Retirement Planning Show

June 15th, 2024

Episode Transcript

(00:00):
Line from the wgy iHeart Studios.Welcome to the Retirement Planning Show with your
host Dave Kopek from the Retirement PlanningGroup. Every week, Dave and his
team discuss the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future

(00:20):
for you and your family. Nowit's time for Dave Copec WGY's retirement planning
specialist, I sall away set anopen cause for the bgency side. You've

(00:58):
got to sailing away. Sounds likethat, sounds like a good choice.
Father's Day weekend, Let's sail away. Happy Father's Day to everybody. Well
the dad's out there, have agreat Father's Day weekend. Boy, it

(01:19):
couldn't have been I think more beautiful. This morning. I just kept bellin
Appoly talking to a gentleman of sayingthat day got up early this morning and
I saw the sun come up overthe mountains reflecting on the lake. Nothing
prettier, you know. I'll tellyou what. There are some really crazy
people in this world. I justleft Bellanappoly. I just brought you your

(01:44):
treats. Do you share you thosetreats, or you just keep them all
to yourself. I hate a coupleand then I bring them home, but
I gotta get mine in first.Watch out gagily Alardi. He circles.
He's like a hawk. Oh heis such a hawk. When it comes
to food, it's out. Ipull out a bell and aptly I like,

(02:05):
I'm in no hurry right. Idon't know what that root is.
The back way over towards the airportwas at one forty six. Whatever the
hell it is one this woman,I could, I probably could put a
toothpick between my bumper and her bumper. She's like freaking out, freaking out,

(02:30):
so she must be late for workor something's going on. So I
slowed down and I said, comeon, darling, put my arm out.
Move it. Pulled over to theside, and way she went where
she went. There are you dealwith a lot of road rage lately?

(02:55):
Yeah, mainly for my wife.Really, you go up the north Way
and it's almost it's like, youknow, it's Nascar. You got these
cars zigzagging up and down and bingingboom, and five minutes later they're right
in front of you because they're tiedup in traffic. So well, don't

(03:15):
eat all that bell and apply allby yourself. You do have to share,
all right, daughter will hurt meif I don't bring any home.
Okay, don't hurt your daughter,little house keeper. Man, did Boston
get spanked? I turned it off, went to bed. It was ugly.
Dallas was bound to get one.Well they got one. They made

(03:38):
up for all the losses. Wellthey beat them one, twenty two to
eighty six or something like that.It's I got thirty eight point beat down
or something. Yeah, it's prettyugly whatever it was, but whatever,
I'm actually glad that they made ita series where it wasn't a sweep.
Maybe this will add some spark.We'll see what happens. I still have

(04:00):
a hard time watching pro basketball.It's not my cup of tea unless it's
the Knicks, you know what Imean. It's just it's so much different
than college basketball. That's my that'smy favorite sport, college basketball and football,
Pro football second or college football.You yeah, college football and pro

(04:21):
football are number one. But Ienjoy NBA if you watch the right team
where they get everybody involved, likethe Celtics. They passed the ball around
a lot. I like watching them. So here's the question, is brezingis
coming in? Is he back nextgame? Who knows he wants to play,
but the Celtics are holding him back. Probably a smart move, you

(04:42):
know, it's not as if itwas three to three. You only get
one chance, though maybe sometimes getthe ring right. A lot of times
they never go back to the final. So okay. A lot of information,
a lot of stuff to go overfor the week, little housekeeping.

(05:04):
September twenty fourth, Swing for aCure. I had a lot of people
ask me about this this past week. It's for cancer, the American Cancer
Society. One percent of the proceedsgo. I pick up the cost with
some of our strategic partners. It'san honor of our maid of Honor this
year, Kelly foreseeinga Moran who diedof cancer a few weeks ago. So

(05:30):
if you can partake, it's agreat day. Lots of gifts, lots
of prizes, win a car,you can go through the whole laundry list
of the things that you could possiblyyou will walk out of there with gifts.
I mandate that, and we alwayshave fun. It's at fair Ways
of Half Moon. The food isphenomenal. Hopefully we'll have a beautiful day

(05:50):
September twenty fourth, knock on wood. We've been very lucky the last few
years. So if you want togo out and do some good, but
that on your calendar. We've hada lot of people contact us they want
to participate. Jim Corkoran, JimGentleman, Jim in my office is the

(06:13):
guy that's going to coordinate it forus. So and uh, I already
said, Happy Father's Day. Boy, that's a that's a terrible story in
Malta. Hey, honey, I'mhere to I'm here to visit you.
Boom my god dead. I guessyou know, don't walk into somebody's house.

(06:46):
I guess is that new? Isn'tthat then? Is that just happened
like last day? Or so?Who knows. I try to stay away
from the negativity on the news.Yeah, unfortunately it's not. Now you
don't that'll make you happy? Goahead like your sorry. I won't be
knocking at your door, Dave,No, you don't knock at my door.

(07:11):
I got two multipoose they're killers.Those two, the other about seven
pounds when you add it all up, both of them, they'll chew you
apart, they do bark, whichis good because I like dogs that bark
when people come around. Lets meknow who's sniffing around the house. And

(07:32):
again we're gonna be talking about someitems that are top of mind. I
guess. The good news, ofcourse, is the June FOMC meeting and
the inflation data. We're front andcenter this past week and both gave us

(07:53):
some positive news for the bulls interestrates, mortgages. Droiellis sent me some
stuff this past week about some ofthe dynamics of what's happening in real estate
in Florida, which I've been discussing. Some of it's get really kicked in
the can, and I've asked himto come in and talk a little bit

(08:13):
about that today because, as you'requite well aware of, Drew has worked
in the investment banking business and hasa pretty good perspective on investment banking.
Fixed income does a lot in thebond arena. And as expected, our
good boys at the Federal Reserve keptrates on hold. We're going to be

(08:37):
somewhere five twenty five, five pointfifty that FEDS updated set of estimates.
Pointed to one who know who,no one rate cut in twenty twenty four.
One time they were at four orat three or at two, and
now were at one, And alot of people think that's going to come
in the last quarter of twenty twentyfour. So of course Drew will have

(09:01):
some thoughts on that. But thebig thing, of course is inflation.
Taming inflation and may came in lowerthan expected CPA CPA CPI inflation came in
at three point three percent year overyear, below expectations of three point four.

(09:26):
So, as our good friend JeromePowell noted in last week's press conference,
there are some potential drivers that couldmove inflation closer to the Fed's two
percent target. Shelter and rent Shelterand rent and services inflation are moderating.

(09:50):
But I know in Half Mooncliftman Parkthe rents have increased dramatic, dramatically.
A good friend of mine, he'sin the real estate management business, and
they've been dancing in the street inthe last couple of years. Because of

(10:11):
the ability for them to have highdemand, which ultimately means more money,
more money, more money, wecan push the rents up a little bit
higher. So but I'm gonna takemy first break. This is the Retirement
Planning Show. If you have anyquestions or comments, we'd love to hear
from you. Open lines. I'llbe here until nine o'clock. It's one

(10:33):
eight hundred talk WGY. That's oneeight hundred eight two five fifty nine forty
nine. I told Stacy over atBellanapoly today, my client's daughter, that
anybody that walks in there today andsays Dave Kopek says I get a free
drink. I said, load himup with ice water. Load them up.
We'll be right back the eighty sixpercenters. Do you know that eighty

(10:56):
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How you manage your assets during themost critical years of your lifetime.
Nobel Prize winning economist William Sharp hascalled retirement income distribution the nastiest, hardest

(11:18):
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(11:39):
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(12:01):
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(12:24):
eat zero one nine nine. Whereare you from? This is long,

(12:50):
He'll go round and round ys time? All right, we are back.
Happy weekend, Happy Father's Day weekend. If you got a dad, make

(13:11):
sure, you pick up the phoneand say you love them. You know,
Julie and I both don't have ourparents, and it's a void.
Of course. My dad got onan airplane nineteen sixty eight, went to
play golf and never came back.He came back, but he came back

(13:33):
in a coffin. So you neverknow. You never know what tomorrow is
going to bring for the end ofthe day or the next hour. So
you got some bad blood straightened itout. Because once they're gone, you
can't say the things that you wantto say, right, say what you
got to say. But happy Father'sDay to the dad's out there, and

(13:58):
hopefully you're going to have a specialday. You're gonna have a special weekend
because the sun is a shining allright. FED which I find very interesting
because there was such negativity in thefinancial markets. But here's some wording from

(14:22):
their document. When I read itthis morning, and the Fed's updated set
of economic projections, they signaled aclear view the US economy is likely headed
towards a soft landing. The FEDprojects the US GDP growth will remain close

(14:50):
at or above two percent through twentytwenty six. Well, the unemployment rate
will remain steady for four points twoand despite months of restrictive interest rates the
FED. This is the key.The FED does not see any meaningful deterioration
of the economy or softness in thelabor market. Pretty cool stuff. So

(15:20):
there were risks where they staying toohigh too long. Some things have happened
that I think have deteriorated more thanwhat they anticipated. But I'll tell you
what I don't understand it, folks. The consumption out there for products,

(15:41):
boats, cars, you can gothrough the whole laundry. I mean,
the strength of that just doesn't seemto go away, doesn't diminish. And
I think some of that has todo. I think some of it has
to do with this stock market thathas just given you know, some of
these stocks has been nosebleed, Navidia. You can go through the whole laundry

(16:03):
list of the stocks that have justblown up up, not down, up
like a rocket. So that givesyou more purchasing power. It gives you
a better attitude when you look atyour financial statement and say, well my
wow, wow, wow. Youknow, maybe I will go by the
boat boat boat boat. So overall, at the Retirement Planning Group, we

(16:30):
believe with our friends at FIDELI,that the Federal Reserve is outlying a conservative
approach to its twenty twenty four economicand the policy that it's going to hold.
And if inflation continues to moderate,you know you're going to see the
Fed possibly cut a little bit soonerthan what they anticipate. Right they say

(16:55):
one, I'm in the camp whereit could possibly be two. And if
if you're chasing yield or coupon bonds, I've been saying this now for a
year, year and a half,at least a year, you're going to
get a pretty good bank for yourbucking bonds. You know, bond market

(17:15):
had a good good week. Andbut if you're looking for a five handle
or a six handle, five orsix percent, guaranteed it's still out there.
But I'm telling you I don't thinkit's gonna last too much longer.
I really don't. You know,be careful of your duration, how far
out you want to go. Butbottom line gets down to is that you
know, we're in pretty good shape. The doll was off a little bit

(17:37):
this week. S and P wasup one point six NASDAQET just screamed it
was up over three percent. It'sup almost eighteen percent on the year.
S and P five hundred is upfourteen the Dow is up two point four.
But here's the key, all right, what's the ten you're at for
twenty one four point two to onethat you get down around a three handle

(17:59):
on that three and a half threeseventy five. I'll talk to to Drew
about that when he gets in here. He's going to be here at seven
point thirty what his forecast is.But the bottom line, you know,
bonds right now. You know,I traded a lot of bonds when I
was at Paine Weber and Morgan Stanley. Can't airon teara anything, but I

(18:22):
think they're going to perform well.And as the economy normalizes, rates are
going to go lower gradually, butthey are going to go lower, which
means the bonds that are currently outthere will have capital appreciation. So you
get total return, which we haven'tseen in a long time with bond portfolios.

(18:44):
Right, and it heads up,It heads up on something that you
know, we had a gentleman thatcalled in regard to step up in basis
on assets that are in erievulable trust. Talk to Lupiro, talk to Frank
Lang. I talked to numerous attorneys, numerous attorneys that we've worked with,

(19:07):
or they've reached out to me becausethey wanted to get work clarification of exactly
what the you know, either theirclients or what was said on the radio.
It's specific. This is what I'llsay to you. I'm not an
attorney, but all the attorneys thatI that I talked to that I have
a lot of faith in, verygood, very competent have basically said that

(19:32):
the step up and basis doesn't goaway. So if you have an irrevocable
trust, you need to get ahold of your attorney right and say,
I want to have a chat.Please give me Gareff. Yeah, can't
talk. Please give me clarification.Please give me clarification that I had to

(19:56):
step up in basis because I've gotmy stocks, I got my house,
I got my camp, I gotmy condo. Right, you want to
step up in basis? So overall, you know, goldilocks. We keep
on talking about goldilocks. I thinkwe're in a pretty good spot here.

(20:18):
I think the election is going tocause some anxiety stress. I think God
forbid and I say this with prayersthat there isn't a terrorist attack. You
know, when I see that they'recapturing terrorists in this country. Remember one

(20:44):
of the companies that I said itworked for, Morgan Stanley, who was
headquartered in one of the towers.We used to have meetings there all the
time, breakfast meetings at the windowof the world. We stayed at the
Vista. A black Swan event.A black Swan event that means an event

(21:07):
that no one expected thought about,but it happened nine to eleven, the
pandemic. You can go through thewhole laundry list of black Swan events,
the financial crisis. So overall overallgood time. We're almost believe it or
not, folks. Today is thefifteenth. We're halfway through June already.

(21:33):
We'll be going out buying winter clothespretty soon. Better enjoy the summer because
once the track starts, it goesby lickety split boom. Next thing you
know, it's September. But it'sJune fifteenth. Good time to be looking
at your portfolio, sitting down withyour financial team. We will have meetings

(21:56):
this week and next week with ourfriends at Fidelity to go over our portfolios,
our positions and see exactly what maneuversor tactical decisions that we're going to
make within our platform. The manin the myth, the legend just arrived
Duriella with his Porsche. You know, his Porsche and his alligator shirt.

(22:22):
You don't wear alligator shirts anymore.Huh No, that would be Lacoste.
Yeah, no, no, nomore La Costa. But when you got
rid of your buick, you gotrid of the alligator. I got rid
of the buick in eighty five.They got the portion. I got your
I don't know what. You're alwaysdressed to the nines. So I was

(22:47):
telling our listeners, Drew, we'regoing to talk a little bit about what's
going on. Are you overly optimisticright now? I think it was a
pretty good week as far as thetone by the Fed and also the overall
reaction. You were at four twentyone on the ten, Yeah, and
you could see that drift down thefour eighteen. So we're that's the technical.
Yeah, technical, we'll get intothe next to the next support level.

(23:07):
We'll see if we break through.But I think overall, the last
the last thirty days have been prettygood to be between the jobs report,
the inflation reports. Yeah, unemploymentreports. You know, I liked I
liked what they said in the FEDas you know are they're they're typically always
wrong. Well, they said softlanding in their statement, right, and
I think I think there's a lotthere's a lot more weakness out there than

(23:30):
what they're seeing. And the twothings you highlighted when I was listening on
the way in was the Uh.The good thing is fuel prices came down,
so that helped the inflation perspective.But you look at car insurance and
shelter costs, you know those arethose like forty five percent of that CPI
number. Well, you know,you know, and I know that our

(23:52):
kids, your son and my sonlive in Florida. Yeah, insurance in
Florida. It's through the not eventhe roof the stratustrare. Yeah, he
had to get his own. Ithink I think you you you outed me
on the radio five days ago andI did. Now he's got his own.
Well, you just you got toplay it safe. You know.

(24:14):
The thing is is that you knowDavid was home a couple of weeks ago,
he flew back, Well, hewas here here last week. He
flew back, and now you know, I had a chat with him this
past week, and he's thinking,he's thinking, he hasn't made a decision
yet. The company that he worksfor, they're big in Tampa, and

(24:34):
they're also big in Miami, andhe's contemplating moving to Miami. Miami.
Wow. Contemplating a little more expensivedown there though, right, yes,
but his friend who's a doctor iscontemplating moving to Florida with him. Your

(24:56):
roommates, Right, you're okay?You got sound? Yeah, no,
you don't know how any sounds?There? We go, I got it,
now, you got it. We'regood. Okay. He's contemplating moving
too, So we'll talk about thatwhen we come back. But we got
a break. We come back afterthe news. Droiella. All right,

(25:40):
all right we are back nineteen eighties, absolutely, baby, Yeah, we'll
do that. I got a mullet. See my mullet still do No,
it's great. Our kids listened tothe music that we used to listen to.
Yeah, it's still it's still relevant. Ladies and gentlemen, they're rolling

(26:03):
stones and here they are as theywill mount wheelchairs. Yeah, eighty years
old rock and rolling Casey Caseum American, you know, top whatever. Fifty
Bob Barker just died. I rememberBob Barker, the price died like last
year, had the long microphone.He was like one hundred and five years
old. I know what the hellhe was. I mean, I remember
him from the sixties. He wasan animal activist. H yeah, he

(26:23):
tell he's worried about animals, leatherand furs and things like that. Yep,
they got Drew u the comedian there. It took over Drew Carry Drew
Carrey. Yeah, it's just weird. Yeah. And then you've got uh
now, Ryan Seacrest taking over.Yeah, wheel a fortune, unbelievable.
The guy's been doing that though,like forty some out of the year,

(26:45):
So I guess it's time. Uh. You know, Van, I say,
Jack still looks good though he doesin good shape. He may have
a pound of makeup on, buthe looks good. He's polskas we uh
you know, we age well.Vana is going to keep going. Hey,
listen, you're making one hundred thousanddollars a show. I keep going

(27:06):
to they'd have to bring me out. You know, travel all over the
world, right, they go todifferent countries and states, and you know,
they just had it in the paper. I can't remember. It was
one of the papers. How muchshe makes makes it? Yeah, she
makes a pretty good amount of money. She's been married a long time,
cause, right, I think she'sI think yeah. When I think of
celebrities, I think that's like arevolved Look at Ben Affleck and Jen Lopez.

(27:30):
Now, oh my god, Ifeel like those marriages never last long.
But I think Vana has been marriedmental. He's mental. I think
they're both meant. I don't thinkhe's right in the head. Yeah,
I don't. I think he's Ithink, what do you think she is?
I think I think he's bipolar.A guy. I think he's high
highs and low lows. That's whatI think. Maybe I'm a big my
wife, big fan of Jen Lopez. She's had forty seven husbands and you

(27:51):
don't know, forty seven husbands andyou know, buying sixty million dollar houses
and selling them. Now, whydon't you step up. I'm going to
start singing. If Frankie Valley cando it at ninety, I can do
it at sixty eight. Look atTony Bennett. He was singing all the
way to the end. Right,Zach, you can be my manager.
We'll go round we'll go on theSenior Tour key where it's Senior Tour,

(28:17):
Super Senior, super Senior. Herehe is Ladies and Gentlemen, retire retirement
retired planning group singer Dave Kopek performingin front of three people. Right,
you don't have to stand, folks, that's all right. It's your wife
and your kids. Please be seatedat right. Tell me what's going on

(28:38):
there, drew. A lot,a lot has transpired here over the last
thirty days, a lot of goodstuff. And you know, we have
a lot of people. As amatter of fact, there was a couple
that was in two days ago inthe office. They're contemplating going somewhere.
They don't know where somewhere is rightnow. And I said to them the

(28:59):
same thing I've said to you numeroustimes and a lot of other people,
is that you know, this isthe same decision I think Julie and I
have ultimately made rent until you decideif that's really the spot you want to
be in. And it's probably nota bad idea to rent right now because
interest rates probably will go down inthe next twelve eighteen twenty four months.
I think so, I think,I think anybody buying a house last year,

(29:21):
this year, maybe even the yearbefore, they're they're going to refinance
in twenty twenty six. You know, look you talked about the FED,
right, Look at they had thatdot plot map that they do. Yep,
they pick when unknown nanius, whathave you. They predict when rates
will be cut and seem like they'reall in agreement. Twenty twenty six,
you'll be You'll be much lower.So that's when a lot of people will

(29:45):
refinanced. The double edged sword,though, is all de fence hitters that
are waiting for rates to come down. When they do come down, will
jump off the fence and get backinto the market. So I feel like
there'll be more competition when rates comedown. So I still feel like now
is a good opportunity if you canget a house. Obviously the rates are

(30:06):
rates have actually moderated down to midsixes from the mid seven it's just about
a month six weeks ago come down, so right now you get six and
a half percent mortgage. Yeah,we've locked some people in this week at
six and a half, six andfive eights, which just a few weeks
points we're at seven and a quarterpoints or points. I think almost every
deal these days has a point onit does, just because you know how
it goes in the back end withclatteralized mortgage obligations. If I send you

(30:30):
a trance of mortgages at seven percentand rates go to four and a half
or five and two years, everybody'sgoing to refinance. You're going to get
all your principal back. So Ithink they're building in a point almost on
every deal these days, just tokeep the portfolio of someone intact for investors
to give them some sort of return. So I think, so it's a

(30:52):
double edged sword. We're still inthe marry the home date the rate phase
because I think if you can geta house now, you'll be rewarded.
I think you'll get five percent ayear over the next two years, so
you get ten percent. You knowthat four hundred thousand dollars house could go
to four forty in two years.I just talked to a guy that's in
the real estate at bill Anapoly.Yeah, I won't mention his name,

(31:17):
you probably know the realtor. Realtor, Yeah, And he was saying,
is that Saratoga you know? Wegot talking about the hotel. Oh,
yeah, the condos Delphi, theAdelphi. Yeah, you know the cheapest
one. There's a million, likea million one, a million, two
million one for about eight hundred squarefeet, right, and then it's sixteen
hundred, sixteen hundred dollars a squarefoot is what they're charging for those units.

(31:41):
And that's for the bare bones.Yeah, you want added features.
You probably clusted two thousand of squarefoot with the fire play bath fifteen hundred
square feet million five yeah, yeah, yeah, I know some people that
have bought in there. I knowyou're saying that friend of yours, well,
you hang around with these you know, you you hang around with people
that and hang around with I justdon't. I'm not as slick as you.
You know, they don't want tohang around with me. But to

(32:05):
make a long story short, hewas saying, I was actually with the
realtory yesterday. That's on point onthat so project. So I was so,
you're you're His feeling was that I'mnot going to speak for this guy,
but he says, you know,a million dollars is soon going to
be another eight nine, ten years, is going to be a four million
dollar property. You agree? Youagree with that, Saratoga. I don't
know. I mean I think Ithink even a thousand square one thousand per

(32:30):
square, fifteen hundred a square isa tough haul. Right. Well,
you know that the people that arebuying these, it can't be low.
This is just that's a drap inthe bucket for them. It's New York
City. I know some of thepeople that have bought up there already.
And you know, they got threefour hundred million dollars of assets. So
you know, for them to spenda million million and a half two million

(32:52):
dollars being the heart of town brandnew and trying to make it like a
four seasons with all the amenities theywill. Yeah, they have the parking,
they have the gym, they gotthe Blue Festival up in Glenn's Falls,
I got skiing, They've got youknow, Lake George and walk out
your front step, you go toStarbucks, going on common Ground and hit
all the stores. It's definitely anideal location. And and they're selling them.
I mean they're busy, and they'rethey're God blessom they are. Yeah,

(33:15):
I was just going to ask youthe scuttle butt I've gotten. I
showed interest in buying one. Okay, at a much lower level than I
thought they were going to be at. I never realized that they were going
to be at sixteen hundred bucks.And I basically saw that, and the
guy that I work with basically said, Dave, forget it. You know,

(33:35):
this is, you know, piein the sky. At least he
thought they were going they were shootingfor the moon. Yeah, I think,
and I guess, I guess whatyou're saying to me right now is
that they're selling. Yeah, theygot about a dozen CEOs waiting to come
in so people can start moving in. Really yeah, wait, no,
obviously how many units are in thattotal building? But you know, I
don't know, I don't know,but it does does real estate, you

(33:59):
know, look it up. Myson, Christopher has a friend. I
won't mention his name on the air, but he's he's a pretty aggressive young
guy, and he's only like twentyfive, twenty six, and now he's
on his third apartment building. Hebought a three unit, he's buying a
four unit, and he has atwo unit. That's good. Those are

(34:19):
good price points because you can getinto those for you know, twenty five
percent down right and thirty year moreageexactly, commercial exactly and his whole thing
is is that you know, I'mnot. I don't want to be glued
to a chair all day long.I want to have flexibility with my life,
which real estate affords you, right, the ability to have cash flow

(34:43):
and mobility, et cetera. Doyou do you look? Is there any
particular zip codes in the Capitol Districtregion where you think that there's huge opportunity
and it's undervalued right now? Itit? It's it's pretty broad based at

(35:05):
the moment it is. I wouldsay, yeah, obviously you got Saratoga
Lake George. Look at downtown Schenectady, the changes that they've made there that's
helped. They still have some workto do there. You still have high
taxes in Troy and Schenectady. Yeah, which, but that's where that's where
people are buying. The multi familyAlbany still still people that want to buy

(35:25):
multi family there having a hard timefinding properties. I mean, the barrier
to entry on investment properties is prettyhigh. I think for the average shoe,
right, if you have to comeup with twenty five percent down on
say four hundred thousand, five hundredthousand, you know, the days where
you could buy two, three,four units for one hundred and fifty two
hundred fifty thousand are probably gone.Yeah. Right. I feel like a

(35:46):
lot of people are looking at tryingto find the diamond and the rough using
renovation loans, trying to find somethingthat needs a little work, and so
does that that's a lower dollar amountpercentage, Yeah, because obviously there's a
problem one with the house and updating. There's some deferred maintenance. So because
of prices have gone up so much, they're trying to find a house that

(36:07):
needs some work that they can negotiateon because they're still getting four or five
offers on a house. So ifI'm getting a conventional mortgage at six and
a half, then investment properties atwhat eight? I have? I had?
I had an investory about two propertieslast week. He paid two and
a half points and got down atseven and a quarter. So that that

(36:30):
was pretty good without points. Sowhen you're probably around eight. Yeah,
so when you say two and ahalf points, let's say two. Just
keep it simple. So if yougot eight hundred thousand dollars he spent,
he's spent in sixteen thousand to reducethe rate. Yeah, his his were
he found some he does the workhimself, old school Italian guy. He

(36:51):
found a few that are little thatneeds some love. So he got him
for I think, I don't know, two fifty three hundred thousand not bad
and there were two units and threeunits and so yeah, so he spent
five six thousand dollars on points andhe you know, which is sometimes you
got to look and make sure thejuice is worth the squeeze or to speak,

(37:12):
you know, because if rates goto say four and a half five
percent twenty six, then you wouldyou wasted all that money. He's kind
of a buy and hold guy.He's not going to sell. He probably
won't refinance. He's a guy thatbuys him for cash, renovates him,
and then he calls me to cashout and go on to the next one.
So he's got a good strategy.So, you know, I remember
seeing a ra at one time onTV and they said, you know,

(37:37):
with all the money that you've madein your lifetime, you know, why
are you so heavily invested in realestate? Right? Why aren't you just
sitting in a dividend portfolio? Andhe's talked about his history of not when
he grew up, him and hismom had it tough. They didn't have

(37:58):
a home, you know, theybounced around from apartment to apartment to apartment.
And he always said that if Iever made a lot of money,
that's what I was going to do. I'd be involved in real estate.
Well he was talking about is helike every six to ten years he rfives,
no. Yeah, he takes allthat money out and that's all tax
free. Yeah, you're just takingout your own equity and then you go

(38:21):
buy the other one. Some peoplethink they can buy then six months or
a year later refinance take out money. But that's not possible. Yeah,
your guy, Yeah, you buyit, you wait five six years,
you take out some cash. Iknow a lot of people that own big
portfolios, like fifty one hundred units, and when they start paying down principle
too much, they'll refinance. Yeahobviously, why why is that just they

(38:45):
it's all about cash flows, cashflow so they can refinance, get lower
payments. They get the obviously theyget they they got the property. You
take the money out. Now yougot two assets working for you, right,
you got the real estate and youalso have wherever you reposition those other
assets. Right. So I'm abig believer in that lost, you know,
lost lost opportunity cost right, yougot too much of your equity or

(39:07):
your percentage of your assets and oneasset. Yeah, there used to be
a guy I used to do mortgagesfor. I don't know what happened to
him. He had like two hundredunits and yeah, once he started,
yeah all but a lot of Sectioneight stuff when you know, when he
started getting too deep into the principaland refinance, either just rate and term,

(39:28):
not take cash out and just geta lower payment and obviously get the
interest deductions. Or he would sometimestake cash out if you saw something he
liked here. I know there wassomething that was on the front of my
head and I couldn't think of itbecause you know, this Polish brain of
mind doesn't work as good as itused to. What's your position? I

(39:50):
was actually going to call you onthis because I read it in the Capitol
District Business Review. What's your positionon this new development in all that incorporates
a soccer stadium? Blah blah blahblah blah. What's your position on that?
And what's what's the scuttle butt withwith your I like it. I

(40:13):
think anytime you do things like thatit's it's something to do. Like you
know, we live in Albany,live in Saratoga, wherever you live.
But you can go someplace, goto an event, brings people in,
it helps local businesses. Actually sponsoreda cricket tournament that's going on this month.
You did. Yeah, it's out, it's out almost. Uh it's
Glenmont, Glenville, right before Amsterdam. It's like it's way out. There

(40:37):
was just a big deal somewhere inNew York there was a major cricket tournament.
Well, US believe it or not, had a huge upset last week
and they're still in the tournament.Well, yeah they it got it got
rained out because Florida is getting hammeredright now with rain. So I think
the USA is due to play againtoday, are they? Which, Yeah,
that's not a sport that the Usaid. Okay, so get back

(40:59):
to downtown Albany because downtown Albany isa mess. Yeah, it's it's quiet.
Remember we used to go downtown youcouldn't find a place to park.
Quiet. Now you pull right upto the front of the building, you
drive around, scream, hoot andholler, dance on your car and like
nobody's gonna say that Jackson is gone, Leasyer is gone. Yeah, Chambers.
A matter of fact, I wentto I went to Mario's last night.

(41:21):
The place was very quiet. Whereis that straight there on Canada Street?
Okay? Yeah, and Paul andNancy were there, and I met
this wonderful couple that their last name, I won't to mention their last name.
But she worked. She was Sheworked with Brian McCann at the graft
Foy, the law firm, andshe used to travel from Albany to Lake

(41:42):
George back and forth every day.That's that's that's like an hour and fifteen
hour, twenty minutes. But shewould go at certain times. But I
said to her, she goes.You know, my husband and I were
just recently in downtown. We droveby and I said, listen, I
just want to drive by, andthey got on State Street and he says,
she just goes down. She justcould she couldn't. Blue. Yeah,

(42:04):
because when you and I, whenI was in downtown in the eighties
and nineties, between the Stuben AthleticClub and I mean an Orange, all
the places that you could go to, all the great restaurants, it's all
gone. Number six seven, Soit's still there, well six seven seven,
it's still there. But back whenthat first when Angel opened at whatever

(42:24):
it was, fifteen twenty years ago, I mean yeah, two three deep
at the bar. Sure, Imean he sold everything. I'm assuming that
the legislative body still goes there.I mean that was one of their biggest
was their last Friday Night, Myanniversary. Actually have the universary thanks twenty
six to bring both your wives orjust the one twenty six years. I

(42:44):
can't afford more than one twenty sixyears to gather thirty one. I hope
she's not listening and flying pots andpans of flying when you buck them that
door. Hi, honey, I'mhome. A little Jewish chopstick to the
jugular from when I got home.But yeah, it's a it's different.

(43:09):
It's not as crowded, easy toget a rind of reservation. It's just
different. We have a phone player. We have David on the line.
Morning David, Good morning, Howare though doing doing well? Doing well?
I'm listening to your show to Drew, And you know, I actually

(43:35):
work work in a different part ofthe country, but I'm in the same
business as Drew and I worked withthe actually that fair Way Independent Mortgage.
And I happen to be listening toyou guys because I'm asking at Delphi Hotel
this morning, and I heard howmuch these places are going for. And
I feel like they got a reallygood deal in my room because I'm not

(43:57):
saying that much relative to what theseplaces are selling for. Well, it
sounds like you're in the kitchen.I know, are you cooking breakfast or
either that or your dodging plates fromyour wife. I'm actually rising the Starbucks
next door, but I couldn't helpbut listen to you guys talk, and

(44:21):
what you're saying is very local.You know, you're talking about your local
market. And I live in Boston, and I just wanted to say that
the things that you're bringing up isa national issue. It's not just happening
here in Saratoga and Albany right there. The last of inventory, how we're
thinking about buying real estate, itapplies to many parts of the country.

(44:44):
It's not just local. And Iwanted to throw that out there. So
this is a national thing that we'redealing with. So you're talking about as
far as that you might have agem in one part of the city and
then they're selling real estate for fiftypercent less of what they purchased it eight
years ago. Sure, yeah,sure, in the in the what Drew

(45:05):
had mentioned about, you know,there's still this mentality of kind of you
know, marrying the house and datingthe lad That's truth throughout right. In
the inventory levels are suffering pretty mucheverywhere in the country, with the exception
of a few states where there's alot of builders that building go over.
But living in Massachusetts where I live, it's the same story. And I

(45:30):
just wanted to bring that board inthe conversation. It's it's not just unique
to this area. The night time. The only area that I'm starting to
see some softnesses in Florida. Youand I talked about that earlier. This
Well, well, the house thatI looked at in Florida, I just
I did it did sell, Yeah, but it was fifteen percent off the
asking price, Okay, and thatyou know that was traditionally how it would

(45:53):
normally go instead of fifteen percent overright, like we've seen the last few
Well, you just sent me avideo I don't know if Drew sent me
a video David the other day wherethis guy was talking about how certain parts
of Florida is basically the deceleration ofthe asking prices accelerated right right, which

(46:14):
which you wonder if that's pockets.I feel like Sarasota is booming at the
moment. Everybody talked to it seemslike they're going there. Well, Coral
Spring was where this guy was basicallydoing that video, right. So,
hey, Dave, thanks for thephone call, brother, appreciate it.
Drew. Love listening to your chat. Keep her alling, brother, and

(46:36):
love love to listen to you more. So keep going. I'll be up
there and exactly that's exactly what I'mhaving to come by and pick one up.
But we'll talk soon and you'll see. You'll see it with his ferrari
and his alligator hat, right,he'll blow the horn. Run it out
to him. So Dave, Daveand I that Dave that called in.

(47:01):
He's president of the East Coast aFairway in thee Penam mortgage. He actually
I didn't want to mention that becauseI didn't know if you want to you
you did that. Well. Ijust wanted him to listen because he's local.
Obviously, he lives in Boston andjust happened to be in Saratoga for
a wedding. Yeah, and he'sstaying at the Adelphi, so it's interesting
he's listening. Uh. But butuh, he and I were shoulders shoulder

(47:23):
as far as you and I rightnow apart, back in the Drexel Barnum
Lambert days before Smith Barney took usover. Yeah, so you've been friends.
He started he started investment banking too, Yeah, yep. Then he
went to the dark side with you, and then he went to the dark
side. Who was the first oneout there? Who's the first one that
got fired? You were me?I left. I left. I went

(47:45):
to another firm that was back inthe day where you if you all,
they give you big paychecks. Absolutely. Not only that, but the thing
is is that there's your phone,get going, boy, Yeah, here's
your phone, here's your d NBS. I was talking to someone the other
day about don and Brown Street.I still I still can't believe that people
would do business with me over theover the telephone. They didn't know who

(48:07):
the hell I was wiring in.Yeah. I think I think our goal
I think and when I say thisto the guys all the time, the
young guys that are coming into thebusiness, I think my goal was one
hundred and fifty phone calls a day. But I it wasn't as much the

(48:27):
phone calls as it was the content. Remember the contact you need the quality
leads, right, the contact andcan I follow up? Can I send
you the reports are on X yZ Corporation? And what can any time
for me to get back to you. Well, you call me, you
know, Okay, I'll call you. I'll call you. And then that
was the norm. No one thoughtdifferently. Yeah, I like it.
When you were at we were atwhat was that other place you had the

(48:50):
I forget where you were. Wehad the Cuba cole and you had the
vacuums. You had the vacuums nightnext to you pay what was that plainer
paint webermember talking about annuities with thevacuum cleaners whatever whatever. Yeah, well
that was Morgan Stanley Morgan really well, it was Morgan Stanley, Dean Witter.
Back then that was a Dean winner, Morgan Stanley, Dean Winter.

(49:14):
But they had a good logan.Slogan yeah back then, Yeah, talks,
people come on in, We'll giveyou a toaster, want the red
knobs at a mortgage backed security.But that's just the you know. The
thing is is that if you tryto do business like we did before.
I always say, you know,the young people today, they have such

(49:34):
a great opportunity because the business todayis more about wealth management, not wealth
accumulation. Yeah. I mean it'simportant to accumulate wealth and manage assets.
You need growth. But if you'renot talking about the big picture everything,
yeah, you might as well justtake your hat and go home. Well
that's what it was. Back then. We were just selling products. We

(49:58):
had. We had bond we hadbond Night, we had I p O
Night, we had inventory night.Stuff that they wanted to rated tax free.
So when I got the triple Arated tax free bonds, not that
high I was. I was abouteight and a quarter, uh, which
is a twelve percent. I wentthe doctor on New Scotland Avenue. He

(50:21):
had an office on New Scotland Avenue, and he uh, he was getting
fourteen percent guaranteed, and he wantedto know what I could do for him
tax free or after tax. No, this was a taxable tax taxable.
Yeah, wanted a what can youget for me at for you know,
I'm getting fourteen percent right now?You know what it was? It was
executive life with the SPDA s okayexecutive life. So well, we're gonna

(50:45):
have to break here in what abouta minute, Zach, two minutes,
and when we come back, we'regonna get a little bit more into what's
going on with the economy, interestrates, uh, what you should be
looking out for as far as opportunities, especially in the real estate. I
referred a woman to Drew this pastweek. I think it was this week

(51:05):
or the late later part of thelast week, and she has a horse
farm in Okaala, Florida, andshe wants to do some things, and
she doesn't really have adequate amounts ofcash to do the things that she wants
to do, but she has aproperty that's worth a whole lot of money.
And I told her, I said, you should talk to Drew because

(51:28):
you are definitely a candidate for areverse mortgage. And the more and the
more we talk to her about it, the more she says, you know,
I think this is really something becauseher kids, she's got two kids,
they're doing phenomenal. She wants todo some things. You know.
I'm not going to get into specificsbecause she also has she had a horse
farm up here, but just awonderful lady and M starting to see it

(51:52):
more and more too. On apurchase level as well. You are everybody
thinks about it just a REFI,but purchases also. But again, we
have five locations in New York ifyou want to reach out to us.
Wow, yeah, Wow Oneana Syracuse. Private jet coming zone pretty soon.
Trying to compete with you, man, you know I want to hang with

(52:13):
the winners, not the losers.Yeah right, you know, I want
to be on the cool team man. Yeah, all right, we'll be
back after the news. I'm DaveKopek here with Droela. We'll see on
the other side. Line from thew G y I Heeart Studios. Welcome
to the Retirement Planning Show with yourhost Dave Kopek from the Retirement Planning Group.

(52:37):
Every week, Dave and his teamdiscuss the ways they can help people
make informed decisions about a wide arrayof retirement planning information that can support you
and developing a more certain financial futurefor you and your family. Now it's
time for Dave Gobec w G WISEretirement planning Specialist. He has a small

(53:15):
town. Yeah, like the group, love it, love it, and
again I love that kids, Mywife's my wife's family, Julie's family,
Yeah, her brother Stevie. Yeah. I love this group. Love this
group. I follow them a lotTikTok and Instagram about the history and everything
that happens. Pretty interesting. Allright, I've got to say good morning

(53:37):
to my nephew, Logan, LoganJanice, who lives up in Boston,
spa Vince and Alison's son. He'shead him to Impact to play a game.
He's in AAU basketball he is insixth grade and he's six foot three.
Wow, shoots the hell out ofit. I think, believe it

(53:59):
or not, I think he's thenext Sam Perkins in the area. Wow.
That's my that's my prediction. Rememberthis name, Logan Janice j nis
Son's middle name is Logan. He'sactually he's got a personal trainer now,
and he is going to be astar. In my opinion, he is

(54:19):
a star already because he's a greatkid. But he's going to be a
phenomenal basketball player. He already is. He's got that touch good. Six
foot three, six foot three andsixth grade. And you would know I
played ten around basketball your whole life, high school, college coached. All
right, Uh, a little morehousekeeping. Don't forget September twenty fourth,

(54:44):
Swing for a Cure. It's forthe American Cancer Society. It's an honor
of our native Honor Kelly Forcina Moran. One hundred percent of the proceeds will
go to I know Drew will bethere. You were there, You've been
every year. Just about it.I'll yeah, yeah, I'll be there,
but I can't play this year.My shoulder replaced next Thursday, all

(55:06):
right, really total shoulder. I'mwaiting for the head. When they do
heads, you can donate yours thatlike a half dozen want I want like
a John F. Kennedy junior head. You know, a JFK junior head.
You know, I want to belike this. Don one, George,
which one do you want? I'lltake to George Clooney. Uh,
it's sold out, it's sold out. Let's go to Brian. Let's go

(55:30):
to Brian. Brian's Brian's on atight schedule, so we got to get
him in. Hey, Brian,I want Brian. You got to turn
your radio off for because we're gettingfeedback there. Hold on, I want
Brian. Yeah, I want Brianto call in. He's Brian Sinkoff with

(55:52):
the sink Off Realty Group, justto give us kind of a pulse of
the local market, because a lotof what we see is national news.
Yep. But what about obviously ourneck of the woods. What are you
seeing in the market today? Well, guys, first, thanks for having
me on. Second, it's youknow, it is a very very competitive

(56:14):
market, much like the rest ofthe country. I do think though the
Capital Region we are a bit insulatedfor the super the super high highs and
the super low lows for lack ofa better term, just because of our
economy with the structure of the statejobs and the nano tech and the chip

(56:34):
fabs and regeneron and and and thehigh the highest percentage of college grads.
By the way, on a sidenote, did you know the Capital Region
has the highest percentage of college graduatesper capita, more than any other area
in the US. Well, Ididn't know that. Maybe that's the impetus
for nanotech. Doesn't mean obviously Manhattan. Obviously Manhattan has more college graduates than

(57:00):
or the Capital Region. But youknow, per one hundred people like I
don't know what the number is,but our percentage is higher than anywhere in
America. Well never do that.And yeah, and going back, going
back a bit, it's why.And I don't know if they still do
that, but a lot of companiestest their products, certain products in the

(57:22):
capital region, not not in themainstream, but certainly focus groups and things
of that nature because of the educatedbecause the educated population we have. So
just just a little side, youknow, I'm not just a I'm not
just a real estate broker. Guys. I like giving little factoids, little
nuggets, as it were, justto help you get through your day.

(57:45):
Let me ask you a question.Let me ask you a question, Brian.
This whole thing you brought up somethingthat's always been top of mind for
me. And I'm wondering what theimpact will be when you talk nanotechnology,
nanotechnology in the chip fab what's goingon not only here Syracuse, you know,
Utica. How is that? Howis that changing the area as far

(58:08):
as the individuals that are coming here, et cetera, et cetera. That's
a great question. And you know, you hear and Drew always likes to
say, you know, and Iwas in the media for twenty years,
but you know, sometimes we wantto ignore the media because the developments,
you know, housing in the nationwidenationwide aren't always the media for us,

(58:35):
but you know, you often hearthe migration out of New York, Right,
Everyone's leaving New York. Everyone's leavingNew York. And while that might
be true on some level, thereare there are people leaving New York,
there's also a lot of people comingto New York because we have those chip
fab plans, Because because we havethose chip fab plants, because we have

(58:59):
the jobs coming in. You knowour area, and I know, and
I'm gonna I'm gonna give our areasome credit here. Our area is probably
one of the most and I'm noteven getting political. I'm just kind of
stating facts from a housing market perspective. Our area is one of the most
not only the most educated areas inin the in the world in excuse me,

(59:21):
in the United States. Uh,you have the education, but you
also have the great schools, right, I mean college education referring to the
first part. But you also havegreat, great high schools, great school
districts all over. And you know, oftentimes our schools get a bad rap.
But guys, I've lived in sixother states. The New York schools

(59:43):
are by far way better than anywhereI've ever lived in my entire life.
Well, you hear a lot ofyou hear a lot of people, Brian
that moved to Florida and they say, yeah, we're you know, we've
we've uh reduced our tax bill asfar as school taxes. But at the
end up they got to send theirkids to private school. Yeah. Well,

(01:00:04):
I actually have had clients moved toFlorida with kids and moved back because
they said the schools were so bad. Ye. North Carolina, South Carolina,
same thing, same thing. Andwe're talking high schools here, we're
talking you know, high school,secondary schools, elementary. But to answer
your question, and I'm actually sittingoutside the gym for an eight to fifteen
class, So I'm going to answerthe question about the market day. So

(01:00:29):
our market is still a seller's marketvery much. Okay, the seller's market.
You know, you're getting multiple offerson houses, and you know there's
still a lot of buyers out there. Here's the bottom line, guys,
And I don't you know, there'sgloom and doom in our industry. There's
gloom and doom in the housing market. But I wanted to everyone to just

(01:00:50):
take a deep breath, in,take a deep breath out. Let's remember
one thing. People have to alwayslive somewhere. Right, life skill happened.
The interest rates are high, butpeople get married, people have kids,
people have twins, people's kids goto college. Unfortunately, there's death,
Unfortunately there's divorce. Right, Sopeople's needs haven't changed in hundreds of

(01:01:15):
years. Those needs will continue toremain the same. People are going to
still need housing. Going back tomight we call out a callback, guys,
going back to my further point,people coming in from the nanotech are
gonna need employment. Now. Mostof those admittedly rent in the beginning to
learn the area, but eventually they'lllead they'll need housing as well. Right,

(01:01:37):
So I want everyone to take adeep breath, and we're gonna get
through this. I think we don'thave any control over it, but I
think once the interest rates even getto the high sixes, excuse me,
into the mid sixes, maybe thehigh fives, you're gonna have a lot
of those sellers. They're gonna realize, all right, three and four percenter

(01:02:00):
never coming back. At some point, like twelve and eight year old are
sharing your bedroom, we gotta losethe bunk beds. Let's bite the bullet.
Let's buy the house, let's getout of here, let's sell this
thing. Yeah, I agree.Yeah, I think when you start seeing
a five handle, it's going toopen up the market. Yeah, I
agree, because I don't. Iagree, Guys, I agree with Brian.

(01:02:22):
You're not going to see the threesanymore. No, you need it,
you need no, right, You'renever gonna see the fours. I
mean, as I said in Apocalypse, have to happen. Zombies have to
roam in the earth before we seethree again. Right, there's one in
the control room right now, answerthe phone. Yeah, I mean,
I don't mean you're I don't.I don't mean staffing there, I mean

(01:02:44):
literal zombies. He's a Philadelphia sea. I gotta run, all right,
Thanks, thanks Brian, gotta run. It's been a pleasure. Don't for
having me on, And make sureyou check out my website if you don't
mind, Can I plug my websiteabsolutely? Think off Realty Group for all
your Capital region housing needs. Youjust want to chat about real estate or

(01:03:05):
or or or whatever. Don't hesitateto reach out, guys, have a
great morning, you too, allright, don't hurt yourself. You still
running? Uh? Yeah, yeah, not crazy, because I'm not training
for going on twenty twenty five milesa week you said you were doing.
I'm god, I gotta get atotal shoulder why, Yeah, it's weird.

(01:03:28):
I'm alrighty, that's my left shoulder, so I can't explain it.
They just said I have the shoulderof an eighty year old. So you're
not gonna be able to play golf. I'm shutting it down. Are you
playing at all? I played yesterdayin a women's Council realtors event. I
was going to try to play nineholes tomorrow for Father's Day. But what
do you do against the women?Nine men? So don't let the name

(01:03:50):
deceee if you where you play VanPatten, which I haven't been there in
probably ten years. By the otherday, Sir Tooga National and it was
packed. They must have had anouting something with something something that's going on.
So that's Thursday and then I'm shuttingit down. I just didn't want

(01:04:11):
to deal with this over the wintermonths with sweaters and jackets and ice and
snow. Right, you know,my wife, she's she's not going to
pick up a shovel. Julie.Julie had her knee replaced. Oh really,
that's probably more. Hip's pretty good. Julie had hip walked in walked
out, now, you know shedid. She did have some you know,
tenderness and pain. But I'm justamazed. I'm astonished with what they

(01:04:36):
can do. My father's an orpaid surgeon. Back in the day,
doctor, it was you'd be inthe hospital for about a week, sure,
and now your same day surgery.Actually, when she went in for
surgery, she walked in and beforeshe left, she had to walk upstairs
and walked downstairs before they would releaseher. That's crazy, the same day.

(01:04:58):
That's so crazy. We'll be rightback after this quick message the eighty
six percenters. Do you know thateighty six percent of the population has no
defined benefit pension plan. For mostof us, we have to take our
life savings and create a paycheck forthe rest of our lives in retirement.
What is your plan for retirement incomedistribution? How you manage your assets during
the most critical years of your lifetime. Nobel Prize winning economist William Sharp has

(01:05:20):
called retirement income distribution the nastiest,hardest problem in finance. He points out
that investment uncertainty and mortality can derailthe most careful laid out retirement income plan.
Call our offices today to start theprocess of building a retirement income distribution
plan. After forty one years ofbeing in the financial services business, you

(01:05:41):
need to start taking action to startbuilding your own personal retirement income distribution plan.
How do you do that? Totake action five one eight, five
eight zero one nine nine. That'sfive one eight, five eight zero one
nine one nine or RPG retire onthe web. Don't procrastinate, motivate to
start building your retirement in come distributionplan five eight, five eights zero one

(01:06:02):
nine one nine. The greatest riskin retirement. Most of us have no
plan for were insurance to cover theexpense. A long term care event can
impoverish a spouse, drain your lifesavings and cost stress and anxiety on your
family. What is your plan andhow will you pay for a long term
care event? Call the Retirement PlanningGroup today discuss options you should consider to
protect your estate and have choices andindependence. Take action Call today five eight,

(01:06:28):
five eight zero one nine nine orRPG retire on the web. All

(01:07:03):
journey. If we are back greatmusic, there's Zach I would love for
Dave to try to hit one ofthose notes, kidding me, you'd have
to hit me with a hammer onmy toe. I was thinking some other
place. Yeah, I know,I know, my nose. God.

(01:07:28):
I hope everybody's having a great weekend. Happy Father's Day. Yeah, Happy
Father's Day to you. What what'son your agenda for tomorrow? You know,
well, hats and horns talking aboutthe shoulder. So I was supposed
to play nine holes tomorrow and Icancel. It's just too uncomfortable at the
moment. So I think we're justgonna chill with the family. My sister's
coming here for a month. Shelives in Tampa. Obviously, you got
to get out of the Floorida thistime of year. So I don't know,

(01:07:53):
just my barbecue and hanging out bythe pool and David's coming back.
David's coming back in August for aweek, about a week five days again
for the we have another golf outingthat's specific for Steve, my brother laws
Steve janis at died A Camp.Where's that one? That one's that I
believe eagle Crest. I believe it'sa Eagle crest, And the other one

(01:08:14):
is that fairway is a half moon. But I'll be there. I just
won't be able to play this year. That's fine. Just get a foursome,
that's all. You can ride inthe cart like donuts and the coffee.
Yeah, eight o'clock in the morning, risk that time. Beautiful.
September is my favorite month. Yeahntoo. Problem is, I just don't
like what comes after September. Yeah, snow and ice and sleep. And
I'm going to take care of thatthis year because I'm not hanging around.

(01:08:36):
Julie's retired. I'm going to goto Florida with Zoom and technology, Ring
Central. Yeah. You can bein front of people very easily. If
I have to fly back, I'llfly back well as you have somebody that
can play your driveway, your goodshape. Ye yep, So I just
I just gave an open invitation forsomebody to commit and steal everything out of
it. You got cameras, yougot yeah, yeah, no matter where

(01:09:01):
you go, it's on the backside, no matter where you go. Up
at our house and like George,we've got you know, just a real
basic system. But Julie can bringit up on her phone. No,
everything that's going it's not it's notRing it's something else. I can't remember.
Uh. We actually was referred tous by Julie's cousin and her husband,
and we bought it. He cameup and helped me put it in.

(01:09:24):
It's amazing to do it yourself.It's amazing. And it's all hooked
up to the internet. Yeah,you know everything. You can talk,
you can say hey, Dave,what's going on. You can turn lights
on and off. Everything. It'sthe best. It's a it's a technology
today. Is just that I wasgoing to say something to you, and
I think it's this is pretty amazing. I watch no more news all I

(01:09:46):
all I watch now is financial stations, NBC or Top all day long,
topic specific right thirty thirty. ButI don't watch the news anymore because it's
too depressing. You know, itbleeds, it reads. They talk about
all the murders. Yeah, andI just I can't handle it. So
but I saw a show the otherday Maria brought to Romo had this guy
on on Fox and he's an AIexecutive and he's like the leading expert of

(01:10:14):
AI and it was extremely interesting.And his thing is this, if you
live another five years, because theadvancement in AI and what's happening with AI?
You know how it's going to accelerateeverything so dramatically. The life expectancy
he thinks will go to about onehundred and twenty five. What yeah,

(01:10:35):
why is it? How's AI needa new liver? Well, you order
a liver, you need a newYeah, they put it in like a
Petri dish. They get a sampleand what technology. You get a liver
and you go in, you haveit and planted and the way down the
road you go, Yeah, I'mread a lot about the Uh. That's
why I said to you. WhenI go into the store and I see

(01:10:58):
a George Clooney face, you know, yep, I'll take that one.
No, not not mal He's ahasband George. That's the one I want
right there. Give me the GeorgeClooney head. That's funny, it's crazy,
you might say this, this isgoing to happen, Yeah, one
hundred and twenty five. Did youever think in your wildest dreams that we

(01:11:18):
would have the technology that we havetoday? Now, So we were talking
off the air, well, whenyour dad passed, My dad passed.
My dad passed. Obviously cell phoneswere out, But I often think around
his birthday, which is actually Monday, how you know, And now it's

(01:11:39):
almost thirty years But I often think, like if that person came back to
life, how lost they would bebecause of the advancement of technology, Like
how you can pick up this cellphone and pretty much do anything on the
planet. There's more firepower in thislittle device than there was an all of
the computers that sent the man tothe moon. Ye realize that, which

(01:12:01):
is even hard to even comprehend thatthis little box insane, that everybody's so
attached to so insane. I justthink that technology, and I think it's
true. Our business has changed dramatically, the financial services industry, and I
think it's just the tip of theiceberg. I think there's going to be
a compression in our business because there'snot enough people in our business. There's

(01:12:21):
like a fifty I heard about thatshortage. It's like fifty thousand financial advisor
shortage right now, fifty And thereason why is guys my age are electing
to retire or slow down, andthere's not enough bodies to come in in
order to fill the seats. Yougo to major investment banking firms. You
go to like I use Merrill Lynchin, Clifton Park. Okay, you go

(01:12:45):
in their office, it's a ghosttown. There's nobody in there. I
don't know why that is. Youknow, I know why. Some of
it is because they can't find thepeople that sit in the seats. The
other thing is is that a lotof these technology companies, investment banking firms.
This is why New York City's havingsuch a problem. Why buildings are
being sold to fifty percent less thanwhat they were purchased for. You if

(01:13:08):
you don't offer flexibility with work schedules, forget it right with the young people.
You know who the most two daysthat we come in the most difficult
people right now in order to getthem in the seats and have them happy.
Eighteen to thirty four, that's exactlyright. Eighteen to thirty four.
And who are we looking for inthe financial services business? Eighteen to thirty

(01:13:30):
four. That's the biggest demographic.So you look at like a lot of
places need employees, good employees.Where are all the employees? Why isn't
anybody working? Why can't we findpeople to fill spots? It's that demographic.
I'm a fifteen million I don't knowwhat they're doing just They don't don't
are they playing video games? Smokingweed down the basement. I don't know

(01:13:50):
where all these people are that weneed to fill these spots. Here's a
story real quick. Julie and II had a woman came in. We
were looking for secretarier home. Shecame in, sat down, give us
a story. She had a handicappedchild. Broke my heart. I said

(01:14:12):
to Julius, I'm gonna hire thisgirl. You know, I don't care.
You know, we'll get her upto speed with her capabilities, but
I want to get her in.I want to help her out right,
get her a job and give hersome self confidence. That was a Thursday.
Joe's when can I start? Soyou can start tomorrow? Smart,
you know, start Friday. Yeah. So Friday came, she worked,

(01:14:32):
Monday came, doesn't show up.So I said to Julius, and should
I call her, you know,because she has this kid that's got problems.
I'm assuming that there's some issues withthe kid. But I'm saying I'll

(01:14:53):
sit and now wait because I don'twant to bother if there is issues.
So about noontime came and I calledand I said, you know, I
mention her first name. I go, uh, this is the name,
Hi, Dave, I go,where are you? You know, do
you have something going on or isthere something we should be aware of?
But you know, I thought you'regoing to be back here first thing on
Monday morning. She goes, yeah, but you know, I kind of

(01:15:15):
did some calculations over the weekend andI make more money stay at home than
I do if I work with you. Wow, that's a problem. I
make more money staying home than ifI come to work for you. Yep,
tax free income. Yeah, isthat the cherry on the cake?

(01:15:42):
Is that the problem? Look,there's no doubt in my mind as you
why is the population from eighteen tothirty four having such a hard time being
disciplined to work? And I'll tellyou the reason why, Because you and
I have basically spoiled the hell outof There's no doubt in my mind.
That's why my kids, my kids, and you and I just had this

(01:16:06):
conversation. My kids have wanted fornothing, right, and it's probably shame
on me. I've made them workfor it. But pretty much whatever they've
wanted, and they've they've gotten collegedegrees with no debt. That was a
promise that I made my kids,which I don't regret, which I don't
regret. But the bottom line isthis. You know what, I always

(01:16:29):
worked two jobs. You've worked yourazz off your whole life. You still
do. I always say people,I say it on the radio all the
time. You ever want to seesomebody work hard, go go watch Druiella
for a week. But it wasinstilled in me that, you know what,
even like when I worked in LakeGeorge, I lifeguarded during the day

(01:16:49):
and I bartended, and I alwayshad two jobs. When I got out
of school, I always bartended somewhereall many country club at different bars throughout
the capitol. Agreed you that wasmy funny money. Yeah, it allowed
me to do the things that Iwanted to do that you know, my
nine to five wasn't give me enoughcash, right right? I agree?

(01:17:09):
I agree? And I enjoy.See people always ask me, got it
about retirement? You got it?Enjoy. If you don't enjoy what you
do, people say to me,when are you going? I'm not gonna
read? What the hell am Igoing to do? I don't know what
I'm gonna do. I just hadthis conversation last night. I've s the
beach and bake a friend of minethat's fifty one. It's like he's counting
the days he's got to work anotherthree years. Like I don't love golf

(01:17:29):
that much. I don't love fishingthat much. I don't know what I
would do. I think i'd bea miserable human being. Me too,
So I like to have JU toldme that there's no way you're wired.
I don't think I'm as wired asyou, but you're wired. I can't
imagine you're sitting around your mind hewas active. No, I can't.
I can't sit around. You know, I am a type quadruple EG.

(01:17:54):
Yeah, that's just who I am. I've always been that way. That's
a matter of fact. When Iwas in school, you know, they
thought I was. What they didn'trealize is that I had learning disabilities.
That's why I have such a softspot in my heart for kids that have
a problem. You know, mybrain wasn't wired like the normal guy's brain
was wired, so it was hardfor me to reading comprehension was like landing

(01:18:15):
on the moon, Yeah, right, because it was you know, I'm
somewhere else when I'm I don't knowif you ever had that you're reading something,
you'll say, what, what thehell did I just read all the
time. We got to take abreak, and when we come back,
we're gonna finish something. Talk aboutwe're going to talk about reverse mortgages when
we come back, and about thatsituation and why I think it's something,
especially right now with these higher interestrates. If you think it's part of

(01:18:39):
your toolbox, then you should goget it. We'll be right back with
dryello. Hi, n When you'rewith me, I'm smile, dear me.

(01:19:09):
Whoa love, love your love,your hands, weel me up when
I'm seeing touch me and my troublesoff it to queen? Right, who

(01:19:31):
is that six stamming? Zack goesball in, I'm the word. Woman
say to me the other day.She goes, I listen to your show.
It's great. She goes, Idon't listen to it for you,
though, I lit. I listenedto it because I like the music.
So that's kind of going to Zach. I said, all right, all

(01:19:53):
right, thanks Zach, and signafter the show came in the next day
and I choked him just because justbecause all right, we were just talking
at the break. You want tocover something a couple of things. Yeah.
One one, so you alluded toreverse mortgages, and obviously it's becoming

(01:20:14):
more and more of a financial toolto fill some stop gaps and retirement plans.
But probably I've probably had more conversationsin the last couple of years,
last year at least with reverse mortgages, and I've probably had in the last
five years. Yeah, I thinkpeople are you know, the children are
financially better off, they're doing well. And once that I read this morning,
preparation home equity is up almost tenpercent between this time last year and

(01:20:39):
now one point five trillion in homeequity. So you look at that and
they think, all right, Ihave this huge asset houses almost paid or
it's paid off. What do Ido with it? How do you turn
that asset into an income stream?And you know, if you can defer
social Security income for the max thenyou can tap into a reverse mortgage for

(01:21:01):
a period of time until you canmax out your Social Security income. There's
a million different strategies and I honestlyI can't answer them all. It's a
kind it's a it's definitely a concertedeffort between a financial advisor, verse mortgage
specialist and trying to figure out thebest way to make the program work.
You know what, I was shockedthis woman that I just talked to you

(01:21:21):
about that I referred to you,Yes, that lives in o Califlorida.
I was shocked that she wasn't evenaware of it. Yeah, it was
almost like I hit her with abrick. She goes, what reverse mortgage?
Are you kidding me? I knownothing about it. That would be
perfect for me, Yeah, itwould be perfect. It would be perfect
for you. Kids don't need theI mean when they when they sell it,

(01:21:43):
whatever the difference is, will beall your house still your house,
be a huge amount of money,right for your kids. Yeah, think
about it. They're they're only lettingyou take about forty right, So there's
a tremendous amount of equity. Butthe other thing is what she's doing it
for is that she wants a certaintype of horse, and she wants certain
you know features. She wants anew truck that she carries her horses in,

(01:22:04):
right, right, which aren't cheap. It's like one hundred thousand dollars
truck. Yeah, right, yousaid, here, there's your pot of
gold. It's right there, andit's all tax free, and you don't
have to tap into your investments andruin that portfolio exactly. Obviously, as
you talked about early in the show, look at the stock market, what's
been doing. Look at the Nasdaq. It's amazing the returns you're getting on

(01:22:24):
investments. So if you can keepthat intact and not touch it and tap
into a different asset, there yougo. You we look at Zillo this
morning. I'm not a huge fanof Zilo, but how acurate? Well,
excuse me, Mozilla. They alwayshave the fine print where they have
like a ten percent variants, whichten percent on four hundred. Do you
think that's realistic? Ten percent?Yeah? I think. I think I'm

(01:22:47):
not a big truster in the Zillonumbers. But you think they underestimate the
value? Yeah, And I thinka lot of these places are wrong in
terms of appreciation. You know,when you look back at a year.
Oh but god, they said threepercent, we got six, you know,
or so they're estimating about four percentin terms of appreciation. I think
we'll get five maybe maybe a touch. And north of that, what is

(01:23:10):
the value added to land? Youknow, my property, I got ten
acres of land, got a nicehouse. I just put the barn on
it. Got the man cave,got the man cave right, got the
bunker, got the got the kingsidebed in the Why is there a bed
in the bar? Why is that? Got the doghouse? Or I got
to go onto occasionally shower? Buthow much more additional value bank for your

(01:23:38):
buck? Do you get? Igot ten acres of land? What does
that do? So you're probably whatone hundred hundred and fifty thousand acre in
Clifton Park probably these days Wallpark?And do you get that full value?
No, because you're selling your house. In order to get the full value
for that, they would have tocompare your house to other houses that also
have ten acres, which probably notthat many Clifftond Park, So they might

(01:24:00):
take your house and look at threeacres or five acres they want They want
more of the value to be onthe home than the land. Because the
barn people say, what are yougonna do with the barn? It said,
I get. I'm gonna use itfor family events, you know,
I'm like and they go, well, you know, somebody ever came in
that wanted a horse or you know, well, that's that's what puts.

(01:24:21):
That's a big positive. It isbecause it's not bacon land. That's a
useful space. It's all meadow.My property is not timber, it's meadow.
I got hedgerow. If you canplow, and you need to put
a plow in there, your wasyour equipment. Who knows that barn?
I drove by it once, butI've never been insided you could rent that
out for weddings. It's that bigwho knows. I don't know. I

(01:24:44):
got it. I'd have to moveall the clothing stuff out of the barn
to get rid of that hundred screenTV. Can I can move back?
Can I move in for the weekend? Can I come back in the house,
honey, Julie, I pay Rentsaid the other day, I'm going
to the I'm going to the I'mgoing up to the l make She said,
good, let's see you later.Get out of the barn, the
door, Get out of the bar. I got to clean the barn.

(01:25:08):
But I think the fed back towhat you're talking about, the fed where
if I feel like knock on wood. We're seeing this now turn finally,
because inflations come down from nine toabout three. Then the next shoot to
drop the Fed's looking at very closely. They talked about the other day is
employment. They need to see moresoftness. I think four point two unemployment

(01:25:29):
rate that gets you your cut.So until they see a four point two
unemployment rate, you're not gonna getSo hopefully September we get a quarter point
Bank of England they cut last weekthe week before unexpectedly, So I think
that's where the FED is right now. Again Jerome Powell, he's not an
economist, he's an attorney, sohe's trying. He's trying to do the

(01:25:51):
best he can. But uh,soft landing, I don't know. Right
now it looks like it is.But I think I think when things start
change, they change pretty good.Because you look at the jobless claims.
Thirteen thousand people filed for initial joblessclaims, the highest reading in ten months.
Continuing claims up thirty thousand, thehighest in November of twenty one.

(01:26:13):
So we're starting to see that softnessin the in the labor market, which
is said that we need to seepeople lose jobs in order for the FED
to cut rates. But that's that'sit is what it is. We can't
I just don't know where the hellpeople are getting all the money. You
know. I think about a youngcouple today in their thirties, bust in
their hump, they got a coupleof kids. You know. I walk

(01:26:38):
by the meat market sometimes and I'mflabbergasted. Friends. Yeah, I go
to friends all the time. Idon't want to mention it, but I'm
like flabbergasted, not saying that he'snot pricing it right or whatever. Meat
is expensive. Yeah, meat isexpensive. I don't care what you're buying.
Big time. You get a steak, yeah, you know, I
see some, you know, butit's still cheap and going out. Look

(01:27:00):
at the restaurant prices. All right, but you could you could buy a
husband and wife going out today ata minimum. There's one hundred dollars bill.
Oh yeah easy. I think you'reprobably absolutely Yeah, depending on people
where you select. Yeah, don'tforget about lake Ridge. Yeah, my
favorite restaurant. God, I haven'tbeen there in forever, but they have

(01:27:21):
great food. Phenomenal great food,phenomenal food. Lake Ridge. Call say
Dave sent you up there, freeglass of water. I'm hitting Bellanopoly on
the way home because I was justthere. No, I actually had Stacy's
one of my client's daughters. Sheworks the counter stacy. It's the fun

(01:27:41):
out. They're just great people.I every time I get a chance,
I go in there to feed.Feed the savage in there. Zach,
look at them, look at them. He looks like he looks like he
looks like he needs another donut.So what was the other thing that I
asked you about? There was anotherthing you said, you know we should
talk about, Oh, you knowwhat fueling the market? Who you said,

(01:28:02):
fueling the consumer market? So wetalked about all the tremendous equity that's
in houses. Right, believe itor not. Mortgage applications are up sixteen
percent from last week. Refinances wereup twenty eight percent. Wow, So
that could be one of the oneof the areas where people are getting this
money. They keep making those purchasesyou said, boat boat boat in the
first half hour. They have allthis equity, and now it looks like

(01:28:25):
they're refinancing and taking some of theequity out. Maybe they're using that to
fuel their purchases. The guy nextto me up at the lake just got
a formula, a thirty eight footformula. Gotta be what million bucks?
Half million bucks? I think hepaid seven hundred semi thousand dollars for that
boat. Yeah, for a boatthat you're going to use four or five

(01:28:48):
months out of the year. Ifyou're lucky and they keep your fingers crossed,
you're going to have I mean,I don't know what he does.
It's none of my business. Inever said, hey, you know the
hell you got that kind of money, buy that boat, crypto. But
here I am my little putt.But you know, twenty five Horst Johnson
on the back of it. Pullit. But my question, I'm fighting

(01:29:13):
this cold and I apologize folks.My wife and I both have it.
The bottom line gets down is thatyou know, uh, people are still
spending, and they're spending, youknow, like I, I'm just kind
of flabbergasted that there there's this consumptionout there and it's not low end stuff.
Well the credit people, the peoplethat are doing well, I think

(01:29:36):
are doing really well. Yeah,there's a big, huge, bigger,
bigger gap than we've ever seen betweenthe halves and have not no dobts,
one hundred percent, no doubt.And I think you're seeing so credit card
dead hit. It's all time highor whatever. It was one point three
trillion now you're starting to see theconsumer debts taper off. It's really not
increasing anymore. It's kind of leveledoff. So the consumers tapped out.

(01:30:00):
I think I think it's gonna startturning. I feel like when you start
seeing statistics like that and then consumerstapped out, they're getting this. This
whole run that we've had since twentytwenty is getting tired. Well, like
I just said, see some weakness. Thirty year old couple got two kids,
they got the house, they gotthis, they got that, they
got the bag of groceries. Mostmost companies don't pay one hundred percent of

(01:30:21):
your healthcare anymore. Right, No, and you go through this whole laundry
list. You know. That's whysixty percent of the households right now or
whatever it is, it's it's prettyhigh figure. It's at least fifty,
but I think it's over fifty now. They don't have a thousand dollars for
an emergency now, Nope, nope, which is it's insane. That's why

(01:30:42):
it's it's scary when you think ofyour job. Yeah, and you know
everything spirals overnight. But all right, we're gonna take our final break when
we come back. We're gonna talka little bit more with Droiela. If
you have any questions, we haveopen lines one eight hundred talk WGI.
That's one, eight hundred, eightytwo, five fifty nine, forty nine.
Wake up Zach, he's on asugar high. He said, four.
How would you have so far?Four? Four of the donuts.

(01:31:05):
I gotta get them before my wifegets them. All right, We'll be
right back the eighty six percenters.Do you know that eighty six percent of
the population has no defined benefit pensionplan. For most of us, we
have to take our life savings andcreate a paycheck for the rest of our
lives in retirement. What is yourplan for retirement income distribution? How you
manage your assets during the most criticalyears of your lifetime. Nobel Prize winning

(01:31:28):
economist William Sharp has called retirement incomedistribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most
careful laid out retirement income plan.Call our offices today to start the process
of building a retirement income distribution plan. After forty one years of being in
the financial services business, you needto start taking action to start building your

(01:31:51):
own personal retirement income distribution plan?How do you do that? To take
action? Five one eight five eightzero one nine one nine. That's five
eight five eight zero one nine onenine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five eight five
eight zero one nine one nine.Will run out of money in retirement?

(01:32:14):
Will your investments provide income for possiblydecades? How do you navigate the two
greatest risk in retirement? Sequence ofreturns in longevity? At the Retirement Planning
Group, Our Bucket of Money approachaddresses these concerns and we offer a complimentary
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consultation to develop your own personal retirementincome distribution plan at five eight five eight

(01:32:36):
zero one nine one nine. That'sfive win eight five eight zero one nine
one nine. I'm all the time. Just love him all right. We

(01:33:14):
are back, glad to be here. Happy Father's Day weekend to all the
gentlemen out there. Happy Father's Day, Happy Father's Day. Absolutely absolutely best
day of my life, really probablyyour most proudest when my kids were born,

(01:33:36):
my beautiful bride, every single oneof those babies that were born.
It's just it's miraculous, really is. It's like how you're no kids one
day and you have a kid thenext day. Hip pop. All of
a sudden, that kid pops intoyour life. It's like, whoa where
did you come from? That's apop? All right, snap, crack

(01:34:00):
pop. Get the check book out. Yeah, what's it? A million?
It's got to be a million andchange between birth and eighteen right these
days? Who the hell knows?All I know is that, you know,
I just say to Julie, justdo what needs to get done.
She handles the books, she handlesthe checkbook, do what needs to get
done. I've been fortunate though mykids. I've been very fortunate with my

(01:34:25):
children, all four of them.You know. I have an older order
by my first marriage. Yeah,you know, they're all healthy, they're
all physically fit. They got youknow, if you're healthy, the rest
of it is all downhill. They'reoff the peril except for your youngest.
No they're not. No, no, they're not. You know. I
pay for his airfare to come backand forth. That if you want to

(01:34:47):
see him, you got to payfor the airfare. Right, my son's
coming forth July weekend because the fourthis Thursday this week. I wanted you
to come home on the fourth.And because we've got the golf outing for
my brother in law. Yeah,he can't do it with work. Allegiant
Wednesday night. Yeah, go backmo night. That's exactly what he did.
Beautiful out of Saint Pete. Yeah, yeah, that's exactly Frank in

(01:35:09):
Voriesville. Beautiful money, beautiful Voysville. I love w what's up, buddy.
Okay, I'm doing a little workand I'm listening to your show.
And I've never called so okay,but in any event, in any event,
I was listening to not a financialtopic, but we were talking about

(01:35:29):
cameras in the house. Yeah,absolutely, okay, Yeah, so I
uh, I retired from technology manymoons ago, and I just want to
say one thing. If you're notaware, wireless camera systems are extremely vulnerable
to being turned off like a lightswitch. You're kidding me. No,
you can go on the internet fortwenty or forty dollars and buy a alcoholic

(01:35:55):
disruptor. It's a wireless device thatbasically does ads attack on your system.
So what's been happening if you doa little research on it. They target
people who have money. They looklike they have money, you know,
they drive a Mercedes, they gota nice house. They see that you
have a wireless camera, and againthey can walk up to your house like

(01:36:17):
a remote control and just disable yourwireless It's well documented if you go to
Tom's Hardware or places like that.So I just wanted to make you aware.
So you're like, if instead ofdoing a wireless camera you do wired
one that's wired right into the Internet. Correct, And that also solves another

(01:36:38):
problem. If you've got a wirelesssystem where they have batteries and you've got
to charge the batteries, you canactually pick up your power from the network
cable that you run in your house. And of course it's harder to put
a wired system in because you've gotto run wires to all your locations.
But well worth the effort. Neverknew this? Did you know this?

(01:36:58):
Now? Yeh time? Can theycan they disrupt the Internet? Well,
well, let me a good question. So what I typical wired system may
have what's called a m v Rand a network video recorder, so you're
storing your data locally. Okay,optionally, you can put it in the

(01:37:24):
cloud, you know, on theinternet, but you do have It's just
like having a hard drive on yourPC. The data is within the system.
And there are many vendors that makesystems. I won't mention any but
so you're basically running a kind oflike a hard drive and a camera system
recording to the hard drive. Spectrumused to have their own security system and

(01:37:47):
they sold it off the brakes Andif you're aware of that or not,
so are our familiar. Our systemin our house was originally Spectrum. Now
it's Brinks by my house and bymy house in Lake George. Yeah.
I think you heard me say.My brother in law, not my brother

(01:38:08):
in law, but he's like mybrother in law. Uh. They told
me, you know that we've gotthis greatest thing since sliced bread. So
I've got a giddea up, meaningthat I've got exposure. If Sony wanted
to come in with their gidda upsand shut it down, they could,
yes, yeah, and I don'twant to. I just want to question
you. We don't discuss this onthe phone because it gives other people knowledge.

(01:38:29):
Yeah, well, you know,Frank, Frank, you know it's
Father's Day weekend and now you justdepressed me. I'm sorry. Well,
now you have a gift, soyou can tell your son to buy.
You do the research you can,you can figure it out. So one
last question for you. So ifyou're is there a name for the system?
Not the company, but is therea name for the system? You

(01:38:53):
just want a hard wired, hardwired system? Okay, system, Go
to Tom's Hardware. It's a website that's hardware dot comic belief and just
start talking about, you know,wired systems or security with wireless systems and
you'll start digging into the pile ofknowledge. Okay, what now, what

(01:39:13):
did you do? You did?You were involved in technology? Yeah,
I was in it for about thirtyfive years. I worked at a few
places and unfortunately retired about eleven yearsago. I've witnessed the change from mainframes
to PCs, into local area networksand the cloud based. So it's fascinating.

(01:39:36):
But I don't do any of thatanymore. But it's amazing to me
that what technology were we were talkingabout that if you heard us, we
were talking about how technology is accelerated. I just saw a thing on TV
where this AI artificial intelligence is goingto accelerated. Oh yeah, like one
thousandfold over the next five years.I saw something the other day. We

(01:40:00):
talked about flying back and forth ofFlorida. You could say, hey,
find me the cheapest fights Florida Wednesdaythe twenty first, coming back thirty first,
and boom boom boom a I willwell, we'll do it for you.
Done. Oh yes, yeah.And the AI is not the only
technology that's revolutionized our world. Asyou know, you're a little bit about
crypto. You know about crypto,sure, and that's also a very fascinating

(01:40:26):
technology that does will change the world. As you know, people are using
it on their phones payment other countriesalready. Has my kids found out about
what's the thing that you can movemoney around from your accountant? Oh?
Yes, what's that? Qulled thewallet? I forget the name. Yeah,
there's a few of them. Yes, yeah, So hey, listen,

(01:40:49):
thanks, I appreciate that. Thatwas very informative. And God bless
have a great Father's Day. Doyou have children? I do good.
My son is fishing beautiful. Allright, hey listen, you have a
wonderful Father's Day. And God blessyou, and God bless you guys,

(01:41:10):
and thank you, Thank you,sir. That's scary. Yeah, well
I figured that that could happen.I mean, we have securities on security
passwords or whatever on your internet WiFi I GotY can tap into. I
got breached not the last time,but the time before with my credit card
in Florida. And every time I'mdown to Florida. Now I'm worried about

(01:41:30):
the readers because I travel all overthe state. You know, I'm like,
you know, the traveling salesman whenI'm down there in the car,
and I don't know how they captureit. But this is like the second
or third time that they've gotten mycredit card, my business card. Should
I should make it so that yourcard should never leave your hand, like
they should bring over the reader tothe table like Europe obviously. And I

(01:41:53):
don't know if I don't know ifthere's risk either where you just tap it
now, that's safe? Did itsafe? Yeah? And you never you
know, it's never leaving your hand. It's when they leave your hand and
goes behind the curtain. Who cancopy that. It's just but on a
good note, I was just lookingat these notes. Rates are the best

(01:42:14):
they've been in about a month.YEP. So ten year treasures come down
a lot. Interest rates have comedown a lot, And if you're going
to do a reverse mortgage, andif you're thinking about it, even if
you think you're going to do it, you don't need the money, now,
do it now because the higher interestrate will help you. Higher interest
rate will get you a lot moremoney, a lot of growth on that
line. And you know the equityyou have in your house, So if

(01:42:38):
you don't, if you don't needit now, but you think you might
need it in three years, fiveyears, four years, whatever that is,
get it in place. And thatline of credit will grow every year
by current interest rates, so youcould have seven percent growth on that line
until you actually need it. Sowho knows what it'll be worth when you
actually do have to tap into it. So whatever you lock in, that's
what it stays at. It variesbased on current interest rates. So right

(01:43:00):
now I think it's about seven percentgrowth on those lines of credit, which
is great. Yeah, like youand I take out a line of credit
doesn't go anywhere, right, wehave to make payments. Reverse mortgage you
get growth on that line of credit. So it's a great tool if you
think you may or may not whatever, you may have a need for it
down the road, get it inplace and then see what happens. At
least you have that I call,you know, safety blanket or safety net.

(01:43:23):
So then the other thing I wantto mention is so competitive out there
in the purchase market. We havea program called a cash guarantee so that
we underwrite a file before they evenfind that's what that's what we're going to
talk about. Yeah, that's whatwe're going to That was the one.
Yeah, So so talk about thatreal quick. You can come to it.
You can come. You can makean offer instead of a preapproval.
You can come with a commitment letter, full blown commitment underwritten by an underwriter.

(01:43:46):
And there's language in there that says, if we can't come through with
the financing, we'll pay cash forthe house, or we'll give you ten
thousand dollars you go sell to somebodyelse. Really, so we can compete
with cash. There has to besome kind of a stipulation there as far
as an inspection though, right,well, yes you're protected from an inspection
standpoint, but just not the financing. Because in Florty, you know some
of the things that are going onright now. It was so hot they

(01:44:09):
were buying no inspections. Just youknow what, I think it's crazy.
That's you can release a mortgage contingencyto make your offer more competitive than someone
else's. Right, but I don'tthink you should ever release it inspection.
You can raise the inspection limit sothat instead of the fifteen hundred dollars.
If there's something I've seen people goto three grand four days right or days

(01:44:30):
right? Sometimes you do ten days, make it five days, whatever the
hell it is, and you cando a fast closing. Yeah, we
got to say goodbye. So listento everybody out there in the land of
the Capitol District region and beyond.Happy Father's Day, Enjoy your weekend.
God bless everybody. What are youdoing. You're gonna just chill. I
think I'm chilling to chill. We'regonna chill up in Lake George, Julie
and I with our son and daughter. Now you go to the Farmer's Market

(01:44:55):
Saratoga. There you go. JoeGallagher is in the house and we'll see
you guys next week for another retirementplanning show. Thank you for listening to
The Retirement Planning Show hosted by DaveKopek, w G wise retirement planning specialist.
If you would like to talk withDame or someone at the Retirement Planning
Group, call five one eight fiveeight zero nine nine. That's five one

(01:45:17):
eight five eight zero one nine onenine during business hours, or visit RPG
retire dot com. The Retirement PlanningGroup has five convenient offices located in Albany,
Maltsa, Glens Falls, Syracuse,and Oneana. Tune in again next
week for retirement planning strategies with DaveKopek right here on WGY's Retirement Planning Show.

(01:45:43):
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