Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Good morning, Laxington. You're listening to Welcome Home Show by
Guardian Savings Bank. I'm Larry Frikes Tim Adams with you
this Saturday morning.
Speaker 2 (00:08):
We're glad to have you tuned into us.
Speaker 1 (00:09):
Bank is open to day from nine to one on
number here at Hamburgs eight five nine eight nine nine
one nine three six. Over at South and Drive it's
eight five nine two six three three three three five.
So if you can hear she can call us. Appreciate
you tuning in to us. We got Katrina South back
on the line with us again today too. We appreciate
her chat with us last week and we wanted to
get her back because some of the conversations we had
(00:31):
during commercial breaks are between segments. You know, we're just
interesting to some of the stuff that you know, Tim
and I have been, uh you know, we're talking about
last week with our clients and and some of the
people we know and things are going through and so
we'll talk with her a little bit here a minute,
but uh, we just wanted to fill you in a
little bit, Tim. The fifths them out yesterday and and
(00:52):
uh soar came out are we this week and had
Wednesday and said that saver going to lower her. They
did lower the prime by a quarter of a point,
and you know, we talked about the bond market had
already priced in what they thought was going to happen,
and it has. So, yeah, we're still at six and
three eighths on a thirty five point seventy five on
a twenty and five and a half on a fifteen
(01:13):
and then with twenty five or twenty five percent equally
in your house on a refinance or purchase closing costs
of what nine hundred and forty eight bucks correct, So,
you know, I don't know exactly. You know, there was
kind of what do you call it reading the tea
leaves or whatever, and the information they gave out yesterday.
You know, we really don't know. The bond markets kind
(01:36):
of reacted in some sorts of a yeah, you know
kind of you know, we were trying to tell people, look,
it might not work like we think on this. You know,
a lot of people think that the rates are directly
tied to prime, and there's that misconception that it don't
always work out where the Feds make a Fed Fund
rate cut and it directly affects mortgages.
Speaker 2 (01:58):
It could, but in this case, it didn't.
Speaker 1 (02:01):
And uh, investors, as you saw on Wall Street after
the announcement, the Dow was up to a record forty six,
you know and something. So obviously my portfolio was looking better.
But mortgage race didn't come down like maybe we thought
it they might, and what the average consumer might have
thought they might. So there it's a lot of people
(02:21):
still in the holding pattern, relying on the fedes to
help them out on a on a refinance and that's
just didn't happen. Well, I mean, like we'll say, we're
six and three eighths primes of what now seven a
quarter if they loaded a quarter. So I mean, if
you just go ahead and you know and take a
look exactly, you know what's going on, you can you
know see. But it was already priced in and we've
been telling people that, you know, don't miss the boat.
Speaker 2 (02:42):
Go and miss I had a co I have one
genius this.
Speaker 1 (02:44):
Week though he's going to a fifteen year term, so
you know, he's a seven a quarter on a thirty
going to fifteen ding dinging ding Ding. I said, I'll
ring the bell because that's a that's a good strategy,
because you know, and that's where Miss South can come
in here and tell us. You know, you have options
on where your investment dollars go, and obviously one of
them is to the principal balance of your mortgage.
Speaker 2 (03:04):
That's an investment.
Speaker 1 (03:05):
Yeah, it is, Katrina, you can hear kind of what's
going on. I don't know if you paid attention to
what the Fed said and some of the information that
came out, but you know, you were talking last week
about getting people up for their retirement and strategy on
that and tax free investments if at all possible, and
they can get set up on those. So what did
(03:28):
you pay attention to what the fans had doing on
this week?
Speaker 3 (03:30):
Thank you again for including me on this conversation. I'm
always interested see how I can help and obviously have
really good conversations about this. So, you know, it's interesting.
We're definitely in a different landscape than we have been
in a long time, and the one thing that's interesting
is we're talking about everything from you know, we've saw
(03:52):
the prices go down on mortgages, but I have a
fair amount of clients I'm working with that are either
to retirement or ready to retire, and they're just scared
to make any kind of moves. They're not sure you
know that, what's the big beautiful bill coming along? What's
that going to do to their social security? And it
(04:14):
is ever the more reason why I tell people you
really need to sit down and talk to somebody. You know,
there's a big difference between what we call the risk management,
the risk accumulation, and then when is it time to
do that wealth preservation and distribution, and so with you know,
with the big beautiful Act that that is happening, we
(04:38):
don't know what's going to happen for sure with social Security?
Is there going to be taxes in the future, are
we going to get it tax free? There we're still
in that unknown landscaping. But it's also a really good
time to go build a relationship, get to know someone
who can really help you understand retirement income and how
(05:00):
to maximize the strategies that are out there, because you know,
when it's time to retire, you know, you don't have
any deductions anymore. Most people have their house paid for,
so you're definitely taking distributions out as full income. And
really there are the four categories I say that everybody
(05:23):
wants to know about their money. They want to know,
is there a good rate of return, is there any
tax advantage, is there any safety with it? And is
there any liquidity? And I do think sitting down with
somebody and kind of comb through what you have, but
also maximizing those those retirement dollars.
Speaker 2 (05:46):
Yeah, that's true.
Speaker 1 (05:47):
And we were talking, you know, one of my customers
is how to go the rout of a fifteen year
But then I had another phone call on this, you know,
right after that, and this guy's buying a home and
he's considering a fifteen year. But on the other hand,
he says the investments have made close to thirty percent return.
I said, well, you probably won't want a fifteen year
mortgage because you want to put more money in the market.
(06:09):
And that's probably what you would have buy some of
these retirees to do, is you know, keep a thing,
you know, keep a thirty year fixed and live off
what I call mailbox money. And that's the inter pension
solid security. Whatever you have income was but a trial
league or portfolio intact or if you're a big investor,
you may not want a fifteen year and use the
(06:30):
difference in the principal production to invest.
Speaker 3 (06:33):
That's exactly right. I'll actually use an example of a
client that I work with. The gentleman only has five
years left on his home. He'll have it completely paid off,
but his interest rate on his mortgage is about a
two point three five. I mean, those days I think
are gone for a while. But he says to me,
I think I'm going to accelerate and pay off my
(06:55):
house faster. And I said, well, why would you do that?
And he goes, well, I want to make sure I
get it paid off faster. But I said, you're on
track to go ahead and have it paid off in
five years. What you should do is take those extra
dollars that you were going to do put towards your
mortgage to pay it off faster, and you should put
that in your retirement bucket. Because remember when we're talking
(07:19):
about interest, it's either working for you or it's working
against you. Well, even though he's at a two point
three five on his mortgage, it's it's still he's paying
that interest. But you could put it over in an
investment side, and maybe your investment gets an eight percent,
ten percent, twelve percent, but that's working in your favor.
(07:40):
I said, so which one works better? Getting a positive
rate of return or paying off the house faster, because remember,
there is a time value of money. The longer and
more money you can put away for the longer period,
the larger the return will be. So it's it's an
interesting concept because I I know we've been taught to
(08:01):
pay our houses off faster, but it is one of
the things that we still get a write off on.
And again, the question I often ask is what is
the goal which is more important to pay a house
off faster or to have the retirement savings? And I
always say, but you know, we could probably do both
if we sit down and work out the numbers, because
(08:22):
you know, numbers don't lie, right.
Speaker 1 (08:26):
What about so in this case, in this case, you're
telling this customer just don't make any accelerated payments toward
the principal balance and just go on with his life
and live off the mailbox money, so to speak, and
not worry about paying off the mortgage. Just let it
naturally occur. But something we talk about here every week
(08:47):
is our ability to recast a note. So with a
lump sum of ten thousand or above, we can actually
recast the note for our customers. And that's something that's
another alternative to you know, maybe accelerate a little bit
as you go, but wait five years and then throw
down at it.
Speaker 2 (09:05):
And see what you have.
Speaker 3 (09:05):
Lit And again that's why people like us work together
to what did the numbers say and what is the
what is the best option for that client. In this case,
with this gentleman, by the time he pays this house off,
he's going to only be about fifty seven. Phill has
another you know, good seven or eight years. But what
(09:27):
was the most important for him was retirement. The house
was going to get paid off. But for some others
they I need to do a little catch up. Maybe
you know, paying off the house faster would be a
better way. And again that's why having the right people
around you, such as you guy, as myself, I'm passionate
about helping people reach what their goal is. But again,
(09:50):
once we work out the numbers, the numbers are going
to tell us what we need to do, and the
force of the client's going to say what's the best
fit for them.
Speaker 1 (09:58):
Bil last week, you know uri break or something we
were talking about. I think Tim you asked about you
have the the uh you have to pull out so much?
Speaker 2 (10:07):
What do you call it? The you have to pull
so much.
Speaker 1 (10:10):
Elder time the r m D r m D regardless
minimum district, and you were asking, you know, if that
was going to be something, if if paying for living
expenses and an assisted living facility something.
Speaker 2 (10:22):
Yeah.
Speaker 1 (10:22):
No, that's more of an accounting IRS type of question.
But well, my point was in my mother's case, she's
you know, ninety years old and living in assisted living
and she's having to take the r m DS obviously,
and she's taken one next month, and I'm like, she's
she's gonna be tax on that r m D or
(10:43):
required distribution And I was just wondering for any relief
to if you're using the r m D to pay
her monthly housing expense, is there any relief tax wise?
And could you structure early enough in your plan to
where it could be you know, not much not be
a tax burden because Medicare is not pans or our
(11:05):
housing co.
Speaker 3 (11:07):
Yeah, so interesting question. You know, I get this question
a lot about I want to protect my home, I
want to protect my assets, I want to protect my money.
You know, again, why it's so important to have a
relationship with the person you're working with. Remember, the government
has what they call a five year look back. And
(11:29):
personally this is just my opinion, but I'm here in
the US. I believe just like our founding fathers. You know,
when they came here, they were entrepreneurs. They all work.
They owned their house, their land, their cattle, their horses,
their property. What I'm seeing now to almost two hundred
and fifty years later is almost nobody owns anything. And
(11:53):
the way that the system is set up is you're
going to have to be either dead or dead broke.
And that's so Sometimes includes your home. You may have
to sell it back, or you may have to leave
it to a nursing home. And again when you start
to get into your eighties and nineties, this is conversations
that should have happened years prior to that. And again,
(12:16):
I know the financial conversations are not easy for ourselves.
They're definitely not easy for our parents and our grandparents.
But nowadays, with the Internet, there's not anything you can't
look up. But I had a personal friend dealing with
his parents.
Speaker 1 (12:33):
Hey, we're gonna take our We're gonna take our first break, Katrina,
save that thought for a second. We're gonna be right
back your listen to the Welcome Home Still by Guardian
Savings Bank Robell today from.
Speaker 2 (12:41):
Nine to one one numbers eighty five.
Speaker 1 (12:43):
Nine, eight, nine, nine one, nine three, six, six and
three eighth on a thirty or six. We'll be right
back here and listen to us on news radio six thirty.
Speaker 2 (12:49):
Thank you, Lap, you're right, Thanks you're back.
Speaker 1 (12:52):
List of Welcome Home Still by Guardian Savings Bank, Tim Adams,
Larry Freight, Patrina south and on the phone with us
again this weekend.
Speaker 2 (12:59):
We appreciate it, or take the time to visit with
this banks over the back nine.
Speaker 1 (13:02):
To one on overs eight five, nine, eight, nine, nine
one nine three six. Southland Drive is eight five nine
two six.
Speaker 2 (13:09):
Three three three three five.
Speaker 1 (13:10):
So if you can hear so you can call six
and three eighths on a thirty or six five seven
five on a twenty five and a half on a fifteen.
So give us a call. We'll see if we can
get you done. Nine hundred forty eight dollars and closing
costs we get to hear twenty five percent and equity
and and uh, we'll tree if we can put something
together for you.
Speaker 2 (13:25):
Sometimes the closing costs you.
Speaker 1 (13:26):
A little better, Tim and uh, anyway, talk a little
bit about what the FEDS did this week, and we'll
talk about that.
Speaker 2 (13:31):
So morre with Katrina.
Speaker 1 (13:32):
You're just talking about some of the relationships and how
important it is you get the five year look back
and the different things that can happen, and some of
the conversations you have with your people. So we've we
had to take a commercial break, but if you can
finish that thought, go ahead and we'll pick up where
were left off.
Speaker 3 (13:47):
Sure, absolutely well. The story that I wanted to share
was with a really good friend of mine whose dad
happened to be in a long term care facility. He
asked the same question you would ask before, which is,
you know, what can we do to preserve the wealth
and the asset that his parents had had saved. And
the problem was that he went ahead and spoke to
(14:11):
an estate attorney, a medicare attorney, an elderly attorney, and
he never could seem to get the right answer from
any of them. And the thing that I felt bad
for was I pretty much said to my friend, we
should have talked years ago, and he said, well, I
didn't know, And I said, and I understand. See. The
(14:33):
thing is they're not making it easy for us, and
there's not always those loopholes once we are in that
distribution time, which is why it is so so important
for people to have those conversations.
Speaker 2 (14:47):
Now.
Speaker 3 (14:48):
I always say, a little preparation today will save usually
a ton of headache for you and your family for tomorrow.
Speaker 1 (14:56):
And you know the thing is that you know and
we've had this come up so many times, and you
know the thing is that that five year look back
is so everything has to be out of the name
of the person or what is it that they're trying
to determine.
Speaker 3 (15:11):
And sorry about that a candy, but a trust and
a will is a great way to kind of lock
all the assets down Again. Now you're dealing with in
a state attorney or a trust attorney again, finding the
right person for you, building that relationship again. I think
(15:31):
trying to understand my clients and what their goals are
is is really what we all are looking for. We
want to be understood, we want to be heard, but
also understanding those walls. What does a trust you? What
is an irrevocable and irrevocable And again, most people want
income liquidity, they want to have long term care protection,
(15:56):
and they want eventually leave some legacy for their family
and a lot.
Speaker 1 (16:01):
Of times, you know, we talk about all the time
in here, and I'm a big proponent of the trust
because the you know, if you have a will, then
you've got the executor and you've got to go to court.
You've got to you know, there's a lot of money
chewed up by third party out here. It ain't had
anything to do with how hard your family work to
set money back for you and try to make life
a little easier for you, to leave you something.
Speaker 2 (16:19):
When they're gone.
Speaker 1 (16:20):
And you know, a trust is a good way to
keep business as usual, keep moving forward and you can
get a revoke. We're irrevocable trust and tim you've looked
into those yourself. If I'm just fortunate that I'm going
to be able to between my mother's compensation of a
pension and UH Social Security along with what she has
to take cat in the rm DS profitabilities that some
of the mutual funds pay a dividend and virtually leaving
(16:43):
the balance untouched of her portfolio that basically pays the
expense more than pays for the expense of the long
term care facility that we're using. You know, Medicare is
not helping us with any monthly expense on housing and
to provide medical care on an ongoing basis. So you know,
her advisor, which I've found out is not a fiduciary,
which is really upset me. But anyway, they did, they
(17:05):
did prepare her in a sense to be able to
maintain her living conditions with assisted living with her income
and asset LI and not really leaving the balance virtually intact.
Hopefully we're making money on the portfolio which helps me
pay her bill every month. Katrina, how could people get
a hold of you wavy and got you to say
(17:26):
that yet we got about a minute or so left Pere.
We let them know how they can reach it if
they ask some questions or want to meet with you,
or you know, want you to review some of their informations.
Speaker 3 (17:33):
Yeah, one hundred percent love to add the opportunities. So
the couple of ways you can reach me. One is
going to be directly to my phone number. It's my
personal phone number five one three nine to six eight
nine eight five. Or you could go to my website
which is see the letter c selves that's my last name,
(17:55):
sout Solutions dot com. So it sees solution dot com.
Speaker 1 (18:01):
Yeah, and you've been doing this for you know, several years,
and you know it's it's as passion of yours and
that's kind of how we've connected in some of our
conversations and some of the things we talk about discuss
on the show. So hang on there, we got another session.
If you want to hang out with us and talk
a little bit more, we will. We're gonna take another break.
Banks open today from nine to one. By the way,
phone numbers eight five nine, eight nine nine one nine
(18:22):
three six South and drive is eight five nine two
six thirty three three three five. So if you can
hear so, you can call us six and three eighths
on a thirty or six five point seventy five on
a twenty five and a half on a fifteen. Closing
costs as cheap as they've always been at Guardian Savies Banks.
Will give us a call. You are listened to Welcome
Home Show by Guardian Savies Bank on News Radio six
to thirty.
Speaker 2 (18:41):
Okay, w lap, we'll be right back. You're back. Listen
to Welcome Home Show by.
Speaker 1 (18:46):
Guardian Savies Banks. Larry Franks, Tim Adams to trene us
out with us this morning. We appreciate her getting on
the phone with us again talking about some of this
retirement preparation and long term financial outlooks and the preparation.
So we appreciate that. Open a day from nine to one.
Give us a call eight five nine eight nine nine
one nine three six Katrina, give us your information again
(19:08):
so they can give you a call if they want
to give you a call on your.
Speaker 2 (19:10):
Phone this morning.
Speaker 3 (19:12):
Yeah. Absolutely. My phone number is five one three nine
two six A nine eighty five. If you want to
check on my website, it's Csouthsolutions dot com.
Speaker 1 (19:23):
Well, I appreciate it, and we appreciate you taking a
time out to visit with us on the show, and
we're passionate about trying to help people educating. Tim and
I talk on here on a regular basis before people
commit to the retirement from their current job or or
their their situation is to get a good financial analysis
on what you got going on and get an idea
(19:44):
of what your options are on your payments, what your
income is going to be, what your outgo is going
to be. Because people fail to realize that they've got
you know, what do you say, Tim, fixed income? They're
not going to get you overtime anymore, not going to
get any bonuses. So I mean some of the income
that they're used to having and what they're monthly is
(20:05):
is not going to be the same in some cases.
And then what they do is they'll come in Katrina
and Tim will tell you tell you this too, and
they want to do something. And the biggest payment they
generally have is their house. And after they got into
this retirement situation and didn't make the right adjustments, it's
tough to get have done sometimes.
Speaker 2 (20:22):
And Tien you could testify to that. I mean, I
think you know, we've had.
Speaker 1 (20:24):
People come in here and it's you know, it's they
they're like, wait a minute, you know this is you know,
we're there, we're struggling here. Well, I mean, if you
look at the data, you know baby Bommers as a
whole aren't prepared for retirement. Well, you know, it's just people,
you know, like Sue, if people she said earlier, they
won't want to talk about money, you know, they don't
want to talk about death, sickness and so on and
(20:46):
so forth. And you know, trust and the will and
putting all those things again, it's not the conversation easy
to have at any time for you know, about anybody,
I would think, but it's just something that you need
to be aware of. And that's kind of why we
wanted to bring it up and point it out because
we've been talking about it and the economy right now
is tough, you know. I mean, things are getting better
in my opinion. I can see, you know, improvements in
(21:07):
certain areas, but we have, you know, still got a
long way to go. And I don't think that you know,
there's ever going to be an easy solution to all
the problems out here, but financial management and planning with
a professional and knowing what your options are with investments,
will a trust or whatever suits you, or what you're
set up for long term health care, all those types
of things, and Katrin it when you've been doing this
(21:30):
alumus six or seven years now.
Speaker 3 (21:31):
I have, Yeah, I have, But I've also been a
business owner, so I understand businesses as well. I understand
the pitfalls that happen with businesses. They're looking for solutions
as well. And that's the nice thing about me is
I have a team of people that are professionals where
we do everything from employing benefits. Again, we're all looking
(21:53):
for how do we make our one dollar do three
dollars worth of work? And that's when me and my
team are actually experts that how.
Speaker 2 (22:01):
Many people do you have to help you and support
you in you in your group? There, you got a handful.
Speaker 3 (22:07):
I have somewhere like actively that work around me, probably
about ten. But I also have some very high end
professionals that their average client might put away, you know,
one hundred thousand dollars a year. So I can pretty
much take on just about anything that's out there. And
(22:29):
and of course I'm, like I said, I'm passionate about
businesses because to me, it doesn't matter about your business.
If it's important to you, it's important to me. And
even business owners are looking for solution.
Speaker 1 (22:41):
Right and and so you have so you got to
everything going, you know, with your mom down there. And
I had a friend of mine that's a you know
a long time and he was telling me that he
was struggling because his mom wasn't as prepared as she
needed to be and he was having to foot the
bill one to put him in a financial buy. But
I don't see any provision that whatever she's into with
Medicare Medicaid helps with housing kind of.
Speaker 3 (23:03):
Birth that right, I mean that you know, the burden
that the do epidemic that's going to be happening soon
in our country. We're already starting to see it is
healthcare costs of has skyrockets since COVID, and now it's
actually putting financial burdens on the next generation and sometimes
the next two. You know, we've got more baby boomers
(23:26):
retiring about ten thousand a day and we're all aging,
so we have to you know, we're going to need
help and put them somewhere. And it sometimes is why
people are adding you know, mother in law quarters on
their houses and so forth, because they cannot afford the
extra care. So again, these are very important conversations that
(23:48):
believe it or not, this financial conversation could affect many generations.
But we have to be we we have to be
open to having the conversation no matter where you're at.
At least knowing where you're at is knowing where we
can go.
Speaker 2 (24:05):
Yeap.
Speaker 1 (24:05):
That just puts more emphasis on saving and investing. You
must consider these features that may have been offered through
your employment, like you're a guardian. They do a matching
for a four oh one K and you know that
that's helping me prepare my you know, after a pro
(24:27):
post retirement, because I just turned sixty seven. So these
are all starting to being not only concerns that I've
had to deal with with my family member my mother,
but that also apply to me. And I spent an
awakening for me that I did have consulted with an
elder law attorney. And I don't know if that's in
the all end all because I had to really, you know,
(24:48):
that's for someone that really needs to work closely with
their financial advisor, which I haven't done with her portfolio,
and it's kind of in status quo, so I probably
lost thousands and thousands of dollars and her portfolio about
both of us not being proactive and working with a
somebody that's looking to help us and not a commission
(25:09):
based investment.
Speaker 3 (25:10):
Company exactly one hundred percent right. As a matter of fact,
what I the two things I say to people that
are certain de licens death and taxes. Death is coming
for all of us. So even though it's not a
sexy subject, it's something we do need to address because
we don't want to leave the burden for our family.
But we also don't want to give our assets away either,
(25:33):
But I can definitely help you navigate their taxes. I
know the laws constantly kind of you know, we all
feel like we're you know, is socially going to be
taxes a not. But again, we want efficiency and most
people want that. So I think most people do a
very good job saving They just don't always do the
best job on the efficiency that we can do for
(25:56):
retirement and distribution.
Speaker 1 (25:58):
What do you guys feel about something that you're paying
into then being called an entitlement when you're getting it back.
I mean the verbiage that they switched around out here,
you know, I mean at my paycheck and anybody that has
a job that they're they're they're getting Social Security taken
out of their paycheck every time they get paid. But
then it's an entitlement when you get it back. So
you're paying into something. But if you're sold, are you
(26:20):
is there something that you're you know, I don't get
all the terminology now, Well, social securities is a Ponzi
scheme anyway, they're taking new money and paying off us,
paying me off.
Speaker 2 (26:30):
Hell yeah, you know.
Speaker 3 (26:32):
What's interesting that I've learned about Social Security. First of all.
It started back in the early forties and at the time,
the average American lived to age sixty six. That's where
the number sixty five came from. But at the time,
there were about forty eight people contributing to Social Security
to one taking out. And it's funny even fast forward
(26:56):
now people say, well, why is it so broke and
so forth. What's very strange is even though we have
name and more boomers and more distributions going up, we
still have three people contributing to one taking out. So
you know, but the problem is is people are living longer,
and you know, the cost of living is different than
(27:17):
it was back then. So again, the thing that people
sometimes fail to remember is inflation is a real thing.
Just at the grocery store if you've noticed since pre
COVID and now post COVID. I mean, I used to
be able to go to the grocery store spend two
hundred dollars and I was fine. I just went to
the grocery store the other day saying groceries. But now
(27:40):
my bill was five hundred dollars. So we're just living
in times where you know, one hundred thousand dollars today
is not going to pay the same as it is
twenty years from now, and we want to help give
you a map to show you, Okay, what do you
need to keep up with the pace at the income
you desire. And it's it's an important conversation. Sometimes we
(28:04):
forget that even those.
Speaker 1 (28:06):
Things well, and it's you know, that's why, you know,
that's why we're having this conversation, because it's it's time
for people. You know, if you're listening to the show
and you haven't thought about it, and this sparks that
thought process. Give give Katrina a call and and visit
with her, or you know, whoever your person is that
you that you confide in with all your financial stuff.
Speaker 2 (28:27):
She'd be a good wine in my opinion.
Speaker 1 (28:29):
And uh, you know, she's out here to try to
help people, taking her time to educate us a little bit.
And you have to be very careful on what you're
saying on here, Katrina, because and there's some rules and
regulations you have to follow in your capacity kind of
like what we do on what we can say and do.
But you know, you've given a lot of great and
helpful information to us. We've got a couple of minutes
left here in this session of the show. But what
(28:49):
is the biggest challenge that you see for people that
is that today that they could address that they have
not at this point that you know that you kind
of keep saying over and over.
Speaker 3 (29:02):
I would say that the question that I ask oftentimes
to people is is the advisor you're working with? Even
though there are a lot of great people out there
that do great work at the period that you're in
your life right now, is this the right person? Because
not every advisor really concentrates on that wealth distribution. Most
(29:29):
of them are very good at accumulation, but are they
the same person? Is that the same person to help
you with distributions? And really, you know, one conversation I
had recently with a client was I think I've done
a pretty good job, but I just really need to preserve.
Like I'm not wanting to be in high risk anything,
(29:51):
but I definitely want to preserve. Is there any way
I can preserve and still grow my money? So that way?
Ask me a lifetime and believe it or not. The
the answer I told them was yes, we do. We
have some great fixed products. We have some index products,
and they near what the market does, but they're not
(30:14):
always in the market. So again, you know, I wouldn't
be somebody in my eighties or nineties in high risk assets.
I would think about how to keep that preservation and
also how to leave it to the next generation. So
I would say that's the question I would ask people
the most is is the advisor you've been working with
(30:36):
is it the right one for you at the time?
And it truly does not hurt to have a second
or third opinion or a second or third eye to
take a look at do you have everything covered? Are
there any pitfalls? And if there are, we're going to
find them.
Speaker 1 (30:54):
That sounds good. Hey, We're going to take another break.
Thanks over today from nine to one, eight three six,
South and Drives eight five nine two six three three
three three five or Tim, I'll be right back and
Katrina's hang on there. You're listening to the Welcome Home
Show by Guardian Saves Bank on News Radio six thirty.
Speaker 2 (31:12):
Right here on w LAP, you're back.
Speaker 1 (31:14):
List of the Welcome Home Show by Guardian Savies Bank,
Tim Adams, Larry Frank, Katrina's South in here with us
this Saturday morning. We appreciate you tuning in to us
and listening to what we've got to say, got a
little change in the FED rate this week could help
us a little bit, but it hasn't yet. Kind of
trick the bond market a little bit in a different direction,
and that's what dictates his rates, So keep that in mine.
We're still six of three eight's on a thirty year fixed,
(31:36):
five point seventy five on a twenty five and a
half on a fifteen. So give us a call when
it say three eighths, five and three eighths on the fifteenth.
Oh what to five and three eighths? Well, I'm pretty sure.
But anyway, if you've been listening to the show, then
you've heard our conversation with Katrina and uh but Katrina,
just once again tell us about your company and how
(31:57):
someone that listening today could get in touch with you
discuss some of these pot chart issues about their portfolio
and retirement.
Speaker 3 (32:05):
Absolutely, so the best way to reach me is two
options we have of my phone number it's five one
three nine tier Stix eight nine eighty five, and or
you can check out my website. There's quite a bit
of information on that that's you know, take a look
at that. It's CSUTH Solutions, it's the letter C so yeah,
(32:27):
Katrina is with the C not a K now was
my last name and solutions with an S dot com.
Speaker 2 (32:35):
Awesome.
Speaker 1 (32:36):
Yeah, we appreciate you taking the time out the last
couple of weeks and that I lived time with us, and
we'll get you back on here again and talk about
some more stuff and hopefully some people. Yeah, we'll just
trigger a little bit of a thought process. And Sam
and I were talking about earlier, you know, about somebody
you know seven and a quarter interest rate taking down
the six and a quarter, but they're gonna wait till
five and a half. I'm gonna keep paying all the
(32:56):
interest out and now I'm not gonna take the rate drop. Now,
I'm just gonna wait and keep paying what I can.
And just can we say it all the time, marry
the home and date the loan right, you know, because
you can refinance at any time. And it's if you're
at six point seventy five or higher for the closing
costs that we have in here. If you don't call us,
shame on you. I mean, you're throwing money out the window.
(33:18):
And it's just you know, it's it's kind of a
no brainer. If you're paying ten or twelve thousand dollars
enclosed your costs. Yeah, you need to have a one
percent rate drop, but you're not paying that in here.
You will pay it to people if you get online
and hit them, you know, and they'll tell you no,
how to pocket you really get your money back to
the first month because you defer out your first month's payment.
Speaker 2 (33:34):
Yep.
Speaker 1 (33:35):
But yeah, don't don't let rate the obstacle right now
if you can lower it, you know, like I you know,
one percent rate drop.
Speaker 2 (33:42):
We already offered that and that wasn't good enough.
Speaker 1 (33:45):
But you know, we know our demographics here on the show,
and we know we have a lot of baby members.
Speaker 2 (33:50):
Listening in today.
Speaker 1 (33:51):
So this is you know, not only about the refinance opportunities,
but to you know, to plan your retirement. If you're
a baby bommer, you know, take Heed and if you
don't call Katrina, call somebody.
Speaker 2 (34:03):
Yeah, it's just you know what, We're.
Speaker 1 (34:05):
Just trying to just create the interest and to make
people think, you know, and say, hey, this is coming,
this is what we need to do, This's what we
need to prepare for, this is what we're going to
have to have, and you know, Katrina can help you
on her end of it.
Speaker 2 (34:17):
As far as the mortage side of it.
Speaker 1 (34:18):
We can help you with that, but you know, just
pay attention to what's going on the bond market is
what dictates these rates. The Feds did do a quarter
of a point reduction. They think they may have another
one this year or too, but who knows. The mixed
and information came out and that's really what's effected the
bond market, and the bond market had already pretty much
priced in all of the stuff that they thought was happening.
We've been at six and three ags A's do I
(34:39):
drop anymore? Well, they're circling back to tariffs and it's
you know what Katrina was just talking about, still going
to the shopping in our retail outlets, you know, grocery stores.
You know, she's still seeing an increase in her not
the grocery bill, and that's not a good thing for
the economy if you ask me, Well, you know, it's
kind of like you just when we first you know,
(35:01):
when things get up and prices increase, than just any
little break, you know, seems.
Speaker 2 (35:07):
Yet but what's that got to do with mortgage rates?
Speaker 1 (35:09):
I know, but it seems to have a it's a
factor when they make these decisions. Jill uh, we would
love to see inflation come down even further. I know, Katrina, you.
Speaker 3 (35:19):
Would right, oh, one hundred percent. Again, I think we're
heading in the right direction. When those interest rates come down,
it's a positive. Yeah, I'm a big fan of let's
get the economy moving, let's get people in homes. It's
it's exciting to you know, it's difficult times right now,
but it looks very hopeful to me.
Speaker 1 (35:42):
And we feel like, you know, we've said it in
here for years that they're not making any more land.
You know, you can't hardly go wrong with the with
the with the purchase of a home and owning a home,
it's an instigated savings account. And in this area we
have a little bit better appreciation in others because of
the moratory on land and the limited ability to build
single family residents and fay it. But there's a lot
of great investments in real estate out and around here.
(36:04):
And you know, you know, my daughter's friends, they're twenty five,
twenty six years old. You know, they're they're waiting for
kind of like Pete Sam's people. They'll wait for the
rate to get down to five before they buy, you know,
so that two hundred and fifty thousand dollar house they're
looking at today is gonna be two ninety by the
time that rate comes down. Possibly solords the rubber meet
the road. It's a house bought now, refinancing when rates
come kind if you qualify, you know.
Speaker 2 (36:24):
What I'm saying, trying to get hit now because you're
gonna take it it laid yep, you're gonna meet one
way or the other.
Speaker 1 (36:29):
It will wash out. And as the rates go down,
the more competition you have and buy it. You know,
you got more people qualified. So it's marry the home,
date the loan, and you can refinance at any time,
you know, And we just here to try to help
get you know, the word out six and three eights
on a thirty year fix. If you're at six point
seven five or higher, our closing costs around nine hundred
and forty eight bucks under most circumstances, and you're gonna
(36:51):
miss a month or two of payments because of the
way that the loan refinances are structured, so you're gonna
break even immediately. And that's why we say you don't
have to have a one percent rate drop to consider refinances.
We appreciate you tune into us this weekend, Katrina, and
we appreciate you business with us today and last week,
and we'll get you back on here. How could people
get a hold of you?
Speaker 3 (37:10):
A couple of ways you can reach me. One is
gonna be uh directly to my phone number. It's my
personal phone number five one three nine two six eight
nine eight five. Or you could go to my website
which is C the letter C South. That's my last name,
s O U T H Solutions dot com. So it's
(37:31):
csouth solution dot com.
Speaker 2 (37:34):
Open to day from nine to one.
Speaker 1 (37:35):
FUH numbers eight five nine, eight nine, nine one nine
three six South and drives eight five to nine two
six three three three three five.
Speaker 2 (37:41):
So if you can hear she can call us.
Speaker 1 (37:43):
You have been listening to the Welcome Home Show by
Guardian Davis Bank on news Radio six thirty w l
A p wll be back next Saturday.
Good morning, Laxington. You're listening to Welcome Home Show by
Guardian Savings Bank. I'm Larry Frikes Tim Adams with you
this Saturday morning.
Speaker 2 (00:08):
We're glad to have you tuned into us.
Speaker 1 (00:09):
Bank is open to day from nine to one on
number here at Hamburgs eight five nine eight nine nine
one nine three six. Over at South and Drive it's
eight five nine two six three three three three five.
So if you can hear she can call us. Appreciate
you tuning in to us. We got Katrina South back
on the line with us again today too. We appreciate
her chat with us last week and we wanted to
get her back because some of the conversations we had
(00:31):
during commercial breaks are between segments. You know, we're just
interesting to some of the stuff that you know, Tim
and I have been, uh you know, we're talking about
last week with our clients and and some of the
people we know and things are going through and so
we'll talk with her a little bit here a minute,
but uh, we just wanted to fill you in a
little bit, Tim. The fifths them out yesterday and and
(00:52):
uh soar came out are we this week and had
Wednesday and said that saver going to lower her. They
did lower the prime by a quarter of a point,
and you know, we talked about the bond market had
already priced in what they thought was going to happen,
and it has. So, yeah, we're still at six and
three eighths on a thirty five point seventy five on
a twenty and five and a half on a fifteen
(01:13):
and then with twenty five or twenty five percent equally
in your house on a refinance or purchase closing costs
of what nine hundred and forty eight bucks correct, So,
you know, I don't know exactly. You know, there was
kind of what do you call it reading the tea
leaves or whatever, and the information they gave out yesterday.
You know, we really don't know. The bond markets kind
(01:36):
of reacted in some sorts of a yeah, you know
kind of you know, we were trying to tell people, look,
it might not work like we think on this. You know,
a lot of people think that the rates are directly
tied to prime, and there's that misconception that it don't
always work out where the Feds make a Fed Fund
rate cut and it directly affects mortgages.
Speaker 2 (01:58):
It could, but in this case, it didn't.
Speaker 1 (02:01):
And uh, investors, as you saw on Wall Street after
the announcement, the Dow was up to a record forty six,
you know and something. So obviously my portfolio was looking better.
But mortgage race didn't come down like maybe we thought
it they might, and what the average consumer might have
thought they might. So there it's a lot of people
(02:21):
still in the holding pattern, relying on the fedes to
help them out on a on a refinance and that's
just didn't happen. Well, I mean, like we'll say, we're
six and three eighths primes of what now seven a
quarter if they loaded a quarter. So I mean, if
you just go ahead and you know and take a
look exactly, you know what's going on, you can you
know see. But it was already priced in and we've
been telling people that, you know, don't miss the boat.
Speaker 2 (02:42):
Go and miss I had a co I have one
genius this.
Speaker 1 (02:44):
Week though he's going to a fifteen year term, so
you know, he's a seven a quarter on a thirty
going to fifteen ding dinging ding Ding. I said, I'll
ring the bell because that's a that's a good strategy,
because you know, and that's where Miss South can come
in here and tell us. You know, you have options
on where your investment dollars go, and obviously one of
them is to the principal balance of your mortgage.
Speaker 2 (03:04):
That's an investment.
Speaker 1 (03:05):
Yeah, it is, Katrina, you can hear kind of what's
going on. I don't know if you paid attention to
what the Fed said and some of the information that
came out, but you know, you were talking last week
about getting people up for their retirement and strategy on
that and tax free investments if at all possible, and
they can get set up on those. So what did
(03:28):
you pay attention to what the fans had doing on
this week?
Speaker 3 (03:30):
Thank you again for including me on this conversation. I'm
always interested see how I can help and obviously have
really good conversations about this. So, you know, it's interesting.
We're definitely in a different landscape than we have been
in a long time, and the one thing that's interesting
is we're talking about everything from you know, we've saw
(03:52):
the prices go down on mortgages, but I have a
fair amount of clients I'm working with that are either
to retirement or ready to retire, and they're just scared
to make any kind of moves. They're not sure you
know that, what's the big beautiful bill coming along? What's
that going to do to their social security? And it
(04:14):
is ever the more reason why I tell people you
really need to sit down and talk to somebody. You know,
there's a big difference between what we call the risk management,
the risk accumulation, and then when is it time to
do that wealth preservation and distribution, and so with you know,
with the big beautiful Act that that is happening, we
(04:38):
don't know what's going to happen for sure with social Security?
Is there going to be taxes in the future, are
we going to get it tax free? There we're still
in that unknown landscaping. But it's also a really good
time to go build a relationship, get to know someone
who can really help you understand retirement income and how
(05:00):
to maximize the strategies that are out there, because you know,
when it's time to retire, you know, you don't have
any deductions anymore. Most people have their house paid for,
so you're definitely taking distributions out as full income. And
really there are the four categories I say that everybody
(05:23):
wants to know about their money. They want to know,
is there a good rate of return, is there any
tax advantage, is there any safety with it? And is
there any liquidity? And I do think sitting down with
somebody and kind of comb through what you have, but
also maximizing those those retirement dollars.
Speaker 2 (05:46):
Yeah, that's true.
Speaker 1 (05:47):
And we were talking, you know, one of my customers
is how to go the rout of a fifteen year
But then I had another phone call on this, you know,
right after that, and this guy's buying a home and
he's considering a fifteen year. But on the other hand,
he says the investments have made close to thirty percent return.
I said, well, you probably won't want a fifteen year
mortgage because you want to put more money in the market.
(06:09):
And that's probably what you would have buy some of
these retirees to do, is you know, keep a thing,
you know, keep a thirty year fixed and live off
what I call mailbox money. And that's the inter pension
solid security. Whatever you have income was but a trial
league or portfolio intact or if you're a big investor,
you may not want a fifteen year and use the
(06:30):
difference in the principal production to invest.
Speaker 3 (06:33):
That's exactly right. I'll actually use an example of a
client that I work with. The gentleman only has five
years left on his home. He'll have it completely paid off,
but his interest rate on his mortgage is about a
two point three five. I mean, those days I think
are gone for a while. But he says to me,
I think I'm going to accelerate and pay off my
(06:55):
house faster. And I said, well, why would you do that?
And he goes, well, I want to make sure I
get it paid off faster. But I said, you're on
track to go ahead and have it paid off in
five years. What you should do is take those extra
dollars that you were going to do put towards your
mortgage to pay it off faster, and you should put
that in your retirement bucket. Because remember when we're talking
(07:19):
about interest, it's either working for you or it's working
against you. Well, even though he's at a two point
three five on his mortgage, it's it's still he's paying
that interest. But you could put it over in an
investment side, and maybe your investment gets an eight percent,
ten percent, twelve percent, but that's working in your favor.
(07:40):
I said, so which one works better? Getting a positive
rate of return or paying off the house faster, because remember,
there is a time value of money. The longer and
more money you can put away for the longer period,
the larger the return will be. So it's it's an
interesting concept because I I know we've been taught to
(08:01):
pay our houses off faster, but it is one of
the things that we still get a write off on.
And again, the question I often ask is what is
the goal which is more important to pay a house
off faster or to have the retirement savings? And I
always say, but you know, we could probably do both
if we sit down and work out the numbers, because
(08:22):
you know, numbers don't lie, right.
Speaker 1 (08:26):
What about so in this case, in this case, you're
telling this customer just don't make any accelerated payments toward
the principal balance and just go on with his life
and live off the mailbox money, so to speak, and
not worry about paying off the mortgage. Just let it
naturally occur. But something we talk about here every week
(08:47):
is our ability to recast a note. So with a
lump sum of ten thousand or above, we can actually
recast the note for our customers. And that's something that's
another alternative to you know, maybe accelerate a little bit
as you go, but wait five years and then throw
down at it.
Speaker 2 (09:05):
And see what you have.
Speaker 3 (09:05):
Lit And again that's why people like us work together
to what did the numbers say and what is the
what is the best option for that client. In this case,
with this gentleman, by the time he pays this house off,
he's going to only be about fifty seven. Phill has
another you know, good seven or eight years. But what
(09:27):
was the most important for him was retirement. The house
was going to get paid off. But for some others
they I need to do a little catch up. Maybe
you know, paying off the house faster would be a
better way. And again that's why having the right people
around you, such as you guy, as myself, I'm passionate
about helping people reach what their goal is. But again,
(09:50):
once we work out the numbers, the numbers are going
to tell us what we need to do, and the
force of the client's going to say what's the best
fit for them.
Speaker 1 (09:58):
Bil last week, you know uri break or something we
were talking about. I think Tim you asked about you
have the the uh you have to pull out so much?
Speaker 2 (10:07):
What do you call it? The you have to pull
so much.
Speaker 1 (10:10):
Elder time the r m D r m D regardless
minimum district, and you were asking, you know, if that
was going to be something, if if paying for living
expenses and an assisted living facility something.
Speaker 2 (10:22):
Yeah.
Speaker 1 (10:22):
No, that's more of an accounting IRS type of question.
But well, my point was in my mother's case, she's
you know, ninety years old and living in assisted living
and she's having to take the r m DS obviously,
and she's taken one next month, and I'm like, she's
she's gonna be tax on that r m D or
(10:43):
required distribution And I was just wondering for any relief
to if you're using the r m D to pay
her monthly housing expense, is there any relief tax wise?
And could you structure early enough in your plan to
where it could be you know, not much not be
a tax burden because Medicare is not pans or our
(11:05):
housing co.
Speaker 3 (11:07):
Yeah, so interesting question. You know, I get this question
a lot about I want to protect my home, I
want to protect my assets, I want to protect my money.
You know, again, why it's so important to have a
relationship with the person you're working with. Remember, the government
has what they call a five year look back. And
(11:29):
personally this is just my opinion, but I'm here in
the US. I believe just like our founding fathers. You know,
when they came here, they were entrepreneurs. They all work.
They owned their house, their land, their cattle, their horses,
their property. What I'm seeing now to almost two hundred
and fifty years later is almost nobody owns anything. And
(11:53):
the way that the system is set up is you're
going to have to be either dead or dead broke.
And that's so Sometimes includes your home. You may have
to sell it back, or you may have to leave
it to a nursing home. And again when you start
to get into your eighties and nineties, this is conversations
that should have happened years prior to that. And again,
(12:16):
I know the financial conversations are not easy for ourselves.
They're definitely not easy for our parents and our grandparents.
But nowadays, with the Internet, there's not anything you can't
look up. But I had a personal friend dealing with
his parents.
Speaker 1 (12:33):
Hey, we're gonna take our We're gonna take our first break, Katrina,
save that thought for a second. We're gonna be right
back your listen to the Welcome Home Still by Guardian
Savings Bank Robell today from.
Speaker 2 (12:41):
Nine to one one numbers eighty five.
Speaker 1 (12:43):
Nine, eight, nine, nine one, nine three, six, six and
three eighth on a thirty or six. We'll be right
back here and listen to us on news radio six thirty.
Speaker 2 (12:49):
Thank you, Lap, you're right, Thanks you're back.
Speaker 1 (12:52):
List of Welcome Home Still by Guardian Savings Bank, Tim Adams,
Larry Freight, Patrina south and on the phone with us
again this weekend.
Speaker 2 (12:59):
We appreciate it, or take the time to visit with
this banks over the back nine.
Speaker 1 (13:02):
To one on overs eight five, nine, eight, nine, nine
one nine three six. Southland Drive is eight five nine
two six.
Speaker 2 (13:09):
Three three three three five.
Speaker 1 (13:10):
So if you can hear so you can call six
and three eighths on a thirty or six five seven
five on a twenty five and a half on a fifteen.
So give us a call. We'll see if we can
get you done. Nine hundred forty eight dollars and closing
costs we get to hear twenty five percent and equity
and and uh, we'll tree if we can put something
together for you.
Speaker 2 (13:25):
Sometimes the closing costs you.
Speaker 1 (13:26):
A little better, Tim and uh, anyway, talk a little
bit about what the FEDS did this week, and we'll
talk about that.
Speaker 2 (13:31):
So morre with Katrina.
Speaker 1 (13:32):
You're just talking about some of the relationships and how
important it is you get the five year look back
and the different things that can happen, and some of
the conversations you have with your people. So we've we
had to take a commercial break, but if you can
finish that thought, go ahead and we'll pick up where
were left off.
Speaker 3 (13:47):
Sure, absolutely well. The story that I wanted to share
was with a really good friend of mine whose dad
happened to be in a long term care facility. He
asked the same question you would ask before, which is,
you know, what can we do to preserve the wealth
and the asset that his parents had had saved. And
the problem was that he went ahead and spoke to
(14:11):
an estate attorney, a medicare attorney, an elderly attorney, and
he never could seem to get the right answer from
any of them. And the thing that I felt bad
for was I pretty much said to my friend, we
should have talked years ago, and he said, well, I
didn't know, And I said, and I understand. See. The
(14:33):
thing is they're not making it easy for us, and
there's not always those loopholes once we are in that
distribution time, which is why it is so so important
for people to have those conversations.
Speaker 2 (14:47):
Now.
Speaker 3 (14:48):
I always say, a little preparation today will save usually
a ton of headache for you and your family for tomorrow.
Speaker 1 (14:56):
And you know the thing is that you know and
we've had this come up so many times, and you
know the thing is that that five year look back
is so everything has to be out of the name
of the person or what is it that they're trying
to determine.
Speaker 3 (15:11):
And sorry about that a candy, but a trust and
a will is a great way to kind of lock
all the assets down Again. Now you're dealing with in
a state attorney or a trust attorney again, finding the
right person for you, building that relationship again. I think
(15:31):
trying to understand my clients and what their goals are
is is really what we all are looking for. We
want to be understood, we want to be heard, but
also understanding those walls. What does a trust you? What
is an irrevocable and irrevocable And again, most people want
income liquidity, they want to have long term care protection,
(15:56):
and they want eventually leave some legacy for their family
and a lot.
Speaker 1 (16:01):
Of times, you know, we talk about all the time
in here, and I'm a big proponent of the trust
because the you know, if you have a will, then
you've got the executor and you've got to go to court.
You've got to you know, there's a lot of money
chewed up by third party out here. It ain't had
anything to do with how hard your family work to
set money back for you and try to make life
a little easier for you, to leave you something.
Speaker 2 (16:19):
When they're gone.
Speaker 1 (16:20):
And you know, a trust is a good way to
keep business as usual, keep moving forward and you can
get a revoke. We're irrevocable trust and tim you've looked
into those yourself. If I'm just fortunate that I'm going
to be able to between my mother's compensation of a
pension and UH Social Security along with what she has
to take cat in the rm DS profitabilities that some
of the mutual funds pay a dividend and virtually leaving
(16:43):
the balance untouched of her portfolio that basically pays the
expense more than pays for the expense of the long
term care facility that we're using. You know, Medicare is
not helping us with any monthly expense on housing and
to provide medical care on an ongoing basis. So you know,
her advisor, which I've found out is not a fiduciary,
which is really upset me. But anyway, they did, they
(17:05):
did prepare her in a sense to be able to
maintain her living conditions with assisted living with her income
and asset LI and not really leaving the balance virtually intact.
Hopefully we're making money on the portfolio which helps me
pay her bill every month. Katrina, how could people get
a hold of you wavy and got you to say
(17:26):
that yet we got about a minute or so left Pere.
We let them know how they can reach it if
they ask some questions or want to meet with you,
or you know, want you to review some of their informations.
Speaker 3 (17:33):
Yeah, one hundred percent love to add the opportunities. So
the couple of ways you can reach me. One is
going to be directly to my phone number. It's my
personal phone number five one three nine to six eight
nine eight five. Or you could go to my website
which is see the letter c selves that's my last name,
(17:55):
sout Solutions dot com. So it sees solution dot com.
Speaker 1 (18:01):
Yeah, and you've been doing this for you know, several years,
and you know it's it's as passion of yours and
that's kind of how we've connected in some of our
conversations and some of the things we talk about discuss
on the show. So hang on there, we got another session.
If you want to hang out with us and talk
a little bit more, we will. We're gonna take another break.
Banks open today from nine to one. By the way,
phone numbers eight five nine, eight nine nine one nine
(18:22):
three six South and drive is eight five nine two
six thirty three three three five. So if you can
hear so, you can call us six and three eighths
on a thirty or six five point seventy five on
a twenty five and a half on a fifteen. Closing
costs as cheap as they've always been at Guardian Savies Banks.
Will give us a call. You are listened to Welcome
Home Show by Guardian Savies Bank on News Radio six
to thirty.
Speaker 2 (18:41):
Okay, w lap, we'll be right back. You're back. Listen
to Welcome Home Show by.
Speaker 1 (18:46):
Guardian Savies Banks. Larry Franks, Tim Adams to trene us
out with us this morning. We appreciate her getting on
the phone with us again talking about some of this
retirement preparation and long term financial outlooks and the preparation.
So we appreciate that. Open a day from nine to one.
Give us a call eight five nine eight nine nine
one nine three six Katrina, give us your information again
(19:08):
so they can give you a call if they want
to give you a call on your.
Speaker 2 (19:10):
Phone this morning.
Speaker 3 (19:12):
Yeah. Absolutely. My phone number is five one three nine
two six A nine eighty five. If you want to
check on my website, it's Csouthsolutions dot com.
Speaker 1 (19:23):
Well, I appreciate it, and we appreciate you taking a
time out to visit with us on the show, and
we're passionate about trying to help people educating. Tim and
I talk on here on a regular basis before people
commit to the retirement from their current job or or
their their situation is to get a good financial analysis
on what you got going on and get an idea
(19:44):
of what your options are on your payments, what your
income is going to be, what your outgo is going
to be. Because people fail to realize that they've got
you know, what do you say, Tim, fixed income? They're
not going to get you overtime anymore, not going to
get any bonuses. So I mean some of the income
that they're used to having and what they're monthly is
(20:05):
is not going to be the same in some cases.
And then what they do is they'll come in Katrina
and Tim will tell you tell you this too, and
they want to do something. And the biggest payment they
generally have is their house. And after they got into
this retirement situation and didn't make the right adjustments, it's
tough to get have done sometimes.
Speaker 2 (20:22):
And Tien you could testify to that. I mean, I
think you know, we've had.
Speaker 1 (20:24):
People come in here and it's you know, it's they
they're like, wait a minute, you know this is you know,
we're there, we're struggling here. Well, I mean, if you
look at the data, you know baby Bommers as a
whole aren't prepared for retirement. Well, you know, it's just people,
you know, like Sue, if people she said earlier, they
won't want to talk about money, you know, they don't
want to talk about death, sickness and so on and
(20:46):
so forth. And you know, trust and the will and
putting all those things again, it's not the conversation easy
to have at any time for you know, about anybody,
I would think, but it's just something that you need
to be aware of. And that's kind of why we
wanted to bring it up and point it out because
we've been talking about it and the economy right now
is tough, you know. I mean, things are getting better
in my opinion. I can see, you know, improvements in
(21:07):
certain areas, but we have, you know, still got a
long way to go. And I don't think that you know,
there's ever going to be an easy solution to all
the problems out here, but financial management and planning with
a professional and knowing what your options are with investments,
will a trust or whatever suits you, or what you're
set up for long term health care, all those types
of things, and Katrin it when you've been doing this
(21:30):
alumus six or seven years now.
Speaker 3 (21:31):
I have, Yeah, I have, But I've also been a
business owner, so I understand businesses as well. I understand
the pitfalls that happen with businesses. They're looking for solutions
as well. And that's the nice thing about me is
I have a team of people that are professionals where
we do everything from employing benefits. Again, we're all looking
(21:53):
for how do we make our one dollar do three
dollars worth of work? And that's when me and my
team are actually experts that how.
Speaker 2 (22:01):
Many people do you have to help you and support
you in you in your group? There, you got a handful.
Speaker 3 (22:07):
I have somewhere like actively that work around me, probably
about ten. But I also have some very high end
professionals that their average client might put away, you know,
one hundred thousand dollars a year. So I can pretty
much take on just about anything that's out there. And
(22:29):
and of course I'm, like I said, I'm passionate about
businesses because to me, it doesn't matter about your business.
If it's important to you, it's important to me. And
even business owners are looking for solution.
Speaker 1 (22:41):
Right and and so you have so you got to
everything going, you know, with your mom down there. And
I had a friend of mine that's a you know
a long time and he was telling me that he
was struggling because his mom wasn't as prepared as she
needed to be and he was having to foot the
bill one to put him in a financial buy. But
I don't see any provision that whatever she's into with
Medicare Medicaid helps with housing kind of.
Speaker 3 (23:03):
Birth that right, I mean that you know, the burden
that the do epidemic that's going to be happening soon
in our country. We're already starting to see it is
healthcare costs of has skyrockets since COVID, and now it's
actually putting financial burdens on the next generation and sometimes
the next two. You know, we've got more baby boomers
(23:26):
retiring about ten thousand a day and we're all aging,
so we have to you know, we're going to need
help and put them somewhere. And it sometimes is why
people are adding you know, mother in law quarters on
their houses and so forth, because they cannot afford the
extra care. So again, these are very important conversations that
(23:48):
believe it or not, this financial conversation could affect many generations.
But we have to be we we have to be
open to having the conversation no matter where you're at.
At least knowing where you're at is knowing where we
can go.
Speaker 2 (24:05):
Yeap.
Speaker 1 (24:05):
That just puts more emphasis on saving and investing. You
must consider these features that may have been offered through
your employment, like you're a guardian. They do a matching
for a four oh one K and you know that
that's helping me prepare my you know, after a pro
(24:27):
post retirement, because I just turned sixty seven. So these
are all starting to being not only concerns that I've
had to deal with with my family member my mother,
but that also apply to me. And I spent an
awakening for me that I did have consulted with an
elder law attorney. And I don't know if that's in
the all end all because I had to really, you know,
(24:48):
that's for someone that really needs to work closely with
their financial advisor, which I haven't done with her portfolio,
and it's kind of in status quo, so I probably
lost thousands and thousands of dollars and her portfolio about
both of us not being proactive and working with a
somebody that's looking to help us and not a commission
(25:09):
based investment.
Speaker 3 (25:10):
Company exactly one hundred percent right. As a matter of fact,
what I the two things I say to people that
are certain de licens death and taxes. Death is coming
for all of us. So even though it's not a
sexy subject, it's something we do need to address because
we don't want to leave the burden for our family.
But we also don't want to give our assets away either,
(25:33):
But I can definitely help you navigate their taxes. I
know the laws constantly kind of you know, we all
feel like we're you know, is socially going to be
taxes a not. But again, we want efficiency and most
people want that. So I think most people do a
very good job saving They just don't always do the
best job on the efficiency that we can do for
(25:56):
retirement and distribution.
Speaker 1 (25:58):
What do you guys feel about something that you're paying
into then being called an entitlement when you're getting it back.
I mean the verbiage that they switched around out here,
you know, I mean at my paycheck and anybody that has
a job that they're they're they're getting Social Security taken
out of their paycheck every time they get paid. But
then it's an entitlement when you get it back. So
you're paying into something. But if you're sold, are you
(26:20):
is there something that you're you know, I don't get
all the terminology now, Well, social securities is a Ponzi
scheme anyway, they're taking new money and paying off us,
paying me off.
Speaker 2 (26:30):
Hell yeah, you know.
Speaker 3 (26:32):
What's interesting that I've learned about Social Security. First of all.
It started back in the early forties and at the time,
the average American lived to age sixty six. That's where
the number sixty five came from. But at the time,
there were about forty eight people contributing to Social Security
to one taking out. And it's funny even fast forward
(26:56):
now people say, well, why is it so broke and
so forth. What's very strange is even though we have
name and more boomers and more distributions going up, we
still have three people contributing to one taking out. So
you know, but the problem is is people are living longer,
and you know, the cost of living is different than
(27:17):
it was back then. So again, the thing that people
sometimes fail to remember is inflation is a real thing.
Just at the grocery store if you've noticed since pre
COVID and now post COVID. I mean, I used to
be able to go to the grocery store spend two
hundred dollars and I was fine. I just went to
the grocery store the other day saying groceries. But now
(27:40):
my bill was five hundred dollars. So we're just living
in times where you know, one hundred thousand dollars today
is not going to pay the same as it is
twenty years from now, and we want to help give
you a map to show you, Okay, what do you
need to keep up with the pace at the income
you desire. And it's it's an important conversation. Sometimes we
(28:04):
forget that even those.
Speaker 1 (28:06):
Things well, and it's you know, that's why, you know,
that's why we're having this conversation, because it's it's time
for people. You know, if you're listening to the show
and you haven't thought about it, and this sparks that
thought process. Give give Katrina a call and and visit
with her, or you know, whoever your person is that
you that you confide in with all your financial stuff.
Speaker 2 (28:27):
She'd be a good wine in my opinion.
Speaker 1 (28:29):
And uh, you know, she's out here to try to
help people, taking her time to educate us a little bit.
And you have to be very careful on what you're
saying on here, Katrina, because and there's some rules and
regulations you have to follow in your capacity kind of
like what we do on what we can say and do.
But you know, you've given a lot of great and
helpful information to us. We've got a couple of minutes
left here in this session of the show. But what
(28:49):
is the biggest challenge that you see for people that
is that today that they could address that they have
not at this point that you know that you kind
of keep saying over and over.
Speaker 3 (29:02):
I would say that the question that I ask oftentimes
to people is is the advisor you're working with? Even
though there are a lot of great people out there
that do great work at the period that you're in
your life right now, is this the right person? Because
not every advisor really concentrates on that wealth distribution. Most
(29:29):
of them are very good at accumulation, but are they
the same person? Is that the same person to help
you with distributions? And really, you know, one conversation I
had recently with a client was I think I've done
a pretty good job, but I just really need to preserve.
Like I'm not wanting to be in high risk anything,
(29:51):
but I definitely want to preserve. Is there any way
I can preserve and still grow my money? So that way?
Ask me a lifetime and believe it or not. The
the answer I told them was yes, we do. We
have some great fixed products. We have some index products,
and they near what the market does, but they're not
(30:14):
always in the market. So again, you know, I wouldn't
be somebody in my eighties or nineties in high risk assets.
I would think about how to keep that preservation and
also how to leave it to the next generation. So
I would say that's the question I would ask people
the most is is the advisor you've been working with
(30:36):
is it the right one for you at the time?
And it truly does not hurt to have a second
or third opinion or a second or third eye to
take a look at do you have everything covered? Are
there any pitfalls? And if there are, we're going to
find them.
Speaker 1 (30:54):
That sounds good. Hey, We're going to take another break.
Thanks over today from nine to one, eight three six,
South and Drives eight five nine two six three three
three three five or Tim, I'll be right back and
Katrina's hang on there. You're listening to the Welcome Home
Show by Guardian Saves Bank on News Radio six thirty.
Speaker 2 (31:12):
Right here on w LAP, you're back.
Speaker 1 (31:14):
List of the Welcome Home Show by Guardian Savies Bank,
Tim Adams, Larry Frank, Katrina's South in here with us
this Saturday morning. We appreciate you tuning in to us
and listening to what we've got to say, got a
little change in the FED rate this week could help
us a little bit, but it hasn't yet. Kind of
trick the bond market a little bit in a different direction,
and that's what dictates his rates, So keep that in mine.
We're still six of three eight's on a thirty year fixed,
(31:36):
five point seventy five on a twenty five and a
half on a fifteen. So give us a call when
it say three eighths, five and three eighths on the fifteenth.
Oh what to five and three eighths? Well, I'm pretty sure.
But anyway, if you've been listening to the show, then
you've heard our conversation with Katrina and uh but Katrina,
just once again tell us about your company and how
(31:57):
someone that listening today could get in touch with you
discuss some of these pot chart issues about their portfolio
and retirement.
Speaker 3 (32:05):
Absolutely, so the best way to reach me is two
options we have of my phone number it's five one
three nine tier Stix eight nine eighty five, and or
you can check out my website. There's quite a bit
of information on that that's you know, take a look
at that. It's CSUTH Solutions, it's the letter C so yeah,
(32:27):
Katrina is with the C not a K now was
my last name and solutions with an S dot com.
Speaker 2 (32:35):
Awesome.
Speaker 1 (32:36):
Yeah, we appreciate you taking the time out the last
couple of weeks and that I lived time with us, and
we'll get you back on here again and talk about
some more stuff and hopefully some people. Yeah, we'll just
trigger a little bit of a thought process. And Sam
and I were talking about earlier, you know, about somebody
you know seven and a quarter interest rate taking down
the six and a quarter, but they're gonna wait till
five and a half. I'm gonna keep paying all the
(32:56):
interest out and now I'm not gonna take the rate drop. Now,
I'm just gonna wait and keep paying what I can.
And just can we say it all the time, marry
the home and date the loan right, you know, because
you can refinance at any time. And it's if you're
at six point seventy five or higher for the closing
costs that we have in here. If you don't call us,
shame on you. I mean, you're throwing money out the window.
(33:18):
And it's just you know, it's it's kind of a
no brainer. If you're paying ten or twelve thousand dollars
enclosed your costs. Yeah, you need to have a one
percent rate drop, but you're not paying that in here.
You will pay it to people if you get online
and hit them, you know, and they'll tell you no,
how to pocket you really get your money back to
the first month because you defer out your first month's payment.
Speaker 2 (33:34):
Yep.
Speaker 1 (33:35):
But yeah, don't don't let rate the obstacle right now
if you can lower it, you know, like I you know,
one percent rate drop.
Speaker 2 (33:42):
We already offered that and that wasn't good enough.
Speaker 1 (33:45):
But you know, we know our demographics here on the show,
and we know we have a lot of baby members.
Speaker 2 (33:50):
Listening in today.
Speaker 1 (33:51):
So this is you know, not only about the refinance opportunities,
but to you know, to plan your retirement. If you're
a baby bommer, you know, take Heed and if you
don't call Katrina, call somebody.
Speaker 2 (34:03):
Yeah, it's just you know what, We're.
Speaker 1 (34:05):
Just trying to just create the interest and to make
people think, you know, and say, hey, this is coming,
this is what we need to do, This's what we
need to prepare for, this is what we're going to
have to have, and you know, Katrina can help you
on her end of it.
Speaker 2 (34:17):
As far as the mortage side of it.
Speaker 1 (34:18):
We can help you with that, but you know, just
pay attention to what's going on the bond market is
what dictates these rates. The Feds did do a quarter
of a point reduction. They think they may have another
one this year or too, but who knows. The mixed
and information came out and that's really what's effected the
bond market, and the bond market had already pretty much
priced in all of the stuff that they thought was happening.
We've been at six and three ags A's do I
(34:39):
drop anymore? Well, they're circling back to tariffs and it's
you know what Katrina was just talking about, still going
to the shopping in our retail outlets, you know, grocery stores.
You know, she's still seeing an increase in her not
the grocery bill, and that's not a good thing for
the economy if you ask me, Well, you know, it's
kind of like you just when we first you know,
(35:01):
when things get up and prices increase, than just any
little break, you know, seems.
Speaker 2 (35:07):
Yet but what's that got to do with mortgage rates?
Speaker 1 (35:09):
I know, but it seems to have a it's a
factor when they make these decisions. Jill uh, we would
love to see inflation come down even further. I know, Katrina, you.
Speaker 3 (35:19):
Would right, oh, one hundred percent. Again, I think we're
heading in the right direction. When those interest rates come down,
it's a positive. Yeah, I'm a big fan of let's
get the economy moving, let's get people in homes. It's
it's exciting to you know, it's difficult times right now,
but it looks very hopeful to me.
Speaker 1 (35:42):
And we feel like, you know, we've said it in
here for years that they're not making any more land.
You know, you can't hardly go wrong with the with
the with the purchase of a home and owning a home,
it's an instigated savings account. And in this area we
have a little bit better appreciation in others because of
the moratory on land and the limited ability to build
single family residents and fay it. But there's a lot
of great investments in real estate out and around here.
(36:04):
And you know, you know, my daughter's friends, they're twenty five,
twenty six years old. You know, they're they're waiting for
kind of like Pete Sam's people. They'll wait for the
rate to get down to five before they buy, you know,
so that two hundred and fifty thousand dollar house they're
looking at today is gonna be two ninety by the
time that rate comes down. Possibly solords the rubber meet
the road. It's a house bought now, refinancing when rates
come kind if you qualify, you know.
Speaker 2 (36:24):
What I'm saying, trying to get hit now because you're
gonna take it it laid yep, you're gonna meet one
way or the other.
Speaker 1 (36:29):
It will wash out. And as the rates go down,
the more competition you have and buy it. You know,
you got more people qualified. So it's marry the home,
date the loan, and you can refinance at any time,
you know, And we just here to try to help
get you know, the word out six and three eights
on a thirty year fix. If you're at six point
seven five or higher, our closing costs around nine hundred
and forty eight bucks under most circumstances, and you're gonna
(36:51):
miss a month or two of payments because of the
way that the loan refinances are structured, so you're gonna
break even immediately. And that's why we say you don't
have to have a one percent rate drop to consider refinances.
We appreciate you tune into us this weekend, Katrina, and
we appreciate you business with us today and last week,
and we'll get you back on here. How could people
get a hold of you?
Speaker 3 (37:10):
A couple of ways you can reach me. One is
gonna be uh directly to my phone number. It's my
personal phone number five one three nine two six eight
nine eight five. Or you could go to my website
which is C the letter C South. That's my last name,
s O U T H Solutions dot com. So it's
(37:31):
csouth solution dot com.
Speaker 2 (37:34):
Open to day from nine to one.
Speaker 1 (37:35):
FUH numbers eight five nine, eight nine, nine one nine
three six South and drives eight five to nine two
six three three three three five.
Speaker 2 (37:41):
So if you can hear she can call us.
Speaker 1 (37:43):
You have been listening to the Welcome Home Show by
Guardian Davis Bank on news Radio six thirty w l
A p wll be back next Saturday.
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