Latest / WCHS Network Podcasts / 09/23/2024 Retire Right Radio with John Burdette

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09/23/2024 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 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five eight WCCHS
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Speaker 2: its employees or WVRC Media. This is retire Rite Radio,
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Speaker 2: a weekly show from John Verdett at Fourth Avenue Financial
0:31
Speaker 2: that aims to answer your questions about financial planning, investing,
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Speaker 2: and how to retire right. Fourth Avenue Financial is located
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Speaker 2: in downtown Charleston at one seventy Court Street. More information
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Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
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Speaker 2: by calling three oh four three four five fifty eight
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Speaker 2: fifty eight or text three oh four nine three five
0:52
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
0:59
Speaker 2: Fourth Avenue Financial Nancial Views. You are listening to retire
1:08
Speaker 2: Right Radio. It is Monday morning here in the month
1:10
Speaker 2: of September. September is almost over here.
1:12
Speaker 3: You believe that we are like a month and a
1:15
Speaker 3: couple of days away from Haliween, which means that we're
1:17
Speaker 3: just like three months away from Christmas. Have you done
1:21
Speaker 3: your Christmas shopping yet? Holy I got my candy corn.
1:24
Speaker 3: That's about halfway between here and there. I guess you'll
1:26
Speaker 3: listen to retire Right Radio this morning. I'm Del Cooper.
1:29
Speaker 3: On the other end in the studio, here is John
1:31
Speaker 3: Burdette Live and Studio this morning.
1:32
Speaker 4: Hey doing today, John, I'm doing wonderful.
1:35
Speaker 3: It's good to see again. John from Fourth Avenue Financial.
1:37
Speaker 3: More information online Fourth Avenue Financial dot com. You spell
1:39
Speaker 3: out the whole thing, no abbreviations, Fourth Avenue Financial dot
1:43
Speaker 3: com and you can find the website. Do that same
1:45
Speaker 3: search on Facebook and you can find the information over there.
1:47
Speaker 5: So yet we're off. Last week we ran a.
1:51
Speaker 3: Previous show which was from earlier in the year, and
1:55
Speaker 3: so we have a lot of stuff we can talk
1:57
Speaker 3: about this week.
1:57
Speaker 5: Absolute tons of things that are going on.
2:00
Speaker 4: The whole last month, it was I guess three three
2:04
Speaker 4: weeks I was traveling, and two of them for business,
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Speaker 4: one for semi pleasure.
2:11
Speaker 5: What's the expression man. This last month has been a
2:13
Speaker 5: long year, so I should be.
2:15
Speaker 4: Back in the saddle now for for a while.
2:17
Speaker 5: It's great stuff.
2:18
Speaker 3: If you have any questions for John, you know there
2:19
Speaker 3: the landscape has changed a little bit since the last
2:21
Speaker 3: time John was love and student, and give us call
2:23
Speaker 3: this morning. Three zero four three four five fifty eight
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Speaker 3: fifty eight three four five fifty eight fifty eight. You
2:26
Speaker 3: can text over any questions you have to three zero
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Speaker 3: four non three five five zero zero eight. Three zero
2:31
Speaker 3: four non three five five zero zero eight is our
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Speaker 3: text on number. Any questions you have for John about
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Speaker 3: investment strategies, how you can retire right, manage your money,
2:39
Speaker 3: financial planning. If you've had any life changes, or you're
2:42
Speaker 3: expecting some life changes coming up, or the question is
2:45
Speaker 3: for you or a loved one, you're welcome to give
2:47
Speaker 3: us a call this morning and John can send you
2:48
Speaker 3: in the right direction. Three zero four three four five
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Speaker 3: fifty eight fifty eight three four five fifty eight fifty eight.
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Speaker 3: So let's talk a little bit about well, let's talk
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Speaker 3: about the market and such first. Then we'll talk about
2:57
Speaker 3: your travels a little bit, and then we have some
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Speaker 3: investment strategy. She's some tips that we're going to talk
3:01
Speaker 3: about like we normally do today. So since the last
3:04
Speaker 3: time you were here, we've had I think we set
3:05
Speaker 3: new highs in the market at some points, so we
3:08
Speaker 3: had more record highs, which is good news.
3:11
Speaker 4: Hard to say, hard to find the bad, and that.
3:14
Speaker 3: If you stayed with your investments in your four oh
3:17
Speaker 3: one k through it all, that means that you're back
3:19
Speaker 3: in the sidewa again or you have been for quite
3:21
Speaker 3: some time. Interest rates were cut, which is something that
3:23
Speaker 3: we'll talk a little bit about, and it was the
3:25
Speaker 3: half point half point in the office pool I had.
3:28
Speaker 3: I had twenty five basis points, so I was a
3:30
Speaker 3: little surprised.
3:31
Speaker 4: I would have gone for that too, but.
3:33
Speaker 5: I lost my shirt there.
3:34
Speaker 4: You know, although in the market clamors for something like
3:38
Speaker 4: that sometimes they can talk to fed into the jaw
3:40
Speaker 4: bunnet a little bit.
3:42
Speaker 3: And I do wonder because the one thing that you've
3:44
Speaker 3: taught me about is stuff that are baked into the
3:45
Speaker 3: markets and things along those lines. And it does actually
3:47
Speaker 3: seem like a half point was sort of baked into
3:50
Speaker 3: what was expectations, or at least it was somewhere in
3:53
Speaker 3: between where it wasn't that huge of a shock for
3:54
Speaker 3: the market response.
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Speaker 4: Yeah, yeah, it's interesting. The first day that it was cut,
3:58
Speaker 4: the market went actually went down, and then and then
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Speaker 4: it roared ahead, you know, the following day. So say
4:05
Speaker 4: it goes to show you never can tell.
4:06
Speaker 3: So from from just as we've been kind of warning
4:09
Speaker 3: people about these cuts coming up. So you know, if
4:11
Speaker 3: you were into some index types of investments before, now
4:15
Speaker 3: you had a more advantageous time before the interest rate cuts.
4:19
Speaker 3: So now it's not like interest rates are super low,
4:21
Speaker 3: but a half point cut is a half point cut.
4:23
Speaker 4: No, but but clearly, well, the Fed has been signaling
4:26
Speaker 4: a direction change for months and finally we have the
4:29
Speaker 4: first move. But you know, generally you're going to look
4:32
Speaker 4: at uh and the Fed is telegraphic a series of cuts.
4:36
Speaker 4: So we have a half point cut that we got
4:40
Speaker 4: last week, and then the signal is that there may
4:44
Speaker 4: be two more cuts before the end of the year
4:46
Speaker 4: November December.
4:47
Speaker 5: That's pretty aggressive, so probably.
4:50
Speaker 4: Quarter point cuts there at least that's the expectation, and
4:55
Speaker 4: then the Fed is saying maybe four more rate cuts
4:58
Speaker 4: next show. So and if you go out farther, and
5:02
Speaker 4: of course you go out farther, the farther you go
5:04
Speaker 4: the less certain right, you know, things are, but on
5:08
Speaker 4: the FEDS they call it a dot plot type projection
5:14
Speaker 4: that they publish even a couple cuts in twenty twenty
5:19
Speaker 4: six going out that far. So you know, clearly the
5:22
Speaker 4: FED believes that inflation will be under control right now.
5:29
Speaker 4: They seem to be really looking at inflation, but also
5:33
Speaker 4: looking at the jobs market. There's some a little bit
5:37
Speaker 4: softening in the jobs market, and I think that's maybe
5:39
Speaker 4: what precipitated the fifty basis point cut. Unemployment rate is
5:44
Speaker 4: still at near historic lows. It's not that the jobs
5:47
Speaker 4: market is falling apart, but there are signs that there's
5:51
Speaker 4: some some sluggishness that may be developing there.
5:54
Speaker 3: And the economy is like tacking a ship, So you
5:56
Speaker 3: don't want to wait until you get more signs. You
5:58
Speaker 3: want to try to anticipate some those things a little
6:00
Speaker 3: bit if you can.
6:01
Speaker 4: Yeah, And and the FED has a history of, you know,
6:03
Speaker 4: being behind a little bit with with some of those things.
6:06
Speaker 3: So well, one question I had as far as now
6:08
Speaker 3: we're starting to talk about interest rate cuts, and we've
6:10
Speaker 3: had discussions on this program before that you know, a
6:13
Speaker 3: zero interest rate environment wasn't really although it was great
6:16
Speaker 3: to borrow money and things like that for individuals. Also,
6:19
Speaker 3: governments were borrowing money at zero present. I mean, it
6:21
Speaker 3: was not doing anything to keep down out as firing
6:24
Speaker 3: costs out of control and borrowing money and things like that.
6:27
Speaker 3: So as we look at these stepped cuts that are coming,
6:30
Speaker 3: we know that, you know, like inflation, you're looking at
6:32
Speaker 3: you know, like a two percent of inflation for GDP,
6:35
Speaker 3: you're looking at three percent plus GDP, things like that.
6:38
Speaker 3: Is there actually a settled upoint like sort of place
6:40
Speaker 3: where interest rates should settle at?
6:43
Speaker 4: You know, it's hard to really tell. Yeah, it's just
6:47
Speaker 4: what will bear. You know, there are various times when
6:53
Speaker 4: it should be higher and various times when it should
6:56
Speaker 4: be lower. I think if we get a back to
6:59
Speaker 4: a two said inflation rate, I think you're probably looking
7:04
Speaker 4: at like if you're thinking about things as a consumer,
7:07
Speaker 4: like if you're going to buy a house, something like that.
7:10
Speaker 4: I don't think we're going to get back down to
7:12
Speaker 4: three percent mortgage rates, right, But if the Fed does
7:15
Speaker 4: their cuts the way they're describing, you know, it may
7:18
Speaker 4: very well be possible to get a five percent mortgage
7:22
Speaker 4: next year, right, things like.
7:24
Speaker 5: That, Getting a little bit back more into.
7:26
Speaker 4: Yes, were where that doesn't become as much of an
7:30
Speaker 4: impediment to purchasing those type of things and a two
7:34
Speaker 4: percent inflation rate environment.
7:37
Speaker 3: I was right in that pocket where everything that was
7:39
Speaker 3: happening was was undercutting plans that my wife and I had,
7:43
Speaker 3: I mean every single thing that was going on, Like
7:45
Speaker 3: we were looking at possibly getting a new house. We
7:47
Speaker 3: have a super low interest rate with a super low
7:49
Speaker 3: principle in our mortgage right now.
7:50
Speaker 5: It did not work.
7:51
Speaker 3: No math worked for us to get another house with
7:54
Speaker 3: the interest rates going as high as they did.
7:55
Speaker 5: It just didn't.
7:56
Speaker 3: It wasn't going to work out. So maybe people like
7:58
Speaker 3: me will get a little bit of opportun unity now.
8:00
Speaker 4: Yeah, and it will be interesting to see what actually
8:02
Speaker 4: happens with housing prices as as will will it reignite
8:07
Speaker 4: the prices on homes. You know, some of that is
8:13
Speaker 4: supply and demand. I mean in certain areas of the
8:15
Speaker 4: country there are shortages of housing. And you know they
8:20
Speaker 4: say that all real estate is local, so you know,
8:22
Speaker 4: you can see these statistics across the country that get published,
8:26
Speaker 4: but that doesn't mean that's happening in your town. It'll
8:30
Speaker 4: be interesting here too. I mean, there's some things going
8:32
Speaker 4: on here that with the new Core and some of
8:37
Speaker 4: these big projects that are going on. You know, those
8:40
Speaker 4: are a lot of good paying jobs. Where are those
8:43
Speaker 4: folks are going to live? You know, how is that
8:45
Speaker 4: going to affect the real estate market in certain areas
8:49
Speaker 4: of the state. So it'll be it'll be interesting to
8:52
Speaker 4: see how it all plays out.
8:54
Speaker 3: We'll be very It is fascinating times as we see,
8:58
Speaker 3: and one of these things have to happen right towards
8:59
Speaker 3: the end of like an election cycle too. You know,
9:01
Speaker 3: it's like you couldn't have relative relative rest like at
9:05
Speaker 3: year two, you know, I mean, you couldn't you couldn't
9:07
Speaker 3: get through some of this stuff to see how things go,
9:08
Speaker 3: because regardless of what you think about policies or anything else,
9:11
Speaker 3: it would be nice to see whoever things were, if
9:14
Speaker 3: things are actually looking pretty decent now through everything, I mean,
9:17
Speaker 3: and now we're getting ready to maybe reshuffle the deck
9:20
Speaker 3: once again when it comes to November. It's almost sort
9:23
Speaker 3: of a I mean, other people may not agree, but
9:24
Speaker 3: it's almost sort of a shame if things are trending upward.
9:26
Speaker 5: You hate to see the boat rocked all that much.
9:29
Speaker 5: But yeah, you know, the.
9:33
Speaker 4: Speaking of my travels. Earlier in the month, I went
9:36
Speaker 4: to Boston to Fidelities headquarters and that was one of
9:40
Speaker 4: the main topics that people kept their other advisors there,
9:43
Speaker 4: you know, asking questions about elections. And they have this
9:45
Speaker 4: great room called the chart Room, and it goes back
9:49
Speaker 4: historically and has charts back into the eighteen hundreds. Are
9:54
Speaker 4: the size of the wall, I mean, it's amazing. And
9:58
Speaker 4: looking at electionss, you know, everybody wants to say, hey,
10:02
Speaker 4: my team is better for the stock marker, my team
10:05
Speaker 4: is better for the economy. And really, if you look
10:11
Speaker 4: at the data, divided government provides the best outcome for
10:17
Speaker 4: the markets. Just looking at the data. Why might that be?
10:22
Speaker 4: You know, with your guess is as good as mine,
10:24
Speaker 4: it may be something along the lines of the rules
10:28
Speaker 4: don't change. If the rules don't change, it's easy to
10:31
Speaker 4: know how to operate to be profitable.
10:34
Speaker 3: And I guess that we've actually although that there was
10:37
Speaker 3: technically full control of the government with the Democrats after
10:42
Speaker 3: the presidential election last time, because of famously Joe Manchin
10:46
Speaker 3: and others, it was more like a divided government than
10:49
Speaker 3: it was that it was a royal flush and so
10:52
Speaker 3: that may play well into exactly what you're talking about.
10:55
Speaker 3: That may have moderated a lot of the whatever you
10:58
Speaker 3: think policies that goes a stream as maybe they could have.
11:01
Speaker 3: And here we are where we are whatever that means,
11:04
Speaker 3: I mean, we don't really we can't really go back
11:05
Speaker 3: and recast the time. But the point you always make
11:07
Speaker 3: going forward as well too, is regardless of what administration
11:10
Speaker 3: ends up getting in there, everybody wants to make money.
11:12
Speaker 5: The people that work for the corporations want to make money.
11:14
Speaker 3: I mean, it's not like they're going to find ways
11:16
Speaker 3: to make it work regardless. So I mean, it's just
11:19
Speaker 3: I like, being in this situation where we're talking now
11:22
Speaker 3: about it seems like the relative good news is probably
11:26
Speaker 3: we don't have to couch it in language of yes,
11:31
Speaker 3: not confidence, like we're fairly confident now of these things.
11:34
Speaker 4: Well, and where I think in an era too, where
11:40
Speaker 4: good news is good news and bad news right, So.
11:42
Speaker 3: Now a bad jobs report is a bad jobs report.
11:44
Speaker 3: We're no longer like, yes, good, that jobs report is bad, right.
11:48
Speaker 4: You know you want to see you know, those being
11:51
Speaker 4: fairly good and stable. You know where before if they
11:55
Speaker 4: were too hot, you were worried. All that was stoke
11:57
Speaker 4: inflation or that work, and now it's it's you know,
12:01
Speaker 4: we're kind of entering an era of well somewhat common sense,
12:07
Speaker 4: you know, looking at things for what they are.
12:10
Speaker 3: And of course, what we talk about a lot on
12:11
Speaker 3: this show is reasons that you need to look out
12:13
Speaker 3: for your financial future, how you can retire right, how
12:16
Speaker 3: you can plan for those things.
12:17
Speaker 5: A lot of people try to do that themselves.
12:19
Speaker 3: Some people take one into financial advisor, like John, but
12:22
Speaker 3: in a situation like what we're talking about now with
12:24
Speaker 3: the interest rate environment, things like that, and we've talked
12:26
Speaker 3: about that a lot on here, but this could require
12:28
Speaker 3: a little bit of fine tuning with your portfolio to
12:30
Speaker 3: make sure that you have the right investments and you're
12:32
Speaker 3: balanced in the right ways and you take advantage of
12:35
Speaker 3: the right things. And it is an opportune time if
12:39
Speaker 3: you're someone that we talked forever about, somebody who was
12:42
Speaker 3: used to the market before inflation and everything, well, there
12:46
Speaker 3: might be people that found a way to be advantageous
12:49
Speaker 3: in this particular market, but they're not experienced necessarily with the.
12:53
Speaker 5: Other So there could be potential here where you need
12:55
Speaker 5: some help.
12:56
Speaker 4: Absolutely. I mean, what we do know is the window
12:58
Speaker 4: is closing for higher interest rates.
13:01
Speaker 5: For those tools, for those tools.
13:03
Speaker 4: Right, So, if if you're out there and you have
13:09
Speaker 4: certain types of products annuities, for instance, and you want
13:14
Speaker 4: to review those to make sure that you're having the
13:18
Speaker 4: best rates things of that nature, you know now is
13:21
Speaker 4: a time to do that because that window will close
13:25
Speaker 4: as rates get cut. If you have money on the
13:29
Speaker 4: sidelines in bonds or CDs, things like that, it might
13:34
Speaker 4: be a time to look at that and say, Okay,
13:37
Speaker 4: should I extend my duration or my maturities on these
13:39
Speaker 4: so I can lock in the higher rates a little longer.
13:43
Speaker 4: Some adjustments like that can make sense in this type
13:46
Speaker 4: of environment where it's pretty well telegraphed the direction that
13:50
Speaker 4: we're going. Now, some of those moves have already happened
13:54
Speaker 4: in the marketplace because the market looks ahead. So you know,
13:58
Speaker 4: it's not that you're going to be able to get
13:59
Speaker 4: the best's rates right now, because the market has moved
14:02
Speaker 4: even ahead. And you know, if you and I know
14:05
Speaker 4: about it, so does the market that these rates are
14:08
Speaker 4: going to be cut. So you know, i'd say the
14:12
Speaker 4: window to do those things has has been closing, and
14:16
Speaker 4: and you know we might be halfway closed, but there's
14:20
Speaker 4: still opportunity to review and look at some of those
14:23
Speaker 4: things depending on your situation.
14:25
Speaker 3: It's amazing to me that we talk about kind of
14:27
Speaker 3: the telescoping lenses for the market and how just unquestionably
14:32
Speaker 3: people that have remained invested to have seen those returns
14:35
Speaker 3: over the long term. So we're not in another one
14:37
Speaker 3: of those situations now where depending on where you telescope
14:39
Speaker 3: in or out to when where the market is is performance.
14:43
Speaker 3: I don't know that if you would take people that
14:45
Speaker 3: aren't constantly in the news and things like that, if
14:47
Speaker 3: you would ask them when's the last time the stock
14:49
Speaker 3: market hit an all time high, I'm not sure that
14:51
Speaker 3: fifty percent of the country would necessarily be able to see,
14:53
Speaker 3: say last week.
14:54
Speaker 4: There is still a lot of fear and negativity. I
14:59
Speaker 4: hear it all the time in my in my meetings
15:02
Speaker 4: with clients. And the market is at record highs Now,
15:08
Speaker 4: you know why why is that? I mean, there again,
15:11
Speaker 4: it's an emotional reaction, you know. It's it's you watch
15:16
Speaker 4: the news, you see the election coming up, There's uncertainty,
15:20
Speaker 4: makes you worry. But the fact is there's a lot
15:23
Speaker 4: of cash on the sidelines because of that worry and
15:26
Speaker 4: people are like, well, how does the market continue to
15:28
Speaker 4: go up? Well, eventually people throw in the towel and say, well,
15:31
Speaker 4: I got to do something with this cash.
15:33
Speaker 3: I was reading something like just like that last week.
15:36
Speaker 3: I was talking about that I forget and this is
15:38
Speaker 3: above my pay grade. Everything is, but it was talking
15:41
Speaker 3: about the estimated amount where you're talking about money on
15:44
Speaker 3: the sidelines, people sort of waiting to get back in,
15:47
Speaker 3: and if things go right, that's actually a massive amount
15:50
Speaker 3: that's ready to be invested back into the market. That
15:52
Speaker 3: people are sort of waiting for this and we might
15:54
Speaker 3: be at just about that time where this power is
15:57
Speaker 3: going to be unleashed, and it sounds like a good
15:59
Speaker 3: time to me, Well, bro a party.
16:02
Speaker 4: The market likes certainty, and even the election. I mean,
16:05
Speaker 4: when this election happens, half the people aren't going to
16:08
Speaker 4: like it, right, half the people will. But what we'll
16:11
Speaker 4: know is what it's going to be certainty, certainty right right,
16:15
Speaker 4: and that is that is worth something, you know when
16:19
Speaker 4: you're looking at the market. The market likes certainty.
16:22
Speaker 3: That's why there seems to be always that Like you
16:24
Speaker 3: might have a hiccup right around like election day day
16:27
Speaker 3: or two after or something like it no matter who
16:29
Speaker 3: it is. It seems like, you know, all the pundits
16:31
Speaker 3: are like, oh, this could be the end of the market,
16:32
Speaker 3: and then inevitably, I don't care who it is. Of
16:34
Speaker 3: the last several cycles, you look at two or three
16:37
Speaker 3: days later, itrockets.
16:39
Speaker 4: Yeah. Any anytime you see a headline or a magazine
16:43
Speaker 4: or something that says it's the end of this or
16:45
Speaker 4: this is broken and won't work anymore, it's almost always
16:49
Speaker 4: time to do the opposite. It's just one of those things.
16:53
Speaker 5: Almost one hundred percent.
16:54
Speaker 3: What I come to find what I've come to find
16:56
Speaker 3: out is when you see headlines like that that are
16:57
Speaker 3: in the quote unquote financed part of whatever your new
17:01
Speaker 3: service is, it means that you're using a free new service.
17:04
Speaker 3: I mean, honestly, that's what all it means.
17:06
Speaker 4: Look, the last thing you want to be is Tom's
17:09
Speaker 4: Man of the Year.
17:10
Speaker 2: Because.
17:12
Speaker 4: Right, because if you're on that cover of that magazine,
17:15
Speaker 4: you've peaked baby.
17:16
Speaker 2: Yeah.
17:16
Speaker 3: Right, it's like being on the cover of Madden. Right,
17:18
Speaker 3: there's some there's some sort of curse that's going to
17:20
Speaker 3: happen there. This is a good point. I want to
17:23
Speaker 3: I want to come back. We've talked a little bit
17:24
Speaker 3: about about the market. We've talked a little bit about
17:26
Speaker 3: what the interest rate things change. I want to come
17:28
Speaker 3: back talk just to touch about the travels that you've made,
17:31
Speaker 3: and then we're going to talk about you brought up
17:33
Speaker 3: something with Pink Floyd investment strategies. I gotta, I gotta,
17:36
Speaker 3: I gotta find out where this is going, because I
17:38
Speaker 3: don't know if you mean to put on Dark Side
17:40
Speaker 3: of the Moon and like when you as it plays through,
17:42
Speaker 3: it tells you like your cues just like you're listening
17:44
Speaker 3: to a Wizard of Oz or something, or play it backwards. Yeah,
17:48
Speaker 3: yeahamasking stop tip. This is going to be interesting. You'll
17:51
Speaker 3: want to tune in for this. John's going to explain
17:53
Speaker 3: some of these strategies as it relates to the Dark
17:55
Speaker 3: Side of the Moon. Your questions and phone calls. You
17:57
Speaker 3: can give us a call three zero four three four
17:59
Speaker 3: five fifty fifty eighth v four five fifty to fifty eight.
18:01
Speaker 3: You can text three zero four non three five five
18:03
Speaker 3: zero zero eight. We'll take a break and be backer
18:04
Speaker 3: after this. You're listening to retire Right Radio with John
18:06
Speaker 3: Bredett f for Fourth Avenue Financial.
18:08
Speaker 5: I'm Dale Cooper. This is five ADWCHS, The Voice of Charleston.
18:11
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18:14
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18:16
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18:27
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18:29
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18:33
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18:36
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18:39
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18:40
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18:44
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18:46
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18:49
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18:52
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18:55
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18:58
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19:00
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19:01
Speaker 4: Are you changing jobs or gearing up for retirement? Don't
19:04
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19:08
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19:13
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19:33
Speaker 2: a thrilling night of high school football.
19:35
Speaker 3: As Hurricane host CABL Midland this Friday night, Join us
19:39
Speaker 3: for live coverage starting with high school football Tonight at
19:42
Speaker 3: seven and the kickoff at seven point thirty.
19:44
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19:46
Speaker 3: Call bringing you all the action from the field, and
19:49
Speaker 3: stick around afterwards for Metro News Game Night for scores
19:52
Speaker 3: and highlights from all around the state. It's all happening
19:55
Speaker 3: right here when your home for Hurricane Football five to
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20:01
Speaker 7: Call in all sports fans this season, the Toyota Tacoma
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20:32
Speaker 2: West Virginia starts its day with The Morning.
20:35
Speaker 8: News after a truck wreck Wednesday in Montingey County that
20:39
Speaker 8: calls day has matt Incident to clean up continues near
20:42
Speaker 8: the Goshen Road exit. Southbound traffic is being detoured there.
20:46
Speaker 8: A missing person's case in Kanagh County has some new answers.
20:49
Speaker 4: The Kanak County sheriff Department announcing Wednesday that human remains
20:52
Speaker 4: found in Boone County belong to a Kanau County woman.
20:56
Speaker 2: The Morning News weekday mornings, beginning at five on the
20:59
Speaker 2: Voice of Charles five ADWCHS. This is Retire Righte Radio
21:05
Speaker 2: with John Burdett from Fourth Avenue Financial, taking your calls
21:09
Speaker 2: at three oh four three four five fifty eight fifty
21:12
Speaker 2: eight or texts on three oh four nine three five
21:15
Speaker 2: fifty oh eight.
21:25
Speaker 3: You are listening to the Voice of Charleston favedwcdhf's I
21:29
Speaker 3: am Del Cooper. John Burdett is in a studio with
21:31
Speaker 3: this morning, Fourth Avenue Financial. More information online Fourth Avenue
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Speaker 3: Financial dot com. You spell out all of that, and
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Speaker 3: search and like the page over there and stay up
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Speaker 3: to date on all the happenings over at Fourth Avenue Financial.
21:41
Speaker 3: That's going on with John Burdett. Fourth Avenue Financial located
21:44
Speaker 3: one Sevney Court Street, downtown Charleston. You can found out
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Speaker 3: more information online Fourth Avenue Financial dot Com and the
21:51
Speaker 3: phone number is three zero four seven four six seven
21:53
Speaker 3: non seven seven. Did I get that off the top
21:55
Speaker 3: of my head?
21:55
Speaker 5: Right? You did?
21:56
Speaker 3: Excellent guys coming up one here, good stuff. So John
21:59
Speaker 3: is here with us this morning, taking your phone calls
22:00
Speaker 3: at three zero four, three four five fifty to fifty eight.
22:02
Speaker 3: You can text over any questions you have to three
22:03
Speaker 3: zero four nine three five five zero zero eight. So
22:07
Speaker 3: I know that you talked about the end on the
22:08
Speaker 3: road a lot during this month, and a couple of
22:10
Speaker 3: those things were work related and things like that. Just
22:13
Speaker 3: curious about what someone in your position does. What types
22:17
Speaker 3: of meetings and continue education and conferences and things like
22:20
Speaker 3: that do you go to, Like what do you learn
22:24
Speaker 3: like projections of different institutions or what's involved.
22:27
Speaker 5: With these a lot of the time.
22:29
Speaker 4: Yeah, So the last week I was in Austin, Texas
22:32
Speaker 4: at our national conference. Every year, the broker dealer that
22:37
Speaker 4: I'm with has a national conference where three or four hundred,
22:40
Speaker 4: five hundred maybe of us gather usually rotates around the country.
22:45
Speaker 4: So that's a that's a cool part of my job.
22:47
Speaker 4: We kind of get to see lots of lots of
22:49
Speaker 4: great places around the country when we meet up. But yes,
22:55
Speaker 4: I mean we have workshops so you go from that
22:59
Speaker 4: are usually on by various investment companies. You'll hear economists,
23:05
Speaker 4: you'll do your continuing ad you'll learn about different technology
23:11
Speaker 4: that people are using in the industry, and you'll also
23:16
Speaker 4: really have a lot of time just to talk to
23:18
Speaker 4: your peers. You know, what are they seeing what are
23:20
Speaker 4: they doing. That's probably the most valuable to be honest
23:23
Speaker 4: with you, You know, you can learn a lot from
23:27
Speaker 4: people that are in the trenches doing the same thing
23:29
Speaker 4: you are, and that, to me, is is almost always
23:34
Speaker 4: the most valuable thing you know, that you take away
23:37
Speaker 4: from that. This year, I picked up a something that
23:45
Speaker 4: I'm going to try. A piece of technology. Everybody is
23:48
Speaker 4: talking about AI and and that sort of thing. There's
23:52
Speaker 4: software that's been developed that they're you know, marketing to
23:57
Speaker 4: two folks like me to basically take client appointments and
24:06
Speaker 4: it it it listens to the client appointment and then
24:11
Speaker 4: uses AI to summarize it in notes.
24:15
Speaker 5: Oh nice.
24:16
Speaker 4: So you know where typically you're in a meeting and
24:20
Speaker 4: we're having a conversation and I'm either writing and and
24:25
Speaker 4: kind of breaking up the conversation as we go, or
24:28
Speaker 4: after the meeting, I've got to recreate those notes hope
24:31
Speaker 4: that I remembered everything. And and this actually it will
24:36
Speaker 4: recognize different voices talking and and it finds and and
24:41
Speaker 4: can recognize the emphasis that that gets placed on things.
24:45
Speaker 4: And and so we're going to try or try or
24:48
Speaker 4: try to run with it to see how it goes.
24:50
Speaker 4: But that could be a very efficient use of of
24:54
Speaker 4: you know, AI technology within the business. And we've talked
24:58
Speaker 4: about this before. Who are going to be the win
25:00
Speaker 4: in the AI space? Really, the winners are yet to
25:03
Speaker 4: be determined. It's the companies that utilize the technology to
25:08
Speaker 4: make their practices and businesses more efficient.
25:11
Speaker 3: I had I had a long week last week and
25:14
Speaker 3: one of the things I had to do was deal
25:16
Speaker 3: with a national company and their customer service line on
25:19
Speaker 3: a lot of things. And I tended to start using
25:22
Speaker 3: text for it because I had a record of everything
25:24
Speaker 3: I was doing right, you know, so you have it
25:26
Speaker 3: all in there. And the AI they were using was
25:29
Speaker 3: pretty good. It took me a while to see, like
25:34
Speaker 3: I've been using this stuff for long, and there's certain
25:36
Speaker 3: patterns and things like you can tell sometimes when something
25:38
Speaker 3: comes up and how fast it comes up, and things
25:40
Speaker 3: like that. So I started playing around with seeing if
25:43
Speaker 3: I could break the prompt a little bit right because
25:45
Speaker 3: I have a little bit experience with that. I got
25:47
Speaker 3: it to do a couple of kind of odd things,
25:48
Speaker 3: nothing too bad. They had pretty good guardbrails up for that,
25:51
Speaker 3: but honestly was a pretty good AI. It did its
25:54
Speaker 3: job fairly well, and I didn't have to wait very long,
25:56
Speaker 3: which for me, I think was probably worth it. Rather
25:58
Speaker 3: than waiting forty minutes for human to talk to I
26:01
Speaker 3: waited like five minutes, got this thing resolved, and then
26:04
Speaker 3: Triodge my call.
26:05
Speaker 5: It was okay.
26:06
Speaker 4: Well, I think in the fashion that I'm talking about
26:10
Speaker 4: with this, it's it's not that you're asking the AI
26:14
Speaker 4: to go find information and and and compile that.
26:18
Speaker 5: It's summarizing what you're giving it.
26:20
Speaker 4: It's summarizing so you know, it's not going to pull
26:23
Speaker 4: incorrect facts out and that sort of thing like if
26:26
Speaker 4: you say, hey, AI, you know, write an article for
26:30
Speaker 4: X y Z, you know you have to be careful
26:32
Speaker 4: right now because some of the facts are going to
26:35
Speaker 4: be wrong and you have to really proof read those things.
26:38
Speaker 4: So this is not really utilizing that type of AI engine.
26:43
Speaker 4: It's it's it's really just a transcriber which has been
26:50
Speaker 4: around for a long time. It's just going the.
26:52
Speaker 5: Next step and we'll summarize you, and we'll.
26:55
Speaker 4: Summarize it into a you know, a one page summary
26:58
Speaker 4: with bullet points.
27:00
Speaker 3: Quite frankly, I use that, not the automated version of that,
27:03
Speaker 3: but I use that all the time for like show
27:04
Speaker 3: prep and stuff like that.
27:05
Speaker 5: I don't have it do the work for me.
27:07
Speaker 3: But if there's a thousand word article that I need
27:09
Speaker 3: to get through and I'm kind of in a hurry,
27:12
Speaker 3: you know, I go over to like the plain text
27:14
Speaker 3: version of the article. Just copy the whole thing, paste
27:16
Speaker 3: it into chat, GBT or whatever. Give me the bullet
27:19
Speaker 3: points in summary of this article. I can kind of
27:21
Speaker 3: figure out, you know, like if it's something you know,
27:24
Speaker 3: if it's not a scientific study, if you're just trying
27:26
Speaker 3: to get like if it's an NFL game you only
27:29
Speaker 3: saw a couple quarters of and you want to get
27:30
Speaker 3: a breakdown from the from the from the game story,
27:33
Speaker 3: it's all right there. If it is some sort of
27:34
Speaker 3: other story, and for that you're controlling the information that
27:37
Speaker 3: it uses. All it's doing is reorganizing that information into
27:41
Speaker 3: more digestible bites that's in a logical order. It works
27:44
Speaker 3: very well for those things. You're not asking it to
27:46
Speaker 3: make any determinations for you. You're just reorganizing that information. And
27:50
Speaker 3: that's the kind of tool for me anyway, where something
27:53
Speaker 3: like that is very valuable. I don't want it to
27:54
Speaker 3: do the work for me because the work it does
27:56
Speaker 3: is very subpart I want it to help me do
27:58
Speaker 3: better work, and it can do that right.
28:00
Speaker 4: And you know, in my case, if you have four
28:02
Speaker 4: appointments in a day and you're spending you know, fifteen
28:06
Speaker 4: twenty minutes after the meeting, you know, working on the
28:10
Speaker 4: notes and that sort of thing, I mean, that's a
28:12
Speaker 4: huge time.
28:13
Speaker 5: Say, I can definitely see it.
28:14
Speaker 3: My pixel prophone has a transcriber that has light artificial intelligence.
28:21
Speaker 3: It doesn't do any of that, but it will identify
28:23
Speaker 3: individual speakers and a little bit of the emphasis stuff,
28:27
Speaker 3: and then you can go by afterwards and name the
28:28
Speaker 3: speakers and I'll go through and it'll make it an
28:30
Speaker 3: entire transcerpt for it.
28:31
Speaker 5: It's really nice.
28:31
Speaker 3: I've used it for meetings and stuff like that before,
28:33
Speaker 3: but I can imagine taking that raw text and then
28:36
Speaker 3: having that condensed into very readable meeting notes and stuff
28:40
Speaker 3: like that.
28:40
Speaker 5: That's hugely valuable. Sure, I can see that for sure,
28:43
Speaker 5: So we'll.
28:43
Speaker 4: See how it goes. It's trial runs.
28:44
Speaker 5: Yeah.
28:45
Speaker 3: And the other nice thing about it, if it's within
28:46
Speaker 3: an AI session or whatever it is, that then becomes
28:50
Speaker 3: your brain for that session, so it stores all that
28:52
Speaker 3: information that you gave it. So if you can't remember
28:54
Speaker 3: a particular thing, even if it's something like, hey, what's
28:57
Speaker 3: this client's son's name, Like, if you want to make
28:58
Speaker 3: like some sort of you know, something like that as
29:00
Speaker 3: a as a sales connection piece. Oh, his name's Gary
29:03
Speaker 3: and you know whatever.
29:04
Speaker 4: It really this actually integrates too and getting into the
29:07
Speaker 4: weeds now, but with our CRM, so that every time
29:13
Speaker 4: we have those interactions, those notes go into the client portal.
29:18
Speaker 5: See I'm sorry, but that's useful.
29:19
Speaker 3: I mean that that's a useful use of technology to
29:21
Speaker 3: make it better for not only you, but also for
29:23
Speaker 3: the client because I make sure that they're getting targeted
29:25
Speaker 3: information in the right way. Things like that I think
29:27
Speaker 3: are very useful.
29:28
Speaker 4: So things like that are are what we you know,
29:30
Speaker 4: get the experience at the conferences.
29:33
Speaker 5: Okay, so Pink Pink Floyd, don't tell this.
29:35
Speaker 3: Last night you sent me a text and said we're
29:36
Speaker 3: going to talk about investment strategies. As it could be
29:39
Speaker 3: derived from Pink Floyd Dark side of Them. The first
29:41
Speaker 3: thing I think of is the Wizard of Oz thing,
29:43
Speaker 3: you know, like you put on you sync it up
29:45
Speaker 3: with Wizard of Oz.
29:46
Speaker 5: You can walk in. It sort of matches up.
29:48
Speaker 4: So so so I you know, I think people probably
29:51
Speaker 4: know if they've listened to the show. I'm a big
29:52
Speaker 4: music their music. God, I have a lot of vinyl
29:55
Speaker 4: and uh actually now Shameless Plug got the Vintage and
30:01
Speaker 4: Vines Mercantile down on six and nine D Streets, South Charleston.
30:04
Speaker 4: That's my wife's antique maol that that she owns and
30:07
Speaker 4: runs and actually have a record store in the back section.
30:11
Speaker 4: So I am a big vinyl guy.
30:13
Speaker 5: I love it.
30:14
Speaker 2: I love it.
30:14
Speaker 3: And vinyls on such ascension right now too, so that's
30:17
Speaker 3: a good place to go to the.
30:18
Speaker 4: Right right So so so that's how this, you know,
30:22
Speaker 4: has all come about. And I actually wrote an article
30:26
Speaker 4: of financial planning on the Dark Side of the Moon
30:28
Speaker 4: in twenty seventeen.
30:30
Speaker 5: I remember that, yeah, one.
30:32
Speaker 4: Time, and and you know, essentially you look at that
30:35
Speaker 4: that album and and you know, if you think about
30:39
Speaker 4: financial planning, everybody would gravitate to the song money that's
30:42
Speaker 4: on there first. You know, everybody's heard that song, and
30:45
Speaker 4: and you know that there can be cautions in that
30:47
Speaker 4: song as well. I mean, it's a it's about flashy
30:51
Speaker 4: grabbing money and stacking the cash and and that sort
30:54
Speaker 4: of thing, but you know it also can caution against
30:59
Speaker 4: X sesses things that come with that. But the real
31:03
Speaker 4: winner here for financial planning is the song Time. That
31:08
Speaker 4: is an amazing song if you think about it through
31:11
Speaker 4: a financial planning lens. And what blows my mind is
31:16
Speaker 4: that this song was written and the guys uh Rush
31:23
Speaker 4: Waters and and I think he was the main songwriter
31:28
Speaker 4: on it. But you know, these guys were in their
31:30
Speaker 4: twenties when they wrote this. How did they know? I
31:34
Speaker 4: don't know that I knew in my twenties how time works, right, I.
31:38
Speaker 3: Mean I guess that certain enhanced substances and you know,
31:42
Speaker 3: laying around and being paid to write music, well maybe
31:45
Speaker 3: you figure it out.
31:46
Speaker 5: I don't know.
31:46
Speaker 4: But anyway, the basically the song, and I'm not going
31:51
Speaker 4: to sing it for you because that would be terrible radio,
31:53
Speaker 4: but you know, ticking away the moments that make up
31:56
Speaker 4: a dull day, fritter and waste the hour in an
32:00
Speaker 4: offhand way. So it's essentially, you know, you're just young
32:05
Speaker 4: and not worried about anything, right, and then tired of
32:10
Speaker 4: leg in the sunshine, staying home to watch the rain.
32:13
Speaker 4: You're young in life is long, there is time to
32:16
Speaker 4: kill today, and then one day you find ten years
32:20
Speaker 4: has got behind you. No one told you when to run.
32:24
Speaker 4: You missed the starting gun, and that right there, think
32:27
Speaker 4: about that. That is financial planning and a nutshell. If
32:31
Speaker 4: you are young, Yes, you can have fun and not
32:35
Speaker 4: think about these things in your future. And then one
32:39
Speaker 4: day you wake up in a scramble and in a panic,
32:42
Speaker 4: and you know, the song goes on and talks about that.
32:45
Speaker 4: You know, the sun is the same in a relative way,
32:47
Speaker 4: but you're older and and it, you know, rises and
32:51
Speaker 4: chases you, and you feel like you're on this treadmill.
32:53
Speaker 4: And that's what it feels like if you let that
32:55
Speaker 4: time pass and you don't take control of your future.
33:02
Speaker 4: And it's easy to do when you're young because you
33:04
Speaker 4: feel like Tom is.
33:05
Speaker 5: Forever, right, that's true.
33:07
Speaker 4: And pretty soon you're thirty five, pretty soon you're forty five,
33:13
Speaker 4: and it's so hard to catch up. You feel like
33:16
Speaker 4: you'll never catch up at that point. And I think
33:19
Speaker 4: that is the real message. And we've talked about this
33:23
Speaker 4: before about how compound interest works, how much easier it
33:26
Speaker 4: is if you start when you're twenty five years old
33:29
Speaker 4: saving and investing. It doesn't have to be a lot,
33:32
Speaker 4: but if you can commit to you know, saving five, ten,
33:36
Speaker 4: fifteen percent of your income at an early age. You'll
33:40
Speaker 4: never have to worry about your finances when you get
33:42
Speaker 4: to retirement.
33:43
Speaker 3: And there's no better time to start, if you haven't
33:45
Speaker 3: started already than today. You've talked about that tom and again,
33:49
Speaker 3: and sort of I feel like my role on the show,
33:51
Speaker 3: because I've made so many of these mistakes that you
33:53
Speaker 3: talk about. I sometimes feel that my role on this
33:55
Speaker 3: show is to try to keep people from being that
33:57
Speaker 3: guy that wakes up when they're thirty five and they're like, man,
34:00
Speaker 3: what did I do and why did I do it?
34:03
Speaker 5: Like that?
34:03
Speaker 3: Because when you look back and you look at wasted
34:05
Speaker 3: opportunity and things like that, which is what I've done.
34:07
Speaker 3: You know, now I'm at fifty, I've had you know,
34:09
Speaker 3: my daughter is six years old now. And I think too,
34:13
Speaker 3: and of course I mean things, you know, my second marriage.
34:15
Speaker 3: You know I didn't have a child with my first.
34:17
Speaker 4: Man.
34:17
Speaker 3: I mean, your life, life changes and things give you
34:19
Speaker 3: a different perspective. But I look back at all of
34:22
Speaker 3: the squandered opportunity that I've had, that I had of
34:24
Speaker 3: my youth, when frankly, I was making extraordinarily good money,
34:28
Speaker 3: had no debts, nothing to tie me down to anything
34:31
Speaker 3: that could have been a great launch to something for
34:34
Speaker 3: my retirement, you know, And it was basically all squandered, basically.
34:38
Speaker 4: But you've had some good hits. I have, so so
34:41
Speaker 4: that's the thing too.
34:42
Speaker 5: And I've lived my life in reverse.
34:43
Speaker 3: I did all my traveling and stuff like that as
34:45
Speaker 3: a young man instead of in my retirement, you know.
34:47
Speaker 4: Right, So it's not to beat yourself up for it.
34:49
Speaker 4: It's just to recognize it and wherever you are, understand
34:55
Speaker 4: that today is the best day to get started.
34:58
Speaker 5: That's right.
34:58
Speaker 4: Today is the best day. Don't let any more time
35:01
Speaker 4: pass to get yourself on the right financial path.
35:05
Speaker 3: And it could be Dark side of the Moon, or
35:07
Speaker 3: it could be whatever you draw the inspiration of, because
35:09
Speaker 3: sometimes little things like that help people with their yeah,
35:12
Speaker 3: I mean.
35:12
Speaker 4: Sometimes and there again, going off from music, I mean,
35:16
Speaker 4: you can look at the David Bowie's Space Oddity, the
35:21
Speaker 4: one song about him floating in a most peculiar way
35:26
Speaker 4: when it steps out of the capsule and the stars
35:29
Speaker 4: look very different today. That can be a throwaway lyric
35:32
Speaker 4: or it could really mean something like, hey, perspective, how
35:37
Speaker 4: important this perspective? Getting outside yourself and looking at the situation,
35:43
Speaker 4: and you need to do that to be a successful investor.
35:46
Speaker 4: I'm telling you you could go through the bins down
35:49
Speaker 4: at the record shop and get a PhD on financial
35:53
Speaker 4: planning if you listen.
35:55
Speaker 5: I think that's acting.
35:56
Speaker 3: I mean, I'm already thinking of like all types of
35:58
Speaker 3: ways that you know, there's tons of songs that you
36:00
Speaker 3: can if you use a you parlay into things like that.
36:02
Speaker 5: I mean there's a lot of yeah things.
36:04
Speaker 4: If you choose not to decide, you still have made
36:06
Speaker 4: a choice. Mean, there's all kinds of good ones out there.
36:10
Speaker 5: This might have to be a concept for an entire
36:12
Speaker 5: show at some point in time. We'll have to talk
36:14
Speaker 5: about that.
36:15
Speaker 3: It's great stay stuff from John Bredad and anything that
36:17
Speaker 3: makes you think of things from a perspective that helps
36:20
Speaker 3: you out, whether it be you know, music or books
36:22
Speaker 3: or anything that it is. You can kind of get
36:25
Speaker 3: that inspiration and call John it inspires you.
36:29
Speaker 4: Is worthwhile and everybody has different things to get some going.
36:33
Speaker 4: But I think that makes you a better investor if
36:36
Speaker 4: you're inspired and if you're always curious. Curiosity is what
36:41
Speaker 4: I think that is even in employees, when you hire
36:44
Speaker 4: employees people that are curious people are always search agreed
36:48
Speaker 4: that that's the key right there, So so get inspired
36:51
Speaker 4: and get started.
36:53
Speaker 3: John Bredad at Fourth Avenue Financial More information online Fourth
36:55
Speaker 3: Avenue Financial dot com. Fourth Avenue Financial dot com. You
36:58
Speaker 3: can do that same search on Facebook and bring up
37:00
Speaker 3: the page there that you can like. Fourth Avenue Financials
37:02
Speaker 3: located one seventy Court Street, downtown Charleston, across from the
37:05
Speaker 3: Town Center Mall. Their phone number three zero four seven
37:07
Speaker 3: four six seven none seven seven three zero four seven
37:09
Speaker 3: four six seven non seven seven One more time three
37:12
Speaker 3: zero four seven four six seven non seven seven John
37:15
Speaker 3: Good show Man.
37:16
Speaker 5: I like the the uh.
37:18
Speaker 3: I like the attachment to the lyrics later RT Mitchell'll
37:20
Speaker 3: we'll talk about that more later on, but you'll be
37:22
Speaker 3: back next week.
37:22
Speaker 4: I will be yep, my travels are done for a while.
37:25
Speaker 5: All right.
37:25
Speaker 3: John Burdette will be back with us on our tie
37:26
Speaker 3: right radio next week right here on five ADW c
37:28
Speaker 3: HS the Voice of Charleston. Coming up next is gonna
37:30
Speaker 3: be Dave Allen on five eighty Live, follow bout Hockey, groerche.
37:33
Speaker 5: Ball on Talkin.
37:34
Speaker 3: I'll be back this afternoon at three oh six on
37:36
Speaker 3: Hotline with Dave Weekly.
37:38
Speaker 5: Have a great day everyone. You're listening to the voice
37:40
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37:56
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