August 27, 2025 • 41 mins
On today’s episode of Simply Money presented by Allworth Financial, Bob and Brian explore why even beloved companies like Cracker Barrel can stumble, why Nvidia now makes up such a huge piece of the S&P 500, and what past giants like GE and Enron teach us about diversification. They’ll also cover the latest Social Security COLA estimate, the buzz around private equity in retirement plans, and how to future-proof your career in the age of AI.
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Episode Transcript
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Speaker 1 (00:00):
This isn't AI.
Speaker 2 (00:02):
This free off is a the American Authentic Voices fifty
five krs.
Speaker 3 (00:10):
He the talk station.
Speaker 1 (00:17):
Tonight. What a popular restaurant chain, the world's most idolized
AI chip maker, and a booming tech frenzy all have
in common? You're listening to Simply Money, presented by all
Worth Financial on Bob Sponseller along with Brian James. Tonight,
we start with a simple yet very powerful truth. No
matter how confident you are about any stock or even
(00:38):
a whole sector, things can change fast, and if your
investments are too concentrated, you might face shocks you just
didn't see coming. We'll lead off tonight with Cracker Barrel. Yes,
Cracker Barrel, the good old, down home restaurant chain known
for chicken and dumplings, rocking chairs, and that old time
country store vibe. But Brian, last week, It's stock tanked
(01:01):
over twelve percent in just five trading days, and part
of that drop a simple logo change. There's gotta be
something else going on here, Brian. You know, Bob, it's funny.
Speaker 4 (01:12):
I remember when I think of Cracker Barrel, I think
of the ticker symbol CBRL, and the reason I think
of that is because when I was coming of age
and deciding whether I wanted to be an advisor, Cracker
Barrel was one of the darlings of the of the industry,
simply because they had a unique proposition. They built the
attractive restaurants along the highways, you know, every other stop
or whatever, and they were very popular with the country
(01:32):
store motif.
Speaker 3 (01:34):
And now I think this plays into what's going on.
Speaker 4 (01:36):
I remember CNBC talking about it back when everybody used
to watch CNBC every single morning when it was a
new thing. But anyway, so Cracker Barrel looks still looked
like it did up until recently, still looked like it
did back then. It still smells like potpourri, and they
have all the country store stuff in the front there,
and so they're simply trying to upgrade because it does.
You walk in, you do feel like you've been launched
(01:57):
back into the nineties. So what they did was update
their logo and also kind of clean up the stores,
and they're simply trying to make sure they remain relevant
for younger generations. There's a little bit less interest in
that kind of heavier comfort food and a little more
more interest on the lighter, fair. You know, think First
Watch nowadays instead of Cracker Barrel. So they're simply trying
to keep up a little bit. They updated their logo.
(02:18):
They got rid of the old tiny barrel and Uncle Herschel.
By the way, that's the who The old dude in
the rocker was Uncle Herschel, as in Uncle Herschel's breakfast
that used to be on the menu. They got rid
of that too, So it's just cleaner, simpler, and there's
less stuff on the walls. I have not been in
one yet, but now I'm curious. That did spoke a
whole bunch of online backlash, loyal fans basically accusing the
company of abandoning its roots. Some played the woke card
(02:40):
and others just plane didn't like it, you know, from
the category of people with nothing better to do today.
The social media reaction was very swift, and so was
the market. The market drove the stock down a good
chunk and you know, about seven percent of the value
off in one day, all over a logo.
Speaker 1 (02:56):
All right, Brian, honest question. Because I love Cracker Barrel,
I love the food, I just don't I don't go
there because my waistline can't handle the.
Speaker 3 (03:04):
Fo So you're saying you more of a first latch
guy than I.
Speaker 1 (03:08):
Just I just can't do it. I can't go in
there and just load up like that at seven am.
But honest question, because I know you travel a lot
and you love traveling. Aren't these places still full all
day every day? So our most So I mean my
saying is, if it ain't broke, don't fix it. What
is there something broken here that needs to be fixed?
Or I don't think it's cracker barrel. I think cracker
(03:31):
barrel is fine.
Speaker 4 (03:32):
So no, that the dry Ridge cracker barrel was the
one that we hit all the time because it was
just a tradition on our way down to South Carolina
when the kids were younger, and you're right at that time,
they were all full and things were going fine. I
think this is just more. This is driven by social media.
Let's be loud about something simply because we can. It
started with with a single employee who love the firm
(03:52):
and just love the history and the tradition and all that.
That person posted something on social media and then, like
many things do, quickly got picked up by those who
found an angle for political reasons.
Speaker 1 (04:04):
All right, Well, let's switch gears here to Navidia, because,
let's face it, you know Navidia now, Brian, believe it
or not, Navidia makes up about eight and a half
percent of the cap weight of the S and P
five hundred. So I would venture to say, anybody that's
listening to this show, you know, that has a mutual
fund or ETF or anything in their four to one k,
(04:26):
you own a little piece of the video, whether you
know you do or not. And Navidia is going to
be announcing their quarterly earnings after the close you know, tomorrow,
Wednesday night, again eight and a half percent, you know,
cap weight of the S and P five hundred, and
you know, all eyes are going to be not necessarily
on the earnings announcement, but the guidance moving forward. Any
(04:50):
thoughts on Navidia heading into earnings tomorrow.
Speaker 4 (04:53):
Yeah, So obviously this is a I talk all the
time with my clients and frequently on these airwaves about
how the market is often driven by things that are
a catalyst in the you know, twenty five years ago,
it was the internet itself with Yahoo and and those
other big names that are now ancient history, but it
was something for the market to get excited about.
Speaker 3 (05:09):
Then it became real estate, which led us to two
thousand and eight.
Speaker 4 (05:12):
Then it became mobile devices and social.
Speaker 3 (05:15):
Media fifteen or so years ago.
Speaker 4 (05:17):
Now it's AI, and all these things eventually get kind
of targeted as is this a bubble or is it
something we shouldn't trust and so, and that's kind of
where we are. So that's why the most important thing
you just said is not that they're going to announce
their earnings. Earnings is about what we did right, what's
the past and what did that result in. The more
important thing in an earnings call is what do they
think is coming? Because there are there are a lot
(05:37):
of you know, dot com watchers out there looking for
evidence that this bubble is going to burst eventually. So
a Bank of America, for example, with their commentary, is
that that asset bubbles have coincided with rising market volatility,
but in this AI driven market, a volatility has declined
even sharply as in disease continue setting records. This divergence
(05:58):
suggests we aren't in a textbook bubble. Yes, that's a
quote from Bank of America. They do acknowledge some pockets
of froth, and I'm quoting there among these speculative new
issues and these IPOs and all that kind of stuff,
that they're saying that there could be some bubble conditions
out there.
Speaker 3 (06:11):
So some people are watching for this.
Speaker 4 (06:13):
We'll find out tomorrow, more importantly on Wednesday, when the
market gets to react to whatever Nvidia said.
Speaker 1 (06:20):
Yeah, I look at this AI froth. You know, somewhat
reminiscent to the tech bubble in the late nineties, early
two thousands. You know, you're always going to have these
fly by night companies that want to attach AI to
their name and drive up their stock price and then
things tank. I think the market's gotten a little wiser
to this stuff, but things do get speculative from time
(06:41):
to time. And that's really what we're trying to call
out here is if you've got your portfolio concentrated in
anyone stock, anyone company, no matter how much faith and
belief you have in it, diversification, especially as you approach
retirement years, is just critical to protecting your nest egg, because,
(07:02):
as the saying goes, you only need to get rich once,
and you don't want to let any of these stocks
just derail your entire financial plan. And that brings a
couple up, a couple of examples that we want to
cite just to drive this point home. And we're going
to talk about Enron and ge and Brian. We're not
putting Navidia in the same camp as Enron. Enron was
(07:25):
an example of fraud. But let's get into it because
I can remember when Enron stock tanked. It was the
America's seventh largest company by revenue. And that's stock tank
because it was all a house of cards. It was
all just you know, smoking mirrors.
Speaker 4 (07:41):
Right, And that was again, like you said, that was
driven by fraud. And this is twenty some years ago,
so it's ancient history. But I remember they were one
of the darlings of innovative business techniques and things like that.
And at the end of the day, they were cooking
the books. And let's not forget they took Arthur Anderson
down with them. Formerly one of the Big four accounting
films no longer exists because as a n run. So
that's fraud. That's one thing. So let's look at another example.
(08:04):
General Electric. General Electric used to be one of America's
most reliable stocks. It was just just a pantheon of
industrial strength, innovation, management excellence. That's where we got Jack
Welch from. He wrote a great book on how he
did it. It was in the Dow Jones Industrial Average,
that's the old s and P five hundred. We don't
talk about it anymore, but as much anymore, but it's
simply thirty stocks that the Dow Jones company thinks are
(08:26):
the ones to pay attention to. But for one hundred
and ten years, early two thousands, it was up over
sixty bucks a share in that a market cap north
of five hundred billion dollars otherwise known as half a trillion.
Speaker 3 (08:37):
But then they kind of hit the skids a bit.
Speaker 4 (08:39):
Ge Capital GEB basically I remember referring to it as
its own mutual fund. Yeah, they make light bulbs and
jet engines, but it's also a financial company. It was
an enormous amount of you know, it was itself a
diversified company, but they couldn't That kept them from being
able to keep up. They couldn't be nimble enough as
one company to keep up with changing into industrial and
energy landscapes. By twenty eighteen, GE was thrown out of
(09:02):
the doubt. The shares had collapsed to about seven or
eight bucks. That was kind of the bottom. There's a
lot of people around here remember that. But since then, well,
Brian recover.
Speaker 1 (09:10):
Brian, I lived this personally and with several clients. I mean,
I got my start in this industry working with GE executives.
And I remember, I mean my father worked at GE,
worked there for over thirty five years, retired from there,
and I vividly remember the conversations when GE was at
sixty dollars to share, not only with my dad, but
(09:30):
with several clients you know that had stock options, you know,
leverage their leverage, and I'm like, hey, you might want
to take something off the table here. Most listened, a
few didn't. And boy, the ones that didn't listen and
let that stock option equity just evaporate. Is that stock
went from sixty dollars to share very quickly to you know,
(09:52):
seven or eight bucks a share. It was horrible to watch.
And you know, in hindsight, there was nothing wrong with
GE Aircraft Engines. I mean, look at how that company's
performing today. It's just people got married to that stock
because it's where they worked. They loved it. It put
food on their table for thirty five forty years, and
it was just like, Hey, nothing can can ever happened
(10:13):
badly to this company? Boy, did that take people for
a ride to the downside.
Speaker 4 (10:18):
Yeah, and so they've since Now let's let's close the
story on that now because it's it's obviously since then
has gone through a major upswing split into four different companies. Yeah,
the Crown Jewel is based right down the hill from
US and Evendale and Gejet Engine, So it has made
a full cycle turn. But if you're like you're saying,
if you're somebody who retired at the time where it
wasn't doing so well and you had your net worth
tied up there, that's a problem. That is a life
(10:40):
changing event. So blah blah blah, we're talking an awful lot.
We say, this is why we share the story of
Get diversified. No matter how much you love your company,
you remember a lot of your net worth is tied
up in it. That's how you're putting food on the
table currently. If you own nothing but that stock, that
is a that is much more of a problem than
an opportunity.
Speaker 3 (10:57):
You have got to take some chips off the table
and spread them out.
Speaker 1 (11:00):
Yeah. Another example, the BP oil spill of twenty ten.
You know, the explosion on that deep water horizon drilling
rig led to one of the worst environmental disasters in
US history. The impact on BP fifty five percent lost
in its stock value in just a few weeks. Imagine
being a BP executive that was trying to retire in
(11:22):
twenty twenty ten disaster. So again, diversify, diversified, diversify, don't
have all the eggs in one basket.
Speaker 4 (11:30):
And so another quick one here from just from close
to home, and everybody remembers this, anybody works for Procter
and Gamble. In early two thousands, Procter and Gamble hired
a CEO by the name of Dirk Yager, and the
market just simply insta hated him because of his Millennium
two thousand plan or whatever, where he was talking about
breaking up the company and doing this, that and the other.
(11:50):
Stock dropped by almost fifty percent within a matter of
weeks that year, and at that point they ended up
changing back, going back to an old CEO to kind
of recover. PNG is a very extremely well respected one
of the best store of business stories in the history
of the universe. But that doesn't mean that the market
lets it get away with anything. The market will render
its opinion, which you know sometimes is huge based basically
(12:12):
saying I don't like the direction to this company. I
don't like what derk yager is gonna do. Sometimes it's
over a logo, such as in the case of Cracker Barrel.
Speaker 1 (12:20):
Here's the all Worth advice. Don't let a hot story
blind you to the power of balance. Diversify even your
best ideas, spread risks across sectors, styles, caps, cycles, and yes,
types of assets too. Coming up next, another reason not
to lean too hard on social security and why some
(12:40):
investors are turning to an unfamiliar territory to boost their income.
You're listening to Simply Money, presented by all Worth Financial
on fifty five KRC the talk station. Yes, the days
of relaxing in the drawing room by the radio set
are long gone. These days we're taking it.
Speaker 2 (13:00):
Got the iHeartRadio app powered buy fifty five KARC dot com.
Speaker 5 (13:07):
Allworth Financial a registered investment advisory firm. Any ideas presented
during this program are not intended to provide specific financial advice.
You should consult your own financial advisor, tax consultant, or
a state planning attorney to conduct your own due diligence.
Speaker 1 (13:26):
You're listening to Simply Money, presented by all Worth Financial
on Bob spond Seller along with Brian James. If you
can't listen to Simply Money live every night, subscribe and
get our daily podcasts. Just search Simply Money on the
iHeart app or wherever you find your podcast. Straight ahead
of six forty three. What to do after selling a business,
How to balance a pension with investments in the smart
(13:49):
way to think about rental properties. All right, Brian. Social
security beneficiaries may see an approximate two point seven percent
cost of living adjustment and twenty twenty six according to
the new estimates from quote unquote policy experts, and this
is based on the latest government inflation data. I know
(14:09):
you've got the data in front of you, Brian. These
final numbers typically come out later on in the year,
around October. But it's very interesting how they calculate what
this cost of living adjustment's going to be.
Speaker 4 (14:21):
Yeah, so the official assessment of that cost of living.
What they do is they look at three months worth
of government inflation data. So if this case, of course,
it's July, August and September, they average all that together
and they compare that with the same three months for
the previous year. That percentage difference from one year to
the next determines the cola so two point seven percent. Obviously,
you know people on the receiving end, the more the better.
(14:44):
But so this is we're kind of back to the average.
Speaker 2 (14:47):
I think.
Speaker 4 (14:47):
I think recently we got a little nambor with the
idea that that with all the headlines about inflation, we
were going to be seeing a lot bigger cola increases.
We did have a big fat one in twenty twenty
three that was that was eight point seven percent. That's
not the highest, by the way. The highest was way
back in nineteen eighty we had fourteen percent. Matter of fact,
from seventy nine to eighty two, the lowest was seven
and a half percent, the highest was fourteen percent. So
(15:09):
those were the salad years of cola increases for Social Security.
But it's a little lower this year. So what they're
doing is it's a subset of the Consumer Price Index,
the CPI for urban wage earners and clerical workers, otherwise
known as the CPIW. That's the one that they base
it on. If you're truly keeping score at home.
Speaker 1 (15:27):
Find about that we're We're just throwing this data out here.
If you're starting to do some budget planning for twenty
twenty six and are curious, you know, two point seven
seems like a good number to plan, you know, as
you move forward. All right, we have spoken time and
time again, Brian. I feel like we beat this topic
up to death about the surge and interest in investing
(15:48):
in private assets, and now there's some actual data to
back up that the interest in this asset class is
really starting to take hold.
Speaker 4 (15:57):
Schroeders twenty twenty five US FORTI Vironment survey about forty
five percent of investors who have four oh one case
for or three b's or four fifty sevens. Right, that's
the difference of retirement plans between the private and public sector.
But about forty five percent of those surveys said they
would invest in private equity and private debt if their
plan provided access. That is up from thirty six percent
in twenty twenty four. No shocker, because it's been in
(16:19):
the headlines left and right, and certainly you and I
are talking about it in an awful lot as well
as some of our other radio and online outlets too,
because it's been pretty popular.
Speaker 3 (16:27):
But the concern here.
Speaker 4 (16:28):
First of all, what we're talking about private equity is
basically investing in a business that is not publicly traded.
Speaker 3 (16:33):
There are ways to do that.
Speaker 4 (16:35):
And the latest and greatest cool thing in the investment
world is the ability to invest ultimately in a portfolio
that includes Bob's new Bakery down the street and Joe's
insurance agency, these really small types of companies, as well
as lending them money on the private debt side. So
is it perfect? Is it risk free? Of course not,
It's the opposite. There's gonna be a little bit more
(16:56):
risk here. And here's the part of the survey that
alarms me, Bob. Just about twelve percent of surveyed retirement
plan participants said they were very knowledgeable about private assets
and forty percent that they were somewhat knowledgeable. So let's
review half of investor. Half these people surveyed really want
to do this. Twelve percent say they know what they're doing.
So I'm really curious about that middle thirty percent there.
Speaker 1 (17:17):
Well, I take some of these surveys. Most of these
surveys was somewhat of a grain of salt. Here's what
I mean. I mean. Obviously, the president came out here
with an executive or on August seventh saying we you know,
executive order open up retirement plans to private equity. So
people that are listening to the presidents say, wow, this
is great. The president thinks this is good stuff. I
want to be involved. Other people just think, you know,
(17:39):
they hear private equity and it sounds sexy and fun
and interesting and like, you know, get me in there,
because I think the perception is if I can get
some kind of edge, any edge where my return can
go up, I am all in. And as we've talked
about before, we've got to talk about both the pros
and the cons yes of these private equity investments. Is
(18:02):
private companies do tend to grow. The successful ones grow
very quickly, They grow exponentially. You can make a lot
of money. The flip side also happens. The one that don't.
The ones that don't do so well, they fail and
fail quickly. So you know, the thing to keep in
mind is you've got to have a big, diversified pile
of these things that I think are professionally managed by
(18:23):
somebody that has a track record of doing it. And
that's to say nothing of the added fees the illiquidity
the other things that come with this asset class. Brian,
what are your thoughts.
Speaker 3 (18:34):
Yeah, so I think one of the one of the
things to bear in mind.
Speaker 4 (18:37):
As we've heard, you know, President Trump is very, very
supportive of this this.
Speaker 3 (18:42):
I want to give some a little bit background here.
Speaker 4 (18:43):
So Ever, since the Boston Tea Party, we have declared
ourselves hold on, let me get through this. I promise
this is genius. We have declared ourselves a business friendly environment.
We want to be competitive. We want people to be
able to develop their own enterprises, and that's why we
have the flexible bankruptcy laws that we do. That's why
we have If you really want to get into this,
look at something called the qualified Business Income Deduction, which
(19:06):
basically says, if you own a small business, then you
get the deduct twenty percent of the income it spits out. Now,
it's not that simple, but that was put in place
by Joe Biden of all people. In a democratic administration,
we have enormous amount of laws that make it friendly
and attractive for people to start their own businesses.
Speaker 3 (19:22):
That's where this comes from. That's the core of this country.
Speaker 4 (19:25):
That's why we're the economic engine that we are and
we've built what we have because of that preference towards
small business.
Speaker 3 (19:31):
So that's literally what this is.
Speaker 4 (19:33):
Those who are proponents of that approach really want to
unlock that twelve trillion dollars that is in retirement plans
and get it in the hands of small business owners
because as we see politicians, as we hear them say
from both sides of the aisle, small businesses are the
backbone of this country. That's why, that's why all the
tax opportunities and flexible laws are not for those of
us on W two's working for someone who owns a
(19:54):
small business.
Speaker 1 (19:56):
Yeah, And let's face it, fewer and fewer companies are
going public, you know, with consolidation, mergers, acquisitions, there are
fewer and fewer publicly traded companies out there. So to
get access to these private companies can be a benefit
if you know what you're doing. Here's the all Worth advice.
Private investments can boost returns and reduce public market risk
(20:17):
as long as you understand what you're getting involved with.
Coming up next, will AI take your job? How to
future proof your career? You're listening to simply money presented
by all Worth Financial on fifty five KRC, the talk.
Speaker 3 (20:31):
Station KARC and iHeartRadio station.
Speaker 1 (20:39):
You're listening to Simply Money, presented by all Worth Financial.
I'm Bob Sponseller along with Brian James, joined tonight by
our career expert Julie Balke. And Julie thanks as always
for spending some time with us tonight. We want to
talk tonight about AI in your career. It's a topic
of conversation everywhere right now. Is AI is pretty much
(21:00):
becoming ubiquitous? Is AI going to take our job? How
do we future proof our career and what are the
opportunities out there using AI for in a positive way?
Speaker 6 (21:12):
You know, it really depends on your job and your age. Frankly,
the older you are, it depends on your job. It
depends on where you are those of us who are
older exers and boomers. I think it's really helpful to
understand what the capabilities of AI AI are, but you're
probably not going to be in the workplace long enough
(21:33):
for it to really take over your life or your
job because it's still developing. But to put up put
on blinders and say, don't even say that around me,
I don't know what it is, and I don't care
is a signal to a client, it's a signal to
a potential employer. It's a signal to your colleagues that
you aren't willing to learn.
Speaker 4 (21:53):
So, Julie, are you hearing from people who want to
adjust their skills to be open to AI? Or do
you hear from the they say I want to find
a career for the or a job for the last
balance of my career to get away from AI.
Speaker 3 (22:06):
How do people approach it?
Speaker 6 (22:08):
You know, it's funny a little bit of both. So
there are when you look at what AI can and
can't do, there are real advantages that you have as
an older worker in using AI. And let me explain.
So what AI is wonderful at, in fact so good
that it's really scary, is that it finds information, it
(22:29):
can analyze the information, and it can really speed up
your work. But it can't do What it doesn't have
is wisdoms, your knowledge, your experience. And so to just
have a group of twenty five year olds making company
decisions based on what they find on AI, it's not
wrapped inside of wisdom, experience. Wisdom and experience, they're going
(22:52):
to be making a lot of mistakes, and so you know,
we see these stories. I've seen several stories where people
use it as an end all and be all as
the one hundred percent correct answer and way to go
and it, and then it comes back to bide them
in the rear. So we're not to the point yet
where it has the wisdom and experience that we accumulate
(23:17):
throughout our careers that we need to apply for that
to decide what to do with what we learn after
we use AI for something.
Speaker 1 (23:25):
All right, Julie, I work with someone every day. His
name's Brian James, who I have sat and watched. You
never heard a AI into what he does every day,
and his knowledge of this is ramping up quickly, and
it's quite impressive, I think for the most of us
out there, correct me if I'm wrong. Most people out there,
they know AI is coming or it's even present in
(23:47):
our workplace, and we all want to be relevant, we
all want to stay up to speed. Let's take the
fear out of it. What should the average person working
in industry today, what should they or we be pro
actively be doing to ramp up on this stuff so
we can maximize the benefits of AI stay relevant in
(24:08):
our career and you know, be prepared for the next
five to ten years. Is this stuff really takes hold?
What should we be doing?
Speaker 6 (24:16):
First of all, it is overwhelming, It is overwhelming.
Speaker 2 (24:20):
I get it.
Speaker 6 (24:21):
All these new phrases being thrown around. So I always say,
pick one thing, just pick one thing, pick like pick
one what they call large language model, So GPT is
a large language model. We normally hear cat GPT, but
GPT is a large language model. Something called Gemini is
Google's large language model. And that's almost like this huge
(24:43):
platform in which the information is all sitting just to
make it just as basic as possible. And then there
are apps like cat GPT Perplexity that goes out and
find what's sitting out there in this vast database, brings
it together or makes it make sense to us. And
so it's not as complex as it sounds. If you
(25:07):
pick one thing to try. I had a friend who
said she's want to go on a trip to Ireland,
and she put in plan a trip to Ireland and
here are my parameters. I want to say, you know,
here's the kind of trip I want. And it came
back with the most beautiful itinerary. Now is she going
to just take that as the gospel and do everything
it said. No, then you take what it does is
it can speed up your research, It can speed up
(25:28):
your process, but you're still the one of us make decisions.
So I would pick one thing, maybe it's chat GPT,
and you say, and you just start asking it questions
and see what it comes back with. And the next thing,
just to get comfortable with it. I did this in
chat GPT. I said, who is Julie Balki and what
does she believe? And I'm going to tell you it
(25:49):
came back with the most comprehensive outline of who I am,
what I believe, what my work does, what I think
is important, and so eloquent. I was like, holy moly.
And so it's really powerful, but it doesn't have to
be scary. The second thing.
Speaker 4 (26:05):
I'd say is I have a question for that on
that for you, do you think that's because it has
gotten to know you or did it just go find
whatever it could find that you've posted on the internet,
since there's plenty of that out there.
Speaker 6 (26:16):
Yeah, it's that The second one because I haven't used
it well enough for it for it to know me.
I haven't used it enough, but figure out how is
it being used in your profession so you don't have
to learn everything. Let's say you're in financial planning. Let's
say you're a pairalegal. Let's say you are an accountant,
an auditor. Find out just even just ask it at
(26:39):
ask it at tech gp GPT, how is tech GPT
being used in public accounting or auditing, and then keep
asking follow up questions. So the more follow up questions
you ask, the better information. And then say, okay, it
looks like everybody in financial planning is using this particular application.
Now just go take an online class. Just go on,
(27:02):
watch some YouTube videos. You've got to find a place
to jump in in order to develop your comfort. You
can use it to write poems. It's amazing, but just
you've got it. You can't be so afraid that they're
not going to get out there, that you're not going
to get out there and try. Will you ever become
an expert? Yeah, most of us want, but you can't.
The worst thing you can do is put your hands
(27:23):
over your ears and eyes and say, don't talk to
me about this, and then expect to work ten more years.
You can't now.
Speaker 1 (27:30):
That that is great advice Julie. All right, thanks for
joining us tonight. As always, you're listening to Simply Money,
presented by all Worth Financial on fifty five KRC, the
talk station.
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Speaker 1 (28:36):
You're listening to Simply Money, presented by all Work Financial
on Bob Sponsorller along with Brian James. Do you have
a financial question you'd like for us to answer. There's
a red button you can click while you're listening to
the show right on the iHeart app. Simply record your
question and it will come straight to us. All right,
let's kick things off Brian with Jeff in Mainville, who says, hey,
(28:57):
I just sold a business. I got a pretty good
pay out. What's the smart first step? Pay off the mortgage,
invest it, set it aside for taxes.
Speaker 4 (29:07):
Well, congratulations, Jeff, that's a great story. I'd love to
hear you know what the business was sometime and exactly
what came with how you built it all that. But yeah,
so great opportunity. Now what you're looking at is the
wonderful frustration of oh my gosh, there are so many
things I could do, which one should I do? This
is when financial planning gets hard, when when it's no
longer black and white. Right, there's dumb ideas and good
(29:29):
ideas for about thirty years. Then you build something successful
and now you got to decide what's the best thing.
These are all good things, paying off the mortgage, investing taxes,
something else entirely, these are all important things.
Speaker 3 (29:40):
So I would say, what is your plan telling you
to do? What is your plan?
Speaker 4 (29:43):
If you have a financial plan, then it should be
relatively obvious. What's the biggest what's the biggest thing screaming
for money right now? But I'll give you here's the
indicators I would look at. If your mortgage, you know,
we don't know anything about Jeff other than he says
he has a mortgage. If this mortgage came from the
last three or four years, maybe you just built a
new house or something like that, then it's probably at
a higher interest rate. You might look at up I
(30:03):
don't know about paying it down, paying it off. You
might look at recasting it and trying to get to
take some of that money lower the principle, you're not
going to lower the interest rate much, very very much currently,
but you could get the payment down a little bit.
Investing is always the default. Whatever's left over, Yes, of
course we want to invest that. After you've set aside
enough for the emergency fund. Certainly, taxes get an idea,
hopefully you've got a CPA in the mix, and tell
(30:24):
you what's what's coming do. But again, it all comes
back to the plan, which will help you prioritize. Here's
the ten things screaming for money, and here's the order
in which I care about them. All right, So we'll
move on to John and cold Spring. John's got a pension,
so scurity and investments, and he's wondering how do I
tap into those in retirement's how do you determine what
that order is, Bob.
Speaker 1 (30:43):
Well John with with pension and social security, You've got
some options on when to take them, you know, based
on you know what age you want to start, when
you want to retire, all those kind of things. So
you can evaluate whether it makes sense to take a
lump sum pension or whether you just want to take
the pension income and what age social security. There is
no lump sum option, but obviously you can decide when
(31:05):
you want to start and then whatever you got left
in investments. So the smartest order to tap those investments
comes down to the decisions on that pension and social security,
and then I always default to trying to create for
people the most tax efficient stream of income we can
come up with when combining all of those sources. So
(31:25):
there's a lot in play here. You've got a lot
of options, you know. I recommend sitting down with a
good fiduciary advisor in way the pros and cons of
each claiming strategy and your pension and constructing your investment portfolio,
and you know that oftentimes you're going to take some
of all of it, you know, so it's not just
(31:46):
deplete one and then go to the other. Oftentimes it
comes down to responsibly taking a mix of all three,
and in most cases that gives you the best solution.
All right, Bill and Liberty Township asks. He says, I've
got multi rental properties. Should I treat them like part
of my retirement portfolio?
Speaker 4 (32:04):
Brian, Yeah, yeah, if you Well, there's two types of
people who own real estate. There are people who own
several like it sounds like you are, and who have
figured out the game and understand how to deal with
tenants and broken stuff and all those kinds of things
and have built it into a kind of a routine
and you have your network of handy people who can
do things for you. Then there's the people who thought
(32:25):
they were going to get into it and realize that
they don't like it at all and can't wait to
get rid of it.
Speaker 3 (32:29):
So you sound like the former, where.
Speaker 4 (32:31):
You've kind of built it into into a little bit
of a business that's helping you out. So I absolutely
would treat that as part of a retirement portfolio. Heck, Bill,
everything you own is part of your retirement portfolio. Anything
that spits out any kind of growth opportunity or you know,
or or generates income or whatever that is going to
help you through retirement. I would think of it sort
of like your you know, maybe like your bond portfolio.
(32:53):
And by that I mean if it's a significant enough
part of your net worth, then that's going to generate steady,
generate steady and interest as long as you can keep them,
keep them from being vacant for extended periods of time.
Sounds like you figured that game out though, But to
have that generate income and let the rest of your
portfolio perhaps be more aggressive.
Speaker 1 (33:11):
Yeah, Brian, I want to just add one thing here,
And I've had this happen with several clients over the years.
As people age and they don't want to maintain and
manage these rental properties anymore, they want to slowly unwind them.
Most people have depreciated these properties down to near a
zero cost basis, So you do have to factor in
if and when you want to start to unwind these things.
(33:33):
You got to factor in taxes into the equation. You know,
as you redeploy assets elsewhere. Just one other thing to
add in there. Yeah. No, that's a great point.
Speaker 4 (33:41):
And for those of you out there who might have
been thinking about getting into real estate because of the
tax benefits, you give some of that back at the end.
What Bob's referring to their is you do get a
deduction on the value the depreciation amount of that piece
of property every year. But eventually, when you sell it,
you have to pay capital gains on a much larger
amount of gain because you've been taking that depreciation over
(34:02):
the years. That's just something the government put in place
a long time ago to make it attractive to invest
in real estate. And this is why real estate developers
are always always looking for that next development. Real estate
developers never get to a point where they just stop
building entirely. They need something because eventually they run out
of deductions depreciation deductions on the existing properties. Therefore, I
got to have one cooking anyway, all right, So we'll
(34:24):
move on from Bill. We're gonna move to Frank and Kenwood.
Frank says, if I never planned to spend all of
my assets, and I do have airrors that I care about,
should I be investing these more aggressively.
Speaker 1 (34:35):
Well potentially, Frank. The way I address risk profile this way,
Number one is what do you need to earn in
the way of return to meet all your financial goals?
And it sounds like you've already got that box checked.
You're in good shape. So then it comes down to
emotional risk tolerance. And if you can be growth oriented
(34:56):
and take the highs and lows and the swings and
the ebbs and flows of the market and really stay
invested long term, you're going to benefit from doing that,
i e. Investing more aggressively, both from a rate of
return standpoint and a tax efficiency standpoint, because the more
of your assets you can keep in that capital gain
ledger versus ordinary income ledger, the better off you're going
(35:20):
to be. To say nothing of the fact that when
you pass away you get a stepped up cost basis
on capital gain assets and your heirs pay nothing in taxes.
So I think you're on the right track here. Just
make sure that your emotional risk tolerance truly fits with
what you're talking about here, and I think you're going
to be in great shape, all right, Jackie and Mount Adams.
Brian says, what do your most successful retired clients do
(35:44):
differently than everyone else. This is a great question, Jackie.
Speaker 4 (35:48):
My happiest, most successful retired clients stop looking at their
money every single day, and I'll contrast that my most
miserable clients.
Speaker 3 (35:57):
Look at it every day.
Speaker 4 (35:58):
They worry about what the market does, they worry about
what the government's doing. They can't peel their eyes off
the TV in the headline. So understand what the actual
impact of your of your financial plan is and understand
when you're okay. I think it's extremely important for absolutely
everybody out there to uh to to understand when they
have met success.
Speaker 3 (36:17):
When did you make it to the end, and when
did you know? When? When are you okay?
Speaker 4 (36:21):
Because you by that time, you will have built your
financial plan, you will have stress tested it for good
times and bad times, and you'll know that when the
scary headlines do happen. And that's one of the few
guarantees we can give people that you're going to be okay.
Speaker 1 (36:33):
Coming up next, I've got my two cents on the
benefits of proactive family communication when it comes to money.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC.
Speaker 7 (36:45):
The talk station, Mark Levin, You know, America, we spend
an awful lot of time in this country responding to
an unreality created by the people who hate America, created
by people who get sucked into the narrative that are
pushed out there each and every day. And they're posting,
and they're posting, and they're posting, and they'll move on
(37:05):
to the next thing, and the next thing and the Actually,
that's what the media enemy do.
Speaker 2 (37:09):
Mark Levin, Tonight at ten oh six on fifty five
KRZ the talk station.
Speaker 3 (37:14):
It's summertime and everyone's outside Smith.
Speaker 6 (37:17):
I have to choose between groceries for my kids or
gas for my car.
Speaker 2 (37:20):
Talk about it here fifty five krs the talk station.
You're listening to Simply Money or said about all Worth Financial.
I'm bob'spond seller along with Brian James. Brian, I want
to spend a couple of minutes talking about an actual
meeting I had here a couple days ago that ended
with a happy ending. I love happy endings, and here's
(37:43):
what I'm talking about.
Speaker 1 (37:44):
I'm talking about the benefits of proactive communication among family
members and intergenerational planning between parents and kids, and when
it works it works really well if people get proactive
and communicate. For example, had a client review meeting and
these folks have plenty of money, they've saved well, they
(38:04):
don't spend what they have. And they said, hey, Bob,
we want to start to help out our younger adult son.
He doesn't know anything about investing, he's just started in
his career. We want to get some seed money put
to work, and we want you to get him started
with a financial plan. And I said, great, how much
money are we talking about? And they gave me a number,
(38:25):
And so I was able to contact the Sun and say, hey,
here's what's going on, here's what your mom and dad
want to do. Would you like to meet with me?
Would you like to talk about building your financial plan?
He goes, that sounds great. So as of yesterday, fast forward,
we were able to talk about the pros and cons
of different investments, talk about risk profile strategy, review his
(38:48):
retirement plan at work, and I'm proud to announce we
got his roth IRA opened and funded with some money
for twenty twenty five. The parents are going to put
more money in in twenty twenty six. The Sun is thrilled.
The parents are happy because their son is now launched
with a good financial plan. This is how things should work, Brian,
(39:10):
if people are willing to sit down and talk amongst
themselves and help their offspring get prepared for retirement. Yeah.
Speaker 4 (39:19):
I just had a really good story just from yesterday
from a meeting clients, clients who are new to me,
and the parent and child adult child came in to
kind of work on things, and parent is wanting to
gift assets now to watch their family benefit from it
to the short run because they remember at that time
of life when they had kids and things were just expensive,
(39:39):
a little bit of extra money would have helped. And
parent has more than enough. So big discussion there, but
the child it was very heartwarming. Actually the child said, Okay,
appreciate that, but we need to talk to Brian and
see what is there other things we're not thinking of, taxes,
other scary things.
Speaker 3 (39:54):
What should we be planning for.
Speaker 4 (39:55):
So we basically had a long conversation and just kind
of built out, yes, you can do this, but you
probably I can't do that because the last thing you
want to do if you're trying to help your children
is put yourself at risk, because that's just going to
cause stress for your child who obviously loves you so much,
they're slowing you down from giving them money. That is
in contrast, Bob to when I was very very young.
I was a baby advisor about twenty five twenty eight
(40:15):
years ago, and I once got a call from somebody
who was in the hearse on their way from their
parents' funeral wanting to stop by on the way home
and pick up the check for their inheritance. So I'm
glad those days are over in my career. But anyway,
that's sometimes how people think.
Speaker 1 (40:31):
No, And the point I really want to drive home,
you know, with with these stories is just you know,
we talk about all these exotic strategies and all that
on the show all the time. Often the most important
impactful things are just the simple things getting started, getting
money put away where it can compound tax free for
decades and decades, and again, sometimes simple is best. Thanks
(40:55):
for listening tonight. You've been listening to Simply Money, presented
by all Worth Financial on fifty five KRS the talk station.
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He the talk station.
Speaker 1 (00:17):
Tonight. What a popular restaurant chain, the world's most idolized
AI chip maker, and a booming tech frenzy all have
in common? You're listening to Simply Money, presented by all
Worth Financial on Bob Sponseller along with Brian James. Tonight,
we start with a simple yet very powerful truth. No
matter how confident you are about any stock or even
(00:38):
a whole sector, things can change fast, and if your
investments are too concentrated, you might face shocks you just
didn't see coming. We'll lead off tonight with Cracker Barrel. Yes,
Cracker Barrel, the good old, down home restaurant chain known
for chicken and dumplings, rocking chairs, and that old time
country store vibe. But Brian, last week, It's stock tanked
(01:01):
over twelve percent in just five trading days, and part
of that drop a simple logo change. There's gotta be
something else going on here, Brian. You know, Bob, it's funny.
Speaker 4 (01:12):
I remember when I think of Cracker Barrel, I think
of the ticker symbol CBRL, and the reason I think
of that is because when I was coming of age
and deciding whether I wanted to be an advisor, Cracker
Barrel was one of the darlings of the of the industry,
simply because they had a unique proposition. They built the
attractive restaurants along the highways, you know, every other stop
or whatever, and they were very popular with the country
(01:32):
store motif.
Speaker 3 (01:34):
And now I think this plays into what's going on.
Speaker 4 (01:36):
I remember CNBC talking about it back when everybody used
to watch CNBC every single morning when it was a
new thing. But anyway, so Cracker Barrel looks still looked
like it did up until recently, still looked like it
did back then. It still smells like potpourri, and they
have all the country store stuff in the front there,
and so they're simply trying to upgrade because it does.
You walk in, you do feel like you've been launched
(01:57):
back into the nineties. So what they did was update
their logo and also kind of clean up the stores,
and they're simply trying to make sure they remain relevant
for younger generations. There's a little bit less interest in
that kind of heavier comfort food and a little more
more interest on the lighter, fair. You know, think First
Watch nowadays instead of Cracker Barrel. So they're simply trying
to keep up a little bit. They updated their logo.
(02:18):
They got rid of the old tiny barrel and Uncle Herschel.
By the way, that's the who The old dude in
the rocker was Uncle Herschel, as in Uncle Herschel's breakfast
that used to be on the menu. They got rid
of that too, So it's just cleaner, simpler, and there's
less stuff on the walls. I have not been in
one yet, but now I'm curious. That did spoke a
whole bunch of online backlash, loyal fans basically accusing the
company of abandoning its roots. Some played the woke card
(02:40):
and others just plane didn't like it, you know, from
the category of people with nothing better to do today.
The social media reaction was very swift, and so was
the market. The market drove the stock down a good
chunk and you know, about seven percent of the value
off in one day, all over a logo.
Speaker 1 (02:56):
All right, Brian, honest question. Because I love Cracker Barrel,
I love the food, I just don't I don't go
there because my waistline can't handle the.
Speaker 3 (03:04):
Fo So you're saying you more of a first latch
guy than I.
Speaker 1 (03:08):
Just I just can't do it. I can't go in
there and just load up like that at seven am.
But honest question, because I know you travel a lot
and you love traveling. Aren't these places still full all
day every day? So our most So I mean my
saying is, if it ain't broke, don't fix it. What
is there something broken here that needs to be fixed?
Or I don't think it's cracker barrel. I think cracker
(03:31):
barrel is fine.
Speaker 4 (03:32):
So no, that the dry Ridge cracker barrel was the
one that we hit all the time because it was
just a tradition on our way down to South Carolina
when the kids were younger, and you're right at that time,
they were all full and things were going fine. I
think this is just more. This is driven by social media.
Let's be loud about something simply because we can. It
started with with a single employee who love the firm
(03:52):
and just love the history and the tradition and all that.
That person posted something on social media and then, like
many things do, quickly got picked up by those who
found an angle for political reasons.
Speaker 1 (04:04):
All right, Well, let's switch gears here to Navidia, because,
let's face it, you know Navidia now, Brian, believe it
or not, Navidia makes up about eight and a half
percent of the cap weight of the S and P
five hundred. So I would venture to say, anybody that's
listening to this show, you know, that has a mutual
fund or ETF or anything in their four to one k,
(04:26):
you own a little piece of the video, whether you
know you do or not. And Navidia is going to
be announcing their quarterly earnings after the close you know, tomorrow,
Wednesday night, again eight and a half percent, you know,
cap weight of the S and P five hundred, and
you know, all eyes are going to be not necessarily
on the earnings announcement, but the guidance moving forward. Any
(04:50):
thoughts on Navidia heading into earnings tomorrow.
Speaker 4 (04:53):
Yeah, So obviously this is a I talk all the
time with my clients and frequently on these airwaves about
how the market is often driven by things that are
a catalyst in the you know, twenty five years ago,
it was the internet itself with Yahoo and and those
other big names that are now ancient history, but it
was something for the market to get excited about.
Speaker 3 (05:09):
Then it became real estate, which led us to two
thousand and eight.
Speaker 4 (05:12):
Then it became mobile devices and social.
Speaker 3 (05:15):
Media fifteen or so years ago.
Speaker 4 (05:17):
Now it's AI, and all these things eventually get kind
of targeted as is this a bubble or is it
something we shouldn't trust and so, and that's kind of
where we are. So that's why the most important thing
you just said is not that they're going to announce
their earnings. Earnings is about what we did right, what's
the past and what did that result in. The more
important thing in an earnings call is what do they
think is coming? Because there are there are a lot
(05:37):
of you know, dot com watchers out there looking for
evidence that this bubble is going to burst eventually. So
a Bank of America, for example, with their commentary, is
that that asset bubbles have coincided with rising market volatility,
but in this AI driven market, a volatility has declined
even sharply as in disease continue setting records. This divergence
(05:58):
suggests we aren't in a textbook bubble. Yes, that's a
quote from Bank of America. They do acknowledge some pockets
of froth, and I'm quoting there among these speculative new
issues and these IPOs and all that kind of stuff,
that they're saying that there could be some bubble conditions
out there.
Speaker 3 (06:11):
So some people are watching for this.
Speaker 4 (06:13):
We'll find out tomorrow, more importantly on Wednesday, when the
market gets to react to whatever Nvidia said.
Speaker 1 (06:20):
Yeah, I look at this AI froth. You know, somewhat
reminiscent to the tech bubble in the late nineties, early
two thousands. You know, you're always going to have these
fly by night companies that want to attach AI to
their name and drive up their stock price and then
things tank. I think the market's gotten a little wiser
to this stuff, but things do get speculative from time
(06:41):
to time. And that's really what we're trying to call
out here is if you've got your portfolio concentrated in
anyone stock, anyone company, no matter how much faith and
belief you have in it, diversification, especially as you approach
retirement years, is just critical to protecting your nest egg, because,
(07:02):
as the saying goes, you only need to get rich once,
and you don't want to let any of these stocks
just derail your entire financial plan. And that brings a
couple up, a couple of examples that we want to
cite just to drive this point home. And we're going
to talk about Enron and ge and Brian. We're not
putting Navidia in the same camp as Enron. Enron was
(07:25):
an example of fraud. But let's get into it because
I can remember when Enron stock tanked. It was the
America's seventh largest company by revenue. And that's stock tank
because it was all a house of cards. It was
all just you know, smoking mirrors.
Speaker 4 (07:41):
Right, And that was again, like you said, that was
driven by fraud. And this is twenty some years ago,
so it's ancient history. But I remember they were one
of the darlings of innovative business techniques and things like that.
And at the end of the day, they were cooking
the books. And let's not forget they took Arthur Anderson
down with them. Formerly one of the Big four accounting
films no longer exists because as a n run. So
that's fraud. That's one thing. So let's look at another example.
(08:04):
General Electric. General Electric used to be one of America's
most reliable stocks. It was just just a pantheon of
industrial strength, innovation, management excellence. That's where we got Jack
Welch from. He wrote a great book on how he
did it. It was in the Dow Jones Industrial Average,
that's the old s and P five hundred. We don't
talk about it anymore, but as much anymore, but it's
simply thirty stocks that the Dow Jones company thinks are
(08:26):
the ones to pay attention to. But for one hundred
and ten years, early two thousands, it was up over
sixty bucks a share in that a market cap north
of five hundred billion dollars otherwise known as half a trillion.
Speaker 3 (08:37):
But then they kind of hit the skids a bit.
Speaker 4 (08:39):
Ge Capital GEB basically I remember referring to it as
its own mutual fund. Yeah, they make light bulbs and
jet engines, but it's also a financial company. It was
an enormous amount of you know, it was itself a
diversified company, but they couldn't That kept them from being
able to keep up. They couldn't be nimble enough as
one company to keep up with changing into industrial and
energy landscapes. By twenty eighteen, GE was thrown out of
(09:02):
the doubt. The shares had collapsed to about seven or
eight bucks. That was kind of the bottom. There's a
lot of people around here remember that. But since then, well,
Brian recover.
Speaker 1 (09:10):
Brian, I lived this personally and with several clients. I mean,
I got my start in this industry working with GE executives.
And I remember, I mean my father worked at GE,
worked there for over thirty five years, retired from there,
and I vividly remember the conversations when GE was at
sixty dollars to share, not only with my dad, but
(09:30):
with several clients you know that had stock options, you know,
leverage their leverage, and I'm like, hey, you might want
to take something off the table here. Most listened, a
few didn't. And boy, the ones that didn't listen and
let that stock option equity just evaporate. Is that stock
went from sixty dollars to share very quickly to you know,
(09:52):
seven or eight bucks a share. It was horrible to watch.
And you know, in hindsight, there was nothing wrong with
GE Aircraft Engines. I mean, look at how that company's
performing today. It's just people got married to that stock
because it's where they worked. They loved it. It put
food on their table for thirty five forty years, and
it was just like, Hey, nothing can can ever happened
(10:13):
badly to this company? Boy, did that take people for
a ride to the downside.
Speaker 4 (10:18):
Yeah, and so they've since Now let's let's close the
story on that now because it's it's obviously since then
has gone through a major upswing split into four different companies. Yeah,
the Crown Jewel is based right down the hill from
US and Evendale and Gejet Engine, So it has made
a full cycle turn. But if you're like you're saying,
if you're somebody who retired at the time where it
wasn't doing so well and you had your net worth
tied up there, that's a problem. That is a life
(10:40):
changing event. So blah blah blah, we're talking an awful lot.
We say, this is why we share the story of
Get diversified. No matter how much you love your company,
you remember a lot of your net worth is tied
up in it. That's how you're putting food on the
table currently. If you own nothing but that stock, that
is a that is much more of a problem than
an opportunity.
Speaker 3 (10:57):
You have got to take some chips off the table
and spread them out.
Speaker 1 (11:00):
Yeah. Another example, the BP oil spill of twenty ten.
You know, the explosion on that deep water horizon drilling
rig led to one of the worst environmental disasters in
US history. The impact on BP fifty five percent lost
in its stock value in just a few weeks. Imagine
being a BP executive that was trying to retire in
(11:22):
twenty twenty ten disaster. So again, diversify, diversified, diversify, don't
have all the eggs in one basket.
Speaker 4 (11:30):
And so another quick one here from just from close
to home, and everybody remembers this, anybody works for Procter
and Gamble. In early two thousands, Procter and Gamble hired
a CEO by the name of Dirk Yager, and the
market just simply insta hated him because of his Millennium
two thousand plan or whatever, where he was talking about
breaking up the company and doing this, that and the other.
(11:50):
Stock dropped by almost fifty percent within a matter of
weeks that year, and at that point they ended up
changing back, going back to an old CEO to kind
of recover. PNG is a very extremely well respected one
of the best store of business stories in the history
of the universe. But that doesn't mean that the market
lets it get away with anything. The market will render
its opinion, which you know sometimes is huge based basically
(12:12):
saying I don't like the direction to this company. I
don't like what derk yager is gonna do. Sometimes it's
over a logo, such as in the case of Cracker Barrel.
Speaker 1 (12:20):
Here's the all Worth advice. Don't let a hot story
blind you to the power of balance. Diversify even your
best ideas, spread risks across sectors, styles, caps, cycles, and yes,
types of assets too. Coming up next, another reason not
to lean too hard on social security and why some
(12:40):
investors are turning to an unfamiliar territory to boost their income.
You're listening to Simply Money, presented by all Worth Financial
on fifty five KRC the talk station. Yes, the days
of relaxing in the drawing room by the radio set
are long gone. These days we're taking it.
Speaker 2 (13:00):
Got the iHeartRadio app powered buy fifty five KARC dot com.
Speaker 5 (13:07):
Allworth Financial a registered investment advisory firm. Any ideas presented
during this program are not intended to provide specific financial advice.
You should consult your own financial advisor, tax consultant, or
a state planning attorney to conduct your own due diligence.
Speaker 1 (13:26):
You're listening to Simply Money, presented by all Worth Financial
on Bob spond Seller along with Brian James. If you
can't listen to Simply Money live every night, subscribe and
get our daily podcasts. Just search Simply Money on the
iHeart app or wherever you find your podcast. Straight ahead
of six forty three. What to do after selling a business,
How to balance a pension with investments in the smart
(13:49):
way to think about rental properties. All right, Brian. Social
security beneficiaries may see an approximate two point seven percent
cost of living adjustment and twenty twenty six according to
the new estimates from quote unquote policy experts, and this
is based on the latest government inflation data. I know
(14:09):
you've got the data in front of you, Brian. These
final numbers typically come out later on in the year,
around October. But it's very interesting how they calculate what
this cost of living adjustment's going to be.
Speaker 4 (14:21):
Yeah, so the official assessment of that cost of living.
What they do is they look at three months worth
of government inflation data. So if this case, of course,
it's July, August and September, they average all that together
and they compare that with the same three months for
the previous year. That percentage difference from one year to
the next determines the cola so two point seven percent. Obviously,
you know people on the receiving end, the more the better.
(14:44):
But so this is we're kind of back to the average.
Speaker 2 (14:47):
I think.
Speaker 4 (14:47):
I think recently we got a little nambor with the
idea that that with all the headlines about inflation, we
were going to be seeing a lot bigger cola increases.
We did have a big fat one in twenty twenty
three that was that was eight point seven percent. That's
not the highest, by the way. The highest was way
back in nineteen eighty we had fourteen percent. Matter of fact,
from seventy nine to eighty two, the lowest was seven
and a half percent, the highest was fourteen percent. So
(15:09):
those were the salad years of cola increases for Social Security.
But it's a little lower this year. So what they're
doing is it's a subset of the Consumer Price Index,
the CPI for urban wage earners and clerical workers, otherwise
known as the CPIW. That's the one that they base
it on. If you're truly keeping score at home.
Speaker 1 (15:27):
Find about that we're We're just throwing this data out here.
If you're starting to do some budget planning for twenty
twenty six and are curious, you know, two point seven
seems like a good number to plan, you know, as
you move forward. All right, we have spoken time and
time again, Brian. I feel like we beat this topic
up to death about the surge and interest in investing
(15:48):
in private assets, and now there's some actual data to
back up that the interest in this asset class is
really starting to take hold.
Speaker 4 (15:57):
Schroeders twenty twenty five US FORTI Vironment survey about forty
five percent of investors who have four oh one case
for or three b's or four fifty sevens. Right, that's
the difference of retirement plans between the private and public sector.
But about forty five percent of those surveys said they
would invest in private equity and private debt if their
plan provided access. That is up from thirty six percent
in twenty twenty four. No shocker, because it's been in
(16:19):
the headlines left and right, and certainly you and I
are talking about it in an awful lot as well
as some of our other radio and online outlets too,
because it's been pretty popular.
Speaker 3 (16:27):
But the concern here.
Speaker 4 (16:28):
First of all, what we're talking about private equity is
basically investing in a business that is not publicly traded.
Speaker 3 (16:33):
There are ways to do that.
Speaker 4 (16:35):
And the latest and greatest cool thing in the investment
world is the ability to invest ultimately in a portfolio
that includes Bob's new Bakery down the street and Joe's
insurance agency, these really small types of companies, as well
as lending them money on the private debt side. So
is it perfect? Is it risk free? Of course not,
It's the opposite. There's gonna be a little bit more
(16:56):
risk here. And here's the part of the survey that
alarms me, Bob. Just about twelve percent of surveyed retirement
plan participants said they were very knowledgeable about private assets
and forty percent that they were somewhat knowledgeable. So let's
review half of investor. Half these people surveyed really want
to do this. Twelve percent say they know what they're doing.
So I'm really curious about that middle thirty percent there.
Speaker 1 (17:17):
Well, I take some of these surveys. Most of these
surveys was somewhat of a grain of salt. Here's what
I mean. I mean. Obviously, the president came out here
with an executive or on August seventh saying we you know,
executive order open up retirement plans to private equity. So
people that are listening to the presidents say, wow, this
is great. The president thinks this is good stuff. I
want to be involved. Other people just think, you know,
(17:39):
they hear private equity and it sounds sexy and fun
and interesting and like, you know, get me in there,
because I think the perception is if I can get
some kind of edge, any edge where my return can
go up, I am all in. And as we've talked
about before, we've got to talk about both the pros
and the cons yes of these private equity investments. Is
(18:02):
private companies do tend to grow. The successful ones grow
very quickly, They grow exponentially. You can make a lot
of money. The flip side also happens. The one that don't.
The ones that don't do so well, they fail and
fail quickly. So you know, the thing to keep in
mind is you've got to have a big, diversified pile
of these things that I think are professionally managed by
(18:23):
somebody that has a track record of doing it. And
that's to say nothing of the added fees the illiquidity
the other things that come with this asset class. Brian,
what are your thoughts.
Speaker 3 (18:34):
Yeah, so I think one of the one of the
things to bear in mind.
Speaker 4 (18:37):
As we've heard, you know, President Trump is very, very
supportive of this this.
Speaker 3 (18:42):
I want to give some a little bit background here.
Speaker 4 (18:43):
So Ever, since the Boston Tea Party, we have declared
ourselves hold on, let me get through this. I promise
this is genius. We have declared ourselves a business friendly environment.
We want to be competitive. We want people to be
able to develop their own enterprises, and that's why we
have the flexible bankruptcy laws that we do. That's why
we have If you really want to get into this,
look at something called the qualified Business Income Deduction, which
(19:06):
basically says, if you own a small business, then you
get the deduct twenty percent of the income it spits out. Now,
it's not that simple, but that was put in place
by Joe Biden of all people. In a democratic administration,
we have enormous amount of laws that make it friendly
and attractive for people to start their own businesses.
Speaker 3 (19:22):
That's where this comes from. That's the core of this country.
Speaker 4 (19:25):
That's why we're the economic engine that we are and
we've built what we have because of that preference towards
small business.
Speaker 3 (19:31):
So that's literally what this is.
Speaker 4 (19:33):
Those who are proponents of that approach really want to
unlock that twelve trillion dollars that is in retirement plans
and get it in the hands of small business owners
because as we see politicians, as we hear them say
from both sides of the aisle, small businesses are the
backbone of this country. That's why, that's why all the
tax opportunities and flexible laws are not for those of
us on W two's working for someone who owns a
(19:54):
small business.
Speaker 1 (19:56):
Yeah, And let's face it, fewer and fewer companies are
going public, you know, with consolidation, mergers, acquisitions, there are
fewer and fewer publicly traded companies out there. So to
get access to these private companies can be a benefit
if you know what you're doing. Here's the all Worth advice.
Private investments can boost returns and reduce public market risk
(20:17):
as long as you understand what you're getting involved with.
Coming up next, will AI take your job? How to
future proof your career? You're listening to simply money presented
by all Worth Financial on fifty five KRC, the talk.
Speaker 3 (20:31):
Station KARC and iHeartRadio station.
Speaker 1 (20:39):
You're listening to Simply Money, presented by all Worth Financial.
I'm Bob Sponseller along with Brian James, joined tonight by
our career expert Julie Balke. And Julie thanks as always
for spending some time with us tonight. We want to
talk tonight about AI in your career. It's a topic
of conversation everywhere right now. Is AI is pretty much
(21:00):
becoming ubiquitous? Is AI going to take our job? How
do we future proof our career and what are the
opportunities out there using AI for in a positive way?
Speaker 6 (21:12):
You know, it really depends on your job and your age. Frankly,
the older you are, it depends on your job. It
depends on where you are those of us who are
older exers and boomers. I think it's really helpful to
understand what the capabilities of AI AI are, but you're
probably not going to be in the workplace long enough
(21:33):
for it to really take over your life or your
job because it's still developing. But to put up put
on blinders and say, don't even say that around me,
I don't know what it is, and I don't care
is a signal to a client, it's a signal to
a potential employer. It's a signal to your colleagues that
you aren't willing to learn.
Speaker 4 (21:53):
So, Julie, are you hearing from people who want to
adjust their skills to be open to AI? Or do
you hear from the they say I want to find
a career for the or a job for the last
balance of my career to get away from AI.
Speaker 3 (22:06):
How do people approach it?
Speaker 6 (22:08):
You know, it's funny a little bit of both. So
there are when you look at what AI can and
can't do, there are real advantages that you have as
an older worker in using AI. And let me explain.
So what AI is wonderful at, in fact so good
that it's really scary, is that it finds information, it
(22:29):
can analyze the information, and it can really speed up
your work. But it can't do What it doesn't have
is wisdoms, your knowledge, your experience. And so to just
have a group of twenty five year olds making company
decisions based on what they find on AI, it's not
wrapped inside of wisdom, experience. Wisdom and experience, they're going
(22:52):
to be making a lot of mistakes, and so you know,
we see these stories. I've seen several stories where people
use it as an end all and be all as
the one hundred percent correct answer and way to go
and it, and then it comes back to bide them
in the rear. So we're not to the point yet
where it has the wisdom and experience that we accumulate
(23:17):
throughout our careers that we need to apply for that
to decide what to do with what we learn after
we use AI for something.
Speaker 1 (23:25):
All right, Julie, I work with someone every day. His
name's Brian James, who I have sat and watched. You
never heard a AI into what he does every day,
and his knowledge of this is ramping up quickly, and
it's quite impressive, I think for the most of us
out there, correct me if I'm wrong. Most people out there,
they know AI is coming or it's even present in
(23:47):
our workplace, and we all want to be relevant, we
all want to stay up to speed. Let's take the
fear out of it. What should the average person working
in industry today, what should they or we be pro
actively be doing to ramp up on this stuff so
we can maximize the benefits of AI stay relevant in
(24:08):
our career and you know, be prepared for the next
five to ten years. Is this stuff really takes hold?
What should we be doing?
Speaker 6 (24:16):
First of all, it is overwhelming, It is overwhelming.
Speaker 2 (24:20):
I get it.
Speaker 6 (24:21):
All these new phrases being thrown around. So I always say,
pick one thing, just pick one thing, pick like pick
one what they call large language model, So GPT is
a large language model. We normally hear cat GPT, but
GPT is a large language model. Something called Gemini is
Google's large language model. And that's almost like this huge
(24:43):
platform in which the information is all sitting just to
make it just as basic as possible. And then there
are apps like cat GPT Perplexity that goes out and
find what's sitting out there in this vast database, brings
it together or makes it make sense to us. And
so it's not as complex as it sounds. If you
(25:07):
pick one thing to try. I had a friend who
said she's want to go on a trip to Ireland,
and she put in plan a trip to Ireland and
here are my parameters. I want to say, you know,
here's the kind of trip I want. And it came
back with the most beautiful itinerary. Now is she going
to just take that as the gospel and do everything
it said. No, then you take what it does is
it can speed up your research, It can speed up
(25:28):
your process, but you're still the one of us make decisions.
So I would pick one thing, maybe it's chat GPT,
and you say, and you just start asking it questions
and see what it comes back with. And the next thing,
just to get comfortable with it. I did this in
chat GPT. I said, who is Julie Balki and what
does she believe? And I'm going to tell you it
(25:49):
came back with the most comprehensive outline of who I am,
what I believe, what my work does, what I think
is important, and so eloquent. I was like, holy moly.
And so it's really powerful, but it doesn't have to
be scary. The second thing.
Speaker 4 (26:05):
I'd say is I have a question for that on
that for you, do you think that's because it has
gotten to know you or did it just go find
whatever it could find that you've posted on the internet,
since there's plenty of that out there.
Speaker 6 (26:16):
Yeah, it's that The second one because I haven't used
it well enough for it for it to know me.
I haven't used it enough, but figure out how is
it being used in your profession so you don't have
to learn everything. Let's say you're in financial planning. Let's
say you're a pairalegal. Let's say you are an accountant,
an auditor. Find out just even just ask it at
(26:39):
ask it at tech gp GPT, how is tech GPT
being used in public accounting or auditing, and then keep
asking follow up questions. So the more follow up questions
you ask, the better information. And then say, okay, it
looks like everybody in financial planning is using this particular application.
Now just go take an online class. Just go on,
(27:02):
watch some YouTube videos. You've got to find a place
to jump in in order to develop your comfort. You
can use it to write poems. It's amazing, but just
you've got it. You can't be so afraid that they're
not going to get out there, that you're not going
to get out there and try. Will you ever become
an expert? Yeah, most of us want, but you can't.
The worst thing you can do is put your hands
(27:23):
over your ears and eyes and say, don't talk to
me about this, and then expect to work ten more years.
You can't now.
Speaker 1 (27:30):
That that is great advice Julie. All right, thanks for
joining us tonight. As always, you're listening to Simply Money,
presented by all Worth Financial on fifty five KRC, the
talk station.
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Speaker 1 (28:36):
You're listening to Simply Money, presented by all Work Financial
on Bob Sponsorller along with Brian James. Do you have
a financial question you'd like for us to answer. There's
a red button you can click while you're listening to
the show right on the iHeart app. Simply record your
question and it will come straight to us. All right,
let's kick things off Brian with Jeff in Mainville, who says, hey,
(28:57):
I just sold a business. I got a pretty good
pay out. What's the smart first step? Pay off the mortgage,
invest it, set it aside for taxes.
Speaker 4 (29:07):
Well, congratulations, Jeff, that's a great story. I'd love to
hear you know what the business was sometime and exactly
what came with how you built it all that. But yeah,
so great opportunity. Now what you're looking at is the
wonderful frustration of oh my gosh, there are so many
things I could do, which one should I do? This
is when financial planning gets hard, when when it's no
longer black and white. Right, there's dumb ideas and good
(29:29):
ideas for about thirty years. Then you build something successful
and now you got to decide what's the best thing.
These are all good things, paying off the mortgage, investing taxes,
something else entirely, these are all important things.
Speaker 3 (29:40):
So I would say, what is your plan telling you
to do? What is your plan?
Speaker 4 (29:43):
If you have a financial plan, then it should be
relatively obvious. What's the biggest what's the biggest thing screaming
for money right now? But I'll give you here's the
indicators I would look at. If your mortgage, you know,
we don't know anything about Jeff other than he says
he has a mortgage. If this mortgage came from the
last three or four years, maybe you just built a
new house or something like that, then it's probably at
a higher interest rate. You might look at up I
(30:03):
don't know about paying it down, paying it off. You
might look at recasting it and trying to get to
take some of that money lower the principle, you're not
going to lower the interest rate much, very very much currently,
but you could get the payment down a little bit.
Investing is always the default. Whatever's left over, Yes, of
course we want to invest that. After you've set aside
enough for the emergency fund. Certainly, taxes get an idea,
hopefully you've got a CPA in the mix, and tell
(30:24):
you what's what's coming do. But again, it all comes
back to the plan, which will help you prioritize. Here's
the ten things screaming for money, and here's the order
in which I care about them. All right, So we'll
move on to John and cold Spring. John's got a pension,
so scurity and investments, and he's wondering how do I
tap into those in retirement's how do you determine what
that order is, Bob.
Speaker 1 (30:43):
Well John with with pension and social security, You've got
some options on when to take them, you know, based
on you know what age you want to start, when
you want to retire, all those kind of things. So
you can evaluate whether it makes sense to take a
lump sum pension or whether you just want to take
the pension income and what age social security. There is
no lump sum option, but obviously you can decide when
(31:05):
you want to start and then whatever you got left
in investments. So the smartest order to tap those investments
comes down to the decisions on that pension and social security,
and then I always default to trying to create for
people the most tax efficient stream of income we can
come up with when combining all of those sources. So
(31:25):
there's a lot in play here. You've got a lot
of options, you know. I recommend sitting down with a
good fiduciary advisor in way the pros and cons of
each claiming strategy and your pension and constructing your investment portfolio,
and you know that oftentimes you're going to take some
of all of it, you know, so it's not just
(31:46):
deplete one and then go to the other. Oftentimes it
comes down to responsibly taking a mix of all three,
and in most cases that gives you the best solution.
All right, Bill and Liberty Township asks. He says, I've
got multi rental properties. Should I treat them like part
of my retirement portfolio?
Speaker 4 (32:04):
Brian, Yeah, yeah, if you Well, there's two types of
people who own real estate. There are people who own
several like it sounds like you are, and who have
figured out the game and understand how to deal with
tenants and broken stuff and all those kinds of things
and have built it into a kind of a routine
and you have your network of handy people who can
do things for you. Then there's the people who thought
(32:25):
they were going to get into it and realize that
they don't like it at all and can't wait to
get rid of it.
Speaker 3 (32:29):
So you sound like the former, where.
Speaker 4 (32:31):
You've kind of built it into into a little bit
of a business that's helping you out. So I absolutely
would treat that as part of a retirement portfolio. Heck, Bill,
everything you own is part of your retirement portfolio. Anything
that spits out any kind of growth opportunity or you know,
or or generates income or whatever that is going to
help you through retirement. I would think of it sort
of like your you know, maybe like your bond portfolio.
(32:53):
And by that I mean if it's a significant enough
part of your net worth, then that's going to generate steady,
generate steady and interest as long as you can keep them,
keep them from being vacant for extended periods of time.
Sounds like you figured that game out though, But to
have that generate income and let the rest of your
portfolio perhaps be more aggressive.
Speaker 1 (33:11):
Yeah, Brian, I want to just add one thing here,
And I've had this happen with several clients over the years.
As people age and they don't want to maintain and
manage these rental properties anymore, they want to slowly unwind them.
Most people have depreciated these properties down to near a
zero cost basis, So you do have to factor in
if and when you want to start to unwind these things.
(33:33):
You got to factor in taxes into the equation. You know,
as you redeploy assets elsewhere. Just one other thing to
add in there. Yeah. No, that's a great point.
Speaker 4 (33:41):
And for those of you out there who might have
been thinking about getting into real estate because of the
tax benefits, you give some of that back at the end.
What Bob's referring to their is you do get a
deduction on the value the depreciation amount of that piece
of property every year. But eventually, when you sell it,
you have to pay capital gains on a much larger
amount of gain because you've been taking that depreciation over
(34:02):
the years. That's just something the government put in place
a long time ago to make it attractive to invest
in real estate. And this is why real estate developers
are always always looking for that next development. Real estate
developers never get to a point where they just stop
building entirely. They need something because eventually they run out
of deductions depreciation deductions on the existing properties. Therefore, I
got to have one cooking anyway, all right, So we'll
(34:24):
move on from Bill. We're gonna move to Frank and Kenwood.
Frank says, if I never planned to spend all of
my assets, and I do have airrors that I care about,
should I be investing these more aggressively.
Speaker 1 (34:35):
Well potentially, Frank. The way I address risk profile this way,
Number one is what do you need to earn in
the way of return to meet all your financial goals?
And it sounds like you've already got that box checked.
You're in good shape. So then it comes down to
emotional risk tolerance. And if you can be growth oriented
(34:56):
and take the highs and lows and the swings and
the ebbs and flows of the market and really stay
invested long term, you're going to benefit from doing that,
i e. Investing more aggressively, both from a rate of
return standpoint and a tax efficiency standpoint, because the more
of your assets you can keep in that capital gain
ledger versus ordinary income ledger, the better off you're going
(35:20):
to be. To say nothing of the fact that when
you pass away you get a stepped up cost basis
on capital gain assets and your heirs pay nothing in taxes.
So I think you're on the right track here. Just
make sure that your emotional risk tolerance truly fits with
what you're talking about here, and I think you're going
to be in great shape, all right, Jackie and Mount Adams.
Brian says, what do your most successful retired clients do
(35:44):
differently than everyone else. This is a great question, Jackie.
Speaker 4 (35:48):
My happiest, most successful retired clients stop looking at their
money every single day, and I'll contrast that my most
miserable clients.
Speaker 3 (35:57):
Look at it every day.
Speaker 4 (35:58):
They worry about what the market does, they worry about
what the government's doing. They can't peel their eyes off
the TV in the headline. So understand what the actual
impact of your of your financial plan is and understand
when you're okay. I think it's extremely important for absolutely
everybody out there to uh to to understand when they
have met success.
Speaker 3 (36:17):
When did you make it to the end, and when
did you know? When? When are you okay?
Speaker 4 (36:21):
Because you by that time, you will have built your
financial plan, you will have stress tested it for good
times and bad times, and you'll know that when the
scary headlines do happen. And that's one of the few
guarantees we can give people that you're going to be okay.
Speaker 1 (36:33):
Coming up next, I've got my two cents on the
benefits of proactive family communication when it comes to money.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC.
Speaker 7 (36:45):
The talk station, Mark Levin, You know, America, we spend
an awful lot of time in this country responding to
an unreality created by the people who hate America, created
by people who get sucked into the narrative that are
pushed out there each and every day. And they're posting,
and they're posting, and they're posting, and they'll move on
(37:05):
to the next thing, and the next thing and the Actually,
that's what the media enemy do.
Speaker 2 (37:09):
Mark Levin, Tonight at ten oh six on fifty five
KRZ the talk station.
Speaker 3 (37:14):
It's summertime and everyone's outside Smith.
Speaker 6 (37:17):
I have to choose between groceries for my kids or
gas for my car.
Speaker 2 (37:20):
Talk about it here fifty five krs the talk station.
You're listening to Simply Money or said about all Worth Financial.
I'm bob'spond seller along with Brian James. Brian, I want
to spend a couple of minutes talking about an actual
meeting I had here a couple days ago that ended
with a happy ending. I love happy endings, and here's
(37:43):
what I'm talking about.
Speaker 1 (37:44):
I'm talking about the benefits of proactive communication among family
members and intergenerational planning between parents and kids, and when
it works it works really well if people get proactive
and communicate. For example, had a client review meeting and
these folks have plenty of money, they've saved well, they
(38:04):
don't spend what they have. And they said, hey, Bob,
we want to start to help out our younger adult son.
He doesn't know anything about investing, he's just started in
his career. We want to get some seed money put
to work, and we want you to get him started
with a financial plan. And I said, great, how much
money are we talking about? And they gave me a number,
(38:25):
And so I was able to contact the Sun and say, hey,
here's what's going on, here's what your mom and dad
want to do. Would you like to meet with me?
Would you like to talk about building your financial plan?
He goes, that sounds great. So as of yesterday, fast forward,
we were able to talk about the pros and cons
of different investments, talk about risk profile strategy, review his
(38:48):
retirement plan at work, and I'm proud to announce we
got his roth IRA opened and funded with some money
for twenty twenty five. The parents are going to put
more money in in twenty twenty six. The Sun is thrilled.
The parents are happy because their son is now launched
with a good financial plan. This is how things should work, Brian,
(39:10):
if people are willing to sit down and talk amongst
themselves and help their offspring get prepared for retirement. Yeah.
Speaker 4 (39:19):
I just had a really good story just from yesterday
from a meeting clients, clients who are new to me,
and the parent and child adult child came in to
kind of work on things, and parent is wanting to
gift assets now to watch their family benefit from it
to the short run because they remember at that time
of life when they had kids and things were just expensive,
(39:39):
a little bit of extra money would have helped. And
parent has more than enough. So big discussion there, but
the child it was very heartwarming. Actually the child said, Okay,
appreciate that, but we need to talk to Brian and
see what is there other things we're not thinking of, taxes,
other scary things.
Speaker 3 (39:54):
What should we be planning for.
Speaker 4 (39:55):
So we basically had a long conversation and just kind
of built out, yes, you can do this, but you
probably I can't do that because the last thing you
want to do if you're trying to help your children
is put yourself at risk, because that's just going to
cause stress for your child who obviously loves you so much,
they're slowing you down from giving them money. That is
in contrast, Bob to when I was very very young.
I was a baby advisor about twenty five twenty eight
(40:15):
years ago, and I once got a call from somebody
who was in the hearse on their way from their
parents' funeral wanting to stop by on the way home
and pick up the check for their inheritance. So I'm
glad those days are over in my career. But anyway,
that's sometimes how people think.
Speaker 1 (40:31):
No, And the point I really want to drive home,
you know, with with these stories is just you know,
we talk about all these exotic strategies and all that
on the show all the time. Often the most important
impactful things are just the simple things getting started, getting
money put away where it can compound tax free for
decades and decades, and again, sometimes simple is best. Thanks
(40:55):
for listening tonight. You've been listening to Simply Money, presented
by all Worth Financial on fifty five KRS the talk station.
Speaker 5 (41:01):
This is for your information.
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Everything we do we keep you informed is FYI you information.
We'll have the latest information.
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On the whole situation in guys, released.
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The osage was eliminated.
Speaker 5 (41:14):
Info on the Russian summit. They would like to meet
with me.
Speaker 1 (41:16):
Check in throughout the day. We have information for your information,
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Listen just FYI fifty five KRC, the talk station
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