Latest / WCHS Network Podcasts / 05/18/2026 Retire Right Radio with John Burdette

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05/18/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 1: The views and opinions expressed on this program do not
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Speaker 1: necessarily reflect the views and opinions of five ADWCHS, its
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Speaker 1: employees or WVRC Media. This is retire Right Radio, a
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Speaker 1: weekly show from John Verdet at Fourth Avenue Financial that
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Speaker 1: aims to answer your questions about financial planning, investing, and
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Speaker 1: how to retire right. Fourth Avenue Financial is located in
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Speaker 1: downtown Charleston at one seventy Court Street. More information online
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Speaker 1: at fourth Avenue Financial dot com. Join the conversation by
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Speaker 1: calling three oh four three four five fifty eight fifty
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Speaker 1: eight or text three oh four nine three five fifty
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Speaker 1: oh eight On retire Right Radio, Let's go lide to
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Speaker 1: the studio with host Dale Cooper and John Verdett from
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Speaker 1: Fourth Avenue Financial.
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Speaker 2: Jost, Hey there, welcome to the program. We're back.
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Speaker 3: It is retire Right Radio one five ADWCHS, the voice
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Speaker 3: of Charleston once again coming from some new digs. Now
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Speaker 3: we're in our This is going to be more or
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Speaker 3: less the studio that we use for now. We were
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Speaker 3: in a new temporary studio for a while. Now we're
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Speaker 3: in a new new studio and it's pretty good. John,
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Speaker 3: how are you doing this morning, if I could figure
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Speaker 3: out the Mike configuration that is Mike three three three
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Speaker 3: three not two three.
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Speaker 4: Last week I didn't have enough volume on mine. But yeah,
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Speaker 4: that's we were good this week. Yeah, that's what some
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Speaker 4: folks said. So we're hoping to Oh what was that? Yeah,
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Speaker 4: my monitor just became unplugged. That was awesome.
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Speaker 2: Hopefully it comes back.
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Speaker 3: You're listening to five ADWCHS the Voice of Charleston. I'm
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Speaker 3: Del Cooper and thanks for tuning in on this this
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Speaker 3: Monday morning.
1:31
Speaker 2: This is retire Right Radio.
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Speaker 3: John Bredet is here with us this morning and taking
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Speaker 3: your phone calls and any questions that you have about Hell.
1:38
Speaker 3: You can retire right. You can text three zero four
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Speaker 3: eight two five five three zero four that's three zero
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Speaker 3: four talk three zero four, or you can get ahold
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Speaker 3: of us online the or phone call. I mean threes
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Speaker 3: are four three four five fifteen fifty eight three zero
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Speaker 3: four three four five fifty to fifteen.
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Speaker 2: How are you doing today, John?
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Speaker 4: I can't complain at all. It's nice, nice weekend. I
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Speaker 4: got a lot of good garage work done.
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Speaker 3: You know, I got that was one of my big
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Speaker 3: things this weekend too, not so much garage work, but
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Speaker 3: just all the the like the little trims around the
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Speaker 3: edges of the house and plus the yard work.
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Speaker 2: And it was nice. It was nice.
2:12
Speaker 3: It was a good weekend to get that stuff done.
2:14
Speaker 3: And I was really busy last week. It was I
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Speaker 3: was covering for Dave Weekly during the afternoon. So I'll
2:19
Speaker 3: be honest, when I do that show, I kind of
2:21
Speaker 3: miss out on like like future forecasts and like I
2:24
Speaker 3: go into the weekend, I'm like, man, I have no
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Speaker 3: idea what this weekend was supposed to be. Well on Friday,
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Speaker 3: it was supposed to rain on Saturday and Sunday, at
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Speaker 3: least that was the forecast. And it rained just a
2:31
Speaker 3: little on Saturday and that was it. It ended it'll
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Speaker 3: be in a beautiful weekend.
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Speaker 4: Rained enough to water the grass I put out.
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Speaker 2: Yeah, pretty much.
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Speaker 3: My understanding is that today's will be very hot though,
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Speaker 3: and uh, and not much rain or anything like that.
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Speaker 3: So we go straight from you know, kind of chili
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Speaker 3: and it's man, it's kind of chilly for spring to Wow,
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Speaker 3: it's one hundred degrees today.
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Speaker 2: Nice. Yeah.
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Speaker 4: I was up in Louisbourg on Thursday and I thought
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Speaker 4: it was gonna snow. It was so cold. I mean,
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Speaker 4: it was just cold up there.
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Speaker 2: That's incredible.
3:00
Speaker 3: But if you want to find out more about Fourth
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Speaker 3: Avenue Financial, you can go in line. It's Fourth Avenue
3:03
Speaker 3: Financial dot com. Fourth Avenue Financial dot com. You spell
3:05
Speaker 3: out the whole thing. You can find it online or
3:07
Speaker 3: on Facebook where you can do that search and like
3:09
Speaker 3: the page be kept up to dated all kinds of
3:11
Speaker 3: things that's going on over at Fourth Avenue Financial. Of course,
3:14
Speaker 3: every week John comes on the program to talk about
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Speaker 3: what's going on and how you can plan for your retirement,
3:20
Speaker 3: wade through all of the headline mess and things that
3:23
Speaker 3: we get into. And I guess if we were to
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Speaker 3: take a look back to next week, kind of an
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Speaker 3: odd week, Thursday things looked great. Friday things kind of
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Speaker 3: gave back a little bit. But that's just how it's been.
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Speaker 4: You know, when you hear point swings of four or
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Speaker 4: five hundred points, that's really not much, not much anymore
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Speaker 4: when when the Dow is a fifty thousand. So I mean,
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Speaker 4: certainly there was some give back, but you know, we
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Speaker 4: did eclipse fifty thousand again last week and promptly gave
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Speaker 4: it back. So we'll see what this week brings, you know,
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Speaker 4: things are still pretty good as far as earnings go.
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Speaker 4: You know, the inflation is is something that back back
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Speaker 4: in the headlines, and I guess the longer the oil
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Speaker 4: prices stay elevated, there's gonna be some pressure from that,
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Speaker 4: But overall the economy seems to be resilient. Earnings are
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Speaker 4: actually growing faster than actually they've grown lately, faster than
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Speaker 4: stock prices have, so you know that's a good thing.
4:24
Speaker 4: But you know, we'll see how it goes. In the
4:29
Speaker 4: back of my mind, I keep thinking, you know, something's
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Speaker 4: going to happen, this thing in Iran, it's going to
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Speaker 4: have to come to a head before long. The oil futures,
4:39
Speaker 4: you know, the markets that are trading future contracts for oil,
4:43
Speaker 4: that sort of thing, has it by the end of
4:46
Speaker 4: the year back down around eighty dollars a barrel. So
4:51
Speaker 4: the market believes there's going to be some kind of
4:53
Speaker 4: a one way or another, a resolution, And of course
4:59
Speaker 4: the uh, you know, no one really, no one looks
5:05
Speaker 4: at the election calendar to decide why would they ever
5:10
Speaker 4: do that. But there isn't a midterm election coming up,
5:13
Speaker 4: and that I think would argue for something coming to
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Speaker 4: a head before long as well.
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Speaker 3: My understanding is that there's I'm not an expert, is
5:21
Speaker 3: but there was some tipping point with oil in the
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Speaker 3: weeks or months out that when we cross a certain threshold,
5:28
Speaker 3: that that's basically things look more dire from that point,
5:32
Speaker 3: like we're waiting for whatever that date is. Of course,
5:34
Speaker 3: I've heard that date a few times already, so I'm
5:35
Speaker 3: not sure we're people.
5:36
Speaker 4: Well, we also heard the date of well, they're out
5:38
Speaker 4: of storage in Iran and you know, what are they
5:40
Speaker 4: going to do?
5:41
Speaker 2: Yeah? Right, you know, let's just figure it out.
5:44
Speaker 3: Yeah. I would like to see this turn to get
5:46
Speaker 3: over with because it just seems like that we're just
5:48
Speaker 3: turning in the.
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Speaker 2: Middle of a war for no. I mean, I don't
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Speaker 2: know that.
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Speaker 3: Whatever the reasons are, but I would rather personally, I
5:54
Speaker 3: would rather see it as come through the other end
5:56
Speaker 3: of it. But it's nice you talked about with closing
5:59
Speaker 3: on Friday, I think the SMP closed at an all
6:02
Speaker 3: time record high, well over seventy five hundred for the
6:04
Speaker 3: first time, and then the NASTAC hit a close of
6:06
Speaker 3: twenty six twenty six, six thirty five. So I mean,
6:09
Speaker 3: all these things like you said, they I mean, the
6:11
Speaker 3: the indicators are all there. Of course, there's going to
6:13
Speaker 3: be you know, a little bit of headline wobble, but
6:17
Speaker 3: all of the indicators are there there, There are the
6:21
Speaker 3: it looks like that, like for interest rates and things
6:24
Speaker 3: like that. We're gonna have to wait as far as
6:25
Speaker 3: that goes. That's not necessarily as it was guaranteed at
6:30
Speaker 3: one point in time. Now we're waiting to see what's
6:31
Speaker 3: gonna happen.
6:32
Speaker 4: Yeah, I can go back to shows even earlier this year,
6:36
Speaker 4: you know, back then the bond market and there again
6:40
Speaker 4: the futures and things of that nature. We're pricing in
6:44
Speaker 4: at that time three or four rate cuts this year,
6:48
Speaker 4: and now we're probably looking at zero. And there are
6:51
Speaker 4: actually some people that say maybe the next move is
6:55
Speaker 4: higher interest rates.
6:57
Speaker 2: I don't know.
6:58
Speaker 4: I think I think the bar is pretty pretty hot
7:00
Speaker 4: raise rates. But uh, but we'll see. I mean, there again,
7:04
Speaker 4: it's it's it's all about inflation and how you know,
7:09
Speaker 4: how how all that passes through the economy.
7:12
Speaker 3: It's uh, it certainly can be a bit interesting out there.
7:16
Speaker 3: But the bottom line is is, once again we talk
7:19
Speaker 3: about all these different things, and I think to the
7:21
Speaker 3: primary drivers right now when the chatter is, of course
7:24
Speaker 3: what's going on, and I ran in the straight of
7:26
Speaker 3: horror moves and and uh.
7:28
Speaker 2: And all of that.
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Speaker 3: But also there's the the you know, the artifical official
7:31
Speaker 3: intelligence question. And it seems to me like over the
7:34
Speaker 3: course of time that we've been doing this show, I
7:36
Speaker 3: mean we and you've been covering the investments in artificial
7:39
Speaker 3: investment and talking about that, it seems like to me
7:41
Speaker 3: anyway that we're starting to arrive at a more healthy
7:44
Speaker 3: place with this. I mean, sure, it's still sort of
7:46
Speaker 3: the backbone, it's still making money, but there's some healthy
7:48
Speaker 3: skepticism that's being involved in that. Some companies are like, well,
7:51
Speaker 3: wait a minute, are we doing all the right things here?
7:53
Speaker 3: People are taking a view of these things, and that's
7:54
Speaker 3: what you would expect to happen, right as people as
7:57
Speaker 3: maybe people were over their skis a little bit with
8:00
Speaker 3: this stuff, and people start to dial back a little
8:02
Speaker 3: bit take a look at things, some portions of the
8:04
Speaker 3: sectors are going to take off. You know, when we
8:05
Speaker 3: start talking about some of these private relationships, government relationships,
8:08
Speaker 3: things like that, there's not much you can do about that.
8:10
Speaker 3: But when you look at like the front facing stuff
8:12
Speaker 3: of what's facing consumers, there's a lot of hesitancy suddenly
8:16
Speaker 3: on the on on the all in on AI and
8:19
Speaker 3: I think that that's starting to balance things out just
8:21
Speaker 3: a little bit.
8:22
Speaker 4: Well, certainly the market has broadened a little bit as
8:25
Speaker 4: they've gone through the year as far as the the
8:28
Speaker 4: leadership of the market, and you know, it's still led
8:30
Speaker 4: by the tech stocks, no doubt about it, but uh,
8:34
Speaker 4: but there's some more participation, broader participation in in the
8:38
Speaker 4: in the growth. And there are a few of the
8:40
Speaker 4: big companies that really have had it if you look,
8:44
Speaker 4: you know, there are a few, a few of the
8:45
Speaker 4: Magnificent seven that that have had a kind of a
8:49
Speaker 4: tough year as far as their stock prices go. So
8:52
Speaker 4: even even among the tech stocks, it's not just all in.
8:55
Speaker 2: There's there.
8:56
Speaker 4: You know, people are are picking and choosing a little
8:59
Speaker 4: more than buying everything.
9:01
Speaker 3: I guess one of the things you need to be
9:03
Speaker 3: aware of to at this point in time, because we
9:05
Speaker 3: are dealing with some and when we talk about inflationary prices,
9:08
Speaker 3: it's not just the inflation as in whatever three point
9:11
Speaker 3: three percent of those some things are just getting more expensive.
9:14
Speaker 3: I was looking at the airline fare tracker the other
9:16
Speaker 3: day and airline fares are really going up right now.
9:19
Speaker 3: That's not inflation as far as as typical pressures on that,
9:24
Speaker 3: but it's all the pressures involved that raise those prices
9:27
Speaker 3: that they can they fluctuate a little bit, but right
9:29
Speaker 3: now for summer traveling they're up like forty percent or something,
9:32
Speaker 3: and saying like that from where they were. So those
9:35
Speaker 3: are the things like if you're somebody who plans for vacations,
9:38
Speaker 3: you do all the things that you're supposed to do,
9:39
Speaker 3: Suddenly you might have a little bit of a sticker
9:42
Speaker 3: shock when it comes to your summer vacation this year
9:44
Speaker 3: or something along those lines.
9:45
Speaker 2: You need to be careful of those things too.
9:46
Speaker 4: Yeah, no doubt about it, and you need to be
9:48
Speaker 4: aware of that going into this and thinking, Okay, from
9:54
Speaker 4: a personal standpoint, we're talking about the whole economy, but
9:57
Speaker 4: from a personal standpoint, how do you deal with that?
10:00
Speaker 4: And the way to deal with that is is plan
10:05
Speaker 4: and save in advance, don't borrow money, don't use credit
10:09
Speaker 4: cards to make up that gap or or you will
10:13
Speaker 4: pay double for that, so you'll have the the the
10:18
Speaker 4: pain of the inflation, but then you'll have the pain
10:20
Speaker 4: of the interest doe later on and you know one
10:24
Speaker 4: one cut is enough. You don't need to yeah, right.
10:28
Speaker 3: And to that point, I was thinking about this driving
10:30
Speaker 3: in today because you hear these conversations sometimes and I didn't.
10:35
Speaker 3: This was something I was reading online. There's tons of
10:37
Speaker 3: this stuff where people have their their big galaxy brain ideas.
10:40
Speaker 3: But and this just made no sense to me. And
10:43
Speaker 3: maybe it's just because of the shows that we do together,
10:45
Speaker 3: but somebody was talking about inflation being so high it
10:48
Speaker 3: makes me not even want to participate in the market.
10:50
Speaker 3: And I'm thinking to myself, Holy cal what's cash going
10:53
Speaker 3: to do for you? Because that's certainly not gonna move
10:55
Speaker 3: I mean, what are you gonna sit on that in
10:56
Speaker 3: a mattress because in ten years that money is not
10:58
Speaker 3: gonna be I mean, you're going to lose so much
11:00
Speaker 3: money in doing that.
11:01
Speaker 2: That's not a great move.
11:03
Speaker 4: Well, historically, owning stocks is the way to keep up
11:08
Speaker 4: with inflation of your purchasing power. Now it doesn't do
11:11
Speaker 4: that in a straight line. Sometimes, if there's a sharp
11:15
Speaker 4: uptick in inflation, it takes a while for companies in
11:18
Speaker 4: the market and everything to adjust. But if you think
11:22
Speaker 4: about it, you know who's producing the goods and services.
11:24
Speaker 4: The companies you own what are what is inflating the
11:27
Speaker 4: goods and services. So so over time companies tend to
11:31
Speaker 4: keep up with inflation pretty well, and so the you know,
11:39
Speaker 4: the things like cash, short term fixed type investments that
11:44
Speaker 4: don't pay very much return, those are the things that
11:47
Speaker 4: get squeezed by inflation over time. That doesn't mean you
11:50
Speaker 4: abandon cash, That doesn't mean you abandon short term CDs
11:54
Speaker 4: things like that overall, but you have to understand that
11:59
Speaker 4: the portion of your money you have there better be
12:01
Speaker 4: for the right purpose. You know that cash is an
12:04
Speaker 4: emergency fund, that CD is for a short term need
12:09
Speaker 4: you start getting out over years of when you actually
12:13
Speaker 4: are going to need the money, or if you're going
12:15
Speaker 4: to fund a retirement that last years. You know you
12:18
Speaker 4: have to have the growth investments to keep up with
12:21
Speaker 4: that inflation. Like you say, you have to have a
12:25
Speaker 4: portion of your money in that short term that will
12:27
Speaker 4: be squeezed a little bit with inflation, but you're not
12:30
Speaker 4: being squeezed long term because it's for a short term purpose,
12:34
Speaker 4: and that protects you, that insulates you somewhat from the
12:37
Speaker 4: volatility of the market. If you have your short term
12:40
Speaker 4: needs met with those more stable type assets, and so
12:45
Speaker 4: it's really about asset allocation and how you're intending as
12:50
Speaker 4: an individual to use the money that you've set aside,
12:54
Speaker 4: and that kind of breaks out, you know, what's the
12:57
Speaker 4: best allocation for you.
13:00
Speaker 3: And that's and that's really the way that you put
13:03
Speaker 3: that together and and that's something that maybe you can
13:05
Speaker 3: figure out on yourself maybe, but this is really where
13:08
Speaker 3: you come in. Come in to be great, uh uh,
13:11
Speaker 3: to be a great advancement to someone's goals when it
13:13
Speaker 3: comes to this, because number one, you give people an
13:16
Speaker 3: un emotional appeal to what's going on, so you can
13:18
Speaker 3: evaluate these things and just the experience of knowing what
13:21
Speaker 3: somebody says when they say one thing, your ability to
13:24
Speaker 3: interpret that into what it means for your industry. There's
13:27
Speaker 3: a lot of people that have a feeling like I
13:29
Speaker 3: would like to have this goal, but what's the path
13:32
Speaker 3: to get there? You know, I have no idea. So
13:34
Speaker 3: you you're able to lay those paths out for someone
13:36
Speaker 3: so you can show them how to get to that goal.
13:39
Speaker 4: Yeah, I think that is a lot of times folks
13:43
Speaker 4: are are they look at their investment and their portfolio
13:47
Speaker 4: like a light switch they flip on or flip off.
13:49
Speaker 4: I'm in the market, I'm out of the market. I'm
13:51
Speaker 4: in the market, I'm out of the market. And that's
13:55
Speaker 4: that's really using those investment tools that we talk about
13:58
Speaker 4: the incorrect way. It's not you're in the market, you're
14:01
Speaker 4: out of the market. It's how am I going to
14:04
Speaker 4: use the money? How to I allocate the funds and
14:07
Speaker 4: then trust the process and that will yield over time
14:13
Speaker 4: results much better than trying to time the market and
14:16
Speaker 4: being in or out. It's just quite honestly, it's impossible
14:22
Speaker 4: to do that, Tom and Tom again. You know, if
14:26
Speaker 4: you say, oh, I'm nervous, I'm out, Okay, when do
14:29
Speaker 4: you get back in? What if the market doesn't fall
14:31
Speaker 4: like you expect. What if it goes up ten percent
14:35
Speaker 4: before it does fall. You know, you're riding this roller coaster.
14:38
Speaker 4: And the emotions you know, now, all those that fear
14:42
Speaker 4: of missing out if the market goes up, or the
14:44
Speaker 4: fear that the you know that the bottom is going
14:46
Speaker 4: to fall, all of those things are amplified if you're
14:49
Speaker 4: trying to time it. And anytime you allow emotions, you know,
14:53
Speaker 4: to really affect your investment plan, you know you're probably
14:57
Speaker 4: not on the right path, and.
14:59
Speaker 3: I was thinking of much like the conversations we have
15:02
Speaker 3: when you all the stuff that goes on in between
15:05
Speaker 3: when you put your money in and when you want
15:07
Speaker 3: to start pulling out for a retirement. Like you said,
15:11
Speaker 3: there could be any number of volatilities within that period
15:14
Speaker 3: of time, whatever it vi, the thirty years, fifty years,
15:16
Speaker 3: ten years, whatever it is, there could be some volatility
15:18
Speaker 3: within there. But the end product is the thing that
15:20
Speaker 3: we care about. It's sort of like baking a turkey.
15:22
Speaker 3: We don't really want to see like in the three
15:24
Speaker 3: hours that the turkey's in the in the oven necessarily
15:27
Speaker 3: you know, all the meat you know, uh cook down
15:30
Speaker 3: and all the gristles start to sweat off the bone
15:32
Speaker 3: and so you know what I mean, you don't want
15:34
Speaker 3: ton necessarily see that. But the end product when you
15:36
Speaker 3: pull it out of the oven is the delicious turkey.
15:38
Speaker 5: Right.
15:38
Speaker 3: So I mean, you want to make sure that you
15:40
Speaker 3: that you let the thing bake appropriately and you have
15:42
Speaker 3: it ready for you at.
15:43
Speaker 2: The end and you have the thing that's new.
15:45
Speaker 4: And that's with stuff with as much I've never heard it,
15:50
Speaker 4: I've heard of the you don't want to see him
15:51
Speaker 4: make the sausage, but I never heard of.
15:54
Speaker 2: I don't know.
15:54
Speaker 3: I was banking this weekend and I started thinking, Man,
15:57
Speaker 3: I can't. I don't want it to be winter yet,
15:59
Speaker 3: but I could. I could use it with like a
16:00
Speaker 3: turkey dinner right now on.
16:02
Speaker 4: Yeah, no doubt about it.
16:04
Speaker 2: You can.
16:05
Speaker 4: You could find those maybe cracker barrel on on certain night.
16:07
Speaker 3: You certainly can. I was also talking last week on
16:10
Speaker 3: hotline when I was filling in. We also talked about
16:12
Speaker 3: the Westerrginian Rent Festival, quite a Renaissance festival that's coming up.
16:15
Speaker 3: And I've been to quite a few of those things,
16:17
Speaker 3: and the main thing that I do when I go
16:18
Speaker 3: to one is I go get the deep frout turkey leg.
16:22
Speaker 2: For the main thing.
16:22
Speaker 3: You'd get it when you first get there, because those
16:24
Speaker 3: things are hot. You can't just get it and then
16:25
Speaker 3: sit down and be like, oh, I'm gonna eat my
16:26
Speaker 3: turkey leg. That thing's got to like cool off for
16:28
Speaker 3: like an hour. So you go and get it, and
16:30
Speaker 3: then you carried around to all the different things with you,
16:32
Speaker 3: so you got it like a big club in your hand,
16:33
Speaker 3: and then you sit down and eat your turkey leg
16:35
Speaker 3: after you've had it for a little while, and you
16:37
Speaker 3: can actually get into it without about burning yourself.
16:39
Speaker 4: It's like it's a pro tip walking around like Fred
16:41
Speaker 4: Flints stuff.
16:42
Speaker 3: That's what it feels like. Man, I we'll take a
16:45
Speaker 3: break here. So this isn't super silly, but it really
16:49
Speaker 3: reminds me of being a kid. I always wanted the
16:51
Speaker 3: kind of meat they ate on cartoons, you know, like
16:53
Speaker 3: they would pull out like the chicken. It would be
16:56
Speaker 3: like the perfect like drumstick with like the perfect little
16:58
Speaker 3: bone at the end, and like all, oh, man, I
17:00
Speaker 3: love chicken like that. It's a long light like a
17:04
Speaker 3: chicken nuggeting away with a bone in it, I guess.
17:05
Speaker 3: But anyway, John Burnett is here from Fourth Avenue Financial.
17:09
Speaker 3: That's not what we're talking about this morning. We're talking
17:11
Speaker 3: about your financial health. They have a couple of text
17:12
Speaker 3: messages that are starting to come in, so if you
17:14
Speaker 3: want to get in on that, we'll get those when
17:16
Speaker 3: we come back with John. Three zer a four eight
17:17
Speaker 3: two five five three zero four three zer a four
17:19
Speaker 3: talk three zero four. If you want to get in
17:20
Speaker 3: on the text line, welcome to call in as well.
17:22
Speaker 3: The phone line number works just fine. Three z are
17:24
Speaker 3: a four three four five fifty eight fifty eight three
17:26
Speaker 3: zer a four three four five fifty eight fifty eight.
17:27
Speaker 3: If you want to ask John any questions about your
17:30
Speaker 3: financial future you're investing for retirement, to any questions you
17:33
Speaker 3: might have along those lines in your financial planning, John
17:35
Speaker 3: can help you out with fourth A from Fourth Avenue Financial.
17:38
Speaker 3: More information online Fourth Avenue Financial dot com. Fourth Avenue
17:41
Speaker 3: Financial dot com. You can find that website. You can
17:44
Speaker 3: also do that search on Facebook and like it.
17:46
Speaker 2: It's the full name.
17:46
Speaker 3: You don't have to put any abbreviations out there. Located
17:49
Speaker 3: over here in downtown Charleston, one seventy Court Street. We'll
17:52
Speaker 3: give the rest of our contact information when we come back.
17:54
Speaker 3: We'll take a break and be back right after this.
17:56
Speaker 3: You're listening to ask the Expert retire right ready with
17:58
Speaker 3: John Bredette on five AWC a chest The Voice of Charleston.
18:01
Speaker 6: Retiret Radio is sponsored by Fourth Avenue Financial, which is
18:03
Speaker 6: solely responsible for its content. Security is offered through jw
18:06
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Speaker 6: COL Advisors are unaffiliated entities. The opinions expressed by John
18:17
Speaker 6: Burdett should not be construed as specific investment, legal, or
18:20
Speaker 6: tax advice. All economic and performance information is historical and
18:23
Speaker 6: not indicative of future results. Investing may involve risk of
18:27
Speaker 6: loss of principle. Any tax advice on this show is
18:29
Speaker 6: not intended to be used by any person for the
18:31
Speaker 6: purpose of avoiding US federal or state tax penalties that
18:35
Speaker 6: may be imposed on such a person, and each listener
18:37
Speaker 6: should seek advice from their tax advisor or legal console
18:41
Speaker 6: on topics that arise from the show. John Burdett is
18:43
Speaker 6: not providing legal or tax advice. Nothing should be construed
18:46
Speaker 6: as solicitation of an offer to buy securities. This program
18:49
Speaker 6: is sponsored by Fourth Avenue Financial, which is solely responsible
18:52
Speaker 6: for its content.
18:53
Speaker 7: I'm John Morgan of Morgan and Morgan. Our firm handles
18:57
Speaker 7: hundreds of crash cases involving semi trucks every year. A
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19:53
Speaker 5: This is retire Right Radio with John Burdett from Fourth
19:57
Speaker 5: Avenue Financial. Taking your I said three oh four three
20:01
Speaker 5: four five fifty eight fifty eight or texts on three
20:04
Speaker 5: oh four nine three five fifty oh eight.
20:22
Speaker 2: You're listening to the Voice of Charleston five eight w
20:25
Speaker 2: c HS.
20:25
Speaker 3: I'm del Coriver. That's John Burdett. This is retire Right
20:28
Speaker 3: Radio and give us a call this morning. Three zer
20:29
Speaker 3: A four three four five fifty eight fifty eight. Threes
20:31
Speaker 3: are A four three four five fifty eight fifty eight.
20:33
Speaker 3: If you have any questions for John Burdett this morning.
20:34
Speaker 3: He can help you out with with your retirement. I
20:38
Speaker 3: missed five those questions for you. More information online Fourth
20:40
Speaker 3: Avenue Financial dot com. Fourth Avenue Financial dot Com where
20:44
Speaker 3: you want to come in at. We got a couple
20:46
Speaker 3: of text messages earlier in the program, and I think
20:48
Speaker 3: I had one left over for last week. Let me
20:50
Speaker 3: see if I can find out the last week one
20:52
Speaker 3: because it let's see.
20:55
Speaker 2: Okay.
20:55
Speaker 3: I thought this was interesting because we talk about this sometimes.
20:58
Speaker 3: This is from the six eight one two six five.
21:00
Speaker 3: This was left over from last week, So I hope
21:01
Speaker 3: you're listening a caller. My husband and I disagree about
21:04
Speaker 3: money constantly. Is that something that a financial planner actually
21:07
Speaker 3: helps with or is that more of a counselor situation?
21:11
Speaker 4: Well, it depends on how complicated the situation is. But no,
21:15
Speaker 4: I mean, you know, money is it can be an
21:20
Speaker 4: emotional subject for sure. But you know, if you're working
21:25
Speaker 4: together with common goals, you do need to be on
21:31
Speaker 4: the same page. And so sometimes you know it's just
21:37
Speaker 4: walking through, explaining the process and the steps and trying
21:42
Speaker 4: to get buy in, you know, from from both partners.
21:48
Speaker 4: You know you have to be rowing the same way
21:52
Speaker 4: or or there's going to be potential conflict. And we've
21:56
Speaker 4: talked about this before about younger people, they tend to
22:02
Speaker 4: keep their finances separate. And to me that you know,
22:09
Speaker 4: as not a younger person, that that seems a little
22:14
Speaker 4: different to me. You know, I just think you can
22:17
Speaker 4: accomplish more if you can get on the same page.
22:20
Speaker 2: I have seen this like on where there is it
22:23
Speaker 2: is a jet. It is like.
22:26
Speaker 3: Early twenties or I'm sorry, early thirties twenty something like that,
22:29
Speaker 3: where there's a couple of gonning and I don't mean
22:31
Speaker 3: all of them, but you are seeing more of this
22:33
Speaker 3: now where they have to have where they feel like
22:35
Speaker 3: they have to have separate finances for some reason. And
22:39
Speaker 3: like you, I guess I'm of an age where that
22:40
Speaker 3: seems very strange to me. I mean, my wife and
22:43
Speaker 3: I just pull everything and then we pay and then
22:45
Speaker 3: whatever's left a family and we put that towards the
22:47
Speaker 3: family goals. And so I mean that's just kind of
22:49
Speaker 3: the way we do it. I know that's not for everyone,
22:51
Speaker 3: and you got to try to find ways to work
22:53
Speaker 3: around that, but that does add a layer of complication.
22:56
Speaker 4: Well, just things like retirement, what what if if you're separate.
23:01
Speaker 4: What if one person's diligently saving for retirement and the
23:04
Speaker 4: other one doesn't, Right, yeah, down the road, does one
23:07
Speaker 4: retire and the other one still you know, you're off
23:11
Speaker 4: traveling the world, the other one's still working. I mean,
23:13
Speaker 4: that just seems like there could be some roadblocks and
23:20
Speaker 4: down the road without a plan that's at least working together.
23:24
Speaker 4: I mean, even if you keep separate funds, you know,
23:29
Speaker 4: you would think that there would have to be some
23:31
Speaker 4: sort of coming together on at least some of the goals.
23:35
Speaker 3: Is this more of a psychological question too? And this
23:38
Speaker 3: is just me talking here, not John at all, But
23:40
Speaker 3: I'm wondering if you did something like simply you did
23:44
Speaker 3: pull all the funds, do all the things you're supposed to,
23:46
Speaker 3: but then create separate spending accounts. You know, like if
23:49
Speaker 3: you had disposable income accounts that each of the person's
23:51
Speaker 3: had and that's my money, and then they can take
23:53
Speaker 3: that to do whatever they want to with. Maybe that
23:55
Speaker 3: would give them the sense of independence that they want.
23:57
Speaker 3: But you can still put everybody's money to work at
23:59
Speaker 3: the same time.
24:00
Speaker 4: Right right, Well, you know we've talked about budgeting and
24:02
Speaker 4: things like that before the fifty thirty twenty, you know,
24:05
Speaker 4: fifty percent on the needs, thirty percent on the wants,
24:08
Speaker 4: twenty percent the savings. Well, that thirty percent is a want.
24:12
Speaker 4: You can divide that up and do whatever you want
24:14
Speaker 4: with that if you're if you've got your budget right,
24:17
Speaker 4: So for sure, I mean, that could be some way
24:20
Speaker 4: to deal with that. But you know it, but it
24:24
Speaker 4: is tricky, and it is certainly something that adds a
24:29
Speaker 4: layer of complication to building a financial plan. But it
24:32
Speaker 4: certainly can be done, and you know, certainly call me up.
24:37
Speaker 4: We can come in, sit down and try to dig
24:40
Speaker 4: into the issues there and come up with a plan
24:44
Speaker 4: that works. And a lot of it too, is just
24:48
Speaker 4: understanding one how the market works. A lot of a
24:52
Speaker 4: lot of reluctance to save and invest comes from not
25:00
Speaker 4: really understanding the process or what investing really is, you know.
25:05
Speaker 4: There again, there's this a gambling concept. Well, I don't
25:08
Speaker 4: want to do that because it's gambling. Well it's not
25:10
Speaker 4: really gambling. It's different than gambling. It's you're owning companies
25:13
Speaker 4: that are producing the goods and services that we use
25:16
Speaker 4: every day, you know. So so sometimes just walking through
25:20
Speaker 4: that process of not just here's where you need to
25:23
Speaker 4: put your money. But this is why you need to
25:25
Speaker 4: put your money. There can help clarify and allay some
25:31
Speaker 4: of the fears that might be, you know, creating that
25:34
Speaker 4: divide in one person wants to do things this way
25:37
Speaker 4: and one the other and and you know, as and
25:41
Speaker 4: as a financial professional, you know, I can't flip a
25:46
Speaker 4: switch and make everything the way I want it to be.
25:50
Speaker 4: My goal is to work with the people in front
25:54
Speaker 4: of me and try to leave the leave that meeting
26:01
Speaker 4: with some sort of improvement or movement in the direction
26:06
Speaker 4: that is going to end up in better results. You know,
26:10
Speaker 4: there's there's not really a you know, it's not all
26:16
Speaker 4: about math. It's it's about emotions. It's about sticking two things,
26:20
Speaker 4: understanding the process and controlling of those emotions, and discipline.
26:25
Speaker 4: And that's really what building a financial plan is. I
26:29
Speaker 4: think that you'll find at least some pleasure in this.
26:32
Speaker 4: When I was filling in for Dave on Dave Weekly
26:35
Speaker 4: last week for Hotline, one of my questions at the
26:37
Speaker 4: day statewide was something you can learn in ten minutes
26:40
Speaker 4: that you can that will stick with you for the
26:42
Speaker 4: rest of your life and be useful. And one of
26:43
Speaker 4: the things that somebody sent in was the fifty to
26:45
Speaker 4: thirty twenty rule. Fifty thirty twenty rules, like, hey, what
26:50
Speaker 4: is this? We're doing a fourth avenue financial?
26:51
Speaker 2: What do you know?
26:52
Speaker 3: All right, So somebody apparently was listening somewhere. So that's
26:55
Speaker 3: that's pretty good stuff, right. We got another text matches
26:58
Speaker 3: that came in. This is from the six eight one
26:59
Speaker 3: two six let me see. Oh no, wait a minute,
27:02
Speaker 3: that was the one that I just did, Sorry about that.
27:04
Speaker 3: Let's see. Oh it was from the threezer of four
27:06
Speaker 3: eight four two. I inherited some money when my mom passed,
27:09
Speaker 3: not a lot, but more than I ever had at
27:11
Speaker 3: one time, and I'm scared to do the wrong thing
27:13
Speaker 3: with it, and they just left it at that. So
27:15
Speaker 3: I guess the imply question is what's the right thing right?
27:17
Speaker 2: Right?
27:18
Speaker 4: Well, the right thing depends on the individual and what
27:20
Speaker 4: they want to do. Certainly, doing nothing is probably not
27:27
Speaker 4: the correct answer. Even if it is not changing it,
27:30
Speaker 4: you should know why you're not changing it. So and
27:34
Speaker 4: a lot of times, when you know you see inheritances,
27:38
Speaker 4: sometimes there's an emotional attachment to something. You know, maybe
27:42
Speaker 4: maybe grandma worked for the phone company and has a
27:44
Speaker 4: lot of Phone company stock, and you don't want to
27:46
Speaker 4: sell that because that was that was grandma's stock. Well,
27:49
Speaker 4: the stock doesn't care that it was grandma's. Right, you know,
27:54
Speaker 4: you have to look at that and say, Okay, is
27:58
Speaker 4: this the right thing for me now in my financial situation?
28:02
Speaker 4: And and and go from there. You know, even if
28:07
Speaker 4: it is leaving it alone, you should know why it
28:09
Speaker 4: makes sense to leave it alone. Otherwise you you're more
28:13
Speaker 4: subject to fall victim of decision making that's not in
28:19
Speaker 4: your favor. If if you don't understand that, why enough?
28:23
Speaker 2: What what is like?
28:24
Speaker 3: What's some of the I guess questions that you ask
28:27
Speaker 3: yourself to try to come up with, Like if you're
28:29
Speaker 3: trying to determine like sort of your own internal motor
28:32
Speaker 3: when it comes to those questions, what kind of questions
28:34
Speaker 3: are you to answer honestly to yourself?
28:36
Speaker 4: Well, I think from from my perspective, when when somebody
28:40
Speaker 4: comes in like that with the first thing we'll do
28:43
Speaker 4: is review their own financial situation. You know, do you
28:46
Speaker 4: have credit card debt? Do you have an emergency fund built?
28:49
Speaker 4: Are you saving for retirement? You know these funds that
28:53
Speaker 4: are coming in, can we help you build that foundation
28:57
Speaker 4: that will then springboard you into a better financial place
29:01
Speaker 4: for yourself long term, because if you don't treat you know,
29:05
Speaker 4: let's say you get a fifty thousand dollars inheritance or
29:08
Speaker 4: you know, whatever the case it comes in, if you
29:12
Speaker 4: don't have a plan for it, it's not going to
29:15
Speaker 4: change much. It's not going to in many cases, it's
29:19
Speaker 4: not going to even last and have a lasting impact
29:23
Speaker 4: unless you are disciplined and tell the money what to do.
29:27
Speaker 4: And so the first thing is where do you need
29:30
Speaker 4: it in your financial life? Can it sure up the
29:33
Speaker 4: financial plan that you're building for yourself? And and are
29:39
Speaker 4: we putting that to purpose? Because I'm sure the person
29:41
Speaker 4: that left it to you once wanted you to have
29:44
Speaker 4: it to improve your life, and you know everybody is
29:50
Speaker 4: at a different place, so you know, where does that
29:53
Speaker 4: fit in the best to accelerate the plans.
29:56
Speaker 2: That you have.
29:57
Speaker 3: I know, I bring it up on the show a lot,
29:59
Speaker 3: just because I've had some experience observing it in other people.
30:03
Speaker 3: And it's so common that it's almost a trope. But
30:07
Speaker 3: you really need to do something with it and not
30:09
Speaker 3: just go buy a new car, go on vacation. You know,
30:14
Speaker 3: all these things that you know people wish somebody with
30:18
Speaker 3: money that you kind of fantasize you could do if
30:21
Speaker 3: you have money. But having money as wealth is a
30:25
Speaker 3: lot different than be gifted money that you can then
30:27
Speaker 3: do something. Wealth usually replenishes itself, whereas money that you're
30:31
Speaker 3: just given does not replenish itself. So once it's gone,
30:34
Speaker 3: it's gone, and all the things you paid for you
30:36
Speaker 3: still have to maintain or whatever it might be with it.
30:38
Speaker 3: I mean, it's just, I mean, everybody wants to take
30:40
Speaker 3: a little off the top into what and that's natural,
30:42
Speaker 3: and I think there's probably some healthiness somewhere in there.
30:46
Speaker 3: But also you've got to do something with that money
30:47
Speaker 3: so you don't find yourself ten years later being like
30:49
Speaker 3: what did I do with all of that? Where I
30:52
Speaker 3: could be now? You don't want to have like that
30:54
Speaker 3: fear of missing out, because that's the fear of missing
30:56
Speaker 3: out that can really affect you twenty thirty forty years
30:59
Speaker 3: down the line.
31:00
Speaker 5: Right.
31:00
Speaker 4: And and you know, money, as we've talked about, it
31:04
Speaker 4: doesn't stick around if it's not being treated well. You know,
31:08
Speaker 4: if you don't have a plan for it, if you
31:09
Speaker 4: don't tell it exactly what to do, it'll it'll go
31:11
Speaker 4: live somewhere else, and and then that opportunity that that
31:16
Speaker 4: that you have will slip through your fingers. And so
31:21
Speaker 4: you know, the first thing to do is look at
31:24
Speaker 4: your own financial situation and see where it needs short up.
31:28
Speaker 4: And that to me starts with the basics the budget,
31:34
Speaker 4: the do I have credit card debt and I'm not
31:36
Speaker 4: paying high interest somewhere? Do I have a three to
31:39
Speaker 4: six month emergency fund in place? And and those are
31:43
Speaker 4: the first steps. And and if you're farther along in
31:46
Speaker 4: your financial plan, then it can be just an accelerant
31:48
Speaker 4: to your investment program. But but if you don't have
31:54
Speaker 4: all those steps in place, you know it's your opportunity
31:57
Speaker 4: to jump ahead several years maybe and put yourself on
32:01
Speaker 4: strong footing to grow from.
32:03
Speaker 3: Actually have two more questions here, I'm not sure if
32:05
Speaker 3: we can get to both of them. So do we
32:07
Speaker 3: want to tackle a question that has to do with
32:10
Speaker 3: buying a house in the next two years or starting
32:13
Speaker 3: over after divorce. Let's do it chronologically. Let's just do
32:18
Speaker 3: it chronologically. So the first one to come in from
32:20
Speaker 3: the six eight, one, four, nine four, we want to
32:22
Speaker 3: buy a house in the next two years, how should
32:24
Speaker 3: we be saving right now.
32:27
Speaker 4: Well aggressively. You know you want to when you buy
32:33
Speaker 4: a house. I think it's wise to try to have
32:36
Speaker 4: twenty percent down.
32:37
Speaker 2: You don't want to pay the PMO that's correct.
32:39
Speaker 4: The insurance that adds to your monthly expense if you
32:43
Speaker 4: don't put enough put the twenty percent down. That is
32:47
Speaker 4: not a stock market type right place. You know, you
32:51
Speaker 4: don't want to put a two year goal in the
32:54
Speaker 4: stock market. You know, you just need to be saving
32:56
Speaker 4: that in a money market account, short term CDs thing
33:00
Speaker 4: that gives you a little bit more interest in past
33:02
Speaker 4: book savings account. Right now you should probably be able
33:05
Speaker 4: to get you know who knows two and a half
33:07
Speaker 4: three and a half percent on that money pretty safely
33:10
Speaker 4: in liquid and just put it there. Don't worry about
33:14
Speaker 4: what the market does. It's not going to fluctuate. You're
33:18
Speaker 4: working towards that goal. That's a short term goal. But
33:22
Speaker 4: you know, when you're buying a house, just be aware
33:25
Speaker 4: that a house, while it's an asset, it's also consumption.
33:28
Speaker 4: And so just be very wise when you buy that
33:30
Speaker 4: house that.
33:30
Speaker 2: You don't.
33:33
Speaker 4: You know, fall victim of saying, oh, this is an asset,
33:35
Speaker 4: I'm going to buy this this big house. Well, the
33:37
Speaker 4: big house comes big maintenance, big taxes, big insurance and
33:41
Speaker 4: all of those things. So make sure that it does
33:43
Speaker 4: fit within your budgets so that you can still save
33:48
Speaker 4: for the future and you know, retirement and those long
33:52
Speaker 4: term investments that are invested in the markets.
33:55
Speaker 3: Yeah, and real estate is kind of a wonky right
33:57
Speaker 3: now too. I mean there's a part of me that
33:59
Speaker 3: feels like that maybe things might be more by our
34:03
Speaker 3: friendly and you know, in a few months or something
34:06
Speaker 3: like that, that there might be, but I don't.
34:07
Speaker 2: I mean, maybe not to.
34:08
Speaker 3: I mean, I have no idea, and so you just
34:10
Speaker 3: kind of have to plan for the best you can
34:12
Speaker 3: and then and then execute your plan and not worry
34:14
Speaker 3: about a whole lot of other things.
34:15
Speaker 4: Well, I think with that, the way I look at
34:19
Speaker 4: that is if your budget is correct, If you bought
34:21
Speaker 4: a house within your budget and home prices do go
34:26
Speaker 4: down ten percent, it doesn't change your life. Yeah right,
34:30
Speaker 4: you're planning to live there for a long time. It
34:33
Speaker 4: doesn't change your life. Same way the market going down
34:36
Speaker 4: twenty percent next month. If you're not utilizing those funds,
34:40
Speaker 4: if you're saving for a retirement fifteen years from now,
34:44
Speaker 4: it doesn't change your life. You're not relying on it,
34:47
Speaker 4: and it shouldn't affect you at all other than if
34:51
Speaker 4: you allow it to when you open your statement up.
34:54
Speaker 3: I think that one of the whatever real estate troubles
34:57
Speaker 3: that there could be the biggest difference between now and
34:59
Speaker 3: like by in two thousand and eight when this was
35:01
Speaker 3: when there was real estate troubles is there was so
35:04
Speaker 3: much speculation in people flipping homes and stuff like that,
35:06
Speaker 3: and they got caught with their pants down. There was
35:08
Speaker 3: a lot of people that were looking to flip within
35:09
Speaker 3: like a two year period because they invested and then
35:12
Speaker 3: the bottom dropped off with the values and then there
35:14
Speaker 3: was nothing left.
35:15
Speaker 2: And that's where a lot of that trouble came. So
35:16
Speaker 2: don't do that maybe, But.
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Speaker 3: Otherwise John makes some great points there as always Fourth
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Speaker 3: Avenue Financial. You can find online Fourth Avenue Financial dot com.
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Speaker 3: You spell out the whole thing. Fourth Avenue Financial dot
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Speaker 3: Com located one seventy Court Street, Downtown Charleston. Threes are
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Speaker 3: A four seven, four six seven nine seven seven. Threes
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Speaker 3: are A four seven four six seven nine seven seven.
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Speaker 3: John thinks so much for your time again this week. Okay,
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Speaker 3: take care, We'll see you back here next week. That's
35:37
Speaker 3: John or Debt for Fourth Avenue Financial. Coming up next,
35:40
Speaker 3: I'm going to slide across.
35:41
Speaker 2: It will be me on five ET Live.
35:43
Speaker 3: Dave is off this week, so we'll see you there
35:45
Speaker 3: on FDWCCHS.
35:46
Speaker 2: The Voice from.
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Speaker 5: Charleston MECHSAMT ninety six point five. That's in Charleston one
35:56
Speaker 5: oh four point five Cross Lane on WVRC Media Station.
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Speaker 1: We are proud to live here too,