November 11, 2025 • 15 mins
Normally, we talk to Scott Brown with Edgewater Family Wealth for 'It’s Only Money,' but since he is still on vacation, his son, Bracher, who is also a financial advisor, steps in. Bracher kicks things off by talking about getting calls from workers at a soon-to-be-shuttered plant and what they should do with their pensions and 401(k)'s.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:11):
Welcome back to the Jim Colberg Show, Real Radio oneh
four point one. Thanks for tuning in today, guys. We
appreciate that, as we do every single day. Your six
o'clock keyword is money. M O N E Y. Slide
over to Real Radio dot of him and send that
away for your chance at one thousand dollars money.
Speaker 2 (00:26):
Guys. That's it. That is your six o'clock the word
good luck. I'm Jim. There's deb Hello, Jack is here,
so is raw believing yourself. Let's do it. It's only money.
Speaker 3 (00:36):
It's so clear.
Speaker 2 (00:37):
People passionate about.
Speaker 3 (00:39):
Planning for the future.
Speaker 2 (00:41):
Rise above investment, miss to build real.
Speaker 4 (00:46):
Isn't that really just common sense financial advice?
Speaker 2 (00:48):
It's a.
Speaker 3 (00:51):
Oh okay, it's all.
Speaker 4 (00:53):
Look money with Scott Brown from Edgewater Family.
Speaker 2 (00:57):
Will check that you guys.
Speaker 3 (00:58):
Give it up.
Speaker 2 (00:59):
Good labber around.
Speaker 1 (01:03):
Water Familywealth dot com. Again, that's Edgewater Familywealth dot com.
Or remember that website will direct you to it a
little bit later so you can maybe go to that
pulldown menu, make yourself a consultation and get with these
guys to make your portfolio thicker, better and longer. Yeah,
are you still talking about fancial planning? That's an intro
(01:24):
for the record about a good song, too great famous. So, uh,
you're are they on their way back now?
Speaker 3 (01:32):
I think so. I've been getting a lot of pictures
of penguins.
Speaker 5 (01:34):
Uh, I'm getting bored of those pictures.
Speaker 3 (01:37):
So I got to imagine in that weather they're they're.
Speaker 1 (01:39):
Also getting Scott Brown is usually here obviously is the
is your dad? Of course, as we know, collectively running
Edgewater family wealth. Uh, for many years he was over
in Antarctica. And he actually took your sister up for
Is this a graduation present?
Speaker 2 (01:52):
Yeah?
Speaker 3 (01:53):
Yeah, it's her graduation present.
Speaker 2 (01:54):
Very nice. Is she in the in the business as well?
Speaker 3 (01:57):
Fortunately?
Speaker 2 (01:57):
No, what is she gonna do?
Speaker 5 (01:59):
She he's applying to physical therapy school as so should
we go to.
Speaker 2 (02:03):
A grad progress? Yeah? And how long have you been
at the firm.
Speaker 5 (02:06):
I've been with the firm now four or five years? Yes,
as I think I said, you know, last week I
had started another firm. It is a weird happened stance
of this all happened and intend for this to occur.
So started somewhere else doing something else in the same
kind of world, and then eventually took a liking to
it and then inevitably ended up.
Speaker 2 (02:27):
Yeah.
Speaker 1 (02:27):
I was gonna ask you that because it's interesting you
were in a band that I mean we were actually
talking about.
Speaker 2 (02:31):
Uh, I always forget the name of the band King.
Speaker 1 (02:34):
Yeah, King, No, not your band, the one. We're just
talking about your favorite band. Oh, Daft Punk Death. Oh
that's your that's your favorite band.
Speaker 4 (02:41):
That is my I mean, it's weird calling up a bands,
even though Random Access Memories one album of the year
and it was a love yeah.
Speaker 3 (02:48):
Yeah, Now Rogers was on that and yeah there was
there was players.
Speaker 4 (02:51):
Yeah, yeah, there was a lot of legends on that album.
But yeah, Daft Punk is my number one.
Speaker 2 (02:55):
That's fair.
Speaker 1 (02:56):
Yeah, yeah, yeah, And I totally forget why I was
asking that. Now, you came from the music world and
like going into finance. Obviously he's a completely different machine.
So I was just wondering, was there a weird transition time?
Speaker 5 (03:05):
Uh yeah, yeah, and weirdly I don't know, you guys
familiar with the band Seven Mary three, Yeah of course. Okay,
So Giddy, who was the drummer for seven Mary three,
lives behind Scott and is a financial advisor.
Speaker 1 (03:17):
Oh so he was the drummer, bass player, drummer, drummer,
and I knew those guys. Yeah, I actually, it's so funny.
I went to Spatska, who was the lead singer.
Speaker 3 (03:30):
It was it was just before my time.
Speaker 2 (03:32):
It's Mary no no no, I just but we wound
up and you asked any about this.
Speaker 1 (03:36):
We wound up in spats There was a van Halen
cover band, Funny, and he got on stage and started
singing like van Halen's on. Absolutely, he's a self admitted
horrible singer.
Speaker 5 (03:47):
That's why I played drums. But he uh, I I
knew him growing up. He was already in the industry.
And you know, you'd hear, oh, Giddy used to be
in this band. That's fine, that's cool. And I stayed
at a friend's ants house in Tampa one time. It
was a music nut and I think we had gone
to a concert or a lightning game or something, and
it was it was a long night and we were
young men. And I woke up and had hurt and
I look, and there's this poster. You know, it's kind
(04:09):
of great, Like you're not sure it's real. I'm like,
why that hell was Giddy staring at me? She had
a seven Mary three poster in the room and I
was like, Oh my god, Giddy, what are you doing here?
Speaker 3 (04:19):
It was bizarre, very.
Speaker 4 (04:20):
Cool, Jason Ross, Is there anything though, from doing music
that has transferred over maybe rhythm? I don't know, Like
I don't want to just think music couldn't help anybody
all at all in the financial district, so in.
Speaker 5 (04:37):
The same way that I think like an affinity for
anything helps in the sense that and this was some
of the wisest advice I ever got my.
Speaker 3 (04:42):
Time as a professional musician.
Speaker 5 (04:44):
To whatever extent, somebody, I was at a recording studio
in New York and they were teaching a class I
think for NYU or something.
Speaker 3 (04:52):
We happened to sit in because somebody we knew was.
Speaker 5 (04:53):
Playing whatever, and the professor, who was a multi time
Grammy producer or whatever, said, become extremely well versed in
the classics. And the reason he was saying that was
because he felt that that expanded your ability to properly
communicate with anybody if you are well versed in the classics.
And so in our job, there is a lot of
(05:16):
jargon and at times maybe overly complicated things. So if
I can be well versed in the classic whether that
be through music or sport or pop, whatever it may be,
that gives me a way to communicate maybe more complex
ideas in a way that resonates, so it.
Speaker 2 (05:31):
Makes it more relatable.
Speaker 3 (05:32):
Yeah.
Speaker 5 (05:33):
Yeah, so you know, I think to some extent, music
bridges that gap for a lot of people.
Speaker 3 (05:37):
People are familiar with pop music as am I.
Speaker 5 (05:39):
So if I can find a way to create metaphor
through that, at times, it's more effective.
Speaker 1 (05:44):
They'll take you any I mean in sales, the number
one thing he's making them like you first and then
so much you have.
Speaker 3 (05:49):
Is a big task.
Speaker 1 (05:50):
Yeah, yeah, it is a big task for sure. Rasher
Brown here with us, it's only money is brought to
you by Edgewater Family wealth. These guys come in and
talk to us about things happening in the world. To
find it's how you can maybe make your life a
little bit better by making some good decisions. You know,
you'd mentioned that you had a couple of people come
in that were just let go from the Freedom Lay
shut down. Five hundred people actually lost their job with
(06:11):
that closure.
Speaker 2 (06:11):
Yeah.
Speaker 5 (06:12):
Yeah, I didn't see the total number, but I think
they're they're finding So if any free lay people, if
anybody who's who's kind of dealing with a similar situation,
this one in particular. A few things happen when that
occurs that I think people find themselves somewhat in limbo one.
Obviously you have to go find a job which has
its own set of stressors and can sometimes cause people
to reevaluate where they're at in their journey. And to
(06:33):
make sure that this is not going to be a
big misstep. There's four one ks that now have some
flexibility in terms of what do I do with this?
Speaker 3 (06:42):
Do I keep it here, do I move it? What's smart,
what isn't?
Speaker 5 (06:45):
And in some cases with the freedo lay people, which
I didn't realize, they have pension plans for some of them. Yeah,
so that's more like a fairy tale in our world.
Those don't happen as much anymore. But because obviously this
was somewhat not a planned version of retirement for some
of these people, they're now presented the option do you
(07:06):
want to lump some payout in the pension now or
do you want the actual pension at an earlier date
than maybe anticipated. So for a lot of those folks
right now, what they're coming to us for is to say,
can you model out different versions of this way. I
take it this way or that way, and which one
works for me.
Speaker 2 (07:22):
Yeah, that's perfectly what you got.
Speaker 1 (07:24):
I mean, that's exactly what you guys would do, right, Like,
that's right up your wheelhouse.
Speaker 5 (07:27):
Yeah yeah, I mean really, the name of the game is, Hey,
here's here's what we think is the most ideal version.
Now you tell me every other version of this year
worried about, and I'll show you that next to this one.
Speaker 2 (07:37):
Yea yeah yeah. And well with these people, is it
mostly just what do I do on my four one K?
Speaker 1 (07:41):
Like I will be honest with you, like I would,
I would be in that situation a little bit here. Sure,
if something happened, I've obviously been sinking money into a
four one K for thirty plus years in this place,
so you'd want to go, well, I mean, and I'm
not far from retirement age eight nine years, whatever the
case may be.
Speaker 2 (07:57):
You know, does age also have a big play in
this age?
Speaker 5 (08:00):
A play for sure, for sure, in for one case especially,
and so I'll use fidelity I think as an example
in this case, so free too lay uses fidelity to
my understanding, as they provide for four to one k's
forour to one k's in this case, right, I have
to apply to five hundred people, so their ability to
get personalized is very limited because they have to appeal to.
Speaker 3 (08:19):
All of those people. So they give you a.
Speaker 5 (08:21):
Very selected group of funds, right, maybe thirty forty, whatever
name makes you, right, a limited menu. So the closer
you get to retirement, sometimes you're just saying, okay, I
need to get a little more specific. This money has
a very distinct purpose outside of just grow as quickly
as you can. So in that instance, yes, depending on
your age, right, that becomes a bigger priority. Yeah, for sure.
Speaker 1 (08:42):
When you work with people who are younger, who maybe
have you know, maybe you know, did the right thing,
got their education early, found a job they loved and
really got in there and started kind of moving around
and started making some money by the time they were
thirty thirty one, thirty two years old. Do you attack
saving plans for that person differently than you attack for
somebody who maybe who did it just ten years later
down the road. Is it Is it that big of
a difference the time?
Speaker 5 (09:04):
Oh, I mean in terms of your ability to accumulate, Yes,
ten years is a big deal.
Speaker 3 (09:08):
In our world.
Speaker 5 (09:09):
Time is the biggest thing anybody has to their advantage
in the world of accumulating assets, because you get more
time to compound, which is.
Speaker 3 (09:16):
You know, according to warm buff at the eighth one.
Speaker 2 (09:18):
Of the world.
Speaker 1 (09:18):
Right.
Speaker 5 (09:20):
So, yes, there is a difference for younger people. It's
not just there's different considerations, right because thirty versus forty,
you're probably looking at home purchase and starting family and
call it. You know, making sure that you're doing things
in the most tax efficient manner is sometimes more important
than how much you put away to where you.
Speaker 1 (09:37):
Are, right, right, right, let's talk about because four one
ks are always a big thing when we when we
talk to you or Scott for the ratter, because a
lot of people are kind of wondering what's gonna happen
with that? Yeah, you know, and people can borrow money
from their four oh one k they can now that
obviously is a big player. A lot of times people
will be like, well, you know, you know, I'm fully vested,
I could go get some money for my four to
one k to do this or do that. You know,
(09:59):
are there plus and minuses are only minuses.
Speaker 5 (10:02):
Always always pluses and minuses, And again it depends on
how long you're you going to take it out for?
Speaker 3 (10:06):
How old are you right now?
Speaker 5 (10:07):
Because sometimes, uh, you know, people think, oh, well when
I retire, that's when I take it. Well, there are
ways around doing that, and some more efficient than others.
So again it's always dependent on and it's the boring answer, right,
but what are you trying to do?
Speaker 4 (10:19):
Right? All right?
Speaker 2 (10:19):
Right? Trying to buy an RV going on a vacation.
Speaker 3 (10:22):
I know those people.
Speaker 2 (10:23):
Yeah, yeah, and.
Speaker 4 (10:25):
You know, Jim has convinced me, actually, what are you
trying to do? Is just actually one of the hardest
questions that ever answer as you talk about what do
I do with my existence is the question what do
I want? I have to look at myself and self
reflect and try to critically think my way through prioritizing
things that I care about, you know.
Speaker 2 (10:45):
Like it's that's a it's not easy.
Speaker 4 (10:48):
It's on a spiritual level of defining exactly what you want.
That's to me, that's kind of the hardest part.
Speaker 2 (10:55):
It is the hardest question.
Speaker 6 (10:57):
Oh sorry, go ahead, Yeah, when when you're sitting with
the couple and you asked him, well, what do you
want out of retirement? Like what percentage? Just have no
idea or are there people who just don't know. They
just see it as this goal of retirement and don't
really think what's beyond that.
Speaker 5 (11:14):
I think more often than not they don't know. They
don't know until I ask. And what I mean by
that is I had somebody in the other day who
is about to turn fifty five, convinced I'm going to
stop working, and I.
Speaker 3 (11:25):
Said, well, what will you do? And they said, I'm
gonna relax. I said, for how long? You know, because
you're gonna run out of things.
Speaker 5 (11:31):
I mean, Scott's a great example of you know, he's
he's got a little more flexibility now.
Speaker 3 (11:36):
He'll tell you himself. He loves to play golf. When
he plays golf four days a week, he hates playing.
Speaker 2 (11:40):
Go Yeah yeah, we talk about that very thing. Yeah yeah.
Speaker 5 (11:42):
So it's difficult, and I always warn people, you know,
part time work, there's longevity studies. You need a reason
to leave your house. You need a purpose, regardless of
if it brings an income or not. You need something
to do, and your passions will become your job if
you're not careful.
Speaker 1 (11:57):
I can only imagine the look on people's faces when
you try to sell them that after someone's worked their
balls off for you know, sixty plus years of their life,
fifty plus years, and you look at him and you go,
what do you want to do? And he goes, you know,
I'm gonna chill and I'm just gonna work on this
little car I got or whatever.
Speaker 2 (12:09):
And then you get him and go you go, well,
how long.
Speaker 3 (12:11):
Are you to do that, dude?
Speaker 1 (12:12):
Because that's you know, you've you've just explained like maybe
eighteen months to me what's next.
Speaker 3 (12:16):
Very few of them can actually do it.
Speaker 5 (12:18):
I would I would say, like, I don't know, ten,
ten to fifteen percent of people who think they're gonna
do nothing can actually do nothing and do it well.
Speaker 2 (12:24):
Yeah, yeah, yeah, hard to imagine.
Speaker 3 (12:27):
I got a couple of friends.
Speaker 2 (12:29):
They are a good guy.
Speaker 3 (12:31):
They performance enhancers.
Speaker 2 (12:32):
Yeah, a lot of.
Speaker 4 (12:34):
Extracurricular activities over in their neck of the woods, and
that's costling.
Speaker 3 (12:37):
You need a plan for that?
Speaker 2 (12:38):
Yes, answer, what do you want? Yeah?
Speaker 1 (12:43):
Yeah, there's the Bratcher Brown with us. It's an Edgewater
familywealth dot com. If you'd like to schedule a consultation,
it's easy. Just dropped by the website. You can go
right down that pull down menu and make a consultation
with any of the guys there, whether it be Brater,
Scott or other people in the UH. In the office,
they have people who specialize in medicare, so I mean
they have everything you need.
Speaker 4 (13:01):
How do you galvanize people about that eighth wonder of
the world? According to Warren Buffett of Compound Interest, how
because I like, I'm in this situation, I'll probably along
with a lot of other people that they have their
savings and then it's the end of the month and
then they get their interest and they're.
Speaker 2 (13:18):
Like, oh not that much. Yeah, Like how what person? Yeah,
what's the threshold?
Speaker 3 (13:24):
People say, like one hundred thousand is the threshold.
Speaker 4 (13:28):
That makes people go like, all right, this is now
we're doing something.
Speaker 3 (13:32):
Yeah.
Speaker 5 (13:32):
I think because I think it's because it's a nice
round number and the percentages equal thousands.
Speaker 3 (13:37):
I think that makes it easier.
Speaker 6 (13:38):
Right.
Speaker 5 (13:38):
If I go, oh, well I made twenty percent this
year off of two hundred bucks, it's like, ah.
Speaker 3 (13:43):
That buys me dinner.
Speaker 5 (13:45):
Yeah, yeah, yeah. But when you have one hundred thousand
dollars ago, we did twenty percent this year, twenty great.
Speaker 2 (13:49):
I mean yeah, yeah, it's no jail. I'll take it.
Speaker 5 (13:51):
Right, most people. I mean, I'll take the dinner as well.
But that's I think the moment where you go like, oh,
holy crap. Will imagine if that keeps happening, right yea?
Speaker 2 (13:59):
Yeah.
Speaker 1 (13:59):
Do you find when people do see some movement, especially
younger people, that really encourages them to save even more
or oh yeah, you know, really button up their lifestyle
so that they're maximizing what they can have later down
the road.
Speaker 5 (14:10):
It does, and then that becomes the conversation of right,
don't do I get that it's exciting. I'm glad that
you're able to do this, but don't again, as we
talked about last week, don't sacrifice today for it tomorrow
if you don't have to.
Speaker 3 (14:20):
That's why the planning is there.
Speaker 2 (14:22):
Right right, I think it.
Speaker 1 (14:22):
Scott ha said it that as well, says, you know,
you really have to be careful about that kind of
thing because you know, again you it just could get
beyond the realm of what you think is what you
really want to do or be a part of.
Speaker 3 (14:31):
Yeah.
Speaker 5 (14:32):
Well, it's the funniest thing when you get into this Ooh,
I love saving because look what happens. You create a
very modest lifestyle and what happens is then you overfund
retirement and you're so used to living modestly that you
won't be somebody who goes from spending forty grand to
somebody who spends one hundred and forty.
Speaker 2 (14:46):
Yeah.
Speaker 6 (14:47):
Yeah.
Speaker 1 (14:47):
The funny thing is, it's funny my son has a
really good balance of that. That's one of the things.
He's really good at being frugal and saving money. But
when he wants to spend money on something for himself,
whether to be a golf club or whatever the case
may be, he has no problem doing that.
Speaker 2 (15:00):
And I told him that.
Speaker 1 (15:01):
I was like, man, that's a real asset you should
I don't know that you know how good of an asset.
That is the ability for you to understand the difference
between saving and then going Okay, well, you know I've
earned this for myself, right, and this is the this
is the threshold in which I'm playing by Well.
Speaker 5 (15:15):
And if you buy the things Scott always has always
told me, and I've mostly done it. He says, don't
buy something twice. So if you're gonna whatever the thing
is that you're gonna do, you do the real version
of it. You buy the drill, you're buying the good drill, right,
because otherwise you can break the drill and buy it again.
Speaker 2 (15:29):
Sure again.
Speaker 4 (15:29):
Yeah, I was talking to my wife financially. We were
talking about money and all of that, and we just
Welcome back to the Jim Colberg Show, Real Radio oneh
four point one. Thanks for tuning in today, guys. We
appreciate that, as we do every single day. Your six
o'clock keyword is money. M O N E Y. Slide
over to Real Radio dot of him and send that
away for your chance at one thousand dollars money.
Speaker 2 (00:26):
Guys. That's it. That is your six o'clock the word
good luck. I'm Jim. There's deb Hello, Jack is here,
so is raw believing yourself. Let's do it. It's only money.
Speaker 3 (00:36):
It's so clear.
Speaker 2 (00:37):
People passionate about.
Speaker 3 (00:39):
Planning for the future.
Speaker 2 (00:41):
Rise above investment, miss to build real.
Speaker 4 (00:46):
Isn't that really just common sense financial advice?
Speaker 2 (00:48):
It's a.
Speaker 3 (00:51):
Oh okay, it's all.
Speaker 4 (00:53):
Look money with Scott Brown from Edgewater Family.
Speaker 2 (00:57):
Will check that you guys.
Speaker 3 (00:58):
Give it up.
Speaker 2 (00:59):
Good labber around.
Speaker 1 (01:03):
Water Familywealth dot com. Again, that's Edgewater Familywealth dot com.
Or remember that website will direct you to it a
little bit later so you can maybe go to that
pulldown menu, make yourself a consultation and get with these
guys to make your portfolio thicker, better and longer. Yeah,
are you still talking about fancial planning? That's an intro
(01:24):
for the record about a good song, too great famous. So, uh,
you're are they on their way back now?
Speaker 3 (01:32):
I think so. I've been getting a lot of pictures
of penguins.
Speaker 5 (01:34):
Uh, I'm getting bored of those pictures.
Speaker 3 (01:37):
So I got to imagine in that weather they're they're.
Speaker 1 (01:39):
Also getting Scott Brown is usually here obviously is the
is your dad? Of course, as we know, collectively running
Edgewater family wealth. Uh, for many years he was over
in Antarctica. And he actually took your sister up for
Is this a graduation present?
Speaker 2 (01:52):
Yeah?
Speaker 3 (01:53):
Yeah, it's her graduation present.
Speaker 2 (01:54):
Very nice. Is she in the in the business as well?
Speaker 3 (01:57):
Fortunately?
Speaker 2 (01:57):
No, what is she gonna do?
Speaker 5 (01:59):
She he's applying to physical therapy school as so should
we go to.
Speaker 2 (02:03):
A grad progress? Yeah? And how long have you been
at the firm.
Speaker 5 (02:06):
I've been with the firm now four or five years? Yes,
as I think I said, you know, last week I
had started another firm. It is a weird happened stance
of this all happened and intend for this to occur.
So started somewhere else doing something else in the same
kind of world, and then eventually took a liking to
it and then inevitably ended up.
Speaker 2 (02:27):
Yeah.
Speaker 1 (02:27):
I was gonna ask you that because it's interesting you
were in a band that I mean we were actually
talking about.
Speaker 2 (02:31):
Uh, I always forget the name of the band King.
Speaker 1 (02:34):
Yeah, King, No, not your band, the one. We're just
talking about your favorite band. Oh, Daft Punk Death. Oh
that's your that's your favorite band.
Speaker 4 (02:41):
That is my I mean, it's weird calling up a bands,
even though Random Access Memories one album of the year
and it was a love yeah.
Speaker 3 (02:48):
Yeah, Now Rogers was on that and yeah there was
there was players.
Speaker 4 (02:51):
Yeah, yeah, there was a lot of legends on that album.
But yeah, Daft Punk is my number one.
Speaker 2 (02:55):
That's fair.
Speaker 1 (02:56):
Yeah, yeah, yeah, And I totally forget why I was
asking that. Now, you came from the music world and
like going into finance. Obviously he's a completely different machine.
So I was just wondering, was there a weird transition time?
Speaker 5 (03:05):
Uh yeah, yeah, and weirdly I don't know, you guys
familiar with the band Seven Mary three, Yeah of course. Okay,
So Giddy, who was the drummer for seven Mary three,
lives behind Scott and is a financial advisor.
Speaker 1 (03:17):
Oh so he was the drummer, bass player, drummer, drummer,
and I knew those guys. Yeah, I actually, it's so funny.
I went to Spatska, who was the lead singer.
Speaker 3 (03:30):
It was it was just before my time.
Speaker 2 (03:32):
It's Mary no no no, I just but we wound
up and you asked any about this.
Speaker 1 (03:36):
We wound up in spats There was a van Halen
cover band, Funny, and he got on stage and started
singing like van Halen's on. Absolutely, he's a self admitted
horrible singer.
Speaker 5 (03:47):
That's why I played drums. But he uh, I I
knew him growing up. He was already in the industry.
And you know, you'd hear, oh, Giddy used to be
in this band. That's fine, that's cool. And I stayed
at a friend's ants house in Tampa one time. It
was a music nut and I think we had gone
to a concert or a lightning game or something, and
it was it was a long night and we were
young men. And I woke up and had hurt and
I look, and there's this poster. You know, it's kind
(04:09):
of great, Like you're not sure it's real. I'm like,
why that hell was Giddy staring at me? She had
a seven Mary three poster in the room and I
was like, Oh my god, Giddy, what are you doing here?
Speaker 3 (04:19):
It was bizarre, very.
Speaker 4 (04:20):
Cool, Jason Ross, Is there anything though, from doing music
that has transferred over maybe rhythm? I don't know, Like
I don't want to just think music couldn't help anybody
all at all in the financial district, so in.
Speaker 5 (04:37):
The same way that I think like an affinity for
anything helps in the sense that and this was some
of the wisest advice I ever got my.
Speaker 3 (04:42):
Time as a professional musician.
Speaker 5 (04:44):
To whatever extent, somebody, I was at a recording studio
in New York and they were teaching a class I
think for NYU or something.
Speaker 3 (04:52):
We happened to sit in because somebody we knew was.
Speaker 5 (04:53):
Playing whatever, and the professor, who was a multi time
Grammy producer or whatever, said, become extremely well versed in
the classics. And the reason he was saying that was
because he felt that that expanded your ability to properly
communicate with anybody if you are well versed in the classics.
And so in our job, there is a lot of
(05:16):
jargon and at times maybe overly complicated things. So if
I can be well versed in the classic whether that
be through music or sport or pop, whatever it may be,
that gives me a way to communicate maybe more complex
ideas in a way that resonates, so it.
Speaker 2 (05:31):
Makes it more relatable.
Speaker 3 (05:32):
Yeah.
Speaker 5 (05:33):
Yeah, so you know, I think to some extent, music
bridges that gap for a lot of people.
Speaker 3 (05:37):
People are familiar with pop music as am I.
Speaker 5 (05:39):
So if I can find a way to create metaphor
through that, at times, it's more effective.
Speaker 1 (05:44):
They'll take you any I mean in sales, the number
one thing he's making them like you first and then
so much you have.
Speaker 3 (05:49):
Is a big task.
Speaker 1 (05:50):
Yeah, yeah, it is a big task for sure. Rasher
Brown here with us, it's only money is brought to
you by Edgewater Family wealth. These guys come in and
talk to us about things happening in the world. To
find it's how you can maybe make your life a
little bit better by making some good decisions. You know,
you'd mentioned that you had a couple of people come
in that were just let go from the Freedom Lay
shut down. Five hundred people actually lost their job with
(06:11):
that closure.
Speaker 2 (06:11):
Yeah.
Speaker 5 (06:12):
Yeah, I didn't see the total number, but I think
they're they're finding So if any free lay people, if
anybody who's who's kind of dealing with a similar situation,
this one in particular. A few things happen when that
occurs that I think people find themselves somewhat in limbo one.
Obviously you have to go find a job which has
its own set of stressors and can sometimes cause people
to reevaluate where they're at in their journey. And to
(06:33):
make sure that this is not going to be a
big misstep. There's four one ks that now have some
flexibility in terms of what do I do with this?
Speaker 3 (06:42):
Do I keep it here, do I move it? What's smart,
what isn't?
Speaker 5 (06:45):
And in some cases with the freedo lay people, which
I didn't realize, they have pension plans for some of them. Yeah,
so that's more like a fairy tale in our world.
Those don't happen as much anymore. But because obviously this
was somewhat not a planned version of retirement for some
of these people, they're now presented the option do you
(07:06):
want to lump some payout in the pension now or
do you want the actual pension at an earlier date
than maybe anticipated. So for a lot of those folks
right now, what they're coming to us for is to say,
can you model out different versions of this way. I
take it this way or that way, and which one
works for me.
Speaker 2 (07:22):
Yeah, that's perfectly what you got.
Speaker 1 (07:24):
I mean, that's exactly what you guys would do, right, Like,
that's right up your wheelhouse.
Speaker 5 (07:27):
Yeah yeah, I mean really, the name of the game is, Hey,
here's here's what we think is the most ideal version.
Now you tell me every other version of this year
worried about, and I'll show you that next to this one.
Speaker 2 (07:37):
Yea yeah yeah. And well with these people, is it
mostly just what do I do on my four one K?
Speaker 1 (07:41):
Like I will be honest with you, like I would,
I would be in that situation a little bit here. Sure,
if something happened, I've obviously been sinking money into a
four one K for thirty plus years in this place,
so you'd want to go, well, I mean, and I'm
not far from retirement age eight nine years, whatever the
case may be.
Speaker 2 (07:57):
You know, does age also have a big play in
this age?
Speaker 5 (08:00):
A play for sure, for sure, in for one case especially,
and so I'll use fidelity I think as an example
in this case, so free too lay uses fidelity to
my understanding, as they provide for four to one k's
forour to one k's in this case, right, I have
to apply to five hundred people, so their ability to
get personalized is very limited because they have to appeal to.
Speaker 3 (08:19):
All of those people. So they give you a.
Speaker 5 (08:21):
Very selected group of funds, right, maybe thirty forty, whatever
name makes you, right, a limited menu. So the closer
you get to retirement, sometimes you're just saying, okay, I
need to get a little more specific. This money has
a very distinct purpose outside of just grow as quickly
as you can. So in that instance, yes, depending on
your age, right, that becomes a bigger priority. Yeah, for sure.
Speaker 1 (08:42):
When you work with people who are younger, who maybe
have you know, maybe you know, did the right thing,
got their education early, found a job they loved and
really got in there and started kind of moving around
and started making some money by the time they were
thirty thirty one, thirty two years old. Do you attack
saving plans for that person differently than you attack for
somebody who maybe who did it just ten years later
down the road. Is it Is it that big of
a difference the time?
Speaker 5 (09:04):
Oh, I mean in terms of your ability to accumulate, Yes,
ten years is a big deal.
Speaker 3 (09:08):
In our world.
Speaker 5 (09:09):
Time is the biggest thing anybody has to their advantage
in the world of accumulating assets, because you get more
time to compound, which is.
Speaker 3 (09:16):
You know, according to warm buff at the eighth one.
Speaker 2 (09:18):
Of the world.
Speaker 1 (09:18):
Right.
Speaker 5 (09:20):
So, yes, there is a difference for younger people. It's
not just there's different considerations, right because thirty versus forty,
you're probably looking at home purchase and starting family and
call it. You know, making sure that you're doing things
in the most tax efficient manner is sometimes more important
than how much you put away to where you.
Speaker 1 (09:37):
Are, right, right, right, let's talk about because four one
ks are always a big thing when we when we
talk to you or Scott for the ratter, because a
lot of people are kind of wondering what's gonna happen
with that? Yeah, you know, and people can borrow money
from their four oh one k they can now that
obviously is a big player. A lot of times people
will be like, well, you know, you know, I'm fully vested,
I could go get some money for my four to
one k to do this or do that. You know,
(09:59):
are there plus and minuses are only minuses.
Speaker 5 (10:02):
Always always pluses and minuses, And again it depends on
how long you're you going to take it out for?
Speaker 3 (10:06):
How old are you right now?
Speaker 5 (10:07):
Because sometimes, uh, you know, people think, oh, well when
I retire, that's when I take it. Well, there are
ways around doing that, and some more efficient than others.
So again it's always dependent on and it's the boring answer, right,
but what are you trying to do?
Speaker 4 (10:19):
Right? All right?
Speaker 2 (10:19):
Right? Trying to buy an RV going on a vacation.
Speaker 3 (10:22):
I know those people.
Speaker 2 (10:23):
Yeah, yeah, and.
Speaker 4 (10:25):
You know, Jim has convinced me, actually, what are you
trying to do? Is just actually one of the hardest
questions that ever answer as you talk about what do
I do with my existence is the question what do
I want? I have to look at myself and self
reflect and try to critically think my way through prioritizing
things that I care about, you know.
Speaker 2 (10:45):
Like it's that's a it's not easy.
Speaker 4 (10:48):
It's on a spiritual level of defining exactly what you want.
That's to me, that's kind of the hardest part.
Speaker 2 (10:55):
It is the hardest question.
Speaker 6 (10:57):
Oh sorry, go ahead, Yeah, when when you're sitting with
the couple and you asked him, well, what do you
want out of retirement? Like what percentage? Just have no
idea or are there people who just don't know. They
just see it as this goal of retirement and don't
really think what's beyond that.
Speaker 5 (11:14):
I think more often than not they don't know. They
don't know until I ask. And what I mean by
that is I had somebody in the other day who
is about to turn fifty five, convinced I'm going to
stop working, and I.
Speaker 3 (11:25):
Said, well, what will you do? And they said, I'm
gonna relax. I said, for how long? You know, because
you're gonna run out of things.
Speaker 5 (11:31):
I mean, Scott's a great example of you know, he's
he's got a little more flexibility now.
Speaker 3 (11:36):
He'll tell you himself. He loves to play golf. When
he plays golf four days a week, he hates playing.
Speaker 2 (11:40):
Go Yeah yeah, we talk about that very thing. Yeah yeah.
Speaker 5 (11:42):
So it's difficult, and I always warn people, you know,
part time work, there's longevity studies. You need a reason
to leave your house. You need a purpose, regardless of
if it brings an income or not. You need something
to do, and your passions will become your job if
you're not careful.
Speaker 1 (11:57):
I can only imagine the look on people's faces when
you try to sell them that after someone's worked their
balls off for you know, sixty plus years of their life,
fifty plus years, and you look at him and you go,
what do you want to do? And he goes, you know,
I'm gonna chill and I'm just gonna work on this
little car I got or whatever.
Speaker 2 (12:09):
And then you get him and go you go, well,
how long.
Speaker 3 (12:11):
Are you to do that, dude?
Speaker 1 (12:12):
Because that's you know, you've you've just explained like maybe
eighteen months to me what's next.
Speaker 3 (12:16):
Very few of them can actually do it.
Speaker 5 (12:18):
I would I would say, like, I don't know, ten,
ten to fifteen percent of people who think they're gonna
do nothing can actually do nothing and do it well.
Speaker 2 (12:24):
Yeah, yeah, yeah, hard to imagine.
Speaker 3 (12:27):
I got a couple of friends.
Speaker 2 (12:29):
They are a good guy.
Speaker 3 (12:31):
They performance enhancers.
Speaker 2 (12:32):
Yeah, a lot of.
Speaker 4 (12:34):
Extracurricular activities over in their neck of the woods, and
that's costling.
Speaker 3 (12:37):
You need a plan for that?
Speaker 2 (12:38):
Yes, answer, what do you want? Yeah?
Speaker 1 (12:43):
Yeah, there's the Bratcher Brown with us. It's an Edgewater
familywealth dot com. If you'd like to schedule a consultation,
it's easy. Just dropped by the website. You can go
right down that pull down menu and make a consultation
with any of the guys there, whether it be Brater,
Scott or other people in the UH. In the office,
they have people who specialize in medicare, so I mean
they have everything you need.
Speaker 4 (13:01):
How do you galvanize people about that eighth wonder of
the world? According to Warren Buffett of Compound Interest, how
because I like, I'm in this situation, I'll probably along
with a lot of other people that they have their
savings and then it's the end of the month and
then they get their interest and they're.
Speaker 2 (13:18):
Like, oh not that much. Yeah, Like how what person? Yeah,
what's the threshold?
Speaker 3 (13:24):
People say, like one hundred thousand is the threshold.
Speaker 4 (13:28):
That makes people go like, all right, this is now
we're doing something.
Speaker 3 (13:32):
Yeah.
Speaker 5 (13:32):
I think because I think it's because it's a nice
round number and the percentages equal thousands.
Speaker 3 (13:37):
I think that makes it easier.
Speaker 6 (13:38):
Right.
Speaker 5 (13:38):
If I go, oh, well I made twenty percent this
year off of two hundred bucks, it's like, ah.
Speaker 3 (13:43):
That buys me dinner.
Speaker 5 (13:45):
Yeah, yeah, yeah. But when you have one hundred thousand
dollars ago, we did twenty percent this year, twenty great.
Speaker 2 (13:49):
I mean yeah, yeah, it's no jail. I'll take it.
Speaker 5 (13:51):
Right, most people. I mean, I'll take the dinner as well.
But that's I think the moment where you go like, oh,
holy crap. Will imagine if that keeps happening, right yea?
Speaker 2 (13:59):
Yeah.
Speaker 1 (13:59):
Do you find when people do see some movement, especially
younger people, that really encourages them to save even more
or oh yeah, you know, really button up their lifestyle
so that they're maximizing what they can have later down
the road.
Speaker 5 (14:10):
It does, and then that becomes the conversation of right,
don't do I get that it's exciting. I'm glad that
you're able to do this, but don't again, as we
talked about last week, don't sacrifice today for it tomorrow
if you don't have to.
Speaker 3 (14:20):
That's why the planning is there.
Speaker 2 (14:22):
Right right, I think it.
Speaker 1 (14:22):
Scott ha said it that as well, says, you know,
you really have to be careful about that kind of
thing because you know, again you it just could get
beyond the realm of what you think is what you
really want to do or be a part of.
Speaker 3 (14:31):
Yeah.
Speaker 5 (14:32):
Well, it's the funniest thing when you get into this Ooh,
I love saving because look what happens. You create a
very modest lifestyle and what happens is then you overfund
retirement and you're so used to living modestly that you
won't be somebody who goes from spending forty grand to
somebody who spends one hundred and forty.
Speaker 2 (14:46):
Yeah.
Speaker 6 (14:47):
Yeah.
Speaker 1 (14:47):
The funny thing is, it's funny my son has a
really good balance of that. That's one of the things.
He's really good at being frugal and saving money. But
when he wants to spend money on something for himself,
whether to be a golf club or whatever the case
may be, he has no problem doing that.
Speaker 2 (15:00):
And I told him that.
Speaker 1 (15:01):
I was like, man, that's a real asset you should
I don't know that you know how good of an asset.
That is the ability for you to understand the difference
between saving and then going Okay, well, you know I've
earned this for myself, right, and this is the this
is the threshold in which I'm playing by Well.
Speaker 5 (15:15):
And if you buy the things Scott always has always
told me, and I've mostly done it. He says, don't
buy something twice. So if you're gonna whatever the thing
is that you're gonna do, you do the real version
of it. You buy the drill, you're buying the good drill, right,
because otherwise you can break the drill and buy it again.
Speaker 2 (15:29):
Sure again.
Speaker 4 (15:29):
Yeah, I was talking to my wife financially. We were
talking about money and all of that, and we just
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com