Latest / WCHS Network Podcasts / 02/03/2025 Retire Right Radio with John Burdette

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02/03/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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  Speaker 1: the realtor makes real estate dreams a reality, whether it's
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  Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
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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
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  Speaker 2: that aims to answer your questions about financial planning, investing,
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  Speaker 2: and how to retire rite. 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
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  Speaker 2: fifty oh eight. On Retire Right Radio, let's go live
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  Speaker 2: to the studio with host Dale Cooper and John Verdet
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  Speaker 2: from Fourth Aveny Financial. Measures.
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  Speaker 3: You're listening to retire Right Radio on five adwc HS,
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  Speaker 3: the voice for Charleston. I'm del Cooper, Thanks so much
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  Speaker 3: for tuning in on this Monday morning. Hope you had
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  Speaker 3: a splendid weekend and a fantastic start to your Monday morning.
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  Speaker 3: Joining me in the studio this morning is John Burdett
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  Speaker 3: from Fourth Avenue Financial, as he does every Monday morning
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  Speaker 3: at this time, I made John, how you doing this morning?
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  Speaker 3: Pretty good? Pretty slow news weekend and newsday to start
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  Speaker 3: things off in the financial sector of things.
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  Speaker 4: So it's always nice to be calm and collective.
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  Speaker 3: Yeah, we'll just ease ourselves into it, you know. We'll
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  Speaker 3: have a cup of coffee. I try to eat a
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  Speaker 3: banana before I came down here. It wasn't right yet.
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  Speaker 3: I have a feeling that that's like a precursor of
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  Speaker 3: things to come. I'm not sure, but anyway I was.
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  Speaker 3: I was much disappointed that my banana wasn't ready yet.
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  Speaker 3: That bite was not any good anyway. If you have
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  Speaker 3: any questions for John this morning, and really, if you
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  Speaker 3: have any questions for John this morning, and give us
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  Speaker 3: a call. Three zero four three four two eight one
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  Speaker 3: three one three zero four three four two eight one
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  Speaker 3: three one. We always talk about it on this program.
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  Speaker 3: How you don't follow the headlines and make decisions based
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  Speaker 3: off of that, and you know that carries the weight.
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  Speaker 3: But if you feel like you need to talk to
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  Speaker 3: a little bit this morning and give us a call
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  Speaker 3: three zero four three four two eight one three one.
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  Speaker 3: So with that being kind of the setup, I guess
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  Speaker 3: we can. We want to get into the business of
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  Speaker 3: what you do. You're not You're not a you're not
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  Speaker 3: a stock analyst, You're not a market analyst. I mean,
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  Speaker 3: that's part of what you do, is the broad part
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  Speaker 3: of your job in helping people retire. Right, But we
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  Speaker 3: don't want to get bogged down too much in the
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  Speaker 3: in the muck, the mire of what's going on. I mean, uh,
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  Speaker 3: what's going on nationally with the tariffs. I mean it
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  Speaker 3: could be trade tactics. We have no idea that that
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  Speaker 3: tariff that he's meeting with Trudeau. President Trump is meeting
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  Speaker 3: with Trudeau later today or this week. I mean that
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  Speaker 3: tariff could be gone by the end of the day.
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  Speaker 3: We don't know.
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  Speaker 5: Yeah, yep, you really don't know.
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  Speaker 4: You know, this is two Mondays in a row. We've
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  Speaker 4: had some market moving news. We had the deep c
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  Speaker 4: KI last Monday, and now we have the terror.
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  Speaker 3: She ended up being fake, right, he ended up being fake.
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  Speaker 3: It was actually really expensive to create. That's right.
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  Speaker 4: But so we'll see how this how this plays out today.
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  Speaker 4: You know, last week the market took the hit on
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  Speaker 4: Monday and then largely covered. Some of the tech stocks
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  Speaker 4: were still off a little bit, but the Dow Jones,
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  Speaker 4: the more value oriented industrial type stocks, were up last
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  Speaker 4: week and and year to date it's up four point
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  Speaker 4: seven percent, while the Nasdaq, the tech having nasdak's only
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  Speaker 4: up one point six percent. So there again you see
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  Speaker 4: the transition from those you know, big seven or eight
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  Speaker 4: growth stocks. The market is actually broadening out and and
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  Speaker 4: that's a healthy thing underneath that's going on. Interestingly, the
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  Speaker 4: left for dead European stocks are actually leading US stocks
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  Speaker 4: this year. What yeah, you know, if you if you
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  Speaker 4: think there's no reason to invest, you know, sometimes that's
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  Speaker 4: the time to invest. The values are so compelling that
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  Speaker 4: you know, eventually money flows to those places, and so
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  Speaker 4: that are that argues there again for a diversified approach
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  Speaker 4: to your portfolio, because how are you.
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  Speaker 5: Going to guess these things?
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  Speaker 3: Right?
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  Speaker 5: You're not gonna, you know.
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  Speaker 4: Guess how are you going to guess the news headline
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  Speaker 4: from one week to the next particularly right now with
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  Speaker 4: all these these things going on. You're not going to
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  Speaker 4: do that successfully over time. May you're lucky once or twice,
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  Speaker 4: but you're not. You're not gonna you know, you don't
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  Speaker 4: have a crystal ball.
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  Speaker 3: There's there's worse stra and we haven't talked before this,
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  Speaker 3: so you can kind of lead my way through this,
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  Speaker 3: but there's worse strategies than just being like, man, this
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  Speaker 3: is kind of crazy right now. I'll just put my
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  Speaker 3: head down and check back in a month or so.
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  Speaker 3: Let's see what's going on. I mean, especially if you
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  Speaker 3: have an advisor, if you have somebody like you that's
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  Speaker 3: looking out for the broad scope of things. I mean,
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  Speaker 3: just put your head down, don't worry about it, you know,
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  Speaker 3: because the way this shakes out, if you remember some
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  Speaker 3: of this maybe not quite the shock to the awe
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  Speaker 3: that we're having this time around, but some of this
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  Speaker 3: happened last time around when it came to the UH,
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  Speaker 3: when it came to tariffs and things along those lines,
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  Speaker 3: and it started at one level ended up at a
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  Speaker 3: different level. Let's see how that how that ends up happening.
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  Speaker 4: Yeah, you know, my opinion is long term trade barriers
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  Speaker 4: are not generally going to be good now as long
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  Speaker 4: as trade is fair. And there have been some instances
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  Speaker 4: for sure where trade has not been fair, particularly with China,
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  Speaker 4: and you know, stealing intellectual property those those type of things.
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  Speaker 4: I'm not sure about Canada, you know, but but we'll
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  Speaker 4: see how that plays out. Like you say, this very
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  Speaker 4: well could be a shot across the bow to try
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  Speaker 4: to get some movement. And remember, if the market sells
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  Speaker 4: off to day, if there is movement in the other direction,
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  Speaker 4: then all of a sudden, the market bounces back. So
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  Speaker 4: you know, if you want to sell into this downturn,
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  Speaker 4: it very well likely could be the bottom and a
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  Speaker 4: policy could change tomorrow, when an agreement could be meant
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  Speaker 4: tomorrow and you sold it the wrong time. All of
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  Speaker 4: these things pass, I mean, there have been eras of
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  Speaker 4: tariffs and eras of free trade, and companies make adjustments,
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  Speaker 4: and people make adjustments, and you know, tend to tend
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  Speaker 4: to move forward.
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  Speaker 3: Yeah, on the on the broad scale, it's not going
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  Speaker 3: to change anything. It might affect your pocket book on
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  Speaker 3: a day to day basis, but that's not your retirement,
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  Speaker 3: you know what I mean to pay attention to.
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  Speaker 4: But you know, a lot of things are manufactured now elsewhere,
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  Speaker 4: and so some of those things may be impacted by
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  Speaker 4: the tariffs, and and it will at least initially create
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  Speaker 4: cost differences. Now long term, you know, that may not
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  Speaker 4: be the case if there's some reshuffling of the supply chains.
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  Speaker 4: But you know, there again, that's long term. It remains
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  Speaker 4: to be seen how all these things play out. I
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  Speaker 4: still somewhat suspect that many of these things will be
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  Speaker 4: tools to elicit certain behaviors and responses from other countries.
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  Speaker 3: It might be as simple as acknowledging the golf of
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  Speaker 3: Mexico is the golf of America. You know, change it
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  Speaker 3: officially on your maps, and we're all good, you know,
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  Speaker 3: I mean, seriously, we really don't know at this point.
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  Speaker 4: Yeah, and and and you know, certainly it signals to
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  Speaker 4: Mexico that, hey, we're taking the border serious, we're taking
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  Speaker 4: this drug inflow seriously. And and if there's some acknowledgement
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  Speaker 4: on the other side that hey, we'll work on that,
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  Speaker 4: you know, maybe that'll be that'll be that. Who knows
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  Speaker 4: how this will play out.
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  Speaker 3: I don't like. I don't like. Uh. And and in
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  Speaker 3: European countries are more used to it than this, But
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  Speaker 3: in the United States. I hate when when our leaders
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  Speaker 3: get into clap backs with other leaders, you know, where
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  Speaker 3: you're like doing stuff on social media and everybody's trying
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  Speaker 3: to one up. I don't care who the president. I
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  Speaker 3: just don't like that sort of thing. So, you know,
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  Speaker 3: you talk about the immigration, the le illegal immigration from Mexico,
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  Speaker 3: and Mexico is like, well, if you guys didn't have
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  Speaker 3: a drug problem, you wouldn't have to worry about the drugs,
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  Speaker 3: you know. I mean it's like, I don't like hearing
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  Speaker 3: that stuff. Man. I like for things to be a
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  Speaker 3: look more settled regardless of the depression.
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  Speaker 4: And I'm sure those things have gone on forever, it
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  Speaker 4: just wasn't in the headline. I I mean, diplomats do
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  Speaker 4: that all you know. I'm sure all the time.
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  Speaker 3: I'm sure that's been a line that has been within
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  Speaker 3: Mexico for decadeses like, well, if you guys didn't have
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  Speaker 3: the drug problems, you wouldn't have to worry about the
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  Speaker 3: illegal crossings as much, That's right. Yeah, So that's uh,
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  Speaker 3: you don't know what you don't know, and all you
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  Speaker 3: can do is plug ahead for it. And we know
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  Speaker 3: that people like to make money and the people like
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  Speaker 3: to make sure that their businesses are solvent and things
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  Speaker 3: like that. You have to trust the experts to figure
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  Speaker 3: it out. That's why we do the expert show here,
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  Speaker 3: so we trust the experts up the line as well.
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  Speaker 5: No, there you go.
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  Speaker 3: If you have any questions this morning though about maybe
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  Speaker 3: where you're headed, about any questions that you have in
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  Speaker 3: the market, maybe you have a little bit of a
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  Speaker 3: unique situation that's come up, or just a broader question
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  Speaker 3: in general, you're welcome to give us a call this morning.
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  Speaker 3: Three zero four three four two eight one three one
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  Speaker 3: three zero four three four two eight one three one.
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  Speaker 3: You can give us a call this morning, and uh,
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  Speaker 3: you can direct John's energies to whatever question that you'd like,
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  Speaker 3: because there's there's lots going on otherwise. I mean, there's
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  Speaker 3: different ways that you can look into getting into your
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  Speaker 3: retiring how to retire right regardless of what this scenario is.
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  Speaker 5: There's been a lot of earnings.
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  Speaker 4: You know, we've talked about that earnings are generally coming
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  Speaker 4: in pretty positively.
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  Speaker 5: It looks like we're gonna have good growth.
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  Speaker 4: This year and earnings, so you know, there are a
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  Speaker 4: lot of things going on outside of the headlines.
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  Speaker 5: That are are pretty good right.
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  Speaker 3: Now, if we go back to the deep sea thing
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  Speaker 3: for just a moment, that's a great illustration of how
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  Speaker 3: people may have panicked, you know, sold off a bunch
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  Speaker 3: of stocks because all my goodness trying to figured out
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  Speaker 3: how to do this so much they lied. The whole
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  Speaker 3: thing was a lie. I mean, it's a real AI system,
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  Speaker 3: but this whole thing that it cost a fraction of
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  Speaker 3: the cost of the retail ones in order to that
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  Speaker 3: ended up being a lie. It costs like more for
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  Speaker 3: them to develop their AI than what ours did. There's
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  Speaker 3: no it hasn't upset the apple cart yet. I think
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  Speaker 3: that's what they were trying to do. It was probably
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  Speaker 3: some sort of a game.
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  Speaker 4: It was also timed pretty well with the changing of administration.
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  Speaker 3: Imagine that right there, you go, it's it's.
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  Speaker 4: It's another one of those diplomatic things that we're speaking of.
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  Speaker 3: But if you panicked into that, if you're like, oh
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  Speaker 3: my goodness, I need to get rid of all of
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  Speaker 3: these AI stocks and everything else, that you messed up.
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  Speaker 4: Right, And you know, sometimes it's healthy for those stocks
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  Speaker 4: that have run so far to take a little breather,
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  Speaker 4: and which they have. You know, the video, for instance,
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  Speaker 4: is still down off of it's high and it you
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  Speaker 4: know it's still if you bought it a year ago,
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  Speaker 4: you're still very happy. But things shouldn't run in a
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  Speaker 4: straight line one direction forever.
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  Speaker 5: You know, there has to be a.
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  Speaker 4: Market is trying to meet the right point of buyers
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  Speaker 4: and sellers, and if it's all one sided, you know
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  Speaker 4: things are going to get out of hand. And having
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  Speaker 4: these pullbacks occasionally is a healthy part of establishing the
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  Speaker 4: right price for a security, rather than the emotional price
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  Speaker 4: that sometimes gets pegged on there in euphoric times.
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  Speaker 3: And so the sort of elasticity of that is a
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  Speaker 3: is a function of the market. It's it's a benefit
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  Speaker 3: that's built in that allows for these things to happen,
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  Speaker 3: to hopefully get right sized. It is a feature, not
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  Speaker 3: a flo another thing, and this is something that I
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  Speaker 3: ran across on Reddit last night and it reminds me
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  Speaker 3: of a lot of stuff that we've talked about before.
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  Speaker 3: So the obviously one of Trump's main advisors and getting
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  Speaker 3: into this version of his administration has been Elon muster
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  Speaker 3: as all kinds of stuff that was floating around over
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  Speaker 3: the weekend with Musks people being in the Treasury Department
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  Speaker 3: getting all these things, talking about what's going to be canceled,
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  Speaker 3: what's not. There was a like a psychological profile on
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  Speaker 3: this the start of this threat of Elon Musk, all
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  Speaker 3: of his public statements, and what it was was basically
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  Speaker 3: people trying to determine what their market action should be
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  Speaker 3: based on Elon Musk, because they're like, this guy's basically
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  Speaker 3: going to be controlling everything now, so we should just
• 11:43
  Speaker 3: like what he likes. And I'm like, man, I don't
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  Speaker 3: know that that's the best I don't know that that's
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  Speaker 3: the best strategy. I mean maybe, I mean I don't
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  Speaker 3: think so there you shouldn't. You shouldn't think that that's
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  Speaker 3: going to be the way things go.
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  Speaker 4: No, and and and even if that word of the way,
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  Speaker 4: there's no telling that you you can't read someone's mind.
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  Speaker 5: So I don't know.
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  Speaker 3: I mean, it was intense. It was like on nineteen
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  Speaker 3: ninety three when Elon Musk was a twelve years old.
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  Speaker 3: I mean, I mean, it was like really breaking down
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  Speaker 3: into things that he might be getting.
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  Speaker 5: Into the economy.
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  Speaker 4: The markets are so large that one individual cannot have
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  Speaker 4: the all the information, and that's why it's so difficult
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  Speaker 4: to manage an economy. That's why we have ups and
• 12:22
  Speaker 4: downs in the in the actual growth of the economy,
• 12:25
  Speaker 4: because one change elicits another change and another change and
• 12:31
  Speaker 4: another change in ten changes down the line. You don't,
• 12:34
  Speaker 4: it becomes unpredictable. So you know all of these news stories,
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  Speaker 4: you do not know how people are going to respond
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  Speaker 4: individually to them, and then all those millions of people
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  Speaker 4: making individual decisions actually is what makes up the market.
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  Speaker 4: One person can't happen. I mean, you can have all
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  Speaker 4: the information in the world, but you don't have that
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  Speaker 4: much information.
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  Speaker 3: As long as they're aware of that as well, then right,
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  Speaker 3: they can't control. That's sort But it's wild in any
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  Speaker 3: times of change, and it doesn't have to be. I mean,
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  Speaker 3: we talk about presidential changes here a lot. But man,
• 13:07
  Speaker 3: it doesn't take long anymore for people's conspiracy theories and
• 13:12
  Speaker 3: just unrelated, unfight based like diatribes did. Like these things
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  Speaker 3: just become like wildfire anymore. It doesn't take anything for
• 13:21
  Speaker 3: a rumor to become like an Internet fact overnight. And
• 13:23
  Speaker 3: those things are a little those things can be a
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  Speaker 3: little scary if you pay too much attention to them.
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  Speaker 4: Yeah, that's I think why it's always best to just
• 13:29
  Speaker 4: stick to the long term plan, keep your head down,
• 13:33
  Speaker 4: do the things that you're supposed to do that you
• 13:35
  Speaker 4: control yourself, and allow things to play out over time
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  Speaker 4: the way they will. There's just you know, you read
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  Speaker 4: these things what you mentioned about musk and in the treasury,
• 13:47
  Speaker 4: I don't really know what's true there or there's no
• 13:51
  Speaker 4: way to use that as as a way to come
• 13:55
  Speaker 4: up with an investment portfolio.
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  Speaker 3: Yeah, even if it's a real headline, how does it
• 13:58
  Speaker 3: affect an investment? I mean, just have no way to
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  Speaker 3: be able to determine.
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  Speaker 4: At the end of the day, the companies you buyd
• 14:04
  Speaker 4: need to make profits. They need to be you know,
• 14:07
  Speaker 4: pay their shareholders back through dividend or capital appreciation, and
• 14:13
  Speaker 4: that's based on the profits they earn. If they serve
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  Speaker 4: their customers well, they will generate profits for the owners,
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  Speaker 4: the shareholder, you and.
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  Speaker 5: Me, And that's what matters.
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  Speaker 4: And whatever that headline is that you're worried about the
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  Speaker 4: management of those companies are absorbing that and making the
• 14:34
  Speaker 4: best decisions they can make to maintain profitability of the company.
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  Speaker 4: Sometimes they get it right, sometimes they get it wrong,
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  Speaker 4: but in general, they don't just set on their hands
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  Speaker 4: not make any adjustments as policy changes.
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  Speaker 3: What is the You know, we've talked about bitcoin a
• 14:53
  Speaker 3: lot on the show, For Better and for Worse and
• 14:56
  Speaker 3: bitcoin of course, if you don't like volatilities, they wait
• 14:58
  Speaker 3: to bitcoint because bitcoin just recently crash. You know, they've
• 15:01
  Speaker 3: been doing pretty well, it just recently crashed. But what
• 15:03
  Speaker 3: I'm interested in is people that were a little bit
• 15:05
  Speaker 3: bitcoin interested, Like they didn't want to get bitcoins, but
• 15:09
  Speaker 3: they started invested in like the funds or the EFTs
• 15:12
  Speaker 3: or something. How is that different when you're invested in
• 15:14
  Speaker 3: something like that rather than the actual bitcoin if you
• 15:17
  Speaker 3: have that part of your portfolio. What happens when the
• 15:20
  Speaker 3: actual commodity crashes, but you're not bought into the commodity,
• 15:23
  Speaker 3: you're bought into a fund that indexes that commodity.
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  Speaker 4: Well, you know, it depends on what that fund is.
• 15:29
  Speaker 4: I mean, a lot of that stuff is tracking, so
• 15:32
  Speaker 4: you're going to track pretty well with the price. You know,
• 15:35
  Speaker 4: some of those things are levered, so you're going to
• 15:38
  Speaker 4: lever the upside and the downside, you know, depending on
• 15:43
  Speaker 4: the direction of the of the underlying token that you're purchasing.
• 15:49
  Speaker 4: You know, it's very like you say, I tend to
• 15:53
  Speaker 4: not invest in anything that's not producing a good or
• 15:56
  Speaker 4: service generating a profitability. And you know, even myself, a
• 16:02
  Speaker 4: lot of people invest in precious metals, for instance.
• 16:06
  Speaker 5: You know, I tend not to do that.
• 16:09
  Speaker 4: You know, if I'm interested in something like that, I'd
• 16:11
  Speaker 4: rather own the minor than I would the actual medal,
• 16:14
  Speaker 4: because there's production there, and if the price of the
• 16:18
  Speaker 4: metal goes up, what they're digging out of the ground,
• 16:22
  Speaker 4: you know, their earnings are levered to that essentially, So
• 16:25
  Speaker 4: you know, I tend to focus on that, and rather
• 16:30
  Speaker 4: than trying to guess what the price of a certain
• 16:34
  Speaker 4: kind of ephemeral, you know, how do you base what
• 16:39
  Speaker 4: the right price is for that because there's no earnings.
• 16:42
  Speaker 3: Right, That's the question. I've always not being an expert
• 16:45
  Speaker 3: in this in any way, shape or form anyway, It's
• 16:46
  Speaker 3: the problem I've always had with trying to follow bitcoin
• 16:49
  Speaker 3: a little bit. And I've had some friends of mine
• 16:51
  Speaker 3: that had turned into bitcoin evangelists, and they try to
• 16:53
  Speaker 3: explain it to me and get me involved. By the way,
• 16:56
  Speaker 3: I revealed a story on here a couple of months
• 16:58
  Speaker 3: ago where I found an old heart drive that I
• 17:01
  Speaker 3: thought was going to have an old bitcoin on it.
• 17:02
  Speaker 3: I actually got the hard drive up and it was
• 17:04
  Speaker 3: the wrong but hard drive it was the it was
• 17:06
  Speaker 3: the generation after the one that I think that I
• 17:08
  Speaker 3: probably had the bitcoin on, so I was probably a
• 17:10
  Speaker 3: couple of years off on that. So yeah, it's it's
• 17:12
  Speaker 3: out there somewhere probably or maybe in a landfill. But
• 17:15
  Speaker 3: I mean, I think it could be worth a couple
• 17:16
  Speaker 3: of million dollars now I have no idea, or maybe
• 17:18
  Speaker 3: not today.
• 17:19
  Speaker 4: You know, my son Tigret and that stuff a while back,
• 17:24
  Speaker 4: and at one point he had three bitcoins and there
• 17:30
  Speaker 4: were some online games and things that he was playing,
• 17:32
  Speaker 4: and he ended up losing his three bitcoins, which at
• 17:36
  Speaker 4: the time wasn't that big of a deal, but I
• 17:38
  Speaker 4: was like, I remind him every now and then, you know,
• 17:40
  Speaker 4: that's a quarter of a million dollars. That's pretty good,
• 17:44
  Speaker 4: I know.
• 17:44
  Speaker 3: And in fact, when the the memory that I have
• 17:47
  Speaker 3: of when I first got bitcoins, way back when they
• 17:49
  Speaker 3: first rolled out, was because there was a game I
• 17:51
  Speaker 3: was playing that was experimentally running that out to be there,
• 17:55
  Speaker 3: like their their currency that they were going to use.
• 17:57
  Speaker 3: Hey let's try this bitcoin thing. Everybody get a you know,
• 17:59
  Speaker 3: and so everybody went out and bought you know, a
• 18:01
  Speaker 3: bitcoin or whatever it was. But this was way back
• 18:03
  Speaker 3: when we first came out right, so it's hard to tell.
• 18:05
  Speaker 3: There's a lot of people that that that game may
• 18:07
  Speaker 3: have turned into, you know, being somewhat wealthy if they
• 18:09
  Speaker 3: would have kept with their stuff. Not me, though I
• 18:11
  Speaker 3: lost it the way things go, Let's do this. Let's
• 18:14
  Speaker 3: go ahead and take our break. When we come back,
• 18:15
  Speaker 3: we still have plenty more to talk about. We can
• 18:16
  Speaker 3: kind of transition and talk about how you can how
• 18:18
  Speaker 3: you can retire right, regardless of the circumstances are out there.
• 18:21
  Speaker 3: If you have any questions about your circumstances, wherever you
• 18:24
  Speaker 3: are in your career, you're just starting, you're maturing your career,
• 18:27
  Speaker 3: maybe looking to move some things over, you're in the
• 18:29
  Speaker 3: gig economy, you're moving from from a pension to us
• 18:33
  Speaker 3: to somewhere where you're investing in a four to one
• 18:35
  Speaker 3: K or the other way around. Semi retirement, any question
• 18:38
  Speaker 3: that you have about how you can retire right or
• 18:40
  Speaker 3: semi retire right or plan for retirement right. Genre debt
• 18:42
  Speaker 3: from Fourth Avenue Financial can help you out this morning.
• 18:44
  Speaker 3: You can give us a call at three zero four,
• 18:46
  Speaker 3: three four two eight one three one three zero four
• 18:48
  Speaker 3: three four two eight one three one. You can also
• 18:50
  Speaker 3: texting your questions to three zero four non three five
• 18:52
  Speaker 3: five zero zero eight three zero four none three five
• 18:55
  Speaker 3: five zero zero eight. We'll take a break and be
• 18:57
  Speaker 3: back right after this. You're listening to retire Right Radio.
• 18:59
  Speaker 3: That's John Bredat, but I'm Del Cooper. You're listening to
• 19:01
  Speaker 3: five eight WCCHS, the Voice of Charleston. Retire Right Radio
• 19:04
  Speaker 3: is sponsored by Fourth Avenue Financial, which is solely responsible
• 19:07
  Speaker 3: for its content. Security is offered through jw CALL Financial
• 19:09
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• 19:13
  Speaker 3: Avenue Financial, jw CL Financial and jw CO Advisors are
• 19:16
  Speaker 3: unaffiliated entities. The opinions expressed by John Bredet should not
• 19:19
  Speaker 3: be construed as specific investment, legal, or tax advice. All
• 19:23
  Speaker 3: economic and performance information is historical and not indicative of
• 19:26
  Speaker 3: future results. Investing may involve risk of loss of principle.
• 19:30
  Speaker 3: Any tax advice on this show is not intended to
• 19:32
  Speaker 3: be used by any person for the purpose of avoiding
• 19:34
  Speaker 3: US federal or state tax penalties that may be imposed
• 19:37
  Speaker 3: on such a person, and each listener should seek advice
• 19:39
  Speaker 3: from their tax advisor or legal console on topics that
• 19:42
  Speaker 3: arise from the show. John Bredett is not providing legal
• 19:45
  Speaker 3: or tax advice. Nothing should be construed as solicitation of
• 19:48
  Speaker 3: an offer to buy securities. This program is sponsored by
• 19:51
  Speaker 3: Fourth Avenue Financial, which is solely responsible for its content.
• 19:54
  Speaker 6: This new year, make your money work for you. Get
• 19:57
  Speaker 6: started by taking advantage of MCWVFCU limited time share Certificate
• 20:01
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  Speaker 6: at members Choice wv dot com or visit us at
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  Speaker 6: two oh one Ohio Avenue in Charleston. Mcwv FCU is
• 20:19
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• 20:23
  Speaker 7: Get back to the Fab four with five adwcchs. We
• 20:27
  Speaker 7: are giving you the chance to win tickets to Rain
• 20:29
  Speaker 7: a tribute to the Beatles performing at the Clay Center
• 20:31
  Speaker 7: in Charleston on March fourteen. From Monday February third to
• 20:34
  Speaker 7: Monday February tenth, two and in weekdays from three to
• 20:36
  Speaker 7: six during METRONWS Hotline for Clues, there will be three
• 20:39
  Speaker 7: opportunities throughout the week to answer music trivia questions correctly
• 20:42
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• 20:46
  Speaker 7: iconic eras of the mop Tops and Sergent Pepper with
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  Speaker 7: note for note precision. For more details, listen daily three
• 20:51
  Speaker 7: to six or visit WCCHS network dot com.
• 20:54
  Speaker 2: This is Retire Ripe Radio with John Burdett from Fourth
• 20:58
  Speaker 2: Avenue Financial, taking your calls at three oh four three
• 21:02
  Speaker 2: four five fifty eight fifty eight or texts on three
• 21:05
  Speaker 2: oh four nine three five.
• 21:07
  Speaker 3: Fifty oh eight. You need jo you're listening too? Sorry,
• 21:24
  Speaker 3: right radio, You see hs the Voice of Charlesi and
• 21:25
  Speaker 3: give us all this morning three zero four three four
• 21:27
  Speaker 3: two eight one three one. A lot of stuff going on.
• 21:29
  Speaker 3: You can talk about that. We kind of buried the
• 21:31
  Speaker 3: uh the the tariffs in the in the headline stuff
• 21:34
  Speaker 3: at the beginning of the program. But if you have
• 21:36
  Speaker 3: questions about that, that doesn't mean you can't call in.
• 21:37
  Speaker 3: If you need some advice or or talked around anything,
• 21:40
  Speaker 3: you're welcome to give us a call this morning three
• 21:42
  Speaker 3: zer a four three four two eight one three one
• 21:43
  Speaker 3: threes are four three four two eight one three one
• 21:45
  Speaker 3: or any other questions you have as far as planning
• 21:47
  Speaker 3: for your retirement, uh, getting into the retirement right, this
• 21:49
  Speaker 3: is your opportunity to do so. You can ask drawing
• 21:51
  Speaker 3: your questions and then maybe follow up with him at
• 21:54
  Speaker 3: his office after things are over and done with here
• 21:57
  Speaker 3: for that. Having a financial by the way, is located
• 21:58
  Speaker 3: at one seventy Court Street and downtown Charleston, right near
• 22:01
  Speaker 3: National Travel across from the Town Center Mall. Their phone
• 22:04
  Speaker 3: number is three zero four seven four six seven one
• 22:06
  Speaker 3: seven seven three zero four seven four six seven nine
• 22:08
  Speaker 3: seven seven. You can find more information on line fourth
• 22:11
  Speaker 3: Avenue Financial dot com where you spell it out. Also,
• 22:13
  Speaker 3: you can do that search on Facebook and like the page.
• 22:15
  Speaker 3: John does have meetings that he's doing on Saturdays every month.
• 22:19
  Speaker 3: We do have one coming up in February. Are you
• 22:21
  Speaker 3: gonna go ahead and put one out?
• 22:23
  Speaker 4: Yes, tentatively I haven't. I haven't put it up on
• 22:25
  Speaker 4: the Facebook page yet. I'll do that in the next
• 22:27
  Speaker 4: few days, but tentatively the twenty second of February.
• 22:30
  Speaker 3: Twenty second to February, so this will be Saturday mornings
• 22:33
  Speaker 3: at the Vintage Devines in South Charleston.
• 22:34
  Speaker 5: Yes, yep, ten o'clock.
• 22:36
  Speaker 3: Ten o'clock, ten o'clock. So that's I'm hoping to make
• 22:39
  Speaker 3: it out to this When the last one, I just
• 22:41
  Speaker 3: had my kid and I didn't want her to she
• 22:43
  Speaker 3: had to take over the meeting issue investing in paw
• 22:46
  Speaker 3: patrol futures or something. I don't know. So actually she's
• 22:49
  Speaker 3: really into my kids into Smurs suddenly. Yeah, like she was.
• 22:53
  Speaker 3: She was looking through some stuff the other day and
• 22:57
  Speaker 3: she came across Smurs and she's like, Daddy, what's the Smurs.
• 22:59
  Speaker 3: I was like, well, that it's a commune doesn't know
• 23:01
  Speaker 3: it was the newer it was a newer version of
• 23:04
  Speaker 3: the Smurfs. And she started washing and suddenly she's like
• 23:07
  Speaker 3: a huge Smurf fan. So I'm having like conversations with
• 23:10
  Speaker 3: my kid about the Smurfs. There you go, it's pretty good. Gargamele, Yeah,
• 23:15
  Speaker 3: I'll have to show you a picture. She drew Gargamel
• 23:17
  Speaker 3: the other day. She did a really good job.
• 23:19
  Speaker 4: She's did a good job that was pretty big in
• 23:21
  Speaker 4: the eighties. Everything comes back.
• 23:24
  Speaker 3: I couldn't believe it when I was doing some research
• 23:26
  Speaker 3: on this Smurfs. Whenever my daughter gets into something, especially
• 23:29
  Speaker 3: something that I was into, I'm like, what exactly was
• 23:31
  Speaker 3: the history of this this Smurs Schoe all the way
• 23:32
  Speaker 3: back to the seventies. Man, it became really popular in
• 23:35
  Speaker 3: the early eighties, but the show itself, I think was
• 23:38
  Speaker 3: a foreign cartoon, and it goes all the way back
• 23:40
  Speaker 3: to the seventies. She she got really into all that
• 23:43
  Speaker 3: she loves. She loves reading about weird stuff like that.
• 23:47
  Speaker 3: When it comes to the cartoons and stuff she lives.
• 23:48
  Speaker 3: I don't know anyway, Smurf's all about the Smurfs, not
• 23:51
  Speaker 3: the communist collection though they they redid them a few
• 23:54
  Speaker 3: years ago, and they're much more kid friendly today than
• 23:57
  Speaker 3: what that than what that eighties cartoon was that propa
• 24:00
  Speaker 3: at all, quite propaganda that Papa Smurf, who is he
• 24:03
  Speaker 3: supposed to be? Anyway? Is that Lennon three zero fourth
• 24:05
  Speaker 3: three four two eight one three one three zero fourth
• 24:07
  Speaker 3: three four two eight one three one If you want
• 24:09
  Speaker 3: to give us a call this morning and talk about
• 24:11
  Speaker 3: anything as far as the market goes, and there's plenty
• 24:14
  Speaker 3: of opportunity, of course, when you're talking about getting into
• 24:17
  Speaker 3: the market now and things that we've talked about before.
• 24:21
  Speaker 3: And I wanted to make sure that that we get
• 24:23
  Speaker 3: into because we are in this circumstance where uh, I
• 24:27
  Speaker 3: just had somebody who who I know in my wife
• 24:30
  Speaker 3: who had retired and now they're getting back into the
• 24:34
  Speaker 3: into the job market. They they had completely gotten away
• 24:37
  Speaker 3: from doing jobs and it's not it's a little bit
• 24:40
  Speaker 3: for the money, but it's mostly because they don't really
• 24:42
  Speaker 3: know what to do and so and they didn't There
• 24:45
  Speaker 3: was no conversation that came up about the retirement anything.
• 24:47
  Speaker 3: But that just got me to thinking, if you are
• 24:49
  Speaker 3: someone who's officially retired, so you've you've putting your your
• 24:52
  Speaker 3: pen for retirement and so all the paperwork's gone through
• 24:54
  Speaker 3: and everything else, but you do decide that you're going
• 24:57
  Speaker 3: to get back into the job market in some way,
• 24:58
  Speaker 3: shape or form. You know, there's there's limits there, so
• 25:00
  Speaker 3: part time and something. Do you have to reevaluate kind
• 25:03
  Speaker 3: of what you're doing. Do you do you like, do
• 25:05
  Speaker 3: you reopen like certain types of accounts or what do
• 25:09
  Speaker 3: you do if you like officially retired and then you're
• 25:11
  Speaker 3: getting back into it and you want to start feeding
• 25:13
  Speaker 3: money back into your retirement.
• 25:16
  Speaker 4: Well, it's not really that that too much of a trick.
• 25:19
  Speaker 4: I mean, there are a lot of a lot of
• 25:21
  Speaker 4: folks that in certain careers, they have the opportunity to retire.
• 25:27
  Speaker 5: I had someone in my.
• 25:29
  Speaker 4: Office last week that at age fifty he could take
• 25:32
  Speaker 4: a full retirement, and of course, you know the way
• 25:36
  Speaker 4: the pension was set up, it was after fifty there's
• 25:40
  Speaker 4: no more. So's it's almost like you're incentive in his
• 25:44
  Speaker 4: type of career to retire at fifty. Well, he doesn't
• 25:47
  Speaker 4: want to retire at fifty, and so he will be
• 25:51
  Speaker 4: going back to work, and you know, that's that's pretty
• 25:56
  Speaker 4: much a he can work on a second retirement and
• 26:00
  Speaker 4: if you want it to work, you know, seven, eight,
• 26:02
  Speaker 4: ten more years, that's that time period he can you know,
• 26:06
  Speaker 4: save more. Traditionally, you don't have to worry about you know,
• 26:12
  Speaker 4: if you're that age, you don't have to worry you're
• 26:14
  Speaker 4: not going to be drawing social security. Now, there is
• 26:17
  Speaker 4: a window there between sixty two and your full social
• 26:22
  Speaker 4: security retirement age, which maybe sixty seven. So there's a
• 26:27
  Speaker 4: five year window there that if you are drawing social
• 26:32
  Speaker 4: security early and you work, you you will be penalized
• 26:37
  Speaker 4: a little bit on your social security if you earn
• 26:40
  Speaker 4: over a certain amount, which is roughly twenty thousand dollars
• 26:43
  Speaker 4: a year, So you do have that issue if you're
• 26:46
  Speaker 4: in that that window, that five year window. However, most
• 26:54
  Speaker 4: people just delay taking Social Security if they know they're.
• 26:57
  Speaker 3: Going to work right, right, so you don't have to
• 26:59
  Speaker 3: worry about that.
• 27:00
  Speaker 5: So you don't have to worry.
• 27:01
  Speaker 3: I've been in situations before where I was hiring somebody
• 27:03
  Speaker 3: who was in retirement and I had to adjust the
• 27:05
  Speaker 3: offer that I made to them on their job or
• 27:07
  Speaker 3: they would have exceeded the amount of money they could
• 27:09
  Speaker 3: make it and they actually needed me to pay them
• 27:11
  Speaker 3: less in order for them to be able to take
• 27:12
  Speaker 3: the job that I want them to have. That stuff
• 27:15
  Speaker 3: is I guess if that's the way they want it
• 27:17
  Speaker 3: to help.
• 27:18
  Speaker 4: Yeah, I'm not sure that I you know, i'd probably
• 27:21
  Speaker 4: just you know, because you don't get penalized on that
• 27:24
  Speaker 4: Social Security.
• 27:24
  Speaker 5: It's not like it's gloss forever.
• 27:26
  Speaker 4: It's just reduced during the year, during the period right right,
• 27:30
  Speaker 4: you earn it and then and then it actually eventually
• 27:33
  Speaker 4: comes back as credits down the road. So it's not
• 27:36
  Speaker 4: as it's as if it's lost. It's just it's just
• 27:40
  Speaker 4: shifted a little.
• 27:41
  Speaker 3: Bit shifted down. That makes a lot of sense. Few
• 27:43
  Speaker 3: minutes left in the program this morning. If you want
• 27:44
  Speaker 3: to give us a call. Threes are a four three
• 27:45
  Speaker 3: four two eight one three one. Threes are a four
• 27:47
  Speaker 3: three four two eight one three one. If someone is
• 27:49
  Speaker 3: out there and they're in one of they're in a
• 27:51
  Speaker 3: job that either maybe they work for a small business
• 27:54
  Speaker 3: or something like that, they're full time employed, but not
• 27:56
  Speaker 3: every place has benefits that they can get where they
• 27:59
  Speaker 3: can invent into their future. I have a four h
• 28:01
  Speaker 3: one K and things along those lines, and that's something
• 28:03
  Speaker 3: else that I kind of leave off the table sometimes
• 28:05
  Speaker 3: as we talk about people that are self employed or
• 28:07
  Speaker 3: gig economy or moving jobs or something like that. But
• 28:09
  Speaker 3: if you're already gainfully employed, you're not planning on moving
• 28:12
  Speaker 3: or anything else. But you just don't have retirement at
• 28:14
  Speaker 3: the place where you work. You can do that on yourself.
• 28:16
  Speaker 3: You can go to John Burdett and you can start
• 28:18
  Speaker 3: your retirement. You can start contributing out your paycheck and everything.
• 28:22
  Speaker 3: It takes a little more work, but once you set
• 28:23
  Speaker 3: it up once pretty easy to do.
• 28:25
  Speaker 4: Yeah, we do an auto draft right from your checking account,
• 28:28
  Speaker 4: so you fund it every month just like you would
• 28:31
  Speaker 4: if you had a four roh one K at your job.
• 28:34
  Speaker 4: Depending on how we set that up. There may be
• 28:36
  Speaker 4: different limits than you can do through your employer, but
• 28:40
  Speaker 4: for most people, even an IRA we'll satisfy a large
• 28:45
  Speaker 4: part of your retirement planning needs. You can do seven
• 28:49
  Speaker 4: thousand dollars into an IRA each year. If you're married,
• 28:53
  Speaker 4: both you and your spouse can do that. If you're
• 28:55
  Speaker 4: over fifty, you can do eight thousand dollars. So there's
• 28:58
  Speaker 4: a little catch up there. IRS allows you to do,
• 29:03
  Speaker 4: and that can be funded every month right out of
• 29:05
  Speaker 4: a checking account, so you don't have to worry about
• 29:08
  Speaker 4: actively sending it in once it's set up and it
• 29:12
  Speaker 4: just automatically happens.
• 29:13
  Speaker 3: If you if you create like a if you created
• 29:16
  Speaker 3: an RA at the end of last year at twenty
• 29:17
  Speaker 3: twenty four, and your maximum contributions was eight thousand dollars
• 29:20
  Speaker 3: for that, could you catch it all up at the
• 29:22
  Speaker 3: end of the year when you when you open it
• 29:24
  Speaker 3: or is it over a twelve month rolling period like
• 29:26
  Speaker 3: funded the calendar?
• 29:28
  Speaker 5: Yes you can.
• 29:29
  Speaker 4: That is what you can do. And you have to
• 29:31
  Speaker 4: tax filing deadline to do that.
• 29:33
  Speaker 3: Oh is that right? So you can still do it now?
• 29:34
  Speaker 4: You could still do it now for last year? Yes,
• 29:38
  Speaker 4: you know, if you didn't open one and wanted to
• 29:40
  Speaker 4: do one for last year, you could do that and
• 29:43
  Speaker 4: it would go in your taxes when you file, and
• 29:46
  Speaker 4: then you could also do this year's which would go
• 29:48
  Speaker 4: on you know, the next for the next time following,
• 29:51
  Speaker 4: you know, tax ree term.
• 29:52
  Speaker 3: Seems like that would be wouldn't be a terrible thing
• 29:54
  Speaker 3: to do. If you found yourself with extra capital somewhere
• 29:56
  Speaker 3: that you wanted to put the work for you at
• 29:57
  Speaker 3: the end of the year, you could just go ahead
• 29:58
  Speaker 3: and fund your IRA right there at the end of
• 30:00
  Speaker 3: the year.
• 30:00
  Speaker 5: Yeah. Yeah, Hell, a lot of people too.
• 30:02
  Speaker 4: They will set up a budget of say I can
• 30:06
  Speaker 4: fund three hundred dollars a month, you know, every month,
• 30:09
  Speaker 4: and you know that's not going to max it out, right,
• 30:12
  Speaker 4: so there's still room there. So if they get a
• 30:14
  Speaker 4: bonus or if it gets something at the end of
• 30:16
  Speaker 4: the year, you can always catch that up as long
• 30:18
  Speaker 4: as you're under those limits.
• 30:19
  Speaker 3: It's nice to have have that option anyway, because IRA
• 30:22
  Speaker 3: is treated a little different from a four to one K.
• 30:24
  Speaker 3: So even if you are in a company that has
• 30:27
  Speaker 3: traditional retirement, you have a four to one K and
• 30:28
  Speaker 3: stuff like that, you know, talk to John and take
• 30:31
  Speaker 3: a look at your options. But having an additional IRA
• 30:33
  Speaker 3: or some sort of an account like that's not necessarily
• 30:35
  Speaker 3: a bad idea anyway, you can.
• 30:36
  Speaker 4: No, No, a lot of a lot of folks do that.
• 30:38
  Speaker 4: A lot of folks will will do it even as.
• 30:41
  Speaker 5: A raw iray.
• 30:43
  Speaker 4: And so your employer, you're going to have some of
• 30:46
  Speaker 4: that money that is going to be pre taxed money.
• 30:51
  Speaker 4: In other words, it comes off of your taxable income
• 30:53
  Speaker 4: in the year you put it in, but when you
• 30:55
  Speaker 4: draw it out, it is taxable.
• 30:59
  Speaker 5: A raw doesn't work that way.
• 31:01
  Speaker 4: A wroth you don't get any tax break for putting
• 31:04
  Speaker 4: it in today, but it's all tax free when it
• 31:07
  Speaker 4: comes out. And so sometimes it makes sense to have
• 31:12
  Speaker 4: a little bit of both types of money so you
• 31:14
  Speaker 4: can in retirement play in your distributions and things that
• 31:20
  Speaker 4: you're going to need to live your life and try
• 31:23
  Speaker 4: to minimize taxes. That way, you've got choices, essentially, you know.
• 31:27
  Speaker 4: The wroth also gives you a little more flexibility. If
• 31:30
  Speaker 4: you retire early, you can access the principle you put
• 31:33
  Speaker 4: in without penalty pre fifty nine and a half, So
• 31:35
  Speaker 4: if you retire at fifty eight, it gives you a
• 31:38
  Speaker 4: pool of money that you can maybe access to bridge
• 31:40
  Speaker 4: until you can access the other retirement money. So there
• 31:44
  Speaker 4: are all kinds of reasons you may want to have
• 31:47
  Speaker 4: some money outside of your employer plan to give you
• 31:50
  Speaker 4: that type of flexibility.
• 31:52
  Speaker 5: If those are the things you're thinking about doing.
• 31:54
  Speaker 3: It makes a lot of sense. And there's a lot
• 31:55
  Speaker 3: of tools available to you in your toolbox. You may
• 31:57
  Speaker 3: not know what all those tools are though. That's why
• 31:59
  Speaker 3: you need to call an expert. You need to call
• 32:01
  Speaker 3: John Burdet because he knows what the tools are. He
• 32:02
  Speaker 3: has the toolbox sitting right there next to him at
• 32:04
  Speaker 3: any time. So if you need to use one of
• 32:06
  Speaker 3: those tools that maybe you're not really sure how it works.
• 32:08
  Speaker 3: It've got that funky extension on it. You don't know
• 32:10
  Speaker 3: how it fits into the gizmo. John knows how to
• 32:12
  Speaker 3: fix that. So you can put all the tools to
• 32:14
  Speaker 3: work for you. You can give Fourth Avenue Financial a call.
• 32:17
  Speaker 3: You can price squeeze in here before the end of
• 32:18
  Speaker 3: the day today if you want to a three zero
• 32:20
  Speaker 3: four three four two eight one three one three four
• 32:21
  Speaker 3: two eight one three one, or of course Fourth Avenue
• 32:23
  Speaker 3: Financial dot com and their phone number three zero four
• 32:25
  Speaker 3: seven four six seven non seven seven three zero four
• 32:28
  Speaker 3: seven four six seven done seven seven is the number
• 32:30
  Speaker 3: you can call to UH, because it's never too late
• 32:32
  Speaker 3: to make sure that you can retire, right. I mean,
• 32:34
  Speaker 3: you want to make sure you put the work into it.
• 32:36
  Speaker 3: And if you do that, chances are you're going to
• 32:38
  Speaker 3: be okay, or at least better off than you would be otherwise.
• 32:41
  Speaker 5: Absolutely.
• 32:41
  Speaker 4: You know, most folks that come in that are are
• 32:44
  Speaker 4: financially well off. They didn't do it with a lucky strike.
• 32:47
  Speaker 4: They did it with consistent behaviors of accumulating, consistently disciplined,
• 32:56
  Speaker 4: you know, all those words that we don't like to
• 32:58
  Speaker 4: right it is, but you know it's boring and it
• 33:02
  Speaker 4: should be that process for boring. It's just, you know,
• 33:06
  Speaker 4: let's get that money in there, let it do its job,
• 33:08
  Speaker 4: and I'm going to focus on what I do for
• 33:10
  Speaker 4: a living, and I'm going to just make sure that
• 33:13
  Speaker 4: I fund these these vehicles that I have for retirement.
• 33:17
  Speaker 4: And that's how people build substantial wealth, one paycheck at
• 33:23
  Speaker 4: a time, one deposit at a time.
• 33:25
  Speaker 3: Briefly, last couple of minutes we get in here. We
• 33:27
  Speaker 3: talk a lot on this program about the debt snowball.
• 33:30
  Speaker 3: I bring it up all the time on how you
• 33:32
  Speaker 3: can start on that. And in my experience, and so
• 33:35
  Speaker 3: I have a very narrow experience with it, I had
• 33:37
  Speaker 3: a bunch of like tiny where I started business and
• 33:39
  Speaker 3: stuff like that. I had tiny loans, tiny credit cards,
• 33:41
  Speaker 3: things like that that I was able to create a
• 33:43
  Speaker 3: snowball with. You know, knocking off the first low hanging
• 33:46
  Speaker 3: fruit gave me more money to put towards the neck
• 33:48
  Speaker 3: and so on and so forth. But there's some people
• 33:50
  Speaker 3: that's not necessarily in that circumstance. They don't have a
• 33:53
  Speaker 3: lot of a credit card debt. They just don't make
• 33:55
  Speaker 3: a ton of money over what over top what their
• 33:57
  Speaker 3: expenses are. And I want to talk about that person
• 33:59
  Speaker 3: just a bit more because it might be a little
• 34:01
  Speaker 3: harder for that person, because that's where you have to
• 34:03
  Speaker 3: start looking at your food budget, your travel budget, your
• 34:07
  Speaker 3: entertainment budget, things like that. It's if it's not as
• 34:09
  Speaker 3: easy as knocking off your first credit card and then
• 34:12
  Speaker 3: rolling that into your debt snowball, you've got to look
• 34:13
  Speaker 3: at your life choices and look at places there that
• 34:16
  Speaker 3: you can start living below your means.
• 34:18
  Speaker 4: Absolutely. I mean, that's the key, that's the foundation of
• 34:22
  Speaker 4: accumulating wealth. If you're not living below your means creating
• 34:25
  Speaker 4: savings and investment consistently, You'll never escape that paycheck to
• 34:30
  Speaker 4: paycheck routine. You have to some way create that initial
• 34:38
  Speaker 4: capital creation. You've got to you've got to be able
• 34:41
  Speaker 4: to put that in something that's working for you consistently.
• 34:46
  Speaker 4: And you know, most people, when they look at their
• 34:50
  Speaker 4: budget and they have that discipline, can find ways to
• 34:56
  Speaker 4: save a little bit of money. You know, the person,
• 34:59
  Speaker 4: that young person that's out there that says I can't
• 35:02
  Speaker 4: afford to fund three percent into my four oh one
• 35:06
  Speaker 4: K to start out, they're probably buying a Starbucks coffee
• 35:12
  Speaker 4: every now and then, right right, you know, so, no,
• 35:15
  Speaker 4: it's not that you can't afford that you're choosing not to.
• 35:20
  Speaker 4: You're choosing to do something else instead. And sometimes that's
• 35:24
  Speaker 4: tough to hear, but it is the reality.
• 35:27
  Speaker 3: It's exactly row I've read a quick It was on
• 35:30
  Speaker 3: a frugal website and it was as a quick tip
• 35:32
  Speaker 3: we've talked to before about canceling your subscriptions and then
• 35:34
  Speaker 3: renewing them as you need them for your streaming services.
• 35:36
  Speaker 3: They took this a step further. They had a budget
• 35:39
  Speaker 3: for their streaming services. I was like thirty five dollars
• 35:40
  Speaker 3: a month or something like that, and every month they
• 35:42
  Speaker 3: decided which ones they needed. It's like this month, I
• 35:44
  Speaker 3: know this is coming out on Netflix, this is coming
• 35:46
  Speaker 3: out on Disney or whatever. Okay, that's it for the month.
• 35:48
  Speaker 3: I get those two next month. Maybe I'll change it
• 35:50
  Speaker 3: over after they binge or whatever it might be. Whatever
• 35:52
  Speaker 3: it takes in order to cut those things down. I
• 35:54
  Speaker 3: don't want to promote a third party product here, but
• 35:57
  Speaker 3: there are services out there that if you attach them
• 35:59
  Speaker 3: to your bank account, that they'll go through and tell
• 36:02
  Speaker 3: you where you have like reoccurring costs and things like
• 36:03
  Speaker 3: that to help you budget things. Back in the old days,
• 36:05
  Speaker 3: you used to do that with a check book. You know,
• 36:07
  Speaker 3: you would go through and do that. But this is
• 36:09
  Speaker 3: a as a as a program that will do that.
• 36:10
  Speaker 3: I signed up for a free trial of one of these,
• 36:12
  Speaker 3: and I found out that I was paying for Disney
• 36:14
  Speaker 3: Plus twice. I had it on one credit card that
• 36:16
  Speaker 3: was attached to like my Hulu account, that I was
• 36:18
  Speaker 3: paying for it on another credit card as a standalone account.
• 36:20
  Speaker 3: I missed it somehow or another because they were separated
• 36:22
  Speaker 3: like that. So it was save me fourteen ninety nine
• 36:25
  Speaker 3: a month. I mean it was worthwhile for me to
• 36:27
  Speaker 3: go through and check those things. So I mean the
• 36:29
  Speaker 3: low lowest hanging fruit are mistakes, right, You could have
• 36:32
  Speaker 3: mistakes out There are things you don't even know that
• 36:34
  Speaker 3: you're paying for anymore. Get rid of those first. I mean,
• 36:36
  Speaker 3: if you can free up fifty doll dollars going that way,
• 36:38
  Speaker 3: well that's fifty dollars that you can start your debt
• 36:40
  Speaker 3: snowball with.
• 36:41
  Speaker 5: Yeah, no doubt.
• 36:41
  Speaker 4: There are always ways if you're if you're dedicated in discipline,
• 36:47
  Speaker 4: to find a few dollars to start putting it aside.
• 36:50
  Speaker 4: And there's nothing that you can do to get out
• 36:55
  Speaker 4: of that paycheck to paycheck unless you take that step.
• 36:58
  Speaker 4: You have to have money work for you over time
• 37:01
  Speaker 4: to change your situation. And so if you don't like
• 37:05
  Speaker 4: your situation, you got a couple of choices. Cut your
• 37:09
  Speaker 4: budget and create savings and investment, or figure out how
• 37:12
  Speaker 4: to earn more money and create savings and investment. But
• 37:15
  Speaker 4: one way or the other, you have to create savings
• 37:18
  Speaker 4: and investment.
• 37:18
  Speaker 3: It's great information like we have every Monday morning, and
• 37:20
  Speaker 3: rich Our I write radio from job ber Dad at
• 37:22
  Speaker 3: Fourth Avenue Financial. Once again, the phone number is three
• 37:25
  Speaker 3: zer A four seven four six seven on seven seven
• 37:27
  Speaker 3: threes are A four seven four six seven non seven
• 37:29
  Speaker 3: seven Fourth Avenue Financial dot Com, one seventy Court Street,
• 37:31
  Speaker 3: Downtown Charleston, John, we'll talk to you back here next Monday.
• 37:34
  Speaker 3: We'll see what the headlines brings us then.
• 37:35
  Speaker 4: Oh yeah, hopefully it will be a calmer Monday next Monday.
• 37:38
  Speaker 3: Have a great day everyone on five AWHS.
• 37:43
  Speaker 2: Fighting Whsam six point five's on Charleston one O four
• 37:46
  Speaker 2: point five Cross Laye WUVRC Media Station. We're proud to
• 37:52
  Speaker 2: live here too,