July 28, 2025 • 26 mins
For Questions or Comments Send us a Text Message
Ready for a retirement reality check? Whether you're a twenty-something who thinks retirement is light-years away or approaching your golden years with anxiety, this conversation with retirement expert John Ezell delivers straight talk about securing your financial future.
Most of us get financial advice from well-meaning relatives who lack expertise—a recipe for disaster. Just ask our host, whose mother lost $90,000 of retirement savings overnight in 2008 because she had everything in one investment. This eye-opening episode unpacks the power of compound interest (start in your 20s and you're practically guaranteed to hit seven figures) and explains why diversification isn't just financial jargon—it's your safety net.
For younger listeners, we break down investment vehicles from employer-matched 401(k)s to Roth IRAs, HSAs, and more. For those in their 50s and 60s feeling behind, Ezell offers game-changing strategies: maximizing catch-up contributions, delaying Social Security until 70, downsizing strategically, and generating side income. The truth? It might be the fourth quarter, but you can still win the retirement game with the right moves.
What sets this episode apart is Ezell's holistic "three-legged stool" approach, integrating retirement planning with tax strategy and estate planning—because working with experts who understand only one area means you're getting just a third of the solution you need. From calculating "your number" to automation tips that make saving painless, we deliver actionable advice free of financial industry doublespeak.
Have questions about securing your future? Contact John at cprwm.com or send your queries to crossroadspodcast2023@gmail.com for our upcoming follow-up episode. Remember: the best time to start planning was yesterday. The second best time? Right now.
Order your copy today of "Achieve Optimal Brain Health with Nutrition," by Stefan Mcdermott.
https://www.amazon.com/dp/B0DYWMB929
www.stefanmcdermott.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Steven Killfoil (00:04):
Crossroads Podcast.
We'll be right back For thosewho want to be in the know.
(01:03):
Who's your daddy?
Good morning Crossroads.
On the show today we're goingto discuss investing in your
future whether you're 25 or 65.
Now most people get theirfinancial advice from their
Uncle Harry, their cousin Tom ortheir Aunt Sally Not really
(01:27):
good sources of financialknowledge, but we do it anyway.
You know they're relatives.
We love them and we trust them,but the truth of the matter is
we're going to learn today whereyou should go.
I'm your host, Steven Killfoil,and today we're exploring a
(01:47):
topic that affects everyone'sretirement.
Whether you're just starting inyour 20s or you're catching up
in your 50s or 60s, planning forretirement can feel
overwhelming.
Luckily, we're joined today bysenior managing director and
retirement expert, John Ezell.
(02:08):
John, thanks for coming on theshow today.
John Ezell (02:12):
Thanks, Steven.
I'm excited to chat about this.
You know it's never too earlyor too late to make smart money
decisions.
Steven Killfoil (02:28):
So, John.
Let's start with the basics.
Back in 2008, my mother, whowas very good at savings, lost
$90,000 of her retirementovernight simply because she had
it all invested in one place.
Why is it so important to startinvesting for retirement early?
And why is it important todiversify?
John Ezell (02:46):
That's a great question, Steve.
The earlier you start, the moretime your money has to grow
through what's called compoundinterest.
If you start in your 20s or 30s, even small contributions can
turn into a large nest egg overtime.
But it's not just about time.
(03:06):
It's about starting early, andit gives you the flexibility so
that you can take fewer risksand still be able to reach your
goals.
And as far as diversify, I'mreminded that wise people
normally divide their assetsinto sevenths and eighths.
(03:29):
Now, that's not from mywritings, but it is from some
famous writings.
Steven Killfoil (03:37):
Yes, I think the name was Solomon, right.
John Ezell (03:39):
Yeah
Steven Killfoil (03:42):
Okay, well, let's talk about actual
investment options.
What should people beconsidering?
John Ezell (03:52):
Well, I'll give you a list of some common and
accessible options.
For example, 401ks, especiallyif you have an employer match,
which is most companies, eithertraditional or Roth IRAs.
You've got health savingsaccounts, which have the ability
(04:15):
to be deducted from your W-2income and allow you to pay for
medical expenses and allow youto pay for medical expenses.
Then there's index funds andETFs, which are low cost and
give you diversification, realestate with passive income and
appreciation.
Then there's dividendinvestments, which provide
(04:38):
income and retirement, and thenannuities for those who are
looking for a specified payoutover time.
Now you might be wondering howwe can do all of that, and on
top of that, we have retirementclasses that we have every month
(05:00):
here in the Dallas-Fort Wortharea.
Well, we can do that because wehave a dynamite team, several
individuals and I'll name acouple of them here who really
are committed, as we are as awhole, to this holistic planning
approach to what we do in thefinancial services area.
(05:24):
So, whether it's Tyler, which isa right hand for me, or whether
it's Trey, one of my partners,or whether it's Greg, who is our
estate planning, attorney orwhether it's Allie or Zandra, we
have a whole group that allowsus to be experts in individual
(05:45):
areas and then, collectively, wecan bring a lot of value to the
equation.
Steven Killfoil (05:50):
That's great.
Hey, getting back to the list,on a 401k plan, let's say you
got a guy in his 20s.
Would you recommend that hedoes the maximum contribution
into that 401k?
John Ezell (06:04):
Absolutely no more right.
He could do more, however, bydoing what the maximum is, which
for this year, if you have acatch-up provision in other
words you're 50 or older you cando up to $23,500.
That same catch-up provisionagain, that's for 50 and older
(06:28):
you can do $7,500 in anindividual retirement account in
401k.
I feel like it's fine to beable to do that, but you're
going to get to the maximum atsome point and once you're at
(06:55):
the maximum, then you shouldconsider that diversification
thought process and have thosefunds in a different
tax-structured account.
Steven Killfoil (07:08):
Right.
My favorite, of course, is theRoth, because I'm in my 60s and
I don't want to pay any taxes,or as little as I have to, when
I do retire.
So, yeah, I'm a big fan of theRoth, Absolutely.
Now, health savings accountsI'm really not a big fan.
We tried that direction, Uh,and it was very frustrating
(07:31):
because the carrier kept tellingme oh no, you can't spend it on
that, we need you to reimbursethe account back.
And it was like, okay, thedentist told my wife and sold
her this unit in their office awater pick because she was
suffering from gingivitis.
(07:51):
And the dentist said you needthis.
We got it on the HSA card andwe had to pay the money back.
After that, I just take themoney out of her bonus and slap
it into an envelope and when weneed it we use it.
John Ezell (08:09):
Well, I think this is a perfect example of how you
have to do what works for yourhousehold.
Absolutely you might hear orread certain things that are
great ideas, but if it's not agreat idea for you, maybe a
second thought is a better wayto go.
Steven Killfoil (08:25):
True, true, yeah, absolutely.
So here's the big questionwhat's the best age to start?
John Ezell (08:36):
Well, ideally in your 20s and 30s, but if you're
listening and you're past thatage, don't worry, we're going to
talk about that next.
Steven Killfoil (08:48):
Okay, John.
So let's say somebody is intheir 50s or 60s and they
haven't saved much.
Is it too late?
John Ezell (08:58):
Not at all, and in fact it's more common than you
might think.
The key is to be strategic andfocused, and here are some tips.
So maximize catch-upcontributions again for people
who are aged 50 and older.
That would be for 401ks and IRAaccounts.
(09:20):
Second thing would be to delaytaking Social Security Now.
Whether your full retirementage is 65, 66, 67, or 60, you're
waiting until age 70,.
(09:40):
The longer you wait, the morebenefit you're going to get
monthly from Social Security.
The third thing downsize andreduce your expenses.
Cutting housing costs orrelocating can stretch your
retirement dollars.
Then you might look to begenerating additional income.
That could be from part-timework, which could include
(10:04):
consulting or maybe turning ahobby into a side hustle
business.
Then, of course, stay invested,but reduce risk.
Shift to more conservativeinvestments over time that
provide for a safety inprinciple along with your growth
(10:27):
objectives.
Steven Killfoil (10:30):
Yes, Now there are some situations I've
actually met.
I call them young ladies, butthey're seniors, Some are older
than I.
They're in a bit of a pickle.
Either they lost their husbandor they divorced their husband.
And because they were the oldschool where the first half of
(10:55):
their marriage they didn't evenwork a job, and now they're
stuck and they're having to worka job well into their late 60s,
into the retirement years, andthey feel trapped.
So somebody that's in apredicament like that, you can
even help them right.
John Ezell (11:16):
We can.
In fact, it's not game over forfolks like that.
It might be the third or fourthquarter.
However, you can still win,like in any sporting event if
you make the right plays.
Absolutely.
Steven Killfoil (11:35):
And my heart really goes out to those people
that are in a bit of a picklelike that, because often it
really wasn't totally theirfault.
It's just they didn't know, andthis is another reason why I
brought you on the show today,because so many people out there
(11:55):
, even young guys and gals, theyjust don't know.
They don't teach this in highschool.
They should oh my gosh.
They don't teach this in highschool.
They should oh my gosh.
They really should teachfinances in high school, but
they don't, unfortunately.
So I mean parents if you're outthere listening and you've got
kiddos that are in high school,take them to one of John's
(12:18):
classes, because I tell you whatthey're not going to learn it
in high school classes, becauseI tell you what they're not
going to learn it in high school.
And if you're kind of so, andso you, you know a little bit
about it but need to learn alittle bit more, this is an
opportunity for you to do justthat.
Money matters by Dave Ramsey.
I agree with him on a lot ofareas.
(12:40):
He has it pretty well nailed,but the one thing that he's
always adamant about is educateyour kids.
Teach them the importance ofsaving.
You know it's a no-brainerreally.
John Ezell (12:56):
Well, effectively, it becomes part of your legacy.
In other words, most of us wantour children to do better than
we did.
But you know what?
If they don't have theinformation, how are they going
to do.
It.
All right, you only know whatyou know, absolutely.
And yeah, it's just, it'sreally getting kind of crazy
(13:16):
like that.
Definitely no-transcript, butyou discuss things like that in
(13:52):
your classes.
Right, a little more detailedinto it.
We do Our focus.
We have more than one programthat we do, more than one
program that we do.
So, depending on the topic,there's a variation of programs
to allow people to learn.
(14:12):
We're currently involved indoing one for Social Security
and Medicare in retirement,which has been really well
received over the years, becauseSocial Security is meant to
supplement your retirement.
It's not meant to be yourretirement.
Now you might view thatotherwise on a personal note,
(14:32):
but when I say that, I'm tellingyou what the Social Security
Administration and the law thatwas enacted was about at the
beginning.
It was meant to be a supplement.
Steven Killfoil (14:44):
Absolutely and unfortunately, because my mother
lost that $90,000 back in 2008,.
She actually wound up justliving on her social security
and my mom was a very goodfinancial manager of her money.
But even that was verychallenging for her and it was
(15:07):
something that she wasdefinitely not ready for, but
she managed.
She did make it.
John Ezell (15:16):
She's from that old school where you're going to
have to figure it out one way orthe other and make it happen.
Steven Killfoil (15:21):
Absolutely yeah .
And my father, he's set quitewell, he's got railroad pension
and I mean he's very comfortableand doing very good.
So I'm happy I don't have toworry about pop too much Mom I
had to worry about and they gotdivorced.
You know, there was a goodexample of my mother.
(15:41):
The first half of theirmarriage didn't work and the
second half of of the marriagebefore the divorce she finally
started getting out into theworkforce and after the divorce
she went back to college and gother nursing degree and you know
so it happens, life happens andyou just have to be prepared
completely.
(16:03):
Yeah Well, so let's wrap this upwith some simple takeaways.
What is the first steplisteners should take today?
John Ezell (16:13):
I would say, no matter what your age, whoever
you are out there listening,start now, even if it's just a
small amount.
The second thing is, I wouldencourage you to know your
number.
How much will you need toretire?
And if you don't know that andyou come to one of our programs,
(16:33):
we can help you in a subsequentlab session to learn what
amount of money you'll need inretirement.
You know, I'm reminded that thebiggest fear that people have
in retirement is running out ofmoney, and the second biggest is
(16:53):
likened to it, and that is theydon't want to be a burden to
their family, usually as aresult of running out of money.
So, my point being, those aresome fears that people have, but
rather than hide from them, whynot take it on and find a
solution, and we're happy tohelp with that.
(17:13):
Third thing I'd say is automateyour savings and just make it
consistent.
Consistency is one of the keycornerstones for any measure of
success while we're breathingand on this planet, I would
diversify.
I wouldn't put all my eggs inone basket, as the saying goes.
(17:34):
We talked about that earlier andI'd meet with someone in the
financial services arena who isreally knowledgeable about how
things come together.
Just imagine a three-leggedstool from the financial world.
If your retirement person orinvestment person only knows
(17:55):
about those things and theydon't know about taxes, they
don't know about estate planningthen guess what?
You're only getting one-thirdof the possible solution.
Same thing is true for a CPA.
They're not focused onretirement planning.
(18:15):
They can give some points andtips.
Same thing with the estateplanning attorney.
Their practice is based onestate planning law and not the
others.
So it's really important thatyou connect with a group that
has the ability and theexpertise to cover all of those
(18:38):
areas on that three-legged stoolthose areas on that
three-legged stool?
Steven Killfoil (18:46):
Absolutely.
And let's kind of go back herea little bit the know your
number.
When I was in my 20s I had noidea what that number was.
I didn't know how to plan forretirement.
I thought I was going to liveforever, and I'm pretty sure
that kind of mindset hasn'tchanged Right.
So, with that being said, howwould you advise someone in
(19:19):
their 20s on the importance ofstarting now?
How would you show them okay,if you do this, this is where
you can be Sure.
John Ezell (19:27):
Well, we have some software, We've done the math
behind the scenes and we plug inthe numbers based on what their
budget allows for them to startsaving, and we can use some
very conservative rates ofreturn and offer some
projections.
Now, the projections are notmeant to be exact, they're just
(19:51):
that projections.
But what I find is that ifpeople start in their 20s,
they're easily going to havewell over a million dollars, if
they save any kind of money atall.
And the reality is you're goingto need that amount or more.
So the idea is to get started.
The other caveat I would say isthe amount that you need.
(20:13):
So, in other words, knowingyour number.
The amount that you need has alot to do with what your
expenses are, what your overheadis.
So, while you're younger andeven if you're not, continue to
work on reducing your debt.
This is not a new concept.
(20:33):
But reduce your debt so thatyou have more resources to put
into a format that can help youearn an income at a future date.
Yep, that about says it all.
One thing that I would like toencourage your group to do we
(20:54):
have a high school that is beingbuilt right here in Crossroads
and I would love to get withthat principal and say, look, I
know this guy and he can reallyshow these kids important life
lessons.
How about bringing him in?
Would you be on board forsomething like that?
I'd be open to that for sure.
(21:15):
It's interesting you should saythat because we just had a
guest at one of our programsthis week on Monday night, and I
know him because through churchbut also he's a coach at one of
the Frisco high schools forfootball and all of that.
(21:37):
To say, a year or two ago theywere doing some sort of a
project at school where theywere trying to help young people
learn how to interview betteror more properly for job
opportunities and for whateverreason he decided to call me.
So I was one of the people thatgot to sit in on that.
(22:01):
We had a lot of fun, met a lotof great kids with great
attitudes.
And yes, absolutely we're opento that because we believe that
the I'm reminded of what a guyin the old days, cy Sims, used
to say.
He used to say an educatedconsumer is our best customer.
(22:29):
Well, an educated individual inthe world of financial
resources whether that'sknowledge you have or whether
it's knowledge that you havethrough your contacts and
resources and I'm not talkingabout our neighbors and our
(22:50):
relatives, but people that arecommitted to this endeavor and
have the experience under theirbelt, so that they're not
learning on your moneyAbsolutely.
Steven Killfoil (23:05):
Well, John, thank you so much.
This was packed with value.
Where can our listeners findyou?
John Ezell (23:14):
We have a website Actually, let me give you the
letters, it's cprwm.
com.
But I need to share also, andyou and I have spoken with this
offline, but we're part andunder the umbrella of Elevate
Life Wealth Management.
So CPR Wealth is a subsidiaryof that and our CPR approach, in
(23:41):
other words, like resuscitation, like from a medical standpoint
, we have a process that we gothrough just like your physician
would, and we help youdetermine the health of your
financial goals and whether ornot you're going to be able to
meet them.
So that would be one spot,cprwm.
(24:03):
com.
And then I'm on LinkedIn aswell.
You can find me there.
It's John Ezell, e-z-e-l-l, andyou won't have any trouble
finding that.
And then, of course, you canreach out to my phone number
(24:24):
214-929-0961.
Steven Killfoil (24:32):
Great, great Well.
Thanks again, John, and to ourlisteners, whether you are 25 or
65, the best day to startplanning for your retirement was
yesterday.
The second best day is today.
So John's going to be back onthe show and we'll do some more
(24:54):
follow-up.
I want you, if you havequestions, to reach out to me at
crossroadspodcast2023@ gmail.
com.
Crossroadspodcast2023@ gmail.
com with questions, because Iwant to have some questions for
John when he returns.
So we'll see you next time onCross Roads Podcast.
(25:17):
Don't forget to subscribe andshare this episode with somebody
who needs a retirement reset.
Until next week, with moreamazing guests, we'll see you at
the top.
(25:42):
Crossroads Podcast.
We'll be right back.
But those who want to be in theknow who's your daddy.
Crossroads Podcast.
We'll be right back For thosewho want to be in the know.
(01:03):
Who's your daddy?
Good morning Crossroads.
On the show today we're goingto discuss investing in your
future whether you're 25 or 65.
Now most people get theirfinancial advice from their
Uncle Harry, their cousin Tom ortheir Aunt Sally Not really
(01:27):
good sources of financialknowledge, but we do it anyway.
You know they're relatives.
We love them and we trust them,but the truth of the matter is
we're going to learn today whereyou should go.
I'm your host, Steven Killfoil,and today we're exploring a
(01:47):
topic that affects everyone'sretirement.
Whether you're just starting inyour 20s or you're catching up
in your 50s or 60s, planning forretirement can feel
overwhelming.
Luckily, we're joined today bysenior managing director and
retirement expert, John Ezell.
(02:08):
John, thanks for coming on theshow today.
John Ezell (02:12):
Thanks, Steven.
I'm excited to chat about this.
You know it's never too earlyor too late to make smart money
decisions.
Steven Killfoil (02:28):
So, John.
Let's start with the basics.
Back in 2008, my mother, whowas very good at savings, lost
$90,000 of her retirementovernight simply because she had
it all invested in one place.
Why is it so important to startinvesting for retirement early?
And why is it important todiversify?
John Ezell (02:46):
That's a great question, Steve.
The earlier you start, the moretime your money has to grow
through what's called compoundinterest.
If you start in your 20s or 30s, even small contributions can
turn into a large nest egg overtime.
But it's not just about time.
(03:06):
It's about starting early, andit gives you the flexibility so
that you can take fewer risksand still be able to reach your
goals.
And as far as diversify, I'mreminded that wise people
normally divide their assetsinto sevenths and eighths.
(03:29):
Now, that's not from mywritings, but it is from some
famous writings.
Steven Killfoil (03:37):
Yes, I think the name was Solomon, right.
John Ezell (03:39):
Yeah
Steven Killfoil (03:42):
Okay, well, let's talk about actual
investment options.
What should people beconsidering?
John Ezell (03:52):
Well, I'll give you a list of some common and
accessible options.
For example, 401ks, especiallyif you have an employer match,
which is most companies, eithertraditional or Roth IRAs.
You've got health savingsaccounts, which have the ability
(04:15):
to be deducted from your W-2income and allow you to pay for
medical expenses and allow youto pay for medical expenses.
Then there's index funds andETFs, which are low cost and
give you diversification, realestate with passive income and
appreciation.
Then there's dividendinvestments, which provide
(04:38):
income and retirement, and thenannuities for those who are
looking for a specified payoutover time.
Now you might be wondering howwe can do all of that, and on
top of that, we have retirementclasses that we have every month
(05:00):
here in the Dallas-Fort Wortharea.
Well, we can do that because wehave a dynamite team, several
individuals and I'll name acouple of them here who really
are committed, as we are as awhole, to this holistic planning
approach to what we do in thefinancial services area.
(05:24):
So, whether it's Tyler, which isa right hand for me, or whether
it's Trey, one of my partners,or whether it's Greg, who is our
estate planning, attorney orwhether it's Allie or Zandra, we
have a whole group that allowsus to be experts in individual
(05:45):
areas and then, collectively, wecan bring a lot of value to the
equation.
Steven Killfoil (05:50):
That's great.
Hey, getting back to the list,on a 401k plan, let's say you
got a guy in his 20s.
Would you recommend that hedoes the maximum contribution
into that 401k?
John Ezell (06:04):
Absolutely no more right.
He could do more, however, bydoing what the maximum is, which
for this year, if you have acatch-up provision in other
words you're 50 or older you cando up to $23,500.
That same catch-up provisionagain, that's for 50 and older
(06:28):
you can do $7,500 in anindividual retirement account in
401k.
I feel like it's fine to beable to do that, but you're
going to get to the maximum atsome point and once you're at
(06:55):
the maximum, then you shouldconsider that diversification
thought process and have thosefunds in a different
tax-structured account.
Steven Killfoil (07:08):
Right.
My favorite, of course, is theRoth, because I'm in my 60s and
I don't want to pay any taxes,or as little as I have to, when
I do retire.
So, yeah, I'm a big fan of theRoth, Absolutely.
Now, health savings accountsI'm really not a big fan.
We tried that direction, Uh,and it was very frustrating
(07:31):
because the carrier kept tellingme oh no, you can't spend it on
that, we need you to reimbursethe account back.
And it was like, okay, thedentist told my wife and sold
her this unit in their office awater pick because she was
suffering from gingivitis.
(07:51):
And the dentist said you needthis.
We got it on the HSA card andwe had to pay the money back.
After that, I just take themoney out of her bonus and slap
it into an envelope and when weneed it we use it.
John Ezell (08:09):
Well, I think this is a perfect example of how you
have to do what works for yourhousehold.
Absolutely you might hear orread certain things that are
great ideas, but if it's not agreat idea for you, maybe a
second thought is a better wayto go.
Steven Killfoil (08:25):
True, true, yeah, absolutely.
So here's the big questionwhat's the best age to start?
John Ezell (08:36):
Well, ideally in your 20s and 30s, but if you're
listening and you're past thatage, don't worry, we're going to
talk about that next.
Steven Killfoil (08:48):
Okay, John.
So let's say somebody is intheir 50s or 60s and they
haven't saved much.
Is it too late?
John Ezell (08:58):
Not at all, and in fact it's more common than you
might think.
The key is to be strategic andfocused, and here are some tips.
So maximize catch-upcontributions again for people
who are aged 50 and older.
That would be for 401ks and IRAaccounts.
(09:20):
Second thing would be to delaytaking Social Security Now.
Whether your full retirementage is 65, 66, 67, or 60, you're
waiting until age 70,.
(09:40):
The longer you wait, the morebenefit you're going to get
monthly from Social Security.
The third thing downsize andreduce your expenses.
Cutting housing costs orrelocating can stretch your
retirement dollars.
Then you might look to begenerating additional income.
That could be from part-timework, which could include
(10:04):
consulting or maybe turning ahobby into a side hustle
business.
Then, of course, stay invested,but reduce risk.
Shift to more conservativeinvestments over time that
provide for a safety inprinciple along with your growth
(10:27):
objectives.
Steven Killfoil (10:30):
Yes, Now there are some situations I've
actually met.
I call them young ladies, butthey're seniors, Some are older
than I.
They're in a bit of a pickle.
Either they lost their husbandor they divorced their husband.
And because they were the oldschool where the first half of
(10:55):
their marriage they didn't evenwork a job, and now they're
stuck and they're having to worka job well into their late 60s,
into the retirement years, andthey feel trapped.
So somebody that's in apredicament like that, you can
even help them right.
John Ezell (11:16):
We can.
In fact, it's not game over forfolks like that.
It might be the third or fourthquarter.
However, you can still win,like in any sporting event if
you make the right plays.
Absolutely.
Steven Killfoil (11:35):
And my heart really goes out to those people
that are in a bit of a picklelike that, because often it
really wasn't totally theirfault.
It's just they didn't know, andthis is another reason why I
brought you on the show today,because so many people out there
(11:55):
, even young guys and gals, theyjust don't know.
They don't teach this in highschool.
They should oh my gosh.
They don't teach this in highschool.
They should oh my gosh.
They really should teachfinances in high school, but
they don't, unfortunately.
So I mean parents if you're outthere listening and you've got
kiddos that are in high school,take them to one of John's
(12:18):
classes, because I tell you whatthey're not going to learn it
in high school classes, becauseI tell you what they're not
going to learn it in high school.
And if you're kind of so, andso you, you know a little bit
about it but need to learn alittle bit more, this is an
opportunity for you to do justthat.
Money matters by Dave Ramsey.
I agree with him on a lot ofareas.
(12:40):
He has it pretty well nailed,but the one thing that he's
always adamant about is educateyour kids.
Teach them the importance ofsaving.
You know it's a no-brainerreally.
John Ezell (12:56):
Well, effectively, it becomes part of your legacy.
In other words, most of us wantour children to do better than
we did.
But you know what?
If they don't have theinformation, how are they going
to do.
It.
All right, you only know whatyou know, absolutely.
And yeah, it's just, it'sreally getting kind of crazy
(13:16):
like that.
Definitely no-transcript, butyou discuss things like that in
(13:52):
your classes.
Right, a little more detailedinto it.
We do Our focus.
We have more than one programthat we do, more than one
program that we do.
So, depending on the topic,there's a variation of programs
to allow people to learn.
(14:12):
We're currently involved indoing one for Social Security
and Medicare in retirement,which has been really well
received over the years, becauseSocial Security is meant to
supplement your retirement.
It's not meant to be yourretirement.
Now you might view thatotherwise on a personal note,
(14:32):
but when I say that, I'm tellingyou what the Social Security
Administration and the law thatwas enacted was about at the
beginning.
It was meant to be a supplement.
Steven Killfoil (14:44):
Absolutely and unfortunately, because my mother
lost that $90,000 back in 2008,.
She actually wound up justliving on her social security
and my mom was a very goodfinancial manager of her money.
But even that was verychallenging for her and it was
(15:07):
something that she wasdefinitely not ready for, but
she managed.
She did make it.
John Ezell (15:16):
She's from that old school where you're going to
have to figure it out one way orthe other and make it happen.
Steven Killfoil (15:21):
Absolutely yeah .
And my father, he's set quitewell, he's got railroad pension
and I mean he's very comfortableand doing very good.
So I'm happy I don't have toworry about pop too much Mom I
had to worry about and they gotdivorced.
You know, there was a goodexample of my mother.
(15:41):
The first half of theirmarriage didn't work and the
second half of of the marriagebefore the divorce she finally
started getting out into theworkforce and after the divorce
she went back to college and gother nursing degree and you know
so it happens, life happens andyou just have to be prepared
completely.
(16:03):
Yeah Well, so let's wrap this upwith some simple takeaways.
What is the first steplisteners should take today?
John Ezell (16:13):
I would say, no matter what your age, whoever
you are out there listening,start now, even if it's just a
small amount.
The second thing is, I wouldencourage you to know your
number.
How much will you need toretire?
And if you don't know that andyou come to one of our programs,
(16:33):
we can help you in a subsequentlab session to learn what
amount of money you'll need inretirement.
You know, I'm reminded that thebiggest fear that people have
in retirement is running out ofmoney, and the second biggest is
(16:53):
likened to it, and that is theydon't want to be a burden to
their family, usually as aresult of running out of money.
So, my point being, those aresome fears that people have, but
rather than hide from them, whynot take it on and find a
solution, and we're happy tohelp with that.
(17:13):
Third thing I'd say is automateyour savings and just make it
consistent.
Consistency is one of the keycornerstones for any measure of
success while we're breathingand on this planet, I would
diversify.
I wouldn't put all my eggs inone basket, as the saying goes.
(17:34):
We talked about that earlier andI'd meet with someone in the
financial services arena who isreally knowledgeable about how
things come together.
Just imagine a three-leggedstool from the financial world.
If your retirement person orinvestment person only knows
(17:55):
about those things and theydon't know about taxes, they
don't know about estate planningthen guess what?
You're only getting one-thirdof the possible solution.
Same thing is true for a CPA.
They're not focused onretirement planning.
(18:15):
They can give some points andtips.
Same thing with the estateplanning attorney.
Their practice is based onestate planning law and not the
others.
So it's really important thatyou connect with a group that
has the ability and theexpertise to cover all of those
(18:38):
areas on that three-legged stoolthose areas on that
three-legged stool?
Steven Killfoil (18:46):
Absolutely.
And let's kind of go back herea little bit the know your
number.
When I was in my 20s I had noidea what that number was.
I didn't know how to plan forretirement.
I thought I was going to liveforever, and I'm pretty sure
that kind of mindset hasn'tchanged Right.
So, with that being said, howwould you advise someone in
(19:19):
their 20s on the importance ofstarting now?
How would you show them okay,if you do this, this is where
you can be Sure.
John Ezell (19:27):
Well, we have some software, We've done the math
behind the scenes and we plug inthe numbers based on what their
budget allows for them to startsaving, and we can use some
very conservative rates ofreturn and offer some
projections.
Now, the projections are notmeant to be exact, they're just
(19:51):
that projections.
But what I find is that ifpeople start in their 20s,
they're easily going to havewell over a million dollars, if
they save any kind of money atall.
And the reality is you're goingto need that amount or more.
So the idea is to get started.
The other caveat I would say isthe amount that you need.
(20:13):
So, in other words, knowingyour number.
The amount that you need has alot to do with what your
expenses are, what your overheadis.
So, while you're younger andeven if you're not, continue to
work on reducing your debt.
This is not a new concept.
(20:33):
But reduce your debt so thatyou have more resources to put
into a format that can help youearn an income at a future date.
Yep, that about says it all.
One thing that I would like toencourage your group to do we
(20:54):
have a high school that is beingbuilt right here in Crossroads
and I would love to get withthat principal and say, look, I
know this guy and he can reallyshow these kids important life
lessons.
How about bringing him in?
Would you be on board forsomething like that?
I'd be open to that for sure.
(21:15):
It's interesting you should saythat because we just had a
guest at one of our programsthis week on Monday night, and I
know him because through churchbut also he's a coach at one of
the Frisco high schools forfootball and all of that.
(21:37):
To say, a year or two ago theywere doing some sort of a
project at school where theywere trying to help young people
learn how to interview betteror more properly for job
opportunities and for whateverreason he decided to call me.
So I was one of the people thatgot to sit in on that.
(22:01):
We had a lot of fun, met a lotof great kids with great
attitudes.
And yes, absolutely we're opento that because we believe that
the I'm reminded of what a guyin the old days, cy Sims, used
to say.
He used to say an educatedconsumer is our best customer.
(22:29):
Well, an educated individual inthe world of financial
resources whether that'sknowledge you have or whether
it's knowledge that you havethrough your contacts and
resources and I'm not talkingabout our neighbors and our
(22:50):
relatives, but people that arecommitted to this endeavor and
have the experience under theirbelt, so that they're not
learning on your moneyAbsolutely.
Steven Killfoil (23:05):
Well, John, thank you so much.
This was packed with value.
Where can our listeners findyou?
John Ezell (23:14):
We have a website Actually, let me give you the
letters, it's cprwm.
com.
But I need to share also, andyou and I have spoken with this
offline, but we're part andunder the umbrella of Elevate
Life Wealth Management.
So CPR Wealth is a subsidiaryof that and our CPR approach, in
(23:41):
other words, like resuscitation, like from a medical standpoint
, we have a process that we gothrough just like your physician
would, and we help youdetermine the health of your
financial goals and whether ornot you're going to be able to
meet them.
So that would be one spot,cprwm.
(24:03):
com.
And then I'm on LinkedIn aswell.
You can find me there.
It's John Ezell, e-z-e-l-l, andyou won't have any trouble
finding that.
And then, of course, you canreach out to my phone number
(24:24):
214-929-0961.
Steven Killfoil (24:32):
Great, great Well.
Thanks again, John, and to ourlisteners, whether you are 25 or
65, the best day to startplanning for your retirement was
yesterday.
The second best day is today.
So John's going to be back onthe show and we'll do some more
(24:54):
follow-up.
I want you, if you havequestions, to reach out to me at
crossroadspodcast2023@ gmail.
com.
Crossroadspodcast2023@ gmail.
com with questions, because Iwant to have some questions for
John when he returns.
So we'll see you next time onCross Roads Podcast.
(25:17):
Don't forget to subscribe andshare this episode with somebody
who needs a retirement reset.
Until next week, with moreamazing guests, we'll see you at
the top.
(25:42):
Crossroads Podcast.
We'll be right back.
But those who want to be in theknow who's your daddy.
Popular Podcasts
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.