Retirement Ready with David Kopyc - Inflation and Interest Rates

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Episode Transcript

(00:00):
Friday mornings the best morning of theweek because I get to talk to my
friend David Kobeg, president of theRetirement Planning Group. David gives us such
great information. It's so important forus to have. He has his own
show on our sister station eight tenand one O three one WGY that happens
every Saturday morning from seven to nine. Good morning, David, how are

(00:21):
you. Good morning, my dear. Happy Friday. It always goes by
so quick, right, I know, it's crazy, right, It's insane
how quick time goes by. I'mgoing out to see my daughter at Lamoine
College this weekend for a parents' weekend. So we look forward to that trip.
Yeah, that's so nice. Itjust seems like we dropped her off

(00:43):
and boom, we're going out forparents weekends. Yeah, I know it
does go quick, right, You'reright, it does feel like parents just
dropped off. But boy, yeah, yeah, Well, I hope you'll
have a wonderful time with her.I know you will. Before you do,
I have questions, so don't goanywhere just yet. The FED the
Federal Reserve didn't raise rates, butthey said they could in November and that

(01:07):
the rates would stay higher for longer. So what does this mean for the
general population. Well, for thegeneral population, that means everything costs more
loans, adjustable rate loans, homeequity loans. It increases the chance of
a recession. You're going to havemore market volatility in the stock market,

(01:29):
right right, that's the negative.The positive for you know, people that
are adverse to risk, you're goingto get more interest. For savers,
you're going to get you know,inflation will hopefully subside by them putting the
brakes on the economy the way theyare. Okay, And and the bottom
line is, Jamie, you andI both know, both know because we've

(01:51):
had this conversation before. Go shopping. Go to the store and get a
bag of groceries, Go buy somemeat. I mean, it's like staggering
with a cost in order to basicallyget two bags of groceries today at price
dropper. It's true. It's Itell you something. I've been the grocery
shopper my entire life, and thisis you know, we've been through inflation

(02:14):
up and down before. For me, this is the most and the worst
it has ever been in my lifetime. Me too. Yeah, and I
just took my daughter's car over becauseI had to run an errand before I
did this. And I put ahalf a tank of gas in a Honda
Cord and it was thirty two dollars. It used to be like sixteen,

(02:35):
seventeen, eighteen dollars. Yeah,So a full tank for a Honda chord's
going to quest you, you know, from E to F it's going to
quest you. Let's say sixty fivedollars to seventy dollars. That's a lot
of damn money. That's that's thatis. And that's a Honda a Chord.
If you're driving an STDV, youknow, bump that up another thirty
bucks. Yeah, I drive Idrive an F one fifty. It's almost

(02:55):
one hundred dollar bill right now.So my truck boy boy, all right,
well, is it going to getbetter? Are we going to get
better? I don't think it's goingto get better. Here's some statistics that
I want to leave with you thismorning. That's why it's so important that
we open our eyes when we getgoing and do some things in regards to
this economy. Sixty three percent ofthe consumers the population are currently living paycheck

(03:22):
to paycheck. One third of usconsumers say they don't have enough to cover
a one thousand dollar emergency, Ohmy gosh. And you know, sixty
four million Americans are behind on debt, meaning that they're not making their payments

(03:42):
on time. So you know,the thing is that some of us are
very fortunate that we have a lifestylethat gives us creature comforts, and we
don't We're not impacted. But Icome from a family of farmers and also
hard working savers and a sally.What you know, I've got buddies of
mine and family members that are inconstruction, hvac et cetera. They're they're

(04:08):
having a hard time. I lovethey're having a hard time. I believe
it. I mean I believe itas as someone who's some pump just exploded
and I needed to deal with thosekind of believe me. I get it.
I understand. So I'm going toguess that you're going to go much
deeper in depth in this tomorrow.So I think you know, the thing
is, you and I have hadthese conversations before. You know, you

(04:29):
can do some things to make yourlife a little bit better, easier,
less costly, and we're going totalk about that in more greater detail.
Tomorrow. But the bottom line getsdown to is that you know, you
and I were very fortunate. Youknow, we've lived in a great part
of the state, up state NewYork, and we also have good jobs.
There's people out there that are reallychasing after their tail in order to

(04:54):
get you know, good job withbenefits, my love with benefits, with
health insurance and some kind of aretirement savings program. So we're going to
discuss this in greater detail tomorrow,all right. I will definitely be listening.
Make sure you're listening. This isso important for all of us.
All Right, tomorrow morning seven tonine on our sister station eight ten and

(05:15):
one oh three one wg Y.You can always contact David at five one
eight five eight zero one nine onenine, or just go online RPG retire
dot com, rpg retire dot com. David, thank you so so much.
Have a great weekend with your daughter. All right, brother, all
right, God bless Jamie, Budbye,