July 9, 2025 • 58 mins
What if retirement planning didn't have to feel like gambling with your future? What if you could build a strategy that actually works for business owners who understand cash flow better than anyone?
In this powerful live episode, Brandon and Amanda team up with Mark Willis, CFP®, Evan Greathouse, and Kristi Duncan to challenge everything you think you know about "safe" retirement planning.
We're not talking about another cookie-cutter approach designed for employees with steady paychecks. This is about building what we call "the all-weather portfolio" – a three-part system that protects you from market crashes, inflation, and the seven overlooked assumptions that derail most retirement plans.
Whether you're 35 or 55, if you've ever wondered whether your current retirement strategy actually matches how you live and run your business, this episode will give you clarity. We break down the math, share real examples, and show you why adding more "ART" to your portfolio might be the missing piece you've been looking for.
Key Quote: "Most people have too little in the certainty portion of their portfolio. They're planning with probability when they should be planning with certainty."
🎧 What You'll Discover:
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The 7 hidden assumptions that could derail your retirement (and how to protect against them)
-
Why the "all-weather portfolio" beats traditional diversification
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The three crucial parts every business owner needs in their retirement strategy
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How to build predictable income streams that don't depend on market performance
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Real examples of how this strategy works in practice
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Why whole life insurance might be the most misunderstood wealth-building tool
This isn't theory – it's a practical roadmap for business owners who want retirement security without the sleepless nights.
Ready to stop hoping the market cooperates with your retirement timeline and start building real financial security?
00:00 Welcome and Introduction
00:19 Today's Speakers and Topics
03:53 Retirement Number Discussion
05:09 Overlooked Assumptions in Retirement Planning
12:00 Inflation: The Silent Wealth Killer
15:48 The Impact of Fees on Retirement
18:57 Sequence of Returns Risk
21:29 Long-Term Care Costs
25:30 True Diversification Explained
29:22 Living Well in Older Years
30:07 The Impact of Poor Health on Retirement Costs
30:37 Financial Planning for Longevity
34:53 The All-Weather Portfolio
39:21 Access, Risk, and Tax Advantages
51:27 Starting a New Retirement Plan Later in Life
55:06 Conclusion and Next Steps
Watch on YouTube: https://youtu.be/UYQgopqOA5Q
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Welcome, welcome to our, uh, live today.
We try to do these at least quarterly.
Um, we will jump in here in a second.
I know we'll have some people,um, joining us live here.
Um, just getting us settled in, doingsome mic checks, um, all the things.
Um, today we are gonnabe hearing from myself.
(00:22):
Uh, Brandon Neely, ChristieDuncan, Mark Willis, and Ben
Berry in no particular order.
Um, and we're gonna be coveringthis topic of retiring without risk
and a three part Safe Money plan.
Little bit of what we'regoing to go over today.
Um, three things we're gonna talkabout seven overlooked assumptions
(00:47):
when getting your retirement number.
Talking about three keyparts of your portfolio.
And then three crucial elementsfor your retirement income.
I'll probably go over that againas people are joining live here.
So I'll go back to the beginning.
Yeah.
So, uh, this is fun.
We love doing these kind of things,um, because, uh, as people come
(01:08):
into our world, they think bankingyourself, I've never heard of it.
Uh, are you the only personthat does this in, in the world?
And, and oftentimes we're like,no, you know, there's other people.
Well, why we wanted to create thiskind of environment is to be able
to say, yeah, actually there's otherpeople and we hang out with them.
(01:28):
Um, and we do live videos and all of that.
So, um, as you can see, for me, you haveAmanda on the right, left, whatever.
Um.
Um, we are like literallyjoined at the hip pretty much.
Um, kind of married and then Christie,then we have Ben and Mark, uh, as well.
(01:49):
So, um, thank you guys for beinga part of this group and, um, I'm
excited for what we're gonna do today.
And if you guys are here,put in the comments we want,
we wanted to hear from you.
We want you guys to ask questions.
You, you have a bunch of, uh, bankingyourself professionals right here,
(02:10):
uh, who know, not just about bankingyourself, but the financial layouts.
And so we'd love to help any way we can.
So comment.
Okay.
Um, I'm, I'm going to, it looks like we'vegot a bunch of people joining live here.
I'm about to like, officially kick us off.
Anything else anyone elsewant to add before we jump in?
Uh, just that this impacts every singleperson watching this and the hundreds
(02:33):
of millions more that aren't yet.
So share this with a friend.
Uh, if it's important to you, it'svery likely important to the people
that you care about the most.
So let's be their hero today.
All it takes is hitting the sharebutton and give it to one or or a
hundred other people that you know,uh, because, uh, if you could drive
from your house to grandma's house.
(02:54):
Without taking unnecessary risks, whywould you, you know, if you're not 18
years old and love the thrill of jumpingoff the trampoline and through the
inter tube in the back backyard pool,if that's not your idea of like a normal
way to get to, to grandma's house, ifyou'd rather just drive safely, you can
get there safely, then why not do thesame with something like your money?
(03:15):
So that's my big request, is thatdon't just keep this a secret.
Pass this on to someone who youknow needs to hear about this today.
I. Yeah.
Great.
That's a great reminder, mark.
Yeah.
Um, not too late or too early to share theshare button or to use the share button.
Uh, invite them to join us live orif you're watching the recording.
Thanks for being here.
Um, you can share the recording too.
(03:36):
That's perfect.
Okay.
I'm gonna go back tosharing my screen here.
And there we go.
Now Mark is gone.
I guess.
Mark, you'll just be like, Ithink it only shows four people
on the side, unfortunately.
That's okay.
Mark.
Mark will be like God in heaven.
Okay, so, uh, basically whatwe're gonna talk about is what if
(03:57):
your retirement number is wrong?
We asked you if you saw thepromo for this to come with a
retirement number, and we're goingto talk a little bit about that.
I'd love to know if you have a number inmind, whether it's a. Static number, like
an X dollar amount or whether it's likea formula like um, x times my income.
(04:20):
Um, let us know that in the chat.
Um, the.
A lot of, um, the retirement focus isto, you know, accumulating that number.
Um, you know, and it stops at age65 as if that's the finish line.
But as, um, lots of people Iknow that are over 65 have told
me that is not the finish line.
(04:41):
It's actually a starting line forjust a whole new phase of life.
And if we don't know, um, what we don'tknow, we make lots of assumptions that can
seriously change how we live Those last.
Few decades, several decades of our lives.
Um, so come with that number.
Put it in the chat.
If you feel comfortable sharing, you don'twanna share, at least have it in mind.
How do you think about whatis my retirement number?
(05:05):
Or if you wanna call it yourfinancial freedom number.
Um, have that in mind.
And then we're going to go throughthe, um, seven overlooked assumptions
to when getting your retirement numberthat you might wanna add to or change
about that number that you have in mind.
Before we get going here, we'll havethree parts of how you build that number.
(05:25):
Um, you know, so after you getthose assumptions in, what are the
three parts, not just one part,but at least three the key parts.
There could be more parts, but theseare the three essential ones we believe,
and then three crucial elements forthe part that's gonna give you income.
Not all of it's for income, but the partthat is gonna give you income, three
elements that you want for that income.
(05:48):
So before we move forward, that's whatwe're gonna discuss today, but um, we're
gonna talk about the problem a little bit.
Um, I see a couple, uh, 2.4 million17, um, um, coming in here in the chat.
Um, how about, uh, you guys joining us?
How do, how have you heard otherpeople describe their freedom
(06:08):
number or their retirement number?
Yeah, I, I actually wrote those numbersbecause I've heard people say, uh,
well it's 2.4 when I get to that.
Or other people, um, sayinga lower number, um, your
yours is a little different.
So that's why I just put 17.
Uh, and, and so that's, um, where Ihear a lot of people saying, when I
(06:33):
get to this thing, then I'll be good.
Uh, and so that.
Freedom number.
People talk about this all thetime, um, in the financial world,
um, quote unquote freedom firemovement or whatever we call it.
Yeah.
What other ways have you all heardabout people talk about their freedom
(06:56):
number or their retirement number?
A lot of times my clients like tospeak about it in a monthly term.
You know, I want, I, if I havethis much per month, I'm good.
Um, you know, they're comfortablewith that certain number.
Um, a a lot of times I speak withclients that don't, they haven't
thought much past that, or, you know,that might be the first time they're
even, you know, talking to me about it.
(07:17):
That's the first time they've eventhought about that number, so, mm-hmm.
Yeah, that's so true.
I think, um, hope my voice isn't tooechoey in here, but I think people
say, well if I'm, if I'm makingwhat I'm making now, maybe even less
because I won't have my mortgageto pay off, I think I'll be fine.
You know, so, um, their, theirfreedom number is like, if I can
(07:40):
just basically maintain what I'vegot now in the future, I'll be okay.
Yeah.
How about you, mark?
Anything you'd add?
You know, I, I think the biggest pieceis just what does that number do for you?
Mm-hmm.
What does it help you accomplish?
You know, uh, so what if you've got1 million or 10 million unless you
know what it's going to actuallyconvert into in terms of the lifestyle
(08:03):
you wanna live, brings us to a lotof other interesting questions.
Like, well, you know,where should our money go?
So it does what we want it to do for us.
And, and another important question is.
If you could reach your goal withouthaving to work quite as hard,
would that be acceptable to you?
You know, if I could use a chainsawto cut down the tree rather than
(08:23):
a a, a spoon, would I preferthe chainsaw versus the spoon?
If it was gonna lead to the sameresults of a chopped down tree?
You know, sometimes we chase aftera big goal, like a big fun number,
freedom number without really saying,well, what's the ultimate outcome?
(08:43):
Yeah, I. Yeah.
What is, what is a a hundredmillion dollars worth if we're
unhappy or if we're stressed Right.
Or struggling.
Right?
Absolutely.
Or, yeah, or, or let's say we havea hundred million, but it's in stuff
that can't convert to spendable cash.
Like let's say it's all tied up inBitcoin that we never plan to sell.
Mm-hmm.
You know, it's not exactly a valuableasset to us if we never planned
(09:05):
to Val benefit from it, whatever.
Um, so the, you're right, there's,there's the whole like esoteric
side of finance, which is.
You know, you're really not benefitedwhen you have, you know, a, a, a a hundred
million dollars and no one loves you.
But on the other side of things, uh, ifyour money is in something that's totally
(09:26):
illiquid, does it really accomplishwhat you're trying to accomplish?
Yeah.
Um, going back to Christie, I know,I think, I think of what she shared
as, um, people in real estate.
They often get that monthlypassive income and they think,
okay, that's my freedom number.
But then they forget about allthe, the teas of real estate that
they still have to deal with.
(09:47):
And they're, you know, they might not belocked up in Bitcoin, but their, their
cashflow is locked up in this place wherethey actually have to keep working and
they're, um, trapped by the real estatethat they have, not just another example.
Um, okay.
So I really want, um, I see there's peoplewatching us, uh, uh, quite a bit of you.
(10:08):
I really want you to par,participate in the chat.
Let us know if you'reready to move forward.
Um, just a quick yes or a why.
Um, we wanna know that you'rehere, that you're actively
engaged, you're not just, you know,listen to this in the background.
Um.
Uh, would love to know that you're here.
Say yes.
Say, um, watching.
Give me a why.
(10:30):
Um, it could be too that thechat is disabled or something.
Um, hopefully not.
Hmm.
We'll keep going.
Um,
oh my goodness.
Okay.
I got some yeses.
Here we go.
Um.
So we kind of, um, highlighted thisproblem already that, you know, most
(10:53):
advisors, most planning focuses to age 65.
When, what happens after 65 or 62 or70 or 55 or whatever age you wanna
put into that number, retirement.
And there's a lot that can be in there.
Um, it can also look like alot of different things for
a lot of different people.
So, um, we what, like we shared, we'retalking about the seven assumptions that
(11:15):
are often overlooked regardless of whatnumber you'd put in there or how you'd
define the word retirement, even if you.
Don't ever plan to retire.
Um, statistics show that about half ofpeople, um, who are retired, are forced
into retirement either by their inabilityto work, um, they got laid off their own
health, you know, something like that.
Or the health of a loved one thatthey choose not to work to care
(11:38):
for someone else so they don'tplan to retirement, to retire.
You could be forced to, and infact, we see that happen a lot.
So come, um, into that, thisconversation with that in mind.
And we'll start going throughthe overlooked assumptions.
Um, I'll put these up here one byone, give some space for each person
to talk about them a little bit, andwe'll see where we go from there.
(11:59):
So.
The first overlooked assumption in alot of people's retirement planning
and freedom number is a big one.
Inflation.
Who wants to, uh, say a couplewords about inflation here?
Um, I think that's something thatwell, we're all experiencing right now
and we didn't think we were gonna beexperiencing three or four years ago.
(12:21):
Uh, and it was one of those wordsthat, uh, it's not gonna happen.
And now it is.
And so, um, that is becoming veryaware to us, um, of inflation.
I think, you know, we, we didn't reallythink it was a big deal as gas prices
went up, but now it's everything going up.
(12:42):
So, um, that's a huge assumption.
2.4 million doesn't last.
If, if, uh, bread costs 2.4 million.
You know, it's, um, it's, it's theworst, most insidious tax because
no politician has to vote for it.
So they love it and ithurts the poor the worst.
(13:06):
So it's the worst kind ofregressive tax I can imagine.
Uh, and even though inflationofficially anyway has cooled on
a broad basis, there's still alot of, uh, inflation out there.
What I've noticed is we didn't goback to the pre inflation levels.
You know, we didn't have deflation.
We just are slowing the rate of ourcontinual erosion, of the value of our
(13:28):
dollar, and I don't imagine anyone isgonna have the stomach to have the, I
mean, we had deflation after the CivilWar and right up through about nineteen
ten, nineteen twenty, or the, theycall it the Gilded Age for that reason.
And, and for other reasons.
Um, and that was maybe the, the largestincrease in the standard of living for
Americans and really the world that Ithink we've ever seen as a human race.
(13:51):
That section of time between the CivilWar and like 19, let's say, the first
World war, uh, that's, that was a periodof lowering prices, uh, which would be
seen as sort of like the disaster to endall disasters, to have lowering prices.
God forbid that we have lowering prices.
Um, and yet it was considered alsothe golden age, so, or the Gilded Age.
(14:12):
So I'd be curious, like, I want toknow why is it so wrong to have level
prices or even better lowering prices.
We sure have it with our computers.
We sure have it with our washingmachines, you know, um, why
not with everything else too.
Yeah.
Uh, that's a great point.
Um, just highlighting on the fact thatyeah, it's really, it's like a hidden tax.
(14:34):
Um.
You know, they call it likethe silent wealth killer.
Uh, you, you don't realize, you don't, um,see it coming and, um, slowly, yeah, your
dollar is worth less and less each year.
Yeah.
So here's an example too.
So just to illustrate like if, if therewas a consistent 4% inflation rate, so
an individual that, um, required $50,000.
(14:59):
Um, per year today would needthe equivalent of 162,000 $170
in 30 years to maintain that,that same standard of living.
Um, that's, that's huge.
That is a, that is a huge gap just becauseof that, that 4% inflation over time.
(15:19):
Yeah.
And um, such a great point everybody.
And the thing we forget aboutinflation is that a 2% inflation
today is much less than a 2%inflation after many years of 2%.
'cause that's a compounding effectthat, um, that works against us.
So, uh, we have to bevery cautious about that.
(15:40):
Um, let's go ahead to the next one.
We might come back andtalk more about inflation.
If you've got questions, thoughtsabout it for the audience, please
share that in the chat too.
The next one is fees.
Now this is one of themost misunderstood part.
Nobody ever thinks they're paying fees.
They have a hard time finding their fees.
What would we reveal?
You know, Kyle pulling back the curtainabout the fees and how they wreck
(16:02):
someone's financial freedom number.
So since that was just throwingout some numbers, I'm gonna throw
out a few more numbers, Amanda.
Yay.
Um, so, and this comes fromthe Department of Labor, okay?
Um, so the Department of Labor says.
Themselves say that fees canreally have a dramatic effect.
Even a mere 1% difference in fees andexpenses could reduce someone's, uh,
(16:29):
account balance by 28% over a 35 yearperiod, which is just, that is so huge.
That's you're almost taking a 30,you know, a third of a, of the chunk
of your retirement just in fees.
Um, in fact, I, I did find a nice little.
Um, thing that people can look up online.
(16:51):
Um, you can just Google 10 majorretirement costs, uh, overlooked.
This is through the DepartUS Department of Labor.
It's just, it's veryeasy to find out there.
Um, I think it's very, and this, they'retalking about, this particular thing
I'm talking about is about 401k fees.
Um, so right there on the Departmentof Labor, there's telling you,
(17:11):
Hey, you need to look out.
Most people, like you're saying,most people don't even think
about the dramatic impact of fees.
So they're saying, you need to understandthis before you get into that 401k.
You need to understand thedramatic impact, uh, of these fees.
So, and those are coming out whetheryou gain or whether you lose each year.
(17:31):
Yeah, so true.
Christie, that's a big part there like.
Is it, does it make anyone elseangry that the only person with
the guarantee in your 401k is theone taking a fee off of your back?
And does it make you mad that theonly person taking the risk is the
one who doesn't have that guarantee?
IE you?
You in this case, to me,that, that makes me angry.
(17:54):
Uh, and it destroys compounding.
You know, and it, it sure incentivizes theinvestment guru or advisor to continuously
keep you in something that, uh, mayor may not be in your best interest.
Yeah.
Okay.
Um, we're, I think we could probably talkabout fees more, but I'm gonna keep us
moving here 'cause we've got seven ofthese to cover and then get better and
(18:16):
better juice here and juice year as we go.
Um, one maybe thing thatI will add here, um.
You know how like people get reallymad about the like Ticketmaster.
Uh, fees that they see or when they,you know, book, you know, something
online, you know, for travel.
And then they see all the feesthat are added on at the end.
Those are called junk fees.
(18:36):
And we actually, we finallysee them on the receipt.
Um, if there's any lawmakers watching,um, can we, can we please have the fees
of, um, investment accounts and 4 0 1ks and those kind of things disclosed.
More so upfront, not hidden inthe fine print and on a receipt
or much more clear to see.
That would be amazing.
Okay.
Thank you.
(18:57):
Um, moving along, sequence of returns.
Now, um, I know some retirementPhD experts call this the
biggest risk that retirees face.
Who wants to tackle this one?
I mean, I might as wellgo with with some of it.
Like, I mean, if it goes down.
Money.
Money.
We, we go in a negative that's gonnaaffect our future retirement, right?
(19:21):
And so a lot of times people willclaim averages and that Mark,
you probably could talk hours andhours on the sequence of returns.
You know, your, your podcast is notyour average financial, but if you.
Have that low year, it will affect things.
Um, right.
And depending on when thatsequence or down year happens,
(19:47):
we'll impact you greatly.
Um, but then we're justtold, don't worry about it.
It'll, okay, just suck it up.
Uh, work for 10 moreyears and you'll be fine.
Um, the problem is if you're 65 andyou can't work or, you know, stroke
something that happened, that sequenceof returns is a, is a problem for you.
(20:11):
Great.
Um, yeah.
The sequence of returns means youcan have an 8% average rate of return
and actually lose money because of,um, the sequence of those returns.
And, um, I'm sure you could talk toany of us and we could show you that.
Okay, here's a big one.
I, sorry, go ahead.
I wanna say real quick, I was in the,at the sports club and, and somebody
(20:32):
was an investor and they were like,um, arguing over that and saying
how he's great times the market.
He grows everything.
And I was like, he doesn't understandsecrets or returns or he is like young
enough that he doesn't matter to him yet.
Mm-hmm.
Um, and so, um, that's a, a assumptionthat he was definitely facing.
(20:55):
I. But I didn't wanna argue.
Yeah.
Probably good not toargue at the sports club.
Right?
One thing I'll add is, um, I, you know,I hear you guys say this all the time.
If you lose 25%, you know, in a downmarket you need 33% just to break even.
Um, you know, just to get backto your starting point and
back what you had initially.
(21:15):
So that blows my mind.
And your average return wouldbe positive, even though you're
technically at just break even.
Yeah, for sure.
Okay, let's go to the next one.
Long-term care.
Now this is maybe one that peopledon't wanna plan for, they hope
they never have to deal with.
Um, but it can be a hugeexpense that then decreases.
(21:39):
The, um, full amount that you have forretirement or could make you go into debt
or, um, you know, something like that.
What are we talking about here?
Well, this is the, uh, part of theretirement plan that no one talks about
because no one expects it'll be them,but one in, uh, well, 60% of retirees
(22:01):
will have one member of the household,so husband or wife, uh, will need
three years in a nursing home facility.
Uh, that's according tothe US Census Bureau.
And if you total up the cost onaverage, uh, between Medicare, that's
stuff that's not covered by Medicare.
And then long-term care, it'sapproaching half a million dollars.
(22:23):
So please, guys, understand that's themoney above what you need to just buy
groceries and gas and grandkid presentsthroughout your normal retirement time.
So you might think of retirementas sort of a bell curve.
You have kind of the.
The, uh, go-go years where you'respending a lot of money and traveling.
You slow things down.
As you're eating at Shoney's and Denny'sand the Golden Trough and all that,
(22:45):
and then the last two to three yearsof your life, the costs skyrocket again
as you enter into assisted living.
Now, a lot of folks jokingly wavethat off and say, well, they'll just
take me off behind the shed and, and,you know, call it a day or put me on
the ice block and send me off to sea.
Uh, I have not seen that, that legallyworks out well for your, your next of kin
(23:08):
legally, yet, at least in this country.
And I don't know if really if you're giventhat choice, if you'd want that either.
So we need a plan for that.
Otherwise, your kids or grandkids aregonna have that terrible taste in their
mouth of the last year, two or threeof your life, where you ruin their
chances at a successful retirement ifyou don't take care of this problem.
(23:30):
Right now while you're thinkingabout it and while you're mentally
able to do something about it.
So long-term care is huge.
That's right.
And our comments here say it'snot just a healthcare issue,
it's a financial legacy issue.
Great point.
And, and being a, uh, caretakerourself, uh, of somebody, uh, seeing
how that impacts us in some regards.
(23:50):
You know, not being selfish, butthere is a cost to us as the.
Um, provider.
Um, and then you said, how much is itthat average is needed for with Unco
uncovered Medicare and long-term care?
It approaches half a million bucks.
And how much?
That's money that, I just wonder hownobody has saved, how many people
actually have saved for their ownfuture a part of long-term care?
(24:15):
That's a problem to me.
I was like, most people don't even have.
Yeah.
A quarter of a million.
Yeah.
That's, that's more than people havein retirement for all of retirement.
Not, not just allocated for the,uh, the last three years of it.
Yep.
Yeah.
One question I ask everyone, uh, youknow, that I talk to is, you know, is
there anyone whose you know, care youmay be responsible for in the future?
(24:35):
Or who's, you know, you mightbe financially responsible for?
And, you know, a lot of times thepeople who are most concerned and
most like aware of long-term careare people who have had a parent,
um, you know, that's gone through it.
They've seen it like firsthandwhat it does and how it can really,
you know, drain that legacy,drain, you know, what's left.
And also just, you know, put a. Burdenon the family, uh, you know, in general.
(24:58):
So, yeah.
And then they're much more opento preparing for it and including
it in their number if they'veseen someone go through it before.
Um, let's not wait till we haveto go through that to make a
plan and have, have some ideas.
We're gonna get into some ideasas we go here of how you can cover
that maybe at no out-of-pocket cost.
(25:18):
We'll think about that.
This one.
I know This next one, mark is gonnahave a lot to say about this based on
a recent episode in his podcast, and Ifeel like I hear it, uh, regularly on
the not your average financial podcast.
True Diversification.
Uh, diversification is one of those words.
People think they know what it means,but they, they often think they know, um,
(25:39):
what it means when they don't really, um.
Mark, do you wanna tackle thisone first and then we'll add on?
Well, it's, it's justlike the Princess Bride.
When Igo Montoya says,you keep using that word.
I do not think it meanswhat you think it means.
This is so true.
Many people say, mark,I want diversification.
Why do they say that?
It's because they'vebeen told to say that.
(26:01):
And yes, it's fine and fairto be diversified, especially
if we're talking about all ofyour eggs being in one basket.
If you're concerned about it possiblybeing overly exposed to one categorical
risk, like, um, equity downturn orsomething like that, uh, but just because
you've put your eggs in 12 baskets doesn'tmean it's safe if all those baskets
(26:21):
are on the same truck and that truckhappens to be headed towards a cliff.
So the important thing to remember is.
What is the categories of risk thatwe're solving for with diversification?
Warren Buffet says diversification issimply insurance against ignorance.
And who was it who said, um, is itAndrew Carnegie who said, uh, rather
(26:44):
than Diversi diversifying into 12baskets, put all your money in one
basket and then watch that basket.
And what did he mean by that?
He just meant understand and protect.
The assets that you have.
Just because you dumped money into15 different index funds, you might
be investing in the same stock 15different times, which has nothing
(27:07):
valuable for you, and it just addsto the fees of your portfolio.
Again, index funds buy stocks, andif you have 15 different index funds,
you might have bought Microsoftin 15 different buckets and that
didn't do anything for your.
Protection against market risk orMicrosoft's downturn or whatever.
So there's a whole lot morethere, but I better hush and
pass the ball to somebody else.
(27:27):
Diversification.
So good.
Mark, true diversification.
Amanda, what did you meanby true diversification?
Well, that people make an assumption, theyknow what that means, and we don't wanna
assume we want to actually diversify.
Right.
What's, what do you, how do you spell?
Assume I forget.
How do you spell that?
Yes, we know.
We know.
Yeah.
Um, okay.
(27:48):
I was, I was gonna say, well, I seewe're about halfway and we have a lot
to cover, so keep it quick, Brandon.
We gotta, let's get the last two in.
Just having the, uh, true diversificationis doing stuff in real estate or also
in maybe the stock market and in otherthings that is not just saying it's
in one thing, but different things.
(28:10):
That's true.
Diversification, in my opinion.
Yeah.
Amanda, someone had aquestion in the chat?
I'm sorry.
Uh, you might check, check out.
Uh, someone asked this question.
Have any of you ever experiencedany of these assumptions?
So maybe we have 30 seconds to cover that.
Yeah.
Um, if you've experienced any ofthe assumptions as we're going,
uh, share those in the chat.
I think that was maybe one of us puttingthat in there to ask the audience.
(28:32):
Oh, great.
Cool.
I love it.
Um, the, oh, and if you're a businessowner, diversification can often
mean something different than you.
Um, and then it does forlike a non-business owner.
Um, you might have diverse, um, incomestreams, that kinda thing, but of
course if you're counting on the sale ofyour business as the way to reach your
number, you know, um, what do they say?
(28:54):
One is the most dangerous number, right?
Having, um, um, multiple options for howyou sell that business or those kind of
things can also be how you diversify.
Um, okay.
Longevity people.
Um, actually the biggest comment I getfrom people when I ask them, you know,
like, how long do we wanna be planningfor, is they often, like, hope they
don't live too long because they don'twanna deal with their body declining
(29:16):
and their mental capacity declining.
Um, but yet we're livinglonger and longer.
How do we make sure that we'reliving well in those older years?
What.
I, I don't, I mean, I think some ofthis is that longevity is people.
If we're living well and we'retaking care of our bodies, we will,
(29:37):
we'll probably live a little longer.
So then that affectsthe long-term care if.
And so, uh, if we're, if we're eating,uh, Twinkies all day, every day, uh,
then our longevity might be less.
But that's not a good way to live either.
So.
Um, taking care of ourself is great.
We should be doing thatto have our best life.
(29:58):
And if we are doing well,we should want to keep that.
But then though, I don't wanna getpenalized because I took care of myself.
I think this is, you know, this isa super important thing to consider
for people right now, because if weare living longer, but look at the
state of our health in this country.
It's actually in, in manysenses, it's declining.
(30:19):
We've got a terrible.
We got a terrible diet.
It's called, we even have a word for it.
Standard American diet.
It's called the SAD diet, right?
So if we're living longer withpoor quality of health, what does
that also mean For our costs, ourexpenses in retirement, chances
are we're gonna be spending moreand more and more on healthcare.
So when people don't, when people fail toplan for that, um, we're very much putting
(30:44):
ourselves in a bind or as, uh, advisors,if we're not making people aware.
Of this fact, you know, I, Jimmy Carterjust lived to a hundred years old, right?
It's like the, the number of people livingto a hundred, um, is gonna, you know,
quadruple, um, by like 2054 I think.
(31:04):
So this is something that you, weabsolutely have to take into account.
Um, and if we're young enough, ifwe're at the stage where we can
do something about it, we gottamake some, not just financial.
Um, shifts, but some, you know, somefundamental lifestyle shifts as well.
Yeah, yeah, I agree.
Um, I think a lot of times just havingthat security, like a lot of people
(31:28):
in America, um, you know, along thediet, like a lot of people aren't
saving, um, you know, for the future.
Like I think that number was.
Really, I don't have that exact number,but I know that the percentage of
Americans that are putting away, youknow, 10% or whatever for their future
is, it's gone down a great deal.
Um, you know, over the past, uh,you know, a hundred years or so.
(31:50):
So, yeah.
Yeah.
And I think, um, what you guys arereferring to a little bit is like.
When we assume we're going to live, youknow, this many years in retirement,
we come up with rules like the 4%rule that if you have 25 times your
income, you are gonna take 4% per yearand you run, won't run outta money.
But yeah, that has a 50 50 chance of.
(32:11):
Um, running outta moneywithin those 25 years.
And what if you live 35?
Right?
And as women, this is an even bigger issuefor us 'cause we do typically live longer.
Um, I have this when I was a little girl,a, a woman who was in her nineties that I
looked up to was Radiant, had so much joywhen I, you know, planned for my future.
I wanna be her.
I'm not planning to be, you know, the,the sickly woman who, you know, can barely
(32:34):
walk or, you know, something like that.
I'm planning to be her andI'm gonna live differently and
actually maybe enjoy life more.
Because I'm planning for that longevity.
Okay.
Last one here.
And IJI just wanted to add real quick.
Go ahead, Brandon.
Yeah.
And then talk about on some of thisis, is when we think about the 4%
rule or any of these kind of rules orstandards, ways of thinking, the the
(33:00):
I, the thing that people forget issome of that stuff has been disproven.
And if we are.
Understanding and livingin the eighties of 4% rule.
And it's not that anymore, butwe're still living as if that's
the reality that's a problem.
So with sequence of returns that,uh, long-term care, like all of these
(33:21):
things are changing our landscape,we have to change ourselves and
understand what are the foundationalthings that we can do different.
Same with taxes.
What was great, you know.
Prior to 2020.
Now it's changing.
And we're like, okay, now taxesgo up or, or down, or who knows?
I don't like any of these thingsof, of, I want to be able to have
(33:44):
a good foundation regardless.
Great.
Um, and so yeah, if we're notaccounting for taxes, right, we
ignore those, we're not planning forthem or the changes that those could
have, that can have a big impact.
So we've been having people comein and out of the conversation
so far to recap where we're at.
We're talking about your financialfreedom number or your retirement
(34:05):
number, and it needs to have all of thesethings, um, looked into planned for.
Um, if inflation is X, um, howdoes that impact my number?
If the sequence of returns is y,how does that impact my number?
If I do need long-termcare, am I prepared for it?
Right?
You can kind of go through those,update your number, some of the
information that we've shared here.
(34:27):
Um, this next part I'm gonna go throughquickly and then ask y'all's comments on.
So, um, 'cause now we'regetting to the, um.
The rice and beans of the, theconversation, which is my ver my vegan
version of the meat of the conversation.
The impossible of the conversation.
Impossible.
Um, uh, meat that is notimpossible for all of you.
Um, not beans and rice,but rice and beans.
(34:50):
Okay.
Correct.
Got it.
Okay.
The, um, this is what we callthe all weather portfolio.
That helps with all seven of thosethings that we just talked about.
Make sure that you're readyfor them and it has three.
Pieces to it, key pieces, youmight have more pieces, but what
it all breaks down kind of fitsinto these baskets or buckets.
(35:10):
Um, the first one is, um,the certainty portion.
The, how much of your income doyou want coming in predictably,
just like your current paycheck.
And you can build that piece of yourportfolio and make sure that is there
for you and it's predictable, maybehas some guarantees behind it, and it's
going to give you lots of certainty.
(35:31):
You know, you're getting paid next month.
Just like you did whenyou were employed, right?
The second part is the legacyor wealth accumulation portion.
This.
Maybe what you leave to the nextgeneration, but it could also be the
wealth that you depend on for whenyou need to, um, have a big thing.
And, um, but also like you couldmaybe wait for re a recovery
(35:53):
'cause you've got that income.
Um, here, if you know somethinghappens, you're able to, uh,
wait a couple years, right?
If the market's down, you can wait for itto recover before you do X, Y, or Z. Your,
your heirs could wait those couple years.
And then the third one ismoney that you could lose.
Just money that you can affordto lose in its entirety.
You don't care if your next generationgets it or if you even have to use it.
(36:16):
Um, you can have all three ofthese parts of your portfolio.
Um, and then we can talk about whatpart of your money do you want in
each one, and how do you build this?
Um, do you guys wannatackle that part of it?
What comments do you have about this part?
You know, I, I remember when I wasa kid, I would wrestle in the snow
with my brother 'cause my mom wouldkick us out and he would, she would,
(36:36):
uh, tell us to get in like summerclothes and just wrestle in the snow.
And the idea was to get so coldand numb that we would forget how
hot it would get in the summertime.
And it's always reminded me when Ithink about the all-weather portfolio,
most of us forget what it's like to gothrough a major market downturn when
everything feels like the world is ending.
(36:57):
Uh, we have little glimpses of that,but we've been through such a long bear,
secular bear market that, or excuseme, bull market, that uh, many people
have only ever experienced the warmmother, the warm months of summertime.
Uh, and we all must have these threecomponents to protect you in all seasons.
(37:17):
That's a great analogy.
I'm gonna, I'm gonna use that one.
And also like doing the cold icebath in the middle of summer.
That's right.
True.
Mm-hmm.
A, as I think about talking to clients,a lot of times they focused on one,
and as we talk with them, maybe we'releaning from a different vantage
point, but you need all three andsometimes you might be moving in a
(37:41):
different direction at age 65 versus 35.
Okay.
One quick thought here is that sometimeswe just con people conflate all three of
these and they think about retirement.
They think saving andinvesting are the same thing.
Great point.
You know, when obviously when youjust look at this, you're like,
oh, they're not saving is what you,you can't really afford to lose.
(38:02):
That's the certainty part.
Investing, you know, maybe that'stwo and three, kind of, you can
afford to lose that, you know?
So we gotta kind of delineate thosetwo things and how we do that and
think about it is gonna, I thinkyou're gonna get there, Amanda.
Um.
And take us there.
It makes a huge difference ifwe can actually delineate these
(38:23):
things and plan accordingly.
Yeah, and I'll speak quickly to thepeople who have, instead of a big number
that they're drawing down, they'vebuilt an income, a passive income, um,
you wanna think of, of that income.
How much of that do youwant to be predictable?
(38:43):
Uh, have guarantees behind it, whichdividends from a stock portfolio or
rents from a rental property, theyhave some predictability, but they're
not a hundred percent predictable.
So you have to account for that.
And then how much of that incomedo you want to, you know, you don't
have to take it if you don't need it.
Um, it can stay there.
Wait for recovery, or how much areyou willing to be like, I could
(39:04):
live on way less and make thosekind of sacrifices if you have that
cashflow constraint happen as well.
I've got some numbers on that.
If we end up having timefor it, Amanda, but Okay.
Bookmark that.
Let's, let's keep moving.
Perfect.
Let's move faster because we have a lotand people are like, how do I solve this?
Yeah.
So why all three?
Um, this is an acronym.
(39:24):
I'm a huge fan of acronyms.
Um, access risk, returnawareness, and tax advantages.
Having all three parts of thisportfolio give you access to some help
you make sure that you're balancingrisk and return and that you're, um,
balancing the, the tax advantages here.
Um, for access, we've got accessibleanytime without penalty value,
(39:45):
not tied up in illiquid assets.
There's no timing risk on bear markets.
And what we found is that for eachyear, um, of buffer income that you have
available where you're like, I don'thave to sell something when it's low.
I've got this buffer income eachyear, buffer income, you can
actually take 10% more income.
Then if you don't have that buffer income,you don't have the, you know, number one
(40:08):
in that three pieces of the portfolio.
Um, and for planning for 30 years.
Pretty cool.
Um, I'll go through these quicklyand then I'm gonna stop screen share
and we'll, we'll kind of go through.
Um, I, I know Mark's gonnaswitch screen, screen now.
We got risk return awareness.
Um, there's, uh, no volatility or there's,there could be some potential for decline.
(40:30):
How are you gonna avoid.
Um, uh, when, when it goes down, havingto adjust your plan, you know, cut
expenses, start, you know, eating catfood, whatever it might be, and, and
have that certainty baked in instead.
Um, I love this.
Our, our friend Les Himmel, uh, calls,mutual funds, wall Street's trashcan.
Um, they're, they're gonna have adifferent level of risk, um, and
(40:54):
return awareness that if you're usingmutual funds that you'd wanna dig into.
And this is where, in technical terms,um, something called the sharp ratio.
Um, when you have the same return butless risk, you have a better sharp ratio.
And that's a, it's a risk, uh, adjustedreturn is what that ratio is giving
you and only insurance-based products.
(41:15):
The company has indignified youof the risk, and so then you're
insulated from that volatility andthey, um, you have a better, um.
You if you have the same return but lessrisk, you actually have a better sharp
ratio, which in most, um, portfoliospeak would say, okay, that's better.
And then finally, for tax advantages,if you can have income that's tax
(41:36):
free, your growth tax free, where youget what you put in first, out first
and rough, like a treat treatment,all those kind of things can really
change how you're able to have access.
Um, and the risk returns and thetax advantages all build that first
predictable layer of your portfolio.
And no surprise here wherebank and yourself professionals
(41:58):
for those three things.
Access, risk, returnawareness, and tax advantages.
Only whole life diversifiesin all three ways.
Okay.
I just summarized that really quickly.
I'm gonna share my screen share.
Um, what would you all add to that?
Fill in and Mark, get readyfor your screen share too.
We got about 15 minutes left.
Okay.
So we, um, we really likethe, the, the acronym.
(42:23):
Around here.
And you did a great job on that, Amanda.
Thank you.
I think once again, um, my dad taughtme that different golf clubs are useful
on different parts of the course, and ifyou try to use your putter in the sand,
you're not gonna get outta the sand.
I. Okay.
Um, and I didn't understand thatas a kid I would play with my toys
(42:44):
in, in ways that broke the toys.
I mean, then there's some partto, to being creative and, but
when we, and Brandon, you broughtit up, that we confuse these
different parts of our portfolio.
We, we take one part, one asset likestocks or investments, and then apply
it to other parts that are incorrect.
They simply will breakyour financial life.
(43:07):
So this is more than just.
Being stuck in a sand trap, you know,you're gonna be, uh, dealing with much
more dangerous outcomes when you applythe wrong part of your portfolio to,
you know, the safe or core or central.
What was the first one called?
Uh, Amanda?
The, the no risk or the, thesafe part of your portfolio.
Yeah, the predictable part.
(43:29):
Yep.
So, you know, where, what is your moneydoing for you when it's in that bucket?
How does it act, uh, when you pour?
Water into the freezer, it's gonna changeits shape and it's gonna act differently.
And so what is it you wantthat money doing for you?
That's the key question.
Whether you, you know, decide to workwith one of us or not, you ask yourself
(43:50):
that question over and over again, anddon't let anybody else tell you what
your money should be doing for you.
If you know that you need access,if you know that you need.
Tax advantages, uh, if you know thatyou need the, the predictability of
something that does not go wildlyswinging, uh, when you don't want
it to, that's, that's the key.
Um, so again, I, I kind of use theidea of, um, when you're trying to
(44:12):
chop down a tree, do you want tochainsaw or do you want a dull spoon?
Um, both will eventuallychop down the tree.
But what does thatAbraham Lincoln would say?
You know, if you gave me four hoursto chop down a tree, I'd spend
the first three hours sharpeningmy axe or something like that.
Uh, and, and it just, it's, it dawnson me that we, we make this so hard and
it really doesn't have to be so hard.
(44:35):
Thank God, you know, wecan have a fairly simple.
Uh, financial life.
We don't have to be experts at followingthe latest tweet or the latest stock pick,
or what the Fed sneezed on yesterday.
Uh, I don't care about that.
My financial life is solved whenI've made a couple of smart choices.
(44:55):
It's, again, not to, not to mixmetaphors, but it's like when you've
got the right hinge on the door, itswings no matter how big that door is.
Okay, so I've got a few examples here.
Brandon, uh, and someone, Ben.
Ben, you brought up the 4%rule in your, in our chat.
Uh, did we explain what thatis for our, our, uh, audience?
Do we know what is 4% rule?
Got into what is the 4% rule, Ben?
(45:18):
And then I'll share my screenbasically in how, uh, Brandon,
thankfully you brought this up.
It's an, it's an outdated, um, kind of.
A guideline for people how muchthey can, they can safely, right?
They can hopefully safely takefrom their pile of money that
they've accumulated for retirement.
And, um, and they're told if you take4%, you know, every single year of
(45:41):
that mountain of money that you'vegot, then you can, that money will,
will last for you through retirement.
Can I, can I add something that thishappened recently, uh, to me as,
um, a, a client 65 about to, aboutto retire, and they were told well,
and they did well in accumulating.
(46:01):
Uh, doing all the things, but shereally wanted a roadmap, a plan.
It just so happens that, uh, it's afamily member that helped her build her
plan, uh, and grow and it was pretty big.
Um, but she's like, I need tohave a plan, a roadmap to tell me.
'cause he is like, don't worryabout it, you'll be fine.
(46:21):
You'll, you're good.
But, but what, what you really needed wasnot just accumulation, but preservation
and distribution as part of it.
And so that was somethingthat we talked about a lot.
And the, the hard part is thather emotions, and as much as she
wanted to work with me, the valueof relationship was more important,
(46:44):
which I'm like, I don't know.
It's a, it's a hard thing tothink through that there's a lot
of psychology that goes into us.
But in the end, preservationand distribution and, and using
different tools for different things.
Mm-hmm.
Whether it's annuities, lifeinsurance, the stock market,
real estate, doesn't matter.
Does that get you to where you want to go?
(47:07):
So Brandon brought up three veryimportant words, accumulation.
Preservation distribution,those three words are really,
really a, really a big deal.
Those are three functions, right?
Uh, in golf you'd haveloft distance and spin.
I. You know, those are all importantfunctions and I love those verbs
(47:27):
and those adjectives because itgets rid of the, the bias of nouns.
I don't care if you call it a 401k or aseven oh k or a not okay or a dry sponge.
I don't care what you call mymoney, as long as it has the
right functionality to it.
And those three phrases, Ithink Wall Street has done a
great job with accumulation.
But they have no plan forpreservation or distribution.
(47:50):
Here's what I mean, andwhat Brandon brought up.
So let's say you've saved oraccumulated, let me say it that way.
Uh, you've accumulated a millionbucks in your 401k, or, or who cares?
Tax free Roth IRA, doesn'tmatter what is 4% of that.
Well, that's 40,000 bucks a year.
And the best research says thatgives us like a 50% chance of
(48:12):
success over a 30 year period.
50% chance, let's give them the benefitof the doubt and say you flip and,
and uh, flip the coin and it landson heads, which is what you called.
So let's say you're successful and you're50% chance, do I want to get into a
plane if I have a 50% chance of success?
No, I don't.
But let's presume for sake of beingkind to the Wall Street friends, that
(48:35):
you do actually have enough to survive.
And you make it 30 years off of yourmillion bucks, your 401k can generate
you 40 grand a year of income.
How hard would it be to accumulatea million more dollars today
if you had to start right now?
Not easy.
You make, you might, could do it with yourpersistence and living on rice and beans.
(48:55):
Sorry, Amanda and, uh, and then,uh, enjoying no dining out and,
and hopefully getting greatrates of return in the market.
That's a million dollars guys.
To generate 40 grand a year.
Okay.
And, and you're right.
Uh, Ben, uh, Brandon, there'staxes and other things.
But let's set aside allof that for a minute.
What if I could help you livelike a millionaire on way
(49:17):
less than a million bucks?
So what, what if we could do that?
Well, uh, we did this for a podcast,episode one 50 of our podcast, uh,
not your average financial podcast.
Shameless plug.
It took us 620,000 bucks toget 40,000 bucks a year of
guaranteed lifetime income.
Guaranteed lifetime income.
(49:37):
This is our worst case scenario.
We have basically 620grand in your 401k or IRA.
Would that be any easier to set aset aside and grow 620,000 bucks?
Well, it's not, it's not, um, likefalling off a log, but it's sure
easier than a million dollars saved.
Right.
Can I get amen on that?
Yeah.
Amen.
On amen on that.
(49:57):
So at age 60.
At age 60, this guythrows in 620,000 bucks.
Five years later, he starts kickingout, uh, 40 grand a year, guaranteed.
Worst case scenario.
Now, there's several other scenariosthere, like, you know, if we decided that
there was gonna be some positive marketperformance, you might actually start
to see 48,000 bucks a year of incomeoff again, off of only 620,000 bucks.
(50:23):
And if we wanted tohave increasing income.
We could start it off and stillwe're above 40 grand a year.
And look at how the income performsover a long period of time.
We're getting pay raises, in essence,pay raises throughout retirement years.
Helping keep up with that first I word.
What was that first wordyou gave us, Amanda?
Inflation.
Inflation.
Oh yeah, that's right.
(50:44):
And um, one last little fun fact.
Even if you run outtamoney in your bucket,
you never run out of income.
K try to in that with a 401kor, you know, typical Wall
Street, you know, shenanigans.
So, uh, why do I share all this?
I'm just sharing.
There are different clubs in yourbag, you know, uh, try stocks for some
(51:08):
of the money that you can afford tolose, and then put money into a bucket
that you absolutely know is gonna bethere if you cannot afford to lose it.
Yeah, we have this question, uh, thatwas placed in the chat, um, by, um,
the not your average financial podcast.
I don't know if this came intoprobably Julia, or it's probably Julia.
Yeah, probably Julia.
Hi.
Thanks Julia.
Um, is it too late to start anew retirement plan if someone is
(51:31):
already in their fifties or sixties?
I'm gonna give a scenario.
Let's say somebody just went through areally hard time in their early fifties.
Major divorce, you know, downward spiral.
They're starting from scratch.
They've, you know, they're at zero.
Is it too late for them?
What would you say?
You have to start somewhere.
(51:52):
I mean, you need to start now.
Or like, what do they say?
The best time to plant a tree was 30years ago, 20 years ago, 10 years ago.
Um, I hear this all the time, andif we just wait for the lottery
to win that we never play, um,that's, that's a bad decision.
So.
Uh, talk or develop a plan.
(52:14):
Maybe you're not going to Tahitiall the time, but that's better than
eating beans and rice every day.
Unless you're Amanda.
Well, what would you like?
What if they feel like I have to take morerisks to make up for all the time I lost?
That's, I hear that all the time.
Yeah.
I think that's a false thing.
(52:34):
And we're, we're told to dothat, um, because that's.
You know, if you confuse, you lose.
And I think a lot of people are confusedand they're just told, well, if I just
risk more, the problem is the morethey risk, the more potential for loss.
And if sequence or returns risks orsomething crazier happens, they just lost
(52:58):
another 10 years because now they're 70,not 60, uh, trying to retire and starting
from scratch or a little above scratch.
Yeah.
Yeah.
You got that.
What the heck effect,I'll say it that way.
Uh, the, what the heck effect is apsychological phrase that remind, like,
I guess when you're, like, when you're ona diet and you have one little bite of a
(53:22):
brownie, you're like, ah, what the heck?
And you just slam three gallonsof ice cream and five brownies
and, um, this is, this is not.
A good idea.
Uh, and it's a fallacy to say itdoesn't matter, or that calories don't
count on Christmas Day or whatever.
You have to remind yourself thateven though you went through a
terrible situation, a divorce thatwrecked you financially, there's
(53:44):
a book on my shelf back here.
It says, always We Begin Again.
And it's a, it's a call to theBenedictine way of life that every
single day you get to start fresh.
And what are you gonna do today to inchyour way closer toward financial solvency?
Even if you're starting onscorched earth, you can do it.
It's better than not trying.
(54:05):
Yeah.
And what's the definition of insanity?
Doing the same thing andexpecting different results.
Investing in the marketand hoping for the best.
Oh, I'm sorry.
That was another definition.
Okay.
So, so I wanna speak to young people.
Um, if you're in, if we lookedand saw our parents doing
(54:25):
that and seeing their results.
We need to start a different paradigm,different thing, and that's where I wanna
speak to younger people while we are here,is maybe we wanna start now and say, could
the, could everything that we learnedbe wrong or different or not apply?
(54:48):
Okay, so we've covered alot of scenarios today.
People that have millions saved,um, or invested that we're trying
to figure out how do we makesure that lasts for a long time?
People starting from zero that maybeare building at 50 or maybe at 22.
Um, and you, you have your own story.
You, um, those of you listeningin or watching us on YouTube,
(55:09):
you have your own story.
It's not gonna be exactlylike any of those.
Well, the main thing we wantyou to know is that you don't
have to do all of this alone.
You don't have to figure out allseven assumptions and build all three
parts of your portfolio and makesure that you're able to have access.
You're balancing risk or return,and you're accounting for the
long, the long-term taxes,not just the taxes this year.
(55:32):
Um, we're here to do that.
We love talking about all of these things.
We're not just trying to forcepeople to buy, um, the properly
designed whole life insurance or,uh, a specific type of annuity.
We're to help you think it throughas much as you want, right?
Dig into it.
Play the what ifs or the what.
What could be, right?
Like instead of, you know, worriedabout this being like, well, what
(55:54):
could happen if we did this right?
Instead of what if this happens?
And all that kind of scenario.
So we would love to talk toyou, um, help you do that.
What I'm gonna ask each person to do is.
Drop your link where people could schedulewith you on your calendar in the chat.
(56:14):
And I know some people have beenhaving some sound issues that we're
hearing about in the chat here.
Um, what basically we'resaying is, um, say this again.
If you, whatever scenario you're in,we're here to help walk with you.
Not just sell your product, buthelp you bake in, you know, what
are those assumptions, how canyou account for them and how do
you make an all-weather portfolio?
(56:35):
So, uh, please reach out to us.
I think we're all gonna put in the chatour, um, links and actually Brandon,
Christie and me are all at the same link.
Um, so, uh, you can find all of usthere, um, whatever link you see there.
And then Ben and Mark, pleaseshare your links and, um.
The, we'll be gettingthe replay out there too.
(56:56):
Um, actually the same link whereyou found this, uh, live, you, um,
it'll process, you'll go throughthe buffering and YouTube and all
that kinda thing, and it'll be atthe same place, um, live or, um, the
same link will work for that as well.
Um, and we've got the not your averagefinancial podcast, um, for places to
keep learning, keep growing, as well asthe Wealth Business Financial podcast.
(57:19):
Um, Ben, you wanna give us another, um,amazing, uh, place where we can learn,
keep growing another amazing place.
Yeah.
It, it doesn't have to be yourpodcast, be something different.
Uh, yeah, I guess you could, uh, connectwith me on Facebook or Instagram, just
kind of the regular social channelsof Face or Instagram would be at the
(57:44):
Ben dot Barry, so you could find methere, you could connect, um, pretty
much all, all the various channelsthat, uh, that I'm connected to, so.
Perfect.
Great.
Um.
Okay.
And I think we're getting all the, okay.
We got marks.
Um.
(58:04):
RL here, and I'll put that in thereand we'll see you all on the flip side.
Any other concluding thoughts?
The, uh, you guys just keep, um,being the master of your own ship.
We're here to serve and if youlike this, put reach out out to us.
Tell us what you wantus to talk about next.
We want to do these regularlyand we love when people.
(58:26):
Were commenting, so this is greatfor us and of hopefully for you like,
and subscribe and do all the things.
Okay.
Y'all take care.
That's right.
We'll talk soon.
Thanks Amanda.
Welcome, welcome to our, uh, live today.
We try to do these at least quarterly.
Um, we will jump in here in a second.
I know we'll have some people,um, joining us live here.
Um, just getting us settled in, doingsome mic checks, um, all the things.
Um, today we are gonnabe hearing from myself.
(00:22):
Uh, Brandon Neely, ChristieDuncan, Mark Willis, and Ben
Berry in no particular order.
Um, and we're gonna be coveringthis topic of retiring without risk
and a three part Safe Money plan.
Little bit of what we'regoing to go over today.
Um, three things we're gonna talkabout seven overlooked assumptions
(00:47):
when getting your retirement number.
Talking about three keyparts of your portfolio.
And then three crucial elementsfor your retirement income.
I'll probably go over that againas people are joining live here.
So I'll go back to the beginning.
Yeah.
So, uh, this is fun.
We love doing these kind of things,um, because, uh, as people come
(01:08):
into our world, they think bankingyourself, I've never heard of it.
Uh, are you the only personthat does this in, in the world?
And, and oftentimes we're like,no, you know, there's other people.
Well, why we wanted to create thiskind of environment is to be able
to say, yeah, actually there's otherpeople and we hang out with them.
(01:28):
Um, and we do live videos and all of that.
So, um, as you can see, for me, you haveAmanda on the right, left, whatever.
Um.
Um, we are like literallyjoined at the hip pretty much.
Um, kind of married and then Christie,then we have Ben and Mark, uh, as well.
(01:49):
So, um, thank you guys for beinga part of this group and, um, I'm
excited for what we're gonna do today.
And if you guys are here,put in the comments we want,
we wanted to hear from you.
We want you guys to ask questions.
You, you have a bunch of, uh, bankingyourself professionals right here,
(02:10):
uh, who know, not just about bankingyourself, but the financial layouts.
And so we'd love to help any way we can.
So comment.
Okay.
Um, I'm, I'm going to, it looks like we'vegot a bunch of people joining live here.
I'm about to like, officially kick us off.
Anything else anyone elsewant to add before we jump in?
Uh, just that this impacts every singleperson watching this and the hundreds
(02:33):
of millions more that aren't yet.
So share this with a friend.
Uh, if it's important to you, it'svery likely important to the people
that you care about the most.
So let's be their hero today.
All it takes is hitting the sharebutton and give it to one or or a
hundred other people that you know,uh, because, uh, if you could drive
from your house to grandma's house.
(02:54):
Without taking unnecessary risks, whywould you, you know, if you're not 18
years old and love the thrill of jumpingoff the trampoline and through the
inter tube in the back backyard pool,if that's not your idea of like a normal
way to get to, to grandma's house, ifyou'd rather just drive safely, you can
get there safely, then why not do thesame with something like your money?
(03:15):
So that's my big request, is thatdon't just keep this a secret.
Pass this on to someone who youknow needs to hear about this today.
I. Yeah.
Great.
That's a great reminder, mark.
Yeah.
Um, not too late or too early to share theshare button or to use the share button.
Uh, invite them to join us live orif you're watching the recording.
Thanks for being here.
Um, you can share the recording too.
(03:36):
That's perfect.
Okay.
I'm gonna go back tosharing my screen here.
And there we go.
Now Mark is gone.
I guess.
Mark, you'll just be like, Ithink it only shows four people
on the side, unfortunately.
That's okay.
Mark.
Mark will be like God in heaven.
Okay, so, uh, basically whatwe're gonna talk about is what if
(03:57):
your retirement number is wrong?
We asked you if you saw thepromo for this to come with a
retirement number, and we're goingto talk a little bit about that.
I'd love to know if you have a number inmind, whether it's a. Static number, like
an X dollar amount or whether it's likea formula like um, x times my income.
(04:20):
Um, let us know that in the chat.
Um, the.
A lot of, um, the retirement focus isto, you know, accumulating that number.
Um, you know, and it stops at age65 as if that's the finish line.
But as, um, lots of people Iknow that are over 65 have told
me that is not the finish line.
(04:41):
It's actually a starting line forjust a whole new phase of life.
And if we don't know, um, what we don'tknow, we make lots of assumptions that can
seriously change how we live Those last.
Few decades, several decades of our lives.
Um, so come with that number.
Put it in the chat.
If you feel comfortable sharing, you don'twanna share, at least have it in mind.
How do you think about whatis my retirement number?
(05:05):
Or if you wanna call it yourfinancial freedom number.
Um, have that in mind.
And then we're going to go throughthe, um, seven overlooked assumptions
to when getting your retirement numberthat you might wanna add to or change
about that number that you have in mind.
Before we get going here, we'll havethree parts of how you build that number.
(05:25):
Um, you know, so after you getthose assumptions in, what are the
three parts, not just one part,but at least three the key parts.
There could be more parts, but theseare the three essential ones we believe,
and then three crucial elements forthe part that's gonna give you income.
Not all of it's for income, but the partthat is gonna give you income, three
elements that you want for that income.
(05:48):
So before we move forward, that's whatwe're gonna discuss today, but um, we're
gonna talk about the problem a little bit.
Um, I see a couple, uh, 2.4 million17, um, um, coming in here in the chat.
Um, how about, uh, you guys joining us?
How do, how have you heard otherpeople describe their freedom
(06:08):
number or their retirement number?
Yeah, I, I actually wrote those numbersbecause I've heard people say, uh,
well it's 2.4 when I get to that.
Or other people, um, sayinga lower number, um, your
yours is a little different.
So that's why I just put 17.
Uh, and, and so that's, um, where Ihear a lot of people saying, when I
(06:33):
get to this thing, then I'll be good.
Uh, and so that.
Freedom number.
People talk about this all thetime, um, in the financial world,
um, quote unquote freedom firemovement or whatever we call it.
Yeah.
What other ways have you all heardabout people talk about their freedom
(06:56):
number or their retirement number?
A lot of times my clients like tospeak about it in a monthly term.
You know, I want, I, if I havethis much per month, I'm good.
Um, you know, they're comfortablewith that certain number.
Um, a a lot of times I speak withclients that don't, they haven't
thought much past that, or, you know,that might be the first time they're
even, you know, talking to me about it.
(07:17):
That's the first time they've eventhought about that number, so, mm-hmm.
Yeah, that's so true.
I think, um, hope my voice isn't tooechoey in here, but I think people
say, well if I'm, if I'm makingwhat I'm making now, maybe even less
because I won't have my mortgageto pay off, I think I'll be fine.
You know, so, um, their, theirfreedom number is like, if I can
(07:40):
just basically maintain what I'vegot now in the future, I'll be okay.
Yeah.
How about you, mark?
Anything you'd add?
You know, I, I think the biggest pieceis just what does that number do for you?
Mm-hmm.
What does it help you accomplish?
You know, uh, so what if you've got1 million or 10 million unless you
know what it's going to actuallyconvert into in terms of the lifestyle
(08:03):
you wanna live, brings us to a lotof other interesting questions.
Like, well, you know,where should our money go?
So it does what we want it to do for us.
And, and another important question is.
If you could reach your goal withouthaving to work quite as hard,
would that be acceptable to you?
You know, if I could use a chainsawto cut down the tree rather than
(08:23):
a a, a spoon, would I preferthe chainsaw versus the spoon?
If it was gonna lead to the sameresults of a chopped down tree?
You know, sometimes we chase aftera big goal, like a big fun number,
freedom number without really saying,well, what's the ultimate outcome?
(08:43):
Yeah, I. Yeah.
What is, what is a a hundredmillion dollars worth if we're
unhappy or if we're stressed Right.
Or struggling.
Right?
Absolutely.
Or, yeah, or, or let's say we havea hundred million, but it's in stuff
that can't convert to spendable cash.
Like let's say it's all tied up inBitcoin that we never plan to sell.
Mm-hmm.
You know, it's not exactly a valuableasset to us if we never planned
(09:05):
to Val benefit from it, whatever.
Um, so the, you're right, there's,there's the whole like esoteric
side of finance, which is.
You know, you're really not benefitedwhen you have, you know, a, a, a a hundred
million dollars and no one loves you.
But on the other side of things, uh, ifyour money is in something that's totally
(09:26):
illiquid, does it really accomplishwhat you're trying to accomplish?
Yeah.
Um, going back to Christie, I know,I think, I think of what she shared
as, um, people in real estate.
They often get that monthlypassive income and they think,
okay, that's my freedom number.
But then they forget about allthe, the teas of real estate that
they still have to deal with.
(09:47):
And they're, you know, they might not belocked up in Bitcoin, but their, their
cashflow is locked up in this place wherethey actually have to keep working and
they're, um, trapped by the real estatethat they have, not just another example.
Um, okay.
So I really want, um, I see there's peoplewatching us, uh, uh, quite a bit of you.
(10:08):
I really want you to par,participate in the chat.
Let us know if you'reready to move forward.
Um, just a quick yes or a why.
Um, we wanna know that you'rehere, that you're actively
engaged, you're not just, you know,listen to this in the background.
Um.
Uh, would love to know that you're here.
Say yes.
Say, um, watching.
Give me a why.
(10:30):
Um, it could be too that thechat is disabled or something.
Um, hopefully not.
Hmm.
We'll keep going.
Um,
oh my goodness.
Okay.
I got some yeses.
Here we go.
Um.
So we kind of, um, highlighted thisproblem already that, you know, most
(10:53):
advisors, most planning focuses to age 65.
When, what happens after 65 or 62 or70 or 55 or whatever age you wanna
put into that number, retirement.
And there's a lot that can be in there.
Um, it can also look like alot of different things for
a lot of different people.
So, um, we what, like we shared, we'retalking about the seven assumptions that
(11:15):
are often overlooked regardless of whatnumber you'd put in there or how you'd
define the word retirement, even if you.
Don't ever plan to retire.
Um, statistics show that about half ofpeople, um, who are retired, are forced
into retirement either by their inabilityto work, um, they got laid off their own
health, you know, something like that.
Or the health of a loved one thatthey choose not to work to care
(11:38):
for someone else so they don'tplan to retirement, to retire.
You could be forced to, and infact, we see that happen a lot.
So come, um, into that, thisconversation with that in mind.
And we'll start going throughthe overlooked assumptions.
Um, I'll put these up here one byone, give some space for each person
to talk about them a little bit, andwe'll see where we go from there.
(11:59):
So.
The first overlooked assumption in alot of people's retirement planning
and freedom number is a big one.
Inflation.
Who wants to, uh, say a couplewords about inflation here?
Um, I think that's something thatwell, we're all experiencing right now
and we didn't think we were gonna beexperiencing three or four years ago.
(12:21):
Uh, and it was one of those wordsthat, uh, it's not gonna happen.
And now it is.
And so, um, that is becoming veryaware to us, um, of inflation.
I think, you know, we, we didn't reallythink it was a big deal as gas prices
went up, but now it's everything going up.
(12:42):
So, um, that's a huge assumption.
2.4 million doesn't last.
If, if, uh, bread costs 2.4 million.
You know, it's, um, it's, it's theworst, most insidious tax because
no politician has to vote for it.
So they love it and ithurts the poor the worst.
(13:06):
So it's the worst kind ofregressive tax I can imagine.
Uh, and even though inflationofficially anyway has cooled on
a broad basis, there's still alot of, uh, inflation out there.
What I've noticed is we didn't goback to the pre inflation levels.
You know, we didn't have deflation.
We just are slowing the rate of ourcontinual erosion, of the value of our
(13:28):
dollar, and I don't imagine anyone isgonna have the stomach to have the, I
mean, we had deflation after the CivilWar and right up through about nineteen
ten, nineteen twenty, or the, theycall it the Gilded Age for that reason.
And, and for other reasons.
Um, and that was maybe the, the largestincrease in the standard of living for
Americans and really the world that Ithink we've ever seen as a human race.
(13:51):
That section of time between the CivilWar and like 19, let's say, the first
World war, uh, that's, that was a periodof lowering prices, uh, which would be
seen as sort of like the disaster to endall disasters, to have lowering prices.
God forbid that we have lowering prices.
Um, and yet it was considered alsothe golden age, so, or the Gilded Age.
(14:12):
So I'd be curious, like, I want toknow why is it so wrong to have level
prices or even better lowering prices.
We sure have it with our computers.
We sure have it with our washingmachines, you know, um, why
not with everything else too.
Yeah.
Uh, that's a great point.
Um, just highlighting on the fact thatyeah, it's really, it's like a hidden tax.
(14:34):
Um.
You know, they call it likethe silent wealth killer.
Uh, you, you don't realize, you don't, um,see it coming and, um, slowly, yeah, your
dollar is worth less and less each year.
Yeah.
So here's an example too.
So just to illustrate like if, if therewas a consistent 4% inflation rate, so
an individual that, um, required $50,000.
(14:59):
Um, per year today would needthe equivalent of 162,000 $170
in 30 years to maintain that,that same standard of living.
Um, that's, that's huge.
That is a, that is a huge gap just becauseof that, that 4% inflation over time.
(15:19):
Yeah.
And um, such a great point everybody.
And the thing we forget aboutinflation is that a 2% inflation
today is much less than a 2%inflation after many years of 2%.
'cause that's a compounding effectthat, um, that works against us.
So, uh, we have to bevery cautious about that.
(15:40):
Um, let's go ahead to the next one.
We might come back andtalk more about inflation.
If you've got questions, thoughtsabout it for the audience, please
share that in the chat too.
The next one is fees.
Now this is one of themost misunderstood part.
Nobody ever thinks they're paying fees.
They have a hard time finding their fees.
What would we reveal?
You know, Kyle pulling back the curtainabout the fees and how they wreck
(16:02):
someone's financial freedom number.
So since that was just throwingout some numbers, I'm gonna throw
out a few more numbers, Amanda.
Yay.
Um, so, and this comes fromthe Department of Labor, okay?
Um, so the Department of Labor says.
Themselves say that fees canreally have a dramatic effect.
Even a mere 1% difference in fees andexpenses could reduce someone's, uh,
(16:29):
account balance by 28% over a 35 yearperiod, which is just, that is so huge.
That's you're almost taking a 30,you know, a third of a, of the chunk
of your retirement just in fees.
Um, in fact, I, I did find a nice little.
Um, thing that people can look up online.
(16:51):
Um, you can just Google 10 majorretirement costs, uh, overlooked.
This is through the DepartUS Department of Labor.
It's just, it's veryeasy to find out there.
Um, I think it's very, and this, they'retalking about, this particular thing
I'm talking about is about 401k fees.
Um, so right there on the Departmentof Labor, there's telling you,
(17:11):
Hey, you need to look out.
Most people, like you're saying,most people don't even think
about the dramatic impact of fees.
So they're saying, you need to understandthis before you get into that 401k.
You need to understand thedramatic impact, uh, of these fees.
So, and those are coming out whetheryou gain or whether you lose each year.
(17:31):
Yeah, so true.
Christie, that's a big part there like.
Is it, does it make anyone elseangry that the only person with
the guarantee in your 401k is theone taking a fee off of your back?
And does it make you mad that theonly person taking the risk is the
one who doesn't have that guarantee?
IE you?
You in this case, to me,that, that makes me angry.
(17:54):
Uh, and it destroys compounding.
You know, and it, it sure incentivizes theinvestment guru or advisor to continuously
keep you in something that, uh, mayor may not be in your best interest.
Yeah.
Okay.
Um, we're, I think we could probably talkabout fees more, but I'm gonna keep us
moving here 'cause we've got seven ofthese to cover and then get better and
(18:16):
better juice here and juice year as we go.
Um, one maybe thing thatI will add here, um.
You know how like people get reallymad about the like Ticketmaster.
Uh, fees that they see or when they,you know, book, you know, something
online, you know, for travel.
And then they see all the feesthat are added on at the end.
Those are called junk fees.
(18:36):
And we actually, we finallysee them on the receipt.
Um, if there's any lawmakers watching,um, can we, can we please have the fees
of, um, investment accounts and 4 0 1ks and those kind of things disclosed.
More so upfront, not hidden inthe fine print and on a receipt
or much more clear to see.
That would be amazing.
Okay.
Thank you.
(18:57):
Um, moving along, sequence of returns.
Now, um, I know some retirementPhD experts call this the
biggest risk that retirees face.
Who wants to tackle this one?
I mean, I might as wellgo with with some of it.
Like, I mean, if it goes down.
Money.
Money.
We, we go in a negative that's gonnaaffect our future retirement, right?
(19:21):
And so a lot of times people willclaim averages and that Mark,
you probably could talk hours andhours on the sequence of returns.
You know, your, your podcast is notyour average financial, but if you.
Have that low year, it will affect things.
Um, right.
And depending on when thatsequence or down year happens,
(19:47):
we'll impact you greatly.
Um, but then we're justtold, don't worry about it.
It'll, okay, just suck it up.
Uh, work for 10 moreyears and you'll be fine.
Um, the problem is if you're 65 andyou can't work or, you know, stroke
something that happened, that sequenceof returns is a, is a problem for you.
(20:11):
Great.
Um, yeah.
The sequence of returns means youcan have an 8% average rate of return
and actually lose money because of,um, the sequence of those returns.
And, um, I'm sure you could talk toany of us and we could show you that.
Okay, here's a big one.
I, sorry, go ahead.
I wanna say real quick, I was in the,at the sports club and, and somebody
(20:32):
was an investor and they were like,um, arguing over that and saying
how he's great times the market.
He grows everything.
And I was like, he doesn't understandsecrets or returns or he is like young
enough that he doesn't matter to him yet.
Mm-hmm.
Um, and so, um, that's a, a assumptionthat he was definitely facing.
(20:55):
I. But I didn't wanna argue.
Yeah.
Probably good not toargue at the sports club.
Right?
One thing I'll add is, um, I, you know,I hear you guys say this all the time.
If you lose 25%, you know, in a downmarket you need 33% just to break even.
Um, you know, just to get backto your starting point and
back what you had initially.
(21:15):
So that blows my mind.
And your average return wouldbe positive, even though you're
technically at just break even.
Yeah, for sure.
Okay, let's go to the next one.
Long-term care.
Now this is maybe one that peopledon't wanna plan for, they hope
they never have to deal with.
Um, but it can be a hugeexpense that then decreases.
(21:39):
The, um, full amount that you have forretirement or could make you go into debt
or, um, you know, something like that.
What are we talking about here?
Well, this is the, uh, part of theretirement plan that no one talks about
because no one expects it'll be them,but one in, uh, well, 60% of retirees
(22:01):
will have one member of the household,so husband or wife, uh, will need
three years in a nursing home facility.
Uh, that's according tothe US Census Bureau.
And if you total up the cost onaverage, uh, between Medicare, that's
stuff that's not covered by Medicare.
And then long-term care, it'sapproaching half a million dollars.
(22:23):
So please, guys, understand that's themoney above what you need to just buy
groceries and gas and grandkid presentsthroughout your normal retirement time.
So you might think of retirementas sort of a bell curve.
You have kind of the.
The, uh, go-go years where you'respending a lot of money and traveling.
You slow things down.
As you're eating at Shoney's and Denny'sand the Golden Trough and all that,
(22:45):
and then the last two to three yearsof your life, the costs skyrocket again
as you enter into assisted living.
Now, a lot of folks jokingly wavethat off and say, well, they'll just
take me off behind the shed and, and,you know, call it a day or put me on
the ice block and send me off to sea.
Uh, I have not seen that, that legallyworks out well for your, your next of kin
(23:08):
legally, yet, at least in this country.
And I don't know if really if you're giventhat choice, if you'd want that either.
So we need a plan for that.
Otherwise, your kids or grandkids aregonna have that terrible taste in their
mouth of the last year, two or threeof your life, where you ruin their
chances at a successful retirement ifyou don't take care of this problem.
(23:30):
Right now while you're thinkingabout it and while you're mentally
able to do something about it.
So long-term care is huge.
That's right.
And our comments here say it'snot just a healthcare issue,
it's a financial legacy issue.
Great point.
And, and being a, uh, caretakerourself, uh, of somebody, uh, seeing
how that impacts us in some regards.
(23:50):
You know, not being selfish, butthere is a cost to us as the.
Um, provider.
Um, and then you said, how much is itthat average is needed for with Unco
uncovered Medicare and long-term care?
It approaches half a million bucks.
And how much?
That's money that, I just wonder hownobody has saved, how many people
actually have saved for their ownfuture a part of long-term care?
(24:15):
That's a problem to me.
I was like, most people don't even have.
Yeah.
A quarter of a million.
Yeah.
That's, that's more than people havein retirement for all of retirement.
Not, not just allocated for the,uh, the last three years of it.
Yep.
Yeah.
One question I ask everyone, uh, youknow, that I talk to is, you know, is
there anyone whose you know, care youmay be responsible for in the future?
(24:35):
Or who's, you know, you mightbe financially responsible for?
And, you know, a lot of times thepeople who are most concerned and
most like aware of long-term careare people who have had a parent,
um, you know, that's gone through it.
They've seen it like firsthandwhat it does and how it can really,
you know, drain that legacy,drain, you know, what's left.
And also just, you know, put a. Burdenon the family, uh, you know, in general.
(24:58):
So, yeah.
And then they're much more opento preparing for it and including
it in their number if they'veseen someone go through it before.
Um, let's not wait till we haveto go through that to make a
plan and have, have some ideas.
We're gonna get into some ideasas we go here of how you can cover
that maybe at no out-of-pocket cost.
(25:18):
We'll think about that.
This one.
I know This next one, mark is gonnahave a lot to say about this based on
a recent episode in his podcast, and Ifeel like I hear it, uh, regularly on
the not your average financial podcast.
True Diversification.
Uh, diversification is one of those words.
People think they know what it means,but they, they often think they know, um,
(25:39):
what it means when they don't really, um.
Mark, do you wanna tackle thisone first and then we'll add on?
Well, it's, it's justlike the Princess Bride.
When Igo Montoya says,you keep using that word.
I do not think it meanswhat you think it means.
This is so true.
Many people say, mark,I want diversification.
Why do they say that?
It's because they'vebeen told to say that.
(26:01):
And yes, it's fine and fairto be diversified, especially
if we're talking about all ofyour eggs being in one basket.
If you're concerned about it possiblybeing overly exposed to one categorical
risk, like, um, equity downturn orsomething like that, uh, but just because
you've put your eggs in 12 baskets doesn'tmean it's safe if all those baskets
(26:21):
are on the same truck and that truckhappens to be headed towards a cliff.
So the important thing to remember is.
What is the categories of risk thatwe're solving for with diversification?
Warren Buffet says diversification issimply insurance against ignorance.
And who was it who said, um, is itAndrew Carnegie who said, uh, rather
(26:44):
than Diversi diversifying into 12baskets, put all your money in one
basket and then watch that basket.
And what did he mean by that?
He just meant understand and protect.
The assets that you have.
Just because you dumped money into15 different index funds, you might
be investing in the same stock 15different times, which has nothing
(27:07):
valuable for you, and it just addsto the fees of your portfolio.
Again, index funds buy stocks, andif you have 15 different index funds,
you might have bought Microsoftin 15 different buckets and that
didn't do anything for your.
Protection against market risk orMicrosoft's downturn or whatever.
So there's a whole lot morethere, but I better hush and
pass the ball to somebody else.
(27:27):
Diversification.
So good.
Mark, true diversification.
Amanda, what did you meanby true diversification?
Well, that people make an assumption, theyknow what that means, and we don't wanna
assume we want to actually diversify.
Right.
What's, what do you, how do you spell?
Assume I forget.
How do you spell that?
Yes, we know.
We know.
Yeah.
Um, okay.
(27:48):
I was, I was gonna say, well, I seewe're about halfway and we have a lot
to cover, so keep it quick, Brandon.
We gotta, let's get the last two in.
Just having the, uh, true diversificationis doing stuff in real estate or also
in maybe the stock market and in otherthings that is not just saying it's
in one thing, but different things.
(28:10):
That's true.
Diversification, in my opinion.
Yeah.
Amanda, someone had aquestion in the chat?
I'm sorry.
Uh, you might check, check out.
Uh, someone asked this question.
Have any of you ever experiencedany of these assumptions?
So maybe we have 30 seconds to cover that.
Yeah.
Um, if you've experienced any ofthe assumptions as we're going,
uh, share those in the chat.
I think that was maybe one of us puttingthat in there to ask the audience.
(28:32):
Oh, great.
Cool.
I love it.
Um, the, oh, and if you're a businessowner, diversification can often
mean something different than you.
Um, and then it does forlike a non-business owner.
Um, you might have diverse, um, incomestreams, that kinda thing, but of
course if you're counting on the sale ofyour business as the way to reach your
number, you know, um, what do they say?
(28:54):
One is the most dangerous number, right?
Having, um, um, multiple options for howyou sell that business or those kind of
things can also be how you diversify.
Um, okay.
Longevity people.
Um, actually the biggest comment I getfrom people when I ask them, you know,
like, how long do we wanna be planningfor, is they often, like, hope they
don't live too long because they don'twanna deal with their body declining
(29:16):
and their mental capacity declining.
Um, but yet we're livinglonger and longer.
How do we make sure that we'reliving well in those older years?
What.
I, I don't, I mean, I think some ofthis is that longevity is people.
If we're living well and we'retaking care of our bodies, we will,
(29:37):
we'll probably live a little longer.
So then that affectsthe long-term care if.
And so, uh, if we're, if we're eating,uh, Twinkies all day, every day, uh,
then our longevity might be less.
But that's not a good way to live either.
So.
Um, taking care of ourself is great.
We should be doing thatto have our best life.
(29:58):
And if we are doing well,we should want to keep that.
But then though, I don't wanna getpenalized because I took care of myself.
I think this is, you know, this isa super important thing to consider
for people right now, because if weare living longer, but look at the
state of our health in this country.
It's actually in, in manysenses, it's declining.
(30:19):
We've got a terrible.
We got a terrible diet.
It's called, we even have a word for it.
Standard American diet.
It's called the SAD diet, right?
So if we're living longer withpoor quality of health, what does
that also mean For our costs, ourexpenses in retirement, chances
are we're gonna be spending moreand more and more on healthcare.
So when people don't, when people fail toplan for that, um, we're very much putting
(30:44):
ourselves in a bind or as, uh, advisors,if we're not making people aware.
Of this fact, you know, I, Jimmy Carterjust lived to a hundred years old, right?
It's like the, the number of people livingto a hundred, um, is gonna, you know,
quadruple, um, by like 2054 I think.
(31:04):
So this is something that you, weabsolutely have to take into account.
Um, and if we're young enough, ifwe're at the stage where we can
do something about it, we gottamake some, not just financial.
Um, shifts, but some, you know, somefundamental lifestyle shifts as well.
Yeah, yeah, I agree.
Um, I think a lot of times just havingthat security, like a lot of people
(31:28):
in America, um, you know, along thediet, like a lot of people aren't
saving, um, you know, for the future.
Like I think that number was.
Really, I don't have that exact number,but I know that the percentage of
Americans that are putting away, youknow, 10% or whatever for their future
is, it's gone down a great deal.
Um, you know, over the past, uh,you know, a hundred years or so.
(31:50):
So, yeah.
Yeah.
And I think, um, what you guys arereferring to a little bit is like.
When we assume we're going to live, youknow, this many years in retirement,
we come up with rules like the 4%rule that if you have 25 times your
income, you are gonna take 4% per yearand you run, won't run outta money.
But yeah, that has a 50 50 chance of.
(32:11):
Um, running outta moneywithin those 25 years.
And what if you live 35?
Right?
And as women, this is an even bigger issuefor us 'cause we do typically live longer.
Um, I have this when I was a little girl,a, a woman who was in her nineties that I
looked up to was Radiant, had so much joywhen I, you know, planned for my future.
I wanna be her.
I'm not planning to be, you know, the,the sickly woman who, you know, can barely
(32:34):
walk or, you know, something like that.
I'm planning to be her andI'm gonna live differently and
actually maybe enjoy life more.
Because I'm planning for that longevity.
Okay.
Last one here.
And IJI just wanted to add real quick.
Go ahead, Brandon.
Yeah.
And then talk about on some of thisis, is when we think about the 4%
rule or any of these kind of rules orstandards, ways of thinking, the the
(33:00):
I, the thing that people forget issome of that stuff has been disproven.
And if we are.
Understanding and livingin the eighties of 4% rule.
And it's not that anymore, butwe're still living as if that's
the reality that's a problem.
So with sequence of returns that,uh, long-term care, like all of these
(33:21):
things are changing our landscape,we have to change ourselves and
understand what are the foundationalthings that we can do different.
Same with taxes.
What was great, you know.
Prior to 2020.
Now it's changing.
And we're like, okay, now taxesgo up or, or down, or who knows?
I don't like any of these thingsof, of, I want to be able to have
(33:44):
a good foundation regardless.
Great.
Um, and so yeah, if we're notaccounting for taxes, right, we
ignore those, we're not planning forthem or the changes that those could
have, that can have a big impact.
So we've been having people comein and out of the conversation
so far to recap where we're at.
We're talking about your financialfreedom number or your retirement
(34:05):
number, and it needs to have all of thesethings, um, looked into planned for.
Um, if inflation is X, um, howdoes that impact my number?
If the sequence of returns is y,how does that impact my number?
If I do need long-termcare, am I prepared for it?
Right?
You can kind of go through those,update your number, some of the
information that we've shared here.
(34:27):
Um, this next part I'm gonna go throughquickly and then ask y'all's comments on.
So, um, 'cause now we'regetting to the, um.
The rice and beans of the, theconversation, which is my ver my vegan
version of the meat of the conversation.
The impossible of the conversation.
Impossible.
Um, uh, meat that is notimpossible for all of you.
Um, not beans and rice,but rice and beans.
(34:50):
Okay.
Correct.
Got it.
Okay.
The, um, this is what we callthe all weather portfolio.
That helps with all seven of thosethings that we just talked about.
Make sure that you're readyfor them and it has three.
Pieces to it, key pieces, youmight have more pieces, but what
it all breaks down kind of fitsinto these baskets or buckets.
(35:10):
Um, the first one is, um,the certainty portion.
The, how much of your income doyou want coming in predictably,
just like your current paycheck.
And you can build that piece of yourportfolio and make sure that is there
for you and it's predictable, maybehas some guarantees behind it, and it's
going to give you lots of certainty.
(35:31):
You know, you're getting paid next month.
Just like you did whenyou were employed, right?
The second part is the legacyor wealth accumulation portion.
This.
Maybe what you leave to the nextgeneration, but it could also be the
wealth that you depend on for whenyou need to, um, have a big thing.
And, um, but also like you couldmaybe wait for re a recovery
(35:53):
'cause you've got that income.
Um, here, if you know somethinghappens, you're able to, uh,
wait a couple years, right?
If the market's down, you can wait for itto recover before you do X, Y, or Z. Your,
your heirs could wait those couple years.
And then the third one ismoney that you could lose.
Just money that you can affordto lose in its entirety.
You don't care if your next generationgets it or if you even have to use it.
(36:16):
Um, you can have all three ofthese parts of your portfolio.
Um, and then we can talk about whatpart of your money do you want in
each one, and how do you build this?
Um, do you guys wannatackle that part of it?
What comments do you have about this part?
You know, I, I remember when I wasa kid, I would wrestle in the snow
with my brother 'cause my mom wouldkick us out and he would, she would,
(36:36):
uh, tell us to get in like summerclothes and just wrestle in the snow.
And the idea was to get so coldand numb that we would forget how
hot it would get in the summertime.
And it's always reminded me when Ithink about the all-weather portfolio,
most of us forget what it's like to gothrough a major market downturn when
everything feels like the world is ending.
(36:57):
Uh, we have little glimpses of that,but we've been through such a long bear,
secular bear market that, or excuseme, bull market, that uh, many people
have only ever experienced the warmmother, the warm months of summertime.
Uh, and we all must have these threecomponents to protect you in all seasons.
(37:17):
That's a great analogy.
I'm gonna, I'm gonna use that one.
And also like doing the cold icebath in the middle of summer.
That's right.
True.
Mm-hmm.
A, as I think about talking to clients,a lot of times they focused on one,
and as we talk with them, maybe we'releaning from a different vantage
point, but you need all three andsometimes you might be moving in a
(37:41):
different direction at age 65 versus 35.
Okay.
One quick thought here is that sometimeswe just con people conflate all three of
these and they think about retirement.
They think saving andinvesting are the same thing.
Great point.
You know, when obviously when youjust look at this, you're like,
oh, they're not saving is what you,you can't really afford to lose.
(38:02):
That's the certainty part.
Investing, you know, maybe that'stwo and three, kind of, you can
afford to lose that, you know?
So we gotta kind of delineate thosetwo things and how we do that and
think about it is gonna, I thinkyou're gonna get there, Amanda.
Um.
And take us there.
It makes a huge difference ifwe can actually delineate these
(38:23):
things and plan accordingly.
Yeah, and I'll speak quickly to thepeople who have, instead of a big number
that they're drawing down, they'vebuilt an income, a passive income, um,
you wanna think of, of that income.
How much of that do youwant to be predictable?
(38:43):
Uh, have guarantees behind it, whichdividends from a stock portfolio or
rents from a rental property, theyhave some predictability, but they're
not a hundred percent predictable.
So you have to account for that.
And then how much of that incomedo you want to, you know, you don't
have to take it if you don't need it.
Um, it can stay there.
Wait for recovery, or how much areyou willing to be like, I could
(39:04):
live on way less and make thosekind of sacrifices if you have that
cashflow constraint happen as well.
I've got some numbers on that.
If we end up having timefor it, Amanda, but Okay.
Bookmark that.
Let's, let's keep moving.
Perfect.
Let's move faster because we have a lotand people are like, how do I solve this?
Yeah.
So why all three?
Um, this is an acronym.
(39:24):
I'm a huge fan of acronyms.
Um, access risk, returnawareness, and tax advantages.
Having all three parts of thisportfolio give you access to some help
you make sure that you're balancingrisk and return and that you're, um,
balancing the, the tax advantages here.
Um, for access, we've got accessibleanytime without penalty value,
(39:45):
not tied up in illiquid assets.
There's no timing risk on bear markets.
And what we found is that for eachyear, um, of buffer income that you have
available where you're like, I don'thave to sell something when it's low.
I've got this buffer income eachyear, buffer income, you can
actually take 10% more income.
Then if you don't have that buffer income,you don't have the, you know, number one
(40:08):
in that three pieces of the portfolio.
Um, and for planning for 30 years.
Pretty cool.
Um, I'll go through these quicklyand then I'm gonna stop screen share
and we'll, we'll kind of go through.
Um, I, I know Mark's gonnaswitch screen, screen now.
We got risk return awareness.
Um, there's, uh, no volatility or there's,there could be some potential for decline.
(40:30):
How are you gonna avoid.
Um, uh, when, when it goes down, havingto adjust your plan, you know, cut
expenses, start, you know, eating catfood, whatever it might be, and, and
have that certainty baked in instead.
Um, I love this.
Our, our friend Les Himmel, uh, calls,mutual funds, wall Street's trashcan.
Um, they're, they're gonna have adifferent level of risk, um, and
(40:54):
return awareness that if you're usingmutual funds that you'd wanna dig into.
And this is where, in technical terms,um, something called the sharp ratio.
Um, when you have the same return butless risk, you have a better sharp ratio.
And that's a, it's a risk, uh, adjustedreturn is what that ratio is giving
you and only insurance-based products.
(41:15):
The company has indignified youof the risk, and so then you're
insulated from that volatility andthey, um, you have a better, um.
You if you have the same return but lessrisk, you actually have a better sharp
ratio, which in most, um, portfoliospeak would say, okay, that's better.
And then finally, for tax advantages,if you can have income that's tax
(41:36):
free, your growth tax free, where youget what you put in first, out first
and rough, like a treat treatment,all those kind of things can really
change how you're able to have access.
Um, and the risk returns and thetax advantages all build that first
predictable layer of your portfolio.
And no surprise here wherebank and yourself professionals
(41:58):
for those three things.
Access, risk, returnawareness, and tax advantages.
Only whole life diversifiesin all three ways.
Okay.
I just summarized that really quickly.
I'm gonna share my screen share.
Um, what would you all add to that?
Fill in and Mark, get readyfor your screen share too.
We got about 15 minutes left.
Okay.
So we, um, we really likethe, the, the acronym.
(42:23):
Around here.
And you did a great job on that, Amanda.
Thank you.
I think once again, um, my dad taughtme that different golf clubs are useful
on different parts of the course, and ifyou try to use your putter in the sand,
you're not gonna get outta the sand.
I. Okay.
Um, and I didn't understand thatas a kid I would play with my toys
(42:44):
in, in ways that broke the toys.
I mean, then there's some partto, to being creative and, but
when we, and Brandon, you broughtit up, that we confuse these
different parts of our portfolio.
We, we take one part, one asset likestocks or investments, and then apply
it to other parts that are incorrect.
They simply will breakyour financial life.
(43:07):
So this is more than just.
Being stuck in a sand trap, you know,you're gonna be, uh, dealing with much
more dangerous outcomes when you applythe wrong part of your portfolio to,
you know, the safe or core or central.
What was the first one called?
Uh, Amanda?
The, the no risk or the, thesafe part of your portfolio.
Yeah, the predictable part.
(43:29):
Yep.
So, you know, where, what is your moneydoing for you when it's in that bucket?
How does it act, uh, when you pour?
Water into the freezer, it's gonna changeits shape and it's gonna act differently.
And so what is it you wantthat money doing for you?
That's the key question.
Whether you, you know, decide to workwith one of us or not, you ask yourself
(43:50):
that question over and over again, anddon't let anybody else tell you what
your money should be doing for you.
If you know that you need access,if you know that you need.
Tax advantages, uh, if you know thatyou need the, the predictability of
something that does not go wildlyswinging, uh, when you don't want
it to, that's, that's the key.
Um, so again, I, I kind of use theidea of, um, when you're trying to
(44:12):
chop down a tree, do you want tochainsaw or do you want a dull spoon?
Um, both will eventuallychop down the tree.
But what does thatAbraham Lincoln would say?
You know, if you gave me four hoursto chop down a tree, I'd spend
the first three hours sharpeningmy axe or something like that.
Uh, and, and it just, it's, it dawnson me that we, we make this so hard and
it really doesn't have to be so hard.
(44:35):
Thank God, you know, wecan have a fairly simple.
Uh, financial life.
We don't have to be experts at followingthe latest tweet or the latest stock pick,
or what the Fed sneezed on yesterday.
Uh, I don't care about that.
My financial life is solved whenI've made a couple of smart choices.
(44:55):
It's, again, not to, not to mixmetaphors, but it's like when you've
got the right hinge on the door, itswings no matter how big that door is.
Okay, so I've got a few examples here.
Brandon, uh, and someone, Ben.
Ben, you brought up the 4%rule in your, in our chat.
Uh, did we explain what thatis for our, our, uh, audience?
Do we know what is 4% rule?
Got into what is the 4% rule, Ben?
(45:18):
And then I'll share my screenbasically in how, uh, Brandon,
thankfully you brought this up.
It's an, it's an outdated, um, kind of.
A guideline for people how muchthey can, they can safely, right?
They can hopefully safely takefrom their pile of money that
they've accumulated for retirement.
And, um, and they're told if you take4%, you know, every single year of
(45:41):
that mountain of money that you'vegot, then you can, that money will,
will last for you through retirement.
Can I, can I add something that thishappened recently, uh, to me as,
um, a, a client 65 about to, aboutto retire, and they were told well,
and they did well in accumulating.
(46:01):
Uh, doing all the things, but shereally wanted a roadmap, a plan.
It just so happens that, uh, it's afamily member that helped her build her
plan, uh, and grow and it was pretty big.
Um, but she's like, I need tohave a plan, a roadmap to tell me.
'cause he is like, don't worryabout it, you'll be fine.
(46:21):
You'll, you're good.
But, but what, what you really needed wasnot just accumulation, but preservation
and distribution as part of it.
And so that was somethingthat we talked about a lot.
And the, the hard part is thather emotions, and as much as she
wanted to work with me, the valueof relationship was more important,
(46:44):
which I'm like, I don't know.
It's a, it's a hard thing tothink through that there's a lot
of psychology that goes into us.
But in the end, preservationand distribution and, and using
different tools for different things.
Mm-hmm.
Whether it's annuities, lifeinsurance, the stock market,
real estate, doesn't matter.
Does that get you to where you want to go?
(47:07):
So Brandon brought up three veryimportant words, accumulation.
Preservation distribution,those three words are really,
really a, really a big deal.
Those are three functions, right?
Uh, in golf you'd haveloft distance and spin.
I. You know, those are all importantfunctions and I love those verbs
(47:27):
and those adjectives because itgets rid of the, the bias of nouns.
I don't care if you call it a 401k or aseven oh k or a not okay or a dry sponge.
I don't care what you call mymoney, as long as it has the
right functionality to it.
And those three phrases, Ithink Wall Street has done a
great job with accumulation.
But they have no plan forpreservation or distribution.
(47:50):
Here's what I mean, andwhat Brandon brought up.
So let's say you've saved oraccumulated, let me say it that way.
Uh, you've accumulated a millionbucks in your 401k, or, or who cares?
Tax free Roth IRA, doesn'tmatter what is 4% of that.
Well, that's 40,000 bucks a year.
And the best research says thatgives us like a 50% chance of
(48:12):
success over a 30 year period.
50% chance, let's give them the benefitof the doubt and say you flip and,
and uh, flip the coin and it landson heads, which is what you called.
So let's say you're successful and you're50% chance, do I want to get into a
plane if I have a 50% chance of success?
No, I don't.
But let's presume for sake of beingkind to the Wall Street friends, that
(48:35):
you do actually have enough to survive.
And you make it 30 years off of yourmillion bucks, your 401k can generate
you 40 grand a year of income.
How hard would it be to accumulatea million more dollars today
if you had to start right now?
Not easy.
You make, you might, could do it with yourpersistence and living on rice and beans.
(48:55):
Sorry, Amanda and, uh, and then,uh, enjoying no dining out and,
and hopefully getting greatrates of return in the market.
That's a million dollars guys.
To generate 40 grand a year.
Okay.
And, and you're right.
Uh, Ben, uh, Brandon, there'staxes and other things.
But let's set aside allof that for a minute.
What if I could help you livelike a millionaire on way
(49:17):
less than a million bucks?
So what, what if we could do that?
Well, uh, we did this for a podcast,episode one 50 of our podcast, uh,
not your average financial podcast.
Shameless plug.
It took us 620,000 bucks toget 40,000 bucks a year of
guaranteed lifetime income.
Guaranteed lifetime income.
(49:37):
This is our worst case scenario.
We have basically 620grand in your 401k or IRA.
Would that be any easier to set aset aside and grow 620,000 bucks?
Well, it's not, it's not, um, likefalling off a log, but it's sure
easier than a million dollars saved.
Right.
Can I get amen on that?
Yeah.
Amen.
On amen on that.
(49:57):
So at age 60.
At age 60, this guythrows in 620,000 bucks.
Five years later, he starts kickingout, uh, 40 grand a year, guaranteed.
Worst case scenario.
Now, there's several other scenariosthere, like, you know, if we decided that
there was gonna be some positive marketperformance, you might actually start
to see 48,000 bucks a year of incomeoff again, off of only 620,000 bucks.
(50:23):
And if we wanted tohave increasing income.
We could start it off and stillwe're above 40 grand a year.
And look at how the income performsover a long period of time.
We're getting pay raises, in essence,pay raises throughout retirement years.
Helping keep up with that first I word.
What was that first wordyou gave us, Amanda?
Inflation.
Inflation.
Oh yeah, that's right.
(50:44):
And um, one last little fun fact.
Even if you run outtamoney in your bucket,
you never run out of income.
K try to in that with a 401kor, you know, typical Wall
Street, you know, shenanigans.
So, uh, why do I share all this?
I'm just sharing.
There are different clubs in yourbag, you know, uh, try stocks for some
(51:08):
of the money that you can afford tolose, and then put money into a bucket
that you absolutely know is gonna bethere if you cannot afford to lose it.
Yeah, we have this question, uh, thatwas placed in the chat, um, by, um,
the not your average financial podcast.
I don't know if this came intoprobably Julia, or it's probably Julia.
Yeah, probably Julia.
Hi.
Thanks Julia.
Um, is it too late to start anew retirement plan if someone is
(51:31):
already in their fifties or sixties?
I'm gonna give a scenario.
Let's say somebody just went through areally hard time in their early fifties.
Major divorce, you know, downward spiral.
They're starting from scratch.
They've, you know, they're at zero.
Is it too late for them?
What would you say?
You have to start somewhere.
(51:52):
I mean, you need to start now.
Or like, what do they say?
The best time to plant a tree was 30years ago, 20 years ago, 10 years ago.
Um, I hear this all the time, andif we just wait for the lottery
to win that we never play, um,that's, that's a bad decision.
So.
Uh, talk or develop a plan.
(52:14):
Maybe you're not going to Tahitiall the time, but that's better than
eating beans and rice every day.
Unless you're Amanda.
Well, what would you like?
What if they feel like I have to take morerisks to make up for all the time I lost?
That's, I hear that all the time.
Yeah.
I think that's a false thing.
(52:34):
And we're, we're told to dothat, um, because that's.
You know, if you confuse, you lose.
And I think a lot of people are confusedand they're just told, well, if I just
risk more, the problem is the morethey risk, the more potential for loss.
And if sequence or returns risks orsomething crazier happens, they just lost
(52:58):
another 10 years because now they're 70,not 60, uh, trying to retire and starting
from scratch or a little above scratch.
Yeah.
Yeah.
You got that.
What the heck effect,I'll say it that way.
Uh, the, what the heck effect is apsychological phrase that remind, like,
I guess when you're, like, when you're ona diet and you have one little bite of a
(53:22):
brownie, you're like, ah, what the heck?
And you just slam three gallonsof ice cream and five brownies
and, um, this is, this is not.
A good idea.
Uh, and it's a fallacy to say itdoesn't matter, or that calories don't
count on Christmas Day or whatever.
You have to remind yourself thateven though you went through a
terrible situation, a divorce thatwrecked you financially, there's
(53:44):
a book on my shelf back here.
It says, always We Begin Again.
And it's a, it's a call to theBenedictine way of life that every
single day you get to start fresh.
And what are you gonna do today to inchyour way closer toward financial solvency?
Even if you're starting onscorched earth, you can do it.
It's better than not trying.
(54:05):
Yeah.
And what's the definition of insanity?
Doing the same thing andexpecting different results.
Investing in the marketand hoping for the best.
Oh, I'm sorry.
That was another definition.
Okay.
So, so I wanna speak to young people.
Um, if you're in, if we lookedand saw our parents doing
(54:25):
that and seeing their results.
We need to start a different paradigm,different thing, and that's where I wanna
speak to younger people while we are here,is maybe we wanna start now and say, could
the, could everything that we learnedbe wrong or different or not apply?
(54:48):
Okay, so we've covered alot of scenarios today.
People that have millions saved,um, or invested that we're trying
to figure out how do we makesure that lasts for a long time?
People starting from zero that maybeare building at 50 or maybe at 22.
Um, and you, you have your own story.
You, um, those of you listeningin or watching us on YouTube,
(55:09):
you have your own story.
It's not gonna be exactlylike any of those.
Well, the main thing we wantyou to know is that you don't
have to do all of this alone.
You don't have to figure out allseven assumptions and build all three
parts of your portfolio and makesure that you're able to have access.
You're balancing risk or return,and you're accounting for the
long, the long-term taxes,not just the taxes this year.
(55:32):
Um, we're here to do that.
We love talking about all of these things.
We're not just trying to forcepeople to buy, um, the properly
designed whole life insurance or,uh, a specific type of annuity.
We're to help you think it throughas much as you want, right?
Dig into it.
Play the what ifs or the what.
What could be, right?
Like instead of, you know, worriedabout this being like, well, what
(55:54):
could happen if we did this right?
Instead of what if this happens?
And all that kind of scenario.
So we would love to talk toyou, um, help you do that.
What I'm gonna ask each person to do is.
Drop your link where people could schedulewith you on your calendar in the chat.
(56:14):
And I know some people have beenhaving some sound issues that we're
hearing about in the chat here.
Um, what basically we'resaying is, um, say this again.
If you, whatever scenario you're in,we're here to help walk with you.
Not just sell your product, buthelp you bake in, you know, what
are those assumptions, how canyou account for them and how do
you make an all-weather portfolio?
(56:35):
So, uh, please reach out to us.
I think we're all gonna put in the chatour, um, links and actually Brandon,
Christie and me are all at the same link.
Um, so, uh, you can find all of usthere, um, whatever link you see there.
And then Ben and Mark, pleaseshare your links and, um.
The, we'll be gettingthe replay out there too.
(56:56):
Um, actually the same link whereyou found this, uh, live, you, um,
it'll process, you'll go throughthe buffering and YouTube and all
that kinda thing, and it'll be atthe same place, um, live or, um, the
same link will work for that as well.
Um, and we've got the not your averagefinancial podcast, um, for places to
keep learning, keep growing, as well asthe Wealth Business Financial podcast.
(57:19):
Um, Ben, you wanna give us another, um,amazing, uh, place where we can learn,
keep growing another amazing place.
Yeah.
It, it doesn't have to be yourpodcast, be something different.
Uh, yeah, I guess you could, uh, connectwith me on Facebook or Instagram, just
kind of the regular social channelsof Face or Instagram would be at the
(57:44):
Ben dot Barry, so you could find methere, you could connect, um, pretty
much all, all the various channelsthat, uh, that I'm connected to, so.
Perfect.
Great.
Um.
Okay.
And I think we're getting all the, okay.
We got marks.
Um.
(58:04):
RL here, and I'll put that in thereand we'll see you all on the flip side.
Any other concluding thoughts?
The, uh, you guys just keep, um,being the master of your own ship.
We're here to serve and if youlike this, put reach out out to us.
Tell us what you wantus to talk about next.
We want to do these regularlyand we love when people.
(58:26):
Were commenting, so this is greatfor us and of hopefully for you like,
and subscribe and do all the things.
Okay.
Y'all take care.
That's right.
We'll talk soon.
Thanks Amanda.
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