November 25, 2025 • 15 mins
Scott Brown with Edgewater Family Wealth joins us to discuss why retirees need to get weird and while it may make sense to retire while working. Scott also talks about lessons he learned from a fancy cruise, and more.
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Speaker 1 (00:04):
Third after morning Colbert carew Okay, So I just want
to start this off by shouting out some thanks, you
know to my mom, my sister, my brand new brother
in law John, you know, to all my friends and
all the things that we all got to do this
year together, and importantly as well, thank you to everyone
here at Real Radio, Monsters, News, Junkie, especially the Jim
(00:27):
Colbert Show, all of you guys. I hope everyone has
a wonderful Thanksgiving and a safe time. We'll see y'all
next week.
Speaker 2 (00:33):
Thank you, brother getting in. Thank you big too. Hi.
Welcome back to the Jim Colbert Show here on Real
Radio one zero four point one. I am Jim. There
is Deborah. Hello, Jack is here as well. In peace.
Let's do its only money, oh cle, people passionate about
planning for their future.
Speaker 3 (00:54):
Brise above investment, miss to Bill.
Speaker 2 (01:00):
Isn't that really just common sense financial advice? Oh? Okay,
here it's.
Speaker 4 (01:06):
All money with Scott thrown from an Edgewater family wealth.
Speaker 2 (01:11):
Wow, brobuddy Scott Brown. He looks so serious, he does.
It looks very serious, very stoic. I think the word
is could be the weather could be bump up here
on the mountain.
Speaker 3 (01:24):
Man, I gotta get you know, this is where I
find my zen.
Speaker 2 (01:27):
Yeah, for sure. How's things, buddy? How you doing?
Speaker 3 (01:33):
So? We're Oh, I'm doing good. I'm hoping this signal
holds up here in the mountain. You guys are sounding
a little choppy. I hope I sound better than that.
Speaker 2 (01:40):
Yeah, you sound fine, buddy, Can you hear us? You're
all good? Yeah, I got it. We're just a little choppy.
So we're gonna make it work. Yeah, no question no.
Scott Brown is the owner operator of Edgewater Familywealth Edgewarterfamilywealth
dot com. Keep that in mind because at the end
of the segment you can, and you know, kind of
(02:01):
know how you could go to the poll down bar there,
make yourself a consultation, or download one of his books
right there for free from the website. He calls every
single week to talk about, you know, just things happening
with you financially. He is a fiduciary here in town
for thirty eight plus years, getting people on the right
side of their savings and making them plan, you know,
accordingly for their retirements and things of that nature.
Speaker 1 (02:25):
Yeah.
Speaker 3 (02:26):
So I again, I hope you can hear me better
than I can hear you. We're definitely a little choppy,
and I apologize for that.
Speaker 2 (02:35):
You got me, Yeah, we can hear you, buddy, Yeah,
go ahead. All right. So, well, I wanted to start
out with the weird thing.
Speaker 3 (02:43):
You know, I as as I'm getting older, I've leaned
into my weirdness, and I don't you know, I don't
know if this group could get any weird or outside
of the radio. But do your kid do your accumulative
kids like, do they spend three quarters of the time
there with you pointing out how weird and goofy you are?
Speaker 2 (03:04):
Oh my god, dude, Well, you know mine have been
doing this for many, many years because the nature of
my job makes it easy to poke fun at me.
But yeah, that's we don't have a problem with that
in my place. Hey, let's do this real quick.
Speaker 3 (03:17):
Let's let's and where I'm going with that is, let's
let's pause real quick and have him call.
Speaker 2 (03:22):
Where I was going with that is, Scott, give us
a call. I'll tell you his call, but it we'll
do that. We're saying, all right for the seven nine
one six four one, you can always text us at
seven seven zero three one. Some technical difficulties Scott is
up in the mountains right now doing the segment, so
he's going to give us a call on the phone
so we can actually hear what he's saying and do
the segment, because he does have some interesting stuff to
(03:43):
talk about. Uh, retirees need to get weird. I can't
wait to hear. That is the very first thing we're
going to talk about. And I think this kind of
goes back to the thing he's been talking about now
for the last couple of weeks, where he's had people
that will save, save, save, save, save, and they have
a hard time spending, have a hard time like taking
that money that they've earned and saved over those years
and really having a good time with it, and believe
(04:05):
it or not, he says, it's kind of difficult to
get people to do that. Scott, we got your buddy.
How you doing.
Speaker 3 (04:10):
I'm much better now, thank you.
Speaker 2 (04:11):
Yeah. I was just telling death. I was just telling
Deb that one of the go ahead, buddy, I'm sorry,
no go ahead, I said. I was just telling Deb
that one of the things that you've talked about for
the last couple of weeks now is how our tirees
have saved all their money but the problem is is
they have a hard time learning how to spend it.
And I wonder if this is part of the retirees
have to Get weird scenario.
Speaker 3 (04:34):
Yeah, I mean I think so. It's like, we spend
you know, the majority of first two thirds, if not more,
of our lives trying to be calm and cool and
collected and not roughly anybody's feathers. And we just we
spend all this energy trying to impress people nine times
out of ten, and we don't even like to be
to be honest. And you know, I noticed that, you know,
(04:57):
as I'm aging, I'm like and to be weird. But
then I thought, you know what I got, What do
I got twenty years left on this planet. I'm gonna
let the weird hang out.
Speaker 2 (05:06):
That's right, due, let it roll, get all the weird
out you can. And by the way, you know, you
learn very quickly out of high school. And I told
my kids this when they were like sixteen years old.
I go look around, think about those people you think
care about you, and understand they do not. And the
minute you graduate from high school, all the stuff that
you put so much weight on will be worthless. The
(05:27):
instant you graduate. That has no value, so don't give
it any now.
Speaker 1 (05:32):
Yeah.
Speaker 3 (05:32):
I think the point being that if you're you know,
like like you and I, where we're kind of beginning
that retirement phase or getting close to it anyway, is
you know, do that salsa dancing, learn to play the piano.
Learn My wife is learning to play the piano at
the rife old age of fifty eight. And nothing pleases
(05:55):
me more than to see my daughter cringe when she
walks through the door because my wife pounds out maryhett
a little in the most awful way possible.
Speaker 2 (06:04):
I love it, But you are right, I have to
tell you there's some there's some reverence in that. I
think when you start kind of going down past that
you're not used to, it actually kind of livens you
up a bit.
Speaker 3 (06:17):
Yeah. I think again, when you recognize the finality of
all this deal here, as Jim Morrison famously said, and
actually many people have said, nobody gets out alive. I
think it's I think it's critical that you allow yourself
those kinds of whether it's learning to play the guitar
or the violin, the piano, salsa dancing. I don't know
(06:38):
what your weird thing is that you've been wanting to do.
But man, do it.
Speaker 2 (06:42):
Yeah, you got to get out there and do it
for sure. Let's move on to the next topic. It
says retire while working. Now, is this the thing where
we talk about before, like maybe you go to social
scoria a little bit early early and then just keep
working or is this a different scenario together? Well, certainly
the financial part that could clue taking social security early.
And that's that's a really good point and a really
(07:04):
good thing to think about. And I would emphasize a
really really good thing to do some planning around. But
if you think about people in their mid fifties, late fifties,
early sixties, you know a lot of times we wait
till we're sixty five, sixty six, sixty seven, seventy, whatever
it is to really engage enjoying life and fruits of
our labors. And I think, I think oftentimes that's a mistake.
(07:27):
What's to keep you from ta You know, a lot
of people get three, four or five weeks of vacation.
I'm giving you a number that's going to blow your mind.
Speaker 3 (07:36):
Five hundred and seventy four million vacation days go unused
in this country every single year.
Speaker 4 (07:44):
Wow, that's fifty five hundred working lifetimes that people are wasting,
or I don't want to say wasting, because I'm sure
for a lot of people it's like, well, I'm.
Speaker 3 (07:57):
Going to accumulate that and when I leave my company,
they are going to pay me for that unused time.
And there's there's some of that, but I'm not even
sure that's worth it, because if you're sixty and you're
you're not taking a week or two of vacation that
you have while you're healthy and have the ability. I
just feel like that's that's kind of a mistake. And
to further compound the thought. And I'm not saying to
(08:20):
you irresponsible and I don't want anybody to take this
out of context, but what I am saying is in
a study by a financial advisory client shows that over
forty five percent of retirees die with more money than
they retired with.
Speaker 2 (08:37):
Wow. Yeah, that that doesn't seem like a solid goal. No, yeah,
I think, like you said it last week when you're here, like, look, man,
I want to die like you know, literally go out
and spending that sliding in the home place.
Speaker 3 (08:49):
Yeah yeah, yeah, or bounce the last check and again
none of us knows that. You know, that's the old
question about social security. When should I take it? Well,
tell me, you know, great Rossler would say, well tell
me when you're gonna die.
Speaker 4 (09:02):
Right.
Speaker 3 (09:03):
So it isn't a perfect science. But the thing that
I've come to realize after doing this for forty years
is I've.
Speaker 2 (09:12):
Seen I see it all the time.
Speaker 3 (09:14):
I have clients all the time who have worked their
behinds off, have been disciplined, have done all the right things,
and then when it comes time to go have fun
or spend a little extra or do that extra night out,
or take that trip to Europe or whatever it is,
they are so reluctant. Again, I told you the story
last week. I nearly got into a fistfight with a
(09:36):
client because he wouldn't fly first class. That's crazy and
he can damn sure afford it. So I guess my
theme of the last month or so and continues to
be is what I've realized is that, you know, the enjoyment, fulfillment,
and meaning we get from life isn't always seventy five
or eighty. In fact, it's unlikely that you're going to
(09:57):
get all three of those things at seventy five or eighty.
And again if you're fifty eight, you're sixty one, or
you're sixty three, and you got some vacation time. By golly,
I think you ought to.
Speaker 2 (10:07):
Explore using Yeah, I think you should as well. Talking
to Scott Brown here from Edgeward Family Wealth, the segments
called It's Only Money, we discussed financial setups for you
as you kind of moved through life. It says here,
lessons from a fancy cruise, and we know you just
went to Antarctica with your daughter. What do you mean
by lessons from a fancy cruise?
Speaker 3 (10:25):
So I go on, as everybody knows, I went to
Antarctico with my daughter. And I'm also a soft man, Jim.
I don't know if you know that about me. I
need my creature comfort.
Speaker 2 (10:35):
You know, nothing wrong with that.
Speaker 3 (10:37):
I'm not above a pedicure. I'm going to tell you.
Speaker 2 (10:40):
That right now. Either you have acclimated yourself to a
certain lifestyle, Scott, nothing wrong with that, yeah, brother.
Speaker 3 (10:46):
So I'm on this fancy cruise with all these people,
and the average age on that cruise was probably seventy
to seventy five, and these people, because of the cruise
line it was I'm certain have at least some level
of affluence, if not a significant level.
Speaker 2 (11:07):
Uh oh, Alexander Brambell is getting him now. Yeah, damn.
They do not want this. Got to make this call today.
It's got you there.
Speaker 3 (11:16):
Here.
Speaker 2 (11:17):
Yeah, you're breaking up a little bit. Try one more time.
Speaker 3 (11:19):
There, you got me, Chuck, chuck chuck.
Speaker 2 (11:22):
Yeah, yeah, we got you. Ahead. Tell us about the
rich people on this cruise.
Speaker 3 (11:26):
So the rich people, the rich people on my soft cruise.
You know what I noticed about him is they're not
drinking champagne and eating caviat all day. They're doing things
that any of us could do at any time in life,
the things that we really enjoy. And I don't mean
to get a little sentimental or soapboxing here, but they
(11:47):
were I saw people at night playing scrabble. I saw
people at night playing cars. I saw people going to
ted Talks. I saw when they left, all these people
that left made new friends and they were hugging each other,
and they were hugging the staff. And the point is
that I think we get a little caught up in
creature comforts. In the fancier TV, in the better car,
(12:10):
more horsepower, more of this, more of that, and what
I've noticed amongst my happiest clients, and what I noticed
about these people on this cruise that it was just
simple stuff, you know, putting a jigsaw puzzle together with
a friend, playing a game of Hearts or Uno. It
(12:31):
was the simple things that these even though these are
people of affluence. So the point is that I don't
think reaching for more stuff or spending too much time
trying to get the bigger house or the fancier car.
And I know I carry on about this quite a bit,
but it really struck me after I got home what
I noticed about these people, and these are things any
(12:52):
of us could do any day of the week.
Speaker 2 (12:54):
Yeah, it's kind of I think it's an important message.
And here's why, because I believe that, especially with social media,
the idea of having money has been turned into like
just this flash show. Well, you know, you and I
have talked about this before. The people that we know
that have great affluence, you could never tell from one
to the next. I mean, they just simply don't roll
like that. And I think that's an important message to
(13:14):
get through, Like you know that you can work and
have comfort, but you don't have to work to have yet.
Twenty five thousand dollars rolex or the fancy car, because
none of that really matters. The time that you spend
with friends and family. Really, that's the stuff that you'll
clock when you are getting a little bit older.
Speaker 3 (13:29):
Yeah, and I think it's cliche to say, oh, you know,
it's not about the money. You know, I'm sure people
are rolling their eyes right now. But what I would
say to that is there's evidence to support that once
you reach a certain level of sustenance.
Speaker 2 (13:41):
You know, if you go from.
Speaker 3 (13:42):
Thirty grand to eighty grand, there's a significant change in
your life. Your life is better, you get exponentially, your
life can improve dramatically. But after sustenance or making about
ninety thousand a year as a person or a couple,
it's a nominal effect. If you buy a seventy inch
TV instead of a sixty inch TV, or you buy
(14:02):
a four hundred and fifty horse power Mustang instead of
the three hundred and fifty, none of that's nominal. You
get no reward for that. The utility of that is minimal.
And the point I'm making here is that to spend
money on those things that have nominal return in your
life to your happiness, meaning and fulfillment. It's really kind
of getting on with what gave me money.
Speaker 2 (14:29):
Yeah, yeah, ye, one hundred percent the cruise. Yeah, that's yeah.
I completely understand exactly what you're talking about. Let's move
on to the fourth topic here. It says here, why
I don't brag about or tease with returns, in other words,
how much you get for your customers? Why you don't
really talk about that? And I think that's applicable because
we see a lot of attorneys around town talking about
(14:50):
how much money they get for their clients and things
of that nature. Why don't you do that?
Speaker 3 (14:56):
Well, first of all, because it's it's mostly non sense,
it's mostly marketing. And the reality is I'm just you know,
lean forward, get close to the radio and listen up.
The average investor, over their lifetime is going to earn
on their own three to five percent. We know statistically
the average investor who works with a financial advisor earned
(15:18):
somewhere between six and eight percent. That is for a lifetime.
So the idea that you are somehow unique or you
are somehow going to find a special recipe is it's
just unlikely. So the first thing you need to understand
is average returns are okay, earning six seven eight percent
with a diverse, somewhat risk averse portfolio that keeps you
(15:42):
from kind of getting your brains beaten and you panicking.
Speaker 2 (15:45):
And moving out.
Speaker 3 (15:46):
The reason I don't lead with returns, the reason I
don't talk
Third after morning Colbert carew Okay, So I just want
to start this off by shouting out some thanks, you
know to my mom, my sister, my brand new brother
in law John, you know, to all my friends and
all the things that we all got to do this
year together, and importantly as well, thank you to everyone
here at Real Radio, Monsters, News, Junkie, especially the Jim
(00:27):
Colbert Show, all of you guys. I hope everyone has
a wonderful Thanksgiving and a safe time. We'll see y'all
next week.
Speaker 2 (00:33):
Thank you, brother getting in. Thank you big too. Hi.
Welcome back to the Jim Colbert Show here on Real
Radio one zero four point one. I am Jim. There
is Deborah. Hello, Jack is here as well. In peace.
Let's do its only money, oh cle, people passionate about
planning for their future.
Speaker 3 (00:54):
Brise above investment, miss to Bill.
Speaker 2 (01:00):
Isn't that really just common sense financial advice? Oh? Okay,
here it's.
Speaker 4 (01:06):
All money with Scott thrown from an Edgewater family wealth.
Speaker 2 (01:11):
Wow, brobuddy Scott Brown. He looks so serious, he does.
It looks very serious, very stoic. I think the word
is could be the weather could be bump up here
on the mountain.
Speaker 3 (01:24):
Man, I gotta get you know, this is where I
find my zen.
Speaker 2 (01:27):
Yeah, for sure. How's things, buddy? How you doing?
Speaker 3 (01:33):
So? We're Oh, I'm doing good. I'm hoping this signal
holds up here in the mountain. You guys are sounding
a little choppy. I hope I sound better than that.
Speaker 2 (01:40):
Yeah, you sound fine, buddy, Can you hear us? You're
all good? Yeah, I got it. We're just a little choppy.
So we're gonna make it work. Yeah, no question no.
Scott Brown is the owner operator of Edgewater Familywealth Edgewarterfamilywealth
dot com. Keep that in mind because at the end
of the segment you can, and you know, kind of
(02:01):
know how you could go to the poll down bar there,
make yourself a consultation, or download one of his books
right there for free from the website. He calls every
single week to talk about, you know, just things happening
with you financially. He is a fiduciary here in town
for thirty eight plus years, getting people on the right
side of their savings and making them plan, you know,
accordingly for their retirements and things of that nature.
Speaker 1 (02:25):
Yeah.
Speaker 3 (02:26):
So I again, I hope you can hear me better
than I can hear you. We're definitely a little choppy,
and I apologize for that.
Speaker 2 (02:35):
You got me, Yeah, we can hear you, buddy, Yeah,
go ahead. All right. So, well, I wanted to start
out with the weird thing.
Speaker 3 (02:43):
You know, I as as I'm getting older, I've leaned
into my weirdness, and I don't you know, I don't
know if this group could get any weird or outside
of the radio. But do your kid do your accumulative
kids like, do they spend three quarters of the time
there with you pointing out how weird and goofy you are?
Speaker 2 (03:04):
Oh my god, dude, Well, you know mine have been
doing this for many, many years because the nature of
my job makes it easy to poke fun at me.
But yeah, that's we don't have a problem with that
in my place. Hey, let's do this real quick.
Speaker 3 (03:17):
Let's let's and where I'm going with that is, let's
let's pause real quick and have him call.
Speaker 2 (03:22):
Where I was going with that is, Scott, give us
a call. I'll tell you his call, but it we'll
do that. We're saying, all right for the seven nine
one six four one, you can always text us at
seven seven zero three one. Some technical difficulties Scott is
up in the mountains right now doing the segment, so
he's going to give us a call on the phone
so we can actually hear what he's saying and do
the segment, because he does have some interesting stuff to
(03:43):
talk about. Uh, retirees need to get weird. I can't
wait to hear. That is the very first thing we're
going to talk about. And I think this kind of
goes back to the thing he's been talking about now
for the last couple of weeks, where he's had people
that will save, save, save, save, save, and they have
a hard time spending, have a hard time like taking
that money that they've earned and saved over those years
and really having a good time with it, and believe
(04:05):
it or not, he says, it's kind of difficult to
get people to do that. Scott, we got your buddy.
How you doing.
Speaker 3 (04:10):
I'm much better now, thank you.
Speaker 2 (04:11):
Yeah. I was just telling death. I was just telling
Deb that one of the go ahead, buddy, I'm sorry,
no go ahead, I said. I was just telling Deb
that one of the things that you've talked about for
the last couple of weeks now is how our tirees
have saved all their money but the problem is is
they have a hard time learning how to spend it.
And I wonder if this is part of the retirees
have to Get weird scenario.
Speaker 3 (04:34):
Yeah, I mean I think so. It's like, we spend
you know, the majority of first two thirds, if not more,
of our lives trying to be calm and cool and
collected and not roughly anybody's feathers. And we just we
spend all this energy trying to impress people nine times
out of ten, and we don't even like to be
to be honest. And you know, I noticed that, you know,
(04:57):
as I'm aging, I'm like and to be weird. But
then I thought, you know what I got, What do
I got twenty years left on this planet. I'm gonna
let the weird hang out.
Speaker 2 (05:06):
That's right, due, let it roll, get all the weird
out you can. And by the way, you know, you
learn very quickly out of high school. And I told
my kids this when they were like sixteen years old.
I go look around, think about those people you think
care about you, and understand they do not. And the
minute you graduate from high school, all the stuff that
you put so much weight on will be worthless. The
(05:27):
instant you graduate. That has no value, so don't give
it any now.
Speaker 1 (05:32):
Yeah.
Speaker 3 (05:32):
I think the point being that if you're you know,
like like you and I, where we're kind of beginning
that retirement phase or getting close to it anyway, is
you know, do that salsa dancing, learn to play the piano.
Learn My wife is learning to play the piano at
the rife old age of fifty eight. And nothing pleases
(05:55):
me more than to see my daughter cringe when she
walks through the door because my wife pounds out maryhett
a little in the most awful way possible.
Speaker 2 (06:04):
I love it, But you are right, I have to
tell you there's some there's some reverence in that. I
think when you start kind of going down past that
you're not used to, it actually kind of livens you
up a bit.
Speaker 3 (06:17):
Yeah. I think again, when you recognize the finality of
all this deal here, as Jim Morrison famously said, and
actually many people have said, nobody gets out alive. I
think it's I think it's critical that you allow yourself
those kinds of whether it's learning to play the guitar
or the violin, the piano, salsa dancing. I don't know
(06:38):
what your weird thing is that you've been wanting to do.
But man, do it.
Speaker 2 (06:42):
Yeah, you got to get out there and do it
for sure. Let's move on to the next topic. It
says retire while working. Now, is this the thing where
we talk about before, like maybe you go to social
scoria a little bit early early and then just keep
working or is this a different scenario together? Well, certainly
the financial part that could clue taking social security early.
And that's that's a really good point and a really
(07:04):
good thing to think about. And I would emphasize a
really really good thing to do some planning around. But
if you think about people in their mid fifties, late fifties,
early sixties, you know a lot of times we wait
till we're sixty five, sixty six, sixty seven, seventy, whatever
it is to really engage enjoying life and fruits of
our labors. And I think, I think oftentimes that's a mistake.
(07:27):
What's to keep you from ta You know, a lot
of people get three, four or five weeks of vacation.
I'm giving you a number that's going to blow your mind.
Speaker 3 (07:36):
Five hundred and seventy four million vacation days go unused
in this country every single year.
Speaker 4 (07:44):
Wow, that's fifty five hundred working lifetimes that people are wasting,
or I don't want to say wasting, because I'm sure
for a lot of people it's like, well, I'm.
Speaker 3 (07:57):
Going to accumulate that and when I leave my company,
they are going to pay me for that unused time.
And there's there's some of that, but I'm not even
sure that's worth it, because if you're sixty and you're
you're not taking a week or two of vacation that
you have while you're healthy and have the ability. I
just feel like that's that's kind of a mistake. And
to further compound the thought. And I'm not saying to
(08:20):
you irresponsible and I don't want anybody to take this
out of context, but what I am saying is in
a study by a financial advisory client shows that over
forty five percent of retirees die with more money than
they retired with.
Speaker 2 (08:37):
Wow. Yeah, that that doesn't seem like a solid goal. No, yeah,
I think, like you said it last week when you're here, like, look, man,
I want to die like you know, literally go out
and spending that sliding in the home place.
Speaker 3 (08:49):
Yeah yeah, yeah, or bounce the last check and again
none of us knows that. You know, that's the old
question about social security. When should I take it? Well,
tell me, you know, great Rossler would say, well tell
me when you're gonna die.
Speaker 4 (09:02):
Right.
Speaker 3 (09:03):
So it isn't a perfect science. But the thing that
I've come to realize after doing this for forty years
is I've.
Speaker 2 (09:12):
Seen I see it all the time.
Speaker 3 (09:14):
I have clients all the time who have worked their
behinds off, have been disciplined, have done all the right things,
and then when it comes time to go have fun
or spend a little extra or do that extra night out,
or take that trip to Europe or whatever it is,
they are so reluctant. Again, I told you the story
last week. I nearly got into a fistfight with a
(09:36):
client because he wouldn't fly first class. That's crazy and
he can damn sure afford it. So I guess my
theme of the last month or so and continues to
be is what I've realized is that, you know, the enjoyment, fulfillment,
and meaning we get from life isn't always seventy five
or eighty. In fact, it's unlikely that you're going to
(09:57):
get all three of those things at seventy five or eighty.
And again if you're fifty eight, you're sixty one, or
you're sixty three, and you got some vacation time. By golly,
I think you ought to.
Speaker 2 (10:07):
Explore using Yeah, I think you should as well. Talking
to Scott Brown here from Edgeward Family Wealth, the segments
called It's Only Money, we discussed financial setups for you
as you kind of moved through life. It says here,
lessons from a fancy cruise, and we know you just
went to Antarctica with your daughter. What do you mean
by lessons from a fancy cruise?
Speaker 3 (10:25):
So I go on, as everybody knows, I went to
Antarctico with my daughter. And I'm also a soft man, Jim.
I don't know if you know that about me. I
need my creature comfort.
Speaker 2 (10:35):
You know, nothing wrong with that.
Speaker 3 (10:37):
I'm not above a pedicure. I'm going to tell you.
Speaker 2 (10:40):
That right now. Either you have acclimated yourself to a
certain lifestyle, Scott, nothing wrong with that, yeah, brother.
Speaker 3 (10:46):
So I'm on this fancy cruise with all these people,
and the average age on that cruise was probably seventy
to seventy five, and these people, because of the cruise
line it was I'm certain have at least some level
of affluence, if not a significant level.
Speaker 2 (11:07):
Uh oh, Alexander Brambell is getting him now. Yeah, damn.
They do not want this. Got to make this call today.
It's got you there.
Speaker 3 (11:16):
Here.
Speaker 2 (11:17):
Yeah, you're breaking up a little bit. Try one more time.
Speaker 3 (11:19):
There, you got me, Chuck, chuck chuck.
Speaker 2 (11:22):
Yeah, yeah, we got you. Ahead. Tell us about the
rich people on this cruise.
Speaker 3 (11:26):
So the rich people, the rich people on my soft cruise.
You know what I noticed about him is they're not
drinking champagne and eating caviat all day. They're doing things
that any of us could do at any time in life,
the things that we really enjoy. And I don't mean
to get a little sentimental or soapboxing here, but they
(11:47):
were I saw people at night playing scrabble. I saw
people at night playing cars. I saw people going to
ted Talks. I saw when they left, all these people
that left made new friends and they were hugging each other,
and they were hugging the staff. And the point is
that I think we get a little caught up in
creature comforts. In the fancier TV, in the better car,
(12:10):
more horsepower, more of this, more of that, and what
I've noticed amongst my happiest clients, and what I noticed
about these people on this cruise that it was just
simple stuff, you know, putting a jigsaw puzzle together with
a friend, playing a game of Hearts or Uno. It
(12:31):
was the simple things that these even though these are
people of affluence. So the point is that I don't
think reaching for more stuff or spending too much time
trying to get the bigger house or the fancier car.
And I know I carry on about this quite a bit,
but it really struck me after I got home what
I noticed about these people, and these are things any
(12:52):
of us could do any day of the week.
Speaker 2 (12:54):
Yeah, it's kind of I think it's an important message.
And here's why, because I believe that, especially with social media,
the idea of having money has been turned into like
just this flash show. Well, you know, you and I
have talked about this before. The people that we know
that have great affluence, you could never tell from one
to the next. I mean, they just simply don't roll
like that. And I think that's an important message to
(13:14):
get through, Like you know that you can work and
have comfort, but you don't have to work to have yet.
Twenty five thousand dollars rolex or the fancy car, because
none of that really matters. The time that you spend
with friends and family. Really, that's the stuff that you'll
clock when you are getting a little bit older.
Speaker 3 (13:29):
Yeah, and I think it's cliche to say, oh, you know,
it's not about the money. You know, I'm sure people
are rolling their eyes right now. But what I would
say to that is there's evidence to support that once
you reach a certain level of sustenance.
Speaker 2 (13:41):
You know, if you go from.
Speaker 3 (13:42):
Thirty grand to eighty grand, there's a significant change in
your life. Your life is better, you get exponentially, your
life can improve dramatically. But after sustenance or making about
ninety thousand a year as a person or a couple,
it's a nominal effect. If you buy a seventy inch
TV instead of a sixty inch TV, or you buy
(14:02):
a four hundred and fifty horse power Mustang instead of
the three hundred and fifty, none of that's nominal. You
get no reward for that. The utility of that is minimal.
And the point I'm making here is that to spend
money on those things that have nominal return in your
life to your happiness, meaning and fulfillment. It's really kind
of getting on with what gave me money.
Speaker 2 (14:29):
Yeah, yeah, ye, one hundred percent the cruise. Yeah, that's yeah.
I completely understand exactly what you're talking about. Let's move
on to the fourth topic here. It says here, why
I don't brag about or tease with returns, in other words,
how much you get for your customers? Why you don't
really talk about that? And I think that's applicable because
we see a lot of attorneys around town talking about
(14:50):
how much money they get for their clients and things
of that nature. Why don't you do that?
Speaker 3 (14:56):
Well, first of all, because it's it's mostly non sense,
it's mostly marketing. And the reality is I'm just you know,
lean forward, get close to the radio and listen up.
The average investor, over their lifetime is going to earn
on their own three to five percent. We know statistically
the average investor who works with a financial advisor earned
(15:18):
somewhere between six and eight percent. That is for a lifetime.
So the idea that you are somehow unique or you
are somehow going to find a special recipe is it's
just unlikely. So the first thing you need to understand
is average returns are okay, earning six seven eight percent
with a diverse, somewhat risk averse portfolio that keeps you
(15:42):
from kind of getting your brains beaten and you panicking.
Speaker 2 (15:45):
And moving out.
Speaker 3 (15:46):
The reason I don't lead with returns, the reason I
don't talk
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