October 21, 2025 • 16 mins
Scott Brown with Edgewater Family Wealth joins us for 'It’s Only Money' and starts the conversation by answering a listener's question about keeping their 401(k) or moving it to a different account. Scott then talks about the non-financial spouse and the effect it can have on your financial situation, before updating us on upcoming events in Winter Park and Lake Mary.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Hey, Jack, Just like you know, for the most part,
every single fire extinguishers should have a gauge on it
that says if it's good or bad, as well as
a card on it that says like an expiration day
for the most part. On top of that, the Portland
frog that you saw got maced through the air vents
in the inflatable costume. Yeah, their reason said their pepper
spray wasn't spicy because they were Hispanic.
Speaker 2 (00:24):
So maybe, hey guys, you can take those fire extincuishers
to a fire extinguisher company and they'll test them, re
certify them with new tags on them with expiration dates,
and it's only like ten bucks apiece. No way, way
cheaper than buying new fire extincisure.
Speaker 3 (00:43):
Yeah, they're expensive or wondering if the one you have either,
I had to check that out. I do I have.
Speaker 4 (00:49):
I must have at least six around my house in
just misslaneous areas before the whole fire alarm thing was
a big deal.
Speaker 3 (00:55):
They you know, because the house is built in the fifties.
Speaker 4 (00:57):
I'll give you a week they would just put them around.
I'm telling you, I think I don't worst.
Speaker 3 (01:00):
Four of them are all right now. One week. I'm gonna
set your house on five. Okay, you as your warning.
Now you have a week to get ready.
Speaker 4 (01:06):
I just put up an entire connected alarm system. Jack,
I will, I will not all all succumb challenge accepting
all right, seven seven zero three one. That's how you
text us six o'clock. Keyword is deposit. That's the E
P O. S I T Real Radio dot FM.
Speaker 3 (01:21):
Send that. I'll for your chance in a thousand bucks.
I'm Jim. There's deb Hello. Jack is here as well.
Let's do it's only money. Oh, people passionate about planning.
Speaker 4 (01:29):
For the future, rise above investment, miss to build.
Speaker 3 (01:36):
Isn't that really just common sense financial advices? Out?
Speaker 4 (01:38):
It's both Okay here, it's all with money with Scott
thrown from Edgewater Family World. Good love, brobody, Scott friend,
come to the town for us, just for you. How
do you doing, buddy, I'm doing fantastic.
Speaker 3 (01:55):
Good to see you.
Speaker 1 (01:56):
Man.
Speaker 3 (01:56):
I get a question. Might I alloted to ask questions?
Speaker 1 (02:00):
Oh?
Speaker 3 (02:00):
Yeah, that's great.
Speaker 5 (02:01):
I was and I didn't read the contract fairly, so
I'm not sure I'm supposed to ask questions.
Speaker 3 (02:05):
Questions. Answer. I'm an answer machine.
Speaker 4 (02:07):
I know you are whether we like it or not.
So the the h are you speaking for the Audie? Well,
I guess I've been talking to this. Yeah, yeah, the Seltzers,
the THHC Seltzers, what about them?
Speaker 3 (02:20):
Are you aware of these? Quite aware? Are you quite aware?
Speaker 4 (02:23):
Yeah?
Speaker 3 (02:23):
Yeah, it could be in possession of a couple. Yeah.
Speaker 5 (02:27):
Like I just feel like that was a question to
ask you because I you know, in uh, I have
had a chance to try them.
Speaker 4 (02:33):
You know, five milligrams the breeze is that the ones
you try I have the there are so many different
Oh there's a zillionaire, so many different ones the.
Speaker 3 (02:44):
Wink and it's uh not a bad.
Speaker 4 (02:47):
Thing, you know what I've We've only had the breeze
which we have at the house. Not only do we
have we have the breeze as the THHC and the
Lion's main in it for the calmness type thing. Yeah,
they're very effective. Now you are the big cancer, the
little sport the ones I have no beause they're only
five milligra exactly same here, So I mean you can
just sip that thing tastes like a fresca, kind of
(03:07):
like a strong fresco. You can kind of get the
funk of the weed taste almost like the smell, but
in the taste for them.
Speaker 3 (03:15):
Yeah, that's the terrapins. The terrapins.
Speaker 4 (03:17):
Yeah, that's what they call those, the terrapins. I think
that's what it is, are the terrapines. Terrapines, Yeah, terrapins.
Speaker 3 (03:23):
I think that's a.
Speaker 4 (03:24):
Football turtle Maryland or something like. It's called the terrapines
or something like that. That's that. That's the the skunky
yeah yeah, yeah, that you smell when you walk for
the concert, the minute you crack that thing. And the
funny thing is this breeze also makes a liquor version
of that as well, So in other words, you can
take that liquor version and make cocktails if you're not
(03:45):
into just the uh you know, the seltzers.
Speaker 3 (03:47):
Yeah.
Speaker 4 (03:48):
Well I so I had some people over and they're
big wine drinkers, and and I'm like, you know, I
drink that too much wine. I can't sleep, I feel
like crap the next morning. I'm like, let me try
this idea out, and uh yeah, let me.
Speaker 3 (04:01):
Help me out.
Speaker 4 (04:03):
There's no question the only thing you wanted to say
was I like it. I'm just gonna give you thumbs out.
I really just wanted to endorse the product. To be
honest with you, you cut a side deal, dude.
Speaker 3 (04:14):
I know that's awesome. Are you subm a little bit
like that? The other thing?
Speaker 4 (04:19):
I am also a user, so I will tell you
on the wine thing. Are you a red red wine drinker?
I do like red wine, so I do as well.
But we have learned something. My wife has started having
like an adverse effect to American or NAPA or Oregon wines, right,
but we have noticed that Spanish wines, Italian wines do
not have that same effect on us. So now they're
not as sweet as American wines. They're more earthy. But
(04:42):
we've we've started buying more imported wines from Spain, from Italy,
from all areas. I mean, obviously Germany makes reasonings and stuff,
so we get all of that, and it has really
helped her. I never got the problem with that, but
she had it like here recently.
Speaker 3 (04:57):
She can't even have a glass. It blinks her up.
Speaker 5 (04:59):
Well in And not that I wanna spend the whole
show on this, but we can. So red wine has
more histamine in it, so like my sinuses jam up
with red wine. And when I've had wine in Europe.
It never bothers me. So I don't know if that's psychological,
because I've asked a few doctors. I'm like, was there
different ingredients or they're preservatives in the States or whatever.
Speaker 3 (05:18):
I don't know the answer to that.
Speaker 5 (05:19):
I'm sure somebody will text you in a second and
tell you the answer to that. But I just find
European wines don't trouble me, but red wines that I
like better than white wines bother my sinuses.
Speaker 4 (05:28):
Yeah, that's wild man. She started, she just started experiencing that.
But my wife is the one who actually started the
breeze thing. She loves that stuff. Yeah, And I will
tell you one of the reasons it became very popular
is is people wanted out an alternative to alcohol, and
they didn't want to smoke weed or chew gummies or
anything like that. They wanted a little bit of both worlds.
And I think that's a really good bridge. The ones
that I've had where I didn't have anything else on
(05:50):
my system at the time, that's exactly what it made
you feel like, like if you had a little bit
of weed and a little bit of alcohol where you're
not out of control, but you're very calm, You're chill,
but are very aware.
Speaker 3 (06:01):
Still. Yeah, yeah, that's that's exactly what happened. All right,
all right, but sorry, we'll see you guys next week,
all right.
Speaker 4 (06:06):
Scott run's Edgewaterfamilywealth dot Com. That's they're a fiduciary here
in town for over thirty eight years, making sure that
you are managing your money properly. If you hire him
to do so, he will do that. Make sure at
least give you a better chance of it lasting longer
so you can have a better life, right, agreed, for sure.
I know we had some questions from last week. I
sent you like two screens them. Let's get to one
of those.
Speaker 5 (06:26):
Yeah, So this one was this was an interesting question.
It's kind of a follow on our four oh one K.
You can take your money out of your four one
k and have somebody else managed it if you so choose.
Not that that's always best, but it's certainly something to
think about. And the question was how do I how
do you balance? I think the essential of the question was, well,
if I take the money out of my four oh
one K, I won't get the match anymore.
Speaker 3 (06:44):
And that's not true.
Speaker 5 (06:44):
So remember when you're if you're let's say you're fifty
eight years old, your plan, your plan document, you go
to HR and they say, yes, you can do that.
You can take you know, you got one hundred grand,
you want to take eighty out or eighty five out,
and you're gonna give it to your financial advisor to do
whatever you want.
Speaker 3 (06:56):
To do with it.
Speaker 5 (06:57):
And then your worry is, well, now that I've done that,
I don't get now the match is on new contributions. Right,
so as you'll still contribute, you'll still be putting money,
and it'll still be payroll deducted. And if there is
a match with your firm, with your company, that will continue.
So one does not get in the way of the other. Right,
if you say I want to take my eighty grand out,
I want to invest it, they don't stop matching what
(07:18):
you're currently putting in or if you lose the ability
to continue to contribute. So I don't want people to
think that that's going to get in their way. And
again I want it to backing up to the last
week when we had this conversation. I want and it's
also not an absolute that you should do that, right,
It's really a matter of what you're trying to do accomplid.
Speaker 4 (07:32):
That's a great question because let's say if you have
like you've been you know, you're you're like, I'm fifty
eight years old. Let's say you've been putting into a
four to one K and you've got like half a
million dollars in there. Why would you pull some of
that money out and go with a guy like you? Like,
Let's say I was just considering, is it more aggressive
a better percentage of return?
Speaker 3 (07:51):
I mean, why would somebody do that? No? I wouldn't.
You know.
Speaker 5 (07:54):
I'm not going to sit here and say if you
take your money out of the growth fund or the
S and P five hundred fund you have it in
at work and give it to me, your return is
going to be better. It's possible, it could be. I
think it's really more a matter of planning. A lot
of times when that happens for me, I didn't say
to the client, will give me that money because I'll
do better, Right, I'll get you a better return. That's
not what I'm saying. What I typically say is, if
you want to get the planning ball rolling, and you
(08:17):
have this, that's only money you have, right, you have
some people have five, six, seven, eight, nine hundred thousand
dollars in a four one kay, and that's all they have.
And that's cool because that's still a lot of money,
But they don't have a lot of ability to buy
things other than the few things that are in that plan.
So I might say to them, an example would be, well, look,
you know you've got seven mutual funds and their growth funds,
(08:37):
and they're these things and those funds, but maybe there's
some other things that I want to do for you
to begin your planning process and preserve that money. Because
you've gotten to the spot where you're comfortable and you
don't want to go backwards. Maybe what I'm doing for
you is protecting eighty percent of it or seventy percent
of it so.
Speaker 4 (08:53):
That we don't move. We don't have a two thousand
and eight the day you go to retire.
Speaker 3 (08:57):
Got it. I'm protecting your downside, got it?
Speaker 4 (08:59):
So if you perceive market volatility, is that kind of
what you're saying there, Like if you if you go
to a situation maybe there's you know, a disruption or
maybe you see something coming housing market, you feel that
there's gonna be something going on that could affect that
is that is that what you're basically saying, or.
Speaker 5 (09:14):
No, I don't know that. It would be a vent
driven typically. I mean if we if like we'll use
today as an example. If some some people believe the
market's topy, it's too high, it's gonna fall whatever, right,
and it may say for the next ten years and
be wrong. But the reality is if you feel again,
if you've gotten home, if you've if you've reached success,
and you say I needed seven hundred and twenty three
thousand dollars to retire, and you have seven hundred and
(09:35):
twenty three thousand dollars, and you say, but in this
four to one K, it's a little hard for me
to protect it.
Speaker 3 (09:40):
It's a little hard for me.
Speaker 4 (09:41):
Maybe you wanted to buy some individual stocks, you can't
do that in your four one K. Maybe you wanted
to buy some individual bonds, you can't do that in
your four to one K. Maybe there was some you
wanted to buy gold, or who knows what you wanted
to do that you can't do in that menu. That
plan served its purpose to that moment, right, you did great,
You did all the right things, you saved, you.
Speaker 3 (09:58):
Followed your process.
Speaker 4 (09:59):
You followed your discipline, but now you want more options
is really what it's about.
Speaker 3 (10:03):
Got it?
Speaker 4 (10:03):
Okay, you want to do a little bit more thorough planning.
It's it should never be. You should never money. Take
money out of your four O one k because somebody
said to you, I'll get you a better rich a.
You got that first because they can do that in
the four one all right, seven seven zero three one
talking to Scott Brown Edgewater Family Wealth.
Speaker 3 (10:17):
We're doing.
Speaker 4 (10:18):
It's only money. Scott is a fiduciary and financial planner
here in orlandover over thirty eight years Edgewaterfamilywealth dot com
if you want to find him. And we have a
couple events coming up. We still have must have a
couple of seats left, and we'll talk about those in
a second. The non financial spouse probably shouldn't be a thing,
and we talked about this before a little bit, that
a lot of times people's financial outcome will be tied
(10:40):
to how their spouse is when it comes to spending money.
And that's why you say, one of the most important
people in your life when it comes to your finances
is your spouse, Oh, without a doubt, Yeah, yeah, not
your planner. Not your banker, none of those things.
Speaker 5 (10:51):
Nope, your number number one thing you per person involved
in your who will lead to or not to your success,
will be your spouse because they will be because you know,
some of us are in relationships where one's more of
a spender, one's more of a saber, and usually that
we can figure those sort of things out. But if
you're both spendthrifts, if you're not disciplining or checking each other,
(11:11):
that could be problematic.
Speaker 3 (11:13):
So, yes, the spouse is a big deal.
Speaker 5 (11:14):
But really, where I'm going with this is, and I
don't really know what the impetus of this was, but
in twenty twenty rather twenty twenty one, during COVID, I
had more than half a dozen people, couples come in
in their sixties, and really what they told me the
reason was, And in all these cases it isn't always
this way, but in all of these cases there were
(11:36):
six wives who said, if something happens to him, I don't.
Speaker 3 (11:39):
Know what to do. Oh man.
Speaker 5 (11:41):
Yeah, So that non financial spouse was kind of like, okay, COVID,
maybe that somebody died. I don't sure what happened that
drove them to this decision, but that husband. In these cases,
sometimes it is the wife, but in this case it
was the husband's. They were driving every financial decision. They
were on fidelity, they had a Schwab account, they had
(12:01):
an IRA, they had a four oh one K.
Speaker 4 (12:03):
All the money was managed by him, and he was.
To be fair, they were all doing an okay job
at it. They weren't bad at it. But their concern was, Look,
my husband's sixty eight years old. I'm sixty six years old.
We know how mortality works in families, and usually it's
the husband that goes first, and if he goes tomorrow,
I'm going to be lost. So she talks him into
(12:24):
coming in and working with an advisor. He's still involved,
He's still the one I talked to the most, but
she knows that if something happens to him, she has
another person to call.
Speaker 3 (12:34):
It's more pliable there for sure, Right, Yeah.
Speaker 4 (12:36):
Yeah, And I don't I don't think that that should
be a thing. And even if you don't seek out
an advisor and you're the non financial spouse, I think
it's a terrible idea to say he handles it. I've
had I have a couple of relatives where the wife
says oh, Fred handles the money.
Speaker 3 (12:53):
I don't know anything.
Speaker 4 (12:54):
About that, right, Yeah, that's well, first of all, i've
met Fred.
Speaker 5 (12:58):
I really don't think this is a good idea in
any way, shape or for Yeah, so I don't think
you should be relying on Fred in that example.
Speaker 3 (13:04):
So the point being that a lot.
Speaker 5 (13:06):
Of times people as they reach their late fifties, their
early sixties, and sometimes even into their seventies, they will
seek out an advisor because they know that the mortality
of the person who.
Speaker 3 (13:18):
Manages money is a thing. Yeah, that is not my world.
Speaker 4 (13:20):
My wife is pretty much handles all the financial stuff
in our house, and I don't ask many questions because
she does a very good job. Yeah, and I don't
really I mean, I know that's kind of odd in
families because usually it's the male that hander handles the money.
Speaker 3 (13:33):
I guess in most now it's always the alpha.
Speaker 4 (13:35):
It's always the as it's probably the case. Yeah, but
she's just a smart person. She's just much better at it.
And to be honest with you, I didn't want to
take the time to learn how to.
Speaker 3 (13:44):
Do it like that.
Speaker 4 (13:44):
So I just make money. I know where it is,
I know what I know mostly what we have. But
other than that, I just you know, I've trusted her
and she's done a very good job. But when you
want to bump in your allowance, how do you approach her?
I ask her very nicely, jack hat in hand, Oh yeah, yeah,
in hand for a lot of sexual favors.
Speaker 3 (14:01):
Oh yeah, that is.
Speaker 4 (14:06):
Talking to Scott Brown for it's only money Edgewaterfamilywealth dot Com.
Well that's an interesting concept. So people out there, if
you're in that sixty sixty one sixty two three year
old position and maybe the financial onus has been on
one person, maybe a phone call over to the firm
for a quick brush up on what should be happening there. Yeah. Yeah.
Speaker 5 (14:26):
And you know what's interesting is a lot of times,
and again in this case it was all men, but
it can on occasion be females as well, is that
the men are a lot of times apprehensive. There's ego involved,
there's what do you think I can't do this? And
it's really not that. And what I find in all
those instances where they do work with us that they
find it enjoyable because now they're still involved and they're
(14:50):
still kind of sore to call in the shots to
some degree, yam, and I can think of a coupleer
in particular, who have become our best some of our
best clients. That's awesome because they they now learn to
enjoy a different side of the process.
Speaker 3 (15:02):
Sure yeah, yeah, and but they're not also.
Speaker 4 (15:04):
Tasked with which stock to pick, which bond to plank?
Speaker 5 (15:07):
How does this all work? How does the dividends get done?
What's the administrative stuff? Does is my IRA beneficiary set
up correctly? Are the tax implications correct? Are we taking
from the right account? Should we do the rock? Should
we do the traditional How about the four to one
ka all of that stuff that really isn't the fun part,
the sexy part that guys like to talk about, or
the stock picking?
Speaker 4 (15:25):
Right? Oh do you know I bought Nevidia and I
went up eight million percent?
Speaker 5 (15:30):
Of course you lost on the other seven stocks, But
that's besides the point, Fred.
Speaker 3 (15:33):
Yeah, exactly. Yeah. We do have some questions that have
come in.
Speaker 4 (15:37):
And remember, by the way, guys, anytime that Scott is on,
you're welcome to text the show at seven seven zero
three to one and ask a question.
Speaker 3 (15:44):
We take a picture of the texting service, we give
it to Scott.
Speaker 4 (15:46):
Matter of fact, the very first question we had today
was based on a question from the texting service. Somebody
asked what ESOPs are things like that, So we'll answer
any of those questions. Just text us, or of course
you can to edgeitur Family Wealth dot com. They have
a pull down barber. You can somebody on the staff
and leave a question there or a call.
Speaker 5 (16:02):
Yeah, you can call call the office. But again Edgewater
Familywealth dot com. That drop down is an easy way
to get a console. But the number is four oh
seven six four eight one, eight eight one. You can
call in ask for anybody on my team, on the
Edgewater Family Wealth team, and they'll answer. Should They should
all be able to answer your question pretty thoroughly. But
if you want a full blown console, you want it
to be five minutes, ten minutes, fifteen minutes, or an
hour an hour. You probably need to come and sit
(16:24):
down with us. And by the way, I'm
Hey, Jack, Just like you know, for the most part,
every single fire extinguishers should have a gauge on it
that says if it's good or bad, as well as
a card on it that says like an expiration day
for the most part. On top of that, the Portland
frog that you saw got maced through the air vents
in the inflatable costume. Yeah, their reason said their pepper
spray wasn't spicy because they were Hispanic.
Speaker 2 (00:24):
So maybe, hey guys, you can take those fire extincuishers
to a fire extinguisher company and they'll test them, re
certify them with new tags on them with expiration dates,
and it's only like ten bucks apiece. No way, way
cheaper than buying new fire extincisure.
Speaker 3 (00:43):
Yeah, they're expensive or wondering if the one you have either,
I had to check that out. I do I have.
Speaker 4 (00:49):
I must have at least six around my house in
just misslaneous areas before the whole fire alarm thing was
a big deal.
Speaker 3 (00:55):
They you know, because the house is built in the fifties.
Speaker 4 (00:57):
I'll give you a week they would just put them around.
I'm telling you, I think I don't worst.
Speaker 3 (01:00):
Four of them are all right now. One week. I'm gonna
set your house on five. Okay, you as your warning.
Now you have a week to get ready.
Speaker 4 (01:06):
I just put up an entire connected alarm system. Jack,
I will, I will not all all succumb challenge accepting
all right, seven seven zero three one. That's how you
text us six o'clock. Keyword is deposit. That's the E
P O. S I T Real Radio dot FM.
Speaker 3 (01:21):
Send that. I'll for your chance in a thousand bucks.
I'm Jim. There's deb Hello. Jack is here as well.
Let's do it's only money. Oh, people passionate about planning.
Speaker 4 (01:29):
For the future, rise above investment, miss to build.
Speaker 3 (01:36):
Isn't that really just common sense financial advices? Out?
Speaker 4 (01:38):
It's both Okay here, it's all with money with Scott
thrown from Edgewater Family World. Good love, brobody, Scott friend,
come to the town for us, just for you. How
do you doing, buddy, I'm doing fantastic.
Speaker 3 (01:55):
Good to see you.
Speaker 1 (01:56):
Man.
Speaker 3 (01:56):
I get a question. Might I alloted to ask questions?
Speaker 1 (02:00):
Oh?
Speaker 3 (02:00):
Yeah, that's great.
Speaker 5 (02:01):
I was and I didn't read the contract fairly, so
I'm not sure I'm supposed to ask questions.
Speaker 3 (02:05):
Questions. Answer. I'm an answer machine.
Speaker 4 (02:07):
I know you are whether we like it or not.
So the the h are you speaking for the Audie? Well,
I guess I've been talking to this. Yeah, yeah, the Seltzers,
the THHC Seltzers, what about them?
Speaker 3 (02:20):
Are you aware of these? Quite aware? Are you quite aware?
Speaker 4 (02:23):
Yeah?
Speaker 3 (02:23):
Yeah, it could be in possession of a couple. Yeah.
Speaker 5 (02:27):
Like I just feel like that was a question to
ask you because I you know, in uh, I have
had a chance to try them.
Speaker 4 (02:33):
You know, five milligrams the breeze is that the ones
you try I have the there are so many different
Oh there's a zillionaire, so many different ones the.
Speaker 3 (02:44):
Wink and it's uh not a bad.
Speaker 4 (02:47):
Thing, you know what I've We've only had the breeze
which we have at the house. Not only do we
have we have the breeze as the THHC and the
Lion's main in it for the calmness type thing. Yeah,
they're very effective. Now you are the big cancer, the
little sport the ones I have no beause they're only
five milligra exactly same here, So I mean you can
just sip that thing tastes like a fresca, kind of
(03:07):
like a strong fresco. You can kind of get the
funk of the weed taste almost like the smell, but
in the taste for them.
Speaker 3 (03:15):
Yeah, that's the terrapins. The terrapins.
Speaker 4 (03:17):
Yeah, that's what they call those, the terrapins. I think
that's what it is, are the terrapines. Terrapines, Yeah, terrapins.
Speaker 3 (03:23):
I think that's a.
Speaker 4 (03:24):
Football turtle Maryland or something like. It's called the terrapines
or something like that. That's that. That's the the skunky
yeah yeah, yeah, that you smell when you walk for
the concert, the minute you crack that thing. And the
funny thing is this breeze also makes a liquor version
of that as well, So in other words, you can
take that liquor version and make cocktails if you're not
(03:45):
into just the uh you know, the seltzers.
Speaker 3 (03:47):
Yeah.
Speaker 4 (03:48):
Well I so I had some people over and they're
big wine drinkers, and and I'm like, you know, I
drink that too much wine. I can't sleep, I feel
like crap the next morning. I'm like, let me try
this idea out, and uh yeah, let me.
Speaker 3 (04:01):
Help me out.
Speaker 4 (04:03):
There's no question the only thing you wanted to say
was I like it. I'm just gonna give you thumbs out.
I really just wanted to endorse the product. To be
honest with you, you cut a side deal, dude.
Speaker 3 (04:14):
I know that's awesome. Are you subm a little bit
like that? The other thing?
Speaker 4 (04:19):
I am also a user, so I will tell you
on the wine thing. Are you a red red wine drinker?
I do like red wine, so I do as well.
But we have learned something. My wife has started having
like an adverse effect to American or NAPA or Oregon wines, right,
but we have noticed that Spanish wines, Italian wines do
not have that same effect on us. So now they're
not as sweet as American wines. They're more earthy. But
(04:42):
we've we've started buying more imported wines from Spain, from Italy,
from all areas. I mean, obviously Germany makes reasonings and stuff,
so we get all of that, and it has really
helped her. I never got the problem with that, but
she had it like here recently.
Speaker 3 (04:57):
She can't even have a glass. It blinks her up.
Speaker 5 (04:59):
Well in And not that I wanna spend the whole
show on this, but we can. So red wine has
more histamine in it, so like my sinuses jam up
with red wine. And when I've had wine in Europe.
It never bothers me. So I don't know if that's psychological,
because I've asked a few doctors. I'm like, was there
different ingredients or they're preservatives in the States or whatever.
Speaker 3 (05:18):
I don't know the answer to that.
Speaker 5 (05:19):
I'm sure somebody will text you in a second and
tell you the answer to that. But I just find
European wines don't trouble me, but red wines that I
like better than white wines bother my sinuses.
Speaker 4 (05:28):
Yeah, that's wild man. She started, she just started experiencing that.
But my wife is the one who actually started the
breeze thing. She loves that stuff. Yeah, And I will
tell you one of the reasons it became very popular
is is people wanted out an alternative to alcohol, and
they didn't want to smoke weed or chew gummies or
anything like that. They wanted a little bit of both worlds.
And I think that's a really good bridge. The ones
that I've had where I didn't have anything else on
(05:50):
my system at the time, that's exactly what it made
you feel like, like if you had a little bit
of weed and a little bit of alcohol where you're
not out of control, but you're very calm, You're chill,
but are very aware.
Speaker 3 (06:01):
Still. Yeah, yeah, that's that's exactly what happened. All right,
all right, but sorry, we'll see you guys next week,
all right.
Speaker 4 (06:06):
Scott run's Edgewaterfamilywealth dot Com. That's they're a fiduciary here
in town for over thirty eight years, making sure that
you are managing your money properly. If you hire him
to do so, he will do that. Make sure at
least give you a better chance of it lasting longer
so you can have a better life, right, agreed, for sure.
I know we had some questions from last week. I
sent you like two screens them. Let's get to one
of those.
Speaker 5 (06:26):
Yeah, So this one was this was an interesting question.
It's kind of a follow on our four oh one K.
You can take your money out of your four one
k and have somebody else managed it if you so choose.
Not that that's always best, but it's certainly something to
think about. And the question was how do I how
do you balance? I think the essential of the question was, well,
if I take the money out of my four oh
one K, I won't get the match anymore.
Speaker 3 (06:44):
And that's not true.
Speaker 5 (06:44):
So remember when you're if you're let's say you're fifty
eight years old, your plan, your plan document, you go
to HR and they say, yes, you can do that.
You can take you know, you got one hundred grand,
you want to take eighty out or eighty five out,
and you're gonna give it to your financial advisor to do
whatever you want.
Speaker 3 (06:56):
To do with it.
Speaker 5 (06:57):
And then your worry is, well, now that I've done that,
I don't get now the match is on new contributions. Right,
so as you'll still contribute, you'll still be putting money,
and it'll still be payroll deducted. And if there is
a match with your firm, with your company, that will continue.
So one does not get in the way of the other. Right,
if you say I want to take my eighty grand out,
I want to invest it, they don't stop matching what
(07:18):
you're currently putting in or if you lose the ability
to continue to contribute. So I don't want people to
think that that's going to get in their way. And
again I want it to backing up to the last
week when we had this conversation. I want and it's
also not an absolute that you should do that, right,
It's really a matter of what you're trying to do accomplid.
Speaker 4 (07:32):
That's a great question because let's say if you have
like you've been you know, you're you're like, I'm fifty
eight years old. Let's say you've been putting into a
four to one K and you've got like half a
million dollars in there. Why would you pull some of
that money out and go with a guy like you? Like,
Let's say I was just considering, is it more aggressive
a better percentage of return?
Speaker 3 (07:51):
I mean, why would somebody do that? No? I wouldn't.
You know.
Speaker 5 (07:54):
I'm not going to sit here and say if you
take your money out of the growth fund or the
S and P five hundred fund you have it in
at work and give it to me, your return is
going to be better. It's possible, it could be. I
think it's really more a matter of planning. A lot
of times when that happens for me, I didn't say
to the client, will give me that money because I'll
do better, Right, I'll get you a better return. That's
not what I'm saying. What I typically say is, if
you want to get the planning ball rolling, and you
(08:17):
have this, that's only money you have, right, you have
some people have five, six, seven, eight, nine hundred thousand
dollars in a four one kay, and that's all they have.
And that's cool because that's still a lot of money,
But they don't have a lot of ability to buy
things other than the few things that are in that plan.
So I might say to them, an example would be, well, look,
you know you've got seven mutual funds and their growth funds,
(08:37):
and they're these things and those funds, but maybe there's
some other things that I want to do for you
to begin your planning process and preserve that money. Because
you've gotten to the spot where you're comfortable and you
don't want to go backwards. Maybe what I'm doing for
you is protecting eighty percent of it or seventy percent
of it so.
Speaker 4 (08:53):
That we don't move. We don't have a two thousand
and eight the day you go to retire.
Speaker 3 (08:57):
Got it. I'm protecting your downside, got it?
Speaker 4 (08:59):
So if you perceive market volatility, is that kind of
what you're saying there, Like if you if you go
to a situation maybe there's you know, a disruption or
maybe you see something coming housing market, you feel that
there's gonna be something going on that could affect that
is that is that what you're basically saying, or.
Speaker 5 (09:14):
No, I don't know that. It would be a vent
driven typically. I mean if we if like we'll use
today as an example. If some some people believe the
market's topy, it's too high, it's gonna fall whatever, right,
and it may say for the next ten years and
be wrong. But the reality is if you feel again,
if you've gotten home, if you've if you've reached success,
and you say I needed seven hundred and twenty three
thousand dollars to retire, and you have seven hundred and
(09:35):
twenty three thousand dollars, and you say, but in this
four to one K, it's a little hard for me
to protect it.
Speaker 3 (09:40):
It's a little hard for me.
Speaker 4 (09:41):
Maybe you wanted to buy some individual stocks, you can't
do that in your four one K. Maybe you wanted
to buy some individual bonds, you can't do that in
your four to one K. Maybe there was some you
wanted to buy gold, or who knows what you wanted
to do that you can't do in that menu. That
plan served its purpose to that moment, right, you did great,
You did all the right things, you saved, you.
Speaker 3 (09:58):
Followed your process.
Speaker 4 (09:59):
You followed your discipline, but now you want more options
is really what it's about.
Speaker 3 (10:03):
Got it?
Speaker 4 (10:03):
Okay, you want to do a little bit more thorough planning.
It's it should never be. You should never money. Take
money out of your four O one k because somebody
said to you, I'll get you a better rich a.
You got that first because they can do that in
the four one all right, seven seven zero three one
talking to Scott Brown Edgewater Family Wealth.
Speaker 3 (10:17):
We're doing.
Speaker 4 (10:18):
It's only money. Scott is a fiduciary and financial planner
here in orlandover over thirty eight years Edgewaterfamilywealth dot com
if you want to find him. And we have a
couple events coming up. We still have must have a
couple of seats left, and we'll talk about those in
a second. The non financial spouse probably shouldn't be a thing,
and we talked about this before a little bit, that
a lot of times people's financial outcome will be tied
(10:40):
to how their spouse is when it comes to spending money.
And that's why you say, one of the most important
people in your life when it comes to your finances
is your spouse, Oh, without a doubt, Yeah, yeah, not
your planner. Not your banker, none of those things.
Speaker 5 (10:51):
Nope, your number number one thing you per person involved
in your who will lead to or not to your success,
will be your spouse because they will be because you know,
some of us are in relationships where one's more of
a spender, one's more of a saber, and usually that
we can figure those sort of things out. But if
you're both spendthrifts, if you're not disciplining or checking each other,
(11:11):
that could be problematic.
Speaker 3 (11:13):
So, yes, the spouse is a big deal.
Speaker 5 (11:14):
But really, where I'm going with this is, and I
don't really know what the impetus of this was, but
in twenty twenty rather twenty twenty one, during COVID, I
had more than half a dozen people, couples come in
in their sixties, and really what they told me the
reason was, And in all these cases it isn't always
this way, but in all of these cases there were
(11:36):
six wives who said, if something happens to him, I don't.
Speaker 3 (11:39):
Know what to do. Oh man.
Speaker 5 (11:41):
Yeah, So that non financial spouse was kind of like, okay, COVID,
maybe that somebody died. I don't sure what happened that
drove them to this decision, but that husband. In these cases,
sometimes it is the wife, but in this case it
was the husband's. They were driving every financial decision. They
were on fidelity, they had a Schwab account, they had
(12:01):
an IRA, they had a four oh one K.
Speaker 4 (12:03):
All the money was managed by him, and he was.
To be fair, they were all doing an okay job
at it. They weren't bad at it. But their concern was, Look,
my husband's sixty eight years old. I'm sixty six years old.
We know how mortality works in families, and usually it's
the husband that goes first, and if he goes tomorrow,
I'm going to be lost. So she talks him into
(12:24):
coming in and working with an advisor. He's still involved,
He's still the one I talked to the most, but
she knows that if something happens to him, she has
another person to call.
Speaker 3 (12:34):
It's more pliable there for sure, Right, Yeah.
Speaker 4 (12:36):
Yeah, And I don't I don't think that that should
be a thing. And even if you don't seek out
an advisor and you're the non financial spouse, I think
it's a terrible idea to say he handles it. I've
had I have a couple of relatives where the wife
says oh, Fred handles the money.
Speaker 3 (12:53):
I don't know anything.
Speaker 4 (12:54):
About that, right, Yeah, that's well, first of all, i've
met Fred.
Speaker 5 (12:58):
I really don't think this is a good idea in
any way, shape or for Yeah, so I don't think
you should be relying on Fred in that example.
Speaker 3 (13:04):
So the point being that a lot.
Speaker 5 (13:06):
Of times people as they reach their late fifties, their
early sixties, and sometimes even into their seventies, they will
seek out an advisor because they know that the mortality
of the person who.
Speaker 3 (13:18):
Manages money is a thing. Yeah, that is not my world.
Speaker 4 (13:20):
My wife is pretty much handles all the financial stuff
in our house, and I don't ask many questions because
she does a very good job. Yeah, and I don't
really I mean, I know that's kind of odd in
families because usually it's the male that hander handles the money.
Speaker 3 (13:33):
I guess in most now it's always the alpha.
Speaker 4 (13:35):
It's always the as it's probably the case. Yeah, but
she's just a smart person. She's just much better at it.
And to be honest with you, I didn't want to
take the time to learn how to.
Speaker 3 (13:44):
Do it like that.
Speaker 4 (13:44):
So I just make money. I know where it is,
I know what I know mostly what we have. But
other than that, I just you know, I've trusted her
and she's done a very good job. But when you
want to bump in your allowance, how do you approach her?
I ask her very nicely, jack hat in hand, Oh yeah, yeah,
in hand for a lot of sexual favors.
Speaker 3 (14:01):
Oh yeah, that is.
Speaker 4 (14:06):
Talking to Scott Brown for it's only money Edgewaterfamilywealth dot Com.
Well that's an interesting concept. So people out there, if
you're in that sixty sixty one sixty two three year
old position and maybe the financial onus has been on
one person, maybe a phone call over to the firm
for a quick brush up on what should be happening there. Yeah. Yeah.
Speaker 5 (14:26):
And you know what's interesting is a lot of times,
and again in this case it was all men, but
it can on occasion be females as well, is that
the men are a lot of times apprehensive. There's ego involved,
there's what do you think I can't do this? And
it's really not that. And what I find in all
those instances where they do work with us that they
find it enjoyable because now they're still involved and they're
(14:50):
still kind of sore to call in the shots to
some degree, yam, and I can think of a coupleer
in particular, who have become our best some of our
best clients. That's awesome because they they now learn to
enjoy a different side of the process.
Speaker 3 (15:02):
Sure yeah, yeah, and but they're not also.
Speaker 4 (15:04):
Tasked with which stock to pick, which bond to plank?
Speaker 5 (15:07):
How does this all work? How does the dividends get done?
What's the administrative stuff? Does is my IRA beneficiary set
up correctly? Are the tax implications correct? Are we taking
from the right account? Should we do the rock? Should
we do the traditional How about the four to one
ka all of that stuff that really isn't the fun part,
the sexy part that guys like to talk about, or
the stock picking?
Speaker 4 (15:25):
Right? Oh do you know I bought Nevidia and I
went up eight million percent?
Speaker 5 (15:30):
Of course you lost on the other seven stocks, But
that's besides the point, Fred.
Speaker 3 (15:33):
Yeah, exactly. Yeah. We do have some questions that have
come in.
Speaker 4 (15:37):
And remember, by the way, guys, anytime that Scott is on,
you're welcome to text the show at seven seven zero
three to one and ask a question.
Speaker 3 (15:44):
We take a picture of the texting service, we give
it to Scott.
Speaker 4 (15:46):
Matter of fact, the very first question we had today
was based on a question from the texting service. Somebody
asked what ESOPs are things like that, So we'll answer
any of those questions. Just text us, or of course
you can to edgeitur Family Wealth dot com. They have
a pull down barber. You can somebody on the staff
and leave a question there or a call.
Speaker 5 (16:02):
Yeah, you can call call the office. But again Edgewater
Familywealth dot com. That drop down is an easy way
to get a console. But the number is four oh
seven six four eight one, eight eight one. You can
call in ask for anybody on my team, on the
Edgewater Family Wealth team, and they'll answer. Should They should
all be able to answer your question pretty thoroughly. But
if you want a full blown console, you want it
to be five minutes, ten minutes, fifteen minutes, or an
hour an hour. You probably need to come and sit
(16:24):
down with us. And by the way, I'm
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