Latest / WCHS Network Podcasts / 04/14/2025 Retire Right Radio with John Burdette

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04/14/2025 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
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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 lide
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Speaker 2: to the studio with host Dale Cooper and John Verdett
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Speaker 2: from Fourth Avenue Financial.
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Speaker 3: Nature you are listening to retire Right Radio. Good morning,
1:07
Speaker 3: It's Monday morning. W HS, the voice of Charles and
1:09
Speaker 3: I'm Del Cooper in studio with me this morning, of course,
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Speaker 3: is John Burdett from Fourth Avenue Financial. John, good morning,
1:14
Speaker 3: how you doing this morning.
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Speaker 4: I'm doing wonderful.
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Speaker 3: Appreciate you coming in today. I want to talk a
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Speaker 3: little bit about your retirement, how you can retire right
1:21
Speaker 3: to get some security into how you can retire into
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Speaker 3: your future, be that in two years, twenty years, two
1:27
Speaker 3: hundred year. I don't know about two hundred years. I
1:29
Speaker 3: don't think we're doing any vampires these days, but you're
1:32
Speaker 3: welcome to give us a call this morning. Our number
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Speaker 3: three zer a four three four two eight one three
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Speaker 3: one three zero four three four two eight one three one.
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Speaker 3: You can text three zero four nine three five five
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Speaker 3: zeros or.
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Speaker 4: Eight if you if you do live two hundred years,
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Speaker 4: you'll you'll still be on Social Security.
1:46
Speaker 3: True enough, true enough. You can give us a call
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Speaker 3: it either one of those numbers if you have any
1:50
Speaker 3: questions at all for John Bredett for Fourth Avenue Financial.
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Speaker 3: More informational online Fourth Avenue Financial dot com. You can
1:54
Speaker 3: also go to the Facebook page. You do the same thing.
1:57
Speaker 3: You search out Fourth Avenue Financial. The entire frase, no abbreviations,
2:01
Speaker 3: and you'll find it on Facebook and on the dot com.
2:04
Speaker 3: So we start off every Monday we kind of take
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Speaker 3: a look back at the market. The last several Mondays
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Speaker 3: we've started the show and been like, look, man, things
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Speaker 3: be kind of crazy, but you got to just you
2:14
Speaker 3: got to keep it on the straight and narrow.
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Speaker 4: Yeah. Yeah, the world of last week did not end it. Actually,
2:20
Speaker 4: the markets performed almost historically good, which is how the
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Speaker 4: markets operated always does, usually does the opposite of what
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Speaker 4: what you fear will happen, and when fear is the highest,
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Speaker 4: like we were building into, that's how you get these
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Speaker 4: springboards like we had last week. The market. The Dow
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Speaker 4: is up five percent last week, the SMPU up five
2:45
Speaker 4: point seven percent, the Nasdaq up seven point three percent,
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Speaker 4: so it really rebounded good. International, which is leading the year,
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Speaker 4: was relatively flat. It was up slightly, but you know,
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Speaker 4: you have of just a huge spring back, and I
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Speaker 4: think the futures are up again this morning, and I
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Speaker 4: think it's just a real good lesson here. We're kind
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Speaker 4: of seeing it in real time that when fear is
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Speaker 4: the highest, that's the wrong time to make the decision.
3:20
Speaker 4: You know, if you had some sort of clairvoyance and
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Speaker 4: knew that all of these things were going to happen
3:25
Speaker 4: before it happened, then it might make sense to get
3:28
Speaker 4: out of the way of it. But in the middle
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Speaker 4: of it, you certainly don't want to feed into the
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Speaker 4: to the fear and panic. Almost always, when that fear peaks,
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Speaker 4: the markets has at least tempora reached a reach to bottom,
3:43
Speaker 4: and it generally will bounce from that. You know, that
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Speaker 4: doesn't mean that our downturn is over. I don't know
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Speaker 4: what the next headline is going to be. Who knows.
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Speaker 4: Who knows how that's all going to transpire short term,
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Speaker 4: but long term we can still have that confidence that, hey,
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Speaker 4: if we stick to our game plan, if we own
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Speaker 4: quality companies that are producing goods and services for people
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Speaker 4: and we're patient that will pay off. That that really
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Speaker 4: doesn't fail and hasn't failed for certainly as long as
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Speaker 4: you and I have been alive.
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Speaker 3: Yeah. Well, you know, the thing that really strikes me
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Speaker 3: is it's almost like the market is a spigot and
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Speaker 3: and it just it's going to pour out regardless. And
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Speaker 3: some of these fluctuations that we've had recently have been
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Speaker 3: almost to artificial pressures, you know, like the announcement of
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Speaker 3: tariffs and different things like that. The market wasn't trending
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Speaker 3: in those directions, it's those announcements kind of turned it
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Speaker 3: onto those things. So I think that any moment you
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Speaker 3: get a pause on that or a breakthrough or something
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Speaker 3: like that, you see that things kind of return to normal,
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Speaker 3: you know, things start going building back up to what
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Speaker 3: you would expect.
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Speaker 4: Yes, I mean, the economy is in a relatively good
4:50
Speaker 4: spot outside of absent these these trade talks. You know
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Speaker 4: that the market does not like uncertainty. Uncertainty makes it
5:03
Speaker 4: hard to play in. Uncertainty makes it hard to project
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Speaker 4: what earnings may be, which ultimately drive the value of
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Speaker 4: the market. So you know that that's why you see
5:13
Speaker 4: things like these type of pullbacks even before the earnings pullback,
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Speaker 4: because the market is trying to say, Okay, what does
5:19
Speaker 4: this mean for earnings and what should we be paying
5:22
Speaker 4: for these these companies. But you know, as as it
5:27
Speaker 4: plays out, that's going to continue to get repriced as
5:30
Speaker 4: new new news comes in, and unless you can tell
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Speaker 4: the future, you don't know. You don't know how those
5:39
Speaker 4: things are going to play out. You know, specifically, that's
5:43
Speaker 4: why you have to take a long term view on
5:44
Speaker 4: these things. And and you know, you can see here
5:50
Speaker 4: we've talked on the show. You know since the beginning
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Speaker 4: of the year about these tariffs. Maybe it's a negotiating ploy. Hey,
5:56
Speaker 4: maybe that ends up being what it what it is.
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Speaker 4: You know, a lot of countries seem to be coming
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Speaker 4: to the table to discuss things. Now will that will
6:04
Speaker 4: that transpire into something productive or will we go back
6:07
Speaker 4: into fisticuffs again?
6:09
Speaker 3: Who you know?
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Speaker 4: Who knows? I do think it's fair to say the
6:15
Speaker 4: you know, the the decoupling with China is certainly underway,
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Speaker 4: regardless of what happens. I think that that is a
6:23
Speaker 4: that is a given, and that's that seems to be
6:25
Speaker 4: a across party lines, uh type of type of things. So,
6:33
Speaker 4: you know, I don't know how all the other trade
6:35
Speaker 4: things will will shake out, but I'd be fairly confident
6:37
Speaker 4: that the China thing is is is going to result
6:43
Speaker 4: in a true decoupling of of our economies to some degree.
6:47
Speaker 3: It's gonna be interesting to see how that plays out.
6:49
Speaker 3: And I know, kind of going back to what you
6:51
Speaker 3: were talking about about being a study and not following
6:54
Speaker 3: headlines so much. The thing that I was noticing last
6:57
Speaker 3: week and that's what I really take value in our show,
7:00
Speaker 3: and I hope that the listeners do as well, because
7:03
Speaker 3: there's a lot of people that kind of paint themselves. Frankly,
7:06
Speaker 3: since I'm not talking about anybody individually, I'll just be
7:09
Speaker 3: completely honest. They kind of paint themselves as fools when
7:12
Speaker 3: they start commenting too heavily on things like this, and
7:14
Speaker 3: if they're taking their own advice, it's just really dangerous
7:17
Speaker 3: to do things like that. You know, the moment at
7:19
Speaker 3: one point last week, the market goes up a little bit,
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Speaker 3: Suddenly it's like everything's right, Look how true this was?
7:24
Speaker 3: The day is saved, and then the market crashes again
7:26
Speaker 3: right away. It makes you look like a fool. On
7:29
Speaker 3: the other side of things, people are like, how is
7:31
Speaker 3: a young mother going to find the money to feed
7:34
Speaker 3: her children now with the market crash. You're not pulling
7:36
Speaker 3: money from from the market to feed your kids on
7:39
Speaker 3: a day to day basis. That's a false. That's a false.
7:42
Speaker 3: That's a false way to try to gin up somebody's concern.
7:45
Speaker 3: There's a legitimate concern that somebody can have out there,
7:47
Speaker 3: and you need to be aware of those things. But
7:49
Speaker 3: man tying it into your political emotions because you're sort
7:53
Speaker 3: of rooting for the economy to do bad or or
7:56
Speaker 3: on the other side of things, you want for your
7:58
Speaker 3: your the fan the politician, you're the biggest fan of
8:01
Speaker 3: to be to be absolutely right, so you declare victory
8:04
Speaker 3: to desplite what the data is. Those two things cannot
8:07
Speaker 3: exist if you're making sober, honest decisions internally within yourself.
8:13
Speaker 3: You have to dispel all of that sort of political
8:15
Speaker 3: overlay that you put over everything absolutely.
8:18
Speaker 4: I mean, when you think about it, the economy is
8:20
Speaker 4: so large, nobody can predict what each lever is going
8:23
Speaker 4: to be pulled. But every one of us, every one
8:27
Speaker 4: of our families, is somewhat of an economy unto ourselves.
8:31
Speaker 4: We have to make sure that we focus on what
8:33
Speaker 4: we control. Are our own personal economy, you know, are
8:37
Speaker 4: we living below our means? Are we creating savings and investment?
8:41
Speaker 4: Are we buying quality investments? Are we allocator appropriately for
8:45
Speaker 4: the goals and the tom horizons that we have? And
8:49
Speaker 4: that's what you can control. And if you focus steadily
8:53
Speaker 4: on the things you can control, all of this other
8:57
Speaker 4: stuff largely becomes noise. It will play out the way
9:01
Speaker 4: it plays out, But if you don't save and create investment,
9:04
Speaker 4: it doesn't matter what the market does, you're not going
9:07
Speaker 4: to be a beneficiary of it. So you know, you
9:12
Speaker 4: can win if you focus on the long term and
9:15
Speaker 4: controlling the things that are in your control and not
9:20
Speaker 4: getting sucked up into the emotion. We've talked before about
9:23
Speaker 4: the Fidelity Magellan Fund in the eighties. You know, it
9:26
Speaker 4: was the best performing fund in the eighties. It was
9:29
Speaker 4: up you know, fourteen to fifteen percent, I believe, on
9:33
Speaker 4: average every year for the decade, which is incredible. But
9:37
Speaker 4: the average investor when the study was done, made less
9:41
Speaker 4: than a third of that return because they were constantly
9:45
Speaker 4: buying and selling, buying and selling on emotion at the
9:48
Speaker 4: wrong time. As the as the market was building, people
9:53
Speaker 4: would throw extra money in near the top, and then
9:56
Speaker 4: it would pull back, and then they'd panic and then
9:58
Speaker 4: sell out. You see, if you bought it at the
10:01
Speaker 4: top and didn't panic when it went back down, it
10:06
Speaker 4: went back up to higher highs. So that first what
10:10
Speaker 4: you might perceive error ended up being the right decision
10:13
Speaker 4: long term.
10:14
Speaker 3: Eventually, if you just waited out, If you just.
10:16
Speaker 4: Waited out, but if you get tied up into that emotion, say, oh,
10:20
Speaker 4: I bought it at the wrong time, and now the
10:22
Speaker 4: market's down twenty percent. I better get out. You know,
10:25
Speaker 4: you're you're solidifying your mistake. And you know it's never
10:31
Speaker 4: a mistake to buy a productive company with excess cash
10:35
Speaker 4: that you have. If it's producing earnings, eventually you're gonna benefit.
10:39
Speaker 4: I mean, I don't know an owner of a company,
10:42
Speaker 4: large or small, whose company isn't making money, who the
10:46
Speaker 4: owner doesn't do well well as a stockholder. That's what
10:50
Speaker 4: you are, you know, be patient and let it play
10:53
Speaker 4: out and focus on what you can control. And it's
10:57
Speaker 4: it's really hard to get that wrong.
11:00
Speaker 3: I can't remember if it was a conversation we were having
11:02
Speaker 3: last week or you know, everybody's like a mini market
11:04
Speaker 3: and economist expert now suddenly because you know, it's just
11:07
Speaker 3: what the thing to talk about. But there was one
11:09
Speaker 3: thing that was said that I thought was that was
11:11
Speaker 3: very simple but also very true. If and everybody's situation
11:17
Speaker 3: is gonna be different. So this isn't like overriding advice.
11:19
Speaker 3: But generally speaking, if you don't sell, you don't lose
11:21
Speaker 3: the money, you know, I mean, because if you keep
11:23
Speaker 3: it long enough term, chances are that that stock's going
11:25
Speaker 3: to rebound, come back up above the point where you
11:27
Speaker 3: initially bought it at, and then you're back into into
11:30
Speaker 3: the profit area of it. So everybody's like, I lost
11:33
Speaker 3: a third off of my four oh one. K Okay
11:35
Speaker 3: maybe for now, but in two years, that's probably not
11:37
Speaker 3: gonna be the case as long as you don't sell
11:38
Speaker 3: all that. You only lose a third if you sell
11:39
Speaker 3: it all right now.
11:40
Speaker 4: Right, And really the number on the page is meaningless
11:44
Speaker 4: until the day that you need the money. And that's
11:47
Speaker 4: why understanding your time horizon and what your goals are
11:50
Speaker 4: are so important in financial planning. You know, if the
11:53
Speaker 4: market goes down twenty percent and your goal is twenty
11:56
Speaker 4: years away, whooped you do?
11:59
Speaker 3: Who really?
12:00
Speaker 4: Who really cares? I mean, you don't need the money.
12:02
Speaker 4: It doesn't change your life. You're not living off of that.
12:05
Speaker 4: You're still in that saver. If you're working, you're buying
12:09
Speaker 4: on the cheap. You know, with those accumulated dollars that
12:12
Speaker 4: you continue to put in the value on that statement
12:16
Speaker 4: does nothing to change your life. And you know if
12:20
Speaker 4: you focus on that number, you will be subject to
12:23
Speaker 4: getting caught in that whipsaw of emotions and that just
12:29
Speaker 4: doesn't work. That doesn't make you a good investor, and
12:35
Speaker 4: this type of episode plays that out.
12:38
Speaker 3: You know.
12:38
Speaker 4: Also, the market when it pulls back like this, everybody
12:41
Speaker 4: looks at it and says, well, it's because of the tariffs. Well,
12:45
Speaker 4: that may be the catalyst of it, but the reality
12:48
Speaker 4: is the markets had a pretty good run and we
12:50
Speaker 4: haven't had a correction in a long long time, in
12:53
Speaker 4: an abnormally long time. I mean, this could just be
12:56
Speaker 4: the reason that we've had the normal correction the market
13:00
Speaker 4: was everybody was worried that it was overvalued. If you
13:03
Speaker 4: look at the valuation now of a market based on earnings,
13:08
Speaker 4: we are back to below the ten year average valuation
13:13
Speaker 4: on stocks in the marketplace. So this correction actually brought
13:16
Speaker 4: valuations down to where, you know, we're back to reasonable valuations.
13:21
Speaker 4: This idea that oh, we're growing into a bubble and
13:25
Speaker 4: valuations are much higher than they should be, Well, we
13:29
Speaker 4: fix that problem, you know, and earnings are still growing.
13:34
Speaker 4: So if earnings continue to grow and now valuations are
13:39
Speaker 4: more fair, you know, that sets up a backdrop for
13:42
Speaker 4: another good run in the market eventually.
13:44
Speaker 3: So a quality company may have lost a little bit
13:46
Speaker 3: of market cap or whatever, it might be, but eventually
13:50
Speaker 3: they're going to recast and then start the journey all
13:55
Speaker 3: over again.
13:55
Speaker 4: So well, yeah, and in the stock price and their
13:58
Speaker 4: earnings are It's sort of like you and your personal life.
14:01
Speaker 4: You know, your your four oh one k is down,
14:03
Speaker 4: but you're not living on it. Your earnings, uh, you know,
14:08
Speaker 4: you continue to make earnings in your job, and you
14:10
Speaker 4: continue to say, well, the companies are somewhat doing the
14:13
Speaker 4: same thing. The market cap only tangently is important to
14:19
Speaker 4: the company. I mean, there are reasons it's important, but
14:22
Speaker 4: but for the most part, you know, they're earning billions
14:26
Speaker 4: of dollars day in and day out regardless of what
14:30
Speaker 4: the market does. So you know, valuations and these type
14:36
Speaker 4: of corrections are are normal? Are normal now? The tariff
14:43
Speaker 4: deal it certainly was a catalyst of all of this.
14:46
Speaker 4: It got it going. But but that does not mean
14:49
Speaker 4: if this wasn't going happening, the tariff talk wasn't happening,
14:53
Speaker 4: that we wouldn't have had to pull back anyway, because
14:56
Speaker 4: it was you know about once a year you're going
15:01
Speaker 4: to have this one average, and it's been a couple
15:03
Speaker 4: of years since we've had one of these.
15:05
Speaker 3: And of course we have to. This is the stories
15:08
Speaker 3: that's leading a lot of headlines and things like that,
15:10
Speaker 3: and we can totally ignore those things. However, let's also
15:13
Speaker 3: begin the conversation and we'll continue this when we come
15:15
Speaker 3: back from the break here in just a moment. Despite
15:17
Speaker 3: this backdrop of sentiment uncertainty, you know, I mean, it's
15:23
Speaker 3: really the lay people and the consumers that are driving
15:26
Speaker 3: a lot of a lot of this talk in the
15:28
Speaker 3: media too, of course. But despite all that being the case,
15:31
Speaker 3: if someone needs to they're looking at their life situation
15:34
Speaker 3: right now, they know they need to start building towards retirement.
15:36
Speaker 3: I was just talking to an older person in my
15:38
Speaker 3: family the other day and he was talking about how
15:42
Speaker 3: hindsight's twenty twenty. You know, he's approaching retirement now. He's like,
15:45
Speaker 3: I didn't do it right. You know, I don't have enough.
15:47
Speaker 3: I'm gonna have to continue working doing these different things.
15:50
Speaker 3: Even if I retire, I'm gonna have to work in
15:51
Speaker 3: my retirement just to make ends meet. I tell you what, kids,
15:54
Speaker 3: if there's anything I can recommend, I give you, you know,
15:56
Speaker 3: take that extra a couple hundred dollars a page. I
15:58
Speaker 3: put it away so you don't have to work. You know,
16:00
Speaker 3: you can still do that now, just because there's headlines
16:02
Speaker 3: about the market, you know, in flux or whatever. There's opportunity,
16:05
Speaker 3: there's tools, there's things to do. You don't have to
16:06
Speaker 3: panic about how to plan for your retirement. Now is
16:09
Speaker 3: as good a time as any to get in. It
16:11
Speaker 3: might just be a little different than what it might
16:12
Speaker 3: have been a year ago and getting in, but get
16:14
Speaker 3: in now. You don't want to wait any longer.
16:15
Speaker 4: Yeah, I mean the best time to put money to
16:18
Speaker 4: work is when you have it. That's the best time. Yeah,
16:21
Speaker 4: because we don't have a crystal ball, you know, but
16:23
Speaker 4: if you build those habits of saving and investing consistently,
16:29
Speaker 4: I mean, the track record of winning of that is
16:31
Speaker 4: so it's almost unbelievable. If you just look at the market,
16:36
Speaker 4: look at every downturn you can think about. Look at COVID,
16:39
Speaker 4: look at two thousand and eight, look at eighty seven,
16:42
Speaker 4: you know, look at all of the dot com era,
16:46
Speaker 4: look at all of that, and then look at where
16:49
Speaker 4: those big downturns happened and what the market was valued
16:52
Speaker 4: at at that time.
16:53
Speaker 3: Yeah, if you really want to see something, I saw
16:55
Speaker 3: this the other day and I can't remember all the dates,
16:56
Speaker 3: so I won't try to quote them, but look at
16:58
Speaker 3: the dates when the market went over twenty and thirty
17:00
Speaker 3: for example. You know we were over forty and back
17:03
Speaker 3: down under it last week, But it wasn't that long ago, right,
17:07
Speaker 3: you know, I mean, and it doubled itself from twenty
17:09
Speaker 3: to forty and not very long at all, And that
17:11
Speaker 3: was through COVID and everything else.
17:13
Speaker 4: Well, I think the two thousand and eight, the big
17:16
Speaker 4: crash of two thousand and eight, I think the Dow
17:19
Speaker 4: was around eight thousand, yeah, right.
17:21
Speaker 3: Exactly, and that hour forty thousand. It doubled once before
17:24
Speaker 3: to get to twenty, and then we doubled from twenty
17:26
Speaker 3: to forty to get up to forty. That was I
17:28
Speaker 3: think halfway through last year or something like that we
17:30
Speaker 3: finally eclipped forty. That's incredible when you think about it
17:33
Speaker 3: tripling in size over the course of just a twelve
17:36
Speaker 3: fifteen year period.
17:37
Speaker 4: Right right. And you know, you still hear people that
17:41
Speaker 4: will say things like, well I got out in two
17:44
Speaker 4: thousand and eight before I lost everything. What does that
17:48
Speaker 4: even mean? Look at the Martin.
17:49
Speaker 3: Markus up with three hundred percent since then. Right.
17:52
Speaker 4: So the idea first of all that when the market
17:57
Speaker 4: goes down, you're going to lose everything. That's a portfolio flaw.
18:02
Speaker 4: If you can lose everything, you're not diversified.
18:05
Speaker 3: And my guess is it's actually for some people it
18:07
Speaker 3: may be true, and there's obviously there's a slice of
18:09
Speaker 3: people that's probably suffering that way. My feeling is it's
18:12
Speaker 3: a lot of people that don't take money that way.
18:14
Speaker 3: That's assuming that there's people that take the money that
18:16
Speaker 3: way so they can make a political point.
18:17
Speaker 4: Yeah, yeah, yeah, that could be. But the thought of
18:21
Speaker 4: losing everything is a fear thought if you're well diversified
18:27
Speaker 4: and own companies that are providing the goods and services
18:30
Speaker 4: for you to lose everything, we have to go back
18:33
Speaker 4: to living in caves.
18:35
Speaker 3: And it's not like Enron, completely different. I heard that.
18:37
Speaker 3: That's somebody said that it's not even attached to the
18:39
Speaker 3: same thing.
18:40
Speaker 4: That's one company, you know, a diversified portfolio. Now, an
18:44
Speaker 4: event like Enron can certainly be a catalyst, just like
18:47
Speaker 4: these these tariffs might have been a catalyst for the downturn.
18:52
Speaker 4: It might be a catalyst for people to re evaluate
18:54
Speaker 4: the market and put you know, sharpen the pencils and
18:58
Speaker 4: make sure that their numbers are right on all the
19:00
Speaker 4: other companies and be more cautious. But there again, that
19:04
Speaker 4: doesn't make every company in the world disappear. Just because
19:08
Speaker 4: Enroun disappeared. It makes uncertainty you throughout the market, which
19:12
Speaker 4: might make people more cautious to bid stocks up for
19:16
Speaker 4: a period of time. But if those other companies are
19:19
Speaker 4: continuing to serve people and earning billions of dollars, you know,
19:22
Speaker 4: how does that not bounce back? How does that not
19:24
Speaker 4: come back and make the owners, the shareholders, you and
19:28
Speaker 4: I wealthier.
19:31
Speaker 3: It almost has to makes sense.
19:33
Speaker 4: I mean, it's really it's really logic. You know, if
19:37
Speaker 4: once you strip the emotions out of it, it's it's almost,
19:45
Speaker 4: you know, absurdly simple. The process.
19:48
Speaker 3: It is true, and there's you also hear things that
19:51
Speaker 3: are really funny people that have turned for example, physic laws.
19:57
Speaker 3: You know, what what goes up must come down true,
19:59
Speaker 3: and physic not necessarily true in the market, and the
20:01
Speaker 3: market is not The market is not physics, you know,
20:03
Speaker 3: it's not attached to that science at all. So that
20:06
Speaker 3: expression that is true and relatives and relativism in physics
20:11
Speaker 3: is not true in the real world. So when people
20:13
Speaker 3: take a look at the market and say, eh, you know,
20:15
Speaker 3: whatever goes up must come down at some point. Historically,
20:17
Speaker 3: that's not true at all, And that those little idioms
20:20
Speaker 3: that you kind of insert into your life or can
20:22
Speaker 3: actually do you some harm sometimes. Sure, because that's not
20:25
Speaker 3: necessarily true at all. You need to you need to
20:27
Speaker 3: watch those things every once in a while because common
20:30
Speaker 3: truth are sometimes not all that common. You know, you
20:33
Speaker 3: plimb to the wrong situation.
20:34
Speaker 4: Yeah, yeah, absolutely, And and that's not the way the
20:36
Speaker 4: market works at all. The market works because it's an
20:39
Speaker 4: expanding pa. It's a it's a the earnings continue to grow.
20:43
Speaker 4: If you look at the why is the market uh,
20:46
Speaker 4: you know, tripled or whatever since two thousand and eight.
20:49
Speaker 4: Look at the earnings. The earnings have as well. Companies
20:53
Speaker 4: are earning more money. You know, we've talked Tom and
20:57
Speaker 4: Tom again. I go back to the piece of real
20:59
Speaker 4: estate that you're for one thousand dollars a month. If
21:02
Speaker 4: the price of rent goes up to fifteen hundred dollars
21:05
Speaker 4: a month, the chances are your house is worth more
21:07
Speaker 4: when somebody comes to buy it. It's the same thing
21:11
Speaker 4: with the market. If your company's earning more money, they
21:13
Speaker 4: should be worth more in the marketplace, and and largely
21:16
Speaker 4: stocks track the earnings over time, not not in lockstep.
21:21
Speaker 4: You know, that's where the emotion and the training comes in.
21:24
Speaker 4: But over time, if you want a company that continues
21:27
Speaker 4: to grow its earnings, as the owner of the company,
21:30
Speaker 4: you're probably going to do pretty well.
21:31
Speaker 3: It's John add with a fourth I having in financial
21:33
Speaker 3: great information has always on this Monday, maybe cooling you
21:35
Speaker 3: down just a little bit from a weekend of sensationalized
21:38
Speaker 3: headlines and and a lot of uncertainty. John can help
21:41
Speaker 3: you get through all that. If you have any questions
21:42
Speaker 3: about your retirement, that of a loved one, or a
21:44
Speaker 3: procedural situation that maybe you're find yourself in, you want
21:46
Speaker 3: to know the best way to get out of it.
21:48
Speaker 3: John can maybe point you in the right direction. You
21:49
Speaker 3: can give us a call this morning. Three zero four
21:50
Speaker 3: three four two eight one three one three es are
21:52
Speaker 3: a four three four two eight one three one. You
21:54
Speaker 3: can also text over any questions you have to three
21:55
Speaker 3: zero four non three five five zero zero eight three
21:58
Speaker 3: zero four non three five five zero zero eight is
22:01
Speaker 3: other number that you can text in one. We'll go
22:02
Speaker 3: ahead and take a break and be back right after this.
22:04
Speaker 3: You're listening to retire Right Radio. I'm Del Cooper. This
22:07
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22:10
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22:29
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22:32
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22:35
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22:37
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22:43
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23:00
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Speaker 6: with your property taxes. The Kanaw County Sheriff's Department reminds
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24:00
Speaker 2: This is retire Right Radio with John Burdett from Fourth
24:04
Speaker 2: Avenue Financial, taking your calls at three oh four three
24:07
Speaker 2: four five fifty eight fifty eight. For texts on three
24:11
Speaker 2: oh four nine three five fifty eight.
24:16
Speaker 3: Yeah, listening to We're Tirry Right Radio, I bof Adio,
24:18
Speaker 3: WMCCHS The Boys, Charleston. I'm Del Cooper. Thanks for tuning
24:21
Speaker 3: in on this Monday morning. A nice morning to start
24:24
Speaker 3: the day. I have a check the forecast for the
24:26
Speaker 3: remainder of the day. I know on Friday today was
24:29
Speaker 3: supposed to send into uh into some pretty thundry storms
24:33
Speaker 3: and things like that the afternoon. I'll try to get
24:35
Speaker 3: an update on that. Here in just a little bit,
24:37
Speaker 3: we're in studio with John Burdett this morning for Fourth
24:39
Speaker 3: Avenue Financial. On line fourth Avenue Financial dot com. You
24:42
Speaker 3: spell out the whole thing located over on over across
24:45
Speaker 3: from the Town Center Mall on Court Street here at
24:48
Speaker 3: in downtown charleson more information online Fourth Avenue Financial dot Com.
24:52
Speaker 3: And talking about all kinds of different things. But one
24:54
Speaker 3: of the before we went to the break, I was
24:56
Speaker 3: reminding folks that despite all the headlines you here, and
24:58
Speaker 3: all the things that are going on, there's no reason,
25:01
Speaker 3: there's no barrier for you to get into. If you
25:03
Speaker 3: need to start planning for your retirement, now is the
25:05
Speaker 3: best time to do it. I mean you can when
25:06
Speaker 3: you have money to go to work for He's the
25:08
Speaker 3: best time to do it, is what John said. And
25:10
Speaker 3: you can start any number of ways. Most people, as
25:13
Speaker 3: John talks about on this program, you need to take
25:15
Speaker 3: care of your what's out going first. You need to
25:17
Speaker 3: take a take a look at your expenditures, what you
25:20
Speaker 3: can cut down on. You got to start whether you
25:22
Speaker 3: call it a debt snowball or your debt shrinking, whatever
25:24
Speaker 3: you want to call it, you got to start that somewhere.
25:26
Speaker 3: You got to figure out a way to pay less
25:27
Speaker 3: money every month.
25:28
Speaker 4: Yeah, so you definitely need to get out of consumer debt.
25:30
Speaker 4: You know, mortgage is a little bit different, but consumer
25:33
Speaker 4: debt the credit cards. Things that you've you know, you
25:36
Speaker 4: went out to eat or you know, you bought some
25:39
Speaker 4: some clothing or something like that on a credit card
25:41
Speaker 4: that you didn't pay off that accumulates you're paying thirty
25:45
Speaker 4: percent interest on that. You're not going to out earn
25:48
Speaker 4: those interest rates in the stock market, certainly not consistently.
25:52
Speaker 4: So before you start investing, you really should knock those
25:55
Speaker 4: things out. And those things, those accumulated debts. I mean,
26:00
Speaker 4: that is also the kind of the canary in the
26:02
Speaker 4: coal mine that hey, there's something wrong with the budget.
26:05
Speaker 4: I'm spending more than I'm bringing in. Otherwise you wouldn't
26:09
Speaker 4: have accumulated that debt. So if you have that issue,
26:15
Speaker 4: you have a budget problem, and that has to be
26:18
Speaker 4: addressed first. You know, to be successful, you have to
26:21
Speaker 4: consistently create savings and investment. And eventually that savings and
26:26
Speaker 4: investment grows to the point where it compounds faster than
26:30
Speaker 4: you could ever save it. And once you get to
26:33
Speaker 4: that point, finances becomes very easy. Now it might take
26:38
Speaker 4: you know, five years, ten years of hard work to
26:41
Speaker 4: get to that point, but after you're at that point,
26:45
Speaker 4: it's almost hard to stop the process.
26:49
Speaker 3: At that point, Well, where's a good place to start
26:51
Speaker 3: for somebody? Is it best to start with do you
26:54
Speaker 3: automatically start with your largest payment? Do you want to
26:56
Speaker 3: start with something that maybe you're like the largest payments
27:02
Speaker 3: as compared to the balance on the thing. Get rid
27:05
Speaker 3: of things that you can knock out quickly.
27:07
Speaker 4: There are lots of kind of trains of thought on
27:11
Speaker 4: that that people have. You know, the Dave Ramsey debt
27:14
Speaker 4: snowball is one that works, although mathematically some people have
27:18
Speaker 4: issues with it because it's not necessarily paying the highest
27:21
Speaker 4: interest rate things off first. What the snowball does it
27:25
Speaker 4: it takes the smallest balances and you attack those first
27:30
Speaker 4: to get them paid off. And then you take the
27:32
Speaker 4: payment you were making to the smaller balance, roll it
27:36
Speaker 4: up to the next balance that you have and attack
27:38
Speaker 4: that with additional vigor. And like you say, mathematically it
27:44
Speaker 4: doesn't you know, work as well as paying off the
27:47
Speaker 4: highest interest first. But what it does, it gives you
27:50
Speaker 4: a sense of accomplishment. This psychologically can help keep you
27:54
Speaker 4: motivated to continue the process.
27:57
Speaker 3: And there's velocity, real velocity with the funds that you're saving.
27:59
Speaker 3: That I didn't, It wasn't. I didn't know it as
28:01
Speaker 3: the Ramsey method. But when I paid off my debts,
28:03
Speaker 3: that's what I ended up doing. I just literally it
28:05
Speaker 3: dawned on me that I had lessen a year. The
28:07
Speaker 3: first thing I did is I noticed I had lessen
28:09
Speaker 3: a year left on my car. And you know, I
28:11
Speaker 3: had like a two hundred and thirty dollars a month
28:12
Speaker 3: payment of my car or whatever it was. Well, it
28:14
Speaker 3: was only a couple thousand dollars left in my car.
28:16
Speaker 3: So the first thing I did is I went ahead
28:18
Speaker 3: and phoned up one month paid off my car. Suddenly
28:20
Speaker 3: I had two hundred thirty nine dollars available for my
28:23
Speaker 3: very next pay cycle, you know, the very next budgetary
28:27
Speaker 3: month where I was paying bills, I had two hundred
28:29
Speaker 3: thredy nine dollars extra that I could go with. So
28:30
Speaker 3: I think I had a credit card that I started
28:32
Speaker 3: putting two hundred and thirty nine dollars a month extra towards,
28:34
Speaker 3: and that was paid off of no time. And suddenly
28:36
Speaker 3: my eighty dollars a month credit card payment that I
28:38
Speaker 3: had there went with that two thirty nine. Then I
28:40
Speaker 3: was up to, you know, in the three hundreds that
28:41
Speaker 3: I could apply somewhere else. It wasn't, I mean, it
28:43
Speaker 3: took me eighteen months, but the first few debts went
28:46
Speaker 3: very very quickly, and then then I was then I
28:49
Speaker 3: was like paying off a mortgage, you know, I was
28:50
Speaker 3: paying off a large business loan. You know, I was
28:52
Speaker 3: getting rid of that. Stuff didn't take long at all.
28:55
Speaker 4: No, the certainly auto lines too. Those are a lot
28:58
Speaker 4: of times when you're looking at cat flow. Like you
29:00
Speaker 4: had mentioned, it's a sometimes a relatively moderate balance that
29:05
Speaker 4: you have versus a fairly large payment, and by clearing
29:09
Speaker 4: those up, yeah, you can make some headway.
29:12
Speaker 3: I felt like magic, it really did. It felt like
29:13
Speaker 3: Mattress is like, how come I never thought about this before?
29:15
Speaker 3: And then suddenly it was, you know, eventually I was
29:17
Speaker 3: debt free, didn't even have a mortgage at the time.
29:19
Speaker 3: I have a mortgage again now, but I didn't even
29:21
Speaker 3: have a mortgage at the time. And I was in
29:23
Speaker 3: my what it was in my early thirties or something
29:25
Speaker 3: like that, owned a business and was more or less
29:27
Speaker 3: debt free. It was a pretty good place to be,
29:29
Speaker 3: good time. Yeah, it was a pretty good place, not
29:32
Speaker 3: a bad place to be. But that just shows. And
29:34
Speaker 3: it wasn't like I was making tons of money or anything.
29:36
Speaker 3: I was just was smart with my money. I lived
29:38
Speaker 3: very frugally. I mean, we didn't do anything. Heck, my
29:41
Speaker 3: ex wife was really big into she called it freaganism.
29:44
Speaker 3: I called it dumpster dive. But I mean this was
29:47
Speaker 3: back in like the early two thousands or whatever, and
29:49
Speaker 3: she would find stuff sometimes that you know, well we
29:51
Speaker 3: don't have to go buy that book case anymore or
29:53
Speaker 3: whatever it might be. You know. I mean we were
29:55
Speaker 3: super frugal during the time and it worked out. You know,
29:57
Speaker 3: it allowed us to travel and do a lot of
29:58
Speaker 3: things later on in life, and it really worked out
30:00
Speaker 3: pretty well. So the availability is there. It's not easy
30:03
Speaker 3: all the time, and the bigger your family is, it
30:05
Speaker 3: gets a little harder. But that makes it all that
30:07
Speaker 3: more responsible that you have to take it on.
30:10
Speaker 4: Yeah, And when you're starting out, it feels like work, yeah,
30:12
Speaker 4: because it is a change in the way you're doing things.
30:15
Speaker 4: And and but you know, as you push that boulder
30:21
Speaker 4: up the hill, eventually it crests. And then once that happens,
30:25
Speaker 4: it will gather steam down the other side of the hill,
30:28
Speaker 4: and like say, eventually it starts out running you. And
30:31
Speaker 4: that's what happens when you you know, see folks that oh,
30:34
Speaker 4: I've built a two million dollar retirement nest egg, Well,
30:37
Speaker 4: how did you do that? Well? One contribution at tom
30:41
Speaker 4: over twenty five years.
30:42
Speaker 3: And if somebody's in a situation where they're looking at
30:46
Speaker 3: paying off their getting their debt snowball going, is it
30:49
Speaker 3: worth it to try to set anything up then, or
30:52
Speaker 3: maybe if they have a four to one K until
30:54
Speaker 3: they get paid off, should they just if they have
30:56
Speaker 3: extra funds, maybe they can allocate that to their four
30:58
Speaker 3: one k until they get debt free. What's the best
31:00
Speaker 3: way to go about that until you really start getting
31:01
Speaker 3: a plan in place?
31:02
Speaker 4: Well, there again, if you if you listen to Dave
31:06
Speaker 4: Ramsey's plan, you know, let's say, pause all of the
31:08
Speaker 4: contributions until you get out.
31:10
Speaker 3: Of consumers, so just pay pay pay.
31:13
Speaker 4: You know. I tend to say, hey, if you're getting
31:16
Speaker 4: a match, try to get the free money right right,
31:19
Speaker 4: but then don't do any extra until you have an
31:21
Speaker 4: emergency fund and your consumer debt paid off. When I
31:24
Speaker 4: say consumer debt again, I'm not talking about your mortgage.
31:27
Speaker 4: If you wait until the mortgage was paid off, you'd
31:29
Speaker 4: be really laid in saving for retirement. But you know,
31:33
Speaker 4: if you have credit card debt in particular, you you
31:36
Speaker 4: really should be attacking that first because you're thirty percent.
31:41
Speaker 3: Yeah, those are indexed right now, and it's insane to
31:43
Speaker 3: have a credit card.
31:44
Speaker 4: Right, I mean, there's no way you can out earn
31:46
Speaker 4: that in the market. You should not be investing if
31:49
Speaker 4: you if you're carrying that type of debt.
31:51
Speaker 3: I have one credit card with a hardware store that
31:54
Speaker 3: you get I get rewards and stuff like that. On
31:57
Speaker 3: the last two times I use it, I was walking
31:58
Speaker 3: out to my car loading up, Yeah, paying off the
32:01
Speaker 3: credit card. So I wouldn't forget to do it, because
32:04
Speaker 3: you know, I wanted the rewards points from it, but
32:06
Speaker 3: I didn't want to carry that balance. Oh no, heck no, man,
32:08
Speaker 3: that balance, that interest rate is not good.
32:10
Speaker 4: And you know, even with the Dave Ramsey, he says, well,
32:13
Speaker 4: don't even have a credit card.
32:15
Speaker 3: Yeah right, you know.
32:18
Speaker 4: That is that is for discipline. I mean, if you
32:21
Speaker 4: have discipline, then you have a credit card and you
32:23
Speaker 4: pay it off every month and you get the points.
32:24
Speaker 4: I mean that's one thing, right, but it is a risk.
32:28
Speaker 3: At one time in my wife I couldn't have done this,
32:30
Speaker 3: and I can now and I'm disciplined enough to do it.
32:32
Speaker 3: But in my twenties I couldn't have done I would
32:33
Speaker 3: have carried that balance.
32:34
Speaker 4: Right, right. And the credit card companies know this, and
32:37
Speaker 4: that's why they, you know, have have big buildings.
32:41
Speaker 3: That's why you invest in companies that know how to
32:43
Speaker 3: make profits right there. They know the psychology that's behind it.
32:47
Speaker 3: We've earned an awful lot this morning, and and I
32:49
Speaker 3: just keep on wanting to the headlines. Are can be
32:53
Speaker 3: problematic or sometimes you might they might be a big rally,
32:57
Speaker 3: and they might be they might give you a little
32:59
Speaker 3: endorphin right that things are good. But the bottom line is,
33:02
Speaker 3: as we've tried to approach on the second half of
33:03
Speaker 3: this show this morning, you can go about business as
33:06
Speaker 3: far as your retirement goes relatively normally. There might be
33:08
Speaker 3: different tools you're deploying now. There might be a little
33:10
Speaker 3: different if you're into those sort of things, might be
33:12
Speaker 3: different indicies that you're tracking or something like that. But
33:15
Speaker 3: it's available for you right now. There's no reason for
33:17
Speaker 3: you to hesitate to get yourself fortified for your future
33:21
Speaker 3: to retire, because if you wait, if you're like, well,
33:23
Speaker 3: let's see what happens in two years, let's see what happened,
33:25
Speaker 3: you're losing years and years and years of interest compounding
33:28
Speaker 3: for you. And you don't want to do.
33:29
Speaker 4: That, and potentially you might have a little windfall coming
33:31
Speaker 4: to you. Tack taxes are due tomorrow. Oh yeah, the
33:34
Speaker 4: taxing a refund. The refund is a great way to
33:37
Speaker 4: maybe knock out some of those nagging debts or get
33:40
Speaker 4: your investment program started.
33:42
Speaker 3: That's right, a little extra money maybe you can turn
33:44
Speaker 3: around and fund into something along those lines. And there's
33:47
Speaker 3: nothing wrong with I mean, that's certainly. I mean, it's
33:50
Speaker 3: our money, you know, I mean, you're getting it back,
33:52
Speaker 3: and if you're not. I know a lot of people
33:54
Speaker 3: plan their tax returns to help with vacations or something
33:56
Speaker 3: like that, which also serves a purpose to some degree.
33:59
Speaker 3: It keeps you from spending money out of your pocket
34:01
Speaker 3: that you have budget at elsewhere. Maybe you know, it's
34:03
Speaker 3: sort of like a savings account to some degree. So
34:05
Speaker 3: it's not the worst thing in the world. But man,
34:07
Speaker 3: if you could bring it upon yourself to say, hey,
34:08
Speaker 3: I'm getting X amount back, let's just put that right
34:11
Speaker 3: towards a debt, put that right towards an investment. If
34:13
Speaker 3: you've already paid off your debts or something like that,
34:15
Speaker 3: that money is going to do a lot more work
34:16
Speaker 3: for you in that way than a vacation.
34:18
Speaker 4: Honestly, well absolutely, I mean, you know, you've got to
34:20
Speaker 4: live for today a little bit, but if you're carrying
34:22
Speaker 4: that consumer debt, you know that's costing you year after
34:26
Speaker 4: year after year, and if you get that knocked out,
34:30
Speaker 4: it's it's the peace of mind that comes with that
34:34
Speaker 4: you can't even measure in money.
34:36
Speaker 3: That's a great that's a great point, always making the
34:39
Speaker 3: solid points with joenbre Debt at Fourth Avenue Financial. With
34:42
Speaker 3: a tax season around and around the corner're probably thinking
34:44
Speaker 3: about your finances just a little bit, and now it's
34:46
Speaker 3: a good time to as volatile as you might feel
34:50
Speaker 3: that the market is, there's always a good opportunity to
34:52
Speaker 3: get in and start planning for your retirement. And you
34:54
Speaker 3: can give johnbre Debt at Fourth Avenue Financial a call
34:57
Speaker 3: or a text or any numbmber of ways. You can
35:01
Speaker 3: contact Fourth Avenue Financial located at one seventy Court Street,
35:03
Speaker 3: Downtown Charleston. Their phone number seven four six seven done
35:06
Speaker 3: seven seven three zero four seven four six seven non
35:08
Speaker 3: seven seven on line Fourth Avenue Financial dot com Fourth
35:11
Speaker 3: Avenue Financial dot com. You spell out the whole thing
35:13
Speaker 3: and you can go to the website. You can also
35:15
Speaker 3: do that search on Facebook and like the page. John's
35:17
Speaker 3: been doing Dollars to Donuts, which is a series of
35:20
Speaker 3: informal meetings and we don't have a date yet for
35:24
Speaker 3: the next one, but we'll let you know as soon
35:25
Speaker 3: as the next one's going.
35:26
Speaker 4: We'll get one scheduled here shortly. I actually had a
35:29
Speaker 4: couple of phone calls in the office about them last week,
35:31
Speaker 4: so you know, people are looking for the next date,
35:34
Speaker 4: and we'll get that scheduled.
35:35
Speaker 3: Yeah, you got you gotta get that demand up and
35:37
Speaker 3: people wants to come in and have some.
35:39
Speaker 4: That's right donuts. You know, if you make it available
35:41
Speaker 4: all the time.
35:43
Speaker 3: I'll tell you what, I'm a little hungry this morning.
35:45
Speaker 3: A dollar for a donut actually sounds pretty good if
35:47
Speaker 3: we're to be completely honest with you. But that's going
35:50
Speaker 3: to pretty much do it for us today. If you
35:52
Speaker 3: want to. This show comes on every Monday at eight twenty.
35:54
Speaker 3: That's retire right Radio, where you can get ahold of
35:56
Speaker 3: us either on the phone lines or you can also
35:58
Speaker 3: use the text line to get a hold of us
36:01
Speaker 3: every Monday morning retire Right Radio. You can also find
36:03
Speaker 3: a whole history of podcasts. I've gone through our archives
36:06
Speaker 3: recently and spot checked a couple of shows, listening to
36:09
Speaker 3: topics that we talked about and things we address. There's
36:11
Speaker 3: some pretty good stuff back there that John's been talking
36:13
Speaker 3: about over the course of years, and I think that
36:15
Speaker 3: you could confind value in some of those as well.
36:17
Speaker 3: You can go to WCHS network dot com slash retire right,
36:20
Speaker 3: which will take you to the dedicated page for the
36:22
Speaker 3: retire Right Radio podcast. You can subscribe. From there, you
36:25
Speaker 3: can listen to any program and then if you subscribe
36:28
Speaker 3: from there, every week when we update the show, you'll
36:30
Speaker 3: be notified when a new show gets into your queue
36:32
Speaker 3: and you can listen to it from there. But that
36:35
Speaker 3: is every Monday at eight twenty retire right Radio online,
36:38
Speaker 3: WCS network dot com slash retire right, and then you
36:40
Speaker 3: can find John Bredett at Fourth Avenue Financial at fourth
36:42
Speaker 3: Avenue Financial dot com, located at one seventy Court Street,
36:45
Speaker 3: their phone number three zero four seven four six seven
36:47
Speaker 3: none seven seven three zero four seven four six seven
36:50
Speaker 3: nine seven seven. John, we'll be back here next Monday
36:52
Speaker 3: at eight twenty for a fresh episode and we'll take
36:55
Speaker 3: a look back at the market week and all of
36:56
Speaker 3: that good stuff and hopefully have some good news for
36:58
Speaker 3: you next week on retire right Right Now, John, thank
37:00
Speaker 3: you so much for your help.
37:01
Speaker 4: Appreciate it today, all right, Thank you, take care.
37:02
Speaker 3: All kinds of great information with John Burdett from Fourth
37:04
Speaker 3: Avenue Financial. I'm Del Cooper. Coming up next is going
37:07
Speaker 3: to be Dave Allen with five eighty Live. That will
37:09
Speaker 3: be followed by Dave Wilson and TJ with talk Line.
37:12
Speaker 3: I'm no longer at the Capital this week, so all
37:14
Speaker 3: back in studio and then I'll be back this afternoon
37:16
Speaker 3: to three or six with Dave Weekly on hotline. Thanks
37:18
Speaker 3: so much for tuning in today everyone, He'll be had
37:21
Speaker 3: a great weekend and we have a nice at least
37:23
Speaker 3: first part of the day today. Maybe some thunderstorms coming
37:26
Speaker 3: in on your drop home this evening, so have a
37:28
Speaker 3: great day. I'm Del Cooper. You're listening to five eighty
37:30
Speaker 3: w CHS the Voice of Charleston.
37:44
Speaker 2: Whs AM maybe six point five that Charleston one oh
37:47
Speaker 2: four point five Cross Lanes, a WVRC media station. We're
37:52
Speaker 2: proud to live here too.