement age is going to be. You can
33:09
Speaker 3: have some plans in place so maybe you can fund
33:12
Speaker 3: something a little extra if the opportunity comes for you
33:14
Speaker 3: to take an early retire or something like that. It
33:15
Speaker 3: shouldn't be off the table for you.
33:17
Speaker 5: Oh absolutely. I mean, it's your life and you can
33:20
Speaker 5: make happen whatever you want to make happen. You know
33:22
Speaker 5: a lot of folks I have a try to have
33:27
Speaker 5: a mindset where anything is possible. You know, if you
33:30
Speaker 5: if you see somebody doing something, if you see something
33:32
Speaker 5: that other people have or own, well they're just people too.
33:39
Speaker 5: They've made it happen someway. So you know, you can
33:42
Speaker 5: go after whatever goal you want to have. You just
33:44
Speaker 5: have to make a concerted effort to do that and
33:47
Speaker 5: figure out what it's actually going to take and not
33:49
Speaker 5: try to stretch ahead and make those things a reality
33:54
Speaker 5: before you're financially ready. So it just takes planning. But
33:57
Speaker 5: everything you can imagine is possible for for you to
34:00
Speaker 5: do if you put the right plan in place.
34:02
Speaker 3: That's kind of hard for people to wrap their head around,
34:05
Speaker 3: but I think that is very true. I mean it
34:07
Speaker 3: might take you know, there's always an X factor of time,
34:10
Speaker 3: but other than that, pretty much anything that you set
34:13
Speaker 3: your sights on with it. I mean, maybe you can't
34:15
Speaker 3: build a space level elevator before you right or so,
34:17
Speaker 3: you know, but anything that's within the realm of possibility
34:20
Speaker 3: that you want to achieve, if you do it right,
34:22
Speaker 3: you're gonna achieve you can you can't achieve it.
34:25
Speaker 5: I mean, you know, you might set out and say, hey,
34:26
Speaker 5: I want to own the Empire State Building. Well you're
34:29
Speaker 5: probably not tomorrow going to go buy the Empire State Building,
34:32
Speaker 5: but you could put a plan in place. Well what
34:34
Speaker 5: would it take for somebody that owns something like that, Well,
34:37
Speaker 5: you probably have to have experience with owning property, you
34:40
Speaker 5: probably have experience with managing. You start putting those things
34:43
Speaker 5: in place, and it might take you ten years or
34:45
Speaker 5: twenty years, but you know, then those things become possible
34:49
Speaker 5: because you planned and made it possible. And certainly if
34:53
Speaker 5: you can plan and do that with a little work,
34:56
Speaker 5: you can also plan for a retirement or a vacation home.
34:59
Speaker 5: It makes a lot all of those things you want
35:01
Speaker 5: to have.
35:01
Speaker 3: That makes a lot of sense moving down through the
35:03
Speaker 3: list your JOMA debt for Fourth Avenue Financial. More information
35:05
Speaker 3: online Fourth Avenue Financial dot com. Fourth Avenue Financial dot
35:08
Speaker 3: Com located one seventy Court Street, downtown Charleston. I'll get
35:10
Speaker 3: you to the rest of their information before we get
35:12
Speaker 3: out of here today. A couple of other things I
35:13
Speaker 3: wanted to touch one just about about a minute half left,
35:16
Speaker 3: So let me pick one of these things. Let's go
35:18
Speaker 3: with buying too much house or car. I think that
35:22
Speaker 3: that's a pretty common one that folks need to pay
35:24
Speaker 3: attention to, especially if you come into some money at
35:27
Speaker 3: first and then you think, hey, I can buy so
35:29
Speaker 3: much house. You really have to budget it as if
35:32
Speaker 3: you were just making your money.
35:33
Speaker 5: Yes, I mean, car payments are the number one reason
35:36
Speaker 5: that people don't have the money to save for their
35:38
Speaker 5: future goals. But buying a house sometimes gets people too,
35:42
Speaker 5: because it has been ingrained in you that your home
35:45
Speaker 5: is an asset, and your house is really also a liability.
35:50
Speaker 5: It's not a pure asset. An apartment building is an asset.
35:54
Speaker 5: It pays you. Those those folks that are in there
35:56
Speaker 5: pay you your insurance and maintenance and all of those things.
36:01
Speaker 5: When you own a home, you're responsible for all that
36:04
Speaker 5: yourself out of your own budget. And so if you
36:07
Speaker 5: stretch for the house, all those ancillary payments also are
36:11
Speaker 5: increasing along with that, and those things, just like the
36:15
Speaker 5: car payment, sap your ability to make productive investments for
36:19
Speaker 5: the future.
36:20
Speaker 4: Yeah.
36:20
Speaker 3: I just think about the tax bill as it goes
36:22
Speaker 3: up on that house that you may be overexpended on,
36:25
Speaker 3: or even something like plumbing down the line or something.
36:27
Speaker 3: You know, if you overspend on the house a lot
36:29
Speaker 3: of plumbing, you know, you get that four thousand square
36:31
Speaker 3: foot house or whatever it might be. John Bredet, Fourth
36:33
Speaker 3: Avenue Financial, thanks so much for the sage advice again
36:35
Speaker 3: that they really appreciated a lot of good stuff.
36:36
Speaker 4: All right, take care.
36:37
Speaker 3: That's John Bredett for Fourth Avenue Financial Online. Fourth Avenue
36:40
Speaker 3: Financial dot com. Fourth Avenue Financial dot Com located one
36:43
Speaker 3: seventy Court Street, Downtown Charles and their phone number three
36:45
Speaker 3: zero four seven four six seven don seven seven three
36:47
Speaker 3: zero four seven four six seven non seven summer seven
36:50
Speaker 3: nine seven seven is how you can get a Fourth
36:52
Speaker 3: Avenue Financial once again. Three zero four seven and four
36:54
Speaker 3: six seven don seven seven fourth Avenue Financial dot Com.
36:57
Speaker 3: Coming up next Dave Allen and five eighty Line, followed
37:00
Speaker 3: by Dave Wilson and TJ on talk Line. I'll be
37:02
Speaker 3: back this afternoon at three oh six on Hotline with
37:05
Speaker 3: Dave Weekly. Have a great day everyone. On five ad
37:06
Speaker 3: w c HS. We are the voice of Charleston.
37:14
Speaker 2: Five ed w c HSA ninety six point five in
37:16
Speaker 2: Charleston one oh four point five cross Legs WVRC Media Station.
37:22
Speaker 2: We're proud to live here too,