December 16, 2025 • 15 mins
Scott Brown with Edgewater Family Wealth kicks things off by discussing how Bitcoin predictions were predictably awful, before moving on to if you retire early do you live longer? Scott then shares how someone can become a financial advisor, and more.
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Speaker 1 (00:02):
Day.
Speaker 2 (00:03):
How's it o'hannah? All right, yep, just a little bit
behind on YouTube. But Broda Jim, you know everybody cuts
you slack when you started to use a dirty toilet
brush on your back, even sent you a clean one. However,
sharing aloofah with your partner wife, that's unacceptable, bro.
Speaker 1 (00:24):
My wife.
Speaker 2 (00:26):
Sam says, No, I love you guys alone.
Speaker 1 (00:29):
Anybody don't you? Hello Princeville Allen got him? All right,
welcome back to me. It's contagious Coldberg Show, Real Radio
one ozer four point one. I'm Jiminer's deb Hello. Jack
Ross is here as well. That's true everybody around this time,
we invite this gentleman to drop by and talk about
how he can make your financial life a little better.
(00:50):
Let's do its only money, o.
Speaker 2 (00:53):
People passionate about planning for the future.
Speaker 1 (00:56):
Bras above, investment, miss to build. Isn't that really just
common sense financial advice? Oh okay, it's all with your money.
Speaker 2 (01:10):
Wiscott Browns on the edge family, everybody's Brown's got brown.
Speaker 1 (01:19):
Before we do one thing in regards to finances, I'm
gonna ask you a very simple question. Got to turn
his MinC on there? Check check, check all right, very
simple question. Yea, when you bathe? Oh god, oh jeez.
Oh no, Then when you bathe, I'm supposed to bathe.
Stop when you shower, bathe? When you clean your body?
(01:41):
What implement do you use to do? I hate this question.
That's a that's a trick question. No, it's not a
trick question. It's a simple question. It's do you use
a washcloth or not? And then you get the judgment. Well,
there's a loofah washcloth or like deb doest she straight
bar to the bod. Yeah, I'm mostly bar to the bod.
That's all I'm gonna say. Okay, Jimmy, you want to
(02:01):
fill them in what you do? Yeah? Straight bar of
the bad? Same thing anyways, come of money? His wife
share a Lufah, how did this happen? She doesn't know
it yet. That's what I heard on the show. That's
how it happens. Your fault, not our fault. You're the
one who asks him any here, it's I asked for it.
That's correct, all right, Scott Brown. Of course, as order
(02:23):
Familywealth dot Com, they're fiduciaries in town for thirty eight
plus years, providing sage advice for people to make sure
that their finances are taken care of as they move
toward retirement, or just maybe getting you a setup for
saving money and make your life a little bit better.
How you doing, buddy, I'm good. I was listening to
Ross talk about how it sucks to have Christmas for
wealthy people? Yeah? Is that? Is that the that the
(02:45):
thesis you were working on? Do you agree though a
little bit of when he's saying though, the idea of
once you start kind of accumulating the money when people
try to give you gifts, because you're able to buy
things for yourself throughout the year, it lessens the excitement
of that morning. Do you do you agree with that
at all? I think there's some truth to that. I
was gonna play Devil's advocate to say that, you know,
one of the things we're told throughout our youth, and
(03:08):
like you, I came up from humble beginnings, is that
it's not about the gifts. Right. We keep saying that, Yeah, right, yeah, right?
So I mean it could it be possible that if
you're a person of means, you focus more on the camaraderie,
the fellowship, the unity of family. Could that could that
be an offset?
Speaker 3 (03:26):
Ross it's just gonna be hard to wrap camaraderie. Yeah,
it's gonna be hard to sell that on Christmas morning.
Speaker 1 (03:33):
I will tell you what I do. This is a
true story too, Like if I was gonna get somebody
a gift, first thing i'd do. Let's say I was
gonna get Scott a gift. I know Scott enjoys a
couple of things. But Scott can also go out and
get that bottle of bourbon or that nice cigar, whatever
the case may be. I know he can do that.
I could just give him the recommendation he could go
out and buy, and I could tell him, hey, this
is a great bottle whiskey, this is a great cigar.
He could go and buy it. But what I would
do is I'd find out what your favorite band is
and I would try to find a vintage T shirt
(03:55):
from that band's concert for back in the day. It
still may cost thirty or forty dollars. You can still
find those things relatively cheap. But if I was gonna
buy for you and you were like of that situation,
I would go find you a what's that band you
like too much? I like, Yeah, I love that punk
like an old daft punk tour shirt that would be
hard to find because that's thoughtful. You're buying something for
somebody that really kind of throws them back nostalgically where
(04:16):
they can kind of relive part of that life. That's
that's something I would do. I know my wife is
doing that for her boss because her boss is a
big fan of a certain band. Well she didn't listen,
but she didn't listen work and all she does is work.
But I mean that's kind of the idea.
Speaker 3 (04:30):
You know.
Speaker 1 (04:30):
And also, consumables are always fire.
Speaker 3 (04:33):
You just said a you know, a bourbon whiskey, those
things because you're saving.
Speaker 1 (04:38):
A trip for it, let's say in a fluid.
Speaker 3 (04:41):
And Christmas cookies are doesn't have any type of class
when it comes.
Speaker 1 (04:48):
To the most social class for Cookies's.
Speaker 3 (04:51):
Show me your grandma's Christmas cookie and I'm gonna eat it.
Speaker 1 (04:55):
You know, like, yeah, get in the money.
Speaker 3 (05:00):
As crazy as hell, says my grandma made money, cookie Jack,
she got to eat.
Speaker 1 (05:10):
Let us talk about money. I'm so sorry. Scott sends
us a few things to talk about every week when
he comes in, and we have those. Now, let's start
with number one here. Bitcoin predictions were predictably awful. Yeah,
I mean, come on, Like, first of all, trying to
predict the price of bitcoin is just ludicrous to start with,
because there's it's not like you say, well, earnings this
(05:30):
year for bitcoin are going to be this, or Bitcoin's
going to come out with this new product. Therefore the
price that's stupidity. It's value is based on what somebody
else'll pay. It's just a greater fool theory. So let's
let's go through. JP Morgan predicted it. Just everybody, so
everybody's aware. Bitcoin's trading a little less than ninety thousand
right now. I think eighty seven, eighty eight thousand. JP
(05:50):
Morgan predicted it would be one hundred and seventy thousand,
and they were off just by a tad a little bit.
Robert Kaiowski I think that's how you say his name
is the rich dad, poor dad guy. He predicted three
hundred and fifty thousand. Kathy Wood of arc fame, who's
predictably awful most of the time, predicted two million dollars.
She was off by just a tad. Yeah, amazing. So
(06:13):
the point being, this is the year, this is the
time of year where we get predictions. So people are
going to predict what Y, S and P is going
to do in twenty twenty six. They're going to predict
what small gaps in global markets and bitcoin and YadA, YadA, YadA,
and they're all going to be awful at it. It's
every single year, it's the same thing. They predict things,
and they're horribly wrong in what they say is I
was right except this thing happened. I would have been
(06:34):
right had these other things that I had no control. No,
what you were was wrong. So keep that in mind
when you're listening to experts this time of year and
you say, well, so and so said the stock market's
going to do this. Therefore I'm going to act this
way just out of curiosity. Though. You know a lot
of people like this guy Kramer on what was MSNBC CNBC, Yeah, CNBC.
So he does a lot of that, Jim Kramer. You
(06:56):
know a lot of people online now do that. So
when people have success and you can see the success,
I mean Robert Kayashi a Kayakshki, I'm sorry, he had
great success with that book. Sure when you see that
and you're a you're new to this world, you know,
and you and they make these predictions, It would be
difficult not to listen to them. I mean, where else
do you turn? Then? Like if you if you're out
there and you see these people who are very successful
(07:17):
giving it vice financially, and you're saying that you know
there's a possibility they don't really know what they're doing.
Where do I go? Well, I think that's you got
to understand the motivations, right, what's in it for them?
Speaker 3 (07:26):
Right?
Speaker 1 (07:26):
Right? So Jim Kramer has a following. He's he's as
wrong or right as anybody else most of the time.
You know, if you listen to somebody and his motivation
is to keep your attention. Right, he's in the media business. Yes,
he's selling all that yelling, carrying on, honking horns, doing
you know, spinning levers, whatever he's doing. And the reality
is all he wants is your attention. No different than
(07:47):
any any channel like that. And what I would say
is he's no more right or wrong than anybody else,
somebody like Warren Buffett who doesn't care what you do.
He doesn't he doesn't benefit from you buying right and
eat the s and P. Five hundred ETF. Which he
says all that he doesn't get paid for that. He
doesn't care. If you do it, you can do it,
you cannot do it. But the reality is guessing what
an individual security will do in any given year, let
(08:09):
alone crypto is a fool's Errand I mean yeah, you
might say, well, I don't know Starlink is gonna be good.
Therefore SpaceX might do an IPO. And I think that
Tesla's got a new model coming out and they might
do Okay, those are things to talk about and consider.
But Tesla could come out with a new model and
it could flop in the stock could drop by one
hundred bucks for all un Yeah, for sure. So again,
(08:31):
people overestimate the value of prediction or investing in a year.
They want this year to be a difference maker. Yeah, yeah,
they overestimate what they can do in a year. They
underestimate what they can do in ten years. Any given year,
one out of every three years is negative. Probably let
the number of ten year periods that are negative or
(08:52):
are almost not. Yeah. Yeah, so you're better off just saying, look,
I'm going to have a diversified portfolio. I know it's boring.
I know everybody's rolling their eyes right now, But if
you have a diversified portfolio over a ten year period,
you're going to do okay if you're guessing at crypto
or you're guessing at even at individual large cap stocks
in any given year, you know, it's it's a flip
of a coin.
Speaker 3 (09:11):
Do you think people could be better off financially instead
of calendars reading one year reading ten for sure?
Speaker 1 (09:20):
Well, I think people would be better off if they
didn't get their statements mailed to them but once every
ten years.
Speaker 3 (09:24):
Yeah, because I think you just like you touched on
something that was so big. And I know you've said
it before. I've heard you say before. Is the you know,
they underestimate one year, they overestimate ten years, or sorry,
they under around, Yeah, the other way around.
Speaker 1 (09:38):
Yeah, and it's I.
Speaker 3 (09:39):
Fall guilty of it. I think everybody falls guilty of it.
We're at the end of the year January first. We
think this is going to be the year that I
turn it around, when in reality, what we could be
thinking is this is the year that I changed my
life from here on forward.
Speaker 1 (09:55):
This is going to be the this ten years? How
about this ten years? How about from twenty six to
thirty six. I'm going to save three hundred bucks a
month in my four O one k they're going to
match fifty percent of that, which is now puts me
at four hundred and fifty dollars. And if I do
that for the next twenty years and I earn seven
and a half percent, I'll probably have about eight hundred grand.
How about we do that. How about we have that
conversation because people have they have these these their goals
(10:16):
for the year, or their proclamations or I'm gonna do
this or I'm gonna do that. How about you just
design a process not for next year, but for the
next ten years. Well, that's a good way to look
at it for sure, then, right, I mean it's how
I look at it. I don't. I don't. I don't
start out every year and go, how am I going
to get rich?
Speaker 3 (10:32):
Right?
Speaker 1 (10:32):
Yai? I think, okay, what's what process am I following?
How do I need to tweak that process? And my
on goal? Am I not on goal? But I don't
rearrange everything every year? Hope. It's like taking your baseball
team and fire, you know, getting rid of everybody and
getting all new players every year, thinking okay, now we
got it. Yeah, right. Talking to Scott Brown Edgewater Ourfamilywealth.
(10:53):
That's edgewaterurfamilywealth dot com. It says here. Now, this is
something we've talked a lot about because this is getting
a lot of online action from a lot of financial advisors.
Are people that are out there telling people that it's
not necessarily a disadvantage to retire at sixty two years old.
So the second thing you hear you have here is
retire early, live longer a question mark. In other words,
does retiring early equal a longer life? The answer is yes,
(11:16):
But the question that begs asking is why? Right, because
it's kind of a chicken or the egg kind of thing. Right,
you say, well, because if you look at the statistics
that just came out, if you retired at fifty five,
your average lifespan was to eighty three. If you retired
at sixty, your average lifespan was to seventy eight and
a half. If you retired at sixty five, your average
lifespan was short of seventy damn real ull huh Right,
(11:37):
that's what I said. So the question that begs asking
is why why does retiring earlier? And then so again,
is it a to chicken or the egg? Did you
retire early? Remove stress, you slept better, you have a
less cardiovascular disease. Because you have less stress, your blood
pressure goes down. Is that the reason that you live longer?
(11:57):
Or is it that people who retire early are more
mentally stable, they have better health to begin with, Maybe
they're wealthier, they're better planners. So if they're wealthier, we
know that wealthy people have better health outcomes, They have
better doctors, they have more preventive medicine. So again, if
we say to ourselves, what if you retire early, you
live longer. But the question you have to ask is
(12:18):
why why? Yeah? Yeah, And I don't really know the
answer to that. I suspect people who retire early are
probably slightly better planners. More mentally, their mental health is better,
and their physical health is well. You deal with people
who retire all the time. Matter of fact, that's kind
of your gig. Do you see that in your place?
Do you see the people who retire and that's sixty,
right at sixty or between fifty five and sixty, or
maybe at sixty two, that first era of getting your
(12:40):
social security? Do you find that people are happier? Do
you find that they live longer? Do you see it
in their lives. I think that's probably true. I would
say my guess would be that's true. And I'm thinking
it through in that I've had people retire early and
that didn't go well, and because they kind of maybe
were forced into that retirement. But people who do the
(13:00):
planning the gal that says, you know, I've been saving
this long. I knew I wanted to retire at sixty.
I knew I wanted to travel, I knew I wanted
to join the Peace Corps. I knew I wanted to
do this, that or the other. Those are planning people,
And I think planning people, on average have again better
mental health, they have better physical health, maybe they exercise more.
(13:20):
I think there's more to it than just retire early,
live longer, Right, There's more details that we need to understand. Yeah,
it's interesting though, I see that a lot online, a
lot of dudes out there who are in the financial
space are really taking a lot of questions and doing
a lot of content on that whole retiring at sixty
two and pulling your Social Security year one and really
(13:44):
diving into a lot of the stuff that you just
said on top of some of the financial stuff, but
also saying that, I would say. Also, the job you're
retiring from probably makes a giant difference, right, I mean
you're a retirement I mean, we could both retire if
we wanted to, but we don't. We both have really
fun jobs that we enjoy a lot, So I think
that also kind of comes into play. I mean, you
can work with seventy five years old if you like
what you're doing. I mean you look at like Keith
Richards just said today, I guess they had to cancel
(14:05):
some of the Stones tours because he doesn't know if
he could make it to the tour. He's eighty two, Yeah,
eighty two years old, and he looked eighty two at
twenty five, So that's but yeah, yeah, I think I
think that there's some fairness to that. What we're looking
at in the financial services and at least myself personally
as I've passed sixty now, is I'm starting to look
at the utility of working longer and having more money, right,
(14:27):
Is there really any utility? At some points? At some
point you got to say I have enough. I'm probably
not gonna outlive this money. I'm not suddenly going to
change my lifestyle and drive a Bentley right. I like
my lifestyle. I like to play golf once a week.
I like to go fishing once a week. I like
to hunt whatever is. But I'm not going to the
taj Mahal. I'm not eating out every night. I don't
go to Roos Chris every single night. I don't need
(14:48):
instead of having a million, I don't need three million,
right right. I need to keep working for that purpose.
And I think to the reason the sixty two thing
with social securities catching so much traction is I think
people have realized that, aside from Keith Richards, between the
AA up to the age of about seventy five, on average,
people are active. Their health is pretty stable. They can
(15:09):
go to Europe, they can do the kayaking, they can
do the hike, they can do those things. But once
you get past seventy five, things become a little bit
more questionable. And what is the utility in working to
seventy right when you're cutting off maybe five of those
really productive, enjoyable years. Talking to Scott Brown edgeward or
Family Wealth, that's edgewordarfamilywealth dot com. We'll give you some
more information about that in the second. He's got a
(15:29):
couple books you can download for free. Plus you can
also make a consultation right there and talk to these
guys about where your finances are headed as well. Let's
ended up with this whole idea of how one becomes
a financial advisor. How can somebody do what you do well?
Or why would they even do that? Yeah, that's a
good question. I asked myself that quite frequently. Really, I
(15:50):
think the point is that
Day.
Speaker 2 (00:03):
How's it o'hannah? All right, yep, just a little bit
behind on YouTube. But Broda Jim, you know everybody cuts
you slack when you started to use a dirty toilet
brush on your back, even sent you a clean one. However,
sharing aloofah with your partner wife, that's unacceptable, bro.
Speaker 1 (00:24):
My wife.
Speaker 2 (00:26):
Sam says, No, I love you guys alone.
Speaker 1 (00:29):
Anybody don't you? Hello Princeville Allen got him? All right,
welcome back to me. It's contagious Coldberg Show, Real Radio
one ozer four point one. I'm Jiminer's deb Hello. Jack
Ross is here as well. That's true everybody around this time,
we invite this gentleman to drop by and talk about
how he can make your financial life a little better.
(00:50):
Let's do its only money, o.
Speaker 2 (00:53):
People passionate about planning for the future.
Speaker 1 (00:56):
Bras above, investment, miss to build. Isn't that really just
common sense financial advice? Oh okay, it's all with your money.
Speaker 2 (01:10):
Wiscott Browns on the edge family, everybody's Brown's got brown.
Speaker 1 (01:19):
Before we do one thing in regards to finances, I'm
gonna ask you a very simple question. Got to turn
his MinC on there? Check check, check all right, very
simple question. Yea, when you bathe? Oh god, oh jeez.
Oh no, Then when you bathe, I'm supposed to bathe.
Stop when you shower, bathe? When you clean your body?
(01:41):
What implement do you use to do? I hate this question.
That's a that's a trick question. No, it's not a
trick question. It's a simple question. It's do you use
a washcloth or not? And then you get the judgment. Well,
there's a loofah washcloth or like deb doest she straight
bar to the bod. Yeah, I'm mostly bar to the bod.
That's all I'm gonna say. Okay, Jimmy, you want to
(02:01):
fill them in what you do? Yeah? Straight bar of
the bad? Same thing anyways, come of money? His wife
share a Lufah, how did this happen? She doesn't know
it yet. That's what I heard on the show. That's
how it happens. Your fault, not our fault. You're the
one who asks him any here, it's I asked for it.
That's correct, all right, Scott Brown. Of course, as order
(02:23):
Familywealth dot Com, they're fiduciaries in town for thirty eight
plus years, providing sage advice for people to make sure
that their finances are taken care of as they move
toward retirement, or just maybe getting you a setup for
saving money and make your life a little bit better.
How you doing, buddy, I'm good. I was listening to
Ross talk about how it sucks to have Christmas for
wealthy people? Yeah? Is that? Is that the that the
(02:45):
thesis you were working on? Do you agree though a
little bit of when he's saying though, the idea of
once you start kind of accumulating the money when people
try to give you gifts, because you're able to buy
things for yourself throughout the year, it lessens the excitement
of that morning. Do you do you agree with that
at all? I think there's some truth to that. I
was gonna play Devil's advocate to say that, you know,
one of the things we're told throughout our youth, and
(03:08):
like you, I came up from humble beginnings, is that
it's not about the gifts. Right. We keep saying that, Yeah, right, yeah, right?
So I mean it could it be possible that if
you're a person of means, you focus more on the camaraderie,
the fellowship, the unity of family. Could that could that
be an offset?
Speaker 3 (03:26):
Ross it's just gonna be hard to wrap camaraderie. Yeah,
it's gonna be hard to sell that on Christmas morning.
Speaker 1 (03:33):
I will tell you what I do. This is a
true story too, Like if I was gonna get somebody
a gift, first thing i'd do. Let's say I was
gonna get Scott a gift. I know Scott enjoys a
couple of things. But Scott can also go out and
get that bottle of bourbon or that nice cigar, whatever
the case may be. I know he can do that.
I could just give him the recommendation he could go
out and buy, and I could tell him, hey, this
is a great bottle whiskey, this is a great cigar.
He could go and buy it. But what I would
do is I'd find out what your favorite band is
and I would try to find a vintage T shirt
(03:55):
from that band's concert for back in the day. It
still may cost thirty or forty dollars. You can still
find those things relatively cheap. But if I was gonna
buy for you and you were like of that situation,
I would go find you a what's that band you
like too much? I like, Yeah, I love that punk
like an old daft punk tour shirt that would be
hard to find because that's thoughtful. You're buying something for
somebody that really kind of throws them back nostalgically where
(04:16):
they can kind of relive part of that life. That's
that's something I would do. I know my wife is
doing that for her boss because her boss is a
big fan of a certain band. Well she didn't listen,
but she didn't listen work and all she does is work.
But I mean that's kind of the idea.
Speaker 3 (04:30):
You know.
Speaker 1 (04:30):
And also, consumables are always fire.
Speaker 3 (04:33):
You just said a you know, a bourbon whiskey, those
things because you're saving.
Speaker 1 (04:38):
A trip for it, let's say in a fluid.
Speaker 3 (04:41):
And Christmas cookies are doesn't have any type of class
when it comes.
Speaker 1 (04:48):
To the most social class for Cookies's.
Speaker 3 (04:51):
Show me your grandma's Christmas cookie and I'm gonna eat it.
Speaker 1 (04:55):
You know, like, yeah, get in the money.
Speaker 3 (05:00):
As crazy as hell, says my grandma made money, cookie Jack,
she got to eat.
Speaker 1 (05:10):
Let us talk about money. I'm so sorry. Scott sends
us a few things to talk about every week when
he comes in, and we have those. Now, let's start
with number one here. Bitcoin predictions were predictably awful. Yeah,
I mean, come on, Like, first of all, trying to
predict the price of bitcoin is just ludicrous to start with,
because there's it's not like you say, well, earnings this
(05:30):
year for bitcoin are going to be this, or Bitcoin's
going to come out with this new product. Therefore the
price that's stupidity. It's value is based on what somebody
else'll pay. It's just a greater fool theory. So let's
let's go through. JP Morgan predicted it. Just everybody, so
everybody's aware. Bitcoin's trading a little less than ninety thousand
right now. I think eighty seven, eighty eight thousand. JP
(05:50):
Morgan predicted it would be one hundred and seventy thousand,
and they were off just by a tad a little bit.
Robert Kaiowski I think that's how you say his name
is the rich dad, poor dad guy. He predicted three
hundred and fifty thousand. Kathy Wood of arc fame, who's
predictably awful most of the time, predicted two million dollars.
She was off by just a tad. Yeah, amazing. So
(06:13):
the point being, this is the year, this is the
time of year where we get predictions. So people are
going to predict what Y, S and P is going
to do in twenty twenty six. They're going to predict
what small gaps in global markets and bitcoin and YadA, YadA, YadA,
and they're all going to be awful at it. It's
every single year, it's the same thing. They predict things,
and they're horribly wrong in what they say is I
was right except this thing happened. I would have been
(06:34):
right had these other things that I had no control. No,
what you were was wrong. So keep that in mind
when you're listening to experts this time of year and
you say, well, so and so said the stock market's
going to do this. Therefore I'm going to act this
way just out of curiosity. Though. You know a lot
of people like this guy Kramer on what was MSNBC CNBC, Yeah, CNBC.
So he does a lot of that, Jim Kramer. You
(06:56):
know a lot of people online now do that. So
when people have success and you can see the success,
I mean Robert Kayashi a Kayakshki, I'm sorry, he had
great success with that book. Sure when you see that
and you're a you're new to this world, you know,
and you and they make these predictions, It would be
difficult not to listen to them. I mean, where else
do you turn? Then? Like if you if you're out
there and you see these people who are very successful
(07:17):
giving it vice financially, and you're saying that you know
there's a possibility they don't really know what they're doing.
Where do I go? Well, I think that's you got
to understand the motivations, right, what's in it for them?
Speaker 3 (07:26):
Right?
Speaker 1 (07:26):
Right? So Jim Kramer has a following. He's he's as
wrong or right as anybody else most of the time.
You know, if you listen to somebody and his motivation
is to keep your attention. Right, he's in the media business. Yes,
he's selling all that yelling, carrying on, honking horns, doing
you know, spinning levers, whatever he's doing. And the reality
is all he wants is your attention. No different than
(07:47):
any any channel like that. And what I would say
is he's no more right or wrong than anybody else,
somebody like Warren Buffett who doesn't care what you do.
He doesn't he doesn't benefit from you buying right and
eat the s and P. Five hundred ETF. Which he
says all that he doesn't get paid for that. He
doesn't care. If you do it, you can do it,
you cannot do it. But the reality is guessing what
an individual security will do in any given year, let
(08:09):
alone crypto is a fool's Errand I mean yeah, you
might say, well, I don't know Starlink is gonna be good.
Therefore SpaceX might do an IPO. And I think that
Tesla's got a new model coming out and they might
do Okay, those are things to talk about and consider.
But Tesla could come out with a new model and
it could flop in the stock could drop by one
hundred bucks for all un Yeah, for sure. So again,
(08:31):
people overestimate the value of prediction or investing in a year.
They want this year to be a difference maker. Yeah, yeah,
they overestimate what they can do in a year. They
underestimate what they can do in ten years. Any given year,
one out of every three years is negative. Probably let
the number of ten year periods that are negative or
(08:52):
are almost not. Yeah. Yeah, so you're better off just saying, look,
I'm going to have a diversified portfolio. I know it's boring.
I know everybody's rolling their eyes right now, But if
you have a diversified portfolio over a ten year period,
you're going to do okay if you're guessing at crypto
or you're guessing at even at individual large cap stocks
in any given year, you know, it's it's a flip
of a coin.
Speaker 3 (09:11):
Do you think people could be better off financially instead
of calendars reading one year reading ten for sure?
Speaker 1 (09:20):
Well, I think people would be better off if they
didn't get their statements mailed to them but once every
ten years.
Speaker 3 (09:24):
Yeah, because I think you just like you touched on
something that was so big. And I know you've said
it before. I've heard you say before. Is the you know,
they underestimate one year, they overestimate ten years, or sorry,
they under around, Yeah, the other way around.
Speaker 1 (09:38):
Yeah, and it's I.
Speaker 3 (09:39):
Fall guilty of it. I think everybody falls guilty of it.
We're at the end of the year January first. We
think this is going to be the year that I
turn it around, when in reality, what we could be
thinking is this is the year that I changed my
life from here on forward.
Speaker 1 (09:55):
This is going to be the this ten years? How
about this ten years? How about from twenty six to
thirty six. I'm going to save three hundred bucks a
month in my four O one k they're going to
match fifty percent of that, which is now puts me
at four hundred and fifty dollars. And if I do
that for the next twenty years and I earn seven
and a half percent, I'll probably have about eight hundred grand.
How about we do that. How about we have that
conversation because people have they have these these their goals
(10:16):
for the year, or their proclamations or I'm gonna do
this or I'm gonna do that. How about you just
design a process not for next year, but for the
next ten years. Well, that's a good way to look
at it for sure, then, right, I mean it's how
I look at it. I don't. I don't. I don't
start out every year and go, how am I going
to get rich?
Speaker 3 (10:32):
Right?
Speaker 1 (10:32):
Yai? I think, okay, what's what process am I following?
How do I need to tweak that process? And my
on goal? Am I not on goal? But I don't
rearrange everything every year? Hope. It's like taking your baseball
team and fire, you know, getting rid of everybody and
getting all new players every year, thinking okay, now we
got it. Yeah, right. Talking to Scott Brown Edgewater Ourfamilywealth.
(10:53):
That's edgewaterurfamilywealth dot com. It says here. Now, this is
something we've talked a lot about because this is getting
a lot of online action from a lot of financial advisors.
Are people that are out there telling people that it's
not necessarily a disadvantage to retire at sixty two years old.
So the second thing you hear you have here is
retire early, live longer a question mark. In other words,
does retiring early equal a longer life? The answer is yes,
(11:16):
But the question that begs asking is why? Right, because
it's kind of a chicken or the egg kind of thing. Right,
you say, well, because if you look at the statistics
that just came out, if you retired at fifty five,
your average lifespan was to eighty three. If you retired
at sixty, your average lifespan was to seventy eight and
a half. If you retired at sixty five, your average
lifespan was short of seventy damn real ull huh Right,
(11:37):
that's what I said. So the question that begs asking
is why why does retiring earlier? And then so again,
is it a to chicken or the egg? Did you
retire early? Remove stress, you slept better, you have a
less cardiovascular disease. Because you have less stress, your blood
pressure goes down. Is that the reason that you live longer?
(11:57):
Or is it that people who retire early are more
mentally stable, they have better health to begin with, Maybe
they're wealthier, they're better planners. So if they're wealthier, we
know that wealthy people have better health outcomes, They have
better doctors, they have more preventive medicine. So again, if
we say to ourselves, what if you retire early, you
live longer. But the question you have to ask is
(12:18):
why why? Yeah? Yeah, And I don't really know the
answer to that. I suspect people who retire early are
probably slightly better planners. More mentally, their mental health is better,
and their physical health is well. You deal with people
who retire all the time. Matter of fact, that's kind
of your gig. Do you see that in your place?
Do you see the people who retire and that's sixty,
right at sixty or between fifty five and sixty, or
maybe at sixty two, that first era of getting your
(12:40):
social security? Do you find that people are happier? Do
you find that they live longer? Do you see it
in their lives. I think that's probably true. I would
say my guess would be that's true. And I'm thinking
it through in that I've had people retire early and
that didn't go well, and because they kind of maybe
were forced into that retirement. But people who do the
(13:00):
planning the gal that says, you know, I've been saving
this long. I knew I wanted to retire at sixty.
I knew I wanted to travel, I knew I wanted
to join the Peace Corps. I knew I wanted to
do this, that or the other. Those are planning people,
And I think planning people, on average have again better
mental health, they have better physical health, maybe they exercise more.
(13:20):
I think there's more to it than just retire early,
live longer, Right, There's more details that we need to understand. Yeah,
it's interesting though, I see that a lot online, a
lot of dudes out there who are in the financial
space are really taking a lot of questions and doing
a lot of content on that whole retiring at sixty
two and pulling your Social Security year one and really
(13:44):
diving into a lot of the stuff that you just
said on top of some of the financial stuff, but
also saying that, I would say. Also, the job you're
retiring from probably makes a giant difference, right, I mean
you're a retirement I mean, we could both retire if
we wanted to, but we don't. We both have really
fun jobs that we enjoy a lot, So I think
that also kind of comes into play. I mean, you
can work with seventy five years old if you like
what you're doing. I mean you look at like Keith
Richards just said today, I guess they had to cancel
(14:05):
some of the Stones tours because he doesn't know if
he could make it to the tour. He's eighty two, Yeah,
eighty two years old, and he looked eighty two at
twenty five, So that's but yeah, yeah, I think I
think that there's some fairness to that. What we're looking
at in the financial services and at least myself personally
as I've passed sixty now, is I'm starting to look
at the utility of working longer and having more money, right,
(14:27):
Is there really any utility? At some points? At some
point you got to say I have enough. I'm probably
not gonna outlive this money. I'm not suddenly going to
change my lifestyle and drive a Bentley right. I like
my lifestyle. I like to play golf once a week.
I like to go fishing once a week. I like
to hunt whatever is. But I'm not going to the
taj Mahal. I'm not eating out every night. I don't
go to Roos Chris every single night. I don't need
(14:48):
instead of having a million, I don't need three million,
right right. I need to keep working for that purpose.
And I think to the reason the sixty two thing
with social securities catching so much traction is I think
people have realized that, aside from Keith Richards, between the
AA up to the age of about seventy five, on average,
people are active. Their health is pretty stable. They can
(15:09):
go to Europe, they can do the kayaking, they can
do the hike, they can do those things. But once
you get past seventy five, things become a little bit
more questionable. And what is the utility in working to
seventy right when you're cutting off maybe five of those
really productive, enjoyable years. Talking to Scott Brown edgeward or
Family Wealth, that's edgewordarfamilywealth dot com. We'll give you some
more information about that in the second. He's got a
(15:29):
couple books you can download for free. Plus you can
also make a consultation right there and talk to these
guys about where your finances are headed as well. Let's
ended up with this whole idea of how one becomes
a financial advisor. How can somebody do what you do well?
Or why would they even do that? Yeah, that's a
good question. I asked myself that quite frequently. Really, I
(15:50):
think the point is that
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