Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
This is News Radio seven to ten WNTM. Uncle Henry
here with John McNeil and Virginia O'Brien of Mobile Bay
Financial Solutions. You can find Mobile Bay Financial Solutions online
at MB financial Solutions dot com. That's MB financial Solutions
dot com. Telephone number two five to one sixty sixty
(00:28):
six five thousand if you'd like to call and make
an appointment or just call and ask a question. Two
five to one six sixty six five thousand. That is
the number for Mobile Bay Financial Solutions. The commentary presented
herein contains the opinions of Mobile Bay Wealth Management LLC,
a registered investment advisor. This information should not be relied
(00:48):
upon for tax purposes. Is based on sources believed to
be reliable. No guarantee is made to the completeness or
accuracy of this information. Mobile Bay Wealth Management LC shall
not be responsible for any trading decisions, damages, or other
losses resulting from or related to the information, data, analysis,
or opinions contain herein, or their use which do not
(01:12):
constitute investment advice, are provided as of the date written,
are provided solely for informational purposes, and therefore are not
an offer to buy or sell a security. Investments and
securities are subject to investment risk, including possible loss of principle.
Prices of securities may fluctuate from time to time and
may even become valueless. This information has not been tailored
(01:34):
to suit any individual. John McNeil Howard, thanks going this
week at Mobile Bay Financial Solutions.
Speaker 2 (01:40):
Oh Gladada's great. I'm glad the air conditioner is working.
Speaker 1 (01:43):
Yes, indeed, yes.
Speaker 2 (01:44):
I don't think the air conditioners in our office there,
I don't think they ever shut off. You know, when
the sun goes now, it cools off a little bit
on humidity spikes. So I think my air conditioning. One
of my class that owns an air conditioning company, he
said about seventy five percent of what an air conditioning
unit does is remove moisture from the air. Uh huh,
And that's why that water comes out and goes somewhere. Yeah,
(02:08):
so we don't have any problem with that here in
Mobile I was just on a zoom meeting with some
other advisors around the country and they say, is it hot.
Speaker 3 (02:16):
Yeah, it's hot. As a matter of fact, the last couple.
Speaker 2 (02:19):
Of mornings, or even more often than that, when I
get in the car, in the morning and pull out
of my garage, my automatic windshield wipers come on. It's
not raining, it's just the moisture is sensed by that
sensor a while wherever it is, and they come on.
They just come on once, just you know, so it's
it is humid out there.
Speaker 1 (02:38):
Well, you know it's June when I ask you how
things are going, and you just gave me a dissertation
on the ac So that's and that's one of those things.
What a wonderful invention we have.
Speaker 2 (02:48):
And now that we're in hurricane season, if I record this,
I think we're supposed to have a more active season.
Speaker 1 (02:53):
This year allegedly.
Speaker 2 (02:54):
Yeah, but hopefully mobile will be fortunate enough to dodge
it again.
Speaker 1 (02:59):
Amen on that.
Speaker 2 (03:00):
Did you know, Uncle Henry, that McDonald's used to make
bubblegum flavored broccoli?
Speaker 1 (03:06):
No, I've never heard that. I know they've done a
lot of weird products trying to get people to come
in and buy more stuff. I didn't know they did Brockly.
Speaker 2 (03:13):
Marib I mean, yeah, that's kind of a unique thing.
Speaker 3 (03:17):
It is.
Speaker 2 (03:17):
I don't know what animal comes from, no bones in there, but.
Speaker 1 (03:23):
Well, I'm going to do some research on that. I'm
gonna after this program is over, I'm going to go
look up. I'm going to research McDonald's bubblegum flavored broccoli.
And speaking of research, everybody wants to feel informed about
their options when they're making financial decisions. So let's let's
talk about the ways that people do inform themselves on finances.
(03:45):
I know that people get financial news and information from
a variety of sources. Get they watch the TV shows.
Some people still take magazines and newsletters. I get something
once a month in the mail that has, believe it
or not, that I learned from. Uh, what are the
primary media sources that people listen to and look at
(04:08):
from financial advice?
Speaker 2 (04:09):
Well, I'm hoping that this show asked the expert, uh
you know that you host with us. I hope it's
one of them.
Speaker 1 (04:15):
Okay, me too, you know.
Speaker 2 (04:17):
But the as we're sitting here in my office with
the Fox Business own, Uh, you know Charles Pain. I
like Charles Pain and he has a lot of good
guests on there.
Speaker 3 (04:29):
Uh.
Speaker 2 (04:29):
That gives you ideas on you know, what's to do,
what the market's doing, and all that kind of stuff.
Magazines you know, you've got Forbes, you got all the
regular type investment type things.
Speaker 3 (04:42):
Newsletters.
Speaker 2 (04:43):
We send out a weekly newsletter, right, you know, you
get our weekly It talks about the topics of that week.
We send it out on Thursdays to call thoughtful Thursdays
and uh people. We get a lot of good feedback
from that. As far as the voices, I'm not a
big end of day for Hemsey, but he does he
does have some good basic stuff, you know, sure did
(05:05):
and don't use credit cards and these type things. There
are common sense type things that people get in trouble for.
Speaker 1 (05:10):
What about websites or things like that. Do you have
favorites that you visit?
Speaker 2 (05:14):
Yahoo finance is okay, you can just type in Yahoo Finance,
doesn't cost anything, and there's good research on there.
Speaker 3 (05:22):
Uh.
Speaker 2 (05:23):
The the the main my main research platform is Swab,
Charles Swab. That's what we use, is our platform. And
if you have a Charles Swab account, you can find
out anything recent news or up to date news, you know,
real time news on different stocks and different segments of
(05:44):
the stock market, bond market, anything like that. So the
the do it yourself there we you know, there are
a lot of do it yourselfers out there, so they
want to do their research.
Speaker 3 (05:56):
Well, let's talk.
Speaker 1 (05:56):
Well, let's talk about that. They're gonna they're gonna listen
to you and me talk right then they may while
we're talking right now, or after they listen to this,
they may jump online and do research on the internet. Now,
are there are there pros and cons to this of
somebody getting on and doing that kind of research.
Speaker 2 (06:14):
They're pros and cons to getting online and researching questions
about finance. They're pros and cons to watching TV and
getting the advice there a lot of times, whether you're online,
or whether you're looking at a TV show or whether
you're listening to a radio show about finance, you've got
to be careful if they if they say something would
(06:37):
be a good idea to do, they don't know anything
about you. You know, it's a one size fits all people.
They may say, well, like the Dave guy, he says,
put all your money in an S and P five
on a mutual fund and just you know, forget it,
you'll earn ten to twelve percent a year. If well,
what if you're in that fund and in twenty twenty
(06:59):
three and it was down twenty right, it may not
be for you, depending on what.
Speaker 3 (07:04):
Other assets you have.
Speaker 2 (07:06):
So you know, there are cons, there are pros. You're educating,
you're getting different views, different opinions, but filter through those.
Speaker 1 (07:14):
So and I hadn't thought of it from that angle before.
But they may have excellent advice, but it's not going
to fit everybody. Just like my shoe is an outstanding shoe,
but you've got to have the right size foot to
put it right. I mean it's very similar. Yeah, what
about what about people that are giving financial advice and
(07:38):
they're also trying to sell you a financial product that
goes along with their advice.
Speaker 3 (07:43):
Yes, but they have some skin.
Speaker 1 (07:45):
In the game and they want you to buy their
product or their service.
Speaker 2 (07:48):
Right so they you know, they'll they'll send you a
book for free. Yeah, you just pay the ship handling
and shipping cost or whatever.
Speaker 3 (07:56):
And in there it's.
Speaker 2 (07:57):
They're trying to get you to let the investor money.
There's nothing wrong with that at all. It's just part
of marketing. But again, you have to filter through is
this right for me? We have people from time to
time say, well, my son, you know, I was talking
to a client that lives upstate Alabama and she's in
(08:20):
her mid eighties and she said, my son says I
need to buy this. You know, he's bought it and
it's doing good. Well, her son is not eighty five
years old. It may be good for him. He may
have some extra money that he's just playing with. But
I looked at it and it's it's basically a penny stock.
(08:42):
So it was up, you know, from five cents to
ten cents, so it was up one hundred percent. He said,
I made one hundred percent today.
Speaker 3 (08:49):
Well, okay, you know that sounds good.
Speaker 2 (08:52):
It used to be a twenty six dollars stock. Now yes,
you know, fifteen cents or eighteen cents, so that's fine
for him. I guess I don't handle his money, but
I told her, let's don't do that. Your portfolio is
being managed every day with the changing in the market.
That's what we do here. There are three ways for
(09:13):
people to talking about do it yourself. For there are
three ways if you're talking about retirement planning, three ways
to go through retirement. Do it yourself. You do the research,
you manage your own portfolios and that kind of thing.
The other is, you've got some money and you don't
really want to do all the research, so you let
a broker handling your money that we go buys the sales, stocks, bonds,
(09:35):
mutual funds, that type thing, or you go in and
you hire a financial advisor that takes the holistic approach
like what we do. We're not just looking at what's
stocked by what ETF, what mutual fund those type things.
That's part of it, but we're looking at everything. As
you know, we're looking at retirement, we're looking at social security, pensions,
legal paperwork, tax planning, legacy planning. We're doing all of
(10:00):
that because we've done our research on you to find
out what your circumstances is and what's your priority. You know,
is your priority when you die, your wife's taken care of,
or when y'all both die, it goes to the kids
or charity or wherever it's going to go. We're building
all that into the plan and making sure the main
thing is that we don't run out of income before
(10:20):
we run out of time. So, you know, there a
lot of people that are out there that do their
own research and do a good job, but as they
get older, their concern is, well, what if I die.
My spouse has no clue what I'm doing. You know,
that's I've done it all myself, so it may be
time to at least get a second opinion. Come see
(10:40):
us and we'll show you the pros and cons of
being a client of ours.
Speaker 1 (10:45):
Well and talking about doing it yourself. Is it possible
for somebody to do too much research before they do
a financial decision?
Speaker 2 (10:56):
Yeah, information overload. They do a lot of research to
get different opinions. They don't know which opinion is correct
or what's best for them, so you can do too
much research.
Speaker 1 (11:05):
Have you Have you seen any examples of somebody, like
a client that has been influenced by their own research
in a way that actually hurt them.
Speaker 3 (11:14):
Yeah, yeah, we see that.
Speaker 2 (11:16):
They they took advice from a friend of a friend,
a friend of a friend's neighbor. Okay, we see Unfortunately,
we see it too often. You've heard us talking about this.
People get influenced by these people on TV want you.
Speaker 3 (11:34):
To buy gold, right and you know, call.
Speaker 2 (11:37):
This gold company or whatever and they'll buy the gold.
But it's they're not buying gold.
Speaker 3 (11:43):
Bullyon.
Speaker 2 (11:44):
You know, if you go down the Mobile Bay coins
and you want to buy gold, they're going to sell
you a gold American Eagle or a Canadian oak leaf
or South African cougaran, and it's a one ounce gold coin.
Speaker 1 (11:57):
It's a real item. It's an actual bit of goal.
Speaker 2 (12:00):
It is, and you buy it for whatever spot gold
is the day you go in and buy it, like
it's thirty four hundred dollars right now or something like
that on Goal. So you paid thirty four hundred dollars
for this piece of gold. If you go to these
places online or that you see on TV, they up
mark you. They say we're gonna put you in these
(12:20):
gold coins that have this value collector's value. So you
might buy a silver eagle that's quote rare, and instead
of paying thirty four hundred dollars for it, you're paying
six or seven or eight thousand. We've seen people be
taken just taking advantage of to the worst extent. Had
one client who cashed in all of his accounts here,
(12:43):
even his iras, paid taxes on it, and got into
something like that. He died and his wife knew he
had taked. She tried to take even took out a
second mortgage on the house.
Speaker 1 (12:53):
Oh no, oh it was bad.
Speaker 2 (12:55):
And now we had knowing that died, he cashed out
a bunch of accounts and balk gold. And it was
that same thing that he paid four or five or
six times more for a coin than it was actually worth.
Speaker 3 (13:09):
Died.
Speaker 2 (13:09):
His son came in and the son, as a client,
brought it up. I said, take it to run at
Mobile Bay Coins and uh, he did an appraisallone. It
was worth about twenty five percent of what the guy
had paid for it just several months earlier.
Speaker 3 (13:24):
And it's awful. So be careful, awful, be careful. Deal locally, you.
Speaker 1 (13:30):
Know, absolutely absolutely. By the way you're listening to John
McNeil of Mobile Bay Financial Solutions. Their website mbfinancial Solutions
dot com. That's mbfinancial Solutions dot com. You can call
their office and make an appointment at two five to
one sixty sixty six five thousand. That's two five to
one six sixty six five thousand, now, John McNeil. Most
people have a junk drawer at home with rubber bands,
(13:53):
closed pins, highlighters, tape, measure of pair of scissors.
Speaker 2 (13:56):
It's right there next to the refrigerator.
Speaker 1 (13:58):
Well you do you have? You strike me as somebody
that wouldn't have one. You do have one? Oh and
I see now I probably strike you as somebody that
has more than one than I do. I have more
than one junk drawer. Now, most people could have a
financial junk drawer too, So let's talk about what often
would be in that financial junk drawer and how those
(14:21):
things might be put to better use. For example, I
bet a lot of people have a really old life
insurance policy.
Speaker 3 (14:27):
Yeah.
Speaker 2 (14:28):
Yeah, we have people who aren't clients, or some of
them are, but they their spouse will pass away or
their parents will pass away, and the kids bring in
a shoe box full of life insurance policies and we
go to the research and you know, maybe one out
of five are still in force. They've just kept the
(14:49):
old policies, as one said, laps, or they cancel them
or cashed them in. But don't leave that type burden
to the airs. Clean out the drawers and get rid
of things like old life insurance policies are old annuity
policies that aren't in place anymore.
Speaker 1 (15:04):
What about And I'm sure a lot of people do
this because I've seen examples of my family people that
have a will that they put together like thirty years ago.
Speaker 2 (15:14):
Yeah, yeah, that's very common. What's more common is they
don't have a will at all. You know that it's
very important, and we have a service we provide to
our clients that they can do all this online or
we've got attorneys we use to if it's a little
bit more complicated situation. But everybody, everybody, whether they're twenty
(15:35):
five years old or ninety five years old, they need
three things. A will, a power of attorney, and a
healthcare directive. The will, in our opinion a lot of times,
is just as if not more important than the will,
because if you die, the will comes into play. Right, Well,
(15:57):
you're not here, it's not your problem, right, You've left
a burden on somebody else dying intestine. But the power
of attorney allows you to appoint someone before you get
into a situation where you can't appoint someone to manage
your affairs.
Speaker 1 (16:12):
That could be if I get in a horrible court
wreck and I'm going to be out of it, I
might live, but I might not be able to communicate
for two months, three months. What happens, So for the
rest of your life or for the rest of your life.
Speaker 2 (16:25):
Yeah, then then your survivor whoever somebody in the family,
usually the spouse would have to have the burden of
going to court and getting appointed as you're conservator and
giving you basically that power of attorney.
Speaker 3 (16:41):
Same thing.
Speaker 2 (16:42):
If you die without a will, the spouse or beneficiaries
have to go to court and petition the court to
appoint somebody as the executor or executrics to settle the estate,
and it costs time and money to do those type things.
And the health care power of attorney or the document
(17:03):
that instructs your family on what you want to happen
and end of life type things. Do I want to
be plugged in? Do I want to be hydred? Do
I want to be nourished? If I'm not if my
doctor and if two doctors say I'm not coming back,
I don't want to be sitting there on a respirator
for years and years and years and burning my family.
So you're making decisions about the end of life, So
(17:26):
that's important.
Speaker 1 (17:27):
What about in the financial drunk of the financial junk
drawer a social security estimate from more than ten years ago.
Speaker 2 (17:35):
You don't need to keep any sub security statements that
you used to get in the mail. Now sometimes you do,
but all you do is go to SSA dot gov
and you can get your sub security statement anytime and
it updates once a year. So right now, this time
of year, you need to go to SSA dot govern
and get your new sub security statement because if you
filed your taxes in April, then sub Security has is
(18:00):
privy to that information and they know how much you made,
so they're going to adjust your sub security projections based
on what you made last year. So usually June, July,
August they're updating all the sub security benefits things. But
you don't need to you go look at it any time.
You don't need to print it out and add it
to your junk drawer.
Speaker 1 (18:20):
What about what about four oh one case statements from
from previous employers.
Speaker 2 (18:27):
Well you should have combined all those, but if they're
old and they no longer esistance, you rolled you four
O one K to an IRA, as long as you
know you got all the money, you can keep the
last one. You know, if it was within the last year,
keep it. But there again, you can get that online also,
so not to go totally paperless. But you don't need
(18:49):
to be collecting all this stuff just to just to
have it. Oh this is important. I want my kids
to know what I have you know, well, you don't
need the previous one, you just need the latest.
Speaker 3 (18:58):
One, right right.
Speaker 1 (19:00):
What about US savings bond?
Speaker 3 (19:02):
People forget about these things.
Speaker 1 (19:04):
I haven't heard people talking about them in years, but
they used to be talked about all the time.
Speaker 2 (19:09):
Oh yeah, I mean postal workers are big on it
because they can get They have money taken out of
their their paychecked by savings bonds and they collect. They
had one guy walked in. He had like eighty seven
of them in a box, and they all matured at
different times. They had already all matured, which means they
were sitting there not earning any more interest onst they mature.
(19:31):
You're supposed to cash them out now, and so it's
a problem. So you need to go to see if
you've got some old savings bond or you may have
inherited some savings bonds or whatever.
Speaker 1 (19:41):
What about people that buy a piece of property, like
a vacant lot like ten years ago, fifteen years ago
as an investment And I know people that have done that.
They've got land that they visited once a year, you know,
up in Connecta county or something, thinking it's going to
be a gold mine.
Speaker 2 (19:58):
She'll walk what's the name of city that you used
to talk about on Shamuckla.
Speaker 3 (20:02):
Schamuckla.
Speaker 1 (20:03):
Yeah, Shamuckla, Florida.
Speaker 2 (20:06):
I think I need to go buy a lot in Schamockla.
Speaker 1 (20:08):
It would be fun just have that deed.
Speaker 3 (20:10):
Yeah.
Speaker 2 (20:10):
Yeah, Uh, that's just another another item.
Speaker 3 (20:14):
You need to make.
Speaker 2 (20:15):
Sure you've got it titled correctly, those type things, and
make sure that somebody knows what it is and where
it is.
Speaker 1 (20:23):
Uh, we've only got a couple of minutes left. Do
we have time for Could we do an email in
a couple of minutes. Yeah, well, we've got an email.
If you'd like to email a question to Johnny Neilan
Virginia O'Brian. The email address is info at mobaifs dot com.
That's info at mobaifs dot com and an email from
(20:43):
Ruth Ruth in mobile rights. With the markets being so
volatile lately, what's the safest way to turn five hundred
thousand dollars into way reliable monthly income for retirement?
Speaker 3 (20:56):
Great question.
Speaker 2 (20:56):
If there are a number of different options, and depending
on what all of your other assets are, one of
the ones that comes to mind would be some type
of an annuity, a fixed indextinuity where you're not at
risk in the market. They have income writers. Some of
them have a fifteen percent bonus when you put the
money in. You know, that's pretty attractive. You can turn
(21:18):
into income that will last the rest of your life,
or last the rest of you and your spouse's life
if you're married. A lot of them have what they
call income doubler. So it's gonna be producing on five
hundred thousand. If you don't know how old Ruth is,
Let's say it's going to be producing to her three
thousand dollars a month for the rest of life. That's
(21:39):
just an example. If you get to a point where
you can't perform two of six activities of daily living, eating, dressing, bathing, toilting,
transferring in continence, rather than paying you three thousand dollars
a month, it sends you six thousand dollars a month,
some of them for the rest of your life, some
of them for a five year period, and that type thing.
So there are a number of options to have a
(22:00):
ask about the volatility in the market and the safest
way to turn five hundred into a reliable monthly income.
That is one way to do it. We have other
options there to safely do it, but we would look
at all of your other things and what all you
have to determine if that something like that would be
viable for your position.
Speaker 1 (22:19):
All right, we are out of time. You the listener.
You can get in touch with John McNeil and Virginia
O'Brien of Mobile Bay Financial Solutions by calling their office
at two five one sixty six six five thousand. That's
two five to one six six six five thousand for
Mobile Bay Financial Solutions. John McNeil, thank you, and roll Tide,
roll Tad, Uncle Henry
This is News Radio seven to ten WNTM. Uncle Henry
here with John McNeil and Virginia O'Brien of Mobile Bay
Financial Solutions. You can find Mobile Bay Financial Solutions online
at MB financial Solutions dot com. That's MB financial Solutions
dot com. Telephone number two five to one sixty sixty
(00:28):
six five thousand if you'd like to call and make
an appointment or just call and ask a question. Two
five to one six sixty six five thousand. That is
the number for Mobile Bay Financial Solutions. The commentary presented
herein contains the opinions of Mobile Bay Wealth Management LLC,
a registered investment advisor. This information should not be relied
(00:48):
upon for tax purposes. Is based on sources believed to
be reliable. No guarantee is made to the completeness or
accuracy of this information. Mobile Bay Wealth Management LC shall
not be responsible for any trading decisions, damages, or other
losses resulting from or related to the information, data, analysis,
or opinions contain herein, or their use which do not
(01:12):
constitute investment advice, are provided as of the date written,
are provided solely for informational purposes, and therefore are not
an offer to buy or sell a security. Investments and
securities are subject to investment risk, including possible loss of principle.
Prices of securities may fluctuate from time to time and
may even become valueless. This information has not been tailored
(01:34):
to suit any individual. John McNeil Howard, thanks going this
week at Mobile Bay Financial Solutions.
Speaker 2 (01:40):
Oh Gladada's great. I'm glad the air conditioner is working.
Speaker 1 (01:43):
Yes, indeed, yes.
Speaker 2 (01:44):
I don't think the air conditioners in our office there,
I don't think they ever shut off. You know, when
the sun goes now, it cools off a little bit
on humidity spikes. So I think my air conditioning. One
of my class that owns an air conditioning company, he
said about seventy five percent of what an air conditioning
unit does is remove moisture from the air. Uh huh,
And that's why that water comes out and goes somewhere. Yeah,
(02:08):
so we don't have any problem with that here in
Mobile I was just on a zoom meeting with some
other advisors around the country and they say, is it hot.
Speaker 3 (02:16):
Yeah, it's hot. As a matter of fact, the last couple.
Speaker 2 (02:19):
Of mornings, or even more often than that, when I
get in the car, in the morning and pull out
of my garage, my automatic windshield wipers come on. It's
not raining, it's just the moisture is sensed by that
sensor a while wherever it is, and they come on.
They just come on once, just you know, so it's
it is humid out there.
Speaker 1 (02:38):
Well, you know it's June when I ask you how
things are going, and you just gave me a dissertation
on the ac So that's and that's one of those things.
What a wonderful invention we have.
Speaker 2 (02:48):
And now that we're in hurricane season, if I record this,
I think we're supposed to have a more active season.
Speaker 1 (02:53):
This year allegedly.
Speaker 2 (02:54):
Yeah, but hopefully mobile will be fortunate enough to dodge
it again.
Speaker 1 (02:59):
Amen on that.
Speaker 2 (03:00):
Did you know, Uncle Henry, that McDonald's used to make
bubblegum flavored broccoli?
Speaker 1 (03:06):
No, I've never heard that. I know they've done a
lot of weird products trying to get people to come
in and buy more stuff. I didn't know they did Brockly.
Speaker 2 (03:13):
Marib I mean, yeah, that's kind of a unique thing.
Speaker 3 (03:17):
It is.
Speaker 2 (03:17):
I don't know what animal comes from, no bones in there, but.
Speaker 1 (03:23):
Well, I'm going to do some research on that. I'm
gonna after this program is over, I'm going to go
look up. I'm going to research McDonald's bubblegum flavored broccoli.
And speaking of research, everybody wants to feel informed about
their options when they're making financial decisions. So let's let's
talk about the ways that people do inform themselves on finances.
(03:45):
I know that people get financial news and information from
a variety of sources. Get they watch the TV shows.
Some people still take magazines and newsletters. I get something
once a month in the mail that has, believe it
or not, that I learned from. Uh, what are the
primary media sources that people listen to and look at
(04:08):
from financial advice?
Speaker 2 (04:09):
Well, I'm hoping that this show asked the expert, uh
you know that you host with us. I hope it's
one of them.
Speaker 1 (04:15):
Okay, me too, you know.
Speaker 2 (04:17):
But the as we're sitting here in my office with
the Fox Business own, Uh, you know Charles Pain. I
like Charles Pain and he has a lot of good
guests on there.
Speaker 3 (04:29):
Uh.
Speaker 2 (04:29):
That gives you ideas on you know, what's to do,
what the market's doing, and all that kind of stuff.
Magazines you know, you've got Forbes, you got all the
regular type investment type things.
Speaker 3 (04:42):
Newsletters.
Speaker 2 (04:43):
We send out a weekly newsletter, right, you know, you
get our weekly It talks about the topics of that week.
We send it out on Thursdays to call thoughtful Thursdays
and uh people. We get a lot of good feedback
from that. As far as the voices, I'm not a
big end of day for Hemsey, but he does he
does have some good basic stuff, you know, sure did
(05:05):
and don't use credit cards and these type things. There
are common sense type things that people get in trouble for.
Speaker 1 (05:10):
What about websites or things like that. Do you have
favorites that you visit?
Speaker 2 (05:14):
Yahoo finance is okay, you can just type in Yahoo Finance,
doesn't cost anything, and there's good research on there.
Speaker 3 (05:22):
Uh.
Speaker 2 (05:23):
The the the main my main research platform is Swab,
Charles Swab. That's what we use, is our platform. And
if you have a Charles Swab account, you can find
out anything recent news or up to date news, you know,
real time news on different stocks and different segments of
(05:44):
the stock market, bond market, anything like that. So the
the do it yourself there we you know, there are
a lot of do it yourselfers out there, so they
want to do their research.
Speaker 3 (05:56):
Well, let's talk.
Speaker 1 (05:56):
Well, let's talk about that. They're gonna they're gonna listen
to you and me talk right then they may while
we're talking right now, or after they listen to this,
they may jump online and do research on the internet. Now,
are there are there pros and cons to this of
somebody getting on and doing that kind of research.
Speaker 2 (06:14):
They're pros and cons to getting online and researching questions
about finance. They're pros and cons to watching TV and
getting the advice there a lot of times, whether you're online,
or whether you're looking at a TV show or whether
you're listening to a radio show about finance, you've got
to be careful if they if they say something would
(06:37):
be a good idea to do, they don't know anything
about you. You know, it's a one size fits all people.
They may say, well, like the Dave guy, he says,
put all your money in an S and P five
on a mutual fund and just you know, forget it,
you'll earn ten to twelve percent a year. If well,
what if you're in that fund and in twenty twenty
(06:59):
three and it was down twenty right, it may not
be for you, depending on what.
Speaker 3 (07:04):
Other assets you have.
Speaker 2 (07:06):
So you know, there are cons, there are pros. You're educating,
you're getting different views, different opinions, but filter through those.
Speaker 1 (07:14):
So and I hadn't thought of it from that angle before.
But they may have excellent advice, but it's not going
to fit everybody. Just like my shoe is an outstanding shoe,
but you've got to have the right size foot to
put it right. I mean it's very similar. Yeah, what
about what about people that are giving financial advice and
(07:38):
they're also trying to sell you a financial product that
goes along with their advice.
Speaker 3 (07:43):
Yes, but they have some skin.
Speaker 1 (07:45):
In the game and they want you to buy their
product or their service.
Speaker 2 (07:48):
Right so they you know, they'll they'll send you a
book for free. Yeah, you just pay the ship handling
and shipping cost or whatever.
Speaker 3 (07:56):
And in there it's.
Speaker 2 (07:57):
They're trying to get you to let the investor money.
There's nothing wrong with that at all. It's just part
of marketing. But again, you have to filter through is
this right for me? We have people from time to
time say, well, my son, you know, I was talking
to a client that lives upstate Alabama and she's in
(08:20):
her mid eighties and she said, my son says I
need to buy this. You know, he's bought it and
it's doing good. Well, her son is not eighty five
years old. It may be good for him. He may
have some extra money that he's just playing with. But
I looked at it and it's it's basically a penny stock.
(08:42):
So it was up, you know, from five cents to
ten cents, so it was up one hundred percent. He said,
I made one hundred percent today.
Speaker 3 (08:49):
Well, okay, you know that sounds good.
Speaker 2 (08:52):
It used to be a twenty six dollars stock. Now yes,
you know, fifteen cents or eighteen cents, so that's fine
for him. I guess I don't handle his money, but
I told her, let's don't do that. Your portfolio is
being managed every day with the changing in the market.
That's what we do here. There are three ways for
(09:13):
people to talking about do it yourself. For there are
three ways if you're talking about retirement planning, three ways
to go through retirement. Do it yourself. You do the research,
you manage your own portfolios and that kind of thing.
The other is, you've got some money and you don't
really want to do all the research, so you let
a broker handling your money that we go buys the sales, stocks, bonds,
(09:35):
mutual funds, that type thing, or you go in and
you hire a financial advisor that takes the holistic approach
like what we do. We're not just looking at what's
stocked by what ETF, what mutual fund those type things.
That's part of it, but we're looking at everything. As
you know, we're looking at retirement, we're looking at social security, pensions,
legal paperwork, tax planning, legacy planning. We're doing all of
(10:00):
that because we've done our research on you to find
out what your circumstances is and what's your priority. You know,
is your priority when you die, your wife's taken care of,
or when y'all both die, it goes to the kids
or charity or wherever it's going to go. We're building
all that into the plan and making sure the main
thing is that we don't run out of income before
(10:20):
we run out of time. So, you know, there a
lot of people that are out there that do their
own research and do a good job, but as they
get older, their concern is, well, what if I die.
My spouse has no clue what I'm doing. You know,
that's I've done it all myself, so it may be
time to at least get a second opinion. Come see
(10:40):
us and we'll show you the pros and cons of
being a client of ours.
Speaker 1 (10:45):
Well and talking about doing it yourself. Is it possible
for somebody to do too much research before they do
a financial decision?
Speaker 2 (10:56):
Yeah, information overload. They do a lot of research to
get different opinions. They don't know which opinion is correct
or what's best for them, so you can do too
much research.
Speaker 1 (11:05):
Have you Have you seen any examples of somebody, like
a client that has been influenced by their own research
in a way that actually hurt them.
Speaker 3 (11:14):
Yeah, yeah, we see that.
Speaker 2 (11:16):
They they took advice from a friend of a friend,
a friend of a friend's neighbor. Okay, we see Unfortunately,
we see it too often. You've heard us talking about this.
People get influenced by these people on TV want you.
Speaker 3 (11:34):
To buy gold, right and you know, call.
Speaker 2 (11:37):
This gold company or whatever and they'll buy the gold.
But it's they're not buying gold.
Speaker 3 (11:43):
Bullyon.
Speaker 2 (11:44):
You know, if you go down the Mobile Bay coins
and you want to buy gold, they're going to sell
you a gold American Eagle or a Canadian oak leaf
or South African cougaran, and it's a one ounce gold coin.
Speaker 1 (11:57):
It's a real item. It's an actual bit of goal.
Speaker 2 (12:00):
It is, and you buy it for whatever spot gold
is the day you go in and buy it, like
it's thirty four hundred dollars right now or something like
that on Goal. So you paid thirty four hundred dollars
for this piece of gold. If you go to these
places online or that you see on TV, they up
mark you. They say we're gonna put you in these
(12:20):
gold coins that have this value collector's value. So you
might buy a silver eagle that's quote rare, and instead
of paying thirty four hundred dollars for it, you're paying
six or seven or eight thousand. We've seen people be
taken just taking advantage of to the worst extent. Had
one client who cashed in all of his accounts here,
(12:43):
even his iras, paid taxes on it, and got into
something like that. He died and his wife knew he
had taked. She tried to take even took out a
second mortgage on the house.
Speaker 1 (12:53):
Oh no, oh it was bad.
Speaker 2 (12:55):
And now we had knowing that died, he cashed out
a bunch of accounts and balk gold. And it was
that same thing that he paid four or five or
six times more for a coin than it was actually worth.
Speaker 3 (13:09):
Died.
Speaker 2 (13:09):
His son came in and the son, as a client,
brought it up. I said, take it to run at
Mobile Bay Coins and uh, he did an appraisallone. It
was worth about twenty five percent of what the guy
had paid for it just several months earlier.
Speaker 3 (13:24):
And it's awful. So be careful, awful, be careful. Deal locally, you.
Speaker 1 (13:30):
Know, absolutely absolutely. By the way you're listening to John
McNeil of Mobile Bay Financial Solutions. Their website mbfinancial Solutions
dot com. That's mbfinancial Solutions dot com. You can call
their office and make an appointment at two five to
one sixty sixty six five thousand. That's two five to
one six sixty six five thousand, now, John McNeil. Most
people have a junk drawer at home with rubber bands,
(13:53):
closed pins, highlighters, tape, measure of pair of scissors.
Speaker 2 (13:56):
It's right there next to the refrigerator.
Speaker 1 (13:58):
Well you do you have? You strike me as somebody
that wouldn't have one. You do have one? Oh and
I see now I probably strike you as somebody that
has more than one than I do. I have more
than one junk drawer. Now, most people could have a
financial junk drawer too, So let's talk about what often
would be in that financial junk drawer and how those
(14:21):
things might be put to better use. For example, I
bet a lot of people have a really old life
insurance policy.
Speaker 3 (14:27):
Yeah.
Speaker 2 (14:28):
Yeah, we have people who aren't clients, or some of
them are, but they their spouse will pass away or
their parents will pass away, and the kids bring in
a shoe box full of life insurance policies and we
go to the research and you know, maybe one out
of five are still in force. They've just kept the
(14:49):
old policies, as one said, laps, or they cancel them
or cashed them in. But don't leave that type burden
to the airs. Clean out the drawers and get rid
of things like old life insurance policies are old annuity
policies that aren't in place anymore.
Speaker 1 (15:04):
What about And I'm sure a lot of people do
this because I've seen examples of my family people that
have a will that they put together like thirty years ago.
Speaker 2 (15:14):
Yeah, yeah, that's very common. What's more common is they
don't have a will at all. You know that it's
very important, and we have a service we provide to
our clients that they can do all this online or
we've got attorneys we use to if it's a little
bit more complicated situation. But everybody, everybody, whether they're twenty
(15:35):
five years old or ninety five years old, they need
three things. A will, a power of attorney, and a
healthcare directive. The will, in our opinion a lot of times,
is just as if not more important than the will,
because if you die, the will comes into play. Right, Well,
(15:57):
you're not here, it's not your problem, right, You've left
a burden on somebody else dying intestine. But the power
of attorney allows you to appoint someone before you get
into a situation where you can't appoint someone to manage
your affairs.
Speaker 1 (16:12):
That could be if I get in a horrible court
wreck and I'm going to be out of it, I
might live, but I might not be able to communicate
for two months, three months. What happens, So for the
rest of your life or for the rest of your life.
Speaker 2 (16:25):
Yeah, then then your survivor whoever somebody in the family,
usually the spouse would have to have the burden of
going to court and getting appointed as you're conservator and
giving you basically that power of attorney.
Speaker 3 (16:41):
Same thing.
Speaker 2 (16:42):
If you die without a will, the spouse or beneficiaries
have to go to court and petition the court to
appoint somebody as the executor or executrics to settle the estate,
and it costs time and money to do those type things.
And the health care power of attorney or the document
(17:03):
that instructs your family on what you want to happen
and end of life type things. Do I want to
be plugged in? Do I want to be hydred? Do
I want to be nourished? If I'm not if my
doctor and if two doctors say I'm not coming back,
I don't want to be sitting there on a respirator
for years and years and years and burning my family.
So you're making decisions about the end of life, So
(17:26):
that's important.
Speaker 1 (17:27):
What about in the financial drunk of the financial junk
drawer a social security estimate from more than ten years ago.
Speaker 2 (17:35):
You don't need to keep any sub security statements that
you used to get in the mail. Now sometimes you do,
but all you do is go to SSA dot gov
and you can get your sub security statement anytime and
it updates once a year. So right now, this time
of year, you need to go to SSA dot govern
and get your new sub security statement because if you
filed your taxes in April, then sub Security has is
(18:00):
privy to that information and they know how much you made,
so they're going to adjust your sub security projections based
on what you made last year. So usually June, July,
August they're updating all the sub security benefits things. But
you don't need to you go look at it any time.
You don't need to print it out and add it
to your junk drawer.
Speaker 1 (18:20):
What about what about four oh one case statements from
from previous employers.
Speaker 2 (18:27):
Well you should have combined all those, but if they're
old and they no longer esistance, you rolled you four
O one K to an IRA, as long as you
know you got all the money, you can keep the
last one. You know, if it was within the last year,
keep it. But there again, you can get that online also,
so not to go totally paperless. But you don't need
(18:49):
to be collecting all this stuff just to just to
have it. Oh this is important. I want my kids
to know what I have you know, well, you don't
need the previous one, you just need the latest.
Speaker 3 (18:58):
One, right right.
Speaker 1 (19:00):
What about US savings bond?
Speaker 3 (19:02):
People forget about these things.
Speaker 1 (19:04):
I haven't heard people talking about them in years, but
they used to be talked about all the time.
Speaker 2 (19:09):
Oh yeah, I mean postal workers are big on it
because they can get They have money taken out of
their their paychecked by savings bonds and they collect. They
had one guy walked in. He had like eighty seven
of them in a box, and they all matured at
different times. They had already all matured, which means they
were sitting there not earning any more interest onst they mature.
(19:31):
You're supposed to cash them out now, and so it's
a problem. So you need to go to see if
you've got some old savings bond or you may have
inherited some savings bonds or whatever.
Speaker 1 (19:41):
What about people that buy a piece of property, like
a vacant lot like ten years ago, fifteen years ago
as an investment And I know people that have done that.
They've got land that they visited once a year, you know,
up in Connecta county or something, thinking it's going to
be a gold mine.
Speaker 2 (19:58):
She'll walk what's the name of city that you used
to talk about on Shamuckla.
Speaker 3 (20:02):
Schamuckla.
Speaker 1 (20:03):
Yeah, Shamuckla, Florida.
Speaker 2 (20:06):
I think I need to go buy a lot in Schamockla.
Speaker 1 (20:08):
It would be fun just have that deed.
Speaker 3 (20:10):
Yeah.
Speaker 2 (20:10):
Yeah, Uh, that's just another another item.
Speaker 3 (20:14):
You need to make.
Speaker 2 (20:15):
Sure you've got it titled correctly, those type things, and
make sure that somebody knows what it is and where
it is.
Speaker 1 (20:23):
Uh, we've only got a couple of minutes left. Do
we have time for Could we do an email in
a couple of minutes. Yeah, well, we've got an email.
If you'd like to email a question to Johnny Neilan
Virginia O'Brian. The email address is info at mobaifs dot com.
That's info at mobaifs dot com and an email from
(20:43):
Ruth Ruth in mobile rights. With the markets being so
volatile lately, what's the safest way to turn five hundred
thousand dollars into way reliable monthly income for retirement?
Speaker 3 (20:56):
Great question.
Speaker 2 (20:56):
If there are a number of different options, and depending
on what all of your other assets are, one of
the ones that comes to mind would be some type
of an annuity, a fixed indextinuity where you're not at
risk in the market. They have income writers. Some of
them have a fifteen percent bonus when you put the
money in. You know, that's pretty attractive. You can turn
(21:18):
into income that will last the rest of your life,
or last the rest of you and your spouse's life
if you're married. A lot of them have what they
call income doubler. So it's gonna be producing on five
hundred thousand. If you don't know how old Ruth is,
Let's say it's going to be producing to her three
thousand dollars a month for the rest of life. That's
(21:39):
just an example. If you get to a point where
you can't perform two of six activities of daily living, eating, dressing, bathing, toilting,
transferring in continence, rather than paying you three thousand dollars
a month, it sends you six thousand dollars a month,
some of them for the rest of your life, some
of them for a five year period, and that type thing.
So there are a number of options to have a
(22:00):
ask about the volatility in the market and the safest
way to turn five hundred into a reliable monthly income.
That is one way to do it. We have other
options there to safely do it, but we would look
at all of your other things and what all you
have to determine if that something like that would be
viable for your position.
Speaker 1 (22:19):
All right, we are out of time. You the listener.
You can get in touch with John McNeil and Virginia
O'Brien of Mobile Bay Financial Solutions by calling their office
at two five one sixty six six five thousand. That's
two five to one six six six five thousand for
Mobile Bay Financial Solutions. John McNeil, thank you, and roll Tide,
roll Tad, Uncle Henry
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