October 8, 2025 • 41 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian dig into the ongoing government shutdown and the financial ripple effects it could cause. Then, they expose the four-letter word quietly eating away at your wealth and how to make sure you’re actually getting value for what you pay. Plus, real estate expert Michelle Sloan shares whether Cincinnati’s housing market is cooling or heating up, and the guys tackle your money questions on early retirement, second homes, and gifting to your kids.
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Episode Transcript
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Speaker 1 (00:00):
We got a lot today.
Speaker 2 (00:00):
Do you I do got to put up these Halloween decorations?
Speaker 3 (00:03):
Will it's time to do it? Dude? The rest I
do need to know On.
Speaker 4 (00:06):
Fifty five KRC the talk station tonight, the government is
still closed.
Speaker 5 (00:19):
The four letter word that could be gobbling up your
portfolio and we answer your questions. You're listening to Simply Money,
presented by all Worth Financial on Bob Sponseller along with
Brian James Well tonight.
Speaker 3 (00:30):
The federal government remains shut down.
Speaker 5 (00:33):
Last night, the Senate voted fifty two to forty two
against passing the House passed bill. Just as a reminder,
it needs sixty votes to advance in the Senate, and
this was the fifth Senate no vote on this resolution
to fund the government. And even if it gets funded
only through November twenty first, So we've got issues in Washington.
Speaker 3 (00:53):
The current shutdown, which.
Speaker 5 (00:55):
Began officially at twelve oh one am Eastern Time last Wednesday,
has happened largely. The sticking point here is because Democrats
and Republicans are locked in a literal standoff over extending
Obamacare subsidies.
Speaker 3 (01:11):
In the recent funding legislation that went.
Speaker 5 (01:14):
Into effect during COVID and you know, both parties are
divided on whether to extend these at all, whether to
partially extend them, whether to wean people off of those extensions,
and neither side is budging, Brian, and the chaos in
Washington continues unabated.
Speaker 6 (01:32):
Yeah, this is this is coming down to fundamental party beliefs.
Of course, that the the Obamacare Act, the Affordable Care Act,
was passed years ago, with when when the Democrats had
the majority, head control, and obviously that's a very passionate
piece for that side of the aisle there, and that's
what they're digging in on, and Republicans are kind of
standing there, going, how dare you be so passionate about you?
(01:55):
Why can't you just let it go? It seems to
me it's immovable object in here, resistible force. So it's
going to be really interesting to see how this works out.
But eight votes, that's not a squeaker either, right, They've
got fifty two votes they need sixty.
Speaker 3 (02:07):
That is not close. So this one's going to drag
on for a little bit.
Speaker 6 (02:10):
So the so, as you mentioned, the funding bill has
already passed the House of Representatives.
Speaker 3 (02:14):
Democrats are stopping it. So because of those sixty votes.
Speaker 6 (02:17):
Republicans only have a fifty three to forty seven majority,
So this is this is going to drag out a bit.
This is looking a little different from these past ones
because the Trump White House's Office of Management Budgmen budget
is talking about layoffs. You know, there's a difference between
furloughs and layoffs. Layoffs means these jobs are just done,
versus a furlough, which means we're going to show off
your paycheck for a while and you can take some
(02:38):
time off. So in the past, federal employees who weren't
classified as essential, remember essential employees, and we had all
those headlines. But people who weren't labeled as essential got furloughed,
as they have been this month, but they didn't face
the threat of layoffs.
Speaker 3 (02:50):
That's the new thing that's happening right now.
Speaker 5 (02:53):
Yeah, I heard a couple interviews, you know, early this
morning as far as when the proverbial stuff's gonna hit
the fan here and a couple of dates. Just to
keep in mind. October fifteenth is when the military is
scheduled to get paid. That's their next paycheck. And I
don't think anybody I think, I think phone calls are
going to start to come into Washington, you know, all
(03:14):
congressional offices. When you don't pay the military personnel, even
though after these shutsdowns end, everybody always gets their money,
let's face it, Brian. You know people that are living
paycheck to paycheck and they need that check to just function,
you know, and a lot of time, a lot of
a lot of these military personnel are are overseas away
from their family. The spouse at home with the kids
(03:37):
is just trying to keep, you know, food on the table.
You don't pay these people on the fifteenth of October,
that's an issue, and then on October twentieth, that's where
the vast majority of government employees get their next paycheck.
So we've got some important dates coming up. I heard
I heard an interview this morning, Brian with Maya mcguinnis.
(03:59):
She's the head of something called the Committee for a
Responsible Government Budget or whatever you call it. You know,
pretty nonpartisan group, nice lady, well spoken. She said a
lot of the things that you and I have been
talking about for weeks and months on this show, Brian,
And it's just we got to get people in a
room and be adults and just level with the American
(04:21):
public on what the situation is. I mean, we're marching
toward thirty eight trillion dollars in debt. But as she
pointed out, you know, anytime you pass a tax cut
and say that might be you know, temporary, people don't
like ending tax cuts. And then anytime you give out
another government program or paycheck like these extended you know,
(04:45):
Medicare subsidies that were put in during COVID. You know,
COVID's gone, but we're still paying out the subsidies, nobody
likes those temporary benefits to end. In reality, people are
going to get have to get in a room and
just level with the American public here that we're going
to have to pay our bills somehow. We can't just
keep printing money as we march ahead toward thirty eight
(05:08):
trillion dollars in federal debt.
Speaker 6 (05:10):
Yeah, and then that would be nice if we had
an adult in the room who could stand across the aisle,
not on one side or the other, but just say, look,
you all can argue as much as you want, but
this math just don't math, and we have got to
start acting like adults. But unfortunately I don't hear that
coming right, So we're almost uh, you know, we're about
a year through this, this this first year, the of
the second Trump administration.
Speaker 3 (05:31):
Midterms are going to be on top of us.
Speaker 6 (05:32):
It usually would be about now, it seems like that
we would start hearing from that person out of nowhere
who may have a different point of view. But it
just doesn't seem like anybody is willing to step up
and do that, uh, you know.
Speaker 3 (05:43):
Any anytime soon. So but I worry about that.
Speaker 6 (05:47):
I feel like in terms of our overall role of
as financial planners and helping people retire, plan for retirement,
and they're you know, they're living their.
Speaker 3 (05:55):
Best lives and so forth.
Speaker 6 (05:56):
I'm not overally worried about that because I'm pretty sure
that the the stock markets and bond markets will continue
to function as always, But just in terms of the
overall chaos that we just seem to keep, you know,
like we're in a cartoon stepping on a rake over
and over and over again.
Speaker 3 (06:09):
That will we drag ourselves through these cycles.
Speaker 6 (06:11):
So it does create a lot of distraction and a
lot of concern, and we're gonna need some more time
to sort this one out.
Speaker 5 (06:17):
Yeah, I did hear, you know, a brief interview with
President Trump. I think it was last evening, and he
talked about you know, and he always said, you know,
good things are coming, hang in there.
Speaker 3 (06:27):
What have you.
Speaker 5 (06:28):
You know, it seems like he's going to try to
get these people back in a room and get something
done because Brian, and this is just my opinion at
this point, I don't know that it does a whole
lot of good to solve the problem for less than
thirty days and be right back where we started again
on November twenty.
Speaker 6 (06:46):
First, that's what we're doing right now, is we kicked
the canson now back in March.
Speaker 3 (06:50):
That's why we're having this conversation. Yeah, yeah, my point here,
and then we'll move on.
Speaker 5 (06:54):
I hope the President can get these folks in a
room and say, look, let's get something done now so
we don't have to do it again in November, is
my point. But as the President always likes to say,
quote unquote, we'll see what happens. So yep, we will
see what happens. So meanwhile, we will of course keep
all of you posted on the progress. You're listening to
Simply Money presented by all Worth Financial on Bob Sponseller
(07:17):
along with Brian James. All Right, if you need another
example of how AI is becoming more impactful on the
stock market, it is this Open AI and chip designer
Advanced micro Devices announced a multi billion dollar partnership to
collaborate on AI data centers that will run on AMD processors,
(07:40):
one of the most direct challenges yet to the virtual
i'll say domination of industry leader Navidia.
Speaker 6 (07:49):
Brian, Yeah, this is a big deal from a standpoint
of this is the United States State is staking a
bigger foothold in semiconductors here. So open Ai is a
US based company and so is a MD these this
order for semiconductors could have gone anywhere in the world
and it's staying here of course, so that is that's
a very good sign. But the details behind this, Opening
(08:12):
Eye is gonna partner with AMD to either design or
co develop these more advanced AI chips. This is a
broader push to produce reliance on in Video's GPUs, which
that that's those dominate the market, right, Just like you said,
they have about eighty to ninety percent of the equipment
used here has in Vidia guts in it, so that
this is a good thing. I think competition is always helpful.
(08:33):
We can't have, we shouldn't ever have the risk of
one source for everything, and it's going to drive into
video and AMD to to continue to innovate and be
more and more powerful. The goal here is to diversify
supply and control costs, and videos chips are in such
high demand. Even the big players like Microsoft and Amazon
have trouble securing enough inventory. That just isn't enough of
(08:55):
it out there. So it's good that we're going to
have a second resource.
Speaker 3 (08:57):
For these I totally agree.
Speaker 5 (08:59):
And you know, in case people, well, we talked yesterday
about the importance and the benefit of over a long
term basis diversifying your portfolio. Case and point Brian, just
for kicks, I pulled up the I Shares Semiconductor Index
ETF this morning and I looked at the return over
the last six months. This is a broadly diversified ETF
(09:24):
that focuses mainly on the semiconductor index. It's up seventy
nine percent in the last six months. And as we
talked about yesterday, not all of that gain is in
the video, So this thing is broadening out among the
sector and what we find almost you know invariably in
every industry. The more you inject competition, innovation improves, prices
(09:48):
come down. It's good for consumers, it's good for businesses.
Speaker 3 (09:53):
You know, this is all a good thing.
Speaker 5 (09:55):
And you know, Intel is I think waking up and
getting back in into so you know, again, if you
have a broadly diversified portfolio, just say the whole S
and P five hundred or the NASDAC or even a
sector specific ETF, you're giving exposure to all of these companies,
(10:15):
even a lot of companies like we mentioned yesterday that
people aren't talking about every day on the news, but
yet you look up six months later, an entire sector
is up almost eighty percent.
Speaker 6 (10:26):
Yes, And I think one of the other points of
view all want to take on this is how does
this look? Because I think we're all used to looking
at these technology booms they always come out of the
technology industry because that's just kind of on the forefront
of innovation and so forth.
Speaker 3 (10:38):
So it's always.
Speaker 6 (10:38):
Tempting to look at that and just see if we
feel like it's going to become what we what we
all experienced as the first technology bubble, which is which
was the dot com era about twenty five years ago.
So there are some parallels to draw there, but there's
also some big differences. So that the dot com bubble
similar to this current AI boom, lots of speculative frenzy,
sky high valuations, right, But whenever, whenever we get excited
(11:00):
about some new technology and the herd starts to throw
money at it, that results in these ridiculous valuations. And
that's where we're sitting now on some of these. However,
that was true a year ago and it continues to
be true as this all takes its it takes root here.
So these investments involve heavy infrastructure, a lot of capital intensity,
a lot of sunk costs, and you know, there's always
the high risk of blow ups amongst the amongst the
(11:22):
ones who don't make it that Those are the things
that that that this current AI boom has in common.
Speaker 3 (11:27):
Now.
Speaker 6 (11:27):
The difference is, though, are the companies behind this this
time around?
Speaker 3 (11:31):
Are the ones who are already established?
Speaker 6 (11:32):
So remember the dot com boom, it was all companies
with cool names and cool websites that didn't really have
any any profit behind them. Well, this is this is
mainly being driven by Microsoft, Alphabet Meta, Amazon obviously already
substantially profitable and ridiculous cashlows. They are the ones funding
this boom because they're going to benefit the most from it. Uh.
And of course we've got the chip companies that those
(11:55):
existed before. Both Nvidia and AMD have been around for
a very long time. They're just making different kinds of
chips that that serve different purposes now.
Speaker 3 (12:02):
So there's more diversification.
Speaker 6 (12:03):
There are more mature capital markets supporting all of this
than there was during the during the dot com boom.
Speaker 3 (12:09):
And also there's a little more.
Speaker 6 (12:10):
Skepticism and UH and and regulatory paying of attention, if
you will, rather than what there was. And the dot
com era was kind of more of the wild West.
So I feel good that this is a this is
a catalyst that's going to push us forward. We benefit
a lot from it here at all Worth Financial, and
I know that other companies do as well. And I
don't think this is the same thing as the dot
com mooble.
Speaker 3 (12:30):
Well said, I totally agree.
Speaker 5 (12:32):
Coming up next, the four letter word that's draining your
retirement And know it's not what you say when you
open up your brokerage statement when the market's down. You're
listening to Simply Money, presented by all Worth Financial on
fifty five k r C, the talk station.
Speaker 6 (12:49):
She sloated Chicago murders every weekend Democrats talking about socialism,
extraterrestrial technology.
Speaker 1 (12:55):
You know the facts.
Speaker 3 (12:56):
Listen here everything, know everything. You behind me to know
fifty five PARS Talk Station.
Speaker 1 (13:03):
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 5 (13:22):
You're listening to Simply Money, presented by all Worth Financial.
I'm Bob sponsorer along with Brian James. If you can't
listen to Simply Money live every night, subscribe and get
our daily podcast. You can listen the following morning during
your commute or at the gym, or during your walk
around the neighborhood.
Speaker 3 (13:37):
And if you think your friends.
Speaker 5 (13:38):
And family could use some financial advice, tell them about
us as well. Just search Simply Money on the iHeart
app or wherever you find your podcast. Should you sell
that second home, start gifting to your kids or are
you just trying to figure out why everything feels so expensive.
Those are all the questions we'll answer for you, and
(13:59):
more come out up at six forty three. All right,
we talk a lot about returns, tax strategies, even market volatility,
but when was the last time you really looked at
how much you're paying in fees?
Speaker 3 (14:11):
That's right, the four letter word fees.
Speaker 5 (14:14):
Fees can easily mean the difference between funding a grandchild's
college education or not being able to get that done,
between retiring at age sixty three or having to work
until age sixty seven. You know, we say all the time,
if you're working with a good fiduciary advisor and you're
paying a fee, hopefully and most likely you are getting
(14:37):
real value in other words, a true comprehensive financial plan,
proactive tax strategies, investment management, retirement income planning, a state coordination,
and other words, the whole ball of wax. What we're
talking about tonight are the fees. You don't see, those
hidden costs that add up over time and often don't
(14:57):
provide any value whatsoever.
Speaker 6 (14:59):
Brian, Yeah, people often miss these layered fees. So you
could be paying a percentage for advice and then another
in mutual fund expense ratios and then plus hidden trading
costs inside those funds. So you need to make sure
when you talk to your advisor that you understand that
it's all laid out in front of you. So any
investment vehicle is going to have expenses. That's just the
reality of life. Mutual funds can be some of the
(15:22):
more expensive types of things, and when we talk about
expense ratios, we're talking about fees that you're not going
to see unless you go looking for them. Expense ratios
are buried inside a mutual fund or an exchange traded
fund ETF in a way that it's built into the price.
So those deductions are taken literally every day. You're not
going to see it come out of your account. It's
built into the price of the fund, and so it's
(15:43):
something that won't get your attention very much. So mutual
funds can sometimes be Oftentimes they're in the neighborhood of
half percent to one percent if you're talking about a
loaded fund, maybe something you paid a commission four years ago.
Sometimes they can be upwards of three percent. There are
things out there called c shares that don't have any
loads on the front end, but they spread it out
over time, and you'll see that in those really high
(16:03):
expense ratios. That's one of the reasons that we use
exchange traded funds because we can build a portfolio and
keep those internal expenses between a tenth and maybe two
tenths of a percent across the board. Sometimes we use
active managers as well. There is value at some for
very unique kind of niche positions we need to take,
but most of the time we're focused on index.
Speaker 3 (16:23):
Based risk tolerance type arrangements. Then we're going to be
able to control the expenses a lot more.
Speaker 6 (16:29):
So if you want to make sure that you understand
where these fees are and if there are commissions involved,
well just make sure you understand that your advisor is
only getting paid when you tell him or her yes,
buy that thing or sell that other thing that's commission based,
as opposed to something that has a much more comprehensive approach.
Where you've got, as Bob mentioned, all the tax planning
and estate planning advice and so forth.
Speaker 5 (16:50):
And Brian, what we tend to find out, you know,
run into all the time when we have new folks
come in and talk to us, is people have these
investment advisors that they've worked with for years and years
and years, and we find that people are in these
more expensive products that the investment advisor is still getting paid,
and paid rather handsomely, but they're not doing the whole job.
(17:13):
They're not providing all those comprehensive services coordinated together, like
I talked about before. And let's face it, at the
end of the day, a fee is really only a
fee in the absence of value. And the point we're
trying to make here is make sure you're getting true
value for what you're paying for. In other words, once
your portfolio gets to a certain level, you should be
(17:34):
asking am I getting access to lower cost institutional shares
or ETFs? Should I be direct in indexing my portfolio?
Is there any kind of active, proactive tax management, tax
loss harvesting going on? And then there are there? Just
are there some smarter, more efficient solutions for my particular
(17:56):
level of worth? And what we find out all the time, Brian,
and as you like to say, that's why we all
have jobs over here. When we can actually get somebody
in here and take a look under the hood and
see what's going on. Oftentimes we can add value for
a client and so do other fiduciary advisors, By the way,
add a lot of value for clients and actually lower
(18:19):
their cost of doing business, not raise it. You know,
it's just a reminder to take a look at what
you've got here and make sure you're getting true value
out of your current relationships.
Speaker 6 (18:30):
So, Bob, let's take take a quick hypothetical example. And
this is not that hypothetical because I know the people
behind it. So this is a couple, both of them retired,
had about two and a half million dollars saved of
for excuse me, portfolio was with a well known national
brokerage firm. This wasn't a commission based type of arrangement.
This is everything looks fee based. They're paying a quarterly
fee that's a percentage of the assets. That's pretty common
(18:50):
these days in a fiduciary type of relationship. But when
they peel back those layers, they find out that almost
all those investments are in actively managed mutual funds, which,
as we all know most people have heard this drum
beat before, only about you know, fewer than nine out
of ten actively managed mutual funds actually outperform the indexes.
You know, oftentimes you're paying something there's not getting.
Speaker 5 (19:12):
Much fewer than one out of ten, right, Yeah, I
said that backwards anyway, I Active management doesn't really help
all that much in the long run.
Speaker 3 (19:19):
But here's the big thing.
Speaker 6 (19:19):
This particular case I'm thinking of, there wasn't even an
advisor behind it.
Speaker 3 (19:23):
This was a national brokerage firm.
Speaker 6 (19:24):
The advisor had left, so when we looked at their statements,
it said house account. So there there's a fee being
charged and there's no advisor behind it. We know that
the robots are running of the investments, but nobody's really
looking at those extended the estate planning directions, the tax planning,
all those other kinds of things, because there just wasn't
a human being behind it. But that national brokerage firm,
(19:44):
the big company you've heard of, was more than happy
to continue to collect the fees and not pick up
the Phone's that happens more often than not where if
you've got a big, faceless firm like that, sometimes the
people just disappear and all of a sudden you don't
have anybody. Really it doesn't mean they're they're abandoning the investments,
but nobody is having that proactive discussion with you about
your specific situation, so very common type of the thing
(20:06):
that we run across, and that's often what drives people
in the door here to have a different opinion.
Speaker 3 (20:10):
Here's the all Worth advice.
Speaker 5 (20:11):
Good advice is worth paying for, but hidden fees that's
money you never see again and just wasted money. Coming
up next is Cincinnati's housing market cooling down or heating
back up?
Speaker 3 (20:24):
Our real estate expert weighs in. Next.
Speaker 5 (20:26):
You're listening to Simply Money, presented by all Worth Financial
on fifty five KRC, the talk station.
Speaker 3 (20:33):
The Shumer Shutdown, Trump Shure.
Speaker 5 (20:39):
You're listening to Simply Money presented by Allworth Financial on
Bob' sponseller along with Brian James, joined tonight by our
real estate expert, Michelle Sloan, owner of Remax Time. Michelle,
as always, thanks for making time for us tonight and
update us on what's going on with the housing market
here as we enter and get in the month of October,
(21:01):
the fourth quarter of the year.
Speaker 3 (21:03):
And then I know Brian and I are dying to know.
Speaker 5 (21:05):
You know, is this government shutdown or the fear of
a longer term shutdown? Is that making people freeze up?
Is that slowing things down? At all, or are things
just moving forward, you know, unabated here.
Speaker 7 (21:19):
Okay, well there's a lot to unpack, and so we've
got a lot to cover. That's why we need to
at a minute. Well, I appreciate that very much. Well,
today I can say the interest rates are they're doing
well there, They're going down a little bit, certainly so
on a thirty year fixed strate mortgage on average, and
(21:42):
then this always depends on your own credit, who you
go to, which banker or lender that you use. But
the thirty year fixed rate is six point two eight
on average nationally, so we are below that six and
a half percent, which is really good. The fifteen year
mortgage rate is on average about five and a half percent,
(22:03):
so we're seeing the less than seven percent. You know,
I've always said if we get in the six percent range,
I think that's the magic number, and we're there right now.
But seasonally, we have to understand that there's not a
lot of people wanting to move unless you have a
real reason to do so. And that real reason maybe
(22:27):
a job move, or you know, your family is growing,
or whatever reason that you might have to want to
make a move. You know, this time of year, most
people aren't thinking about buying homes. But I'm going to
say that this is the best time to buy a
home if you're in the market, because there are opportunities available.
Speaker 6 (22:48):
Hey, Michelle, this is now that we're in this declining
rate environment again, which we hadn't seen in a while,
at least not consistently. I'm reminded of you know, sometime
in the past, I don't know, fifteen, maybe twenty years
going back, that are there were a lot of companies
out there pushing declining rate mortgages. In other words, when
the when mortgage rates would drop a certain amount, your
rate on your existing mortgage would lower as well.
Speaker 3 (23:11):
I feel like I haven't heard about those in a very.
Speaker 6 (23:13):
Long time, and maybe we don't have enough momentum for
financial companies to want to put that stuff together. But
have you heard about that? Do you see do you
ever see clients coming with that type of mortgage in
the mix?
Speaker 7 (23:23):
You know there are some refinancing going on as a result,
but you're right, it's not a big push at this point.
I think if we do get down to that six percent,
which I personally feel like is a benchmark, that then
you're going to see lenders really pushing and usually it
(23:43):
only makes sense to refinance your mortgage. And usually that's
not an automated thing. That's not just going to happen.
Most mortgage companies, in your lender, they're not just going
to automatically say, hey, do you want to lower your rate?
Because the rates are going down, You as a consumer
need to pay attention. And so that's where you know,
(24:05):
it's important to listen to a show like this just
to be able to see or talk to your real
estate agent, talk to your financial planner and look at
your rates. Don't just set it and forget it. Now.
We always talk in the stock market, right, it is
important for the most part to not be too quick
to make moves right, but in the in the mortgage business,
(24:29):
and you do need to know what you have so
that you can make the right decisions as you move forward.
Speaker 5 (24:37):
All right, makes sense for sure? Hey, I know you
wanted to talk about a new survey out there.
Speaker 3 (24:42):
I don't know where it's from. I know you do.
That suggests how'sing.
Speaker 5 (24:46):
Costs right now or quote unquote unreasonable, and that there's
one main culprit for the unreasonable unreasonableness. What's going on
with that survey and this does it Does it hold
water in your opinion?
Speaker 7 (25:01):
Not really, well sort of. You know, everybody thinks and
has an opinion about realtors, investors, attorneys. It may not
all be positive. So, you know, a staggering ninety three
percent of Americans believe that housing costs are unreasonable, quote
(25:22):
unquote unreasonable, and a lot of the people think that
it's because of investors and many people that have been
surveyed in this latest affordability survey. When it comes to
the root cause of unaffordability, respondents pointed their fingers at
investors who have this is in the thoughts and in
(25:45):
the minds of the people who responded to this survey
have significantly increased their portfolio of low cost starter homes
over the past years, basically pricing out all of the
regular people who want to buy homes, the actual home buyers.
And you know that the interesting part of that thought
(26:07):
process is it's not really true. It's definitely popular to
blame investors with the housing problems that we've had, or
the economics of the higher prices, but the fundamental driver
of housing costs is the shortage of homes available. It's
driven by the fact that there's a mismatch between the
(26:29):
number of households and the actual size of our housing stocks.
So it's what is it. It comes down to this
simple supply and demand situation more than investors. It's easy
and fun to blame investors for all of our woes.
The other person or a group of people that were
(26:49):
bashed in this survey are politicians. And that's not surprising either.
Politicians are being blamed for afford ability housing crisis. So
if we move forward with that line of thinking of
the blaming politicians, I want to just say a brief
(27:11):
thing about the government shutdown. Yeah, you know, I think
it continues to contribute to the lack of consumer confidence
in the market and in the government itself, so buyers
and sellers. The impact so far at this point has
been fairly limited, maybe adding a few extra days to transactions,
(27:33):
but for the most part, we're still chugging along. Now.
If you know, we always worry about what if. I'm
only worried about today, because we could worry ourselves to
death if we, you know, look at all of the scenarios.
So one day at a time, and in the world
(27:54):
of real estate, there are opportunities. And that's the one
thing that I would love to us to everybody who's
listening tonight is in the last seven days in the
Cincinnati market, there have been five hundred price reductions. What
does that mean? All homes have been on the market
a little longer and sellers are getting a little uncomfortable.
(28:19):
And when sellers get uncomfortable, they are looking to negotiate.
Speaker 5 (28:25):
YEP, So to get out there, opportunity to get home
and make an offer. Thanks Rashe, you're listening to Simply
Money presented by all Worth Financial on fifty five KRC,
the talk station.
Speaker 3 (28:35):
Who wants to be rich?
Speaker 2 (28:36):
We call them every day millionaires.
Speaker 3 (28:38):
Every day listen to Dave Ramsey.
Speaker 2 (28:41):
They typically say one of the things that turned their
life around was when they started looking at purchasing something rich.
People ask how much broke people and I've been both
brother okay broke. People ask how much down and how
much a month?
Speaker 3 (28:58):
Tonight at seven oh six, I start asking how much
On fifty five KRS the talkstation, are welcome to here.
Speaker 5 (29:06):
Why do we keep letting thousands of people come over
and do nothing about it?
Speaker 3 (29:09):
My family's safety is at risk. Fifty five KRC the
talk station.
Speaker 5 (29:18):
You're listening to Simplely Money, presented by all Worth Financial
umpop 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
that will come straight to us. All right, Brian, Cindy
and Kenwood leads us off tonight. She says, we've been
(29:38):
thinking about retiring early, that health insurance costs are a
huge unknown. How do you abridge the gap until Medicare
without draining savings?
Speaker 3 (29:49):
Now, this doesn't mean you can't retire.
Speaker 6 (29:51):
A lot of people get hung up on the idea
that I have to wait until sixty five. I must
must must wait until sixty five so my healthcare coverage
can be as cheap as possible by using Medicare. And
that's that's a good plan, but it's not the only plan.
There are ways to do this, and that's using the
Affordable Care Act marketplace. So let's let's talk about first
what does coverage really cost necessarily?
Speaker 3 (30:10):
So for a sixty year old copy.
Speaker 6 (30:12):
A couple in Ohio, Indiana, Kentucky, that's going to average
about fourteen hundred to eighteen hundred a month before subsidies,
or maybe seventeen to twenty two thousand dollars per year.
Costs will vary sharply by income. Subsidies phase out once
you're modified. Adjusted gross income exceeds about seventy eight thousand
dollars for a married couple. So just understand what your
options are and you can go to the go to
(30:33):
your your whatever state you're in. I don't think we
knew that one, but and take a look at what
the what the options are out there. And another option
too is look at your employer. Your employer may offer
COBRA coverage. For those who don't know, Cobra can extend
your current government plan whatever you're on right now for
up to eighteen, maybe thirty six months, most often eighteen.
There will be you're paying both halves of the premium,
(30:54):
so you still get the benefit of a lower overall premium,
but now you have to pay the portion that your
employer was paying in the past. So that can be
a really good option for people wanting to retire earlier
than sixty five. So let's move on to Don in
Blue Ash, who has a question for Bob Don says,
we've built a comfortable nest egg, but we're not sure
how to generate steady income out of it without losing
that growth potential.
Speaker 3 (31:14):
So how do we find the right balance?
Speaker 5 (31:15):
Bob well Don, I always like to answer this question.
You know, obviously I don't know your whole situation. I
don't know all the details, so I'm going to speak
in generalities here, but you know, in general, I like
to answer this question in two ways. One, you got
to sit down and have a financial plan built for
you by a good fiduciary advisor. In other words, you
got to look at your income sources, social security, your
(31:37):
pile of money, and then more most importantly, what you
plan on spending, and you got to make sure the
math adds up and so there usually there is a
level of risk and level of growth that we've got
to have from a portfolio in order to have a
high probability.
Speaker 3 (31:53):
Of enabling you to meet your long term goals. That's
number one.
Speaker 5 (31:57):
Then number two, we got to take your temperature as
far as how much risk and volatility you know you're
comfortable taking with your portfolio.
Speaker 3 (32:05):
So hopefully, when.
Speaker 5 (32:06):
We can answer those two questions, we can arrive at
a proper asset allocation between bonds, stocks, maybe some buffer
ETFs or you know, risk control type strategies where we
can get enough growth in your portfolio to meet the
financial goal and also enable you to sleep at night
so you can actually enjoy your retirement rather than worry
(32:29):
about money every day.
Speaker 3 (32:30):
Hope that helps Don all.
Speaker 5 (32:32):
Right, canon Fort Thomas says, we've got a second home
that we rarely use, Brian, should we sell it, rent
it or look for ways to fold it into our
long term financial plan?
Speaker 6 (32:43):
Yeah, that can be Obviously, the owning a second property
requires resources, it requires time, and that obviously there are
benefits to it as well. But yeah, a lot of
people run into this eventual well what are we really
doing here? What do we want for the long term?
So and sometimes people can underestimate what those costs are
property taxes, insurance, maintenance, travel back and.
Speaker 3 (33:04):
Forth to it, and utilities.
Speaker 6 (33:05):
That's often three four percent of the home's value every
single year, never goes away, So it just depends on
what you're looking for. Renting it out, doing the airbnb
thing I think can be okay, but I wouldn't look
to net a whole lot of you might be able
to cover your cost, but if you're going to have
to have a property manager involved, those cost money somebody
(33:25):
can have come in and clean it, you're gonna have
to deal with unhappy people.
Speaker 3 (33:28):
And stuff that happens to it and so forth.
Speaker 6 (33:30):
So I think the best bet is just to figure
out exactly what do you want in terms of your
overall travel goals.
Speaker 3 (33:36):
If you're not using it anymore.
Speaker 6 (33:37):
Another way to think about it is sell it and
then just use the proceeds as your travel budget. Then
go wherever you want. Now you're no longer changed to
a to one property. And I have heard a lot
of people recently expressing frustration kind of being stuck with
a property and now the HOA fees are going up
because there was yet another hurricane and so forth, and
people are just kind of thinking a little bit differently
about do I really want to tie myself down to
(33:58):
a property in a town on somewhere that maybe I'll
eventually get tired of, but kind of be stuck with.
So just be open minded to different solutions out there.
Depends on what your family wants. So now we're going
to go to Mike and Hyde park Mark, Mike is
starting to think about gifting to the kids and not
just later, you know, after their death. They're wondering what's
the smartest way to transfer wealth during their lifetimes.
Speaker 5 (34:19):
Bob Well, I think it's great that you're thinking about this, Mike,
because oftentimes, and I've talked about this many times on
the show. You know what I find with clients in
their adult kids, just starting out with families, and you know,
life's expensive these days, so oftentimes you provide much more
benefit to them now by helping them get through some
(34:42):
of these early stage life decisions like getting married, having
your first kid, getting into a home, all that kind
of stuff, versus just loading a pile of money on
them when they're in their seventies. You know, it does
a lot less good there. So I love the thought process.
How do you go about it? You run some different
scenarios in terms of different financial planning options, run different
(35:04):
gift strategies in terms of the dollar amounts and the timing,
and see if that all works without messing up your
long term viability of your plan. Once you've arrived at
the dollar amount, then it's time to look at how
do we do it? Which assets to give, and in general,
we want to make sure that you aren't paying taxes
(35:25):
or high taxes in order to give money to your kids.
Oftentimes the kids are in a much lower tax bracket
than you are, so that's an opportunity to maybe look
at some of your appreciated stocks or appreciated mutual fund shares.
Oftentimes you can give those shares in kind to your kids,
have them sell them, and pay whatever capital gains taxes
(35:47):
need to be paid at a much lower rate and
sometimes even zero. So again, run the scenarios, figure out
the dollar amount that makes sense, and then look at
the most sufficient way to transfer assets, and I think
it'll be an everyone wins scenario.
Speaker 3 (36:06):
Coming up next.
Speaker 5 (36:07):
I've got my two cents on the actual benefits of
doing what we talked about earlier in the show. Today,
having a comprehensive look at your investment plan. You're listening
to Simply Money, presented by all Worth Financial on fifty
five KRC the talk station.
Speaker 3 (36:23):
The brutal murder of Arena Zarotska.
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She was slaughtered by a deranged monster. Chicago.
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Stop the seven or eight murders every weekend.
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There has to be a way where we can all
be compensated democrats.
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I don't thing about socialism.
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choose between groceries for my kids or gas for my car.
Speaker 3 (37:00):
Talk about it here fifty five KRC the talk station.
Speaker 5 (37:07):
You're listening to Simply money, I said about over financial
on Bob Sponseller along with Brian James. All right, Brian,
we talked earlier in the show tonight about this whole
topic of fees and making sure you know what you're
paying in investment fees and more importantly, know if you're
getting any value from the fees that you're paying. I
wanted to share an actual story from an actual client
(37:28):
meeting I had yesterday on this exact topic. This is
a client that started working with me a couple of
years ago, and their situation has changed quite a bit
over the last few years. One spouse worked in the
education field, the other built a very nice business that
(37:49):
you know they were able to sell for you know,
in the area of ten to eleven million dollars. So
when that business sale happened a few years ago, life
changed for them dramatically and with it their financial planning needs.
So you fast forward to our meeting yesterday. You know,
we've been working with the vast majority of their assets
now for a couple of years and things are working well,
(38:13):
but there's still a couple variable annuities sitting out there
that they had not yet shared with me about. I
had not seen the statements, and I asked them, I said,
let's take a look at those and do exactly what
we just talked about earlier on this show. Look at
the fees and expenses that you're paying for these, and
let's just compare and contrast what we could do elsewhere
(38:35):
in your portfolio. Lo and behold, Brian, these clients are
very risk averse. You know, they only want to be
ten to twenty percent invested in the stock market. When
I looked at those actual annuity statements, ninety three percent
invested in the stock market. So timely conversation yesterday, because
as we all know, the market is at all time highs.
(38:58):
They were relieved to know that we were going to
be able to get those annuity assets transferred into an
IRA and get it back in line with their overall
risk tolerance. And by the way, they were paying almost
three times the amount in annual fees on those accounts
than what we're going to be having them pay as
part of their properly coordinated financial plan driven portfolio here.
(39:22):
So it was a great story. It's just, you know,
it is a percentage of their total assets.
Speaker 3 (39:28):
It wasn't that.
Speaker 5 (39:29):
Big of a deal, but it was a big deal
to them in particular because they had no idea that
these things were almost one hundred percent in stocks and
they were. They couldn't run to the phone quickly enough
and call that annuity provider and get those assets repositioned accordingly.
I'm sure you have meetings like this all the time yourself, Brian.
Speaker 6 (39:49):
Yeah, And again this isn't necessarily based on annuities, and
they're not our favorite tools out there, but there are tools,
and they serve purposes. This is really more about who
was behind this, because nobody from that company was having
a conversation with those clients to say, hey, this is
what this currently looks like. What are your overall goals,
what do you want out of all of this, and
nobody threw a flag to say, hey, this does not
match what they say they're looking for, and that's that's
(40:10):
how they ended up in that situation. But there's nothing
would have stopped somebody there from recognizing that and changing
the allocation right where it stood. However, that didn't happen,
and that's that, unfortunately, happens more often than not.
Speaker 3 (40:22):
No, I agree with you.
Speaker 5 (40:23):
This was not meant to be an annuity bashing segment
at all.
Speaker 3 (40:27):
It was just exactly what you said.
Speaker 5 (40:29):
It was a It was a square peg and now
we it's not going to fit in the round hole,
and somebody needed to look at it and take action,
and thankfully these clients allowed us to do it and
help them out.
Speaker 3 (40:39):
All right, thanks for listening.
Speaker 5 (40:41):
You've been listening to Simply Money, presented by all Worth
Financial on fifty five KRC, the Talk station.
Speaker 3 (40:47):
The Shumer shutdown, Trump shutdown, the Democrats will own it,
Portland on fire.
Speaker 1 (40:52):
The Ice facility has been under.
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Siege, the President's declared war Chicago is a disaster.
Speaker 3 (40:58):
We deserve to be safe in our communities again. Make
America trump again. Israel and hamas a peace deal is
closer than ever. Just about every nation working on this
deal the events of the day. Clear transparent information are
heard every.
Speaker 4 (41:12):
Day in real time fifty five KARC, the talk station.
Speaker 3 (41:17):
Federal guidelines how nearly
We got a lot today.
Speaker 2 (00:00):
Do you I do got to put up these Halloween decorations?
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Will it's time to do it? Dude? The rest I
do need to know On.
Speaker 4 (00:06):
Fifty five KRC the talk station tonight, the government is
still closed.
Speaker 5 (00:19):
The four letter word that could be gobbling up your
portfolio and we answer your questions. You're listening to Simply Money,
presented by all Worth Financial on Bob Sponseller along with
Brian James Well tonight.
Speaker 3 (00:30):
The federal government remains shut down.
Speaker 5 (00:33):
Last night, the Senate voted fifty two to forty two
against passing the House passed bill. Just as a reminder,
it needs sixty votes to advance in the Senate, and
this was the fifth Senate no vote on this resolution
to fund the government. And even if it gets funded
only through November twenty first, So we've got issues in Washington.
Speaker 3 (00:53):
The current shutdown, which.
Speaker 5 (00:55):
Began officially at twelve oh one am Eastern Time last Wednesday,
has happened largely. The sticking point here is because Democrats
and Republicans are locked in a literal standoff over extending
Obamacare subsidies.
Speaker 3 (01:11):
In the recent funding legislation that went.
Speaker 5 (01:14):
Into effect during COVID and you know, both parties are
divided on whether to extend these at all, whether to
partially extend them, whether to wean people off of those extensions,
and neither side is budging, Brian, and the chaos in
Washington continues unabated.
Speaker 6 (01:32):
Yeah, this is this is coming down to fundamental party beliefs.
Of course, that the the Obamacare Act, the Affordable Care Act,
was passed years ago, with when when the Democrats had
the majority, head control, and obviously that's a very passionate
piece for that side of the aisle there, and that's
what they're digging in on, and Republicans are kind of
standing there, going, how dare you be so passionate about you?
(01:55):
Why can't you just let it go? It seems to
me it's immovable object in here, resistible force. So it's
going to be really interesting to see how this works out.
But eight votes, that's not a squeaker either, right, They've
got fifty two votes they need sixty.
Speaker 3 (02:07):
That is not close. So this one's going to drag
on for a little bit.
Speaker 6 (02:10):
So the so, as you mentioned, the funding bill has
already passed the House of Representatives.
Speaker 3 (02:14):
Democrats are stopping it. So because of those sixty votes.
Speaker 6 (02:17):
Republicans only have a fifty three to forty seven majority,
So this is this is going to drag out a bit.
This is looking a little different from these past ones
because the Trump White House's Office of Management Budgmen budget
is talking about layoffs. You know, there's a difference between
furloughs and layoffs. Layoffs means these jobs are just done,
versus a furlough, which means we're going to show off
your paycheck for a while and you can take some
(02:38):
time off. So in the past, federal employees who weren't
classified as essential, remember essential employees, and we had all
those headlines. But people who weren't labeled as essential got furloughed,
as they have been this month, but they didn't face
the threat of layoffs.
Speaker 3 (02:50):
That's the new thing that's happening right now.
Speaker 5 (02:53):
Yeah, I heard a couple interviews, you know, early this
morning as far as when the proverbial stuff's gonna hit
the fan here and a couple of dates. Just to
keep in mind. October fifteenth is when the military is
scheduled to get paid. That's their next paycheck. And I
don't think anybody I think, I think phone calls are
going to start to come into Washington, you know, all
(03:14):
congressional offices. When you don't pay the military personnel, even
though after these shutsdowns end, everybody always gets their money,
let's face it, Brian. You know people that are living
paycheck to paycheck and they need that check to just function,
you know, and a lot of time, a lot of
a lot of these military personnel are are overseas away
from their family. The spouse at home with the kids
(03:37):
is just trying to keep, you know, food on the table.
You don't pay these people on the fifteenth of October,
that's an issue, and then on October twentieth, that's where
the vast majority of government employees get their next paycheck.
So we've got some important dates coming up. I heard
I heard an interview this morning, Brian with Maya mcguinnis.
(03:59):
She's the head of something called the Committee for a
Responsible Government Budget or whatever you call it. You know,
pretty nonpartisan group, nice lady, well spoken. She said a
lot of the things that you and I have been
talking about for weeks and months on this show, Brian,
And it's just we got to get people in a
room and be adults and just level with the American
(04:21):
public on what the situation is. I mean, we're marching
toward thirty eight trillion dollars in debt. But as she
pointed out, you know, anytime you pass a tax cut
and say that might be you know, temporary, people don't
like ending tax cuts. And then anytime you give out
another government program or paycheck like these extended you know,
(04:45):
Medicare subsidies that were put in during COVID. You know,
COVID's gone, but we're still paying out the subsidies, nobody
likes those temporary benefits to end. In reality, people are
going to get have to get in a room and
just level with the American public here that we're going
to have to pay our bills somehow. We can't just
keep printing money as we march ahead toward thirty eight
(05:08):
trillion dollars in federal debt.
Speaker 6 (05:10):
Yeah, and then that would be nice if we had
an adult in the room who could stand across the aisle,
not on one side or the other, but just say, look,
you all can argue as much as you want, but
this math just don't math, and we have got to
start acting like adults. But unfortunately I don't hear that
coming right, So we're almost uh, you know, we're about
a year through this, this this first year, the of
the second Trump administration.
Speaker 3 (05:31):
Midterms are going to be on top of us.
Speaker 6 (05:32):
It usually would be about now, it seems like that
we would start hearing from that person out of nowhere
who may have a different point of view. But it
just doesn't seem like anybody is willing to step up
and do that, uh, you know.
Speaker 3 (05:43):
Any anytime soon. So but I worry about that.
Speaker 6 (05:47):
I feel like in terms of our overall role of
as financial planners and helping people retire, plan for retirement,
and they're you know, they're living their.
Speaker 3 (05:55):
Best lives and so forth.
Speaker 6 (05:56):
I'm not overally worried about that because I'm pretty sure
that the the stock markets and bond markets will continue
to function as always, But just in terms of the
overall chaos that we just seem to keep, you know,
like we're in a cartoon stepping on a rake over
and over and over again.
Speaker 3 (06:09):
That will we drag ourselves through these cycles.
Speaker 6 (06:11):
So it does create a lot of distraction and a
lot of concern, and we're gonna need some more time
to sort this one out.
Speaker 5 (06:17):
Yeah, I did hear, you know, a brief interview with
President Trump. I think it was last evening, and he
talked about you know, and he always said, you know,
good things are coming, hang in there.
Speaker 3 (06:27):
What have you.
Speaker 5 (06:28):
You know, it seems like he's going to try to
get these people back in a room and get something
done because Brian, and this is just my opinion at
this point, I don't know that it does a whole
lot of good to solve the problem for less than
thirty days and be right back where we started again
on November twenty.
Speaker 6 (06:46):
First, that's what we're doing right now, is we kicked
the canson now back in March.
Speaker 3 (06:50):
That's why we're having this conversation. Yeah, yeah, my point here,
and then we'll move on.
Speaker 5 (06:54):
I hope the President can get these folks in a
room and say, look, let's get something done now so
we don't have to do it again in November, is
my point. But as the President always likes to say,
quote unquote, we'll see what happens. So yep, we will
see what happens. So meanwhile, we will of course keep
all of you posted on the progress. You're listening to
Simply Money presented by all Worth Financial on Bob Sponseller
(07:17):
along with Brian James. All Right, if you need another
example of how AI is becoming more impactful on the
stock market, it is this Open AI and chip designer
Advanced micro Devices announced a multi billion dollar partnership to
collaborate on AI data centers that will run on AMD processors,
(07:40):
one of the most direct challenges yet to the virtual
i'll say domination of industry leader Navidia.
Speaker 6 (07:49):
Brian, Yeah, this is a big deal from a standpoint
of this is the United States State is staking a
bigger foothold in semiconductors here. So open Ai is a
US based company and so is a MD these this
order for semiconductors could have gone anywhere in the world
and it's staying here of course, so that is that's
a very good sign. But the details behind this, Opening
(08:12):
Eye is gonna partner with AMD to either design or
co develop these more advanced AI chips. This is a
broader push to produce reliance on in Video's GPUs, which
that that's those dominate the market, right, Just like you said,
they have about eighty to ninety percent of the equipment
used here has in Vidia guts in it, so that
this is a good thing. I think competition is always helpful.
(08:33):
We can't have, we shouldn't ever have the risk of
one source for everything, and it's going to drive into
video and AMD to to continue to innovate and be
more and more powerful. The goal here is to diversify
supply and control costs, and videos chips are in such
high demand. Even the big players like Microsoft and Amazon
have trouble securing enough inventory. That just isn't enough of
(08:55):
it out there. So it's good that we're going to
have a second resource.
Speaker 3 (08:57):
For these I totally agree.
Speaker 5 (08:59):
And you know, in case people, well, we talked yesterday
about the importance and the benefit of over a long
term basis diversifying your portfolio. Case and point Brian, just
for kicks, I pulled up the I Shares Semiconductor Index
ETF this morning and I looked at the return over
the last six months. This is a broadly diversified ETF
(09:24):
that focuses mainly on the semiconductor index. It's up seventy
nine percent in the last six months. And as we
talked about yesterday, not all of that gain is in
the video, So this thing is broadening out among the
sector and what we find almost you know invariably in
every industry. The more you inject competition, innovation improves, prices
(09:48):
come down. It's good for consumers, it's good for businesses.
Speaker 3 (09:53):
You know, this is all a good thing.
Speaker 5 (09:55):
And you know, Intel is I think waking up and
getting back in into so you know, again, if you
have a broadly diversified portfolio, just say the whole S
and P five hundred or the NASDAC or even a
sector specific ETF, you're giving exposure to all of these companies,
(10:15):
even a lot of companies like we mentioned yesterday that
people aren't talking about every day on the news, but
yet you look up six months later, an entire sector
is up almost eighty percent.
Speaker 6 (10:26):
Yes, And I think one of the other points of
view all want to take on this is how does
this look? Because I think we're all used to looking
at these technology booms they always come out of the
technology industry because that's just kind of on the forefront
of innovation and so forth.
Speaker 3 (10:38):
So it's always.
Speaker 6 (10:38):
Tempting to look at that and just see if we
feel like it's going to become what we what we
all experienced as the first technology bubble, which is which
was the dot com era about twenty five years ago.
So there are some parallels to draw there, but there's
also some big differences. So that the dot com bubble
similar to this current AI boom, lots of speculative frenzy,
sky high valuations, right, But whenever, whenever we get excited
(11:00):
about some new technology and the herd starts to throw
money at it, that results in these ridiculous valuations. And
that's where we're sitting now on some of these. However,
that was true a year ago and it continues to
be true as this all takes its it takes root here.
So these investments involve heavy infrastructure, a lot of capital intensity,
a lot of sunk costs, and you know, there's always
the high risk of blow ups amongst the amongst the
(11:22):
ones who don't make it that Those are the things
that that that this current AI boom has in common.
Speaker 3 (11:27):
Now.
Speaker 6 (11:27):
The difference is, though, are the companies behind this this
time around?
Speaker 3 (11:31):
Are the ones who are already established?
Speaker 6 (11:32):
So remember the dot com boom, it was all companies
with cool names and cool websites that didn't really have
any any profit behind them. Well, this is this is
mainly being driven by Microsoft, Alphabet Meta, Amazon obviously already
substantially profitable and ridiculous cashlows. They are the ones funding
this boom because they're going to benefit the most from it. Uh.
And of course we've got the chip companies that those
(11:55):
existed before. Both Nvidia and AMD have been around for
a very long time. They're just making different kinds of
chips that that serve different purposes now.
Speaker 3 (12:02):
So there's more diversification.
Speaker 6 (12:03):
There are more mature capital markets supporting all of this
than there was during the during the dot com boom.
Speaker 3 (12:09):
And also there's a little more.
Speaker 6 (12:10):
Skepticism and UH and and regulatory paying of attention, if
you will, rather than what there was. And the dot
com era was kind of more of the wild West.
So I feel good that this is a this is
a catalyst that's going to push us forward. We benefit
a lot from it here at all Worth Financial, and
I know that other companies do as well. And I
don't think this is the same thing as the dot
com mooble.
Speaker 3 (12:30):
Well said, I totally agree.
Speaker 5 (12:32):
Coming up next, the four letter word that's draining your
retirement And know it's not what you say when you
open up your brokerage statement when the market's down. You're
listening to Simply Money, presented by all Worth Financial on
fifty five k r C, the talk station.
Speaker 6 (12:49):
She sloated Chicago murders every weekend Democrats talking about socialism,
extraterrestrial technology.
Speaker 1 (12:55):
You know the facts.
Speaker 3 (12:56):
Listen here everything, know everything. You behind me to know
fifty five PARS Talk Station.
Speaker 1 (13:03):
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 5 (13:22):
You're listening to Simply Money, presented by all Worth Financial.
I'm Bob sponsorer along with Brian James. If you can't
listen to Simply Money live every night, subscribe and get
our daily podcast. You can listen the following morning during
your commute or at the gym, or during your walk
around the neighborhood.
Speaker 3 (13:37):
And if you think your friends.
Speaker 5 (13:38):
And family could use some financial advice, tell them about
us as well. Just search Simply Money on the iHeart
app or wherever you find your podcast. Should you sell
that second home, start gifting to your kids or are
you just trying to figure out why everything feels so expensive.
Those are all the questions we'll answer for you, and
(13:59):
more come out up at six forty three. All right,
we talk a lot about returns, tax strategies, even market volatility,
but when was the last time you really looked at
how much you're paying in fees?
Speaker 3 (14:11):
That's right, the four letter word fees.
Speaker 5 (14:14):
Fees can easily mean the difference between funding a grandchild's
college education or not being able to get that done,
between retiring at age sixty three or having to work
until age sixty seven. You know, we say all the time,
if you're working with a good fiduciary advisor and you're
paying a fee, hopefully and most likely you are getting
(14:37):
real value in other words, a true comprehensive financial plan,
proactive tax strategies, investment management, retirement income planning, a state coordination,
and other words, the whole ball of wax. What we're
talking about tonight are the fees. You don't see, those
hidden costs that add up over time and often don't
(14:57):
provide any value whatsoever.
Speaker 6 (14:59):
Brian, Yeah, people often miss these layered fees. So you
could be paying a percentage for advice and then another
in mutual fund expense ratios and then plus hidden trading
costs inside those funds. So you need to make sure
when you talk to your advisor that you understand that
it's all laid out in front of you. So any
investment vehicle is going to have expenses. That's just the
reality of life. Mutual funds can be some of the
(15:22):
more expensive types of things, and when we talk about
expense ratios, we're talking about fees that you're not going
to see unless you go looking for them. Expense ratios
are buried inside a mutual fund or an exchange traded
fund ETF in a way that it's built into the price.
So those deductions are taken literally every day. You're not
going to see it come out of your account. It's
built into the price of the fund, and so it's
(15:43):
something that won't get your attention very much. So mutual
funds can sometimes be Oftentimes they're in the neighborhood of
half percent to one percent if you're talking about a
loaded fund, maybe something you paid a commission four years ago.
Sometimes they can be upwards of three percent. There are
things out there called c shares that don't have any
loads on the front end, but they spread it out
over time, and you'll see that in those really high
(16:03):
expense ratios. That's one of the reasons that we use
exchange traded funds because we can build a portfolio and
keep those internal expenses between a tenth and maybe two
tenths of a percent across the board. Sometimes we use
active managers as well. There is value at some for
very unique kind of niche positions we need to take,
but most of the time we're focused on index.
Speaker 3 (16:23):
Based risk tolerance type arrangements. Then we're going to be
able to control the expenses a lot more.
Speaker 6 (16:29):
So if you want to make sure that you understand
where these fees are and if there are commissions involved,
well just make sure you understand that your advisor is
only getting paid when you tell him or her yes,
buy that thing or sell that other thing that's commission based,
as opposed to something that has a much more comprehensive approach.
Where you've got, as Bob mentioned, all the tax planning
and estate planning advice and so forth.
Speaker 5 (16:50):
And Brian, what we tend to find out, you know,
run into all the time when we have new folks
come in and talk to us, is people have these
investment advisors that they've worked with for years and years
and years, and we find that people are in these
more expensive products that the investment advisor is still getting paid,
and paid rather handsomely, but they're not doing the whole job.
(17:13):
They're not providing all those comprehensive services coordinated together, like
I talked about before. And let's face it, at the
end of the day, a fee is really only a
fee in the absence of value. And the point we're
trying to make here is make sure you're getting true
value for what you're paying for. In other words, once
your portfolio gets to a certain level, you should be
(17:34):
asking am I getting access to lower cost institutional shares
or ETFs? Should I be direct in indexing my portfolio?
Is there any kind of active, proactive tax management, tax
loss harvesting going on? And then there are there? Just
are there some smarter, more efficient solutions for my particular
(17:56):
level of worth? And what we find out all the time, Brian,
and as you like to say, that's why we all
have jobs over here. When we can actually get somebody
in here and take a look under the hood and
see what's going on. Oftentimes we can add value for
a client and so do other fiduciary advisors, By the way,
add a lot of value for clients and actually lower
(18:19):
their cost of doing business, not raise it. You know,
it's just a reminder to take a look at what
you've got here and make sure you're getting true value
out of your current relationships.
Speaker 6 (18:30):
So, Bob, let's take take a quick hypothetical example. And
this is not that hypothetical because I know the people
behind it. So this is a couple, both of them retired,
had about two and a half million dollars saved of
for excuse me, portfolio was with a well known national
brokerage firm. This wasn't a commission based type of arrangement.
This is everything looks fee based. They're paying a quarterly
fee that's a percentage of the assets. That's pretty common
(18:50):
these days in a fiduciary type of relationship. But when
they peel back those layers, they find out that almost
all those investments are in actively managed mutual funds, which,
as we all know most people have heard this drum
beat before, only about you know, fewer than nine out
of ten actively managed mutual funds actually outperform the indexes.
You know, oftentimes you're paying something there's not getting.
Speaker 5 (19:12):
Much fewer than one out of ten, right, Yeah, I
said that backwards anyway, I Active management doesn't really help
all that much in the long run.
Speaker 3 (19:19):
But here's the big thing.
Speaker 6 (19:19):
This particular case I'm thinking of, there wasn't even an
advisor behind it.
Speaker 3 (19:23):
This was a national brokerage firm.
Speaker 6 (19:24):
The advisor had left, so when we looked at their statements,
it said house account. So there there's a fee being
charged and there's no advisor behind it. We know that
the robots are running of the investments, but nobody's really
looking at those extended the estate planning directions, the tax planning,
all those other kinds of things, because there just wasn't
a human being behind it. But that national brokerage firm,
(19:44):
the big company you've heard of, was more than happy
to continue to collect the fees and not pick up
the Phone's that happens more often than not where if
you've got a big, faceless firm like that, sometimes the
people just disappear and all of a sudden you don't
have anybody. Really it doesn't mean they're they're abandoning the investments,
but nobody is having that proactive discussion with you about
your specific situation, so very common type of the thing
(20:06):
that we run across, and that's often what drives people
in the door here to have a different opinion.
Speaker 3 (20:10):
Here's the all Worth advice.
Speaker 5 (20:11):
Good advice is worth paying for, but hidden fees that's
money you never see again and just wasted money. Coming
up next is Cincinnati's housing market cooling down or heating
back up?
Speaker 3 (20:24):
Our real estate expert weighs in. Next.
Speaker 5 (20:26):
You're listening to Simply Money, presented by all Worth Financial
on fifty five KRC, the talk station.
Speaker 3 (20:33):
The Shumer Shutdown, Trump Shure.
Speaker 5 (20:39):
You're listening to Simply Money presented by Allworth Financial on
Bob' sponseller along with Brian James, joined tonight by our
real estate expert, Michelle Sloan, owner of Remax Time. Michelle,
as always, thanks for making time for us tonight and
update us on what's going on with the housing market
here as we enter and get in the month of October,
(21:01):
the fourth quarter of the year.
Speaker 3 (21:03):
And then I know Brian and I are dying to know.
Speaker 5 (21:05):
You know, is this government shutdown or the fear of
a longer term shutdown? Is that making people freeze up?
Is that slowing things down? At all, or are things
just moving forward, you know, unabated here.
Speaker 7 (21:19):
Okay, well there's a lot to unpack, and so we've
got a lot to cover. That's why we need to
at a minute. Well, I appreciate that very much. Well,
today I can say the interest rates are they're doing
well there, They're going down a little bit, certainly so
on a thirty year fixed strate mortgage on average, and
(21:42):
then this always depends on your own credit, who you
go to, which banker or lender that you use. But
the thirty year fixed rate is six point two eight
on average nationally, so we are below that six and
a half percent, which is really good. The fifteen year
mortgage rate is on average about five and a half percent,
(22:03):
so we're seeing the less than seven percent. You know,
I've always said if we get in the six percent range,
I think that's the magic number, and we're there right now.
But seasonally, we have to understand that there's not a
lot of people wanting to move unless you have a
real reason to do so. And that real reason maybe
(22:27):
a job move, or you know, your family is growing,
or whatever reason that you might have to want to
make a move. You know, this time of year, most
people aren't thinking about buying homes. But I'm going to
say that this is the best time to buy a
home if you're in the market, because there are opportunities available.
Speaker 6 (22:48):
Hey, Michelle, this is now that we're in this declining
rate environment again, which we hadn't seen in a while,
at least not consistently. I'm reminded of you know, sometime
in the past, I don't know, fifteen, maybe twenty years
going back, that are there were a lot of companies
out there pushing declining rate mortgages. In other words, when
the when mortgage rates would drop a certain amount, your
rate on your existing mortgage would lower as well.
Speaker 3 (23:11):
I feel like I haven't heard about those in a very.
Speaker 6 (23:13):
Long time, and maybe we don't have enough momentum for
financial companies to want to put that stuff together. But
have you heard about that? Do you see do you
ever see clients coming with that type of mortgage in
the mix?
Speaker 7 (23:23):
You know there are some refinancing going on as a result,
but you're right, it's not a big push at this point.
I think if we do get down to that six percent,
which I personally feel like is a benchmark, that then
you're going to see lenders really pushing and usually it
(23:43):
only makes sense to refinance your mortgage. And usually that's
not an automated thing. That's not just going to happen.
Most mortgage companies, in your lender, they're not just going
to automatically say, hey, do you want to lower your rate?
Because the rates are going down, You as a consumer
need to pay attention. And so that's where you know,
(24:05):
it's important to listen to a show like this just
to be able to see or talk to your real
estate agent, talk to your financial planner and look at
your rates. Don't just set it and forget it. Now.
We always talk in the stock market, right, it is
important for the most part to not be too quick
to make moves right, but in the in the mortgage business,
(24:29):
and you do need to know what you have so
that you can make the right decisions as you move forward.
Speaker 5 (24:37):
All right, makes sense for sure? Hey, I know you
wanted to talk about a new survey out there.
Speaker 3 (24:42):
I don't know where it's from. I know you do.
That suggests how'sing.
Speaker 5 (24:46):
Costs right now or quote unquote unreasonable, and that there's
one main culprit for the unreasonable unreasonableness. What's going on
with that survey and this does it Does it hold
water in your opinion?
Speaker 7 (25:01):
Not really, well sort of. You know, everybody thinks and
has an opinion about realtors, investors, attorneys. It may not
all be positive. So, you know, a staggering ninety three
percent of Americans believe that housing costs are unreasonable, quote
(25:22):
unquote unreasonable, and a lot of the people think that
it's because of investors and many people that have been
surveyed in this latest affordability survey. When it comes to
the root cause of unaffordability, respondents pointed their fingers at
investors who have this is in the thoughts and in
(25:45):
the minds of the people who responded to this survey
have significantly increased their portfolio of low cost starter homes
over the past years, basically pricing out all of the
regular people who want to buy homes, the actual home buyers.
And you know that the interesting part of that thought
(26:07):
process is it's not really true. It's definitely popular to
blame investors with the housing problems that we've had, or
the economics of the higher prices, but the fundamental driver
of housing costs is the shortage of homes available. It's
driven by the fact that there's a mismatch between the
(26:29):
number of households and the actual size of our housing stocks.
So it's what is it. It comes down to this
simple supply and demand situation more than investors. It's easy
and fun to blame investors for all of our woes.
The other person or a group of people that were
(26:49):
bashed in this survey are politicians. And that's not surprising either.
Politicians are being blamed for afford ability housing crisis. So
if we move forward with that line of thinking of
the blaming politicians, I want to just say a brief
(27:11):
thing about the government shutdown. Yeah, you know, I think
it continues to contribute to the lack of consumer confidence
in the market and in the government itself, so buyers
and sellers. The impact so far at this point has
been fairly limited, maybe adding a few extra days to transactions,
(27:33):
but for the most part, we're still chugging along. Now.
If you know, we always worry about what if. I'm
only worried about today, because we could worry ourselves to
death if we, you know, look at all of the scenarios.
So one day at a time, and in the world
(27:54):
of real estate, there are opportunities. And that's the one
thing that I would love to us to everybody who's
listening tonight is in the last seven days in the
Cincinnati market, there have been five hundred price reductions. What
does that mean? All homes have been on the market
a little longer and sellers are getting a little uncomfortable.
(28:19):
And when sellers get uncomfortable, they are looking to negotiate.
Speaker 5 (28:25):
YEP, So to get out there, opportunity to get home
and make an offer. Thanks Rashe, you're listening to Simply
Money presented by all Worth Financial on fifty five KRC,
the talk station.
Speaker 3 (28:35):
Who wants to be rich?
Speaker 2 (28:36):
We call them every day millionaires.
Speaker 3 (28:38):
Every day listen to Dave Ramsey.
Speaker 2 (28:41):
They typically say one of the things that turned their
life around was when they started looking at purchasing something rich.
People ask how much broke people and I've been both
brother okay broke. People ask how much down and how
much a month?
Speaker 3 (28:58):
Tonight at seven oh six, I start asking how much
On fifty five KRS the talkstation, are welcome to here.
Speaker 5 (29:06):
Why do we keep letting thousands of people come over
and do nothing about it?
Speaker 3 (29:09):
My family's safety is at risk. Fifty five KRC the
talk station.
Speaker 5 (29:18):
You're listening to Simplely Money, presented by all Worth Financial
umpop 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
that will come straight to us. All right, Brian, Cindy
and Kenwood leads us off tonight. She says, we've been
(29:38):
thinking about retiring early, that health insurance costs are a
huge unknown. How do you abridge the gap until Medicare
without draining savings?
Speaker 3 (29:49):
Now, this doesn't mean you can't retire.
Speaker 6 (29:51):
A lot of people get hung up on the idea
that I have to wait until sixty five. I must
must must wait until sixty five so my healthcare coverage
can be as cheap as possible by using Medicare. And
that's that's a good plan, but it's not the only plan.
There are ways to do this, and that's using the
Affordable Care Act marketplace. So let's let's talk about first
what does coverage really cost necessarily?
Speaker 3 (30:10):
So for a sixty year old copy.
Speaker 6 (30:12):
A couple in Ohio, Indiana, Kentucky, that's going to average
about fourteen hundred to eighteen hundred a month before subsidies,
or maybe seventeen to twenty two thousand dollars per year.
Costs will vary sharply by income. Subsidies phase out once
you're modified. Adjusted gross income exceeds about seventy eight thousand
dollars for a married couple. So just understand what your
options are and you can go to the go to
(30:33):
your your whatever state you're in. I don't think we
knew that one, but and take a look at what
the what the options are out there. And another option
too is look at your employer. Your employer may offer
COBRA coverage. For those who don't know, Cobra can extend
your current government plan whatever you're on right now for
up to eighteen, maybe thirty six months, most often eighteen.
There will be you're paying both halves of the premium,
(30:54):
so you still get the benefit of a lower overall premium,
but now you have to pay the portion that your
employer was paying in the past. So that can be
a really good option for people wanting to retire earlier
than sixty five. So let's move on to Don in
Blue Ash, who has a question for Bob Don says,
we've built a comfortable nest egg, but we're not sure
how to generate steady income out of it without losing
that growth potential.
Speaker 3 (31:14):
So how do we find the right balance?
Speaker 5 (31:15):
Bob well Don, I always like to answer this question.
You know, obviously I don't know your whole situation. I
don't know all the details, so I'm going to speak
in generalities here, but you know, in general, I like
to answer this question in two ways. One, you got
to sit down and have a financial plan built for
you by a good fiduciary advisor. In other words, you
got to look at your income sources, social security, your
(31:37):
pile of money, and then more most importantly, what you
plan on spending, and you got to make sure the
math adds up and so there usually there is a
level of risk and level of growth that we've got
to have from a portfolio in order to have a
high probability.
Speaker 3 (31:53):
Of enabling you to meet your long term goals. That's
number one.
Speaker 5 (31:57):
Then number two, we got to take your temperature as
far as how much risk and volatility you know you're
comfortable taking with your portfolio.
Speaker 3 (32:05):
So hopefully, when.
Speaker 5 (32:06):
We can answer those two questions, we can arrive at
a proper asset allocation between bonds, stocks, maybe some buffer
ETFs or you know, risk control type strategies where we
can get enough growth in your portfolio to meet the
financial goal and also enable you to sleep at night
so you can actually enjoy your retirement rather than worry
(32:29):
about money every day.
Speaker 3 (32:30):
Hope that helps Don all.
Speaker 5 (32:32):
Right, canon Fort Thomas says, we've got a second home
that we rarely use, Brian, should we sell it, rent
it or look for ways to fold it into our
long term financial plan?
Speaker 6 (32:43):
Yeah, that can be Obviously, the owning a second property
requires resources, it requires time, and that obviously there are
benefits to it as well. But yeah, a lot of
people run into this eventual well what are we really
doing here? What do we want for the long term?
So and sometimes people can underestimate what those costs are
property taxes, insurance, maintenance, travel back and.
Speaker 3 (33:04):
Forth to it, and utilities.
Speaker 6 (33:05):
That's often three four percent of the home's value every
single year, never goes away, So it just depends on
what you're looking for. Renting it out, doing the airbnb
thing I think can be okay, but I wouldn't look
to net a whole lot of you might be able
to cover your cost, but if you're going to have
to have a property manager involved, those cost money somebody
(33:25):
can have come in and clean it, you're gonna have
to deal with unhappy people.
Speaker 3 (33:28):
And stuff that happens to it and so forth.
Speaker 6 (33:30):
So I think the best bet is just to figure
out exactly what do you want in terms of your
overall travel goals.
Speaker 3 (33:36):
If you're not using it anymore.
Speaker 6 (33:37):
Another way to think about it is sell it and
then just use the proceeds as your travel budget. Then
go wherever you want. Now you're no longer changed to
a to one property. And I have heard a lot
of people recently expressing frustration kind of being stuck with
a property and now the HOA fees are going up
because there was yet another hurricane and so forth, and
people are just kind of thinking a little bit differently
about do I really want to tie myself down to
(33:58):
a property in a town on somewhere that maybe I'll
eventually get tired of, but kind of be stuck with.
So just be open minded to different solutions out there.
Depends on what your family wants. So now we're going
to go to Mike and Hyde park Mark, Mike is
starting to think about gifting to the kids and not
just later, you know, after their death. They're wondering what's
the smartest way to transfer wealth during their lifetimes.
Speaker 5 (34:19):
Bob Well, I think it's great that you're thinking about this, Mike,
because oftentimes, and I've talked about this many times on
the show. You know what I find with clients in
their adult kids, just starting out with families, and you know,
life's expensive these days, so oftentimes you provide much more
benefit to them now by helping them get through some
(34:42):
of these early stage life decisions like getting married, having
your first kid, getting into a home, all that kind
of stuff, versus just loading a pile of money on
them when they're in their seventies. You know, it does
a lot less good there. So I love the thought process.
How do you go about it? You run some different
scenarios in terms of different financial planning options, run different
(35:04):
gift strategies in terms of the dollar amounts and the timing,
and see if that all works without messing up your
long term viability of your plan. Once you've arrived at
the dollar amount, then it's time to look at how
do we do it? Which assets to give, and in general,
we want to make sure that you aren't paying taxes
(35:25):
or high taxes in order to give money to your kids.
Oftentimes the kids are in a much lower tax bracket
than you are, so that's an opportunity to maybe look
at some of your appreciated stocks or appreciated mutual fund shares.
Oftentimes you can give those shares in kind to your kids,
have them sell them, and pay whatever capital gains taxes
(35:47):
need to be paid at a much lower rate and
sometimes even zero. So again, run the scenarios, figure out
the dollar amount that makes sense, and then look at
the most sufficient way to transfer assets, and I think
it'll be an everyone wins scenario.
Speaker 3 (36:06):
Coming up next.
Speaker 5 (36:07):
I've got my two cents on the actual benefits of
doing what we talked about earlier in the show. Today,
having a comprehensive look at your investment plan. You're listening
to Simply Money, presented by all Worth Financial on fifty
five KRC the talk station.
Speaker 3 (36:23):
The brutal murder of Arena Zarotska.
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She was slaughtered by a deranged monster. Chicago.
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Stop the seven or eight murders every weekend.
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There has to be a way where we can all
be compensated democrats.
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I don't thing about socialism.
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I am so worried that next month I have to
choose between groceries for my kids or gas for my car.
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Talk about it here fifty five KRC the talk station.
Speaker 5 (37:07):
You're listening to Simply money, I said about over financial
on Bob Sponseller along with Brian James. All right, Brian,
we talked earlier in the show tonight about this whole
topic of fees and making sure you know what you're
paying in investment fees and more importantly, know if you're
getting any value from the fees that you're paying. I
wanted to share an actual story from an actual client
(37:28):
meeting I had yesterday on this exact topic. This is
a client that started working with me a couple of
years ago, and their situation has changed quite a bit
over the last few years. One spouse worked in the
education field, the other built a very nice business that
(37:49):
you know they were able to sell for you know,
in the area of ten to eleven million dollars. So
when that business sale happened a few years ago, life
changed for them dramatically and with it their financial planning needs.
So you fast forward to our meeting yesterday. You know,
we've been working with the vast majority of their assets
now for a couple of years and things are working well,
(38:13):
but there's still a couple variable annuities sitting out there
that they had not yet shared with me about. I
had not seen the statements, and I asked them, I said,
let's take a look at those and do exactly what
we just talked about earlier on this show. Look at
the fees and expenses that you're paying for these, and
let's just compare and contrast what we could do elsewhere
(38:35):
in your portfolio. Lo and behold, Brian, these clients are
very risk averse. You know, they only want to be
ten to twenty percent invested in the stock market. When
I looked at those actual annuity statements, ninety three percent
invested in the stock market. So timely conversation yesterday, because
as we all know, the market is at all time highs.
(38:58):
They were relieved to know that we were going to
be able to get those annuity assets transferred into an
IRA and get it back in line with their overall
risk tolerance. And by the way, they were paying almost
three times the amount in annual fees on those accounts
than what we're going to be having them pay as
part of their properly coordinated financial plan driven portfolio here.
(39:22):
So it was a great story. It's just, you know,
it is a percentage of their total assets.
Speaker 3 (39:28):
It wasn't that.
Speaker 5 (39:29):
Big of a deal, but it was a big deal
to them in particular because they had no idea that
these things were almost one hundred percent in stocks and
they were. They couldn't run to the phone quickly enough
and call that annuity provider and get those assets repositioned accordingly.
I'm sure you have meetings like this all the time yourself, Brian.
Speaker 6 (39:49):
Yeah, And again this isn't necessarily based on annuities, and
they're not our favorite tools out there, but there are tools,
and they serve purposes. This is really more about who
was behind this, because nobody from that company was having
a conversation with those clients to say, hey, this is
what this currently looks like. What are your overall goals,
what do you want out of all of this, and
nobody threw a flag to say, hey, this does not
match what they say they're looking for, and that's that's
(40:10):
how they ended up in that situation. But there's nothing
would have stopped somebody there from recognizing that and changing
the allocation right where it stood. However, that didn't happen,
and that's that, unfortunately, happens more often than not.
Speaker 3 (40:22):
No, I agree with you.
Speaker 5 (40:23):
This was not meant to be an annuity bashing segment
at all.
Speaker 3 (40:27):
It was just exactly what you said.
Speaker 5 (40:29):
It was a It was a square peg and now
we it's not going to fit in the round hole,
and somebody needed to look at it and take action,
and thankfully these clients allowed us to do it and
help them out.
Speaker 3 (40:39):
All right, thanks for listening.
Speaker 5 (40:41):
You've been listening to Simply Money, presented by all Worth
Financial on fifty five KRC, the Talk station.
Speaker 3 (40:47):
The Shumer shutdown, Trump shutdown, the Democrats will own it,
Portland on fire.
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