The Emotion of Money

Episode Transcript

Speaker 1 (00:00):
And if you have questions for our retirement planning professionals
from Class Financial. Love to have you join us this morning.
Telefuh number to get on the air six SO eight
three two one thirteen ten. That's six SO eight three
two one thirteen ten. Love to have you join us
this morning, and we'll be talking with CJ. Closs and
Eric Schwartz of Kloss Financial. You can learn more about
Class Financial on their website class financial dot com. That's

(00:22):
Coss k l aas financial dot com. Great website. To
learn more about the team at Class Financial, there's separate divisions.
Listen back to this previous shows podcast. Also sign up
for the weekly Market Paul's newsletter that all available to
you at Closs Financial dot com. There telephone number six
SO eight four four two five six three seven as mentioned,
Joining us this morning our CJ Class and Eric Schwartz. CJ,

(00:45):
how you doing this week?

Speaker 2 (00:46):
I'm doing great. How are you, Sean?

Speaker 1 (00:48):
I'm doing really really good?

Speaker 3 (00:49):
Eric?

Speaker 1 (00:50):
How have you been? Not too bad?

Speaker 3 (00:52):
It's been an eventful week, but we're hanging in there.

Speaker 1 (00:55):
I bet it's it's interesting times and we've got you know,
I almost feel like we should call this week show,
Money and Emotion this morning, because we're going to be
talking about emotions and it's a it's is as much
as you know, we're just a bunch of tough guys,
and you know, emotion everything obviously is important. Obviously your

(01:15):
security and financial security of your and your family and
other things are really really important. And we're going to
talk about about that wall at roller Coaster a little
bit later this actually say a little bit later on
this morning, a little bit later this this segment, because
before we get to this week's conversation, we're actually going
to talk about the closs quiz question the week. We're
going to do one this week on the program, a
chance for you to win a fantastic prize from our

(01:36):
friend zach Laws Financial. They provided a twenty five dollars
gift card to the Cheesecake Factory. And before we start
talking on this week's topic, let's actually take a look
back at last week's show and get the class quiz
question of the week and the answer there as well.

Speaker 3 (01:52):
Yeah, so thank you to everyone for listening as always,
and congratulations to our winner from last week. And that
was Jillioned from Minona and the question was true or false?
The US Department of Health says that a sixty five
year old a seventy percent chance of needing some kind
of long term care. And the answer to that was true.

Speaker 1 (02:15):
And that again last week's program, what really good duck
Q and A last week and congratulations to Jillian. By
the way, if you missed that program, important to listen back.
You can always sat on over to Clossfinancial dot com.
That's Coss k l a a s Financial dot com.
Of course, I'll listen back to that in previous shows
podcast as mentioned today, we're going to be diving into

(02:35):
the wild world of investor emotions and you know, sometimes
you feel like you're wallet's on a roller coaster, and
we're going to be talking about how keep those feelings
in check and also really understand your risk tolerance, aren't we.

Speaker 2 (02:49):
Yeah, this is an important topic, especially with what Eric
was just mentioning in terms of the volatility of the
markets here in the last week. The truth be told,
we write these shows and kind of script everything out
months in advance, so we did not know that the
show around, as you called it, Money in Emotion, Sean,
we did not know that this topic would be landing

(03:10):
on such a volatile time in the markets. But listen,
even the savvyest investors get jitters when money is involved.
So what we're really talking about here is what is
your personal risk tolerance? So Eric and I we use
some different terms to describe this, but there is the

(03:31):
kind of like quantitative aspect of your capacity for risk.
So quantitatively, how much money do you need out of
your portfolio, how much debt do you have, There's all
these like quantitative factors to determine.

Speaker 1 (03:45):
Your capacity, but that is.

Speaker 2 (03:48):
Very different than your personal risk tolerance. And what we
like to say is personal risk tolerance overwhelms every other
measure of tolerance and for risk. So think of it
this way. If I had one hundred million dollars and
I only needed ten thousand dollars a year to live comfortably,

(04:08):
I have a massive capacity for risk taking. You know,
assumptively speaking, I could put all of that money into
stocks and it really wouldn't matter because I have so
much financial capacity for it. But that doesn't mean that
I'm going to put it all in stocks because my
personal risk tolerance may be very very low. So that's
the concept of what we're discussing today is what is

(04:31):
your risk tolerance, How emotional do you get when the
market gets volatile, or what we call what messes with
your chill level? So there's things like, you know your goals,
This can mess with your chill level? Your goals, what
are your dream vacations? How much do you want to
have in a retirement nest egg. Your age can impact
your your chill level in terms of am I really

(04:54):
young and I don't care about market volatility? Or am
I older and needing to live off my investments? How
much wh investment income do you need on an annual
basis in retirement? What's your overall wealth? What's your history
with money? As a matter of fact, much like with children,
we find that adults in retirement tend to have a

(05:14):
personal risk tolerance that often is reflective of their history
with investing or the history with money. Said another way,
if there's anybody listening here who is a child of
the Great Depression, now you would be older, by the way,
if you're listening to me right now. But if you
are a child of the Great Depression, you know you
know exactly what I'm talking about. You probably, maybe not always,

(05:38):
but probably have a very low investment volatility risk tolerance
because you just don't trust that we're not going to
run into another Great depression. And I say this because
we work with or have worked with, so many children
of the Great Depression that it is baked into your
bones once you have experienced something like that. So basically,

(05:59):
it's about how much risk are you willing to handle
without losing sleep? And as we age, many of us
will usually play it safer. But of course everyone's different,
and let's be real, those emotional triggers can really sneak
up on you and be challenging. So here's some investor
personalities that are just simplified. A conservative investor personality would

(06:24):
be like think of a cozy blanket, CDs, bonds, FDIC,
ensured cash at your bank, things like that. A moderate
investor might be somebody who wants to live a little
bit in both worlds. I want to have some stocks
for long term growth, maybe some bonds for middle term,
and then I want to have enough cash to kind
of cover a rainy day. That's what we would call

(06:45):
somebody who's moderate. More aggressive investors would be wanting to
load everything up into stocks. Somebody who likes to be
either more risky or who understands their capacity risk capacity
for risk and conservative think CD's bonds, moderate thinks a
blend of stocks and bonds, aggressive think pretty much all stock.

Speaker 1 (07:07):
Talking this morning with CJ. Closs and Eric Schwartz. They
are we're retirement finding professionals from Class Financial. If you
have a question, love to hear from you this morning,
get you on the air with CJ and Eric. Telphon
number six soh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten. Don't forget
about the website coss financial dot com. That's coss k
l aa S financial dot com and their telephone number
six oh eight four four two five six three seven.

(07:30):
No charge for that initial get to know your appointment
at Coss Financial. It will be complimentary to you again
their number six oh eight four four two five six
three seven. So, CJ, when you talk about some of
those personalities, kind of those very simplified look at personalities,
how do you know where as an individual you might
fit into those? Yeah, that's the question, right.

Speaker 2 (07:50):
I mean, we're we're going through this at a high
level of like things to consider around you, or what
we called your chill level, or we're simplifying uh, these
terms conservative, moderate, agg of when it comes to investing.
But each of you listening to the show today you
have to figure out And I think, really, this last
week is a great litmus test for you to kind
of pause and say where do I fall? Because truth

(08:11):
be told, a lot of people come and meet with
Eric or myself and they'll say, yeah, no, I think
I'm good, I'm fine with market volatility, and I understand
it's a long game, and YadA, YadA, and then a
week like this happens and they're calling us four times right,
and you go, wait, So what I mean by that
is often people don't know their risk tolerance because they

(08:33):
either don't remember the last market correction, or they're young
and they haven't really experienced one yet, or let's actually
take it beyond that, they really don't like the guy
in the White House, right, So, meaning like, sometimes this
risk tolerance thing can be a I don't like the
president or I don't like the policies or whatever it
might be, and that suddenly triggers something that causes poor

(08:58):
patterns of behavior relation to the long term success. So
what you have to figure out is where do you fit?
And some things for you to consider as it relates
to where you should should consider fitting is how long
do you have until you need this money? What are
some of your money dreams? Honestly, how much does losing

(09:20):
money freak you out? If your portfolio drop ten to
twenty percent, would you panic and sell? And finally, do
you hate losing money more than you love seeing it grow?
So these are just some high level questions for you
to consider. But if you can, and by the way,
for those who don't know you become a client of

(09:42):
our firm. We actually walk you through a number of
different questions to try to move towards a risk tolerance.
Although I will tell you, no matter how many questions
we ask people, the greatest test for risk tolerance is
something like this last week. So really ask yourself some
of these hard questions, and don't be ashamed if you
come to the end of it and go, you know what,

(10:04):
I just don't like investing in stocks. Fantastic, God bless you.
I'm so glad you figured that out. Now you're gonna
have to understand what that means, because there's some risk
associated with not investing in stocks, But at least you
have come to know yourself and at least you can
stay the course and what you will do next.

Speaker 1 (10:21):
Really good perspective this morning as we talk with CJ.
Closs and Eric Schwartz. They are our retirement planning professionals
from Class Financial website Class financial dot com. That's Coss
k l A as Financial dot Com telephone number six
soh eight four four two five six three seven. Don't
forget that first visit, that first apployment of Class Financial.
It will be complimentary to you again. They're number six
so eight four four two five six three seven. So Eric,

(10:43):
as CJ mentioned about that kind of that chill level,
which I love, I want you to know your chill level,
could you just DIY your retirement.

Speaker 3 (10:53):
Well, you definitely could. We have we have a lot
of choices out here, Sean, you know, and I think
especially when people are young and maybe they don't have
a lot a lot saved, yet they feel more more
confident or there it feels like there's less at stake.
I think, and I think when we when we think
about d I Y I think we often think of
like home renovations. At least I do, and you know,

(11:15):
a lot a lot of people d I Y they're
they're home renovations. And some are better at it than others,
some are some are much better at it than others.
And and often we can we can tell where people
fall in that just by looking at it. But I
don't think it's all that that different when you think
of managing your investments and saving for retirement. I mean,
if you really love managing your money and and you

(11:37):
want to spend the time on it, by all means,
go for it, but be very honest with yourself, you know,
is this something that you feel confident doing. Is this
something you feel like you are willing to put the
time into. Because half hearted attempts, they can be very pricey,
and even the smartest people get lost in the financial weeds.

(11:58):
And you know, tax laws, state planning, selling major assets.
These are all very complex, very very complex problems. And
one thing that CJ was just talking about that I
think is the most dangerous part of kind of diy
ing your retirement is your emotional reaction to big swings

(12:19):
in the market. And when it's your own money that
you're you're talking about or you're thinking about, you don't
always make the most level headed decisions. We'll say so
by all means, if this is something you're interested in, gonuts,
but be very honest with yourself and make sure that
you're really committing to it, because at the end of

(12:40):
the day, it's really about time. How do you want
to spend your time? Do you want to spend it
in managing your investments, staying up to date on tax
laws and changes, and are you in it for the
long haul? Are you willing to do this this over time?
And are you willing to take your own advice when
it's hard to make those decisions? Okay, so DIY is

(13:04):
definitely an option, but good advice does buy you peace
of mind. Okay, So working with advisor, it's kind of
like having a financial GPS, and you know, it really
helps you take the emotion out of decisions. I had
somebody an advisor I worked with when I was younger
say to a client, you love your money, but I

(13:26):
like your money. So it really allows you to have
a much more level headed decision making process around it.
So if you are looking for an advisor, ask around,
talk to your friends, talk to your neighbors, and anybody
who's happy with their financial advisor, they're going to want
to tell you about it, because it's not something that

(13:47):
if you're just like, I don't know he or she,
They're fine, they do it I need them to do.
You're not going to be willing to share that with
other people. So anybody who likes their advisor is going
to be happy to to tell you about it. Now.
Questions to ask when you're when you're meeting with an advisor,
I think the obvious one would be what are your fees?

(14:08):
What is your structure? How to you know? How do
I compensate you? And are our interests aligned in that process?
Have you worked with people like me? Okay, so we
say all the time on the show, everybody's situation is unique.
Everybody is different and different people need different levels of
financial advice or maybe types of financial advice. Maybe you're

(14:31):
a a State of Wisconsin employee in the you know,
the State of Wisconsin has a very complicated pension. Great
ask the advisor, is this something you've worked with before?
Do you feel comfortable giving me advice on that? Or
maybe you are former military, right, that's also a specialized group.
So ask these questions upfront and ask things like how

(14:54):
often do we meet? What does this look like? If
I am actually your client now. A lot of times
people will ask, especially potential new clients, you know, is
this really worth it? We certainly think so. And an
advisor can help you set goals, they can help you
make a plan, manage your risk, and if you actually

(15:15):
do seek out an advisor, you get all of these great,
great benefits. But surprisingly only thirty five percent of Americans
actually use one. So if you're in that sixty five
percent that don't, you might want to think about changing that,
especial as especially as we go through some of these
more volatile times we've seen over the last week.

Speaker 1 (15:34):
And talk about some really good insight as we talked
this morning with Eric Swartz and CJ. Closs, and you know,
having the experience day in and day out and managing
this stuff. It's a really important day. If you've listened
to the program for a while saying, you know what,
I should probably reach out and give them a call.
Today is a great day to do. Just that Telful
number for class financial six soh eight four four two five,
six three seven. Don't forget that first get to know

(15:56):
you conversation. It's not going to cost you a thing,
it will be complimentary to you. On the telephon number
for Coss Financial six oh eight four four two five
six three seven. The website Coss financial dot com. That's
Coss k l a A S Financial dot com. We're
going to continue our conversation with CGN Eric. We will
do that next as Money in Motion with Coss Financial
continues right here on thirteen ten. Wui b A talking

(16:18):
this morning with our retirement planning professionals from Class Financial, CJ.
Coss and Eric Schwartz. You can learn more about Claus
Financial on their great website. I hope you've been there.
If not, get on in there today. Coss Financial dot com.
That's Coss k l a A S Financial dot com.
Their telephone number six o eight four four two five
six three seven. Don't forget no charge for that initial
get to know you appoyment at Coss Financial. It will

(16:40):
be complementary to you again their number six oh eight
four four two five six three seven. Talking this week
about investor emotions and talking about folks that may try
DIY and the benefits of working with an advisor and
H and Eric. Just before the break, we kind of
we're talking about some of the benefits of working with
an advisor, and of course you see it. You guys

(17:03):
understand this is there can be some you know, kind
of crazy investor behaviors that we hear about. Let's talk
a little bit about that area of investing.

Speaker 2 (17:14):
Yeah, behavioral finance. Yes, we are not robots. We do
have biases and histories that inform the ways that we behave.
I will be the first to admit I often do
not behave in rational ways, especially as it has to
do with teenage children. But with that being said, listen, everybody,

(17:39):
I know often you know, when we talk about you
might want to consider working with an advisor, it feels so,
you know, kind of selfish and focused on what's in
our best interest. Listen, I want to be the first
to tell you there are many good financial planning wealth
management firms in the Madison area. If you live anywhere
in this area or even northern Illinois, there are great firms.

(17:59):
It does not have to be us. If you work
with a good feebase wealth manager, they will more than
cover their cost over time in benefits to you. And
that is not just me saying that for somebody who's
in the industry. That is me actually having experienced it
as an individual. Myself, meaning getting into the industry as

(18:19):
a young twenty something year old and becoming licensed and
learning things and then being like, I think all the
academia is wrong. I can time the market and testing
it and doing different things on my own, and doing
this over twenty plus years, I can just say, oh,
my goodness, there are so many what I will call
common thoughts about the right ways to invest and plan

(18:43):
for your future that are.

Speaker 1 (18:45):
Just dead wrong.

Speaker 2 (18:47):
Let me repeat that, there's just so many common thoughts
about the right way to invest and plan for the
future that are just dead wrong. And again, it's not
me saying that as as somebody who's in financial services
that's a consumer. I'm like you. I jumped into investing
and tried different things, and just through working with hundreds

(19:09):
and hundreds of people and through my own testing of this,
found out, Wow, there are a lot of things I
do that don't work out well. Let me give you
some examples of biases that we have over confidence. So
we all think we're better drivers than we are, don't
we right.

Speaker 3 (19:25):
As a matter of.

Speaker 2 (19:26):
Fact, if you ask people who are out on the road,
do you think you're an above average driver? Do you
guys know that eighty five percent of people think they're
above average.

Speaker 1 (19:32):
That's not possible.

Speaker 2 (19:34):
That's not possible. Statistically similar with investing, do you think
you know what you're doing? High percentages of people who
are DIY. Yes, I do know what I'm doing. Why
is it that every single research study of the average
consuming or average a novice investor shows them losing money
on an average annual basis, and yet like eighty percent
of them say they're really good at it. You see

(19:55):
My point, over confidence is a bias. Number two would
be loss version. So if you were to well, most
human beings, their emotional reaction to a loss is three
times has three times the severity of the euphoria of
a gain. Let me repeat that, the emotional kind of

(20:17):
like strain on you of a loss has three times
the intensity of the euphoria of a gain. Is that
another way, as human beings, we just hate losing. Well,
that can be really challenging if you're in a volatile
market that requires you to stay the course over twenty
or thirty years, So loss of version actually works against
you in investing. Another one would be heard mentality. Oh

(20:41):
my goodness, Eric and I could talk about this one
item for hours on end. Herd mentality is this idea
of like, I'm not going to do anything until it's
like fully proven, which, by the way, that's a good concept. Yeah,
you don't want to jump into something brand new and
get hurt by it. Where we support that, but if
that plays itself out, bully, what that can be is
I'm not going to invest into the market until it's

(21:03):
like had ten years of really good returns, then I'll
jump in, also known as buying high. So listen, everybody,
these are real. This is not hypothetical. We watch it
play out every single day. Anchoring would be another one
anchoring yourself on prior beliefs. Listen, the market is dynamic,

(21:25):
technology is dynamic. The titans of the past are usually
not the titans of the future. Said another way, the
ten largest companies twenty years ago, I think only one
of them remains. Let me repeat that, the ten largest
companies twenty years ago, only one of them remains. Is
one of the ten largest companies, by the way, don't
quote me on that. It might be one or two.

(21:45):
It's something like that. But the idea being that if
you say I'm just gonna buy a blue chip stock,
company and just own it forever. Well, okay, I don't
know that that blue chip stock company will be around
twenty years from now. So there's so much subtlety in
investing that we just cannot suggest enough. Really really consider

(22:06):
working with a professional, even if it's just on a
fee for service basis where every few years you pause,
you meet with them, you pay a you know, an
hourly fee for their time, just to gut check that
your biases aren't overwhelming your financial plan.

Speaker 1 (22:20):
Talking this morning with CJ. Closs and Eric Schwartz, they
are our retirement planning professionals from Clause Financial. The website
class financial dot com. That's coss k l aas financial
dot com. Great website resource to learn more about Coss Financial.
Also sign up right online to subscribe to that weekly
Market Pulse newsletter GIN that available to you at classfinancial
dot com. Or tell what number six oh eight four

(22:41):
four two five six three seven. No charge for that
initial gets to know you appointment at Coss Financial. It
will be complimentary to you again. Their number six oh
eight four four two five six three seven looks into
our conversation with CJ and Eric. We will do that
next As money in motion with Class Financial continues right
here on thirteen ten wu ib A talking with our
retirement planning for CJ. Closs and Eric Schwartz. Of course,

(23:02):
they come to us from Class Financial, the website Coss
financial dot com. That's Coss k l aas Financial dot
com art telph number six so eight four four two
five six three seven no charge, So that initial gets
no you appointment at Coss Financial. It will be complimentary
to you. Mentioned as well the website cossfinancial dot com.
A lot of great features on the website. One of
those is an opportunity to submit a question to be

(23:24):
answered here on the program as part of the Money
and Motion listener question corner. As a matter of fact,
William wrote in he said, I'm planning to retire next year.
My employer offers a traditional pension, but I'm also considering
rolling it into an IRA and working with a financial advisor.
I'm not sure which option makes most sense. What should
I be thinking about? And that question comes to us

(23:46):
from William.

Speaker 2 (23:48):
Oh I love this, William. Uh yeah, so Sean mentioned this,
But everybody, you can go to our website, submit a question,
and your question may get asked on the show. So William,
thank you for doing that, And of course by doing
it this way gives us a little bit more time
to think about your question and be prepared for it.
But great question. So everybody, what William is asking here

(24:09):
is he didn't say it in his question exactly, but
his employer, it sounds like, is offering a lump sum
pension option. So they offer him a traditional pension that
he can retire and then generate a monthly income stream
for the rest of his life, or he can take
a lump sum to roll it over to an IRA. So,

(24:29):
just so everybody understands, in the world of retirement planning
here in the United States, there's two core types of plans.
There are defined benefit plans and defined contribution plans. Defined
benefits are often known as traditional defined benefit pension plans.
So define benefit would be a pension think Social Security. Right,

(24:52):
I get a monthly income stream for as long as
I'm alive, and then when I die the money's gone.
A defined contribution plan or things like IRA is four
to one, k's four oh three, b's set by raise
you know, so on and so forth. Think of it
as what is defined is the contribution, not the benefit.
The benefit is unknown because that's based upon how the
markets perform and how long you live, and so on

(25:13):
and so forth. So what William is asking here is
should I take the traditional defined benefit pension plan that
just gives me income for the remainder of my life,
or should I convert this into a defined contribution plan
where I have where I have other options. So, William, unfortunately,

(25:33):
my answer is going to be the same as it
always is, which is it depends. It depends on a
host of factors. But let me give you a few
things to think about. In the world of a pension,
the employer is taking on the risk of investing, of
making sure the income is there over the entirety of
your life, of the decisions that have to be made

(25:57):
around swapping investments or funding the pension. So again, in
the world of a traditional pension, the employer is taking
on that risk. You get a consistent income stream for
the remainder of your life, but you also don't have
much flexibility. William, Right, If you call out the employer
five years into retirement and say, hey, I need a

(26:17):
couple extra grand send it to me, they will laugh
at you. Right, So pension's really great from the standpoint
of you don't have to take on the risk of
the decision making. Not so great from the standpoint of flexibility,
and beyond that, when you die, there's nothing left over, right,
So that's that's another.

Speaker 1 (26:33):
Big whoa, whoa, whoa, whoa, whoa.

Speaker 2 (26:35):
That's I don't know that I want them rolling over
to an IRA. Good news is you get a lot
more flexibility. If you want two thousand a month, four
thousand a month, five thousand a month, you can do that.
But you also have the risk of investing the money,
of possibly running out of money, of making bad decisions
that could cause you know, long term harm. So it's

(26:57):
kind of six of one or a half dozen of
the other. What is it that you value? Now? For
any financial planner or accountant listening or actuary listening to me,
it's like, whoa, there's a lot more quantitative way to
go about making this decision. So, William, I'll leave you
with this final thought. If you were to work with
a firm like ours, the first thing we will do

(27:19):
is look at what's called the IRR, or what we
call the internal rate of return or the hurdle rate.
So William, think of it this way, your employer says,
we'll give you two thousand a month, or we'll give
you five hundred thousand dollars as a lump sum rollover,
How do you decide which is better? And what we
would suggest that you consider is actually creating a calculation

(27:40):
based upon your unique factors of life, expectancy, so on,
and so forth, whether or not the plan has a
cost of living adjustment known as a COLA, and then
actually run a calculation to say, if I roll over
the money into an IRA, what is the rate of
return that I will need to accomplish in order to
match the outcome of the pension. Let me repeat that.

(28:01):
If I take the lump sum rollover and I invest it,
and I create the same income that the pension would
have created for me, so call it that two thousand
dollars a month, what rate of return will I need
to accomplish in order to match the outcome of the pension?
Also known as the hurdle rate. If that rate is
like two percent, you might want to lean towards the

(28:24):
lump sum rollover. If that rate is eight percent, woo,
that's a big hurdle rate. I might want to leave
it in the traditional pension plan. Now there's other qualitative
and quantitative factors. There's things like will this company be
able to sustain this?

Speaker 3 (28:40):
Do I?

Speaker 2 (28:40):
Because that's another thing is pensions are a general liability
of the corporation, So if they have difficulty, is this
going to get pushed off to the pension benefit guarantee corporation? So, William,
I'm in over my head here. You can already see
determining whether or not you should take a monthly pension
or doing the lump sum rollover actually a quite complicated decision. Now,

(29:03):
Eric and I can do these calculations and meet with
people and give advice within thirty minutes, right, it's we've
done it so much that we can work through the
logistics and give you advice on it. But trying to
do this on your own as a consumer, it can
be a challenge. So so I hope that's helpful. William,
thanks so much for the question, and again, listeners feel

(29:24):
free to do the same thing and submit a question online.

Speaker 1 (29:27):
And as you mentioned, CJ, pretty major decision as well.
You definitely want to work through that that all of
the aspects of it. That's a great thing. As we
talk with CJ. Closs and Eric Schwartz having that conversation
that gets to know your conversation at Coss Financial. Of course,
I got who's give a call six oh eight four
four two five, six three seven. That first appointment is
not going to cost you a thing again. They're telephon
number six so eight four four two five six three

(29:47):
seven and going to hold on to that telephone number
now because it's time for the Class Quiz question of
the week. It works like this. In just a moment,
I'll ask you the class quiz question leak. You will
then have thirty minutes from the interday's program to call
the Class Financial office right here in Madison at six
eight four four two five six three seven. If you
are the first car correct answer, win this week's prize,
which is a twenty five dollars gift card to Cheesecake Factory.

(30:07):
This week's Closs Quiz question week is this. There are
three simplified types of investors investor personalities fill in the blank.
They are conservative, Moderate, and blank telephone number six O
eight four four two five, six three seven. First cor
correct answer win this week's prize, which is a twenty
five dollars gift card to cheesecake factory again. It's COSS

(30:28):
Financials office here in Madison as well the website cossfinancial
dot com. That's Coss k l aas Financial dot com. CJ.

Speaker 2 (30:36):
Eric.

Speaker 1 (30:36):
It's always great hanging out with both of you guys.
You have a great day. Thanks Sean, Thanks Sean. Doctor
Marty Greer comes your way next here on thirteen ten
Wiba