June 7, 2023 • 33 mins
Clarity. Simplicity. Certainty. When it comes to turning our finances over to an expert, these are the three guiding lights that Host Josh Bretl, founder of FSR Wealth Strategies, wants us to keep in mind.
Retirement planning represents a different phase of life and requires the right expertise, which is why this episode of Retirement Equals Freedom is focused on providing you an all-important checklist to consider before turning your valuable assets – and future well-being – over to a financial adviser.
What are their credentials? Do they have solid knowledge of how to draw down assets – including how to sequence withdrawals and downstream tax implications? How about their style of communication and the quality of their team?
These are just a few of the factors to consider before deciding to whom you want to entrust your hard-earned savings.
If you’ve been planning all your life for a fabulous retirement, congratulations! But in order to get through the distribution phase of your journey, you’re going to want to have the right adviser in place.
And after you listen to this episode, you’ll know just what you’re looking for as well as the right questions to ask. To put it another way (in the words of computer scientist Alan Kay): “The best way to predict the future is to create it.” FSR Wealth is all about helping you find the tools to do exactly that!
Stay tuned for our next live episode of Java With Josh on Wednesday, June 21st. And in the meanwhile, check out this pod link resource for previous episodes of Retirement Equals Freedom and one-click access to your favorite platform for listening!
If you haven’t already, please sign up for all the news you can use (+ lots of fun) at this link for the Retirement Equals Freedom podcast newsletter. You might also want to join the conversation at our private Facebook group, which you’ll find here.
Click here to explore the services that FSR Wealth Strategies offers and schedule a discovery call with one of the team’s CPAs. When it comes to living your best life, it’s never too early to get started!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Josh Bretl (00:02):
The best way to predict the
future is to create it."
I realize that we talkabout a lot of what you
as the client have to do.
But we don't talk about whatthe advisor should be doing.
And when you're going intoretirement, what you should
be looking for in an advisor.
You want to make surethat your advisor has
extensive tax knowledge.
(00:23):
It is the single greatestvariable that will
impact your retirement.
And most of them won't eventouch it with a 10-foot pole.
there's also a wholedifferent thought
process for distribution.
Because, at some point intime, you're going to have
to spend that pile of money.
If your advisor isn't aspecialist in that distribution
process, that distributionphase, you could be losing
(00:44):
something, unknowingly,
Dave Schmidt (00:46):
When it comes to turning your finances over
to an expert, there are threeguiding lights to keep in mind.
Clarity, simplicity,and certainty.
'Cuz let's face it,retirement planning is a
whole different ballgame.
You need the right expertise,which is why this episode of
The Retirement Equals FreedomPodcast is your go-to checklist
(01:08):
before trusting a financialadvisor with your precious
assets and future wellbeing.
Credentials?
Check.
Knowledge of asset drawdowns,and tax implications?
Double check.
But wait, there's more.
We're talking about theircommunication style and
the quality of their team.
(01:28):
These folks are gonnabe your financial
BFFs, so choose wisely.
And after tuning intothis episode, you'll know
exactly what to look forand what questions to ask.
It's time to channel yourinner fortune teller, because
as the computer scientist,Alan Kay once said, "The
best way to predict thefuture is to create it."
(01:51):
This is The RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
And for the last 20 plusyears, Josh has been helping
fine folks like you gain theconfidence to make retirement
the best part of your life.
And me?
Who the heck am I?
(02:12):
Well, I'm Dave.
Hello.
I'm Josh's longtime friend,co-host, and big fan of
those cute little Furby'sfrom back in the nineties.
I really hope theymake a comeback back.
All right all right all right.
Enough of me talking.
Let me let you let meend my introduction so
you can enjoy the show.
Josh Bretl (02:52):
Today is the last day of school
in Elmhurst schools.
Dave Schmidt (02:55):
Oo, congratulations.
Josh Bretl (02:57):
So, after today is summer.
Dave Schmidt (02:59):
Love it.
Josh Bretl (03:00):
We don't get summer.
But I still think summer isthis feeling of freedom, these
new things you get to do.
It's really a cool time.
But Missy and I were talkingabout it, in regards to summers.
You don't have to wakeup at a certain time.
The kids can wake up wheneverthey want to wake up.
There's like theselazy mornings.
And her and I can sitoutside and have a cup of
(03:21):
coffee before I go to work.
It's a wonderful time
Dave Schmidt (03:25):
Despite my disdain for the temperature during
the summer here in Chicagoland, I was telling Carla
and Landon the same thing.
In fact, I've beenrepeating it every day.
I love summer.
I love when they're home.
And like you said,it's just, everything's
a little bit slower.
But yeah, I'm pumped too.
So you're saying withsummer here, I can come
(03:47):
in 11, and leave at 12?
Josh Bretl (03:49):
No.
Dave Schmidt (03:49):
Oh.
Josh Bretl (03:49):
No.
Dave Schmidt (03:50):
Okay.
Josh Bretl (03:50):
But you can have coffee outside with your wife
before you come in if you want.
Dave Schmidt (03:53):
Oh, that's nice.
Josh Bretl (03:54):
We were talking about your disdain for heat?
And I had this storyI forgot to tell you.
So there was someone inour office yesterday.
We'll call him theperfect Ronald, because...
Dave Schmidt (04:03):
Oh, yes.
Yes, yes.
Josh Bretl (04:04):
And he knows you well.
his future son-in-lawwas there as well.
And he knows you well.
Dave Schmidt (04:09):
He does.
Josh Bretl (04:10):
But they're making fun of you, for
your disdain for heat.
And I started to, I go,have you heard about
his time at Bruegger's?
And they had not heard this.
I said, "Well, when he wasin high school, he was the
manager of a Bruegger'sBagels for two years.
And I would come in afterhours and visit you, and
I would find you in thefreezer, doing your paperwork.
Dave Schmidt (04:32):
I thought that story was going to
go a different route.
Because I would alsotake my breaks, in the
cooler, and fall asleep.
Our buddy Vince Luccaworked with me there,
one summer I think.
And he's like, "Oh,Schmee's in the cooler.
Taking a nap."
Oh, I miss those days.
Josh Bretl (04:50):
So I have a cool story for you.
This last week...
Or it was Wednesdayof this week.
Everything's wrapping upat the end of the year's.
All sorts of things that they'vebeen doing, performances,
and stuff like that.
Well, Alex has been doing Schoolof Rock now, for I don't know,
probably four or five months.
And they've beenlearning three songs.
And it's the same threesongs that we hear on repeat.
(05:12):
And he is trying to learnthe electric guitar.
So he's got a little guitar...
I think I've talked this before.
He's really into it...
Well, Wednesday nightwas his performance.
And we walk in andit's a small room.
It's probably about the sizeof where we're in right now.
And it's got eightkids in this band.
So, four drummers, threeguitars, and all that stuff.
So to give the drummers alla chance, they play the songs
(05:34):
over and over and over again.
The guy who's runningit, hands out earplugs
at the beginning of this.
"Here guys, everyoneput earplugs in."
They have a rule, all the kidshave to wear ear protection.
And I'm like, "I go to concerts.
I don't eat ear protection."
Oh my God, I threwthose things in so fast.
But I want to give youa taste of it here.
(05:55):
'Cause I recordeda little bit of it.
Dave Schmidt (05:56):
Oh, cool.
Josh Bretl (05:57):
See if you know what song this.
Dave Schmidt (06:19):
Wow.
Josh Bretl (06:19):
I mean it didn't sound this good...
But Missy and I were thrilled.
You guys all heard that.
It did not sound great.
But for a bunch of7, 8, 9 year olds?
They were amazing.
And watching my songo at it, it was this
really proud dad moment.
(06:41):
He's so into this guitar.
I have a picture I'llsend you, you can post
with the show notes.
Dave Schmidt (06:45):
No videos?
Josh Bretl (06:46):
I have actually the video that I just
played, there was a video.
We can play that out there.
Dave Schmidt (06:51):
If you're comfortable sharing
that, I think that'dbe really cool to see.
Josh Bretl (06:53):
Yeah, it was really cool.
It was a neat experience.
The guy said too, he goes,"if you ever can't make these
in the future, we stream themlive on their Facebook page."
Dave Schmidt (07:01):
oh, so, he doesn't have technical issues
with streaming on Facebook.
Josh Bretl (07:06):
Not like us.
Dave Schmidt (07:07):
Aye.
Josh Bretl (07:08):
We also tried something new this week.
You and I did our firstever Java with Josh.
Which was supposed to be atimely current-events type...
It was almost a videopodcast, if you will.
We're going to tryand do them monthly.
Dave Schmidt (07:20):
Uh-uh, not try to do them monthly.
Josh Bretl (07:23):
We're going to do them monthly.
In fact, we have thenext one set for June...
Dave Schmidt (07:28):
23rd.
Wednesday the 23rd.
Josh Bretl (07:29):
Wednesday the 23rd.
Dave Schmidt (07:31):
It's a Wednesday of that week.
Josh Bretl (07:33):
I think it's 23rd.
But if anyonewants to listen in.
Dave Schmidt (07:37):
We'll link to the landing page and our
show, What's Up With That?
Because then you can opt into get notifications when
we're about to go live.
Josh Bretl (07:45):
Awesome.
That sounds good.
Dave Schmidt (07:46):
Awesome.
Really quick about summer.
Yesterday was Landon's last day.
It was a half day.
So I am notoriouslylate to pick him up?
And I was three minuteslate again yesterday.
But I got a spot right in frontof the school, don't know how.
But it was really cool,'cause it was just packed.
I feel like every familyfrom Briar Glen was there.
And I get out of my car, I justhear all the students chanting
(08:07):
"Summer, summer, summer."
I thought it was really cute.
Josh Bretl (08:10):
It's so cool.
Today's their last day,I'm going to pick them up.
School gets out at 1:15 today.
And I can't wait.
Because it's goingto be a party.
Last year, last dayof school, it rained.
So everyone's scattered.
This year, it'sgoing to be cool.
It's going to befun to hang out.
In fact, there's a partygoing at my house right now
that I'm not invited to?
Dave Schmidt (08:28):
The moms?
Josh Bretl (08:28):
Missy is doing a last day of school
mom-mosas, she's calling it?
Dave Schmidt (08:34):
Love it.
Josh Bretl (08:34):
I think there's like 30-some-odd moms over there.
Dave Schmidt (08:38):
Oh, that's so cool.
Josh Bretl (08:39):
And I wanted to hang out and bring guys.
And she goes, "No,you're not invited."
So, I get it.
It was fun.
But.
Dave Schmidt (08:46):
Well, Josh, we'll do our own thing, when
you're back from vacation.
Josh Bretl (08:50):
Yeah, actually this is another thing I
want to tell you about.
Dave Schmidt (08:52):
Yeah, let's hear it.
Josh Bretl (08:54):
I'm leaving for vacation tomorrow morning.
I'm going to be gone, outof the office for a week.
Dave Schmidt (08:57):
And I'm running things around here.
Josh Bretl (08:59):
That scares me.
But, what scares me more?
Is I almost spend more timewith you than I do with my wife.
Dave Schmidt (09:06):
Mm-hm.
Josh Bretl (09:06):
And this is going to be like the longest
we've been separated?
Dave Schmidt (09:09):
Yep.
Josh Bretl (09:10):
For six months now.
Dave Schmidt (09:13):
I promise I wouldn't get emotional
live on a podcast, butit's going to happen.
I'm going to be solost without you.
Actually, I'm going to sendyou videos of me eating
the mangoes over there.
Josh Bretl (09:21):
Not if there's any left after today.
Dave Schmidt (09:22):
They're in the shot, actually.
We didn't move them.
So now you see it here.
I'm going to pointwith my pen, right...
There.
The Sam's Club mangoes.
Josh Bretl (09:29):
We have found these dried mangoes from
Costco, and Sam's Club,that are out of this world.
Dave Schmidt (09:35):
I do mention in one of my intros
from a few podcasts ago.
"A fan of the driedmangoes from Costco."
All right, well, we'reabout nine and a half
minutes in, Josh.
People are probably just hitting"close" on their podcast app.
So let's get to it.
Josh Bretl (09:50):
Well, what I wanted to talk about today...
And this comes from someconversations I've had in
the last couple months...
What you should look for,as a retiree, when you
are hiring an advisor.
And what this isstemming from, is, I had
someone in my office...
Who I like a ton.
And she says to me, shegoes, "I've had my advisor
(10:12):
for the last 20 years.
We do the same thingover and over again.
But now that we're getting closeto retirement and I ask them,
'What should I be looking for?
What's going to change?'And they just said, 'Oh,
don't worry about it.
Nothing we have to do.'"
That didn't hit me right.
I like them a lot as a person.
But I'm worried I needto be learning more.
I realize that we talkabout a lot of what you
(10:35):
as the client have to do.
But we don't talk about whatthe advisor should be doing.
And when you're going intoretirement, what you should
be looking for in an advisor.
So, I want to spenda few minutes talking
about that today.
Dave Schmidt (10:47):
Perfect.
Josh Bretl (10:48):
And you've heard me talk a lot, so..
Dave Schmidt (10:50):
Yeah.
Yeah.
You said I can nap while youtake this, and I can just...
Josh Bretl (10:56):
Well.
We'll see where wego with this here.
Dave Schmidt (10:57):
We'll see where we go.
Josh Bretl (10:59):
And this first one is, I was talking about this.
This comes from Erin.
She wanted me to make sure Ipoint out the difference between
accumulation, and distribution.
I think we talked aboutthis on a prior episode.
But the accumulationversus distribution phase.
So, accumulation is whateveryone thinks about
in your working years.
It's the idea that you'resaving for something.
(11:19):
You're saving for retirement.
Some people aresaving for college.
Sometimes you're savedfor a new house, or a car.
You're earning money, soyou're saving for something.
And you're trying to buildup this pile of money.
There's one thoughtprocess for that.
But there's also awhole different thought
process for distribution.
Because, at some point intime, you're going to have
to spend that pile of money.
(11:40):
If your advisor isn't aspecialist in that distribution
process, that distributionphase, you could be losing
something, unknowingly.
And my father and Iwere discussing a great
quote the other day.
As he said, "The bestway to predict the
future is to create it."
Dave Schmidt (11:56):
oh.
Josh Bretl (11:57):
I know.
I thought that was huge.
Dave Schmidt (11:58):
Well, it's much deeper than mine.
Josh Bretl (12:00):
What was your quote you were
discussing with my father?
Dave Schmidt (12:02):
All things being equal, fat people use more soap.
I've lived my lifeto that motto.
Josh Bretl (12:18):
That would want to explain a few things.
Why it runs out so fast.
Dave Schmidt (12:23):
Oh yeah.
I think I may have to writea new haiku about this.
Josh Bretl (12:28):
Like when Missy asked me, as we're packing for
vacation, how come my suitcasealways is a lot heavier?
I said, "Oh, my clothes area lot bigger than yours."
Dave Schmidt (12:36):
right.
Right.
Carla spends hours packing.
I spend five minutes.
I have two pairs ofpants and three shirts.
And it's 118 pounds.
Josh Bretl (12:45):
It is.
Well, that's because mypair of jeans, there's like
five times the cloth inone of her pair of jeans.
Dave Schmidt (12:50):
That's what I'm saying.
Josh Bretl (12:52):
Man, we are way off.
Dave Schmidt (12:53):
We are.
You better fly through this.
Josh Bretl (12:55):
So, let's talk what to look for an advisor.
And the first thing thatwe look for is experience.
And the fact that theywork quite a bit with
the distribution process.
They're used to workingwith social security
and pensions and taxes.
They know how Medicarecomes into play.
(13:16):
They know how to talk about thetaxation on social security.
They know investmentstrategies to limit volatility,
and all that fun stuff.
So let's go throughthis a little bit.
There's some things thatare the same, there's some
things a little bit different.
But one is looking atqualifications and credentials.
(13:36):
So look at their background,look at their education.
Make sure that theyactually know what the
heck they're talking about.
But two is a big one.
This is the fiduciary duty.
The fiduciary standard issomething that's becoming more
and more regular out there.
But what that says is, thatyou have to do as an advisor,
whatever is in the best interestof your client, no matter what.
(13:58):
There's a lot of advisorsthat still operate on
a suitability standard.
So all that says is, "Hey,you only have to do what you
think is good for the client."
It may not be the best, butit can be good for them.
And it's a differentmindset that's there.
So, the fiduciary is a bigthing that's out there.
We talked aboutthe specialization.
I think that's important.
Something else is atransparent fee structure.
(14:20):
You want to knowwhat you're paying.
In today's day and age, withtechnology, the cost of the
investments should not be theone that's paying your advisor.
Charging a flat fee is huge.
And if the fee isn'tsitting there, right on your
statement, so you know exactlywhat they're charging you?
There's something wrong there.
They're hiding somethingfrom you that's out there.
So this next one, Ialways like as well.
(14:42):
We've been doingthis for a while.
But asking forreferences and reviews.
As an advisor, we've beentold over and over again...
In fact, the rule was,the SEC always said,
"You can't get reviews.
You can't ask peopleto give you reviews."
Well, that lawchanged this year.
Now there's a lot ofcompliance things around it?
But as long as theadvisor is following good
(15:02):
practices, they can actuallygive out reviews now.
So ask for them.
It's no different...
This is a bigdecision in your life.
So you should see what otherpeople are looking for there.
This last...
That's not last one.
Man.
Our listeners wish.
This next one here,the comprehensive
financial planning.
There's a lot that goesinto retirement planning.
(15:23):
Income planning, investmentmanagement, tax planning, estate
planning, risk management.
We talked about Medicare.
Even knowing thelegal side of it.
If they're just focusingon your investments, this
is not someone who you'relooking for retirement.
They need to be able toincorporate everything.
In your accumulation years,it's really the only thing
(15:44):
you have control over.
We talk about thisin the workshops.
So, if that's allthey focus on, great.
But in your distribution years,it becomes immensely important.
This next one, peopledon't talk about.
And compatibilityand communication.
You have to like your advisor.
Dave Schmidt (16:01):
Like you like me.
Josh Bretl (16:02):
Like I like you.
Actually, we'vesaid this before.
You bring a greattone to this office.
And it's a friendly, warm tone.
And we have said before,we get along great.
Our office has a great culture.
And we'll often say, "What ifthe person doesn't like this?"
And we're like, "Well then, wedon't want them as a client."
We get to choosewho we work with.
(16:22):
But the reverse is true.
You have to like the advisor,because you're going to
spend a lot of time, you'regoing to put a lot of trust
and a lot of faith in them.
And if you don't likethem, others out there.
You're not hurting my feelings.
So we always get to say,"We get to choose who we
work with, and you get tochoose who you work with."
So make sure that you getalong quite well with them.
Dave Schmidt (16:40):
I'm making a point to tell everybody, like,
"Look, I know you love me.
But I'm not going to be the oneyou're talking to all the time.
So you got to like Josh.
You got to do it."
Because let's be honest,if people were coming
to work with me, you'dhave a line out the door.
Josh Bretl (16:53):
We would.
And we'd also have attorneysout the door wanting to get to
know you a little bit better.
Dave Schmidt: Erroneous, I tell you. (17:00):
undefined
Josh Bretl (17:02):
The next one is a big one.
It's clarity.
I always say there'sthree things that a
client is looking for.
Clarity, simplicity,and certainty.
So they want to have the abilityto understand what your...
Make it very clearwhat you're offering.
What you're telling them,what your suggestions are.
Make it simple forthem to execute.
(17:23):
And let them know thatthere's some certainty behind
it, that this is what...
There's a reasonyou want to do that.
So they need to be able to giveyou good, clear information.
Dave Schmidt (17:31):
That's why I've long suggested you just present
everything in haiku form.
Josh Bretl (17:35):
I am not the literary
mastermind that you are.
I barely understandthe difference between
a metaphor and a...
Dave Schmidt (17:44):
Simile?
Josh Bretl (17:45):
Simile.
Dave Schmidt (17:46):
Mm-hm.
Josh Bretl (17:46):
Sure.
So a haiku's...
Dave Schmidt (17:48):
Not your thing.
Josh Bretl (17:49):
No.
I'm more of a limerick guy.
Dave Schmidt (17:51):
Yeah, sure.
Josh Bretl (17:53):
This one can become tougher.
But I do always encourage,find out what the education the
advisor is continuously having.
Make sure that they understandthat there's things that
are constantly changing,they're being updated.
And then before we get into thebiggest part, make sure they're
accessible and available.
And make sure that they have ateam behind them that you like.
So for example, in ouroffice, we work as a
(18:14):
really tight-knit team.
Where you may talk to me,you're also talking to Erin and
Sean and my father and Chuck.
Our client service team.
They can all pick up a lotof things that go out there.
There's very rarely afinancial emergency.
But if there is, you want tomake sure there's always someone
available for you to talk to.
Does that make sense, David?
Dave Schmidt: Crystal clear, baby. (18:33):
undefined
Josh Bretl (18:37):
All right.
Now this last oneis the biggest.
I saved the best for last.
And this is the tax knowledge.
You want to make sure...
Dave Schmidt (18:46):
Hold on.
Hold on.
Alex (18:48):
Hashtag tax nerd.
Josh Bretl (18:50):
I know.
I deserve that Al.
You want to make surethat your advisor has
extensive tax knowledge.
It is the single greatestvariable that will
impact your retirement.
And most of them won't eventouch it with a 10-foot pole.
Especially if they're notretirement specialist.
So I want to go throughsome of the tax things
we want to look at here.
(19:11):
They want to make sure youhave withdrawal strategies.
They have a variety ofdifferent withdrawal strategies.
It could help you withRMDs, where to take money
from, what's going to bebest for your situation.
They want to be a good withsocial security optimization.
Because believe it or not,taxes will impact when you
should take social security.
And should you wait?
Should your spouse wait?
(19:31):
Should you just take it early?
All that fun stuffthat comes in.
Tax efficient investments.
We did a whole series ontax efficient investments.
And it's amazing to see howmany people come in with
portfolios that, with justsome tax optimization, could
earn them an extra couplepercent completely risk-free.
And all you did was minimize thetax drag that comes in there.
(19:53):
That has to do with capitalgains and tax loss harvesting,
all of those fun things.
Understanding the differenttax advantage accounts.
IRAs, Roth IRAs,when to move them.
Even HSAs.
HSAs can play a big roleinto people's retirement,
if started young enough.
That comes in there.
Dave Schmidt (20:09):
Health Savings Account.
I know.
Josh Bretl (20:11):
Oh, look at you.
I was throwing acronymsout there, and you
got it right away.
Dave Schmidt (20:16):
Here's why.
I have been yelled at noless than 24 times, in my
marriage with Carla, forforgetting to use our HSA
card when I go to the doctoror eye doctor or whatever.
So that's ingrained in my brain.
Josh Bretl (20:29):
Well let her know.
Dave Schmidt (20:29):
Yeah?
Josh Bretl (20:30):
It can actually be a savings tool.
If you don't need to useit, that money can grow
tax-free and you can actuallyuse it for retirement.
Dave Schmidt (20:35):
Let me make a note of this really quick.
Josh Bretl (20:36):
Yeah, tell Carla that.
Would you?
Dave Schmidt (20:38):
Yeah.
Well she's listening.
Josh Bretl (20:39):
Yeah, she always does.
Dave Schmidt (20:40):
Yeah.
Josh Bretl (20:40):
So, Becks, would you tell Carla that,
next time you talk to her?
After you're listening tothis in your world travels?
Dave Schmidt (20:47):
"Oh, David.
David."
Josh Bretl (20:51):
estate tax inheritance.
This is going to become a biggerand bigger issue, especially
as inflation kicks into play.
We're seeing people with biggerand bigger estates, that, a
couple years ago, didn't haveestate tax issues, but now do.
So, make sure your advisorknows what they're talking
about with estate taxes.
That they're looking atdifferent tax law changes.
(21:11):
They know what tax lawsare coming down the pipe.
Because it's not just planningfor now, you're planning
for the rest of your life.
Know what's changingin the future.
And lastly is, they havea good team behind them.
Because they need to havea good estate planning
attorney or a couple goodestate planning attorneys.
They need to have good CPAsthat they can reference that.
(21:31):
When they're giving advice,they can actually back it up.
Dave Schmidt (21:34):
Aren't you a CPA?
Josh Bretl (21:35):
I am a CPA.
But if someone's listeningto this in a different
state, or as I said before,maybe they don't like me.
Maybe they and I aretoo goofy, or whatever.
That's okay with me.
But find someone who has...
Most advisors are not CPAs.
I'm lucky to be one.
But even if they don't chooseme as an advisor, they should
(21:56):
find somebody who has that taxknowledge, that comes out there.
But that was it.
I want to list those thingsand make sure the people
understood that the differenceis, they're looking through that
accumulation to distribution.
And when they're really lookingfor that clarity, and that
simplicity, and that certainty.
And the certaintycomes to their life.
(22:16):
And it's...
My dad and I weretalking before.
Not your soap comment.
But, "The best way to predictyour future is to create it."
That's that certainty.
And that clarity andthat simplicity can often
create that certainty.
As that comes into play.
Dave Schmidt (22:32):
You came back to the three words.
Josh Bretl (22:35):
I did.
'Cause I looked atyou write them down.
And you're like, "He's nottalking about those enough."
Dave Schmidt (22:38):
yeah.
Yeah.
I do like it, Josh.
Josh Bretl (22:41):
So.
Dave Schmidt (22:42):
Well, okay.
This was short and sweet.
I do think we...
As I put in thechapter markers...
"Two BFFs catching up on life."
I think we've probablyspent more time on that
than we did with...
But this is nice.
I like these likefluffy episodes.
Josh Bretl (22:53):
Yeah.
Dave Schmidt (22:54):
I mean, this is fun.
Josh Bretl (22:54):
This is a fun one.
This is a good one.
I thought.
Dave Schmidt (22:56):
These are totally cool.
Were you thinking thesame thing I was thinking?
Josh Bretl (22:59):
Time to dance?
Dave Schmidt (23:00):
Yeah.
You ready to dance?
Josh Bretl (23:00):
Yeah, I'm ready to dance.
Wiggle a little bit.
Let's do it.
I'm really thinkingof bird noises.
Dave Schmidt (23:05):
Oh, 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.
So let's get to know Josh andDave and watch our ratings soar!
(23:35):
That is a time-tested,never-gets-old bird noise.
Josh Bretl (23:40):
Yeah, I don't think those birds fly either.
It's supposed to be "soar" andI don't think those birds fly...
Hey, you know what?
Do roosters fly?
Dave Schmidt (23:49):
In our world they can.
Josh Bretl (23:50):
They do.
Dave Schmidt (23:50):
Yeah.
Josh Bretl (23:51):
Why not?
Soar.
Dave Schmidt (23:53):
Soar.
Josh Bretl (23:53):
Okay.
I assume you have a question,'Cause you didn't let me
pick one out of the podcast.
Dave Schmidt (23:56):
Nope, I got a question for you today.
Josh Bretl (23:58):
Oh boy.
All right.
Dave Schmidt (23:58):
I'm going to go back to our beginning.
Josh Bretl (23:59):
Let's do it.
Dave Schmidt: Summer starts today. (24:00):
undefined
What is one thing on yoursummer bucket list that
you are looking forward to?
Josh Bretl (24:08):
Would this include predetermined travel?
Or something that we haven'tscheduled yet, but want to?
Dave Schmidt (24:14):
It could be something you're really
excited for this summer.
Josh Bretl (24:16):
Okay.
Dave Schmidt (24:16):
I mean, if you've got a big trip coming up.
Josh Bretl (24:18):
Yeah.
We are scheduledto go to Colorado.
That's going to be moreof a chore than anything.
Love you family.
Just kidding.
Dave Schmidt (24:24):
It's not because you're going with your family.
You're going to visityour extended family.
Josh Bretl (24:29):
Yeah.
All right.
I got something.
And it may sound supersilly, but you all know
me, I'm a simple guy.
We're going to theChicago Dogs game for my
birthday, on June 4th.
Dave Schmidt (24:38):
Nice.
Josh Bretl (24:38):
Yeah.
My old man's in town,Big Mike from Colorado.
You've heard that name come up?
That's Big Mike, my dad.
Dave Schmidt (24:43):
Yeah, yeah.
If we were a sportstalk show, he'd be the
number one call-in guy.
Josh Bretl (24:46):
He would.
Dave Schmidt (24:47):
"Big Mike from Colorado's on the line again."
Big Mike...
Oo, shoot.
I may have justruined the surprise.
Well, it's for mybirthday, Dad, not for you.
But we're going tothe Chicago Dogs game.
Actually, you won't hear thisuntil after we already go.
So it's going to be a win-win.
Yeah, I'm lookingforward to that.
I mean, we got a trip toColorado coming up, which
it's going to be cool.
We're going to do boat rides,we're going to do river rafting.
(25:07):
That's all cool.
But to me, Chicago Dogsgames sounds awesome.
Josh Bretl (25:11):
You know what?
Chicago Dogs...
For those of youthat don't know...
Is a local minorleague baseball team.
And it's right byO'Hare Airport.
And they've really madeentertainment a part.
They've broughtentertainment to baseball.
And it's really alot of fun to go.
You can park rightthere for really cheap.
Dave Schmidt (25:26):
Yes.
Yes.
Josh Bretl (25:26):
You walk right in.
The stadium's super friendly.
I think hotdog is like a dollar.
It's...
Dave Schmidt (25:31):
Food's not like Wrigley, but
it's not super cheap.
It's well run.
It's really fun.
Josh Bretl (25:37):
It truly is.
Dave Schmidt (25:38):
All right.
It's flip it around.
And reverse it, to you.
Josh Bretl (25:41):
Well, here's what I'm looking
forward to this summer.
My kids have finallybecome good swimmers.
Dave Schmidt (25:47):
Oo.
Josh Bretl (25:47):
And up until this point, they've
been terrified of water.
And I've been terrifiedof them near water.
But they've spent thiswinter learning to swim.
I can't wait this summerto go to waterparks.
Dave Schmidt (25:59):
Oo.
Josh Bretl (26:00):
I want to go to as many waterparks
with these kids as we can.
Because I remember as mychildhood, my parents would
take us to a waterpark.
And my dad and I goingdown all these slides.
And doing all these things.
And I can't wait todo that with them.
I'm sure I'll break my backgoing on a slide or whatever.
But I'm sure lookingforward to that.
Dave Schmidt (26:16):
Do you have any booked?
Josh Bretl (26:17):
We are taking the kids to The Bahamas.
And our hotel hasa water park in it.
Dave Schmidt (26:22):
Cool.
Josh Bretl (26:22):
Type thing.
But no, even little things.
We'll go to Rockford, orsomewhere around here.
Dave Schmidt (26:28):
Yeah, right.
That's cool.
Hey, you go to Bahamas.
I'll just set up my slipand slide in the backyard.
Same thing though.
We're totally cool.
Josh Bretl (26:36):
Oh, yeah.
Dave Schmidt (26:37):
You have a water park in your backyard.
Josh Bretl (26:38):
Yeah, mm-hm, sure.
Dave Schmidt (26:40):
If the weeds and rocks don't kill you,
the slip and slide will.
All right.
Josh Bretl (26:45):
Dave?
Dave Schmidt (26:45):
Yeah.
Josh Bretl (26:46):
I got a question?
Dave Schmidt (26:47):
What's that?
Josh Bretl (26:47):
Are you going to relate to anybody today?
Dave Schmidt (26:50):
Dave relates to retirees.
Josh Bretl (26:54):
You accused me earlier of trying to sneak
a peek at what your...
Dave Schmidt (26:58):
Yeah.
Josh Bretl (26:58):
...DR2R is.
Dave Schmidt (27:00):
Yeah.
You asked if I canrelate to retirees.
It's actually cool.
Because we're goingto circle back.
Because you mentioned Bruegger'sBagels at the very beginning.
Josh Bretl (27:07):
Oh, really?
Dave Schmidt (27:08):
And you had no idea that that would be my DR2R.
Josh Bretl (27:10):
Uh-uh.
Dave Schmidt (27:11):
And when you told me about the theme
of today's episode...
What you should be looking forand asking for in an advisor...
I remember one of myadvisors when I was young.
When I was startingmy illustrious career
at Bruegger's Bagels.
We've talked aboutthis several times.
You know Bruegger's well.
His name...
He was our leadbaker for a while...
(27:32):
His name was Themba Fakude.
Do you remember?
Josh Bretl (27:34):
I remember Themba.
Dave Schmidt (27:35):
You remember Themba?
Josh Bretl (27:35):
Yeah, I do.
Dave Schmidt (27:37):
And he taught me many things in life.
Most of them beinginappropriate now.
However, at the time, he wasa very, very crafty chef.
I'm going to say chef.
That's probably givinghim too much credit.
So our office, our restaurant,was about a block from Jewel.
He would combine ingredients,and he taught me how to just
(27:58):
use a few ingredients tomake some really good food.
And I think partially...
I'm thinking about it now...
That could have beenwhat inspired me to take
cooking classes, andstart in culinary school.
But something simple, justcucumber with lemon and salt.
It blew my mind.
He would take thelox, the salmon?
And different ingredients.
And just go to town.
And it was the best.
And he would make itfor everybody that
(28:20):
was working that day.
But my single favorite thinghe did was he would just
simply go buy bulbs of garlic.
I'd take out the cloves.
And just olive oil and salt,throw them in the same oven
that we made Bagels in.
And staff would all be poppingcloves of garlic at a time.
(28:40):
So yeah, roastedgarlic, popping garlic.
I mean, this was my guy.
This was my advisor.
He would also...
Josh Bretl (28:44):
Themba.
Dave Schmidt (28:45):
Themba, man.
He would make us all pause,when there was no customers
in there, and dance.
He would turn themusic up and dance.
He was just the happiest dude.
And so it gave mea new perspective.
I took myself too seriouslyin high school, a little bit.
That was my guy.
Themba.
Themba Fakude.
So yeah, retirees, I get it.
You need someone in yourlife like Themba, or
(29:06):
Josh, to get you through.
Take it away.
Josh Bretl (29:10):
Okay.
Dave Schmidt (29:11):
Now look, you were the beneficiary of my
Bruegger's Bagels career.
Josh Bretl (29:15):
I love Bruegger's Bagels.
Dave Schmidt (29:16):
Mm-hm.
Josh Bretl (29:17):
I miss Bruegger's Bagels.
I remember Themba?
First off, in highschool, you took yourself
too seriously, huh?
That's a shock to me.
Dave Schmidt (29:27):
We're not going to go into what I mean by that.
But there were certainaspects of my life back then
I took way too seriously.
Yes.
Josh Bretl (29:34):
Huh.
Dave Schmidt (29:35):
Yeah.
Josh Bretl (29:36):
Yeah.
That's interesting.
Dave Schmidt (29:37):
Sure.
Josh Bretl (29:39):
So, Mr.
Themba...
Let me try and stretchthis, wrap it around here.
Dave Schmidt (29:44):
Let's do it.
Josh Bretl (29:46):
You were compatible with him.
You saw a leadership inhim that you needed at that
point in time in your life.
Dave Schmidt (29:50):
Yeah.
Josh Bretl (29:50):
You came off a very serious high school career.
Dave Schmidt (29:53):
Very.
Very.
Josh Bretl (29:53):
That, you needed somebody to lead you down
a path to open yourselfup to new experiences.
Like roasted garlic.
Dave Schmidt (30:02):
Roasted garlic.
Josh Bretl (30:03):
And...
Dave Schmidt (30:04):
Dance parties.
Josh Bretl (30:05):
Themba, at that time, was able
to do that for you.
Now, you didn't reallyseek Themba out.
He just found you?
But what I'm telling retirees?
Is seek it out.
And know whatyou're looking for.
You didn't know whatyou were looking for.
And imagine if you said toyourself, "Man, I need someone
to show me how to open myselfup to fun new experiences."
(30:25):
And you found Themba.
And you're right there.
What I'm telling people,who are retirees entering
that distribution phaseis, you should know
what you're looking for.
And go out and find it.
Because Themba won't always bethere, just waiting for you.
Dave Schmidt (30:38):
Yeah.
Okay.
Josh Bretl (30:40):
But I also love roasted garlic.
If anybody wants to me tomake some roasted garlic, I'd
be happy to do that for you.
Dave Schmidt (30:44):
I am telling you.
Another go-to, Josh.
That was a niceFull House moment.
Not, I think again...
Having a fluffy episodeplus a super random DR2R
leads you to having ashorter Full house moment.
Poppyseed bagel,butter, melted cheese.
You think, "Ugh."
Try it.
It's life changing.
All right?
That's another Themba specialty.
Josh Bretl (31:05):
Yeah.
We need a bagel spothere at Elmhurst.
Dave Schmidt (31:06):
That's good.
I'm going to Google Themba.
See if he's still around.
Josh Bretl (31:09):
There's can't be many Themba Fakude.
Dave Schmidt (31:11):
Fakude.
Josh Bretl (31:11):
Fakude.
Dave Schmidt (31:12):
Cannot be.
That was my boy.
All right.
So, Josh, what elsewe got going on here?
Josh Bretl (31:19):
It's summertime.
Literally, we shutthis bad boy down?
I'm out of here.
Dave Schmidt (31:23):
And summer gets crazy for everybody.
So, what Josh and I aregoing to encourage you
to do is head on over.
FSR wealth.com slash podcast.
Make sure your name is onour email club list, so
you never miss new episode.
Josh Bretl (31:38):
Because they're always as good as this one.
Dave Schmidt (31:40):
If not better.
And remember, we have ourmonthly Java with Josh.
Josh Bretl (31:44):
June 23rd,.
Dave Schmidt (31:46):
June 23rd.
Or whatever that...
Josh Bretl (31:48):
Mm, day is.
Somewhere in there.
Dave Schmidt (31:53):
Wednesday is.
21st, 23rd.
Because we're going to starthaving some fun around here.
Josh Bretl (31:57):
We are.
Dave Schmidt (31:58):
We are.
Josh Bretl (31:58):
Thank you, Themba.
Dave Schmidt (32:01):
All right.
And we still haven't come upwith a new close, so for now
we're just going to say, "Enjoysummer, enjoy your mangoes.
And...
Byeee.
Byeee.
That was a nice way to end it.
Alex (32:11):
Hashtag tax nerd.
Dave Schmidt (32:39):
FSR Wealth Management is a registered
investment advisor locatedin 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
and are subject to change.
The best way to predict the
future is to create it."
I realize that we talkabout a lot of what you
as the client have to do.
But we don't talk about whatthe advisor should be doing.
And when you're going intoretirement, what you should
be looking for in an advisor.
You want to make surethat your advisor has
extensive tax knowledge.
(00:23):
It is the single greatestvariable that will
impact your retirement.
And most of them won't eventouch it with a 10-foot pole.
there's also a wholedifferent thought
process for distribution.
Because, at some point intime, you're going to have
to spend that pile of money.
If your advisor isn't aspecialist in that distribution
process, that distributionphase, you could be losing
(00:44):
something, unknowingly,
Dave Schmidt (00:46):
When it comes to turning your finances over
to an expert, there are threeguiding lights to keep in mind.
Clarity, simplicity,and certainty.
'Cuz let's face it,retirement planning is a
whole different ballgame.
You need the right expertise,which is why this episode of
The Retirement Equals FreedomPodcast is your go-to checklist
(01:08):
before trusting a financialadvisor with your precious
assets and future wellbeing.
Credentials?
Check.
Knowledge of asset drawdowns,and tax implications?
Double check.
But wait, there's more.
We're talking about theircommunication style and
the quality of their team.
(01:28):
These folks are gonnabe your financial
BFFs, so choose wisely.
And after tuning intothis episode, you'll know
exactly what to look forand what questions to ask.
It's time to channel yourinner fortune teller, because
as the computer scientist,Alan Kay once said, "The
best way to predict thefuture is to create it."
(01:51):
This is The RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
And for the last 20 plusyears, Josh has been helping
fine folks like you gain theconfidence to make retirement
the best part of your life.
And me?
Who the heck am I?
(02:12):
Well, I'm Dave.
Hello.
I'm Josh's longtime friend,co-host, and big fan of
those cute little Furby'sfrom back in the nineties.
I really hope theymake a comeback back.
All right all right all right.
Enough of me talking.
Let me let you let meend my introduction so
you can enjoy the show.
Josh Bretl (02:52):
Today is the last day of school
in Elmhurst schools.
Dave Schmidt (02:55):
Oo, congratulations.
Josh Bretl (02:57):
So, after today is summer.
Dave Schmidt (02:59):
Love it.
Josh Bretl (03:00):
We don't get summer.
But I still think summer isthis feeling of freedom, these
new things you get to do.
It's really a cool time.
But Missy and I were talkingabout it, in regards to summers.
You don't have to wakeup at a certain time.
The kids can wake up wheneverthey want to wake up.
There's like theselazy mornings.
And her and I can sitoutside and have a cup of
(03:21):
coffee before I go to work.
It's a wonderful time
Dave Schmidt (03:25):
Despite my disdain for the temperature during
the summer here in Chicagoland, I was telling Carla
and Landon the same thing.
In fact, I've beenrepeating it every day.
I love summer.
I love when they're home.
And like you said,it's just, everything's
a little bit slower.
But yeah, I'm pumped too.
So you're saying withsummer here, I can come
(03:47):
in 11, and leave at 12?
Josh Bretl (03:49):
No.
Dave Schmidt (03:49):
Oh.
Josh Bretl (03:49):
No.
Dave Schmidt (03:50):
Okay.
Josh Bretl (03:50):
But you can have coffee outside with your wife
before you come in if you want.
Dave Schmidt (03:53):
Oh, that's nice.
Josh Bretl (03:54):
We were talking about your disdain for heat?
And I had this storyI forgot to tell you.
So there was someone inour office yesterday.
We'll call him theperfect Ronald, because...
Dave Schmidt (04:03):
Oh, yes.
Yes, yes.
Josh Bretl (04:04):
And he knows you well.
his future son-in-lawwas there as well.
And he knows you well.
Dave Schmidt (04:09):
He does.
Josh Bretl (04:10):
But they're making fun of you, for
your disdain for heat.
And I started to, I go,have you heard about
his time at Bruegger's?
And they had not heard this.
I said, "Well, when he wasin high school, he was the
manager of a Bruegger'sBagels for two years.
And I would come in afterhours and visit you, and
I would find you in thefreezer, doing your paperwork.
Dave Schmidt (04:32):
I thought that story was going to
go a different route.
Because I would alsotake my breaks, in the
cooler, and fall asleep.
Our buddy Vince Luccaworked with me there,
one summer I think.
And he's like, "Oh,Schmee's in the cooler.
Taking a nap."
Oh, I miss those days.
Josh Bretl (04:50):
So I have a cool story for you.
This last week...
Or it was Wednesdayof this week.
Everything's wrapping upat the end of the year's.
All sorts of things that they'vebeen doing, performances,
and stuff like that.
Well, Alex has been doing Schoolof Rock now, for I don't know,
probably four or five months.
And they've beenlearning three songs.
And it's the same threesongs that we hear on repeat.
(05:12):
And he is trying to learnthe electric guitar.
So he's got a little guitar...
I think I've talked this before.
He's really into it...
Well, Wednesday nightwas his performance.
And we walk in andit's a small room.
It's probably about the sizeof where we're in right now.
And it's got eightkids in this band.
So, four drummers, threeguitars, and all that stuff.
So to give the drummers alla chance, they play the songs
(05:34):
over and over and over again.
The guy who's runningit, hands out earplugs
at the beginning of this.
"Here guys, everyoneput earplugs in."
They have a rule, all the kidshave to wear ear protection.
And I'm like, "I go to concerts.
I don't eat ear protection."
Oh my God, I threwthose things in so fast.
But I want to give youa taste of it here.
(05:55):
'Cause I recordeda little bit of it.
Dave Schmidt (05:56):
Oh, cool.
Josh Bretl (05:57):
See if you know what song this.
Dave Schmidt (06:19):
Wow.
Josh Bretl (06:19):
I mean it didn't sound this good...
But Missy and I were thrilled.
You guys all heard that.
It did not sound great.
But for a bunch of7, 8, 9 year olds?
They were amazing.
And watching my songo at it, it was this
really proud dad moment.
(06:41):
He's so into this guitar.
I have a picture I'llsend you, you can post
with the show notes.
Dave Schmidt (06:45):
No videos?
Josh Bretl (06:46):
I have actually the video that I just
played, there was a video.
We can play that out there.
Dave Schmidt (06:51):
If you're comfortable sharing
that, I think that'dbe really cool to see.
Josh Bretl (06:53):
Yeah, it was really cool.
It was a neat experience.
The guy said too, he goes,"if you ever can't make these
in the future, we stream themlive on their Facebook page."
Dave Schmidt (07:01):
oh, so, he doesn't have technical issues
with streaming on Facebook.
Josh Bretl (07:06):
Not like us.
Dave Schmidt (07:07):
Aye.
Josh Bretl (07:08):
We also tried something new this week.
You and I did our firstever Java with Josh.
Which was supposed to be atimely current-events type...
It was almost a videopodcast, if you will.
We're going to tryand do them monthly.
Dave Schmidt (07:20):
Uh-uh, not try to do them monthly.
Josh Bretl (07:23):
We're going to do them monthly.
In fact, we have thenext one set for June...
Dave Schmidt (07:28):
23rd.
Wednesday the 23rd.
Josh Bretl (07:29):
Wednesday the 23rd.
Dave Schmidt (07:31):
It's a Wednesday of that week.
Josh Bretl (07:33):
I think it's 23rd.
But if anyonewants to listen in.
Dave Schmidt (07:37):
We'll link to the landing page and our
show, What's Up With That?
Because then you can opt into get notifications when
we're about to go live.
Josh Bretl (07:45):
Awesome.
That sounds good.
Dave Schmidt (07:46):
Awesome.
Really quick about summer.
Yesterday was Landon's last day.
It was a half day.
So I am notoriouslylate to pick him up?
And I was three minuteslate again yesterday.
But I got a spot right in frontof the school, don't know how.
But it was really cool,'cause it was just packed.
I feel like every familyfrom Briar Glen was there.
And I get out of my car, I justhear all the students chanting
(08:07):
"Summer, summer, summer."
I thought it was really cute.
Josh Bretl (08:10):
It's so cool.
Today's their last day,I'm going to pick them up.
School gets out at 1:15 today.
And I can't wait.
Because it's goingto be a party.
Last year, last dayof school, it rained.
So everyone's scattered.
This year, it'sgoing to be cool.
It's going to befun to hang out.
In fact, there's a partygoing at my house right now
that I'm not invited to?
Dave Schmidt (08:28):
The moms?
Josh Bretl (08:28):
Missy is doing a last day of school
mom-mosas, she's calling it?
Dave Schmidt (08:34):
Love it.
Josh Bretl (08:34):
I think there's like 30-some-odd moms over there.
Dave Schmidt (08:38):
Oh, that's so cool.
Josh Bretl (08:39):
And I wanted to hang out and bring guys.
And she goes, "No,you're not invited."
So, I get it.
It was fun.
But.
Dave Schmidt (08:46):
Well, Josh, we'll do our own thing, when
you're back from vacation.
Josh Bretl (08:50):
Yeah, actually this is another thing I
want to tell you about.
Dave Schmidt (08:52):
Yeah, let's hear it.
Josh Bretl (08:54):
I'm leaving for vacation tomorrow morning.
I'm going to be gone, outof the office for a week.
Dave Schmidt (08:57):
And I'm running things around here.
Josh Bretl (08:59):
That scares me.
But, what scares me more?
Is I almost spend more timewith you than I do with my wife.
Dave Schmidt (09:06):
Mm-hm.
Josh Bretl (09:06):
And this is going to be like the longest
we've been separated?
Dave Schmidt (09:09):
Yep.
Josh Bretl (09:10):
For six months now.
Dave Schmidt (09:13):
I promise I wouldn't get emotional
live on a podcast, butit's going to happen.
I'm going to be solost without you.
Actually, I'm going to sendyou videos of me eating
the mangoes over there.
Josh Bretl (09:21):
Not if there's any left after today.
Dave Schmidt (09:22):
They're in the shot, actually.
We didn't move them.
So now you see it here.
I'm going to pointwith my pen, right...
There.
The Sam's Club mangoes.
Josh Bretl (09:29):
We have found these dried mangoes from
Costco, and Sam's Club,that are out of this world.
Dave Schmidt (09:35):
I do mention in one of my intros
from a few podcasts ago.
"A fan of the driedmangoes from Costco."
All right, well, we'reabout nine and a half
minutes in, Josh.
People are probably just hitting"close" on their podcast app.
So let's get to it.
Josh Bretl (09:50):
Well, what I wanted to talk about today...
And this comes from someconversations I've had in
the last couple months...
What you should look for,as a retiree, when you
are hiring an advisor.
And what this isstemming from, is, I had
someone in my office...
Who I like a ton.
And she says to me, shegoes, "I've had my advisor
(10:12):
for the last 20 years.
We do the same thingover and over again.
But now that we're getting closeto retirement and I ask them,
'What should I be looking for?
What's going to change?'And they just said, 'Oh,
don't worry about it.
Nothing we have to do.'"
That didn't hit me right.
I like them a lot as a person.
But I'm worried I needto be learning more.
I realize that we talkabout a lot of what you
(10:35):
as the client have to do.
But we don't talk about whatthe advisor should be doing.
And when you're going intoretirement, what you should
be looking for in an advisor.
So, I want to spenda few minutes talking
about that today.
Dave Schmidt (10:47):
Perfect.
Josh Bretl (10:48):
And you've heard me talk a lot, so..
Dave Schmidt (10:50):
Yeah.
Yeah.
You said I can nap while youtake this, and I can just...
Josh Bretl (10:56):
Well.
We'll see where wego with this here.
Dave Schmidt (10:57):
We'll see where we go.
Josh Bretl (10:59):
And this first one is, I was talking about this.
This comes from Erin.
She wanted me to make sure Ipoint out the difference between
accumulation, and distribution.
I think we talked aboutthis on a prior episode.
But the accumulationversus distribution phase.
So, accumulation is whateveryone thinks about
in your working years.
It's the idea that you'resaving for something.
(11:19):
You're saving for retirement.
Some people aresaving for college.
Sometimes you're savedfor a new house, or a car.
You're earning money, soyou're saving for something.
And you're trying to buildup this pile of money.
There's one thoughtprocess for that.
But there's also awhole different thought
process for distribution.
Because, at some point intime, you're going to have
to spend that pile of money.
(11:40):
If your advisor isn't aspecialist in that distribution
process, that distributionphase, you could be losing
something, unknowingly.
And my father and Iwere discussing a great
quote the other day.
As he said, "The bestway to predict the
future is to create it."
Dave Schmidt (11:56):
oh.
Josh Bretl (11:57):
I know.
I thought that was huge.
Dave Schmidt (11:58):
Well, it's much deeper than mine.
Josh Bretl (12:00):
What was your quote you were
discussing with my father?
Dave Schmidt (12:02):
All things being equal, fat people use more soap.
I've lived my lifeto that motto.
Josh Bretl (12:18):
That would want to explain a few things.
Why it runs out so fast.
Dave Schmidt (12:23):
Oh yeah.
I think I may have to writea new haiku about this.
Josh Bretl (12:28):
Like when Missy asked me, as we're packing for
vacation, how come my suitcasealways is a lot heavier?
I said, "Oh, my clothes area lot bigger than yours."
Dave Schmidt (12:36):
right.
Right.
Carla spends hours packing.
I spend five minutes.
I have two pairs ofpants and three shirts.
And it's 118 pounds.
Josh Bretl (12:45):
It is.
Well, that's because mypair of jeans, there's like
five times the cloth inone of her pair of jeans.
Dave Schmidt (12:50):
That's what I'm saying.
Josh Bretl (12:52):
Man, we are way off.
Dave Schmidt (12:53):
We are.
You better fly through this.
Josh Bretl (12:55):
So, let's talk what to look for an advisor.
And the first thing thatwe look for is experience.
And the fact that theywork quite a bit with
the distribution process.
They're used to workingwith social security
and pensions and taxes.
They know how Medicarecomes into play.
(13:16):
They know how to talk about thetaxation on social security.
They know investmentstrategies to limit volatility,
and all that fun stuff.
So let's go throughthis a little bit.
There's some things thatare the same, there's some
things a little bit different.
But one is looking atqualifications and credentials.
(13:36):
So look at their background,look at their education.
Make sure that theyactually know what the
heck they're talking about.
But two is a big one.
This is the fiduciary duty.
The fiduciary standard issomething that's becoming more
and more regular out there.
But what that says is, thatyou have to do as an advisor,
whatever is in the best interestof your client, no matter what.
(13:58):
There's a lot of advisorsthat still operate on
a suitability standard.
So all that says is, "Hey,you only have to do what you
think is good for the client."
It may not be the best, butit can be good for them.
And it's a differentmindset that's there.
So, the fiduciary is a bigthing that's out there.
We talked aboutthe specialization.
I think that's important.
Something else is atransparent fee structure.
(14:20):
You want to knowwhat you're paying.
In today's day and age, withtechnology, the cost of the
investments should not be theone that's paying your advisor.
Charging a flat fee is huge.
And if the fee isn'tsitting there, right on your
statement, so you know exactlywhat they're charging you?
There's something wrong there.
They're hiding somethingfrom you that's out there.
So this next one, Ialways like as well.
(14:42):
We've been doingthis for a while.
But asking forreferences and reviews.
As an advisor, we've beentold over and over again...
In fact, the rule was,the SEC always said,
"You can't get reviews.
You can't ask peopleto give you reviews."
Well, that lawchanged this year.
Now there's a lot ofcompliance things around it?
But as long as theadvisor is following good
(15:02):
practices, they can actuallygive out reviews now.
So ask for them.
It's no different...
This is a bigdecision in your life.
So you should see what otherpeople are looking for there.
This last...
That's not last one.
Man.
Our listeners wish.
This next one here,the comprehensive
financial planning.
There's a lot that goesinto retirement planning.
(15:23):
Income planning, investmentmanagement, tax planning, estate
planning, risk management.
We talked about Medicare.
Even knowing thelegal side of it.
If they're just focusingon your investments, this
is not someone who you'relooking for retirement.
They need to be able toincorporate everything.
In your accumulation years,it's really the only thing
(15:44):
you have control over.
We talk about thisin the workshops.
So, if that's allthey focus on, great.
But in your distribution years,it becomes immensely important.
This next one, peopledon't talk about.
And compatibilityand communication.
You have to like your advisor.
Dave Schmidt (16:01):
Like you like me.
Josh Bretl (16:02):
Like I like you.
Actually, we'vesaid this before.
You bring a greattone to this office.
And it's a friendly, warm tone.
And we have said before,we get along great.
Our office has a great culture.
And we'll often say, "What ifthe person doesn't like this?"
And we're like, "Well then, wedon't want them as a client."
We get to choosewho we work with.
(16:22):
But the reverse is true.
You have to like the advisor,because you're going to
spend a lot of time, you'regoing to put a lot of trust
and a lot of faith in them.
And if you don't likethem, others out there.
You're not hurting my feelings.
So we always get to say,"We get to choose who we
work with, and you get tochoose who you work with."
So make sure that you getalong quite well with them.
Dave Schmidt (16:40):
I'm making a point to tell everybody, like,
"Look, I know you love me.
But I'm not going to be the oneyou're talking to all the time.
So you got to like Josh.
You got to do it."
Because let's be honest,if people were coming
to work with me, you'dhave a line out the door.
Josh Bretl (16:53):
We would.
And we'd also have attorneysout the door wanting to get to
know you a little bit better.
Dave Schmidt: Erroneous, I tell you. (17:00):
undefined
Josh Bretl (17:02):
The next one is a big one.
It's clarity.
I always say there'sthree things that a
client is looking for.
Clarity, simplicity,and certainty.
So they want to have the abilityto understand what your...
Make it very clearwhat you're offering.
What you're telling them,what your suggestions are.
Make it simple forthem to execute.
(17:23):
And let them know thatthere's some certainty behind
it, that this is what...
There's a reasonyou want to do that.
So they need to be able to giveyou good, clear information.
Dave Schmidt (17:31):
That's why I've long suggested you just present
everything in haiku form.
Josh Bretl (17:35):
I am not the literary
mastermind that you are.
I barely understandthe difference between
a metaphor and a...
Dave Schmidt (17:44):
Simile?
Josh Bretl (17:45):
Simile.
Dave Schmidt (17:46):
Mm-hm.
Josh Bretl (17:46):
Sure.
So a haiku's...
Dave Schmidt (17:48):
Not your thing.
Josh Bretl (17:49):
No.
I'm more of a limerick guy.
Dave Schmidt (17:51):
Yeah, sure.
Josh Bretl (17:53):
This one can become tougher.
But I do always encourage,find out what the education the
advisor is continuously having.
Make sure that they understandthat there's things that
are constantly changing,they're being updated.
And then before we get into thebiggest part, make sure they're
accessible and available.
And make sure that they have ateam behind them that you like.
So for example, in ouroffice, we work as a
(18:14):
really tight-knit team.
Where you may talk to me,you're also talking to Erin and
Sean and my father and Chuck.
Our client service team.
They can all pick up a lotof things that go out there.
There's very rarely afinancial emergency.
But if there is, you want tomake sure there's always someone
available for you to talk to.
Does that make sense, David?
Dave Schmidt: Crystal clear, baby. (18:33):
undefined
Josh Bretl (18:37):
All right.
Now this last oneis the biggest.
I saved the best for last.
And this is the tax knowledge.
You want to make sure...
Dave Schmidt (18:46):
Hold on.
Hold on.
Alex (18:48):
Hashtag tax nerd.
Josh Bretl (18:50):
I know.
I deserve that Al.
You want to make surethat your advisor has
extensive tax knowledge.
It is the single greatestvariable that will
impact your retirement.
And most of them won't eventouch it with a 10-foot pole.
Especially if they're notretirement specialist.
So I want to go throughsome of the tax things
we want to look at here.
(19:11):
They want to make sure youhave withdrawal strategies.
They have a variety ofdifferent withdrawal strategies.
It could help you withRMDs, where to take money
from, what's going to bebest for your situation.
They want to be a good withsocial security optimization.
Because believe it or not,taxes will impact when you
should take social security.
And should you wait?
Should your spouse wait?
(19:31):
Should you just take it early?
All that fun stuffthat comes in.
Tax efficient investments.
We did a whole series ontax efficient investments.
And it's amazing to see howmany people come in with
portfolios that, with justsome tax optimization, could
earn them an extra couplepercent completely risk-free.
And all you did was minimize thetax drag that comes in there.
(19:53):
That has to do with capitalgains and tax loss harvesting,
all of those fun things.
Understanding the differenttax advantage accounts.
IRAs, Roth IRAs,when to move them.
Even HSAs.
HSAs can play a big roleinto people's retirement,
if started young enough.
That comes in there.
Dave Schmidt (20:09):
Health Savings Account.
I know.
Josh Bretl (20:11):
Oh, look at you.
I was throwing acronymsout there, and you
got it right away.
Dave Schmidt (20:16):
Here's why.
I have been yelled at noless than 24 times, in my
marriage with Carla, forforgetting to use our HSA
card when I go to the doctoror eye doctor or whatever.
So that's ingrained in my brain.
Josh Bretl (20:29):
Well let her know.
Dave Schmidt (20:29):
Yeah?
Josh Bretl (20:30):
It can actually be a savings tool.
If you don't need to useit, that money can grow
tax-free and you can actuallyuse it for retirement.
Dave Schmidt (20:35):
Let me make a note of this really quick.
Josh Bretl (20:36):
Yeah, tell Carla that.
Would you?
Dave Schmidt (20:38):
Yeah.
Well she's listening.
Josh Bretl (20:39):
Yeah, she always does.
Dave Schmidt (20:40):
Yeah.
Josh Bretl (20:40):
So, Becks, would you tell Carla that,
next time you talk to her?
After you're listening tothis in your world travels?
Dave Schmidt (20:47):
"Oh, David.
David."
Josh Bretl (20:51):
estate tax inheritance.
This is going to become a biggerand bigger issue, especially
as inflation kicks into play.
We're seeing people with biggerand bigger estates, that, a
couple years ago, didn't haveestate tax issues, but now do.
So, make sure your advisorknows what they're talking
about with estate taxes.
That they're looking atdifferent tax law changes.
(21:11):
They know what tax lawsare coming down the pipe.
Because it's not just planningfor now, you're planning
for the rest of your life.
Know what's changingin the future.
And lastly is, they havea good team behind them.
Because they need to havea good estate planning
attorney or a couple goodestate planning attorneys.
They need to have good CPAsthat they can reference that.
(21:31):
When they're giving advice,they can actually back it up.
Dave Schmidt (21:34):
Aren't you a CPA?
Josh Bretl (21:35):
I am a CPA.
But if someone's listeningto this in a different
state, or as I said before,maybe they don't like me.
Maybe they and I aretoo goofy, or whatever.
That's okay with me.
But find someone who has...
Most advisors are not CPAs.
I'm lucky to be one.
But even if they don't chooseme as an advisor, they should
(21:56):
find somebody who has that taxknowledge, that comes out there.
But that was it.
I want to list those thingsand make sure the people
understood that the differenceis, they're looking through that
accumulation to distribution.
And when they're really lookingfor that clarity, and that
simplicity, and that certainty.
And the certaintycomes to their life.
(22:16):
And it's...
My dad and I weretalking before.
Not your soap comment.
But, "The best way to predictyour future is to create it."
That's that certainty.
And that clarity andthat simplicity can often
create that certainty.
As that comes into play.
Dave Schmidt (22:32):
You came back to the three words.
Josh Bretl (22:35):
I did.
'Cause I looked atyou write them down.
And you're like, "He's nottalking about those enough."
Dave Schmidt (22:38):
yeah.
Yeah.
I do like it, Josh.
Josh Bretl (22:41):
So.
Dave Schmidt (22:42):
Well, okay.
This was short and sweet.
I do think we...
As I put in thechapter markers...
"Two BFFs catching up on life."
I think we've probablyspent more time on that
than we did with...
But this is nice.
I like these likefluffy episodes.
Josh Bretl (22:53):
Yeah.
Dave Schmidt (22:54):
I mean, this is fun.
Josh Bretl (22:54):
This is a fun one.
This is a good one.
I thought.
Dave Schmidt (22:56):
These are totally cool.
Were you thinking thesame thing I was thinking?
Josh Bretl (22:59):
Time to dance?
Dave Schmidt (23:00):
Yeah.
You ready to dance?
Josh Bretl (23:00):
Yeah, I'm ready to dance.
Wiggle a little bit.
Let's do it.
I'm really thinkingof bird noises.
Dave Schmidt (23:05):
Oh, 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.
So let's get to know Josh andDave and watch our ratings soar!
(23:35):
That is a time-tested,never-gets-old bird noise.
Josh Bretl (23:40):
Yeah, I don't think those birds fly either.
It's supposed to be "soar" andI don't think those birds fly...
Hey, you know what?
Do roosters fly?
Dave Schmidt (23:49):
In our world they can.
Josh Bretl (23:50):
They do.
Dave Schmidt (23:50):
Yeah.
Josh Bretl (23:51):
Why not?
Soar.
Dave Schmidt (23:53):
Soar.
Josh Bretl (23:53):
Okay.
I assume you have a question,'Cause you didn't let me
pick one out of the podcast.
Dave Schmidt (23:56):
Nope, I got a question for you today.
Josh Bretl (23:58):
Oh boy.
All right.
Dave Schmidt (23:58):
I'm going to go back to our beginning.
Josh Bretl (23:59):
Let's do it.
Dave Schmidt: Summer starts today. (24:00):
undefined
What is one thing on yoursummer bucket list that
you are looking forward to?
Josh Bretl (24:08):
Would this include predetermined travel?
Or something that we haven'tscheduled yet, but want to?
Dave Schmidt (24:14):
It could be something you're really
excited for this summer.
Josh Bretl (24:16):
Okay.
Dave Schmidt (24:16):
I mean, if you've got a big trip coming up.
Josh Bretl (24:18):
Yeah.
We are scheduledto go to Colorado.
That's going to be moreof a chore than anything.
Love you family.
Just kidding.
Dave Schmidt (24:24):
It's not because you're going with your family.
You're going to visityour extended family.
Josh Bretl (24:29):
Yeah.
All right.
I got something.
And it may sound supersilly, but you all know
me, I'm a simple guy.
We're going to theChicago Dogs game for my
birthday, on June 4th.
Dave Schmidt (24:38):
Nice.
Josh Bretl (24:38):
Yeah.
My old man's in town,Big Mike from Colorado.
You've heard that name come up?
That's Big Mike, my dad.
Dave Schmidt (24:43):
Yeah, yeah.
If we were a sportstalk show, he'd be the
number one call-in guy.
Josh Bretl (24:46):
He would.
Dave Schmidt (24:47):
"Big Mike from Colorado's on the line again."
Big Mike...
Oo, shoot.
I may have justruined the surprise.
Well, it's for mybirthday, Dad, not for you.
But we're going tothe Chicago Dogs game.
Actually, you won't hear thisuntil after we already go.
So it's going to be a win-win.
Yeah, I'm lookingforward to that.
I mean, we got a trip toColorado coming up, which
it's going to be cool.
We're going to do boat rides,we're going to do river rafting.
(25:07):
That's all cool.
But to me, Chicago Dogsgames sounds awesome.
Josh Bretl (25:11):
You know what?
Chicago Dogs...
For those of youthat don't know...
Is a local minorleague baseball team.
And it's right byO'Hare Airport.
And they've really madeentertainment a part.
They've broughtentertainment to baseball.
And it's really alot of fun to go.
You can park rightthere for really cheap.
Dave Schmidt (25:26):
Yes.
Yes.
Josh Bretl (25:26):
You walk right in.
The stadium's super friendly.
I think hotdog is like a dollar.
It's...
Dave Schmidt (25:31):
Food's not like Wrigley, but
it's not super cheap.
It's well run.
It's really fun.
Josh Bretl (25:37):
It truly is.
Dave Schmidt (25:38):
All right.
It's flip it around.
And reverse it, to you.
Josh Bretl (25:41):
Well, here's what I'm looking
forward to this summer.
My kids have finallybecome good swimmers.
Dave Schmidt (25:47):
Oo.
Josh Bretl (25:47):
And up until this point, they've
been terrified of water.
And I've been terrifiedof them near water.
But they've spent thiswinter learning to swim.
I can't wait this summerto go to waterparks.
Dave Schmidt (25:59):
Oo.
Josh Bretl (26:00):
I want to go to as many waterparks
with these kids as we can.
Because I remember as mychildhood, my parents would
take us to a waterpark.
And my dad and I goingdown all these slides.
And doing all these things.
And I can't wait todo that with them.
I'm sure I'll break my backgoing on a slide or whatever.
But I'm sure lookingforward to that.
Dave Schmidt (26:16):
Do you have any booked?
Josh Bretl (26:17):
We are taking the kids to The Bahamas.
And our hotel hasa water park in it.
Dave Schmidt (26:22):
Cool.
Josh Bretl (26:22):
Type thing.
But no, even little things.
We'll go to Rockford, orsomewhere around here.
Dave Schmidt (26:28):
Yeah, right.
That's cool.
Hey, you go to Bahamas.
I'll just set up my slipand slide in the backyard.
Same thing though.
We're totally cool.
Josh Bretl (26:36):
Oh, yeah.
Dave Schmidt (26:37):
You have a water park in your backyard.
Josh Bretl (26:38):
Yeah, mm-hm, sure.
Dave Schmidt (26:40):
If the weeds and rocks don't kill you,
the slip and slide will.
All right.
Josh Bretl (26:45):
Dave?
Dave Schmidt (26:45):
Yeah.
Josh Bretl (26:46):
I got a question?
Dave Schmidt (26:47):
What's that?
Josh Bretl (26:47):
Are you going to relate to anybody today?
Dave Schmidt (26:50):
Dave relates to retirees.
Josh Bretl (26:54):
You accused me earlier of trying to sneak
a peek at what your...
Dave Schmidt (26:58):
Yeah.
Josh Bretl (26:58):
...DR2R is.
Dave Schmidt (27:00):
Yeah.
You asked if I canrelate to retirees.
It's actually cool.
Because we're goingto circle back.
Because you mentioned Bruegger'sBagels at the very beginning.
Josh Bretl (27:07):
Oh, really?
Dave Schmidt (27:08):
And you had no idea that that would be my DR2R.
Josh Bretl (27:10):
Uh-uh.
Dave Schmidt (27:11):
And when you told me about the theme
of today's episode...
What you should be looking forand asking for in an advisor...
I remember one of myadvisors when I was young.
When I was startingmy illustrious career
at Bruegger's Bagels.
We've talked aboutthis several times.
You know Bruegger's well.
His name...
He was our leadbaker for a while...
(27:32):
His name was Themba Fakude.
Do you remember?
Josh Bretl (27:34):
I remember Themba.
Dave Schmidt (27:35):
You remember Themba?
Josh Bretl (27:35):
Yeah, I do.
Dave Schmidt (27:37):
And he taught me many things in life.
Most of them beinginappropriate now.
However, at the time, he wasa very, very crafty chef.
I'm going to say chef.
That's probably givinghim too much credit.
So our office, our restaurant,was about a block from Jewel.
He would combine ingredients,and he taught me how to just
(27:58):
use a few ingredients tomake some really good food.
And I think partially...
I'm thinking about it now...
That could have beenwhat inspired me to take
cooking classes, andstart in culinary school.
But something simple, justcucumber with lemon and salt.
It blew my mind.
He would take thelox, the salmon?
And different ingredients.
And just go to town.
And it was the best.
And he would make itfor everybody that
(28:20):
was working that day.
But my single favorite thinghe did was he would just
simply go buy bulbs of garlic.
I'd take out the cloves.
And just olive oil and salt,throw them in the same oven
that we made Bagels in.
And staff would all be poppingcloves of garlic at a time.
(28:40):
So yeah, roastedgarlic, popping garlic.
I mean, this was my guy.
This was my advisor.
He would also...
Josh Bretl (28:44):
Themba.
Dave Schmidt (28:45):
Themba, man.
He would make us all pause,when there was no customers
in there, and dance.
He would turn themusic up and dance.
He was just the happiest dude.
And so it gave mea new perspective.
I took myself too seriouslyin high school, a little bit.
That was my guy.
Themba.
Themba Fakude.
So yeah, retirees, I get it.
You need someone in yourlife like Themba, or
(29:06):
Josh, to get you through.
Take it away.
Josh Bretl (29:10):
Okay.
Dave Schmidt (29:11):
Now look, you were the beneficiary of my
Bruegger's Bagels career.
Josh Bretl (29:15):
I love Bruegger's Bagels.
Dave Schmidt (29:16):
Mm-hm.
Josh Bretl (29:17):
I miss Bruegger's Bagels.
I remember Themba?
First off, in highschool, you took yourself
too seriously, huh?
That's a shock to me.
Dave Schmidt (29:27):
We're not going to go into what I mean by that.
But there were certainaspects of my life back then
I took way too seriously.
Yes.
Josh Bretl (29:34):
Huh.
Dave Schmidt (29:35):
Yeah.
Josh Bretl (29:36):
Yeah.
That's interesting.
Dave Schmidt (29:37):
Sure.
Josh Bretl (29:39):
So, Mr.
Themba...
Let me try and stretchthis, wrap it around here.
Dave Schmidt (29:44):
Let's do it.
Josh Bretl (29:46):
You were compatible with him.
You saw a leadership inhim that you needed at that
point in time in your life.
Dave Schmidt (29:50):
Yeah.
Josh Bretl (29:50):
You came off a very serious high school career.
Dave Schmidt (29:53):
Very.
Very.
Josh Bretl (29:53):
That, you needed somebody to lead you down
a path to open yourselfup to new experiences.
Like roasted garlic.
Dave Schmidt (30:02):
Roasted garlic.
Josh Bretl (30:03):
And...
Dave Schmidt (30:04):
Dance parties.
Josh Bretl (30:05):
Themba, at that time, was able
to do that for you.
Now, you didn't reallyseek Themba out.
He just found you?
But what I'm telling retirees?
Is seek it out.
And know whatyou're looking for.
You didn't know whatyou were looking for.
And imagine if you said toyourself, "Man, I need someone
to show me how to open myselfup to fun new experiences."
(30:25):
And you found Themba.
And you're right there.
What I'm telling people,who are retirees entering
that distribution phaseis, you should know
what you're looking for.
And go out and find it.
Because Themba won't always bethere, just waiting for you.
Dave Schmidt (30:38):
Yeah.
Okay.
Josh Bretl (30:40):
But I also love roasted garlic.
If anybody wants to me tomake some roasted garlic, I'd
be happy to do that for you.
Dave Schmidt (30:44):
I am telling you.
Another go-to, Josh.
That was a niceFull House moment.
Not, I think again...
Having a fluffy episodeplus a super random DR2R
leads you to having ashorter Full house moment.
Poppyseed bagel,butter, melted cheese.
You think, "Ugh."
Try it.
It's life changing.
All right?
That's another Themba specialty.
Josh Bretl (31:05):
Yeah.
We need a bagel spothere at Elmhurst.
Dave Schmidt (31:06):
That's good.
I'm going to Google Themba.
See if he's still around.
Josh Bretl (31:09):
There's can't be many Themba Fakude.
Dave Schmidt (31:11):
Fakude.
Josh Bretl (31:11):
Fakude.
Dave Schmidt (31:12):
Cannot be.
That was my boy.
All right.
So, Josh, what elsewe got going on here?
Josh Bretl (31:19):
It's summertime.
Literally, we shutthis bad boy down?
I'm out of here.
Dave Schmidt (31:23):
And summer gets crazy for everybody.
So, what Josh and I aregoing to encourage you
to do is head on over.
FSR wealth.com slash podcast.
Make sure your name is onour email club list, so
you never miss new episode.
Josh Bretl (31:38):
Because they're always as good as this one.
Dave Schmidt (31:40):
If not better.
And remember, we have ourmonthly Java with Josh.
Josh Bretl (31:44):
June 23rd,.
Dave Schmidt (31:46):
June 23rd.
Or whatever that...
Josh Bretl (31:48):
Mm, day is.
Somewhere in there.
Dave Schmidt (31:53):
Wednesday is.
21st, 23rd.
Because we're going to starthaving some fun around here.
Josh Bretl (31:57):
We are.
Dave Schmidt (31:58):
We are.
Josh Bretl (31:58):
Thank you, Themba.
Dave Schmidt (32:01):
All right.
And we still haven't come upwith a new close, so for now
we're just going to say, "Enjoysummer, enjoy your mangoes.
And...
Byeee.
Byeee.
That was a nice way to end it.
Alex (32:11):
Hashtag tax nerd.
Dave Schmidt (32:39):
FSR Wealth Management is a registered
investment advisor locatedin 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
and are subject to change.
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