Episode Transcript
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Speaker 1 (00:00):
Hello everybody, Welcome to the Greg Hick Show.
Speaker 2 (00:02):
I'm with Wanda Cooper, my longtime sidekick on this show.
We are here today to talk about money. Our other advisor,
Bo Nicholson is out today, so Wanda and I'll be
manning and womaning the ship. And the show today highlights women,
so we couldn't do this show without Wanda being here anyway.
(00:22):
So and we all need to say a little prayer
for one. She had an accident and broke her wrist
and it didn't heal real well. And she's now got
her second or third cast on the third cast, so
that's pretty soon we're getting signatures on the cast. But anyway,
welcome to the Greg Hicks Show. I'm a financial planner,
Certified financial planner, Wanda Cooper's financial advisor Bo Nicholson, Certified
(00:47):
financial planner or CFP in the parlance of alphabet soup.
Speaker 1 (00:51):
We are glad you to and in today.
Speaker 2 (00:53):
We do a weekly shows and we change topics every
week and we cover the broad array of financial plan
I mean everything you can think of. And these shows,
the topics on these shows are generated by the financial
planning world that we live in and what do clients
need to know what do people yearn to understand in
their financial life to make great decisions and avoid bad decisions.
(01:16):
And that's why we rotate the topics of our shows
over the course of a year, and we probably have
sixty or seventy show topics that we rotate in and out,
and they're always fresh because a year later when we
do it again, everything's changed, right why Yeah, So anyway,
glad you tuned in. We are on the weekends primarily
(01:39):
on the radio show radio in Raleigh and Atlantic Beach,
the Crystal Coast area, Moorheads City and Newbern and so forth,
and we're glad you tuned in. And by the way,
the Raleigh shows on the radio one oh six to
one FM Talk they're at two o'clock on Saturday and
Sunday two pm, not am. And then at the Beach
area we have an early bird Saturday show at seven
(02:00):
am and then a Sunday afternoon show at three pm
on Talk radio to the Crystal Coast. So we meet
people all the time from the show. We'll occasionally give
our phone number out and you can call us, you
can leave a message. If it's the weekend, you can
call us during the week at eight hundred and four
eight seven one seven eight six, and we'll give that
(02:22):
number out as we go today because we love meeting
with radio listeners and we just have the greatest fun
time together. I think one of the fun parts of
our business is getting to know clients and.
Speaker 1 (02:35):
Learning about their lives.
Speaker 2 (02:36):
And everybody has a unique story, a unique journey, different goals,
different risk, different families, and so Wanda and Bo and
I I occasionally say we're like amateur psychologists. We get
into the personal lives of people. And you know, part
of the advice world, the financial advice world, is trusting
(02:57):
an advisor, right, Wanda. We sometimes call it find your
trusted advisor, someone you can share everything with. And sometimes
we'd laugh and we put up our little cross fingers and.
Speaker 1 (03:10):
Say, too much information. We really don't need to hear that.
Speaker 2 (03:13):
But on the other hand, we love our clients and
try to build long term relationships, and that's one of
the joys of our business.
Speaker 1 (03:20):
I think.
Speaker 3 (03:21):
I'm always amazed. I talked to you about this a
few weeks ago. There are lots of financial advisory shows
on now. When you and I started twenty plus years ago,
I think we were it.
Speaker 1 (03:34):
We were one of the few.
Speaker 3 (03:35):
Especially, we set the template I think for the rest
to follow. However, what I have noticed I've met with
a few lately that met with another firm, and I
was really shocked to see that the plan for this
one was the same plan that the other person was given.
It was very similar strategy. They did the same thing,
(04:00):
which wasn't meeting the need of the two people. I mean,
it was. It was wild. I was like, did they
ask you? No, they didn't ask me that, did they do?
An answer was no, no, no, of course I wasn't
in the meeting. But how do you do a plan,
you know, if you don't get all the information and
you find out that this lady at seventy eight years
old needed income, yet you did an annuity that locked
(04:23):
her up for fifteen years no income. I just don't
I don't get it. You know, I don't get why.
You know there would be you wouldn't listen to the
person in front of you to know what their needs are.
Because honestly, that's why they came to see me, because
obviously they weren't heard well.
Speaker 1 (04:41):
They wanted a second opinion.
Speaker 3 (04:43):
They wanted a second opinion.
Speaker 2 (04:44):
Yeah, because it maybe didn't feel right after they did it,
and that's true.
Speaker 1 (04:48):
One. A lot of times we meet people.
Speaker 2 (04:50):
Who have never had a financial advisor and they're curious
how it works. And then we also meet a number
of people who have one or had one in the past,
and they'll come and say, well, I've had that happen
many times where they'll say I had an advisor ten
or fifteen years ago, but it didn't work out, so
I'm back.
Speaker 1 (05:08):
Yeah, And that's a good point. Winda.
Speaker 2 (05:10):
Not all advisors are alike. They're all different, just like
human beings are different, right, and so, but we appreciate
radio listeners and calls and things that we get to
meet and do and talk through. It's really fun. So
Wanda I, you know, we always take our first segment
if you're a new listener and talk about what's going on.
So you and I and Bow have talked about for
(05:32):
two years almost the Magnificent seven stocks, the big tech right,
you know, Navidia, Apple, Teslah blah blah blah, and they
have been on Home Run City. I mean, if you
put money in them two or three years ago, you're
up huge. Everybody's happy who owns it. And we've talked
often about the S and P five hundred indexes. Ninety
(05:52):
five percent of them are based on the size of
the stock. So the last couple of years, the seven
stocks are thirty five percent of the S and P
five hundred. It's not equally weighted between five hundred companies. Now,
the last two years has been magnificent. You've hit home runs,
but in twenty twenty two you were down twenty percent
(06:15):
because you were heavily loaded on those tech stocks that
dropped down dramatically. So I ran across this wine. I
thought this would be fun for us to talk about today.
This is called this is Wall Street Journal about a
week ago. Meet the magnificent four hundred and ninety. In
other words, the top ten. They're a home run in
(06:35):
the top ten stocks in the S and P, but
the other four hundred and ninety. So anyway, so some
brilliant people, analyst researchers at Hartford Funds, went back and
looked if you had invested only in the top ten
biggest heavily weighted stocks in the S and P five
hundred since twenty twenty versus the whole thing, you would
(07:01):
have actually made more money not investing in the magnificent ten,
the hot stocks, in other words, And so they did
an example where they put in on March thirty first,
twenty twenty, they put in like one thousand dollars or whatever, No,
ten thousand dollars.
Speaker 3 (07:20):
And.
Speaker 2 (07:22):
The winner was the four hundred and ninety not so
hot stocks, two and a half times better return, which
was like amazing. They also pointed out, though, if you
only did the ten, and this is a real hypothetical,
how would you know what the best ten are every
year unless you just switched over to whatever they became.
(07:43):
And they pointed out that twenty five years ago the
top ten almost don't exist anymore, you know, because companies
come and go.
Speaker 1 (07:50):
But anyway, the point being that.
Speaker 2 (07:54):
The S and P five hundred, everybody's thrilled about it.
Your four owing k's are up. Remember there's bad years
in that and the S and P from two thousand
to twenty ten had a zero return for ten years.
So be aware not everything's perfect right right.
Speaker 3 (08:10):
And Two you have to look at I always look
at doing the equal weight S and P as well
as the traditional SMP index. I try to look at,
you know, kind of sprinkling in all of that when
a client wants the indexes, so to speak.
Speaker 1 (08:25):
And even small company in midsize not.
Speaker 3 (08:27):
Just yes, it's called the justification.
Speaker 2 (08:29):
The big boys, the biggest companies used to be small
and mid at some time in their life.
Speaker 3 (08:34):
Right right, Well, and you know, I think you got
an email from me last night that, you know, when
I'm looking at some of the stocks that we used
to own years ago. I think it was Eli Lilly
at six hundred dollars a share, and they were saying,
that's a buye right now. So the problem with these
high rollers like that is when they get to this price,
you know, how much further can it go? You know,
(08:56):
at six hundred dollars a share and nine hundred a share?
To me, I'd rather look at the ones that get
down in a thirty and forty and fifty and sixty
dollars range and have some room.
Speaker 2 (09:06):
Yeah, you know, so and everything cycles, and so if
everything went in a straight line, it would be so
much easier one, you know. And I saw that analyst
work a few months ago where he said only a
small percent really take over the market. But you don't
know what that is. So we we buy the stocks
that are down. I look for stocks on sales, so
(09:27):
to speak to and you ride them back up because
everything cycles exactly. That's that's really fun to talk about today.
Wind is going to be on the catbird seat today
because the show title is Women, Money and Power. So
there's only one woman in the room, so I'm going
to let her lead and we'll be right back. Stay tuned.
You may have a woman in your life. You might
want to call them in tune and welcome back to
(09:47):
the Great Kick Show. I'm here with Wanda Cooper, our
other side kick, Bo Nicholson's out today. Wind and Now
both are financial advisors and I'm also a certified financial
planner and we just love talking to people about all
the things that matter in life related to money and
believing money always some people say, well, mooney is not
the only thing, and I go, yeah, no kidding, it's not.
(10:09):
But it is funny when you look at history winding,
like in the New Testament, Jesus talked about money more
than he talked about heaven. And that sounds almost sacrilegious,
but it's a fact. He used money a lot of
times to illustrate things. And there is a very emotional
(10:30):
relationship with money and that's why people get happy when
the market's up and sad when the market towns that
we wan and I and Bod deal with emotions just
about as much as we do the money. And one
of the emotional sides of life. God created a male
and female, it says, is the female. So today we're
talking about money, women in power. I got it backwards, women,
(10:54):
money and power. And so why did I both have
single women widows and then we have married couples, And
so let's let's talk. Since you're the woman in the room,
let's start it off with your best thoughts to start
this subject.
Speaker 3 (11:10):
Well, you know, the bottom line is women have a
lot of power. I mean, you know, And I'm not
a what do you call that? The terminology has been
around forever women liberal. Remember Remember I am not one
of those, but I am. I am one that if
(11:30):
a woman is working as hard as a man, that
there should be an equal you know, financial reward.
Speaker 1 (11:37):
Absolutely.
Speaker 3 (11:38):
And I remember coming along in banking and there weren't
there weren't many women striving to be managers and upper
and I was striving, I mean hard. You know, there
were no banking hours for me. It was you know,
all I could do at home, to plan and and
all of that. And I showed up early, left late,
you know, that kind of thing children, even when I
(11:59):
had children and so and it paid off. It took
me a longer than it did the men because I
trained a lot of men. Believe it or not, it's
funny because the bank would send the men trainees to
my brand to sit with me, and I'm like, okay, well,
and I trained many of them that didn't stay, you know,
and that here's the thing. Women have staying power. They're loyal.
(12:23):
And I was one of those. I loved what I did,
I loved my clients, and I was not looking to
go to the next job. A lot of times that's
the way men do it. And I'm in no disrespect.
It is what it is. But I read an article
that said women's economic participation is a powerful force driving
(12:43):
global growth, innovation, and stability. When women have equal opportunities
in the workforce and leadership roles, economies thrive. And I
thought that's perfect because it's true. We're loyal and it
you know too, people think that sometimes women lack the
financial knowledge, and that's not true. I tell women all
(13:04):
the time, they'll come in with their husband or without
a husband. I've never done this. My husband took care
of it, I said, But did you make sure that
the budget was on track? Yes? Did you make sure
there was money in savings? Yes, well you did the
hard part. What I'm going to do, what I'm going
to do for you is the easy part. And the
(13:26):
easy part is I'm going to coach you. And that's
the way women want to be treated. We don't want
to be talked down to. We don't want to be
told what to do. We want to be coached what
to do. And if you've got a good coach on
the team, as you know, you know, you've played sports.
If you've got a good coach, the rest will follow.
Speaker 1 (13:45):
That's right. And I've had one and you have too.
Speaker 2 (13:48):
I've had many women, many couples come in first time
meeting and one of the comments I hear occasionally is
the woman, the wife will say, talks down to me
in the meeting, and that's that's not good because that's
your I mean, why would an advisor do that. You're
alienating half of the clients, half the party.
Speaker 1 (14:11):
Yeah, I have to party.
Speaker 2 (14:12):
And then if the husband passes away, you're alienating the
inheritor of that money. So and by the way, we
have a lot a few years ago, it's been a
while now, but I had fifty some single women as clients.
So single women have a little different attitude and feeling
(14:32):
than married women. But single women also don't want to
be talked down to. But it's interesting how they want
a coach that I've had several single women say to me,
I want, I need somebody to talk to personally about
my money and situation, because if you're a single woman,
you don't always have that right right exactly.
Speaker 3 (14:51):
Well, you know, as far as the businesses that are owned, yeah,
there are fourteen million. This is a twenty twenty four
and this is a Wells Fargo study. Fourteen million women
owned businesses in the United States, representing thirty nine point
one percent of all businesses. So that is so interesting
(15:15):
to me and more power to them. I love small
owned businesses anyway, and when you compound that with a
woman owning it, you know, and you know, the thing is,
if we're owning this many businesses out there, we're not
We're pretty smart.
Speaker 1 (15:34):
I know, we're pretty much how to make money, so you.
Speaker 3 (15:38):
Know, and it's really interesting. I had about a couple
of years ago, a gentleman come in. He was a
radio listener, and he brought his wife and he did
not want to work with me. He had an advisor.
He said, I'm bringing my wife here because I have
a terminal illness. And he said, I know I'm going
(15:58):
to die, and I know she not going to want
to work with the guy that I work with, but
I feel certain she'll want to work with you. So
we talked, and now I have her as a client
of hat her for two years now and we have
a great relationship. So he was bought on with that.
But yeah, and I think when when women are given
the right path, they can they can make the world happen.
(16:24):
And so when I meet with a woman, I'm not
worried about her catching on or understanding because I'm going
to talk in terminology that she understands. And so when
I do that, and when you tell a woman, and
I'm speaking from women, I'm sure there are men, but
today's my day. When I when I speak to women
about what to do, they do it. You give them
(16:47):
the bullet points and they'll do it. And if they
do it, they're going to be successful. There's just no
doubt about it. And it's not that they don't understand finance,
greg they understand how to save. It's just that sometimes
this world of mutual funds, stocks, all of the it's overwhelming.
Yeah you know, it's big. It's huge, so you have
(17:09):
to break it down. Yeah, you know.
Speaker 2 (17:11):
And everybody today pretty much has a retirement plan a
four to oh one K, a four or three B,
or a simple IRA for your small business. So women
learn automatically in that area because of most four one
ks are full blown mutual funds. So at least you
get into that arena and you start learning what is
a mutual fund? What's a stock? What's a bond?
Speaker 4 (17:32):
Right?
Speaker 2 (17:33):
And I've had many I'll never forget. I spoke at
an engineer's meeting. This is twenty years ago, fourteen engineers
in the room, and one of the questions after I spoke,
he said, this may be a dumb question, but explain
what a mutual fund is. Now these will engineers. You know,
engineers want to know how everything works. And I thought
that was interesting, but I loved his attitude, like, I
(17:55):
don't care if this sounds dumb. I want to know
what the heck of mutual fund is because I'm putting
my money in a four oh one K And you're right,
women are smart. You do have you mentioned that you
do have cases kind of old school where the man
runs the show and I'm and you and I are
big on this. We push that guy to start sharing
with a woman. In other words, if I meet like
(18:18):
I met with a prospect recently, his wife couldn't come,
and I told him the next time we meet, the
wife needs to be here. And you're the same way.
We're not going to go slne ranger with a married
couple because the woman and the man both need to
know what's on the table. They need to know how
it works and the results. If somebody passes away or
(18:40):
gets sick.
Speaker 3 (18:41):
And maybe you're out there today and you're single because
of losing a spouse, or maybe you're single by choice,
or maybe you're married and need a little more, you know,
information on how things work. Give us a call at
nine one, nine eight five six nineteen sixty eight for
a complimentary meeting. If you're married, tell your husband, hey,
this is free. Free, you're cheap, you're squeaky. Let's go on.
(19:04):
This is complimentary or maybe you're single and you don't
have anyone to have to communicate your wishes to give
us a call now, i'mber nine eight five six, nineteen
sixty eight. You know, Greg, what I find with women
also is their goal oriented. You know, they want to know,
you know, starting here, what's the goal? What are we
trying to get to? And oftentimes because our book of business,
(19:27):
you know, we we've gone to married couples to widows
in a lot of situations because we've been in business
a long time, and so we have a big number
of single women, not just single by choice, but single
by widowhood. And so those women need a little more
(19:50):
coaching because they've done things as a couple. So now
it's okay, I don't know where the income is going
to come from. I don't know how to run this business.
I don't know where everything is. So that's why a
good advisor needs to do more than just you know, investing,
They have to do life coaching. Right, So we talk through, Okay,
(20:12):
the social security, that's the biggest piece. What happens here
all right? What was the pension? Was it? This? Was
it that?
Speaker 1 (20:20):
Life insurance?
Speaker 3 (20:21):
Life insurance?
Speaker 1 (20:22):
Is it taxable? We get that question right, and we
number one.
Speaker 3 (20:25):
Even our own clients, we tell them, don't make any
decisions early on. No, let's talk through let's let's get
the death certificates, let's talk through this, let's get things
changed over to your name, and then we'll proceed with
what you need on how we move forward?
Speaker 1 (20:42):
Right, and there is panic when a spouse stts. We
have a whole show, a complete show.
Speaker 2 (20:48):
It's called the Loss of a Spouse. So you can
go on our website at f r m NC dot
com f r m NC dot com and you can
click on a little tab that says radio and you
click it on and scroll down and you can listen
to the Loss of a Spouse show or Second Marriage.
We just did a second Marriage show a few months ago,
(21:11):
and you can also, by the way, get it on
the Raleigh Radio website one O six one FM Talk
and just pull up the Greg Kicks Show. You'll see
it offered on the front page of the website and
scroll down and pick your topic. So, now, why do
when we come back, we want to talk about We
have a show called Personalities. We want to talk about
(21:33):
women and men's general personality instincts. You mentioned it while ago.
We want to talk about that because women do think
a little bit differently than men as far as goals
and security and all those things. So we'll be back
in a minute and go to segment three in our show.
Speaker 1 (21:49):
Hang on for this.
Speaker 2 (21:49):
Quick welcome back to the Greg Kickshow. I'm here with
Wanda Cooper today. We have a small business along with
our other compatriot who's not here, Bo Nicholson. We have
a business called Financial Resource Management. And I always joke
I started at thirty or actually almost forty years ago
now with five hundred business cards, a wife and two
kids and a mortgage and no clients. And then years
(22:10):
ago Wanda and I came together, and then Bo came
and we have this neat little business in Raleigh, North Carolina.
It's called Financial Resource Management. So our website is FRM.
That stands for the business Financial Resource Management.
Speaker 1 (22:26):
So our website is.
Speaker 2 (22:27):
FRM NC North Carolina dot com. So check out the website.
You can listen to radio shows on there. Wanda does
a good job of starting every four to six weeks
newsletters and then Bow and I hop on and edit
and we have a ton of information. Our two office
(22:48):
locations in Raleigh on six Forks Road and then the Beach,
the Beach Office. I love the address, the Atlantic Beach
Causeway with a view and it's beautiful. It's small but beautiful.
But anyway to meet you, we'll have to talk to
people that listen, So call us at nine one, nine,
eight five six nineteen sixty eight. That's the best way
(23:08):
to reach us. And we'd love to talk to you
about your situation.
Speaker 1 (23:12):
So today we're.
Speaker 2 (23:13):
Talking about money, women in power. Now mentioned while ago
that we change topics every week, So next week our
show is.
Speaker 1 (23:22):
Called Planning to Retire.
Speaker 2 (23:24):
Now, whether you're forty, fifty or sixty, or maybe you're
sixty five and already retired, this show is going to
be loaded with information on what do you need to
do to plan to retire successfully, by the way, not
just retire and get rid of that bad old job
you're in. But today's topic is women, money and power,
and Wind is the head woman in the room. So
but I mentioned while ago, right before the Breakwinder that
(23:48):
having met with couples and single women and single men
for years and years, there is a trend in the
sense of women's personalities and gender traits are different than men,
and they're not always the same. So women I've noticed
over the years. One of the traits I see, particularly
(24:09):
in women, they're very security conscious. Men tend to be
let's roll the dish, and I always joke about it.
In the hunting world. Men say, I can hunt and
bring home supper tonight.
Speaker 1 (24:21):
Honey, and it's honey.
Speaker 2 (24:23):
The wife's going, I want I want two weeks of
meat in the freezer exactly. You know, they want security generally,
and men are a little bit more flipping and risk oriented.
Speaker 1 (24:33):
So what do you think of that?
Speaker 3 (24:34):
I mean, well, I do, and I think I think
when when women understand the risk they're taking, they're more
likely to take it. Like if you explain to them,
it doesn't take much to explain to them that prought
to and gamble the stock. They understand prod to and gamble,
understand what they do. They're willing to take a risk
(24:55):
in something like that as long as they know what
the end result is going to be and that potential
growth and dividend and all of that. So I think
you women are more security conscious, but in a way
of I want money in the bank. You know, I'll
take the risk, but I want money in the bank.
I want to make sure I can pay my bills.
(25:16):
I want to make sure that I can do things
for my grandkids and things like that. So I want
this over here, and I'm okay with buying Partner and
Gamble and Amazon and all that to understand what they do.
I think if they understand what they do, they're okay
with it. And once I go over that with the woman,
most of the time women will will take the risk.
(25:37):
They will if they know what the outcome is going
to be. Whereas you know, i'll get a call from
a man that goes, I need to buy that crypto.
You know, women are less likely to do that because
they don't understand it to start with. I don't even
understand it.
Speaker 1 (25:53):
I'm not sure the crypto people, yeah for real.
Speaker 3 (25:57):
So I think that what I do is I co
to my women along with a risk tolerance questionnaire, and
interestingly enough, they're okay with market risk. What they're not
okay with is how the economy is going sometimes, because
if you say, you know, what are your feelings about
the economy right now? Is not very good. But I'm
(26:20):
okay with investing because I understand that. But I'm not
okay politically, you know, or something like that. So you
know the thing, we need to give more kudos to
women than we do because they they run a lot
more in their own home and in the world than
they're given credit for. And that's the bottom line to me.
Speaker 2 (26:40):
And the other time we mentioned it earlier in the
show that I see women's security radar go up is
if their husband passed away and they come back and
they go, golly, you said it while ago. How am
I going to replace that income from him or that
Social Security benefit or salary? And I always remind them
(27:00):
to help them understand that studies have shown that your
expenses go down about twenty to twenty five percent. So
if you're living on four thousand a month net income,
for example, you're going to be able to have a
similar lifestyle on three thousand a month because the husband
you're not buying food, gasoline, car insurance, whatever. So again,
(27:25):
women are actually good for men, actually, because I like
it that a woman is security conscious because if not,
the man's going to go out and probably blow money
somewhere and the woman's going to say, wait a minute, honey.
And that's what we have several shows on marriage and
money too, because because women and men think differently anyway,
(27:45):
and then you have each of each male and female
has their own personality as well, so we try to
blend those goals. If the woman is less aggressive, she
can have a roth ira or an ira and do
a moderate risk where the husband might do them more aggressive.
We can answer questions like that, right.
Speaker 3 (28:03):
Well, you know the other thing that women come in
a lot of times more worried about than men is
long term care. Yeah, because they you know, they live longer.
We live longer than men, so the likelihood of us
needing care is pretty high. So they want to get
some type of plan, and there are all kinds of
(28:26):
plans out there that you can explore. Some you make
monthly payments on some you make one time premium and
you're done. But that is the concern amongst women. I'd
say fifty plus year of age is what happens for
me if I need care?
Speaker 1 (28:43):
Right?
Speaker 2 (28:43):
And you know another reason whyda And it's sad in
our culture, but it's the daughter taking care of mom
or dad ailing in their adulthood. The men rarely take
that role. Women are more caring and nurturing than God.
I mean I'm not I'm not being a feminist or
(29:04):
anti feminist. It's just factual. So, so the daughter knows
that if mom gets sick in long term care, she's
probably the caretaker, and so it since it sensitizes.
Speaker 1 (29:15):
Her to want to know about long term care right
just from her family, right.
Speaker 3 (29:19):
And so I spend a lot of time exploring that
type of situation and getting plans in place that work
financially for the person that needs it because and sometimes
they're married and concerned about it, and the husband goes,
I'm not worried about that at all. Well, of course not,
because your wife's going to take care of you. So
(29:42):
he's like, I think it's a waste of money. Well,
it's not a waste of money if it puts her
mind at ease.
Speaker 1 (29:47):
And again and if it happens, and again, there's.
Speaker 3 (29:50):
Lots of plans out there that and particularly when when
my my female clients have an inheritance once that once
I'm notified of that inherent That's one of the things
I mentioned. Have you got a long term care plan
and we get that nailed down?
Speaker 1 (30:05):
Yeah, do you have a mortgage? Do you want to
pay the debt off? Right?
Speaker 3 (30:08):
And that's the other thing with women. We don't want
to Men seem to be okay with entering retirement with debt,
with a mortgage. Women are not right. They're not. And
I try to figure out a way to get that reduced,
or we strategize and all of that, because women want
to enter retirement debt free.
Speaker 2 (30:30):
Yeah, and that's a good goal for anybody else, exactly.
And women love grandkids.
Speaker 3 (30:38):
We do.
Speaker 1 (30:39):
And I'm not saying men they do their perfect I'll
tell you.
Speaker 2 (30:41):
My life when my first wife, Sue, and I had
granddaughters and they both live in Charlotte. Now they're in
high school. I can't believe it, but every time we
went down, Sue would have a little baggy of gifts
and I would be funding their five twenty nine education plan,
but I got no credit up until now.
Speaker 1 (30:57):
Now they're eight.
Speaker 2 (30:57):
One of them is eighteen. I'm finally getting credit for
the Greg Hicks Scholarship Fund. But Sue would go down
and thet and and I would say, Sue, you're ruining
Christmas and birthdays because every time we go to Charlotte, No,
they got a bag of gifts. And so that that
is a female trade. That's a grandma trade versus a grandpa.
Grandpa is like, I'll play with them on the rug,
(31:19):
and grandma is going, no, I'm gonna give them some
little cute outfits.
Speaker 3 (31:22):
Yep. And my grandsons are to the point now that
my son will say no, and my grandson we just
called gig.
Speaker 1 (31:30):
She'll get it, she'll get it.
Speaker 3 (31:32):
Yeah, And he's right, he's right. But you know, the
I want to recap here, you know, with with what
we've talked about with women, we determined their long term focus,
their patient and just and they are their patient. I
can have a a client that that a stock would
(31:53):
be way down and and we'll have a review, and
I'm not worried about it. Everything else is fine, everything
else in doing fine. I'm not worried about that. That's
a woman's viewpoint because if they're being coached and they
feel good about you know, who's helping them, they're okay
with that. They're okay. And then women are research driven.
I have women that I'll say, I want to buy
(32:18):
this stock, Well, let me call you back on that,
because they're going to look and see what's going on
and read the news and all of that. And women
are very much aware I think of the risk they're
willing to take. You know, I don't have any when
I'm going over that questionnaire. I have less resistance from
(32:38):
women because they kind of understand, you know, that they've
got to take some risk, and they're okay because they
feel like I'm taking care of them. You know, when
you have a coach that you're comfortable with, I think
you're okay with whatever the situation is.
Speaker 2 (32:52):
And that's where the relationship matters.
Speaker 3 (32:54):
Such a documentation.
Speaker 2 (32:55):
Exactly, yeah, I mean, and why do you mentioned briefly
at the beginning of the show, it's not when you're
working with an advisor, It's not a one and done.
It's ridiculous. What if you did that with cars? You
bought your first car and then I'll see in forty
two years when you retire. I mean, come on, you
need that relationship. And the biggest complaint we get from
(33:18):
radio listeners we meet with about their advisor, if they
have one, is I don't hear from them there is
no relationship, and you don't want that.
Speaker 1 (33:27):
You want a good relationship.
Speaker 3 (33:28):
We will end that relationship and a heart yeah they will.
Speaker 2 (33:31):
With that happy note. We're going to take our break
and be right back. So come back to the last.
Speaker 1 (33:37):
Segment of The Great Hicks Show today.
Speaker 2 (33:39):
If you've missed part of our show today, these shows
are archived for almost a year, and all you have
to do is go to our website f RM. That's
FRM stands for Financial Resource Management, our company name frmnc
dot com and look at all our website. We got
great stuff on there, including the radio shows, and click
(34:00):
down and drop down and you can listen to the
first part of our show today called Women, Money and Power.
Next week we're going to jump into retirement planning. That's
the name of our show, and we changed topics every single.
Speaker 1 (34:13):
Week, so we cover the ballpark.
Speaker 2 (34:15):
Over the course of a year of everything you need
to know about your financial life and your goals and
so forth. So we welcome you to listen to that.
And today we're going to wrap this show up. We're
talking about women and money and power, and you know,
a lot of there's a lot of I just saw
the Forbes four hundred or the Forbes Billionaire List, that's
(34:36):
what it was, and there was quite a few.
Speaker 1 (34:38):
Women on there.
Speaker 2 (34:39):
There's a few billionaire women around the world, and they're
doing pretty good. They're running the show. A lot of
times some of the women are just superstar entrepreneurs and
some women inherit like their husband and husband and wife team.
They built this great, massive company and then when the
husband died, the woman took over, and a lot of
(35:01):
times the women runs the company just as good as
a husband did, which is interesting. But Wanda, one thing
we want to talk about is when you first get
married as a woman and a man, or if it's
a second marriage, maybe you had a divorce or death
and you got remarried at an older age. You have
to blend the family goal and protect yourself the family assets.
(35:24):
Does one of the spouses have debt and the other
one has money. So there's a whole psychological and financial
world you go into when you get married with the
first time, second time, third time. So those are very
important things. I have sometimes become the advisor to them
before they got married or just after. So sometimes you
(35:45):
need an objective opinion, and that's where the advisor is
very helpful.
Speaker 3 (35:49):
Well, I think women to a more probably more concern
than the man and making sure their kids and their
grandkids from the pre are cared for with the legacy
that they've built. So that's what we spend our time
talking through is re establishing the fact that yeah, you've
(36:10):
you've got a new love and you've got a new life.
But the worry for them is I want to make
sure that I don't forget what helped me build the
first one. So we do help them walk through that
and talk through that, and Greg too. I've come across
this twice, and I want to mention this because women
(36:32):
have to be very careful. Twice I've come across single
women that have chosen not to marry, but have been
with their soulmate for years, not married, and then they
go by property together and and there's there's some kind
(36:55):
of you know, and this has happened twice of where
the two could go on the mortgage, but only one
on the deed or something like that, some kind of
weird real estate law if you're not married. And the
first time I came across it, this particular one the
(37:19):
gentleman's family he passed away. Okay, the gentleman's family is
coming after her.
Speaker 4 (37:25):
Okay, So be careful in any state of obligating yourself
or putting yourself on anything that.
Speaker 3 (37:38):
You're not going to end up with you know, so,
so study all the laws. And it came up again
and recently and I gave some wise counsel. I said,
make sure you talk to a real estate attorney, a
legal real estate attorney that does nothing but real estate,
to say what happens with this prop? But he should
(38:00):
I pass away.
Speaker 2 (38:03):
There's so many things like that wanded that people don't know.
So here's a true story, a fun story. So I
just met with a client, not long ago, but about
a year ago. This couple, nice couple, been climps a while.
She wasn't getting some security and she was well passed
sixty five sixty six. I said, wait a minute, why,
(38:25):
She said, well, years ago I was told I had
to work forty quarters or ten years and I only
worked like five years. Then I became a mom. I said, no,
your husband's already getting so security. You're eligible for half
of his. And she went, no, I'm not. And I said,
yes you are, So I said, I said, okay, maybe
I'm wrong, but you call him. So guess what happened.
(38:46):
She called him. She went in and they were like, oh, yeah,
you're eligible, and she went, you're kidding. She's eligible for
half of his and here was the carrot at the
end of.
Speaker 1 (38:58):
The of the the stick.
Speaker 2 (39:02):
They paid her backwards for the years she should have
gotten it, So she got thousands of dollars in Social
Security benefits. That this couple was given wrong information, that
she was never told that she could get the spousal benefit.
So anyway, little things like that. A good advisor, and
(39:23):
we tried one in Bow and I try to be
broad minded. We're financial planner type people. We look at
everything and if we get to an area where we
don't know, we have a network of advisors that we
call on that we don't charge our clients for it.
So just things like that. Be aware, this woman, this
husband and wife could have gone until they died and
(39:44):
never gotten all of that Social Security money.
Speaker 1 (39:46):
So be aware and be alert.
Speaker 3 (39:48):
Well, this is why women need to take control of
their finances, whether they're married or not. If you're married,
you need to know, you need to know everything. Make
sure that you know where things are, make sure you
know where the income's coming from. Not that you're just
able to go out there and spend and take care
of your grandkids. You need to know where the money's
(40:10):
coming from. And I'm a big believer in women. Whether
you're single or not, knowing about everything financially, So educate
yourself what's going on in your financial life with your
husband or not husband. You just need to know what's
going on and decide what you want out of life.
Decide what you want to happen for you. Think about
(40:33):
your relationship to money and what drives your relationship to money.
Make your financial goals whatever they are. Don't just save money,
but invest money. Get a trusted advisor, get someone to
work with, get two or three opinions, and invest your money.
I meet with a lot of women that only have
(40:54):
money in the bank because they're scared. They don't know
what to do. Get some guidance. That's the bottom line
is get some guidance and you can. There's financial advisors
all over this radio station, but we're offering complimentary meeting
to you. So give us a call at nine one
nine A five six, nineteen sixty eight to get some
(41:16):
guidance on what you need to do with your money
and not just have it in a money market or
CD and that kind of thing.
Speaker 2 (41:22):
On one more thing, because women tend to be much
more loving and caring by nature than a man. You know,
when the kids mess up, I would just make their
butts and my wife ago, you shouldn't have done that.
You should have talked to them. So here's something to
be alert and aware of as an older mom. Do
not get reeled in by your son or daughter that
(41:44):
wants to borrow money and live off you.
Speaker 1 (41:46):
I got a great well start business. I got a
new business.
Speaker 2 (41:49):
Who I need fifty grand Mom and mom and Wanda,
you and I have tried. We've seen women put up
fifty grand and never get paid back. And it's the
nature of the mom to want to love the kid.
Speaker 1 (42:03):
I get it.
Speaker 2 (42:04):
Maybe the kids got grandkids and you want to help them.
I'm just telling you here's what I tell my women
grandmas to do. If they got some adult kid kind
of mooching off them, I'll say, tell them, you have
a financial advisor and we're going to meet together. Tell
them to come to my office. Oh you got a
great new business idea. Tell him to come to my office.
(42:27):
I want to hear about it, and I'll give him
an objective opinion. And that gives the mom an out.
That gives a mom a professional person. And if you
are in that situation, I'm just alerting you. We had
a case years ago where they took out a home
equity loan to fund the son's great idea and they
(42:51):
lost their home. They lost their home. So I know
you love your kids and women particularly love your kids
and grandkids with your motherly love. But don't let that
love emotion, you know, blur and blind you from the
money reality and the risk out there. Just because your
son is a good guy doesn't mean he can't lose
a hundred thousand dollars in a bad deal. So just
(43:13):
spe alert, heads up.
Speaker 3 (43:14):
Right, and children are you know, all of our children can.
Speaker 1 (43:18):
Be leeches, loving leeches.
Speaker 3 (43:22):
The potential that is there. But I had a situation
where a lady moved into a community retirement community because
she was getting older and couldn't do yard and stuff
like that, and she hadn't sold her house yet. But
her son said, well, I'll live in the house. My
wife and I and daughter which is her granddaughter, Well
(43:43):
live here you know until you sell it. Well else
you can't get rid of them. And she's making the
mortgage pain. Yeah, So that's the kind of thing I
don't like. And women do get reeled into that because
of the emotions and sometimes it's good to meet with
someone like us to separate rate that emotion from the finances.
Speaker 2 (44:02):
And men too, men get reeled in as well. But
just to heads up on that, we have had so
much fun talking about this show today on Women, Money
and Power. Next week we're going to talk about planning
to retire, which everybody that has a plan to retire,
but do you really have a plan that's a good one.
That's what we talk about.
Speaker 1 (44:22):
So remember this.
Speaker 2 (44:22):
You can call us nine one nine eight five six,
nineteen sixty eight, get a free appointment if you like.
We'll gather information and meet and if you want a
second appointment, we highly recommend that, and let us give
you a simple little proposal of ideas and things to consider.
If you've never done that, call us. We're still open
for business. Nine one nine eight five six nineteen sixty eight.
(44:47):
And remember this, it's your money, it's your future, don't
blow it. Advisory services through Couple Investment Advisory Services LLC.
Speaker 4 (44:53):
Security is offered through Capital Investment Group bing CA, remember
FINRA and SIPIK one thousand e six Forks Road, Raleigh,
North Carolina nine nine eight three one twenty three seventy.
Speaker 1 (45:01):
Past performance is not indicative of future results.
Hello everybody, Welcome to the Greg Hick Show.
Speaker 2 (00:02):
I'm with Wanda Cooper, my longtime sidekick on this show.
We are here today to talk about money. Our other advisor,
Bo Nicholson is out today, so Wanda and I'll be
manning and womaning the ship. And the show today highlights women,
so we couldn't do this show without Wanda being here anyway.
(00:22):
So and we all need to say a little prayer
for one. She had an accident and broke her wrist
and it didn't heal real well. And she's now got
her second or third cast on the third cast, so
that's pretty soon we're getting signatures on the cast. But anyway,
welcome to the Greg Hicks Show. I'm a financial planner,
Certified financial planner, Wanda Cooper's financial advisor Bo Nicholson, Certified
(00:47):
financial planner or CFP in the parlance of alphabet soup.
Speaker 1 (00:51):
We are glad you to and in today.
Speaker 2 (00:53):
We do a weekly shows and we change topics every
week and we cover the broad array of financial plan
I mean everything you can think of. And these shows,
the topics on these shows are generated by the financial
planning world that we live in and what do clients
need to know what do people yearn to understand in
their financial life to make great decisions and avoid bad decisions.
(01:16):
And that's why we rotate the topics of our shows
over the course of a year, and we probably have
sixty or seventy show topics that we rotate in and out,
and they're always fresh because a year later when we
do it again, everything's changed, right why Yeah, So anyway,
glad you tuned in. We are on the weekends primarily
(01:39):
on the radio show radio in Raleigh and Atlantic Beach,
the Crystal Coast area, Moorheads City and Newbern and so forth,
and we're glad you tuned in. And by the way,
the Raleigh shows on the radio one oh six to
one FM Talk they're at two o'clock on Saturday and
Sunday two pm, not am. And then at the Beach
area we have an early bird Saturday show at seven
(02:00):
am and then a Sunday afternoon show at three pm
on Talk radio to the Crystal Coast. So we meet
people all the time from the show. We'll occasionally give
our phone number out and you can call us, you
can leave a message. If it's the weekend, you can
call us during the week at eight hundred and four
eight seven one seven eight six, and we'll give that
(02:22):
number out as we go today because we love meeting
with radio listeners and we just have the greatest fun
time together. I think one of the fun parts of
our business is getting to know clients and.
Speaker 1 (02:35):
Learning about their lives.
Speaker 2 (02:36):
And everybody has a unique story, a unique journey, different goals,
different risk, different families, and so Wanda and Bo and
I I occasionally say we're like amateur psychologists. We get
into the personal lives of people. And you know, part
of the advice world, the financial advice world, is trusting
(02:57):
an advisor, right, Wanda. We sometimes call it find your
trusted advisor, someone you can share everything with. And sometimes
we'd laugh and we put up our little cross fingers and.
Speaker 1 (03:10):
Say, too much information. We really don't need to hear that.
Speaker 2 (03:13):
But on the other hand, we love our clients and
try to build long term relationships, and that's one of
the joys of our business.
Speaker 1 (03:20):
I think.
Speaker 3 (03:21):
I'm always amazed. I talked to you about this a
few weeks ago. There are lots of financial advisory shows
on now. When you and I started twenty plus years ago,
I think we were it.
Speaker 1 (03:34):
We were one of the few.
Speaker 3 (03:35):
Especially, we set the template I think for the rest
to follow. However, what I have noticed I've met with
a few lately that met with another firm, and I
was really shocked to see that the plan for this
one was the same plan that the other person was given.
It was very similar strategy. They did the same thing,
(04:00):
which wasn't meeting the need of the two people. I mean,
it was. It was wild. I was like, did they
ask you? No, they didn't ask me that, did they do?
An answer was no, no, no, of course I wasn't
in the meeting. But how do you do a plan,
you know, if you don't get all the information and
you find out that this lady at seventy eight years
old needed income, yet you did an annuity that locked
(04:23):
her up for fifteen years no income. I just don't
I don't get it. You know, I don't get why.
You know there would be you wouldn't listen to the
person in front of you to know what their needs are.
Because honestly, that's why they came to see me, because
obviously they weren't heard well.
Speaker 1 (04:41):
They wanted a second opinion.
Speaker 3 (04:43):
They wanted a second opinion.
Speaker 2 (04:44):
Yeah, because it maybe didn't feel right after they did it,
and that's true.
Speaker 1 (04:48):
One. A lot of times we meet people.
Speaker 2 (04:50):
Who have never had a financial advisor and they're curious
how it works. And then we also meet a number
of people who have one or had one in the past,
and they'll come and say, well, I've had that happen
many times where they'll say I had an advisor ten
or fifteen years ago, but it didn't work out, so
I'm back.
Speaker 1 (05:08):
Yeah, And that's a good point. Winda.
Speaker 2 (05:10):
Not all advisors are alike. They're all different, just like
human beings are different, right, and so, but we appreciate
radio listeners and calls and things that we get to
meet and do and talk through. It's really fun. So
Wanda I, you know, we always take our first segment
if you're a new listener and talk about what's going on.
So you and I and Bow have talked about for
(05:32):
two years almost the Magnificent seven stocks, the big tech right,
you know, Navidia, Apple, Teslah blah blah blah, and they
have been on Home Run City. I mean, if you
put money in them two or three years ago, you're
up huge. Everybody's happy who owns it. And we've talked
often about the S and P five hundred indexes. Ninety
(05:52):
five percent of them are based on the size of
the stock. So the last couple of years, the seven
stocks are thirty five percent of the S and P
five hundred. It's not equally weighted between five hundred companies. Now,
the last two years has been magnificent. You've hit home runs,
but in twenty twenty two you were down twenty percent
(06:15):
because you were heavily loaded on those tech stocks that
dropped down dramatically. So I ran across this wine. I
thought this would be fun for us to talk about today.
This is called this is Wall Street Journal about a
week ago. Meet the magnificent four hundred and ninety. In
other words, the top ten. They're a home run in
(06:35):
the top ten stocks in the S and P, but
the other four hundred and ninety. So anyway, so some
brilliant people, analyst researchers at Hartford Funds, went back and
looked if you had invested only in the top ten
biggest heavily weighted stocks in the S and P five
hundred since twenty twenty versus the whole thing, you would
(07:01):
have actually made more money not investing in the magnificent ten,
the hot stocks, in other words, And so they did
an example where they put in on March thirty first,
twenty twenty, they put in like one thousand dollars or whatever, No,
ten thousand dollars.
Speaker 3 (07:20):
And.
Speaker 2 (07:22):
The winner was the four hundred and ninety not so
hot stocks, two and a half times better return, which
was like amazing. They also pointed out, though, if you
only did the ten, and this is a real hypothetical,
how would you know what the best ten are every
year unless you just switched over to whatever they became.
(07:43):
And they pointed out that twenty five years ago the
top ten almost don't exist anymore, you know, because companies
come and go.
Speaker 1 (07:50):
But anyway, the point being that.
Speaker 2 (07:54):
The S and P five hundred, everybody's thrilled about it.
Your four owing k's are up. Remember there's bad years
in that and the S and P from two thousand
to twenty ten had a zero return for ten years.
So be aware not everything's perfect right right.
Speaker 3 (08:10):
And Two you have to look at I always look
at doing the equal weight S and P as well
as the traditional SMP index. I try to look at,
you know, kind of sprinkling in all of that when
a client wants the indexes, so to speak.
Speaker 1 (08:25):
And even small company in midsize not.
Speaker 3 (08:27):
Just yes, it's called the justification.
Speaker 2 (08:29):
The big boys, the biggest companies used to be small
and mid at some time in their life.
Speaker 3 (08:34):
Right right, Well, and you know, I think you got
an email from me last night that, you know, when
I'm looking at some of the stocks that we used
to own years ago. I think it was Eli Lilly
at six hundred dollars a share, and they were saying,
that's a buye right now. So the problem with these
high rollers like that is when they get to this price,
you know, how much further can it go? You know,
(08:56):
at six hundred dollars a share and nine hundred a share?
To me, I'd rather look at the ones that get
down in a thirty and forty and fifty and sixty
dollars range and have some room.
Speaker 2 (09:06):
Yeah, you know, so and everything cycles, and so if
everything went in a straight line, it would be so
much easier one, you know. And I saw that analyst
work a few months ago where he said only a
small percent really take over the market. But you don't
know what that is. So we we buy the stocks
that are down. I look for stocks on sales, so
(09:27):
to speak to and you ride them back up because
everything cycles exactly. That's that's really fun to talk about today.
Wind is going to be on the catbird seat today
because the show title is Women, Money and Power. So
there's only one woman in the room, so I'm going
to let her lead and we'll be right back. Stay tuned.
You may have a woman in your life. You might
want to call them in tune and welcome back to
(09:47):
the Great Kick Show. I'm here with Wanda Cooper, our
other side kick, Bo Nicholson's out today. Wind and Now
both are financial advisors and I'm also a certified financial
planner and we just love talking to people about all
the things that matter in life related to money and
believing money always some people say, well, mooney is not
the only thing, and I go, yeah, no kidding, it's not.
(10:09):
But it is funny when you look at history winding,
like in the New Testament, Jesus talked about money more
than he talked about heaven. And that sounds almost sacrilegious,
but it's a fact. He used money a lot of
times to illustrate things. And there is a very emotional
(10:30):
relationship with money and that's why people get happy when
the market's up and sad when the market towns that
we wan and I and Bod deal with emotions just
about as much as we do the money. And one
of the emotional sides of life. God created a male
and female, it says, is the female. So today we're
talking about money, women in power. I got it backwards, women,
(10:54):
money and power. And so why did I both have
single women widows and then we have married couples, And
so let's let's talk. Since you're the woman in the room,
let's start it off with your best thoughts to start
this subject.
Speaker 3 (11:10):
Well, you know, the bottom line is women have a
lot of power. I mean, you know, And I'm not
a what do you call that? The terminology has been
around forever women liberal. Remember Remember I am not one
of those, but I am. I am one that if
(11:30):
a woman is working as hard as a man, that
there should be an equal you know, financial reward.
Speaker 1 (11:37):
Absolutely.
Speaker 3 (11:38):
And I remember coming along in banking and there weren't
there weren't many women striving to be managers and upper
and I was striving, I mean hard. You know, there
were no banking hours for me. It was you know,
all I could do at home, to plan and and
all of that. And I showed up early, left late,
you know, that kind of thing children, even when I
(11:59):
had children and so and it paid off. It took
me a longer than it did the men because I
trained a lot of men. Believe it or not, it's
funny because the bank would send the men trainees to
my brand to sit with me, and I'm like, okay, well,
and I trained many of them that didn't stay, you know,
and that here's the thing. Women have staying power. They're loyal.
(12:23):
And I was one of those. I loved what I did,
I loved my clients, and I was not looking to
go to the next job. A lot of times that's
the way men do it. And I'm in no disrespect.
It is what it is. But I read an article
that said women's economic participation is a powerful force driving
(12:43):
global growth, innovation, and stability. When women have equal opportunities
in the workforce and leadership roles, economies thrive. And I
thought that's perfect because it's true. We're loyal and it
you know too, people think that sometimes women lack the
financial knowledge, and that's not true. I tell women all
(13:04):
the time, they'll come in with their husband or without
a husband. I've never done this. My husband took care
of it, I said, But did you make sure that
the budget was on track? Yes? Did you make sure
there was money in savings? Yes, well you did the
hard part. What I'm going to do, what I'm going
to do for you is the easy part. And the
(13:26):
easy part is I'm going to coach you. And that's
the way women want to be treated. We don't want
to be talked down to. We don't want to be
told what to do. We want to be coached what
to do. And if you've got a good coach on
the team, as you know, you know, you've played sports.
If you've got a good coach, the rest will follow.
Speaker 1 (13:45):
That's right. And I've had one and you have too.
Speaker 2 (13:48):
I've had many women, many couples come in first time
meeting and one of the comments I hear occasionally is
the woman, the wife will say, talks down to me
in the meeting, and that's that's not good because that's
your I mean, why would an advisor do that. You're
alienating half of the clients, half the party.
Speaker 1 (14:11):
Yeah, I have to party.
Speaker 2 (14:12):
And then if the husband passes away, you're alienating the
inheritor of that money. So and by the way, we
have a lot a few years ago, it's been a
while now, but I had fifty some single women as clients.
So single women have a little different attitude and feeling
(14:32):
than married women. But single women also don't want to
be talked down to. But it's interesting how they want
a coach that I've had several single women say to me,
I want, I need somebody to talk to personally about
my money and situation, because if you're a single woman,
you don't always have that right right exactly.
Speaker 3 (14:51):
Well, you know, as far as the businesses that are owned, yeah,
there are fourteen million. This is a twenty twenty four
and this is a Wells Fargo study. Fourteen million women
owned businesses in the United States, representing thirty nine point
one percent of all businesses. So that is so interesting
(15:15):
to me and more power to them. I love small
owned businesses anyway, and when you compound that with a
woman owning it, you know, and you know, the thing is,
if we're owning this many businesses out there, we're not
We're pretty smart.
Speaker 1 (15:34):
I know, we're pretty much how to make money, so you.
Speaker 3 (15:38):
Know, and it's really interesting. I had about a couple
of years ago, a gentleman come in. He was a
radio listener, and he brought his wife and he did
not want to work with me. He had an advisor.
He said, I'm bringing my wife here because I have
a terminal illness. And he said, I know I'm going
(15:58):
to die, and I know she not going to want
to work with the guy that I work with, but
I feel certain she'll want to work with you. So
we talked, and now I have her as a client
of hat her for two years now and we have
a great relationship. So he was bought on with that.
But yeah, and I think when when women are given
the right path, they can they can make the world happen.
(16:24):
And so when I meet with a woman, I'm not
worried about her catching on or understanding because I'm going
to talk in terminology that she understands. And so when
I do that, and when you tell a woman, and
I'm speaking from women, I'm sure there are men, but
today's my day. When I when I speak to women
about what to do, they do it. You give them
(16:47):
the bullet points and they'll do it. And if they
do it, they're going to be successful. There's just no
doubt about it. And it's not that they don't understand finance,
greg they understand how to save. It's just that sometimes
this world of mutual funds, stocks, all of the it's overwhelming.
Yeah you know, it's big. It's huge, so you have
(17:09):
to break it down. Yeah, you know.
Speaker 2 (17:11):
And everybody today pretty much has a retirement plan a
four to oh one K, a four or three B,
or a simple IRA for your small business. So women
learn automatically in that area because of most four one
ks are full blown mutual funds. So at least you
get into that arena and you start learning what is
a mutual fund? What's a stock? What's a bond?
Speaker 4 (17:32):
Right?
Speaker 2 (17:33):
And I've had many I'll never forget. I spoke at
an engineer's meeting. This is twenty years ago, fourteen engineers
in the room, and one of the questions after I spoke,
he said, this may be a dumb question, but explain
what a mutual fund is. Now these will engineers. You know,
engineers want to know how everything works. And I thought
that was interesting, but I loved his attitude, like, I
(17:55):
don't care if this sounds dumb. I want to know
what the heck of mutual fund is because I'm putting
my money in a four oh one K And you're right,
women are smart. You do have you mentioned that you
do have cases kind of old school where the man
runs the show and I'm and you and I are
big on this. We push that guy to start sharing
with a woman. In other words, if I meet like
(18:18):
I met with a prospect recently, his wife couldn't come,
and I told him the next time we meet, the
wife needs to be here. And you're the same way.
We're not going to go slne ranger with a married
couple because the woman and the man both need to
know what's on the table. They need to know how
it works and the results. If somebody passes away or
(18:40):
gets sick.
Speaker 3 (18:41):
And maybe you're out there today and you're single because
of losing a spouse, or maybe you're single by choice,
or maybe you're married and need a little more, you know,
information on how things work. Give us a call at
nine one, nine eight five six nineteen sixty eight for
a complimentary meeting. If you're married, tell your husband, hey,
this is free. Free, you're cheap, you're squeaky. Let's go on.
(19:04):
This is complimentary or maybe you're single and you don't
have anyone to have to communicate your wishes to give
us a call now, i'mber nine eight five six, nineteen
sixty eight. You know, Greg, what I find with women
also is their goal oriented. You know, they want to know,
you know, starting here, what's the goal? What are we
trying to get to? And oftentimes because our book of business,
(19:27):
you know, we we've gone to married couples to widows
in a lot of situations because we've been in business
a long time, and so we have a big number
of single women, not just single by choice, but single
by widowhood. And so those women need a little more
(19:50):
coaching because they've done things as a couple. So now
it's okay, I don't know where the income is going
to come from. I don't know how to run this business.
I don't know where everything is. So that's why a
good advisor needs to do more than just you know, investing,
They have to do life coaching. Right, So we talk through, Okay,
(20:12):
the social security, that's the biggest piece. What happens here
all right? What was the pension? Was it? This? Was
it that?
Speaker 1 (20:20):
Life insurance?
Speaker 3 (20:21):
Life insurance?
Speaker 1 (20:22):
Is it taxable? We get that question right, and we
number one.
Speaker 3 (20:25):
Even our own clients, we tell them, don't make any
decisions early on. No, let's talk through let's let's get
the death certificates, let's talk through this, let's get things
changed over to your name, and then we'll proceed with
what you need on how we move forward?
Speaker 1 (20:42):
Right, and there is panic when a spouse stts. We
have a whole show, a complete show.
Speaker 2 (20:48):
It's called the Loss of a Spouse. So you can
go on our website at f r m NC dot
com f r m NC dot com and you can
click on a little tab that says radio and you
click it on and scroll down and you can listen
to the Loss of a Spouse show or Second Marriage.
We just did a second Marriage show a few months ago,
(21:11):
and you can also, by the way, get it on
the Raleigh Radio website one O six one FM Talk
and just pull up the Greg Kicks Show. You'll see
it offered on the front page of the website and
scroll down and pick your topic. So, now, why do
when we come back, we want to talk about We
have a show called Personalities. We want to talk about
(21:33):
women and men's general personality instincts. You mentioned it while ago.
We want to talk about that because women do think
a little bit differently than men as far as goals
and security and all those things. So we'll be back
in a minute and go to segment three in our show.
Speaker 1 (21:49):
Hang on for this.
Speaker 2 (21:49):
Quick welcome back to the Greg Kickshow. I'm here with
Wanda Cooper today. We have a small business along with
our other compatriot who's not here, Bo Nicholson. We have
a business called Financial Resource Management. And I always joke
I started at thirty or actually almost forty years ago
now with five hundred business cards, a wife and two
kids and a mortgage and no clients. And then years
(22:10):
ago Wanda and I came together, and then Bo came
and we have this neat little business in Raleigh, North Carolina.
It's called Financial Resource Management. So our website is FRM.
That stands for the business Financial Resource Management.
Speaker 1 (22:26):
So our website is.
Speaker 2 (22:27):
FRM NC North Carolina dot com. So check out the website.
You can listen to radio shows on there. Wanda does
a good job of starting every four to six weeks
newsletters and then Bow and I hop on and edit
and we have a ton of information. Our two office
(22:48):
locations in Raleigh on six Forks Road and then the Beach,
the Beach Office. I love the address, the Atlantic Beach
Causeway with a view and it's beautiful. It's small but beautiful.
But anyway to meet you, we'll have to talk to
people that listen, So call us at nine one, nine,
eight five six nineteen sixty eight. That's the best way
(23:08):
to reach us. And we'd love to talk to you
about your situation.
Speaker 1 (23:12):
So today we're.
Speaker 2 (23:13):
Talking about money, women in power. Now mentioned while ago
that we change topics every week, So next week our
show is.
Speaker 1 (23:22):
Called Planning to Retire.
Speaker 2 (23:24):
Now, whether you're forty, fifty or sixty, or maybe you're
sixty five and already retired, this show is going to
be loaded with information on what do you need to
do to plan to retire successfully, by the way, not
just retire and get rid of that bad old job
you're in. But today's topic is women, money and power,
and Wind is the head woman in the room. So
but I mentioned while ago, right before the Breakwinder that
(23:48):
having met with couples and single women and single men
for years and years, there is a trend in the
sense of women's personalities and gender traits are different than men,
and they're not always the same. So women I've noticed
over the years. One of the traits I see, particularly
(24:09):
in women, they're very security conscious. Men tend to be
let's roll the dish, and I always joke about it.
In the hunting world. Men say, I can hunt and
bring home supper tonight.
Speaker 1 (24:21):
Honey, and it's honey.
Speaker 2 (24:23):
The wife's going, I want I want two weeks of
meat in the freezer exactly. You know, they want security generally,
and men are a little bit more flipping and risk oriented.
Speaker 1 (24:33):
So what do you think of that?
Speaker 3 (24:34):
I mean, well, I do, and I think I think
when when women understand the risk they're taking, they're more
likely to take it. Like if you explain to them,
it doesn't take much to explain to them that prought
to and gamble the stock. They understand prod to and gamble,
understand what they do. They're willing to take a risk
(24:55):
in something like that as long as they know what
the end result is going to be and that potential
growth and dividend and all of that. So I think
you women are more security conscious, but in a way
of I want money in the bank. You know, I'll
take the risk, but I want money in the bank.
I want to make sure I can pay my bills.
(25:16):
I want to make sure that I can do things
for my grandkids and things like that. So I want
this over here, and I'm okay with buying Partner and
Gamble and Amazon and all that to understand what they do.
I think if they understand what they do, they're okay
with it. And once I go over that with the woman,
most of the time women will will take the risk.
(25:37):
They will if they know what the outcome is going
to be. Whereas you know, i'll get a call from
a man that goes, I need to buy that crypto.
You know, women are less likely to do that because
they don't understand it to start with. I don't even
understand it.
Speaker 1 (25:53):
I'm not sure the crypto people, yeah for real.
Speaker 3 (25:57):
So I think that what I do is I co
to my women along with a risk tolerance questionnaire, and
interestingly enough, they're okay with market risk. What they're not
okay with is how the economy is going sometimes, because
if you say, you know, what are your feelings about
the economy right now? Is not very good. But I'm
(26:20):
okay with investing because I understand that. But I'm not
okay politically, you know, or something like that. So you
know the thing, we need to give more kudos to
women than we do because they they run a lot
more in their own home and in the world than
they're given credit for. And that's the bottom line to me.
Speaker 2 (26:40):
And the other time we mentioned it earlier in the
show that I see women's security radar go up is
if their husband passed away and they come back and
they go, golly, you said it while ago. How am
I going to replace that income from him or that
Social Security benefit or salary? And I always remind them
(27:00):
to help them understand that studies have shown that your
expenses go down about twenty to twenty five percent. So
if you're living on four thousand a month net income,
for example, you're going to be able to have a
similar lifestyle on three thousand a month because the husband
you're not buying food, gasoline, car insurance, whatever. So again,
(27:25):
women are actually good for men, actually, because I like
it that a woman is security conscious because if not,
the man's going to go out and probably blow money
somewhere and the woman's going to say, wait a minute, honey.
And that's what we have several shows on marriage and
money too, because because women and men think differently anyway,
(27:45):
and then you have each of each male and female
has their own personality as well, so we try to
blend those goals. If the woman is less aggressive, she
can have a roth ira or an ira and do
a moderate risk where the husband might do them more aggressive.
We can answer questions like that, right.
Speaker 3 (28:03):
Well, you know the other thing that women come in
a lot of times more worried about than men is
long term care. Yeah, because they you know, they live longer.
We live longer than men, so the likelihood of us
needing care is pretty high. So they want to get
some type of plan, and there are all kinds of
(28:26):
plans out there that you can explore. Some you make
monthly payments on some you make one time premium and
you're done. But that is the concern amongst women. I'd
say fifty plus year of age is what happens for
me if I need care?
Speaker 1 (28:43):
Right?
Speaker 2 (28:43):
And you know another reason whyda And it's sad in
our culture, but it's the daughter taking care of mom
or dad ailing in their adulthood. The men rarely take
that role. Women are more caring and nurturing than God.
I mean I'm not I'm not being a feminist or
(29:04):
anti feminist. It's just factual. So, so the daughter knows
that if mom gets sick in long term care, she's
probably the caretaker, and so it since it sensitizes.
Speaker 1 (29:15):
Her to want to know about long term care right
just from her family, right.
Speaker 3 (29:19):
And so I spend a lot of time exploring that
type of situation and getting plans in place that work
financially for the person that needs it because and sometimes
they're married and concerned about it, and the husband goes,
I'm not worried about that at all. Well, of course not,
because your wife's going to take care of you. So
(29:42):
he's like, I think it's a waste of money. Well,
it's not a waste of money if it puts her
mind at ease.
Speaker 1 (29:47):
And again and if it happens, and again, there's.
Speaker 3 (29:50):
Lots of plans out there that and particularly when when
my my female clients have an inheritance once that once
I'm notified of that inherent That's one of the things
I mentioned. Have you got a long term care plan
and we get that nailed down?
Speaker 1 (30:05):
Yeah, do you have a mortgage? Do you want to
pay the debt off? Right?
Speaker 3 (30:08):
And that's the other thing with women. We don't want
to Men seem to be okay with entering retirement with debt,
with a mortgage. Women are not right. They're not. And
I try to figure out a way to get that reduced,
or we strategize and all of that, because women want
to enter retirement debt free.
Speaker 2 (30:30):
Yeah, and that's a good goal for anybody else, exactly.
And women love grandkids.
Speaker 3 (30:38):
We do.
Speaker 1 (30:39):
And I'm not saying men they do their perfect I'll
tell you.
Speaker 2 (30:41):
My life when my first wife, Sue, and I had
granddaughters and they both live in Charlotte. Now they're in
high school. I can't believe it, but every time we
went down, Sue would have a little baggy of gifts
and I would be funding their five twenty nine education plan,
but I got no credit up until now.
Speaker 1 (30:57):
Now they're eight.
Speaker 2 (30:57):
One of them is eighteen. I'm finally getting credit for
the Greg Hicks Scholarship Fund. But Sue would go down
and thet and and I would say, Sue, you're ruining
Christmas and birthdays because every time we go to Charlotte, No,
they got a bag of gifts. And so that that
is a female trade. That's a grandma trade versus a grandpa.
Grandpa is like, I'll play with them on the rug,
(31:19):
and grandma is going, no, I'm gonna give them some
little cute outfits.
Speaker 3 (31:22):
Yep. And my grandsons are to the point now that
my son will say no, and my grandson we just
called gig.
Speaker 1 (31:30):
She'll get it, she'll get it.
Speaker 3 (31:32):
Yeah, And he's right, he's right. But you know, the
I want to recap here, you know, with with what
we've talked about with women, we determined their long term focus,
their patient and just and they are their patient. I
can have a a client that that a stock would
(31:53):
be way down and and we'll have a review, and
I'm not worried about it. Everything else is fine, everything
else in doing fine. I'm not worried about that. That's
a woman's viewpoint because if they're being coached and they
feel good about you know, who's helping them, they're okay
with that. They're okay. And then women are research driven.
I have women that I'll say, I want to buy
(32:18):
this stock, Well, let me call you back on that,
because they're going to look and see what's going on
and read the news and all of that. And women
are very much aware I think of the risk they're
willing to take. You know, I don't have any when
I'm going over that questionnaire. I have less resistance from
(32:38):
women because they kind of understand, you know, that they've
got to take some risk, and they're okay because they
feel like I'm taking care of them. You know, when
you have a coach that you're comfortable with, I think
you're okay with whatever the situation is.
Speaker 2 (32:52):
And that's where the relationship matters.
Speaker 3 (32:54):
Such a documentation.
Speaker 2 (32:55):
Exactly, yeah, I mean, and why do you mentioned briefly
at the beginning of the show, it's not when you're
working with an advisor, It's not a one and done.
It's ridiculous. What if you did that with cars? You
bought your first car and then I'll see in forty
two years when you retire. I mean, come on, you
need that relationship. And the biggest complaint we get from
(33:18):
radio listeners we meet with about their advisor, if they
have one, is I don't hear from them there is
no relationship, and you don't want that.
Speaker 1 (33:27):
You want a good relationship.
Speaker 3 (33:28):
We will end that relationship and a heart yeah they will.
Speaker 2 (33:31):
With that happy note. We're going to take our break
and be right back. So come back to the last.
Speaker 1 (33:37):
Segment of The Great Hicks Show today.
Speaker 2 (33:39):
If you've missed part of our show today, these shows
are archived for almost a year, and all you have
to do is go to our website f RM. That's
FRM stands for Financial Resource Management, our company name frmnc
dot com and look at all our website. We got
great stuff on there, including the radio shows, and click
(34:00):
down and drop down and you can listen to the
first part of our show today called Women, Money and Power.
Next week we're going to jump into retirement planning. That's
the name of our show, and we changed topics every single.
Speaker 1 (34:13):
Week, so we cover the ballpark.
Speaker 2 (34:15):
Over the course of a year of everything you need
to know about your financial life and your goals and
so forth. So we welcome you to listen to that.
And today we're going to wrap this show up. We're
talking about women and money and power, and you know,
a lot of there's a lot of I just saw
the Forbes four hundred or the Forbes Billionaire List, that's
(34:36):
what it was, and there was quite a few.
Speaker 1 (34:38):
Women on there.
Speaker 2 (34:39):
There's a few billionaire women around the world, and they're
doing pretty good. They're running the show. A lot of
times some of the women are just superstar entrepreneurs and
some women inherit like their husband and husband and wife team.
They built this great, massive company and then when the
husband died, the woman took over, and a lot of
(35:01):
times the women runs the company just as good as
a husband did, which is interesting. But Wanda, one thing
we want to talk about is when you first get
married as a woman and a man, or if it's
a second marriage, maybe you had a divorce or death
and you got remarried at an older age. You have
to blend the family goal and protect yourself the family assets.
(35:24):
Does one of the spouses have debt and the other
one has money. So there's a whole psychological and financial
world you go into when you get married with the
first time, second time, third time. So those are very
important things. I have sometimes become the advisor to them
before they got married or just after. So sometimes you
(35:45):
need an objective opinion, and that's where the advisor is
very helpful.
Speaker 3 (35:49):
Well, I think women to a more probably more concern
than the man and making sure their kids and their
grandkids from the pre are cared for with the legacy
that they've built. So that's what we spend our time
talking through is re establishing the fact that yeah, you've
(36:10):
you've got a new love and you've got a new life.
But the worry for them is I want to make
sure that I don't forget what helped me build the
first one. So we do help them walk through that
and talk through that, and Greg too. I've come across
this twice, and I want to mention this because women
(36:32):
have to be very careful. Twice I've come across single
women that have chosen not to marry, but have been
with their soulmate for years, not married, and then they
go by property together and and there's there's some kind
(36:55):
of you know, and this has happened twice of where
the two could go on the mortgage, but only one
on the deed or something like that, some kind of
weird real estate law if you're not married. And the
first time I came across it, this particular one the
(37:19):
gentleman's family he passed away. Okay, the gentleman's family is
coming after her.
Speaker 4 (37:25):
Okay, So be careful in any state of obligating yourself
or putting yourself on anything that.
Speaker 3 (37:38):
You're not going to end up with you know, so,
so study all the laws. And it came up again
and recently and I gave some wise counsel. I said,
make sure you talk to a real estate attorney, a
legal real estate attorney that does nothing but real estate,
to say what happens with this prop? But he should
(38:00):
I pass away.
Speaker 2 (38:03):
There's so many things like that wanded that people don't know.
So here's a true story, a fun story. So I
just met with a client, not long ago, but about
a year ago. This couple, nice couple, been climps a while.
She wasn't getting some security and she was well passed
sixty five sixty six. I said, wait a minute, why,
(38:25):
She said, well, years ago I was told I had
to work forty quarters or ten years and I only
worked like five years. Then I became a mom. I said, no,
your husband's already getting so security. You're eligible for half
of his. And she went, no, I'm not. And I said,
yes you are, So I said, I said, okay, maybe
I'm wrong, but you call him. So guess what happened.
(38:46):
She called him. She went in and they were like, oh, yeah,
you're eligible, and she went, you're kidding. She's eligible for
half of his and here was the carrot at the
end of.
Speaker 1 (38:58):
The of the the stick.
Speaker 2 (39:02):
They paid her backwards for the years she should have
gotten it, So she got thousands of dollars in Social
Security benefits. That this couple was given wrong information, that
she was never told that she could get the spousal benefit.
So anyway, little things like that. A good advisor, and
(39:23):
we tried one in Bow and I try to be
broad minded. We're financial planner type people. We look at
everything and if we get to an area where we
don't know, we have a network of advisors that we
call on that we don't charge our clients for it.
So just things like that. Be aware, this woman, this
husband and wife could have gone until they died and
(39:44):
never gotten all of that Social Security money.
Speaker 1 (39:46):
So be aware and be alert.
Speaker 3 (39:48):
Well, this is why women need to take control of
their finances, whether they're married or not. If you're married,
you need to know, you need to know everything. Make
sure that you know where things are, make sure you
know where the income's coming from. Not that you're just
able to go out there and spend and take care
of your grandkids. You need to know where the money's
(40:10):
coming from. And I'm a big believer in women. Whether
you're single or not, knowing about everything financially, So educate
yourself what's going on in your financial life with your
husband or not husband. You just need to know what's
going on and decide what you want out of life.
Decide what you want to happen for you. Think about
(40:33):
your relationship to money and what drives your relationship to money.
Make your financial goals whatever they are. Don't just save money,
but invest money. Get a trusted advisor, get someone to
work with, get two or three opinions, and invest your money.
I meet with a lot of women that only have
(40:54):
money in the bank because they're scared. They don't know
what to do. Get some guidance. That's the bottom line
is get some guidance and you can. There's financial advisors
all over this radio station, but we're offering complimentary meeting
to you. So give us a call at nine one
nine A five six, nineteen sixty eight to get some
(41:16):
guidance on what you need to do with your money
and not just have it in a money market or
CD and that kind of thing.
Speaker 2 (41:22):
On one more thing, because women tend to be much
more loving and caring by nature than a man. You know,
when the kids mess up, I would just make their
butts and my wife ago, you shouldn't have done that.
You should have talked to them. So here's something to
be alert and aware of as an older mom. Do
not get reeled in by your son or daughter that
(41:44):
wants to borrow money and live off you.
Speaker 1 (41:46):
I got a great well start business. I got a
new business.
Speaker 2 (41:49):
Who I need fifty grand Mom and mom and Wanda,
you and I have tried. We've seen women put up
fifty grand and never get paid back. And it's the
nature of the mom to want to love the kid.
Speaker 1 (42:03):
I get it.
Speaker 2 (42:04):
Maybe the kids got grandkids and you want to help them.
I'm just telling you here's what I tell my women
grandmas to do. If they got some adult kid kind
of mooching off them, I'll say, tell them, you have
a financial advisor and we're going to meet together. Tell
them to come to my office. Oh you got a
great new business idea. Tell him to come to my office.
(42:27):
I want to hear about it, and I'll give him
an objective opinion. And that gives the mom an out.
That gives a mom a professional person. And if you
are in that situation, I'm just alerting you. We had
a case years ago where they took out a home
equity loan to fund the son's great idea and they
(42:51):
lost their home. They lost their home. So I know
you love your kids and women particularly love your kids
and grandkids with your motherly love. But don't let that
love emotion, you know, blur and blind you from the
money reality and the risk out there. Just because your
son is a good guy doesn't mean he can't lose
a hundred thousand dollars in a bad deal. So just
(43:13):
spe alert, heads up.
Speaker 3 (43:14):
Right, and children are you know, all of our children can.
Speaker 1 (43:18):
Be leeches, loving leeches.
Speaker 3 (43:22):
The potential that is there. But I had a situation
where a lady moved into a community retirement community because
she was getting older and couldn't do yard and stuff
like that, and she hadn't sold her house yet. But
her son said, well, I'll live in the house. My
wife and I and daughter which is her granddaughter, Well
(43:43):
live here you know until you sell it. Well else
you can't get rid of them. And she's making the
mortgage pain. Yeah, So that's the kind of thing I
don't like. And women do get reeled into that because
of the emotions and sometimes it's good to meet with
someone like us to separate rate that emotion from the finances.
Speaker 2 (44:02):
And men too, men get reeled in as well. But
just to heads up on that, we have had so
much fun talking about this show today on Women, Money
and Power. Next week we're going to talk about planning
to retire, which everybody that has a plan to retire,
but do you really have a plan that's a good one.
That's what we talk about.
Speaker 1 (44:22):
So remember this.
Speaker 2 (44:22):
You can call us nine one nine eight five six,
nineteen sixty eight, get a free appointment if you like.
We'll gather information and meet and if you want a
second appointment, we highly recommend that, and let us give
you a simple little proposal of ideas and things to consider.
If you've never done that, call us. We're still open
for business. Nine one nine eight five six nineteen sixty eight.
(44:47):
And remember this, it's your money, it's your future, don't
blow it. Advisory services through Couple Investment Advisory Services LLC.
Speaker 4 (44:53):
Security is offered through Capital Investment Group bing CA, remember
FINRA and SIPIK one thousand e six Forks Road, Raleigh,
North Carolina nine nine eight three one twenty three seventy.
Speaker 1 (45:01):
Past performance is not indicative of future results.
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