November 9, 2022 • 29 mins
Actuarially speaking, death these days isn’t really a downer! As Host Josh Bretl highlights with data points on this episode of Retirement Equals Freedom, the average human life span has stretched way out beyond previous generations.
The good news is, that means more years to enjoy! But that positive headline also comes with a word to the wise: You’re going to want to do some planning to ensure you’ve got enough fuel in the tank to enjoy all the days of your life!
Josh and his co-host, Dave Schmidt, are looking at “the hierarchy of dreams, strategies and tools” we can leverage to create a sustainable retirement. Think of it this way: When done right, retirement really does = freedom! It’s a permission slip to stop worrying, start spending and keep on enjoying a wisely invested portfolio that will keep paying dividends to keep you worry-free year after year!
Disclaimer: There are lots of great strategies out there, but please be warned that s’more chocolate chip cookie sundaes are neither correlated with nor a recommended predictor of health and longevity.
As always, we’re loving our Cometeer Coffee. If you’d like to brew it at home, click here to get $25 off your first order.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Josh Bretl (00:02):
Death is going to happen to all of us, but it's
getting pushed back fartherand farther and farther.
And the good news is it'snot just life expectancy, but
it's also the quality of life.
If you're going to live longer,healthier, happier, you need to
have the assets there to supportyou for longer in your life.
Dave Schmidt: Actuarily speaking. (00:20):
undefined
Death these daysisn't really a downer.
The average human lifespan,has stretched way beyond
previous generations.
The good news?
More years to enjoy!
But that positivity alsocomes with a word to the why.
You're going to want to dosome planning to ensure you've
(00:40):
got enough fuel in the tank toenjoy all the days of your life.
And I'm not referringto that soap opera.
When done right, retirementtruly does equal freedom.
It's a permission slip tostop worrying, start spending,
and keep on enjoying a wiselyinvested portfolio that
(01:02):
will keep paying dividendsto keep you worry free.
Year after year, afteryear, after year, after
year, after year after year.
This is The RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
For the last two decades, hehas been helping fine folks like
(01:23):
you thrive in their retirement.
Me?
Well, I'm Dave.
Josh's longtime friend,co-host of the podcast, and
fan of Angry Beaver t-shirts.
I'm here to keep the showlighthearted and to keep
Josh from going on long,technical, boring rants.
So now let me let you letme, end this introduction
(01:44):
so you can enjoy the show.
FSR Wealth Management is aregistered investment advisor
located in Elmhurst, Illinois.
Information and opinionscontained in this audio
have been arrived atby FSR Wealth advisors.
All information herein isfor informational purposes
and should not be construedas investment advice.
It does not constitute an offer,a solicitation or recommendation
to purchase any security.
FSR is not providing legal,tax, accounting, or financial
planning advice in this audio.
These views are as of thedate of this publication
(02:06):
and are subject to change.
(02:27):
I often wonder what my lifewould be like as a cowboy.
Think I'd make it?
Josh Bretl (02:33):
I don't think you'd make it one night.
Dave Schmidt (02:36):
I don't think so either.
I'm looking at you,you're looking me
like we're both tired.
Josh Bretl (02:41):
It was a late night last night too.
Dave Schmidt (02:43):
It was a late night.
Josh Bretl (02:43):
Of client events.
Dave Schmidt (02:45):
Your hair is getting messy, so I can
tell you're getting tired.
Josh Bretl (02:49):
My hand's through my hair.
Dave Schmidt (02:52):
Last night, Josh, there was another
great client event.
We referenced thisin the last episode.
It was all about estateplanning and all that.
Of course, we've touched onthis topic on the podcast
because we highlight allvery relevant topics.
And at one point duringa Q & A session, one of
your clients asked, " Isthis going to be recorded?
(03:14):
I want to re-watch it."
Did you hear my response?
Josh Bretl (03:17):
You said, " It better be.
Otherwise, I'm out of a job."
Dave Schmidt (03:22):
Josh is a good friend of mine.
But if I mess up even once,you'll no longer hear from me.
Same thing with this podcast.
I feel like I have to beon my A game, Josh, or
next episode, you're goingto have a new cohost.
Josh Bretl (03:31):
I'm a little worried because we had some
funny emails that we talkedabout before, one from Doug
who was giving you a hard time.
We have my sister's in-laws,Dave, who likes to fast
forward to the content,to the meat of episode.
I thought, "Oh man, maybeDave and I's back and forth
isn't everyone's cup of tea."
(03:52):
And well, last night actually,both people came up and said,
"Dave really adds a lot.
The show wouldn't bethe same without him."
I don't know what you did,what you said, or how you
paid them, whatever it was.
Dave Schmidt (04:05):
Puddin' Cakes and coffee.
Josh Bretl (04:07):
We've acquired the Cometeer.
The Cometeer is in our office.
You've converted meto a Cometeer lover.
We've still notacquired Puddin' Cakes.
Dave Schmidt (04:16):
I wonder if it's because the
shipping is outrageous.
You have to spend 70 bucksjust to get them here for free.
I'm not saying that thosePuddin' Cakes go to waste.
We would certainly eat them all.
Josh Bretl (04:29):
That's the problem too.
Actually, last night as I waspresenting, my cell phone was
blowing up with text messages.
They were from our friends.
It was a text string thatyou and I are both on.
It was the text string thatmiddle-aged 40 year old
men, apparently, who are allfeeling overweight and...
Dave Schmidt (04:45):
Balding.
Josh Bretl (04:46):
Balding, the kids stress, and all that fun stuff.
The conversation turned tobeing accountability partners
for weight loss and allthat stuff, which is not the
conversation that would'vehappened five years ago.
Dave Schmidt (04:57):
Or even five months ago.
Josh Bretl (05:00):
You can tell where everyone's at mentally
as we go back to schooland do all that stuff.
Dave Schmidt (05:05):
Are you suggesting that maybe Puddin'
Cakes is not the best for us?
Josh Bretl (05:08):
I would suggest that we don't bring Puddin'
Cakes into the office.
Dave Schmidt (05:12):
Here's what I'm going to say.
I think everythingin moderation.
Once we get the newstudio built, how about we
celebrate with Puddin' Cakes?
Josh Bretl (05:20):
The Puddin' Cake studio.
Dave Schmidt (05:22):
The Puddin' Cake studio.
Josh Bretl (05:28):
So Dave, on our last episode, we
went super technical.
I had to go back andresearch tax code.
Erin actually printed upa tax schedule for me.
That was a lot.
Dave Schmidt (05:39):
That took a toll.
Josh Bretl (05:40):
So today I'm going to go something that is actually
near and dear to my heart,something I care a lot about.
And it's a topic thatI think is totally
under-discussed, underutilized.
It's not talked about enough andtaken into consideration enough.
Dave Schmidt (05:57):
Eighties sitcoms?
Josh Bretl (05:58):
Eighties sitcoms, no, that is not it.
You were singingsomething last week too
from an eighties sitcom.
Dave Schmidt (06:05):
I sing lots of eighties sitcoms.
Josh Bretl (06:07):
That is true.
But this actually has to do withthe fact that our population
is living longer and healthier.
Dave Schmidt: That's a good thing. (06:15):
undefined
Josh Bretl (06:16):
That's a great thing.
It's fantastic, it changesthe mentality of a retiree.
think about their parentsand they think about what
they watch, what they know,what their experiences are.
That's in their mind.
They get that, " When Ihit X age, I'm not going
to be here anymore."
Death is going to happento all of us, but it's
(06:37):
getting pushed back fartherand farther and farther.
In fact, when I give asocial security conversation
with people, I always talkabout when social security
first started in 1935, theaverage life expectancy of
an American male was 62.
The average Americandidn't live to Social
Security age, which is 65
Dave Schmidt (06:56):
Right.
It's a scam.
Josh Bretl (06:58):
Which is kind of crazy.
Social security is a differentspot now, so life expectancy
has drastically changed.
And the good news is it'snot just life expectancy, but
it's also the quality of life.
You hear the terms that 60is the new 50, 70 is the new
60, things along those lines.
People are active, people aredoing things with their life.
(07:22):
Now here comes thefinancial part of that.
If you're going to live longer,healthier, happier, you need to
have the assets there to supportyou for longer in your life.
That's what I want to diveinto a little bit today.
Dave Schmidt (07:36):
You don't want to be in Josh's position
where I don't plan forenough money, and I have to
move in with you and Missy.
That would justbe awful for you.
Josh Bretl (07:45):
It would be awful for one of us, that's for sure.
Dave Schmidt (07:48):
I guess you and I would have lots of fun.
Josh, help me pull up my pants.
Josh Bretl (07:55):
I can see Missy now.
Dave Schmidt (07:57):
I know.
Josh Bretl (07:58):
"We're going to have to have a talk.
He's going to have to go."
Dave Schmidt (08:00):
"He's got to go."
Josh Bretl (08:01):
"He's going to have to go."
Dave Schmidt (08:02):
"But, Missy, he's been here three hours."
"I had enough."
Josh Bretl (08:05):
He ate all the s'mores Pop Tarts.
Dave Schmidt (08:09):
Ooh, s'mores.
Josh Bretl (08:10):
Dave and my wife both have a fascination
of all things s'mores.
I forgot to mention this to you.
One night last week, shebrought home a dessert
for her and I to share.
And you know thosegiant chocolate chip
cookies that Jewel has?
Dave Schmidt (08:25):
Oh yeah.
Josh Bretl (08:26):
They took one, cut it into smaller pieces, and
made it into a s'mores topping.
Dave Schmidt (08:32):
No.
Josh Bretl (08:32):
Oh my God.
It had graham crackers andmarshmallows over the top and a
little bit of chocolate syrup.
Dave Schmidt (08:37):
What?
Josh Bretl (08:38):
Both her and I were blown away at how good this was.
Dave Schmidt (08:42):
Jewel?
Josh Bretl (08:42):
Jewel.
Jewel Food Stores.
Dave Schmidt (08:45):
My birthday is June 4th.
Josh Bretl (08:47):
June 4th.
Dave Schmidt (08:48):
Christmas, Thanksgiving, Halloween, I'll
take one at every holiday.
Josh Bretl (08:51):
It was out of this world.
Dave Schmidt (08:52):
Wow.
Did you put downthe whole thing?
Josh Bretl (08:54):
Not in one night,
Dave Schmidt (08:56):
But you put down the whole thing.
Josh Bretl (08:58):
But in two nights, we did.
It wasn't the wholecookie though whole.
It was just a partof the cookie.
Dave Schmidt (09:04):
I'm kind of surprised I
didn't get a message.
Josh Bretl (09:06):
I am too, actually.
Dave Schmidt (09:08):
Maybe next time.
Josh Bretl (09:09):
But it was delicious.
Do you know what's not goingto help me live longer?
Dave Schmidt (09:13):
S'mores cookies.
Josh Bretl (09:14):
And you living in my house.
Let's talk about lifeexpectancy a little bit.
Dave Schmidt (09:22):
Sure.
Josh Bretl (09:23):
There's all sorts of different life
expectancy statistics.
Each "government agency"with an acronym has their own
statistics and round numbers.
A male born today,life expectancy comes
in at 78 years old.
For a female, it's 82.
Life expectancy thoughincludes infant mortality and
all the bad things that canhappen to you along the way.
(09:46):
This sounds crazy, but theolder you get, the longer
your life expectancy is.
Dave Schmidt (09:51):
I've heard that.
Josh Bretl (09:52):
Every single year you get older, the longer your
life expectancy pushes out.
I don't have the exact numberson that one, but Erin dug
into for us some of the lifeinsurance actuarial tables.
Actuaries are aninteresting breed.
They study statistics andall giant data patterns.
(10:15):
I always tell people a lifeinsurance company is never
going to tell you when you'regoing to die, but they can
tell you the odds of youdying every single year.
Dave Schmidt (10:25):
Oh, wow.
Josh Bretl (10:26):
That's because they have the statistics
as to what age people die.
What they're saying is, and it'sbased on health, if you are 65
years old today, a non-smokerwith excellent health, the
males they expect to live to88, the females to age 90.
Dave Schmidt (10:44):
I think the key word is "excellent health."
That's pretty...
Josh Bretl (10:47):
Excellent health is, but they have a
pretty broad spectrum to thedefinition of excellent health.
That's you don't have cancer,you don't have heart disease.
Dave Schmidt: Preexisting issues. (10:56):
undefined
Josh Bretl (10:58):
But high cholesterol, high blood
pressure, that's normal.
They take that withoutany issues here.
Dave Schmidt (11:04):
Winning for us.
Josh Bretl (11:06):
Now life insurance companies can't
take this into consideration.
It's against the law.
But the higher income peoplewho have access to better
healthcare live longer.
Dave Schmidt (11:15):
Naturally.
Josh Bretl (11:15):
People who live closer to good hospital
systems live longer.
Actually, there's somethinggoofy because people on the
East and West Coast tendto actually live longer.
A lot of it has to do withaccess to food and healthcare.
But it's kind of anamazing topic here.
The life expectancy keepsgetting pushed out farther
and farther and farther.
If you look at socialsecurity statistics...
Dave Schmidt (11:38):
That's one of my joys in life.
Josh Bretl (11:41):
You do, you come in every day and you're going,
"Did you see the latest socialsecurity But social security as
a program that's designed to payout for the rest of your life.
But they look at 65 yearolds as their median age.
What they say is that a thirdof everyone who's 65 today
will live to be 90 years old.
Dave Schmidt (12:00):
Wow.
Josh Bretl (12:01):
That is crazy.
I also love to listen toother podcasts, not just ours.
Believe it or not, Ilisten to other people.
Dave Schmidt (12:09):
But you do listen to ours?
Josh Bretl (12:10):
I do listen to ours every time it comes out,
sometimes multiple times becausemy kids want to listen to it.
It's a funny thing, Ilisten to it and I forget
what we talked about.
Someone will come up to me andbe like, "I love that podcast
on this, this, and this."
I'm like, " What did I say?"
Dave Schmidt (12:21):
And yet our wives have never listened to it.
Josh Bretl (12:24):
No.
As my wife says, "Ilisten to you enough.
I don't need tolisten to you more."
But in addition to livinglonger, people are actually
living healthier too.
The health advances havebeen so extreme that we have
enough information that youcan be 75, 80 years old and
be as active as someone whowas 65 a few short years ago.
(12:46):
That's a great thingto be out there.
But as we're doing it,you got to plan for it.
You have to take thatinto consideration.
We, as a default,, we'll use age90 for people as we're planning.
Some people willpush out to 100.
We do get a few people who say,"No, I'm going to die at 80.
It's just not my cards."
It's kind of sad, buthey, they know it.
(13:07):
That's there.
Dave Schmidt (13:08):
Why do they say that?
They're just maybe nothealthy to begin with.
Josh Bretl (13:11):
Usually one of two reasons.
They know they're not healthy,or both parents never made
it past a certain age.
Dave Schmidt (13:18):
Family history.
Josh Bretl (13:18):
Things along those lines.
Sorry, I'm getting back tolistening to other podcasts.
Every time we make fun ofour wives, I lose my train
of I listen to a gentleman bythe name of Peter Diamandis.
Peter Diamandis runs a podcastcalled Exponential Wisdom.
He's a futurist.
He created the X Prize.
He was big into thefuture in healthcare.
(13:38):
He talks a lot about thedifferent technologies that
are being developed out there.
He's in the front line ofall those new technologies.
A lot of it is in healthcarethat's right there.
With data and everything of whatthey're doing, they now have
systems in place that they canscan your entire body, do this
giant data analysis, and theycan catch a cancer that hasn't
(14:00):
even grown yet in your body.
They They can say,"This is their DNA.
This is howeverything's working."
They compare it to 10,000 otherpeople and they can say, "The
odds of X, Y, Z are higher.
Watch out for this."
The technology is so goodthat we will just have to...
It's almost like if wehave that choice, we'll
be able to live longer.
That's out there.
Dave Schmidt (14:20):
Have you seen Big Hero 6?
Josh Bretl (14:22):
I have seen it on in my house as my kids watch
it, but I have not seen it.
Dave Schmidt (14:27):
I wonder if Baymax has sued this Peter Diamandis
as for that technology.
Baymax is the biginflatable robot.
He scanned somebodyand knows instantly
what's wrong with them.
He came up with it first.
Josh Bretl (14:40):
Or was it Star Trek?
I don't know if you watchedStar Trek as a kid, but they
had that little scanner that...
And they went,"Oh, appendicitis."
Dave Schmidt (14:51):
Really?
Josh Bretl (14:52):
Yeah.
Dave Schmidt (14:52):
Captain Kirk had appendicitis?
Josh Bretl (14:55):
I have no idea.
Dave Schmidt (14:56):
"Beam me up, Scotty.
I got appendicitis."
How about that?
Shout out to Baymax.
Josh Bretl (15:03):
Shout out to Baymax.
I'll have to watchthat with my children.
But a follow up here, ifyou're living longer, you're
living healthier, you wantto have that money to spend.
The counterpart to this isthere's also at the same time
a reduction in income, wheresocial security isn't covering
as much of our income, pensionsare all but gone for people,
(15:27):
and people aren't thinkingabout that guaranteed income
source, that somebody'sgoing to cover you for as
long as humanly possible.
If you think about that pileof money that you've built up,
it's no good for you unlessit becomes income to you.
You want to make sure youhave that income source
that's going to last youthe rest of your life.
It needs to probably lastway longer and for more
(15:48):
money than you originallythought and planned for.
Dave Schmidt (15:52):
Is there a magic number where if a
client comes in and says,"You think I'm going to die
at 80," you'd be like, "Let'splan for 85," or "Let's
plan for Do you over-plan?
Did you say 90years old earlier?
Josh Bretl (16:03):
We use 90 as a default.
That's a good question.
There has to be an end point.
The joke is that you wantto spend your last penny
with your last breath, andthe last check bounces.
But that's not the reality.
What you really wantto do is plan for a few
more years than that.
(16:23):
Most people aren't planningto spend down to zero.
They don't want to see that zeroYou plan for the longer term.
If it's 80, if it's 90,whatever it might be,
that's the very real thing.
Does that answer your question?
Dave Schmidt (16:36):
It answered my question.
It was riveting.
I just drew pen all over my arm.
Josh Bretl (16:40):
You were so excited.
Dave Schmidt (16:41):
I was so into it, I didn't realize I was
Josh Bretl (16:45):
It's a hard discussion to have with people
because people look at youlike you're crazy, " I'm
not going to live longer.
My mom died at 85,"whatever it might be.
Dave Schmidt (16:52):
Right.
Josh Bretl (16:52):
I think that's fear that talks a little bit.
They see what an 85 yearold looks like, and they
think someone who's in badshape or can't live the
life that they want to live.
But I think what the bigger riskfinancially is you are capable
at that age to travel and dothe things you want to do.
(17:13):
If you don't have thewherewithal to do it
financially, it hurts.
With a little bit of planningearlier on, it's a much
more feasible thing to do.
Dave Schmidt (17:25):
Josh, we've talked a lot about
your role as an advisor.
You see the highs andlows in people's lives.
How do you approach this asan advisor if you see that
somebody is on the wrong path ornot planning for enough money?
Josh Bretl (17:43):
That's a good question.
Of course, you asked it.
Remember a couple episodes wetalked about the hierarchy, the
dreams, strategies, and tools?
If I can get somebody ora couple to really dig
into their dreams, and getexcited for them, and feel
that big excitement forwhat's to come into the
(18:04):
future, we can often get themthinking really long term.
When someone retires andloses a purpose, loses
the ability, the healthfollows quickly thereafter.
But people who have thatpurpose and those dreams that
are out there, they startfocusing more on that than
they do on the finances.
They ask us for our help.
A lot of times, we'relooking for more
(18:24):
guaranteed income sources.
We're looking for, how dowe maximize social security?
We're looking for, are thereother spend down assets
we can find guaranteed?
Is there an annuity thatfits in the right spot?
When we can increase thatguaranteed income, it
gives them this permissionslip to live their life.
We have some wonderful clients.
(18:44):
I'm not going to mention them byname, but they moved out West.
They were from Chicago.
They moved out Westto their dream home.
They moved out priorto the pandemic.
All of a sudden, we would havethese Zoom calls with them.
You could see the smileon their face just beam
because they moved out there.
They go bike ridingevery single day.
(19:07):
They will ride 25, 30,40, 50 miles sometimes.
They always finish at oneof the local breweries.
They love to have a beer afterthey ride a bike, which if
you're riding that far, great.
They will takevacations to Europe.
They'll bike around Franceor whatever it might be.
They don't spend a ton ofmoney but we were able to give
them enough guarantees builtinto their system that, and
(19:30):
they said this to us in thecall, they felt this relief.
They had this permission thatthey were allowed to go, live,
and experience their life.
They will have the abilityto do that pretty much for
the rest of their lives.
You can see the inner smileas that comes in there.
Dave Schmidt (19:50):
I think I know who you're talking about because
they said, "Dave, once youfulfill your dream of having
an arcade, they will bike allthe way from wherever they
live to where my arcade is."
Josh Bretl (20:02):
You'd have a lot of fun with them.
They really likegood local beer too.
Dave Schmidt (20:05):
Yeah.
At your recent workshop whereI gave the introduction,
and it was a stellarintroduction, by the way.
Josh Bretl (20:13):
Stellar.
Dave Schmidt (20:14):
You talked about the whole
dream strategies tools.
You touched on it.
You were going through andasking for examples of dreams.
I was just hoping youwould've called me out for
my dream of having an arcade.
But you didn't,and I felt so sad.
Josh Bretl (20:27):
I forgot.
Next time I'll do that for you.
Dave Schmidt (20:29):
I appreciate it.
Thank you.
Josh Bretl (20:30):
Next time I'll do Dave, I think we've
talked about longevity here.
I think it's time for somethinga little bit different here.
Dave Schmidt (20:42):
Yeah.
Hey Mr.
Josh, let's take a break.
You've been talking for solong and my ears are sore.
Let's not make them snore.
Listening shouldn't be a chore.
Let's get to know Josh and Daveand watch their ratings soar.
See the bird soaring?
It is your turn, Mr.
(21:04):
Josh.
You picked that card.
Josh Bretl (21:06):
This card made me smile.
I want to see what youranswer is to this because
you're a pretty modern person.
You like new toysas much as I do.
Here's the question.
What antiquated inventiondo you still use?
Dave Schmidt (21:23):
So I'm going to chat a little bit, because
you mentioned I buy shinynew things all the time.
How about shoes and clothes?
Does that count?
Josh Bretl (21:33):
It does.
It's an old intervention.
Nothing's changed in it.
Dave Schmidt (21:39):
My style has not changed at all, ever.
I don't buy new clothes.
I wash them, but Idon't buy new ones.
Josh Bretl (21:49):
I'm going to do my usual.
ALF (21:52):
Why must you needlessly complicate everything?
Josh Bretl (21:55):
I think when you hear my story, you will see
why shoes and clothes are okay.
Watching our kids in school,I love to see what they're
studying and how they'redoing it, things like that.
When I was their age,I loved science class
and all things science.
One of my favorite topics wassimple machines, the wheel,
(22:16):
the incline plane, the wedge,things along those lines.
I remember having to writethis whole thing of how they
take in simple machines andturn them into tools that
we use every single day.
One of my favoritethings to do is to cook.
I love...
It's a stress reliever for me.
Sunday afternoons, I'llmake a big dinner for
(22:37):
family and stuff like that.
My antiquated invention issimply just a simple machine,
the wedge that is my knife.
Dave Schmidt (22:47):
Oh, my.
Josh Bretl (22:48):
It's my knife because all it is is a
wedge that they've grounddown so I can chop things
and do stuff like that.
I try and tell that story to mykids and get them all excited
about simple machines, and theydon't care one bit whatsoever.
Dave Schmidt (23:01):
They will.
Josh Bretl (23:02):
Someday.
Dave Schmidt (23:03):
Wow.
That was such a...
Josh Bretl (23:05):
Terrible, horrible story.
Dave Schmidt (23:07):
No, it was very...
I don't know, elegant and deep.
Deep thoughts by Josh Bretl.
Good for you, good question.
Josh Bretl (23:18):
Dave, I'm going to see what you got here.
Dave Schmidt (23:21):
Dave relates to retirees.
Josh Bretl (23:27):
this is a tough one.
I'm curious as to whereyou're going to go with this.
Dave Schmidt (23:32):
The episode, the theme of it, you play
it off as it was going tobe kind of fluffy, like the
dreams, strategies, and tools.
Not a super uplifting,upbeat topic, so it is a
little bit of a struggle.
But I'm going to say this.
This is how I canrelate to retirees.
I talk a lot about highschool in the nineties.
(23:52):
We all know that, I talkbasketball in my glory days.
Seeing Landon play basketball,he's pretty darn good.
I don't know if I told you,the other day, he dropped
22 points back to back.
I love watching him.
Wow, he's a combinationof me and Carla.
I want to live long enoughto see him score more than
25 points in a high schoolgame, which is my career high.
(24:13):
That's what I want to do.
Is that okay?
Josh Bretl (24:16):
Yeah, that's a goal.
Dave Schmidt (24:20):
We're assuming, of course, he
chooses to play basketball.
Josh Bretl (24:23):
We've talked about this before in a very
early episode, you loveto keep stats for games,
and you had ridiculousstats for your own game.
I think even for us,you would keep stats
somehow during the game.
You're already keepingstats for your six year
old, seven year old.
Sorry, Landon, ifyou're seven now.
Dave Schmidt (24:42):
He's seven.
Josh Bretl (24:43):
Which is funny.
Dave Schmidt (24:44):
To the point where I corrected his coaches.
They're like, "Landon had 18."
I'm like, "No, he didn't."
Josh Bretl (24:50):
I apologize to any of Landon's
coaches in the future.
Dave Schmidt (24:54):
It was against Glenbard West by the way,
where I dropped 25 at home.
Josh Bretl (24:58):
He's seven.
In 10 years, he will be inhigh school and have the chance
to play varsity basketball.
10 years from now, you'llbe in your early fifties.
Dave Schmidt (25:12):
Yup!
Josh Bretl (25:12):
I'm a little curious.
I'm going to encourage ourclients to live into their
nineties or their hundreds,this happy, healthy life.
Where I'm going to take thisis actually back to the freedom
mentality, where you have theability to do what you want
(25:34):
to do when you want to do it.
Right now, you are so driven bywatching your kid do something
you love, which is awesome.
I totally get that with you.
I love doing that myself.
But there will be a pointwhen you're going to want
to do something else.
Finding that purposeis going to be a key.
After Landon graduatesfrom high school...
Dave Schmidt (25:55):
At the ripe age of 54.
Josh Bretl (25:58):
He blows your record out of the water.
That's not an easy thing todo, coming up with that new
purpose, that new mentality.
But when you have it andcombine it with some excellent
planning, you can enjoy livinglonger, healthier, with enough
money, and have that purpose.
Dave Schmidt (26:18):
Full House music.
You talking now, I maybewant to revisit my answer
to the card because there issomething that is old that I
still love dearly, arcades.
Josh Bretl (26:32):
You do.
Dave Schmidt (26:34):
Good old retro pinball and good
old 8-bit video games.
There you go.
Josh Bretl (26:41):
Man, Dave.
Dave Schmidt (26:42):
But I wouldn't have been able
to do that without yourFull House moment, Josh.
Josh Bretl (26:46):
I'm glad I could provide some sort of value here.
Dave Schmidt (26:50):
You always provide value.
Josh Bretl (26:52):
You mentioned the episode was a little
Debbie Downer-ish.
I apologize for that.
Dave Schmidt (26:56):
We're going to have it.
It's going to happen.
Josh Bretl (26:58):
But I actually think it's really cool,
it's an important thing,and it's something that,
again, with a little bitof work, it can be the best
thing that happens to you.
Dave Schmidt (27:08):
Then that ends on a positive note.
I'm also thinking in the future,we're going to have Puddin'
Cakes eventually in the office.
I'm going to hold you toit, new studio, new snacks.
Josh Bretl (27:18):
Think we can talk Market Day into lowering
their minimum for shipping?
It's doubling down on thecost of Puddin' Cakes.
Dave Schmidt (27:25):
Or just get one of our kids' schools to actually
have Market Day there again.
I don't know why theydon't do that anymore.
Josh Bretl (27:30):
Seriously.
Dave Schmidt (27:30):
That was the best.
Josh Bretl (27:31):
I don't know.
Dave, for this episode, I wasgoing to hope people could go
to Apple Podcast and give usa rating and some comments.
That helps our podcast grow,it helps other people find
our show, and it makes usget inspired to bring more
(27:53):
wonderful episodes like this.
Dave Schmidt (27:55):
I agree.
Also, I want to let peopleknow you do not have
to type out a review.
You can simply just leave astar review and hit submit.
You do need to have an Apple IDto do it, but most people do.
But yes, please, thathelps us out a lot.
Plus more people that reviewit, Apple's like, "Oh, Josh and
Dave, let's show their podcast'sup in the featured list.
(28:15):
More people are goingto want to hear this."
Josh Bretl (28:17):
who wouldn't want to hear this?
Dave Schmidt (28:20):
Let's be real, Missy and Carla.
Josh Bretl (28:22):
That's our wives.
Dave Schmidt (28:23):
What?
Oh, man.
So Deb, I hopeyou're doing well.
We wanted to end this episodewith a special note to you.
It goes something like this.
Bye.
Alex (28:37):
Hashtag tax nerd.
Death is going to happen to all of us, but it's
getting pushed back fartherand farther and farther.
And the good news is it'snot just life expectancy, but
it's also the quality of life.
If you're going to live longer,healthier, happier, you need to
have the assets there to supportyou for longer in your life.
Dave Schmidt: Actuarily speaking. (00:20):
undefined
Death these daysisn't really a downer.
The average human lifespan,has stretched way beyond
previous generations.
The good news?
More years to enjoy!
But that positivity alsocomes with a word to the why.
You're going to want to dosome planning to ensure you've
(00:40):
got enough fuel in the tank toenjoy all the days of your life.
And I'm not referringto that soap opera.
When done right, retirementtruly does equal freedom.
It's a permission slip tostop worrying, start spending,
and keep on enjoying a wiselyinvested portfolio that
(01:02):
will keep paying dividendsto keep you worry free.
Year after year, afteryear, after year, after
year, after year after year.
This is The RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
For the last two decades, hehas been helping fine folks like
(01:23):
you thrive in their retirement.
Me?
Well, I'm Dave.
Josh's longtime friend,co-host of the podcast, and
fan of Angry Beaver t-shirts.
I'm here to keep the showlighthearted and to keep
Josh from going on long,technical, boring rants.
So now let me let you letme, end this introduction
(01:44):
so you can enjoy the show.
FSR Wealth Management is aregistered investment advisor
located in Elmhurst, Illinois.
Information and opinionscontained in this audio
have been arrived atby FSR Wealth advisors.
All information herein isfor informational purposes
and should not be construedas investment advice.
It does not constitute an offer,a solicitation or recommendation
to purchase any security.
FSR is not providing legal,tax, accounting, or financial
planning advice in this audio.
These views are as of thedate of this publication
(02:06):
and are subject to change.
(02:27):
I often wonder what my lifewould be like as a cowboy.
Think I'd make it?
Josh Bretl (02:33):
I don't think you'd make it one night.
Dave Schmidt (02:36):
I don't think so either.
I'm looking at you,you're looking me
like we're both tired.
Josh Bretl (02:41):
It was a late night last night too.
Dave Schmidt (02:43):
It was a late night.
Josh Bretl (02:43):
Of client events.
Dave Schmidt (02:45):
Your hair is getting messy, so I can
tell you're getting tired.
Josh Bretl (02:49):
My hand's through my hair.
Dave Schmidt (02:52):
Last night, Josh, there was another
great client event.
We referenced thisin the last episode.
It was all about estateplanning and all that.
Of course, we've touched onthis topic on the podcast
because we highlight allvery relevant topics.
And at one point duringa Q & A session, one of
your clients asked, " Isthis going to be recorded?
(03:14):
I want to re-watch it."
Did you hear my response?
Josh Bretl (03:17):
You said, " It better be.
Otherwise, I'm out of a job."
Dave Schmidt (03:22):
Josh is a good friend of mine.
But if I mess up even once,you'll no longer hear from me.
Same thing with this podcast.
I feel like I have to beon my A game, Josh, or
next episode, you're goingto have a new cohost.
Josh Bretl (03:31):
I'm a little worried because we had some
funny emails that we talkedabout before, one from Doug
who was giving you a hard time.
We have my sister's in-laws,Dave, who likes to fast
forward to the content,to the meat of episode.
I thought, "Oh man, maybeDave and I's back and forth
isn't everyone's cup of tea."
(03:52):
And well, last night actually,both people came up and said,
"Dave really adds a lot.
The show wouldn't bethe same without him."
I don't know what you did,what you said, or how you
paid them, whatever it was.
Dave Schmidt (04:05):
Puddin' Cakes and coffee.
Josh Bretl (04:07):
We've acquired the Cometeer.
The Cometeer is in our office.
You've converted meto a Cometeer lover.
We've still notacquired Puddin' Cakes.
Dave Schmidt (04:16):
I wonder if it's because the
shipping is outrageous.
You have to spend 70 bucksjust to get them here for free.
I'm not saying that thosePuddin' Cakes go to waste.
We would certainly eat them all.
Josh Bretl (04:29):
That's the problem too.
Actually, last night as I waspresenting, my cell phone was
blowing up with text messages.
They were from our friends.
It was a text string thatyou and I are both on.
It was the text string thatmiddle-aged 40 year old
men, apparently, who are allfeeling overweight and...
Dave Schmidt (04:45):
Balding.
Josh Bretl (04:46):
Balding, the kids stress, and all that fun stuff.
The conversation turned tobeing accountability partners
for weight loss and allthat stuff, which is not the
conversation that would'vehappened five years ago.
Dave Schmidt (04:57):
Or even five months ago.
Josh Bretl (05:00):
You can tell where everyone's at mentally
as we go back to schooland do all that stuff.
Dave Schmidt (05:05):
Are you suggesting that maybe Puddin'
Cakes is not the best for us?
Josh Bretl (05:08):
I would suggest that we don't bring Puddin'
Cakes into the office.
Dave Schmidt (05:12):
Here's what I'm going to say.
I think everythingin moderation.
Once we get the newstudio built, how about we
celebrate with Puddin' Cakes?
Josh Bretl (05:20):
The Puddin' Cake studio.
Dave Schmidt (05:22):
The Puddin' Cake studio.
Josh Bretl (05:28):
So Dave, on our last episode, we
went super technical.
I had to go back andresearch tax code.
Erin actually printed upa tax schedule for me.
That was a lot.
Dave Schmidt (05:39):
That took a toll.
Josh Bretl (05:40):
So today I'm going to go something that is actually
near and dear to my heart,something I care a lot about.
And it's a topic thatI think is totally
under-discussed, underutilized.
It's not talked about enough andtaken into consideration enough.
Dave Schmidt (05:57):
Eighties sitcoms?
Josh Bretl (05:58):
Eighties sitcoms, no, that is not it.
You were singingsomething last week too
from an eighties sitcom.
Dave Schmidt (06:05):
I sing lots of eighties sitcoms.
Josh Bretl (06:07):
That is true.
But this actually has to do withthe fact that our population
is living longer and healthier.
Dave Schmidt: That's a good thing. (06:15):
undefined
Josh Bretl (06:16):
That's a great thing.
It's fantastic, it changesthe mentality of a retiree.
think about their parentsand they think about what
they watch, what they know,what their experiences are.
That's in their mind.
They get that, " When Ihit X age, I'm not going
to be here anymore."
Death is going to happento all of us, but it's
(06:37):
getting pushed back fartherand farther and farther.
In fact, when I give asocial security conversation
with people, I always talkabout when social security
first started in 1935, theaverage life expectancy of
an American male was 62.
The average Americandidn't live to Social
Security age, which is 65
Dave Schmidt (06:56):
Right.
It's a scam.
Josh Bretl (06:58):
Which is kind of crazy.
Social security is a differentspot now, so life expectancy
has drastically changed.
And the good news is it'snot just life expectancy, but
it's also the quality of life.
You hear the terms that 60is the new 50, 70 is the new
60, things along those lines.
People are active, people aredoing things with their life.
(07:22):
Now here comes thefinancial part of that.
If you're going to live longer,healthier, happier, you need to
have the assets there to supportyou for longer in your life.
That's what I want to diveinto a little bit today.
Dave Schmidt (07:36):
You don't want to be in Josh's position
where I don't plan forenough money, and I have to
move in with you and Missy.
That would justbe awful for you.
Josh Bretl (07:45):
It would be awful for one of us, that's for sure.
Dave Schmidt (07:48):
I guess you and I would have lots of fun.
Josh, help me pull up my pants.
Josh Bretl (07:55):
I can see Missy now.
Dave Schmidt (07:57):
I know.
Josh Bretl (07:58):
"We're going to have to have a talk.
He's going to have to go."
Dave Schmidt (08:00):
"He's got to go."
Josh Bretl (08:01):
"He's going to have to go."
Dave Schmidt (08:02):
"But, Missy, he's been here three hours."
"I had enough."
Josh Bretl (08:05):
He ate all the s'mores Pop Tarts.
Dave Schmidt (08:09):
Ooh, s'mores.
Josh Bretl (08:10):
Dave and my wife both have a fascination
of all things s'mores.
I forgot to mention this to you.
One night last week, shebrought home a dessert
for her and I to share.
And you know thosegiant chocolate chip
cookies that Jewel has?
Dave Schmidt (08:25):
Oh yeah.
Josh Bretl (08:26):
They took one, cut it into smaller pieces, and
made it into a s'mores topping.
Dave Schmidt (08:32):
No.
Josh Bretl (08:32):
Oh my God.
It had graham crackers andmarshmallows over the top and a
little bit of chocolate syrup.
Dave Schmidt (08:37):
What?
Josh Bretl (08:38):
Both her and I were blown away at how good this was.
Dave Schmidt (08:42):
Jewel?
Josh Bretl (08:42):
Jewel.
Jewel Food Stores.
Dave Schmidt (08:45):
My birthday is June 4th.
Josh Bretl (08:47):
June 4th.
Dave Schmidt (08:48):
Christmas, Thanksgiving, Halloween, I'll
take one at every holiday.
Josh Bretl (08:51):
It was out of this world.
Dave Schmidt (08:52):
Wow.
Did you put downthe whole thing?
Josh Bretl (08:54):
Not in one night,
Dave Schmidt (08:56):
But you put down the whole thing.
Josh Bretl (08:58):
But in two nights, we did.
It wasn't the wholecookie though whole.
It was just a partof the cookie.
Dave Schmidt (09:04):
I'm kind of surprised I
didn't get a message.
Josh Bretl (09:06):
I am too, actually.
Dave Schmidt (09:08):
Maybe next time.
Josh Bretl (09:09):
But it was delicious.
Do you know what's not goingto help me live longer?
Dave Schmidt (09:13):
S'mores cookies.
Josh Bretl (09:14):
And you living in my house.
Let's talk about lifeexpectancy a little bit.
Dave Schmidt (09:22):
Sure.
Josh Bretl (09:23):
There's all sorts of different life
expectancy statistics.
Each "government agency"with an acronym has their own
statistics and round numbers.
A male born today,life expectancy comes
in at 78 years old.
For a female, it's 82.
Life expectancy thoughincludes infant mortality and
all the bad things that canhappen to you along the way.
(09:46):
This sounds crazy, but theolder you get, the longer
your life expectancy is.
Dave Schmidt (09:51):
I've heard that.
Josh Bretl (09:52):
Every single year you get older, the longer your
life expectancy pushes out.
I don't have the exact numberson that one, but Erin dug
into for us some of the lifeinsurance actuarial tables.
Actuaries are aninteresting breed.
They study statistics andall giant data patterns.
(10:15):
I always tell people a lifeinsurance company is never
going to tell you when you'regoing to die, but they can
tell you the odds of youdying every single year.
Dave Schmidt (10:25):
Oh, wow.
Josh Bretl (10:26):
That's because they have the statistics
as to what age people die.
What they're saying is, and it'sbased on health, if you are 65
years old today, a non-smokerwith excellent health, the
males they expect to live to88, the females to age 90.
Dave Schmidt (10:44):
I think the key word is "excellent health."
That's pretty...
Josh Bretl (10:47):
Excellent health is, but they have a
pretty broad spectrum to thedefinition of excellent health.
That's you don't have cancer,you don't have heart disease.
Dave Schmidt: Preexisting issues. (10:56):
undefined
Josh Bretl (10:58):
But high cholesterol, high blood
pressure, that's normal.
They take that withoutany issues here.
Dave Schmidt (11:04):
Winning for us.
Josh Bretl (11:06):
Now life insurance companies can't
take this into consideration.
It's against the law.
But the higher income peoplewho have access to better
healthcare live longer.
Dave Schmidt (11:15):
Naturally.
Josh Bretl (11:15):
People who live closer to good hospital
systems live longer.
Actually, there's somethinggoofy because people on the
East and West Coast tendto actually live longer.
A lot of it has to do withaccess to food and healthcare.
But it's kind of anamazing topic here.
The life expectancy keepsgetting pushed out farther
and farther and farther.
If you look at socialsecurity statistics...
Dave Schmidt (11:38):
That's one of my joys in life.
Josh Bretl (11:41):
You do, you come in every day and you're going,
"Did you see the latest socialsecurity But social security as
a program that's designed to payout for the rest of your life.
But they look at 65 yearolds as their median age.
What they say is that a thirdof everyone who's 65 today
will live to be 90 years old.
Dave Schmidt (12:00):
Wow.
Josh Bretl (12:01):
That is crazy.
I also love to listen toother podcasts, not just ours.
Believe it or not, Ilisten to other people.
Dave Schmidt (12:09):
But you do listen to ours?
Josh Bretl (12:10):
I do listen to ours every time it comes out,
sometimes multiple times becausemy kids want to listen to it.
It's a funny thing, Ilisten to it and I forget
what we talked about.
Someone will come up to me andbe like, "I love that podcast
on this, this, and this."
I'm like, " What did I say?"
Dave Schmidt (12:21):
And yet our wives have never listened to it.
Josh Bretl (12:24):
No.
As my wife says, "Ilisten to you enough.
I don't need tolisten to you more."
But in addition to livinglonger, people are actually
living healthier too.
The health advances havebeen so extreme that we have
enough information that youcan be 75, 80 years old and
be as active as someone whowas 65 a few short years ago.
(12:46):
That's a great thingto be out there.
But as we're doing it,you got to plan for it.
You have to take thatinto consideration.
We, as a default,, we'll use age90 for people as we're planning.
Some people willpush out to 100.
We do get a few people who say,"No, I'm going to die at 80.
It's just not my cards."
It's kind of sad, buthey, they know it.
(13:07):
That's there.
Dave Schmidt (13:08):
Why do they say that?
They're just maybe nothealthy to begin with.
Josh Bretl (13:11):
Usually one of two reasons.
They know they're not healthy,or both parents never made
it past a certain age.
Dave Schmidt (13:18):
Family history.
Josh Bretl (13:18):
Things along those lines.
Sorry, I'm getting back tolistening to other podcasts.
Every time we make fun ofour wives, I lose my train
of I listen to a gentleman bythe name of Peter Diamandis.
Peter Diamandis runs a podcastcalled Exponential Wisdom.
He's a futurist.
He created the X Prize.
He was big into thefuture in healthcare.
(13:38):
He talks a lot about thedifferent technologies that
are being developed out there.
He's in the front line ofall those new technologies.
A lot of it is in healthcarethat's right there.
With data and everything of whatthey're doing, they now have
systems in place that they canscan your entire body, do this
giant data analysis, and theycan catch a cancer that hasn't
(14:00):
even grown yet in your body.
They They can say,"This is their DNA.
This is howeverything's working."
They compare it to 10,000 otherpeople and they can say, "The
odds of X, Y, Z are higher.
Watch out for this."
The technology is so goodthat we will just have to...
It's almost like if wehave that choice, we'll
be able to live longer.
That's out there.
Dave Schmidt (14:20):
Have you seen Big Hero 6?
Josh Bretl (14:22):
I have seen it on in my house as my kids watch
it, but I have not seen it.
Dave Schmidt (14:27):
I wonder if Baymax has sued this Peter Diamandis
as for that technology.
Baymax is the biginflatable robot.
He scanned somebodyand knows instantly
what's wrong with them.
He came up with it first.
Josh Bretl (14:40):
Or was it Star Trek?
I don't know if you watchedStar Trek as a kid, but they
had that little scanner that...
And they went,"Oh, appendicitis."
Dave Schmidt (14:51):
Really?
Josh Bretl (14:52):
Yeah.
Dave Schmidt (14:52):
Captain Kirk had appendicitis?
Josh Bretl (14:55):
I have no idea.
Dave Schmidt (14:56):
"Beam me up, Scotty.
I got appendicitis."
How about that?
Shout out to Baymax.
Josh Bretl (15:03):
Shout out to Baymax.
I'll have to watchthat with my children.
But a follow up here, ifyou're living longer, you're
living healthier, you wantto have that money to spend.
The counterpart to this isthere's also at the same time
a reduction in income, wheresocial security isn't covering
as much of our income, pensionsare all but gone for people,
(15:27):
and people aren't thinkingabout that guaranteed income
source, that somebody'sgoing to cover you for as
long as humanly possible.
If you think about that pileof money that you've built up,
it's no good for you unlessit becomes income to you.
You want to make sure youhave that income source
that's going to last youthe rest of your life.
It needs to probably lastway longer and for more
(15:48):
money than you originallythought and planned for.
Dave Schmidt (15:52):
Is there a magic number where if a
client comes in and says,"You think I'm going to die
at 80," you'd be like, "Let'splan for 85," or "Let's
plan for Do you over-plan?
Did you say 90years old earlier?
Josh Bretl (16:03):
We use 90 as a default.
That's a good question.
There has to be an end point.
The joke is that you wantto spend your last penny
with your last breath, andthe last check bounces.
But that's not the reality.
What you really wantto do is plan for a few
more years than that.
(16:23):
Most people aren't planningto spend down to zero.
They don't want to see that zeroYou plan for the longer term.
If it's 80, if it's 90,whatever it might be,
that's the very real thing.
Does that answer your question?
Dave Schmidt (16:36):
It answered my question.
It was riveting.
I just drew pen all over my arm.
Josh Bretl (16:40):
You were so excited.
Dave Schmidt (16:41):
I was so into it, I didn't realize I was
Josh Bretl (16:45):
It's a hard discussion to have with people
because people look at youlike you're crazy, " I'm
not going to live longer.
My mom died at 85,"whatever it might be.
Dave Schmidt (16:52):
Right.
Josh Bretl (16:52):
I think that's fear that talks a little bit.
They see what an 85 yearold looks like, and they
think someone who's in badshape or can't live the
life that they want to live.
But I think what the bigger riskfinancially is you are capable
at that age to travel and dothe things you want to do.
(17:13):
If you don't have thewherewithal to do it
financially, it hurts.
With a little bit of planningearlier on, it's a much
more feasible thing to do.
Dave Schmidt (17:25):
Josh, we've talked a lot about
your role as an advisor.
You see the highs andlows in people's lives.
How do you approach this asan advisor if you see that
somebody is on the wrong path ornot planning for enough money?
Josh Bretl (17:43):
That's a good question.
Of course, you asked it.
Remember a couple episodes wetalked about the hierarchy, the
dreams, strategies, and tools?
If I can get somebody ora couple to really dig
into their dreams, and getexcited for them, and feel
that big excitement forwhat's to come into the
(18:04):
future, we can often get themthinking really long term.
When someone retires andloses a purpose, loses
the ability, the healthfollows quickly thereafter.
But people who have thatpurpose and those dreams that
are out there, they startfocusing more on that than
they do on the finances.
They ask us for our help.
A lot of times, we'relooking for more
(18:24):
guaranteed income sources.
We're looking for, how dowe maximize social security?
We're looking for, are thereother spend down assets
we can find guaranteed?
Is there an annuity thatfits in the right spot?
When we can increase thatguaranteed income, it
gives them this permissionslip to live their life.
We have some wonderful clients.
(18:44):
I'm not going to mention them byname, but they moved out West.
They were from Chicago.
They moved out Westto their dream home.
They moved out priorto the pandemic.
All of a sudden, we would havethese Zoom calls with them.
You could see the smileon their face just beam
because they moved out there.
They go bike ridingevery single day.
(19:07):
They will ride 25, 30,40, 50 miles sometimes.
They always finish at oneof the local breweries.
They love to have a beer afterthey ride a bike, which if
you're riding that far, great.
They will takevacations to Europe.
They'll bike around Franceor whatever it might be.
They don't spend a ton ofmoney but we were able to give
them enough guarantees builtinto their system that, and
(19:30):
they said this to us in thecall, they felt this relief.
They had this permission thatthey were allowed to go, live,
and experience their life.
They will have the abilityto do that pretty much for
the rest of their lives.
You can see the inner smileas that comes in there.
Dave Schmidt (19:50):
I think I know who you're talking about because
they said, "Dave, once youfulfill your dream of having
an arcade, they will bike allthe way from wherever they
live to where my arcade is."
Josh Bretl (20:02):
You'd have a lot of fun with them.
They really likegood local beer too.
Dave Schmidt (20:05):
Yeah.
At your recent workshop whereI gave the introduction,
and it was a stellarintroduction, by the way.
Josh Bretl (20:13):
Stellar.
Dave Schmidt (20:14):
You talked about the whole
dream strategies tools.
You touched on it.
You were going through andasking for examples of dreams.
I was just hoping youwould've called me out for
my dream of having an arcade.
But you didn't,and I felt so sad.
Josh Bretl (20:27):
I forgot.
Next time I'll do that for you.
Dave Schmidt (20:29):
I appreciate it.
Thank you.
Josh Bretl (20:30):
Next time I'll do Dave, I think we've
talked about longevity here.
I think it's time for somethinga little bit different here.
Dave Schmidt (20:42):
Yeah.
Hey Mr.
Josh, let's take a break.
You've been talking for solong and my ears are sore.
Let's not make them snore.
Listening shouldn't be a chore.
Let's get to know Josh and Daveand watch their ratings soar.
See the bird soaring?
It is your turn, Mr.
(21:04):
Josh.
You picked that card.
Josh Bretl (21:06):
This card made me smile.
I want to see what youranswer is to this because
you're a pretty modern person.
You like new toysas much as I do.
Here's the question.
What antiquated inventiondo you still use?
Dave Schmidt (21:23):
So I'm going to chat a little bit, because
you mentioned I buy shinynew things all the time.
How about shoes and clothes?
Does that count?
Josh Bretl (21:33):
It does.
It's an old intervention.
Nothing's changed in it.
Dave Schmidt (21:39):
My style has not changed at all, ever.
I don't buy new clothes.
I wash them, but Idon't buy new ones.
Josh Bretl (21:49):
I'm going to do my usual.
ALF (21:52):
Why must you needlessly complicate everything?
Josh Bretl (21:55):
I think when you hear my story, you will see
why shoes and clothes are okay.
Watching our kids in school,I love to see what they're
studying and how they'redoing it, things like that.
When I was their age,I loved science class
and all things science.
One of my favorite topics wassimple machines, the wheel,
(22:16):
the incline plane, the wedge,things along those lines.
I remember having to writethis whole thing of how they
take in simple machines andturn them into tools that
we use every single day.
One of my favoritethings to do is to cook.
I love...
It's a stress reliever for me.
Sunday afternoons, I'llmake a big dinner for
(22:37):
family and stuff like that.
My antiquated invention issimply just a simple machine,
the wedge that is my knife.
Dave Schmidt (22:47):
Oh, my.
Josh Bretl (22:48):
It's my knife because all it is is a
wedge that they've grounddown so I can chop things
and do stuff like that.
I try and tell that story to mykids and get them all excited
about simple machines, and theydon't care one bit whatsoever.
Dave Schmidt (23:01):
They will.
Josh Bretl (23:02):
Someday.
Dave Schmidt (23:03):
Wow.
That was such a...
Josh Bretl (23:05):
Terrible, horrible story.
Dave Schmidt (23:07):
No, it was very...
I don't know, elegant and deep.
Deep thoughts by Josh Bretl.
Good for you, good question.
Josh Bretl (23:18):
Dave, I'm going to see what you got here.
Dave Schmidt (23:21):
Dave relates to retirees.
Josh Bretl (23:27):
this is a tough one.
I'm curious as to whereyou're going to go with this.
Dave Schmidt (23:32):
The episode, the theme of it, you play
it off as it was going tobe kind of fluffy, like the
dreams, strategies, and tools.
Not a super uplifting,upbeat topic, so it is a
little bit of a struggle.
But I'm going to say this.
This is how I canrelate to retirees.
I talk a lot about highschool in the nineties.
(23:52):
We all know that, I talkbasketball in my glory days.
Seeing Landon play basketball,he's pretty darn good.
I don't know if I told you,the other day, he dropped
22 points back to back.
I love watching him.
Wow, he's a combinationof me and Carla.
I want to live long enoughto see him score more than
25 points in a high schoolgame, which is my career high.
(24:13):
That's what I want to do.
Is that okay?
Josh Bretl (24:16):
Yeah, that's a goal.
Dave Schmidt (24:20):
We're assuming, of course, he
chooses to play basketball.
Josh Bretl (24:23):
We've talked about this before in a very
early episode, you loveto keep stats for games,
and you had ridiculousstats for your own game.
I think even for us,you would keep stats
somehow during the game.
You're already keepingstats for your six year
old, seven year old.
Sorry, Landon, ifyou're seven now.
Dave Schmidt (24:42):
He's seven.
Josh Bretl (24:43):
Which is funny.
Dave Schmidt (24:44):
To the point where I corrected his coaches.
They're like, "Landon had 18."
I'm like, "No, he didn't."
Josh Bretl (24:50):
I apologize to any of Landon's
coaches in the future.
Dave Schmidt (24:54):
It was against Glenbard West by the way,
where I dropped 25 at home.
Josh Bretl (24:58):
He's seven.
In 10 years, he will be inhigh school and have the chance
to play varsity basketball.
10 years from now, you'llbe in your early fifties.
Dave Schmidt (25:12):
Yup!
Josh Bretl (25:12):
I'm a little curious.
I'm going to encourage ourclients to live into their
nineties or their hundreds,this happy, healthy life.
Where I'm going to take thisis actually back to the freedom
mentality, where you have theability to do what you want
(25:34):
to do when you want to do it.
Right now, you are so driven bywatching your kid do something
you love, which is awesome.
I totally get that with you.
I love doing that myself.
But there will be a pointwhen you're going to want
to do something else.
Finding that purposeis going to be a key.
After Landon graduatesfrom high school...
Dave Schmidt (25:55):
At the ripe age of 54.
Josh Bretl (25:58):
He blows your record out of the water.
That's not an easy thing todo, coming up with that new
purpose, that new mentality.
But when you have it andcombine it with some excellent
planning, you can enjoy livinglonger, healthier, with enough
money, and have that purpose.
Dave Schmidt (26:18):
Full House music.
You talking now, I maybewant to revisit my answer
to the card because there issomething that is old that I
still love dearly, arcades.
Josh Bretl (26:32):
You do.
Dave Schmidt (26:34):
Good old retro pinball and good
old 8-bit video games.
There you go.
Josh Bretl (26:41):
Man, Dave.
Dave Schmidt (26:42):
But I wouldn't have been able
to do that without yourFull House moment, Josh.
Josh Bretl (26:46):
I'm glad I could provide some sort of value here.
Dave Schmidt (26:50):
You always provide value.
Josh Bretl (26:52):
You mentioned the episode was a little
Debbie Downer-ish.
I apologize for that.
Dave Schmidt (26:56):
We're going to have it.
It's going to happen.
Josh Bretl (26:58):
But I actually think it's really cool,
it's an important thing,and it's something that,
again, with a little bitof work, it can be the best
thing that happens to you.
Dave Schmidt (27:08):
Then that ends on a positive note.
I'm also thinking in the future,we're going to have Puddin'
Cakes eventually in the office.
I'm going to hold you toit, new studio, new snacks.
Josh Bretl (27:18):
Think we can talk Market Day into lowering
their minimum for shipping?
It's doubling down on thecost of Puddin' Cakes.
Dave Schmidt (27:25):
Or just get one of our kids' schools to actually
have Market Day there again.
I don't know why theydon't do that anymore.
Josh Bretl (27:30):
Seriously.
Dave Schmidt (27:30):
That was the best.
Josh Bretl (27:31):
I don't know.
Dave, for this episode, I wasgoing to hope people could go
to Apple Podcast and give usa rating and some comments.
That helps our podcast grow,it helps other people find
our show, and it makes usget inspired to bring more
(27:53):
wonderful episodes like this.
Dave Schmidt (27:55):
I agree.
Also, I want to let peopleknow you do not have
to type out a review.
You can simply just leave astar review and hit submit.
You do need to have an Apple IDto do it, but most people do.
But yes, please, thathelps us out a lot.
Plus more people that reviewit, Apple's like, "Oh, Josh and
Dave, let's show their podcast'sup in the featured list.
(28:15):
More people are goingto want to hear this."
Josh Bretl (28:17):
who wouldn't want to hear this?
Dave Schmidt (28:20):
Let's be real, Missy and Carla.
Josh Bretl (28:22):
That's our wives.
Dave Schmidt (28:23):
What?
Oh, man.
So Deb, I hopeyou're doing well.
We wanted to end this episodewith a special note to you.
It goes something like this.
Bye.
Alex (28:37):
Hashtag tax nerd.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.