Latest / WCHS Network Podcasts / Retire Right Radio – Market Rotation, AI Investing, and Breaking the Debt Cycle

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Retire Right Radio – Market Rotation, AI Investing, and Breaking the Debt Cycle · 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 five ADWCHS, its
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Speaker 1: employees or WVRC Media. This is retire Right Radio, a
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Speaker 1: weekly show from John Verdett at Fourth Avenue Financial that
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Speaker 1: aims to answer your questions about financial planning, investing, and
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Speaker 1: how to retire right. Fourth Avenue Financial is located in
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Speaker 1: downtown Charleston at one seventy Court Street. More information online
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Speaker 1: at Fourth Avenue Financial dot com. Join the conversation by
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Speaker 1: calling three oh four three four five fifty eight fifty
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Speaker 1: eight or text three oh four nine three five fifty
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Speaker 1: oh eight. On retire Right Radio, Let's go live to
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Speaker 1: the studio with host Dale Cooper and John Verdett from
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Speaker 1: Fourth Avenue Financial.
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Speaker 2: Jest and a very pleasantent. Money to you.
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Speaker 3: You're listening to retire Right Radio on a Tuesday on
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Speaker 3: five DWCHS, the Voice of Charleston.
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Speaker 2: Thanks so much for tuning in on this Tuesday.
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Speaker 3: Nice morning this morning, Uh it's going to be warmer today,
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Speaker 3: and you can kind of feel the uh you can
1:01
Speaker 3: kind of feel that it might be a little bit
1:02
Speaker 3: warmer today. Just something about when you'll walk outside not
1:05
Speaker 3: quite as bad. You'll need the gloves, don't need the
1:07
Speaker 3: heavier jacket. Things seem pretty good, you know, not too bad,
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Speaker 3: not too bad.
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Speaker 4: Phil Collins Weather, no jacket request.
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Speaker 2: There we go. It is kind of Phil Collins Weather.
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Speaker 4: That's all right, get adding a shameless Department of records plug.
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Speaker 3: I like that. I like that. John for Dad, of
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Speaker 3: course from Fourth Avenue. Financial is here and Department of records.
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Speaker 3: If you talk about the the show over on or
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Speaker 3: the the the the shop over at the Venage and
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Speaker 3: Vines in South Charleston, which you got a lot of
1:29
Speaker 3: stuff going on over there.
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Speaker 4: Oh yeah, a lot, a lot of fun stuff. And
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Speaker 4: and we're actually on ninety eight seven. Every Friday, we're
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Speaker 4: giving away free vinyl Friday. So and believe me, I
1:39
Speaker 4: see John brings in. I think the vinyl ahead of time?
1:42
Speaker 4: Is that what the animal has us? So I see
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Speaker 4: the stash, and the stash is awesome. So seriously, you
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Speaker 4: want to you you don't want to.
1:49
Speaker 3: You might want to dip over there, You don't want to, like,
1:51
Speaker 3: turn your station from CHS all the time. You can
1:53
Speaker 3: dip over there to win John's. You can dip over
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Speaker 3: there to win John's records over.
1:56
Speaker 2: There Friday morning.
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Speaker 4: You're allowed Friday.
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Speaker 3: Morning, that's right, that's right, on Friday morning to talk
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Speaker 3: to Steve Anael over there and win one of those
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Speaker 3: vinyl records. You're more than welcome to ge us to
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Speaker 3: call this morning if you have any questions about your
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Speaker 3: financial future. John can help demystify some of those things.
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Speaker 2: What we always talk about.
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Speaker 3: Is ignoring the turboil on the headlines and having a
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Speaker 3: set plan and just work the plan. And John can
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Speaker 3: help you do that and help you see see the
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Speaker 3: forest and the trees, and give us a call this
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Speaker 3: morning if you have any questions. Three zero four three
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Speaker 3: four five fifty fifty eight three four five fifteen fifty.
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Speaker 3: You can text over any questions you have as well,
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Speaker 3: if that's a little easier for you. Three zero four
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Speaker 3: non three five five zero zero eighth three zero four
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Speaker 3: non three five five zero zero eighth. We're seeing more
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Speaker 3: so now as far as we always kind of take
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Speaker 3: a look back on the previous week in the market,
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Speaker 3: where since the last time we're doing the show, we're
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Speaker 3: seeing the market being a little bit more choppy now,
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Speaker 3: I guess than what it was most of last year.
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Speaker 4: No doubt there's a huge rotation going on right now
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Speaker 4: between the tech stocks and the rest of the market,
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Speaker 4: which which I believe is really a healthy thing. The
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Speaker 4: nests actually down three percent for the year, but the
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Speaker 4: doubts up a couple of percent, So we're seeing a
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Speaker 4: definite rotation which helps temper that that you know, runaway
3:08
Speaker 4: valuations of the of the tech stocks. Now. It's not
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Speaker 4: that the tech stocks are their earnings are falling or
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Speaker 4: anything like that. What's happening is that the TEX stocks
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Speaker 4: are still projected to grow their earnings about twenty five
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Speaker 4: percent this year, which is an incredible rate, but but
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Speaker 4: that's a little slower than it was the previous years.
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Speaker 4: And and the rest of the markets their earnings are
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Speaker 4: growing at double digit rates now, so they're accelerating across
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Speaker 4: the board for the most part. In the non tech sectors,
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Speaker 4: there their earnings expectations. So I think that's a healthy thing.
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Speaker 4: You know, we're seeing a normal rotation. We're seeing what
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Speaker 4: happens when those TEX stocks are flat or even down
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Speaker 4: slightly and the earnings grow, is they they become more
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Speaker 4: value oriented. I don't want to use the term they're
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Speaker 4: they're not necessarily not value stocks. But their valuations become
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Speaker 4: more reasonable as their earnings are outpacing the share price growth.
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Speaker 3: Yeah, so I guess that makes sense. I haven't even
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Speaker 3: thought of that before. If the if the price relatively holds,
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Speaker 3: uh in turns there, but they're actually showing profit on
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Speaker 3: the other side of things and all the things of
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Speaker 3: a healthy company, that just means that that that's a
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Speaker 3: healthier stock, that that there's less speculation going into it
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Speaker 3: and more actual uh fundamentals.
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Speaker 4: Right, which which is typically how these gross stories play out.
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Speaker 4: You know, if a gross story plays out the right way,
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Speaker 4: the earnings, you know, people essentially by before the earnings
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Speaker 4: on the expectation of earnings, you know, because they want
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Speaker 4: to get in first and and and uh you know,
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Speaker 4: be the first there to reap the most reward. And ultimately,
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Speaker 4: if if they're ideas you know, pan out, then you're
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Speaker 4: going to have more normal evaluations in line more with
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Speaker 4: the rest of the market. After that matures a bit,
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Speaker 4: and now there are still some questions with the AI
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Speaker 4: spend that the companies are doing, you know, how valuable
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Speaker 4: will that be to earnings in the future. And they're
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Speaker 4: investing a whole lot of money of today's money on
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Speaker 4: tomorrow's profits. So all those things still have to play out.
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Speaker 4: But the more you get the sideways movement with growing earnings,
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Speaker 4: the more realistic the valuations become.
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Speaker 3: Just a moment to talk about that. And one of
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Speaker 3: the things, like I mentioned min ago, we talked about
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Speaker 3: on the show a lot is not to pay attention
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Speaker 3: to the headline churn. But one thing I do want
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Speaker 3: to point out to folks. The other thing that you
5:40
Speaker 3: have to be aware of is not just to like
5:42
Speaker 3: point your finger at something and call it a thing
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Speaker 3: and then like not assume any more information. You know,
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Speaker 3: there was a point, maybe at some point last year
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Speaker 3: where the talk was everybody's over their skis as far
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Speaker 3: as AI goes. Is anybody not paying attention to this thing?
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Speaker 3: It's just wild and nobody's paying attention. All well, obviously
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Speaker 3: they are paying attention. I mean what we're talking about
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Speaker 3: here now. Not every company is gonna get it wrong.
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Speaker 3: Somebody's want to screw up and go bankrupt and lose
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Speaker 3: their business or whatever. But there's gonna be companies that
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Speaker 3: figure it out, and maybe the best ones aren't even
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Speaker 3: around yet. But the bottom line is that people have
6:13
Speaker 3: figured it out. There has been a little bit of
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Speaker 3: a hesitancy. There has been some evaluation of what's going on,
6:17
Speaker 3: what's with all these cap X expenditures, Maybe we need
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Speaker 3: to buy these things are being considered. It's not that
6:23
Speaker 3: there's no skepticism at all. People are trying to balance
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Speaker 3: their skepticism with the with what looks like, you know,
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Speaker 3: the future goal mine or the place you want to
6:32
Speaker 3: be to position yourself to put your money to work
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Speaker 3: for you. But you can't point at a thing and say,
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Speaker 3: all these people out here are just blind to the
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Speaker 3: risks and there's no skepticism, because there is, and it's
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Speaker 3: obvious because there's been a little bit of a pullback.
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Speaker 4: Sure, And you know, it's like that everybody compares it
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Speaker 4: to the tech bubble of two thousand and two thousand
6:50
Speaker 4: and one, when things got out of hand with the
6:53
Speaker 4: internet stocks dot com, dot com, that it just went
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Speaker 4: to the moon. There were no earning there at all
7:00
Speaker 4: for the most part. You know, those things were worth
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Speaker 4: billions and billions and billions of dollars, and they were
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Speaker 4: simply ideas. There were very little business behind them, behind
7:11
Speaker 4: the stocks in some of those companies, And that really
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Speaker 4: is is not that parallel to what we're seeing today, right,
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Speaker 4: We are seeing large companies with large profits reinvesting those
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Speaker 4: profits in these future technologies that now the question is
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Speaker 4: will those investments pay off? But they're making those investments
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Speaker 4: largely out of the earnings of that they're experiencing. It's
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Speaker 4: not it's not all a pipe dream. There's something real
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Speaker 4: behind it.
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Speaker 3: When you look at who survived like the online shopping
7:45
Speaker 3: wars and things along those lines, it was very narrow
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Speaker 3: margins that carried out the day. When Amazon started getting
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Speaker 3: market dominance there, then they were able to start incorporating
7:54
Speaker 3: more things, and frankly, the margins got much larger for them,
7:58
Speaker 3: you know, I mean they were much larger now than
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Speaker 3: what they were back when they were doing war with
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Speaker 3: half dot Com and buy dot Com and all these
8:04
Speaker 3: different places that were contemporaries of Amazon.
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Speaker 4: But but and that is no different. I mean, there again,
8:12
Speaker 4: history plays out, you know, it never it's never exactly.
8:16
Speaker 4: But look at the automakers at the turn of the
8:19
Speaker 4: you know, nineteen hundred, there were like three hundred automakers
8:22
Speaker 4: in the country. It ended up being the Big three.
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Speaker 2: Yeah, they consolidate, they.
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Speaker 4: Consolidate, some some fail, some people have ideas that while
8:32
Speaker 4: they might be good ideas, they don't have the rest
8:34
Speaker 4: of the company. So then it gets you know, incorporated
8:38
Speaker 4: into other people's products through acquisitions. I mean that's how
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Speaker 4: that's how it plays out. And you know what is
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Speaker 4: a little different this time is because it takes such
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Speaker 4: capital investment on these new AI technologies to build out.
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Speaker 4: It's it's the big companies are the ones that are
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Speaker 4: doing most of that investment.
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Speaker 3: I think the disconnect between like the investor class and
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Speaker 3: maybe the people at large when it comes to AI
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Speaker 3: and stuff like that as well, is that everybody assumes
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Speaker 3: the AI is the same thing. So everybody assumes when
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Speaker 3: you talk about AI, they're talking about the large language models,
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Speaker 3: the thing that is just going to be sentient it
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Speaker 3: one day, and things along those lines. A lot of
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Speaker 3: companies aren't necessarily talking about that when they're investing in AI.
9:17
Speaker 3: In fact, AI in a lot of ways has been
9:18
Speaker 3: we're just calling it AI now, but it's been around
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Speaker 3: in some way, shape, form or fashion for a long time.
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Speaker 3: It's just getting much more complicated. But not every company
9:27
Speaker 3: that's doing this is thinking, well, this is going to
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Speaker 3: take over the world and it's going to be our
9:31
Speaker 3: new sentience. And you know, all this stuff, I mean,
9:33
Speaker 3: most of it is very narrow client based use that
9:35
Speaker 3: they're trying to one board some of this stuff, and
9:37
Speaker 3: like I said, some will fail, some some will find
9:39
Speaker 3: a way, and there'll be some more general AI thing.
9:42
Speaker 2: But if you've ever used.
9:43
Speaker 3: One of these things for any particular amount of time,
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Speaker 3: your fear about these things taken over the world is
9:47
Speaker 3: going to quickly evaporate a promise, yes see.
9:50
Speaker 4: And you know, there was actually a commercial I saw
9:53
Speaker 4: recently and there again, never recommend individual stocks, that's not
9:57
Speaker 4: what I'm doing here, but it was IBM, and their
10:01
Speaker 4: commercial was basically, hey, let us consult with you and
10:04
Speaker 4: your company to learn how to use AI best in
10:10
Speaker 4: your company to make you better, to make you more profitable.
10:13
Speaker 4: And that's really the story here. You know, we've talked
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Speaker 4: about that many times this year and last year. You know,
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Speaker 4: the winners of this AI are going to be the
10:22
Speaker 4: companies throughout the economy that figure out how to become
10:26
Speaker 4: more profitable through the use of it. And that is
10:30
Speaker 4: a story that's yet to be written. I mean that
10:32
Speaker 4: is that is we're in the beginning stages of that. Now,
10:35
Speaker 4: the big data centers and and you know that's one
10:38
Speaker 4: thing that that everybody focuses on. Everybody focuses on, well,
10:42
Speaker 4: what's face Meta doing, and what's Google doing, and what's
10:45
Speaker 4: Microsoft doing? And you know, all these big companies that
10:48
Speaker 4: are investing these hundreds of billions of dollars, you know,
10:51
Speaker 4: they're building out that that infrastructure. But it's up to
10:54
Speaker 4: the individual companies to figure out how to best use
10:58
Speaker 4: those tools in their own businesses.
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Speaker 3: And that's something that's yet to be determined. And another
11:05
Speaker 3: track that this goes along. That's kind of interesting from
11:08
Speaker 3: broadly from a perspective of you know that you should
11:12
Speaker 3: again shouldn't be following the headlines on something like this,
11:15
Speaker 3: but something like Ram chips. You know, fifteen years ago,
11:19
Speaker 3: Ram was cheap. I mean, you could go and buy
11:21
Speaker 3: Ram anywhere. Wasn't that big of a deal. Whatever parody
11:23
Speaker 3: of ramy needed to get, you know, there was plenty
11:25
Speaker 3: of it. There wasn't a big deal, and it was
11:26
Speaker 3: relatively cheap to build out your computer without as much
11:29
Speaker 3: Ram as possible.
11:30
Speaker 2: It's not the case anymore.
11:31
Speaker 3: Actually, it's actually very expensive just to buy Ram cards anywhere.
11:35
Speaker 2: Ramsticks anymore.
11:35
Speaker 3: It's getting very expensive and that's because some of the
11:38
Speaker 3: minerals and materials and stuff that go into making these
11:41
Speaker 3: chips are a little bit more scarce, and there's a
11:43
Speaker 3: lot of chips coming about. I'm not saying that that's
11:45
Speaker 3: good or bad one way or the other, but there
11:46
Speaker 3: are those are also opportunities, you know, because those companies
11:50
Speaker 3: become in demand again, you know, suddenly, you know, maybe
11:53
Speaker 3: it's copper, maybe it's a chip manufacturer or some other
11:56
Speaker 3: resource that the courts or you know, who knows what
11:59
Speaker 3: it's going to be. But these things become sort of
12:02
Speaker 3: popular again where they had sort of faded into background noise, right.
12:05
Speaker 4: And and and you know what is the cure to
12:09
Speaker 4: high prices? High prices, that's the signal to a free
12:13
Speaker 4: market to produce more, that's true. That creates the opportunity
12:16
Speaker 4: for somebody to come in and figure out how to
12:18
Speaker 4: solve that supply problem.
12:20
Speaker 3: Yeah, that's that's all great stuff. And and I think
12:23
Speaker 3: that that John does a pretty good job of following
12:25
Speaker 3: this bouncing ball along on the program and giving folks
12:28
Speaker 3: an idea about what's going on. If you have any
12:30
Speaker 3: questions about about your own personal portfolio, about some observations
12:34
Speaker 3: that you've made. Maybe you just maybe have a fear
12:37
Speaker 3: of missing out and you need talk to back from
12:38
Speaker 3: it a little bit, or you're maybe a little bit
12:40
Speaker 3: overly conservative and you need to be talked into, you know,
12:43
Speaker 3: maybe taking a look at what you have and seeing
12:45
Speaker 3: what could best you make use for you in the future.
12:48
Speaker 3: If you have any questions at all for John, you're welcome.
12:49
Speaker 3: Gives a call this morning. Three zero four three four
12:51
Speaker 3: five fifty eight fifty eight is our number. Three zer
12:52
Speaker 3: a four three four five fifty eight fifty eight. You
12:54
Speaker 3: can text three zero four nine three five five zero
12:56
Speaker 3: zero eight as well. Three zer a four nine three
12:59
Speaker 3: five five zero zero eight. And really and I saw
13:02
Speaker 3: this the other day, and we talk about this a lot.
13:05
Speaker 3: You know, on a basic level, you have to start
13:08
Speaker 3: with getting rid of your debts and things like that.
13:10
Speaker 3: We always talk about that. But man, every week I
13:12
Speaker 3: am reading more and more part of the prep that
13:14
Speaker 3: I have for this show and this stuff that get
13:15
Speaker 3: sent to me for me to just familiarize myself with
13:18
Speaker 3: some of the financial news and stuff like that. Credit
13:20
Speaker 3: card debt is getting insane again. The credit card debts
13:22
Speaker 3: is getting insane. People are missing payments on their cars
13:25
Speaker 3: and their mortgages sort of like eight. Again, there's some
13:28
Speaker 3: issues out there with people and their money management, Yeah.
13:31
Speaker 4: No doubt about it, and you're starting to see some
13:33
Speaker 4: of that in the data. The consumer spending was down
13:37
Speaker 4: a little bit. Now it ran high all last year
13:41
Speaker 4: and still it's not a problem as far as the
13:45
Speaker 4: economy goes, but it did slow down, which is a
13:51
Speaker 4: signal that, you know, maybe people are carrying some debt
13:54
Speaker 4: that they need to work off before they can spend again.
13:57
Speaker 4: And oh, last year, not all last year, but a
14:02
Speaker 4: good part of last year, the spending growth outstripped earnings growth.
14:10
Speaker 4: So if if you're doing that, you're either saving less
14:13
Speaker 4: or you're borrowing more. And so hopefully this is just
14:18
Speaker 4: a little self correction in the in the myths. The
14:21
Speaker 4: good news is there's reason to believe that earnings growth,
14:24
Speaker 4: or the earnings of the individual, not talking about companies,
14:28
Speaker 4: but individual earnings may rise this year for for various reasons. One,
14:33
Speaker 4: there's some of the tax flow. Tax cuts and things
14:40
Speaker 4: are gonna float, you know, flow to folks. You you
14:43
Speaker 4: have I've lost my train of thought. Yeah, you've got
14:51
Speaker 4: the tax sets coming in, you've got the the employment numbers. Uh,
14:56
Speaker 4: last week. We're very, very strong and so so there
15:00
Speaker 4: was a little bit of a tepet employment market for
15:04
Speaker 4: several months and now it seems to have roared back
15:08
Speaker 4: to life. And if that continues there again, that underpins
15:12
Speaker 4: that consumer spending again. So the expectations still look pretty
15:16
Speaker 4: good for this year as far as the economy goes.
15:19
Speaker 4: That doesn't mean there aren't signs here and there that hey,
15:22
Speaker 4: this is getting a little out of line. But there's
15:24
Speaker 4: always something out of the line in an economy, you know,
15:27
Speaker 4: there's always something that gets ahead of itself and then
15:31
Speaker 4: slows down. You know, hopefully more cylinders are firing on
15:34
Speaker 4: the good side than the bad, and that's what the
15:37
Speaker 4: expectation is for the year, and that's kind of what
15:39
Speaker 4: the numbers are showing.
15:40
Speaker 3: It seems to me that this is a good when
15:43
Speaker 3: things are maybe a little tighter. Maybe we're sort of
15:46
Speaker 3: reaching that point where our personal earnings haven't risen to
15:50
Speaker 3: quite the point to offset some of the costs that
15:52
Speaker 3: we're on the ease, So there's a little bit things
15:54
Speaker 3: are a little tighter than what they could be. But
15:55
Speaker 3: this is the perfect opportunity now to think about shrinking
15:58
Speaker 3: your debt to get rid of your debt, because if
15:59
Speaker 3: you can do it now and then things get a
16:01
Speaker 3: little easier down the future. All that's going to mean
16:03
Speaker 3: is maybe you have more income you can put to
16:04
Speaker 3: work for you, and you're already clear of that debt.
16:07
Speaker 3: So if you can find yourself in that situation now,
16:10
Speaker 3: as hard as it may seem, boys that going to
16:12
Speaker 3: make your life easier now. And then when maybe there's
16:15
Speaker 3: a break in the clouds, or you get to a
16:16
Speaker 3: situation where you get a little bit more money, or
16:18
Speaker 3: whatever it might be, suddenly you break through from that
16:20
Speaker 3: and you find yourself in all that better of a situation.
16:23
Speaker 3: And you can only do that started by don't get
16:25
Speaker 3: into the credit card debt and just form Manu. Let's
16:27
Speaker 3: go ahead and take our break, and then when we
16:29
Speaker 3: come back. It would be interesting because we talk about
16:31
Speaker 3: paying down that debt a lot, and you talk a
16:34
Speaker 3: lot about what compound interest and stuff does for you.
16:36
Speaker 3: Is but let's try to meet those two and just
16:38
Speaker 3: why it's so catastrophic to spend on creating debt in
16:43
Speaker 3: a situation where you really should be trying to put
16:44
Speaker 3: money away and finding ways to get rid of that debt.
16:47
Speaker 3: Let's talk a little bit more like about that when
16:49
Speaker 3: we come back. Okay, and plus anything that you want
16:51
Speaker 3: to talk about, please give us a call. You can
16:52
Speaker 3: put John to work for you this morning at least
16:54
Speaker 3: in answering some questions about how you can retire right
16:57
Speaker 3: into the future get rid of some of the uncertainty
16:59
Speaker 3: around your tirement. You can give John Bredet a call
17:01
Speaker 3: this morning at three zero four three four five fifty
17:03
Speaker 3: eight fifty eight. Three zero four, three four five fifty
17:05
Speaker 3: eight fifty eight. You will find out more information online.
17:07
Speaker 3: It's Fourth Avenue Financial dot com. Fourth Avenue Financial dot com.
17:10
Speaker 3: You spell out the whole thing and you can find
17:12
Speaker 3: it there. Also, do that same search on Facebook and
17:14
Speaker 3: you can like the page at Fourth Avenue Financial. Well,
17:16
Speaker 3: take a break and be back right after this. You're
17:18
Speaker 3: listening to a retire Right Radio with John Bredet for
17:20
Speaker 3: Fourth Avenue Financial.
17:21
Speaker 2: I'm Dell Cooper. This is W five eight WCCHS, the
17:23
Speaker 2: voice of Charleston.
17:24
Speaker 5: Retire Right Radio is sponsored by Fourth Avenue Financial, which
17:27
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18:10
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Speaker 1: Now, let's check in on traffic from the five ADWCCHS studio.
19:59
Speaker 9: Good morning, here's you traffic update. A vehicle crash on
20:02
Speaker 9: US one nineteenth South at I seventy nine. A vehicle
20:05
Speaker 9: crash on County Route two fourteen over two area fifty.
20:09
Speaker 9: Can'tley drive in Charleston in Putnam County. A disabled vehicle
20:13
Speaker 9: on West Virginia thirty four in Red House. And congestion
20:17
Speaker 9: and delays on I sixty four East at mile marker
20:19
Speaker 9: fifty eight at Virginia Street. I'm Chapel in the WCCHS
20:24
Speaker 9: Network traffic studio.
20:37
Speaker 3: It is fifteen minutes once at the top of the hour.
20:39
Speaker 3: You're listening toubertire Right Radio one A Tuesday five at EWCHS.
20:43
Speaker 3: The voice of Charleston, John Burnett, is in a studio
20:44
Speaker 3: with us this morning, and you can put him to
20:46
Speaker 3: work for you at least on the radio this morning
20:48
Speaker 3: and give us a call three zer A four three
20:49
Speaker 3: four five fifty eight fifty eight if you have any
20:51
Speaker 3: questions about how you can retire right, anything where you
20:54
Speaker 3: need help with a financial advisor, maybe a sticky situation
20:57
Speaker 3: that you have in your life, or questions you have
20:59
Speaker 3: about bringing in investment accounts, anything along those lines. John
21:02
Speaker 3: can give you a hand with this warning at least
21:05
Speaker 3: point in the right direction. Give us a call three
21:06
Speaker 3: zero four three four five fifty to fifty eight. You
21:08
Speaker 3: can text threes are four non three five five zero
21:10
Speaker 3: zero eight. Threes are four nine three five five zero
21:12
Speaker 3: zero eight.
21:12
Speaker 2: And I wanted to just.
21:13
Speaker 3: Talk a little bit because along the dashboard that I
21:17
Speaker 3: have where I do story gathering and it gets packaged up,
21:20
Speaker 3: and I had a bunch of stuff ready for yesterday
21:23
Speaker 3: morning when we were going to do the show originally,
21:25
Speaker 3: and there was just so much information about credit card,
21:28
Speaker 3: credit card debt, people missing payments on their installment loans
21:31
Speaker 3: too when it comes to like personal loans, car payments,
21:34
Speaker 3: and things along those lines. And I just wanted to
21:36
Speaker 3: take a minute for John talks about this a lot,
21:39
Speaker 3: but I mean, whatever you're doing, whether you're buying potentially
21:43
Speaker 3: buying groceries on your credit card, obviously you need to eat.
21:48
Speaker 3: And then I'm not saying anything along those lines, but
21:50
Speaker 3: if you can do anything in your life to cut
21:55
Speaker 3: the expenses so you're not doing that. So if you
21:57
Speaker 3: find yourself in that situation where you have to put
21:59
Speaker 3: growth resuing your credit card, and some people might be
22:01
Speaker 3: in a situation where I don't I mean, you know,
22:03
Speaker 3: I don't know. But if you can elimitate and eate
22:06
Speaker 3: those things, because every time you do that, chances are
22:09
Speaker 3: you're not paying it off at the end of the month,
22:10
Speaker 3: because if you were, you probably wouldn't be putting it
22:12
Speaker 3: on your credit card to start with, right, right, And
22:13
Speaker 3: so if that's a couple hundred dollars a month, that's
22:15
Speaker 3: huge when it comes to money that could be going
22:17
Speaker 3: to work for you later.
22:18
Speaker 4: Absolutely. I mean, you know, we've talked about the power
22:21
Speaker 4: of investing in the compound interest over time. How you know,
22:27
Speaker 4: one dollar turns to two dollars, turns to four dollars,
22:31
Speaker 4: turns to eight dollars, turns to sixteen, turns to thirty two,
22:35
Speaker 4: And you know you're talking about over a career getting
22:41
Speaker 4: five or six doublings like that. So every dollar you
22:47
Speaker 4: save and invest at age twenty five might be worth
22:51
Speaker 4: thirty forty to fifty dollars in retirement. Now, if you've
22:56
Speaker 4: got that going to interest, not only are you not
23:00
Speaker 4: building that, but you are doing the same thing. You're
23:07
Speaker 4: being the interest that the financial institutions that gets the
23:11
Speaker 4: thirty forty times the money over a forty year period
23:16
Speaker 4: of time. You're providing the interest to somebody else rather
23:19
Speaker 4: than earning it. And you'll never get out of that
23:23
Speaker 4: and escape that until you can learn to live within
23:30
Speaker 4: your means, essentially, is what it comes down to. You know,
23:32
Speaker 4: if you've acquired consumer debt on a credit card, that
23:38
Speaker 4: tells you your budget is misaligned. There's something wrong in
23:43
Speaker 4: the budget, and that's where you need to start. When
23:46
Speaker 4: you're looking at paying off those credit card debts. Why
23:49
Speaker 4: are you in that situation? You might struggle and get
23:53
Speaker 4: that card paid off once, but if you don't go
23:55
Speaker 4: back and fundamentally fix it, you're going to end up
23:57
Speaker 4: right back in that situation. Or some people might say, oh,
24:02
Speaker 4: I'll transfer this over to the zero interest for six
24:05
Speaker 4: months and try to work on that, but then they
24:07
Speaker 4: end up building another debt and not pay off the
24:13
Speaker 4: other because it's interest free, and now you've doubled the problem. Well,
24:17
Speaker 4: it goes back to the budget. That's it is just
24:21
Speaker 4: clear that that's where everything begins. And you know, how
24:25
Speaker 4: do you get that budget in line and you know,
24:28
Speaker 4: you don't want to be a a miser and save
24:33
Speaker 4: everything that you make or you know, not have any
24:37
Speaker 4: fun in life or enjoy yourself. But you have to
24:40
Speaker 4: do it in relation to what your income allows. And
24:46
Speaker 4: one way to do that that I found is the
24:49
Speaker 4: the fifty thirty twenty budget. You know, fifty percent of
24:54
Speaker 4: your money should be spent towards your needs, you know,
24:57
Speaker 4: food and shelter and transportation, you know, things that you
25:01
Speaker 4: have to have to.
25:03
Speaker 2: Live a life.
25:05
Speaker 4: Thirty percent can be spent on your wants. You know,
25:08
Speaker 4: those are things you want to go to a concert,
25:10
Speaker 4: or you want to go to a movie, or you
25:12
Speaker 4: want to go eat out, you know, in that's in
25:16
Speaker 4: that fifty thirty twenty. Going to the grocery store is
25:20
Speaker 4: a need, but eating out as a wand you know,
25:23
Speaker 4: you have to make sure that And I think sometimes
25:25
Speaker 4: people confuse those things when they're looking at their budget. Well,
25:29
Speaker 4: I have to eat well, so I'm going to run
25:31
Speaker 4: down the chili's and you know, and have a meal,
25:34
Speaker 4: and all of a sudden, you know, that turns into
25:36
Speaker 4: a twenty five dollars meal instead of a you know,
25:39
Speaker 4: five dollars made at home meal. You know, those are
25:43
Speaker 4: the types of choices and decisions that you have to
25:46
Speaker 4: make consistently correct to be successful. And if you do that,
25:52
Speaker 4: that leaves twenty percent for savings, investment, or paying off
25:57
Speaker 4: debt so that you can get out of the hole
26:01
Speaker 4: that you've created. And if you're living the other eighty
26:05
Speaker 4: percent of your budget right, eventually that debt is paid
26:08
Speaker 4: off and now you're working on the other side of that,
26:12
Speaker 4: where you're now earning the interest on your investments. And
26:15
Speaker 4: that's where you need to get. And even if you
26:19
Speaker 4: get there slowly, even if that investment number is small
26:22
Speaker 4: to start with, it will continue to compound for you,
26:27
Speaker 4: and before you know it, it will that slow crawl
26:31
Speaker 4: will become a walk and then a run. That's the
26:36
Speaker 4: way it works, you know. And there's no way around that.
26:41
Speaker 4: I wish there was a way around today. It would
26:44
Speaker 4: be very easy if there was a way around that,
26:46
Speaker 4: but there is no way around that. You have to
26:49
Speaker 4: follow those steps or you will never get out of
26:52
Speaker 4: that situation because compound interest is that powerful and that important.
26:58
Speaker 2: I've seen.
26:58
Speaker 3: I had a assistant manager that worked for me before.
27:01
Speaker 3: She was a little older than I was, and the
27:05
Speaker 3: poor thing just she had three kids and a full family,
27:09
Speaker 3: but they lived in like a huge house, three cars
27:13
Speaker 3: for two people in a family for whatever. I mean,
27:15
Speaker 3: you know, they did well, but also lived extraordinarily well.
27:20
Speaker 3: And man, every month, at some particular time, she would
27:24
Speaker 3: come into her desk and you would see stacks of
27:26
Speaker 3: paper and stuff in there, and she wasn't doing work
27:28
Speaker 3: for us. It wasn't it wasn't our it wasn't our job.
27:30
Speaker 3: It was her bills for the month that she would
27:32
Speaker 3: bring into work with her. And it was like she's
27:35
Speaker 3: basically spent a day every month at her desk working,
27:38
Speaker 3: but it was doing her bills and stuff, and it
27:40
Speaker 3: stressed her to no end because I mean, every month
27:43
Speaker 3: it looked like she was looking for like a credit
27:45
Speaker 3: card deal where she will if I can transfer these
27:46
Speaker 3: funds over here, then I'll get a month off where
27:49
Speaker 3: I don't have to make this payment, and then I
27:50
Speaker 3: won't have any She was constantly chasing this this money
27:55
Speaker 3: that she didn't have, and she was just all she
27:57
Speaker 3: was doing was reallocating her debt to different places and
27:59
Speaker 3: trying to do different stuff with it, making different deals,
28:01
Speaker 3: making payment arrangements on different things and stuff like that,
28:04
Speaker 3: and her portion of the job. Her I can't remember
28:06
Speaker 3: what her husband did. He made pretty decent money, but
28:08
Speaker 3: her portion was commissioned, you know, I mean our job
28:10
Speaker 3: was commissioned, so you can make anywhere from I mean,
28:12
Speaker 3: one month, you might make twelve hundred dollars. In another
28:15
Speaker 3: month you might make eight thousand dollars. I mean, depending
28:17
Speaker 3: on what it was.
28:18
Speaker 2: It was.
28:19
Speaker 3: It stressed me out and the people in our office.
28:22
Speaker 3: Just to see how stressed out she got every single month.
28:25
Speaker 4: And if she did it during a work day, she
28:27
Speaker 4: she lost for four percent of her productivity that day
28:31
Speaker 4: over the course of a money.
28:32
Speaker 3: So those were write ups we actually, I mean I
28:34
Speaker 3: had to like have CAUs like you can't do this
28:36
Speaker 3: constantly your office. Understand that sometimes things cross over. You
28:38
Speaker 3: have to pay a few bills, right, I mean, anybodyke
28:40
Speaker 3: you know that happens. But you can't bring in your
28:42
Speaker 3: entire portfolio with thousand stuff like you and like sitting
28:45
Speaker 3: here like with your like your visor on and trying
28:47
Speaker 3: to figure out your columns minutes. That's not what you
28:49
Speaker 3: do jobs for. But it was so complicated. She felt
28:52
Speaker 3: like like like at home and her kids and stuff.
28:54
Speaker 3: She was always distracted and she couldn't do it. You
28:56
Speaker 3: shouldn't be in that big of a mess man, where
28:59
Speaker 3: you have to do that.
29:00
Speaker 4: I mean, once it gets to there, I mean you've clearly,
29:04
Speaker 4: you know, broken that cycle a long time ago to
29:06
Speaker 4: get to get there as far as living below your means,
29:09
Speaker 4: and you know the solution. Let's say, let's say you
29:14
Speaker 4: want to do something but the budget doesn't allow. You know,
29:18
Speaker 4: the solution to that is not to put it on
29:21
Speaker 4: a credit card. The solution to that is to look
29:24
Speaker 4: at your income and say, I want to change this, Well,
29:28
Speaker 4: how do you do that? You have to be more
29:30
Speaker 4: valuable in the marketplace. You know, maybe you get a
29:33
Speaker 4: new skill, maybe you get a new training within your work,
29:37
Speaker 4: or new accreditation that gives you the ability to earn
29:40
Speaker 4: a little more money. You know, you can work it
29:43
Speaker 4: on both ends. It's not always just no, no no.
29:47
Speaker 4: You know, you also have the power to make yourself
29:49
Speaker 4: more valuable in the marketplace. And and I think a
29:54
Speaker 4: lot of times what happens is that people say, well,
29:56
Speaker 4: it's easy enough, just take it on this credit card.
29:59
Speaker 4: The and that sets up that cycle. And if you
30:03
Speaker 4: really want to do something, the answer is not to borrow.
30:06
Speaker 4: You're not going to borrow your way to wealth. You
30:11
Speaker 4: particularly on consumer debt. Now we can get into you know,
30:15
Speaker 4: borrowing for productive assets, and that's a whole different story,
30:19
Speaker 4: and there's risk involved in that as well, but that's
30:21
Speaker 4: a different thing than consumer we're talking about consumer debt,
30:25
Speaker 4: you know, buying things that you enjoy and want to
30:29
Speaker 4: do today with money you don't have. And you know,
30:33
Speaker 4: if you're consistently looking at that and getting into that situation,
30:37
Speaker 4: then you have an income problem. You either have a
30:39
Speaker 4: lifestyle problem that you need to control and accept the
30:42
Speaker 4: position you're in, or you need to change the position
30:45
Speaker 4: you're in by being more valuable in the marketplace. Those
30:48
Speaker 4: are your only options. And if you don't elect to
30:51
Speaker 4: do one of those two things, you will forever be
30:55
Speaker 4: on that treadmill and you'll be the one buying the
30:58
Speaker 4: big glass buildings.
31:00
Speaker 3: So the banks, right, you're the ones that are doing
31:02
Speaker 3: all that for them, right right, You're doing their work
31:04
Speaker 3: for them, They're they're their investment work.
31:06
Speaker 4: Yes, collecting that interest for yourself on the other side.
31:10
Speaker 3: I've seen that happen, but like for example, with UH
31:12
Speaker 3: with new cars, and I don't know if there's many
31:14
Speaker 3: people that are on this bend anymore. But I've I've
31:16
Speaker 3: I've had people in my life before that you know,
31:17
Speaker 3: they would get you know, back in the day, often
31:19
Speaker 3: you paid a car off in three years. I don't
31:21
Speaker 3: think anybody does that anymore. But when I was growing up,
31:23
Speaker 3: you'd have, you'd have you'd pay off your car in
31:25
Speaker 3: three years. And I knew people that when they were
31:27
Speaker 3: making their last payment would mean, well, it's time to
31:29
Speaker 3: trade in my car. Like like it was automatic that
31:32
Speaker 3: it was almost like a lease, like when you paid
31:34
Speaker 3: off your car, that you would turn around and then
31:36
Speaker 3: it was time to trade it in and get a
31:37
Speaker 3: new one. The way I grew up, or the way
31:39
Speaker 3: that I did it is once I paid off that car, man,
31:41
Speaker 3: I was going to do everything I can to drive
31:43
Speaker 3: that car into the ground before I had to buy
31:44
Speaker 3: a new one. And so I've only had a handful
31:46
Speaker 3: of cars in my life because I'll drive them until
31:48
Speaker 3: they won't drive anymore, because I don't like having that
31:50
Speaker 3: that debt now. At one point in time, that was
31:53
Speaker 3: just me being cheaper or me not being able to
31:55
Speaker 3: afford anything more. But as I got more mature in life,
31:57
Speaker 3: it just became the easiest way for me not to
32:00
Speaker 3: succumb to more debt. You know, I don't mind driving
32:02
Speaker 3: a car that's ten years old if it means I
32:04
Speaker 3: don't have what used to be a house payment every month.
32:06
Speaker 4: And a lot of times you hear folks say that, well,
32:09
Speaker 4: I can't get out of this. You know, I'm stuck.
32:12
Speaker 4: I can't get out of this. But there again, let's
32:14
Speaker 4: say you do pay off a car. You were paying
32:16
Speaker 4: four hundred dollars a month for that car. Let's say, well,
32:20
Speaker 4: that's four hundred dollars a month you're not paying anymore.
32:22
Speaker 4: Are you being very deliberate with what that four hundred
32:25
Speaker 4: dollars is doing the following month? Are you putting that
32:28
Speaker 4: to productive use? Are you paying down debt with that?
32:31
Speaker 4: Or or is it just getting lost in your in
32:34
Speaker 4: your spending because you haven't been deliberate with it. You know,
32:39
Speaker 4: if you want new cars every so often, when you
32:44
Speaker 4: have that car paid off, use that four hundred dollars
32:46
Speaker 4: to save to buy a new car down the road
32:50
Speaker 4: instead of borrowing for a car. I mean, that's a
32:52
Speaker 4: novel idea, actually having the money to buy what you
32:55
Speaker 4: what You're right?
32:56
Speaker 2: I mean, how nice is that?
32:57
Speaker 4: Right? You know, there are all kinds of ways that
32:59
Speaker 4: you could util that that money, But I think it's
33:04
Speaker 4: it's a psychological lie really that we tell to ourselves that, ah,
33:10
Speaker 4: I'm always going to have a car payment.
33:12
Speaker 3: And really the real trick to it is is if
33:14
Speaker 3: you could get that thing paid off and it's you know,
33:16
Speaker 3: four hundred dollars a month, how quickly your credit card
33:19
Speaker 3: debt evaporates when you're able to just redirect that directly
33:22
Speaker 3: to balances of other debt. I mean, that's I I've
33:24
Speaker 3: done it a couple of times. You you clear away
33:26
Speaker 3: that two or three hundred dollars and you just put
33:28
Speaker 3: that massively towards your next debt in line, and suddenly
33:31
Speaker 3: you know that three thousand dollars credit card bill is gone.
33:34
Speaker 3: I mean, it really doesn't take much time when you're
33:36
Speaker 3: paying so much principle and not just worried about the
33:38
Speaker 3: interest all the time, and you're just you're just you're
33:40
Speaker 3: just paying that every month. Suddenly it's gone, and then
33:43
Speaker 3: the eighty five dollars you're paying towards that credit card
33:45
Speaker 3: and the four hundred dollars is yours, and then you
33:47
Speaker 3: look at your next debt and then you just pour
33:49
Speaker 3: everything into that.
33:50
Speaker 4: A lot of times, two people have multiple debts that
33:52
Speaker 4: they're trying to juggle in balance and pay off. And
33:56
Speaker 4: the first inclination is always, oh, I need to pay
33:59
Speaker 4: off the highest interest. Mathematically maybe so, but in a household,
34:04
Speaker 4: you also have a cash flow need. And so you
34:07
Speaker 4: may have a credit card that has high interest, that
34:11
Speaker 4: has a twenty thousand dollars ballance, and you may have
34:15
Speaker 4: a car that might be of lower interest, but it
34:18
Speaker 4: only has a two thousand dollars ballance. But the payments
34:21
Speaker 4: might be the same on those two. So paying off
34:24
Speaker 4: the car, you freed up much more cash flow, and
34:29
Speaker 4: then if you paid extra on the high interest, you
34:32
Speaker 4: still now don't have the cash flow savings of the
34:35
Speaker 4: paid off car. So sometimes you know, it's not just
34:40
Speaker 4: about the math. There's a little bit of a psychology
34:42
Speaker 4: to it. And the cash flow is you know, the
34:47
Speaker 4: cash flow is what look at all these companies. A
34:50
Speaker 4: lot of companies have debt out there that are you know,
34:53
Speaker 4: very profitable, but they cash flow. You know, a household
34:57
Speaker 4: has to do that as well. I mean, cashflow is
34:59
Speaker 4: what you live on, and so you know, you have
35:04
Speaker 4: to really think through when you're looking to pay down
35:08
Speaker 4: and get yourself on better financial footing. You know what
35:12
Speaker 4: should I attack? What should I attack first?
35:15
Speaker 3: And then it becomes powerful because and it's just amazing
35:19
Speaker 3: that once you get there and you pay off that
35:21
Speaker 3: first thing, and then you're able to take that to
35:22
Speaker 3: pay off the other things and the other things and
35:24
Speaker 3: the other things. It really is an empowering feeling because
35:27
Speaker 3: because you wouldn't believe it, Like it took you a
35:29
Speaker 3: while to pay off a ten thousand dollars debt, if
35:30
Speaker 3: you have like a little fifteen hundred dollars credit card
35:33
Speaker 3: out there, and suddenly you have hundreds of dollars extra
35:35
Speaker 3: month that you're putting towards that goes.
35:36
Speaker 2: Away in no time. Suddenly you're like, wow, I can
35:39
Speaker 2: do this.
35:40
Speaker 3: It's great stuff with johnbre Debt from Fourth Avenue Financial
35:42
Speaker 3: every Monday right here on Retire RTE Radio. Anything else
35:45
Speaker 3: before we get out of here today, John, I don't
35:47
Speaker 3: think so enjoy the enjoy the warm Well, ye, it's
35:49
Speaker 3: gonna be a little nicer today, that's for sure. It
35:51
Speaker 3: looks like we're making that turn towards spring hopefully hopefully.
35:53
Speaker 3: So yeah, we'll see how that goes. That's jobre debt
35:55
Speaker 3: with Fourth Avenue Financial Online, Fourth Avenue Financial dot Com,
35:58
Speaker 3: Fourth Avenue Financial dot Com. Every Monday at eight twenty one,
36:01
Speaker 3: five A d w c HS The Voice of Charleston
36:03
Speaker 3: their phone number seven four six seven non seven seven
36:05
Speaker 3: seven four six seven don seven seven seven four six
36:08
Speaker 3: seven non seven seven Have a great day, everyone listening
36:10
Speaker 3: to the five ed w c HS The Voice of Charleston.
36:15
Speaker 1: Five E w c HS a M maybe six point five.
36:18
Speaker 1: That's in Charleston one oh four point five Cross Lane
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Speaker 1: on WVRC Media Station. We're proud to live here too.