1
00:00:00,357 --> 00:00:02,580
Significant time on getting this thing really crafted.

2
00:00:02,739 --> 00:00:04,248
And then they drop a bomb on me

3
00:00:04,248 --> 00:00:05,359
at the end of it. And they're like,

4
00:00:05,915 --> 00:00:08,218
I got, you know, 200000 dollars of gold

5
00:00:08,218 --> 00:00:09,092
too. And I'm like,

6
00:00:10,616 --> 00:00:12,680
that would have been nice to know what

7
00:00:12,680 --> 00:00:15,222
the be. Right information. Yeah. Because,

8
00:00:16,254 --> 00:00:19,010
that can completely changes the entire picture here

9
00:00:19,288 --> 00:00:22,074
and you are super stressed out this whole

10
00:00:22,074 --> 00:00:24,860
time about, you know, your financial plan, and

11
00:00:24,860 --> 00:00:26,634
you're willing to actually spend

12
00:00:27,183 --> 00:00:28,536
on some of that gold that you have.

13
00:00:28,695 --> 00:00:31,559
Well that changes everything and now that lifestyle

14
00:00:31,559 --> 00:00:33,071
that you want is very doable.

15
00:00:40,153 --> 00:00:42,693
What's going on everybody? This is Matt dixon,

16
00:00:43,010 --> 00:00:45,170
and with me in studio today for the

17
00:00:45,250 --> 00:00:47,554
True Wells radio show is. Justin Bro.

18
00:00:48,030 --> 00:00:48,507
Justin.

19
00:00:49,381 --> 00:00:50,310
Wow, this is what

20
00:00:50,990 --> 00:00:53,070
3 part series now. 3... Or 3 weeks

21
00:00:53,070 --> 00:00:55,310
in a row. Yeah. So we are on

22
00:00:55,310 --> 00:00:56,990
a roll. We've been going over a lot

23
00:00:56,990 --> 00:00:59,242
of really good material we've got more of

24
00:00:59,242 --> 00:01:02,136
that good material for you today. Mh. Justin

25
00:01:02,514 --> 00:01:04,190
talked me a little bit about what's on

26
00:01:04,190 --> 00:01:07,392
the agenda for today's show. What can listeners

27
00:01:07,392 --> 00:01:09,720
kind of expect. Yeah. We're gonna talk about

28
00:01:09,856 --> 00:01:10,174
what...

29
00:01:10,730 --> 00:01:10,968
Well,

30
00:01:11,843 --> 00:01:15,124
the pros of having a financial plan

31
00:01:15,513 --> 00:01:18,294
and what is included in a financial plan?

32
00:01:19,088 --> 00:01:20,677
I think that's a really important thing for

33
00:01:20,677 --> 00:01:22,448
us to talk about because

34
00:01:22,758 --> 00:01:24,272
a lot of the times when I'm fielding

35
00:01:24,272 --> 00:01:26,582
a phone call from someone who is just

36
00:01:26,582 --> 00:01:27,618
inquiring to the firm.

37
00:01:28,255 --> 00:01:30,167
You know, they have a lot of questions,

38
00:01:30,326 --> 00:01:32,653
and they don't necessarily know how to ask

39
00:01:32,653 --> 00:01:34,568
those because they don't really know what it

40
00:01:34,568 --> 00:01:36,722
is. They're looking for because they don't really

41
00:01:36,722 --> 00:01:37,222
know

42
00:01:37,600 --> 00:01:40,826
what goes into a retirement plan. And so

43
00:01:41,041 --> 00:01:42,257
you get a lot of

44
00:01:42,711 --> 00:01:44,959
comments, like, you know, I have some assets,

45
00:01:45,651 --> 00:01:47,956
like, in my retirement account, and I've got

46
00:01:47,956 --> 00:01:48,672
some savings,

47
00:01:49,323 --> 00:01:52,106
But, you know, I'm 6 years away from

48
00:01:52,106 --> 00:01:53,934
where I think I might be able to

49
00:01:53,934 --> 00:01:55,524
retire, but I don't know if I can

50
00:01:55,524 --> 00:01:57,671
retire Can to retire. I need answers to

51
00:01:57,671 --> 00:01:58,307
these questions.

52
00:01:58,959 --> 00:02:00,334
So I think

53
00:02:00,790 --> 00:02:03,178
this is a really good show because people

54
00:02:03,178 --> 00:02:05,646
don't know what they can expect. Right. So

55
00:02:05,646 --> 00:02:07,411
talk to me a little bit about some

56
00:02:07,411 --> 00:02:09,636
of the things that kinda go into a

57
00:02:09,636 --> 00:02:12,440
financial plan or kind of that comprehensive

58
00:02:12,814 --> 00:02:14,880
wealth management, what does that really look like,

59
00:02:15,039 --> 00:02:17,118
Justin? Right. And so I guess to start

60
00:02:17,118 --> 00:02:17,357
up,

61
00:02:18,150 --> 00:02:20,690
what is a financial plan? So we're even

62
00:02:20,690 --> 00:02:23,174
gonna go to the actual definition because

63
00:02:23,804 --> 00:02:25,482
it can be interpreted a lot of different

64
00:02:25,482 --> 00:02:28,059
ways. But The process of assessing

65
00:02:28,758 --> 00:02:30,856
the current financial situation

66
00:02:31,886 --> 00:02:34,509
and future goals and how to achieve from.

67
00:02:34,907 --> 00:02:36,735
I think that's a big 1 the the

68
00:02:36,735 --> 00:02:38,643
future goals part because a lot of the

69
00:02:38,643 --> 00:02:40,570
time you know, people are just looking at,

70
00:02:40,810 --> 00:02:42,883
what do I have and is that good

71
00:02:42,883 --> 00:02:45,436
enough? But Right they're not looking at, what

72
00:02:45,436 --> 00:02:47,350
is it that I actually want to achieve,

73
00:02:47,509 --> 00:02:48,865
not what is it that I feel like

74
00:02:48,945 --> 00:02:51,195
I just have to achieve. And the best

75
00:02:51,195 --> 00:02:53,611
part about financial planning is

76
00:02:54,069 --> 00:02:56,942
1, it's subjective and 2, it is different

77
00:02:56,942 --> 00:03:00,089
for every person Mh. There's not a

78
00:03:00,625 --> 00:03:03,574
cookie cutter, you know, just save this amount,

79
00:03:04,212 --> 00:03:06,299
and that'll... You know, you'll be fine. Which...

80
00:03:06,538 --> 00:03:08,450
Yeah. There's a dollar amount that probably is

81
00:03:08,450 --> 00:03:10,601
fine. But, I mean, you have differences in

82
00:03:10,601 --> 00:03:12,296
clients. Some clients are spending

83
00:03:13,151 --> 00:03:13,964
15000

84
00:03:13,964 --> 00:03:15,882
dollars a month in retirement. And others are

85
00:03:15,882 --> 00:03:19,078
spending 3. Right. So looking at where you

86
00:03:19,078 --> 00:03:21,155
at currently versus where do you want be

87
00:03:21,155 --> 00:03:23,587
in the future and trying to run some

88
00:03:23,725 --> 00:03:24,225
projections

89
00:03:24,683 --> 00:03:27,476
based on on those numbers. And also adding

90
00:03:27,476 --> 00:03:29,333
things into it that can break

91
00:03:29,790 --> 00:03:32,625
plan. Mh. Or, you know, a death

92
00:03:33,004 --> 00:03:35,245
is a big 1 that can really break

93
00:03:35,245 --> 00:03:37,724
a plan, but a good plan will should

94
00:03:37,724 --> 00:03:41,172
have you know, stated insurance coverage for situations

95
00:03:41,172 --> 00:03:44,364
like that. Mh. But to kinda start out

96
00:03:44,364 --> 00:03:47,408
with how what's all incorporate rated inside of

97
00:03:47,408 --> 00:03:49,102
a financial plan is

98
00:03:49,477 --> 00:03:50,352
the first part is,

99
00:03:51,704 --> 00:03:54,329
what is your income and what are your

100
00:03:54,329 --> 00:03:54,727
expenses?

101
00:03:55,856 --> 00:03:58,719
And are they expected to, you know, have

102
00:03:58,719 --> 00:04:00,867
a big change in the next couple years?

103
00:04:01,185 --> 00:04:01,742
Because maybe,

104
00:04:02,395 --> 00:04:04,395
you are pretty confident you're coming up on

105
00:04:04,395 --> 00:04:07,194
a significant raise. Right. You know, and if

106
00:04:07,194 --> 00:04:09,915
you omit that from your plan,

107
00:04:10,569 --> 00:04:13,626
that could really change the dynamic of a

108
00:04:13,765 --> 00:04:15,922
conversation. And it can change, like, maybe how

109
00:04:15,922 --> 00:04:18,094
much savings it is to get. To where

110
00:04:18,094 --> 00:04:20,331
you want to even be. Mh. You could

111
00:04:20,331 --> 00:04:21,390
be in this job

112
00:04:22,168 --> 00:04:24,405
searching where you're kind of bouncing around some

113
00:04:24,405 --> 00:04:26,894
job kind of finding the what you wanna

114
00:04:26,894 --> 00:04:28,809
do for the rest of your life scenario.

115
00:04:29,048 --> 00:04:30,883
Well, and I wanna bring up something that

116
00:04:30,883 --> 00:04:33,048
just kinda hit my brain. 1 of the

117
00:04:33,048 --> 00:04:34,714
things that I've noticed is a lot of

118
00:04:34,714 --> 00:04:37,728
times, people wait until the 11 hour, and

119
00:04:37,728 --> 00:04:39,394
they're like, alright. I'm ready for my financial

120
00:04:39,394 --> 00:04:40,187
plan, and I'm, like,

121
00:04:40,997 --> 00:04:43,626
if you had only come in 5 years

122
00:04:43,626 --> 00:04:46,356
ago, we could have crafted things

123
00:04:47,210 --> 00:04:49,281
to look so much differently today,

124
00:04:50,013 --> 00:04:52,083
because there's not very many levers that we

125
00:04:52,083 --> 00:04:54,312
can pull. You kind of backed herself into

126
00:04:54,312 --> 00:04:57,257
a corner. There... And now we only have

127
00:04:57,257 --> 00:04:59,821
so many option sets. Yeah. Because you shift

128
00:04:59,821 --> 00:05:03,006
the time horizon. Right lot. Right. So because

129
00:05:03,006 --> 00:05:04,758
that's an example, what if you wanted to

130
00:05:04,758 --> 00:05:07,084
retire early. Right? Maybe you should have saved

131
00:05:07,084 --> 00:05:09,805
a little bit into a savings account, a

132
00:05:09,805 --> 00:05:12,865
joint account, some brokerage account where you have

133
00:05:12,925 --> 00:05:15,084
access to money that's outside of a retirement

134
00:05:15,084 --> 00:05:18,309
account. Exactly. So I think getting into the

135
00:05:18,445 --> 00:05:19,263
financial planning

136
00:05:19,716 --> 00:05:22,441
piece a little bit maybe earlier than you

137
00:05:22,577 --> 00:05:24,722
naturally think that you should. Yep. Might really

138
00:05:24,722 --> 00:05:26,962
benefit. And it could even be as typically,

139
00:05:27,121 --> 00:05:29,187
they'll say, you know, you should review your

140
00:05:29,187 --> 00:05:30,776
financial plan every single year.

141
00:05:31,650 --> 00:05:34,459
Right. But so say you're in your early

142
00:05:34,459 --> 00:05:37,660
twenties or, you know, even early thirties at

143
00:05:37,660 --> 00:05:39,819
that point is, maybe it doesn't need to

144
00:05:39,819 --> 00:05:42,814
be looked at every year. Maybe it's every

145
00:05:42,875 --> 00:05:45,914
3 years every 5 years. Yeah. It doesn't

146
00:05:45,914 --> 00:05:48,394
have to be every single or, you know,

147
00:05:48,634 --> 00:05:50,235
a quick update, you know, not a lot

148
00:05:50,235 --> 00:05:52,646
of changes. Even starting at that young as

149
00:05:52,646 --> 00:05:55,120
they mean, maybe you get married, Maybe Mh,

150
00:05:55,200 --> 00:05:56,397
you know, Have children.

151
00:05:57,275 --> 00:05:58,792
And children shift the planning.

152
00:05:59,351 --> 00:05:59,964
Yeah. But

153
00:06:01,354 --> 00:06:03,816
you know, maybe you're saving to buy your

154
00:06:03,816 --> 00:06:05,643
first home. Maybe you're saving to buy your

155
00:06:05,643 --> 00:06:07,390
second home. Well, a lot of the times

156
00:06:07,390 --> 00:06:09,376
people don't really know what they're saving for.

157
00:06:09,709 --> 00:06:11,883
Brandon makes them a lot less

158
00:06:12,260 --> 00:06:14,593
likely to even save in the first place

159
00:06:14,651 --> 00:06:17,121
because they... Like, say it's a married couple.

160
00:06:17,281 --> 00:06:20,090
Right? Have you actually sat down face to

161
00:06:20,090 --> 00:06:22,644
face with your spouse and says, what is

162
00:06:22,644 --> 00:06:24,560
it that we want our lives to look

163
00:06:24,560 --> 00:06:26,477
like in 5 years? Because if you look

164
00:06:26,477 --> 00:06:28,648
at each other cross side, like, why would

165
00:06:28,648 --> 00:06:30,645
you even be saving in the first place

166
00:06:30,645 --> 00:06:32,803
because you don't have a plan. Right? So

167
00:06:32,883 --> 00:06:35,854
I think setting a financial goal is a

168
00:06:35,854 --> 00:06:38,891
really, really big piece. Yes. And you don't

169
00:06:38,891 --> 00:06:41,288
have to start with anything exotic Through a

170
00:06:41,288 --> 00:06:42,508
lot of people, honestly,

171
00:06:43,286 --> 00:06:46,415
it's as simple as hey, we don't have

172
00:06:46,415 --> 00:06:48,728
6 months of our income saved up. We

173
00:06:48,728 --> 00:06:50,722
don't have a nest egg. Right. So I

174
00:06:50,722 --> 00:06:52,716
can say, hey, maybe that's a good spot

175
00:06:52,716 --> 00:06:55,520
to start Or, hey, you have you got

176
00:06:55,520 --> 00:06:56,633
behind on your credit cards.

177
00:06:57,586 --> 00:06:59,413
You've got credit card debt and you're getting

178
00:06:59,413 --> 00:07:01,081
hammered at 30 percent interest.

179
00:07:01,717 --> 00:07:03,878
Pick... Dad make that the goal, but at

180
00:07:03,878 --> 00:07:05,946
least have a goal. Right? And I think

181
00:07:05,946 --> 00:07:07,456
that's where a lot of people fall short.

182
00:07:07,774 --> 00:07:09,603
They don't have short term goals. They don't

183
00:07:09,603 --> 00:07:11,805
have long term goals. And so that

184
00:07:12,881 --> 00:07:14,476
where's is the money going and what's it

185
00:07:14,476 --> 00:07:16,470
doing? There's not really, like, a use case

186
00:07:16,470 --> 00:07:19,023
or a purpose for those assets? Because it's

187
00:07:19,023 --> 00:07:20,618
a lot of... There's a lot of baby

188
00:07:20,618 --> 00:07:23,430
steps involved in it? Yes. I mean, it

189
00:07:23,430 --> 00:07:24,870
may not be as, you know, if you're

190
00:07:24,870 --> 00:07:25,830
swimming in some debt,

191
00:07:26,949 --> 00:07:28,470
and you... You know, you don't have an

192
00:07:28,470 --> 00:07:29,670
established emergency fund,

193
00:07:30,641 --> 00:07:32,314
you don't need a financial plan. You need

194
00:07:32,314 --> 00:07:34,545
to accomplish those goals first. Mh.

195
00:07:35,102 --> 00:07:36,399
Then graduate,

196
00:07:37,014 --> 00:07:39,300
you know, to the planning aspect because

197
00:07:39,978 --> 00:07:41,835
it's also you run the risk of

198
00:07:42,293 --> 00:07:45,029
too much information where people will just

199
00:07:45,966 --> 00:07:48,041
be in like, paralysis, I guess, as you

200
00:07:48,041 --> 00:07:48,894
just do not

201
00:07:49,254 --> 00:07:52,529
Yep. And so establishing those goals are very

202
00:07:52,529 --> 00:07:54,207
important. But, you know, when it starts with,

203
00:07:54,287 --> 00:07:55,965
you know, the income via expenses,

204
00:07:56,459 --> 00:07:59,491
any assets you have versus liabilities you have

205
00:07:59,491 --> 00:08:01,884
to get your network. Well, an I'll challenge

206
00:08:01,884 --> 00:08:03,892
the person that already has the network. Right?

207
00:08:04,130 --> 00:08:05,716
Because how many times have you ran into

208
00:08:05,716 --> 00:08:07,144
the person and they have a lot of

209
00:08:07,144 --> 00:08:10,158
assets or they have a considerable estate. And

210
00:08:10,158 --> 00:08:11,586
then they walk in and they're, like,

211
00:08:12,476 --> 00:08:15,021
I'm just saving. I'm I'm going hard at

212
00:08:15,021 --> 00:08:17,567
it, and they're doing wonderful. Right? Like, they're

213
00:08:17,567 --> 00:08:19,729
knocking it out of the park. But then

214
00:08:19,729 --> 00:08:21,080
when you ask them, well why did you

215
00:08:21,080 --> 00:08:21,875
save all this money.

216
00:08:22,669 --> 00:08:24,577
Right. They look at you cross, And they're

217
00:08:24,577 --> 00:08:25,769
like, well, I don't know. And I don't

218
00:08:25,769 --> 00:08:26,882
know what I'm gonna do with, and I

219
00:08:26,882 --> 00:08:28,018
don't know when I wanna

220
00:08:28,327 --> 00:08:29,914
and they don't... They've never thought about it.

221
00:08:30,072 --> 00:08:31,897
They just put their nose as the grinds

222
00:08:31,897 --> 00:08:34,594
stone, and they just hammer hammer or hammer.

223
00:08:35,484 --> 00:08:37,797
And then they never stopped smell the roses

224
00:08:37,797 --> 00:08:39,074
along the way or do any of the

225
00:08:39,074 --> 00:08:41,707
fun stuff or, you know, they don't know

226
00:08:41,707 --> 00:08:44,187
what it's for. Yeah. And then you can

227
00:08:44,187 --> 00:08:46,570
wind up 75, 80 years old 1 day

228
00:08:46,570 --> 00:08:47,046
and you're like,

229
00:08:48,078 --> 00:08:50,063
you know, you you've really slowed down and

230
00:08:50,063 --> 00:08:50,381
you're like,

231
00:08:51,033 --> 00:08:53,107
Well, gosh, darn it. I wish I would

232
00:08:53,107 --> 00:08:55,101
have done something back when I was 65

233
00:08:55,101 --> 00:08:58,132
or Right. 60 years old, but time flies

234
00:08:58,132 --> 00:09:00,285
by and if we don't stop to analyze

235
00:09:00,285 --> 00:09:00,860
this stuff.

236
00:09:01,980 --> 00:09:03,500
It'll go buy in and hurry. Well, what

237
00:09:03,500 --> 00:09:06,320
is the most common thing you hear when,

238
00:09:06,700 --> 00:09:08,379
you know, even we have clients come in

239
00:09:08,379 --> 00:09:09,120
and we're doing

240
00:09:09,434 --> 00:09:11,512
you know, planning is I should've have came

241
00:09:11,512 --> 00:09:13,989
in earlier. Oh, yeah. Should've have started earlier.

242
00:09:14,308 --> 00:09:17,185
Yeah. Because it's it's harder to play Catch

243
00:09:17,185 --> 00:09:19,754
up. Right. And if they had just, like,

244
00:09:20,233 --> 00:09:22,546
contributed in an extra 200 dollars a month.

245
00:09:22,786 --> 00:09:24,860
Yeah. I can make a drastic difference. Right.

246
00:09:25,273 --> 00:09:28,607
Or, you know, maybe they had way this

247
00:09:28,607 --> 00:09:30,695
sounds kinda weird. Maybe they

248
00:09:31,227 --> 00:09:33,927
almost over contributed. You had a retirement accounts.

249
00:09:34,498 --> 00:09:37,844
And they have no, like, money on hand.

250
00:09:38,163 --> 00:09:40,393
Yeah. And so it's all wrapped up into

251
00:09:40,393 --> 00:09:42,066
something that they can't touch. Yeah. They can

252
00:09:42,066 --> 00:09:45,606
go it without without penalties or something. So

253
00:09:45,663 --> 00:09:49,083
there's so many different little tiny areas or,

254
00:09:49,242 --> 00:09:49,401
like,

255
00:09:50,276 --> 00:09:51,787
little rabbit trails that you can go down.

256
00:09:52,360 --> 00:09:53,559
And you end up in kind of a

257
00:09:53,559 --> 00:09:55,480
bad spot. And you're like, well, I just

258
00:09:55,480 --> 00:09:58,120
didn't know. And that whole ignorance says bliss

259
00:09:58,120 --> 00:10:00,779
doesn't really apply to your finances.

260
00:10:01,492 --> 00:10:03,399
Ignorance is not bliss. And what I've noticed

261
00:10:03,399 --> 00:10:05,942
that works the best, and I think is

262
00:10:05,942 --> 00:10:08,406
the most important is scheduling the those goals.

263
00:10:09,138 --> 00:10:11,052
Yeah. And stating what they are. In short

264
00:10:11,052 --> 00:10:13,364
term and long term. Right? Because if your

265
00:10:13,364 --> 00:10:15,299
only goal is, I wanna have

266
00:10:15,676 --> 00:10:18,959
2000000 dollars in retirement assets, when I'm 65.

267
00:10:19,278 --> 00:10:19,755
Mh.

268
00:10:21,109 --> 00:10:23,419
That's great, and that'll get you there. You're

269
00:10:23,419 --> 00:10:26,388
missing everything else in between. Mh. Where

270
00:10:26,779 --> 00:10:28,220
you know, maybe it is I don't have

271
00:10:28,220 --> 00:10:30,220
a home, so you didn't say the way

272
00:10:30,220 --> 00:10:32,860
you're supposed to do. Sp should have. Mh.

273
00:10:33,100 --> 00:10:34,860
You know, and you're renting for 30 years.

274
00:10:35,195 --> 00:10:37,455
When money could have been used to

275
00:10:38,315 --> 00:10:40,315
some of that money some of that are

276
00:10:40,315 --> 00:10:40,815
purchasing.

277
00:10:41,595 --> 00:10:41,754
Yeah.

278
00:10:42,968 --> 00:10:45,281
And then having the balance of short and

279
00:10:45,281 --> 00:10:48,312
long term is we'll, have some within 1

280
00:10:48,312 --> 00:10:51,582
year goal. Yep. Have 2 year, 5 year,

281
00:10:51,822 --> 00:10:53,911
10 year goals. And then have retirement. Well,

282
00:10:54,151 --> 00:10:56,066
and I hate to say it, but a

283
00:10:56,066 --> 00:10:57,503
lot of people look at this and they're

284
00:10:57,503 --> 00:11:00,297
like, I just talked to this 1 guy

285
00:11:00,297 --> 00:11:01,230
that's 1 time

286
00:11:01,669 --> 00:11:03,509
And he said to kinda do this? And

287
00:11:03,509 --> 00:11:05,269
so I do it. And, like, do you

288
00:11:05,269 --> 00:11:07,589
know what you're in? Right? Like, do you

289
00:11:07,589 --> 00:11:09,804
know what type of retirement account you run

290
00:11:10,083 --> 00:11:13,290
and is that beneficial for your unique tax

291
00:11:13,348 --> 00:11:16,533
situation. Right? Because maybe you don't need the

292
00:11:16,533 --> 00:11:19,911
tax savings today as So maybe the roth

293
00:11:20,047 --> 00:11:21,715
could be a better option for you. Or

294
00:11:21,715 --> 00:11:23,940
maybe you're in a really, really high tax

295
00:11:23,940 --> 00:11:24,973
bracket today and you need?

296
00:11:25,624 --> 00:11:27,060
Some tax savings and so,

297
00:11:28,575 --> 00:11:30,170
and you don't even necessarily have to be

298
00:11:30,170 --> 00:11:32,005
in a really high tax, but you don't

299
00:11:32,084 --> 00:11:33,999
Just means you may have cash sitting on

300
00:11:33,999 --> 00:11:37,038
the sidelines. Mh. And you're eligible to be

301
00:11:37,038 --> 00:11:39,976
contributing to something that will save your taxes.

302
00:11:40,532 --> 00:11:42,994
Maybe you have a small business, and your...

303
00:11:43,630 --> 00:11:46,035
And you're kinda jamming your future self by

304
00:11:46,035 --> 00:11:48,426
not letting that business make some contributions on

305
00:11:48,426 --> 00:11:51,295
your behalf. There's so many different ways.

306
00:11:51,867 --> 00:11:54,013
That you can, like, screw it up in

307
00:11:54,013 --> 00:11:56,420
a small way. Yes. You know what We

308
00:11:56,476 --> 00:11:57,986
realize no. You didn't know that you were

309
00:11:57,986 --> 00:12:00,149
doing it. But it's because you never took

310
00:12:00,149 --> 00:12:02,380
the time to talk to someone. So in

311
00:12:02,380 --> 00:12:04,451
the event, you do wanna talk to someone

312
00:12:04,451 --> 00:12:06,921
and you need someone, you know, work around.

313
00:12:07,240 --> 00:12:08,355
This is... I know you.

314
00:12:09,249 --> 00:12:12,046
Like, little john f s dot com. You

315
00:12:12,046 --> 00:12:14,044
can you can look us up, You can

316
00:12:14,044 --> 00:12:17,740
even text the office line, I believe. So

317
00:12:17,973 --> 00:12:19,163
you know, if you wanna shoot us a

318
00:12:19,163 --> 00:12:20,830
text message and say, hey, I need some

319
00:12:20,830 --> 00:12:21,330
help

320
00:12:21,703 --> 00:12:22,203
on

321
00:12:22,972 --> 00:12:24,718
retirement planning, you can do that too. The

322
00:12:24,718 --> 00:12:26,250
phone number to text is

323
00:12:26,638 --> 00:12:28,627
54137

324
00:12:28,627 --> 00:12:29,979
05:08

325
00:12:29,979 --> 00:12:31,491
9 8. Like how I plugged that in

326
00:12:31,809 --> 00:12:34,448
Justin. I appreciate him that. And also, I

327
00:12:34,448 --> 00:12:36,515
mean, even if it's... Even if it's... It

328
00:12:36,515 --> 00:12:38,025
can be not retirement plan.

329
00:12:39,059 --> 00:12:40,274
Yeah. It can

330
00:12:40,649 --> 00:12:43,765
be anything that's money relates it. Mh.

331
00:12:45,437 --> 00:12:47,824
Then there's so many different options based on

332
00:12:47,824 --> 00:12:50,371
how much risk tolerance you have. Right? Like,

333
00:12:51,024 --> 00:12:52,644
if you're a super aggressive

334
00:12:53,105 --> 00:12:55,605
investor versus a really conservative investment

335
00:12:56,065 --> 00:12:58,720
investor, there's so many options out there and

336
00:12:58,720 --> 00:13:01,199
most people don't know what those options are.

337
00:13:02,079 --> 00:13:04,720
You you talk to someone. Right? Like, it's

338
00:13:04,720 --> 00:13:06,879
not and is intimidating. I think as you

339
00:13:06,879 --> 00:13:07,335
would

340
00:13:08,009 --> 00:13:09,832
assume that it is. Right. Like, I can't

341
00:13:09,832 --> 00:13:11,498
tell you how many times I've had someone

342
00:13:11,498 --> 00:13:14,035
call. They're not a a good fit for

343
00:13:14,035 --> 00:13:16,276
what we're doing. But I've been able to

344
00:13:16,276 --> 00:13:18,667
have a 40 minute conversation with them on

345
00:13:18,667 --> 00:13:20,979
the phone. I'm not charging them for that,

346
00:13:21,138 --> 00:13:23,450
and I'm just giving them all the information.

347
00:13:23,784 --> 00:13:25,542
That they need in order to go make

348
00:13:25,542 --> 00:13:27,801
the right move for them. And then sometimes

349
00:13:27,860 --> 00:13:29,938
people call thinking that they don't need our

350
00:13:29,938 --> 00:13:31,217
services at all, and they just have a

351
00:13:31,217 --> 00:13:32,575
question, and then we get to talking and

352
00:13:32,575 --> 00:13:35,479
they're like, and Well, like, that's kind of

353
00:13:35,695 --> 00:13:38,398
above what I'm comfortable doing, do you mind

354
00:13:38,398 --> 00:13:40,306
just doing it for us? Right. And I'm

355
00:13:40,306 --> 00:13:43,662
like, yeah. We probably can. So it just

356
00:13:43,662 --> 00:13:45,577
depends on your situation. And the majority of

357
00:13:45,577 --> 00:13:47,810
people are more than capable of figuring all

358
00:13:47,810 --> 00:13:49,565
this out. But do they want to spend

359
00:13:49,565 --> 00:13:51,957
the time? Well, do they have to or

360
00:13:51,957 --> 00:13:54,610
out the time? Yeah. And sometimes that's just

361
00:13:54,610 --> 00:13:56,370
the case. I don't want I don't have...

362
00:13:56,610 --> 00:13:58,689
I know how to spray. I I know

363
00:13:58,689 --> 00:14:00,529
how to spray for bugs around my house.

364
00:14:00,929 --> 00:14:03,661
Right. But guess what? Pay. I don't have

365
00:14:03,661 --> 00:14:06,058
the time to do it. And so I

366
00:14:06,058 --> 00:14:07,576
pay someone to make sure the ants aren't

367
00:14:07,576 --> 00:14:10,386
in my house because of... The cost of

368
00:14:10,386 --> 00:14:12,461
me having to hear my wife complain about

369
00:14:12,541 --> 00:14:14,456
Handsome the house is not worth it to

370
00:14:14,456 --> 00:14:16,931
me. I would rather pay the 30 dollars

371
00:14:16,931 --> 00:14:19,252
a month. To have someone do it. And

372
00:14:19,252 --> 00:14:22,191
so I farm that out. And a lot

373
00:14:22,191 --> 00:14:24,812
of people decide, hey, I don't have the

374
00:14:24,812 --> 00:14:26,878
time to watch the stock market.

375
00:14:27,928 --> 00:14:30,081
I don't have the time to, you know,

376
00:14:30,241 --> 00:14:31,756
be in the loop on this stuff. I'm

377
00:14:31,756 --> 00:14:33,431
just gonna farm that out, and that's okay.

378
00:14:33,591 --> 00:14:35,824
Yeah. And so establishing the short term and

379
00:14:35,824 --> 00:14:38,545
the long term goals as it extremely important.

380
00:14:38,783 --> 00:14:40,132
Because if you just have long term goals,

381
00:14:40,370 --> 00:14:40,846
you never...

382
00:14:41,561 --> 00:14:43,569
You don't you don't know if you accomplish

383
00:14:43,783 --> 00:14:46,026
tell you. K. So Justin, here's what I

384
00:14:46,026 --> 00:14:47,860
wanna do. I wanna talk a little bit

385
00:14:47,860 --> 00:14:50,093
more about retirement planning and what goes into

386
00:14:50,093 --> 00:14:50,730
it. K.

387
00:14:51,448 --> 00:14:52,963
But I think we need take an obscene

388
00:14:52,963 --> 00:14:56,754
profit break. Perfect So let's go ahead and

389
00:14:57,134 --> 00:15:00,174
take that break. And then when we get

390
00:15:00,174 --> 00:15:02,754
back, we're gonna talk a little bit more

391
00:15:02,894 --> 00:15:03,394
about

392
00:15:03,867 --> 00:15:05,538
retirement plans and all that other fun stuff.

393
00:15:06,174 --> 00:15:08,641
You guys are listening to 93 9 fm

394
00:15:08,641 --> 00:15:11,028
and 12:40 k q, and the true well

395
00:15:11,028 --> 00:15:12,221
show will be right back.

396
00:15:13,031 --> 00:15:16,450
Alright, everybody. Welcome back to the True wells

397
00:15:16,450 --> 00:15:17,983
radio show where

398
00:15:18,914 --> 00:15:21,877
myself, Matt Dixon and Justin B. Are bringing

399
00:15:21,877 --> 00:15:24,274
you everything that you need to know about

400
00:15:24,274 --> 00:15:25,073
retirement plans.

401
00:15:25,792 --> 00:15:27,230
And do you need 1?

402
00:15:27,803 --> 00:15:30,356
Is it time for 1? What actually goes

403
00:15:30,356 --> 00:15:33,546
into 1? Well, all that more. So hopefully,

404
00:15:33,785 --> 00:15:35,779
you caught the first part of the podcast

405
00:15:35,779 --> 00:15:37,429
if you did not. You can always go

406
00:15:37,549 --> 00:15:39,547
check that out? It's gonna be on our

407
00:15:39,547 --> 00:15:41,944
website little john f s dot com.

408
00:15:42,743 --> 00:15:44,821
Justin. Where did we leave off and where

409
00:15:44,821 --> 00:15:46,670
the heck are we going? Yeah. Well, we

410
00:15:46,670 --> 00:15:48,256
got through which number 1,

411
00:15:49,446 --> 00:15:52,459
assessing your current financial situation. Number 2 is

412
00:15:52,459 --> 00:15:53,807
setting the financial goals.

413
00:15:54,773 --> 00:15:57,071
And number 3 that we're kinda getting into

414
00:15:57,071 --> 00:15:59,923
right now is the retirement planning aspect of

415
00:15:59,923 --> 00:16:00,002
it.

416
00:16:00,953 --> 00:16:03,275
Okay. Which... And then this is 1 is

417
00:16:03,275 --> 00:16:04,629
there's always a rule of thumb,

418
00:16:05,425 --> 00:16:07,177
you know, you save enough money to try

419
00:16:07,177 --> 00:16:09,406
to replace between 70 and 90 percent of

420
00:16:09,406 --> 00:16:11,172
your pre retirement income.

421
00:16:12,286 --> 00:16:14,753
It changes for everybody... Well, and I think

422
00:16:14,753 --> 00:16:16,344
it also correct me if I'm wrong, but

423
00:16:16,424 --> 00:16:18,595
I look at this. And I'm like, it's

424
00:16:18,595 --> 00:16:21,715
also kind an an estimate because inflation. Right?

425
00:16:21,955 --> 00:16:22,035
Like,

426
00:16:23,075 --> 00:16:26,595
I they... They're gonna claim inflation was blank

427
00:16:26,595 --> 00:16:28,767
percentage. Last year and I'm gonna just say,

428
00:16:29,007 --> 00:16:31,084
I don't believe it because I feel like

429
00:16:31,084 --> 00:16:33,242
it was more than whatever you're gonna claim

430
00:16:33,242 --> 00:16:34,860
that it was. And

431
00:16:35,254 --> 00:16:37,095
So if you get a lot of years

432
00:16:37,095 --> 00:16:40,134
of back to back inflation, maybe you need

433
00:16:40,134 --> 00:16:42,315
more of than that 70 percent or

434
00:16:42,868 --> 00:16:44,932
80 percent or whatever they're recommending people are

435
00:16:44,932 --> 00:16:47,711
probably feeling not about now. Right? Like, I

436
00:16:47,711 --> 00:16:49,378
feel bad for you if you just retired

437
00:16:49,378 --> 00:16:51,305
and then you're in your first little wave

438
00:16:51,305 --> 00:16:53,884
of time to pull extra because

439
00:16:54,345 --> 00:16:56,105
inflation hit me it pretty hard, but we're

440
00:16:56,105 --> 00:16:59,225
all feeling that. Yeah. The hardest things that

441
00:16:59,384 --> 00:17:02,608
I've noticed to really project out was 1

442
00:17:02,744 --> 00:17:05,209
inflation. I mean, you can use historical averages,

443
00:17:06,163 --> 00:17:07,696
2 is health care costs

444
00:17:08,071 --> 00:17:10,654
or how long you plan to live? And

445
00:17:10,712 --> 00:17:12,786
longevity is the other 1. That's a huge

446
00:17:12,786 --> 00:17:15,997
1 right like, the difference of you living

447
00:17:16,295 --> 00:17:17,912
to age 75

448
00:17:17,970 --> 00:17:19,246
versus 95.

449
00:17:20,138 --> 00:17:23,731
Like that changes the picture dramatically. I just

450
00:17:23,731 --> 00:17:25,487
went through this a couple times, you know,

451
00:17:25,727 --> 00:17:27,962
these these last couple weeks with people where

452
00:17:27,962 --> 00:17:29,260
we're looking at the numbers

453
00:17:29,653 --> 00:17:31,648
And, you know, they wanna retire early, and

454
00:17:31,648 --> 00:17:33,403
then I'm, like, okay. Well,

455
00:17:34,041 --> 00:17:35,477
what if you lived at, you know,

456
00:17:36,195 --> 00:17:38,450
95 instead of a hundred. It made a

457
00:17:38,450 --> 00:17:41,329
difference. Right? The the last 5 years, especially

458
00:17:41,329 --> 00:17:43,970
as things continue to get more expensive. And

459
00:17:43,970 --> 00:17:47,262
that's why you gotta take the retirement plan

460
00:17:47,262 --> 00:17:49,020
with a grain of salt. I feel like,

461
00:17:49,340 --> 00:17:50,878
because there are so many things

462
00:17:51,417 --> 00:17:53,495
that you have to assume in order to

463
00:17:53,495 --> 00:17:55,977
make a financial plan. Yeah. And mean, you

464
00:17:55,977 --> 00:17:58,519
plan for, you know, the alternatives is, you

465
00:17:58,519 --> 00:18:01,140
know, we you can plan for higher inflation.

466
00:18:01,378 --> 00:18:03,443
You know, the lot of scenarios, what if

467
00:18:03,443 --> 00:18:05,855
inflation how are... Well, what if tax rates

468
00:18:05,855 --> 00:18:07,795
changed? Because trying to estimate taxes

469
00:18:08,414 --> 00:18:10,255
30 years down the road. Well, and this

470
00:18:10,255 --> 00:18:12,015
is why I like what you say. Right?

471
00:18:12,174 --> 00:18:15,404
Like, plan like worst case scenario. Yep. Don't

472
00:18:15,462 --> 00:18:16,681
try and justify

473
00:18:17,298 --> 00:18:19,852
your whole retirement plan on a best case

474
00:18:19,852 --> 00:18:20,490
scenario because,

475
00:18:21,223 --> 00:18:23,849
what if you have 5 years of a

476
00:18:23,849 --> 00:18:26,714
down market. Yep. Or what if we actually

477
00:18:26,714 --> 00:18:28,959
have World war 3, and it takes 6

478
00:18:28,959 --> 00:18:30,634
or 7 years for us to get through

479
00:18:30,634 --> 00:18:34,224
that. And your retirement accounts aren't what they

480
00:18:34,224 --> 00:18:35,580
were, you know, yesterday.

481
00:18:35,993 --> 00:18:38,141
There's so many different things that play a

482
00:18:38,141 --> 00:18:40,368
factor in this. Mh. And I think that

483
00:18:40,368 --> 00:18:42,198
airing on the side of caution a little

484
00:18:42,198 --> 00:18:42,357
bit.

485
00:18:43,169 --> 00:18:44,366
Can be a good thing. Yeah. And you

486
00:18:44,366 --> 00:18:45,962
can even kind of put guard rails around

487
00:18:45,962 --> 00:18:48,675
it and putting it this... Alright. This is

488
00:18:48,675 --> 00:18:51,961
if things go extremely well. Right? This is,

489
00:18:52,121 --> 00:18:53,794
you know, your cap of kind of what

490
00:18:53,794 --> 00:18:55,945
you should take on a monthly basis, and

491
00:18:55,945 --> 00:18:58,256
then you have the other end, is this

492
00:18:58,256 --> 00:18:58,549
is.

493
00:18:59,225 --> 00:19:01,212
And this is why because your low point.

494
00:19:01,451 --> 00:19:03,914
When you say it's really important to be

495
00:19:03,914 --> 00:19:05,822
lucky, Like, especially in retirement?

496
00:19:06,633 --> 00:19:08,388
It's really important to look at this thing

497
00:19:08,388 --> 00:19:09,606
on a yearly basis

498
00:19:10,302 --> 00:19:12,775
because if you have, for example, a bad

499
00:19:12,775 --> 00:19:15,327
year in the markets, maybe you're drawing a

500
00:19:15,327 --> 00:19:18,521
little bit less out of your accounts. Mh.

501
00:19:18,759 --> 00:19:20,506
Or on the flip side of that, if

502
00:19:20,506 --> 00:19:22,252
you have a really, really good year,

503
00:19:22,887 --> 00:19:24,816
maybe you go ahead.

504
00:19:25,364 --> 00:19:28,161
Yeah. You actually take that trip to Europe

505
00:19:28,161 --> 00:19:30,638
that you really wanna take. You don't take

506
00:19:30,638 --> 00:19:32,635
the trip necessarily on the year where things

507
00:19:32,635 --> 00:19:34,569
are down, but maybe you take the trip

508
00:19:34,569 --> 00:19:35,450
on a year, that's good.

509
00:19:36,169 --> 00:19:39,130
And so being flexible, I think in retirement

510
00:19:39,130 --> 00:19:41,210
is a really big piece. And I even

511
00:19:41,210 --> 00:19:42,589
like for where people

512
00:19:43,143 --> 00:19:43,643
try

513
00:19:44,019 --> 00:19:46,649
to do the plan to retire a little

514
00:19:46,649 --> 00:19:47,308
bit early

515
00:19:47,924 --> 00:19:50,156
earlier than you even expect. Mh.

516
00:19:50,649 --> 00:19:52,727
And because that is if things go great,

517
00:19:52,886 --> 00:19:55,523
Yeah, Maybe it'll work. But then if you're

518
00:19:55,523 --> 00:19:57,760
just planning for that 1 point and you

519
00:19:57,760 --> 00:19:58,214
don't

520
00:19:58,572 --> 00:20:01,196
get there. Mh. Then you can just be,

521
00:20:01,276 --> 00:20:04,456
you know, mortified and just defeated. And so

522
00:20:04,456 --> 00:20:06,938
that's never a good thing either. Well, it

523
00:20:06,938 --> 00:20:09,571
looks like I wanna retire at 50. 55

524
00:20:09,571 --> 00:20:10,928
would be great. But if I have to

525
00:20:10,928 --> 00:20:12,443
do 60, 65.

526
00:20:13,002 --> 00:20:15,330
Yep. Why not? And what about, you know,

527
00:20:15,490 --> 00:20:17,825
there's also the potential sometimes for

528
00:20:18,361 --> 00:20:21,392
even though you have a officially retired, maybe

529
00:20:21,392 --> 00:20:24,519
you do some part time job. Mh. That

530
00:20:24,519 --> 00:20:26,119
you love and it's your passion,

531
00:20:26,680 --> 00:20:28,440
and it keeps you active out in the

532
00:20:28,440 --> 00:20:30,279
community, it makes you a little bit of

533
00:20:30,279 --> 00:20:32,539
income, and then you're not stressing that retirement

534
00:20:32,599 --> 00:20:32,759
account.

535
00:20:33,413 --> 00:20:35,324
As much or maybe you're not depending on

536
00:20:35,324 --> 00:20:37,474
that social security as much as you were

537
00:20:37,474 --> 00:20:40,261
before, that can be an alternative too. And

538
00:20:40,261 --> 00:20:42,900
so depending on your unique circumstances and what

539
00:20:42,900 --> 00:20:44,409
you're willing to do or what you want

540
00:20:44,409 --> 00:20:46,552
your life to look like, it can make

541
00:20:46,552 --> 00:20:48,854
a big difference because some people, you know,

542
00:20:49,092 --> 00:20:50,362
what you want your life to look like,

543
00:20:50,600 --> 00:20:52,520
circumstances they're like, hey. I just wanna garden.

544
00:20:52,838 --> 00:20:54,346
I just wanna stay home. I don't wanna

545
00:20:54,346 --> 00:20:54,664
travel.

546
00:20:55,299 --> 00:20:56,728
I wanna hang out with the garden. I

547
00:20:56,728 --> 00:20:58,077
wanna have my grandkids over.

548
00:20:58,809 --> 00:21:01,043
And it's simple. It's cheap,

549
00:21:01,682 --> 00:21:02,182
and

550
00:21:02,719 --> 00:21:04,554
the... That's what they want. But some people

551
00:21:04,554 --> 00:21:06,470
are not content with that. They wanna travel,

552
00:21:06,962 --> 00:21:10,144
And so that lifestyle cost, that kinda goes

553
00:21:10,144 --> 00:21:11,656
back, I think to what we talked about,

554
00:21:11,815 --> 00:21:12,849
you know, what the first part of the

555
00:21:12,849 --> 00:21:15,813
show was, setting some goals and really being

556
00:21:15,813 --> 00:21:18,627
honest with yourself. Because if you go in

557
00:21:18,765 --> 00:21:21,332
and you make this financial plan but you're

558
00:21:21,332 --> 00:21:23,320
not being honest with yourself. If you come

559
00:21:23,320 --> 00:21:25,070
in and your eye, I'm gonna spend 3000

560
00:21:25,070 --> 00:21:27,377
dollars a month. That's easy. Mh. But you're

561
00:21:27,377 --> 00:21:29,468
not being truthful. Your actual

562
00:21:29,779 --> 00:21:31,526
spending is, like, 5000 dollars a month.

563
00:21:32,241 --> 00:21:32,558
Well,

564
00:21:33,353 --> 00:21:35,418
your financial plan might not pencil how you

565
00:21:35,418 --> 00:21:38,531
hoped it would. So being realistic spending with

566
00:21:38,531 --> 00:21:39,963
yourself is a very big piece of that.

567
00:21:40,202 --> 00:21:41,816
Being realistic and transparent

568
00:21:42,350 --> 00:21:44,657
because if you plan for something in your...

569
00:21:45,294 --> 00:21:46,726
You know, like what you just said is,

570
00:21:47,535 --> 00:21:50,075
I want 3, but I need 5 You

571
00:21:50,075 --> 00:21:52,615
need playing for 3. Yeah. You're you're gonna

572
00:21:52,615 --> 00:21:53,806
be in a world of hurt. Whoa,

573
00:21:54,774 --> 00:21:57,174
you just mentioned it again transparency. I did

574
00:21:57,174 --> 00:21:59,274
a financial plan for someone, and

575
00:21:59,815 --> 00:22:00,855
we got to the end of this thing,

576
00:22:00,934 --> 00:22:02,430
and we had spent some, you know, significant

577
00:22:02,788 --> 00:22:04,941
time on getting this thing really crafted, and

578
00:22:04,941 --> 00:22:06,376
then they drop a bomb on me at

579
00:22:06,376 --> 00:22:08,051
the end of it, and they're like, I

580
00:22:08,051 --> 00:22:10,443
got, you know, 200000 dollars of gold too.

581
00:22:10,602 --> 00:22:11,454
And I'm like, pick

582
00:22:12,685 --> 00:22:14,670
that would have been nice to know what

583
00:22:14,670 --> 00:22:14,987
the

584
00:22:15,623 --> 00:22:17,393
Information. Yeah. Because

585
00:22:18,242 --> 00:22:20,958
that can completely changes the entire pick sure

586
00:22:20,958 --> 00:22:23,828
here, and you are super stressed out this

587
00:22:23,828 --> 00:22:26,060
whole time about, you know, your financial plan,

588
00:22:26,618 --> 00:22:28,712
and you're willing to actually spend

589
00:22:29,182 --> 00:22:30,532
on some of that gold that you have.

590
00:22:30,690 --> 00:22:31,905
Well that changes everything

591
00:22:32,278 --> 00:22:34,342
and now that lifestyle that you wanted is

592
00:22:34,342 --> 00:22:35,056
very doable.

593
00:22:35,770 --> 00:22:37,040
And most commonly what?

594
00:22:38,724 --> 00:22:41,134
I've ran into and I've seen is

595
00:22:41,668 --> 00:22:44,372
which... This is being very generic saying somebody's...

596
00:22:44,611 --> 00:22:46,282
Somebody retire at 65.

597
00:22:47,173 --> 00:22:49,644
Oh then, if you retired 65, typically you

598
00:22:49,644 --> 00:22:52,377
have about 12 years or where you actually

599
00:22:53,552 --> 00:22:55,146
are spending more money.

600
00:22:55,880 --> 00:22:58,279
You know, you're traveling. You're spending time with

601
00:22:58,279 --> 00:22:58,920
the grandkids,

602
00:22:59,720 --> 00:23:01,799
typically when people get in their late seventies

603
00:23:01,799 --> 00:23:04,539
early eighties, they don't tend to do

604
00:23:05,409 --> 00:23:08,265
as much. Right? So maybe the need in

605
00:23:08,265 --> 00:23:10,406
your eighties isn't the same as the need

606
00:23:10,406 --> 00:23:11,517
in your sixties.

607
00:23:12,089 --> 00:23:15,120
True. And so you can account for that.

608
00:23:16,954 --> 00:23:18,709
And that can change in some of, it

609
00:23:18,709 --> 00:23:20,463
as some people say, well, I can't retire.

610
00:23:20,623 --> 00:23:21,580
Well, you can.

611
00:23:22,475 --> 00:23:24,315
Whether you should or not is a different

612
00:23:24,315 --> 00:23:27,035
story. Absolutely. It's a matter of adjusting the

613
00:23:27,035 --> 00:23:28,734
numbers to be realistic

614
00:23:29,115 --> 00:23:30,174
because it might

615
00:23:30,888 --> 00:23:33,433
things change. Mh. And if you're especially on

616
00:23:33,433 --> 00:23:35,502
a fixed income retirement, if you have to

617
00:23:35,502 --> 00:23:36,615
put any new roof on your home?

618
00:23:37,904 --> 00:23:39,825
That can change it quick. Right?

619
00:23:40,384 --> 00:23:42,144
So it can benefit you to plan for

620
00:23:42,144 --> 00:23:43,585
you for the new vehicle.

621
00:23:44,144 --> 00:23:45,365
Yeah. Can change

622
00:23:46,160 --> 00:23:48,640
especially even without... It's If you're a new

623
00:23:48,640 --> 00:23:49,279
car buyer.

624
00:23:50,319 --> 00:23:53,119
Another 40, 50000 dollar cars and now that

625
00:23:53,119 --> 00:23:53,940
can change

626
00:23:54,254 --> 00:23:57,607
the expenses and retirement tremendous. Yeah. And I

627
00:23:57,607 --> 00:23:59,284
think 1 of the other big pieces too,

628
00:24:00,242 --> 00:24:02,477
especially as you're getting older is looking at,

629
00:24:02,797 --> 00:24:04,649
what is it that I ask actually want

630
00:24:04,649 --> 00:24:07,445
my estate to do over a long period

631
00:24:07,445 --> 00:24:10,482
of time? Do I have errors? Mh. What

632
00:24:10,482 --> 00:24:12,500
do I want them to get if anything

633
00:24:13,852 --> 00:24:16,327
and then who gets what? And that can

634
00:24:16,327 --> 00:24:19,280
really actually shift the dynamic of how you

635
00:24:19,280 --> 00:24:20,797
handle those those assets.

636
00:24:22,168 --> 00:24:24,077
And sometimes especially like, if you live in

637
00:24:24,237 --> 00:24:27,282
Oregon, and it's not a real super tax

638
00:24:27,339 --> 00:24:28,612
friendly state for...

639
00:24:29,024 --> 00:24:31,252
You know, when you pass away. Yeah state

640
00:24:31,252 --> 00:24:34,274
taxes and stuff. You know, maybe that kind

641
00:24:34,274 --> 00:24:36,759
of changes the narrative, you if you have

642
00:24:36,759 --> 00:24:38,836
a larger date, maybe you're looking at something

643
00:24:38,836 --> 00:24:40,993
like gifting some assets away,

644
00:24:42,032 --> 00:24:44,839
or being strategic with where how you set

645
00:24:44,839 --> 00:24:46,373
things up so that

646
00:24:46,828 --> 00:24:49,931
the the tax implication is less and the

647
00:24:49,931 --> 00:24:52,319
errors get more. And it could be as

648
00:24:52,319 --> 00:24:52,978
much as

649
00:24:53,605 --> 00:24:55,747
moving your primary residence out of state.

650
00:24:56,461 --> 00:24:59,237
We've seen that people are a considerable amount

651
00:24:59,237 --> 00:25:01,164
of money. Yep. And then the, you know,

652
00:25:01,484 --> 00:25:03,345
another important 1 is especially

653
00:25:03,805 --> 00:25:05,965
retirement planning is choosing the right accounts.

654
00:25:06,845 --> 00:25:07,984
No and is,

655
00:25:08,365 --> 00:25:09,460
you know, when does

656
00:25:09,897 --> 00:25:11,273
pre tax investment,

657
00:25:11,888 --> 00:25:14,437
you know, makes sense versus post tax investments.

658
00:25:14,676 --> 00:25:15,972
Like the difference between

659
00:25:16,349 --> 00:25:17,941
traditional Ira or Roth ira.

660
00:25:18,994 --> 00:25:20,775
Some 04:01 k have

661
00:25:21,154 --> 00:25:21,955
roth options,

662
00:25:23,154 --> 00:25:25,795
whether that makes sense now or not or

663
00:25:25,795 --> 00:25:28,447
maybe it saves money to convert later. Sure.

664
00:25:28,844 --> 00:25:29,719
And makes a difference.

665
00:25:30,197 --> 00:25:32,663
So we can really drastically change the type

666
00:25:32,663 --> 00:25:36,337
of accounts. And again, like, There's no magic

667
00:25:36,337 --> 00:25:39,361
number. It's different for everybody, but figure out

668
00:25:39,361 --> 00:25:41,748
what that number is you need in retirement

669
00:25:41,748 --> 00:25:43,339
on a monthly basis, and then you can

670
00:25:43,339 --> 00:25:45,108
plan around that, Mh.

671
00:25:45,667 --> 00:25:47,104
And then you gotta throw in some curve

672
00:25:47,104 --> 00:25:50,138
balls in there too. But justin I have

673
00:25:50,138 --> 00:25:52,772
some more curve balls actually that I wanna

674
00:25:52,772 --> 00:25:54,049
talk about now that you mentioned it.

675
00:25:55,019 --> 00:25:57,406
But before we get to those, do you

676
00:25:57,406 --> 00:25:59,235
mind if I take and I'm seeing profit

677
00:25:59,235 --> 00:25:59,474
break?

678
00:26:00,269 --> 00:26:03,157
No. Okay. Alright. Everybody. Welcome back to the

679
00:26:03,237 --> 00:26:06,514
True World Radio show where Justin and I

680
00:26:06,514 --> 00:26:10,430
are covering retirement plans, and we're super stoked.

681
00:26:10,684 --> 00:26:12,598
To give you all the stuff that you

682
00:26:12,598 --> 00:26:14,114
need to know. Well, maybe not all of

683
00:26:14,114 --> 00:26:15,868
it, but how about a lot of it?

684
00:26:16,188 --> 00:26:18,102
Some of it. Some of it. Okay? Because

685
00:26:18,102 --> 00:26:20,255
there's a lot that goes into a retirement

686
00:26:20,255 --> 00:26:20,415
plan.

687
00:26:21,147 --> 00:26:23,933
And everyone does it a little bit differently.

688
00:26:24,251 --> 00:26:27,516
Right? Like, no 2 plan are probably identical

689
00:26:27,516 --> 00:26:28,710
to each other. No.

690
00:26:29,600 --> 00:26:32,463
And we kinda talked about maybe some of

691
00:26:32,463 --> 00:26:35,407
the key points that goes into building 1.

692
00:26:35,979 --> 00:26:36,617
But, Justin,

693
00:26:37,573 --> 00:26:39,646
when we were heading into the break there,

694
00:26:39,885 --> 00:26:41,820
we were starting to get into

695
00:26:42,357 --> 00:26:44,565
talking a little bit about kind of the

696
00:26:44,763 --> 00:26:45,716
strategy, Mh.

697
00:26:46,668 --> 00:26:49,050
Portion of this thing, you know, looking at

698
00:26:49,050 --> 00:26:51,432
at your risk and how often do we

699
00:26:51,432 --> 00:26:52,940
need to kinda go over things. Do you

700
00:26:52,940 --> 00:26:53,710
wanna kinda

701
00:26:54,067 --> 00:26:55,817
continue talking about that a little bit for

702
00:26:55,817 --> 00:26:58,783
us. Yeah. So the investments well, it also

703
00:26:58,840 --> 00:26:59,658
depends on

704
00:27:00,033 --> 00:27:00,533
what

705
00:27:01,963 --> 00:27:04,760
What the goals are. Mh. So, I mean,

706
00:27:05,240 --> 00:27:07,477
time Horizon is a big thing with regards

707
00:27:07,477 --> 00:27:08,756
to investment strategy.

708
00:27:09,236 --> 00:27:09,315
Yeah.

709
00:27:10,767 --> 00:27:13,552
So depending on what those goals are and

710
00:27:13,552 --> 00:27:16,042
what your time horizon is, it may shift

711
00:27:16,816 --> 00:27:19,044
how much risk you're willing to take. Because

712
00:27:19,203 --> 00:27:21,133
I mean, if you have 30 year time

713
00:27:21,133 --> 00:27:23,451
horizon where you don't even have access, like,

714
00:27:23,690 --> 00:27:25,049
in a retirement plan,

715
00:27:26,008 --> 00:27:26,827
you may

716
00:27:27,207 --> 00:27:29,065
be more risky with those

717
00:27:29,537 --> 00:27:30,037
assets.

718
00:27:30,490 --> 00:27:31,546
Yeah. Than

719
00:27:32,159 --> 00:27:34,144
saving out to purchase a home. Okay?

720
00:27:34,859 --> 00:27:37,663
And so it can drastically shift, but you're

721
00:27:37,894 --> 00:27:40,214
people have typically a risk tolerance,

722
00:27:41,095 --> 00:27:43,255
How much risk they are willing to take,

723
00:27:43,815 --> 00:27:45,894
and it does not necessarily mean that that

724
00:27:45,894 --> 00:27:46,394
is

725
00:27:47,348 --> 00:27:50,298
for every single account. It's for the blend

726
00:27:50,298 --> 00:27:51,038
of everything.

727
00:27:51,654 --> 00:27:54,126
Just kinda stay within a risk tolerance.

728
00:27:54,605 --> 00:27:55,881
Okay. Depending. Yeah.

729
00:27:57,331 --> 00:27:58,868
And then, you know, asset

730
00:27:59,325 --> 00:28:01,239
allocation, you know, diversifying assets,

731
00:28:01,717 --> 00:28:03,871
you know, having some stocks, some bonds and

732
00:28:03,871 --> 00:28:05,226
maybe some real estate involved.

733
00:28:06,278 --> 00:28:07,098
Can be

734
00:28:08,433 --> 00:28:09,870
preferred, I guess with how it would be...

735
00:28:10,509 --> 00:28:12,983
I have the ability to have assets strung

736
00:28:12,983 --> 00:28:15,152
out over different areas. It just It goes

737
00:28:15,152 --> 00:28:16,586
back to that comment, I think I made

738
00:28:16,586 --> 00:28:18,815
earlier about all the different levers that you

739
00:28:18,815 --> 00:28:20,886
can pull. Mh It's like, well, if you

740
00:28:20,886 --> 00:28:22,717
have a bunch of money in your retirement

741
00:28:22,717 --> 00:28:22,956
account,

742
00:28:23,765 --> 00:28:25,984
but you're 45 years old. Right.

743
00:28:26,698 --> 00:28:27,435
And you

744
00:28:27,966 --> 00:28:30,447
need a hundred grand because whatever,

745
00:28:31,870 --> 00:28:34,020
that... But if you had maybe a rental

746
00:28:34,020 --> 00:28:36,410
property that you had equity in. Mh. And

747
00:28:36,410 --> 00:28:38,003
you're, like, I have to get to this

748
00:28:38,003 --> 00:28:39,970
money, and I didn't expect to have to

749
00:28:40,089 --> 00:28:41,367
spend a hundred thousand dollars.

750
00:28:42,007 --> 00:28:43,924
Okay. I'm gonna let this piece of real

751
00:28:43,924 --> 00:28:45,841
estate go. Right now I have access to

752
00:28:45,841 --> 00:28:47,773
the money that I needed, to and then

753
00:28:47,773 --> 00:28:49,710
you didn't have to deal with the penalties

754
00:28:50,008 --> 00:28:53,303
around that retirement account that you had. So

755
00:28:53,521 --> 00:28:55,756
like you said, it's really beneficial to if

756
00:28:55,756 --> 00:28:56,235
you can,

757
00:28:56,889 --> 00:28:59,523
have money in different places Yeah. So that

758
00:28:59,523 --> 00:29:00,263
you can,

759
00:29:00,641 --> 00:29:02,577
you know, be a little bit more liquid

760
00:29:02,636 --> 00:29:04,552
on your feet. Yeah. And then there's there's

761
00:29:04,552 --> 00:29:05,691
people that are

762
00:29:06,082 --> 00:29:07,432
you know, they like to have a lot

763
00:29:07,432 --> 00:29:10,529
of the money and and, you know, stocks

764
00:29:10,529 --> 00:29:13,151
bonds those assets. And then there's other people

765
00:29:13,151 --> 00:29:15,316
that really like their money in real estate.

766
00:29:15,555 --> 00:29:17,389
Mh. Because it... And they may be over

767
00:29:17,389 --> 00:29:20,021
concentrated in real estate, but that's what they

768
00:29:20,021 --> 00:29:23,850
know. Sure. And there's nothing wrong with that.

769
00:29:24,422 --> 00:29:24,820
At all.

770
00:29:25,774 --> 00:29:27,865
It's just understanding that the risks

771
00:29:28,558 --> 00:29:30,627
that come along with either 1. Yeah.

772
00:29:31,998 --> 00:29:34,315
In access a lot of time when people

773
00:29:34,315 --> 00:29:36,892
wanna retire early can be problematic

774
00:29:37,351 --> 00:29:37,851
because

775
00:29:38,244 --> 00:29:40,244
of the 59 and a half rule for

776
00:29:40,325 --> 00:29:40,825
Ira

777
00:29:41,605 --> 00:29:43,845
where you can access the money without penalty.

778
00:29:45,125 --> 00:29:47,299
Some 04:01 case have different rules in them

779
00:29:47,299 --> 00:29:49,700
that if you're 55 in retired deal of

780
00:29:49,700 --> 00:29:51,779
access. But for the majority of it as

781
00:29:51,779 --> 00:29:53,700
a blanket statement, I guess you could say

782
00:29:53,700 --> 00:29:55,140
59 and a half is kind of a

783
00:29:55,140 --> 00:29:57,942
ballpark to be able to access retirement funds.

784
00:29:58,180 --> 00:29:58,498
Mh.

785
00:29:59,135 --> 00:30:02,476
And so retiring earlier than that takes strategy.

786
00:30:03,047 --> 00:30:05,031
Right. And here's the thing I think a

787
00:30:05,031 --> 00:30:06,856
lot of people don't think about is what

788
00:30:06,856 --> 00:30:10,134
if you're not gonna be taking your social

789
00:30:10,364 --> 00:30:12,517
security until... You know, you, maybe even take

790
00:30:12,517 --> 00:30:14,112
it early. You take it at 62.

791
00:30:14,511 --> 00:30:16,903
Yeah. What are you gonna do for the

792
00:30:16,903 --> 00:30:19,867
bait roughly those 2 years in between where

793
00:30:19,867 --> 00:30:21,561
you don't have social security.

794
00:30:22,333 --> 00:30:24,799
And you're no longer contributing the social security

795
00:30:25,197 --> 00:30:27,523
Exactly. Which can change the numbers a little

796
00:30:27,523 --> 00:30:30,879
bit too. And sometimes people really need to

797
00:30:30,879 --> 00:30:33,756
wait till retirement age in order to start

798
00:30:33,756 --> 00:30:36,330
drawing on their social security because they are

799
00:30:36,330 --> 00:30:39,210
really dependent on the income. Right? Like, some

800
00:30:39,210 --> 00:30:41,450
people doesn't matter. They're like, hey, I've got

801
00:30:41,450 --> 00:30:44,102
all these pensions over here. That's enough income

802
00:30:44,102 --> 00:30:46,495
to meet my needs Right. To pay the

803
00:30:46,495 --> 00:30:48,648
bills. And then the other stuff is the

804
00:30:48,648 --> 00:30:50,643
fluff, but not all people are like that.

805
00:30:50,882 --> 00:30:53,609
Sometimes you are income dependent and that's why

806
00:30:53,609 --> 00:30:55,363
it's really important to look at the whole

807
00:30:55,363 --> 00:30:57,996
thing and say, wait a minute. Let's be

808
00:30:57,996 --> 00:31:00,229
tactical about how we do this. Right. And,

809
00:31:00,388 --> 00:31:02,462
you know, longevity is another 1 that with

810
00:31:02,462 --> 00:31:04,948
social security that is a big difference. Yeah.

811
00:31:05,187 --> 00:31:07,338
Like, your health is shot. It's like, well,

812
00:31:07,498 --> 00:31:09,330
maybe it's okay to take it early. Yeah.

813
00:31:09,570 --> 00:31:11,757
But Does it may make sense. Maybe

814
00:31:12,211 --> 00:31:13,721
everyone in your family has lived to a

815
00:31:13,721 --> 00:31:15,788
hundred and 10, and, you know, like,

816
00:31:17,218 --> 00:31:19,523
well maybe let's delay this till 70. I

817
00:31:19,523 --> 00:31:19,762
don't know.

818
00:31:21,054 --> 00:31:23,611
But I think you're right. The strategy there

819
00:31:23,611 --> 00:31:26,088
is really important. 1 thing that I look

820
00:31:26,088 --> 00:31:28,426
at and say is also really important is

821
00:31:28,566 --> 00:31:29,445
insurance. Right.

822
00:31:30,255 --> 00:31:30,755
Because

823
00:31:31,289 --> 00:31:33,913
now, does everyone need it? And that's not

824
00:31:33,913 --> 00:31:36,218
what I'm saying. But I'm saying in certain

825
00:31:36,218 --> 00:31:36,718
circumstances,

826
00:31:37,411 --> 00:31:38,683
insurance plays a huge role.

827
00:31:40,210 --> 00:31:43,075
Especially health insurance. Just 1 we don't talk

828
00:31:43,075 --> 00:31:45,622
about a whole lot. But man, if you

829
00:31:45,622 --> 00:31:46,736
end up in the hospital,

830
00:31:47,309 --> 00:31:50,349
and you got a million dollar bill, and

831
00:31:50,349 --> 00:31:51,410
you didn't have

832
00:31:51,710 --> 00:31:52,509
health insurance.

833
00:31:53,630 --> 00:31:55,365
I mean, it's possible that you end up

834
00:31:55,801 --> 00:31:58,104
Medically bankrupt. Right? No. I have a million

835
00:31:58,104 --> 00:32:00,883
dollar child with medical events. And I am

836
00:32:00,883 --> 00:32:03,901
thankful for insurance. And you're in years is

837
00:32:03,901 --> 00:32:05,741
an example of of those things where it's

838
00:32:05,741 --> 00:32:08,281
like, you were being careful. It was a

839
00:32:08,281 --> 00:32:11,138
fluke accident. Right? Like, you weren't... You on

840
00:32:11,138 --> 00:32:12,725
a 4 wheeler, but you were just putting

841
00:32:12,725 --> 00:32:14,831
around and make yelling hard running something

842
00:32:15,207 --> 00:32:16,960
out of the blue happens, and then it's

843
00:32:16,960 --> 00:32:19,270
a million dollar medical bill, But you had

844
00:32:19,270 --> 00:32:19,907
the insurance.

845
00:32:20,465 --> 00:32:22,615
And so, look, you're not medically bankrupt.

846
00:32:23,588 --> 00:32:25,506
Congratulations. And now I get to never complain

847
00:32:25,506 --> 00:32:27,743
about the cost of insurance. But the right

848
00:32:27,743 --> 00:32:28,782
matters in there. Yeah.

849
00:32:29,901 --> 00:32:32,225
But, you know, help insurance is just 1

850
00:32:32,225 --> 00:32:33,814
piece of the mix. You know, you'd also

851
00:32:33,814 --> 00:32:35,641
gotta look at life insurance. Right? I look

852
00:32:35,641 --> 00:32:36,514
at this personally.

853
00:32:36,912 --> 00:32:38,659
Now I look at my own situation and

854
00:32:38,739 --> 00:32:41,309
I'm like, health Okay. I know what our

855
00:32:41,309 --> 00:32:43,950
bills are. I know I have a child,

856
00:32:44,509 --> 00:32:45,009
and

857
00:32:46,190 --> 00:32:47,950
I just know my my family dynamic and

858
00:32:48,029 --> 00:32:50,033
I'm like, if something happens to me,

859
00:32:50,669 --> 00:32:52,575
and I'm out of the equation. That's a

860
00:32:52,575 --> 00:32:55,673
really big income hit for my wife and

861
00:32:55,673 --> 00:32:56,888
that completely

862
00:32:57,262 --> 00:32:58,079
would change

863
00:32:58,468 --> 00:33:00,530
the way that, you know, she's able to

864
00:33:00,530 --> 00:33:03,069
raise our child. Mh. And I look at

865
00:33:03,069 --> 00:33:05,345
that. And I'm like, I need to have

866
00:33:05,544 --> 00:33:07,857
adequate life insurance because in the event that

867
00:33:07,857 --> 00:33:10,728
something happens to me, I wanna make sure

868
00:33:10,728 --> 00:33:12,722
that not only is my wife taken care

869
00:33:12,722 --> 00:33:16,008
of. But my kids taken care of, and

870
00:33:16,008 --> 00:33:18,083
not just taking care of, but I like,

871
00:33:18,322 --> 00:33:19,918
I want her to be able to mourn

872
00:33:19,918 --> 00:33:21,913
me being gone. She... I I don't want

873
00:33:21,913 --> 00:33:23,484
her hat to have to go to work

874
00:33:23,604 --> 00:33:25,192
Right? Like, I want her to be able

875
00:33:25,192 --> 00:33:27,994
to just stay home, be a mom

876
00:33:28,368 --> 00:33:30,115
raise the child and not have to worry

877
00:33:30,115 --> 00:33:32,759
about money. So I'm willing to pay

878
00:33:33,309 --> 00:33:34,768
that extra amount

879
00:33:35,227 --> 00:33:36,825
to make sure that she's taken care of

880
00:33:36,825 --> 00:33:38,184
that the kid is taken care of of.

881
00:33:39,222 --> 00:33:41,540
And it doesn't have to be forever. Riley.

882
00:33:43,315 --> 00:33:45,075
I he needs to just be able to

883
00:33:45,075 --> 00:33:46,355
be old enough to be out of the

884
00:33:46,355 --> 00:33:47,714
house. So realistically,

885
00:33:48,595 --> 00:33:50,170
he needs to be, you know, they both

886
00:33:50,368 --> 00:33:52,118
me to be kinda covered and taken care

887
00:33:52,118 --> 00:33:53,868
of until he's 18 or 20 years old,

888
00:33:53,948 --> 00:33:56,174
and he's out kinda doing his thing. You

889
00:33:56,174 --> 00:33:57,606
know, maybe she wants to go back to

890
00:33:57,606 --> 00:33:59,531
work or do something or maybe she wants

891
00:33:59,531 --> 00:34:01,202
to go back to work even sooner. I

892
00:34:01,202 --> 00:34:03,613
just want her to have the flexibility

893
00:34:04,148 --> 00:34:06,750
to do whatever she feels like is best

894
00:34:06,949 --> 00:34:09,443
Mh. And not have to let money

895
00:34:10,299 --> 00:34:10,799
make

896
00:34:11,655 --> 00:34:13,968
the decision for her. I mean, me and

897
00:34:13,968 --> 00:34:16,440
we we both have life insurance. Yeah.

898
00:34:17,646 --> 00:34:19,468
It's not enough live of insurance for my

899
00:34:19,468 --> 00:34:21,528
wife to be financially set for the rest

900
00:34:21,528 --> 00:34:23,588
of her life. That's not the point. Mh.

901
00:34:24,556 --> 00:34:26,464
The point of it is, you know, pay

902
00:34:26,464 --> 00:34:28,532
off, you know, debts and things we have

903
00:34:28,532 --> 00:34:30,282
and then be have give for the ability

904
00:34:30,282 --> 00:34:31,474
to live and take care of the service.

905
00:34:31,713 --> 00:34:33,316
You don't wanna how I worry about a

906
00:34:33,316 --> 00:34:35,695
mortgage or a car payment Right. Or any

907
00:34:35,695 --> 00:34:38,313
of that stuff. Yeah. And there's a lot

908
00:34:38,313 --> 00:34:40,003
of life insurance

909
00:34:40,376 --> 00:34:42,220
that is great in a lot of different

910
00:34:42,220 --> 00:34:43,833
ways. And it can do a lot of

911
00:34:44,129 --> 00:34:46,936
cool things. Mh. Is even having

912
00:34:47,804 --> 00:34:49,722
you know, you can use life insurance for

913
00:34:49,722 --> 00:34:50,621
business reasons,

914
00:34:51,400 --> 00:34:54,036
so say, you know, you're a partner in

915
00:34:54,036 --> 00:34:55,335
a company, and

916
00:34:56,366 --> 00:34:58,914
1 of the owner owners passes away.

917
00:34:59,551 --> 00:35:01,143
Right. You can have a policy on them

918
00:35:01,143 --> 00:35:03,135
to be able to say, purchase the rest

919
00:35:03,135 --> 00:35:04,033
of the company

920
00:35:04,504 --> 00:35:05,004
No

921
00:35:05,540 --> 00:35:06,257
outright. Right.

922
00:35:06,895 --> 00:35:09,627
And then differences in, like, pensions with survivors

923
00:35:09,685 --> 00:35:10,083
benefits.

924
00:35:10,721 --> 00:35:12,417
The difference in the pension

925
00:35:13,207 --> 00:35:15,201
may be cheaper to just go buy a

926
00:35:15,201 --> 00:35:16,578
20 year term policy.

927
00:35:17,832 --> 00:35:20,464
Yeah. To cover if something happens to you

928
00:35:20,464 --> 00:35:21,362
because if you're liable

929
00:35:22,074 --> 00:35:23,832
you... It's still gonna pay. Mh.

930
00:35:24,391 --> 00:35:24,891
So,

931
00:35:25,350 --> 00:35:27,108
and then there's just kinda of math and

932
00:35:27,108 --> 00:35:29,186
figuring out if that cost makes sense. So

933
00:35:29,186 --> 00:35:31,514
it life insurance is awesome. Yeah. And it

934
00:35:31,514 --> 00:35:33,023
can be used in a lot of different

935
00:35:33,023 --> 00:35:33,523
ways

936
00:35:33,976 --> 00:35:34,476
strategically.

937
00:35:34,930 --> 00:35:37,392
Yeah. Because there is no blankets. Like everybody

938
00:35:37,392 --> 00:35:38,981
needs a 20 year term policy when they

939
00:35:38,981 --> 00:35:39,855
hit 20 years old.

940
00:35:40,903 --> 00:35:41,141
No.

941
00:35:42,335 --> 00:35:45,040
But It's not necessarily true. Well, and what...

942
00:35:45,279 --> 00:35:46,950
I mean, here's the other thing to think

943
00:35:46,950 --> 00:35:49,257
about too. Maybe you don't have a wife

944
00:35:49,257 --> 00:35:51,656
and a in a kid. Maybe it's just

945
00:35:51,656 --> 00:35:53,721
you. Mh. And you're like, you know what?

946
00:35:54,515 --> 00:35:57,216
No one's really depending on this income. Right?

947
00:35:57,375 --> 00:35:59,543
I don't need the life insurance or

948
00:36:00,013 --> 00:36:00,411
maybe.

949
00:36:00,969 --> 00:36:02,882
You don't have anyone that's dependent on you,

950
00:36:03,121 --> 00:36:04,317
but in the event that you die you

951
00:36:04,317 --> 00:36:06,309
wanna leave something behind is someone that you

952
00:36:06,309 --> 00:36:09,034
love. Or maybe it's you have enough assets.

953
00:36:09,353 --> 00:36:11,825
Where yeah. There's no need. That's true too.

954
00:36:12,064 --> 00:36:13,818
Yeah. You're sitting on 10000000 dollars,

955
00:36:14,376 --> 00:36:16,942
Maybe you don't need of half a million

956
00:36:16,942 --> 00:36:18,376
dollar life insurance policy.

957
00:36:18,933 --> 00:36:21,084
So there's a lot of really great things

958
00:36:21,084 --> 00:36:22,439
life insurance can do.

959
00:36:23,474 --> 00:36:25,387
It's not necessarily for everybody.

960
00:36:26,039 --> 00:36:26,539
But

961
00:36:26,918 --> 00:36:28,517
it's unique in the things that it can

962
00:36:28,517 --> 00:36:28,996
do. Yeah.

963
00:36:29,876 --> 00:36:30,195
You know,

964
00:36:31,873 --> 00:36:34,431
Okay. So we've kinda talked about, you know,

965
00:36:34,591 --> 00:36:36,680
going back over this. We've talked about setting

966
00:36:36,680 --> 00:36:38,909
some goals and we've talked about knowing your,

967
00:36:38,988 --> 00:36:41,536
you know, you what your unique financial situation

968
00:36:41,536 --> 00:36:43,366
is. We've talked about kind of planning.

969
00:36:44,098 --> 00:36:45,612
Getting in and doing that maybe a little

970
00:36:45,612 --> 00:36:48,321
bit earlier than you thought. We've talked a

971
00:36:48,321 --> 00:36:50,711
little bit about investment strategy and insurance,

972
00:36:51,443 --> 00:36:54,630
I kinda wanna transition us over into, you

973
00:36:54,630 --> 00:36:56,962
know you're at that point where,

974
00:36:57,418 --> 00:37:00,500
you know, maybe you're approaching retirement really quickly

975
00:37:00,777 --> 00:37:02,844
and you're ready to start or even you're

976
00:37:02,844 --> 00:37:05,490
even ready to start pulling some of those

977
00:37:06,024 --> 00:37:08,487
assets out of a retirement plan. I wanna

978
00:37:08,487 --> 00:37:09,442
talk about taxes.

979
00:37:09,934 --> 00:37:12,479
Right? Mh. And everyone's probably listening to this

980
00:37:12,479 --> 00:37:14,865
and insane. I don't wanna talk without taxes.

981
00:37:15,104 --> 00:37:18,230
Yeah. Well, well, let's... Talk about maybe how

982
00:37:18,230 --> 00:37:20,969
you can pay less in taxes, but

983
00:37:21,670 --> 00:37:23,429
we've gotta take. I'm seeing profit breaks. So

984
00:37:23,429 --> 00:37:25,358
when we get back, Justin, I'm gonna ask

985
00:37:25,358 --> 00:37:28,145
you to talk to our listeners about how

986
00:37:28,145 --> 00:37:30,237
can they be savvy and pay

987
00:37:30,613 --> 00:37:31,807
less in taxes.

988
00:37:32,460 --> 00:37:33,980
Are you ready for that? I'm ready. K.

989
00:37:34,219 --> 00:37:36,320
This is the true L3I show you're listening

990
00:37:36,700 --> 00:37:39,820
to 93 9 fm m or 12:40AM

991
00:37:39,820 --> 00:37:42,073
on K q we'll be right back? Justin,

992
00:37:42,313 --> 00:37:44,628
we're back on the air and we're wrapping

993
00:37:44,628 --> 00:37:47,582
up an awesome segment on everything you need

994
00:37:47,582 --> 00:37:50,296
to know about a financial plan or a

995
00:37:50,296 --> 00:37:50,935
retirement plan.

996
00:37:51,750 --> 00:37:53,829
And when we left off,

997
00:37:54,309 --> 00:37:56,070
I gave you a little bit of a

998
00:37:56,070 --> 00:37:57,510
cliff hanger saying, hey,

999
00:37:57,989 --> 00:37:59,750
talk to me about tax planning.

1000
00:38:00,403 --> 00:38:01,598
How do taxes.

1001
00:38:02,076 --> 00:38:03,032
Yeah. Taxes,

1002
00:38:03,431 --> 00:38:04,546
our favorite subject.

1003
00:38:06,538 --> 00:38:08,529
Talk to me about maybe, like, how you

1004
00:38:08,529 --> 00:38:12,533
can navigate that. In a smart way. Well,

1005
00:38:12,773 --> 00:38:16,525
it'll really depend on what assets are available

1006
00:38:16,525 --> 00:38:18,520
and what type of accounts that they are

1007
00:38:18,520 --> 00:38:20,998
in. Yeah. If you only have 1 account

1008
00:38:20,998 --> 00:38:22,030
in social security,

1009
00:38:22,666 --> 00:38:24,413
we probably can't get super exotic.

1010
00:38:25,207 --> 00:38:26,080
Yeah probably.

1011
00:38:26,715 --> 00:38:27,907
Maybe depending.

1012
00:38:29,672 --> 00:38:31,981
But even... So where does this is blanket,

1013
00:38:32,061 --> 00:38:34,530
like, assuming, you know, somebody has a roth

1014
00:38:34,530 --> 00:38:36,361
ira, a 04:01 k.

1015
00:38:37,414 --> 00:38:39,811
And some after tax assets. Right?

1016
00:38:40,770 --> 00:38:42,927
So it can be a strategy of in

1017
00:38:42,927 --> 00:38:43,327
retirement,

1018
00:38:43,806 --> 00:38:46,054
especially so say you retire early. Where there's

1019
00:38:46,054 --> 00:38:48,196
no income. You're not taking social security.

1020
00:38:48,752 --> 00:38:51,291
There's no pension. You just have this gap

1021
00:38:51,291 --> 00:38:52,322
years. Okay.

1022
00:38:53,132 --> 00:38:55,833
That can be a potential as is I

1023
00:38:55,833 --> 00:38:58,377
have no income. Yeah. That's when you can

1024
00:38:58,377 --> 00:39:00,602
start pulling a lot, some out of buyer

1025
00:39:00,602 --> 00:39:01,476
rates. Right?

1026
00:39:03,001 --> 00:39:05,307
Traditional Ira or 04:01 kids. Sorry. Not not

1027
00:39:05,307 --> 00:39:07,057
necessarily raw ira because that's going to be

1028
00:39:07,057 --> 00:39:09,284
tight. You were gonna start talking about roth

1029
00:39:09,284 --> 00:39:11,431
convergence, and I'm like... Maybe. Yeah.

1030
00:39:12,718 --> 00:39:15,182
But depending on if it's necessary or not,

1031
00:39:15,500 --> 00:39:17,726
because maybe your income needs aren't that high,

1032
00:39:18,044 --> 00:39:21,119
and you just want to drive down your

1033
00:39:21,239 --> 00:39:23,391
04:01 k assets, and then you can use

1034
00:39:23,391 --> 00:39:23,891
it,

1035
00:39:24,347 --> 00:39:25,941
you know, the tax free stuff later.

1036
00:39:26,738 --> 00:39:29,619
It's very unique for every single person Mh.

1037
00:39:30,175 --> 00:39:32,739
Roth conversions are agreed too in that same

1038
00:39:32,795 --> 00:39:33,112
scenario.

1039
00:39:33,668 --> 00:39:33,986
Whereas,

1040
00:39:34,780 --> 00:39:37,638
I have no income. Let's take a distribution,

1041
00:39:38,288 --> 00:39:39,663
we'll convert it to

1042
00:39:40,037 --> 00:39:40,355
Roth,

1043
00:39:41,070 --> 00:39:42,739
pay the taxes on it as long as

1044
00:39:42,739 --> 00:39:43,932
you wait 5 years.

1045
00:39:44,488 --> 00:39:46,975
Salt tax free. Right. And the growth

1046
00:39:47,924 --> 00:39:50,002
The road. Yeah. And that's the big 1.

1047
00:39:50,161 --> 00:39:51,760
Right? Like, say you managed to get a

1048
00:39:51,760 --> 00:39:54,877
hundred thousand dollars out of you know, your

1049
00:39:54,877 --> 00:39:56,795
traditional account whereas it grows,

1050
00:39:57,209 --> 00:39:59,045
So does the amount that you gotta pay

1051
00:39:59,045 --> 00:40:01,201
taxes on. But if you get it over

1052
00:40:01,201 --> 00:40:03,835
into that roth, and then you can let

1053
00:40:03,835 --> 00:40:05,751
that thing grow over the next 10 years

1054
00:40:05,751 --> 00:40:06,310
or something?

1055
00:40:06,804 --> 00:40:08,479
And then you get to access all of

1056
00:40:08,479 --> 00:40:11,271
it without paying taxes. Mh. Well, if you

1057
00:40:11,271 --> 00:40:13,527
wanted to buy the beach house, and

1058
00:40:14,157 --> 00:40:16,481
you know, all you had was your traditional

1059
00:40:16,536 --> 00:40:18,757
account. If you gotta pull 300000

1060
00:40:18,757 --> 00:40:21,216
dollars out in order to make that purchase

1061
00:40:21,216 --> 00:40:21,612
happen,

1062
00:40:22,184 --> 00:40:23,775
Well, that's gonna suck because you're gonna lose

1063
00:40:23,775 --> 00:40:25,286
a lot of its taxes. Right if it

1064
00:40:25,286 --> 00:40:27,672
was over there cl in the roth and

1065
00:40:27,672 --> 00:40:28,547
growing over there.

1066
00:40:29,833 --> 00:40:31,581
Maybe you go pull it out of that

1067
00:40:31,581 --> 00:40:33,407
account where you're not gonna drive up your

1068
00:40:33,407 --> 00:40:35,313
income for the year. Right. So there's a

1069
00:40:35,313 --> 00:40:38,093
lot of different things that you can do.

1070
00:40:38,252 --> 00:40:40,249
And I that's 1 of the reasons why

1071
00:40:40,249 --> 00:40:43,261
you actually pay your financial adviser. Yeah. Right?

1072
00:40:43,499 --> 00:40:45,559
Like because everyone gets hung up on this

1073
00:40:45,559 --> 00:40:48,035
fee. Lot I'm paying this guy 1.2 percent

1074
00:40:48,035 --> 00:40:49,860
or I'm paying this guy 1 percent or

1075
00:40:49,860 --> 00:40:52,004
whatever that fee is. Right? And then it's

1076
00:40:52,004 --> 00:40:53,671
like, well, did the guy...

1077
00:40:54,401 --> 00:40:57,260
That was charging you 1 percent, do any

1078
00:40:57,260 --> 00:40:59,246
planning for you at all? Or did he

1079
00:40:59,246 --> 00:41:00,676
just say I'm gonna manage your assets?

1080
00:41:01,233 --> 00:41:03,059
What was it worth the 0.2

1081
00:41:03,059 --> 00:41:03,297
percent?

1082
00:41:04,110 --> 00:41:05,949
That you're paying extra to the other guy

1083
00:41:05,949 --> 00:41:08,110
in order to, you know, set you up

1084
00:41:08,110 --> 00:41:10,510
toward you're saving thousands of dollars on potential

1085
00:41:10,510 --> 00:41:13,162
taxes. Right. Right. And so, like, I think

1086
00:41:13,162 --> 00:41:14,596
that's also 1 of the things I look

1087
00:41:14,596 --> 00:41:16,668
at when I try and evaluate is this

1088
00:41:16,668 --> 00:41:19,695
person worth it because sometimes they're not. Right.

1089
00:41:20,109 --> 00:41:22,187
But sometimes they are, and it really depends

1090
00:41:22,187 --> 00:41:23,786
on what is it that they're offering you

1091
00:41:23,786 --> 00:41:25,304
and what is it that you're looking for?

1092
00:41:25,703 --> 00:41:26,203
And

1093
00:41:26,582 --> 00:41:29,974
especially with not understanding how the taxes, can

1094
00:41:30,110 --> 00:41:30,610
and

1095
00:41:31,064 --> 00:41:32,336
imp things. Mh.

1096
00:41:33,290 --> 00:41:36,152
Yeah. I change. That it may be a

1097
00:41:36,152 --> 00:41:37,209
30000

1098
00:41:37,345 --> 00:41:38,697
dollar savings in tax.

1099
00:41:39,349 --> 00:41:41,910
Or maybe your estate was in bad order.

1100
00:41:42,150 --> 00:41:42,969
Right. And

1101
00:41:43,510 --> 00:41:45,750
because you didn't have a trust and everything

1102
00:41:45,750 --> 00:41:47,601
was set up. Or not set up at

1103
00:41:47,601 --> 00:41:49,675
all. Maybe you were gonna pay the state

1104
00:41:49,675 --> 00:41:52,307
an extra hundred thousand dollars and the state

1105
00:41:52,307 --> 00:41:53,844
taxes just because

1106
00:41:54,460 --> 00:41:56,317
you were never pushed or prompt

1107
00:41:56,709 --> 00:41:58,787
to take care of your estate. So there's

1108
00:41:58,787 --> 00:42:00,166
a million different ways

1109
00:42:00,545 --> 00:42:03,342
that you can, you know, pay more than

1110
00:42:03,342 --> 00:42:06,160
you necessarily should in either taxes

1111
00:42:06,792 --> 00:42:07,747
or whatever.

1112
00:42:08,543 --> 00:42:09,043
Penalties,

1113
00:42:09,419 --> 00:42:10,931
there's there's a bunch of ways that you

1114
00:42:10,931 --> 00:42:13,876
can kind of, stay the. State planning is

1115
00:42:13,876 --> 00:42:16,159
another big 1, and even the most of

1116
00:42:16,839 --> 00:42:19,719
part of an estate plan to me to

1117
00:42:19,719 --> 00:42:20,760
you personally. Yeah.

1118
00:42:21,480 --> 00:42:21,980
Is

1119
00:42:23,000 --> 00:42:23,500
updating

1120
00:42:23,960 --> 00:42:24,199
beneficiaries.

1121
00:42:24,920 --> 00:42:28,118
Right. Or because that can change and it

1122
00:42:28,118 --> 00:42:29,547
can cause a mess.

1123
00:42:30,104 --> 00:42:32,669
It can. And so you don't want

1124
00:42:33,217 --> 00:42:35,681
you can update your beneficiaries at any time.

1125
00:42:36,793 --> 00:42:39,097
So if you're not sure, please go and

1126
00:42:39,097 --> 00:42:39,892
check. Yeah.

1127
00:42:40,704 --> 00:42:44,060
Because, you know, things happen, families change, the

1128
00:42:44,060 --> 00:42:45,578
dynamics of family change,

1129
00:42:46,217 --> 00:42:48,056
and you want things to go where you

1130
00:42:48,056 --> 00:42:50,701
want them to go. Yeah. That's that's just

1131
00:42:50,701 --> 00:42:52,929
a big piece of the thing is making

1132
00:42:52,929 --> 00:42:54,123
sure that, you know,

1133
00:42:55,556 --> 00:42:58,364
your estate is honored the way that you

1134
00:42:58,421 --> 00:43:00,659
want it to be honored. And there are

1135
00:43:00,659 --> 00:43:02,166
ways that you know, you can set things

1136
00:43:02,166 --> 00:43:03,063
up to where

1137
00:43:04,150 --> 00:43:04,309
I,

1138
00:43:05,023 --> 00:43:07,658
you just... You feel good about to how

1139
00:43:07,658 --> 00:43:10,050
you've done it and what the plan is

1140
00:43:10,050 --> 00:43:11,725
and it takes a lot of stress off

1141
00:43:11,725 --> 00:43:13,081
of people when they know that things are

1142
00:43:13,081 --> 00:43:13,559
in order.

1143
00:43:14,356 --> 00:43:15,552
So there's that.

1144
00:43:17,324 --> 00:43:19,721
You know, for me for Amy, you just

1145
00:43:19,721 --> 00:43:21,159
mentioned that a big thing for you is

1146
00:43:21,159 --> 00:43:24,116
making sure beneficiaries are are in line. I

1147
00:43:24,116 --> 00:43:25,395
look at this and I also say,

1148
00:43:26,208 --> 00:43:28,541
1 of the big things for me is

1149
00:43:28,600 --> 00:43:32,108
going back ever so often and looking at

1150
00:43:32,108 --> 00:43:34,420
what the plan is. Right? And then saying,

1151
00:43:35,074 --> 00:43:37,944
are we in alignment with Right. With what

1152
00:43:37,944 --> 00:43:40,677
the plan really is. Right? Because sometimes people

1153
00:43:40,974 --> 00:43:43,467
they get older, and they're

1154
00:43:44,257 --> 00:43:46,882
plans change or something happens in their life,

1155
00:43:47,359 --> 00:43:49,109
and you'd need to be able to adjust

1156
00:43:49,109 --> 00:43:51,575
your goals and your strategy and and review

1157
00:43:51,575 --> 00:43:54,164
things and say, you know, my risk

1158
00:43:54,704 --> 00:43:57,344
is lower today than it was. Right. 5

1159
00:43:57,344 --> 00:44:00,144
years ago, or, you know, the market has

1160
00:44:00,144 --> 00:44:02,797
really slid down and I've got cash on

1161
00:44:02,797 --> 00:44:04,886
the side, I wanna be more aggressive

1162
00:44:05,339 --> 00:44:07,110
because I wanna try and buy this thing

1163
00:44:07,166 --> 00:44:09,391
cheap. Yeah. And so I think re, you

1164
00:44:09,391 --> 00:44:11,875
know, meeting with your advisor and talk and

1165
00:44:11,875 --> 00:44:13,954
establishing a plan and reviewing that, you know,

1166
00:44:14,034 --> 00:44:16,514
at least every year is a really good

1167
00:44:16,514 --> 00:44:18,250
way to make sure that

1168
00:44:18,686 --> 00:44:21,014
everyone's on the same page and that you're

1169
00:44:21,150 --> 00:44:23,057
in the right spot. And then another 1

1170
00:44:23,057 --> 00:44:25,123
that's kind of important which is going back

1171
00:44:25,123 --> 00:44:25,282
to.

1172
00:44:26,014 --> 00:44:27,612
Risk tolerance. Mh.

1173
00:44:28,092 --> 00:44:30,489
Is just because you're retired.

1174
00:44:31,048 --> 00:44:32,027
Yep. Doesn't

1175
00:44:32,566 --> 00:44:35,636
necessarily mean your wrist tolerance should drop tremendously.

1176
00:44:35,934 --> 00:44:38,748
Right. Because what if you have so much

1177
00:44:38,966 --> 00:44:41,360
that you're never gonna run out of money,

1178
00:44:41,932 --> 00:44:43,523
and you wanna be very...

1179
00:44:44,637 --> 00:44:45,830
Well, I'm dropping the word,

1180
00:44:46,785 --> 00:44:48,296
you wanna be very like,

1181
00:44:49,108 --> 00:44:51,258
liberal with your giving to others. Right? You

1182
00:44:51,258 --> 00:44:52,931
wanna you wanna bless other people.

1183
00:44:54,047 --> 00:44:56,373
So and even more afford to take a

1184
00:44:56,373 --> 00:44:58,289
little more risk. Even more of that as

1185
00:44:58,289 --> 00:45:00,842
too as, say you live into your nineties.

1186
00:45:01,401 --> 00:45:04,115
You'll still have a 30 year time horizon.

1187
00:45:04,528 --> 00:45:06,360
That's a long time. Even in that's a

1188
00:45:06,360 --> 00:45:08,850
lot of market cycles. And even in the

1189
00:45:08,907 --> 00:45:10,977
economic conditions we're in right now, when you

1190
00:45:10,977 --> 00:45:12,251
have, you know, inflation,

1191
00:45:12,824 --> 00:45:14,418
going crazy. Mh.

1192
00:45:15,933 --> 00:45:18,085
And you're not able to capture some of

1193
00:45:18,085 --> 00:45:21,329
that upside with what's going on, you can

1194
00:45:21,768 --> 00:45:23,123
find yourself going backwards.

1195
00:45:23,680 --> 00:45:25,513
Right as even though you're spending the same

1196
00:45:25,513 --> 00:45:26,150
amount of money,

1197
00:45:26,708 --> 00:45:28,780
everything's gotten so much more expensive,

1198
00:45:29,432 --> 00:45:31,606
you may need to take more

1199
00:45:32,620 --> 00:45:34,851
Your wrist tolerance may be higher to capture

1200
00:45:34,851 --> 00:45:37,493
of the upside. Yeah, parts of it to

1201
00:45:37,493 --> 00:45:39,559
be able to ride you to 90 and

1202
00:45:39,559 --> 00:45:40,672
a hundred. Mh.

1203
00:45:41,228 --> 00:45:41,785
That's true.

1204
00:45:43,215 --> 00:45:45,381
Okay. Well, just and I hate to break

1205
00:45:45,381 --> 00:45:46,498
it to you, but we're out of time.

1206
00:45:46,737 --> 00:45:47,237
So