Latest / WCHS Network Podcasts / 12/09/2024 Retire Right Radio with John Burdette

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12/09/2024 Retire Right Radio with John Burdette · WCHS Network Podcasts

• 0:00
  Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
• 0:03
  Speaker 1: the realtor makes real estate dreams a reality, whether it's
• 0:05
  Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
• 0:09
  Speaker 1: key to exceptional real estate experience is start here Meeks Realtygroup.
• 0:13
  Speaker 1: Contact us at Meeks dot us.
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  Speaker 2: The views and opinions expressed on this program do not
• 0:18
  Speaker 2: necessarily reflect the views and opinions of five eight WCCHS,
• 0:22
  Speaker 2: its employees or WVRC Media. This is retire Right Radio,
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  Speaker 2: a weekly show from John Verdet at Fourth Avenue Financial
• 0:31
  Speaker 2: that aims to answer your questions about financial planning, investing,
• 0:35
  Speaker 2: and how to retire rite. Fourth Avenue Financial is located
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  Speaker 2: in downtown Charleston at one seventy Court Street. More information
• 0:42
  Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
• 0:47
  Speaker 2: by calling three oh four three four five fifty eight
• 0:49
  Speaker 2: fifty eight or text three oh four nine three five
• 0:52
  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,
• 1:00
  Speaker 2: Fourth Avenue Financial.
• 1:01
  Speaker 3: National weeks.
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  Speaker 4: Twenty two minutes past the top of the hour, you're
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  Speaker 4: listening to five awhs. The voice of Charles and I'm
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  Speaker 4: del Kuber. Thanks for tuning in on this Monday morning.
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  Speaker 4: It's been a little while since I've done this show
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  Speaker 4: due to various conflicts of schedules and vacations and things
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  Speaker 4: like that, so it's good to see John Bredet for
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  Speaker 4: Fourth Avenue Financial. Hey, John, how you doing today? I'm
• 1:20
  Speaker 4: doing great, appreciate your time in coming in. If you
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  Speaker 4: have any questions for us this morning, you can give
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  Speaker 4: us a call three zero four three four two eight
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  Speaker 4: one three one three zero four three four two eight
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  Speaker 4: one three one. That number is still a little different, man.
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  Speaker 4: It's going to be a mess when we switch back
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  Speaker 4: to our regular studio line, and it will happen eventually. However,
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  Speaker 4: for now, you can call in on our office line
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  Speaker 4: and you can ask us talk to the expert, and
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  Speaker 4: they'll shoot you right back to us. Three zero four
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  Speaker 4: three four two eight one three one. You can find
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  Speaker 4: out more information on none fourth Avenue Financial dot com.
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  Speaker 4: Fourth Avenue Financial dot com if you would like to
• 1:46
  Speaker 4: find out some more information and read along as we
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  Speaker 4: have the show today. John Bredet's back in the studio
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  Speaker 4: with us this morning. You want to talk about anything
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  Speaker 4: that you can help control the conversation. You can call
• 1:54
  Speaker 4: in and point the conversation whatever direction you want. When
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  Speaker 4: it comes to financial planning and your retirement. Few threes
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  Speaker 4: are four, three, four, two, eight one three one, and
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  Speaker 4: we'll just kind of wind down through some other topics
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  Speaker 4: and stuff like that today. You know, I honestly was.
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  Speaker 4: I was filling in for Dave last week, and it's
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  Speaker 4: so odd when I have to do the afternoon show,
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  Speaker 4: and I had a morning show almost every day last
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  Speaker 4: week as well. Although I'm in the middle of presenting information,
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  Speaker 4: I kind of get like an into like an information
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  Speaker 4: desert because I'm only looking at certain things. So I
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  Speaker 4: think the market still exists, right, The stocks are still there.
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  Speaker 4: I think I heard that was actually doing pretty well too,
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  Speaker 4: if I'm not mistaken. Yes, okay, all right, good, So
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  Speaker 4: I'm glad everything's still normal in the week that I
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  Speaker 4: was like kind of submerged into the ether. All right,
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  Speaker 4: gret So, how are things right now? As far as
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  Speaker 4: we talk about it all the time, there's no reason
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  Speaker 4: to really take headline temperature. But the election's over, so
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  Speaker 4: you know, now hopefully people I noticed already sentiment has changed.
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  Speaker 4: It's amazing that the economy is exactly the same as
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  Speaker 4: it was like six weeks ago, but the sentiment has
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  Speaker 4: changed suddenly.
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  Speaker 5: Yeah oh yeah, yeah, well about half the country was
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  Speaker 5: really half and half was really sad.
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  Speaker 4: So it's flipped. It's like completely just reality is exactly
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  Speaker 4: the same, but the perception of it is completely flip
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  Speaker 4: depending on who you are.
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  Speaker 5: Yeah, I mean the market even up to the election
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  Speaker 5: was performing well, which kind of told me that, you know,
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  Speaker 5: the market wouldn't be doing to as well as it
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  Speaker 5: is if there if there was something major out there to.
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  Speaker 3: Worry about, that we'll get through this, and and the.
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  Speaker 5: Market likes to look ahead. So, uh, the election happened,
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  Speaker 5: the market continued to go up. We took a breather
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  Speaker 5: a couple of weeks ago.
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  Speaker 3: And now we're back on the back on the upswing.
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  Speaker 3: You know some of the.
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  Speaker 5: Quote Trump stocks that rallied, you know, they let off
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  Speaker 5: a little bit and and you know, now it's just
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  Speaker 5: really pretty broad participation in the market, which is a
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  Speaker 5: good thing.
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  Speaker 4: It's amazing to me. And if if obviously if listeners
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  Speaker 4: on John talks about this all the time, you really
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  Speaker 4: shouldn't trust virtually anybody online when it comes to like
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  Speaker 4: what their predictions are what they think is want to happen.
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  Speaker 4: People on line are a little ill these days. I
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  Speaker 4: really feel like that there is something that's just taken
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  Speaker 4: over where there's no sober reasoning whatsoever. Like everything's either
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  Speaker 4: the best in the world or the worst in the world,
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  Speaker 4: and nobody just wants to Hey, this is life. Let's
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  Speaker 4: let's do what we can make or let our money
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  Speaker 4: work for us and not worry about all the noise.
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  Speaker 4: Everybody's assessed with the noise.
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  Speaker 5: There's all kinds of noise and more than ever. And
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  Speaker 5: you know, my son was showing me a video. He
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  Speaker 5: watches all kinds of investment, real estate videos, things like
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  Speaker 5: that and much.
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  Speaker 4: To your happiness and oh yeah, yeah, because they'll listen
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  Speaker 4: to the videos more than I'll listen. It will be
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  Speaker 4: nineteen year old kid who's figured it out all in
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  Speaker 4: like northern California somewhere, and it's like, what does he
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  Speaker 4: really know?
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  Speaker 5: Yeah, well, this one kid was a proponent of let
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  Speaker 5: me see if I get this right. He said, all
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  Speaker 5: you need is a five thousand dollars limit on a
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  Speaker 5: credit card. Oh boy, and you can buy a house,
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  Speaker 5: buy a piece of real estate using that money. Uh,
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  Speaker 5: and not going to a bank, but getting a hard money,
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  Speaker 5: high interest loan and then rent it to hud and
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  Speaker 5: it will pay your payment forever. And I'm thinking, you know,
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  Speaker 5: like like this guy's found this trick out on this
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  Speaker 5: online thing, and I think, well, what.
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  Speaker 3: Happens if you need a new roof?
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  Speaker 4: Yeah right?
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  Speaker 5: You know what happens if the rent doesn't come in
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  Speaker 5: one month for some reason.
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  Speaker 4: So this guy has created, uh created a fund or
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  Speaker 4: not funding populating section eight. I mean, that's that's basically
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  Speaker 4: what he's doing. I mean this has been going on
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  Speaker 4: for decades, like people creating properties.
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  Speaker 5: To no equity yeah right, you know, and and no
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  Speaker 5: emergency for nothing, you know, nothing to go behind it.
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  Speaker 4: Look at this the trick I discovered.
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  Speaker 3: Look at this trick.
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  Speaker 5: You know, I'm making one hundred dollars a month and
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  Speaker 5: I've taken all the risk in the world.
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  Speaker 4: On That's really bizarre because I mean I was in
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  Speaker 4: the mortgage industry forever and people have been trying to
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  Speaker 4: you know, trick out section eight. And and the thing is,
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  Speaker 4: if you have enough properties and enough equity and you
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  Speaker 4: have enough you yeah, it's definitely a way that you
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  Speaker 4: can Some people might call them slum words. But there's
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  Speaker 4: definitely ways that you can you can turn that into
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  Speaker 4: uh into a profitable property and stuff like that. You
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  Speaker 4: can't do it on a credit card, man, without any work.
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  Speaker 5: This guy's advice, and you would have to be a
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  Speaker 5: quote slumlord because you could never afford to fix anything.
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  Speaker 3: Wow.
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  Speaker 4: And of course to people that have no real experience,
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  Speaker 4: this sounds like this abstract idea sounds like it's genius. Boy,
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  Speaker 4: Why can't it Why isn't everybody a millionaire? Why doesn't
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  Speaker 4: everybody investment properties?
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  Speaker 3: Yeah, that's very careful.
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  Speaker 4: Yeah, well, we'll get to more of that in a
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  Speaker 4: little bit. But we do have a caller right away
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  Speaker 4: that has a question for John this morning. Welcome to
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  Speaker 4: the air. What's your first name? Go ahead, let's what's
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  Speaker 4: your question for John?
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  Speaker 6: Hey? My question is about closed in funds. I have
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  Speaker 6: a couple that reinvest dividends at a discount. Is there
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  Speaker 6: some way finding out other fund closed in funds that
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  Speaker 6: do that. I've looked to online and I can't really
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  Speaker 6: find it, and my broker I call you're a top secret.
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  Speaker 6: Is there some way I can find that?
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  Speaker 3: Well?
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  Speaker 5: I mean, if you've looked online on line was would
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  Speaker 5: be where I would initially go. If you want, uh,
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  Speaker 5: if you if you have time, give me a call
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  Speaker 5: in my office this afternoon, or I'll see if I
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  Speaker 5: can can round something.
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  Speaker 3: Up for you.
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  Speaker 6: Okay, because if you put drip in a few big
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  Speaker 6: will to drip at now? Uh huh man that this
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  Speaker 6: comes up like a big jumbles.
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  Speaker 3: Mess, right right right.
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  Speaker 5: I'll see if I have a resource, I have some research,
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  Speaker 5: you know, like paid for research, things like that, that
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  Speaker 5: in my office that I'm not promising that I'll find
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  Speaker 5: something for you, but I'll take a look. If you
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  Speaker 5: give me a call this afternoon, try to get you
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  Speaker 5: an answer.
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  Speaker 6: Okay, good deal, Thank you very much.
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  Speaker 4: That that numbers threes are four seven, four six seven
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  Speaker 4: seven seven. Threes are a four seven four six nine
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  Speaker 4: seven seven. If you want to call Fourth Avenue Financial
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  Speaker 4: and you can give John a call over there, see
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  Speaker 4: if you can help you out stuff like that. Sometimes
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  Speaker 4: it's a top secret.
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  Speaker 3: Top secret, that's right, that's right.
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  Speaker 5: The nineteen year old on YouTube, Try that guy and
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  Speaker 5: he might.
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  Speaker 4: Know he might know the answer or be able to
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  Speaker 4: make one up quick enough.
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  Speaker 3: Right.
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  Speaker 4: It's just funny to me that that we see these
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  Speaker 4: things that and I guess that every et boch or
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  Speaker 4: every error or whatever has there there are people that
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  Speaker 4: thinks they figured it all out, you know. I mean,
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  Speaker 4: what is the nineteen year old talking about investing property
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  Speaker 4: any different from like boiler Room, the old you know,
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  Speaker 4: the ben Affleck movie where they were doing penny stocks
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  Speaker 4: or whatever it might be to I mean, I guess
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  Speaker 4: it's just a it's a different scam. But the thing
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  Speaker 4: that that you talk about and what we talk about
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  Speaker 4: every week on the show isn't a scam. It's not
• 8:41
  Speaker 4: something that's fly by night. It's not something that was
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  Speaker 4: just created yesterday or or we're looking for more information
• 8:47
  Speaker 4: for it to be created in the future anything like that.
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  Speaker 4: These are these are tried and trued and tested and
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  Speaker 4: this works. So I mean, you don't need a magic
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  Speaker 4: bullet when you have a bullet that works just fine
• 8:57
  Speaker 4: with with with what we know that works. As far
• 8:59
  Speaker 4: as as planning for your financial future and getting ready
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  Speaker 4: for retirement, it may not be a moonshot, but it's going.
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  Speaker 5: To work absolutely. I mean, if you earn money by
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  Speaker 5: serving people and then you live on less than you make,
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  Speaker 5: and then you buy assets that are serving people and
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  Speaker 5: you repeat that process.
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  Speaker 3: That's it. No YouTube video required.
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  Speaker 4: Yeah, no buying property on a credit card?
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  Speaker 5: Watching there, you know, you don't have to watch and
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  Speaker 5: worry about all the daily financial news. Just focus on
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  Speaker 5: what you can control. Am I being valuable to people?
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  Speaker 5: And I'm not living below my means? And I'm not
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  Speaker 5: buying productive assets? And if you repeat that process you
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  Speaker 5: will succeed.
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  Speaker 4: Yeah. And that's the way you go about doing things.
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  Speaker 4: Where you're conducting business with people that conduct business, I mean,
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  Speaker 4: you're doing things the right way and not trying to
• 9:45
  Speaker 4: get into some of this shady area where there's some
• 9:49
  Speaker 4: questionable things. Another thing about like these folks that have
• 9:52
  Speaker 4: like the the magic bullet to get your wealthy, is
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  Speaker 4: even if they're not lying about their success, the reason
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  Speaker 4: they succeed it is probably not the reasons that they're
• 10:01
  Speaker 4: putting down on the video or whatever it might be.
• 10:03
  Speaker 4: You don't have any idea how honest they were in
• 10:05
  Speaker 4: their dealings with the people that they that they dealt with.
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  Speaker 4: They might be presenting as as, oh, this is a
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  Speaker 4: way you can do it. Who all did they lie
• 10:10
  Speaker 4: to actually to get to the position that they were,
• 10:12
  Speaker 4: or mislead or whatever it might be. Who did they
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  Speaker 4: find that was also a little bit maybe walking the
• 10:18
  Speaker 4: line of shadiness a little bit themselves, that they were
• 10:20
  Speaker 4: able to get through certain parts of that, and then
• 10:22
  Speaker 4: somebody on the other side of the country tries it
• 10:24
  Speaker 4: and suddenly they lose all their money. You just don't
• 10:25
  Speaker 4: want to do any of this high risk stuff for or.
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  Speaker 5: Is any of it true? I mean, I wonder that
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  Speaker 5: that would be a great question. O. Hey, or here's
• 10:32
  Speaker 5: a nineteen year old and his Lamborghini. Is that really
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  Speaker 5: his Lamborghini? Or did you rent that for the day
• 10:39
  Speaker 5: for the video? I mean, there's all kinds of just
• 10:43
  Speaker 5: questionable things.
• 10:45
  Speaker 4: General skepticism would be very would be very nice when
• 10:48
  Speaker 4: it comes to stuff like that. I try to talk
• 10:49
  Speaker 4: to my wife about a little bit because he'll show
• 10:50
  Speaker 4: me things all the time. I'm like, the problem I
• 10:52
  Speaker 4: see with this video is that you're just listening to
• 10:55
  Speaker 4: what the person narrating it is saying, and there is
• 10:57
  Speaker 4: no sourcing to it at all. So you're just like, Hey,
• 11:00
  Speaker 4: this person saying this, and you think it's true. I mean,
• 11:03
  Speaker 4: just because you want it to be true doesn't make
• 11:04
  Speaker 4: it true.
• 11:05
  Speaker 5: Yeah, I mean, it's it's like, you know, my wife
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  Speaker 5: one time she watched a video about removing popcorn ceiling.
• 11:11
  Speaker 4: Have you ever hear Oh yeah, oh yeah, it's always
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  Speaker 4: a huge trouble. Oh yeah, absolutely.
• 11:15
  Speaker 5: And so so this video she's like, here, look at
• 11:17
  Speaker 5: watch this video and the guy does the whole room
• 11:20
  Speaker 5: in like, you know, sixty minutes or something. And I
• 11:22
  Speaker 5: was like, so she has me do it, And three
• 11:25
  Speaker 5: days later I finally hire a professional.
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  Speaker 4: Oh my goodness.
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  Speaker 5: You know what the video doesn't tell you is once
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  Speaker 5: it's primed and painted, good luck.
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  Speaker 3: You know.
• 11:36
  Speaker 5: Apparently for the video, they threw up some popcorn and
• 11:40
  Speaker 5: didn't paint it, so it just comes right off.
• 11:43
  Speaker 4: I mean, it makes it a lot easier if you
• 11:46
  Speaker 4: if you also have an unfinished popcorn ceiling that somebody
• 11:49
  Speaker 4: didn't put primer or paint one, then this is how
• 11:51
  Speaker 4: easy you can get it off.
• 11:52
  Speaker 5: Yes, but they forgot to tell you that at the
• 11:54
  Speaker 5: start of that video. So so yeah, that's uh, that
• 11:58
  Speaker 5: was that was a big lesson in you know, YouTube.
• 12:01
  Speaker 5: You know, you can learn a lot of things there.
• 12:04
  Speaker 4: But you have to be careful not to go down
• 12:05
  Speaker 4: the rabbit hole here. But this is a great example
• 12:08
  Speaker 4: on how, just in a decade, how media has shifted,
• 12:11
  Speaker 4: and it really hurts a little bit because I guarantee you,
• 12:13
  Speaker 4: as silly as this sounds or whatever else, if you
• 12:16
  Speaker 4: would have seen that same kind of instruction piece off
• 12:19
  Speaker 4: of a HGTV show. As crazy as those shows are
• 12:23
  Speaker 4: generally speaking, you know what they presented. Although the like
• 12:27
  Speaker 4: the flip Flopper or you know, the people that flipped
• 12:28
  Speaker 4: their homes whatever was pretty ridiculous, but the things that
• 12:30
  Speaker 4: they did within those shows with the home improvement people
• 12:32
  Speaker 4: were relatively real, you know. You know, they put them
• 12:35
  Speaker 4: on TV and there was editing and stuff, but the
• 12:37
  Speaker 4: tips and stuff they would give you relatively real. You
• 12:39
  Speaker 4: take a step ten years into the future. Now you
• 12:41
  Speaker 4: have all these things online where it's just people like
• 12:44
  Speaker 4: faking successes for clicks. I mean, there's so much of
• 12:47
  Speaker 4: that out there, you know, and that's just I mean,
• 12:49
  Speaker 4: what happens when everybody fails, Well, it doesn't matter because
• 12:52
  Speaker 4: you've already got your one point four million views or whatever,
• 12:54
  Speaker 4: and the advertiser link was clicked so many times and
• 12:57
  Speaker 4: I got my money. So just because my project fails,
• 13:00
  Speaker 4: hey I made my money, so it doesn't matter. So
• 13:02
  Speaker 4: they've figured it out in some ways. I mean, we
• 13:03
  Speaker 4: talk about don't don't don't don't go to their sites
• 13:07
  Speaker 4: or listen to their advice. But hey, they're finding ways
• 13:09
  Speaker 4: to guess, I don't know in this day and age.
• 13:13
  Speaker 4: That's a little bit crazy. That's that's not what we're
• 13:15
  Speaker 4: talking about this morning, though, give us a call. Threes
• 13:17
  Speaker 4: are four three four two eight one three one. Threes
• 13:18
  Speaker 4: z are four three four two eight one three one.
• 13:20
  Speaker 4: One of the reasons I wanted to talk about this though,
• 13:22
  Speaker 4: is because we on this show a lot of the
• 13:24
  Speaker 4: times we talk about the debt snowball. You know, I've
• 13:25
  Speaker 4: brought that up several times, and that's using the process
• 13:28
  Speaker 4: of paying off your debt, starting with the smallest one.
• 13:31
  Speaker 4: And we can get more into detail than if you
• 13:33
  Speaker 4: want to, but I always kind of stop there or
• 13:35
  Speaker 4: I kind of wrap up the conversation there, and we
• 13:36
  Speaker 4: talk about all that. But there's a process to all this.
• 13:39
  Speaker 4: So I thought maybe this morning we could start at
• 13:41
  Speaker 4: the point that once you have your debts under control,
• 13:44
  Speaker 4: once you maybe started the debt snowball or whatever happened,
• 13:47
  Speaker 4: you got funds, were able to pay down some of
• 13:50
  Speaker 4: your debt, whatever it might be, what's kind of the
• 13:51
  Speaker 4: next step that you take to take stewardship of your retirement.
• 13:54
  Speaker 4: If you're controlling your costs, that's like one of the
• 13:57
  Speaker 4: main things that you need to do. Make sure that
• 13:58
  Speaker 4: you're you're spending less, thing you're making Like you talked
• 14:01
  Speaker 4: about at the beginning, you make sure that you get
• 14:03
  Speaker 4: all these online. A lot of people don't have that
• 14:05
  Speaker 4: in line. So you work towards that point, and then
• 14:08
  Speaker 4: where do you go from there? How do you kind
• 14:10
  Speaker 4: of establish what your methodology is going to be once
• 14:12
  Speaker 4: you get like that huge burden behind you.
• 14:15
  Speaker 5: Yeah, I mean, you will not be successful unless you're
• 14:19
  Speaker 5: consistently living below your meetings. That's number one. Number two
• 14:24
  Speaker 5: your debt. You cannot out earn credit card interest, you know,
• 14:31
  Speaker 5: in the in the market.
• 14:32
  Speaker 3: So you have to do that.
• 14:33
  Speaker 5: You have to go through that process and get rid
• 14:36
  Speaker 5: of those high interest debts before you really start investing
• 14:38
  Speaker 5: your money. You simply cannot skip that step because it
• 14:45
  Speaker 5: will always be chasing you and it will be out
• 14:48
  Speaker 5: earning your money that you put in the market, So
• 14:52
  Speaker 5: you have to do that. You have to have an
• 14:54
  Speaker 5: emergency fund because things happen in life. You get three
• 14:59
  Speaker 5: to six months where of your living expenses set aside
• 15:01
  Speaker 5: in a money market or something savings account outside of
• 15:05
  Speaker 5: your daily checking account. That way, when things happen that
• 15:10
  Speaker 5: are unexpected and out of the budget, you're not selling
• 15:13
  Speaker 5: off your investments. You're not raiding your retirement plan and
• 15:17
  Speaker 5: creating penalties things of that nature. You're able to treat
• 15:21
  Speaker 5: your long term investments as long term investments and not
• 15:25
  Speaker 5: a short term piggy bank, because you will not succeed
• 15:29
  Speaker 5: if you're constantly using your long term investments as the
• 15:33
  Speaker 5: piggy bank. Then it's time to start investing.
• 15:38
  Speaker 3: You know.
• 15:38
  Speaker 5: That's where you go and you say, does my employer
• 15:41
  Speaker 5: have a plan? Do they have a match? If they do,
• 15:45
  Speaker 5: you know that's free money. You want to take advantage
• 15:47
  Speaker 5: of that. If they're offering that to you, that's a
• 15:50
  Speaker 5: big benefit that you have. So they might offer a three,
• 15:53
  Speaker 5: four or five percent match. You need to get that
• 15:56
  Speaker 5: three four five percent of your own money into that
• 15:58
  Speaker 5: plan so you get that free money that's going to
• 16:01
  Speaker 5: compound much faster. They're adding and helping you supplement your retirement.
• 16:06
  Speaker 5: That's a big benefit. Don't pass that up.
• 16:09
  Speaker 3: If you're doing that, then you can.
• 16:12
  Speaker 5: Go to things like potentially a roth ira or a
• 16:15
  Speaker 5: traditional ira that you're setting up outside of your employer.
• 16:19
  Speaker 5: You know, that's where you know you can put money
• 16:22
  Speaker 5: in every month, make it automatic, accumulate funds just like
• 16:27
  Speaker 5: you are in your work plan, but this one is
• 16:29
  Speaker 5: totally your play and portable, flexible and outside the rules
• 16:33
  Speaker 5: of the company. And then once you do that and
• 16:38
  Speaker 5: you've started maxing things out, you know you can save.
• 16:41
  Speaker 5: It doesn't have to be a retirement account. It doesn't
• 16:43
  Speaker 5: have to be a tax deferred account. You can just
• 16:47
  Speaker 5: make general investments and brokerage accounts that don't have the
• 16:51
  Speaker 5: tax deferral. You get basically a ten ninety nine and
• 16:55
  Speaker 5: you pay taxes as you go. But you can invest
• 16:58
  Speaker 5: in the same type of growth asset in a brokerage
• 17:00
  Speaker 5: account as well. And and there are some you know,
• 17:04
  Speaker 5: details in doing that that we don't have to get
• 17:07
  Speaker 5: into the weeds too far, but you know, tax efficiencies.
• 17:11
  Speaker 5: You might want to invest in different types of vehicles
• 17:14
  Speaker 5: because it's now taxable versus tax deferred. But but there's
• 17:19
  Speaker 5: really an endless number of ways that you can put
• 17:24
  Speaker 5: money to work productively, depending on where you are in
• 17:28
  Speaker 5: that in that planning stage.
• 17:31
  Speaker 4: Is this sort of the place where a lot of
• 17:32
  Speaker 4: Americans are fledged a little bit where they're fledgling a
• 17:35
  Speaker 4: little bit, like maybe they have their four one k
• 17:37
  Speaker 4: and maybe they're they're relatively financial sound, you know, they
• 17:39
  Speaker 4: have money their savings account, they're put in their four
• 17:41
  Speaker 4: one k. Not if there's anything wrong with that, but
• 17:43
  Speaker 4: there is ability to make your money do more work
• 17:45
  Speaker 4: for you if you if you take some of that
• 17:47
  Speaker 4: money that might be on the sidelines or something that
• 17:48
  Speaker 4: you're just I mean, I don't want to say just
• 17:50
  Speaker 4: dumping into your four one k, because that's certainly a
• 17:52
  Speaker 4: great thing to do, but if you're maxing that out
• 17:54
  Speaker 4: with your contributions and everything else, and there's still more
• 17:57
  Speaker 4: to put in there, you could possibly you know, put
• 17:59
  Speaker 4: that into other places that could do different work for
• 18:01
  Speaker 4: you and to fund different portions are do you have
• 18:04
  Speaker 4: your emergency fund already put together, and then you can
• 18:07
  Speaker 4: have like short term money, you know, other types of
• 18:08
  Speaker 4: short term money that you could have invested somewhere. There's
• 18:10
  Speaker 4: ways to do that.
• 18:11
  Speaker 5: I mean, frequently everyone knows or not everyone, but a
• 18:15
  Speaker 5: lot of people know that there's a lot of power
• 18:17
  Speaker 5: and potential in investing in the market. So there is
• 18:21
  Speaker 5: a lot of a lot of folks out there that
• 18:24
  Speaker 5: want to skip the steps and just get right to
• 18:26
  Speaker 5: that right and you know you might succeed doing that,
• 18:32
  Speaker 5: but that requires a little bit of luck, where if
• 18:35
  Speaker 5: you've built your foundation first, you're going to be able
• 18:38
  Speaker 5: to weather better the storms that pretty much come to
• 18:42
  Speaker 5: everybody in life, the unexpected things. And like I say,
• 18:48
  Speaker 5: if you have a let's say of an IRA that
• 18:51
  Speaker 5: you've been funding, that, you've got a bunch of credit
• 18:54
  Speaker 5: card debt. Best long term on an IRA in the market,
• 18:57
  Speaker 5: the market average is you know, ten eleven, twelve percent
• 19:00
  Speaker 5: annually over long periods of time. Doesn't do it in
• 19:04
  Speaker 5: a straight line, but over long periods of time, that's
• 19:06
  Speaker 5: kind of an expectation. I just saw an article last
• 19:10
  Speaker 5: week that the average credit card right now is approaching
• 19:13
  Speaker 5: thirty percent.
• 19:14
  Speaker 4: Oh my goodness, man, that's.
• 19:16
  Speaker 3: Twenty eight point five or something like that.
• 19:19
  Speaker 4: I mean, that's seriously, Like I can't remember, I haven't
• 19:22
  Speaker 4: paid like actual interest on a credit card in a
• 19:23
  Speaker 4: long time, but I think it was something like twenty
• 19:26
  Speaker 4: two or something the last time. I mean, that's a
• 19:28
  Speaker 4: snack you could increase in a relatively short amount of time.
• 19:30
  Speaker 5: Yeah, it's pushing thirty percent on average?
• 19:32
  Speaker 3: Wow, on average?
• 19:34
  Speaker 5: So you know that's a that's two and a half
• 19:38
  Speaker 5: times the cost of what you could potentially earn in
• 19:43
  Speaker 5: the market. Now, let's say you don't have an emergency
• 19:46
  Speaker 5: find and you've been saving in that market based IRA
• 19:51
  Speaker 5: and you're forty five years old. What happens when you
• 19:55
  Speaker 5: have a two thousand dollars unexpected expense outside of the bus?
• 20:01
  Speaker 5: Do you use the credit card again and pay thirty
• 20:05
  Speaker 5: percent interest on that? Do you decide to raid your
• 20:08
  Speaker 5: long term investments? And because you're under fifty nine and
• 20:12
  Speaker 5: a half, what do you have to do? You have
• 20:13
  Speaker 5: to pay taxes and a ten percent penalty. And oh,
• 20:16
  Speaker 5: by the way, the market's not up every year. What
• 20:19
  Speaker 5: if the market's down thirty percent? Now you're selling into
• 20:21
  Speaker 5: a bad market. There's so many things that can go wrong,
• 20:25
  Speaker 5: and they're all out of your control. In financial planning,
• 20:29
  Speaker 5: what you really want to try to do is put
• 20:34
  Speaker 5: as many things in your control as possible. And when
• 20:38
  Speaker 5: you make these decisions out of order, you're subject to
• 20:45
  Speaker 5: the actions of everything else forcing you to do things.
• 20:50
  Speaker 5: You want to have that control, You want to maintain
• 20:52
  Speaker 5: that control, and you do that by building the solid foundation.
• 20:56
  Speaker 3: So those steps are important.
• 20:58
  Speaker 5: You know, if you call my office and say I
• 21:00
  Speaker 5: want to open up an IRA, the first thing I
• 21:03
  Speaker 5: want to ask is we'll tell me about your you know,
• 21:05
  Speaker 5: your your finances right, because if you've got that credit
• 21:09
  Speaker 5: card debt, you know I'm going to go back to
• 21:11
  Speaker 5: you and say, hey, this is this is what you
• 21:13
  Speaker 5: need to do.
• 21:13
  Speaker 3: First.
• 21:14
  Speaker 5: We can't out earn this, you have to take that.
• 21:17
  Speaker 5: And not only that, if you have credit card debt,
• 21:20
  Speaker 5: that's a sign your budget is wrong. That is a
• 21:23
  Speaker 5: red flag. You won't accumulate credit card debt unless you're
• 21:26
  Speaker 5: living above your means, and so until you can control that,
• 21:31
  Speaker 5: you're not even going to be able to consistently make
• 21:33
  Speaker 5: the investments happen.
• 21:35
  Speaker 4: That makes a lot of sense. This morning, John, our
• 21:36
  Speaker 4: debt is here for Fourth Avenue Financial, helping you plan
• 21:38
  Speaker 4: for your retirement future. And give us a call this morning.
• 21:40
  Speaker 4: Three zero four three for two three four two eight
• 21:42
  Speaker 4: one three one three zero four three four two eight
• 21:44
  Speaker 4: one three one is our number, just aske the talt
• 21:45
  Speaker 4: to John when asked the expert, and we'll get you
• 21:47
  Speaker 4: back there. We're gonna have plenty more we're going to
• 21:49
  Speaker 4: talk about when we come back I find this discussion
• 21:51
  Speaker 4: uh fascinating. I always relate these things to my personal experience.
• 21:55
  Speaker 4: I went through the debt snowball once when I was younger,
• 21:57
  Speaker 4: and it worked like a charm. Was able to keep
• 22:00
  Speaker 4: on it. I was a lot younger than but I
• 22:02
  Speaker 4: was able to keep on it. Max wife and I
• 22:04
  Speaker 4: went through it. It took us about a year. We got
• 22:05
  Speaker 4: all of our debt paid off, and it worked exactly
• 22:07
  Speaker 4: the way that you that you throw it that you
• 22:09
  Speaker 4: throw it down. More recently, after COVID and everything, because
• 22:14
  Speaker 4: of being furlough, the different things during COVID, everybody had
• 22:16
  Speaker 4: their own thing they went through. We incurred some credit
• 22:18
  Speaker 4: card debt. After that. A few years later, I was
• 22:21
  Speaker 4: working on paying it off and we got a relatively
• 22:24
  Speaker 4: decent amount of lump some money that we could take.
• 22:27
  Speaker 4: With the temptation to just take that and immediately invest it,
• 22:30
  Speaker 4: or to immediately do home improvement or whatever it is like,
• 22:34
  Speaker 4: the temptation to do that immediately is so strong, and
• 22:38
  Speaker 4: I knew what I had to do was instead, I
• 22:40
  Speaker 4: had to take this debt that I incurred. Unfortunately during COVID,
• 22:44
  Speaker 4: that was still a drag on me. Although I didn't
• 22:45
  Speaker 4: need to add to it any longer. It was still
• 22:47
  Speaker 4: a drag on me. I knew I had to pay
• 22:48
  Speaker 4: that off. You know, I didn't want to. I really
• 22:51
  Speaker 4: didn't want to. But I mean, of course I don't
• 22:52
  Speaker 4: have the monthly payments to it anymore anything like that.
• 22:54
  Speaker 4: And I saved a lot of this interest rate that
• 22:57
  Speaker 4: I'm hearing about now because it wasn't quite that bad yet.
• 22:59
  Speaker 4: But I feel somewhat proud of myself in retrospect is
• 23:03
  Speaker 4: that I was able to do that, and I took that.
• 23:05
  Speaker 4: But it's not easy sometimes, like it's not exactly cognitive
• 23:08
  Speaker 4: dissonance because you're doing the right thing, but you're so
• 23:11
  Speaker 4: used to not doing things like that. I think there
• 23:14
  Speaker 4: are a lot of people are I guess us as
• 23:15
  Speaker 4: consumers are not used to doing things like that. It
• 23:17
  Speaker 4: takes discipline to take that and say, Okay, I know
• 23:19
  Speaker 4: this is what I have to do because it's the
• 23:21
  Speaker 4: right thing.
• 23:21
  Speaker 5: Right and and and some of that is the mindset
• 23:24
  Speaker 5: that you have to change that Can I afford that?
• 23:27
  Speaker 5: A lot of people look at something Can I afford that?
• 23:29
  Speaker 5: And it's can I afford the payment?
• 23:32
  Speaker 2: Right?
• 23:32
  Speaker 3: You know? You know, yes, you you might be.
• 23:34
  Speaker 5: Able to afford the one hundred dollars credit card payment
• 23:37
  Speaker 5: a month in your in your quote budget, but you
• 23:41
  Speaker 5: know you're really not affording it. If you're putting it
• 23:46
  Speaker 5: on credit, you know you're affording the payment. But now
• 23:49
  Speaker 5: that that thing that you bought, it's going to cost
• 23:51
  Speaker 5: you triple by the time you have it paid for.
• 23:54
  Speaker 5: And so so there are a lot of you know,
• 23:57
  Speaker 5: tricks when when you know, a person that is financially
• 24:02
  Speaker 5: successful doesn't really look at something and say, what is
• 24:05
  Speaker 5: the monthly payment on that? Can I and and base
• 24:09
  Speaker 5: that on? Can I afford it?
• 24:11
  Speaker 7: Right?
• 24:11
  Speaker 4: Right?
• 24:11
  Speaker 3: It's like, what is the cost of that?
• 24:14
  Speaker 4: And somehow, especially when the interest rates were super a
• 24:17
  Speaker 4: few years ago, that that's how people got so upside
• 24:19
  Speaker 4: down with their houses, is that that you know, rates
• 24:22
  Speaker 4: were super low, so you could afford this, you know,
• 24:24
  Speaker 4: three hundred thousand dollars house, which if remain status quo,
• 24:28
  Speaker 4: if you had your insurance and stuff taking care of,
• 24:30
  Speaker 4: you might be okay. But the moment you have to
• 24:32
  Speaker 4: refinance or if anything else happens, then suddenly and the
• 24:35
  Speaker 4: interest rates are up, and suddenly you're in an environment
• 24:36
  Speaker 4: you're no longer comfortable in.
• 24:38
  Speaker 3: Yeah, no, doubt about it.
• 24:40
  Speaker 5: And and and you know, if you lock that in,
• 24:44
  Speaker 5: you know, a mortgage, I kind of put a mortgage
• 24:46
  Speaker 5: in a it's a it's a debt, but it's a
• 24:49
  Speaker 5: different category than a consumer debt, credit card debt, that
• 24:53
  Speaker 5: sort of thing. You know, you definitely can be tempted
• 24:56
  Speaker 5: to overbuy on a house too. And and uh, you know,
• 24:59
  Speaker 5: the the bad thing with the house is that that
• 25:02
  Speaker 5: if you overspend on the house, it taps and SAPs
• 25:06
  Speaker 5: your ability to make other productive investments because you know,
• 25:12
  Speaker 5: your home is an asset, but it's also consumption you're
• 25:16
  Speaker 5: living in it. It's not a productive asset that is
• 25:18
  Speaker 5: that is multiplying and paying you. Yes, the price of
• 25:21
  Speaker 5: the house might go up over time with inflation, but
• 25:25
  Speaker 5: if you sell the house you have to live somewhere else.
• 25:31
  Speaker 5: Chances are that house is more expensive too, you know,
• 25:34
  Speaker 5: because of just general inflation and real estate. So it's
• 25:39
  Speaker 5: it's a different category than a than a true investment.
• 25:43
  Speaker 5: It's it's kind of in between of an asset and
• 25:46
  Speaker 5: a liability and a lot of folks kind of miss
• 25:50
  Speaker 5: that too. And you know, think that the house is
• 25:54
  Speaker 5: the biggest investing investment you'll make, and and it's a
• 25:58
  Speaker 5: it's a great thing to have, and it's.
• 26:00
  Speaker 3: A wonderful thing for your family, and.
• 26:03
  Speaker 4: But it is consumption, right, that makes a lot of sense.
• 26:07
  Speaker 4: We need to take a break when to come back.
• 26:08
  Speaker 4: By the way, I want to remind you of speaking
• 26:09
  Speaker 4: of mortgagees, Cornerstone First Mortgage will be here tomorrow. One
• 26:11
  Speaker 4: of our new experts had their first show last week,
• 26:14
  Speaker 4: and so if you have any questions about things in
• 26:16
  Speaker 4: the mortgage space, we're back to having a mortgage expert
• 26:18
  Speaker 4: on there. So you want to tune in tomorrow at
• 26:19
  Speaker 4: eight twenty four Cornerstone First Mortgage. It's goinga and take
• 26:21
  Speaker 4: a break. John Bredat is here from First Avenue Financial.
• 26:23
  Speaker 4: More information online. It's first Avenue Financial dot Fourth Avenue
• 26:26
  Speaker 4: for Financial, First Avenue. John Bredet's here from Fourth Avenue Financial.
• 26:30
  Speaker 4: You can find out more information online. It's Fourth Avenue
• 26:33
  Speaker 4: Financial dot com. Fourth Avenue Financial dot Com. You spell
• 26:35
  Speaker 4: out the whole thing. You can also do that search
• 26:37
  Speaker 4: on Facebook and like the page over there. John has
• 26:39
  Speaker 4: all kinds of things pokers in the fire that's going on,
• 26:41
  Speaker 4: and you'll want to like the page. You can be
• 26:43
  Speaker 4: kept up to date on anything that John might be
• 26:45
  Speaker 4: doing like seminars. The Saturday meeting we've been talking about
• 26:48
  Speaker 4: for a while. We might touch on that a little
• 26:49
  Speaker 4: bit more. Do you have an update on that before
• 26:51
  Speaker 4: we go to break.
• 26:51
  Speaker 3: Well, it will be after the holidays.
• 26:54
  Speaker 5: It makes sense because of the just chaos on the holidays.
• 26:58
  Speaker 5: But I have had a few people call in asking
• 27:01
  Speaker 5: about it.
• 27:01
  Speaker 4: Wonderful that have.
• 27:03
  Speaker 5: And so if you are interested in that, We're going
• 27:05
  Speaker 5: to do some Saturday morning just kind of meet and
• 27:09
  Speaker 5: greed talk about whatever you want to talk about, non
• 27:11
  Speaker 5: an official seminar down at my wife shop, the Vintage
• 27:15
  Speaker 5: and Vone shop.
• 27:16
  Speaker 3: We've got a meeting space there.
• 27:18
  Speaker 5: You know, I'll have coffee, donuts and as one Saturday morning,
• 27:22
  Speaker 5: And if you're interested in that, just call the office
• 27:24
  Speaker 5: and we will notify you when when when we finally
• 27:29
  Speaker 5: get to get one on the schedule after the.
• 27:30
  Speaker 4: Holidays, that's great. So that office numbers three zero four
• 27:33
  Speaker 4: seven four six seven nine seven seven three zero four
• 27:35
  Speaker 4: seven four six seven nine seven seven. Just let John
• 27:37
  Speaker 4: know and you can be uh left in the loop
• 27:40
  Speaker 4: when that things those things come about that's going to
• 27:42
  Speaker 4: take our break when we come back. We still have
• 27:43
  Speaker 4: plenty of talk about it. If you want to direct
• 27:45
  Speaker 4: the conversation. You have a question for John, You're welcome
• 27:47
  Speaker 4: to give us a call. Three zero four three four
• 27:48
  Speaker 4: two eight one three one three four two eight one
• 27:50
  Speaker 4: three one. You can text up for questions as well.
• 27:51
  Speaker 4: Three zero four non three five five zero zero eight
• 27:54
  Speaker 4: three zero four non three five five zero zero eight.
• 27:56
  Speaker 4: Let's go ahead and take a break. We'll be back
• 27:57
  Speaker 4: after this. You're listening to retorry Right Radio with John
• 28:00
  Speaker 4: Bredet for Fourth Avenue Financial. I'm Deale Cooper. This is
• 28:02
  Speaker 4: five EDWCHS, the Voice of Charleston. Retire Right Radio was
• 28:05
  Speaker 4: sponsored by Fourth Avenue Financial, which is solely responsible for
• 28:08
  Speaker 4: its content. Security is offered through JW CALL Financial member Fenricipic.
• 28:12
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• 28:15
  Speaker 4: jw CLL Financial and JW CO Advisors are unaffiliated entities.
• 28:19
  Speaker 4: The opinions expressed by John Bredet should not be construed
• 28:21
  Speaker 4: as specific investment, legal, or tax advice. All economic and
• 28:24
  Speaker 4: performance information is historical and not indicative of future results.
• 28:28
  Speaker 4: Investing may involve risk of loss of principle. Any tax
• 28:31
  Speaker 4: advice on this show is not intended to be used
• 28:33
  Speaker 4: by any person for the purpose of avoiding US federal
• 28:35
  Speaker 4: or state tax penalties that may be imposed on such
• 28:38
  Speaker 4: a person, and each listener should seek advice from their
• 28:40
  Speaker 4: tax advisor or legal console on topics that arise from
• 28:44
  Speaker 4: the show. John Bredett is not providing legal or tax advice.
• 28:47
  Speaker 4: Nothing should be construed as solicitation of an offer to
• 28:49
  Speaker 4: buy securities. This program is sponsored by Fourth Avenue Financial,
• 28:53
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• 28:55
  Speaker 5: As you shop for others, Fourth Avenue Financial invites you
• 28:58
  Speaker 5: to give yourself the gift of profession financial planning.
• 29:01
  Speaker 3: What better way to start the.
• 29:02
  Speaker 5: New year the consolidating old four onks, examining your current
• 29:06
  Speaker 5: investments and preparing for retirement. Call me John Burdett at
• 29:10
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• 29:14
  Speaker 5: or contact us at Fourth Avenue Financial dot com.
• 29:17
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• 29:25
  Speaker 7: The Christmas season is a time of family traditions, Christmas parties,
• 29:28
  Speaker 7: viewing Christmas lights, decorating the tree, attending Christmas church service,
• 29:33
  Speaker 7: many of us consider these core holiday traditions. For over
• 29:36
  Speaker 7: a century, another tradition in the Canal Valley was to
• 29:39
  Speaker 7: give a Christmas donation to Union Mission to help feed, clothe,
• 29:43
  Speaker 7: and shelter the needy this Christmas. Would you consider building
• 29:46
  Speaker 7: on that tradition? Your gift this holiday season will help
• 29:49
  Speaker 7: us well into twenty twenty five as we help the
• 29:52
  Speaker 7: herding people of West Virginia. Visit Union Mission dot com.
• 29:55
  Speaker 2: Today this is retire Right Radio with John Burdett from
• 30:00
  Speaker 2: Fourth Avenue Financial, taking your calls at three oh four
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• 30:06
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• 30:19
  Speaker 4: Every time this Beatles song brings us back, I think
• 30:21
  Speaker 4: that this is like the perfect the perfect song for
• 30:24
  Speaker 4: your business because it's like that's exactly the way your
• 30:26
  Speaker 4: conversations work sometimes, I'm sure.
• 30:28
  Speaker 5: Y yeah, so you know, yeah, Paul is the financially
• 30:32
  Speaker 5: responsible in and at first verse there, right, Yeah, yeah, no, no, no.
• 30:35
  Speaker 4: I think in I think history would kind of bar
• 30:37
  Speaker 4: that out as well. He's he's been very successful as
• 30:40
  Speaker 4: an investor in his life.
• 30:41
  Speaker 5: Yeah, very scut beat up by Michael Jackson that one time.
• 30:44
  Speaker 4: One time he got those songs back eventually. He played
• 30:46
  Speaker 4: the long game. He got him back eventually. So you know,
• 30:48
  Speaker 4: Mike might have got him for a little while, but
• 30:50
  Speaker 4: he eventually got his songs back. John Bedet is here
• 30:52
  Speaker 4: from Fourth Avenue Financial three zero four three four two
• 30:54
  Speaker 4: eight one three one. If you want to have a
• 30:56
  Speaker 4: bit of a conversation before we get out of here
• 30:58
  Speaker 4: this morning. Three zero four three four two eight one three.
• 31:00
  Speaker 4: We talked a little bit about what happens after the
• 31:02
  Speaker 4: debt snowball. We've talked about the debt snowball a lot
• 31:04
  Speaker 4: on this program. I've talked about it, and I thought
• 31:06
  Speaker 4: that we could explore some of that space, and we've
• 31:07
  Speaker 4: talked about that quite a bit. There's your work's not
• 31:10
  Speaker 4: over then, but it does open you up. That opens
• 31:12
  Speaker 4: the field up for you, for you to have multiple
• 31:15
  Speaker 4: avenues of money that can do work for you.
• 31:16
  Speaker 5: Yeah, And once you get the debt snowball done and
• 31:19
  Speaker 5: you're starting to make productive investments, then that snowball's working
• 31:23
  Speaker 5: for you. That's what your money does. It's snowballs in
• 31:26
  Speaker 5: the other direction. All you're trying to do is get
• 31:29
  Speaker 5: things moving in the right direction. And after they get moving,
• 31:31
  Speaker 5: they will pick up momentum, that's why, and kind of
• 31:35
  Speaker 5: to tie it in to the to the season we're
• 31:38
  Speaker 5: in right now. Saw an article this morning the average
• 31:43
  Speaker 5: family will spend a little over nine hundred dollars on Christmas.
• 31:49
  Speaker 5: You know, that's this is a time when you have
• 31:52
  Speaker 5: to be very aware of your budget and stick to
• 31:54
  Speaker 5: it because if you if you blow that budget, you're
• 31:58
  Speaker 5: going to be paying for that in the next year
• 32:00
  Speaker 5: for months and months and months, and that's going to
• 32:04
  Speaker 5: stop you from being able to make those productive investments.
• 32:08
  Speaker 5: And you have to be very very cautious right now.
• 32:11
  Speaker 5: And I think it's a good idea. There used to
• 32:14
  Speaker 5: be of the old Christmas clubs where you save in
• 32:17
  Speaker 5: advance for Christmas, you know, put fifty seventy five dollars
• 32:21
  Speaker 5: a month away, you know, ten dollars a week, twenty
• 32:23
  Speaker 5: dollars a week, and so that when the time comes
• 32:28
  Speaker 5: next year, you're not borrowing, you're paying out of cash.
• 32:30
  Speaker 5: And it's easier to stick to the budget because it's it's.
• 32:33
  Speaker 3: It's right there, you see what it is.
• 32:36
  Speaker 5: And a lot of those are you know, those are
• 32:38
  Speaker 5: kind of old fashion tools, but sometimes old fashion works.
• 32:42
  Speaker 5: You don't need whiz bang apps or anything like that.
• 32:45
  Speaker 5: You just need to put that money aside the old
• 32:48
  Speaker 5: fashion way and save it before you spend it.
• 32:52
  Speaker 4: And there's nothing wrong with that at all. I think
• 32:54
  Speaker 4: I've mentioned on this show a couple of times since
• 32:55
  Speaker 4: I cleared out all my credit cards a couple of
• 32:57
  Speaker 4: years ago, and I've been living just with the mortgage
• 33:00
  Speaker 4: basically since then. You can, you can, you can do
• 33:04
  Speaker 4: those things, like I think I bought new appliances a
• 33:07
  Speaker 4: couple months ago, and we had some money from like
• 33:09
  Speaker 4: a holiday money that people gave us, birthday money people
• 33:11
  Speaker 4: gave us, plus added a couple of pay check rounds
• 33:13
  Speaker 4: to it, you know. And we had to wait a
• 33:15
  Speaker 4: little while for it, four months, five months or something
• 33:17
  Speaker 4: like that after we decided to do it. But you
• 33:18
  Speaker 4: know what, we got a brand new dishwasher, got a
• 33:21
  Speaker 4: brand new stove, top of the line, one of the
• 33:23
  Speaker 4: nicest ones I've ever had, and we don't know a
• 33:25
  Speaker 4: thing on them. There are is there in the house,
• 33:27
  Speaker 4: They're right there. I don't have to worry about them
• 33:29
  Speaker 4: every month that we had to wait a little longer
• 33:30
  Speaker 4: for him. Our stove was a pain in the rear
• 33:32
  Speaker 4: because you'd have to turn it on and manipulate it
• 33:34
  Speaker 4: and get it to keep the I mean, you could
• 33:35
  Speaker 4: basically not bake in it. I mean it was a pain,
• 33:37
  Speaker 4: don't you know. Don't get me wrong. But it's free
• 33:39
  Speaker 4: and clear now and it's nice stove. So it feels
• 33:41
  Speaker 4: a lot better to be in that situation than having
• 33:44
  Speaker 4: put that on credit card. You know, six months interest free, Okay, great,
• 33:47
  Speaker 4: Well you know what happens that after the second month? Yeah, exactly,
• 33:51
  Speaker 4: and none of that. But you're like, You're like, well,
• 33:53
  Speaker 4: I can't make this minimum payment this month. So the
• 33:54
  Speaker 4: worst case scenario is I can make the minimum payment
• 33:57
  Speaker 4: and you know that's not that much, Well, then you
• 33:58
  Speaker 4: lose your interest free and then paying all the interest
• 34:00
  Speaker 4: on it. Right, So, I mean, they it's the great
• 34:05
  Speaker 4: and we love advertisers and we love consumers, but it
• 34:07
  Speaker 4: is amazing when you think about it, that the pressure
• 34:10
  Speaker 4: of Christmas has gotten so great and advertising and things
• 34:14
  Speaker 4: like that, the meaning of the season has been manipulated
• 34:18
  Speaker 4: to such a degree that you will feel guilty if
• 34:20
  Speaker 4: you do not spend all of your money at Christmas
• 34:22
  Speaker 4: time getting other people things. I mean, it's it's an
• 34:25
  Speaker 4: amazing cognitive dissonance that's been baked into our psyche now
• 34:29
  Speaker 4: that we have to spend money on Christmas or we're
• 34:31
  Speaker 4: bad people.
• 34:32
  Speaker 5: Well, like I say, almost one thousand dollars is the average,
• 34:36
  Speaker 5: right is the average spend. So you know, it's it's
• 34:41
  Speaker 5: I don't know what the percentage of retail sales that
• 34:43
  Speaker 5: happens in November decemberb but it's a it's a it's
• 34:46
  Speaker 5: a pretty big chunk. So this is definitely when you
• 34:49
  Speaker 5: need your saving senses in and just be very aware
• 34:56
  Speaker 5: and try to stick to a budget. You know, it's
• 34:58
  Speaker 5: okay to go out and and buy gifts, but you know,
• 35:02
  Speaker 5: sometimes you think you have a budget and then you
• 35:04
  Speaker 5: get into that store and it's like these sales, oh yeah,
• 35:08
  Speaker 5: and you almost have to put those blinders on and say,
• 35:11
  Speaker 5: here's who I'm buying for, here's what I'm spending on them,
• 35:13
  Speaker 5: and just stick to that because it can creep pretty easily.
• 35:18
  Speaker 4: From a certain perspective, gift buying at the end of
• 35:20
  Speaker 4: the year is almost like like a like a a
• 35:26
  Speaker 4: family emergency that comes up. When you talk about like
• 35:29
  Speaker 4: having funds put away for emergency funds and like stuff
• 35:31
  Speaker 4: like that, if you have a medical emergency that cost
• 35:33
  Speaker 4: one thousand dollars? Can you get that out of your
• 35:34
  Speaker 4: bank account? Right now? Most Americans say no. Or if
• 35:37
  Speaker 4: you weren't planning for your Christmas money, if you weren't
• 35:39
  Speaker 4: putting money away every month and Christmas comes about and
• 35:41
  Speaker 4: you're spending one thousand dollars on Christmas, where's that coming from?
• 35:45
  Speaker 4: You know, if you can't afford a medical bill, that
• 35:46
  Speaker 4: means you probably also can't afford the Christmas gifts, which
• 35:49
  Speaker 4: means you're probably going to the credit card, right.
• 35:51
  Speaker 5: Right, Yeah, I think the we've talked about this probably
• 35:54
  Speaker 5: a year ago about the average American can't come up
• 35:56
  Speaker 5: with four hundred dollars, but the average Americans spending nine
• 36:00
  Speaker 5: hundred plus dollars.
• 36:01
  Speaker 3: There it is right there, right, That's it.
• 36:05
  Speaker 5: And and you know, just like I said before, the
• 36:11
  Speaker 5: loved ones you're buying these gifts for don't want you
• 36:14
  Speaker 5: to be in financial dire straits. So you know, you
• 36:19
  Speaker 5: can give gifts, but they can maybe be more meaningful gifts.
• 36:22
  Speaker 5: I mean, they get you know, if you don't have
• 36:24
  Speaker 5: the budget for it, those folks don't want to see
• 36:27
  Speaker 5: you in bad shape, right, So just be aware of
• 36:31
  Speaker 5: that and maybe get a little creative with some of
• 36:34
  Speaker 5: the gift giving and try to stick with that budget.
• 36:36
  Speaker 4: And in the two years that we were working on
• 36:38
  Speaker 4: two Christmases it wasn't quite two years, but the two
• 36:40
  Speaker 4: Christmases we were working on the debt snowball when I
• 36:42
  Speaker 4: when I did this before, it was simply we got
• 36:44
  Speaker 4: basket materials and did bakings and like little made little
• 36:47
  Speaker 4: ornaments and different things like that. And I think we
• 36:50
  Speaker 4: had some stuff for the beginning of the next year,
• 36:52
  Speaker 4: like some spring stuff and things like that people could
• 36:54
  Speaker 4: use after Christmas. So it wasn't like, hey, this is
• 36:56
  Speaker 4: Christmas stuff, Great, I can use it next year, you know.
• 36:58
  Speaker 4: So we made baskets like that. That's what we gave everybody.
• 37:00
  Speaker 4: Each basket costs like eight or ten bucks for us
• 37:02
  Speaker 4: to make, but the time we put into it was
• 37:03
  Speaker 4: a lot more. But it was a meaningful gift that
• 37:06
  Speaker 4: we were giving to family and friends and stuff like that.
• 37:08
  Speaker 4: I don't know if they loved it, were not. At
• 37:09
  Speaker 4: least we felt okay and given and given them, you know,
• 37:11
  Speaker 4: And it didn't break the bank, you know. So it
• 37:13
  Speaker 4: was a nice thing.
• 37:13
  Speaker 5: And that before with with like local food stuffs, right
• 37:18
  Speaker 5: you know, and jams, jellies, tunnies, things like that. They're local,
• 37:22
  Speaker 5: and particularly for people that are not don't live here,
• 37:25
  Speaker 5: that's a great thing.
• 37:26
  Speaker 4: That's a good stuff. John Bredet from Fourth Avenue Financial Online,
• 37:29
  Speaker 4: Fourth Avenue Financial dot Com, Fourth Avenue Financial dot Com
• 37:32
  Speaker 4: three zero fourth uh three fourth the seven four six
• 37:35
  Speaker 4: seven five seven seven down seven seven three zero four
• 37:37
  Speaker 4: seven four six seven non seven seven Have a great day, everyone.
• 37:45
  Speaker 2: Five eighty w c HSA M ninety six point five.
• 37:47
  Speaker 2: That them Charleston one oh four point five Cross Langes
• 37:50
  Speaker 2: WVRC Media Station. We're proud to live here too.