Latest / WCHS Network Podcasts / 09/21/2026 Retire Right Radio with John Burdette

Transcript

09/21/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: The views and opinions expressed on this program do not
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  Speaker 1: necessarily reflect the views and opinions of 580 WCHS, its employees,
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  Speaker 1: or WVRC Media.
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  Speaker 2: RetireRight Radio is on the air. John Burdett from 4th
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  Speaker 2: Avenue Financial is here each week to answer your questions
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  Speaker 2: about financial planning, investing, and building the retirement you deserve.
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  Speaker 2: Find 4th Avenue Financial in downtown Charleston at 170 Court
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  Speaker 2: Street or online at 4thAvenueFinancial. com. Call 304-345-5858 or text 304-935-5008
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  Speaker 2: to join the conversation. Now, let's go live to the
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  Speaker 2: studio with John Burdett. And a very pleasant good morning
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  Speaker 2: to you.
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  Speaker 3: You are listening to Retire Right Radio on 580 WCHS,
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  Speaker 3: the voice of Charleston. I'm Dale Cooper. This is Monday morning.
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  Speaker 3: John Burdett is back in studio with us this morning,
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  Speaker 3: and he joins us now. John, how are you doing
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  Speaker 3: this morning? Doing pretty good. Appreciate you coming back. Of course,
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  Speaker 3: we had Dan Smithson in here last week from Star
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  Speaker 3: USA Federal Credit Union. And we talked a little bit
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  Speaker 3: about mortgages and things along those lines. Ended up being
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  Speaker 3: a very precedent show because shortly after that, interest rates
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  Speaker 3: went up. And we talked about that a little bit
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  Speaker 3: during when Dan was on last week. So that was
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  Speaker 3: our special show last week. John is back this week.
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  Speaker 3: So taking your questions about how you can plan For
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  Speaker 3: your financial solvency in the future, if you have any
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  Speaker 3: problems with how you're looking to plan for retirement, financial planning, budgeting,
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  Speaker 3: things along those lines, John can help you out or
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  Speaker 3: point you in the right direction. You can give us
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  Speaker 3: a call this morning at 304-345-5858, 304-345-5858, 4th Avenue Financial Online, 4thAvenueFinancial. com,
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  Speaker 3: where you spell out the whole thing. Search it on
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  Speaker 3: Facebook the same way, and you can like the page
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  Speaker 3: over there. John and I usually start off the show
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  Speaker 3: talking about– kind of where things are right now. It's
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  Speaker 3: been an interesting year for that sort of discussion. So
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  Speaker 3: like I opened up the show with rates did go
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  Speaker 3: up last week. So we did– the feds did raise
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  Speaker 3: the rates.
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  Speaker 4: Yes, a quarter of a point, which there again at
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  Speaker 4: the beginning of the year, we were talking exactly opposite
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  Speaker 4: of that. So when you see all these news stories,
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  Speaker 4: you can't– until it happens, you can't say, hey, this
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  Speaker 4: is what– this is how it's going to go down.
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  Speaker 4: The One thing happens and it creates another thing and
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  Speaker 4: it creates another thing and pretty soon the narrative changes.
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  Speaker 4: So– and not only that. It's the– the new Fed
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  Speaker 4: chairman was supposedly going to be the guy that.
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  Speaker 3: To cut all the rates. To cut all the rates.
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  Speaker 3: We don't want to make any rates left. We want
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  Speaker 3: to get rid of them all.
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  Speaker 4: We'll see how that goes. But it's– so it was
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  Speaker 4: a quarter point. It wasn't a big move. But the
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  Speaker 4: expectation now is for one more rate hike this year.
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  Speaker 4: We'll see if that comes through. But– the, uh, uh,
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  Speaker 4: the board is somewhat divided, uh, on, on the path forward. So, uh,
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  Speaker 4: you know, it's hard to tell, but I don't think
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  Speaker 4: rates are going to move up quickly, but, uh, you know,
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  Speaker 4: we'll see, uh, you know, oil prices last week were,
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  Speaker 4: were much higher. I was looking this morning, they're down again.
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  Speaker 3: Uh, the market Friday, Monday, Friday, Monday, Friday, Monday.
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  Speaker 4: That is, uh, going to open up pretty good this morning, but, uh, um,
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  Speaker 4: There's just a lot of noise out there right now,
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  Speaker 4: and underneath it all, the earnings are good and companies
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  Speaker 4: seem to be doing well. If you're a stockholder and
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  Speaker 4: those companies are making earnings growth, record profits, that's what
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  Speaker 4: you want if you're a stockholder.
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  Speaker 3: And you can't get– like we always talk about not
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  Speaker 3: getting submerged by the headlines, and sometimes we talk about
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  Speaker 3: things that are overplaying it. Even just fact-based reporting or whatever,
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  Speaker 3: the bottom line is in these circumstances, even with increased
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  Speaker 3: interest rates, that changes the toolbox that you have to
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  Speaker 3: tap into. And yes, I mean there's things going on.
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  Speaker 3: There's a war or the thing we're not calling a
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  Speaker 3: war or whatever it is. Those things are happening, but
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  Speaker 3: that just changes the sectors that are elevated where the
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  Speaker 3: rotation is. That gives opportunity. You can't get stuck in
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  Speaker 3: the fact that, well– this is happening and that's dark,
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  Speaker 3: that might be from a social standpoint or from what
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  Speaker 3: your personal feeling is on something. But when it comes
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  Speaker 3: to what you need to do to worry about your
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  Speaker 3: future in retirement, the opportunity is all still there. Oh, absolutely.
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  Speaker 4: And the increased earning rates, like you say, that might
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  Speaker 4: raise mortgage rates, borrowing costs, that sort of thing. But
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  Speaker 4: it also raises the yields that investors get that have capital, retirees,
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  Speaker 4: people close to retirement that want a more conservative portfolio. Well,
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  Speaker 4: Those pieces of the portfolio now will pay more income.
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  Speaker 4: So the news headlines might paint it all one direction
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  Speaker 4: but it really depends where you are in your time
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  Speaker 4: horizon and your cycle of life as to how that
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  Speaker 4: actually plays out for you as an individual.
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  Speaker 3: Trevor Burrus And I think that that's exactly what we
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  Speaker 3: need to talk about and make sure people understand is
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  Speaker 3: that we have like sort of this duality of the
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  Speaker 3: economy where people Consumer confidence is still, I think, confidently
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  Speaker 3: we can say the confidence is very low right now.
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  Speaker 3: But all the underpinnings, the stuff that they need to
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  Speaker 3: do to work towards retirement and things like that are
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  Speaker 3: actually good. So, I mean, you can have the weight
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  Speaker 3: if you want it to worry about the issues that
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  Speaker 3: are going on or whatever it might be. But at
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  Speaker 3: the same time, you have to live in the world
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  Speaker 3: that we're in. And the fact of the matter is
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  Speaker 3: the mechanisms on what you do. And for financial planning
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  Speaker 3: and for getting into retirement, those mechanisms are alive and
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  Speaker 3: well and churning. Don't miss out because you're worried about
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  Speaker 3: things that, frankly, you can't control. Right.
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  Speaker 4: And that worry sometimes can cause you to do action
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  Speaker 4: or take action that isn't the right thing to do.
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  Speaker 4: For instance, why are interest rates going up? Interest rates
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  Speaker 4: are going up because there's fear about inflation being sparked higher.
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  Speaker 4: Well– If you're fearful and you keep all your money
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  Speaker 4: in cash and savings and hoard that cash, you're almost
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  Speaker 4: guaranteeing that the purchasing power of that money is lost
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  Speaker 4: through inflation. So the fear that you have is actually
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  Speaker 4: playing right into the hands of the thing that you're
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  Speaker 4: afraid of. That's a great point. You can't buy as
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  Speaker 4: many groceries.
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  Speaker 3: Well, how do you deal with that?
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  Speaker 4: You deal with that with allocating the portfolio correctly, going
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  Speaker 4: into bonds if you're not comfortable with the stock market.
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  Speaker 4: That gives you higher earnings to keep up with it.
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  Speaker 4: Over time, stocks do keep up with inflation better than
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  Speaker 4: any asset class. So you have to look at those
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  Speaker 4: things and be balanced.
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  Speaker 3: I believe we have a caller that called in this morning.
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  Speaker 4: Go ahead.
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  Speaker 3: What's your first name? You're on the air.
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  Speaker 4: Hi.
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  Speaker 2: Hey, this is Bobby.
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  Speaker 4: We can't hear John.
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  Speaker 3: We can't hear John.
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  Speaker 1: Okay.
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  Speaker 3: That's all. Okay, Bobby, thanks for that.
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  Speaker 4: Thank you.
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  Speaker 3: Appreciate that. Thanks a lot. Okay, appreciate that. Let me see.
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  Speaker 3: I'm not real sure everything appears to be normal here.
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  Speaker 3: I don't know why they wouldn't be able to hear you. John,
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  Speaker 3: are you there? I'm here, yeah. Good news. Can you
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  Speaker 3: hear me now? Honestly, I'm not sure. We'll continue on
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  Speaker 3: and hopefully– I had so many good things to say too.
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  Speaker 3: I know. There was a lot of great stuff there.
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  Speaker 3: I appreciate calling in as far as that goes. I'm
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  Speaker 3: listening literally off the air right now and I can
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  Speaker 3: hear you just fine. So I'm not real sure what
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  Speaker 3: the problem is there. That's a little odd. I'll double
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  Speaker 3: check on that. We'll take a break here coming up
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  Speaker 3: here in just a moment and we'll check into that.
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  Speaker 3: So the– oh, I wanted to mention just as what
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  Speaker 3: you were talking about there. Like with all of this,
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  Speaker 3: like what you were talking about with– you you can't
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  Speaker 3: you can't select yourself out on this and i was
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  Speaker 3: just looking at like the s & p 500 with
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  Speaker 3: all of the talk that you get with the tech
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  Speaker 3: companies and different things like that the doom and gloom
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  Speaker 3: with these guys that who even knows what this stuff
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  Speaker 3: is ai's hacking each other and and uh and and
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  Speaker 3: all of that stuff you might think well you know
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  Speaker 3: there's problems out there s & p 500 still up
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  Speaker 3: almost 15 percent for for the year i mean i
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  Speaker 3: mean so there has been robust activity and In those
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  Speaker 3: areas and with all the doom and gloom and things
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  Speaker 3: that you hear and stuff like that, you might– your
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  Speaker 3: inclination might be like, oh, people are a little hesitant
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  Speaker 3: and some of the– it's not true. That's not the
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  Speaker 3: way that it's– not from a consumer standpoint, not from
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  Speaker 3: our standpoint anyway.
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  Speaker 4: Yeah, and there's so much investment that is kind of
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  Speaker 4: baked in that's being made right now. I mean that
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  Speaker 4: drives– that's what drives the economy forward. All these individuals,
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  Speaker 4: all the individual companies making decisions that they believe are–
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  Speaker 4: that they believe is in their best interest. to grow
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  Speaker 4: their money, to grow their opportunities and that sort of–
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  Speaker 4: that drives the market forward. And right now that is happening.
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  Speaker 4: That activity is happening despite of the headlines that might
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  Speaker 4: make you think otherwise. Even as we think about what's
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  Speaker 4: happening over in the Gulf, even that is something that
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  Speaker 4: creates opportunity. different types of opportunity and maybe opportunity that
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  Speaker 4: we didn't think we would have or hope to have.
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  Speaker 4: But there are alternatives being developed right now that create
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  Speaker 4: economic activity and opportunity to overcome that, building pipelines, all
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  Speaker 4: of those things. So any– even bad news creates opportunity.
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  Speaker 3: Trevor Burrus That's a great– I mean it's a great
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  Speaker 3: outlook and I think that folks just have to be–
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  Speaker 3: aware when they're going into these situations. And I know
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  Speaker 3: we talk about this a lot, but then I spend
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  Speaker 3: the weekends and I read all this data about consumer
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  Speaker 3: sentiments and different things along those lines. And I mean,
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  Speaker 3: it's just really bad right now, you know, which is,
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  Speaker 3: I mean, I'm not telling people that whatever you're dealing
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  Speaker 3: with in your personal life that you don't need to
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  Speaker 3: deal with and feel that however it makes you feel.
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  Speaker 3: That's one thing, but you can't let that sort of
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  Speaker 3: poison the well, so to speak, with the things that
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  Speaker 3: are going on. You can't root for, this company is
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  Speaker 3: working with this company, so I completely want to take
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  Speaker 3: myself out of the opportunity that that company gives me.
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  Speaker 3: At some level, maybe there's– I mean I don't know.
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  Speaker 3: I'm not here to tell you how to do things.
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  Speaker 3: But at some point in time, you've got to participate
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  Speaker 3: in what's going on, and there's tools and levers there
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  Speaker 3: for that.
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  Speaker 4: Trevor Burrus And I think there's definitely– a little bit
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  Speaker 4: of a funk feeling kind of over everything. And I
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  Speaker 4: believe that's because in the spot we are right now,
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  Speaker 4: there's a very big divide between who is benefiting and
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  Speaker 4: who is, you know, inflation is terrible. Higher interest rate
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  Speaker 4: is terrible.
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  Speaker 3: If you.
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  Speaker 4: Don't have assets, you know, if you're living paycheck to paycheck,
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  Speaker 4: you feel that directly and it doesn't feel good. If
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  Speaker 4: you are an asset owner, someone who has a portfolio,
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  Speaker 4: someone who has adequate savings and investment, you're earning actually
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  Speaker 4: more money than your grocery bill is going up.
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  Speaker 1: You don't like it.
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  Speaker 4: You're paying $ 100 more for groceries when you go to
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  Speaker 4: the store but your portfolio is up $ 20, 000. You can
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  Speaker 4: deal with that easier. If you own a home, well,
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  Speaker 4: you're insulated to the price increases that housing has had
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  Speaker 4: over the last several years because you locked your price
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  Speaker 4: in when you bought that home. The person going out
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  Speaker 4: into the market today trying to buy a house is
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  Speaker 4: now facing higher housing prices and higher interest rates. So
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  Speaker 4: all of this news– There is something happening on the
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  Speaker 4: other side and I think that's why the mood is
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  Speaker 4: so foul because it doesn't cut evenly across everyone the
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  Speaker 4: way things are at this moment in time. Inflation is
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  Speaker 4: really a tax on the lower rungs of the economic ladder.
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  Speaker 3: Trevor Burrus And when you think about it and you
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  Speaker 3: look at the data, one of the things you're always
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  Speaker 3: fighting against in your industry is the sometimes alarming amount
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  Speaker 3: of people that don't have saved for retirement, that don't
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  Speaker 3: have the investments, that don't have a proper structure. That
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  Speaker 3: means that there's a lot of people that are feeling
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  Speaker 3: that same thing, that angst and anxiety, because they are
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  Speaker 3: not participating in that. And how do you fix that?
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  Speaker 3: You participate, right? I mean, you fix the debts in
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  Speaker 3: your life, you start investing, and then suddenly, yeah, the
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  Speaker 3: interest rates are tough on the inflation side of things,
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  Speaker 3: but you know that the mechanisms of your retirement plan
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  Speaker 3: that are going together, they're taking advantage of those same things.
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  Speaker 3: And so, on day-to-day, you know, pulling quarters out of
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  Speaker 3: your couch cushions may not be great, but in your
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  Speaker 3: retirement account, in your investments, that's actually helping bolster it.
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  Speaker 3: And so, and as things move back and forth, interest
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  Speaker 3: rates go down and suddenly the money in your pocket
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  Speaker 3: is spending a little better, you know? I mean, those
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  Speaker 3: things will work, but you have to be invested into
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  Speaker 3: the market to be able to do that. And there's
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  Speaker 3: a lot of people that's not. And that's one of
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  Speaker 3: the things that You have to overcome it while we're
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  Speaker 3: here because there's a place to start and you can
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  Speaker 3: get started on that path so you can feel a
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  Speaker 3: little bit less anxiety when it comes to your future.
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  Speaker 4: Yeah, no doubt about it. And the perfect time to
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  Speaker 4: start is today.
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  Speaker 3: Today, yeah.
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  Speaker 4: Today because that– Warren Buffett, for instance, he was a
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  Speaker 4: great investor.
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  Speaker 3: Now he's officially sunset, right? He's in the sunset.
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  Speaker 4: Well, he's still an advisor.
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  Speaker 3: Partially, yeah.
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  Speaker 4: Right, right. But he was a great investor. But one
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  Speaker 4: of the things that he had really working for him
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  Speaker 4: over time was time. Time, yeah. He lived a long time.
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  Speaker 4: He worked a long time. He was successful for a
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  Speaker 4: long period of time. And if you look at his
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  Speaker 4: net worth over the years, a lot of that tens
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  Speaker 4: of billions of dollars, hundred billion dollars, most of that
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  Speaker 4: was added in the last 15 years because of the
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  Speaker 4: way compound interest works. He had to do all that work,
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  Speaker 4: getting that nest egg built first and then building it
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  Speaker 4: from there. And then it takes over. That compounding interest
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  Speaker 4: takes over that diversification that he had. played and made
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  Speaker 4: that graph look like a hockey stick. And that's what
• 14:05
  Speaker 4: we're all trying to get to at a different level.
• 14:08
  Speaker 4: And that's the way math works. It feels like you're
• 14:13
  Speaker 4: doing all the heavy lifting when you start.
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  Speaker 1: And you are.
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  Speaker 3: You are.
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  Speaker 4: You'll never get to that place unless you put that
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  Speaker 4: work in up front. But eventually the market growth takes over.
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  Speaker 4: And once that happens, it's almost an inevitability that you
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  Speaker 4: accumulate wealth. You just have to get over that initial
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  Speaker 4: hump and do the work initially. And the younger you
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  Speaker 4: start doing that, the better off you're going to be.
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  Speaker 3: The great information is always with John Burdett from 4th
• 14:43
  Speaker 3: Avenue Financial. Online, it's 4thAvenueFinancial. com. You spell out the whole thing, 4thAvenueFinancial. com.
• 14:47
  Speaker 3: Retirement Radio every Monday morning at 820 right here on
• 14:49
  Speaker 3: 580 WCHS. You can check the podcast at the site WCHSnetwork.com
• 14:54
  Speaker 3: after the show if you want to check out any
• 14:55
  Speaker 3: of the shows or a portion of the show that
• 14:57
  Speaker 3: you missed during the course of the day. One of
• 15:01
  Speaker 3: the things this week in the headlines, kind of a
• 15:04
  Speaker 3: big news, Trump and Xi from China are having a summit.
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  Speaker 3: First time I think that presidents of those countries have
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  Speaker 3: met in over a decade or something along those lines.
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  Speaker 3: A lot of AI stuff being incorporated into this. The
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  Speaker 3: Altmans and the Cooks and all these people, I think,
• 15:20
  Speaker 3: are going to be involved with these things as well.
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  Speaker 3: The reason I bring this up is I was looking
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  Speaker 3: through the headlines this morning on financial pages and stuff
• 15:26
  Speaker 3: like that. This was part of one of the either
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  Speaker 3: top headline or somewhere with it above the fold, as
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  Speaker 3: they used to say. One of the things that are
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  Speaker 3: coming up this week, and it talks about how could
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  Speaker 3: this help with gas prices and all these different things.
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  Speaker 3: And it got me to thinking once again, well, here
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  Speaker 3: are some headlines. Here are some things that are happening
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  Speaker 3: this week. But man, to John's client, These things don't
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  Speaker 3: really matter all that much. I mean maybe a couple
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  Speaker 3: weeks later or something like that. Who knows if there's
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  Speaker 3: something that comes up. But all these headlines kind of
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  Speaker 3: priming the pump for expectations or whatever it is really
• 15:56
  Speaker 3: kind of does a disservice to the average consumer out
• 15:58
  Speaker 3: there because it doesn't really mean anything to us. Usually
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  Speaker 3: with these.
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  Speaker 4: Kind of meetings, whatever work was going to be done
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  Speaker 4: in those meetings has already been done by the staffers
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  Speaker 4: and it's more of a ceremony. That's generally what it is.
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  Speaker 4: But– Because there's communication going on. The president doesn't show
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  Speaker 4: up somewhere if it's an unknown situation generally.
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  Speaker 3: Right, exactly. And there's nothing wrong with the summit, nothing
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  Speaker 3: like that. It's just like, man, there's tons of these headlines,
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  Speaker 3: people talking about this. I mean it's not going to
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  Speaker 3: matter the price of gas tomorrow. I mean that's not
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  Speaker 3: the way those things work. But that's just some of
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  Speaker 3: the ways that– Dueling reasons for headlines and oftentimes when
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  Speaker 3: you get into the generalist news, the whole thing is
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  Speaker 3: they want your eyeballs. They don't want you to make
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  Speaker 3: sound financial decisions. So just keep that in mind.
• 16:50
  Speaker 4: Really, the truth is no matter what is going on
• 16:54
  Speaker 4: in the news, good or bad, at some point you're
• 16:57
  Speaker 4: going to want to retire. So you can surrender your
• 17:01
  Speaker 4: autonomy and allow these events to control your situation or
• 17:07
  Speaker 4: you can take hold of it. and start making progress
• 17:11
  Speaker 4: on your own despite whatever is going on in the
• 17:13
  Speaker 4: world because your life and what you want to achieve
• 17:17
  Speaker 4: is separate from all of the news that's happening. You
• 17:22
  Speaker 4: control more than you think that you control. I mean
• 17:26
  Speaker 4: you control largely the career path you choose and the
• 17:31
  Speaker 4: income that you generate to some degree but you definitely
• 17:35
  Speaker 4: control how much money you spend. You definitely control how
• 17:39
  Speaker 4: much money you're saving out of that. And if you're
• 17:43
  Speaker 4: taking on debt or not– or paying off debt, you
• 17:48
  Speaker 4: control all of those things that ultimately create the success.
• 17:53
  Speaker 4: Very little of that has to do with the news environment.
• 17:57
  Speaker 3: Trevor Burrus I find that amazing because that's right in
• 18:00
  Speaker 3: line with what I was thinking about this morning. Now,
• 18:02
  Speaker 3: sometimes numbers are numbers. You can't help what numbers are.
• 18:06
  Speaker 3: Sometimes you have more outgoing and there's nothing that you
• 18:08
  Speaker 3: can help and it basically matches your incoming and there's
• 18:11
  Speaker 3: nothing you can do about it and you're struggling to
• 18:13
  Speaker 3: try to make that work and figuring out a way
• 18:15
  Speaker 3: to fix that. However, in this environment that we're in
• 18:18
  Speaker 3: where I think that savings levels have dropped to like
• 18:23
  Speaker 3: financial crisis lows, like people aren't saving money the way
• 18:26
  Speaker 3: they once did and stuff like that, this would be
• 18:28
  Speaker 3: a time to actually practice that skill, to actually flex
• 18:31
  Speaker 3: that muscle a little bit, especially– and I'm thinking back
• 18:33
  Speaker 3: to when I was single before family and stuff like that.
• 18:36
  Speaker 3: Everything that you just said about all those options that
• 18:38
  Speaker 3: I had to cut back here, cut back, means so
• 18:41
  Speaker 3: much more when you're an individual. Of course, you can
• 18:43
  Speaker 3: do it as a family and stuff like that. But
• 18:44
  Speaker 3: when you're the only person you have to worry about,
• 18:46
  Speaker 3: it makes it so much easier to do stuff like that.
• 18:48
  Speaker 3: And you can give yourself sort of from forward momentum
• 18:51
  Speaker 3: into if you're a young person that's out there and
• 18:53
  Speaker 3: you're waiting for that person to meet for a family
• 18:56
  Speaker 3: or waiting for that next step, whatever it might be,
• 18:58
  Speaker 3: you can really put your head down and do the
• 19:00
  Speaker 3: work now to get ahead a little bit. So you're
• 19:02
  Speaker 3: in a better situation there. Most people your age aren't saving, save.
• 19:05
  Speaker 3: Double the amount that you save. Figure out a way
• 19:07
  Speaker 3: to do it because it's going to get you ahead.
• 19:08
  Speaker 4: And people always worry, what type of return will the
• 19:11
  Speaker 4: market give me? And really, that's almost irrelevant.
• 19:15
  Speaker 3: At this point, yeah.
• 19:16
  Speaker 4: When you're starting out and saving. And even at any
• 19:21
  Speaker 4: point in time, it's almost irrelevant. If you're doing the
• 19:24
  Speaker 4: right things, if you're living below your means, creating constant
• 19:28
  Speaker 4: savings and investment month after month, Even if the market
• 19:32
  Speaker 4: doesn't grow at all, are you not better off than
• 19:35
  Speaker 4: the person that spent everything? Do you not have a
• 19:38
  Speaker 4: safety net that the other person doesn't have? By definition,
• 19:43
  Speaker 4: you're going to move up the rungs on that economic
• 19:46
  Speaker 4: ladder if you're taking the right action. It doesn't matter
• 19:51
  Speaker 4: what's going on in the world or the market. Your
• 19:55
  Speaker 4: actions have made you and put you in a better
• 19:59
  Speaker 4: place financially.
• 20:02
  Speaker 3: It's taking agency. I mean you need to take agency
• 20:04
  Speaker 3: where you can and don't be in the dryer being
• 20:07
  Speaker 3: tumbled around. If you can take agency, you want to
• 20:08
  Speaker 3: take agency where you can. It's great information, as always,
• 20:11
  Speaker 3: with Jon Burdett from 4th Avenue Financial, giving you the
• 20:13
  Speaker 3: tools to maybe give you some peace of mind in
• 20:16
  Speaker 3: this time of low consumer confidence. There's ways and avenues,
• 20:21
  Speaker 3: and frankly, the reality of the thing is there's a
• 20:25
  Speaker 3: light at the end of the tunnel, especially for your retirement.
• 20:27
  Speaker 3: John can help you get there. If you have any questions,
• 20:29
  Speaker 3: you can give us a call this morning, 304-345-5858, 345-5858.
• 20:30
  Speaker 3: You can text over your questions to 304-935-5008. I'll check
• 20:37
  Speaker 3: the text messages during the commercial break here, and we'll
• 20:39
  Speaker 3: go ahead and take a break and be back right
• 20:41
  Speaker 3: after this. You're listening to Retire Right Radio with John
• 20:42
  Speaker 3: Burdett this morning from 4th Avenue Financial. Online, it's 4thAvenueFinancial. com.
• 20:46
  Speaker 3: I'm Dale Cooper, and this is 580 WCHS, the voice
• 20:48
  Speaker 3: of Charleston.
• 20:49
  Speaker 5: Retire Right Radio is sponsored by 4th Avenue Financial, which
• 20:53
  Speaker 5: is solely responsible for its content. Securities offered through J.W.
• 20:57
  Speaker 5: Cole Financial member, FINRA SIPC. Investment advice offered through J.W.
• 21:02
  Speaker 5: Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.D.U.
• 21:06
  Speaker 5: Cole Advisors are unaffiliated entities. The opinions expressed by John
• 21:11
  Speaker 5: Burdett should not be construed as specific investment, legal, or
• 21:14
  Speaker 5: tax advice. All economic and performance information is historical and
• 21:19
  Speaker 5: not indicative of future results. Investing may involve risk of
• 21:23
  Speaker 5: loss of principle. Any tax advice on this show is
• 21:26
  Speaker 5: not intended to be used by any person for the
• 21:28
  Speaker 5: purpose of avoiding use, federal or state tax penalties that
• 21:32
  Speaker 5: may be imposed on such a person. And each listener
• 21:35
  Speaker 5: should seek advice from their tax advisor or legal counsel
• 21:38
  Speaker 5: on topics that arise from the show. John Burdett is
• 21:41
  Speaker 5: not providing legal or tax advice. Nothing should be construed
• 21:45
  Speaker 5: as solicitation of an offer to buy securities. This program
• 21:48
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• 21:51
  Speaker 5: for its content.
• 21:52
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• 22:49
  Speaker 3: Terms apply. If you had a million dollars, what would
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  Speaker 3: you do with a million dollars? I think John Burdett
• 23:00
  Speaker 3: could help you out with that.
• 23:02
  Speaker 2: You can give us a.
• 23:02
  Speaker 3: Call this morning, 304-345-5858, 304-345-5858. To talk to John Burdett
• 23:04
  Speaker 3: from 4th Avenue Financial, we're discussing.
• 23:19
  Speaker 3: How you can plan for your retirement this morning and
• 23:21
  Speaker 3: get your finances in order. If you have any questions
• 23:23
  Speaker 3: for John along those lines, you can give us a
• 23:25
  Speaker 3: call 304-345-5858, 304-345-5858, because there's always a different rotating sector
• 23:34
  Speaker 3: of those tools in the toolbox that John can use.
• 23:36
  Speaker 3: So you hear the headlines, you're like, oh no, interest
• 23:38
  Speaker 3: rates are going to go up, all these different things.
• 23:40
  Speaker 3: That does affect you in some ways, but on the
• 23:43
  Speaker 3: backside of those, wherever there's a Wherever the seesaw goes up,
• 23:48
  Speaker 3: one side has to also go down. And so you
• 23:50
  Speaker 3: have opportunities elsewhere. So if you have some questions about
• 23:53
  Speaker 3: that on how maybe you can– if there's anything you
• 23:56
  Speaker 3: need to do to prepare for your retirement for– The
• 23:59
  Speaker 3: life that you're living now to budget your life, anything
• 24:02
  Speaker 3: along those lines, John can help you out. 304-345-5858 is
• 24:06
  Speaker 3: our number this morning. 304-345-5858. You can text 304-935-5008. And
• 24:10
  Speaker 3: it's just as simple as being curious. You know, you
• 24:14
  Speaker 3: can start a dialogue, start a conversation. You probably learn
• 24:17
  Speaker 3: a lot.
• 24:18
  Speaker 4: Yep, no doubt about it. And it's– The best thing–
• 24:21
  Speaker 4: you don't hear it very much anymore. That initial call
• 24:23
  Speaker 4: is free.
• 24:23
  Speaker 3: Yeah, there you go, right? And it's not AI. That's right.
• 24:26
  Speaker 3: It's a real person. Yeah, that's the– boy, I was
• 24:29
  Speaker 3: reading some more of those– some more stories this weekend
• 24:33
  Speaker 3: with folks that are getting duped by customer service AI.
• 24:36
  Speaker 1: Right.
• 24:37
  Speaker 3: And not– I understand some of that stuff with some
• 24:41
  Speaker 3: businesses probably work quite fine and you probably– like the
• 24:44
  Speaker 3: barrier between– you might know it's AI but it probably
• 24:46
  Speaker 3: doesn't affect you one way or the other. But there's
• 24:48
  Speaker 3: other businesses you probably got to be careful with stuff
• 24:50
  Speaker 3: like that.
• 24:51
  Speaker 4: Yeah, no doubt. Yeah, it's definitely– even talking about the
• 24:57
  Speaker 4: news and the fear and all the things, I bet
• 25:01
  Speaker 4: you now 75 percent of your news feed on social
• 25:04
  Speaker 4: media is AI generated.
• 25:06
  Speaker 3: Oh, man.
• 25:07
  Speaker 4: I mean you don't even– how do you even know
• 25:10
  Speaker 4: if it's legitimate, if it's real? It's just a ball
• 25:13
  Speaker 4: of confusion.
• 25:15
  Speaker 3: It's really bad. Being in the industry, we have certain–
• 25:19
  Speaker 3: I have certain sources that I can reach out for
• 25:21
  Speaker 3: that I know still does curated news and stuff like that.
• 25:25
  Speaker 3: But even– with some of the services that are out there,
• 25:28
  Speaker 3: you now see that they, they do aggregate and AI
• 25:31
  Speaker 3: and then, you know, but we don't lose the human touch.
• 25:33
  Speaker 3: There's always a final human at the end. It's like,
• 25:36
  Speaker 3: when does that final human go away? You know, there's
• 25:38
  Speaker 3: one left somewhere. So, so, so where does it, where
• 25:42
  Speaker 3: does that guy, uh, or gal finally, uh, exit stage left? Yeah,
• 25:45
  Speaker 3: I don't, it's, it's confusing times when it comes to
• 25:48
  Speaker 3: things like that. But, um, It's also really easy to
• 25:51
  Speaker 3: get kind of upside down when reading the– like we
• 25:54
  Speaker 3: talk about with reading the headlines and stuff. And really
• 25:56
  Speaker 3: the bottom line is whatever it is that you're doing
• 25:59
  Speaker 3: when you're trying to plan for your financial future, living
• 26:01
  Speaker 3: below your means, planning to live below your means. And
• 26:04
  Speaker 3: then frankly, there's a lot of complicated things going on
• 26:07
  Speaker 3: out there. So calling John at 4th Avenue Financial and
• 26:09
  Speaker 3: getting some expert advice in that regard is going to
• 26:11
  Speaker 3: give you a leg up on anything else that you're
• 26:13
  Speaker 3: planning on doing because you will be given a strategy
• 26:16
  Speaker 3: that will work and that's kind of detached from the
• 26:19
  Speaker 3: personal– influences over your life. Right, right.
• 26:24
  Speaker 4: And it gives you also a peace of mind and
• 26:27
  Speaker 4: a sounding board to know that I'm feeling a little
• 26:32
  Speaker 4: uneasy right now. Hey, you have somebody to talk to
• 26:35
  Speaker 4: to work through that as you're moving towards your goals
• 26:38
  Speaker 4: to stay focused. I mean, it's like when you say,
• 26:43
  Speaker 4: I'm going to start going to the gym and then
• 26:46
  Speaker 4: you don't.
• 26:47
  Speaker 6: Right.
• 26:49
  Speaker 4: But if you hire a personal trainer and you've agreed
• 26:53
  Speaker 4: to meet at a certain time, you're going to show up. And,
• 26:58
  Speaker 4: you know, most of the time, you know, you kind
• 27:02
  Speaker 4: of already know what to do, but you're going to
• 27:04
  Speaker 4: do it if you have someone there, you know, with
• 27:09
  Speaker 4: you that is purposely working on that with you and
• 27:13
  Speaker 4: helping you identify and– map towards making those goals a reality. Uh,
• 27:22
  Speaker 4: so that's really what it's, what it's all about. Um,
• 27:26
  Speaker 4: I think a lot of, a lot of what I
• 27:28
  Speaker 4: do certainly is, you know, portfolio allocation and math related, um,
• 27:34
  Speaker 4: the boring stuff, I guess, but, but really most of
• 27:37
  Speaker 4: it is just, uh, the relationship with an individual and,
• 27:41
  Speaker 4: and being there to, you know, walk through and, um,
• 27:47
  Speaker 4: Help when life happens, when challenges happen. How do we
• 27:52
  Speaker 4: get through this and not blow our plan up? Out
• 27:58
  Speaker 4: of all the noise, what are the few things that
• 28:00
  Speaker 4: we should stay focused on so that we achieve those goals?
• 28:06
  Speaker 4: And another set of eyes that is removed a little
• 28:11
  Speaker 4: bit from that situation, that's where the value is. Somebody
• 28:16
  Speaker 4: that has seen– I've done this for 25 years. I've
• 28:20
  Speaker 4: seen a lot of situations.
• 28:22
  Speaker 3: That makes sense, yeah.
• 28:25
  Speaker 4: And how they've worked out or not worked out. And
• 28:32
  Speaker 4: a lot of it is behavior-based more so than math-based.
• 28:37
  Speaker 4: It's like how do you– it's not that problems won't happen.
• 28:40
  Speaker 4: It's not that challenges won't happen. But how do you
• 28:42
  Speaker 4: respond to them? And that's really more of a mental
• 28:46
  Speaker 4: game than it is a math game.
• 28:49
  Speaker 3: You and I were talking during the break a minute
• 28:50
  Speaker 3: ago about some do-it-yourself stuff and things along those lines.
• 28:53
  Speaker 3: And there's certainly nothing wrong with having the agency to
• 28:56
  Speaker 3: try to do something yourself. But I keep on thinking
• 28:57
  Speaker 3: about something like I'm not an electrician, for example, but
• 29:00
  Speaker 3: I've messed around with like rewiring stuff before, you know.
• 29:03
  Speaker 3: And the thing is, if I sit down with a
• 29:05
  Speaker 3: YouTube video and I have some materials beside me and
• 29:07
  Speaker 3: I have exactly the thing that I'm working for and
• 29:09
  Speaker 3: maybe a book or some sort of schematic based on
• 29:12
  Speaker 3: the item that I'm trying to fix and I go
• 29:13
  Speaker 3: through it step by step. I'm probably at least when
• 29:17
  Speaker 3: I was younger. I don't know about now, but let's
• 29:19
  Speaker 3: let's assume that I can go through it and figure
• 29:21
  Speaker 3: out the thing that I'm trying to do. I've replaced
• 29:23
  Speaker 3: the timing chain on a car before because I had
• 29:26
  Speaker 3: the Chilton manual, you know. The thing is, is I
• 29:28
  Speaker 3: was able to do it because I had the Chilton manual.
• 29:30
  Speaker 3: If somebody would have come into my garage during the
• 29:33
  Speaker 3: time I was rebuilding that and putting the timing chain
• 29:35
  Speaker 3: in and taken that book and walked away with it,
• 29:38
  Speaker 3: I would have no idea how to put the rest
• 29:39
  Speaker 3: of the car back together because it was all right
• 29:41
  Speaker 3: there in the manual. I sometimes feel that people– and
• 29:44
  Speaker 3: this can go with anything, but it's certainly about building
• 29:47
  Speaker 3: your retirement and things like that. You have like the
• 29:49
  Speaker 3: one big meeting maybe with your significant other or whatever
• 29:51
  Speaker 3: it might be. You set everything up. You've done all
• 29:53
  Speaker 3: this research. You have it in place. And you know what?
• 29:56
  Speaker 3: For that moment, for that day, for that situation that
• 29:58
  Speaker 3: your family is in, it may be the absolute perfect plan.
• 30:01
  Speaker 3: You may have done your due diligence perfectly. The thing is,
• 30:05
  Speaker 3: in a year, things change. Are you going to do
• 30:07
  Speaker 3: all that research again? And then you have a kid
• 30:09
  Speaker 3: in a year and a half. Are you going to
• 30:10
  Speaker 3: do all that research again? And then economy starts to
• 30:13
  Speaker 3: go a little bad and your spouse loses their job.
• 30:15
  Speaker 3: Are you going to do all that research again? You know,
• 30:16
  Speaker 3: that's the thing. It's like you might be able to
• 30:18
  Speaker 3: get your one shot and you might be able to
• 30:19
  Speaker 3: get it right. But what happens as the ball keeps
• 30:22
  Speaker 3: on bouncing down your life? Things change constantly. You can't
• 30:26
  Speaker 3: be an expert at every single of those moments of
• 30:28
  Speaker 3: your life. You've got to contact somebody who is.
• 30:29
  Speaker 4: And are you going to be focused on the right
• 30:31
  Speaker 4: thing when those things happen or is that noise going to,
• 30:35
  Speaker 4: you know, create an environment where you make an emotional decision?
• 30:40
  Speaker 4: And that's where most– I think most damage happens in
• 30:43
  Speaker 4: a financial plan. It's emotional decisions allowing things to creep
• 30:48
  Speaker 4: into that decision-making process. Fear is a huge motivator and
• 30:54
  Speaker 4: fear is all around us. If you look, we are wired.
• 30:59
  Speaker 4: That's why we are here today because for tens of
• 31:04
  Speaker 4: thousands of years, we're wired to be fearful of things
• 31:08
  Speaker 4: that we don't know. We can't know the future exactly.
• 31:13
  Speaker 4: We just can't. Well, we survived because of that fear instinct.
• 31:21
  Speaker 4: If we heard a noise out in the backwoods, we
• 31:27
  Speaker 4: were afraid. We went back to the cave. The same
• 31:32
  Speaker 4: thing is happening with your financial life and it's just
• 31:34
  Speaker 4: instinctual and you have to To be successful, you have
• 31:38
  Speaker 4: to put that in perspective and understand that. And it's
• 31:41
  Speaker 4: very hard to do without some outside eyes looking at
• 31:46
  Speaker 4: the situation because it feels wrong.
• 31:49
  Speaker 3: Yeah, there's nothing we can do to get away from
• 31:51
  Speaker 3: our own personal bias. It's what it is. I mean
• 31:54
  Speaker 3: nobody can. And when you're kind of submersed into that–
• 31:58
  Speaker 3: I mean some people train themselves to look beyond it
• 32:00
  Speaker 3: or whatever I guess. But again, if you're not an
• 32:01
  Speaker 3: expert in the field, it's very hard to do things
• 32:03
  Speaker 3: like that. It ends up being a very vibe-based thing.
• 32:08
  Speaker 3: And that could be dangerous.
• 32:09
  Speaker 4: You know, just like when the market's going down, why
• 32:11
  Speaker 4: is the market going down when it goes down big? Well,
• 32:14
  Speaker 4: because people are selling. Why are they selling? Because they're
• 32:16
  Speaker 4: fearful of what might happen. What is historically always been
• 32:21
  Speaker 4: the right thing to do? To step into that fear
• 32:25
  Speaker 4: and purchase while the market is down. Do the opposite
• 32:29
  Speaker 4: of what feels right. It's hard to do that on
• 32:32
  Speaker 4: your own.
• 32:33
  Speaker 3: And again, you have to have the You have to
• 32:35
  Speaker 3: be set up to be able to take advantage of
• 32:36
  Speaker 3: those things and to be able to do it correctly.
• 32:38
  Speaker 3: So that's why you need to pivot yourself to get
• 32:40
  Speaker 3: yourself into a situation where you can robustly participate in
• 32:44
  Speaker 3: a life that includes planning for your retirement because that
• 32:47
  Speaker 3: gives options that's open to you. It doesn't mean that
• 32:48
  Speaker 3: you live in a stir life or anything along those lines.
• 32:51
  Speaker 3: But once you have everything set up and you have your.
• 32:53
  Speaker 3: you have your strategy in place, then you have the
• 32:56
  Speaker 3: ability to make those choices. You got a bonus at
• 32:59
  Speaker 3: work and you have an extra $ 1, 000. If you don't
• 33:00
  Speaker 3: have an account to put your extra money in, then
• 33:03
  Speaker 3: you're not going to be able to put your extra
• 33:04
  Speaker 3: money in an account somewhere. So if you're able to
• 33:06
  Speaker 3: save money and do things, you have to have it
• 33:08
  Speaker 3: set up. You have to have the infrastructure in place
• 33:09
  Speaker 3: first and then have the practices that's going to meet it.
• 33:12
  Speaker 3: You put those two things together, nobody's perfect, but chances
• 33:15
  Speaker 3: are that if you do the work, it's going to
• 33:16
  Speaker 3: pay off for you.
• 33:17
  Speaker 4: Yes, and when you get that found money, for instance,
• 33:20
  Speaker 4: that bonus, it is by having a place to put it,
• 33:24
  Speaker 4: it takes away a lot of the thinking, well, what
• 33:28
  Speaker 4: can I do with this? Maybe I should buy a
• 33:31
  Speaker 4: new boat or maybe I should do something else. But
• 33:35
  Speaker 4: if it's part of your plan and you're committed to
• 33:38
  Speaker 4: that plan, it's much easier to just do the right
• 33:42
  Speaker 4: thing with that money to build towards that plan. You
• 33:45
  Speaker 4: don't have to think about it because it's already in place.
• 33:48
  Speaker 4: And the temptations of all the things that you might
• 33:51
  Speaker 4: like to have today but don't really need or might
• 33:54
  Speaker 4: create additional expenses in your life, you know, it's– you
• 33:59
  Speaker 4: don't have to fight that if you have that plan
• 34:01
  Speaker 4: in place.
• 34:03
  Speaker 3: I had a situation a couple months ago where I
• 34:05
  Speaker 3: paid for my– I paid for a medical service and
• 34:09
  Speaker 3: I paid it off my HSA card but it was
• 34:11
  Speaker 3: actually covered but I just went ahead and paid for
• 34:13
  Speaker 3: it and then I submitted for my reimbursement later through
• 34:15
  Speaker 3: my company. I got that money back. And there were
• 34:18
  Speaker 3: times in my life where I've had a similar situation
• 34:20
  Speaker 3: that where I got reimbursed for something medical that I
• 34:21
  Speaker 3: paid for that I was just like, oh, great. You know,
• 34:23
  Speaker 3: it's like extra money. Let's go buy a PlayStation or something, right?
• 34:26
  Speaker 3: I felt quite good. And maybe this is something that
• 34:29
  Speaker 3: folks can take. You gamify it a little bit. I
• 34:31
  Speaker 3: turned around and I put that money right back into
• 34:33
  Speaker 3: my HSA. I basically paid myself back for paying for
• 34:36
  Speaker 3: it out of the HSA. It felt very good to
• 34:39
  Speaker 3: do that. And that's the discipline steps for things like
• 34:41
  Speaker 3: that that you have to take on to make sure
• 34:43
  Speaker 3: that you're doing the things that you need to do right.
• 34:45
  Speaker 3: Because if you have that account set up to pay
• 34:47
  Speaker 3: for your medical bills, but you're actually just kind of
• 34:49
  Speaker 3: paying for it, you know, in the long run, it's
• 34:51
  Speaker 3: not going to do you any good. You have to
• 34:53
  Speaker 3: make sure that you solve both ends of that thing,
• 34:55
  Speaker 3: and that includes paying it back when you need to. Sure, sure. Yep.
• 34:58
  Speaker 4: Or at least in my life, it does. And you
• 35:00
  Speaker 4: did that because that was part of your plan that
• 35:03
  Speaker 4: you put together.
• 35:03
  Speaker 3: Exactly. Maybe not for everybody, but it was for me. Yeah, yeah,
• 35:06
  Speaker 3: no doubt. And things like that, the discipline to do
• 35:09
  Speaker 3: things like that. And for me personally, whether it was
• 35:11
  Speaker 3: with financial things or weight loss or whatever, like gamifying those,
• 35:15
  Speaker 3: turning it into something like, well, I can do that.
• 35:17
  Speaker 3: Or 80 percent of the people don't do that. I
• 35:19
  Speaker 3: can do it. Whatever it might be, I try to
• 35:21
  Speaker 3: turn it into something to give myself goals for it.
• 35:25
  Speaker 4: Most things in life are that way. It's how you
• 35:27
  Speaker 4: think about the situation. Somebody can look at the exact
• 35:30
  Speaker 4: same situation and see doom and gloom and fear and
• 35:35
  Speaker 4: another person looks at it as opportune.
• 35:37
  Speaker 3: It's great information, as always, with John Burdett from 4th
• 35:39
  Speaker 3: Avenue Financial. I'll get the information out for you one
• 35:41
  Speaker 3: more time. 4th Avenue Financial online is 4thAvenueFinancial. com. You spell
• 35:45
  Speaker 3: out the whole thing, 4thAvenueFinancial. com. You can do that same
• 35:48
  Speaker 3: search on Facebook and like the page over there. Their
• 35:50
  Speaker 3: phone number for 4th Avenue Financial is 304-746-7977, 304-746-7977, 304-746-7977. 7-9-7-7.
• 35:59
  Speaker 3: Located at 170 Court Street. That's right across from the
• 36:02
  Speaker 3: Town Center Mall in downtown Charleston. John, thank you so
• 36:04
  Speaker 3: much for your time again this week. We'll see you
• 36:05
  Speaker 3: next week. All right. Thank you. That's John Burdett from
• 36:07
  Speaker 3: 4th Avenue Financial. I'm Dale Cooper. Dave Allen is up
• 36:10
  Speaker 3: next on 580 Live. I'll be back this afternoon at 2-0-6.
• 36:13
  Speaker 3: All new time for Hotline 2-0-6. Tune in then, won't you?
• 36:17
  Speaker 2: 580 WCHS AM.
• 36:19
  Speaker 3: 96.5 FM Charleston and 104.5 Crosslanes. A WVRC media station.