Episode Transcript
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today, you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The phone nines are always
(00:43):
open at six point two five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:55):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kalvig, founder and CEO of the Haven Financial Group.
Brilllych to have Kyle Thomas, a certified financial planner, on
the Haven Investment Team to talk about all these topics
that are top of the mind, Kim, Tariff's the markets,
what do we do? Oh my goodness, a lot to
(01:17):
talk about, Kim.
Speaker 3 (01:19):
Well, Larry, it's great to be with you, and I'm
excited about this week's show. So glad that Kyle could
be with is Kyle, thanks so very much. I don't
know if you guys are having this experience, but everywhere
I go. I was at a dinner party the other night,
everyone was talking about uncertainty, not really even talking about
necessarily how they feel about it, just talking about the
(01:40):
fact that it exists. So I don't remember times that
were quite as uncertain as what we're experiencing right now.
I mean, certainly every time we have an administration change,
you know, we see and feel some of this, But
there seems to be just a lot of levels of
stress out there, and I can't imagine if you're someone who's,
(02:01):
you know, looking at retirement in the next couple of years,
or you've just stepped in, how you might be feeling.
So we're going to try it to address some of
those issues during this broadcast, revisiting tariffs and their effects
on the economy, we'll talk about that uncertainty creates volatility,
in your retirement portfolio. Let's talk about that, how annuities
(02:22):
can play a role in your healthcare retirement. And finally,
emotional financial decisions can derail your retirement. And I have
to tell you, Larry, that's the one I think that
you guys must be the most concerned about. People just
making these crazy emotional decisions because they don't know what's
coming around the pike.
Speaker 2 (02:41):
Oh, emotions and psychology and money and investments. I mean,
it's real, and I don't care if you'd say, well,
it doesn't affect me. It pretty much affects everybody. And
I you know, I hate to speculate, but I news
is so prominent, and the social media and news travels
so fast, and news wants to spread fear and anxiety,
and well it's doing a good job of it. You know.
(03:04):
It's the new administration. You know, there's no perfect world
out here. We always thought that, and again we're not.
We don't have a crystal ball by any means. But
I always thought we thought that six to nine months,
it's going to be volatile. I don't we don't see
any way around it being volatile. The US economy, I believe,
is still very strong, in the long term forecast, and
(03:25):
we're very we're certainly very still optimistic. But that's why
it's important for people to be where they should be,
in the right place and the right mindset. And I
just encourage, you know, listeners are listening to the show,
and thank you for that. But you know how much
new news is too much news? Some of it is
(03:45):
just so far out there. Just be careful, don't you know.
There's a lot of good things to do in life,
and we've got to be up on the news. But
I just encourage. I just see people just engulfing their
whole day in news, right, and it just it takes
too much your mind, and it just it ruins a
lot of people's days. And I just refuse to let
let it do it. We've got to be an aware,
(04:06):
have an awareness of understanding of what we're doing. And
that's what this shows about what are you doing? Is
anybody helping you? And do you have a plan?
Speaker 3 (04:14):
Absolutely? Yeah. My suggestion is walk, take a walk, Take
a walk.
Speaker 2 (04:20):
That's good advice. That's probably the best advice.
Speaker 3 (04:24):
Kyle, Again, so great to have you with us. We're
gonna we're going to try to alleviate some of this
stress for folks and talk just talk these things through.
We want to talk a little bit about tariff. Tariffs
have become that is the buzzword right now, you know,
and I think a lot of people don't even know
exactly what it means or how it might impact them.
Wondering if maybe you could just address this issue of
(04:44):
tariffs and you know, from a from your point of
view as a certified financial planner, how you're addressing this
with your clients.
Speaker 4 (04:54):
Yeah, First of all, tariffs, they're they're often described as
a tax on imported goods, but that's not entirely the
best definition for it. So tariffs are taxes on US
companies that purchase the imported goods. So it's not like
the US would be charging a tax to China or
Canada or Mexico. It's charging the tax to the companies
(05:17):
that are purchasing those goods from any of those countries.
So that's a common misconception of it right there. And then, yeah,
so the tariff discussion is that's been all over the
news pretty much ever since Trump and his administration took office,
and that's been causing all the volatility in the markets
because there is so much uncertainty. Like you were saying earlier,
(05:41):
we don't know exactly what is going to come out
of all of this. All we know is that the
Trump administration is trying to create a more fair playing
field in terms of who's charging tariffs and what amount
it is, because historically the United States had been getting
a lower end of the deal in terms of other
(06:03):
countries putting tariffs on our goods and US not reciprocating that.
So what we're trying to do is essentially fair the
playing field here. Because we have a large debt, right
that's the biggest goal here of what the administration is
trying to do. We're trying to reduce our debt, and
(06:23):
that's something that we can't ignore because the way that
we've been going about that is just it's kind of
been an endless cycle. Over the last administrations. We've been
printing money to pay the debt, which has been causing inflation.
That's kind of the short story of how that's been going.
And that's creating the endless cycle because we just keep
(06:43):
printing more money and creating more inflation. Well, we're going
to have a little bit of rocking of the cradle here,
with these tariffs, because we don't know how that is
going to be impacted on the everyday consumer. Because yes,
prices at increase, but at some point we need to
(07:04):
have that rock, you know, the cradle, because we need
to fix the problem that we've reaped.
Speaker 5 (07:08):
Here.
Speaker 3 (07:09):
Well, you've just answered, but let's walk through it a
little bit more so for those who are listening. And
we don't want to be overly simplistic, but at the
same time, I think it's a fair question. How might consumers,
how might pre retirees and maybe even retirees be affected
by these tariffs.
Speaker 4 (07:28):
Well, so the prices could absolutely increase for everyday goods.
You know, the taxes on the US companies are passed
on to the consumer you know, which is US and
the imported goods in the pipeline, you know, for the
products that we all all are going to buy, you know,
(07:50):
going to Target or cub foods, all those products.
Speaker 5 (07:53):
Are going to be increased.
Speaker 4 (07:55):
You know, if you look at eggs and cars and
all those things that are part of our daily life,
they've all gone up.
Speaker 5 (08:02):
There's egg shortages right now.
Speaker 4 (08:04):
So that's going to absolutely impact us in the short
term at least, right because there's there's less supply out there,
and so that's going to create a higher demand, increasing
the prices as well as you know, the increased price
for the imported goods themselves.
Speaker 3 (08:24):
Now you've talked about this being you know, something that,
as you put it, rocks the cradle in the whole
idea here is to try to manipulate the economy to
turn it around through these tariffs. But this is also
a negotiating tool.
Speaker 4 (08:38):
Yes, absolutely, If anyone knows Donald Trump's book, you know
the Art of the Deal, if you understand what his
concepts were in negotiating tactics, this is all tactics. He's
he's not trying, at least in my opinion, he's not
(08:59):
trying to actually implement what he's he's saying that he
wants to implement with these countries. And the administration can't
come out and just tell that to the American people
because then his hand is told.
Speaker 2 (09:12):
Right.
Speaker 4 (09:13):
So this is a tactic into getting a better deal
for the United States. And because that's part of negotiating.
You know, you start, you start at X, and the
other party is at why, and you know, you get
to somewhere in the middle. So that's what the tactics are,
and the economy and the stock market specifically are reacting
(09:36):
to what the tactic has been, which is why things
have been extra volatile and why it actually could be
you know, good potential time to be buying in the
market and not not selling.
Speaker 3 (09:51):
Sure, So you sit down with with potential clients and
the first thing they say to you is, Kyle, we're
scared out of our minds because, I mean, prices every
time I go to the grocery store just seem to
be going up, up, up, and I'm hearing more and
more about, you know, imports from Canada going up, up up.
What are you what are you saying to them? What
are you suggesting?
Speaker 4 (10:11):
Well, I'm suggesting that we go back and look at
the plan that we created, because it always comes back
to our retirement planning and the analysis that we do.
Because when we do that, we run thousands of different
trials that incorporate all these different situations, and one of
them is a higher inflation number. And if we go
(10:34):
back and check out those trials that have the higher
inflation and we see that we're okay, well, that creates
some validity in their safety and then they can feel
more comfortable and at peace with whatever happens, because now, okay,
if inflation's at three or four percent rather than you know,
the two point two or two point five that we
(10:56):
are planning for a base case, then they feel a
lot better if things do start to rise, because that's
the big talk about the tariffs is that there's inflation.
Speaker 3 (11:08):
So do you have a portfolio that is inflation proof
or at least has considered inflation when being put together.
If not, then you're gonna want to visit with the
folks here at Han Financial Group. That number is six
one two five zero four eight four zero zero six
one two five zero four eight four zero zero. You
can go to Hanfinancialgroup dot com. I recognize, gentlemen, that
(11:31):
you can't make a portfolio cannot be inflation proof, but
you can take the steps that can certainly make it easier.
Speaker 2 (11:39):
Correct, Yeah, Kim, you know, as I said at the beginning,
just what be careful what news you're listening to, and
how much news you know, a lot of these countries
have been ripping us off. I mean, if you look
at it, they have been. We're looking just for fair
trade practice. I think Trump is obviously this is a
negotiating tool. But you know, in summary, there's pros and
cons of terrafts, and the pros we certainly hope they
(12:02):
outweigh the cons in this situation, and I think they will.
You know, this could increase revenue, It could protect some
more domestic industries, could give us some more leverage. You
could protect some companies to help our national security. But
there's always the downside. We mentioned some of them. Prices
could go up, well, good grief, they've been high for
(12:23):
quite a period of time already. There could be we've
already seen retaliatory tariffs, retaliation. Trump puts one on and
then Canada, well, I'm going to do this to you,
and they put their foot in the mouth a few
different times. But there could be there could be some
reduced consumer choices on the shelves if the supply chain
(12:44):
gets affected. Now that's not going to happen overnight. In fact,
they could take months or even years for us to
be able to see that. So it comes back to
having an awareness of understanding of what we're doing, what
you're doing as far as your retirement planning goes, and
this this stuff, this isn't the first time in history
this stuff has happened. It may seem like and in
(13:06):
the moment, but this stuff has gone on before. We've
weathered the storm. We live in the United States, South America,
and we still have all the hope in the world
that things are going to be just fine.
Speaker 3 (13:18):
Six one two five zero four eight four zero zero.
That is how you reach the experts at Haven Financial
Group when we come back. Uncertainty creates volatility in your
retirement portfolio. Let's talk about that here on the Haven
Financial Groupremia Show.
Speaker 1 (13:35):
Don't go too far. We're gathering more important insights and
retirement pays government the Haven Financial Group Radio Show. We'll
be right back. Stick around, you've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
the show.
Speaker 2 (13:57):
Welcome back, listeners. You're listening to the Haven Financial Group
Radio Show, and I'm Larry Kalbig, founder and CEO of
the Haven Financial Group on with Kyle Thomas, certified financial Planner,
an investment advisor on the Haven Financial Team. Kim talking
every week. This week tariffs, the worries, the concerns, and
(14:17):
you know folks can they can give us a call
at six one two five oh four eighty four hundred,
or visit us online Havenfinancialgroup dot com, or you can
send me an email Larry at Havenfinancialgroup dot com. I'll
respond and we can talk more about anything we may
have covered today. So just wanted to throw that out there.
Speaker 3 (14:35):
Fantastic. Kyle Thomas is with us, He's a certified financial
planner there on the investment team at Haven Financial. We
want to talk a little bit about uncertain the uncertainty
that has created some volatility in folks retirement plans. You know,
you spend a lot of time and effort to save
all of your money for retirement. You maybe have put
(14:58):
it in some spots that you believe have been safe
or have been great returns for you, and then all
of a sudden, all this inflation starts and you realize
that doing it yourself is maybe not the best way
to go about it, because you need some advice and
the even financial team can certainly be those advisors for you.
So Kyle, somebody comes in and they say, listen, here's
(15:20):
where I have all my money, this is what I've done.
I need to protect this money what are we going
to do. Let's talk through some of the steps that
you talk to potential clients about.
Speaker 4 (15:30):
Yeah, first off, we want to make sure that we
have a good diversified portfolio. We want to make sure
that we have a good ratio of stocks and bonds,
and then we want to make sure that within those stocks,
we have all these different asset classes that provide different
types of return and stability. And we want to make
sure that we have all these different types of bonds
inside of the bond piece that you know, some of
(15:53):
it's inflation protection, some of its short term bonds, some
of it's a fixed annuity. It all depends on what
the overall risk profile is. But we want to make
sure that that is the first piece that we have
because that allows for us to handle any volatility that
comes within the investments.
Speaker 3 (16:10):
Okay, all right, great, then what's next? What do we
do again? We're trying to protect against all this volatility.
Speaker 5 (16:17):
Yeah, absolutely, so.
Speaker 4 (16:18):
Then the biggest thing after that would just be making
sure that we have a cash flow plan and that
we have something that's set forth that can that's longevity
tested and it's stress tested to make sure that the
plan works and so when volatility. Volatile times come like
the stock market has shown recently here, we want to
(16:40):
make sure that we have a plan that we're not
affected by any of that volatility. We come up with
something that regardless of what's going on out there, our
cash flow needs, what we get in our cash flow
doesn't change because the stocks are down. That's the optimal
plan and perfect type of plan. And because your lifestyle
(17:02):
doesn't change based on what's going on outside uh. And
then also we need to make sure that people are
being rebalanced inside of their portfolios correctly during times like this,
because when I see volatility, I actually get a little excited.
Speaker 5 (17:18):
I see that because.
Speaker 4 (17:21):
It gives you an opportunity to buy low and sell high.
So when when we're doing that, we've been buying stocks
the last couple of weeks when a lot of investors
who are scared of the market have been selling, well,
we've been buying and replenishing the stocks that we lost
in value. And then we'll do the vice versa when
(17:42):
the stock market comes back. Because the stock market has
always come back, it's just a matter of when that happens.
But we just need to be patient. And if we
have that plan like we were talking about earlier, were
we can wait for it to come back. We have
we have that plan set for us to be patient
and disciplined investors.
Speaker 3 (18:02):
And if maybe that plan isn't as solid as it
needed to be, I would imagine that you also can
step through and walk people through a better budget, maybe
you know, cutting back in some places.
Speaker 4 (18:16):
Right, Yeah, and then there sometimes you know, we do
have to have conversations like that of where we adjust
the budgeting and say, all right, well, instead of spending
a few thousand a month, maybe it's a five hundred
less or for a short time or something like that, Right,
we come up with some kind of plan that works
for them and to create healthier habits so we can
(18:41):
have the retirement that they desire. And there are a
bunch of different things that we can do, you know,
with the types of investments as well, and you know
where where funds are invested, you know, increasing their risk
profile or getting higher high income streams. So there's different
(19:02):
types of investments that can achieve those different types of goals.
But sometimes, yeah, we do have to adjust the budgets
as well.
Speaker 3 (19:09):
Kyle, I would imagine, and we talked about this off
the top of the show. But you've had some folks
who have come in and said, Kyle, sell everything, sell everything.
We got to get you know, that emotional you know,
sort of panic if you will, panic selling because they
don't like the way things look.
Speaker 4 (19:26):
And that's something that you really want to be careful
of because you know, studies, there's been so many studies
on this, and they show that investors who are panic
selling during downturns they missed the best recovery days because
those recovery days actually come pretty close to when those
downturn days are. And if you miss just the ten
(19:48):
best days in the market over a twenty year span,
you know that can that actually cuts your return in
about half if we e were looking at historical return numbers.
But then also just think about in March twenty twenty
when COVID happened, Well, if you went to cash in March,
you missed April, May, June, July, August, if them all
(20:08):
of that, the market just rallied and ended up being
a positive year that year. So if you miss missed
out on that you went to cash, well, you also
got to decide when to get back in.
Speaker 5 (20:20):
How do you make that decision? What are you basing
that on?
Speaker 4 (20:23):
So we have to make sure that we're disciplined and
that we don't make emotional decisions like that because those
recovery days they do tend to happen pretty close to
those downturn days.
Speaker 3 (20:34):
I think it's really important to stress that people who
feel those emotions and who react that way, I mean,
that's not anything to be embarrassed about or to feel.
You know that you don't want to express that to
anyone because I think that's just your natural reaction because
we're in a shorter leash when we're in retirement.
Speaker 2 (20:53):
Yeah, Cam, if I could interject here, you're right, the
element of time becomes that much more important as we
get closer to retirement or in retirement. You know, what
does that timeline look like. That's going to be a
conversation we have, and you know, if I could just summarize,
you know, for the listeners that are listening, if you
come to our classes, or maybe you were referred by
(21:15):
a Haven client, which we have lots of folks that
are We take people through the same process. You know,
we bring them in and come on in and visits.
It's a very laid back approach. We'll have a first
meeting where you get to know us, We get to
know you, ask a lot of questions, a lot of inputs,
a lot of input information. We listen, we take a
(21:35):
lot of notes, and we kind of that's where it starts.
And from there, Okay, now what are you doing? What
do you like about what you're doing? Is there anybody
helping that we could lead? If you think we're right
fit and well, these Haven folks are kind of cool people.
Maybe they are. You can come back and then we'll
dig deeper. We'll look at the will stress test your portfolio,
We'll look at your overall investment, your strategy and what
(21:59):
you're doing. And hey, it's not our job to criticize
or do anything, but is there any improvements that we
could be making or recommendations. So we'll come up with
some recommendations. Maybe there's some asset classes that you're just
not touching, Maybe you have way too much risk, maybe
you're paying way too much, and make you aware of
these things. From then, if you think that you know
(22:21):
what I need to make some changes, then we'll put
together and start making the changes. And we call that
the implementation process. And when we'll dig so deep as
to in the projections, look at your budget, look at
your investments, what type of tax classification are those investments.
We're going to look at your real estate, all of
(22:41):
the above and project that out thirty thirty five years.
We're going to dig as deep as tax planning. Here's
what in five years, roth conversions may make sense. And
from then we just continue to modify that plan. And look,
here's what we need to be doing now it's ten
years from when we started this plan. Whatever that is
to avoid this. I remember in two thousand and eight
(23:03):
when the market crashed exactly who I was with and
they couldn't even talk about investments. We had to stop
our conversation, and that is some people. This last couple
of weeks with the markets just going so crazy. In
that two thousand and eight I remember the Starts reviewing
on the front page said three out of five seniors
have to go back to work or stay in the
workforce longer. In two thousand and eight, in those market
(23:27):
correction years, people were retiring or they wanted to retire,
and that does not change. There's people going to retire
right now. So avoiding to be one of those three
out of five that has to stay working because you
didn't have a plan, or you took too much risk
and you didn't even didn't even know about it. That's
the tension you deserve so you can avoid things like that.
(23:48):
I hope two thousand and eight or none of that
ever happens to anybody again, but it's going to and
that's unfortunate. But you owe to yourself to at least
get a second opinion.
Speaker 3 (24:00):
If some of this rings true for you and you
would like to sit down get a second opinion, or
maybe you just need a plan. Six one two five
zero four eight four zero zero is the number you call.
The folks that Haven Financial Group would love to sit
down with you, talk through as Larry just described what
it is that you're anticipating in your retirement and take
(24:21):
a look at whether you have a portfolio already that
needs to be reviewed or you'd need to put one together.
It's six one two five zero four eight four zero zero.
Coming up next, we're going to talk about annuities. This
is the Haven Financial Group Radio Show.
Speaker 1 (24:35):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Colvig is back and ready to
help you find your financial safe Haven.
Speaker 2 (24:57):
Good morning, and welcome back to the Haven fin Answer
Group radio show. I'm Larry Colvig, founder and CEO of
the Haven Financial Group, on with Kyle Thomas today, certified
financial planner on the investment team at Haven Financial Group
and Kim talking through a lot of these retirement topics,
trying to calm some of the fear that's out there,
even though it's difficult to do because if we never
(25:18):
turned off so if we never turned off social media
in the news, how do we ever get away from
all the negativity? And I love what you said, Let's
just go for a walk. It makes perfect sense.
Speaker 3 (25:29):
It really really does. And in fact, that's my way
of getting away from it for sure.
Speaker 1 (25:34):
Kyle.
Speaker 3 (25:34):
It's so great to have you with us. And we've
been talking about some of the things that in these
volatile times that you talk to your clients about in
ways to maybe alleviate some of the stress and keep
these portfolios moving forward. We want to talk about annuities.
Larry and I talk about annuities pretty frequently. Let's get
your stance on annuities exactly what they are and how
(25:58):
you think they work.
Speaker 4 (26:00):
Yeah, So there are many different types of annuities, and
one of the biggest ideas of them is that they
provide income for people, so it's a pension like benefit
that you can purchase.
Speaker 5 (26:15):
Uh.
Speaker 4 (26:15):
The other type of annuity is a fixed annuity or
a fixed index annuity, and that's an annuity that acts
like a CD in a way, and it provides interest
to you or or credits you based on an index.
So those are those are kind of the two main types.
(26:36):
There's variable annuities as well, don't we won't focus on
those because short story, we're just we're not a fan
of those. They're higher fees, uh, and and they just
don't provide the type of benefit that those fees, you know,
say that they should.
Speaker 5 (26:53):
Right.
Speaker 4 (26:54):
But the income and stability type of annuities, those are
the ones that that are more common and in our practice,
and specifically the fixed index annuities.
Speaker 2 (27:04):
Right.
Speaker 4 (27:04):
Say, there's some great interest rate products out there right
now with these higher interest rates, and that's something that
we are absolutely implementing into portfolios right now.
Speaker 5 (27:15):
Given the times that we're seeing in the market.
Speaker 3 (27:17):
So I'm assuming that the income obviously, and that sort
of guarantee. That is why people should consider annuities.
Speaker 2 (27:30):
If I could jump in here, cam First of all,
I'm gonna go, let's go back to the fundamentals before
I do. Let's just face it. There's a lot of
financial marketing in our industry, and I get it, and
that's perfectly okay. Some listeners may have seen the back
of a newspaper, local newspaper that's been advertised for quite
a few years. I haven't seen it recently, but I
(27:50):
might have missed it. Actually, I don't get the newspaper anymore.
That's probably why I haven't seen it. But anyways, backpage
of the Star trip. I hate annuities and you should
two or other ads like that, or why I was
told that annuities are bad? Well, first of all, consider
the source. Does everybody need annuities? Absolutely not. Can they
(28:14):
be part of an effective portfolio, effective balanced portfolio? They
absolutely can. However, all annuities are through an insurance company.
All annuities they are a contract that has a term
to it. Kyle mentioned there's four types. I mentioned it before,
there's immediate, variable, fixed, and fixed index. Again, they're all
(28:38):
through insurance companies. Because all annuities are, they act differently.
We mentioned and we have mentioned that they can be
used for income. They absolutely can for a guaranteed lifetime
income stream. Understand the specifics of the one that you're
looking in, how it works. Understand the word annuitization. Do
you give up control of your money? These are all
(28:58):
really good questions that you should be asking, But they
don't have to be used for income. If you maybe
have a pension and sold security, you don't need income.
There always been known annuities are for income. Not today
in twenty twenty five. Annuities are oftentimes, and we use
it more so for accumulation purposes where you can't lose
(29:20):
any principle, you don't have to pay a fee at all,
and you can get some very good growth. And those
that are in them right now than when the market's volatile,
they haven't lost a penny, they haven't maybe made anything.
But they can be used for accumulation. I'll just add
they also can be used for legacy planning. Hey I
don't really need this money, I don't want to risk it,
(29:41):
but I want to have it grow for legacy for
my kids or grandkids. They can be used for that
earlier we talked about. They can be used for long
term care insurance. So annuities, just understand the types. What
what do you need it for, if do you need
it at all? The does it fit into your overall
(30:01):
portfolio strategy and if so, why and how? And then
get some make sure somebody's showing you all of them
that are out there. We only work with a rated companies.
We want those that have been around a long time
and those that are reputable. We don't want our name
attached to any company that doesn't have a good year
(30:22):
of reputation. So these are the important things to be asking. Again,
not nobody has to have an annuity, but they can
be very effective, but they have to be doing what
they need to be doing for you, the investor.
Speaker 3 (30:36):
Are there tax advantages to annuities?
Speaker 2 (30:39):
There can be, and there can be tax disadvantages. Of course,
iras or roth iras, they're always deferred no matter what
they're in anyways, but if you can have a non
qualified investment and if it's in an annuity, that can
be that it will grow tax deferred. However, that could
be an advantage or it could be a disadvantage because
(31:01):
when taken out of that non qualified annuity, that's now
going to be taxed at ordinary income tax rates, where
if it wasn't, it would be taxed at capital gains
tax rates, which are obviously different brackets. Now we're back
to the tax conversation. So you notice how all this
is intertwined. These conversations all go together, and it should
(31:22):
all be part of your retirement planning conversation. They all
go together, and you know, I've said it many times
there should be coordination. And if there's no coordination, well
we know is what the opposite the opposite of that
that means, and that's probably not good.
Speaker 3 (31:40):
Let me ask you one last question about them. Can
they be customized?
Speaker 2 (31:44):
They're made by insurance companies and there's different features, so
there's pretty much anything out there that you could possibly get.
And then always be aware of costs. I'm always cost aware.
So many times people have one of those that has
much higher costs to it. And don't let somebody sell
you something just to sell you. Some salesman sell something
you maybe don't need. Understand why it can be an
(32:08):
effective investment tool in your portfolio.
Speaker 3 (32:11):
That's my advice, all right, if you have interest in
possibly an annuity, or if you just need some questions answered,
or you have a portfolio that you'd like someone to
look over, or you just need a partner in planning
for your retirement. All of the above. Six one two
five zero four eight four zero zero. That is the number.
(32:33):
That's how you reach the folks at Haven Financial Group.
It's six one two five zero four eight four zero zero.
You can also go to Hanfinancialgroup dot com Larry. When
they go there, they can learn about some of these
educational seminars. Will there be one on annuities anytime soon?
Speaker 2 (32:50):
There should be go to the site because be honest
with you, my wife, the office manager, makes the schedule
and I don't know where she has me and win
and I'm just told one to be there. But yeah,
we're going to have another one. And we don't teach.
We teach social security and tax investment classes, wills, trust
and legacy planning, all about education. We're very big into education.
(33:11):
In all ten years that we've been here, we've never
shied away from it, but we've just encourage it. Workbooks
are provided at every class there's no costs, there's no catch.
We're not there to sell you anything. We're there to
educate you.
Speaker 3 (33:25):
Havenfinancialgroup dot Com. That's where you can learn more about
those educational seminars UPCA next, Emotional financial decisions can de
real your retirement. We've talked a little bit about that already,
but we'll take a look at that a little bit further.
Kyle Thomas is with a certified financial planner. They're at
Heathen Financial Group's investment team. Stay with us, every one
(33:46):
you're listening to the Heapen Financial Group Radio Show.
Speaker 1 (33:49):
Don't go too far. We're gathering more important insights and
retirement pays the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(34:09):
the show.
Speaker 2 (34:11):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group, and we got Kyle Thomas on today. Kim,
he's a certified financial planner on the investment team here
at Haven, giving us a lot of discussions about emotions
and the markets and the volatility and the tariffs, all
this uplifting stuff. So we want to have as much
(34:33):
fun with it as we can, although it's serious. You know, money,
money can do weird things to people, and it has
and a lot of times, especially the calls we get
when the volatility is here, is people just want to
talk to somebody. And I had a good conversation with Kyle.
He had a call in and I said, how did
that go? I think he was just listening for he
(34:56):
was just having some ear that would listen and remind me,
remind him that we did this plan, We're okay, everything's
going to be fine, And he was okay. And for
a lot of folks, that's what they're looking.
Speaker 3 (35:09):
For, absolutely, And I can understand that. You know, you
just want to hear the person that you trust, who's
helped you put together a plan that we're still in
the right places. And if not, Kyle, I'm sure then
you start to walk through and help them readjust so
that they are in the right places during these little times.
Speaker 5 (35:26):
Yeah, I mean.
Speaker 4 (35:27):
Traditionally, research has shown that in times of uncertainty, individual
investors they often shift from a higher risk strategy to
lower risk ones, which you know that that can work
out in your favor if you time it right, but
it's also really hard to time it right. So having
a well rounded portfolio that's diversified properly should help prepare
(35:52):
you for both those positive and negative market scenarios. It
should help you capture potential gains during a strong market,
and it should also protect your savings and unnecessary losses
during any downturns. And the way you're able to do
that is having a well balanced portfolio that is fully diversified.
(36:12):
I know we keep saying diversified, but it is important.
That's what helps protect you there. And you need to
understand what your risk tolerance is and what kind of
risk you can stomach in those downturns, because what you
don't want is to change that risk profile in the
middle of a downturn based on emotional feeling, because well,
(36:33):
now you can't recover as fast as you would have
if you just kept in that same risk profile.
Speaker 3 (36:39):
That's a really what you've just said I think is
really really important. It's the reason why now is the
time to start to put this portfolio together, because you
want to be prepared. You don't want to, you know,
on a day when the market loses five or six
hundred points, that's not the day you want to go
in and say, oh gosh, I need to make changes.
Speaker 4 (36:59):
Yeah, there's a lot of different reasons for people sparking
or having that fear sparked inside of them. A lot
of it is based on the news or what they're
seeing with the markets themselves. You know, the bull markets
can create an overconfidence and people being more apt to
(37:20):
buying those things that are already up because they don't
want to miss out. And then bear markets can, you know,
do the opposite. They provoke a fear based decision making
and you sell at losses because you've already hurt a
little bit in some losses and you don't want to
hurt anymore. And the news just doesn't help with this
any media, I mean, they create chaos. And there's charts
(37:41):
on these websites that say fear is driving the market,
extreme fear is driving the market, or positivity is driving
the market, and all those things play into investors' minds
on a daily basis, and we see it in our
meetings all the time, and when we're meeting with people
and things that they come up with from doing their
own research, and so many times they just need to
(38:02):
be told like, no, let's just stick with the course.
We're going to be fine. We just have to stay
with what we're doing and ride it out.
Speaker 3 (38:10):
Are you guys finding that you're getting more calls right
now than maybe you would on an average you know, March.
Speaker 2 (38:17):
We tend to not get too many because we want
to be we want to educate more on the front end.
But yes, we are getting more calls. When things are
all you know, calm, the waters are calm, and there's
no volatility, we don't get any calls. Okay, So when
it's been as volatile, yeah we are getting weird calls
as well. But those, you see, again we put on
(38:38):
our counseling hat and go back to why we did
what we did. You know, the goal here is to
buy low and sell high with market investments. The problem
is most people do the opposite of what they think
they're going to do because of emotions. My encouragement would
be stress tests that portfolio. If you're listening in your
portfolio is the same as it was when you were
(38:59):
twenty three, thirty or forty or fifty years old, and
you didn't like the results when market corrections happened, but
you haven't made any changes. Can you not expect the
same results when it happens again unless you do what
make the necessary changes in your portfolio? You know? I
think of a nurse that was just in from Fairview Ridges.
(39:21):
It was a couple of months ago, and thankfully at
that time, the market was high, and she had come
out to a class that I taught, and she was
She came in and visited with us and then visited
with me, and she was openly honest about you know this, Larry,
this investing stuff is not my deal. I just been
putting it in my four oh three B out of sight,
(39:41):
out of mind, and to her credit, I told her
she's done a great job. Then she goes, but I
don't know what I've invested in. Can you take a look.
And I took a look, and her whole four oh
three B was in one stock. Oh boy, Uh, that
was a mess waiting to happen really quickly. She had
no idea and it was no fault of her own.
(40:04):
She was openly honest, she was unaware. Well, thankfully we
fixed the problem created the diversification we're talking about, and
we were able to help her in that area. Timing
was everything. The problem is, timing isn't always what we want.
And again, the element of time with retirees and retirement,
(40:24):
that's what's so important.
Speaker 3 (40:26):
Sure, absolutely we've joked about this and you know, I've said,
go don't watch news, go take a walk, and Kyle
has just talked about, you know, media issues as well.
But what is your suggestion to people about how much
they want they need to track this during these times?
Do they need to be watching their investments every single day?
Speaker 2 (40:48):
You know?
Speaker 3 (40:49):
What's a healthy way to handle things.
Speaker 5 (40:52):
It depends on the person.
Speaker 4 (40:54):
It's a case by case basis thing, I think, but
for your mental health, it's probably best to just maybe
look at it on a monthly basis, you know, log in,
check check things out, you know, and and see what.
Speaker 5 (41:08):
Your accounts are doing.
Speaker 4 (41:09):
And if it warrants a discussion, you know that that's
good too, because we want to be an open book
for people to have conversations about why we're doing what
we're doing and if they have questions about the market
and the outlook, and that's that's all.
Speaker 5 (41:25):
That's all good stuff. To be in the know about.
Speaker 4 (41:28):
But if it's if you're someone who uh, you know,
has a lot of fear when they check their account
if it's down two percent or you know, they start
seeing red for the whole week, it's probably not good
to just be checking that, you know, constantly, and it's
just going to create you know, not the best thoughts
and then panic and inside of uh, inside of your emotion.
Speaker 5 (41:51):
So it all depends. But be be aware of how
you are as an investor and what would be appropriate
for you.
Speaker 2 (42:00):
And awareness and understanding is always important. I think back
to two thousand and eight, not to dwell on such
a terrible market correction, which it was when we were
all that much younger way back then. Of course, be
careful for the advice that goes. I remember I went
to Shar Shar and Egan her house and she had
come out to a class as well, and I said she,
(42:24):
are you losing money? Are you losing She goes, well,
I don't know, because my advisor told me not to
open up my statements. Oh and I didn't take her
fully seriously until she brought out about a dozen envelopes
that were not open because her advisor said the market's
way down, you don't want to look, just don't open it. Well,
I don't think that's really good advice. And I joke
(42:45):
about it. She's been with me for years now and
she was just in for a quarterly review and make
some modification. I said, you remember when she goes, Yeah,
I didn't open all those envelopes. That's not good advice.
Speaker 3 (42:57):
Do you have to say it doesn't work?
Speaker 2 (43:00):
And you don't have to be the expert, but make
sure who you're working with, your partner, those that are
working for you, and don't forget you know, they should
be working for you, not themselves. They should be explaining
it to the degree that it gives you some comfort
and some understanding.
Speaker 3 (43:18):
Six one two five zero four eight four zero zero.
Do you need that kind of partner? Give Haven Financial
Group a call or you can go to Havenfinancialgroup dot com.
Kyle Thomas, it has been great to have you with
us all. Like always, your expertise is always so appreciated.
Speaker 5 (43:34):
Oh, thank you, it's fun to be on.
Speaker 3 (43:36):
And Larry last the final takeaway.
Speaker 2 (43:40):
Yeah, it comes back to do you have all the
puzzle pieces? Do they go all to the same puzzle?
Are they coordinated. Are they working together? And remember it's
tax season, you know, get your taxes done, but start
the planning process a state planning. You've been putting off
those wills and whatever else for years, Carrie and Annan,
(44:00):
there are state planning attorneys, whether it's investments or insurance,
whatever it is. We do have all those people and
personalities under the same roof Havenfinancialgroup dot com. We appreciate
you listening. Go to Hanfinancialgroup dot com or give us
a call any time to set up that appointment. Six'
one two five oh four eighty four Hundred, Again, kim
(44:21):
great to be with, you and we look forward to next.
Speaker 6 (44:23):
Week investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated. Companies investments involve, risk, and unless otherwise, stated
are not. Guaranteed please consult with the qualified financial advisor
and or tax professional before implementing any strategy discussed herein
(44:44):
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income streams only refer to fixed insurance. Products they do
not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.
Speaker 1 (44:58):
Company
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today, you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The phone nines are always
(00:43):
open at six point two five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:55):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kalvig, founder and CEO of the Haven Financial Group.
Brilllych to have Kyle Thomas, a certified financial planner, on
the Haven Investment Team to talk about all these topics
that are top of the mind, Kim, Tariff's the markets,
what do we do? Oh my goodness, a lot to
(01:17):
talk about, Kim.
Speaker 3 (01:19):
Well, Larry, it's great to be with you, and I'm
excited about this week's show. So glad that Kyle could
be with is Kyle, thanks so very much. I don't
know if you guys are having this experience, but everywhere
I go. I was at a dinner party the other night,
everyone was talking about uncertainty, not really even talking about
necessarily how they feel about it, just talking about the
(01:40):
fact that it exists. So I don't remember times that
were quite as uncertain as what we're experiencing right now.
I mean, certainly every time we have an administration change,
you know, we see and feel some of this, But
there seems to be just a lot of levels of
stress out there, and I can't imagine if you're someone who's,
(02:01):
you know, looking at retirement in the next couple of years,
or you've just stepped in, how you might be feeling.
So we're going to try it to address some of
those issues during this broadcast, revisiting tariffs and their effects
on the economy, we'll talk about that uncertainty creates volatility,
in your retirement portfolio. Let's talk about that, how annuities
(02:22):
can play a role in your healthcare retirement. And finally,
emotional financial decisions can derail your retirement. And I have
to tell you, Larry, that's the one I think that
you guys must be the most concerned about. People just
making these crazy emotional decisions because they don't know what's
coming around the pike.
Speaker 2 (02:41):
Oh, emotions and psychology and money and investments. I mean,
it's real, and I don't care if you'd say, well,
it doesn't affect me. It pretty much affects everybody. And
I you know, I hate to speculate, but I news
is so prominent, and the social media and news travels
so fast, and news wants to spread fear and anxiety,
and well it's doing a good job of it. You know.
(03:04):
It's the new administration. You know, there's no perfect world
out here. We always thought that, and again we're not.
We don't have a crystal ball by any means. But
I always thought we thought that six to nine months,
it's going to be volatile. I don't we don't see
any way around it being volatile. The US economy, I believe,
is still very strong, in the long term forecast, and
(03:25):
we're very we're certainly very still optimistic. But that's why
it's important for people to be where they should be,
in the right place and the right mindset. And I
just encourage, you know, listeners are listening to the show,
and thank you for that. But you know how much
new news is too much news? Some of it is
(03:45):
just so far out there. Just be careful, don't you know.
There's a lot of good things to do in life,
and we've got to be up on the news. But
I just encourage. I just see people just engulfing their
whole day in news, right, and it just it takes
too much your mind, and it just it ruins a
lot of people's days. And I just refuse to let
let it do it. We've got to be an aware,
(04:06):
have an awareness of understanding of what we're doing. And
that's what this shows about what are you doing? Is
anybody helping you? And do you have a plan?
Speaker 3 (04:14):
Absolutely? Yeah. My suggestion is walk, take a walk, Take
a walk.
Speaker 2 (04:20):
That's good advice. That's probably the best advice.
Speaker 3 (04:24):
Kyle, Again, so great to have you with us. We're
gonna we're going to try to alleviate some of this
stress for folks and talk just talk these things through.
We want to talk a little bit about tariff. Tariffs
have become that is the buzzword right now, you know,
and I think a lot of people don't even know
exactly what it means or how it might impact them.
Wondering if maybe you could just address this issue of
(04:44):
tariffs and you know, from a from your point of
view as a certified financial planner, how you're addressing this
with your clients.
Speaker 4 (04:54):
Yeah, First of all, tariffs, they're they're often described as
a tax on imported goods, but that's not entirely the
best definition for it. So tariffs are taxes on US
companies that purchase the imported goods. So it's not like
the US would be charging a tax to China or
Canada or Mexico. It's charging the tax to the companies
(05:17):
that are purchasing those goods from any of those countries.
So that's a common misconception of it right there. And then, yeah,
so the tariff discussion is that's been all over the
news pretty much ever since Trump and his administration took office,
and that's been causing all the volatility in the markets
because there is so much uncertainty. Like you were saying earlier,
(05:41):
we don't know exactly what is going to come out
of all of this. All we know is that the
Trump administration is trying to create a more fair playing
field in terms of who's charging tariffs and what amount
it is, because historically the United States had been getting
a lower end of the deal in terms of other
(06:03):
countries putting tariffs on our goods and US not reciprocating that.
So what we're trying to do is essentially fair the
playing field here. Because we have a large debt, right
that's the biggest goal here of what the administration is
trying to do. We're trying to reduce our debt, and
(06:23):
that's something that we can't ignore because the way that
we've been going about that is just it's kind of
been an endless cycle. Over the last administrations. We've been
printing money to pay the debt, which has been causing inflation.
That's kind of the short story of how that's been going.
And that's creating the endless cycle because we just keep
(06:43):
printing more money and creating more inflation. Well, we're going
to have a little bit of rocking of the cradle here,
with these tariffs, because we don't know how that is
going to be impacted on the everyday consumer. Because yes,
prices at increase, but at some point we need to
(07:04):
have that rock, you know, the cradle, because we need
to fix the problem that we've reaped.
Speaker 5 (07:08):
Here.
Speaker 3 (07:09):
Well, you've just answered, but let's walk through it a
little bit more so for those who are listening. And
we don't want to be overly simplistic, but at the
same time, I think it's a fair question. How might consumers,
how might pre retirees and maybe even retirees be affected
by these tariffs.
Speaker 4 (07:28):
Well, so the prices could absolutely increase for everyday goods.
You know, the taxes on the US companies are passed
on to the consumer you know, which is US and
the imported goods in the pipeline, you know, for the
products that we all all are going to buy, you know,
(07:50):
going to Target or cub foods, all those products.
Speaker 5 (07:53):
Are going to be increased.
Speaker 4 (07:55):
You know, if you look at eggs and cars and
all those things that are part of our daily life,
they've all gone up.
Speaker 5 (08:02):
There's egg shortages right now.
Speaker 4 (08:04):
So that's going to absolutely impact us in the short
term at least, right because there's there's less supply out there,
and so that's going to create a higher demand, increasing
the prices as well as you know, the increased price
for the imported goods themselves.
Speaker 3 (08:24):
Now you've talked about this being you know, something that,
as you put it, rocks the cradle in the whole
idea here is to try to manipulate the economy to
turn it around through these tariffs. But this is also
a negotiating tool.
Speaker 4 (08:38):
Yes, absolutely, If anyone knows Donald Trump's book, you know
the Art of the Deal, if you understand what his
concepts were in negotiating tactics, this is all tactics. He's
he's not trying, at least in my opinion, he's not
(08:59):
trying to actually implement what he's he's saying that he
wants to implement with these countries. And the administration can't
come out and just tell that to the American people
because then his hand is told.
Speaker 2 (09:12):
Right.
Speaker 4 (09:13):
So this is a tactic into getting a better deal
for the United States. And because that's part of negotiating.
You know, you start, you start at X, and the
other party is at why, and you know, you get
to somewhere in the middle. So that's what the tactics are,
and the economy and the stock market specifically are reacting
(09:36):
to what the tactic has been, which is why things
have been extra volatile and why it actually could be
you know, good potential time to be buying in the
market and not not selling.
Speaker 3 (09:51):
Sure, So you sit down with with potential clients and
the first thing they say to you is, Kyle, we're
scared out of our minds because, I mean, prices every
time I go to the grocery store just seem to
be going up, up, up, and I'm hearing more and
more about, you know, imports from Canada going up, up up.
What are you what are you saying to them? What
are you suggesting?
Speaker 4 (10:11):
Well, I'm suggesting that we go back and look at
the plan that we created, because it always comes back
to our retirement planning and the analysis that we do.
Because when we do that, we run thousands of different
trials that incorporate all these different situations, and one of
them is a higher inflation number. And if we go
(10:34):
back and check out those trials that have the higher
inflation and we see that we're okay, well, that creates
some validity in their safety and then they can feel
more comfortable and at peace with whatever happens, because now, okay,
if inflation's at three or four percent rather than you know,
the two point two or two point five that we
(10:56):
are planning for a base case, then they feel a
lot better if things do start to rise, because that's
the big talk about the tariffs is that there's inflation.
Speaker 3 (11:08):
So do you have a portfolio that is inflation proof
or at least has considered inflation when being put together.
If not, then you're gonna want to visit with the
folks here at Han Financial Group. That number is six
one two five zero four eight four zero zero six
one two five zero four eight four zero zero. You
can go to Hanfinancialgroup dot com. I recognize, gentlemen, that
(11:31):
you can't make a portfolio cannot be inflation proof, but
you can take the steps that can certainly make it easier.
Speaker 2 (11:39):
Correct, Yeah, Kim, you know, as I said at the beginning,
just what be careful what news you're listening to, and
how much news you know, a lot of these countries
have been ripping us off. I mean, if you look
at it, they have been. We're looking just for fair
trade practice. I think Trump is obviously this is a
negotiating tool. But you know, in summary, there's pros and
cons of terrafts, and the pros we certainly hope they
(12:02):
outweigh the cons in this situation, and I think they will.
You know, this could increase revenue, It could protect some
more domestic industries, could give us some more leverage. You
could protect some companies to help our national security. But
there's always the downside. We mentioned some of them. Prices
could go up, well, good grief, they've been high for
(12:23):
quite a period of time already. There could be we've
already seen retaliatory tariffs, retaliation. Trump puts one on and
then Canada, well, I'm going to do this to you,
and they put their foot in the mouth a few
different times. But there could be there could be some
reduced consumer choices on the shelves if the supply chain
(12:44):
gets affected. Now that's not going to happen overnight. In fact,
they could take months or even years for us to
be able to see that. So it comes back to
having an awareness of understanding of what we're doing, what
you're doing as far as your retirement planning goes, and
this this stuff, this isn't the first time in history
this stuff has happened. It may seem like and in
(13:06):
the moment, but this stuff has gone on before. We've
weathered the storm. We live in the United States, South America,
and we still have all the hope in the world
that things are going to be just fine.
Speaker 3 (13:18):
Six one two five zero four eight four zero zero.
That is how you reach the experts at Haven Financial
Group when we come back. Uncertainty creates volatility in your
retirement portfolio. Let's talk about that here on the Haven
Financial Groupremia Show.
Speaker 1 (13:35):
Don't go too far. We're gathering more important insights and
retirement pays government the Haven Financial Group Radio Show. We'll
be right back. Stick around, you've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
the show.
Speaker 2 (13:57):
Welcome back, listeners. You're listening to the Haven Financial Group
Radio Show, and I'm Larry Kalbig, founder and CEO of
the Haven Financial Group on with Kyle Thomas, certified financial Planner,
an investment advisor on the Haven Financial Team. Kim talking
every week. This week tariffs, the worries, the concerns, and
(14:17):
you know folks can they can give us a call
at six one two five oh four eighty four hundred,
or visit us online Havenfinancialgroup dot com, or you can
send me an email Larry at Havenfinancialgroup dot com. I'll
respond and we can talk more about anything we may
have covered today. So just wanted to throw that out there.
Speaker 3 (14:35):
Fantastic. Kyle Thomas is with us, He's a certified financial
planner there on the investment team at Haven Financial. We
want to talk a little bit about uncertain the uncertainty
that has created some volatility in folks retirement plans. You know,
you spend a lot of time and effort to save
all of your money for retirement. You maybe have put
(14:58):
it in some spots that you believe have been safe
or have been great returns for you, and then all
of a sudden, all this inflation starts and you realize
that doing it yourself is maybe not the best way
to go about it, because you need some advice and
the even financial team can certainly be those advisors for you.
So Kyle, somebody comes in and they say, listen, here's
(15:20):
where I have all my money, this is what I've done.
I need to protect this money what are we going
to do. Let's talk through some of the steps that
you talk to potential clients about.
Speaker 4 (15:30):
Yeah, first off, we want to make sure that we
have a good diversified portfolio. We want to make sure
that we have a good ratio of stocks and bonds,
and then we want to make sure that within those stocks,
we have all these different asset classes that provide different
types of return and stability. And we want to make
sure that we have all these different types of bonds
inside of the bond piece that you know, some of
(15:53):
it's inflation protection, some of its short term bonds, some
of it's a fixed annuity. It all depends on what
the overall risk profile is. But we want to make
sure that that is the first piece that we have
because that allows for us to handle any volatility that
comes within the investments.
Speaker 3 (16:10):
Okay, all right, great, then what's next? What do we
do again? We're trying to protect against all this volatility.
Speaker 5 (16:17):
Yeah, absolutely, so.
Speaker 4 (16:18):
Then the biggest thing after that would just be making
sure that we have a cash flow plan and that
we have something that's set forth that can that's longevity
tested and it's stress tested to make sure that the
plan works and so when volatility. Volatile times come like
the stock market has shown recently here, we want to
(16:40):
make sure that we have a plan that we're not
affected by any of that volatility. We come up with
something that regardless of what's going on out there, our
cash flow needs, what we get in our cash flow
doesn't change because the stocks are down. That's the optimal
plan and perfect type of plan. And because your lifestyle
(17:02):
doesn't change based on what's going on outside uh. And
then also we need to make sure that people are
being rebalanced inside of their portfolios correctly during times like this,
because when I see volatility, I actually get a little excited.
Speaker 5 (17:18):
I see that because.
Speaker 4 (17:21):
It gives you an opportunity to buy low and sell high.
So when when we're doing that, we've been buying stocks
the last couple of weeks when a lot of investors
who are scared of the market have been selling, well,
we've been buying and replenishing the stocks that we lost
in value. And then we'll do the vice versa when
(17:42):
the stock market comes back. Because the stock market has
always come back, it's just a matter of when that happens.
But we just need to be patient. And if we
have that plan like we were talking about earlier, were
we can wait for it to come back. We have
we have that plan set for us to be patient
and disciplined investors.
Speaker 3 (18:02):
And if maybe that plan isn't as solid as it
needed to be, I would imagine that you also can
step through and walk people through a better budget, maybe
you know, cutting back in some places.
Speaker 4 (18:16):
Right, Yeah, and then there sometimes you know, we do
have to have conversations like that of where we adjust
the budgeting and say, all right, well, instead of spending
a few thousand a month, maybe it's a five hundred
less or for a short time or something like that, Right,
we come up with some kind of plan that works
for them and to create healthier habits so we can
(18:41):
have the retirement that they desire. And there are a
bunch of different things that we can do, you know,
with the types of investments as well, and you know
where where funds are invested, you know, increasing their risk
profile or getting higher high income streams. So there's different
(19:02):
types of investments that can achieve those different types of goals.
But sometimes, yeah, we do have to adjust the budgets
as well.
Speaker 3 (19:09):
Kyle, I would imagine, and we talked about this off
the top of the show. But you've had some folks
who have come in and said, Kyle, sell everything, sell everything.
We got to get you know, that emotional you know,
sort of panic if you will, panic selling because they
don't like the way things look.
Speaker 4 (19:26):
And that's something that you really want to be careful
of because you know, studies, there's been so many studies
on this, and they show that investors who are panic
selling during downturns they missed the best recovery days because
those recovery days actually come pretty close to when those
downturn days are. And if you miss just the ten
(19:48):
best days in the market over a twenty year span,
you know that can that actually cuts your return in
about half if we e were looking at historical return numbers.
But then also just think about in March twenty twenty
when COVID happened, Well, if you went to cash in March,
you missed April, May, June, July, August, if them all
(20:08):
of that, the market just rallied and ended up being
a positive year that year. So if you miss missed
out on that you went to cash, well, you also
got to decide when to get back in.
Speaker 5 (20:20):
How do you make that decision? What are you basing
that on?
Speaker 4 (20:23):
So we have to make sure that we're disciplined and
that we don't make emotional decisions like that because those
recovery days they do tend to happen pretty close to
those downturn days.
Speaker 3 (20:34):
I think it's really important to stress that people who
feel those emotions and who react that way, I mean,
that's not anything to be embarrassed about or to feel.
You know that you don't want to express that to
anyone because I think that's just your natural reaction because
we're in a shorter leash when we're in retirement.
Speaker 2 (20:53):
Yeah, Cam, if I could interject here, you're right, the
element of time becomes that much more important as we
get closer to retirement or in retirement. You know, what
does that timeline look like. That's going to be a
conversation we have, and you know, if I could just summarize,
you know, for the listeners that are listening, if you
come to our classes, or maybe you were referred by
(21:15):
a Haven client, which we have lots of folks that
are We take people through the same process. You know,
we bring them in and come on in and visits.
It's a very laid back approach. We'll have a first
meeting where you get to know us, We get to
know you, ask a lot of questions, a lot of inputs,
a lot of input information. We listen, we take a
(21:35):
lot of notes, and we kind of that's where it starts.
And from there, Okay, now what are you doing? What
do you like about what you're doing? Is there anybody
helping that we could lead? If you think we're right
fit and well, these Haven folks are kind of cool people.
Maybe they are. You can come back and then we'll
dig deeper. We'll look at the will stress test your portfolio,
We'll look at your overall investment, your strategy and what
(21:59):
you're doing. And hey, it's not our job to criticize
or do anything, but is there any improvements that we
could be making or recommendations. So we'll come up with
some recommendations. Maybe there's some asset classes that you're just
not touching, Maybe you have way too much risk, maybe
you're paying way too much, and make you aware of
these things. From then, if you think that you know
(22:21):
what I need to make some changes, then we'll put
together and start making the changes. And we call that
the implementation process. And when we'll dig so deep as
to in the projections, look at your budget, look at
your investments, what type of tax classification are those investments.
We're going to look at your real estate, all of
(22:41):
the above and project that out thirty thirty five years.
We're going to dig as deep as tax planning. Here's
what in five years, roth conversions may make sense. And
from then we just continue to modify that plan. And look,
here's what we need to be doing now it's ten
years from when we started this plan. Whatever that is
to avoid this. I remember in two thousand and eight
(23:03):
when the market crashed exactly who I was with and
they couldn't even talk about investments. We had to stop
our conversation, and that is some people. This last couple
of weeks with the markets just going so crazy. In
that two thousand and eight I remember the Starts reviewing
on the front page said three out of five seniors
have to go back to work or stay in the
workforce longer. In two thousand and eight, in those market
(23:27):
correction years, people were retiring or they wanted to retire,
and that does not change. There's people going to retire
right now. So avoiding to be one of those three
out of five that has to stay working because you
didn't have a plan, or you took too much risk
and you didn't even didn't even know about it. That's
the tension you deserve so you can avoid things like that.
(23:48):
I hope two thousand and eight or none of that
ever happens to anybody again, but it's going to and
that's unfortunate. But you owe to yourself to at least
get a second opinion.
Speaker 3 (24:00):
If some of this rings true for you and you
would like to sit down get a second opinion, or
maybe you just need a plan. Six one two five
zero four eight four zero zero is the number you call.
The folks that Haven Financial Group would love to sit
down with you, talk through as Larry just described what
it is that you're anticipating in your retirement and take
(24:21):
a look at whether you have a portfolio already that
needs to be reviewed or you'd need to put one together.
It's six one two five zero four eight four zero zero.
Coming up next, we're going to talk about annuities. This
is the Haven Financial Group Radio Show.
Speaker 1 (24:35):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Colvig is back and ready to
help you find your financial safe Haven.
Speaker 2 (24:57):
Good morning, and welcome back to the Haven fin Answer
Group radio show. I'm Larry Colvig, founder and CEO of
the Haven Financial Group, on with Kyle Thomas today, certified
financial planner on the investment team at Haven Financial Group
and Kim talking through a lot of these retirement topics,
trying to calm some of the fear that's out there,
even though it's difficult to do because if we never
(25:18):
turned off so if we never turned off social media
in the news, how do we ever get away from
all the negativity? And I love what you said, Let's
just go for a walk. It makes perfect sense.
Speaker 3 (25:29):
It really really does. And in fact, that's my way
of getting away from it for sure.
Speaker 1 (25:34):
Kyle.
Speaker 3 (25:34):
It's so great to have you with us. And we've
been talking about some of the things that in these
volatile times that you talk to your clients about in
ways to maybe alleviate some of the stress and keep
these portfolios moving forward. We want to talk about annuities.
Larry and I talk about annuities pretty frequently. Let's get
your stance on annuities exactly what they are and how
(25:58):
you think they work.
Speaker 4 (26:00):
Yeah, So there are many different types of annuities, and
one of the biggest ideas of them is that they
provide income for people, so it's a pension like benefit
that you can purchase.
Speaker 5 (26:15):
Uh.
Speaker 4 (26:15):
The other type of annuity is a fixed annuity or
a fixed index annuity, and that's an annuity that acts
like a CD in a way, and it provides interest
to you or or credits you based on an index.
So those are those are kind of the two main types.
(26:36):
There's variable annuities as well, don't we won't focus on
those because short story, we're just we're not a fan
of those. They're higher fees, uh, and and they just
don't provide the type of benefit that those fees, you know,
say that they should.
Speaker 5 (26:53):
Right.
Speaker 4 (26:54):
But the income and stability type of annuities, those are
the ones that that are more common and in our practice,
and specifically the fixed index annuities.
Speaker 2 (27:04):
Right.
Speaker 4 (27:04):
Say, there's some great interest rate products out there right
now with these higher interest rates, and that's something that
we are absolutely implementing into portfolios right now.
Speaker 5 (27:15):
Given the times that we're seeing in the market.
Speaker 3 (27:17):
So I'm assuming that the income obviously, and that sort
of guarantee. That is why people should consider annuities.
Speaker 2 (27:30):
If I could jump in here, cam First of all,
I'm gonna go, let's go back to the fundamentals before
I do. Let's just face it. There's a lot of
financial marketing in our industry, and I get it, and
that's perfectly okay. Some listeners may have seen the back
of a newspaper, local newspaper that's been advertised for quite
a few years. I haven't seen it recently, but I
(27:50):
might have missed it. Actually, I don't get the newspaper anymore.
That's probably why I haven't seen it. But anyways, backpage
of the Star trip. I hate annuities and you should
two or other ads like that, or why I was
told that annuities are bad? Well, first of all, consider
the source. Does everybody need annuities? Absolutely not. Can they
(28:14):
be part of an effective portfolio, effective balanced portfolio? They
absolutely can. However, all annuities are through an insurance company.
All annuities they are a contract that has a term
to it. Kyle mentioned there's four types. I mentioned it before,
there's immediate, variable, fixed, and fixed index. Again, they're all
(28:38):
through insurance companies. Because all annuities are, they act differently.
We mentioned and we have mentioned that they can be
used for income. They absolutely can for a guaranteed lifetime
income stream. Understand the specifics of the one that you're
looking in, how it works. Understand the word annuitization. Do
you give up control of your money? These are all
(28:58):
really good questions that you should be asking, But they
don't have to be used for income. If you maybe
have a pension and sold security, you don't need income.
There always been known annuities are for income. Not today
in twenty twenty five. Annuities are oftentimes, and we use
it more so for accumulation purposes where you can't lose
(29:20):
any principle, you don't have to pay a fee at all,
and you can get some very good growth. And those
that are in them right now than when the market's volatile,
they haven't lost a penny, they haven't maybe made anything.
But they can be used for accumulation. I'll just add
they also can be used for legacy planning. Hey I
don't really need this money, I don't want to risk it,
(29:41):
but I want to have it grow for legacy for
my kids or grandkids. They can be used for that
earlier we talked about. They can be used for long
term care insurance. So annuities, just understand the types. What
what do you need it for, if do you need
it at all? The does it fit into your overall
(30:01):
portfolio strategy and if so, why and how? And then
get some make sure somebody's showing you all of them
that are out there. We only work with a rated companies.
We want those that have been around a long time
and those that are reputable. We don't want our name
attached to any company that doesn't have a good year
(30:22):
of reputation. So these are the important things to be asking. Again,
not nobody has to have an annuity, but they can
be very effective, but they have to be doing what
they need to be doing for you, the investor.
Speaker 3 (30:36):
Are there tax advantages to annuities?
Speaker 2 (30:39):
There can be, and there can be tax disadvantages. Of course,
iras or roth iras, they're always deferred no matter what
they're in anyways, but if you can have a non
qualified investment and if it's in an annuity, that can
be that it will grow tax deferred. However, that could
be an advantage or it could be a disadvantage because
(31:01):
when taken out of that non qualified annuity, that's now
going to be taxed at ordinary income tax rates, where
if it wasn't, it would be taxed at capital gains
tax rates, which are obviously different brackets. Now we're back
to the tax conversation. So you notice how all this
is intertwined. These conversations all go together, and it should
(31:22):
all be part of your retirement planning conversation. They all
go together, and you know, I've said it many times
there should be coordination. And if there's no coordination, well
we know is what the opposite the opposite of that
that means, and that's probably not good.
Speaker 3 (31:40):
Let me ask you one last question about them. Can
they be customized?
Speaker 2 (31:44):
They're made by insurance companies and there's different features, so
there's pretty much anything out there that you could possibly get.
And then always be aware of costs. I'm always cost aware.
So many times people have one of those that has
much higher costs to it. And don't let somebody sell
you something just to sell you. Some salesman sell something
you maybe don't need. Understand why it can be an
(32:08):
effective investment tool in your portfolio.
Speaker 3 (32:11):
That's my advice, all right, if you have interest in
possibly an annuity, or if you just need some questions answered,
or you have a portfolio that you'd like someone to
look over, or you just need a partner in planning
for your retirement. All of the above. Six one two
five zero four eight four zero zero. That is the number.
(32:33):
That's how you reach the folks at Haven Financial Group.
It's six one two five zero four eight four zero zero.
You can also go to Hanfinancialgroup dot com Larry. When
they go there, they can learn about some of these
educational seminars. Will there be one on annuities anytime soon?
Speaker 2 (32:50):
There should be go to the site because be honest
with you, my wife, the office manager, makes the schedule
and I don't know where she has me and win
and I'm just told one to be there. But yeah,
we're going to have another one. And we don't teach.
We teach social security and tax investment classes, wills, trust
and legacy planning, all about education. We're very big into education.
(33:11):
In all ten years that we've been here, we've never
shied away from it, but we've just encourage it. Workbooks
are provided at every class there's no costs, there's no catch.
We're not there to sell you anything. We're there to
educate you.
Speaker 3 (33:25):
Havenfinancialgroup dot Com. That's where you can learn more about
those educational seminars UPCA next, Emotional financial decisions can de
real your retirement. We've talked a little bit about that already,
but we'll take a look at that a little bit further.
Kyle Thomas is with a certified financial planner. They're at
Heathen Financial Group's investment team. Stay with us, every one
(33:46):
you're listening to the Heapen Financial Group Radio Show.
Speaker 1 (33:49):
Don't go too far. We're gathering more important insights and
retirement pays the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(34:09):
the show.
Speaker 2 (34:11):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group, and we got Kyle Thomas on today. Kim,
he's a certified financial planner on the investment team here
at Haven, giving us a lot of discussions about emotions
and the markets and the volatility and the tariffs, all
this uplifting stuff. So we want to have as much
(34:33):
fun with it as we can, although it's serious. You know, money,
money can do weird things to people, and it has
and a lot of times, especially the calls we get
when the volatility is here, is people just want to
talk to somebody. And I had a good conversation with Kyle.
He had a call in and I said, how did
that go? I think he was just listening for he
(34:56):
was just having some ear that would listen and remind me,
remind him that we did this plan, We're okay, everything's
going to be fine, And he was okay. And for
a lot of folks, that's what they're looking.
Speaker 3 (35:09):
For, absolutely, And I can understand that. You know, you
just want to hear the person that you trust, who's
helped you put together a plan that we're still in
the right places. And if not, Kyle, I'm sure then
you start to walk through and help them readjust so
that they are in the right places during these little times.
Speaker 5 (35:26):
Yeah, I mean.
Speaker 4 (35:27):
Traditionally, research has shown that in times of uncertainty, individual
investors they often shift from a higher risk strategy to
lower risk ones, which you know that that can work
out in your favor if you time it right, but
it's also really hard to time it right. So having
a well rounded portfolio that's diversified properly should help prepare
(35:52):
you for both those positive and negative market scenarios. It
should help you capture potential gains during a strong market,
and it should also protect your savings and unnecessary losses
during any downturns. And the way you're able to do
that is having a well balanced portfolio that is fully diversified.
(36:12):
I know we keep saying diversified, but it is important.
That's what helps protect you there. And you need to
understand what your risk tolerance is and what kind of
risk you can stomach in those downturns, because what you
don't want is to change that risk profile in the
middle of a downturn based on emotional feeling, because well,
(36:33):
now you can't recover as fast as you would have
if you just kept in that same risk profile.
Speaker 3 (36:39):
That's a really what you've just said I think is
really really important. It's the reason why now is the
time to start to put this portfolio together, because you
want to be prepared. You don't want to, you know,
on a day when the market loses five or six
hundred points, that's not the day you want to go
in and say, oh gosh, I need to make changes.
Speaker 4 (36:59):
Yeah, there's a lot of different reasons for people sparking
or having that fear sparked inside of them. A lot
of it is based on the news or what they're
seeing with the markets themselves. You know, the bull markets
can create an overconfidence and people being more apt to
(37:20):
buying those things that are already up because they don't
want to miss out. And then bear markets can, you know,
do the opposite. They provoke a fear based decision making
and you sell at losses because you've already hurt a
little bit in some losses and you don't want to
hurt anymore. And the news just doesn't help with this
any media, I mean, they create chaos. And there's charts
(37:41):
on these websites that say fear is driving the market,
extreme fear is driving the market, or positivity is driving
the market, and all those things play into investors' minds
on a daily basis, and we see it in our
meetings all the time, and when we're meeting with people
and things that they come up with from doing their
own research, and so many times they just need to
(38:02):
be told like, no, let's just stick with the course.
We're going to be fine. We just have to stay
with what we're doing and ride it out.
Speaker 3 (38:10):
Are you guys finding that you're getting more calls right
now than maybe you would on an average you know, March.
Speaker 2 (38:17):
We tend to not get too many because we want
to be we want to educate more on the front end.
But yes, we are getting more calls. When things are
all you know, calm, the waters are calm, and there's
no volatility, we don't get any calls. Okay, So when
it's been as volatile, yeah we are getting weird calls
as well. But those, you see, again we put on
(38:38):
our counseling hat and go back to why we did
what we did. You know, the goal here is to
buy low and sell high with market investments. The problem
is most people do the opposite of what they think
they're going to do because of emotions. My encouragement would
be stress tests that portfolio. If you're listening in your
portfolio is the same as it was when you were
(38:59):
twenty three, thirty or forty or fifty years old, and
you didn't like the results when market corrections happened, but
you haven't made any changes. Can you not expect the
same results when it happens again unless you do what
make the necessary changes in your portfolio? You know? I
think of a nurse that was just in from Fairview Ridges.
(39:21):
It was a couple of months ago, and thankfully at
that time, the market was high, and she had come
out to a class that I taught, and she was
She came in and visited with us and then visited
with me, and she was openly honest about you know this, Larry,
this investing stuff is not my deal. I just been
putting it in my four oh three B out of sight,
(39:41):
out of mind, and to her credit, I told her
she's done a great job. Then she goes, but I
don't know what I've invested in. Can you take a look.
And I took a look, and her whole four oh
three B was in one stock. Oh boy, Uh, that
was a mess waiting to happen really quickly. She had
no idea and it was no fault of her own.
(40:04):
She was openly honest, she was unaware. Well, thankfully we
fixed the problem created the diversification we're talking about, and
we were able to help her in that area. Timing
was everything. The problem is, timing isn't always what we want.
And again, the element of time with retirees and retirement,
(40:24):
that's what's so important.
Speaker 3 (40:26):
Sure, absolutely we've joked about this and you know, I've said,
go don't watch news, go take a walk, and Kyle
has just talked about, you know, media issues as well.
But what is your suggestion to people about how much
they want they need to track this during these times?
Do they need to be watching their investments every single day?
Speaker 2 (40:48):
You know?
Speaker 3 (40:49):
What's a healthy way to handle things.
Speaker 5 (40:52):
It depends on the person.
Speaker 4 (40:54):
It's a case by case basis thing, I think, but
for your mental health, it's probably best to just maybe
look at it on a monthly basis, you know, log in,
check check things out, you know, and and see what.
Speaker 5 (41:08):
Your accounts are doing.
Speaker 4 (41:09):
And if it warrants a discussion, you know that that's
good too, because we want to be an open book
for people to have conversations about why we're doing what
we're doing and if they have questions about the market
and the outlook, and that's that's all.
Speaker 5 (41:25):
That's all good stuff. To be in the know about.
Speaker 4 (41:28):
But if it's if you're someone who uh, you know,
has a lot of fear when they check their account
if it's down two percent or you know, they start
seeing red for the whole week, it's probably not good
to just be checking that, you know, constantly, and it's
just going to create you know, not the best thoughts
and then panic and inside of uh, inside of your emotion.
Speaker 5 (41:51):
So it all depends. But be be aware of how
you are as an investor and what would be appropriate
for you.
Speaker 2 (42:00):
And awareness and understanding is always important. I think back
to two thousand and eight, not to dwell on such
a terrible market correction, which it was when we were
all that much younger way back then. Of course, be
careful for the advice that goes. I remember I went
to Shar Shar and Egan her house and she had
come out to a class as well, and I said she,
(42:24):
are you losing money? Are you losing She goes, well,
I don't know, because my advisor told me not to
open up my statements. Oh and I didn't take her
fully seriously until she brought out about a dozen envelopes
that were not open because her advisor said the market's
way down, you don't want to look, just don't open it. Well,
I don't think that's really good advice. And I joke
(42:45):
about it. She's been with me for years now and
she was just in for a quarterly review and make
some modification. I said, you remember when she goes, Yeah,
I didn't open all those envelopes. That's not good advice.
Speaker 3 (42:57):
Do you have to say it doesn't work?
Speaker 2 (43:00):
And you don't have to be the expert, but make
sure who you're working with, your partner, those that are
working for you, and don't forget you know, they should
be working for you, not themselves. They should be explaining
it to the degree that it gives you some comfort
and some understanding.
Speaker 3 (43:18):
Six one two five zero four eight four zero zero.
Do you need that kind of partner? Give Haven Financial
Group a call or you can go to Havenfinancialgroup dot com.
Kyle Thomas, it has been great to have you with
us all. Like always, your expertise is always so appreciated.
Speaker 5 (43:34):
Oh, thank you, it's fun to be on.
Speaker 3 (43:36):
And Larry last the final takeaway.
Speaker 2 (43:40):
Yeah, it comes back to do you have all the
puzzle pieces? Do they go all to the same puzzle?
Are they coordinated. Are they working together? And remember it's
tax season, you know, get your taxes done, but start
the planning process a state planning. You've been putting off
those wills and whatever else for years, Carrie and Annan,
(44:00):
there are state planning attorneys, whether it's investments or insurance,
whatever it is. We do have all those people and
personalities under the same roof Havenfinancialgroup dot com. We appreciate
you listening. Go to Hanfinancialgroup dot com or give us
a call any time to set up that appointment. Six'
one two five oh four eighty four Hundred, Again, kim
(44:21):
great to be with, you and we look forward to next.
Speaker 6 (44:23):
Week investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated. Companies investments involve, risk, and unless otherwise, stated
are not. Guaranteed please consult with the qualified financial advisor
and or tax professional before implementing any strategy discussed herein
(44:44):
and comments regarding it safe and. Secure investments and guaranteed
income streams only refer to fixed insurance. Products they do
not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.
Speaker 1 (44:58):
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