Latest / WCHS Network Podcasts / 07/28/2025 Retire Right Radio with John Burdette

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07/28/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
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Speaker 1: Contact us at Meeks dot us.
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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
0:22
Speaker 2: its employees or WVRC Media. This is retire Rite Radio,
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Speaker 2: a weekly show from John Verdett at Fourth Avenue Financial
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Speaker 2: that aims to answer your questions about financial planning, investing,
0:35
Speaker 2: and how to retire right. Fourth Avenue Financial is located
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Speaker 2: in downtown Charleston at one seventy Court Street. More information
0:42
Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
0:46
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 live
0:57
Speaker 2: to the studio with host Dale Cooper and John Verdett
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Speaker 2: from with have any Financial Features. Happy Monday to you.
1:04
Speaker 2: You've made it to Monday morning and I'm Del Cooper.
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Speaker 3: You're listening to retire Right Radio with John Burdett from
1:09
Speaker 3: Fourth Avenue Financial, just like the Big Voice Scout. John
1:12
Speaker 3: de Vincent just said, John is in studio with me
1:14
Speaker 3: this morning. John, Good morning. How are you doing this morning? Oh,
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Speaker 3: pretty good, outstanding, good to good to know that a
1:19
Speaker 3: pretty nice weekend that we've wrapped up here. Didn't have
1:22
Speaker 3: too much I think it rained every morning before I
1:24
Speaker 3: got up. I don't know, because it seemed like I
1:26
Speaker 3: would open up the windows and check outside when I
1:28
Speaker 3: would get up in the morning, and it was a
1:30
Speaker 3: little wet outside, but it didn't seem to rain much
1:32
Speaker 3: during the day. So a pretty nice weekend as far
1:34
Speaker 3: as things like that go around the area. We have
1:36
Speaker 3: plenty of things that we're going to talk about this morning.
1:38
Speaker 3: We'll do a little market recap here in a minute.
1:40
Speaker 3: We're going to talk a little bit about home ownership,
1:43
Speaker 3: buying a new home in this environment that we're in
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Speaker 3: right now. Of course, we talked about that a couple
1:47
Speaker 3: of weeks ago with the guests that you had on
1:51
Speaker 3: to talk about home finances while you were rolling. Yeah,
1:54
Speaker 3: Dan smith Yeah, Dan Smithson from That's right, and we
1:57
Speaker 3: talked about that a little bit. But John has some
1:58
Speaker 3: recent experience in this, and we're going to talk about
2:01
Speaker 3: that a little bit more and going into detail how
2:03
Speaker 3: that can play into your retirement plans, what it might change,
2:07
Speaker 3: anything along those lines. You can give us a call
2:09
Speaker 3: this morning. Three zero four three four five fifty eight
2:10
Speaker 3: fifty eight. Three zero four three four five fifty eight
2:13
Speaker 3: fifty eight is what you'll want to do. To give
2:15
Speaker 3: us a call. You can also text over questions to
2:17
Speaker 3: three zero four non three five five zero zero eight.
2:20
Speaker 3: But taking a look back as far as the market
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Speaker 3: goes last week, I guess things are still up.
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Speaker 4: Another other solid week, up over one percent across the board.
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Speaker 4: The international stocks are still they were almost three percent
2:35
Speaker 4: last week, up twenty percent. International stocks are up twenty
2:38
Speaker 4: percent for the year, so they have really taken off
2:41
Speaker 4: and outperformed. Some of that has to do with the
2:45
Speaker 4: currency exchange, the dollar being weaker, but yeah, the market
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Speaker 4: is chugging along. This week will be important. We have
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Speaker 4: kind of the heart of earning season, so you have
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Speaker 4: you know, micro Soft and Meta and Apple, a lot
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Speaker 4: of the big tech stocks are reporting earnings this week,
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Speaker 4: and so you know, it'll be interesting to see if
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Speaker 4: they meet those expectations. You know, when the market starts
3:15
Speaker 4: residing daily and in the record territory, as we seem
3:19
Speaker 4: to be right now, you know, things like earnings are
3:25
Speaker 4: more and more important because the valuations are higher and
3:28
Speaker 4: the expectations are higher, and so hopefully, hopefully they won't
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Speaker 4: disappoint and upset the apple cart. So far, the vast
3:36
Speaker 4: majority of companies that have reported are exceeding the expectations.
3:42
Speaker 4: So that's a good thing.
3:43
Speaker 3: It's amazing, and this really plays into what we talk
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Speaker 3: about broadly on this show. There was a little bit
3:49
Speaker 3: of chatter last week after some tariff announcements, modifications and
3:54
Speaker 3: things were made among the auto industry in general about how, well,
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Speaker 3: suddenly the deal that Toyota got is going to make
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Speaker 3: Toyota's much cheaper than domestic vehicles are going to be
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Speaker 3: that domestics because of the way that they do their manufacturing.
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Speaker 3: We're going to be paying tariffs at a higher rate
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Speaker 3: than what the you know, supposed foreign automakers we're going
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Speaker 3: to make. And suddenly, you know, they're writing letters to
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Speaker 3: the administration being like, what the heck are we doing here?
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Speaker 3: Why are we tariffing our cars more than we are
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Speaker 3: The Toyotas and different things along those lines. Whatever the
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Speaker 3: chatter of that was, and whatever amount of momentum that
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Speaker 3: has with a car with the automakers and things like that,
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Speaker 3: as far as the market was concerned, they just adjusted
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Speaker 3: to it, you know. I mean, Toyota had a Toyota
4:35
Speaker 3: had a pretty good week, you know, I mean you know,
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Speaker 3: they just kind of adjusted to it and the thing
4:39
Speaker 3: just went on. So there could be internal strife and
4:43
Speaker 3: talks among industries and different things like that, but the
4:46
Speaker 3: market in general adjusts to those things. And that's pretty
4:48
Speaker 3: amazing when you see that, because that could be real
4:50
Speaker 3: concern to some people, you know, So when you hear
4:53
Speaker 3: people having that conversation, it's not like that conversation isn't happening.
4:56
Speaker 3: But in general, though, and that's why we do why
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Speaker 3: you talk about what you talk about on this show.
5:01
Speaker 3: You just have to have faith and the people that
5:03
Speaker 3: are making the money to continue to find ways to
5:05
Speaker 3: make that money.
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Speaker 4: Yeah, I mean, people make adjustments. You and I make
5:08
Speaker 4: adjustments every day to our own individual finances. That's what
5:12
Speaker 4: the economy is played out over millions and millions of
5:15
Speaker 4: people and decisions every single day, and people try to
5:19
Speaker 4: make the best and the wisest decision when they make
5:22
Speaker 4: those decisions, and you know, sometimes you get them wrong,
5:25
Speaker 4: but largely most folks get them somewhat correct.
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Speaker 3: I think that that's what's happened last especially over the
5:33
Speaker 3: last ten to fifteen years or something like that, is
5:34
Speaker 3: we've almost given the quote unquote market a like a
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Speaker 3: personality and a life and opinions and things like that,
5:41
Speaker 3: you know, like we've tried to instill in it traits
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Speaker 3: of a person and so well, the market's going to
5:48
Speaker 3: do this. The market like it like it has a
5:49
Speaker 3: thought process behind it, and that's just not the way
5:51
Speaker 3: things work. It's easier for us to think about things.
5:54
Speaker 3: I mean, we do it with our pets, you know,
5:55
Speaker 3: I mean, it's easier for us to think about things
5:56
Speaker 3: along those lines. But it's really not true. And so
5:59
Speaker 3: that's why you have to have somebody like that's a
6:00
Speaker 3: great example of why you need somebody like you to
6:03
Speaker 3: kind of understand how this stuff works and that and
6:06
Speaker 3: this is not a thinking individual over like an LLLN.
6:08
Speaker 3: This is not a thinking individual over here. This is
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Speaker 3: a market a process. These are things that you know,
6:14
Speaker 3: there's there's levers in place that just does. It's not.
6:16
Speaker 3: It's not a thinking individual that's making decisions on your portfolio.
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Speaker 4: Yeah, it's almost more like a tug of war between
6:22
Speaker 4: buyers and sellers, and and that collectively makes the market up.
6:28
Speaker 4: So when you're selling, somebody else is buying that stock.
6:31
Speaker 4: So so you are are selling thinking that you're doing
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Speaker 4: the right thing, but the other guy's buying thinking that
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Speaker 4: you're not.
6:39
Speaker 3: Are you the mark of the sharp right?
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Speaker 4: That's so u you know, that's that's how the market
6:44
Speaker 4: has made over billions now, billions of shares trade on
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Speaker 4: the market daily, so that that process plays out, and
6:53
Speaker 4: and that's why when you see things like the tariff news,
6:57
Speaker 4: there is initially some adjustment to that, and then you
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Speaker 4: know people thought, well, this is you know, going to
7:04
Speaker 4: keep spiraling down. Well, you know, obviously throughout all that
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Speaker 4: somebody else was buying. You know, at some point you
7:13
Speaker 4: meet an equilibrium where you know, people are saying, Okay,
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Speaker 4: the risk and reward is correct now for me to
7:20
Speaker 4: buy this.
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Speaker 3: And what ends up, like the tariff talk especially, is
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Speaker 3: kind of interesting in that I don't know that anybody
7:27
Speaker 3: was necessarily wrong in the discussion. Prices are higher, you know,
7:31
Speaker 3: the things are baked in. You know, you are paying
7:33
Speaker 3: more for things. However, the adjustments that's been made to
7:36
Speaker 3: it on the other side of that has made it
7:38
Speaker 3: so it's like we've just accepted that as the reality
7:41
Speaker 3: and moved on and people were just doing their thing.
7:43
Speaker 4: Sure, and we've I've used the term before, climbing the
7:47
Speaker 4: wall of worry. It's a pretty popular phrase that the
7:50
Speaker 4: market participants use. You think about the tariffs, and look
7:54
Speaker 4: what's happening right now. Every time there's a new deal,
7:57
Speaker 4: the market takes a spurt higher. So those tariffs, we
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Speaker 4: were the worry, but now it's the fuel. Every time
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Speaker 4: one of those little deals gets struck, the market reaches
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Speaker 4: it to a higher point because there's more certainty built
8:12
Speaker 4: around it. So you have to have some of that
8:15
Speaker 4: doubt to really ultimately provide the fuel for the market
8:20
Speaker 4: to move higher.
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Speaker 3: If everybody's on the same page, you wouldn't really have
8:24
Speaker 3: any opportunity to make money every way to be doing
8:26
Speaker 3: the same thing, right, Yeah, pretty much. That makes a
8:28
Speaker 3: lot of sense. Y much.
8:29
Speaker 4: It's strange the way that works sometimes, and sometimes the
8:32
Speaker 4: delmas seems counterintuitive, the way the market acts with different events.
8:37
Speaker 3: There's a lot of things like that in life. I mean,
8:38
Speaker 3: let's face it that when you think about it, it's counterintuitive.
8:42
Speaker 3: If you have any questions about how you can plan
8:44
Speaker 3: for your retirement. Maybe you have some questions about some
8:47
Speaker 3: recent life events or employment changes, or we're going to
8:51
Speaker 3: talk about new property here in just a moment, anything
8:54
Speaker 3: like that that's come up that you have questions about.
8:55
Speaker 3: You give us a call this morning three zero four,
8:56
Speaker 3: three four five fifty fifty eight. If you're late to
8:58
Speaker 3: the party and you need to get started doing retirement,
9:00
Speaker 3: good time to start. If it wasn't yesterday it is today,
9:03
Speaker 3: you need to give us a call if you have
9:05
Speaker 3: any questions about that as well. Three zero four three
9:06
Speaker 3: four five fifty eight fifty eight, or just in general,
9:08
Speaker 3: you have a situation that's come up, you have a
9:10
Speaker 3: question that's been crawling around in your mind. A conversation
9:12
Speaker 3: over breakfast this weekend is like, Hey, I could call
9:14
Speaker 3: John Monday morning and figure that out. Well, good time
9:17
Speaker 3: to do it. Three zero four three four five fifty
9:18
Speaker 3: eight fifty eight. Three zero four three four five fifty
9:20
Speaker 3: eight fifty eight. You can text three zero four non
9:22
Speaker 3: three five five zero zero eight. So when we talk
9:25
Speaker 3: about first of all, let's talk about the process for
9:27
Speaker 3: like a client of yours when it comes to buying
9:29
Speaker 3: a home, and then we'll talk about the the just
9:33
Speaker 3: like your experience recently, and what's going on when somebody
9:36
Speaker 3: comes to you assuming their credits, find and everything else,
9:38
Speaker 3: Because that's not what you get into. But somebody comes
9:40
Speaker 3: to you and say, hey, I'm going to buy a home,
9:41
Speaker 3: I'm pre qualified up to whatever amount. What discussion do
9:45
Speaker 3: you have as far as how that decision that they
9:48
Speaker 3: need to they want to get into a new home,
9:50
Speaker 3: how that affects their finances for retirement and savings and
9:54
Speaker 3: so forth.
9:55
Speaker 4: Sure, and that is very frequent that that happens. Sure,
10:00
Speaker 4: you know, as a financial advisor, it's not just picking
10:02
Speaker 4: the right stocks. It's it's helping folks through all these
10:06
Speaker 4: financial decisions. So people raise that question with me quite
10:09
Speaker 4: a bit.
10:11
Speaker 3: You know.
10:12
Speaker 4: The thing with with purchasing a house to live in,
10:16
Speaker 4: I always think about it not really as a true
10:21
Speaker 4: asset if you're living in it. I view it as consumption.
10:26
Speaker 4: So it's an expense. Now, yes, there is a value
10:29
Speaker 4: attached to it that you own, but it's an expense
10:33
Speaker 4: you have to pay for it. You have to pay
10:34
Speaker 4: for the upkeep, You have to pay for the taxes
10:37
Speaker 4: and insurance on it. You know, the air conditioner goes out,
10:41
Speaker 4: you have to you have to do that. So you
10:43
Speaker 4: have to understand that, yes, it's an asset, but it's
10:48
Speaker 4: also demanding something of your paycheck regularly.
10:54
Speaker 3: And it's it's.
10:58
Speaker 4: One of those things where I think some times people all,
11:00
Speaker 4: your house is this number one asset that you have.
11:03
Speaker 4: But what happens when you want to catch that asset
11:05
Speaker 4: in You have to sell the house, but you have
11:08
Speaker 4: to live somewhere, you know, so you have to be
11:11
Speaker 4: careful that you're not looking at your home as an
11:15
Speaker 4: investment that might fund your future endeavors like a retirement.
11:20
Speaker 4: You know, it's good to have a house paid off
11:22
Speaker 4: by the time you reach retirement, for sure, I mean always,
11:26
Speaker 4: you know, if that's if that's possible to do, get
11:28
Speaker 4: that done, because it's going to make retirement so much easier.
11:32
Speaker 4: But it also early on can sap your ability to
11:39
Speaker 4: save and make productive investments that that that you're not consuming,
11:44
Speaker 4: you're not living in and and I think that's an
11:47
Speaker 4: important distinction that you know, I try to make folks
11:51
Speaker 4: aware of. You know, if a piece of real estate
11:53
Speaker 4: like an apartment building. Now that is an asset. You know,
11:57
Speaker 4: you collect revenue from that right when you sell it.
12:01
Speaker 4: You're not homeless, you know, if you want to cash
12:04
Speaker 4: it out, that's a great point, right, And so it's
12:06
Speaker 4: a different type of asset. So you know, just because
12:10
Speaker 4: the bank says, oh, I could buy a six hundred
12:13
Speaker 4: thousand dollars home, doesn't mean you should buy a six
12:16
Speaker 4: hundred thousand dollar home. Yeah. You know, generally you want
12:21
Speaker 4: to be more conservative on those decisions so you don't
12:26
Speaker 4: sap that fuel that you have your paycheck and restrict
12:31
Speaker 4: your ability to save for productive investments that are going
12:33
Speaker 4: to fund your future.
12:35
Speaker 3: Yeah, like with any guidelines and different things like that.
12:37
Speaker 3: I'm not sure. I haven't looked at qualifications for a
12:40
Speaker 3: mortgage in a long long time, But back when I
12:42
Speaker 3: used to write mortgage papers, there was like the debt
12:45
Speaker 3: to income ratio was a certain percentage of your home
12:49
Speaker 3: that could go towards the mortgage and taxes and insurance,
12:51
Speaker 3: and then a more broad amount that could go towards
12:53
Speaker 3: your overall expenses. And the things that they factored into
12:56
Speaker 3: those overall expenses were generally the things you could find
12:58
Speaker 3: on a credit report, installment loans and credit card revolving
13:03
Speaker 3: loan things along those lines. What didn't show in there
13:05
Speaker 3: were like utility payments and stuff that didn't show up.
13:07
Speaker 3: You know that there was a certain amount that was
13:09
Speaker 3: assumed in the other side of that depth income ratio
13:11
Speaker 3: that you paid the rest of your bills with. And
13:14
Speaker 3: I don't know if that ratio has changed over the
13:16
Speaker 3: twenty years since I last did anything in this space,
13:19
Speaker 3: but in my mind, I'm like, man, the amount of
13:21
Speaker 3: money and cillery expenses that people pay for now that
13:24
Speaker 3: wouldn't be captured in that snapshot that a bank would
13:28
Speaker 3: take is so much more in my own personal finances,
13:31
Speaker 3: all the streaming things that you have to do subscription
13:33
Speaker 3: that you can't just buy a thing anymore, you have
13:35
Speaker 3: to pay a subscription for it. It used to be
13:36
Speaker 3: you could buy something and own it. You can't own
13:38
Speaker 3: anything anymore. You just buy the right to have it
13:41
Speaker 3: for a little while. It's so annoy but that's like
13:43
Speaker 3: everything now, and I just can't help it to think
13:46
Speaker 3: that the same banker from thirty years ago writing paper today,
13:51
Speaker 3: if they're going off of very similar guidelines. The client
13:54
Speaker 3: on the other end of that is in a completely
13:56
Speaker 3: different financial situation than what they were thirty years ago.
13:59
Speaker 4: Yeah, I'm not real sure on how those ratios have
14:03
Speaker 4: have changed, but what I will say is, you know,
14:07
Speaker 4: the banks are in business to loan you as much
14:10
Speaker 4: money as you can afford to pay back. That's how
14:15
Speaker 4: they make money. They sell money to you. And so surprised,
14:18
Speaker 4: that's that's right. So you know this this concept that
14:23
Speaker 4: you're asking the bank for money. I mean, no, you
14:26
Speaker 4: are what the bank wants. You are the customer. They're
14:30
Speaker 4: not doing you a favor, right.
14:32
Speaker 3: Right, that's correct.
14:33
Speaker 4: And so that also means that if a bank says no,
14:37
Speaker 4: then you have to examine that yourself because they want
14:41
Speaker 4: to get you.
14:41
Speaker 3: Here's these people that want to give me a whole
14:42
Speaker 3: chunk of change to make me pay them back, you know,
14:45
Speaker 3: so much interest over tom, but they won't give it
14:47
Speaker 3: to me, right.
14:48
Speaker 4: So, so I think that is an attitude that that
14:51
Speaker 4: folks have sometimes that misunderstands the relationship of a bank
14:56
Speaker 4: and a and a and the client the customer.
15:01
Speaker 3: So that is a big red flag.
15:03
Speaker 4: If if you want to buy something and say, hey, no,
15:06
Speaker 4: you know you can't buy something that expensive, then then
15:09
Speaker 4: you're probably looking in the whole wrong realm of affordability
15:13
Speaker 4: as far as what you're purchasing.
15:14
Speaker 3: And not to go too far down the the mortgage
15:17
Speaker 3: origination aspect of this, but that's really some trouble that
15:21
Speaker 3: number one thing. If you start shopping around for access
15:24
Speaker 3: to the funds and not for what you actually qualify
15:26
Speaker 3: for you you can get into some some sub prime
15:28
Speaker 3: paper that maybe will get you what you want. The
15:32
Speaker 3: whole boy that rate that you and the terms that
15:34
Speaker 3: you have to go off of and things like that,
15:36
Speaker 3: it's probably not something that you necessarily want to touch,
15:38
Speaker 3: and you will be in a better situation if you're like, Okay,
15:41
Speaker 3: well what do I need to do to fix where
15:43
Speaker 3: I'm at now? So I can get a conventional learman
15:45
Speaker 3: of some kind. Yeah.
15:46
Speaker 4: And also, you know, if you're coming into the office
15:49
Speaker 4: and talking about buying something, I always will say, look,
15:54
Speaker 4: if you're doing that for yourself to try to balance
15:59
Speaker 4: out that the idea of what you can afford is
16:04
Speaker 4: you need to put twenty percent down.
16:07
Speaker 3: Yeah.
16:07
Speaker 4: Oh yeah, you know if you put twenty percent down,
16:09
Speaker 4: that says a couple of things. One, it says that
16:12
Speaker 4: you're you're a net saver, or you wouldn't be able
16:15
Speaker 4: to have the twenty percent down and then do a
16:21
Speaker 4: fifteen year a fifteen year mortgage. If you can't afford
16:25
Speaker 4: it over a fifteen year, you might be looking at
16:27
Speaker 4: a house.
16:27
Speaker 3: That's too expensive.
16:30
Speaker 4: And those are the types of things, and the interest
16:33
Speaker 4: cost or less on a shorter mortgage. You know, it's
16:37
Speaker 4: great to have a home, just be careful about stretching
16:39
Speaker 4: because there.
16:40
Speaker 5: Is the.
16:43
Speaker 4: Opportunity cost of buying too much house and that basically
16:49
Speaker 4: means your job to save for retirement is that much more.
16:52
Speaker 3: If you really want an illustration, if you're working with someone,
16:55
Speaker 3: have your banker or loan officer, whoever it is that
16:57
Speaker 3: you're working with, run you a good faith estimate on
17:00
Speaker 3: what you pay back over time on a fifteen and
17:01
Speaker 3: a thirty and compare the numbers at an interest rate
17:05
Speaker 3: that's really not that different, you know, maybe a point
17:07
Speaker 3: and a half different in one direction or the other.
17:09
Speaker 3: The amount that you actually pay back over and in
17:11
Speaker 3: fifteen years additional is catastrophic when you look at it,
17:14
Speaker 3: it's a lot different.
17:16
Speaker 4: Yeah, I mean, you know, your principal and interest even
17:18
Speaker 4: in those early payments on the fifteen year you know
17:21
Speaker 4: where interest rates are now, you're close to half of
17:24
Speaker 4: your payment is going to principle. I mean it's a
17:27
Speaker 4: pretty good chunk. It's it's just a few dollars on
17:31
Speaker 4: a thirty year Yeah, it's mostly interests.
17:33
Speaker 3: So it's a big difference. There's truth and lending statements
17:35
Speaker 3: really will reveal a lot if you're looking to shop
17:37
Speaker 3: around for your mortgages or differently in aslong those lines. So
17:40
Speaker 3: the first thing you need to do is to set
17:41
Speaker 3: the context. You know that the house that you can buy.
17:44
Speaker 3: And it's got to be difficult for you because it's
17:47
Speaker 3: not like you can get into somebody's brain and tell them, look,
17:49
Speaker 3: you're you're a three person family. You may not need
17:54
Speaker 3: a six bedroom house. You know, that's probably overkill at
17:57
Speaker 3: this point in time. I mean you can try to
17:58
Speaker 3: have that conversation. But people want to do what they're
18:00
Speaker 3: going to do, right.
18:01
Speaker 4: I mean, well, and you know, people, it's their money.
18:04
Speaker 4: They can do what they want. You know, you can
18:05
Speaker 4: do it right you want with your money. It's not
18:07
Speaker 4: my job to tell you what you should and shouldn't
18:09
Speaker 4: do as far as your desires go. It's my job
18:14
Speaker 4: to look at the financial situation and say, okay, does
18:17
Speaker 4: this fit within the realm of the goal of you
18:20
Speaker 4: saving for retirement and is are you balancing that you
18:24
Speaker 4: know out correctly and you know, if you want to
18:28
Speaker 4: buy a ten million dollar home and you can afford it,
18:32
Speaker 4: go for it. You know that that's nothing wrong with that,
18:35
Speaker 4: but you need to make sure you've got all the
18:38
Speaker 4: other things taken care of first. Exactly. Yeah, yeah, that
18:41
Speaker 4: makes sense. We want to talk a little bit more
18:42
Speaker 4: about home ownership when we come back. Some of the
18:44
Speaker 4: tips when you're getting into a new home, either refinancing
18:47
Speaker 4: or maybe looking to purchase a new home or maybe
18:49
Speaker 4: your first one, and what that might mean for your
18:51
Speaker 4: financial future and how you can plan for your retirement.
18:53
Speaker 4: Make sure it doesn't cause any interruptions in that. So
18:55
Speaker 4: if you have any questions in that space or anything
18:57
Speaker 4: else at all that John can help you with, you
18:58
Speaker 4: can give us a call. We're going to take a
18:59
Speaker 4: brea care when we come back. We cannot put you
19:01
Speaker 4: right on the air. Three zero four three four five
19:03
Speaker 4: fifty eight fifty eight three four five fifty.
19:04
Speaker 3: Eight fifty eight. You can give us a call this morning.
19:06
Speaker 3: You can also text three zero four non three five
19:08
Speaker 3: five zero zero eight three zero four non three five
19:11
Speaker 3: five zero zero eight. You're listening to retire Right Radio
19:13
Speaker 3: this morning. John Bredette is here from Fourth Avenue Financial.
19:16
Speaker 3: I'm del Cooper will be back right after this.
19:18
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20:00
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20:03
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20:11
Speaker 4: What if the market drops after you retire? What if
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Speaker 4: healthcare costs continue to rise? What if you outlive your savings?
20:16
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Speaker 2: I hof. This is retire Right Radio with John Burdett
21:16
Speaker 2: from Fourth Avenue Financial, taking your calls at three oh
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Speaker 2: four three four five fifty eight fifty eight or texts
21:23
Speaker 2: on three oh four nine five fifty eight.
21:38
Speaker 3: I mean Jimmy Hendricks are white yet? Right? Yeah? I
21:43
Speaker 3: made Dave choose between our in a little game that
21:46
Speaker 3: we play on Hotline last week called pick one. I
21:49
Speaker 3: made him pick a better blues riff between Jimmy Hendricks
21:52
Speaker 3: and kream Eric Clapton basically, and he went with Hendricks.
21:56
Speaker 3: But it's kind of you can't really it's hard to
21:59
Speaker 3: go against that.
22:00
Speaker 4: It really is hard to go against that. But I,
22:02
Speaker 4: you know, slightly different style.
22:04
Speaker 3: Yeah, yeah, definitely, definitely.
22:06
Speaker 4: That's I saw a clip of Glenn Campbell, who is
22:10
Speaker 4: also a great guitar player, and you know, somebody who's
22:14
Speaker 4: the host of the show was asking him, you know
22:16
Speaker 4: who's a better guitar player, you or Eric Clapton. It
22:20
Speaker 4: was like, well, he said, Eric Clapton. Does Eric Clapton
22:25
Speaker 4: better than anyone, right, But I can play a lot
22:28
Speaker 4: of other you know, a lot of other things. So
22:31
Speaker 4: it's everybody has their own.
22:33
Speaker 3: Everybody has their own style and what they like, what
22:35
Speaker 3: they like to listen to. They're at that level. They're
22:37
Speaker 3: all pretty good. It's just a question of your taste, right,
22:41
Speaker 3: That's absolutely true. I always enjoy putting Dave to the
22:45
Speaker 3: Screws and stuff like that because he loves his music.
22:47
Speaker 3: Stuff to talk about as well. You can give us
22:49
Speaker 3: a call this morning if you want to talk primarily
22:51
Speaker 3: about financial stuff. If you have a your music opinion,
22:53
Speaker 3: you're welcome to share that too. Threes are A four
22:55
Speaker 3: three four five fifty eight fifty eight three four five
22:57
Speaker 3: fifty fifty Talking a little bit this morning about what
22:58
Speaker 3: if you're buying buying a house or well primarily buying
23:03
Speaker 3: a home, either from a home into a home, or
23:06
Speaker 3: a buying for the first time. Let's talk first about
23:07
Speaker 3: if you're if you're upgrading, if you already have a
23:09
Speaker 3: house and you're looking to get into a into another house,
23:12
Speaker 3: or I guess you could be a downsizing depending on
23:14
Speaker 3: where you are in your life. But so we talk
23:17
Speaker 3: primarily about making sure you're buying the right kind of house.
23:20
Speaker 3: And again you can't tell people what the kind of
23:23
Speaker 3: house is, but just make some considerations, you know, yeah,
23:25
Speaker 3: and you know, when you what.
23:27
Speaker 4: I typically see people are as the inter retirement. Sometimes
23:31
Speaker 4: they do downsize their home, which can free up some capital,
23:35
Speaker 4: which is a you know, which is help storats that goal.
23:38
Speaker 4: But there again you're downsizing the home to realize that gain.
23:43
Speaker 4: A lot of times we'll see people moving laterally to
23:47
Speaker 4: a different location, maybe because the grandchildren and children are there.
23:51
Speaker 4: Sometimes we'll have folks wanting to buy a second home,
23:53
Speaker 4: a vacation property. You know, those are all very common
23:58
Speaker 4: things that I see as in my role as a
24:01
Speaker 4: financial advisor. And then setting down figuring out, okay, what
24:07
Speaker 4: does the budget look like after you buy the home?
24:08
Speaker 4: It's not just buying the home, but how does it
24:11
Speaker 4: change your budget going forward? And then do the resources
24:15
Speaker 4: you saved for that retirement still meet your needs or
24:20
Speaker 4: are you introducing too much risk by taking on that
24:23
Speaker 4: payment or that obligation. And it may not even be
24:26
Speaker 4: a payment if you're selling a house and moving laterally,
24:29
Speaker 4: maybe you're just paying cash for but do the monthly
24:33
Speaker 4: obligations change and how does that affect the budget, or.
24:37
Speaker 3: If you buy a second home.
24:38
Speaker 4: Maybe you can afford to buy a second home, for instance,
24:40
Speaker 4: and there's no problem with that, but there's a lot
24:43
Speaker 4: of cost in jotting back and forth to a location
24:47
Speaker 4: and keeping two utilities on and all of those things.
24:50
Speaker 4: So it's sometimes it's not just the initial price tag,
24:53
Speaker 4: but it's the ongoing expenses that go with it that
24:56
Speaker 4: you really have to work into that budget and make
24:59
Speaker 4: sure you sharpen the and understand what you are taking
25:02
Speaker 4: on before you take it on.
25:04
Speaker 3: And such staves advice because I feel that a lot
25:06
Speaker 3: of the woe that happened during the twenty two thousand
25:09
Speaker 3: and eight crisis came from people not understanding a lot
25:11
Speaker 3: of what you're talking about. Like suddenly the keys to
25:14
Speaker 3: the kingdom are open up to you because interest rates
25:16
Speaker 3: are no longer twelve percent, they're six percent, and so
25:18
Speaker 3: you're like, look, how much more house I can buy.
25:21
Speaker 3: That doesn't necessarily mean that you should buy that much
25:23
Speaker 3: more house. And a lot of people got upside down
25:25
Speaker 3: like that, not only for that, but accelerated values that
25:28
Speaker 3: weren't really there and different things like that. I mean,
25:29
Speaker 3: there's a lot of things that went into it. But
25:31
Speaker 3: the bottom line is you can protect yourself in a
25:33
Speaker 3: lot of ways just by making decisions that make sense
25:35
Speaker 3: and making decisions make sense to you, and that's a
25:40
Speaker 3: way that you can safeguard against a lot of those things.
25:44
Speaker 3: But primarily, speaking from a financial planning standpoint, if you
25:48
Speaker 3: can get the whatever you have, if your payments are
25:52
Speaker 3: a wash where you can make the adjustments for it,
25:54
Speaker 3: you got to pay attention to things like the insurance
25:56
Speaker 3: and taxes at the place one time purchase. Okay, you
25:58
Speaker 3: got that taken care of. Are you flood plain now?
26:00
Speaker 3: So are you carrying insurance on the house on top
26:03
Speaker 3: of do you have to carry like some sort of
26:04
Speaker 3: flood insurance? Some vacation properties have things like that because
26:06
Speaker 3: of their approximity to the water and stuff. I mean,
26:08
Speaker 3: there's tons of things that you have to keep in
26:10
Speaker 3: mind that can really drive the price of those things up.
26:12
Speaker 3: But assuming you've done all all of those things and
26:15
Speaker 3: you feel pretty good about where you're going to be,
26:18
Speaker 3: there shouldn't really be much pain as far as as
26:20
Speaker 3: far as it goes and maintaining your retirement portfolio because
26:24
Speaker 3: all of that money still is doing the same work
26:25
Speaker 3: as it did beforehand, you're just changing the properties that
26:28
Speaker 3: you're living in.
26:29
Speaker 4: Yeah, if you're experiencing pain in a move that you know,
26:34
Speaker 4: it's you've already made that mistake. You know, you need
26:38
Speaker 4: to figure those numbers out beforehand because it can drastically
26:42
Speaker 4: alter your financial path if you you know, especially if
26:47
Speaker 4: you're invading your retirement money to come up with the
26:51
Speaker 4: twenty percent down payment. You know, a lot of folks
26:54
Speaker 4: will look at that pool of money and say, oh, well,
26:57
Speaker 4: I can buy this house because I've got this money
26:59
Speaker 4: of here in my retirement account and I can just
27:02
Speaker 4: borrow against that to pay that, you know, pay the
27:04
Speaker 4: down payment. Well, if you're doing that, then is your
27:08
Speaker 4: budget really correct to support that, because you're taking it
27:12
Speaker 4: out of productive money you've saved in the past. If
27:18
Speaker 4: you if you're if you're invading that, are you really
27:21
Speaker 4: able to afford that? You know, I would argue that
27:24
Speaker 4: that's probably not a wise thing to do. You know,
27:27
Speaker 4: that had a purpose, That money had a purpose to
27:29
Speaker 4: pay for your retirement. You know, you have to have
27:32
Speaker 4: those productive assets earning money so that that you one
27:37
Speaker 4: day won't have to go out and earn money. You know,
27:40
Speaker 4: how are you going to deal with that. If you're
27:41
Speaker 4: robbing it today to buy a house, that is, as
27:46
Speaker 4: we said before, it's consumption. You know, your house is
27:50
Speaker 4: consumption if you're living in it. Real estate is an
27:53
Speaker 4: asset if you're not living in it, right, And you know,
27:57
Speaker 4: I think that's the biggest confusion that most folks have.
28:00
Speaker 4: You know, they see everybody says, you got to get
28:02
Speaker 4: you got to get a house. You know it's it's uh,
28:05
Speaker 4: it's an asset. Well, it is, but it's not the
28:08
Speaker 4: same thing as you know, a stock producing passive income
28:12
Speaker 4: for you, right, or a bond producing interest income for
28:15
Speaker 4: you that's going to fund your day to day living
28:17
Speaker 4: down the road.
28:18
Speaker 3: It's sort of like we've thought before, like the TikTok
28:21
Speaker 3: advice or the type of one line advice that you
28:23
Speaker 3: get people that call equity like a uh, it's like
28:26
Speaker 3: your personal savings account and you can take money out
28:28
Speaker 3: of any time. That's not necessarily true. Number one, it
28:31
Speaker 3: costs money to buy money to borrow money, so you
28:34
Speaker 3: know it's going to be an interest rate to it,
28:35
Speaker 3: and you don't know what the situation is going to
28:37
Speaker 3: be around a loan at any given time. Like suddenly
28:39
Speaker 3: you find yourself in a situation you need ten grand. Oh,
28:41
Speaker 3: I have one hundred thousand dollars at equity. I'll just
28:43
Speaker 3: pull out ten grand. Okay. I mean maybe you can
28:46
Speaker 3: walk into your bank and get like some sort of
28:47
Speaker 3: signature loan or something based on all that, But who
28:49
Speaker 3: knows what the circumstances are in that time.
28:51
Speaker 4: With the circumstances, and even if you can, the fact
28:55
Speaker 4: that you're borrowing money to meet those daily needs means
28:59
Speaker 4: you've over stretched. If you have to borrow money to
29:02
Speaker 4: deal with things that you know are quote emergencies, but
29:09
Speaker 4: it's not an emergency if you own a house and
29:11
Speaker 4: you need to put a new roof on them, right,
29:13
Speaker 4: that's just that's just things that come with owning a home.
29:17
Speaker 4: You know. If you if you are unable to fund
29:20
Speaker 4: that without borrowing money, you know, we've talked about that before,
29:24
Speaker 4: your credit card debt, things of that nature. If you
29:27
Speaker 4: have that, that's a sign that you're not living within
29:30
Speaker 4: your means and you're you're overstretching your budget. That's the
29:35
Speaker 4: canary in the coal mine. I mean, that's proof that
29:38
Speaker 4: you're not living within your means. And if you're borrowing
29:40
Speaker 4: money against your property, to pay for those needs. Then
29:45
Speaker 4: you know, the mistake was probably made when you bought
29:47
Speaker 4: the house in the beginning. You probably stretched too far,
29:53
Speaker 4: you know, unless your financial circumstances change, which is also
29:56
Speaker 4: a risk of any kind of debt.
30:00
Speaker 3: Yeah right.
30:01
Speaker 4: You know, you might be able to afford it fine now,
30:03
Speaker 4: but there might be a circumstance change that makes you
30:05
Speaker 4: unable to afford it in the future.
30:07
Speaker 2: You know.
30:08
Speaker 4: That's why I think stretching to the edge of the
30:10
Speaker 4: limit of what you can buy is, you know, taking
30:16
Speaker 4: on a risk that you no longer control.
30:18
Speaker 3: There's all kinds of things in there that people I'm
30:20
Speaker 3: sure that work in these industries are used to. But
30:22
Speaker 3: I remember again when I did mortgages, one of the
30:25
Speaker 3: things that was always kind of touch and go were
30:26
Speaker 3: people that made commission for a living. You know, even
30:31
Speaker 3: when I was doing that job, commission was a large
30:33
Speaker 3: part of my paycheck. And I may not know from
30:36
Speaker 3: necessarily to the penny, from one paycheck to the next,
30:39
Speaker 3: how much exact money that I was going to make,
30:41
Speaker 3: and it could vary wildly. I think our base draw
30:44
Speaker 3: was seven hundred and fifty dollars or something like that
30:47
Speaker 3: a week, But I have made as much as like
30:51
Speaker 3: twenty four twenty three thousand dollars in a paycheck, you know,
30:54
Speaker 3: depending on what closes and when it closes and things
30:56
Speaker 3: like that. Your taxes get different in those situations as well,
30:59
Speaker 3: because you have your tax differently out of a particular
31:02
Speaker 3: page that you have to make sure you have those
31:03
Speaker 3: things right. I mean, you can really get yourself into
31:05
Speaker 3: some difficulty if you're not paying attention to all the
31:09
Speaker 3: different things that are happening in your life when it
31:11
Speaker 3: comes to your income streams and stuff. You can't assume
31:13
Speaker 3: the best month is every month, and I think a
31:15
Speaker 3: lot of people will do that. I was like, well,
31:17
Speaker 3: in a good month, I can make this much money,
31:18
Speaker 3: so I can get this much house. But you know
31:20
Speaker 3: what happens when you don't have that month right, right?
31:23
Speaker 4: Yeah, no doubt about it. And you know, I think
31:27
Speaker 4: it's also important. Another point I wanted to make is
31:31
Speaker 4: if you don't think you're going to stay in a location,
31:35
Speaker 4: then you're probably better off renting if you're there in
31:38
Speaker 4: a short period of time. Just an example, we've talked
31:43
Speaker 4: about it. We purchased the house last week and at
31:46
Speaker 4: the closing, you know, you see the closing documents, and
31:50
Speaker 4: you know what the buyers and the sellers have to
31:52
Speaker 4: pay and what they get. And you know, the people
31:55
Speaker 4: we bought our house from had only been there a
31:57
Speaker 4: couple of years. Now we paid more more money than
32:00
Speaker 4: they paid for the house, just slightly. But by the
32:04
Speaker 4: time you back out all the closing costs they have
32:08
Speaker 4: and and the factor in the down payment that they
32:11
Speaker 4: put down, you know, that house actually costs them money.
32:15
Speaker 4: Now they got to consume it and live in it,
32:17
Speaker 4: but it wasn't an investment even though it went up
32:19
Speaker 4: in value, right because they weren't there long enough for
32:23
Speaker 4: that to to you know, build up in their in
32:28
Speaker 4: their favor.
32:29
Speaker 3: I'm not an expert in this space, but I am
32:31
Speaker 3: somewhat convinced that young couples are it's pushed on them
32:34
Speaker 3: a little too early that they need to buy a
32:36
Speaker 3: house right away. Like I think, in a lot of circumstances,
32:38
Speaker 3: when you're trying to find your way early in your
32:40
Speaker 3: career and your life and figure out what you're going
32:41
Speaker 3: to do, renting for a few years is fine. You know,
32:44
Speaker 3: figure out what you're going to do, and then so
32:45
Speaker 3: you don't buck yourself into a situation where you have
32:47
Speaker 3: to sell later. Yeah.
32:48
Speaker 4: A lot of times folks look at it, well, you
32:50
Speaker 4: know I can buy this house for one thousand dollars
32:53
Speaker 4: a month and it costs twelve hundred dollars to rent. Well,
32:57
Speaker 4: why wouldn't I buy the house?
32:58
Speaker 3: Well, when the.
33:00
Speaker 4: Air conditioner goes out and that doesn't work, you know,
33:03
Speaker 4: you call the landlord and that's part of that money
33:06
Speaker 4: that you're paying extra. When it's your home, you have
33:10
Speaker 4: to come up with that money in a lump some yep.
33:14
Speaker 4: So is it that much cheaper? I mean, yes, there's
33:17
Speaker 4: the equity that potentially could build if the if the
33:19
Speaker 4: value goes up. But really, when you're buying a house,
33:23
Speaker 4: what you're doing is you're locking in your cost of shelter, right,
33:30
Speaker 4: you know, you're locking it in and you still have
33:32
Speaker 4: expenses that go with it, but you're locking it in
33:35
Speaker 4: where when you're renting, you're subject to inflation a little
33:40
Speaker 4: a little more, you know. So the value of a house,
33:44
Speaker 4: because it is consumption, is that you're buying it today
33:47
Speaker 4: and locking in the price. And if you're going to
33:49
Speaker 4: be somewhere a long period of time, yeah, then it
33:52
Speaker 4: can really make sense. But if you are trying to
33:55
Speaker 4: figure out where you're going to work and where you're
33:57
Speaker 4: going to live, and you know who you're going to
34:00
Speaker 4: marry in all of these things. You know, I don't
34:04
Speaker 4: see why there is a rush to purchase a home.
34:08
Speaker 3: I think somebody might get into a situation that didn't
34:09
Speaker 3: really necessarily need to be in, you know what I mean,
34:11
Speaker 3: and then you have to unwind from that. And generally
34:14
Speaker 3: the you.
34:14
Speaker 4: Know, real estate is fairly stable, but there certainly can
34:17
Speaker 4: be downturn senate and if you own a house in
34:21
Speaker 4: one of those periods and try to turn it over quickly,
34:24
Speaker 4: you know, you might get caught, and then you've got
34:26
Speaker 4: to come up with actual additional money to get out
34:30
Speaker 4: of the thing.
34:31
Speaker 3: I've shared this before. I'm not sure on this show
34:33
Speaker 3: before or not, but my my ex wife and I
34:36
Speaker 3: bought a house once that was a really nice house,
34:38
Speaker 3: got a great deal on it, and ten months later
34:42
Speaker 3: she got a different job and it made her commute
34:44
Speaker 3: just absolutely a bear, just absolutely impossible, and we ended
34:48
Speaker 3: up renting out our brand new house basically and getting
34:51
Speaker 3: an apartment halfway in between our jobs so she wouldn't
34:53
Speaker 3: have that terrible for commute. And although we got to
34:56
Speaker 3: like apartment slash condo living instead of house living. It
35:00
Speaker 3: was probably like the best three years of home ownership
35:03
Speaker 3: that I've ever had because I didn't do a thing,
35:05
Speaker 3: Like we made enough money on the rent to pay
35:07
Speaker 3: for the or the rent that we were renting out
35:09
Speaker 3: our house for, to pay for the rent of the
35:11
Speaker 3: apartment we were living in, and enough to fund like
35:14
Speaker 3: a maintenance feet whenever there was incidentals that came up.
35:16
Speaker 3: It never came out of my pocket. Man. I mean,
35:18
Speaker 3: we didn't make a ton of money with it. But
35:20
Speaker 3: I lived free for like three years, sure, and that
35:23
Speaker 3: felt pretty good. I had to admit. It wasn't bad
35:25
Speaker 3: at all. When I had a problem with my air
35:27
Speaker 3: conditioner or with my garbage disposal or whatever, Man, I
35:30
Speaker 3: had a twenty four hour maintenance guy. I just cause like, man,
35:32
Speaker 3: you got to come and fix this in the morning.
35:34
Speaker 3: And I had a company that would go fix the
35:36
Speaker 3: stuff because I had it funded through my maintenance company
35:38
Speaker 3: that took care of the property as well. It was
35:40
Speaker 3: pretty high living for a while for me. Man, those
35:43
Speaker 3: three years were it wasn't that bad. Not everybody has
35:45
Speaker 3: that situation of course or whatever. But it also enabled
35:48
Speaker 3: me to save some money because I didn't have a
35:50
Speaker 3: real home living expenses, so anything I would have normally
35:52
Speaker 3: have spent towards that basically just went into the bank.
35:54
Speaker 4: It wasn't bad, right, And there again that's that's investment
35:58
Speaker 4: property versus the consumption. And you know that investment properly
36:03
Speaker 4: paige your return that living in the house yourself, you
36:07
Speaker 4: would have been the guy paying it.
36:08
Speaker 3: Yeah, exactly true. I mean, it just depends on the
36:10
Speaker 3: situations that you're in. And I love having these conversations
36:13
Speaker 3: with John because I think then when we take one
36:15
Speaker 3: subject and talk about it a lot, like we did
36:16
Speaker 3: this morning, I think it uneersed a lot of gems
36:19
Speaker 3: when it comes to your financial future, things that you
36:22
Speaker 3: need to look out for, and maybe looking at things
36:24
Speaker 3: a little differently than what you might normally have in
36:27
Speaker 3: the past. And so if if John did that this morning,
36:30
Speaker 3: if we did that this morning, then hopefully we did
36:32
Speaker 3: our jobs. Just a little bit. Let me make sure
36:33
Speaker 3: that we get the information out to you. Just realize
36:35
Speaker 3: that the show is starting to close in on us.
36:38
Speaker 3: You can find fourth Avenue Financial downtown Charleston. It's one
36:40
Speaker 3: seventy Court Street. Their fund numbers three zero, four seven
36:43
Speaker 3: four six seven nine seven seven three zero four seven
36:45
Speaker 3: four six seven done seven seven online Fourth Avenue Financial
36:48
Speaker 3: dot Com. You spell out the whole thing Fourth Avenue
36:50
Speaker 3: Financial dot Com and you can also find it on Facebook.
36:53
Speaker 3: You do that same search and like the page. John
36:55
Speaker 3: has some different programs and meetings and things that take place.
36:58
Speaker 3: We probably have something coming up here sometime this summer. Oh,
37:01
Speaker 3: we'll have.
37:02
Speaker 4: Something as soon as I can finish my move. Well,
37:06
Speaker 4: Don's been a bit busy, so yeah, yeah. If you
37:08
Speaker 4: has anybody listening out there has a truck, come on
37:10
Speaker 4: over and.
37:12
Speaker 3: It'll be moving in donuts instead of Oh that's right,
37:15
Speaker 3: we'll move like the clampits great stuff. Job for dat
37:18
Speaker 3: from Fourth Avenue Financial once again, Fourth Avenue Financial dot Com,
37:20
Speaker 3: One seventy Court Street, Downtown Charleson across from the Town
37:22
Speaker 3: Center Mouth three zero four seven four six seven nine
37:25
Speaker 3: seven seven three zero four seven four six seven non
37:27
Speaker 3: seven seven. John, we'll see you back here next week.
37:29
Speaker 3: All right, take care, Thanks and bunch. That's John for dad.
37:31
Speaker 3: I'm del Cooper. Coming up next Dave Allen on The
37:33
Speaker 3: Dave Vallence Show. He'll be followed by Dave and TJ
37:36
Speaker 3: on talk Line this afternoon Dave Allen and Amanda Baron
37:39
Speaker 3: will be back this afternoon at twelve, and I'll be
37:42
Speaker 3: back hosting for Dave Weekly today at three. Have a
37:45
Speaker 3: great day everyone on five ADWHS.
37:48
Speaker 2: Fight EDWCTS AM eighty six point five, Charles twenty four
37:52
Speaker 2: point five, Cross Lane Ony WVRC Media Station.
37:56
Speaker 3: We're proud to live here too,