Latest / WCHS Network Podcasts / 10/14/2024 Retire Right Radio with John Burdette

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10/14/2024 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five eight WCCHS,
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Speaker 2: its employees or WVRC Media. This is retire Right Radio,
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Speaker 2: a weekly show from John Verdet at Fourth Avenue Financial
0:31
Speaker 2: that aims to answer your questions about financial planning, investing,
0:35
Speaker 2: and how to retire right. Fourth Avenue Financial is located
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Speaker 2: in downtown Charleston at one seventy Court Street. More information
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Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
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Speaker 2: by calling three oh four three four five fifty eight
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Speaker 2: fifty eight or text three oh four nine three five
0:53
Speaker 2: fifty oh eight. On Retire Right Radio, let's go live
0:57
Speaker 2: to the studio with host Dale Cooper and John Verdett
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Speaker 2: from fourth a any Financial, Nash.
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Speaker 3: And replace. Good morning to you. You're listening to retire
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Speaker 3: Right Radio on five eight w se HS. The Voice
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Speaker 3: of Charleston. I'm Dell Cooper. Thanks for tuning in on
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Speaker 3: this Monday. Seeing a little bit of a paradigm shift
1:13
Speaker 3: when it comes to the weather. It looks like we're
1:14
Speaker 3: gonna have a little bit of a cooler week this week.
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Speaker 3: Cooler mornings. Not too bad right now, but I think
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Speaker 3: we're going to be in the fifties for a lot
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Speaker 3: of this week as hats in the upper fifties, so
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Speaker 3: that's going to change things quite a bit. John Burdett
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Speaker 3: is in studio with us this morning, taking your phone
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Speaker 3: calls on how you can retire right, how you can
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Speaker 3: plan for your future financially. You can call us this
1:31
Speaker 3: morning at three zero four three four five fifty eight
1:33
Speaker 3: fifty eight. Three zero four three four five fifty eight
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Speaker 3: fifty eight. You can also text three zero four non
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Speaker 3: three five five zero zero eight three zero four non
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Speaker 3: three five five zero zero eight. You can give us
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Speaker 3: a call this morning. John. How you doing today?
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Speaker 4: I'm doing wonderful. I love the Chris Morning.
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Speaker 3: Oh Man, me too. I am. You know, I don't
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Speaker 3: like cold, cold weather, but I like you know, I
1:51
Speaker 3: don't like walking out in the mornings and feeling hot,
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Speaker 3: you know, like it is in the peak of summer,
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Speaker 3: especially this year, where you'd walk out and at RB
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Speaker 3: eighty degrees, it's kind of nice for it to be
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Speaker 3: in the fifties or something like that. You know, yesterday
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Speaker 3: or the one time this weekend had to wear a jacket,
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Speaker 3: you know, it was kind of nice. First time I
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Speaker 3: wore a jacket this year.
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Speaker 4: My son came back this weekend from WVU and so
2:09
Speaker 4: I got my grass cut. Finally.
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Speaker 3: Is he busy this weekend?
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Speaker 4: Yeah, I have a feeling he stays pretty busy.
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Speaker 3: Yeah, yeah, I'm sure you can give us a call
2:20
Speaker 3: this morning if you have any questions for It's a
2:22
Speaker 3: It's been a kind of an interesting moment. I can't believe,
2:26
Speaker 3: you know, we've been waiting for this election to come forever,
2:29
Speaker 3: and it's kind of odd to think now that we're
2:32
Speaker 3: inside of a month, right inside of a month of
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Speaker 3: the election now, so one way or the other, the
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Speaker 3: election buzz is going well, who knows, Oh, probably go
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Speaker 3: on for months after the election, if last time was
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Speaker 3: any indication. But as we start approaching towards the end
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Speaker 3: of the year and things like that, like looking back
2:48
Speaker 3: right now, how are things looking in the market.
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Speaker 4: The market's just chugging right along. I mean last week
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Speaker 4: the market was back up over one percent, pretty much
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Speaker 4: across the board. There's a broadening of the market, so
3:00
Speaker 4: not just the text stocks are participating. Matter of fact,
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Speaker 4: the rest of the market is actually outperforming the tech
3:07
Speaker 4: stocks here lately, which is a good sign. You know,
3:12
Speaker 4: we're actually two years in now into a bull market.
3:16
Speaker 4: It's kind of the two year anniversary last week. So
3:21
Speaker 4: you know, how long does a typical bull market last,
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Speaker 4: Well about three years, so there there is a historic
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Speaker 4: precedent anyway to think, well, this market could have legs
3:33
Speaker 4: for a little bit longer. You know, when you look
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Speaker 4: at elections, I mean typically certainty is what the market likes,
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Speaker 4: so soon no matter who wins, ultimately we'll know who
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Speaker 4: it is and the market can, you know, move on.
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Speaker 4: That'll be one thing off the off the table at
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Speaker 4: that point. Usually in the tail end of the bull market,
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Speaker 4: as we get to the end, the return start to
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Speaker 4: moderate a little bit, so you're not gonna generally you're
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Speaker 4: not gonna have these big double digit, you know, twenty
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Speaker 4: percent gains like we've had the last couple of years.
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Speaker 4: But there's really nothing out there to say that the
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Speaker 4: market is done going up. You know, people think that, oh,
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Speaker 4: it's at a record high, it has to it has
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Speaker 4: to be near the top. Well, if you look at
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Speaker 4: the history of the market, a lot of times the
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Speaker 4: market's at record highs. I mean, it's a constant march
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Speaker 4: to record highs for the last hundred years. So that's
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Speaker 4: just the natural state of the market to some respect.
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Speaker 3: It's it's been a just a wild journey over the
4:40
Speaker 3: last several years, certainly for the amount of time we've
4:43
Speaker 3: been doing this show. As I've mentioned before, though, as
4:46
Speaker 3: we put more weeks and months and years behind us
4:48
Speaker 3: on doing this show, our curve starts to flatten out
4:51
Speaker 3: a little bit too, you know, I mean, things don't
4:52
Speaker 3: seem quite as as stark as they were. So we've
4:55
Speaker 3: seen in the course of time what we do in
4:57
Speaker 3: the show, the peaks and valleys a little bit, how
4:59
Speaker 3: things work, and then what happens at the ultimate conclusion
5:02
Speaker 3: of things, you know, the bull market and things are
5:04
Speaker 3: going pretty well. I mean, you know, I say that
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Speaker 3: a lot, but it is true. During the course of
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Speaker 3: this show, we've seen the lows and are we everyone
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Speaker 3: to get out of this? We talked for a year
5:13
Speaker 3: about soft landings, hard landings, recessions, all kinds of things.
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Speaker 3: Whatever you think about all of those things. At least
5:18
Speaker 3: right now, as a snapshot of things looks okay, things
5:21
Speaker 3: look pretty good.
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Speaker 4: Yeah, I mean that's what the market does. The market
5:24
Speaker 4: takes that news to adjust it. Companies try to make
5:27
Speaker 4: adjustments to the reality out there and make sure they
5:31
Speaker 4: make profits. You know, a lot of the market movement
5:38
Speaker 4: lately has been multiple expansion. In other words, people have
5:44
Speaker 4: been willing to pay more for a dollar of earnings
5:48
Speaker 4: that those companies have. In other words, you know, pay
5:50
Speaker 4: higher multiples or price earnings ratios. You may have heard
5:53
Speaker 4: it referred to as that before. You know, chances are
5:58
Speaker 4: for the market to move forward at this point, we're
6:01
Speaker 4: going to need to see real earnings growth. And we've
6:04
Speaker 4: had real earnings growth, but that is going to be
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Speaker 4: the that's probably going to have to be the driver,
6:10
Speaker 4: because you know, valuations get stretched too far otherwise. So
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Speaker 4: if we're going to see a good market, my guess
6:16
Speaker 4: is that it'll be predicated on true earnings growth.
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Speaker 3: I was interested in as we've seen some of the
6:23
Speaker 3: different stocks that have kind of risen and fallen, and
6:29
Speaker 3: there's been this amazing story of companies that are associated
6:32
Speaker 3: in some way with artificial intelligence with AI, and the
6:35
Speaker 3: video of course was still a very good stock, but
6:38
Speaker 3: it was so hot for so long because it was
6:40
Speaker 3: growing at such a startling rate. And what I was wondering,
6:43
Speaker 3: I'm starting to see a lot of as more and
6:45
Speaker 3: more people, more normies are are inundated with AI. And
6:49
Speaker 3: I've seen it in so many different things now, I mean,
6:51
Speaker 3: it's in all of our search results, it's in I mean,
6:54
Speaker 3: you can't even ask for a song to play on
6:56
Speaker 3: your music server anymore without some sort of AI element
6:58
Speaker 3: that's involved with it. And I'm just curious if people's
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Speaker 3: experiences with that, and like the majority of people that
7:05
Speaker 3: deal with these things that in sentiment changes, you know,
7:08
Speaker 3: like AI is really neat, this is really powerful. And
7:10
Speaker 3: then man, this is frustrating because it's making it harder
7:13
Speaker 3: to do this. There's too much a does that could
7:15
Speaker 3: Does that ultimately affect sentiment for stocks and things? Could
7:18
Speaker 3: that affect that? Although it's not like an earnings thing,
7:20
Speaker 3: but it's just like a consumer sentiment. I'm already burned
7:22
Speaker 3: out on AI. Why do I have to keep dealing
7:24
Speaker 3: with this? Does that affect things at all.
7:26
Speaker 4: Oh absolutely. I mean, you know, the market is an
7:28
Speaker 4: emotional animal, and so any of those types of things
7:35
Speaker 4: can sway the momentum of a stock. You know, long term,
7:38
Speaker 4: ough earnings are what matters, but short term, certainly, those
7:43
Speaker 4: emotional aspects do play a role. You know, with AI,
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Speaker 4: it was so hot people were buying everything, and you
7:53
Speaker 4: know sometimes that that gets overdone a little bit, and
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Speaker 4: it's healthy actually to take those breathers and have little
8:00
Speaker 4: bit of disappointment while things develop, so that you're not
8:04
Speaker 4: marching too head of the fact.
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Speaker 3: I think. My guess is there's probably plenty of people
8:09
Speaker 3: out there that are buying on the darker side of AI.
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Speaker 3: They like where that leads, you know, for whatever reasons.
8:14
Speaker 3: But to me, it just seems like that as I was,
8:18
Speaker 3: I guess, an early adopter, like in following the technology
8:21
Speaker 3: and using the technology, my peak and value on that
8:23
Speaker 3: has been pretty pretty stark. Like I used it a
8:26
Speaker 3: lot because it was neat you know, it was like, oh,
8:29
Speaker 3: you can do this, this and this, and then eventually
8:31
Speaker 3: it was like, eh, you know, it's actually makes some things.
8:33
Speaker 3: There's no reason in doing that because it's just making
8:35
Speaker 3: the work harder. Just because somebody else is doing it
8:37
Speaker 3: doesn't mean it makes it easier. And then I found
8:39
Speaker 3: ways to use it as tools, and so it seemed
8:41
Speaker 3: useful to use as a tool for things, and I
8:43
Speaker 3: still do that to some degree. But as I've settled
8:45
Speaker 3: into sort of like, Okay, this is the way that
8:47
Speaker 3: I use it as like an assistant, I see it
8:49
Speaker 3: being deployed by companies and people and things otherwise that
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Speaker 3: to me is a detrimental use of it, like using
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Speaker 3: it in place of customer service, using it in place
8:58
Speaker 3: of customized deliver of different products and things along those
9:02
Speaker 3: and experiences. To me, that doesn't have a great end.
9:05
Speaker 3: And I'm wondering, because you've seen some pullback and things
9:07
Speaker 3: like that, if consumer sentiment in general is like, man,
9:09
Speaker 3: this is maybe growing a little too fast for our use.
9:12
Speaker 3: And when when my bank starts using AI to help
9:14
Speaker 3: me budget, it's like, you know, did we really need
9:18
Speaker 3: AI tools for that? Because you had budget, you had
9:20
Speaker 3: budget tools before and it seemed to work, okay. Yeah.
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Speaker 4: And in a lot of times, what these companies refer
9:27
Speaker 4: to as AI are not really that novel or new.
9:31
Speaker 4: It's just they're branding it as such because it's the
9:33
Speaker 4: hot term. You know, it is interesting to see when
9:39
Speaker 4: things were hot, you know, white hot, all the articles
9:43
Speaker 4: about it were you know, none of us are going
9:46
Speaker 4: to have jobs, right, you know, it's going to be
9:49
Speaker 4: so powerful that none of us are going to have jobs.
9:52
Speaker 4: And and just this morning I saw an article that
9:56
Speaker 4: I didn't dig into the article, but the headline basically was,
10:00
Speaker 4: We're discovering limits, you know, to AI. And you know,
10:06
Speaker 4: the truth is somewhere in the middle, I'm sure, but
10:09
Speaker 4: you know that's the psychological and emotional change that you
10:13
Speaker 4: see in not just AI, any developing technology. You know,
10:18
Speaker 4: you have the expectation of all the good that comes
10:22
Speaker 4: from it, and then the reality sets in. And then eventually,
10:26
Speaker 4: like you say, companies will figure out, hey, we can
10:29
Speaker 4: use this in our business. This makes us more efficient.
10:32
Speaker 4: And that's really where the rubber meets the road. That's
10:34
Speaker 4: where the real power of it will will display itself.
10:38
Speaker 4: And it won't probably be in big headlines. It will
10:41
Speaker 4: be the efficiencies of companies just incrementally across the board
10:46
Speaker 4: and across the economy.
10:47
Speaker 3: There's a few companies out there that when it comes
10:50
Speaker 3: to like their customer service and telephony experiences when you
10:54
Speaker 3: call in to get service or whatever. There are some
10:56
Speaker 3: companies that and cutting it off at any the AI
11:00
Speaker 3: stuff just in using the telephany systems, you know. I
11:02
Speaker 3: mean that was a huge over the course of the
11:04
Speaker 3: last thirty years, that's been a huge thing. Is you
11:07
Speaker 3: have less and less people actually answering the phone and
11:09
Speaker 3: more basically prompts that you go through to to try
11:14
Speaker 3: to limit to the amount of people that are needed.
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Speaker 4: It can be very frustrating.
11:17
Speaker 3: It can be very frustrating. And what and where I
11:19
Speaker 3: was getting to. There's some companies that use obviously the
11:22
Speaker 3: prompt and telephony process, but the maze that you go
11:25
Speaker 3: through is much less complex. You know, you might have
11:28
Speaker 3: one or two buttons a hitting and you get to
11:29
Speaker 3: a person and you can talk to them, and then
11:31
Speaker 3: there's other people. You just get stuck in a thing
11:33
Speaker 3: and you end up having to leave a message for somebody.
11:35
Speaker 3: You know. It's like they obviously don't have anybody working
11:37
Speaker 3: for them. They've cut so much staff that it's all
11:39
Speaker 3: it's not a customer need based thing, it's an availability
11:43
Speaker 3: of the provider based thing. The companies, I feel, the
11:45
Speaker 3: companies that have used the telephany as a tool to
11:48
Speaker 3: bolster their customer service and not cut their customer service.
11:51
Speaker 3: Actually came out on top of that right because they
11:53
Speaker 3: were able to manage costs to some degree. However, they
11:56
Speaker 3: still deliver good customer service. I think AI should be
11:59
Speaker 3: similar to that. You find way to use it as
12:00
Speaker 3: a productive tool, but it shouldn't replace the value of
12:04
Speaker 3: what you're providing for your clients.
12:05
Speaker 4: Yeah, and there again, I think a lot of it's
12:08
Speaker 4: going to depend on the business, the use and the
12:12
Speaker 4: and and the quality of the technology as it develops.
12:16
Speaker 4: Last year, I was in a hurry to get to
12:20
Speaker 4: the airport uh Down, Florida to get back, and I
12:24
Speaker 4: hadn't had anything to eat, and there was this Checkers
12:27
Speaker 4: restaurant on the on the way and I pulled into
12:29
Speaker 4: the drive through and the whole thing was that the
12:35
Speaker 4: person talking to me was not a person. It was
12:37
Speaker 4: a computer. You would never know the difference. And I
12:41
Speaker 4: figured it out and then I was like, there's no
12:43
Speaker 4: way this thing's going to get this right. Because I
12:45
Speaker 4: ordered there was this combo meal that had two burgers,
12:49
Speaker 4: but I wanted two separate things on each burger. I
12:51
Speaker 4: was like, how is this thing going to know this
12:54
Speaker 4: sure enough, that order came exactly right, and you know
12:58
Speaker 4: that was ai You're ago being deployed in a restaurant
13:01
Speaker 4: and I've never you know, never really seen much of
13:05
Speaker 4: that any other place. But you have to believe that
13:07
Speaker 4: that's going to be rolled out because it worked pretty
13:10
Speaker 4: well and at twenty dollars an hour in California, you know,
13:14
Speaker 4: job exactly exactly. I mean, that's going to be happening.
13:17
Speaker 3: And frankly, if you're able to improve or or or
13:22
Speaker 3: improve by supplementation or replace the consumer experience at a
13:27
Speaker 3: lower cost and it really affects the consumer very little,
13:29
Speaker 3: in fact, maybe even increases the accuracy of the order,
13:32
Speaker 3: it seems like a good place to use it.
13:33
Speaker 4: I mean yeah, And there's just always this tough of
13:36
Speaker 4: war between you know, the jobs that are lost, and
13:43
Speaker 4: it's never good when somebody loses their their job. However,
13:48
Speaker 4: if something can be done more efficiently, you almost have
13:51
Speaker 4: to look at that lost job as freed up human
13:56
Speaker 4: capital that can be deployed to higher uses.
13:59
Speaker 3: The very buck mister full way of looking at things.
14:01
Speaker 3: And I agree with that.
14:01
Speaker 4: I think that's true that in ideally that higher use
14:06
Speaker 4: will come with a higher wage.
14:09
Speaker 3: So well, when the long scale broadly looking, it takes
14:12
Speaker 3: human ingenuity and puts it into more valuable tasks rather
14:16
Speaker 3: than than than tasks that that you don't need humans
14:18
Speaker 3: to do. Ultimately, maybe not specifically for that person that
14:21
Speaker 3: might lose their job that day or whatever it might be,
14:23
Speaker 3: but ultimately, when you look at a society, putting human
14:26
Speaker 3: innovation into places where it could grow is a lot
14:30
Speaker 3: better than in stagnant you know, static places where it's
14:32
Speaker 3: not going to grow anything. And it makes sense to me.
14:34
Speaker 4: I mean, historically that's the way things have have progressed.
14:38
Speaker 4: And like you say, that doesn't that is a discount
14:42
Speaker 4: the pain that some of that can create in the process,
14:46
Speaker 4: but overall it does it does seem to benefit society
14:49
Speaker 4: to having that innovation process and the application of human
14:54
Speaker 4: capital at higher higher levels.
14:56
Speaker 3: In that chain, threes are A four nine, three five,
14:59
Speaker 3: five zero or eight. If you want to text any
15:01
Speaker 3: questions this morning three zero four nine, three five five
15:03
Speaker 3: zero zero eight, you can call three zero four three
15:04
Speaker 3: four five fifty eight fifty eight get on this morning
15:06
Speaker 3: with John or Debt from Fourth Avenue Financial. If you
15:08
Speaker 3: need some advice on how you can plan for your
15:10
Speaker 3: financial future into retirement and beyond. You can give John
15:13
Speaker 3: a call this morning three zero four three four five
15:15
Speaker 3: fifty eight fifty eight. On line it is Fourth Avenue
15:18
Speaker 3: Financial dot com. You spell out the whole thing fourth
15:20
Speaker 3: Avenue Financial dot com and you can find all kinds
15:22
Speaker 3: of information about Fourth Avenue Financial on the Internet as
15:26
Speaker 3: well as Facebook. You do that same search and you
15:28
Speaker 3: can like the page on Facebook located one seventy Court Street,
15:31
Speaker 3: downtown Charleston. We'll get the other information out to you
15:34
Speaker 3: as the show goes on today. So as we look
15:37
Speaker 3: at we talked about where kind of the market is
15:40
Speaker 3: on things right now. We're approaching the end of the year.
15:43
Speaker 3: But if somebody is if someone is looking at like
15:48
Speaker 3: the next best steps to go into twenty twenty five
15:51
Speaker 3: or whatever else, there's really no other than paying attention
15:54
Speaker 3: to any tax issues that you need, any mandatory withdrawals,
15:59
Speaker 3: things like that you need to do. There's no magic
16:01
Speaker 3: thing that happens at a changing of the year that
16:04
Speaker 3: means that there's a bunch of things you need to do.
16:05
Speaker 3: There's house cleaning things. Of course, a lot of people
16:07
Speaker 3: use the calendar for reminders of that stuff, but it
16:10
Speaker 3: doesn't magically. Things don't change just because the number on
16:12
Speaker 3: the year necessarily changes.
16:14
Speaker 4: No. I mean, as we get into next year, you're
16:17
Speaker 4: going to see some adjustments on contribution limits things like
16:21
Speaker 4: that that will be announced probably before long, So you
16:27
Speaker 4: might need to look at that and update. If you've
16:29
Speaker 4: got automatic deposits going in and you're bumping up against limits,
16:33
Speaker 4: there may be a chance that those limits increase. You
16:36
Speaker 4: need to stay on top of those things. But no,
16:38
Speaker 4: there's no magic really at the end of the year.
16:42
Speaker 4: I mean, there's certainly some things with taxes that you
16:45
Speaker 4: may or may not want or need to do as
16:48
Speaker 4: you get to the close of the year. You know,
16:52
Speaker 4: really it's it's like you say, it's a kind of
16:56
Speaker 4: a psychological reminder to just check in on check in
17:00
Speaker 4: on the finances, make sure you're you're doing the right
17:03
Speaker 4: things and on the right path. And you know, anytime
17:07
Speaker 4: you have a seasonal change sometimes that jogs the mind
17:11
Speaker 4: to address those things.
17:13
Speaker 3: John Burdett is here for Fourth Avenue Financial. We'll take
17:15
Speaker 3: a break here in just a second. What I was
17:17
Speaker 3: thinking when we came back that we might talk about,
17:19
Speaker 3: you know, we talk about some of the minutia of
17:21
Speaker 3: some of the things that John does and we get
17:23
Speaker 3: into that. I thought maybe we would take a reset
17:25
Speaker 3: and just talk broadly more about some strategies that you
17:28
Speaker 3: can adopt before you see a financial advisor, or maybe
17:31
Speaker 3: something you can adopt your own life, for example, having
17:34
Speaker 3: an emergency fund and what to do with finances, what
17:37
Speaker 3: to do when you get a bonuses and stuff like that.
17:39
Speaker 3: Maybe some smart ideas with that. We can also take
17:41
Speaker 3: your questions and phone calls. Questions you can text into
17:44
Speaker 3: three zero four nine three five fives zero zero eight,
17:46
Speaker 3: three zero four nine three five five zero zero eight.
17:48
Speaker 3: You can call three zero four three four five fifty
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Speaker 3: eight fifty eight three four five fifty eight fifty Well
17:52
Speaker 3: ahead and take a break. We'll come back right after this.
17:53
Speaker 3: You're listening to Retire Right Ready with John Burdett for
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Speaker 3: Fourth Avenue Financial. I'm Del Cooper and this is five
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19:20
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19:22
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19:50
Speaker 2: This is retire Rife Radio with John Verdad from Fourth
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Speaker 2: Avenue Financial, taking your calls at three oh four three
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20:10
Speaker 3: You're listening to retire Right Radio on a Monday morning
20:13
Speaker 3: here in the city of Charleston in the state of
20:15
Speaker 3: West Virginia. Is a country of the United States, and
20:17
Speaker 3: we're going to go welcome in. It is seventeen minutes
20:20
Speaker 3: until the top of the hour on five of e whs.
20:22
Speaker 3: I'm del Cooper, John Burdett for Fourth Avenue Financial is
20:25
Speaker 3: in studio with me this morning when to retire right radio.
20:27
Speaker 3: You can find out more information online. It's fourth Avenue
20:29
Speaker 3: Financial dot com. You spell out the whole thing Fourth
20:32
Speaker 3: Avenue Financial dot com. You also can do that search
20:34
Speaker 3: on Facebook and like the page located one seventy Court Street,
20:36
Speaker 3: Downtown Charleston. Their phone number three zero four seven four
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Speaker 3: six seven nine seven seven three zero four seven four
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Speaker 3: six seven nine seven seven. You can text in questions
20:43
Speaker 3: this morning to three zero four none three five five
20:45
Speaker 3: zero zero eight three zero four nine three five five
20:48
Speaker 3: zero zero eight. You can also call three zero four
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Speaker 3: three four five fifty eight fifty eight three four five
20:52
Speaker 3: fifty eight fifty eight. I thought that maybe we could
20:54
Speaker 3: take a look at because we talk about we go
20:56
Speaker 3: in to break out and talk about specific things. A
20:58
Speaker 3: lot of the times on here and your bread and
21:01
Speaker 3: butter is really and helping folks in financial planning and
21:04
Speaker 3: how to develop strategies and how to get to a
21:06
Speaker 3: point in their life where they're able to retire and
21:08
Speaker 3: things like that, and that requires a lot of work
21:10
Speaker 3: getting to that point. It's not like you can flip
21:12
Speaker 3: a switch when you're sixty whatever years old that you're
21:15
Speaker 3: going to do retirement and everything's ready. There's things you
21:17
Speaker 3: need to do to get prepared. Obviously, you want to
21:19
Speaker 3: put as much money into your retirement accounts as you
21:22
Speaker 3: can to have it do work for you, but even
21:24
Speaker 3: to get to that point, there's a lot of work
21:25
Speaker 3: that you need to do. Sometimes, so we've taught before
21:29
Speaker 3: being part of the Ramsey Method and the Ramsey Network
21:32
Speaker 3: and things like that, but these are very important systems
21:36
Speaker 3: that create benchmarks and goals for people that are trying
21:39
Speaker 3: to get into a place where they can take control
21:40
Speaker 3: of their financial lives. And a lot of that advice
21:43
Speaker 3: is I mean, it just works. I mean, it just
21:46
Speaker 3: play works sure.
21:48
Speaker 4: And the fundamental part of that is before you invest,
21:52
Speaker 4: have that emergency fund. You know, have that money set
21:56
Speaker 4: aside and make sure that you can deal with emergencies
22:01
Speaker 4: that happen in life. The worst thing you can do
22:05
Speaker 4: is start investing first into the market and then inevitably
22:09
Speaker 4: an emergency happens and you're forced to sell at a
22:12
Speaker 4: time that it's not ideal. You're going to lose potentially
22:17
Speaker 4: in that transaction, you might create penalties. You may create
22:21
Speaker 4: tax bills and tax penalties, it's just not you know,
22:26
Speaker 4: the stock market is a long term tool. If you
22:29
Speaker 4: don't have those fundamental bases built, the foundation built, you
22:35
Speaker 4: really have no business being in the markets. You know,
22:39
Speaker 4: if you're paying credit card debt. You know, if you
22:43
Speaker 4: have credit card debt that's at fifteen, twenty some even
22:46
Speaker 4: thirty percent interests, Now you're not going to out earn
22:49
Speaker 4: that in the market. It makes no sense to invest
22:52
Speaker 4: in the market until you pay those things off. And
22:56
Speaker 4: all these things really that, all those fundamentals really stem
22:59
Speaker 4: from being able to control your budget, being able to
23:02
Speaker 4: live on less than you earn consistently. If you have
23:07
Speaker 4: credit card debt, consumer credit card debt, if you don't
23:10
Speaker 4: have any savings, you know, there you go, that's a
23:13
Speaker 4: red flag that you're not budgeting correctly. And those are
23:17
Speaker 4: things that are at the core of financial success. You'll
23:21
Speaker 4: never accumulate wealth if you can't do that. If you
23:24
Speaker 4: can't control the inflows and outflows in your budget, it's
23:31
Speaker 4: really nearly impossible to have financial success.
23:35
Speaker 3: I have to say that just as a personal example,
23:39
Speaker 3: even when you think things are going pretty well, if
23:41
Speaker 3: you're not putting money away and hav an emergency fund.
23:44
Speaker 3: Nobody could have planned for exactly what happened during COVID,
23:47
Speaker 3: you know, I mean, that was a unicorn event probably
23:49
Speaker 3: that hopefully most of us won't have to experience something
23:52
Speaker 3: like that again in our lifetimes. However, in my particular situation,
23:57
Speaker 3: I was a couple of years removed from having a
24:00
Speaker 3: costly procedure for my child and my wife, which is
24:04
Speaker 3: something that we decided that we would invest in, and
24:06
Speaker 3: so we took a haircut on some money that we
24:08
Speaker 3: had put back to do that, and so we had budgeted.
24:11
Speaker 3: We decided that my wife would be a stay at
24:13
Speaker 3: home mom because we wanted to homescore a child and
24:15
Speaker 3: we wanted my wife, So we took another haircut off
24:17
Speaker 3: of our budget to plan for that, so one income family.
24:20
Speaker 3: Like the whole thing, the plan seemed to be fine
24:23
Speaker 3: until COVID, And because we had already been like self astir,
24:29
Speaker 3: I mean, we had gone through a sturdy on ourselves,
24:31
Speaker 3: cutting things, cutting things, trying to make this work. When
24:33
Speaker 3: it came to COVID, and suddenly it recalculated everything again,
24:37
Speaker 3: we didn't have anything left to recalculate, you know, our
24:40
Speaker 3: recalibration was already done because we were already working off
24:43
Speaker 3: of the slimmest margin that we could. And I realize
24:45
Speaker 3: now and looking back on that, I should have been
24:48
Speaker 3: also planning for the emergency fund, and like I didn't
24:50
Speaker 3: do it. Like what I planned for was just getting
24:52
Speaker 3: by with all the procedures we had to have done,
24:55
Speaker 3: the monthlyes that we had to take care of with
24:58
Speaker 3: only having one income and stuffff like that. We had
25:01
Speaker 3: reserves at one time, but we spent through them because
25:03
Speaker 3: of this. It's like, oh, we haven't needed them to
25:05
Speaker 3: this point in our marriage, why would we need them
25:07
Speaker 3: going forward?
25:08
Speaker 6: You know?
25:08
Speaker 3: Right, and literally after my kid was just over a
25:11
Speaker 3: year old, everything happened with COVID and everything else. So
25:13
Speaker 3: it just completely recalibrated our entire lives. It wasn't the
25:17
Speaker 3: best for us. But if you plan correctly and understand
25:20
Speaker 3: that these things could happen and not be overly confident,
25:23
Speaker 3: which I think is you know where we came in at,
25:25
Speaker 3: you can at least help diminish when there's huge events.
25:28
Speaker 3: There's probably not gonna be another COVID like event, but
25:30
Speaker 3: if it's something more personal in your life or a
25:32
Speaker 3: job related thing or something like that. You can be
25:34
Speaker 3: more prepared for it.
25:36
Speaker 4: Yeah, no doubt about it. And if you come to
25:38
Speaker 4: see me and you don't have those things to put
25:40
Speaker 4: in place, you know I will. I will basically give
25:44
Speaker 4: you pointers and how to get it in place, but
25:48
Speaker 4: we won't be opening investment accounts, right, you know, it's
25:51
Speaker 4: just not the appropriate thing to do. So you have
25:54
Speaker 4: to have those bases set. And you know what makes
25:56
Speaker 4: it so difficult is you know, you could make thirty
25:59
Speaker 4: thousand dollars a year or three hundred thousand dollars a year,
26:02
Speaker 4: and that rule still applause. You have to have all
26:05
Speaker 4: those basics done. Now, the person making three hundred thousand
26:08
Speaker 4: might look more successful, they might have a better lifestyle
26:12
Speaker 4: because they can spend the money more money, you know,
26:16
Speaker 4: in discretion. But if they're not living to those principles,
26:20
Speaker 4: they are just on the edge as the person making
26:22
Speaker 4: thirty thousand dollars. You know, one thing that goes wrong
26:26
Speaker 4: and their whole financial condition implodes just the same. So
26:32
Speaker 4: it's really not about what you make. It's what you
26:34
Speaker 4: do with what you make and where you direct the money.
26:37
Speaker 4: And if you're not creating every month, some sort of
26:42
Speaker 4: excess savings where you're living below your means, it's going
26:47
Speaker 4: to be very very, if not impossible, to accumulate any
26:51
Speaker 4: type of wealth the one day, we'll take care of you.
26:53
Speaker 3: And if you have any questions about the validity of that,
26:57
Speaker 3: if you don't know this that there's tons of like athletes,
27:01
Speaker 3: for example, that this is what they do now. I
27:02
Speaker 3: mean they go around talking to other athletes and saying, hey,
27:06
Speaker 3: you don't want to make the same mistakes as the
27:07
Speaker 3: last generation of the same mistakes that I did. Because
27:09
Speaker 3: how many I think cam Newton was out there, he
27:11
Speaker 3: made something like some ridiculous amount of money and the
27:14
Speaker 3: guys broke you know. I mean, he made some ridiculous
27:17
Speaker 3: amount of hundreds of millions of dollars and he doesn't
27:19
Speaker 3: have any money, you know. And there's a lot of
27:21
Speaker 3: ex athletes and athletes that are like that, that have
27:23
Speaker 3: gotten themselves into situations like that. And the reason is
27:25
Speaker 3: is because you get the keys to this kingdom that
27:30
Speaker 3: with all this contract money and stuff coming in, you
27:32
Speaker 3: have your entourage that you pay and everything else, and
27:35
Speaker 3: you think the money is so unlimited that it's never
27:37
Speaker 3: going to come to an end. And then when it does,
27:39
Speaker 3: you don't have anything to go on. You're having to
27:41
Speaker 3: sell your mansions because you can't afford to pay for
27:42
Speaker 3: him anymore. You know, those are all although you're making
27:45
Speaker 3: so much money, even though Tani the guy has a
27:48
Speaker 3: contract for a half a billion dollars, it might be
27:50
Speaker 3: hard to get overbalanced if you're that guy. I mean,
27:52
Speaker 3: gambling will probably do it.
27:55
Speaker 4: Get the wrong interpreter, right, that could do some problem.
27:59
Speaker 3: But even that guy can get himself in situations where
28:01
Speaker 3: you're over spending, you're getting too many mansions or whatever
28:04
Speaker 3: it might be. And you know, when the career is
28:06
Speaker 3: over and done with and he's looking to retire, he
28:08
Speaker 3: may not have the ability to carry on that lifestyle.
28:11
Speaker 4: Yeah, there's no doubt about it. I mean, why do
28:14
Speaker 4: lottery winners go broke? It's the same thing. You know,
28:16
Speaker 4: you acquire, you the more you acquire out of your
28:21
Speaker 4: assets that you have. Those those things that you acquire
28:24
Speaker 4: frequently come with a bill that's ongoing. You know, in
28:27
Speaker 4: a case of a house, taxes, insurance, maintenance, all of
28:31
Speaker 4: those things come with that. Well, you're working at both
28:34
Speaker 4: ends though you've created the expenses with those things, and
28:37
Speaker 4: now you have less investable assets that are earning money
28:40
Speaker 4: for you. And you know, it's that tipping point is
28:44
Speaker 4: a lot closer than you think, and that's what gets
28:46
Speaker 4: folks in trouble. You know that that ongoing cost of
28:50
Speaker 4: the things that you acquire. As soon as that income,
28:54
Speaker 4: you know, drops below a certain point, you're back to
28:57
Speaker 4: the same basic principle we just talked about your budget,
29:01
Speaker 4: your inflows and outflows. If they don't match, you know,
29:04
Speaker 4: it's just a matter of time before it crumbles.
29:07
Speaker 3: I'm trying to remember the name is Escaping right now,
29:09
Speaker 3: but I remember there being a good collegiate athlete in
29:13
Speaker 3: basketball who got drafted and I can't even remember. I
29:16
Speaker 3: can't remember what the player was. The thing that that
29:18
Speaker 3: stuck out of my mind is that his entourage payments
29:21
Speaker 3: for something like a million dollars a week, Like the
29:23
Speaker 3: people that he had just surrounding him, the people that
29:26
Speaker 3: I guess drove his cars for him, and you know,
29:28
Speaker 3: like basically his friends who he elevated to advisors of
29:32
Speaker 3: you know, or roles of quote unquote advisors or whatever,
29:34
Speaker 3: and gave him a salary or whatever. I mean, if
29:36
Speaker 3: that's your life and that's what you want to do.
29:37
Speaker 3: I guess you can do that. But suddenly, when you're
29:39
Speaker 3: paying out like a million dollars a week to a
29:42
Speaker 3: staff that's doing very little for you, really it's not tenable,
29:47
Speaker 3: or if it's tenable, it can't be for long, or
29:48
Speaker 3: if it is tenable, when it is for long, you're
29:50
Speaker 3: not maximizing what you could do for yourself.
29:53
Speaker 4: Yeah, And I don't know if you you know, you're
29:55
Speaker 4: insulating yourself if you're thinking that you're bringing friends on board. Uh,
30:00
Speaker 4: you know, but obviously when the money drives up, those
30:04
Speaker 4: friends probably didn't hang out.
30:05
Speaker 3: And you see guys that do it right. And and
30:07
Speaker 3: the only reason I'm talking about athletes or celebrities is
30:09
Speaker 3: just because I think that isolates no matter how much
30:12
Speaker 3: money you have, right that you that you need to
30:13
Speaker 3: be able to control this. When you look at somebody
30:15
Speaker 3: that's that's looked already to expand beyond what Patrick Mahomes
30:19
Speaker 3: bought an interest in the Kansas City Royals, Lebron James
30:23
Speaker 3: has tons of investments and things that he's got his there.
30:26
Speaker 3: They've already looked beyond and sure they have the type
30:29
Speaker 3: of money where they can make huge investments in things
30:31
Speaker 3: like sports franchises and stuff. Not everybody can do that,
30:33
Speaker 3: but that is their way of basically diversifying what they're
30:36
Speaker 3: doing to put their money to work in long term.
30:39
Speaker 3: So if somebody Lebron or somebody like, that's going to
30:41
Speaker 3: be fine forever. But if he wasn't, he's already made
30:44
Speaker 3: smart investments into his future that he's going to be
30:47
Speaker 3: making money even after he retires, right.
30:49
Speaker 4: Right, And and that's what you want to do as
30:51
Speaker 4: an individual. You know, you want to be able to
30:53
Speaker 4: acquire income producing assets, which can be a stock and
30:58
Speaker 4: bond portfolio, could be real estate, whatever the case is.
31:02
Speaker 4: You know those assets will one day pay you and
31:04
Speaker 4: take care of you so you don't have to work anymore.
31:07
Speaker 4: I mean, that's the same concept. They just have an
31:09
Speaker 4: extra couple of zeros on the end of it. But
31:13
Speaker 4: the rules apply to everyone. You have to live on
31:15
Speaker 4: less than you make to accumulate those assets that will
31:20
Speaker 4: eventually take care of you.
31:21
Speaker 3: And this goes to absolutely everything, going back to the
31:23
Speaker 3: consumer level of just you and me kind of money.
31:27
Speaker 3: You really should not plan on buying a vacation on
31:30
Speaker 3: a credit card and then paying it off later, you know,
31:33
Speaker 3: because what happens is I mean some people may do it,
31:35
Speaker 3: you know, may be able to pay it off. Well,
31:37
Speaker 3: what happens more often than not, Well, it's on my
31:38
Speaker 3: credit card, it's a little short this month, maybe I'll
31:41
Speaker 3: do this instead of that, And so you let the
31:43
Speaker 3: balance ride another month and you let it riute. It
31:45
Speaker 3: never gets paid off. It never gets paid off, So
31:47
Speaker 3: you end up chasing one year's of vacation for the
31:50
Speaker 3: next twenty years or whatever it might be.
31:52
Speaker 4: Right, Yeah, yeah, I mean I can think of that mistake.
31:55
Speaker 3: I made.
31:57
Speaker 4: One of my first you know, purchase was a Seers
32:02
Speaker 4: on a Sears credit card, a wash her and dryer,
32:04
Speaker 4: and it was one of those interest free for things,
32:07
Speaker 4: and I miss that payment at the end. I mean
32:09
Speaker 4: I think I paid like three times the value of
32:14
Speaker 4: that washer and dryer before I got up from under that.
32:16
Speaker 3: So, if somebody does keep like an emergency account and
32:19
Speaker 3: an expense account, should that be an easily accessible saving
32:22
Speaker 3: Should it be a money market? What's the easiest way
32:24
Speaker 3: to kind of stash that money?
32:25
Speaker 4: Well, you know, you can put it just about anywhere
32:28
Speaker 4: as long as it is separate from your daily money.
32:31
Speaker 4: You don't want to commingle it. You want it to
32:33
Speaker 4: be not difficult to get, but you want to deliberately
32:37
Speaker 4: have to go get it. So put it in a
32:39
Speaker 4: separate account, whether it be a money market or a
32:42
Speaker 4: savings you know, look at something that will pay you
32:44
Speaker 4: a little bit of interest while it sets there. But
32:46
Speaker 4: that's not primarily why you're doing it. You're not doing
32:48
Speaker 4: it to earn interest. You're doing it to safeguard the
32:51
Speaker 4: rest of your financial plan. Essentially, if you comingle it
32:56
Speaker 4: in your checking account, if you comingle it in your
32:59
Speaker 4: daily account that you use, you know it won't be
33:02
Speaker 4: there very long.
33:03
Speaker 3: Yeah, it's just that experience too. No matter how disciplined
33:06
Speaker 3: you think you are, you end up spending that down
33:08
Speaker 3: in some way or another.
33:09
Speaker 4: It just happens, right, So so putting it separate is
33:12
Speaker 4: what you want to do. You know, if you look
33:15
Speaker 4: at the Dave Ramsey baby Steps, you know, when you're
33:19
Speaker 4: starting out, you know, maybe step number one is setting
33:24
Speaker 4: one thousand dollars aside for an emergency fund. Now, one
33:28
Speaker 4: thousand dollars isn't a good enough emergency fund for most folks.
33:31
Speaker 4: One thousand dollars doesn't go as far as it used to,
33:35
Speaker 4: but that gives you a base pool of money to
33:38
Speaker 4: deal with some things that are unexpected. The second step
33:41
Speaker 4: then is to get out of that consumer debt, the
33:43
Speaker 4: credit card debt. You know, really plow the money into
33:46
Speaker 4: getting yourself out of that situation. And once you do that,
33:50
Speaker 4: you go back to that emergency fund and build it
33:53
Speaker 4: up to three to six months worth of your living expenses.
33:56
Speaker 4: And then once you're there, you know, now you know
34:00
Speaker 4: that you're living within your means because you were able
34:02
Speaker 4: to pay those things off and accumulate the the emergency fund.
34:08
Speaker 4: Now you can confidently put money into investments systematically and
34:12
Speaker 4: start building assets that will ultimately pay you. You know,
34:16
Speaker 4: you want to be the one that earns the interest.
34:18
Speaker 4: You don't want to be the one paying the interest
34:20
Speaker 4: to the banks and credit card companies, right. You want
34:22
Speaker 4: to flip that script that most people are on and
34:26
Speaker 4: allow that to pay you.
34:29
Speaker 3: You know, observationally, what I see a lot of the
34:30
Speaker 3: times is folks that have the folks that have the
34:38
Speaker 3: like you get a bonus, for example, and they'll think, okay, well,
34:41
Speaker 3: I'll use this bonus to pay for Christmas gifts this year,
34:44
Speaker 3: you know, which, Okay, that's one way to keep from
34:46
Speaker 3: going into debt. But you could also take that bonus
34:48
Speaker 3: pay off a consumer debt or pay down a consumer debt,
34:51
Speaker 3: and then also pay cash for your Christmas gifts that year,
34:54
Speaker 3: and you do it on both ends. I'm convinced that.
34:56
Speaker 3: I don't know what percentage it would be or anything,
34:57
Speaker 3: but I think a lot of people go into debt
34:59
Speaker 3: for gift giving. I think that a lot of people
35:01
Speaker 3: are like comes around Christmas time. They don't budget to
35:03
Speaker 3: give gifts or whatever, so they get a whatever amount
35:06
Speaker 3: on their credit card to give gifts that year, and
35:08
Speaker 3: you never pay that off. And if you do that
35:10
Speaker 3: every single year, you could have a certain percentage of
35:13
Speaker 3: your debt. It's frankly just your Christmas fund over the
35:16
Speaker 3: course of a decade or something.
35:17
Speaker 4: Oh yeah, yeah, it doesn't take very much.
35:19
Speaker 3: I've been guilty of that before too.
35:22
Speaker 4: You know, once you get yourself into where you're paying
35:24
Speaker 4: twenty five thirty percent on your on your interest charges
35:29
Speaker 4: on that debt, I mean, it becomes a real chore
35:32
Speaker 4: to get out from under that. And you don't have
35:35
Speaker 4: to put a lot in that category before before it
35:39
Speaker 4: basically owns you. And then you have a real, real
35:44
Speaker 4: job to write that ship. I mean, it'll take some sacrifice.
35:48
Speaker 3: And to properly, to properly budget, you may need to
35:50
Speaker 3: take a step back from your quality of gift getting
35:52
Speaker 3: or the dollar amount of your gift getting.
35:55
Speaker 4: If you get that bonus like you talked about, you know,
35:57
Speaker 4: pay off the old debt and have a lean Christmas,
36:00
Speaker 4: all right, you know, so that so that down the
36:02
Speaker 4: road you can have abundance.
36:04
Speaker 3: Well, I went when I was paying off debts and
36:07
Speaker 3: was kind of doing this, I went like three years
36:09
Speaker 3: where it was basically bath goods and like home crafts
36:12
Speaker 3: that I gave everybody for Christmas in like a basket.
36:14
Speaker 3: We would sell a fane raps, here's your Christmas gift
36:15
Speaker 3: this year. Because we were paying down debts. Man, we
36:17
Speaker 3: didn't have the money to do that. And it worked,
36:19
Speaker 3: you know, it worked. We would spend two hundred dollars
36:21
Speaker 3: to give everybody we needed everything they wanted for Christmas
36:24
Speaker 3: and not the you know, fifty bucks here, fifty bucks here,
36:27
Speaker 3: fifty bucks here, and you know, people seem fine with it.
36:30
Speaker 3: We didn't lose any friends or family over it, and
36:32
Speaker 3: we got out of debt.
36:33
Speaker 4: And if you would lose friends and family, and you've
36:35
Speaker 4: got to question.
36:35
Speaker 3: That too, exactly it's the pressures we put on ourselves,
36:38
Speaker 3: I think a lot of the time, and not necessarily
36:40
Speaker 3: those from the outside that we that we had succumbed to.
36:44
Speaker 3: Fourth Avenue Financial. We just had a little chat this
36:46
Speaker 3: morning about some common sense things that if you're just
36:48
Speaker 3: beginning on how to start your financial literacy and how
36:52
Speaker 3: John can help you. Those are some tips that you
36:54
Speaker 3: want to take to heart, but also you need to
36:56
Speaker 3: deploy some plans that's going to help you in the
36:58
Speaker 3: long running. You can do that by calling forth Avenue
37:00
Speaker 3: Financial today their phone number three zero four seven four
37:02
Speaker 3: six seven non seven seven three zero four seven four
37:05
Speaker 3: six seven non seven seven Fourth Avenue Financial dot com,
37:07
Speaker 3: where you spell out the whole thing. You can do
37:09
Speaker 3: that same search on Facebook located one seventy Court Street,
37:11
Speaker 3: downtown Charleston, and once again that phone number three zero
37:14
Speaker 3: four seven four six seven non seven seven. We're sorry
37:16
Speaker 3: right radio every Monday morning at eight twenty right here
37:18
Speaker 3: on five eight WHS and John, thank you so much
37:20
Speaker 3: for your time as always.
37:21
Speaker 4: Okay, thanks so much, take care.
37:22
Speaker 3: We'll see you here next week. That's John Burdett with
37:24
Speaker 3: Fourth Avenue Financial. I'm del Cooper. Coming up next is
37:26
Speaker 3: going to be Dave Allen on five eight Live Alllo
37:29
Speaker 3: about hockey, Chroachible on Talkline. I'll be back this afternoon
37:31
Speaker 3: at three oh six one hot Line with Dave Weekly.
37:33
Speaker 3: Have a great have a great day everyone. One five
37:36
Speaker 3: ad w c HS the Voice of Charleston five aby
37:47
Speaker 3: whs AM ninety six point five.
37:48
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37:51
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