Latest / WCHS Network Podcasts / 03/23/2026 Retire Right Radio with John Burdette

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03/23/2026 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 AD, WCCHS,
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  Speaker 1: its employees, or WVRC Media. This is retire Right Radio,
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  Speaker 1: a weekly show from John Verdett at Fourth Avenue Financial
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  Speaker 1: that aims to answer your questions about financial planning, investing,
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  Speaker 1: and how to retire right. Fourth Avenue Financial is located
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  Speaker 1: in downtown Charleston at one seventy Court Street. More information
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  Speaker 1: online at Fourth Avenue Financial dot com. Join the conversation
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  Speaker 1: by calling three oh four three four five fifty eight
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  Speaker 1: fifty eight or text three oh four nine three five
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  Speaker 1: fifty oh eight. On Retire Right Radio, Let's go live
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  Speaker 1: to the studio with host Dale Cooper and John Verdett
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  Speaker 1: from Fourth Avenue Financials.
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  Speaker 2: And a very pleasan good morning to you. You're listening
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  Speaker 2: to ask the expert. WCCHS the voice of Charleston. This
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  Speaker 2: is retire Right Radio and John Verdett is in a
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  Speaker 2: studio with us this morning. John, Good morning, how you
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  Speaker 2: doing this morning? I've doing great, Appreciate your time in
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  Speaker 2: coming in. That means that things are a little bit
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  Speaker 2: a little wonky out there. If you have any questions
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  Speaker 2: about your financial future, how you can secure yourselves against
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  Speaker 2: a panic or worry or anything that might be going on.
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  Speaker 2: Number one, take a breath. It's okay, and there's help
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  Speaker 2: for you out there. You can you can give John
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  Speaker 2: a call this morning if you want to help navigate
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  Speaker 2: through that. The numbers three zero four three four five
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  Speaker 2: fifty eight fifty eight three zer a four three four
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  Speaker 2: five fifty eight fifty eight. You can also give us
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  Speaker 2: a text message if you would like. That's three es
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  Speaker 2: aer a four nine three five five zeros or eight.
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  Speaker 2: The three es are a four non three five five
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  Speaker 2: zeros you eight is the easiest way to get a
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  Speaker 2: hold of us here and we'll be here for the
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  Speaker 2: next little over a half hour. So if you want
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  Speaker 2: to get a hold of job bre debt before the
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  Speaker 2: Avenue Financial So, how you doing this week?
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  Speaker 3: Everything okay?
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  Speaker 4: Yeah, yeah, We're just ready for another roller coaster a
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  Speaker 4: week as it seems to it seems to be, which is,
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  Speaker 4: you know, part of the game.
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  Speaker 2: We have a lot of I guess that you always
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  Speaker 2: have a lot of intersecting stories that that is influencing
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  Speaker 2: the world. It just seems like that the kuppa is
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  Speaker 2: full at the moment when it comes to when it
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  Speaker 2: comes to things that are that are pulling various economies
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  Speaker 2: this way, and that there's just a lot of stuff
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  Speaker 2: going on right now.
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  Speaker 4: Yeah, yeah, I think with the market, uh you know,
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  Speaker 4: it's what's going to happen with oil prices and inflation
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  Speaker 4: and things of that nature. And so every time we
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  Speaker 4: get a little pullback in oil prices, the market goes up.
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  Speaker 4: Every time there's something that leads the market to believe that,
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  Speaker 4: you know, prices are going to stay elevated, then then
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  Speaker 4: the market goes down. So there's just a lot of
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  Speaker 4: whipsaw and uh, you know, speculation on what what direction
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  Speaker 4: we're going to end up, And it really is impossible
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  Speaker 4: to play that game. You know, if you if you
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  Speaker 4: think about oil and and today versus you know, a
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  Speaker 4: lot of the fear that that that's out there that
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  Speaker 4: oh this is another nineteen seventies kind of oil shock
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  Speaker 4: and hyperinflation and all of those things. Oil as a
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  Speaker 4: component of consumer spending is only about a third of
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  Speaker 4: what it was back then. So our economy is much
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  Speaker 4: more a services based economy, which is less oil intense.
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  Speaker 5: So that's something to keep in mind.
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  Speaker 4: These spikes while they're not fun when you go fill
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  Speaker 4: up your car, you know, don't necessarily translate to inflation
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  Speaker 4: like it used to because we're less industrial and more
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  Speaker 4: service based than we were. And so you know, if
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  Speaker 4: you look at most analysts and even with what's going
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  Speaker 4: on here, you know, earnings largely look to still be
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  Speaker 4: intact and growing.
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  Speaker 2: Is one of the tricks to that too. In the
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  Speaker 2: comparison to the seventies. As far as the oil shot goes,
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  Speaker 2: you mentioned how we're much more of a service based
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  Speaker 2: economy and so that so the production of the oil
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  Speaker 2: isn't as big as it as a as a driver here.
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  Speaker 2: But also although you know, the oil game and opec
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  Speaker 2: is is a long and complicated game overall consumption as
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  Speaker 2: far as like on the day to day basis, when
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  Speaker 2: you move outside of the US, there's a lot of
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  Speaker 2: evs that are out there in other parts of the
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  Speaker 2: world where they're not suffering the same amount of shock
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  Speaker 2: as what we are as far as gas prices and
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  Speaker 2: stuff goes, because they've already moved somewhat off of the
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  Speaker 2: gas based economy. Now, I just wonder if that means
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  Speaker 2: that demand is less, so the shock worldwide is going
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  Speaker 2: to seem less.
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  Speaker 4: Well, oil demand over time still grows. It's you know,
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  Speaker 4: if you look at the numbers, it's just that we're
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  Speaker 4: producing a lot more and a lot more efficiently than
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  Speaker 4: we ever have. I mean the United States, for instance,
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  Speaker 4: I think since twenty nineteen, the United States has been
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  Speaker 4: a net exporter of oil products. So you know, we're
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  Speaker 4: not as subject to the stranglehold the you know, Opek
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  Speaker 4: had on us, you know in the seventies, which.
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  Speaker 3: Is all great.
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  Speaker 2: I mean, that's you know, that's all progress forward on
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  Speaker 2: how those things work. And in the best of times,
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  Speaker 2: you shouldn't try to guess or predict the market in
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  Speaker 2: things along those lines. And so that's doubly so for now.
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  Speaker 2: I mean, there's just there's a lot of uncertainty out there.
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  Speaker 2: With uncertainty for people that try to play the game.
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  Speaker 2: If you're just doing your job, if you're just doing
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  Speaker 2: what you're supposed to do and working, you're playing I mean,
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  Speaker 2: this is just one of those blips that happened.
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  Speaker 4: Well, and if you think before this happened, and what
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  Speaker 4: were we talking about, and what were the headlines that
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  Speaker 4: we're like, are we are.
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  Speaker 5: We in a bubble?
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  Speaker 2: Right?
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  Speaker 3: Right? AI?
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  Speaker 4: And the other well, look, we're almost ten percent down. Now,
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  Speaker 4: we're down five to six percent for the year across
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  Speaker 4: the indexes. You know, that's letting off a little steam.
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  Speaker 4: That's not a crash. I mean, the market uh historically
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  Speaker 4: has a correction a ten percent drop almost any given
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  Speaker 4: year anyway, And so you know, in a way, it's
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  Speaker 4: it's letting off steam. It's uh, it's people repositioning their assets,
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  Speaker 4: and it can be a healthy thing if you can
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  Speaker 4: strip out the fear that's associated with that.
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  Speaker 2: Because the way that that fund managers or or market
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  Speaker 2: managers are some kind of looking at this is where
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  Speaker 2: there's a downser and there's opportunity. So that that also
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  Speaker 2: means that you can reallocate some things and maybe get
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  Speaker 2: some opportunity in some places that that there were some
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  Speaker 2: barriers to before because of price or whatever it might be.
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  Speaker 2: And so these are opportunities for people that know what
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  Speaker 2: they're doing. The one area coming up in another area
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  Speaker 2: going down. For some of us, that seems like it's
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  Speaker 2: a it's a huge deal, But for people that are
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  Speaker 2: in the business of making money through these funds and
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  Speaker 2: stuff like that, that's just a reallocation. Okay, Well, now,
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  Speaker 2: we just move over into another sector and we find
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  Speaker 2: the way that we can make profit there. I mean,
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  Speaker 2: there's ways that these people are going to continue to
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  Speaker 2: make their money, and the funds are going to continue
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  Speaker 2: to be profitable and so forth.
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  Speaker 4: Sure, and and you know, like say opportunities and Tom's
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  Speaker 4: create great, Well, it creates different opportunities. If you if
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  Speaker 4: you look, you know, at a chart of the of
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  Speaker 4: the stock market through the largely the seventies, it looks
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  Speaker 4: like it traded sideways forever. That doesn't mean people didn't
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  Speaker 4: make money. It just means that because of various things
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  Speaker 4: that were there were tax law of differences, much more
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  Speaker 4: of your return back then was dividend return. Today of
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  Speaker 4: the way our tax structure is, people would want to
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  Speaker 4: be a capital gain, so companies tend to pay less
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  Speaker 4: dividends than they used to. So you know, there's all
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  Speaker 4: kinds of factors that move the market one way or
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  Speaker 4: the other. But the point is, under any era, if
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  Speaker 4: you own a productive business that's producing earnings over time,
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  Speaker 4: and you're the owner of that business, it's hard to
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  Speaker 4: imagine you don't come out okay if you're patient with that.
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  Speaker 4: I mean, how does that make sense if you're if
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  Speaker 4: your business continues to earn money and continues to earn
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  Speaker 4: more money year after year, would the would the value
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  Speaker 4: of that business not follow that? Of course it does,
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  Speaker 4: And that's what the that's what any study of the
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  Speaker 4: stock market shows. It's just occasionally, and really quite frequently,
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  Speaker 4: about once a year, you have these kind of pullbacks.
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  Speaker 4: That's just part of the game. It's and you just
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  Speaker 4: have to wrap your mind around that. You know, this
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  Speaker 4: isn't a you know, the end of the world. This
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  Speaker 4: is a feature of the market, not a flaw of
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  Speaker 4: the market. It's it's how the market adjusts itself over time.
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  Speaker 4: And and this happens to be the catalyst this time
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  Speaker 4: that that has brought that on. And if it weren't this,
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  Speaker 4: it would be something else.
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  Speaker 2: Yeah, and just look back at the last you know,
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  Speaker 2: thirty years at whatever the thing was it was affecting
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  Speaker 2: the market, whether it be like an Enron situation or
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  Speaker 2: a not eleven type situation, or the the mortgage crisis
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  Speaker 2: in the early two thousands. I mean, there's something is
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  Speaker 2: always happening that affects it somewhere. There's always some tragedy
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  Speaker 2: that's going on or some major story that's affecting something.
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  Speaker 4: Yes, yeah, and in the market is resilient over time
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  Speaker 4: to that because the market makes adjustments, businesses make adjustments,
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  Speaker 4: people make adjustments and tend to deal with it.
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  Speaker 5: And and over.
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  Speaker 4: Time, clearly history shows that profits, uh, you know, people
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  Speaker 4: find a way, People are clever, people find a way
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  Speaker 4: to be productive and make profits and grow profits. It's
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  Speaker 4: just a kind of a nature human nature almost. You know,
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  Speaker 4: we all want a better life. And and in the
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  Speaker 4: process of making that better life, there's innovation and additional
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  Speaker 4: production and and you know, the the earnings tend to follow.
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  Speaker 4: And and I think that's what you really have to
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  Speaker 4: focus on. You know, oil prices are going to jump around,
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  Speaker 4: stock prices are going to move with that. You know,
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  Speaker 4: last week we were down in the market quite a bit.
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  Speaker 4: I look at futures. This morning, we're up six hundred points. Well,
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  Speaker 4: how are you going to trade that?
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  Speaker 5: You're not.
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  Speaker 4: You're going to best right, Yeah, You're going to position
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  Speaker 4: your assets and you're going to buy quality companies. Like say,
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  Speaker 4: with the market down, there may be opportunities of things
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  Speaker 4: that maybe you were out of the out of the
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  Speaker 4: loop and didn't participate in it before, and you felt
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  Speaker 4: like you couldn't get in because the valuations were too hot.
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  Speaker 4: Well maybe they're not now, maybe it's an opportunity. It's
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  Speaker 4: it's not, you know, this tragic downturn, because it's quite honestly,
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  Speaker 4: you know, you go back six months and where market's
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  Speaker 4: basically where it was. It's not like it's a you know,
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  Speaker 4: a lost decade or anything of that nature.
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  Speaker 2: We had a texture that text it in from the
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  Speaker 2: seven to six zero nine hundred and to paraphrase, they're
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  Speaker 2: expressing concern because if they're asking if it feels like
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  Speaker 2: that the market's being manipulated, that that from like the administration,
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  Speaker 2: that the market is being manipulated. Maybe with agency. There's
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  Speaker 2: no necessary proof of that. But again, consumer confidence is everything,
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  Speaker 2: and you start feeling these things.
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  Speaker 3: And so with.
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  Speaker 2: The question being is the market being manipulated? What does
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  Speaker 2: it mean if that's the case, and what do you
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  Speaker 2: do about it? I mean, I guess that that the
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  Speaker 2: market's always being manipulated by something, right, I mean.
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  Speaker 4: Well, the market is a function of everybody's individual.
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  Speaker 3: And one person can't steer the whole thing.
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  Speaker 4: No, No, it's just too it's just too vast. I mean,
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  Speaker 4: the stock market is trillions and trillions and trillions of
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  Speaker 4: dollars in size the bond market, which actually it dwarfs
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  Speaker 4: the stock market in size. And that is one thing
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  Speaker 4: that we've had lately too. Interest rates have interestingly been
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  Speaker 4: creeping up, not down during this so but but no,
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  Speaker 4: I mean manipulation is the market is so deep with
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  Speaker 4: participants that if something gets too far out of line,
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  Speaker 4: the market participants come in and readjust the price. You know,
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  Speaker 4: if somebody trying to manipulate something and price it higher
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  Speaker 4: for some reason, then the market participants will the market
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  Speaker 4: participants boycott that and the price will have to have
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  Speaker 4: to adjust. You know, the stock market is any market really,
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  Speaker 4: it's a buyers and sellers meeting at a price, and
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  Speaker 4: every time somebody sells, somebody is buying. All in the
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  Speaker 4: last several weeks as the market has gone down, you know,
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  Speaker 4: what you see is that some people are selling, but
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  Speaker 4: somebody has to be buying through all of this downturn,
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  Speaker 4: or transactions wouldn't happen. And it's hard to manipulate something
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  Speaker 4: that has that type of depth. Now, if there were
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  Speaker 4: only ten market participants and two or three were on
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  Speaker 4: the inside, and then you could maybe start manipulating things,
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  Speaker 4: but it's it's very difficult, and you have the depth
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  Speaker 4: that the market has to make a lasting impact through manipulation.
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  Speaker 2: I believe great information as always a genre debt for
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  Speaker 2: fourth Avenue financial kind of keeping everybody on the straight
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  Speaker 2: and area. You can give us a call this morning
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  Speaker 2: three zero four three four five fifty eight fifty eight
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  Speaker 2: three four five fifty eight fifty eight. And so what
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  Speaker 2: this caller has done is called in and on que.
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  Speaker 2: We have to get your name on the air? Callar
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  Speaker 2: what's your first name? Are you still with me?
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  Speaker 3: Unfortunately? I guess hello? Can you hear me? All right?
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  Speaker 2: I guess we'll have to skip from that one, unfortunately.
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  Speaker 2: And if you hear a skipp is a call back,
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  Speaker 2: you're more than welcome because to call three zero four
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  Speaker 2: to do that.
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  Speaker 3: Let's go to do this.
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  Speaker 2: Let's go ahead and take our break. When we come back,
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  Speaker 2: we still have plenty more we're going to talk about.
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  Speaker 2: Plus your text and phone calls. Threes are a four
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  Speaker 2: take a break and be back right for this. You're
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  Speaker 1: Is retire righte Radio with John Burdett from Fourth Avenue Financial,
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  Speaker 2: You are listening to We're try to Write Radio five
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  Speaker 2: ADWHS the Voice of Charles and I'm Del Cooper. Thanks
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  Speaker 2: for tuning in on this Monday morning. You're welcome to
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  Speaker 2: talk to John Burdett from Fourth Avenue Financial. You can
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  Speaker 2: divicify what's going on in the market for you. I
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  Speaker 2: know there's a lot of questions out there, and we
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  Speaker 2: address try to address those questions without platforming them necessarily
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  Speaker 2: too much. It's always kind of hard to talk about
• 16:47
  Speaker 2: in the abstract the things that you shouldn't be concerned about,
• 16:49
  Speaker 2: but unfortunately sometimes that's what we end up doing on
• 16:52
  Speaker 2: this program. But let's talk about all the positivity. If
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  Speaker 2: you want to give us a call this morning and
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  Speaker 2: see how John can help you with your financial future.
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  Speaker 2: We still have about twenty and it's left in the programming.
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• 17:11
  Speaker 2: And that's what's important in this UH. If you have
• 17:15
  Speaker 2: a managed if you have managed accounts where you have
• 17:18
  Speaker 2: you have a fin you have financial advisors, or if
• 17:20
  Speaker 2: you're just doing a four to one K or something
• 17:21
  Speaker 2: along those lines, this is still environments and situations because
• 17:25
  Speaker 2: you're not an individual stock trader or you're not out
• 17:27
  Speaker 2: there trying to holding up your billet, trying to UH
• 17:30
  Speaker 2: to make real time trades or anything like that. The
• 17:34
  Speaker 2: mechanisms in place really absorbs a lot of what's going on.
• 17:38
  Speaker 2: The headlines can be panicky. It could be there's a
• 17:40
  Speaker 2: lot going on in the world, but we really shouldn't
• 17:42
  Speaker 2: attach that necessarily with our day to day with our
• 17:44
  Speaker 2: financial investments because those things are made to manage through
• 17:48
  Speaker 2: different crisises and things like that.
• 17:50
  Speaker 4: Well, when you build a portfolio, you know, what do
• 17:53
  Speaker 4: we know? We know that every year of the market
• 17:56
  Speaker 4: has a correction on average of ten percent or more.
• 18:00
  Speaker 4: We know that every four or five years historically there's
• 18:02
  Speaker 4: been a bear market where the market goes down twenty
• 18:06
  Speaker 4: percent or more. We know these things and you're not
• 18:11
  Speaker 4: going to get around those. So when you build your
• 18:14
  Speaker 4: financial plan, when you build your if you're retirement, retiring
• 18:18
  Speaker 4: a distribution strategy, for instance, on your money, you have
• 18:21
  Speaker 4: to take that into account. It's because you can't just
• 18:25
  Speaker 4: wish away the volatility of the market.
• 18:27
  Speaker 5: It's going to be there.
• 18:30
  Speaker 4: And you say, well, why don't we just avoid the
• 18:32
  Speaker 4: market and go into fixed income, Well, because the market
• 18:36
  Speaker 4: is the only way over time to keep up with inflation.
• 18:41
  Speaker 4: You know, when you work, your wage tends to rise
• 18:45
  Speaker 4: with inflation over time because you're serving in the current
• 18:50
  Speaker 4: economic environment. But once you retire, you're not doing that anymore.
• 18:55
  Speaker 4: What is the companies that you own, they're out there
• 18:58
  Speaker 4: producing and serving in the current economic environment. Their earnings
• 19:02
  Speaker 4: tend to follow inflation as well because their goods and
• 19:05
  Speaker 4: services are inflating. So the stock market is a wonderful
• 19:10
  Speaker 4: way to deal with that risk in retirement, how do
• 19:14
  Speaker 4: we keep up with inflation? So that is a necessary
• 19:21
  Speaker 4: thing if you're going to try to combat that risk.
• 19:25
  Speaker 4: But why is the stock market not the right thing
• 19:27
  Speaker 4: for all of a portfolio. Well, if you're retiring, you
• 19:33
  Speaker 4: have a short term need too, not just the long
• 19:35
  Speaker 4: term need of inflation, you know, battling inflation, but the
• 19:39
  Speaker 4: short term need is you need income. Well, how do
• 19:44
  Speaker 4: you take income off of something that could be down
• 19:46
  Speaker 4: twenty percent next month? You know, that becomes a very
• 19:49
  Speaker 4: dangerous game if if you don't deal or you know.
• 19:53
  Speaker 5: Think about that.
• 19:54
  Speaker 4: And you have to think about that because we know
• 19:57
  Speaker 4: that the market behaves that way sometimes. Well, you do
• 20:01
  Speaker 4: that with other investment tools. You develop the mix of
• 20:07
  Speaker 4: the stocks and the fixed income, the more safe type
• 20:12
  Speaker 4: stable investments. You blend those together depending on what your
• 20:17
  Speaker 4: individual needs are for that short term income. And so
• 20:21
  Speaker 4: you have to deal in a retirement plan both of
• 20:24
  Speaker 4: those issues, both the long term and the short term needs.
• 20:28
  Speaker 4: And so it's not really a game of I should
• 20:32
  Speaker 4: own stocks or I should get out of stocks. Now,
• 20:35
  Speaker 4: it's managing that allocation. If the market is down and
• 20:38
  Speaker 4: you have an income need, you know, that's why your
• 20:43
  Speaker 4: fixed income is there. You can draw your income off
• 20:45
  Speaker 4: of some of the fixed income that has less volatility.
• 20:48
  Speaker 4: Attached to it. If the market's up twenty percent, you
• 20:52
  Speaker 4: can harvest some of those gains, draw your income from there,
• 20:55
  Speaker 4: fill up the fixed income if you've spent some of
• 20:58
  Speaker 4: that down within volatility. So there are ways to manage
• 21:02
  Speaker 4: a portfolio to make it much more durable than the people.
• 21:08
  Speaker 4: A lot of times thing can be done as far
• 21:10
  Speaker 4: as your income need goes and still address the long
• 21:13
  Speaker 4: term need of combating inflation and owning stocks. It's just
• 21:17
  Speaker 4: the allocation depending on what your short term and long
• 21:20
  Speaker 4: term needs are as an individual.
• 21:22
  Speaker 2: And there are some customizations when you do risk assessment
• 21:26
  Speaker 2: and things within the program that you can put together.
• 21:29
  Speaker 2: But that's the whole point of these things is you
• 21:31
  Speaker 2: can put them together and not have to stress over
• 21:33
  Speaker 2: the day to day on things like that. You don't
• 21:35
  Speaker 2: have to rush down to you to your local trader
• 21:39
  Speaker 2: in the mornings with I want to buy a Lockheed
• 21:41
  Speaker 2: Martin we're in a war now, or you know whatever.
• 21:43
  Speaker 2: That's not the way that it works, and it doesn't
• 21:45
  Speaker 2: have to and you don't want it too. Frankly, that's
• 21:46
  Speaker 2: not the way that No, you would want things to work.
• 21:49
  Speaker 4: No, you want to be able to retire, live the
• 21:52
  Speaker 4: life pursue your goals and dreams and retirement without laboring
• 21:57
  Speaker 4: over what's happening in the news or what might be
• 22:00
  Speaker 4: moving the market today. You want to know that your
• 22:02
  Speaker 4: plan has been built to be resilient to these things.
• 22:07
  Speaker 4: Doesn't mean they don't go down occasionally. The market doesn't
• 22:10
  Speaker 4: go down occasionally, doesn't mean your statements won't occasionally go down,
• 22:14
  Speaker 4: But it does mean that you have a plan in
• 22:16
  Speaker 4: place that is resilient to that to you know, whatever
• 22:22
  Speaker 4: the degree is that you need it to be for
• 22:24
  Speaker 4: your individual needs and goals.
• 22:26
  Speaker 2: You know, last week we were talking about the individual
• 22:30
  Speaker 2: like the different types of personality types. I think we
• 22:31
  Speaker 2: had seven different personality place. So we left a couple
• 22:33
  Speaker 2: of those on the table that I wanted to revisit
• 22:35
  Speaker 2: this week that I think it would be worthwhile discussing
• 22:38
  Speaker 2: just a little bit before we move on to that discussion, though,
• 22:40
  Speaker 2: if there's anything that John's talked about this morning, or
• 22:42
  Speaker 2: if there's something a little off the wall that you
• 22:44
  Speaker 2: need to get some advice on, you're welcome to goes
• 22:46
  Speaker 2: a call three zero four three four five fifty fifty
• 22:47
  Speaker 2: eight three four five fifty eight fifty You can text
• 22:49
  Speaker 2: three zero four non three five five zero zero eight
• 22:51
  Speaker 2: three zero four nine three five five zero zero eight
• 22:54
  Speaker 2: is the text line number. But give us a call
• 22:55
  Speaker 2: if you'd like. We have a few minutes left this morning.
• 22:57
  Speaker 2: Three zero four three four five fifty eight fifty eight
• 22:59
  Speaker 2: three four eight fifty eight. So one of the ones
• 23:03
  Speaker 2: that we left off, one that I thought would take
• 23:05
  Speaker 2: some discussion, so I didn't think we'd have time to
• 23:07
  Speaker 2: talk about them last week. Number five on the list
• 23:09
  Speaker 2: that you had sent me is the save or splurger,
• 23:11
  Speaker 2: And I see I've even been in this category. I think,
• 23:15
  Speaker 2: I think I mentioned last week. I could see a
• 23:18
  Speaker 2: little bit of me and all of these different points
• 23:20
  Speaker 2: in my life. But this is another one of those things.
• 23:22
  Speaker 2: And this is a little bit unique where somebody has
• 23:24
  Speaker 2: the ability to save money, they know how they're doing,
• 23:26
  Speaker 2: but then you blow it all on the most ridiculous
• 23:29
  Speaker 2: things or or or on the wrong things or whatever
• 23:32
  Speaker 2: it might be, and you end up getting yourself upside
• 23:35
  Speaker 2: down anyway, And you could really get yourself into some
• 23:38
  Speaker 2: trouble doing something like that.
• 23:39
  Speaker 4: Yeah, and I think that there are certainly ways to
• 23:42
  Speaker 4: deal with that, with that and that personality type. First
• 23:46
  Speaker 4: of all, it's great that you have the ability to save,
• 23:49
  Speaker 4: but I think that one way to do that is to,
• 23:55
  Speaker 4: you know, think about your budget. And I don't think
• 23:58
  Speaker 4: I don't myself. I fall into this classification exactly, but
• 24:04
  Speaker 4: I am not one of these people that budget every dollar.
• 24:09
  Speaker 4: But what I do is I first put away the
• 24:13
  Speaker 4: money that I know I need to put away for
• 24:15
  Speaker 4: my retirement or any other things goals that I have.
• 24:20
  Speaker 4: And then after I know that I've met those commitments,
• 24:23
  Speaker 4: you know, I feel free to spend the money that's
• 24:26
  Speaker 4: left over. And so that way, you know, if I
• 24:30
  Speaker 4: want to buy something, I can and I don't feel
• 24:35
  Speaker 4: guilty about it because I know I've taken care of
• 24:38
  Speaker 4: the things that I've made a priority. And that's what
• 24:42
  Speaker 4: you know, this personality really is all about. It's not
• 24:47
  Speaker 4: about the ability to say it's about kind of courting
• 24:50
  Speaker 4: things off in a way that when you want to
• 24:53
  Speaker 4: spend money and splurge on something, you're not invading and
• 24:59
  Speaker 4: eroding those life long term goals and plants that you have.
• 25:02
  Speaker 4: So it's almost like you know you have permission to
• 25:05
  Speaker 4: do those splurges if you've taken care of some of
• 25:09
  Speaker 4: those long term needs up front.
• 25:11
  Speaker 3: Right, Well, that makes a lot of sense, though.
• 25:13
  Speaker 2: I mean that that's as long as you're taking care
• 25:17
  Speaker 2: of as long as you're paying all the things that
• 25:19
  Speaker 2: you need to pay, or you're taking care of all
• 25:20
  Speaker 2: those things, and that works the same way anyway.
• 25:22
  Speaker 3: I mean, as far as budget, you know.
• 25:25
  Speaker 4: Just don't splurge with the credit. You know, that's the
• 25:28
  Speaker 4: that's the thing. If you're a saver, that's great. You know,
• 25:30
  Speaker 4: you you save up and you you know, need to
• 25:34
  Speaker 4: buy something of the furniture for the living room or
• 25:37
  Speaker 4: something like that, you know, that's great, save it up,
• 25:40
  Speaker 4: spend the money, don't spend that on credit. As long
• 25:44
  Speaker 4: as you, you know, are sticking to that in your splurges,
• 25:50
  Speaker 4: you'll you'll be okay. If you've set aside what you
• 25:52
  Speaker 4: need for your for your long term and and what
• 25:55
  Speaker 4: is that number that that's going to vary depending on
• 25:58
  Speaker 4: the individual. You know, some people, a younger person, for instance,
• 26:02
  Speaker 4: needs to save less percentage wise because they have a
• 26:06
  Speaker 4: much longer time horizon. If you haven't started saving for
• 26:10
  Speaker 4: retirement when you're forty five years old, you might have
• 26:14
  Speaker 4: a little more work to do to catch up. And
• 26:17
  Speaker 4: so maybe your percentages that you're saving need to be
• 26:19
  Speaker 4: more so. There Again, it's all individual, but there are
• 26:22
  Speaker 4: ways to that personality type can be worked with because
• 26:29
  Speaker 4: they have a degree of discipline to be able to
• 26:33
  Speaker 4: put the money back to begin with.
• 26:35
  Speaker 3: Yeah, that makes a lot of sense. It's it seems
• 26:38
  Speaker 3: to me that that.
• 26:39
  Speaker 2: Of course, obviously, companies find ways to get you to
• 26:41
  Speaker 2: separate yourself with your money, the ones that are you know,
• 26:43
  Speaker 2: and then those companies maybe we in turn invest in
• 26:45
  Speaker 2: because they're so good at that. But there's really this
• 26:49
  Speaker 2: thing that happens anymore where if somebody has a tendency
• 26:54
  Speaker 2: to spurge somewhere, Like before, maybe there were ways that
• 26:57
  Speaker 2: you can put up like literal physical barriers to keep
• 27:00
  Speaker 2: yourself from doing that. You know, I mentioned last week,
• 27:02
  Speaker 2: you know you freeze the credit card. You know, back
• 27:04
  Speaker 2: in the day before you could save them in your
• 27:05
  Speaker 2: phone and stuff that would be a barrier. You know,
• 27:07
  Speaker 2: you really couldn't get to the credit card to do
• 27:09
  Speaker 2: something anymore. Those those aren't really barriers. And I keep
• 27:12
  Speaker 2: on thinking about these things like these, these after pay
• 27:15
  Speaker 2: and stuff like that, where you can buy something and
• 27:17
  Speaker 2: with no interest at all, you can pay your one
• 27:19
  Speaker 2: hundred dollars thing and four payments of twenty five dollars
• 27:21
  Speaker 2: and not worry about it right now. I mean, sure,
• 27:25
  Speaker 2: if you pay that off and everything's fine, I mean,
• 27:27
  Speaker 2: you know, what are you losing out? I mean, I
• 27:29
  Speaker 2: guess I see the point in that. But if you
• 27:31
  Speaker 2: start doing that all the time. You do it with
• 27:32
  Speaker 2: your groceries, you do it with a shopping list, you
• 27:34
  Speaker 2: have here, you have it. It's just like having a
• 27:36
  Speaker 2: credit card. You're making a payment on every month, and
• 27:38
  Speaker 2: on top of that, how do you then budget for
• 27:39
  Speaker 2: what you're doing next month and then next month?
• 27:41
  Speaker 4: Well, that's just the thing. If you continue to do that,
• 27:45
  Speaker 4: eventually the bill comes due, and you know it's still
• 27:52
  Speaker 4: in a way, you're just making a game out of
• 27:54
  Speaker 4: when the bill actually comes due. But the reality is
• 27:59
  Speaker 4: the spending is this, yeah, month one, and if you're
• 28:05
  Speaker 4: living beyond your means, eventually that's going to catch up
• 28:08
  Speaker 4: with you. Whether that's you know, breaking it up in
• 28:11
  Speaker 4: the payments that are interest free or or interest on
• 28:15
  Speaker 4: a credit card. Eventually, you know, somebody's got to pay
• 28:19
  Speaker 4: the fiddler.
• 28:21
  Speaker 2: I have an acquaintance that's going through some pretty hard
• 28:23
  Speaker 2: times as far as money and stuff goes, And they
• 28:25
  Speaker 2: were talking about the struggles that they're going through just
• 28:27
  Speaker 2: to try to make bills and to make.
• 28:29
  Speaker 3: Pay and I get it.
• 28:29
  Speaker 2: I mean, I've been there when I was a young man,
• 28:31
  Speaker 2: especially in my early twenties. I remember one time I
• 28:34
  Speaker 2: had coworkers that filled my car up with food and
• 28:36
  Speaker 2: stuff because they knew that I was struggling so bad
• 28:38
  Speaker 2: that I didn't really have anything in my house. I mean,
• 28:39
  Speaker 2: it was a very compassionate thing to do at the time.
• 28:42
  Speaker 2: But I've been there before when I lived in Michigan.
• 28:44
  Speaker 2: You know, bottle returns are ten cents. I've been where
• 28:46
  Speaker 2: I was out getting bottles so I could get canned
• 28:48
  Speaker 2: food from all day before. I mean, I mean, I've
• 28:50
  Speaker 2: been there where your destitute and you're down there unable
• 28:54
  Speaker 2: to really to make those ends meets. But when you're
• 28:58
  Speaker 2: doing things like that, you have to be when you're
• 29:02
  Speaker 2: always kind of chasing that, chasing the ability to make
• 29:05
  Speaker 2: their money, you have to have some kind of discipline
• 29:07
  Speaker 2: to get out of that and to find a way
• 29:11
  Speaker 2: that you're going to be able to make money or
• 29:14
  Speaker 2: to save money. And one of the things I used
• 29:16
  Speaker 2: to do that was terrible for me, but was one
• 29:19
  Speaker 2: of the only ways that one point in time that
• 29:21
  Speaker 2: I thought that I could find to like buy groceries.
• 29:22
  Speaker 2: For example, is you have like a credit card, and
• 29:24
  Speaker 2: you have somebody else that's sending your credits, Like, oh,
• 29:26
  Speaker 2: if you send all your balance onto this credit card,
• 29:28
  Speaker 2: you know you'll get a month off from it. So
• 29:30
  Speaker 2: like literally there was a period of time in my
• 29:32
  Speaker 2: life where I would try to put all my balances
• 29:35
  Speaker 2: on a credit card to get a month off from
• 29:37
  Speaker 2: paying my credit card balances. And then on the card
• 29:39
  Speaker 2: that I just quote unquote paid off by transferring the balances,
• 29:42
  Speaker 2: I would turn around and buy you know, groceries or
• 29:44
  Speaker 2: something on that because I had no other way to
• 29:45
  Speaker 2: get groceries. It was a terrible situation to be and
• 29:48
  Speaker 2: it took me a while to get out from under it.
• 29:49
  Speaker 2: But in today's age, it's got to be even harder.
• 29:52
  Speaker 3: Man.
• 29:52
  Speaker 2: I mean, back then, a house didn't a car didn't
• 29:55
  Speaker 2: cost a house, you know. I mean now a car
• 29:57
  Speaker 2: cost a house, you know, like car payments and different
• 29:59
  Speaker 2: things like that, gas, everything was so much cheaper and
• 30:01
  Speaker 2: even a relative to what I got paid.
• 30:03
  Speaker 3: It is tough out there.
• 30:04
  Speaker 2: You have to have a discipline to make sure you
• 30:07
  Speaker 2: don't fall behind, because if you get into that case
• 30:09
  Speaker 2: where you're trying to pay everything in the future, you're
• 30:11
  Speaker 2: just never going to pay it.
• 30:12
  Speaker 4: And you will never break free of that cycle. Until
• 30:15
  Speaker 4: you figure out how to create savings and investment consistently,
• 30:19
  Speaker 4: you'll never true.
• 30:20
  Speaker 5: And so.
• 30:22
  Speaker 4: You know, if you're at the bottom where you're struggling,
• 30:29
  Speaker 4: you know you have to you have to some way
• 30:31
  Speaker 4: figure out how to budget around that. Whatever that number is.
• 30:35
  Speaker 4: Credit is not a solution for that shortfall. You know,
• 30:39
  Speaker 4: maybe long term, it's finding additional skills, uh, you know,
• 30:45
  Speaker 4: making yourself more valuable in the marketplace if you if
• 30:49
  Speaker 4: you are find yourself constantly in that situation. But some way,
• 30:55
  Speaker 4: the math has to math. You know, you have to
• 30:58
  Speaker 4: be living below your means, create savings and investment and
• 31:02
  Speaker 4: not paying thirty percent interest on credit cards. That there's
• 31:07
  Speaker 4: once you get into that cycle, it's breakable, but it's
• 31:12
  Speaker 4: very difficult and painful to break.
• 31:15
  Speaker 2: And it seems like you have that cycle where you
• 31:17
  Speaker 2: have you know, you're living from credit cards and then
• 31:20
  Speaker 2: everything very few things that we have today can we
• 31:23
  Speaker 2: actually purchase. It seems like you know, everything we have
• 31:25
  Speaker 2: there is like a subscription fee for it or a
• 31:27
  Speaker 2: rental fee of some kind for it, and we've almost
• 31:30
  Speaker 2: gotten to the point where we pay that with permission
• 31:33
  Speaker 2: in advance. We just expect like, oh, that's gonna be
• 31:35
  Speaker 2: fifteen dollars a month, that's gonna be ten dollars a month,
• 31:36
  Speaker 2: that's gonna be twenty dollars a month, whatever it is.
• 31:38
  Speaker 2: Those things get massively expensive after a while. If you're
• 31:41
  Speaker 2: not because it's not just like your streaming services, like
• 31:44
  Speaker 2: you can almost be like, well, you know, I mean
• 31:46
  Speaker 2: there's almost an equation to that for some point your past.
• 31:49
  Speaker 2: Like I can say, oh, I had a Blockbuster budget
• 31:51
  Speaker 2: at one point in my past, you know, maybe it
• 31:53
  Speaker 2: was twenty bucks a month, and so you know, maybe
• 31:55
  Speaker 2: that kind of equals out in today's. But there's so
• 31:58
  Speaker 2: much things that we have to pay for. My daughter
• 32:01
  Speaker 2: has games. You know, you have to pay six dollars
• 32:03
  Speaker 2: a month for the game.
• 32:03
  Speaker 4: You can't buy it, right, Well, well, the difference between
• 32:06
  Speaker 4: the Blockbuster and the streaming service is that you elected
• 32:09
  Speaker 4: to go to Blockbusters spend the money, right, right.
• 32:11
  Speaker 5: It wasn't. It wasn't as if.
• 32:13
  Speaker 3: You had to do it like what you do with
• 32:14
  Speaker 3: cable and everything.
• 32:15
  Speaker 4: Now, that's right, So there was either probably more flexibility
• 32:20
  Speaker 4: in a budget.
• 32:21
  Speaker 3: Sure, yeah, no doubt.
• 32:22
  Speaker 2: I was just I was trying to think about this
• 32:24
  Speaker 2: the other day on all the things that like, I'm
• 32:27
  Speaker 2: really big on the administrative burden that that basically everybody
• 32:31
  Speaker 2: gives us. Your your workplace, gives you places that you
• 32:33
  Speaker 2: want to spend money with, give you an administrative burden
• 32:36
  Speaker 2: before you can spend money with them. This stuff didn't
• 32:38
  Speaker 2: used to exist. We spend so much of our time now,
• 32:40
  Speaker 2: and I consider my time money, you know. I mean,
• 32:43
  Speaker 2: you know, I get paid a decent wage on an
• 32:45
  Speaker 2: hourly basis. When I'm wasting hours doing stuff, I mean
• 32:48
  Speaker 2: to me, that's time is money, you know. And there's
• 32:50
  Speaker 2: so much of these administrative burdens on top of everything
• 32:53
  Speaker 2: that we have to do, and it just makes it
• 32:56
  Speaker 2: easier to be like, Okay, well I'll pay Netflix this money,
• 32:58
  Speaker 2: Apple this money, my music services money, and before you
• 33:01
  Speaker 2: know it, you have hundreds of dollars walking out the
• 33:03
  Speaker 2: door on things that you know, Frankly, when you and
• 33:07
  Speaker 2: IOW were in our twenties or something, there wasn't even
• 33:09
  Speaker 2: the option to pay for those there. There wasn't even
• 33:10
  Speaker 2: that service available out there for us to spend that
• 33:14
  Speaker 2: you know, we didn't have that. We didn't have that
• 33:16
  Speaker 2: out there. And and to me, that's one of the
• 33:18
  Speaker 2: big changes I make. I cancel services all the time.
• 33:21
  Speaker 2: Now it finally sunk in through my head. These services
• 33:24
  Speaker 2: let you close and open them instantly, Like you can
• 33:26
  Speaker 2: close one one day and open it the next day.
• 33:28
  Speaker 2: They don't care anymore, you know. So you can do
• 33:30
  Speaker 2: that and save money if you have.
• 33:31
  Speaker 4: It's easy to get, it's easy to do. I've got
• 33:34
  Speaker 4: one right now that I signed up for it. It sounded
• 33:37
  Speaker 4: like a good idea at the time where it is,
• 33:41
  Speaker 4: and and then I kind of forgot about it, never
• 33:44
  Speaker 4: really used it. And then every every so often I'll
• 33:49
  Speaker 4: get a little text that says, oh, you're whatever is
• 33:53
  Speaker 4: ready for you. It's like this articles and things that
• 33:57
  Speaker 4: that are delivered to you. And I see that notification
• 34:01
  Speaker 4: come over and I think I'm paying for that. You know,
• 34:04
  Speaker 4: I'm paying for that, and I've never logged into it.
• 34:07
  Speaker 4: I go in to try to cancel it. I don't
• 34:09
  Speaker 4: remember my password anymore.
• 34:13
  Speaker 3: Yep, I've been there before it.
• 34:16
  Speaker 4: Yeah, And so it's it becomes this big ordeal and
• 34:20
  Speaker 4: now you know they're getting nineteen ninety five out of
• 34:23
  Speaker 4: me every single month.
• 34:24
  Speaker 2: Here's one of the things I noticed. Now, the fee
• 34:26
  Speaker 2: was only three ninety nine, But when the Winter Olympics
• 34:28
  Speaker 2: came up a couple months ago, my daughter was really
• 34:32
  Speaker 2: into some of the figure skating and things along those lines,
• 34:34
  Speaker 2: and I was like, well, I want to make sure
• 34:35
  Speaker 2: she can watch whatever these want. And Peacock offers a
• 34:38
  Speaker 2: really nice service. It's called the Gold Watch or whatever
• 34:41
  Speaker 2: it is, but anyway, you can go to it. If
• 34:43
  Speaker 2: you're a subscriber to Peacock at their lowest level, which
• 34:45
  Speaker 2: is like three ninety nine a month, you can go
• 34:46
  Speaker 2: to this and watch like basically every gold it is
• 34:49
  Speaker 2: as it's happening, and it had a nice schedule. It
• 34:51
  Speaker 2: was just a really nice interface to watch the Olympics.
• 34:54
  Speaker 2: And so I was like, oh, I remember that from
• 34:55
  Speaker 2: last time. I better go back and rebuy because I
• 34:57
  Speaker 2: never used Peacock for anything in the world, Like the
• 35:00
  Speaker 2: last time I used Peacock was the Summer Olympics. I
• 35:02
  Speaker 2: mean seriously, so I go to Peacocks, will repurchase this
• 35:05
  Speaker 2: level of subscription. I never canceled it. It was still there,
• 35:08
  Speaker 2: like I've been paying for it for two years. At
• 35:11
  Speaker 2: the end was three ninety nine a month that didn't
• 35:12
  Speaker 2: catch on my bank account or whatever. And of course
• 35:15
  Speaker 2: it's not the most money in the world when you
• 35:16
  Speaker 2: think about it, but still, what if it was nineteen
• 35:18
  Speaker 2: ninety nine or what if it was it different? It
• 35:20
  Speaker 2: was just they're being charged every month and I forgot
• 35:22
  Speaker 2: all about it. Yeah, it's way too easy to.
• 35:25
  Speaker 3: Do these days.
• 35:25
  Speaker 5: The stockholders appreciate it.
• 35:28
  Speaker 2: Kind of right, and so that's a good that's a peacock.
• 35:31
  Speaker 2: Maybe it's a decent business to invest in. I don't know,
• 35:34
  Speaker 2: because they certainly got met with stuff like that. Look,
• 35:37
  Speaker 2: this is every week on retire Right Radio. We try
• 35:40
  Speaker 2: to find topics that are influencing the decisions that you
• 35:44
  Speaker 2: can make in your financial portfolio and let you know,
• 35:46
  Speaker 2: just call John and he can help you out. So
• 35:48
  Speaker 2: once again, let me make sure that you have all
• 35:50
  Speaker 2: the information so that if you have any questions about
• 35:52
  Speaker 2: how to manage your financial future, you can get him
• 35:55
  Speaker 2: taken care of correctly. Fourth Avenue Financial does retire Right Radio.
• 35:59
  Speaker 2: It's every Monday here at eight twenty on five ad
• 36:01
  Speaker 2: w CCHS. You can listen to that. There's a podcast
• 36:03
  Speaker 2: that gets published over at WCHS network dot com. Slash
• 36:06
  Speaker 2: retire right. Fourth Avenue Financial Online, Fourth Avenue Financial dot com.
• 36:10
  Speaker 2: You spell out the whole thing Fourth Avenue Financial dot Com.
• 36:12
  Speaker 2: Do that same search on Facebook and like the page
• 36:14
  Speaker 2: over there. Their phone number three zero four seven four
• 36:16
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• 36:18
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• 36:21
  Speaker 2: four seven four six seven non seven seven. John, thanks
• 36:24
  Speaker 2: a bunch of your time and expertise again this week.
• 36:25
  Speaker 2: Appreciate it all right, thank you, take care, see you
• 36:27
  Speaker 2: back here next week. That's John Burdett with Fourth Avenue
• 36:30
  Speaker 2: Financial at over on Court Street, right across from the
• 36:33
  Speaker 2: Town Center Mall one seventy Court Street. Coming up next
• 36:35
  Speaker 2: is Dave Allen on the Dave Allen Show. I'll be
• 36:37
  Speaker 2: back this afternoon at three oh six on Hotline with
• 36:40
  Speaker 2: Dave Weekly. Have Everybody Day Everyone on five ad w CCHS.
• 36:43
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• 36:46
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• 36:50
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