Episode Transcript
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Speaker 1 (00:06):
Tonight, every major money decision is going to come with.
Speaker 2 (00:10):
The trade off. So how do you think critically through
those decisions?
Speaker 1 (00:15):
Girlstening to simply money presented by all Worth Financial Ammi
Wagner along with Bob Spawndseller weighty stuff to try to
figure out. But we've got a fun way of doing it.
We're playing another round of would you rather?
Speaker 2 (00:27):
The Money? Edition? These are questions?
Speaker 3 (00:30):
All right, I gotta stop you right now here before
you get all wound up here and rolling with this thing.
Last time we did this, you chastised me for not
following the rules.
Speaker 2 (00:41):
You didn't play the game.
Speaker 3 (00:42):
Well, okay, you said I got to pick one or
the other, right, there's no in between, or you could
do both, so lay the ground roles. Is that how
we're playing?
Speaker 1 (00:50):
Yes, if for anyone who's ever played, would you rather?
You don't get to say both things, You have to
choose one. And so when we look at these would
you rather question through the lens of money? Bobby, you
got to you got to take a stance here. So
let me just ask you the first one. Would you
rather save fifty percent of your income for ten years
(01:11):
and be able to retire early or save ten percent
and work until traditional retirement age.
Speaker 3 (01:20):
Well, I'm a guy that likes to hunt it, kill it,
knock it out, check the box, get done with it.
So I would rather, assuming I had enough income to
do this, I'd rather say fifty percent of my income
for ten years and retire early. That's my answer. Okay.
Speaker 1 (01:34):
On the flip side, I'm going to go the other way,
and this might surprise someone, but I'm going to work longer,
and I'm going to have more balance.
Speaker 2 (01:43):
While I'm working.
Speaker 1 (01:44):
I'm going to save and also take some trips and
also have some experiences along the ways. You know, I
feel like saving fifty percent of your income.
Speaker 2 (01:55):
That's a toughee, right.
Speaker 1 (01:56):
You think about that fire movement a few years ago,
Wait Fire, financial and dependence retire early. When I was
reading some of the stories about what people were doing
in order to do I'm like, oh, no, no way,
and listen.
Speaker 4 (02:08):
All right, so now it's good.
Speaker 3 (02:11):
Now I know how you're going to play here. You're
going to make me give an answer, and then you're
going to go on to this long winded how you
could do both kind of a thing. I see what
you're doing.
Speaker 2 (02:20):
I'm not saying you can do both. I'm saying you
got to choose. I would choose.
Speaker 1 (02:24):
Please continue longer you continue up for the second one.
Speaker 3 (02:29):
All right, Amy, Would you rather pay for your child's
college education in full or let them take out loans
and teach them how to manage debt.
Speaker 1 (02:41):
I have two kids in college, another one that will
be there next year, which is probably why I will
be working to retirement full retirement age, and maybe longer.
I am going to help. I'm going to help my
kids pay for their undergraduate degrees.
Speaker 2 (02:56):
That's the decision I've made. In Uh, there's a historical
basis for this.
Speaker 1 (03:01):
My parents did this for me, and I graduated without
student loan debt. And I have seen how much people struggle.
Speaker 2 (03:08):
Under the weight of this.
Speaker 1 (03:09):
Now listen, I'm not against kids having skin in the
game in some way, shape or form.
Speaker 2 (03:13):
My kids very much have to.
Speaker 1 (03:15):
You know, we will will pay for tuition and some
room and board, and beyond that it's on them. Also,
there are some caveats to paying for tuition. You must
my children must graduate in four years. If they change
their major seventeen thousand times, as one of them might
actually do, and it's another year or two they have
(03:36):
to pay for that. If they're going to do postgraduate work,
they will pay for that as well. But I will
give them the gift of graduating from college debt free
if they can do it within four years. Will they
have as much money as an inheritance later in life, No,
they will not.
Speaker 3 (03:56):
I love your answer, Amy, and it's the same exact
thing that my wife and I did with our kids,
and it's the same exact thing that my mother and
father did for me. So no need to go on
any further with that. The only thing I'll add is
we do want to make sure our kids are coming
out the other end of this being able to be
(04:16):
financially responsible because money doesn't grow on trees and there
is no free lunch, as my dad just drilled into
my head for years. But I am one hundred percent
in alignment with everything you just said.
Speaker 1 (04:28):
And I also say, when caveat is here, if you can,
if you can, if it's not to the detriment of
your ability to retire, and retire well right, put your
own financial oxygen mask on first. And if we can
still pay for the kids, great, If not, there are
other ways that you can certainly help them financially.
Speaker 2 (04:47):
All right, would you rather Bob have a.
Speaker 1 (04:49):
Low deductible health insurance plan with high premiums or a
high deductible plan with lower monthly costs.
Speaker 3 (04:55):
Well, I know what I'm supposed to answer here, because
if I don't answer high deductible plan with an HSA account,
you are going to do something physically, hunt me down
and make me change healthy plans. Maybe, so I have
my wife and I have a high deductible health plan.
But I'll also add another reason to do this. I
think it's an incentive to get and stay healthy if
(05:19):
you're going in there and you want all this insurance
to pay for all this health care, rather than just
get in the gym, getting the pool, you know, get
your get yourself in shape so you're not spending healthcare dollars.
I think that's another little motivator to be in a
high deductible health care plan. Yeah, what I think about that?
Speaker 1 (05:38):
Well, and I agree, and I think pulling back the
curtain a little bit. You know, these healthcare companies, if
you have a high deductible health care plan, they incentivize
you to do proactive health like getting your annual you know,
doctor's visit. You know, there's usually that's usually free in
a high deductible plan because they want you to be
proactive about your health and not wait until later when
there's a diagnosis and long treatment and things like that.
(06:02):
I think high deductible health care plan makes sense if
there is not some sort of chronic condition, you know,
And I'm not going to shove this down someone's throat
if it does not make any sense for you. Several
years ago, one of our kids struggles with terrible allergies
and we were trying to do allergy shots and all
the things, and they were insane. We did not have
(06:23):
a high deductible health care plan and those few years
that we were doing that, because the out of pocket
costs would have been just stupid.
Speaker 3 (06:29):
Now that's an excellent point, and I know this from
personal experience.
Speaker 4 (06:33):
Man.
Speaker 3 (06:33):
I've had a couple of major surgeries within the last
ten years that I knew they weren't emergencies, but I
knew they were coming. Yeah, And so I had a
year or two in advance to get myself in a
plan where I was not shelling out the huge deductibles.
So there is a way if you have an opportunity
(06:53):
to plan ahead and you know major health care costs
are coming to maybe switch plans for a year or too.
Speaker 1 (07:00):
I have had a couple of younger couples in my
office lately, and I.
Speaker 3 (07:04):
Mean it is like, you notice how we're giving the
both and answer.
Speaker 1 (07:07):
Now, well, it's two different perspectives. Right, here's what we've chosen,
but here's why. Maybe you may not want to choose that.
That's the responsible way to play this game. But you know,
I had this conversation with some younger couples and I said, listen, man,
like you are in such great shape if you can
open up a health savings account with a high deductible
health care plan, build up some emergency savings where you
(07:30):
pay for those healthcare costs as you go that HSA
money is invested. Think just think of the dollars you
will have in retirement for healthcare. And you know, we're
dealing with these retirement costs day in and day out
with our clients.
Speaker 2 (07:42):
They are astronomical.
Speaker 1 (07:44):
At the same time, that conversation also looks at looks
like if this is a year where we think we
might have a baby, we do not want to you know,
you may want to switch to another plan. Right, So
all of these are considerations you're listening to. Simply money,
presented by all Worth Financial Semi Wagner along with Bob Spawnseller.
Speaker 2 (08:01):
Would you rather we're playing a money game with a
very serious message.
Speaker 1 (08:07):
I think day in and day out, we are faced
with major money decisions and there's always trade offs, and
so we're just kind of helping you develop the muscle
that is the critical thinking skills behind making these decisions.
Speaker 4 (08:21):
All right, let's keep going here. Amy.
Speaker 3 (08:23):
Would you rather donate ten thousand dollars in one lump
sum to a cause you care deeply about or give
one thousand dollars every year for ten years.
Speaker 1 (08:33):
I would rather give one thousand dollars every year for
ten years, and only because you know, I've seen worst
case scenarios play out, you.
Speaker 2 (08:43):
Know from time to time.
Speaker 1 (08:44):
I mean, if it's ten thousand dollars that it just
doesn't matter and you've got so much. But for most
people's that's a sizable amount of money. You know, it's
nothing to sneeze at. I would rather have that money
over ten years and also let it be invested in
a way that I want and let it grow, and
donate ten thousand dollars a same amount, you know after
(09:06):
ten years, but one thousand dollars a year?
Speaker 2 (09:07):
What about you?
Speaker 3 (09:08):
Well, just because we're having fun here and this is
a game, I'm gonna I've taken the opposite. And part
of this is I'm older, well, ok, and I'm older
than you. I might I might not be alive in
ten years. So if I have the ten thousand dollars
and a lot of these charities that you know, my
wife and I support, we know exactly what they do.
We feel really strongly about them, and I'd love to
(09:30):
get the money into their hands today and see it work.
So I'm taking option A.
Speaker 2 (09:35):
Okay, I can get behind that.
Speaker 1 (09:37):
Would you rather have a luxury car now or invest
the difference and maybe keep your current car for another
five years?
Speaker 3 (09:44):
This is an easy one for me, And I'm thinking
of one of my good friends over the years who
was also a financial advisor, but he was a car
collector and he would always tell me, a Bob, a
car is just a rolling piece of depreciation. Yeah, And
he's right, yes, And so I would much rather just
have a regular old car that works and is well
(10:07):
maintained and keep saving for retirement. I don't have to
buy a huge, expensive, impressive car.
Speaker 1 (10:15):
I would like the nice car because I'm serious.
Speaker 2 (10:19):
Well, I'm going to tell you what. I'm a terrible driver.
Speaker 1 (10:21):
I am literally probably the worst driver on the roads
of Cincinnati. You will know me when you see me coming.
You will know that is my car, because I'm just
a terrible driver. My children joke that I didn't worry
about them driving when they turned sixteen because they knew
because I knew they were safer in their own cars
than with me.
Speaker 3 (10:39):
So you want the luxury vehicle air bags.
Speaker 2 (10:43):
I want all the air bags.
Speaker 1 (10:45):
I want all the alarms that will go off if
I'm going to change a lane. I want lights flashing
in my car. I wanted to automatically stop.
Speaker 2 (10:54):
For me if I'm going to rear end someone.
Speaker 3 (10:56):
I want Well, I want that for you so you
don't kill me while I'm driving.
Speaker 2 (11:00):
You want it for you.
Speaker 3 (11:01):
Too, trust me.
Speaker 2 (11:02):
But I like the nicer car.
Speaker 1 (11:04):
I never ever buy it, use I shop around for deals,
I negotiate the heck out of it, and then I
keep it for a long time.
Speaker 2 (11:12):
So like a plan, that is the way that I
look at that.
Speaker 1 (11:16):
Coming up next, a major settlement involving Vanguard's target date
funds has also spawned a major lesson on taxes.
Speaker 2 (11:23):
We're going to talk about that next.
Speaker 1 (11:25):
You're listening to Simply Money presented by all Worth Financial
here in fifty five krs the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
you Wagner along with Bob spond Seller. If you can't
listen to our show every night, you don't have to
miss anything we talk about. We've got a daily podcast
for you. Just search Simply Money. It's on the iHeart
(11:46):
app or wherever you get your podcasts. Straight ahead frugal
habits and listen. I am as frugal as they come.
That are simply not worth it. We're going to talk
about those. All right, here's a lesson for you. And
this has been an important one for some investors in
Vanguard who were invested in target date funds, which we've
(12:10):
talked about Bob here on the show several times.
Speaker 2 (12:12):
Recently.
Speaker 1 (12:13):
A number of people gravitate towards these target date funds.
Speaker 2 (12:17):
Few of them this blew up in their face.
Speaker 3 (12:20):
Well, and it blew up, I guess. In Vanguard's phase,
they settled a one hundred and six million dollars, you know,
settlement with the sec over this. So you know, let's
explain what happened, and there's a lesson to be learned here.
Keep in mind this only impacts non retirement accounts, you know,
non iras, non four oh case.
Speaker 2 (12:42):
Taxable account brokerage accounts. Yes, okay.
Speaker 3 (12:45):
So the bottom line here is Vanguard thought they were
doing investors of favor. They were lowering the minimums to
be able to get into a lower cost share class
of their target date funds. Right, sounds great, We're to
make we're gonna make this better for investors, get people
into the lower cost pool. So a lot of people
(13:07):
said sign me up, and they moved. Well, we have
a bunch of investors who didn't move, and they've owned
these target date funds for years and sometimes decades. And
this is what always happens with mutual funds. When a
lot of people get out of the pool, the fund
has to sell shares to create the liquidity required. And
(13:29):
what happens as a result, capital gains taxes and everybody
mutually participates mutual even though you didn't sell a darn thing.
So the longer term holders of this other share class
of Funds is like, wait a minute, I did nothing here.
I've been a loyal customer for thirty years.
Speaker 1 (13:48):
I didn't buy or sell anything within this account this year.
Speaker 2 (13:52):
But look at this tax bill and you're.
Speaker 3 (13:54):
Handing me a huge tax bill and I don't like it,
and blah blah blah. So one hundred and six million
dollars settlement meant to hopefully make everybody happy. Yeah.
Speaker 1 (14:02):
I think it's also interesting because Vanguard also and listen,
I'm not going after Vanguard here, but neither admitted or
denied any wrongdoing.
Speaker 2 (14:10):
And I don't know if this in Kentucky. That's called
an offered plea, and.
Speaker 1 (14:14):
It's essentially like, look, i know this doesn't look good
for me, but I'm not going to admit that I
did anything wrong here. You know, these are conversations not
necessarily along these lines, but as an investor, you need
to understand something like the difference between a mutual fund
and an exchange traded fund. You need to understand the
(14:34):
pros and content to understand the internal expenses of what
you're invested in. It may give you a headache to
think about, but knowledge is power, and I don't know
that any of these investors could have potentially seen this coming.
But you know, as Vanguard, I think the onus is
on you to also like fully disclose. But I mean,
(14:57):
how many people are reading that stuff when they're getting it.
Speaker 2 (14:59):
I don't know.
Speaker 3 (15:00):
I don't think. I don't think either party in this
case could have seen it coming, certainly not the investors.
So look lesson learned here is, and again we talk
about this often, the evolution of our industry is such.
Now where in these taxable accounts, to the extent that
you can get out of mutual funds and avoid mutual
(15:21):
funds without a big tax bill, do it and get
into these more tax efficient exchange traded fund strategies. Leave
You know, mutual funds are best held in retirement accounts
and iras because no matter how anybody monkeys around with
buying and selling and capital gains distributions and all that,
there's zero tax impact on you. So I think that's
(15:44):
the lesson learned here is You've got to pay real
close attention to the things that might happen outside of
your control in a mutual fund held in a non
retirement account.
Speaker 2 (15:55):
Yeah, I think excellent point.
Speaker 1 (15:56):
Every Sunday you find are all worth advice in Sea Inquire,
but we give you a preview on Friday night's show.
First question comes from PD, who lives in Sharonville. I'm
sixty one, my wife is fifty two. We ended up
having kids later in life. We have an eight and
a ten year old. Is there anything special we should
know about retirement planning for first and foremost.
Speaker 2 (16:18):
I just want to say, Pd, I'm a little bit
tired for you.
Speaker 1 (16:21):
Those are young, young kiddos, young whipper snappers.
Speaker 2 (16:25):
But this is a great question.
Speaker 3 (16:28):
Yeah, you took the words out of my mouth. I'm
sixty and if I just the thought of having an
eight and ten year old run that wears me out
just thinking about it. But anyway, good for you, and
I'm sure you'll have a great time. Yeah, couple couples, Yeah,
what a gift, What a gift. I'm thinking of a
particular movie where this child is a blessing to the
(16:49):
both of us four Christmases. I digress, all right, couple,
couple of planning points. The wife is nine years younger.
Make sure you have enough life insurance on both of you,
because we got a long runway here to raise kids,
and we got to start thinking about college funding and
(17:10):
try to dovetail all of that with the responsible retirement
savings and investing investment strategies. So that's my initial advice,
knowing nothing about your particular situation.
Speaker 1 (17:21):
Well, and yeah, and I think normally I'm starting to
have the conversation with people who are in their sixties
or do we still need do we still need life
insurance policies?
Speaker 3 (17:29):
Right?
Speaker 1 (17:29):
Because most people maybe kids are off to college by now,
and we have significant savings, hopefully in retirement accounts, and
so you know, often the term that you buy that
life insurance for the reason we've passed that not you.
I mean you've got younger kids. You will probably need
life insurance into your seventies perhaps eighties, So that's going
(17:51):
to be one difference for you. And another huge thing
here is state planning. You know, I think many people
do estate planning the very first, because what happens if
something happens to one or both of us, You know
where the kid's going to go. When you're a little
bit older and making those decisions, I think those decisions
become even more critical.
Speaker 2 (18:11):
So for those who.
Speaker 1 (18:12):
You know, I don't know if you're twenty five or
thirty and you're just having kids, you know.
Speaker 2 (18:17):
I've seen people try to put off a state planning
for a while.
Speaker 1 (18:20):
You don't really have the opportunity or the luxury of
putting it off.
Speaker 2 (18:24):
I think that has to be something you have to
tackle pretty quickly.
Speaker 3 (18:26):
Now. You need to name guardians for your kids at
any age, and a lot of younger folks never even
think about that because when you're thirty, you don't think
there's any chance you're going to die.
Speaker 1 (18:38):
Sure, you're invincible. When you're in your sixties you realize otherwise.
Speaker 2 (18:42):
So, yeah, some things to think about, some differences there.
I want to quickly get to Cynthia's question.
Speaker 1 (18:47):
She's an eduate any downsides to paying for college tuition
with the credit card.
Speaker 2 (18:51):
I like the idea of getting a lot of cash back.
Cynthia me too.
Speaker 1 (18:55):
I went into paying helping my kids pay for college
the same way until I looked at the website and
there are additional expenses, additional charges if you're asking that
college to process that money with a credit card. And
what I found is that there was no benefit of
any points or rewards when I was paying the additional
(19:15):
fee of paying that tuition with a credit card.
Speaker 3 (19:19):
Well, and my initial reaction to this question is I'm
not thinking so much about the cash back rewards in
the hotel.
Speaker 1 (19:26):
You can pay it off every month. Yes, I was
making a huge assumption.
Speaker 5 (19:29):
Okay, yes, okay, yeah, yeah, carry a balance.
Speaker 3 (19:32):
Yeah, that's where I'm going here. You don't care about
the Marriott points if you're going to have twenty seven
point six percent interest on your child's college point.
Speaker 2 (19:44):
I sort of skipped over that one. Yes, major small details,
major consideration there.
Speaker 1 (19:48):
All right, Well, coming up next, Steve Ruby is joining
us for the next half hour, we're going.
Speaker 2 (19:51):
To explore the power of networking in your career.
Speaker 1 (19:55):
You're listening to Simply Money and presented by all Worth
Financial here on fifty five KRC the talk station. You're
listening to Simply Money you've sent of my all Worth
Financial I Memi Wagner along.
Speaker 2 (20:06):
With Steve Ruby.
Speaker 1 (20:07):
For those of you who aren't exactly loving your job
or your career right now, someone might have mentioned to
you you should start networking.
Speaker 2 (20:14):
Well, what is networking really? What should you be doing
and why is it so important?
Speaker 1 (20:19):
Joining us tonight with her fantastic perspective on all things
that have to do with your career is Julie Bouki,
Julie on the job. I do hear the phrase networking
being thrown around a lot, but Julie, specifically, what do
you think we should be doing when it comes to networking.
Speaker 5 (20:35):
So here's my definition of networking, building mutually beneficial relationships
that support your goals. So the problem when people here
networking is they're like, I'm not doing that because they
picture the guy or the woman, the person who goes
to events, slaps everybody on the back, stoves their business
card in your hand and then moves on. It feels icky,
(20:57):
and that's what people think of when they think of networking.
But networking is it's the building I'm a say it
against the building of the relationships that support your career goals.
And so the challenge here is what is your goal
with your networking? If it's just if it is to
make a connection at a certain company in town, if
(21:18):
it's to learn more about a certain career. And in
our personal lives, we utilize networking a lot. Get the
kids to soccer practice, you know, what's a great restaurant
you recommend? So when we build the important two relationships
and we do a good job at it, we almost
I'm going to say, I'm going to say, we almost
get to bypass really annoying things like the job boards,
(21:39):
which are just every day filled with more scammers, and
they're getting better and better, and so it to me, it's,
you know, networking is the life blood of your career.
Your relationships, your professional relationships are the life blood of
your career. So therefore it requires that you put some
time and energy into it.
Speaker 6 (21:59):
So if you're let's say, helping your children who just
graduated college with recommendations and how to get out there
and network and put their best foot forwards, how do
you bring that perception of being mutually beneficial when when
you're getting out there networking, when when you.
Speaker 4 (22:17):
Really don't have much professional experience.
Speaker 5 (22:20):
But you know, I mean, I think it doesn't even
have to be professional experience. I networked with somebody one
time and it was clear, you know, and they you know.
I said, so, you know, what exciting things you have
going on this summer or something like that. It was
I think it was at an event, and turns out
she was looking for a dog sitter. I happen to
have a killer dog sitter, so I introduced them, So
(22:43):
it doesn't that counts as a GIF, and so you don't.
It doesn't have to be you know, tit for tat
all the time. It's really about an discussion when young
people are out there networking people, most most people who
are not in their twenties anymore, absolutely love of helping
young people, and so we don't really expect a twenty
(23:04):
two year old to be able to help us professionally.
But I'll tell you what, I have a lot of
twenty somethings in my life that I that I you know,
will ask them a question about social media or technology
or you know, so we all have something to give.
Even if you know, if you get in a good
(23:24):
conversation with someone and you're really good at asking them questions,
which is a part of building that mutually beneficial relationship,
it really will not come across as let me just
use you. And when I say mutually beneficial, so if
you have some great people in your network who you know,
think a lot of you professionally and vice versa, we
(23:46):
start to feel like, oh my gosh, I've got to
reach out to him once a month. No, you don't.
The idea is when people contact you for help you help,
and then when you need help, nine times out of
ten they're going to help you. But you can't do
this from you know, from your home twenty four to seven.
You actually have to go out and put yourself out
(24:07):
there and meet with people and get face to face
with people. And that's where I think is really missing,
is that people think, well, needs another job. I'm just
going to go apply online to one hundred jobs and
something will hit. No, it doesn't. I give conversations all
the time with people say I've applied to three hundred
jobs online, nobody's hiring. I'll say, no, that is a
false that's a false conclusion because if you're applying a
(24:30):
three hundred jobs, who knows if the company or the
hiring manager even saw your resume. Because the technology on
the surface has made it seem really simple, but it
actually has added many layers of complexity to it and
makes it harder to be seen, which means that networking
becomes even more important.
Speaker 1 (24:51):
Jullie, When you talk about networking, I'm going to assume
that there are two actually different kinds of networking. Networking
for those who have kind of a short term need, right,
you want to make a stretch so soon. But then also,
you may be perfectly happy in your career. You may
love your boss, you may love your job, and still
feel like networking is important, and I would agree with
(25:13):
that talk about the differences there.
Speaker 5 (25:17):
Yeah, so networking when you don't absolutely need something will
always be easier because you'll feel less like you know,
you walk in with your handout. So when you have
when you realize, look, things are great today, and you've
got to internalize this. Your company wants you until the
day they don't. And so if you think everything's going
really well at work, it probably is. But what if
(25:39):
you get there on Monday and you've got a new manager.
I have a client right now who had that, who
is in that situation, and it's like I knew immediately
that we weren't going to see things the same way.
So things can change. And so that's why you have
to make an effort to keep those relationships and conversations
alive and help others, because if you ignore people when
(26:01):
they ask you for help or input, you're going to
feel really sheepish reaching back out to them for help
when you need something. And so you've got to keep
it going when it's short term. So what you know,
because I over the years worked with a lot of
people who are between jobs. It's hard to go from
yeah I've got I haven't been networking for ten years.
It's hard to go from zero to sixty or wherever
(26:24):
you need to be right away. And so I will
say to them, after you get a job, do not
let these connections, don't let them wilt on the vine,
because if you only reach out when you need something,
people will not return your call. And so that's why
I'm such an advocate for got to ask yourself, what
(26:44):
if you found out on Monday that your organization didn't
need you anymore? What would you do? Well, I'd get
my resume up to date, I'd do this and this
and this. Okay, great, but who are you going to
reach out to? And that's where people kind of go, yeah,
I know, but it doesn't have to maybe something you
do every week. If you make two good conversations or
coffees a month with people who you have a good
(27:06):
relationship professionally, that's enough. And you ought to be able
to work that in.
Speaker 4 (27:11):
Yeah, that's what I was gonna ask. Is this a
lunch meeting?
Speaker 6 (27:15):
Is this a coffee in the morning, and you hit
the nail on the head with that one. I am
curious and I just want to pivot just a little
bit here, because in this day and age, there's a
lot of job boards, there's a lot of challenges. There's
you know, you apply to three hundred jobs. When I
was younger, there was usually an opportunity to find a
contact at a company, a hiring manager. And I actually
(27:36):
have a history of calling these people and saying, hey,
I applied on the job board and I wanted to
talk to you about when would be a good time
to set up an interview.
Speaker 4 (27:42):
And I've had some I've had some luck with that.
Speaker 6 (27:46):
Have we moved away from that or we at a
point where that's just not a real opportunity anymore.
Speaker 4 (27:52):
Is that still good advice?
Speaker 5 (27:53):
Not at all, Not at all. It's fine. In fact,
LinkedIn makes that easy. You just have to have the
courage to even just send a connection and say or
even to somebody you know in that company and say, hey,
I see that you have just posted for a marketing
(28:13):
manager and looks I think based on what you're looking for,
my skills seem to be a great set. Is there
someone I should talk to in your organization to get myself,
you know, to get myself noticed. I did apply online,
but you know, I kind of I'd like to jump
the file. It's pretty much what it is. And do
(28:34):
you I mean, do you really think hiring managers want
to go through three hundred resume?
Speaker 4 (28:38):
Don't you think you're doing them a favor in this situation?
Speaker 6 (28:41):
You are offering them something by by making it easier,
because they're going to look at yours and maybe give
you that interview, right right.
Speaker 5 (28:48):
And we actually just started a new program. It starts
in July. It's called Career Launchpad. It's for gen Z
to teach them how to do these things, to give
them the courage to reach out and do these things.
And we're doing a virtual now, we're doing an in
person in Cincinnati, but one virtual also and it's on
our website under Career Happiness Coaching. It's called Career launch Pads.
(29:10):
Now we're going to give these young people the tools
and the courage to do the things they need to
do to get their career off on the right foot.
Speaker 1 (29:19):
Oh I love that, right, getting them started, because these
are things you're not going to learn at your desk
on your job but incredibly important to long term career
sex success.
Speaker 2 (29:29):
Great advice is always from Julie Balki. Julie on the Job.
Speaker 1 (29:32):
You're listening to Simply Money presented by all Worth Financial.
Speaker 2 (29:34):
Here on fifty five KRC the talk station.
Speaker 1 (29:42):
You're listening to Simply Money presented by all Worth Financial.
Speaker 2 (29:44):
I mean Me Wagner along with ste Rube.
Speaker 1 (29:45):
If you've got a financial question you want a little
help answering, there's a red button you can click them
while you're listening to the show. It's right there on
the iHeart opp record your question and it's coming straight
to us.
Speaker 2 (29:55):
We'll help you figure it out.
Speaker 1 (29:56):
And straight ahead, frugal habits, are they worth it? We're
going to actually get into that. I see this more
often than you would think. So if this is you
understand you are not alone. You have done everything you can,
maybe to get your kids through college or somehow you've
just fallen behind when it comes to saving for retirement.
Speaker 2 (30:17):
And now you're in your.
Speaker 1 (30:18):
Fifties and you're trying to figure out can I ever retire?
Speaker 2 (30:22):
What can be done?
Speaker 6 (30:23):
So you got to start somewhere. In the first place,
is having a finger on the pulse of your net worth.
So that's jotting down all of your assets, looking at
savings accounts, CDs, retirement accounts, subtracting from that total your
liabilities such as any credit card debts, car loans, your mortgage,
student loans if you got them or you're helping with them,
(30:44):
to give yourself a snapshot of where you stand right now.
And then it's taking a deep dive into your money
in and out, so tallying up what you earn from
different sources, usually income at this point, not as much
interest from taxable accounts or something like that, and then
cross check that with your expenses that are coming out,
(31:04):
so you know how much excess cash flow you have
to earmark towards other financial priorities.
Speaker 1 (31:10):
If I was to give you just a high level
response to can you retire if you haven't done anything,
it would be yes, but you've got to get serious
about it. I think about Steve Sprovac, who had co
hosted the show with us for years, and he did it.
Speaker 2 (31:24):
He retired.
Speaker 1 (31:24):
He retired well, he's able to travel and spend time
with the grandkids and all the things that a lot
of us want to do in retirement.
Speaker 2 (31:31):
He was also behind.
Speaker 1 (31:33):
He put the kids through college, and once they got through,
he got serious. I mean, I'm talking legal pad monthly
charting expenses. He was doing all the catch up contributions
in his four one ks and his irais saving everything
he could. He changed how they spent, he changed how
they traveled, and the ultimate like well, the way that
(31:55):
that turned out was that he was able to do it.
He didn't start until he was in his fifties. So
there's press here, but you can do this. But I
think the key is you've got to get serious, and
you've got to get serious fast.
Speaker 4 (32:05):
Yeah.
Speaker 6 (32:06):
Steve Sprovac is a living, breathing example of what we're
talking about today. It's you know, there's a lot of
fear the first time you sit down and work with
a financial planner and you're pulling the curtains back and
exposing what you've done or not done, and you might
feel like there's some level of judgment there. But we've
seen it all, Yes, produci your if financial planners have
seen it all, and honestly, this is not that uncommon
of the situation. It's one of the reasons why catch
(32:27):
up contribution contributions exist because there's lots of folks that
need to catch up because they've made decisions that put
them in a situation where they don't have as much
right now. But then that's fine because oftentimes it's paying
for children, paying for college for children, paying for weddings,
making sure that the next generation is set up with
(32:47):
with more opportunity than you had yourself. So this isn't
a bad decision if you've done something like that, but
it certainly can create a scenario where you have to
work a little bit harder to close gaps while you
still got some way left between now and when it
is that you want to retire.
Speaker 2 (33:03):
So you're just saying one of the major things you
have to do at the beginning.
Speaker 1 (33:06):
Is, first of all, figure out your net worth, then
review your income right what's coming in in, what is
going out? What are you spending that on. I would
do a deep dive into what's on that credit card statement.
How much are you spending on eating out, how much
are you spending on travel, how much are you spending
on unnecessary things. You may have to dial that back
pretty significantly in order to focus on beefing up what
(33:28):
you can save. Also, part of that beefing up is, yes,
the catchup contributions on four to one ks and individual
retirement accounts, but also your emergency fund. If you don't
have those three to six months of critical expenses in there,
please make that a priority.
Speaker 2 (33:43):
And I would also say.
Speaker 1 (33:45):
One of the things that I talk to investors that
I am working with about is you want probably even
more than that on the sidelines as you're heading into retirement,
because if you happen to retire with the bad luck
of markets going self shortly after, you can live off
of that emergency fund for a while without having to
draw out of those accounts, those retirement accounts that you
(34:06):
had been saving in for years when those accounts are down.
Speaker 6 (34:09):
Yeah, I agree, when you're in the accumulation phase of retirement,
planning three months emergency fund as if you have a
double income household six months. As a single income household
when you're entering retirement, it's okay to reach for one
to two years because it buys you time in the
event that the markets get kicked in the teeth right
when you retire. And I saw a statistic recently that
I really like. It's folks that have an emergency fund,
(34:32):
fully funded emergency fund are seventy percent more likely to
save for retirement having that financial foundation and then saving
more for retirement.
Speaker 4 (34:40):
In the vehicles.
Speaker 6 (34:41):
First of all, that you have access to like your
workplace retirement plans a four oh one K leveraging catch
up contributions. If you're fifty this year or older in
twenty twenty four, you can save thirty five hundred dollars
in a combination of pre tax and or rough in
your four to one K, contributing that much annually with
a ten percent return, which.
Speaker 4 (35:00):
Is a little bit of a stretch.
Speaker 6 (35:01):
You have to be investing pretty aggressively, but that could make
you a millionaire in the next fifteen years.
Speaker 1 (35:07):
Yeah, so you're maxing out your four one K, you're
maxing out your IRA. I'm gonna throw something else in
there to no one's surprised, whoever listens to the show
health savings accounts. Yeah, I mean, when you look at
how expensive medical expenses are when you get to retirement,
this is a great way you use that emergency fund
now to pay those out of pocket medical expenses. Again,
if a high deductible health care plan makes sense for
you and your family in your particular situation, but then
(35:30):
you put that money into health savings account. That money
is invested and it grows toward retirement. And if you
were going to ask in what order should I save
in these accounts, I would say your four one k
is first, Right, you got to get that company match, just.
Speaker 4 (35:42):
The company match pation of your four oh one k.
Speaker 1 (35:44):
Beyond that, I would say a health savings account. Then
fill up the rest of that four to one k
IRA is I also like, but also taxable brokerage accounts. Right,
this is money not tied to a retirement account. You
can access it at any time. But when you get
to retirement, if you take money out of this account,
your tax at a more favorable level. Right, a long
(36:04):
term capital gains level. Here's the all Worth advice. In
your fifties and worried about the future. First of all,
you're not alone and there is still time to turbo
charge your investments.
Speaker 2 (36:14):
The key is getting serious.
Speaker 1 (36:16):
Next, when it's okay to spend money on things others
may think are stupid. You're listening to Simply Money, presented
by all Worth Financial. Here in fifty five KRC the
talk station.
Speaker 2 (36:29):
You're listening to Simply Money.
Speaker 1 (36:30):
You're presented by all Worth financial I mean me Wagner,
along with Steve Ruby.
Speaker 2 (36:34):
Money not going out right is like money coming in.
But is being too frugal actually a bad thing? I
would make the case that yeah it is. I mean
I think you have to have a little bit of
balance in your life.
Speaker 6 (36:46):
Oh yeah, absolutely. There's things that it's okay to splurge
on a little bit. For example, tennis shoes that get
worn down because you just won't spend money on good ones.
A good example that I use as boots. I've got
a nice pair of boots time ago, and I've had
them for like ten years, yeah, ten years, and they're fine.
They're perfect, They're waterproof, they're cozy. I wear them if
(37:07):
I'm shoveling stone the driveway in the winter, I from
hiking in the winter, no problems whatsoever. If you buy
a dumpy pair of boots that's not going to last
you more than one season, I think you have.
Speaker 1 (37:17):
To look at things like, Okay, am I going to
make this investment one time and it's going to last
me X number of years? Or am I going to
buy the cheapest version of something that's on sale and
have to replace it every year every winter?
Speaker 2 (37:29):
You know?
Speaker 1 (37:29):
Twice a year, in which case maybe making the investment
actually makes a lot more sense.
Speaker 6 (37:33):
Yeah, there's between frugality and just making bad money decisions.
And it's a bad money decision to buy the cheapest
thing every single time, a winter coat, something that's going
to last you a long time, as opposed to falling apart.
These are items that it makes sense to I wouldn't
even call it splurging.
Speaker 2 (37:49):
It makes sense to make the investment.
Speaker 6 (37:51):
Yeah, to make the investment in something that you know
is going to last you a long a long time,
you know.
Speaker 2 (37:57):
I came across something recently.
Speaker 1 (37:59):
It was a Slish show article about how to save
money in retirement. I thought, well, this will be interesting, right,
this is what we talk about a lot on our show.
And I started looking at what they were suggesting in it,
and I thought.
Speaker 2 (38:09):
This is terrible. It was cut back on traveling, cut.
Speaker 1 (38:13):
Back on eating out, cut back on all of these
things that you know, cut back on your hobbies.
Speaker 2 (38:19):
Fun, Yes, have no fun in retirement.
Speaker 4 (38:22):
Can you have no purpose?
Speaker 1 (38:24):
Yes?
Speaker 2 (38:24):
You can save money in retirement that way. Can you
enjoy it? I question that?
Speaker 1 (38:29):
And so I thought, well, this is terrible. I wouldn't
want to suggest any of these things to anyone. It
wasn't saving on some kind of insurance product or anything
like that that could really make a difference. But I'm
making this point to say the balance has to be
saving and investing the money while actually enjoying your life
and also consistently enjoying it the kind of lifestyle that
(38:50):
you have before retirement being the same after retirement.
Speaker 6 (38:53):
That's just an incredibly dark and depressing article and recommendation
that I would not suggests you follow. Financial planning is
about maintaining the lifestyle that you've grown used to and
making sure that you're able to maintain that to and
through retirement by making the appropriate savings decisions and planning
(39:14):
ahead accordingly, not completely skimming off of anything that you
find joy in life about.
Speaker 1 (39:20):
Here's the all Worth advice, try and find the purpose
of every dollar you have.
Speaker 2 (39:24):
Thanks for listening.
Speaker 1 (39:25):
This is simply money presented by all Worth Financial here
in fifty five car see the talk station
Tonight, every major money decision is going to come with.
Speaker 2 (00:10):
The trade off. So how do you think critically through
those decisions?
Speaker 1 (00:15):
Girlstening to simply money presented by all Worth Financial Ammi
Wagner along with Bob Spawndseller weighty stuff to try to
figure out. But we've got a fun way of doing it.
We're playing another round of would you rather?
Speaker 2 (00:27):
The Money? Edition? These are questions?
Speaker 3 (00:30):
All right, I gotta stop you right now here before
you get all wound up here and rolling with this thing.
Last time we did this, you chastised me for not
following the rules.
Speaker 2 (00:41):
You didn't play the game.
Speaker 3 (00:42):
Well, okay, you said I got to pick one or
the other, right, there's no in between, or you could
do both, so lay the ground roles. Is that how
we're playing?
Speaker 1 (00:50):
Yes, if for anyone who's ever played, would you rather?
You don't get to say both things, You have to
choose one. And so when we look at these would
you rather question through the lens of money? Bobby, you
got to you got to take a stance here. So
let me just ask you the first one. Would you
rather save fifty percent of your income for ten years
(01:11):
and be able to retire early or save ten percent
and work until traditional retirement age.
Speaker 3 (01:20):
Well, I'm a guy that likes to hunt it, kill it,
knock it out, check the box, get done with it.
So I would rather, assuming I had enough income to
do this, I'd rather say fifty percent of my income
for ten years and retire early. That's my answer. Okay.
Speaker 1 (01:34):
On the flip side, I'm going to go the other way,
and this might surprise someone, but I'm going to work longer,
and I'm going to have more balance.
Speaker 2 (01:43):
While I'm working.
Speaker 1 (01:44):
I'm going to save and also take some trips and
also have some experiences along the ways. You know, I
feel like saving fifty percent of your income.
Speaker 2 (01:55):
That's a toughee, right.
Speaker 1 (01:56):
You think about that fire movement a few years ago,
Wait Fire, financial and dependence retire early. When I was
reading some of the stories about what people were doing
in order to do I'm like, oh, no, no way,
and listen.
Speaker 4 (02:08):
All right, so now it's good.
Speaker 3 (02:11):
Now I know how you're going to play here. You're
going to make me give an answer, and then you're
going to go on to this long winded how you
could do both kind of a thing. I see what
you're doing.
Speaker 2 (02:20):
I'm not saying you can do both. I'm saying you
got to choose. I would choose.
Speaker 1 (02:24):
Please continue longer you continue up for the second one.
Speaker 3 (02:29):
All right, Amy, Would you rather pay for your child's
college education in full or let them take out loans
and teach them how to manage debt.
Speaker 1 (02:41):
I have two kids in college, another one that will
be there next year, which is probably why I will
be working to retirement full retirement age, and maybe longer.
I am going to help. I'm going to help my
kids pay for their undergraduate degrees.
Speaker 2 (02:56):
That's the decision I've made. In Uh, there's a historical
basis for this.
Speaker 1 (03:01):
My parents did this for me, and I graduated without
student loan debt. And I have seen how much people struggle.
Speaker 2 (03:08):
Under the weight of this.
Speaker 1 (03:09):
Now listen, I'm not against kids having skin in the
game in some way, shape or form.
Speaker 2 (03:13):
My kids very much have to.
Speaker 1 (03:15):
You know, we will will pay for tuition and some
room and board, and beyond that it's on them. Also,
there are some caveats to paying for tuition. You must
my children must graduate in four years. If they change
their major seventeen thousand times, as one of them might
actually do, and it's another year or two they have
(03:36):
to pay for that. If they're going to do postgraduate work,
they will pay for that as well. But I will
give them the gift of graduating from college debt free
if they can do it within four years. Will they
have as much money as an inheritance later in life, No,
they will not.
Speaker 3 (03:56):
I love your answer, Amy, and it's the same exact
thing that my wife and I did with our kids,
and it's the same exact thing that my mother and
father did for me. So no need to go on
any further with that. The only thing I'll add is
we do want to make sure our kids are coming
out the other end of this being able to be
(04:16):
financially responsible because money doesn't grow on trees and there
is no free lunch, as my dad just drilled into
my head for years. But I am one hundred percent
in alignment with everything you just said.
Speaker 1 (04:28):
And I also say, when caveat is here, if you can,
if you can, if it's not to the detriment of
your ability to retire, and retire well right, put your
own financial oxygen mask on first. And if we can
still pay for the kids, great, If not, there are
other ways that you can certainly help them financially.
Speaker 2 (04:47):
All right, would you rather Bob have a.
Speaker 1 (04:49):
Low deductible health insurance plan with high premiums or a
high deductible plan with lower monthly costs.
Speaker 3 (04:55):
Well, I know what I'm supposed to answer here, because
if I don't answer high deductible plan with an HSA account,
you are going to do something physically, hunt me down
and make me change healthy plans. Maybe, so I have
my wife and I have a high deductible health plan.
But I'll also add another reason to do this. I
think it's an incentive to get and stay healthy if
(05:19):
you're going in there and you want all this insurance
to pay for all this health care, rather than just
get in the gym, getting the pool, you know, get
your get yourself in shape so you're not spending healthcare dollars.
I think that's another little motivator to be in a
high deductible health care plan. Yeah, what I think about that?
Speaker 1 (05:38):
Well, and I agree, and I think pulling back the
curtain a little bit. You know, these healthcare companies, if
you have a high deductible health care plan, they incentivize
you to do proactive health like getting your annual you know,
doctor's visit. You know, there's usually that's usually free in
a high deductible plan because they want you to be
proactive about your health and not wait until later when
there's a diagnosis and long treatment and things like that.
(06:02):
I think high deductible health care plan makes sense if
there is not some sort of chronic condition, you know,
And I'm not going to shove this down someone's throat
if it does not make any sense for you. Several
years ago, one of our kids struggles with terrible allergies
and we were trying to do allergy shots and all
the things, and they were insane. We did not have
(06:23):
a high deductible health care plan and those few years
that we were doing that, because the out of pocket
costs would have been just stupid.
Speaker 3 (06:29):
Now that's an excellent point, and I know this from
personal experience.
Speaker 4 (06:33):
Man.
Speaker 3 (06:33):
I've had a couple of major surgeries within the last
ten years that I knew they weren't emergencies, but I
knew they were coming. Yeah, And so I had a
year or two in advance to get myself in a
plan where I was not shelling out the huge deductibles.
So there is a way if you have an opportunity
(06:53):
to plan ahead and you know major health care costs
are coming to maybe switch plans for a year or too.
Speaker 1 (07:00):
I have had a couple of younger couples in my
office lately, and I.
Speaker 3 (07:04):
Mean it is like, you notice how we're giving the
both and answer.
Speaker 1 (07:07):
Now, well, it's two different perspectives. Right, here's what we've chosen,
but here's why. Maybe you may not want to choose that.
That's the responsible way to play this game. But you know,
I had this conversation with some younger couples and I said, listen, man,
like you are in such great shape if you can
open up a health savings account with a high deductible
health care plan, build up some emergency savings where you
(07:30):
pay for those healthcare costs as you go that HSA
money is invested. Think just think of the dollars you
will have in retirement for healthcare. And you know, we're
dealing with these retirement costs day in and day out
with our clients.
Speaker 2 (07:42):
They are astronomical.
Speaker 1 (07:44):
At the same time, that conversation also looks at looks
like if this is a year where we think we
might have a baby, we do not want to you know,
you may want to switch to another plan. Right, So
all of these are considerations you're listening to. Simply money,
presented by all Worth Financial Semi Wagner along with Bob Spawnseller.
Speaker 2 (08:01):
Would you rather we're playing a money game with a
very serious message.
Speaker 1 (08:07):
I think day in and day out, we are faced
with major money decisions and there's always trade offs, and
so we're just kind of helping you develop the muscle
that is the critical thinking skills behind making these decisions.
Speaker 4 (08:21):
All right, let's keep going here. Amy.
Speaker 3 (08:23):
Would you rather donate ten thousand dollars in one lump
sum to a cause you care deeply about or give
one thousand dollars every year for ten years.
Speaker 1 (08:33):
I would rather give one thousand dollars every year for
ten years, and only because you know, I've seen worst
case scenarios play out, you.
Speaker 2 (08:43):
Know from time to time.
Speaker 1 (08:44):
I mean, if it's ten thousand dollars that it just
doesn't matter and you've got so much. But for most
people's that's a sizable amount of money. You know, it's
nothing to sneeze at. I would rather have that money
over ten years and also let it be invested in
a way that I want and let it grow, and
donate ten thousand dollars a same amount, you know after
(09:06):
ten years, but one thousand dollars a year?
Speaker 2 (09:07):
What about you?
Speaker 3 (09:08):
Well, just because we're having fun here and this is
a game, I'm gonna I've taken the opposite. And part
of this is I'm older, well, ok, and I'm older
than you. I might I might not be alive in
ten years. So if I have the ten thousand dollars
and a lot of these charities that you know, my
wife and I support, we know exactly what they do.
We feel really strongly about them, and I'd love to
(09:30):
get the money into their hands today and see it work.
So I'm taking option A.
Speaker 2 (09:35):
Okay, I can get behind that.
Speaker 1 (09:37):
Would you rather have a luxury car now or invest
the difference and maybe keep your current car for another
five years?
Speaker 3 (09:44):
This is an easy one for me, And I'm thinking
of one of my good friends over the years who
was also a financial advisor, but he was a car
collector and he would always tell me, a Bob, a
car is just a rolling piece of depreciation. Yeah, And
he's right, yes, And so I would much rather just
have a regular old car that works and is well
(10:07):
maintained and keep saving for retirement. I don't have to
buy a huge, expensive, impressive car.
Speaker 1 (10:15):
I would like the nice car because I'm serious.
Speaker 2 (10:19):
Well, I'm going to tell you what. I'm a terrible driver.
Speaker 1 (10:21):
I am literally probably the worst driver on the roads
of Cincinnati. You will know me when you see me coming.
You will know that is my car, because I'm just
a terrible driver. My children joke that I didn't worry
about them driving when they turned sixteen because they knew
because I knew they were safer in their own cars
than with me.
Speaker 3 (10:39):
So you want the luxury vehicle air bags.
Speaker 2 (10:43):
I want all the air bags.
Speaker 1 (10:45):
I want all the alarms that will go off if
I'm going to change a lane. I want lights flashing
in my car. I wanted to automatically stop.
Speaker 2 (10:54):
For me if I'm going to rear end someone.
Speaker 3 (10:56):
I want Well, I want that for you so you
don't kill me while I'm driving.
Speaker 2 (11:00):
You want it for you.
Speaker 3 (11:01):
Too, trust me.
Speaker 2 (11:02):
But I like the nicer car.
Speaker 1 (11:04):
I never ever buy it, use I shop around for deals,
I negotiate the heck out of it, and then I
keep it for a long time.
Speaker 2 (11:12):
So like a plan, that is the way that I
look at that.
Speaker 1 (11:16):
Coming up next, a major settlement involving Vanguard's target date
funds has also spawned a major lesson on taxes.
Speaker 2 (11:23):
We're going to talk about that next.
Speaker 1 (11:25):
You're listening to Simply Money presented by all Worth Financial
here in fifty five krs the talk station. You're listening
to Simply Money presented by all Worth Financial. I mean
you Wagner along with Bob spond Seller. If you can't
listen to our show every night, you don't have to
miss anything we talk about. We've got a daily podcast
for you. Just search Simply Money. It's on the iHeart
(11:46):
app or wherever you get your podcasts. Straight ahead frugal
habits and listen. I am as frugal as they come.
That are simply not worth it. We're going to talk
about those. All right, here's a lesson for you. And
this has been an important one for some investors in
Vanguard who were invested in target date funds, which we've
(12:10):
talked about Bob here on the show several times.
Speaker 2 (12:12):
Recently.
Speaker 1 (12:13):
A number of people gravitate towards these target date funds.
Speaker 2 (12:17):
Few of them this blew up in their face.
Speaker 3 (12:20):
Well, and it blew up, I guess. In Vanguard's phase,
they settled a one hundred and six million dollars, you know,
settlement with the sec over this. So you know, let's
explain what happened, and there's a lesson to be learned here.
Keep in mind this only impacts non retirement accounts, you know,
non iras, non four oh case.
Speaker 2 (12:42):
Taxable account brokerage accounts. Yes, okay.
Speaker 3 (12:45):
So the bottom line here is Vanguard thought they were
doing investors of favor. They were lowering the minimums to
be able to get into a lower cost share class
of their target date funds. Right, sounds great, We're to
make we're gonna make this better for investors, get people
into the lower cost pool. So a lot of people
(13:07):
said sign me up, and they moved. Well, we have
a bunch of investors who didn't move, and they've owned
these target date funds for years and sometimes decades. And
this is what always happens with mutual funds. When a
lot of people get out of the pool, the fund
has to sell shares to create the liquidity required. And
(13:29):
what happens as a result, capital gains taxes and everybody
mutually participates mutual even though you didn't sell a darn thing.
So the longer term holders of this other share class
of Funds is like, wait a minute, I did nothing here.
I've been a loyal customer for thirty years.
Speaker 1 (13:48):
I didn't buy or sell anything within this account this year.
Speaker 2 (13:52):
But look at this tax bill and you're.
Speaker 3 (13:54):
Handing me a huge tax bill and I don't like it,
and blah blah blah. So one hundred and six million
dollars settlement meant to hopefully make everybody happy. Yeah.
Speaker 1 (14:02):
I think it's also interesting because Vanguard also and listen,
I'm not going after Vanguard here, but neither admitted or
denied any wrongdoing.
Speaker 2 (14:10):
And I don't know if this in Kentucky. That's called
an offered plea, and.
Speaker 1 (14:14):
It's essentially like, look, i know this doesn't look good
for me, but I'm not going to admit that I
did anything wrong here. You know, these are conversations not
necessarily along these lines, but as an investor, you need
to understand something like the difference between a mutual fund
and an exchange traded fund. You need to understand the
(14:34):
pros and content to understand the internal expenses of what
you're invested in. It may give you a headache to
think about, but knowledge is power, and I don't know
that any of these investors could have potentially seen this coming.
But you know, as Vanguard, I think the onus is
on you to also like fully disclose. But I mean,
(14:57):
how many people are reading that stuff when they're getting it.
Speaker 2 (14:59):
I don't know.
Speaker 3 (15:00):
I don't think. I don't think either party in this
case could have seen it coming, certainly not the investors.
So look lesson learned here is, and again we talk
about this often, the evolution of our industry is such.
Now where in these taxable accounts, to the extent that
you can get out of mutual funds and avoid mutual
(15:21):
funds without a big tax bill, do it and get
into these more tax efficient exchange traded fund strategies. Leave
You know, mutual funds are best held in retirement accounts
and iras because no matter how anybody monkeys around with
buying and selling and capital gains distributions and all that,
there's zero tax impact on you. So I think that's
(15:44):
the lesson learned here is You've got to pay real
close attention to the things that might happen outside of
your control in a mutual fund held in a non
retirement account.
Speaker 2 (15:55):
Yeah, I think excellent point.
Speaker 1 (15:56):
Every Sunday you find are all worth advice in Sea Inquire,
but we give you a preview on Friday night's show.
First question comes from PD, who lives in Sharonville. I'm
sixty one, my wife is fifty two. We ended up
having kids later in life. We have an eight and
a ten year old. Is there anything special we should
know about retirement planning for first and foremost.
Speaker 2 (16:18):
I just want to say, Pd, I'm a little bit
tired for you.
Speaker 1 (16:21):
Those are young, young kiddos, young whipper snappers.
Speaker 2 (16:25):
But this is a great question.
Speaker 3 (16:28):
Yeah, you took the words out of my mouth. I'm
sixty and if I just the thought of having an
eight and ten year old run that wears me out
just thinking about it. But anyway, good for you, and
I'm sure you'll have a great time. Yeah, couple couples, Yeah,
what a gift, What a gift. I'm thinking of a
particular movie where this child is a blessing to the
(16:49):
both of us four Christmases. I digress, all right, couple,
couple of planning points. The wife is nine years younger.
Make sure you have enough life insurance on both of you,
because we got a long runway here to raise kids,
and we got to start thinking about college funding and
(17:10):
try to dovetail all of that with the responsible retirement
savings and investing investment strategies. So that's my initial advice,
knowing nothing about your particular situation.
Speaker 1 (17:21):
Well, and yeah, and I think normally I'm starting to
have the conversation with people who are in their sixties
or do we still need do we still need life
insurance policies?
Speaker 3 (17:29):
Right?
Speaker 1 (17:29):
Because most people maybe kids are off to college by now,
and we have significant savings, hopefully in retirement accounts, and
so you know, often the term that you buy that
life insurance for the reason we've passed that not you.
I mean you've got younger kids. You will probably need
life insurance into your seventies perhaps eighties, So that's going
(17:51):
to be one difference for you. And another huge thing
here is state planning. You know, I think many people
do estate planning the very first, because what happens if
something happens to one or both of us, You know
where the kid's going to go. When you're a little
bit older and making those decisions, I think those decisions
become even more critical.
Speaker 2 (18:11):
So for those who.
Speaker 1 (18:12):
You know, I don't know if you're twenty five or
thirty and you're just having kids, you know.
Speaker 2 (18:17):
I've seen people try to put off a state planning
for a while.
Speaker 1 (18:20):
You don't really have the opportunity or the luxury of
putting it off.
Speaker 2 (18:24):
I think that has to be something you have to
tackle pretty quickly.
Speaker 3 (18:26):
Now. You need to name guardians for your kids at
any age, and a lot of younger folks never even
think about that because when you're thirty, you don't think
there's any chance you're going to die.
Speaker 1 (18:38):
Sure, you're invincible. When you're in your sixties you realize otherwise.
Speaker 2 (18:42):
So, yeah, some things to think about, some differences there.
I want to quickly get to Cynthia's question.
Speaker 1 (18:47):
She's an eduate any downsides to paying for college tuition
with the credit card.
Speaker 2 (18:51):
I like the idea of getting a lot of cash back.
Cynthia me too.
Speaker 1 (18:55):
I went into paying helping my kids pay for college
the same way until I looked at the website and
there are additional expenses, additional charges if you're asking that
college to process that money with a credit card. And
what I found is that there was no benefit of
any points or rewards when I was paying the additional
(19:15):
fee of paying that tuition with a credit card.
Speaker 3 (19:19):
Well, and my initial reaction to this question is I'm
not thinking so much about the cash back rewards in
the hotel.
Speaker 1 (19:26):
You can pay it off every month. Yes, I was
making a huge assumption.
Speaker 5 (19:29):
Okay, yes, okay, yeah, yeah, carry a balance.
Speaker 3 (19:32):
Yeah, that's where I'm going here. You don't care about
the Marriott points if you're going to have twenty seven
point six percent interest on your child's college point.
Speaker 2 (19:44):
I sort of skipped over that one. Yes, major small details,
major consideration there.
Speaker 1 (19:48):
All right, Well, coming up next, Steve Ruby is joining
us for the next half hour, we're going.
Speaker 2 (19:51):
To explore the power of networking in your career.
Speaker 1 (19:55):
You're listening to Simply Money and presented by all Worth
Financial here on fifty five KRC the talk station. You're
listening to Simply Money you've sent of my all Worth
Financial I Memi Wagner along.
Speaker 2 (20:06):
With Steve Ruby.
Speaker 1 (20:07):
For those of you who aren't exactly loving your job
or your career right now, someone might have mentioned to
you you should start networking.
Speaker 2 (20:14):
Well, what is networking really? What should you be doing
and why is it so important?
Speaker 1 (20:19):
Joining us tonight with her fantastic perspective on all things
that have to do with your career is Julie Bouki,
Julie on the job. I do hear the phrase networking
being thrown around a lot, but Julie, specifically, what do
you think we should be doing when it comes to networking.
Speaker 5 (20:35):
So here's my definition of networking, building mutually beneficial relationships
that support your goals. So the problem when people here
networking is they're like, I'm not doing that because they
picture the guy or the woman, the person who goes
to events, slaps everybody on the back, stoves their business
card in your hand and then moves on. It feels icky,
(20:57):
and that's what people think of when they think of networking.
But networking is it's the building I'm a say it
against the building of the relationships that support your career goals.
And so the challenge here is what is your goal
with your networking? If it's just if it is to
make a connection at a certain company in town, if
(21:18):
it's to learn more about a certain career. And in
our personal lives, we utilize networking a lot. Get the
kids to soccer practice, you know, what's a great restaurant
you recommend? So when we build the important two relationships
and we do a good job at it, we almost
I'm going to say, I'm going to say, we almost
get to bypass really annoying things like the job boards,
(21:39):
which are just every day filled with more scammers, and
they're getting better and better, and so it to me, it's,
you know, networking is the life blood of your career.
Your relationships, your professional relationships are the life blood of
your career. So therefore it requires that you put some
time and energy into it.
Speaker 6 (21:59):
So if you're let's say, helping your children who just
graduated college with recommendations and how to get out there
and network and put their best foot forwards, how do
you bring that perception of being mutually beneficial when when
you're getting out there networking, when when you.
Speaker 4 (22:17):
Really don't have much professional experience.
Speaker 5 (22:20):
But you know, I mean, I think it doesn't even
have to be professional experience. I networked with somebody one
time and it was clear, you know, and they you know.
I said, so, you know, what exciting things you have
going on this summer or something like that. It was
I think it was at an event, and turns out
she was looking for a dog sitter. I happen to
have a killer dog sitter, so I introduced them, So
(22:43):
it doesn't that counts as a GIF, and so you don't.
It doesn't have to be you know, tit for tat
all the time. It's really about an discussion when young
people are out there networking people, most most people who
are not in their twenties anymore, absolutely love of helping
young people, and so we don't really expect a twenty
(23:04):
two year old to be able to help us professionally.
But I'll tell you what, I have a lot of
twenty somethings in my life that I that I you know,
will ask them a question about social media or technology
or you know, so we all have something to give.
Even if you know, if you get in a good
(23:24):
conversation with someone and you're really good at asking them questions,
which is a part of building that mutually beneficial relationship,
it really will not come across as let me just
use you. And when I say mutually beneficial, so if
you have some great people in your network who you know,
think a lot of you professionally and vice versa, we
(23:46):
start to feel like, oh my gosh, I've got to
reach out to him once a month. No, you don't.
The idea is when people contact you for help you help,
and then when you need help, nine times out of
ten they're going to help you. But you can't do
this from you know, from your home twenty four to seven.
You actually have to go out and put yourself out
(24:07):
there and meet with people and get face to face
with people. And that's where I think is really missing,
is that people think, well, needs another job. I'm just
going to go apply online to one hundred jobs and
something will hit. No, it doesn't. I give conversations all
the time with people say I've applied to three hundred
jobs online, nobody's hiring. I'll say, no, that is a
false that's a false conclusion because if you're applying a
(24:30):
three hundred jobs, who knows if the company or the
hiring manager even saw your resume. Because the technology on
the surface has made it seem really simple, but it
actually has added many layers of complexity to it and
makes it harder to be seen, which means that networking
becomes even more important.
Speaker 1 (24:51):
Jullie, When you talk about networking, I'm going to assume
that there are two actually different kinds of networking. Networking
for those who have kind of a short term need, right,
you want to make a stretch so soon. But then also,
you may be perfectly happy in your career. You may
love your boss, you may love your job, and still
feel like networking is important, and I would agree with
(25:13):
that talk about the differences there.
Speaker 5 (25:17):
Yeah, so networking when you don't absolutely need something will
always be easier because you'll feel less like you know,
you walk in with your handout. So when you have
when you realize, look, things are great today, and you've
got to internalize this. Your company wants you until the
day they don't. And so if you think everything's going
really well at work, it probably is. But what if
(25:39):
you get there on Monday and you've got a new manager.
I have a client right now who had that, who
is in that situation, and it's like I knew immediately
that we weren't going to see things the same way.
So things can change. And so that's why you have
to make an effort to keep those relationships and conversations
alive and help others, because if you ignore people when
(26:01):
they ask you for help or input, you're going to
feel really sheepish reaching back out to them for help
when you need something. And so you've got to keep
it going when it's short term. So what you know,
because I over the years worked with a lot of
people who are between jobs. It's hard to go from
yeah I've got I haven't been networking for ten years.
It's hard to go from zero to sixty or wherever
(26:24):
you need to be right away. And so I will
say to them, after you get a job, do not
let these connections, don't let them wilt on the vine,
because if you only reach out when you need something,
people will not return your call. And so that's why
I'm such an advocate for got to ask yourself, what
(26:44):
if you found out on Monday that your organization didn't
need you anymore? What would you do? Well, I'd get
my resume up to date, I'd do this and this
and this. Okay, great, but who are you going to
reach out to? And that's where people kind of go, yeah,
I know, but it doesn't have to maybe something you
do every week. If you make two good conversations or
coffees a month with people who you have a good
(27:06):
relationship professionally, that's enough. And you ought to be able
to work that in.
Speaker 4 (27:11):
Yeah, that's what I was gonna ask. Is this a
lunch meeting?
Speaker 6 (27:15):
Is this a coffee in the morning, and you hit
the nail on the head with that one. I am
curious and I just want to pivot just a little
bit here, because in this day and age, there's a
lot of job boards, there's a lot of challenges. There's
you know, you apply to three hundred jobs. When I
was younger, there was usually an opportunity to find a
contact at a company, a hiring manager. And I actually
(27:36):
have a history of calling these people and saying, hey,
I applied on the job board and I wanted to
talk to you about when would be a good time
to set up an interview.
Speaker 4 (27:42):
And I've had some I've had some luck with that.
Speaker 6 (27:46):
Have we moved away from that or we at a
point where that's just not a real opportunity anymore.
Speaker 4 (27:52):
Is that still good advice?
Speaker 5 (27:53):
Not at all, Not at all. It's fine. In fact,
LinkedIn makes that easy. You just have to have the
courage to even just send a connection and say or
even to somebody you know in that company and say, hey,
I see that you have just posted for a marketing
(28:13):
manager and looks I think based on what you're looking for,
my skills seem to be a great set. Is there
someone I should talk to in your organization to get myself,
you know, to get myself noticed. I did apply online,
but you know, I kind of I'd like to jump
the file. It's pretty much what it is. And do
(28:34):
you I mean, do you really think hiring managers want
to go through three hundred resume?
Speaker 4 (28:38):
Don't you think you're doing them a favor in this situation?
Speaker 6 (28:41):
You are offering them something by by making it easier,
because they're going to look at yours and maybe give
you that interview, right right.
Speaker 5 (28:48):
And we actually just started a new program. It starts
in July. It's called Career Launchpad. It's for gen Z
to teach them how to do these things, to give
them the courage to reach out and do these things.
And we're doing a virtual now, we're doing an in
person in Cincinnati, but one virtual also and it's on
our website under Career Happiness Coaching. It's called Career launch Pads.
(29:10):
Now we're going to give these young people the tools
and the courage to do the things they need to
do to get their career off on the right foot.
Speaker 1 (29:19):
Oh I love that, right, getting them started, because these
are things you're not going to learn at your desk
on your job but incredibly important to long term career
sex success.
Speaker 2 (29:29):
Great advice is always from Julie Balki. Julie on the Job.
Speaker 1 (29:32):
You're listening to Simply Money presented by all Worth Financial.
Speaker 2 (29:34):
Here on fifty five KRC the talk station.
Speaker 1 (29:42):
You're listening to Simply Money presented by all Worth Financial.
Speaker 2 (29:44):
I mean Me Wagner along with ste Rube.
Speaker 1 (29:45):
If you've got a financial question you want a little
help answering, there's a red button you can click them
while you're listening to the show. It's right there on
the iHeart opp record your question and it's coming straight
to us.
Speaker 2 (29:55):
We'll help you figure it out.
Speaker 1 (29:56):
And straight ahead, frugal habits, are they worth it? We're
going to actually get into that. I see this more
often than you would think. So if this is you
understand you are not alone. You have done everything you can,
maybe to get your kids through college or somehow you've
just fallen behind when it comes to saving for retirement.
Speaker 2 (30:17):
And now you're in your.
Speaker 1 (30:18):
Fifties and you're trying to figure out can I ever retire?
Speaker 2 (30:22):
What can be done?
Speaker 6 (30:23):
So you got to start somewhere. In the first place,
is having a finger on the pulse of your net worth.
So that's jotting down all of your assets, looking at
savings accounts, CDs, retirement accounts, subtracting from that total your
liabilities such as any credit card debts, car loans, your mortgage,
student loans if you got them or you're helping with them,
(30:44):
to give yourself a snapshot of where you stand right now.
And then it's taking a deep dive into your money
in and out, so tallying up what you earn from
different sources, usually income at this point, not as much
interest from taxable accounts or something like that, and then
cross check that with your expenses that are coming out,
(31:04):
so you know how much excess cash flow you have
to earmark towards other financial priorities.
Speaker 1 (31:10):
If I was to give you just a high level
response to can you retire if you haven't done anything,
it would be yes, but you've got to get serious
about it. I think about Steve Sprovac, who had co
hosted the show with us for years, and he did it.
Speaker 2 (31:24):
He retired.
Speaker 1 (31:24):
He retired well, he's able to travel and spend time
with the grandkids and all the things that a lot
of us want to do in retirement.
Speaker 2 (31:31):
He was also behind.
Speaker 1 (31:33):
He put the kids through college, and once they got through,
he got serious. I mean, I'm talking legal pad monthly
charting expenses. He was doing all the catch up contributions
in his four one ks and his irais saving everything
he could. He changed how they spent, he changed how
they traveled, and the ultimate like well, the way that
(31:55):
that turned out was that he was able to do it.
He didn't start until he was in his fifties. So
there's press here, but you can do this. But I
think the key is you've got to get serious, and
you've got to get serious fast.
Speaker 4 (32:05):
Yeah.
Speaker 6 (32:06):
Steve Sprovac is a living, breathing example of what we're
talking about today. It's you know, there's a lot of
fear the first time you sit down and work with
a financial planner and you're pulling the curtains back and
exposing what you've done or not done, and you might
feel like there's some level of judgment there. But we've
seen it all, Yes, produci your if financial planners have
seen it all, and honestly, this is not that uncommon
of the situation. It's one of the reasons why catch
(32:27):
up contribution contributions exist because there's lots of folks that
need to catch up because they've made decisions that put
them in a situation where they don't have as much
right now. But then that's fine because oftentimes it's paying
for children, paying for college for children, paying for weddings,
making sure that the next generation is set up with
(32:47):
with more opportunity than you had yourself. So this isn't
a bad decision if you've done something like that, but
it certainly can create a scenario where you have to
work a little bit harder to close gaps while you
still got some way left between now and when it
is that you want to retire.
Speaker 2 (33:03):
So you're just saying one of the major things you
have to do at the beginning.
Speaker 1 (33:06):
Is, first of all, figure out your net worth, then
review your income right what's coming in in, what is
going out? What are you spending that on. I would
do a deep dive into what's on that credit card statement.
How much are you spending on eating out, how much
are you spending on travel, how much are you spending
on unnecessary things. You may have to dial that back
pretty significantly in order to focus on beefing up what
(33:28):
you can save. Also, part of that beefing up is, yes,
the catchup contributions on four to one ks and individual
retirement accounts, but also your emergency fund. If you don't
have those three to six months of critical expenses in there,
please make that a priority.
Speaker 2 (33:43):
And I would also say.
Speaker 1 (33:45):
One of the things that I talk to investors that
I am working with about is you want probably even
more than that on the sidelines as you're heading into retirement,
because if you happen to retire with the bad luck
of markets going self shortly after, you can live off
of that emergency fund for a while without having to
draw out of those accounts, those retirement accounts that you
(34:06):
had been saving in for years when those accounts are down.
Speaker 6 (34:09):
Yeah, I agree, when you're in the accumulation phase of retirement,
planning three months emergency fund as if you have a
double income household six months. As a single income household
when you're entering retirement, it's okay to reach for one
to two years because it buys you time in the
event that the markets get kicked in the teeth right
when you retire. And I saw a statistic recently that
I really like. It's folks that have an emergency fund,
(34:32):
fully funded emergency fund are seventy percent more likely to
save for retirement having that financial foundation and then saving
more for retirement.
Speaker 4 (34:40):
In the vehicles.
Speaker 6 (34:41):
First of all, that you have access to like your
workplace retirement plans a four oh one K leveraging catch
up contributions. If you're fifty this year or older in
twenty twenty four, you can save thirty five hundred dollars
in a combination of pre tax and or rough in
your four to one K, contributing that much annually with
a ten percent return, which.
Speaker 4 (35:00):
Is a little bit of a stretch.
Speaker 6 (35:01):
You have to be investing pretty aggressively, but that could make
you a millionaire in the next fifteen years.
Speaker 1 (35:07):
Yeah, so you're maxing out your four one K, you're
maxing out your IRA. I'm gonna throw something else in
there to no one's surprised, whoever listens to the show
health savings accounts. Yeah, I mean, when you look at
how expensive medical expenses are when you get to retirement,
this is a great way you use that emergency fund
now to pay those out of pocket medical expenses. Again,
if a high deductible health care plan makes sense for
you and your family in your particular situation, but then
(35:30):
you put that money into health savings account. That money
is invested and it grows toward retirement. And if you
were going to ask in what order should I save
in these accounts, I would say your four one k
is first, Right, you got to get that company match, just.
Speaker 4 (35:42):
The company match pation of your four oh one k.
Speaker 1 (35:44):
Beyond that, I would say a health savings account. Then
fill up the rest of that four to one k
IRA is I also like, but also taxable brokerage accounts. Right,
this is money not tied to a retirement account. You
can access it at any time. But when you get
to retirement, if you take money out of this account,
your tax at a more favorable level. Right, a long
(36:04):
term capital gains level. Here's the all Worth advice. In
your fifties and worried about the future. First of all,
you're not alone and there is still time to turbo
charge your investments.
Speaker 2 (36:14):
The key is getting serious.
Speaker 1 (36:16):
Next, when it's okay to spend money on things others
may think are stupid. You're listening to Simply Money, presented
by all Worth Financial. Here in fifty five KRC the
talk station.
Speaker 2 (36:29):
You're listening to Simply Money.
Speaker 1 (36:30):
You're presented by all Worth financial I mean me Wagner,
along with Steve Ruby.
Speaker 2 (36:34):
Money not going out right is like money coming in.
But is being too frugal actually a bad thing? I
would make the case that yeah it is. I mean
I think you have to have a little bit of
balance in your life.
Speaker 6 (36:46):
Oh yeah, absolutely. There's things that it's okay to splurge
on a little bit. For example, tennis shoes that get
worn down because you just won't spend money on good ones.
A good example that I use as boots. I've got
a nice pair of boots time ago, and I've had
them for like ten years, yeah, ten years, and they're fine.
They're perfect, They're waterproof, they're cozy. I wear them if
(37:07):
I'm shoveling stone the driveway in the winter, I from
hiking in the winter, no problems whatsoever. If you buy
a dumpy pair of boots that's not going to last
you more than one season, I think you have.
Speaker 1 (37:17):
To look at things like, Okay, am I going to
make this investment one time and it's going to last
me X number of years? Or am I going to
buy the cheapest version of something that's on sale and
have to replace it every year every winter?
Speaker 2 (37:29):
You know?
Speaker 1 (37:29):
Twice a year, in which case maybe making the investment
actually makes a lot more sense.
Speaker 6 (37:33):
Yeah, there's between frugality and just making bad money decisions.
And it's a bad money decision to buy the cheapest
thing every single time, a winter coat, something that's going
to last you a long time, as opposed to falling apart.
These are items that it makes sense to I wouldn't
even call it splurging.
Speaker 2 (37:49):
It makes sense to make the investment.
Speaker 6 (37:51):
Yeah, to make the investment in something that you know
is going to last you a long a long time,
you know.
Speaker 2 (37:57):
I came across something recently.
Speaker 1 (37:59):
It was a Slish show article about how to save
money in retirement. I thought, well, this will be interesting, right,
this is what we talk about a lot on our show.
And I started looking at what they were suggesting in it,
and I thought.
Speaker 2 (38:09):
This is terrible. It was cut back on traveling, cut.
Speaker 1 (38:13):
Back on eating out, cut back on all of these
things that you know, cut back on your hobbies.
Speaker 2 (38:19):
Fun, Yes, have no fun in retirement.
Speaker 4 (38:22):
Can you have no purpose?
Speaker 1 (38:24):
Yes?
Speaker 2 (38:24):
You can save money in retirement that way. Can you
enjoy it? I question that?
Speaker 1 (38:29):
And so I thought, well, this is terrible. I wouldn't
want to suggest any of these things to anyone. It
wasn't saving on some kind of insurance product or anything
like that that could really make a difference. But I'm
making this point to say the balance has to be
saving and investing the money while actually enjoying your life
and also consistently enjoying it the kind of lifestyle that
(38:50):
you have before retirement being the same after retirement.
Speaker 6 (38:53):
That's just an incredibly dark and depressing article and recommendation
that I would not suggests you follow. Financial planning is
about maintaining the lifestyle that you've grown used to and
making sure that you're able to maintain that to and
through retirement by making the appropriate savings decisions and planning
(39:14):
ahead accordingly, not completely skimming off of anything that you
find joy in life about.
Speaker 1 (39:20):
Here's the all Worth advice, try and find the purpose
of every dollar you have.
Speaker 2 (39:24):
Thanks for listening.
Speaker 1 (39:25):
This is simply money presented by all Worth Financial here
in fifty five car see the talk station
Simply Money News
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