September 19, 2025 • 38 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian break down the Fed’s latest rate cut, why Social Security’s raise may not feel like one, and how to know if golden handcuffs are holding you back. Plus, Allworth CIO Andy Stout joins to talk faith-based investing, and the guys answer your biggest retirement questions.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Tonight, a deeper dive into the Fed's latest interest rate cut,
plus how to unlock those golden handcuffs, and a lesson
on faith based investing. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponseller along with Brian James. Well,
yesterday we told you that the FED lowered interest rates
by a quarter of a percent to no one's surprise.
(00:27):
Let's spend a couple of minutes dissecting what Fed Chair
Jerome pal actually said after the FED announcement to gather
some clues on what might be coming up next.
Speaker 2 (00:37):
Brian, Yeah, while the actual rate cut or hike or
whatever the interest rate update is is rarely the headline itself.
Speaker 3 (00:44):
Usually we kind of see it come in.
Speaker 2 (00:45):
So it's more about what we're saying in between the lines,
or in this particular case, exactly precisely o the words
that came out of his face. So the major takeaway
from Chair Powell was this quote quote and I am
quoting here. I can no longer say the labor market
is very solid end quote.
Speaker 1 (01:01):
So what he was.
Speaker 2 (01:01):
Saying is telling the reporters that labor demand has softened
and the recent pace of job creation seems to be
a currently running below the break even rate that we
need to keep that unemployment rate constant. Remember that's the
Fed's dual mandate keep unemployment where we need as low
as possible without being zero, and also keep inflation under control.
Speaker 1 (01:18):
Well, my answer, my answer to that is no kidding.
When you get a job's revision revising down almost a
million jobs between April of twenty twenty four in March
of twenty twenty five, it's no doubt. It shouldn't come
as anyone's surprise that Fed Palace saying the labor market
is not very solid. I mean this goes back to
(01:40):
what we've talked about a few times now. And I'm
trying to be a political and I mean this, it
doesn't matter who's in the White House or whatever. The
data that we're getting from the Bureau of Labor Statistics
is flawed. And it's just baffling to me why we
can't use the internet in twenty twenty five and collect
(02:00):
better data so the the Federal Reserve, you know, can
actually stay on top of this stuff. But there's my
little rant for a Thursday morning.
Speaker 2 (02:08):
No, I think you're you're spot on. I'm a huge
fan of actual data. My brain works that way because
I don't like I don't like sitting with a client
and making up a financial plan on the fly. I
want numbers in front of my face so that we
know what the numbers are there. That numbers are always
the elephant in the room. Are we right or are
we wrong? Well, let's get the right numbers. I have
a thousand percent agree with you, Bob. Let's get the
right numbers and react to them accordingly. And that goes
(02:29):
to whether I'm sitting in front of an individual person
or a married couple, or three hundred and thirty million
people in this in this country.
Speaker 3 (02:35):
That's all right, Sorry that our government view it.
Speaker 1 (02:37):
Yeah, sorry to digress there. Talk about what happens next.
Uh so where do you where do you see the
dot plot headed here?
Speaker 2 (02:45):
Now you're talking to me like a Mandy stout, But
my brain is not that big. But yeah, we were
what we're talking about here. So the dot plot, So
the dot plot is is basically every time we get
an update from the Federal Reserve. Remember there's a board
of governors here, there's not we have we have the
head of the Federal Reserve. Drum pell, but we also
have the rest of the Board of Governors who all
have their own opinions. The dot plot tracks what those
(03:06):
opinions are, and that can tell us, you know, kind
of where everybody stands when all those votes come through
are around the next time, is everybody in a good mood,
bad mood?
Speaker 3 (03:14):
Whatever.
Speaker 2 (03:15):
So the policymakers updated their economic projections this time around,
and they now see two additional quarter point cuts this year.
That's one more than projected in June. So in other words,
that's why we do the dot plot. By the way,
we knew what they were thinking in June, and we
know what they're thinking now. And there's an increasing number
of those Board of Fed Board governors looking for rate
cuts in twenty twenty six and another one to hear
(03:38):
twenty seven.
Speaker 1 (03:39):
Yeah, I think we should all ignore those forecasts for
a quarter point cut in twenty twenty six and twenty
twenty seven, because no one knows what's going to happen
between now and then, you know, to me, Brian, correct
me if you think I'm wrong. I think the two
additional quarter point cuts that are likely coming, you know,
before the end of this year, have to do with
(04:00):
two things inflation due to tariffs is coming in a
little less hot than expected, and these labor numbers are
coming in worse than expected, So it would make sense
that we cut rates, you know, an additional quarter point
two more times going into the end of the year.
That you know, to the point I think you're driving
home here. That's what good data based to research and
(04:23):
decision making should look like. And the markets factoring that in,
and we saw futures headed higher this morning. So hey,
anytime the cost of money comes down, that tends to
be a good thing for consumers and the stock market
and everyone's let's have a great fourth quarter.
Speaker 3 (04:40):
Yeah. Now, I want to throw out one thought there.
Speaker 2 (04:42):
I agree with you in terms of I wouldn't I
don't want, I don't I don't agree with ignoring the
dot plot. And I don't think this is really what
you were saying. I think we should be careful and
not treated as gospel. All it is is here's where
we stand right now, here's what we're going to do today.
That was the rate cut boom. That's black and white.
The dot plot just helps us know, here's what's in
their minds. Because they're gonna be just because we only
hear from them, you know, once a month or however
(05:03):
often they have meeting. Doesn't mean they're not thinking about
it in between time. That's their job. We've got a
bunch of people who make these decisions. The dot plot
tells us what are they thinking right now any given time,
and it does change. Like we said, you know, in
June there was there was less of an expectation of
further rate cuts. Now there is more of an expectation,
and that actually matches, like you said, that matches what
we're seeing in these jobs numbers. We are now in
(05:25):
an environment where it makes sense to do rate cuts.
And one here, let me throw one out here. One
Fed official, this is only one of them, actually projected
that the policy rate's going to drop another one and
a quarter percentage points by December.
Speaker 3 (05:36):
That's mind blowing, and that's kind of way out there
for me.
Speaker 2 (05:39):
That would be literally five more rate cuts between now
and the end of the year. I don't see that
at all. But I'm also not a FED official, so somebody.
Speaker 1 (05:46):
Else, well, I don't know who that Fed governor was.
I have to assume it was the newly sworn in
FED Governor, Stephen Moran, who voted for a half point
rate cut yesterday. It's no secret that he's an appointee
of President Trump. He wants these rates to come down.
I have to think that's the guy that you know
is saying I think they're gonna come down a point
(06:07):
and a half. I don't see it happening. But let's
pivot here. Let's talk about what we should be doing
with our cash. I'm looking at the treasury yield curve
right now and it's very interesting. I mean, the one
month treasuries are yielding still over four percent, and then
you have an inverted yield curve all going all the
way out to the ten year treasury, which is sitting
(06:30):
a little over four point one percent. So I don't think,
in my mind, Brian, nothing has changed in terms of
how to manage cash. You got to look at your
short term lump some spending needs and get money out
of harm's way into the market. If you've got short
term goals, you can still get close to or right
(06:52):
at four percent on risk free short term money for
money that is designed by those for those kind of purposes.
Really nothing has changed here in terms of, you know,
the need to really make drastic changes as far as
how we manage our emergency funds and cash needs.
Speaker 3 (07:10):
Yeah, yeah, I think these are important points, Bob.
Speaker 2 (07:13):
I'm glad you're bringing it up because, and I would say,
there's probably a lot of people. I know there's a
lot of people out there because I see this at
my table every single day meeting with clients. If you're
sitting on a pile of cash, right, A lot of
times we come into windfalls inheritances or we sold some
asset or something, and there's a pile of cash, and
a lot of people have been fact dumb and happy
with a big pile of cash in the bank and
we're riding high because the stock market is currently as
(07:33):
we're sitting here, at all time highs. But what that
can do, the move you haven't made that you should have,
and it shouldn't have taken a rate cut to do
it is is thinking logically about your cash, the truly, truly,
truly liquid stuff. Don't fall asleep with the notion that
I can just throw it in the bank and get
four percent.
Speaker 3 (07:48):
I haven't had that in my entire life. That's true.
Speaker 2 (07:51):
But at the same time, you're going to lose that
four percent, So what I'm really getting at here is
figure out what you truly truly need to have liquid
for what Bob just said, you've got expenses coming up,
we know you're going to spend money in a very
short period of time. Then that's fine, leave that liquid.
But if you've got a bigger pile than that and
beyond what you need for your your six to twelve
months emergency funds and whatever projects you've got coming up,
that should be and if you truly want it to
(08:12):
be safe, that ought to be getting locked up in
a treasury bond, a CD or something. Take advantage of
these rates and lock them in, right, that's the opportunity
you might be missing. But that advice is not different
just because we had a rate cut. You should have
done that a while ago.
Speaker 1 (08:25):
Absolutely, you're listening to Simply Money, presented by all Worth
Financial on bub Spun Seller along with Brian James. All Right, Brian,
let's pivot to something that's going to impact just about
everybody collecting Social Security and that's the upcoming cost of
living adjustment for twenty twenty six. And that news is
scheduled to come out on October fifteenth, and that date
(08:46):
is creeping up here. That's because that's when the Social
Security Administration officially announces what are you know, twenty twenty
six RAIS is going to be. And while the headlines
will likely say, you know, quote unquote historic increase, the
reality it's a little more complicated than that, Brian, and yeah,
walk us through this, because there's some nuances to this
(09:09):
that people might not be completely aware of.
Speaker 3 (09:12):
Yeah, so here's what's happening.
Speaker 2 (09:14):
So, for the fifth year in a row, social Security
is cost of living adjustment or COLA is what that
stands for, is expected to hit a right around at
least two and a half percent, could be slightly higher.
Speaker 3 (09:24):
That hasn't happened since the nineties.
Speaker 2 (09:26):
We're talking about a stretch from nineteen eighty eight to
nineteen ninety seven where those colas were consistently that high.
We really haven't seen that inflation driven bump in almost
three decades. Now, let me kind of clarify what I
just said, because a lot of people are disappointed that
they just heard me say two and a half percent.
Speaker 3 (09:40):
Because everybody got super excited about.
Speaker 2 (09:42):
Those nine percent increases that we got a few years
ago when inflation was absolutely on fire.
Speaker 3 (09:48):
That's not a good thing. That's not a sustainable pace.
Speaker 2 (09:51):
It was nice that that got built into our beneficiaries checks,
but at the same time not sustainable.
Speaker 3 (09:57):
So the inc increases that we're seeing are higher than average.
Speaker 2 (10:02):
With the point the historic point of this is that
we're back to a consistent level of higher, slightly higher
increases versus the absolute lack of increases that we have
for a good long period of time, you know, about
fifteen years ago up until you know three or five years.
Speaker 1 (10:17):
Well, it's all peg to inflation, right, so you know,
people could celebrate nine percent increases, but when inflation is
nine percent, you're not gaining any ground. Here's what I
want to make sure we cover here. And you know,
with a with a two point seven whatever percent social
Security increase that we're going to get on average, that's
(10:38):
that's going to be around fifty four dollars a month
for the average you know, social Security beneficiary starting in January.
Not a big deal. Here's the big deal. Medicare Part
B premiums, which are automatically deducted from solid security checks.
Those are expected to jump by eleven and a half
percent in twenty twenty six. So really, Brian people aren't
(11:03):
going to get any kind of a raise at all.
Next year, their net social Security check is likely going
to go down because of the social Security premium increase.
Speaker 2 (11:13):
Right, and Bob, I want to throw out one more
bullet that we found here, because I just I love
this concept of this organization. I'm derailing slightly, but I
wanted to squeeze this one in when I first read it.
So there's an organization out there called the Senior Citizens League,
which entertains me to no end because I picture something
like the Hall of Justice with a bunch of rocking
chairs in front of it, with people doling out advice
that the rest of us, well, we will realize was
(11:35):
very good, but we didn't pay attention to it early enough.
But anyway, they sound like superheroes to me.
Speaker 3 (11:38):
Anyway.
Speaker 2 (11:39):
They So this opinion is not relegated only to the
federal reserves. Senior Citizens League obviously a think tank of
very smart people paying attention to things and telling people
what to expect. They're expecting the twenty six kola to
come in around two point seven percent. Other analysts similar
are even saying maybe two point eight percent. So if
that holds, the average highee is going to get another
fifty four bucks a month starting in January. These are
(11:59):
not life changing numbers.
Speaker 3 (12:01):
Year over year.
Speaker 2 (12:02):
However, it is where we are back to a point
where a social security is more consistently keeping up with
inflation than it used to, which is not a bad thing.
Speaker 1 (12:10):
Here's the all Worth advice. This is just another reminder
that you should have a portfolio that doesn't have to
just rely on outside forces or government benefits that you
can't control to keep pace with inflation and make sure
your financial plan works long term. All right, we're just
getting started tonight. Next how to keep golden handcuffs from
(12:31):
holding you back from the next chapter in your career.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James. Got a big required minimum distribution.
(12:52):
You don't need wondering if a buyout makes sense or
if one point five million dollars is enough to go
it alone. We're going to tackle those questions and more
straight ahead at six forty three. All Right, we hear
from people all the time who are thinking about making
a career move. Maybe it's a better title, more flexibility,
or just time for a change. But then comes the hesitation.
(13:15):
I don't want to walk away from my restricted stock
units or stock options, or I'll lose part of my pension.
And that's what we refer to, you know, as the
golden handcuffs, so to speak. So we're going to get
into a little bit of that tonight and how to
evaluate all this as you consider your next career move.
Speaker 3 (13:36):
So this is not easy, though, is it, Bob.
Speaker 2 (13:38):
So this can be tricky if you're in your forties
and fifties, especially, you know, if you have a net
worth of a few million dollars, maybe you're trying to
figure out how a job change fits into your long
term financial plan. We run into this all the time
with people who have built something that can sustain them
and they could be okay, but they kind of sort
of know that, but they also kind of can't figure out.
(13:59):
It's very terrible, find very scary to leave and do
something different. So and the companies know this. Therefore they
build structures to keep you in place. Let's talk about
some of these different tools that they use. So restricted
stock units or RSUs. If you work for a publicly
traded company, there's a good chance that you've been given
stock because you've just shown up day after day after
day and done a good job and the company still exists,
(14:19):
first of all, and maybe it's even grown over time,
so they might give you stock that vests over time,
meaning of course, and most people know this, but meaning
you don't actually get access to it. It has your
name on it, but you don't get to open the
present until some stated time in the future. Common vesting schedule,
for example, is twenty five percent of it every year
for four years. The company's intent, of course, is that
(14:40):
you stick around. If you leave before it's fully vested,
you leave it on the table. So let's pretend you
get four hundred thousand dollars worth of restricted stock units
or RSUs, and you're two years in. That means two
hundred is years walk away, take it if you want
the other two hundred. Well, that's going to keep you
quote unquote handcuffed to your job, whether.
Speaker 3 (14:57):
You like it or not.
Speaker 2 (14:58):
It doesn't mean you got to stay but it, but
it's definitely going to make you think twice before you
actually leave. And that's not just money on a piece
of paper that's a couple of years of private college
tuition or second home down payment. That's what makes these
decisions so difficult. I may not be able to get
out of bed anymore to go to this job, but
I would walk away from such in financial resources if
I chose to make a different move. That the money
(15:20):
is not the reason for the decision, but it's a
major factor.
Speaker 1 (15:24):
Yeah. And other things like stock options I mean, very
somewhat similar to RSUs, except you're given the chance to
get actual shares given to you when they vest. And
you know, most people just exercise these options for the
difference between the grant price and the current price of
the stock when they vest. And another big part of
(15:45):
executive compensation something you need to factor in. Another thing
is bonuses Brian. Some of these bonuses are paid quarterly,
but more often than not they're paid annually or you know,
given in long term incentive bonuses. So depending on how
someone's compensation is structured, you might have to repay a
signing bonus if you leave early, or you might miss
(16:07):
out on a year end performance bonus if your departure
date is before a certain cutoff. Those are things that
we have to help people look at as well.
Speaker 2 (16:17):
Yeah, and then some of the other things we see
that this is a little little bit. We're seeing it
less and less these days, of course, but pensions, so
there's a lot of scenarios where, especially for older higher
level employees executives at legacy companies still have vestiges of
the the fifties and sixties, when you didn't work for
a four roh one k, you worked for a pension.
(16:37):
The design back then, the way that we as a
society wanted our businesses to run was we wanted employees
to come work their entire careers at one place, and
we wanted to attract them by offering them financial stability
well after they retire.
Speaker 3 (16:50):
This worked.
Speaker 2 (16:51):
Life expectancy wasn't quite as long in the fifties and
sixties as it is today, so the math has kind
of worked against that. A company wanting that now, I
want somebody to work for me for you know, thirty,
maybe forty years, and I want to pay for them
for the rest of their lives. Well, the rest of
their lives now can be an additional thirty or maybe
even forty years themselves. So pensions have kind of gone
a little bit by the wayside, partially for that reason,
(17:13):
and interest rates were so low over the last couple
decades that a pension couldn't conservatively invest prudently and still
get the bills paid, so we don't see them so
much anymore. But here's an example. Let's say you're eligible
for full pendefit pension benefits at age sixty, but you're
fifty eight. Now you get that dream job offer you've
always wanted, and you won't know in the back of
your head while I'm on my fifties, I'm not going
(17:33):
to get more opportunities like this. If you leave now,
that pension could be permanently reduced, sometimes by as much
as thirty percent. That doesn't mean don't do it, however,
it does very much mean that we need to We
need to really think twice before making it a big move.
Speaker 1 (17:47):
And don't forget about four oh one K match vesting schedules. Remember,
while your own contributions are always yours, the employer match
often vests over a few years. Most of the time
we see vesting schedule of three to five years. So
if you're thinking about leaving your current position and you're
not fully vested in the match, you could be walking
away from thousands, if not tens of thousands of dollars. So,
(18:12):
you know what the point we're trying to make here is,
here's where life lifestyle choices come into play. And like
a lot of things in life, you've got to count
the cost, you know, and the opportunity cost of leaving
versus staying in your current position. And uh, you know,
maybe the place that you're going through, going to financially
or for non financial reasons, is just much more exciting
(18:36):
and much more palatable than where you are. But the
point we're trying to make here is this is why
you need to sit down, have a good financial plan
before you pull the trigger on something like this, and
actually run the numbers. And that helps people make these
decisions with their eyes wide open.
Speaker 3 (18:53):
Yep. And I want to throw out there too.
Speaker 2 (18:55):
Don't be terrified of the decision, dig into those numbers
and look under every stone for the savings could be.
So I went through this once, matter of fact, but
when I joined. When I joined what was simply money
back in the day. I had to go through a
process of Okay, what's the what am I gaining?
Speaker 3 (19:08):
What am I giving up?
Speaker 2 (19:08):
One of the big things I didn't really even think
about was the idea of no longer working downtown where
I was for my prior few years. I didn't have
to pay for parking, there was no city taxes. There
are hidden savings sometimes to making a job a job change,
so make sure you take all of that into account.
It can make the decision a lot easier and you
can go in eyes wide open.
Speaker 1 (19:26):
What if you hadn't come to Simply Money and all
Worth you would have bypassed this multimillion dollar radio contract
that you enjoy right now? Aren't you glad you made
the move? Brian?
Speaker 3 (19:36):
I'm sorry. Who's doing what now?
Speaker 1 (19:37):
Bob?
Speaker 2 (19:38):
What?
Speaker 3 (19:38):
What again? What contract do you have that I was
not informed of?
Speaker 1 (19:41):
Here's the all Worth advice. Golden handcuffs only work if
you don't have a plan. Know the true cost of
leaving and the true value of staying before you make
your next career move. Next, we dive into investment solutions
designed for those who want their portfolios to align with
their values. Listening to Simply Money presented by all Worth
(20:01):
Financial on fifty five KRC the talk station. You're listening
to Simply Money presented by all Worth Financial. I'm Bob
Sponseller along with Brian James, and we're joined again by
all Worth Chief investment Officer Andy Stout. Andy, thanks for
sticking on with us tonight. And we occasionally have clients
(20:24):
across our firm that come to us and say, hey,
we would like our investment portfolio positioned based on our
personal religious values. We want things skewed in that direction,
and we want to take some time and just talk
about what the options are out there to do that.
Our industry has evolved quite a bit in the way
(20:45):
of being able to screen out companies and industries to
cater to folks that want specific values reflected in their
investment portfolio. Walk us through that, Andy, what's available out there?
And I guess, more importantly, what are people coming to
you asking for on a regular basis?
Speaker 4 (21:04):
Well, I guess a lot of times when they come
to me and ask for it might be at some
you know, church festival on the weekend, whether it be
IHM where my kids went to or I know, Brian,
your kids went to Mother Teresa, so oddly, uh, you
might get questions there and you know, kind of makes
sense because you know you're there, But when you look
(21:26):
at what's out there. I mean the changes that have
the fund offerings that have become available in the just
broad investment strategies for someone looking to invest alongside with
their values. They've really broad and that's been a key
to helping investors become more comfortable with their investments because
(21:46):
you know, I think a lot of people, most people
at least listening to this program, I would think, you know,
they're positioning themselves for retirement and trying to you know,
get themselves as situated as possible to enjoy, you know,
some financial peace of mind. A lot of times though,
depending on how they how people might be thinking about things,
they might want to be I'll call it investing alongside
(22:10):
their values. And there's a number of ways you can
do this. And what we're talking about here is really,
you know, what sort of Christian value investing options that
there are out there. I mean, there's other types of
ways that you can invest alongside your values, but from
the Christian standpoint, there's a few things that you can do.
We do have access to a lot of institutional quality
(22:32):
research in institutional quality funds, and right now what's available
just for the broad marketplace, there's lots of exchange traded
funds where ETFs as they are known, or mutual funds
that have an objective dedicated to investing with Christian values
in mind. And so one thing that we've done here
at all Worth, which I think is pretty cool, we've
(22:54):
essentially created investment strategies centered around those funds. So if
you want to invest in heavier investments aligned with Christian values,
you know, we can tailor that. So you can have
a very aggressive portfolio like one hundred percent stock, zero
percent bonds. It could be maybe more conservative, like a
(23:14):
thirty stocks seventy percent bond type of strategy. Either way,
all of these investments that we would look to put together,
every single one has an objective and this is critical.
They're objective is Christian values.
Speaker 1 (23:27):
First.
Speaker 4 (23:27):
It's not something that it's kind of back into like hey,
look at we have all of a sudden, No, it's
like a pre screening sort of upfront filter, if you will,
in order to make sure that how these funds are structured.
They are structured very intently for that.
Speaker 2 (23:44):
So, andy, what is somebody giving up? I mean, this
is important stuff, right, this is your your investment decisions
are important anyway. And then when you couple them with
with your your deepest held beliefs, it just kind of
goes up that much more in the important scale.
Speaker 3 (23:57):
So, if this is.
Speaker 2 (23:59):
Something somebody is inclined to do, what what should we
keep in mind that they might be sacrificing.
Speaker 3 (24:04):
Is there any real sacrifice for this? Well, I mean we.
Speaker 4 (24:08):
Could always go back to the past performances. You know,
no guarantee of future results. But you know, with that said,
a lot of the overall returns that investors get is
more it's really determined most by acid allocation. So how
much stocks relative to bond you There's lots of studies
(24:29):
that support this. It's not so much as to you know,
necessarily what's in your stocks is if you're diversified. You know,
that's you know, really the key from that perspective, it's
that overall allocation. So would you be giving up some
maybe maybe not. It depends on you know, what outperforms
in a various cycle. So if you happen to go
into a cycle where all of a sudden, you know,
(24:49):
alcohol stocks are doing really really good. Although I guess
to be fair, there is a lot of alcohol at
those church festivals that you go to.
Speaker 2 (24:58):
But they you know, you know what I mean, Uh,
weren't raised in Cincinnati, so that is a very familiar fair.
Speaker 4 (25:05):
Yeah, but broader, more broadly speaking, those types of sin stocks,
if you will, uh, if they do better than the
broad market, you might underperform a little bit. But in
all honesty, those types of stocks don't really make up
too much of the overall market. So really you're getting
rid of some of those things on the margin. That's
going to help to sleep better at night because you
(25:26):
know you're investing alongside your values. That's going to give
you some comfort, right, and when you know, push comes
to shove, market volatility will happen. If you're investing in
a way that you believe in your heart is the
right thing to do, and you're not and you still
have broad diversification, uh, you know, you're probably more likely
(25:47):
to avoid those costly emotional decisions that really hurt investors
across the board. When you see markets go down and
you're really worried about the world coming to an end,
or you know market's rallying and you don't want to
miss out. That fear of missing out, So those types
of emotions can really derail a financial plan. But if
you're investing alongside your values, it's sometimes it's a little
(26:07):
easier to look at a longer run.
Speaker 1 (26:10):
And you mentioned these institutional investing firms that the folks
that run these ETFs to specifically screen out, you know,
various companies and industries. Can you give us an example
of what that looks like, you know, practically, when we
look at a Christian Values fund, what are these institutional
firms screening out of these portfolios? On average?
Speaker 4 (26:32):
Well, it is going to be those types of sin stocks.
And there's a number of companies out there that do this.
I mean, there's like Guidestone Funds, there's Timothy Plan Event
tid I mean those are not endo worstments of anything whatsoever,
by the way, that's just some of the funds out there,
fund companies that are you know, doing this screening to
(26:53):
exclude those sin types of stocks like alcohol tobacco as
an example. So when you look at that, I mean,
that's something that can be done with the funnelol. Another
another thing you can do, Bob is at the individual
stock level, with like a direct index, you can actually
kind of create your own sort I'll call it. You know,
Christian Values might say, hey, let's just get rid of
(27:14):
these and I can still have access to other areas too,
So it's certainly a lot of choices out there.
Speaker 1 (27:19):
Yeah, so this really can be individualized on a client
by client basis based on their deeply held values and beliefs.
Thanks for joining us as always Tonight, Andy, you're listening
to Simply Money presented by all Worth Financial on fifty
five KRC the talk station. You're listening to Simply Money
(27:40):
presented by all Worth Financial on Bob Sponseller 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. Speaking of questions, Bill and fort Wright
leads us off tonight, Brian. He says, I'm seventy seven,
(28:00):
I'm pulling a huge rm D every year, more than
I actually need to spend. What strategies can help reduce
the tax byte?
Speaker 3 (28:09):
Well, congratulations Bill obviously.
Speaker 2 (28:10):
On if you've got a huge RMD, that means you
have a huger four oh one k And apologies to
my English teachers out there because a requirementimum distribution of
any size comes from a pretty sizable four oh one K.
So for those who may not know, when you hit
a certain age, it's either seventy three or seventy five,
depending on your.
Speaker 3 (28:25):
Year of birth.
Speaker 2 (28:26):
The IRS says, hey, the gravy train has come to
a stop. You got to start paying taxes on these
pre tax dollars. And that's the situation Bill is in.
So he's asking what does he need to do. He
doesn't need these dollars. And by the way, the IRS
doesn't care what you do with these dollars. They just
lose the tax shelter. You can take them out and
stick them in the bank, you can throw them on
the floor, roll around it and it doesn't matter. But
the point is they lose the tax shelter and you've
(28:46):
got to pay the income taxes on it. So he's
asking what he can do to reduce the tax Bye,
the answer is not really a ton unless you're charitably inclined, right,
So you can't. The R and ds are what they are.
There's no way to reduce them. They're pretty much written
in stone. On New Year's Eve every year, that's when
you know what you'll have to take out for the
following year. But one thing you can do if you're
charitably inclined, there is something called a QCD or qualified
(29:08):
charitable distribution. If you are charitably inclined anyway, then you
can send those dollars straight to that charity.
Speaker 3 (29:17):
This is a little different than taking it out.
Speaker 2 (29:18):
Matter of fact, it's very different from taking it out
sticking in checking account, than writing a check to the charity.
This is working with the custodian of your IRA, whoever
the financial institution is, and instructing them those dollars a
financial account in the name of the charity. There's rules,
there's other things out there, but that's something I would
look into, Bill, if that's if that's.
Speaker 3 (29:36):
On your mind.
Speaker 2 (29:37):
For those of you hearing this thinking that might be
you in the future, start looking at ROTH contribute or
what ROTH conversions. And I can see we're going to
talk about that here in just a couple of minutes.
So now we'll go to Lisa in Montgomery. Lisa's sixty
two and she's still working hard, but her company is
now offering her deferred compayout and she's wondering whether she
and what that means. Is she has a retirement plan
out there that GENEFA tax is on yet, and she
(29:59):
was able to first some income.
Speaker 3 (30:00):
It's now time to choose.
Speaker 2 (30:01):
Does she want to lump stump some or does she
want installments without screwing up or taxes?
Speaker 3 (30:07):
What do you think, Bob?
Speaker 1 (30:08):
Well, at least, what I always do with folks when
we look at this situation is you want to look
at two things you want to look at. You want
to do a calculation what's the net present value of
those installment payments? Meaning you take a stream of payments
over however many years the company is offering them, and
you discount that back to a lump some value based
(30:30):
on a interest rate, and you want to know what
that interest rate is that the company is offering you
to take installments, and then compare that to what your
personal investment risk tolerance is, So you know, depending on
the client, and depending on how risk averse you are
versus growth oriented you are, people make different decisions. So
(30:52):
I have been finding in recent years that those numbers
are coming much closer together than they used to. Sometimes
folks end up just saying, hey, I love the idea
of having a guaranteed income stream or something close to
that over a period of years. That allows me to
let the rest of my investment portfolio stay intact and grow.
Others say, Shoot, that interest rate that the company's offering
(31:15):
me is way less than I think we can do
by investing the money. Therefore, we take the lump sum
and invest it. So it has to do with what
kind of an offer you're being given in terms of
a rate of return, and then comparing that to your
personal risk tolerance. Hope that helps, all right, Tom and
Madeira He says, I'm fifty seven. I got one point
five million dollars in my four h one K plan.
(31:37):
Do I start converting some to roth now while taxes
are lower, or just wait and take my chances in retirement? Brian,
I know you don't like to take my chances. Answer.
Speaker 2 (31:48):
Yeah, I'm a fan of let's see what happens. No,
that's the opposite of planning. But sometimes, Tom, the answer
is in the question.
Speaker 3 (31:55):
You already know this.
Speaker 2 (31:56):
Do I start converting some to roth now while taxes
are lower? Yeah, because the opposite would be waiting until
they're higher, and that's not what we want to do. Now,
I'm being a little facetious. I'm having some fun with
Tom here, But no, you've got the right path here.
Now is the time to do it. I think what
Tom's really saying is, is this idiotic to write this
big and this fat of checks to the irs voluntarily
(32:16):
so that I get some kind of tax re benefit
out the back end. And the answer is probably. It
makes some sense anyway, because somebody's going to pay taxes.
You're either doing yourself a favor by lowering your rm
ds because roths will not have requirementimum distributions, or you're
giving your kids your heirs the benefit of tax regrowth.
Remember if they inherit a wroth, then they get not
You get not only the tax free growth for the
remainder of your life. Your heirs get another ten years
(32:40):
because of the way the IRA inheritance rules work. So yeah,
I definitely think it's something to looking to just understand
the math behind it. Let's go on to John and
Emily in Mount Washington. They're in their mid sixties, two
and a half million dollars, and they're wondering how they
balance spending on fun stuff like travel without running the
risk of running short in their eighties. Bob, this pretty
common one.
Speaker 1 (32:58):
What do you think, yeah, John and Emily, I mean
the simple answer is sit down and have a good
fiduciary advisor, create a financial plan you know for you
based on varying goals, and you can play the what
if game. You can run different scenarios and see how
your plan performs into your late eighties to mid nineties
(33:19):
based on whatever spending assumptions you want to make. And
some people and Brian, we see this all the time.
We have people who refuse to travel now because they're
worried about running out of money in their late sixties,
and they really regret it later because now they got
this whole big pile of money left to leave to
their kids and grandkids and they and they did not
(33:40):
take that cruise or you know, those big trips that
they all And then we've got the other extreme where
people go a little crazy here in their sixties and
they want to give money away, they want to travel,
they want to do all those things, and they they
don't look at the impact of how that's going to
how that's going to manifest it self in the viability
(34:01):
of their long term plans. So long way of saying,
put a good financial plan together, running multiple assumptions and goals,
and I think working with a good advisor, you will
arrive at a plan that works. And this is just
another reminder that that plan could change and evolve as
time goes by. You don't have to lock it in
(34:21):
stone when you're sixty five. All right, Coming up next,
we're going to discuss the sneaky cost of raising our
standard of living. You're listening to Simply Money presented by
all Worth Financial on fifty five krs the talk station.
(34:41):
You're listening to Simply Money presented by all Worth Financial
on Bob Sponseller along with Brian James. Let's talk about
something that happens to just about everyone who starts making
more money, something called lifestyle create. Brian walk us through
it because this is a common topic.
Speaker 2 (34:58):
Yeah, a lot of people are going to wreck themselves.
And I'm human too, I recognize me in this. I
remember when this happened to us, and it's happened. It's
happened even you know a couple of times.
Speaker 3 (35:06):
So it goes like this.
Speaker 2 (35:07):
You get a raise or a bonus, some kind of
new income sources coming in somehow, maybe the business picks
up and you think, you know what I've done my time.
Speaker 3 (35:14):
I have earned this. So now I'm going to get
that next upgrade on the car.
Speaker 2 (35:18):
I'm going to buy the higher level trim with all
the bells and whistles that I'm never going to read
the manual to learn how to use. You might move
to a nicer neighborhood that has three more bedrooms that
you're never going to be inside of, join the fancy
golf club, start flying first class. These aren't bad things, right,
I'm not. I'm being a little funny here, but these
aren't terrible things. These are things that, yeah, they're the
niceties of life. You can make life easier, make yourself
(35:39):
more comfortable, and take advantage of some of these things,
and you have earned it. They could just be fine
depending on your overall financial plan. But that's the point.
Did you have a plan? Do you know what you
can get away with? Lifestyle creep can be dangerous because
it is literally it's so quiet. It's like your own
little inflationary world. Some inflation we can control, some we can't.
(35:59):
But this is a case definitely where we are subconsciously
choosing to introduce inflation into our lives. It can be
an okay thing. But you got to know, you know,
if you can get away with it.
Speaker 1 (36:09):
Yeah, Brian, I think the people we're talking to right now,
and I have more than a few meetings like this
every year with people that come in and want to
talk about planning for retirement. And one of my first
questions is, well, what do you want to spend you know,
every year, every month when you retire? And I get
this deer in the headlights. Look, they have no idea.
(36:31):
And what I suspect, which ends up almost always being true,
is these folks are working hard, making a lot of money,
you know, getting raises and all the things you just
talked about, and they just spend their net paycheck, you know,
they even though they do save responsibly in their four
oh one K plans and do a lot of good things,
but they just assume that their current lifestyle is going
(36:55):
to be able to continue forever. And they've never run
the numbers, they've never looked at it. And uh, this
is where oftentimes, quote unquote rich people can get big
surprises as they start to approach retirement because they haven't
planned enough to have enough money to continue that lifestyle.
And that's where some tough decisions need or tough conversations
(37:18):
need to be had.
Speaker 2 (37:19):
Yeah, but it's just it's all it's all about that
that that you know, that that conversation with yourself or
with the rest of your family.
Speaker 3 (37:26):
So how do we avoid this? What do we do
about it?
Speaker 1 (37:29):
Well?
Speaker 3 (37:29):
Track it, pay attention to it.
Speaker 2 (37:30):
Every time your income goes up, make a rule to
save or invest at least half of that increase. So
for example, you know, if you if you get a
ten percent raise, that's fantastic, go over and bump your
four oh one k by five percent or go over
and you know, increase your savings. Maybe start doing backdoor
roth ira egg contributions. If you don't know what that is,
google it or whatever. But if you can do that,
(37:52):
take half that raise and squirrel it away, you're still
coming up with more spendable cash at the you know,
at the at the end of the month, and you're
saving more. So that way, it's almost canceling out your
default behavior is saving first and spending second. But because
you're still proactively starting to save more than you'll be
able to take that in stride, and that lifestyle creep
(38:12):
is not going to In fact, you affect you so
much because you did it consciously alongside deeper savings there
and make sure you're on top of your spending ratio
to just understand, am I still spending the same percentage
of my asset or of my income. If the percentage
is the same, then cool. Knock yourself out, do what
you want, but be paying attention and if you still.
Speaker 1 (38:30):
Have questions, like Brian says, google it. Thanks for listening.
You've been listening to Simply Money, presented by all Worth
Financial on fifty five krc V talk station
Tonight, a deeper dive into the Fed's latest interest rate cut,
plus how to unlock those golden handcuffs, and a lesson
on faith based investing. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponseller along with Brian James. Well,
yesterday we told you that the FED lowered interest rates
by a quarter of a percent to no one's surprise.
(00:27):
Let's spend a couple of minutes dissecting what Fed Chair
Jerome pal actually said after the FED announcement to gather
some clues on what might be coming up next.
Speaker 2 (00:37):
Brian, Yeah, while the actual rate cut or hike or
whatever the interest rate update is is rarely the headline itself.
Speaker 3 (00:44):
Usually we kind of see it come in.
Speaker 2 (00:45):
So it's more about what we're saying in between the lines,
or in this particular case, exactly precisely o the words
that came out of his face. So the major takeaway
from Chair Powell was this quote quote and I am
quoting here. I can no longer say the labor market
is very solid end quote.
Speaker 1 (01:01):
So what he was.
Speaker 2 (01:01):
Saying is telling the reporters that labor demand has softened
and the recent pace of job creation seems to be
a currently running below the break even rate that we
need to keep that unemployment rate constant. Remember that's the
Fed's dual mandate keep unemployment where we need as low
as possible without being zero, and also keep inflation under control.
Speaker 1 (01:18):
Well, my answer, my answer to that is no kidding.
When you get a job's revision revising down almost a
million jobs between April of twenty twenty four in March
of twenty twenty five, it's no doubt. It shouldn't come
as anyone's surprise that Fed Palace saying the labor market
is not very solid. I mean this goes back to
(01:40):
what we've talked about a few times now. And I'm
trying to be a political and I mean this, it
doesn't matter who's in the White House or whatever. The
data that we're getting from the Bureau of Labor Statistics
is flawed. And it's just baffling to me why we
can't use the internet in twenty twenty five and collect
(02:00):
better data so the the Federal Reserve, you know, can
actually stay on top of this stuff. But there's my
little rant for a Thursday morning.
Speaker 2 (02:08):
No, I think you're you're spot on. I'm a huge
fan of actual data. My brain works that way because
I don't like I don't like sitting with a client
and making up a financial plan on the fly. I
want numbers in front of my face so that we
know what the numbers are there. That numbers are always
the elephant in the room. Are we right or are
we wrong? Well, let's get the right numbers. I have
a thousand percent agree with you, Bob. Let's get the
right numbers and react to them accordingly. And that goes
(02:29):
to whether I'm sitting in front of an individual person
or a married couple, or three hundred and thirty million
people in this in this country.
Speaker 3 (02:35):
That's all right, Sorry that our government view it.
Speaker 1 (02:37):
Yeah, sorry to digress there. Talk about what happens next.
Uh so where do you where do you see the
dot plot headed here?
Speaker 2 (02:45):
Now you're talking to me like a Mandy stout, But
my brain is not that big. But yeah, we were
what we're talking about here. So the dot plot, So
the dot plot is is basically every time we get
an update from the Federal Reserve. Remember there's a board
of governors here, there's not we have we have the
head of the Federal Reserve. Drum pell, but we also
have the rest of the Board of Governors who all
have their own opinions. The dot plot tracks what those
(03:06):
opinions are, and that can tell us, you know, kind
of where everybody stands when all those votes come through
are around the next time, is everybody in a good mood,
bad mood?
Speaker 3 (03:14):
Whatever.
Speaker 2 (03:15):
So the policymakers updated their economic projections this time around,
and they now see two additional quarter point cuts this year.
That's one more than projected in June. So in other words,
that's why we do the dot plot. By the way,
we knew what they were thinking in June, and we
know what they're thinking now. And there's an increasing number
of those Board of Fed Board governors looking for rate
cuts in twenty twenty six and another one to hear
(03:38):
twenty seven.
Speaker 1 (03:39):
Yeah, I think we should all ignore those forecasts for
a quarter point cut in twenty twenty six and twenty
twenty seven, because no one knows what's going to happen
between now and then, you know, to me, Brian, correct
me if you think I'm wrong. I think the two
additional quarter point cuts that are likely coming, you know,
before the end of this year, have to do with
(04:00):
two things inflation due to tariffs is coming in a
little less hot than expected, and these labor numbers are
coming in worse than expected, So it would make sense
that we cut rates, you know, an additional quarter point
two more times going into the end of the year.
That you know, to the point I think you're driving
home here. That's what good data based to research and
(04:23):
decision making should look like. And the markets factoring that in,
and we saw futures headed higher this morning. So hey,
anytime the cost of money comes down, that tends to
be a good thing for consumers and the stock market
and everyone's let's have a great fourth quarter.
Speaker 3 (04:40):
Yeah. Now, I want to throw out one thought there.
Speaker 2 (04:42):
I agree with you in terms of I wouldn't I
don't want, I don't I don't agree with ignoring the
dot plot. And I don't think this is really what
you were saying. I think we should be careful and
not treated as gospel. All it is is here's where
we stand right now, here's what we're going to do today.
That was the rate cut boom. That's black and white.
The dot plot just helps us know, here's what's in
their minds. Because they're gonna be just because we only
hear from them, you know, once a month or however
(05:03):
often they have meeting. Doesn't mean they're not thinking about
it in between time. That's their job. We've got a
bunch of people who make these decisions. The dot plot
tells us what are they thinking right now any given time,
and it does change. Like we said, you know, in
June there was there was less of an expectation of
further rate cuts. Now there is more of an expectation,
and that actually matches, like you said, that matches what
we're seeing in these jobs numbers. We are now in
(05:25):
an environment where it makes sense to do rate cuts.
And one here, let me throw one out here. One
Fed official, this is only one of them, actually projected
that the policy rate's going to drop another one and
a quarter percentage points by December.
Speaker 3 (05:36):
That's mind blowing, and that's kind of way out there
for me.
Speaker 2 (05:39):
That would be literally five more rate cuts between now
and the end of the year. I don't see that
at all. But I'm also not a FED official, so somebody.
Speaker 1 (05:46):
Else, well, I don't know who that Fed governor was.
I have to assume it was the newly sworn in
FED Governor, Stephen Moran, who voted for a half point
rate cut yesterday. It's no secret that he's an appointee
of President Trump. He wants these rates to come down.
I have to think that's the guy that you know
is saying I think they're gonna come down a point
(06:07):
and a half. I don't see it happening. But let's
pivot here. Let's talk about what we should be doing
with our cash. I'm looking at the treasury yield curve
right now and it's very interesting. I mean, the one
month treasuries are yielding still over four percent, and then
you have an inverted yield curve all going all the
way out to the ten year treasury, which is sitting
(06:30):
a little over four point one percent. So I don't think,
in my mind, Brian, nothing has changed in terms of
how to manage cash. You got to look at your
short term lump some spending needs and get money out
of harm's way into the market. If you've got short
term goals, you can still get close to or right
(06:52):
at four percent on risk free short term money for
money that is designed by those for those kind of purposes.
Really nothing has changed here in terms of, you know,
the need to really make drastic changes as far as
how we manage our emergency funds and cash needs.
Speaker 3 (07:10):
Yeah, yeah, I think these are important points, Bob.
Speaker 2 (07:13):
I'm glad you're bringing it up because, and I would say,
there's probably a lot of people. I know there's a
lot of people out there because I see this at
my table every single day meeting with clients. If you're
sitting on a pile of cash, right, A lot of
times we come into windfalls inheritances or we sold some
asset or something, and there's a pile of cash, and
a lot of people have been fact dumb and happy
with a big pile of cash in the bank and
we're riding high because the stock market is currently as
(07:33):
we're sitting here, at all time highs. But what that
can do, the move you haven't made that you should have,
and it shouldn't have taken a rate cut to do
it is is thinking logically about your cash, the truly, truly,
truly liquid stuff. Don't fall asleep with the notion that
I can just throw it in the bank and get
four percent.
Speaker 3 (07:48):
I haven't had that in my entire life. That's true.
Speaker 2 (07:51):
But at the same time, you're going to lose that
four percent, So what I'm really getting at here is
figure out what you truly truly need to have liquid
for what Bob just said, you've got expenses coming up,
we know you're going to spend money in a very
short period of time. Then that's fine, leave that liquid.
But if you've got a bigger pile than that and
beyond what you need for your your six to twelve
months emergency funds and whatever projects you've got coming up,
that should be and if you truly want it to
(08:12):
be safe, that ought to be getting locked up in
a treasury bond, a CD or something. Take advantage of
these rates and lock them in, right, that's the opportunity
you might be missing. But that advice is not different
just because we had a rate cut. You should have
done that a while ago.
Speaker 1 (08:25):
Absolutely, you're listening to Simply Money, presented by all Worth
Financial on bub Spun Seller along with Brian James. All Right, Brian,
let's pivot to something that's going to impact just about
everybody collecting Social Security and that's the upcoming cost of
living adjustment for twenty twenty six. And that news is
scheduled to come out on October fifteenth, and that date
(08:46):
is creeping up here. That's because that's when the Social
Security Administration officially announces what are you know, twenty twenty
six RAIS is going to be. And while the headlines
will likely say, you know, quote unquote historic increase, the
reality it's a little more complicated than that, Brian, and yeah,
walk us through this, because there's some nuances to this
(09:09):
that people might not be completely aware of.
Speaker 3 (09:12):
Yeah, so here's what's happening.
Speaker 2 (09:14):
So, for the fifth year in a row, social Security
is cost of living adjustment or COLA is what that
stands for, is expected to hit a right around at
least two and a half percent, could be slightly higher.
Speaker 3 (09:24):
That hasn't happened since the nineties.
Speaker 2 (09:26):
We're talking about a stretch from nineteen eighty eight to
nineteen ninety seven where those colas were consistently that high.
We really haven't seen that inflation driven bump in almost
three decades. Now, let me kind of clarify what I
just said, because a lot of people are disappointed that
they just heard me say two and a half percent.
Speaker 3 (09:40):
Because everybody got super excited about.
Speaker 2 (09:42):
Those nine percent increases that we got a few years
ago when inflation was absolutely on fire.
Speaker 3 (09:48):
That's not a good thing. That's not a sustainable pace.
Speaker 2 (09:51):
It was nice that that got built into our beneficiaries checks,
but at the same time not sustainable.
Speaker 3 (09:57):
So the inc increases that we're seeing are higher than average.
Speaker 2 (10:02):
With the point the historic point of this is that
we're back to a consistent level of higher, slightly higher
increases versus the absolute lack of increases that we have
for a good long period of time, you know, about
fifteen years ago up until you know three or five years.
Speaker 1 (10:17):
Well, it's all peg to inflation, right, so you know,
people could celebrate nine percent increases, but when inflation is
nine percent, you're not gaining any ground. Here's what I
want to make sure we cover here. And you know,
with a with a two point seven whatever percent social
Security increase that we're going to get on average, that's
(10:38):
that's going to be around fifty four dollars a month
for the average you know, social Security beneficiary starting in January.
Not a big deal. Here's the big deal. Medicare Part
B premiums, which are automatically deducted from solid security checks.
Those are expected to jump by eleven and a half
percent in twenty twenty six. So really, Brian people aren't
(11:03):
going to get any kind of a raise at all.
Next year, their net social Security check is likely going
to go down because of the social Security premium increase.
Speaker 2 (11:13):
Right, and Bob, I want to throw out one more
bullet that we found here, because I just I love
this concept of this organization. I'm derailing slightly, but I
wanted to squeeze this one in when I first read it.
So there's an organization out there called the Senior Citizens League,
which entertains me to no end because I picture something
like the Hall of Justice with a bunch of rocking
chairs in front of it, with people doling out advice
that the rest of us, well, we will realize was
(11:35):
very good, but we didn't pay attention to it early enough.
But anyway, they sound like superheroes to me.
Speaker 3 (11:38):
Anyway.
Speaker 2 (11:39):
They So this opinion is not relegated only to the
federal reserves. Senior Citizens League obviously a think tank of
very smart people paying attention to things and telling people
what to expect. They're expecting the twenty six kola to
come in around two point seven percent. Other analysts similar
are even saying maybe two point eight percent. So if
that holds, the average highee is going to get another
fifty four bucks a month starting in January. These are
(11:59):
not life changing numbers.
Speaker 3 (12:01):
Year over year.
Speaker 2 (12:02):
However, it is where we are back to a point
where a social security is more consistently keeping up with
inflation than it used to, which is not a bad thing.
Speaker 1 (12:10):
Here's the all Worth advice. This is just another reminder
that you should have a portfolio that doesn't have to
just rely on outside forces or government benefits that you
can't control to keep pace with inflation and make sure
your financial plan works long term. All right, we're just
getting started tonight. Next how to keep golden handcuffs from
(12:31):
holding you back from the next chapter in your career.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James. Got a big required minimum distribution.
(12:52):
You don't need wondering if a buyout makes sense or
if one point five million dollars is enough to go
it alone. We're going to tackle those questions and more
straight ahead at six forty three. All Right, we hear
from people all the time who are thinking about making
a career move. Maybe it's a better title, more flexibility,
or just time for a change. But then comes the hesitation.
(13:15):
I don't want to walk away from my restricted stock
units or stock options, or I'll lose part of my pension.
And that's what we refer to, you know, as the
golden handcuffs, so to speak. So we're going to get
into a little bit of that tonight and how to
evaluate all this as you consider your next career move.
Speaker 3 (13:36):
So this is not easy, though, is it, Bob.
Speaker 2 (13:38):
So this can be tricky if you're in your forties
and fifties, especially, you know, if you have a net
worth of a few million dollars, maybe you're trying to
figure out how a job change fits into your long
term financial plan. We run into this all the time
with people who have built something that can sustain them
and they could be okay, but they kind of sort
of know that, but they also kind of can't figure out.
(13:59):
It's very terrible, find very scary to leave and do
something different. So and the companies know this. Therefore they
build structures to keep you in place. Let's talk about
some of these different tools that they use. So restricted
stock units or RSUs. If you work for a publicly
traded company, there's a good chance that you've been given
stock because you've just shown up day after day after
day and done a good job and the company still exists,
(14:19):
first of all, and maybe it's even grown over time,
so they might give you stock that vests over time,
meaning of course, and most people know this, but meaning
you don't actually get access to it. It has your
name on it, but you don't get to open the
present until some stated time in the future. Common vesting schedule,
for example, is twenty five percent of it every year
for four years. The company's intent, of course, is that
(14:40):
you stick around. If you leave before it's fully vested,
you leave it on the table. So let's pretend you
get four hundred thousand dollars worth of restricted stock units
or RSUs, and you're two years in. That means two
hundred is years walk away, take it if you want
the other two hundred. Well, that's going to keep you
quote unquote handcuffed to your job, whether.
Speaker 3 (14:57):
You like it or not.
Speaker 2 (14:58):
It doesn't mean you got to stay but it, but
it's definitely going to make you think twice before you
actually leave. And that's not just money on a piece
of paper that's a couple of years of private college
tuition or second home down payment. That's what makes these
decisions so difficult. I may not be able to get
out of bed anymore to go to this job, but
I would walk away from such in financial resources if
I chose to make a different move. That the money
(15:20):
is not the reason for the decision, but it's a
major factor.
Speaker 1 (15:24):
Yeah. And other things like stock options I mean, very
somewhat similar to RSUs, except you're given the chance to
get actual shares given to you when they vest. And
you know, most people just exercise these options for the
difference between the grant price and the current price of
the stock when they vest. And another big part of
(15:45):
executive compensation something you need to factor in. Another thing
is bonuses Brian. Some of these bonuses are paid quarterly,
but more often than not they're paid annually or you know,
given in long term incentive bonuses. So depending on how
someone's compensation is structured, you might have to repay a
signing bonus if you leave early, or you might miss
(16:07):
out on a year end performance bonus if your departure
date is before a certain cutoff. Those are things that
we have to help people look at as well.
Speaker 2 (16:17):
Yeah, and then some of the other things we see
that this is a little little bit. We're seeing it
less and less these days, of course, but pensions, so
there's a lot of scenarios where, especially for older higher
level employees executives at legacy companies still have vestiges of
the the fifties and sixties, when you didn't work for
a four roh one k, you worked for a pension.
(16:37):
The design back then, the way that we as a
society wanted our businesses to run was we wanted employees
to come work their entire careers at one place, and
we wanted to attract them by offering them financial stability
well after they retire.
Speaker 3 (16:50):
This worked.
Speaker 2 (16:51):
Life expectancy wasn't quite as long in the fifties and
sixties as it is today, so the math has kind
of worked against that. A company wanting that now, I
want somebody to work for me for you know, thirty,
maybe forty years, and I want to pay for them
for the rest of their lives. Well, the rest of
their lives now can be an additional thirty or maybe
even forty years themselves. So pensions have kind of gone
a little bit by the wayside, partially for that reason,
(17:13):
and interest rates were so low over the last couple
decades that a pension couldn't conservatively invest prudently and still
get the bills paid, so we don't see them so
much anymore. But here's an example. Let's say you're eligible
for full pendefit pension benefits at age sixty, but you're
fifty eight. Now you get that dream job offer you've
always wanted, and you won't know in the back of
your head while I'm on my fifties, I'm not going
(17:33):
to get more opportunities like this. If you leave now,
that pension could be permanently reduced, sometimes by as much
as thirty percent. That doesn't mean don't do it, however,
it does very much mean that we need to We
need to really think twice before making it a big move.
Speaker 1 (17:47):
And don't forget about four oh one K match vesting schedules. Remember,
while your own contributions are always yours, the employer match
often vests over a few years. Most of the time
we see vesting schedule of three to five years. So
if you're thinking about leaving your current position and you're
not fully vested in the match, you could be walking
away from thousands, if not tens of thousands of dollars. So,
(18:12):
you know what the point we're trying to make here is,
here's where life lifestyle choices come into play. And like
a lot of things in life, you've got to count
the cost, you know, and the opportunity cost of leaving
versus staying in your current position. And uh, you know,
maybe the place that you're going through, going to financially
or for non financial reasons, is just much more exciting
(18:36):
and much more palatable than where you are. But the
point we're trying to make here is this is why
you need to sit down, have a good financial plan
before you pull the trigger on something like this, and
actually run the numbers. And that helps people make these
decisions with their eyes wide open.
Speaker 3 (18:53):
Yep. And I want to throw out there too.
Speaker 2 (18:55):
Don't be terrified of the decision, dig into those numbers
and look under every stone for the savings could be.
So I went through this once, matter of fact, but
when I joined. When I joined what was simply money
back in the day. I had to go through a
process of Okay, what's the what am I gaining?
Speaker 3 (19:08):
What am I giving up?
Speaker 2 (19:08):
One of the big things I didn't really even think
about was the idea of no longer working downtown where
I was for my prior few years. I didn't have
to pay for parking, there was no city taxes. There
are hidden savings sometimes to making a job a job change,
so make sure you take all of that into account.
It can make the decision a lot easier and you
can go in eyes wide open.
Speaker 1 (19:26):
What if you hadn't come to Simply Money and all
Worth you would have bypassed this multimillion dollar radio contract
that you enjoy right now? Aren't you glad you made
the move? Brian?
Speaker 3 (19:36):
I'm sorry. Who's doing what now?
Speaker 1 (19:37):
Bob?
Speaker 2 (19:38):
What?
Speaker 3 (19:38):
What again? What contract do you have that I was
not informed of?
Speaker 1 (19:41):
Here's the all Worth advice. Golden handcuffs only work if
you don't have a plan. Know the true cost of
leaving and the true value of staying before you make
your next career move. Next, we dive into investment solutions
designed for those who want their portfolios to align with
their values. Listening to Simply Money presented by all Worth
(20:01):
Financial on fifty five KRC the talk station. You're listening
to Simply Money presented by all Worth Financial. I'm Bob
Sponseller along with Brian James, and we're joined again by
all Worth Chief investment Officer Andy Stout. Andy, thanks for
sticking on with us tonight. And we occasionally have clients
(20:24):
across our firm that come to us and say, hey,
we would like our investment portfolio positioned based on our
personal religious values. We want things skewed in that direction,
and we want to take some time and just talk
about what the options are out there to do that.
Our industry has evolved quite a bit in the way
(20:45):
of being able to screen out companies and industries to
cater to folks that want specific values reflected in their
investment portfolio. Walk us through that, Andy, what's available out there?
And I guess, more importantly, what are people coming to
you asking for on a regular basis?
Speaker 4 (21:04):
Well, I guess a lot of times when they come
to me and ask for it might be at some
you know, church festival on the weekend, whether it be
IHM where my kids went to or I know, Brian,
your kids went to Mother Teresa, so oddly, uh, you
might get questions there and you know, kind of makes
sense because you know you're there, But when you look
(21:26):
at what's out there. I mean the changes that have
the fund offerings that have become available in the just
broad investment strategies for someone looking to invest alongside with
their values. They've really broad and that's been a key
to helping investors become more comfortable with their investments because
(21:46):
you know, I think a lot of people, most people
at least listening to this program, I would think, you know,
they're positioning themselves for retirement and trying to you know,
get themselves as situated as possible to enjoy, you know,
some financial peace of mind. A lot of times though,
depending on how they how people might be thinking about things,
they might want to be I'll call it investing alongside
(22:10):
their values. And there's a number of ways you can
do this. And what we're talking about here is really,
you know, what sort of Christian value investing options that
there are out there. I mean, there's other types of
ways that you can invest alongside your values, but from
the Christian standpoint, there's a few things that you can do.
We do have access to a lot of institutional quality
(22:32):
research in institutional quality funds, and right now what's available
just for the broad marketplace, there's lots of exchange traded
funds where ETFs as they are known, or mutual funds
that have an objective dedicated to investing with Christian values
in mind. And so one thing that we've done here
at all Worth, which I think is pretty cool, we've
(22:54):
essentially created investment strategies centered around those funds. So if
you want to invest in heavier investments aligned with Christian values,
you know, we can tailor that. So you can have
a very aggressive portfolio like one hundred percent stock, zero
percent bonds. It could be maybe more conservative, like a
(23:14):
thirty stocks seventy percent bond type of strategy. Either way,
all of these investments that we would look to put together,
every single one has an objective and this is critical.
They're objective is Christian values.
Speaker 1 (23:27):
First.
Speaker 4 (23:27):
It's not something that it's kind of back into like hey,
look at we have all of a sudden, No, it's
like a pre screening sort of upfront filter, if you will,
in order to make sure that how these funds are structured.
They are structured very intently for that.
Speaker 2 (23:44):
So, andy, what is somebody giving up? I mean, this
is important stuff, right, this is your your investment decisions
are important anyway. And then when you couple them with
with your your deepest held beliefs, it just kind of
goes up that much more in the important scale.
Speaker 3 (23:57):
So, if this is.
Speaker 2 (23:59):
Something somebody is inclined to do, what what should we
keep in mind that they might be sacrificing.
Speaker 3 (24:04):
Is there any real sacrifice for this? Well, I mean we.
Speaker 4 (24:08):
Could always go back to the past performances. You know,
no guarantee of future results. But you know, with that said,
a lot of the overall returns that investors get is
more it's really determined most by acid allocation. So how
much stocks relative to bond you There's lots of studies
(24:29):
that support this. It's not so much as to you know,
necessarily what's in your stocks is if you're diversified. You know,
that's you know, really the key from that perspective, it's
that overall allocation. So would you be giving up some
maybe maybe not. It depends on you know, what outperforms
in a various cycle. So if you happen to go
into a cycle where all of a sudden, you know,
(24:49):
alcohol stocks are doing really really good. Although I guess
to be fair, there is a lot of alcohol at
those church festivals that you go to.
Speaker 2 (24:58):
But they you know, you know what I mean, Uh,
weren't raised in Cincinnati, so that is a very familiar fair.
Speaker 4 (25:05):
Yeah, but broader, more broadly speaking, those types of sin stocks,
if you will, uh, if they do better than the
broad market, you might underperform a little bit. But in
all honesty, those types of stocks don't really make up
too much of the overall market. So really you're getting
rid of some of those things on the margin. That's
going to help to sleep better at night because you
(25:26):
know you're investing alongside your values. That's going to give
you some comfort, right, and when you know, push comes
to shove, market volatility will happen. If you're investing in
a way that you believe in your heart is the
right thing to do, and you're not and you still
have broad diversification, uh, you know, you're probably more likely
(25:47):
to avoid those costly emotional decisions that really hurt investors
across the board. When you see markets go down and
you're really worried about the world coming to an end,
or you know market's rallying and you don't want to
miss out. That fear of missing out, So those types
of emotions can really derail a financial plan. But if
you're investing alongside your values, it's sometimes it's a little
(26:07):
easier to look at a longer run.
Speaker 1 (26:10):
And you mentioned these institutional investing firms that the folks
that run these ETFs to specifically screen out, you know,
various companies and industries. Can you give us an example
of what that looks like, you know, practically, when we
look at a Christian Values fund, what are these institutional
firms screening out of these portfolios? On average?
Speaker 4 (26:32):
Well, it is going to be those types of sin stocks.
And there's a number of companies out there that do this.
I mean, there's like Guidestone Funds, there's Timothy Plan Event
tid I mean those are not endo worstments of anything whatsoever,
by the way, that's just some of the funds out there,
fund companies that are you know, doing this screening to
(26:53):
exclude those sin types of stocks like alcohol tobacco as
an example. So when you look at that, I mean,
that's something that can be done with the funnelol. Another
another thing you can do, Bob is at the individual
stock level, with like a direct index, you can actually
kind of create your own sort I'll call it. You know,
Christian Values might say, hey, let's just get rid of
(27:14):
these and I can still have access to other areas too,
So it's certainly a lot of choices out there.
Speaker 1 (27:19):
Yeah, so this really can be individualized on a client
by client basis based on their deeply held values and beliefs.
Thanks for joining us as always Tonight, Andy, you're listening
to Simply Money presented by all Worth Financial on fifty
five KRC the talk station. You're listening to Simply Money
(27:40):
presented by all Worth Financial on Bob Sponseller 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. Speaking of questions, Bill and fort Wright
leads us off tonight, Brian. He says, I'm seventy seven,
(28:00):
I'm pulling a huge rm D every year, more than
I actually need to spend. What strategies can help reduce
the tax byte?
Speaker 3 (28:09):
Well, congratulations Bill obviously.
Speaker 2 (28:10):
On if you've got a huge RMD, that means you
have a huger four oh one k And apologies to
my English teachers out there because a requirementimum distribution of
any size comes from a pretty sizable four oh one K.
So for those who may not know, when you hit
a certain age, it's either seventy three or seventy five,
depending on your.
Speaker 3 (28:25):
Year of birth.
Speaker 2 (28:26):
The IRS says, hey, the gravy train has come to
a stop. You got to start paying taxes on these
pre tax dollars. And that's the situation Bill is in.
So he's asking what does he need to do. He
doesn't need these dollars. And by the way, the IRS
doesn't care what you do with these dollars. They just
lose the tax shelter. You can take them out and
stick them in the bank, you can throw them on
the floor, roll around it and it doesn't matter. But
the point is they lose the tax shelter and you've
(28:46):
got to pay the income taxes on it. So he's
asking what he can do to reduce the tax Bye,
the answer is not really a ton unless you're charitably inclined, right,
So you can't. The R and ds are what they are.
There's no way to reduce them. They're pretty much written
in stone. On New Year's Eve every year, that's when
you know what you'll have to take out for the
following year. But one thing you can do if you're
charitably inclined, there is something called a QCD or qualified
(29:08):
charitable distribution. If you are charitably inclined anyway, then you
can send those dollars straight to that charity.
Speaker 3 (29:17):
This is a little different than taking it out.
Speaker 2 (29:18):
Matter of fact, it's very different from taking it out
sticking in checking account, than writing a check to the charity.
This is working with the custodian of your IRA, whoever
the financial institution is, and instructing them those dollars a
financial account in the name of the charity. There's rules,
there's other things out there, but that's something I would
look into, Bill, if that's if that's.
Speaker 3 (29:36):
On your mind.
Speaker 2 (29:37):
For those of you hearing this thinking that might be
you in the future, start looking at ROTH contribute or
what ROTH conversions. And I can see we're going to
talk about that here in just a couple of minutes.
So now we'll go to Lisa in Montgomery. Lisa's sixty
two and she's still working hard, but her company is
now offering her deferred compayout and she's wondering whether she
and what that means. Is she has a retirement plan
out there that GENEFA tax is on yet, and she
(29:59):
was able to first some income.
Speaker 3 (30:00):
It's now time to choose.
Speaker 2 (30:01):
Does she want to lump stump some or does she
want installments without screwing up or taxes?
Speaker 3 (30:07):
What do you think, Bob?
Speaker 1 (30:08):
Well, at least, what I always do with folks when
we look at this situation is you want to look
at two things you want to look at. You want
to do a calculation what's the net present value of
those installment payments? Meaning you take a stream of payments
over however many years the company is offering them, and
you discount that back to a lump some value based
(30:30):
on a interest rate, and you want to know what
that interest rate is that the company is offering you
to take installments, and then compare that to what your
personal investment risk tolerance is, So you know, depending on
the client, and depending on how risk averse you are
versus growth oriented you are, people make different decisions. So
(30:52):
I have been finding in recent years that those numbers
are coming much closer together than they used to. Sometimes
folks end up just saying, hey, I love the idea
of having a guaranteed income stream or something close to
that over a period of years. That allows me to
let the rest of my investment portfolio stay intact and grow.
Others say, Shoot, that interest rate that the company's offering
(31:15):
me is way less than I think we can do
by investing the money. Therefore, we take the lump sum
and invest it. So it has to do with what
kind of an offer you're being given in terms of
a rate of return, and then comparing that to your
personal risk tolerance. Hope that helps, all right, Tom and
Madeira He says, I'm fifty seven. I got one point
five million dollars in my four h one K plan.
(31:37):
Do I start converting some to roth now while taxes
are lower, or just wait and take my chances in retirement? Brian,
I know you don't like to take my chances. Answer.
Speaker 2 (31:48):
Yeah, I'm a fan of let's see what happens. No,
that's the opposite of planning. But sometimes, Tom, the answer
is in the question.
Speaker 3 (31:55):
You already know this.
Speaker 2 (31:56):
Do I start converting some to roth now while taxes
are lower? Yeah, because the opposite would be waiting until
they're higher, and that's not what we want to do. Now,
I'm being a little facetious. I'm having some fun with
Tom here, But no, you've got the right path here.
Now is the time to do it. I think what
Tom's really saying is, is this idiotic to write this
big and this fat of checks to the irs voluntarily
(32:16):
so that I get some kind of tax re benefit
out the back end. And the answer is probably. It
makes some sense anyway, because somebody's going to pay taxes.
You're either doing yourself a favor by lowering your rm
ds because roths will not have requirementimum distributions, or you're
giving your kids your heirs the benefit of tax regrowth.
Remember if they inherit a wroth, then they get not
You get not only the tax free growth for the
remainder of your life. Your heirs get another ten years
(32:40):
because of the way the IRA inheritance rules work. So yeah,
I definitely think it's something to looking to just understand
the math behind it. Let's go on to John and
Emily in Mount Washington. They're in their mid sixties, two
and a half million dollars, and they're wondering how they
balance spending on fun stuff like travel without running the
risk of running short in their eighties. Bob, this pretty
common one.
Speaker 1 (32:58):
What do you think, yeah, John and Emily, I mean
the simple answer is sit down and have a good
fiduciary advisor, create a financial plan you know for you
based on varying goals, and you can play the what
if game. You can run different scenarios and see how
your plan performs into your late eighties to mid nineties
(33:19):
based on whatever spending assumptions you want to make. And
some people and Brian, we see this all the time.
We have people who refuse to travel now because they're
worried about running out of money in their late sixties,
and they really regret it later because now they got
this whole big pile of money left to leave to
their kids and grandkids and they and they did not
(33:40):
take that cruise or you know, those big trips that
they all And then we've got the other extreme where
people go a little crazy here in their sixties and
they want to give money away, they want to travel,
they want to do all those things, and they they
don't look at the impact of how that's going to
how that's going to manifest it self in the viability
(34:01):
of their long term plans. So long way of saying,
put a good financial plan together, running multiple assumptions and goals,
and I think working with a good advisor, you will
arrive at a plan that works. And this is just
another reminder that that plan could change and evolve as
time goes by. You don't have to lock it in
(34:21):
stone when you're sixty five. All right, Coming up next,
we're going to discuss the sneaky cost of raising our
standard of living. You're listening to Simply Money presented by
all Worth Financial on fifty five krs the talk station.
(34:41):
You're listening to Simply Money presented by all Worth Financial
on Bob Sponseller along with Brian James. Let's talk about
something that happens to just about everyone who starts making
more money, something called lifestyle create. Brian walk us through
it because this is a common topic.
Speaker 2 (34:58):
Yeah, a lot of people are going to wreck themselves.
And I'm human too, I recognize me in this. I
remember when this happened to us, and it's happened. It's
happened even you know a couple of times.
Speaker 3 (35:06):
So it goes like this.
Speaker 2 (35:07):
You get a raise or a bonus, some kind of
new income sources coming in somehow, maybe the business picks
up and you think, you know what I've done my time.
Speaker 3 (35:14):
I have earned this. So now I'm going to get
that next upgrade on the car.
Speaker 2 (35:18):
I'm going to buy the higher level trim with all
the bells and whistles that I'm never going to read
the manual to learn how to use. You might move
to a nicer neighborhood that has three more bedrooms that
you're never going to be inside of, join the fancy
golf club, start flying first class. These aren't bad things, right,
I'm not. I'm being a little funny here, but these
aren't terrible things. These are things that, yeah, they're the
niceties of life. You can make life easier, make yourself
(35:39):
more comfortable, and take advantage of some of these things,
and you have earned it. They could just be fine
depending on your overall financial plan. But that's the point.
Did you have a plan? Do you know what you
can get away with? Lifestyle creep can be dangerous because
it is literally it's so quiet. It's like your own
little inflationary world. Some inflation we can control, some we can't.
(35:59):
But this is a case definitely where we are subconsciously
choosing to introduce inflation into our lives. It can be
an okay thing. But you got to know, you know,
if you can get away with it.
Speaker 1 (36:09):
Yeah, Brian, I think the people we're talking to right now,
and I have more than a few meetings like this
every year with people that come in and want to
talk about planning for retirement. And one of my first
questions is, well, what do you want to spend you know,
every year, every month when you retire? And I get
this deer in the headlights. Look, they have no idea.
(36:31):
And what I suspect, which ends up almost always being true,
is these folks are working hard, making a lot of money,
you know, getting raises and all the things you just
talked about, and they just spend their net paycheck, you know,
they even though they do save responsibly in their four
oh one K plans and do a lot of good things,
but they just assume that their current lifestyle is going
(36:55):
to be able to continue forever. And they've never run
the numbers, they've never looked at it. And uh, this
is where oftentimes, quote unquote rich people can get big
surprises as they start to approach retirement because they haven't
planned enough to have enough money to continue that lifestyle.
And that's where some tough decisions need or tough conversations
(37:18):
need to be had.
Speaker 2 (37:19):
Yeah, but it's just it's all it's all about that
that that you know, that that conversation with yourself or
with the rest of your family.
Speaker 3 (37:26):
So how do we avoid this? What do we do
about it?
Speaker 1 (37:29):
Well?
Speaker 3 (37:29):
Track it, pay attention to it.
Speaker 2 (37:30):
Every time your income goes up, make a rule to
save or invest at least half of that increase. So
for example, you know, if you if you get a
ten percent raise, that's fantastic, go over and bump your
four oh one k by five percent or go over
and you know, increase your savings. Maybe start doing backdoor
roth ira egg contributions. If you don't know what that is,
google it or whatever. But if you can do that,
(37:52):
take half that raise and squirrel it away, you're still
coming up with more spendable cash at the you know,
at the at the end of the month, and you're
saving more. So that way, it's almost canceling out your
default behavior is saving first and spending second. But because
you're still proactively starting to save more than you'll be
able to take that in stride, and that lifestyle creep
(38:12):
is not going to In fact, you affect you so
much because you did it consciously alongside deeper savings there
and make sure you're on top of your spending ratio
to just understand, am I still spending the same percentage
of my asset or of my income. If the percentage
is the same, then cool. Knock yourself out, do what
you want, but be paying attention and if you still.
Speaker 1 (38:30):
Have questions, like Brian says, google it. Thanks for listening.
You've been listening to Simply Money, presented by all Worth
Financial on fifty five krc V talk station
Simply Money News
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.