Episode Transcript
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Speaker 1 (00:06):
Tonight how one chart, one chart, in just a few
words can impact an entire.
Speaker 2 (00:13):
Stock market, and certainly your four oh one K.
Speaker 1 (00:15):
You're listening to simply Money, presented by all Worth Financial
Imami Wagner all along with Steve Ruby. I have a confession.
I did something yesterday that I don't normally do. I
checked my four oh one K in the morning. I
don't normally check it regularly. I checked it in the morning,
and then I checked it again last night. I want
(00:36):
to do that because it was like, I'm looking at
the markets.
Speaker 2 (00:40):
I'm looking at the markets and I just, you know,
I don't know.
Speaker 1 (00:44):
I just wanted to see the actual numbers in front
of me.
Speaker 2 (00:47):
I hope no one else did that.
Speaker 1 (00:48):
Bob Spell Bob Sponseller also joining us tonight with his perspective.
But yesterday was just one of those days in the
markets where I would say, don't check your four oh
one K multiple times.
Speaker 3 (00:59):
It just hurts well, I mean, just to put things
in perspective. Did you also check your four oh one
K on November fifteenth, let's just say good perspective. Yeah,
because that's where the market closed yesterday, exactly at the
same place it was at at November fifteenth, Okay, and
that was one week after the election, And correct me
if I'm wrong, But nobody was panicking on November fifteenth,
(01:22):
so there's no reason to panic, you know today.
Speaker 4 (01:25):
Yeah, that's a good point.
Speaker 5 (01:26):
And I mean we've had entire segments about the benefits
that studies that show the benefits of checking your four
oh one K balance, you know, once or twice.
Speaker 2 (01:34):
A year, Yeah, because twice the day.
Speaker 6 (01:37):
Like.
Speaker 5 (01:37):
Yeah, the the less you check your balances, the more
often you're going to see up in green numbers, which
you know, if you're checking it every day, you can
give yourself ulcers and lose sleep at night because we
are going to see days like like yesterday. And what
happened the dot plot came out. Now, we told you
the Federal Reserve obviously that they lowered interest rates by
(01:58):
a quarter of a point. That was that was to
be expected.
Speaker 2 (02:01):
There was already priced into the market. There was no
concern there.
Speaker 5 (02:05):
Yeah, But the dot plot what that does is as
a summary of what the different voting members of the
Fed think will happen with future rate cuts, specifically in
twenty twenty five. And when that came out, investors panicked,
a little bit.
Speaker 1 (02:18):
Yeah, well yeah, more than a little bit. I mean,
we don't see I guess we're not used to, right.
We just kind of come out of this period of
such a little volatility. I mean we said earlier this year,
you know, over the course of the past two years,
swings of more than one two percent, they were non existent,
so we really got used to still waters and then
(02:39):
you know, investors panic yesterday.
Speaker 3 (02:42):
Yeah, and remember the market's been up almost thirty percent
per year for the last two years, so you know.
Speaker 2 (02:48):
So we're spoiled.
Speaker 3 (02:49):
There were spoiled, and there's always going to be some
profit taking, you know, after a great couple of years
like this. But I in my opinion, what really moved
the market, and what usually moves the market in the
short term, is adjusted expectations. Everybody expected what the news
was going to be. We've talked about it for a
couple of weeks. Everybody was expecting the quarter point drop
(03:10):
and that's exactly what we got.
Speaker 4 (03:12):
So people might be.
Speaker 3 (03:13):
Wondering, well, wow, why did the market sell off, you know,
two three percent yesterday. Whatever, It's because the market was
also expecting possibly four rate cuts is going into next year,
and our Federal Reserve chairman said, wait, hold on a
minute here, we got to make sure we control inflation.
So only expect two rate cuts next year. That is
(03:36):
an adjusted expectation. And you know that's why the market
moved short term yesterday.
Speaker 4 (03:41):
Yeah.
Speaker 5 (03:41):
I mean, that's a really good point. It came out
as something that was rather unexpected. There's going to need
to be a pause. Which what that shows is that
there's a risk of inflation being stickier than originally thought
and potentially even go back up.
Speaker 6 (03:54):
Now.
Speaker 5 (03:54):
I don't think that's going to be the case here
as far as going back up, but it does show
that there is a little bit of awareness that maybe
further decreases will have to pause more than what had
been anticipated.
Speaker 1 (04:08):
I also think this is further evidence of something that
we've been seeing for a while now, which is that
the Fed and the markets or investors, if you will,
aren't necessarily on the same page. I mean, Jerome Powell
has learned the lesson the hard way. Not only am
I going to tell you what I'm doing today, I'm
going to try to project forward so that no one
has caught off guard next steps that are coming up right,
(04:31):
I mean coming into twenty twenty four. He kept saying,
you're probably not going to see the rate cuts that
you're wanting to see this year.
Speaker 2 (04:38):
We think inflation will be stickier than maybe.
Speaker 1 (04:41):
Expected, and you still had markets pricing in more cuts
this year than we actually got. This is kind of
a carry forward to next year of the same sort
of mindset.
Speaker 4 (04:54):
Yeah.
Speaker 3 (04:54):
And I would say another reason for the adjustment in
the Fed speak yesterday, and you and Steve have tuck
upon this for a couple of weeks now. There is
some uncertainty with the new administration coming in in January,
particularly around tariffs and other potential policies deportations. Yeah, so
if you're the Federal Reserve, you know, I think you're
sitting back and saying, let's see what happens. You know,
(05:17):
we don't know what certain policies are going to be,
so we're going to pump the brakes on rate cuts
and expected rate cuts, and let's just see how we
settle into a new presidential administration.
Speaker 1 (05:28):
You're listening to Simply Money presented by all Worth Financial
I Meani Wagner along with Steve Ruby and Bob Sponseller.
As we continue to digest what the markets have been
digesting right news not only that the Federal Reserve has
lowered interest rates by a quarter point, but also that
the dot plot, which is the voting members of the
Fed kind of putting onto a chart where they think
(05:51):
interest rates are going to go next year, and they're
not going to go maybe as low as markets had
previously priced in one chart that and that is what
markets reacted to yesterday. But sometimes it's not just a chart.
Sometimes it can be an offhanded comment by someone that
(06:12):
you never would have thought, and all of a sudden
you're looking at that, you're fo okay, what happened.
Speaker 2 (06:17):
Well, some dude open his mouth and he said.
Speaker 4 (06:20):
Something, Yeah, this is good.
Speaker 5 (06:21):
This is kind of remarkable actually, because we've we've talked
about in the video and it being kind of the
darling of the S and P five hundred, and you
know how much of a pool it's had on the
overall price of the index. And there's always worry in
the back of our minds because we've talked for years
about not being oversaturated one stock and what weird things
can have an effect on the price of a stock,
(06:42):
and this is an example of one of them, you
know right now in the video is in the news
because of one of what one of its leaders said,
Not because of what one of its leaders said, but
actually one of the leaders of its biggest customer said.
Speaker 1 (06:56):
Yeah, so this is Microsoft, right, And you know, Microsoft
has been kind of one of the biggest consumers of
invidious chips, and so their CEO kind of said in
a recent interview that they they bought all over the place.
Speaker 2 (07:12):
They bought up so many Nvidia chips that they have reserves.
I don't even know. I'm picturing like towers and towers, towers,
I don't even.
Speaker 1 (07:20):
Know, towers of chips sitting around, and it's like, well,
we've stuck piled chips. So if you thought we were
continued to buy them or consume them at the same
rate that we've been in the past, well we might
just kind of sit.
Speaker 2 (07:32):
On our stash for a while and.
Speaker 1 (07:35):
Use up all these towers full of chips before we
need to buy more.
Speaker 2 (07:39):
That was the comment.
Speaker 5 (07:40):
Yeah, it was, I am not chip supply constrained, That's
what that's what did it those few.
Speaker 1 (07:45):
Works for a second, I am not chip supply constraints,
and that move markets.
Speaker 3 (07:52):
That amazing well in terms of actual practical advice here.
I think this is a great time to just reiterate
some points that we continually make on this show, and
that's the importance of diversifying your portfolios, not putting all
your eggs in one basket. You know, if I took
a look at Navidia stock, I mean, look, Navidia was
(08:12):
trading at an all time high on November twenty first,
and it's actually been trending slightly down ever since. Okay, again,
a lot of profit taking and tech stocks going into
the end of the year. But if you look going forward,
you know, their projected earnings growth is forty eight percent
moving forward, their projected sales growth is still ninety four percent.
(08:34):
It's trading at a PE ratio of under thirty. So
I guarantee you that most growth institutional fund managers still
love Navidia because if you've got earnings growth above your
price earnings ratio, that's value. Okay, that being said, Navidia,
in any of these growth, high growth stocks. To Steve's point,
(08:58):
if somebody makes a whisper about any change in that
potential growth, that stock can fall, and fall quickly, and
sometimes fall by a lot. So you know, there's some
people out there that instead of keeping their emergency fund
loaded up, might be using Navidia stock as their emergency
fund because it's been up so much over the last three,
(09:20):
four or five years. And you always have to have
an exit point on stocks like this, and you always
have to know why you own it and what your
exit point is on the downside, and unfortunately, that's where
a lot of people get burned.
Speaker 1 (09:33):
I just think this is an excellent example of you
find that one stock, right, whatever it is, Media, Microsoft,
you know, Amazon, years ago, and it's like.
Speaker 2 (09:43):
What could possibly go wrong? Right, what could possibly go wrong?
Speaker 1 (09:48):
Nobody saw Microsoft, You doing this interview, making this one
comment with just a few words, but the ripple effects
of it right on your single position if you're con
and traded in that one stock takes a nose dive
based on one person's interview.
Speaker 3 (10:05):
Yeah, and don't forget there are always market participants on
the other side of these trades. And I'm not implying
that this happened in this case, but there are people
that are shorting in the video. You know, they want
to profit from this stock going down.
Speaker 5 (10:19):
So you heard it here first, the Microsoft CEO of
Microsoft or short VideA right from Bob.
Speaker 3 (10:24):
But I'm just telling you that there's people that will
go on these media programs and the terminology is talk
their book.
Speaker 5 (10:33):
Yeah, that's a good point, and you know, you never
know what could catch you off guard as far as
owning an individual stock is concerned. But at the same time,
it's also a lesson in only owning, for example, the
S and P five hundred, because I've had folks in
my office like sitting down and asking why am I
not just invested in the S and P five hundred.
The investments that I have in my four one K
(10:53):
they haven't done as good as the S and P
five hundred, for example, And it's actually the answer is
lack of diversification, because Navidia has major pool on the
performance of the S and P five hundred of it
in itself. So I would take it beyond you know,
not just owning one single stock, but not owning one
single index either, because in a situation like this that
(11:14):
can have a major effect on your overall assets.
Speaker 4 (11:17):
Absolutely.
Speaker 1 (11:17):
Also think a major takeaway from this is, you know,
the headlines are always the doo right, dow plummeting dow
way down the Dow is thirty stocks, you know, and
if you are reading in the headlines Dow plummeting, pick
your adjective, pick your verb there, but it makes you
freak out and think maybe I should do something different
with my investments. Please educate yourself on exactly what the
(11:40):
Dow is versus the overall market. And even if you
know the markets are way down, that Dow, you know,
the number of points that it's down really freaks people out.
What percentage is it dow? Right, That's the perspective that
you need to be looking at.
Speaker 2 (11:57):
And even I'm gonna say, you know.
Speaker 1 (11:59):
Without a doubt, yes, was a really bad day for
the market. Should you change your overall long term financial
plan because of it? Absolutely not. Here's the all Worth advice,
a diversified portfolio that takes into account long term goals
and has been stress tested for worst case scenario.
Speaker 2 (12:14):
That is usually what succeeds.
Speaker 1 (12:16):
Coming up next to crackdown on hidden fees and how
to stop the bank of Mom and Dad from becoming
a permanent fixture in your life. You're listening to Simply Money,
presented by all Worth Financial here in fifty five KRC
the talk station.
Speaker 2 (12:34):
You're listening to.
Speaker 1 (12:35):
Simply Money presented by all Worth Financial. I mean me
Wagner along with Steve Ruby and Bob Sponseller. Coming up next,
we're answering your questions about roth IRA's annuities, taxes, and
a whole lot more. Okay, I have been victimized by
this before. Wait checked into a hotel. They gave me
the online price and then like the bill comes when
(12:55):
you're checking out, and you're like what it's how much?
Speaker 2 (12:59):
There's like this fee and a.
Speaker 1 (13:01):
Local tax and da da da, And you know you
didn't know, but you got like one thing of free
ice water while you were here, So we're going to
charge you seventy five dollars a day for that. Right now,
there are some new protections right that could be coming
out from the US Federal Trade Commission that will crack
down on it.
Speaker 4 (13:20):
I always felt like this was a legal bait and switch.
Yes is what it is.
Speaker 5 (13:23):
You know, come here, you're gonna pay this low price.
Never mind, here's the actual high price. But the the
US Federal Trade Commission did pass a role on Tuesday
requiring ticket sellers, hotels, vacation rental sites to disclose total prices.
This includes any kind of fees up front and actually
prohibits them from concealing any kind of add on charges
(13:43):
until the last minute, which we all have fallen victim to.
Speaker 2 (13:47):
I feel like this is like duh, yeah, you know
what I'm saying, Like, dud. There should have been here
all along.
Speaker 1 (13:52):
It shouldn't be that difficult to figure out what you're
actually going to pay for something.
Speaker 3 (13:56):
Yeah, And politicians on both sides of the eye all
are wrangling and arguing and you know.
Speaker 4 (14:03):
Threaten nah.
Speaker 3 (14:04):
And this is like, I agree with you, Amy, I
don't care whether there's an R or D in front
of your name. I think everybody can agree. Like, whether
you're buying financial advice, a loaf of bread, or a
concert ticket, just tell me what it costs, don't hide feet.
I mean that's just basic common sense to me. So
I'm all for it.
Speaker 1 (14:23):
Yeah, yeah, I was buying tickets, are looking at buying tickets.
I can't even remember for something a couple of months ago.
So I was on sea Geek and stub hub and
ticket you know, kind of back and forth, back and
forth some of them. It's like, why do I need
to toggle something for you to give me the actual price?
Speaker 2 (14:39):
That I'm paying. Can't you just tell me that? But
on some of the sites, it's.
Speaker 1 (14:42):
Hitting seventeen leggers below what you're actually looking at to
be able to put that filter on to figure out
what you're actually going to pay.
Speaker 5 (14:50):
I think it's kind of interesting. The FTC actually estimates
I don't know how they came up with these numbers,
but US consumers would say fifty three million hours per
year because they called me, Yeah, there.
Speaker 2 (14:58):
I spent fifty three.
Speaker 5 (14:59):
Million one that actually did all the digging. But you
know that there has been efforts in the past of
similar rules. But you know, a judge in Texas blocked
the rule that would cap credit card late fees, and
you know, appeals court New Orleans blocked the requirement that
airlines disclose baggage. So there obviously businesses are fighting against this.
But yeah, I think anybody it doesn't matter if there's
(15:20):
an R and D in front of your name, we
can all agree that, you know, just tell us what
we need to pay to get the thing or the
service that we're paying for.
Speaker 1 (15:27):
You know, a lot of what we do is helping
people figure out are we on the right track for retirement?
Speaker 2 (15:33):
Can we retire well. Is our plan working?
Speaker 1 (15:35):
And one of the largest things that I see derailing
that plan is love.
Speaker 2 (15:41):
Now that sounds like a really weird.
Speaker 1 (15:42):
Thing, but I'm talking about putting your kids ahead of
your own retirement. We jokingly refer to this on the
show as the bank of Mom and Dad, but I
actually have this conversation day in and day out in
my office, and I simply say, this is great.
Speaker 2 (15:58):
Everything looks great on paper. Is the Bank of Mom
and Dad officially open still? Or is it closed?
Speaker 1 (16:04):
Because if it's still open, it can derail absolutely everything
that we have in this plan.
Speaker 2 (16:10):
If your kids are still coming out to you with
hand sel stretching.
Speaker 1 (16:14):
Sometimes it's just one thing, one offer, right, something that
came from out of left field that they weren't expecting.
But oftentimes we're still paying for self and bills, and
we're still paying for car payments and car insurance and
whatever that is for your adult children.
Speaker 5 (16:28):
Yeah, obviously we all have experience with this. You know,
there's anecdotal information and then there's a study. US Bank
put out a survey twenty five hundred adults. It was
released earlier this year, and it shows that fifty three
percent of gen X parents are worried that their children
might need financial support well into adulthood. When we look
at all generations, it's a little lower about four and ten.
Speaker 4 (16:51):
Yeah.
Speaker 3 (16:51):
I think this comes back to the word communication and expectations.
You know, as you'll hear me say a million times
when I'm on this show. I'm a firm believer that
all human beings respond to incentives. And I don't care
whether your kid is nine, nineteen or twenty nine. They
can smell blood in the water, they can tell when
(17:14):
the bank of mom and dad is open or closed,
and a lot of them will take full advantage of that. So,
you know, I go back to you know, you feed
a person for you know, you give a person a fish,
you fed them for a day, you teach them how
to fish, you fed them for the rest of your life.
This is our job as parents to teach equip our
(17:35):
kids to be financially self sufficient. And even if we
have the means to be able to help them and
bail them out of a short term problem, it's not
always in their best interest to do that. Oftentimes it's
not in their best interest. They got to learn how
to sink or swim and figure out problems on their own.
Speaker 1 (17:53):
Here's the dollars incentive it because there's a savings dot
com survey that found that, Hey, for those of you
who are continuing to offer for financial support to your
adult kids, it's on average about fourteen hundred dollars a month.
You run those numbers in your head, fourteen hundreds a month,
What would that mean if that money was stocked away
and invested in your retirement, And the answer is, it's
(18:14):
game changer. It's a game changer for a lot of parents.
Speaker 5 (18:17):
You know, when you sit down and you build a
financial plan, it can be eye opening to understand how
long your money will last.
Speaker 4 (18:23):
Ideally longer than you do.
Speaker 5 (18:24):
But if you come down and you sit with a
financial advisor and you see that maybe you're not saving
enough today because you're spending money on older children, for example,
that you know that they understand that the bank of
mom and dad is still open, it can be valuable
to show them and sit down and have that conversation
that says, look, if I'm not able to save from
(18:46):
my own retirement, eventually, I'm going to be living.
Speaker 2 (18:47):
In your house on your couch.
Speaker 4 (18:50):
Yeah, on your couch.
Speaker 2 (18:51):
Yes.
Speaker 5 (18:52):
When you you know, have your family, your children. You're
you're going to be, you know, part of the Sandwich generation,
meaning you're taking care of children and parents at the
same time because your parents sacrifice too much for you.
Speaker 1 (19:04):
Make that point, and I guarantee that outstretched hand will
go back into the I'll figure it out.
Speaker 5 (19:10):
Yeah, mom and dad, why do you why don't you
maybe save that money for your own care of you?
Speaker 2 (19:14):
Right now?
Speaker 1 (19:15):
I'll figure out how to take care of me right
and in Bob to your point, it's a conversation. Me
doing this for you means I will not have this later.
And here's how that will impact you. Here's the all
Worth advice, the best support you can provide teaching your
adult children how to thrive without relying on the bank
of mom and dad. Coming up next tis the season
(19:36):
for financial crimes. We are opening the Simply Money Scam
Tracker to help you protect yourself. You're listening to Simply
Money presented by all Worth Financial here in fifty five
krs the talk station. You're listening to Simply Money presented
by all Worth Financial. I mean you Wagner along with
Steve Ruby. I am not a last minute holiday shopper
(19:58):
because it gives me anxiety. But Steve, however, is very
much a last minute shopper. And I know you are
not alone in the malls on Christmas Eve. So joining
us tonight is Josiella Erlk, the President and CEO of
the Cincinnati Better Business Bureau, with some tips for those
of you who are in fact Christmas procrastinators.
Speaker 6 (20:19):
Absolutely, I know there's not a lot of time left,
and Steve, you're not alone. I will be at the
mall right there with you.
Speaker 4 (20:26):
Thank you, thank you. I appreciate that.
Speaker 6 (20:28):
Don't stop based on price alone for people who bought
something and lost money to scammer's price. With the top
motivating factor. And remember that old saying, if it sounds
too good to be true, it probably is. It really
applies in this instance. Now another thing, be careful about
purchasing those popular products or toys that are really really
(20:51):
hot right now. Scammers know what's hot. They're going to
advertise those items at ridiculously low prices. Again, do your
homework on the seller and never buy off of social
media ads. Always go directly to the company's website to
confirm the facts, the prices, all the details. If possible.
(21:12):
Always pay with a credit card, you're going to be
less likely to lose money than if you pay with
a debit card or if you pay through one of
those payment apps. And if you're buying a physical gift card,
run your finger over the barcode on the back to
make sure that it's not a sticker. Scammers can put
their own barcode stickers over the top of that real barcode,
(21:33):
so when you check out, you're going to be adding
money to the scammer's account rather than the gift card.
And if the packaging is ripped or wrinkled, it may
have been tampered with, So select another gift card that
looks pristine and untouched. When it comes to online gift cards,
pass on those too good to be true deals. If
(21:53):
a third party website or a social ad promises really
good discounts, it's probably a front to steal your credit
card information. It's always best to buy electronic gift cards
directly from the retailer.
Speaker 4 (22:07):
Now my palms are sweaty.
Speaker 5 (22:09):
I did I waited to go shopping, and now you
got me worried about all these scams. I know that
there were some others you wanted to talk about. Something
called the out of stock scam.
Speaker 6 (22:20):
Yes, we're are making purchases through those social media ads,
which I just told you not to do, and they're
finding this out of stock scam. And this is what
is happening. You go to the ad, you find the
product online, you click on the link, and you check out.
And once your card is charged, you're going to get
an email or a text thing that the product is
(22:41):
out of stock. And if they're going to refund your money. Yeah,
you wait for the refund to post to your account,
but it never does. Then when you try to contact
this online shop, no one responds to you. One shopper
told us that the order went through, the money was
taken out of account after a week or more, her
(23:02):
order never shipped. The order got canceled, saying that the
size ordered was out of stock, that the money was
never returned to her account. The truth is, the product
likely never existed in the first place, and scammers hope
you're never going to notice the fact that you didn't
get refunded in all the hustle and bustle of the season.
But again, if you used your credit card, you should
(23:23):
be able to contest the charge and get your money back.
Speaker 1 (23:27):
Which is a great point jocale right, credit card versus
debit card, you know, there's additional protections on those credit cards.
Speaker 6 (23:34):
You know.
Speaker 1 (23:35):
If there's one trend I have seen through the years
as you have been telling us and warning us about
these scams, there's always kind of a sense of urgency
so that the person doesn't necessarily have the time to
take a deep breath and think, wait a second, is
what they're saying. Does it make sense when you're waiting
to the last minute to shop for holiday gifts, or
there's a certain hot, one thing that you have to
(23:56):
get and it's in high demand, that sense of urgency,
it's all ready there, which really then sets the stage
beautifully for these scammers right.
Speaker 6 (24:05):
Oh, it absolutely does it. And adding to that is
all the craziness around the holidays, the parties that you
are so distracted right now, this is the prime time
for scammers to hit and you don't even realize it
until well after the fact. Into many cases, that's why
you and I are here to share this information with
(24:26):
your listeners that prevent anything from happening as best we
can and as best they can.
Speaker 4 (24:33):
What about for folks making charitable donations?
Speaker 5 (24:35):
I thought I saw something that there could be risk
tied to that in certain situations where we also need
to be diligent.
Speaker 6 (24:41):
It's not exactly that at all. With so many things
going on, as I said, it might be easy to
miss a fraudulent credit card charge on your account, especially
if it appears to be going to a charity. Now
this particular scam, somehow the scammer is getting your credit
card information. Maybe they got it in a data breach,
(25:03):
or they bought it from a hacker, or they bought
it from another scammer who had you on a hit list.
They check to see if the card is valid by
making a small donation to a charity that that's going
to show up on your credit card statement. When the
charges go through unnoticed. The scammer then uses your card
to make bigger purchases or even cash advances. So this
(25:25):
is another warning. Check your credit card statements regularly, and
especially at this time of year. Because your credit card
is probably a little bit longer than it normally is,
it's easy to not spot these things. Normally you look
for big amounts on your credit card statement, but look
for those smaller amounts too to make sure that they
(25:46):
are things that you actually purchased or donated to.
Speaker 1 (25:49):
Listening to you, jose All, I was thinking, you know,
a smart thing for them to put on there would
also be just Amazon, because there's so many people making
purchases on our Amazon account right now.
Speaker 2 (25:59):
If there were charges is on there that said Amazon.
Speaker 1 (26:02):
Even as closely as I look at that credit card statement,
I don't know that I would notice it.
Speaker 2 (26:07):
So, man, you know, this is a month in which
you need to be looking at that with a fine tooth.
Speaker 1 (26:12):
Colm. I think these are great reminders, you know, and
for many people it's okay, we've spent and spent and spent.
Speaker 6 (26:19):
You know.
Speaker 1 (26:19):
Let's take a deep breath and then start looking forward
to twenty twenty five. If you want to have a happy, healthy,
scam free twenty twenty five, what New Year's resolutions do
you need to be making now to set yourself up
well for that.
Speaker 6 (26:34):
Four quick ones we've talked about them throughout the year.
Be careful with your emails. Scammers can make emails look
like they're coming from real companies or from the government.
Speaker 4 (26:44):
Even from the BBB.
Speaker 6 (26:46):
Never click on links for attachments from emails that you
didn't expect. Number two, Protect your money. Never send cash
to someone that you haven't met in person. Scammers love
to press pressure you into quick money transfers using prepaid
cards or payment apps. These payments can't be traced, and
(27:08):
once the money's gone, it's gone for good. As you said, Amy,
take a deep breath and think things through before sending
any money. Protect your accounts. We talk about this every
year this time of year especially, Create strong, unique passwords
for each of your accounts. I know that sounds like
(27:29):
a hassle, but your money, your personal information. You cannot
risk it. It makes it harder for hackers to break
into multiple accounts if one account is compromised. And make
sure you turn on two factor authentication. It is offered
by almost every online site out there. It's like adding
a second set of eyes to your digital front door,
(27:52):
making it much harder for scammers to get in. And
consider a password manager for even more secure it. And finally,
stay up to date on the latest scams. Check out
BBB dot org backslash scam tips periodically. The more you know,
the better you can protect yourself.
Speaker 1 (28:12):
Great reminders as always on how to protect yourself both
this holiday season and into twenty twenty five from our
good friend Josie Erlik from the CINCINNTI Better Business Bureau.
Do not let scammers be the grinch. That's still your Christmas.
You're listening to Simply Money presented by all Worth Financial.
You're in fifty five KRC, the talk station you're listening
(28:36):
to you Simply Money presented by all Worth Financial. I
mean you Wagner alone with Steve Ruby and Bob spaond Cellar.
Do you have a financial question need a little help
with We've got a way you can figure it out.
There's a red button you can click on while you're
listening to the show. It's right there on the iHeart
app recorde your question and it's coming straight to us.
Speaking of those questions, we've had a number of them
emailed to us this week. The first one from Hannah
(28:58):
in Highland Heights. Here's her question. From what I understand,
I make too much to save in a wroth Ira.
So am I just out of luck here and unable
to take advantage of this tax big growth?
Speaker 4 (29:09):
No.
Speaker 5 (29:10):
First of all, congratulations, nice job. I think it's wonderful.
This is also a great question because diversifying your future
tax liability through roth contributions is a fantastic option. Now
there's ability to save maybe in your four O one
K plan. If your four oh one K offers WROTH contributions,
then that's a good place to go because the income
(29:30):
limitations are not the same, and how much you can
save is much higher than in a Roth IRA if
you're already maxing your four O one K. This is
where we would look at a Roth backdoor conversion. So
you need to sit down and talk to an advisor
or a CPA before you map this out, because there
are stipulations and our ways to get this wrong and
create tax headaches. But what you do logistically is you
(29:50):
contribute after tax dollars to a traditional IRA and then
you convert that to a roth iray, so you're not
actually contributing to the WROTH.
Speaker 4 (29:57):
You're doing a conversion.
Speaker 1 (29:58):
It just is like a little stop but a traditional
iroway iron the rate of that Wroth iron exactly.
Speaker 5 (30:03):
And then in the event that your employer offers some
kind of an after tax spillover feature, you could always
even open the door up to what's called a mega
roth back door conversion. I did not make that name up.
That is what it is really called this is where
you contribute after tax, non deductible non roths. You're four
to one k and then converted to ROTH after the fact.
I love having this conversation with high earners that are,
(30:24):
you know, smack dab in the middle of their accumulation
phase of retirement because it really is a great option.
So just because you make too much right now doesn't
mean ROTH is shut off. It just means you got
to almost play a little game to make it happen sometimes.
Speaker 1 (30:36):
All right, Roy is up next from Lolo with a
really great question fifty four years old, should I be
worried about Social Security going broke before I even retire
and can claim it?
Speaker 3 (30:47):
Well, worry is always a pretty strong word. I mean,
we can pick whatever word we want to use, but
I think everybody should at least be aware of the
fact that, you know, let's just face it, the Social
Security quote unquote trust fund is empty.
Speaker 4 (31:01):
It's been spent.
Speaker 3 (31:02):
So you know, this is a pay as you go
system and it always will be from here going forward.
So one piece of advice here, and this is something
that I do with clients that come in to see
me when we're doing retirement planning. If folks are worried
about that, or even if I bring it up, because
there's no guarantee that the benefit that's on your statement
(31:23):
that you're going to get at age sixty seven is
going to be there. There could be means testing, they
could move the retirement age out. So one thing you
can do, as you're doing some planning yourself or with
your fiduciar advisor, is run different scenarios. What if the
benefit gets kicked out to age seventy or seventy two
from sixty seven, how does that impact my plan? What
(31:45):
if the benefits get reduced by twenty five percent? How
does that impact my plan? So I think the key is,
like we always talk about control what you could control,
look at different scenarios, and if you really are concerned
about it, well you can make adjustments in your own
personal savings to fund the shortfall yourself, so to speak,
so that you're not in your eighties and in worry
(32:07):
of you know, running out of money.
Speaker 1 (32:09):
Yeah, this is a political hot potato, and we've had
members of Congress on the show several times. I have
been very direct in asking this question and they have
not been directed in their respect.
Speaker 4 (32:18):
Ye know, Well, touch it.
Speaker 3 (32:20):
To your point, Amyan, I can remember when President Bush
took office and he brought up the possibility of hey,
we need to take a look at social security, and
politicians on both sides of the aisle went absolutely ballistic
for about a week and a half and to my knowledge,
that's the last time we've.
Speaker 2 (32:40):
Ever heard about it.
Speaker 5 (32:41):
They don't want to touch it. We hear about it
in twenty thirty two. That's when they're going to start
working on it.
Speaker 2 (32:46):
Yeah, on December thirty first of that year. It's a
political level.
Speaker 1 (32:52):
Whatever they do is going to make It's going to
upset some part of the population, right, but something has
to be it has to be addressed.
Speaker 2 (33:01):
I like your point. Let's plan for any.
Speaker 1 (33:04):
Possibility that we can think of and make sure that
we're still going to be okay.
Speaker 2 (33:07):
All right?
Speaker 1 (33:08):
Next question from Roy or from Kevin and Harrison. I
saw that annuities are going to be available now in
four to one ks.
Speaker 2 (33:15):
Is this something you would recommend?
Speaker 5 (33:18):
I mean it might on an individual basis after building
a financial plan with somebody. But this is a new
rule that's been opened up. We talked about it earlier
this year when it was first made known that this
will be happening, But ultimately it's going to give you
a little bit of added transparency into the potential for
using a portion of your four to one K to
purchase annuities. The benefit here is that that the fees
(33:40):
are going to be a lot lower because when you do,
when you purchase an annuity on your own, there's not
the buying power of a larger pool of money within
a four to one K to help bring those internal
fees down. I know there are some in the industry
that sell annuities that work in life insurance that are
a little bit bothered by the fact that there is
(34:01):
going to be a cheaper option available to them within
these four to oh one K plans. Obviously, if you're
commissioned sales rep, that can present some challenges. But in
certain situations I may recommend it, but it's going to
be on an individual basis.
Speaker 1 (34:15):
For what kind of investor would you think this is
a good option?
Speaker 5 (34:20):
Somebody that is you know, oftentimes you're going to be confused.
You're not educated in the market, so you think that
everything is at great risk if you have a.
Speaker 2 (34:28):
Very risk averse.
Speaker 5 (34:29):
Kind of very risk averse is the answer. But you
also need to step back and educate to see if
that's even the case. You know, a little bit of
a convoluted answer, but the short of it is a
very very risk averse investor.
Speaker 1 (34:41):
Sienna from Montgomery has this question. I just inherited a
flour oh one K from my father he recently passed.
We're really sorry to hear about that, but how do
I deal with taxes?
Speaker 4 (34:50):
Yeah?
Speaker 3 (34:50):
Sienna, this is a great question and one that really
ties into the need and the opportunity to do some
proactive financial planning, which is what we talk about all
the time and a good fiduciary advisor can do for you.
And what I mean by that is, take a look
at what your income sources are expected to be, and
(35:10):
under the new rules for people inheriting IRA's and four
to one K plans, those accounts are going to have
to be emptied out over a ten year period following
the death of your father in this case. But the
opportunity is if you're just about to retire and your
income's about to drop significantly, you may want to empty
(35:31):
that out over a two to three year period because
you could take that income in a very low tax bracket.
Speaker 2 (35:36):
Great answer, you have less than two weeks to either
use it or lose it. What are we talking about.
We'll get into that next.
Speaker 1 (35:42):
You're listening to Simply Money presented by all Worth Financial
here in fifty five kre see the talk station. You're
listening to Simply Money presented by all Worth Financial. I mean,
wagen you're along with Steve Ruby and Bob Sponseller.
Speaker 2 (35:57):
Do you have a flexible spending account?
Speaker 1 (35:59):
And if so, how many dollars are left in that account?
Speaker 2 (36:04):
And will you lose it if you don't use it
by the end of the year. You need to know
the answer to these questions.
Speaker 5 (36:11):
Yeah, I mean, we're running out of time here, but
if you can find a way to schedule some kind
of a preventative care appointment, to your annual physical, idental cleaning,
whatever it might be. What we're trying to do is
get advocate for you to spend these dollars, because most
of the time it's a use it or lose it
with with your flexible spending account dollars, that's where you
put money in on a pre tax basis. You got
(36:31):
a deductible, which is you got a deduction that is,
which is great. But if you don't use it, then
those are lost dollars.
Speaker 3 (36:37):
Well, we were talking with a colleague earlier, you know today,
who's in a situation where he's caring for his elderly mother,
and he brought up a great point. He was shocked
at the number of items that you can purchase that
do qualify as an FSA eligible purchase. So it might
be a little late to schedule a doctor's appointment, Steve, Yeah,
(36:59):
but you know, things like first aid kicks, kids thermometers, sunscreen,
you know, contact solution, all that kind of stuff that
everybody needs. Might be a great time to take a
quick trip to Costco and you know, stock up, avoid
the traffic, but use up your HSA on things you
know you're going to use by the end of the year.
Speaker 1 (37:19):
And then I think the question moving forward is does
this make sense for me?
Speaker 3 (37:23):
Right?
Speaker 1 (37:24):
FSAs are great if you have you know, more significant
healthcare needs that you know.
Speaker 2 (37:30):
That you can count on.
Speaker 1 (37:31):
But for someone who's like, oh, I'm just going to
throw a few thousand dollars into this account and hope
I use it.
Speaker 2 (37:37):
Steve Ruby's never made a financial mistake in his life.
Speaker 1 (37:39):
I've made every one that you possibly count, which is
why I do the show, because I want to make
sure you learned from my mistakes.
Speaker 2 (37:44):
I had an FSA. I just want to yeah, right, sure.
Speaker 1 (37:47):
I was the person who was at Walgreens at eleven
thirty that night with a cartful of band aids and contact.
Speaker 4 (37:55):
Solutions wedding, all frantic and trying to figure out what.
Speaker 1 (37:57):
You don't want, throwing stuff into the court so that
I didn't lose those dollars.
Speaker 2 (38:02):
Was it the smartest way looking back, to use them?
Speaker 6 (38:05):
No?
Speaker 1 (38:05):
And I often get people in my office now when
I'm talking about health savings accounts, so we're.
Speaker 2 (38:10):
Like, well, no, because don't I lose those dollars.
Speaker 1 (38:13):
Understand, these are both accounts that have tax advantages that
can be used for healthcare. But the health savings account,
it doesn't ever expire. There's no deadline on it. If
you don't use it, it just stays in that account,
and if it's invested, it's going to continue to grow.
It becomes a great resource for retirement. Thanks for listening tonight.
(38:33):
We hope you're going to tune in tomorrow. We're talking
about investors' biggest fears about twenty twenty five.
Speaker 2 (38:39):
Should you be worried too.
Speaker 1 (38:40):
You've been listening to Simply Money, presented by all Worth
Financial here in fifty five krs, the talk station
Tonight how one chart, one chart, in just a few
words can impact an entire.
Speaker 2 (00:13):
Stock market, and certainly your four oh one K.
Speaker 1 (00:15):
You're listening to simply Money, presented by all Worth Financial
Imami Wagner all along with Steve Ruby. I have a confession.
I did something yesterday that I don't normally do. I
checked my four oh one K in the morning. I
don't normally check it regularly. I checked it in the morning,
and then I checked it again last night. I want
(00:36):
to do that because it was like, I'm looking at
the markets.
Speaker 2 (00:40):
I'm looking at the markets and I just, you know,
I don't know.
Speaker 1 (00:44):
I just wanted to see the actual numbers in front
of me.
Speaker 2 (00:47):
I hope no one else did that.
Speaker 1 (00:48):
Bob Spell Bob Sponseller also joining us tonight with his perspective.
But yesterday was just one of those days in the
markets where I would say, don't check your four oh
one K multiple times.
Speaker 3 (00:59):
It just hurts well, I mean, just to put things
in perspective. Did you also check your four oh one
K on November fifteenth, let's just say good perspective. Yeah,
because that's where the market closed yesterday, exactly at the
same place it was at at November fifteenth, Okay, and
that was one week after the election, And correct me
if I'm wrong, But nobody was panicking on November fifteenth,
(01:22):
so there's no reason to panic, you know today.
Speaker 4 (01:25):
Yeah, that's a good point.
Speaker 5 (01:26):
And I mean we've had entire segments about the benefits
that studies that show the benefits of checking your four
oh one K balance, you know, once or twice.
Speaker 2 (01:34):
A year, Yeah, because twice the day.
Speaker 6 (01:37):
Like.
Speaker 5 (01:37):
Yeah, the the less you check your balances, the more
often you're going to see up in green numbers, which
you know, if you're checking it every day, you can
give yourself ulcers and lose sleep at night because we
are going to see days like like yesterday. And what
happened the dot plot came out. Now, we told you
the Federal Reserve obviously that they lowered interest rates by
(01:58):
a quarter of a point. That was that was to
be expected.
Speaker 2 (02:01):
There was already priced into the market. There was no
concern there.
Speaker 5 (02:05):
Yeah, But the dot plot what that does is as
a summary of what the different voting members of the
Fed think will happen with future rate cuts, specifically in
twenty twenty five. And when that came out, investors panicked,
a little bit.
Speaker 1 (02:18):
Yeah, well yeah, more than a little bit. I mean,
we don't see I guess we're not used to, right.
We just kind of come out of this period of
such a little volatility. I mean we said earlier this year,
you know, over the course of the past two years,
swings of more than one two percent, they were non existent,
so we really got used to still waters and then
(02:39):
you know, investors panic yesterday.
Speaker 3 (02:42):
Yeah, and remember the market's been up almost thirty percent
per year for the last two years, so you know.
Speaker 2 (02:48):
So we're spoiled.
Speaker 3 (02:49):
There were spoiled, and there's always going to be some
profit taking, you know, after a great couple of years
like this. But I in my opinion, what really moved
the market, and what usually moves the market in the
short term, is adjusted expectations. Everybody expected what the news
was going to be. We've talked about it for a
couple of weeks. Everybody was expecting the quarter point drop
(03:10):
and that's exactly what we got.
Speaker 4 (03:12):
So people might be.
Speaker 3 (03:13):
Wondering, well, wow, why did the market sell off, you know,
two three percent yesterday. Whatever, It's because the market was
also expecting possibly four rate cuts is going into next year,
and our Federal Reserve chairman said, wait, hold on a
minute here, we got to make sure we control inflation.
So only expect two rate cuts next year. That is
(03:36):
an adjusted expectation. And you know that's why the market
moved short term yesterday.
Speaker 4 (03:41):
Yeah.
Speaker 5 (03:41):
I mean, that's a really good point. It came out
as something that was rather unexpected. There's going to need
to be a pause. Which what that shows is that
there's a risk of inflation being stickier than originally thought
and potentially even go back up.
Speaker 6 (03:54):
Now.
Speaker 5 (03:54):
I don't think that's going to be the case here
as far as going back up, but it does show
that there is a little bit of awareness that maybe
further decreases will have to pause more than what had
been anticipated.
Speaker 1 (04:08):
I also think this is further evidence of something that
we've been seeing for a while now, which is that
the Fed and the markets or investors, if you will,
aren't necessarily on the same page. I mean, Jerome Powell
has learned the lesson the hard way. Not only am
I going to tell you what I'm doing today, I'm
going to try to project forward so that no one
has caught off guard next steps that are coming up right,
(04:31):
I mean coming into twenty twenty four. He kept saying,
you're probably not going to see the rate cuts that
you're wanting to see this year.
Speaker 2 (04:38):
We think inflation will be stickier than maybe.
Speaker 1 (04:41):
Expected, and you still had markets pricing in more cuts
this year than we actually got. This is kind of
a carry forward to next year of the same sort
of mindset.
Speaker 4 (04:54):
Yeah.
Speaker 3 (04:54):
And I would say another reason for the adjustment in
the Fed speak yesterday, and you and Steve have tuck
upon this for a couple of weeks now. There is
some uncertainty with the new administration coming in in January,
particularly around tariffs and other potential policies deportations. Yeah, so
if you're the Federal Reserve, you know, I think you're
sitting back and saying, let's see what happens. You know,
(05:17):
we don't know what certain policies are going to be,
so we're going to pump the brakes on rate cuts
and expected rate cuts, and let's just see how we
settle into a new presidential administration.
Speaker 1 (05:28):
You're listening to Simply Money presented by all Worth Financial
I Meani Wagner along with Steve Ruby and Bob Sponseller.
As we continue to digest what the markets have been
digesting right news not only that the Federal Reserve has
lowered interest rates by a quarter point, but also that
the dot plot, which is the voting members of the
Fed kind of putting onto a chart where they think
(05:51):
interest rates are going to go next year, and they're
not going to go maybe as low as markets had
previously priced in one chart that and that is what
markets reacted to yesterday. But sometimes it's not just a chart.
Sometimes it can be an offhanded comment by someone that
(06:12):
you never would have thought, and all of a sudden
you're looking at that, you're fo okay, what happened.
Speaker 2 (06:17):
Well, some dude open his mouth and he said.
Speaker 4 (06:20):
Something, Yeah, this is good.
Speaker 5 (06:21):
This is kind of remarkable actually, because we've we've talked
about in the video and it being kind of the
darling of the S and P five hundred, and you
know how much of a pool it's had on the
overall price of the index. And there's always worry in
the back of our minds because we've talked for years
about not being oversaturated one stock and what weird things
can have an effect on the price of a stock,
(06:42):
and this is an example of one of them, you
know right now in the video is in the news
because of one of what one of its leaders said,
Not because of what one of its leaders said, but
actually one of the leaders of its biggest customer said.
Speaker 1 (06:56):
Yeah, so this is Microsoft, right, And you know, Microsoft
has been kind of one of the biggest consumers of
invidious chips, and so their CEO kind of said in
a recent interview that they they bought all over the place.
Speaker 2 (07:12):
They bought up so many Nvidia chips that they have reserves.
I don't even know. I'm picturing like towers and towers, towers,
I don't even.
Speaker 1 (07:20):
Know, towers of chips sitting around, and it's like, well,
we've stuck piled chips. So if you thought we were
continued to buy them or consume them at the same
rate that we've been in the past, well we might
just kind of sit.
Speaker 2 (07:32):
On our stash for a while and.
Speaker 1 (07:35):
Use up all these towers full of chips before we
need to buy more.
Speaker 2 (07:39):
That was the comment.
Speaker 5 (07:40):
Yeah, it was, I am not chip supply constrained, That's
what that's what did it those few.
Speaker 1 (07:45):
Works for a second, I am not chip supply constraints,
and that move markets.
Speaker 3 (07:52):
That amazing well in terms of actual practical advice here.
I think this is a great time to just reiterate
some points that we continually make on this show, and
that's the importance of diversifying your portfolios, not putting all
your eggs in one basket. You know, if I took
a look at Navidia stock, I mean, look, Navidia was
(08:12):
trading at an all time high on November twenty first,
and it's actually been trending slightly down ever since. Okay, again,
a lot of profit taking and tech stocks going into
the end of the year. But if you look going forward,
you know, their projected earnings growth is forty eight percent
moving forward, their projected sales growth is still ninety four percent.
(08:34):
It's trading at a PE ratio of under thirty. So
I guarantee you that most growth institutional fund managers still
love Navidia because if you've got earnings growth above your
price earnings ratio, that's value. Okay, that being said, Navidia,
in any of these growth, high growth stocks. To Steve's point,
(08:58):
if somebody makes a whisper about any change in that
potential growth, that stock can fall, and fall quickly, and
sometimes fall by a lot. So you know, there's some
people out there that instead of keeping their emergency fund
loaded up, might be using Navidia stock as their emergency
fund because it's been up so much over the last three,
(09:20):
four or five years. And you always have to have
an exit point on stocks like this, and you always
have to know why you own it and what your
exit point is on the downside, and unfortunately, that's where
a lot of people get burned.
Speaker 1 (09:33):
I just think this is an excellent example of you
find that one stock, right, whatever it is, Media, Microsoft,
you know, Amazon, years ago, and it's like.
Speaker 2 (09:43):
What could possibly go wrong? Right, what could possibly go wrong?
Speaker 1 (09:48):
Nobody saw Microsoft, You doing this interview, making this one
comment with just a few words, but the ripple effects
of it right on your single position if you're con
and traded in that one stock takes a nose dive
based on one person's interview.
Speaker 3 (10:05):
Yeah, and don't forget there are always market participants on
the other side of these trades. And I'm not implying
that this happened in this case, but there are people
that are shorting in the video. You know, they want
to profit from this stock going down.
Speaker 5 (10:19):
So you heard it here first, the Microsoft CEO of
Microsoft or short VideA right from Bob.
Speaker 3 (10:24):
But I'm just telling you that there's people that will
go on these media programs and the terminology is talk
their book.
Speaker 5 (10:33):
Yeah, that's a good point, and you know, you never
know what could catch you off guard as far as
owning an individual stock is concerned. But at the same time,
it's also a lesson in only owning, for example, the
S and P five hundred, because I've had folks in
my office like sitting down and asking why am I
not just invested in the S and P five hundred.
The investments that I have in my four one K
(10:53):
they haven't done as good as the S and P
five hundred, for example, And it's actually the answer is
lack of diversification, because Navidia has major pool on the
performance of the S and P five hundred of it
in itself. So I would take it beyond you know,
not just owning one single stock, but not owning one
single index either, because in a situation like this that
(11:14):
can have a major effect on your overall assets.
Speaker 4 (11:17):
Absolutely.
Speaker 1 (11:17):
Also think a major takeaway from this is, you know,
the headlines are always the doo right, dow plummeting dow
way down the Dow is thirty stocks, you know, and
if you are reading in the headlines Dow plummeting, pick
your adjective, pick your verb there, but it makes you
freak out and think maybe I should do something different
with my investments. Please educate yourself on exactly what the
(11:40):
Dow is versus the overall market. And even if you
know the markets are way down, that Dow, you know,
the number of points that it's down really freaks people out.
What percentage is it dow? Right, That's the perspective that
you need to be looking at.
Speaker 2 (11:57):
And even I'm gonna say, you know.
Speaker 1 (11:59):
Without a doubt, yes, was a really bad day for
the market. Should you change your overall long term financial
plan because of it? Absolutely not. Here's the all Worth advice,
a diversified portfolio that takes into account long term goals
and has been stress tested for worst case scenario.
Speaker 2 (12:14):
That is usually what succeeds.
Speaker 1 (12:16):
Coming up next to crackdown on hidden fees and how
to stop the bank of Mom and Dad from becoming
a permanent fixture in your life. You're listening to Simply Money,
presented by all Worth Financial here in fifty five KRC
the talk station.
Speaker 2 (12:34):
You're listening to.
Speaker 1 (12:35):
Simply Money presented by all Worth Financial. I mean me
Wagner along with Steve Ruby and Bob Sponseller. Coming up next,
we're answering your questions about roth IRA's annuities, taxes, and
a whole lot more. Okay, I have been victimized by
this before. Wait checked into a hotel. They gave me
the online price and then like the bill comes when
(12:55):
you're checking out, and you're like what it's how much?
Speaker 2 (12:59):
There's like this fee and a.
Speaker 1 (13:01):
Local tax and da da da, And you know you
didn't know, but you got like one thing of free
ice water while you were here, So we're going to
charge you seventy five dollars a day for that. Right now,
there are some new protections right that could be coming
out from the US Federal Trade Commission that will crack
down on it.
Speaker 4 (13:20):
I always felt like this was a legal bait and switch.
Yes is what it is.
Speaker 5 (13:23):
You know, come here, you're gonna pay this low price.
Never mind, here's the actual high price. But the the
US Federal Trade Commission did pass a role on Tuesday
requiring ticket sellers, hotels, vacation rental sites to disclose total prices.
This includes any kind of fees up front and actually
prohibits them from concealing any kind of add on charges
(13:43):
until the last minute, which we all have fallen victim to.
Speaker 2 (13:47):
I feel like this is like duh, yeah, you know
what I'm saying, Like, dud. There should have been here
all along.
Speaker 1 (13:52):
It shouldn't be that difficult to figure out what you're
actually going to pay for something.
Speaker 3 (13:56):
Yeah, And politicians on both sides of the eye all
are wrangling and arguing and you know.
Speaker 4 (14:03):
Threaten nah.
Speaker 3 (14:04):
And this is like, I agree with you, Amy, I
don't care whether there's an R or D in front
of your name. I think everybody can agree. Like, whether
you're buying financial advice, a loaf of bread, or a
concert ticket, just tell me what it costs, don't hide feet.
I mean that's just basic common sense to me. So
I'm all for it.
Speaker 1 (14:23):
Yeah, yeah, I was buying tickets, are looking at buying tickets.
I can't even remember for something a couple of months ago.
So I was on sea Geek and stub hub and
ticket you know, kind of back and forth, back and
forth some of them. It's like, why do I need
to toggle something for you to give me the actual price?
Speaker 2 (14:39):
That I'm paying. Can't you just tell me that? But
on some of the sites, it's.
Speaker 1 (14:42):
Hitting seventeen leggers below what you're actually looking at to
be able to put that filter on to figure out
what you're actually going to pay.
Speaker 5 (14:50):
I think it's kind of interesting. The FTC actually estimates
I don't know how they came up with these numbers,
but US consumers would say fifty three million hours per
year because they called me, Yeah, there.
Speaker 2 (14:58):
I spent fifty three.
Speaker 5 (14:59):
Million one that actually did all the digging. But you
know that there has been efforts in the past of
similar rules. But you know, a judge in Texas blocked
the rule that would cap credit card late fees, and
you know, appeals court New Orleans blocked the requirement that
airlines disclose baggage. So there obviously businesses are fighting against this.
But yeah, I think anybody it doesn't matter if there's
(15:20):
an R and D in front of your name, we
can all agree that, you know, just tell us what
we need to pay to get the thing or the
service that we're paying for.
Speaker 1 (15:27):
You know, a lot of what we do is helping
people figure out are we on the right track for retirement?
Speaker 2 (15:33):
Can we retire well. Is our plan working?
Speaker 1 (15:35):
And one of the largest things that I see derailing
that plan is love.
Speaker 2 (15:41):
Now that sounds like a really weird.
Speaker 1 (15:42):
Thing, but I'm talking about putting your kids ahead of
your own retirement. We jokingly refer to this on the
show as the bank of Mom and Dad, but I
actually have this conversation day in and day out in
my office, and I simply say, this is great.
Speaker 2 (15:58):
Everything looks great on paper. Is the Bank of Mom
and Dad officially open still? Or is it closed?
Speaker 1 (16:04):
Because if it's still open, it can derail absolutely everything
that we have in this plan.
Speaker 2 (16:10):
If your kids are still coming out to you with
hand sel stretching.
Speaker 1 (16:14):
Sometimes it's just one thing, one offer, right, something that
came from out of left field that they weren't expecting.
But oftentimes we're still paying for self and bills, and
we're still paying for car payments and car insurance and
whatever that is for your adult children.
Speaker 5 (16:28):
Yeah, obviously we all have experience with this. You know,
there's anecdotal information and then there's a study. US Bank
put out a survey twenty five hundred adults. It was
released earlier this year, and it shows that fifty three
percent of gen X parents are worried that their children
might need financial support well into adulthood. When we look
at all generations, it's a little lower about four and ten.
Speaker 4 (16:51):
Yeah.
Speaker 3 (16:51):
I think this comes back to the word communication and expectations.
You know, as you'll hear me say a million times
when I'm on this show. I'm a firm believer that
all human beings respond to incentives. And I don't care
whether your kid is nine, nineteen or twenty nine. They
can smell blood in the water, they can tell when
(17:14):
the bank of mom and dad is open or closed,
and a lot of them will take full advantage of that. So,
you know, I go back to you know, you feed
a person for you know, you give a person a fish,
you fed them for a day, you teach them how
to fish, you fed them for the rest of your life.
This is our job as parents to teach equip our
(17:35):
kids to be financially self sufficient. And even if we
have the means to be able to help them and
bail them out of a short term problem, it's not
always in their best interest to do that. Oftentimes it's
not in their best interest. They got to learn how
to sink or swim and figure out problems on their own.
Speaker 1 (17:53):
Here's the dollars incentive it because there's a savings dot
com survey that found that, Hey, for those of you
who are continuing to offer for financial support to your
adult kids, it's on average about fourteen hundred dollars a month.
You run those numbers in your head, fourteen hundreds a month,
What would that mean if that money was stocked away
and invested in your retirement, And the answer is, it's
(18:14):
game changer. It's a game changer for a lot of parents.
Speaker 5 (18:17):
You know, when you sit down and you build a
financial plan, it can be eye opening to understand how
long your money will last.
Speaker 4 (18:23):
Ideally longer than you do.
Speaker 5 (18:24):
But if you come down and you sit with a
financial advisor and you see that maybe you're not saving
enough today because you're spending money on older children, for example,
that you know that they understand that the bank of
mom and dad is still open, it can be valuable
to show them and sit down and have that conversation
that says, look, if I'm not able to save from
(18:46):
my own retirement, eventually, I'm going to be living.
Speaker 2 (18:47):
In your house on your couch.
Speaker 4 (18:50):
Yeah, on your couch.
Speaker 2 (18:51):
Yes.
Speaker 5 (18:52):
When you you know, have your family, your children. You're
you're going to be, you know, part of the Sandwich generation,
meaning you're taking care of children and parents at the
same time because your parents sacrifice too much for you.
Speaker 1 (19:04):
Make that point, and I guarantee that outstretched hand will
go back into the I'll figure it out.
Speaker 5 (19:10):
Yeah, mom and dad, why do you why don't you
maybe save that money for your own care of you?
Speaker 2 (19:14):
Right now?
Speaker 1 (19:15):
I'll figure out how to take care of me right
and in Bob to your point, it's a conversation. Me
doing this for you means I will not have this later.
And here's how that will impact you. Here's the all
Worth advice, the best support you can provide teaching your
adult children how to thrive without relying on the bank
of mom and dad. Coming up next tis the season
(19:36):
for financial crimes. We are opening the Simply Money Scam
Tracker to help you protect yourself. You're listening to Simply
Money presented by all Worth Financial here in fifty five
krs the talk station. You're listening to Simply Money presented
by all Worth Financial. I mean you Wagner along with
Steve Ruby. I am not a last minute holiday shopper
(19:58):
because it gives me anxiety. But Steve, however, is very
much a last minute shopper. And I know you are
not alone in the malls on Christmas Eve. So joining
us tonight is Josiella Erlk, the President and CEO of
the Cincinnati Better Business Bureau, with some tips for those
of you who are in fact Christmas procrastinators.
Speaker 6 (20:19):
Absolutely, I know there's not a lot of time left,
and Steve, you're not alone. I will be at the
mall right there with you.
Speaker 4 (20:26):
Thank you, thank you. I appreciate that.
Speaker 6 (20:28):
Don't stop based on price alone for people who bought
something and lost money to scammer's price. With the top
motivating factor. And remember that old saying, if it sounds
too good to be true, it probably is. It really
applies in this instance. Now another thing, be careful about
purchasing those popular products or toys that are really really
(20:51):
hot right now. Scammers know what's hot. They're going to
advertise those items at ridiculously low prices. Again, do your
homework on the seller and never buy off of social
media ads. Always go directly to the company's website to
confirm the facts, the prices, all the details. If possible.
(21:12):
Always pay with a credit card, you're going to be
less likely to lose money than if you pay with
a debit card or if you pay through one of
those payment apps. And if you're buying a physical gift card,
run your finger over the barcode on the back to
make sure that it's not a sticker. Scammers can put
their own barcode stickers over the top of that real barcode,
(21:33):
so when you check out, you're going to be adding
money to the scammer's account rather than the gift card.
And if the packaging is ripped or wrinkled, it may
have been tampered with, So select another gift card that
looks pristine and untouched. When it comes to online gift cards,
pass on those too good to be true deals. If
(21:53):
a third party website or a social ad promises really
good discounts, it's probably a front to steal your credit
card information. It's always best to buy electronic gift cards
directly from the retailer.
Speaker 4 (22:07):
Now my palms are sweaty.
Speaker 5 (22:09):
I did I waited to go shopping, and now you
got me worried about all these scams. I know that
there were some others you wanted to talk about. Something
called the out of stock scam.
Speaker 6 (22:20):
Yes, we're are making purchases through those social media ads,
which I just told you not to do, and they're
finding this out of stock scam. And this is what
is happening. You go to the ad, you find the
product online, you click on the link, and you check out.
And once your card is charged, you're going to get
an email or a text thing that the product is
(22:41):
out of stock. And if they're going to refund your money. Yeah,
you wait for the refund to post to your account,
but it never does. Then when you try to contact
this online shop, no one responds to you. One shopper
told us that the order went through, the money was
taken out of account after a week or more, her
(23:02):
order never shipped. The order got canceled, saying that the
size ordered was out of stock, that the money was
never returned to her account. The truth is, the product
likely never existed in the first place, and scammers hope
you're never going to notice the fact that you didn't
get refunded in all the hustle and bustle of the season.
But again, if you used your credit card, you should
(23:23):
be able to contest the charge and get your money back.
Speaker 1 (23:27):
Which is a great point jocale right, credit card versus
debit card, you know, there's additional protections on those credit cards.
Speaker 6 (23:34):
You know.
Speaker 1 (23:35):
If there's one trend I have seen through the years
as you have been telling us and warning us about
these scams, there's always kind of a sense of urgency
so that the person doesn't necessarily have the time to
take a deep breath and think, wait a second, is
what they're saying. Does it make sense when you're waiting
to the last minute to shop for holiday gifts, or
there's a certain hot, one thing that you have to
(23:56):
get and it's in high demand, that sense of urgency,
it's all ready there, which really then sets the stage
beautifully for these scammers right.
Speaker 6 (24:05):
Oh, it absolutely does it. And adding to that is
all the craziness around the holidays, the parties that you
are so distracted right now, this is the prime time
for scammers to hit and you don't even realize it
until well after the fact. Into many cases, that's why
you and I are here to share this information with
(24:26):
your listeners that prevent anything from happening as best we
can and as best they can.
Speaker 4 (24:33):
What about for folks making charitable donations?
Speaker 5 (24:35):
I thought I saw something that there could be risk
tied to that in certain situations where we also need
to be diligent.
Speaker 6 (24:41):
It's not exactly that at all. With so many things
going on, as I said, it might be easy to
miss a fraudulent credit card charge on your account, especially
if it appears to be going to a charity. Now
this particular scam, somehow the scammer is getting your credit
card information. Maybe they got it in a data breach,
(25:03):
or they bought it from a hacker, or they bought
it from another scammer who had you on a hit list.
They check to see if the card is valid by
making a small donation to a charity that that's going
to show up on your credit card statement. When the
charges go through unnoticed. The scammer then uses your card
to make bigger purchases or even cash advances. So this
(25:25):
is another warning. Check your credit card statements regularly, and
especially at this time of year. Because your credit card
is probably a little bit longer than it normally is,
it's easy to not spot these things. Normally you look
for big amounts on your credit card statement, but look
for those smaller amounts too to make sure that they
(25:46):
are things that you actually purchased or donated to.
Speaker 1 (25:49):
Listening to you, jose All, I was thinking, you know,
a smart thing for them to put on there would
also be just Amazon, because there's so many people making
purchases on our Amazon account right now.
Speaker 2 (25:59):
If there were charges is on there that said Amazon.
Speaker 1 (26:02):
Even as closely as I look at that credit card statement,
I don't know that I would notice it.
Speaker 2 (26:07):
So, man, you know, this is a month in which
you need to be looking at that with a fine tooth.
Speaker 1 (26:12):
Colm. I think these are great reminders, you know, and
for many people it's okay, we've spent and spent and spent.
Speaker 6 (26:19):
You know.
Speaker 1 (26:19):
Let's take a deep breath and then start looking forward
to twenty twenty five. If you want to have a happy, healthy,
scam free twenty twenty five, what New Year's resolutions do
you need to be making now to set yourself up
well for that.
Speaker 6 (26:34):
Four quick ones we've talked about them throughout the year.
Be careful with your emails. Scammers can make emails look
like they're coming from real companies or from the government.
Speaker 4 (26:44):
Even from the BBB.
Speaker 6 (26:46):
Never click on links for attachments from emails that you
didn't expect. Number two, Protect your money. Never send cash
to someone that you haven't met in person. Scammers love
to press pressure you into quick money transfers using prepaid
cards or payment apps. These payments can't be traced, and
(27:08):
once the money's gone, it's gone for good. As you said, Amy,
take a deep breath and think things through before sending
any money. Protect your accounts. We talk about this every
year this time of year especially, Create strong, unique passwords
for each of your accounts. I know that sounds like
(27:29):
a hassle, but your money, your personal information. You cannot
risk it. It makes it harder for hackers to break
into multiple accounts if one account is compromised. And make
sure you turn on two factor authentication. It is offered
by almost every online site out there. It's like adding
a second set of eyes to your digital front door,
(27:52):
making it much harder for scammers to get in. And
consider a password manager for even more secure it. And finally,
stay up to date on the latest scams. Check out
BBB dot org backslash scam tips periodically. The more you know,
the better you can protect yourself.
Speaker 1 (28:12):
Great reminders as always on how to protect yourself both
this holiday season and into twenty twenty five from our
good friend Josie Erlik from the CINCINNTI Better Business Bureau.
Do not let scammers be the grinch. That's still your Christmas.
You're listening to Simply Money presented by all Worth Financial.
You're in fifty five KRC, the talk station you're listening
(28:36):
to you Simply Money presented by all Worth Financial. I
mean you Wagner alone with Steve Ruby and Bob spaond Cellar.
Do you have a financial question need a little help
with We've got a way you can figure it out.
There's a red button you can click on while you're
listening to the show. It's right there on the iHeart
app recorde your question and it's coming straight to us.
Speaking of those questions, we've had a number of them
emailed to us this week. The first one from Hannah
(28:58):
in Highland Heights. Here's her question. From what I understand,
I make too much to save in a wroth Ira.
So am I just out of luck here and unable
to take advantage of this tax big growth?
Speaker 4 (29:09):
No.
Speaker 5 (29:10):
First of all, congratulations, nice job. I think it's wonderful.
This is also a great question because diversifying your future
tax liability through roth contributions is a fantastic option. Now
there's ability to save maybe in your four O one
K plan. If your four oh one K offers WROTH contributions,
then that's a good place to go because the income
(29:30):
limitations are not the same, and how much you can
save is much higher than in a Roth IRA if
you're already maxing your four O one K. This is
where we would look at a Roth backdoor conversion. So
you need to sit down and talk to an advisor
or a CPA before you map this out, because there
are stipulations and our ways to get this wrong and
create tax headaches. But what you do logistically is you
(29:50):
contribute after tax dollars to a traditional IRA and then
you convert that to a roth iray, so you're not
actually contributing to the WROTH.
Speaker 4 (29:57):
You're doing a conversion.
Speaker 1 (29:58):
It just is like a little stop but a traditional
iroway iron the rate of that Wroth iron exactly.
Speaker 5 (30:03):
And then in the event that your employer offers some
kind of an after tax spillover feature, you could always
even open the door up to what's called a mega
roth back door conversion. I did not make that name up.
That is what it is really called this is where
you contribute after tax, non deductible non roths. You're four
to one k and then converted to ROTH after the fact.
I love having this conversation with high earners that are,
(30:24):
you know, smack dab in the middle of their accumulation
phase of retirement because it really is a great option.
So just because you make too much right now doesn't
mean ROTH is shut off. It just means you got
to almost play a little game to make it happen sometimes.
Speaker 1 (30:36):
All right, Roy is up next from Lolo with a
really great question fifty four years old, should I be
worried about Social Security going broke before I even retire
and can claim it?
Speaker 3 (30:47):
Well, worry is always a pretty strong word. I mean,
we can pick whatever word we want to use, but
I think everybody should at least be aware of the
fact that, you know, let's just face it, the Social
Security quote unquote trust fund is empty.
Speaker 4 (31:01):
It's been spent.
Speaker 3 (31:02):
So you know, this is a pay as you go
system and it always will be from here going forward.
So one piece of advice here, and this is something
that I do with clients that come in to see
me when we're doing retirement planning. If folks are worried
about that, or even if I bring it up, because
there's no guarantee that the benefit that's on your statement
(31:23):
that you're going to get at age sixty seven is
going to be there. There could be means testing, they
could move the retirement age out. So one thing you
can do, as you're doing some planning yourself or with
your fiduciar advisor, is run different scenarios. What if the
benefit gets kicked out to age seventy or seventy two
from sixty seven, how does that impact my plan? What
(31:45):
if the benefits get reduced by twenty five percent? How
does that impact my plan? So I think the key is,
like we always talk about control what you could control,
look at different scenarios, and if you really are concerned
about it, well you can make adjustments in your own
personal savings to fund the shortfall yourself, so to speak,
so that you're not in your eighties and in worry
(32:07):
of you know, running out of money.
Speaker 1 (32:09):
Yeah, this is a political hot potato, and we've had
members of Congress on the show several times. I have
been very direct in asking this question and they have
not been directed in their respect.
Speaker 4 (32:18):
Ye know, Well, touch it.
Speaker 3 (32:20):
To your point, Amyan, I can remember when President Bush
took office and he brought up the possibility of hey,
we need to take a look at social security, and
politicians on both sides of the aisle went absolutely ballistic
for about a week and a half and to my knowledge,
that's the last time we've.
Speaker 2 (32:40):
Ever heard about it.
Speaker 5 (32:41):
They don't want to touch it. We hear about it
in twenty thirty two. That's when they're going to start
working on it.
Speaker 2 (32:46):
Yeah, on December thirty first of that year. It's a
political level.
Speaker 1 (32:52):
Whatever they do is going to make It's going to
upset some part of the population, right, but something has
to be it has to be addressed.
Speaker 2 (33:01):
I like your point. Let's plan for any.
Speaker 1 (33:04):
Possibility that we can think of and make sure that
we're still going to be okay.
Speaker 2 (33:07):
All right?
Speaker 1 (33:08):
Next question from Roy or from Kevin and Harrison. I
saw that annuities are going to be available now in
four to one ks.
Speaker 2 (33:15):
Is this something you would recommend?
Speaker 5 (33:18):
I mean it might on an individual basis after building
a financial plan with somebody. But this is a new
rule that's been opened up. We talked about it earlier
this year when it was first made known that this
will be happening, But ultimately it's going to give you
a little bit of added transparency into the potential for
using a portion of your four to one K to
purchase annuities. The benefit here is that that the fees
(33:40):
are going to be a lot lower because when you do,
when you purchase an annuity on your own, there's not
the buying power of a larger pool of money within
a four to one K to help bring those internal
fees down. I know there are some in the industry
that sell annuities that work in life insurance that are
a little bit bothered by the fact that there is
(34:01):
going to be a cheaper option available to them within
these four to oh one K plans. Obviously, if you're
commissioned sales rep, that can present some challenges. But in
certain situations I may recommend it, but it's going to
be on an individual basis.
Speaker 1 (34:15):
For what kind of investor would you think this is
a good option?
Speaker 5 (34:20):
Somebody that is you know, oftentimes you're going to be confused.
You're not educated in the market, so you think that
everything is at great risk if you have a.
Speaker 2 (34:28):
Very risk averse.
Speaker 5 (34:29):
Kind of very risk averse is the answer. But you
also need to step back and educate to see if
that's even the case. You know, a little bit of
a convoluted answer, but the short of it is a
very very risk averse investor.
Speaker 1 (34:41):
Sienna from Montgomery has this question. I just inherited a
flour oh one K from my father he recently passed.
We're really sorry to hear about that, but how do
I deal with taxes?
Speaker 4 (34:50):
Yeah?
Speaker 3 (34:50):
Sienna, this is a great question and one that really
ties into the need and the opportunity to do some
proactive financial planning, which is what we talk about all
the time and a good fiduciary advisor can do for you.
And what I mean by that is, take a look
at what your income sources are expected to be, and
(35:10):
under the new rules for people inheriting IRA's and four
to one K plans, those accounts are going to have
to be emptied out over a ten year period following
the death of your father in this case. But the
opportunity is if you're just about to retire and your
income's about to drop significantly, you may want to empty
(35:31):
that out over a two to three year period because
you could take that income in a very low tax bracket.
Speaker 2 (35:36):
Great answer, you have less than two weeks to either
use it or lose it. What are we talking about.
We'll get into that next.
Speaker 1 (35:42):
You're listening to Simply Money presented by all Worth Financial
here in fifty five kre see the talk station. You're
listening to Simply Money presented by all Worth Financial. I mean,
wagen you're along with Steve Ruby and Bob Sponseller.
Speaker 2 (35:57):
Do you have a flexible spending account?
Speaker 1 (35:59):
And if so, how many dollars are left in that account?
Speaker 2 (36:04):
And will you lose it if you don't use it
by the end of the year. You need to know
the answer to these questions.
Speaker 5 (36:11):
Yeah, I mean, we're running out of time here, but
if you can find a way to schedule some kind
of a preventative care appointment, to your annual physical, idental cleaning,
whatever it might be. What we're trying to do is
get advocate for you to spend these dollars, because most
of the time it's a use it or lose it
with with your flexible spending account dollars, that's where you
put money in on a pre tax basis. You got
(36:31):
a deductible, which is you got a deduction that is,
which is great. But if you don't use it, then
those are lost dollars.
Speaker 3 (36:37):
Well, we were talking with a colleague earlier, you know today,
who's in a situation where he's caring for his elderly mother,
and he brought up a great point. He was shocked
at the number of items that you can purchase that
do qualify as an FSA eligible purchase. So it might
be a little late to schedule a doctor's appointment, Steve, Yeah,
(36:59):
but you know, things like first aid kicks, kids thermometers, sunscreen,
you know, contact solution, all that kind of stuff that
everybody needs. Might be a great time to take a
quick trip to Costco and you know, stock up, avoid
the traffic, but use up your HSA on things you
know you're going to use by the end of the year.
Speaker 1 (37:19):
And then I think the question moving forward is does
this make sense for me?
Speaker 3 (37:23):
Right?
Speaker 1 (37:24):
FSAs are great if you have you know, more significant
healthcare needs that you know.
Speaker 2 (37:30):
That you can count on.
Speaker 1 (37:31):
But for someone who's like, oh, I'm just going to
throw a few thousand dollars into this account and hope
I use it.
Speaker 2 (37:37):
Steve Ruby's never made a financial mistake in his life.
Speaker 1 (37:39):
I've made every one that you possibly count, which is
why I do the show, because I want to make
sure you learned from my mistakes.
Speaker 2 (37:44):
I had an FSA. I just want to yeah, right, sure.
Speaker 1 (37:47):
I was the person who was at Walgreens at eleven
thirty that night with a cartful of band aids and contact.
Speaker 4 (37:55):
Solutions wedding, all frantic and trying to figure out what.
Speaker 1 (37:57):
You don't want, throwing stuff into the court so that
I didn't lose those dollars.
Speaker 2 (38:02):
Was it the smartest way looking back, to use them?
Speaker 6 (38:05):
No?
Speaker 1 (38:05):
And I often get people in my office now when
I'm talking about health savings accounts, so we're.
Speaker 2 (38:10):
Like, well, no, because don't I lose those dollars.
Speaker 1 (38:13):
Understand, these are both accounts that have tax advantages that
can be used for healthcare. But the health savings account,
it doesn't ever expire. There's no deadline on it. If
you don't use it, it just stays in that account,
and if it's invested, it's going to continue to grow.
It becomes a great resource for retirement. Thanks for listening tonight.
(38:33):
We hope you're going to tune in tomorrow. We're talking
about investors' biggest fears about twenty twenty five.
Speaker 2 (38:39):
Should you be worried too.
Speaker 1 (38:40):
You've been listening to Simply Money, presented by all Worth
Financial here in fifty five krs, the talk station
Simply Money News
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