October 17, 2025 • 38 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian ask, “What’s the damage?”—diving into the subtle, often overlooked financial mistakes that can cost high-net-worth investors tens or even hundreds of thousands of dollars over time. From concentrated stock risk to missed Roth conversion opportunities during market downturns, they break down real-dollar examples that show how even seasoned investors can unknowingly sabotage their financial future.
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Episode Transcript
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Speaker 1 (00:06):
Tonight we're asking the question, what's the damage you're listening
to simply money presented by all Worth Financial on Bob's
Sponsor with Brian James. You might think the big financial
mistakes are behind you once you've built some serious wealth,
but even the most successful investors make small moves that
quietly cost big time money over time. We just hit
(00:29):
on this whole topic recently, but tonight we're gonna take
it a step further and we're gonna put some real
dollar amounts on some of these decisions or non decisions,
just to drive home the point that it really does matter.
Brian walk us through a couple of these examples.
Speaker 2 (00:45):
Yeah, so these are real time examples. We deal with
this stuff every day at all Worth Financial. This is
why we have jobs. Frankly, when people find themselves in
these situations and how do I.
Speaker 3 (00:54):
Work myself out of them.
Speaker 2 (00:55):
So the first roun we're gonna talk about is having
too much in one stock. This is very frequent here
here in the Cincinnati, Indiana Northern Kentucky area. We all
tend to work for Fortune five hundred companies or companies.
Speaker 3 (01:06):
That support them.
Speaker 2 (01:07):
Therefore, we have four to oh one k's which oftentimes
hold that company stock, so Procter and Gamble, ge Aerospace, Kroger,
et cetera. So you stay with that company for decades
upon decades, you get stock options, restricted share shares, other
grants and that kind of thing, and it just keeps growing.
Feels comfortable because you know the business, you're involved in
those meetings where we talk about what's working, what's not working,
(01:27):
and so on and so forth.
Speaker 3 (01:28):
But here's that problem.
Speaker 2 (01:29):
Comfort doesn't mean diversification because the stock market will smack
that company around for any reason at once, and it
does not care what your retirement was, what your retirement
plans were. So let's put some numbers to this, Bob.
Let's see, you got a three million dollar portfolio. Maybe
a third of that, say, nine hundred thousand dollars is
one company stock. Now, all of a sudden, that stock
drops twenty percent.
Speaker 3 (01:49):
That's not really a crash.
Speaker 2 (01:50):
That's not even a bad quarter, that's not a disappointing
earnings report. That's one hundred and eighty thousand dollars loss
based on that math. And again, I talk about this
example all the time, but my P and G people
there who were working at P ANDNG in the early
two thousands. We love PNG and all the history and
so forth, but the market hated Dirk Yager. I hope
Dirk's not listening to this, but he knows he wasn't.
Speaker 3 (02:09):
A popular guy.
Speaker 2 (02:10):
P ANDNG took a fifty percent hit near close to
it in the two thousand and two thousand and one timeframe,
and that literally changed people's retirement plans. Thought I was
going to retire this summer. Maybe I'll wait till three
summers from now for my portfolio to recover. That's the risk, right,
So your other investments might be flat up slightly, but
that one position drags the whole mess down and changes
your plans.
Speaker 1 (02:30):
Well, And here's why this could matter. I mean, let's
face it, I don't care how good a company is
and how well you know it and we love it
and all that. This is just a fact. Individual stocks
are more volatile than an index portfolio or a broad
portfolio of stocks.
Speaker 3 (02:47):
That's just a fact.
Speaker 1 (02:48):
And that's why the whole concept of diversification is out
there and why it works. So to drive home this
point even further, you know, if you get that twenty
percent pullback in any of this these stocks where you
have a large concentrated position, you know, to use your example,
if that makes up a third of your portfolio, that
caused the whole portfolio to go down by about six percent.
(03:11):
That's a pretty big drop, and most of the time
the whole market did not fall by that much. So
when you're trying to turn this portfolio into an income stream,
you're you're tacking on extra extra volatility to a portfolio
that you don't need to, you know, to tack on,
you're costing yourself return. You're costing yourself risk for no
(03:34):
other reason than you liked familiarity or the concept of
control over doing the responsible thing and controlling your downside volatility.
It's just it tends not to be worth it because
these stocks tend to not dramatically outperform the broad market
enough to warrant having a third of your portfolio in them.
Speaker 2 (03:55):
Yeah, the history kind of speaks for itself there, and again,
it's about what you will if it's not about what
you can make over time, if that history repeats itself,
it's about what will happen to those of you who
your number comes up and all of a sudden, the
stock market or that particular stock decides not to cooperate
right around the time that you have a major life
change coming up. So let's move on from that though,
(04:17):
and let's talk about the idea of occasionally ignoring wroth
conversion opportunities when the market is down. This one's kind
of sneaky because when markets take a you know, take
a dive, as they you know, as.
Speaker 3 (04:28):
They tend to do.
Speaker 2 (04:28):
Unfortunately, your IRA balance comes lower. That means you can
convert more dollars to a roth or the same tax cost. However,
how people normally react to as about is they get
mad the market is down.
Speaker 3 (04:39):
I don't want to look at anything.
Speaker 2 (04:40):
It's only fun to look at it when or think
about it when the market is up and I'm making
more money than I've ever had before, I don't want
anything to do with it when it's down. That well,
that can cost us an opportunity to If the market's
going to come back and you're otherwise not a panicker,
then why not take that time.
Speaker 3 (04:55):
To convert those dollars.
Speaker 2 (04:57):
So let's say you get a million bucks in a
traditional IRA and that takes a twenty percent hit because
we have a market like we just had about three
years ago.
Speaker 3 (05:04):
If you convert. You know, well, even.
Speaker 1 (05:06):
Back in April, even back in April, it was a
wonderful opportunity when the market went down, you know, twelve
to fifteen percent here in a short amount of time.
That was a wonderful opportunity to do what we're talking about.
But go ahead and continue.
Speaker 2 (05:17):
So yeah, so make sure so be prepared for this. Obviously,
if the market's going to bounce back, and you believe
in that history and you're just mad because we're down
right now, and we get mad too as advisors.
Speaker 3 (05:25):
There's no fun to go through that, but we know
it works.
Speaker 2 (05:28):
So take advantage of that opportunity to convert that wroth.
Do it at a quote unquote market bottom. We never
know where the bottom is, but it's certainly not the top. Anywhere,
not the top is a good time to convert to roth.
So take advantage of that opportunity when it occurs, and
it almost makes you look forward to then now you've
got an arrow in the quiver where you can say,
you know what, this stinks. The market is down. But
(05:48):
here's a step I'm going to take because I get
how this long term stuff works.
Speaker 1 (05:53):
Well, I want to harp on this a little bit,
because you know, you got to strip away the emotions.
And the other thing to remember is when we're dealing
with retirement counts, we don't have to worry about the
wash sale rule. Here's what I mean by that, even
if you wanna, even if you're gonna sell, you know
a position or a stock or a fund that you
just love and you know it's gonna come back. And
let's face it, if you if you own good stuff,
(06:15):
it usually always does come back and comes back in
a reasonable time. Sell the stock in the IRA, move
it into the wrath, and then the recovery when it happens,
you can turn around and buy the same position. You know,
after a day or two, you know, get this conversion done,
and then one hundred percent of that rebound when it happens,
(06:36):
happens tax free, tax free. That is a huge difference,
you know, in terms of tax efficiency over the long term.
So you know, I know, we talk about all the time,
don't panic and sell things during a down market. In
the case of a wroth conversion, if done responsibly, it
could be a wonderful opportunity that could save you thousands
(06:58):
of dollars down the road and uh more. People need
to take advantage of that.
Speaker 2 (07:02):
Yeah, one last thought before we move on to that,
because you're right, I really do like this topic because
it introduces behavioral finance and how do people think and
so forth. So, because the Roth conversion is a couple steps.
You got to move the money out of the traditional
into the roth. Yes, you pay taxes. But then the
question we frequently get is, oh, do we should we
invest it all right away in the wroth or should
we maybe should we wait? And my answer to that
is always, if we weren't talking about the Roth conversion,
(07:24):
it would have been invested anyway. So no, we're not
gonna we're not gonna screw around with trying to time
the market. We're gonna throw it right back where it
belongs because we were making this conscious decision to take
advantage of a market.
Speaker 3 (07:33):
All right, that's enough about roth.
Speaker 2 (07:35):
So let's let's let's move on here to a charitable giving.
Letting it go without planning for it. So this is
a situation where you've built some significant wealth. Maybe you're
at the stage where you know you feel like you
want to give back and you can afford it. So
it could be Church Alma Mater, or local nonprofit that
the ultimate destination doesn't really matter. The intent is there
and it's great, but the execution is where the is
(07:55):
where we can move the needle a little bit. And
oftentimes people leave a lot of money, a lot of
time benefits on the side. Some people just say, Hey,
it's the holidays, I'm feeling generous, we had a good year.
I'm just going to write a check to to this organization,
and that organization just.
Speaker 3 (08:09):
Says thank you. They don't care how you do it,
They're just glad to have the money.
Speaker 2 (08:12):
Uh, you could be missing out on some opportunities to
save taxes while still giving that charity the same benefit.
So let's pretend every year you give twenty five thousand
dollars to a charity. You know, this is some people
tithe and this is their their tithing amount. You know,
that's two thousand bucks a month to a church something
like that. If you happen to be in the thirty
two percent bracket or tax deduction, if you're feeling super generous,
(08:33):
what that means is you could get money back from
the irs and give those dollars.
Speaker 3 (08:36):
To a charity.
Speaker 2 (08:38):
But so if you're doing it that way, one of
the things you can do is you can bunch five
years worth of those gifts for ext an arbitrary number,
one hundred and twenty five thousand dollars total. So you
would be carving that out from your assets, putting it
into a donor advice fund, and then funding that with
appreciated stock instead of cash. If you do this, the
donor Advice Fund is not a charity itself.
Speaker 3 (08:59):
It's a middleman.
Speaker 2 (09:00):
It sits on the money until you direct it to
actually release those funds at any time, could be years
from now to the ultimate charity, so the charity does
not get used to the idea. You're not giving a
charity one hundred twenty five thousand dollars at once. You
are simply putting into a place from which you will
donate it kind of piecemeal it out. But if you
fund that with appreciated stock, remember you didn't sell that stock.
You just put the shares directly in the donor Advice fund.
(09:22):
That means you didn't sell it. The donor Advice Fund
will sell. It will not pay taxes that can save
capital gains. You get the deduction for all five.
Speaker 3 (09:29):
Years worth of those donations.
Speaker 2 (09:31):
So again, think before you just stroke a check to charity,
think if there are other assets that you can give
that will give the charity the exact same dollar amount,
but also give you some tax advantages well.
Speaker 1 (09:43):
And another opportunity in the charitable realm here is qualified
charitable distributions. And that's for people over seventy and a
half years of age, you know, and a lot of
these people are dealing with require minimum distributions. Anyway, Brian,
I have this discussion all the time, especially heading into
the fourth quarter when we're doing review meeting, because let's
face it, the vast majority of charitable giving happens in
(10:04):
the fourth quarter of the year. And if you know,
you just talked about the benefits of getting a tax
deduction and all that and non non qualified accounts. But
in the IRA accounts, I tell people, let us make
the gifts for you. Look at me like, you mean
you want us to take money out of the portfolio
that you guys manage and earn fees to man And
(10:25):
I'm like, yeah, because it's in your best interest to
do it that way. That's the best that's the benefit
of working with a true fiduciary advisor that's looking at
what's in the best interest of the client. Again, that
strategy involves if the check goes directly out of the
IRA and goes directly to charity, it never even hits
your tax return, So you don't even need to worry
(10:48):
about qualifying, you know, for itemized deductions and eclipsing your
standard deduction. This money never hits your tax return, you know,
in the first place. It's an incredibly official way to
give money to charities, and too many people just overlook it,
don't pay attention, or their advisor isn't talking to them
about it. Let's move on then.
Speaker 3 (11:11):
Yeah, I can tell you're passionate about that.
Speaker 1 (11:14):
I am.
Speaker 3 (11:15):
Yeah, yeah, these are these are things.
Speaker 2 (11:17):
This is just understanding the tax code, knowing what's available
to you, and not just doing you know, just going
through the motions like most people do. So one last one,
you know, you know, hanging on to uh, you know,
hanging on to money and worry not worrying about umbrella insurance. Right, So,
if you have three million dollars worth of net worth
and your liability coverage is five hundred thousand, then you
(11:37):
got about two and a half million exposed if you
were to get sued by somebody for slipping on the
ice in front of your house something like that. Uh So,
if you want to cover those assets an umbrella policy
for two to five million dollars in protection, well that
only costs about three to six hundred dollars a year.
Talk to your property casualty people, and remember these these
are risks that are very rare. However, they do happen,
(11:57):
and we all have horror stories of somebody's brothers in
the former roommate who got sued and got wiped out
where oftentimes an umbrella policy would have covered it.
Speaker 3 (12:05):
If you skip this.
Speaker 2 (12:06):
And one accident goes wrong, well you sure did save
that six hundred bucks for that year, but you expose
yourself to an awful lot more because of a car
accident or something something happens at your house. So anyway,
be thoughtful about all these different things. It's not as
simple as we think.
Speaker 1 (12:21):
Here's the all Worth advice. Wealth isn't in one bad decision.
It's lost in a thousand small oversights over time. Fix
the quiet mistakes and your wealth will stay exactly where
it belongs, working for you and your family. Think your
income only affects your taxes. Next one overlook number from
(12:42):
this year that could quietly cost you thousands down the road.
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 Bryan James straight ahead of six forty three.
(13:03):
We're going to talk about selling a business, passing wealth
to your kids, and even cutting taxes through charitable giving.
We'll dig into your biggest planning questions coming up. Medicare
enrollment for twenty twenty six just opened up on Wednesday.
Did you know you could be subject to a Medicare
search charge surch charge? Brian? This is creeping up and
(13:24):
impacting more and more folks. It's worth spending a few
minutes talking about this today.
Speaker 2 (13:30):
Yeah, so your twenty twenty four income will determine if
you're going to pay some Medicare surch charges at some
point in the future, or even income related monthly adjustment
amounts in the near future. So the reason for this
this is something called erma, which is an acronym that
I wish I had looked up so I could remember
exactly what it stands for. But what it really stands for,
is more expensive Medicare If your taxable premium or if
(13:52):
your taxable income rather exceeds certain thresholds than if you're
on Medicare Medicare advantage plans, then you're going to have
to pay the standard premium just like everybody for those
those coverages. Plus you're gonna pay a little bit of
a search charge there. You know, we talk all the
time about you know, I'll get questions from clients saying, well,
do you think they're going to put in, you know,
income based of Medicare. We're gonna have to pay for that,
(14:15):
And we've never called it that, but we do it
all the time. That's literally what you pay more if
you have more income. So so, Medicare premiums are expected
to rise by a pretty much a record amount over
the next year, and they're going to take a chunk
of that social Security cost of living adjustment that those
of you who are on Social Security that you might receive.
IRMA can more than double that standard monthly premium for
(14:35):
health coverage and almost double the drug premium. It's temporary, though,
meaning that IRMA looks back two years and it will
it'll it'll say here's what your income was two years ago. Therefore,
here's your Medicare premium this year. If your income falls,
that problem may resolve itself. So you are not banished
permanently to higher premiums necessarily unless your income stays that way.
Speaker 1 (14:55):
Well. Currently, only about eight percent or a little over
five million Medicare and rollies pay this Medicare Part B surcharge.
But that's up from just one point seven million Americans
when the surch charge program began back in two thousand
and seven. So the number of people impacted by this
has gone up significantly, and it's going to continue to
(15:16):
go up. The Medicare Trustees report indicate that they see
people subject to that IRMA surcharge rising to almost nine
million people by the year twenty thirty four. And Brian,
as you've already called out, you've got to look at
this stuff when you're looking at where to take your
income from each month. And this is why we talk
(15:37):
about having a financial plan with multiple buckets of assets
to draw from, because if you take too much money
out of an IRA or do too large of a
roth conversion, you can run a foul of this Medicare surcharge.
You can have more of your Social Security income tax
and now under the one Big Beautiful Bill, a lot
(15:58):
of that deduction that will talked about that can go
away too if you have too much income. So there's
a lot of reasons. And again we bang the drum
on this all the time. Congress keeps talking about making
the tax code simpler. All they tend to do is
make it more and more complicated every year. It's moving
in the opposite direction.
Speaker 3 (16:19):
Yeah, and I want to share a quick story.
Speaker 2 (16:21):
So I was just in our Northern Kentucky office meeting
with some of my favorite clients. And they're great people,
fun people to hang around with, and they're just fine.
But like a lot of people, what they hit, they're
the largest part of their working career was spent during
that era where the only four oh one K choice
was pre tax and it was the only tax benefit
you're getting, so that's what you did. So they've got
several million dollars built up, but it's all sheltered inside
(16:43):
that pre tax IRA and they're of course going to
hit require minimum distribution age and that means that they'll
they have six digits worth of income coming out before
you know, before they get out of bed on New
Year's Day every day. Plus on top of that, you
have SoC security and other pensils.
Speaker 1 (16:58):
And there's nothing they can do about it, is what
it is.
Speaker 2 (17:01):
So yeah, and so I don't want to leave people
to believe. You may look at your situation and you
may realize anything you can do about ERMA. You're just
gonna pay more for Medicare, and that stinks. But for
those of you, but that's at the end of the day,
take a breath and realize that that means you're in
a pretty good position. Right You've got to pay a
couple hundred dollars more for health insurance. That means you
have good, solid income. This is not going to bankrupt you.
It's just gonna annoy you, and there's not a ton
(17:22):
you can do about it. If that's the situation you're in.
For those of you who are in maybe that glide
path the last decade or so of retirement, this is
where you might consider, Yeah, I might be in the
highest bracket I'm ever going to be in, but maybe
I'm gonna start funding Wroth the ross side of my
four O one O kay, and forego that deduction that
I would get if I use the pre tax side,
but that will give me the ability and you know,
(17:42):
if I'm in my fifties early sixties, then ten fifteen
years from now, I'll have a pile of tax free
money off of which i can draw. So I would
be sacrificing my benefits in the current years in exchange
for benefits in the future years.
Speaker 3 (17:54):
I just described myself and my wife.
Speaker 2 (17:55):
We're in the early fifties and highest bracket will ever
be in probably, and we are funding ROTH for this
exact reason. Most of our money is on the pre
tax side. For the last five six years, I've been
throwing it all on the raw side because I've seen
my happiest clients have given themselves the flexibility to choose
from two buckets.
Speaker 1 (18:12):
All right, Well, talking about taxes and ERMA surcharges can
only be so much fun. On a Friday, Brian, let's
switch gears here and talk about how to get a
deal on a Jeep. Jeep just announced a wild promotion.
From now through November three, you can walk into a
Jeep dealership carrying five hundred dollars in monopoly play money
and use it toward the purchase of a twenty twenty
(18:34):
five greet Jeep Grand Cherokee. Brian, is this something you're
thinking about doing?
Speaker 4 (18:39):
No?
Speaker 3 (18:40):
But next question, now, so this is it's marketing. It's
all this, it's all it is.
Speaker 2 (18:47):
No, but what I do like about this, Bob, This
is kind of the first, feels like the first thing
we've seen out of the automotive industry that's bringing us
back to where we used to be, where they where
they really wanted to try to push sales in Q four.
So maybe we're getting closer and closer to those inventory
clear and sales or zero percent financing. I'm a huge
fan of zero percent financing as long as you understand
that the price didn't move to cover their profit. Anyway,
(19:10):
This is just a marketing, kind of a fun thing,
I guess if you're going to buy a Jep Grand
Cherokee anyway, This is Jeep combining with Hasbro, who makes Monopoly,
and McDonald's, which of course has the monopoly the Monopoly
promotion they run from time to time, and so what
you can walk in with five hundred dollars of this
play money and you can get a discount on a
Jeep Grand Cherokee, which is really nothing more than them
(19:31):
saying we're going to drop the price by five hundred bucks,
which isn't that much?
Speaker 3 (19:35):
All right?
Speaker 1 (19:35):
Success doesn't always equal satisfaction? How to move past to
career plateau? Coming up next. 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 Spon Seller along with Brian James,
(19:56):
joined tonight by our career expert Julie Bouk and Julie,
thanks as always for taking some time with us tonight
and interesting topic we're going to cover tonight, career plateaus.
What to do when we're feeling successful in our job
or in our career, but we're no longer feeling challenged.
How do you navigate people through that situation? Julie, You know,
(20:21):
there are.
Speaker 4 (20:21):
A lot of pivot points in our careers, like decision points,
where we feel maybe something is off. We want more,
we want different, we want less, and those are natural
moments in our career. The problem is that we've been
taught to just sort of swallow them down and continue
on and make the best of what we have. I
(20:43):
think the most, the most important smartest thing to do
when it comes to your career is when you're starting
to feel like my career is at a plateau. The
first thing you need to do is figure out why.
What is it specifically that has plateaus if you are
if it's things like income, if it's level of responsibility,
if it's the depth of the challenging projects or not
(21:07):
that you get exposed to. You have to really articulate
what it is that is plateaued, and before that, you
have to do that before you can figure out what
to do next. Once you can identify the source of
your discomfort, it's much easier to identify and so pinpointing that, Okay,
you know, I used to like this, This used to
(21:28):
work for me, it's not now, or I feel like
something's changed. The most important thing to do at that
point is to get into self discovery and investigative mode.
What has changed. It could be something at work. It
could be a new leader. It could be the company
is changing customers or targets and it's not as fun
for you anymore. But it also could be just a
(21:49):
yearning from a real career standpoint to do something different.
Maybe you've reached the end of the road or the
top of the ladder in what you do, and it's
time to do a series pivot. So before we take
on big moves like that, it's really important to figure
out what's not working for me today and what am
I willing.
Speaker 1 (22:09):
To do about it?
Speaker 2 (22:10):
Hey, Julie, do you find that people get stuck from
a standpoint of well, this has been a good company,
and so whatever I do, it's just out of the
question that I might go somewhere else. I mean, it
seems like, yeah, people hide behind it all the time,
and how do you get over that home?
Speaker 4 (22:23):
So I have four there's four pillars of career happiness.
One is you like what you do, second is you're
good at it. The third is you're getting paid in
a way that you can live. And the fourth is
you're in there, you're doing it in the right place.
And the number one reason people leave their organizations is
the fourth one, which is it's either I don't like
(22:45):
the culture anymore, the mission, I don't like my leader.
That's actually the number one reason in that bucket. And
so so when you are in a situation when you
look around and say, I really like it here, you know,
I like what we do I like my colleagues, I'm
lined with mission and it's still great. Then you owe
it to yourself to figure out to look around and say.
Speaker 1 (23:06):
What is it?
Speaker 4 (23:08):
What else is available in this organization? How am I
I contribute? How might I take what's on my plate?
And you know, showed it up a little bit? Maybe
that to add something. Maybe it's get involved in something
that's maybe not typically something you're responsible for. Maybe you
get involved on a different team. Maybe you just sort
of add something to your overall plate. When you like
(23:29):
where you are. I always tell people, let's always try
to figure out if you can fix it where you
are before you change into a culture in an organization
that's completely unknown to you and find that you might
be in the same position or worse.
Speaker 1 (23:47):
Julie, I to me, I think, correct me if I'm wrong.
But it seems that this comes down to communication. You know,
in that scenario you just talked about, And I got
a call yesterday from a young man who's just getting
started in his career. You know, I happen to coach
him in high school baseball, so we still have maintained
a connection, and he was in a place where he's
just like Hey, I don't know what to do here,
(24:09):
and he's afraid to go talk to anybody about it.
So walk us through the most effective ways to navigate
this from a communication standpoint, Because people sometimes are afraid
to approach their boss, you know, if they express any
displeasure at all, they're afraid of repercussions. How do you
coach people how to broach the subject with folks in
(24:32):
the organization If you're trying to stay at the same
company for all the reasons you just mentioned, but you
have to have a conversation and because things need to change,
how do you navigate that?
Speaker 4 (24:44):
And so I would touch it this way. I would
say something like, I'd like to talk to you about
the work I'm doing, what might be next, what things
I'm interested in doing beyond what I'm doing now? Can
we sit down and talk about that? And so you
want to open it up not as a I'm not happy,
what can you do for me? Anything that smacks of
(25:04):
that is when we start calling someone entitled. So it's
more about how can I have a mutually beneficial conversation
about my role in this organization and what I see
myself doing different different things or doing more of or
less of moving forward and then go to that meeting,
go to that com Once you set it up like that,
go to the conversation with ideas, be ready to say
(25:28):
I really feel like I have You know, I spent
a lot of time over here on these kind of projects,
which has been great. I really feel like I know
it really really well. What I'd really love to do
moving forward if we can find an opportunity, I'd like
to do this, or what marketing is doing is really
interesting to me. So you want to go in with
a spirit of how can we work together to help me,
(25:51):
help me direct my skills and abilities and my experience
here at something to continue helping this organization versus I'm
not happy? What should I do? Because that's where you
are offloading your career management onto somebody else, and that's
not fair to them and it's also not realistic.
Speaker 2 (26:09):
Julie, So I want to I want to go slightly
different direction here because I think a lot there's a
lot of drum beats out there over the last couple
decades about you know, pulling yourself up by your own
bootstraps and being your own.
Speaker 3 (26:19):
Boss and all that kind of stuff.
Speaker 2 (26:21):
How often do you run across people for whom they're there.
There may be leaning toward I want to break away
and start my own thing. You know, we're fortunate here
in Cincinnati. We have a lot of fortune five hundred
companies around us, so we're all somebody's employee, and that's
a wonderful structure that we have. But do people often
come to you and say, forget it, I just want
to bust out and do my own thing. And what
is your advice for them? Because that can be an
exhilarating and terrifying step.
Speaker 4 (26:43):
It is so so picture. You've got two buckets, and
one of them is everything in that bucket is your
career and your job right now, and the other bucket
is what you want to build. First of all, you've
got to get in tempty. You've really got to get
clarity on what you want to do, what the market
is for it. All that due diligent stuff, and what
we counsel people on is once you've figured out that
(27:04):
there is a market and there is a need for it,
just know that it's going to take a lot longer
than you think to do it just because it's a
good just because there's a demand, just because it's a
good idea, it doesn't mean people will pay for it.
And a lot of entrepreneurs will found that out. And so,
how can you test while you're still keeping one eye
on keeping your job. How can you test your ideas?
How can you connect with people in a similar or
(27:27):
adjacent space to get their ideas, And so that you
are slowly filling the second bucket, And at that point
you'll know if you get to the point where you
gather knowledge, information resources, you're testing your theory. You're starting
to get some real interest people who are willing to
pay you. Then at some point you've got to let go.
You've got to dump out that other bucket.
Speaker 1 (27:48):
Great advice is always Julie, Thanks again for spending time
with us. Tonight. 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.
I'm Bob sponsorller along with Brian James. Do you have
a financial question you'd like for us to answer. There's
(28:10):
a red button you can click while you're listening to
the show right on the iHeart app. Simply record your
question and it will come straight to us, all right,
John in Columbia Tusculum leads us off tonight, Brian. He says,
I have a piece of land in Florida that I
never built anything on, even though I thought I would.
Can I claim it as an investment property once it sells?
Speaker 2 (28:34):
John, congratulations on sitting on something that has been a
pretty good thing to own over the past couple of decades.
So some people might be listening to this question saying, well,
of course it's an investment property, what else would that be. Well,
that's actually a certain status for according to the IRS.
And the reason people ask about this is because if
it is classified as investment property, it could potentially count
for tax strategies like a ten thirty one exchange. So
(28:57):
John John doesn't say exactly what he wants to do
with the process, but if he's planning on buying another
piece of property, he could potentially avoid the capital gains
and roll them forward into the next purchase. But so
to count as investment property was really what John's asking.
You have to show that it was held for investment
or business purposes, not just personal use.
Speaker 3 (29:15):
So that means if as.
Speaker 2 (29:16):
Long as you never lived on it, rented it or
used it personally for anything, just owned it and sat
on it for a while. That is usually good support
for calling it an investment. That means it would be
subject to capital gains tax. If you owned it for
more than a year and you sold it for more
than you bought it for, then you're going to pay
fifteen or possibly zero, fifteen percent or twenty percent depending
on your income, most likely fifteen percent. There are no
(29:36):
special deductions in this case. Unlike a rental property. There's
no depreciation because rawland is not depreciable, and the documentation matters.
Speaker 3 (29:43):
Make sure you have.
Speaker 2 (29:44):
All your records before you pull the trigger on this.
But yes, the answer to your question a long answer
is simply yes. So with that, we'll move on to
Lisa Florence. Lisa and Florence.
Speaker 1 (29:54):
Why don't you just say that, Brian, because I.
Speaker 3 (29:57):
Like the sound of my own voice.
Speaker 2 (29:58):
Bob but interrupting me, I'm pretty.
Speaker 3 (30:02):
So Lisa and Florence. Uh, she's in a good mood.
Speaker 2 (30:06):
She says, we're healthy today, but I've seen friends drained
by long term care costs. What if we end up
burning through our savings just or survive?
Speaker 3 (30:12):
How would you advise her Bob.
Speaker 1 (30:13):
Well, Lisa, it's I'll answer your question. If you end
up burning up through all your savings just to survive,
you're gonna end up on medicaid, which is not a
desirable situation for for folks to find themselves in, you know,
if it can be avoided. So it sounds to me, Lisa,
like you need to sit down and just you know,
have a financial plan done for you by a good
(30:35):
fiduciary advisor, and you got to balance, you know, should
long term care insurance be part of our plan to
ensure that risk? Can you afford to self ensure? You know,
run some numbers based on probabilities. We can't predict all
potential outcomes here, but if you if you run a
good financial plan and sit down with a good advisor,
(30:57):
chances are you're going to be able to come up
with so kind of a good solution better than just
allowing things to drain, as you said, and then be
you know, rely on medicaid to survive. So that's my answer, Lisa,
sit down and look at some numbers and do a
good financial plan, all right, William and Mason, he says,
I'm trustee of our family's estate. Honestly, I'm overwhelmed. How
(31:21):
do I make sure I'm carrying out my parents' wishes
without making mistakes that could split the family apart. This
sounds like a tough situation, Brian.
Speaker 3 (31:31):
Yeah, William, You're in a little bit of a tough spot.
But it's not uncommon.
Speaker 2 (31:34):
This is really a very common thing because there's a
lot of pressure and being that trustee, you know, sometimes
feels like you're walking on a tightrope and you could
step off the wrong way to either side and honk
somebody off in the family. So make sure, first off,
make sure you understand what the job is, not just
the title being the trustee isn't isn't really just having
the final say. It's really about carrying the trust exactly
as written. You're not the person who has the final say.
(31:56):
That was the grant tour who set up the trust
in the first place. Your job is simply to execute
what mom or Dad or whoever else wrote down on
paper for the family to respond to when they ultimately
passed on. So here in the tri state courts treat
to trustees as fiduciaries, which means you are legally bound
to put beneficiaries interests before your own. So you do
have the backing of the court to do these kinds
(32:16):
of things. Document everything, write down everything, make sure everybody
is transparent, Where did every penny go? And so on
and so forth, and try to stay neutral. That's hard
to do, but it doesn't take much for siblings to
feel slighted. That is, if there's something in that trust
that makes a sibling feel like they're less than or
something like that, that's going to be more between mom
or dad and the sibling than it is you. You
(32:36):
are simply executing on that document, So feel free to
ask for help. You can always go out and hire
an attorney to help you act as a co trustee.
That is your right as a trustee of a trust.
You can hire outside counsel if you need to do that,
do it. But anyway, important job and we wish you luck.
William trying to get that taken care of. Robert and
Tarras Park. So he's on the board of a small
(32:58):
private company and he has invested his own money heavily
alongside of it.
Speaker 3 (33:02):
How did he wants to know?
Speaker 2 (33:03):
How does he protect himself as if the company should
run into legal or financial trouble?
Speaker 3 (33:07):
Bob.
Speaker 1 (33:08):
Well, Robert, you got two you know, kind of separate
topics here. One the legal liability. I'm going to assume
that this company is structured as an S corp, C corp,
you know, limited LLC something like that, some kind of
corporate structure. Most of the time, that's going to protect
you from any personal legal liability. The liability will be,
(33:29):
you know, limited by the assets of the company. You
can get umbrella protection umbrella, a lit of liability policy
that we recommend everybody get, you know, to protect yourself.
But I would be less concerned about the legal liability
in this case and more about the diversification of your
long term financial plan and retirement plan. You know, you
(33:52):
just want to make sure you don't put too many
eggs in one basket here, because you know, things can
happen to a small private company and you know, just
just take a look at it and make sure you diversify. So,
not a lot of information to work with here, but
those would be my two answers right off the cuff here,
all right, David and Blue ass quickly here, Brian, He says,
(34:14):
I'm a senior executive with two million dollars in deferred compensation.
The payout options are overwhelming. How do I choose how
to take this deferred comp without accidentally creating a huge
disaster From a tax standpoint.
Speaker 3 (34:27):
Yes, I've got a thirty seconds to get you through this.
Speaker 2 (34:30):
But deferred comp and what that means, deferred comp is
not forever tax free. It's a timing tool. You are
entitled to this compensation, but you've chosen to defer it.
Therefore it can continue to grow and then get taxed
down the road. So a lot of plans will let
you choose lump versus installment. A lump can mean a
huge TAXI. You're going to want to be careful with that.
Installments can smooth it out over retirement years, So make
(34:50):
sure you understand how that math works. Hire a fiduciary
advisor to help you do it if you don't.
Speaker 1 (34:55):
Coming up next, Brian has his bottom line on how
to adjust your thinking from an investment standpoint. Now that
we appear to be moving in an interst rate declining environment.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
(35:16):
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James. All right, now that interest rates
have finally started to come down, Brian, I know that
high caliber brain of yours is spinning and you've got
all kinds of thoughts on how that might impact how
we invest lay it on us tonight.
Speaker 2 (35:34):
Both cylinders firing at high power, Bob, all two of them. Yeah,
So so different thinking is what we need to be
doing when we're in a when we move to different environments.
Speaker 3 (35:45):
And that's true today as it ever was.
Speaker 2 (35:48):
So what's what we're looking at yat now is saving
yields are gonna fall when we're in a declining rate environment.
You're gonna see these wonderful high yield savings accounts that
you've been getting four four and a half percent on
those are gonna drop. Don't be shocked or disappointed when
when it happens. It's just going to because those are
driven by interest rates as much as mortgage rates are.
Speaking of that debt will also become cheaper, but timing
is going to be important. So if you have an
(36:10):
existing variable rate debt, that's going to adjust pretty quickly,
So like a home equity line of credit something like that,
you can be a little bit happy because those that
interest rate is going to go down. If you are
in that situation paying off a heelock home equity line
of credit, then what you might consider doing is don't
change your payment. Whatever payment you were making obviously fits
the budget because you've been making it, So keep making
(36:31):
that same payment and you'll pay that debt down even sooner.
And so you can also for fixed debt. Of course,
now we're back in refinancing eras where we want to
think about what are we paying now, and if I
go and refinance this mortgage, what kind of savings can
I take off of that? And you might even consider
perhaps if if rates move enough. This takes a little
(36:52):
bit of math, but if rates move enough, you might
drop from a thirty year to a fifteen year, and
who knows, that could actually push your payment up, which
seems counter into But maybe if you since you got
that mortgage, perhaps you've gotten some raises, maybe the mortgage
is three years old or something, and you're making a
little more money, there's more spendable cash, Well you can
you can take advantage of that with the least lower
interest rates and possibly go ahead and take advantage of
(37:13):
the higher income you have and pay that whole thing
off sooner by going from a thirty to fifteen or
something like that. So so, but the thing to do,
I think really focus on is what do you need
and what what what is out there that you can
take advantage of, And don't get too worried about the
fact that interest rates are falling. You should have investments
on the other side of this where lower lower interest
(37:34):
rates are beneficial. So you've got a stock portfolio of
something that's intended to growth for growth that is going
to benefit from this as well, So just make sure
you rebounce that portfolio. It's going to make changes to
the bond side of your portfolio as well. You want
to own different kinds of bonds in a declining rate environment.
So it's time to take a look at things you
may not have looked at in a while. What about you, Bob,
what would you be advising your clients at this point?
Speaker 1 (37:54):
Yeah, I think the thing to look at here is
what what happens to the longer end of the curve
and when does it move And I'm talking about five year,
ten year, thirty year yields. That's what really will determine
you know, maybe a change in strategy, one little change
in short term rates doesn't necessarily facilitate you know, major
(38:15):
changes in your portfolio. You want to take a look
at the trend of rates and then you know that
allows you to make some bigger moves that might have
more impact on the things Brian talked about. But it's
time to look at these things, and it's time to
sit down with your advisor and get out in front
of what next steps might look like. Thanks for listening.
You've been listening to Simply Money, presented by all Worth
(38:36):
Financial on fifty five KRC, the talk station
Tonight we're asking the question, what's the damage you're listening
to simply money presented by all Worth Financial on Bob's
Sponsor with Brian James. You might think the big financial
mistakes are behind you once you've built some serious wealth,
but even the most successful investors make small moves that
quietly cost big time money over time. We just hit
(00:29):
on this whole topic recently, but tonight we're gonna take
it a step further and we're gonna put some real
dollar amounts on some of these decisions or non decisions,
just to drive home the point that it really does matter.
Brian walk us through a couple of these examples.
Speaker 2 (00:45):
Yeah, so these are real time examples. We deal with
this stuff every day at all Worth Financial. This is
why we have jobs. Frankly, when people find themselves in
these situations and how do I.
Speaker 3 (00:54):
Work myself out of them.
Speaker 2 (00:55):
So the first roun we're gonna talk about is having
too much in one stock. This is very frequent here
here in the Cincinnati, Indiana Northern Kentucky area. We all
tend to work for Fortune five hundred companies or companies.
Speaker 3 (01:06):
That support them.
Speaker 2 (01:07):
Therefore, we have four to oh one k's which oftentimes
hold that company stock, so Procter and Gamble, ge Aerospace, Kroger,
et cetera. So you stay with that company for decades
upon decades, you get stock options, restricted share shares, other
grants and that kind of thing, and it just keeps growing.
Feels comfortable because you know the business, you're involved in
those meetings where we talk about what's working, what's not working,
(01:27):
and so on and so forth.
Speaker 3 (01:28):
But here's that problem.
Speaker 2 (01:29):
Comfort doesn't mean diversification because the stock market will smack
that company around for any reason at once, and it
does not care what your retirement was, what your retirement
plans were. So let's put some numbers to this, Bob.
Let's see, you got a three million dollar portfolio. Maybe
a third of that, say, nine hundred thousand dollars is
one company stock. Now, all of a sudden, that stock
drops twenty percent.
Speaker 3 (01:49):
That's not really a crash.
Speaker 2 (01:50):
That's not even a bad quarter, that's not a disappointing
earnings report. That's one hundred and eighty thousand dollars loss
based on that math. And again, I talk about this
example all the time, but my P and G people
there who were working at P ANDNG in the early
two thousands. We love PNG and all the history and
so forth, but the market hated Dirk Yager. I hope
Dirk's not listening to this, but he knows he wasn't.
Speaker 3 (02:09):
A popular guy.
Speaker 2 (02:10):
P ANDNG took a fifty percent hit near close to
it in the two thousand and two thousand and one timeframe,
and that literally changed people's retirement plans. Thought I was
going to retire this summer. Maybe I'll wait till three
summers from now for my portfolio to recover. That's the risk, right,
So your other investments might be flat up slightly, but
that one position drags the whole mess down and changes
your plans.
Speaker 1 (02:30):
Well, And here's why this could matter. I mean, let's
face it, I don't care how good a company is
and how well you know it and we love it
and all that. This is just a fact. Individual stocks
are more volatile than an index portfolio or a broad
portfolio of stocks.
Speaker 3 (02:47):
That's just a fact.
Speaker 1 (02:48):
And that's why the whole concept of diversification is out
there and why it works. So to drive home this
point even further, you know, if you get that twenty
percent pullback in any of this these stocks where you
have a large concentrated position, you know, to use your example,
if that makes up a third of your portfolio, that
caused the whole portfolio to go down by about six percent.
(03:11):
That's a pretty big drop, and most of the time
the whole market did not fall by that much. So
when you're trying to turn this portfolio into an income stream,
you're you're tacking on extra extra volatility to a portfolio
that you don't need to, you know, to tack on,
you're costing yourself return. You're costing yourself risk for no
(03:34):
other reason than you liked familiarity or the concept of
control over doing the responsible thing and controlling your downside volatility.
It's just it tends not to be worth it because
these stocks tend to not dramatically outperform the broad market
enough to warrant having a third of your portfolio in them.
Speaker 2 (03:55):
Yeah, the history kind of speaks for itself there, and again,
it's about what you will if it's not about what
you can make over time, if that history repeats itself,
it's about what will happen to those of you who
your number comes up and all of a sudden, the
stock market or that particular stock decides not to cooperate
right around the time that you have a major life
change coming up. So let's move on from that though,
(04:17):
and let's talk about the idea of occasionally ignoring wroth
conversion opportunities when the market is down. This one's kind
of sneaky because when markets take a you know, take
a dive, as they you know, as.
Speaker 3 (04:28):
They tend to do.
Speaker 2 (04:28):
Unfortunately, your IRA balance comes lower. That means you can
convert more dollars to a roth or the same tax cost. However,
how people normally react to as about is they get
mad the market is down.
Speaker 3 (04:39):
I don't want to look at anything.
Speaker 2 (04:40):
It's only fun to look at it when or think
about it when the market is up and I'm making
more money than I've ever had before, I don't want
anything to do with it when it's down. That well,
that can cost us an opportunity to If the market's
going to come back and you're otherwise not a panicker,
then why not take that time.
Speaker 3 (04:55):
To convert those dollars.
Speaker 2 (04:57):
So let's say you get a million bucks in a
traditional IRA and that takes a twenty percent hit because
we have a market like we just had about three
years ago.
Speaker 3 (05:04):
If you convert. You know, well, even.
Speaker 1 (05:06):
Back in April, even back in April, it was a
wonderful opportunity when the market went down, you know, twelve
to fifteen percent here in a short amount of time.
That was a wonderful opportunity to do what we're talking about.
But go ahead and continue.
Speaker 2 (05:17):
So yeah, so make sure so be prepared for this. Obviously,
if the market's going to bounce back, and you believe
in that history and you're just mad because we're down
right now, and we get mad too as advisors.
Speaker 3 (05:25):
There's no fun to go through that, but we know
it works.
Speaker 2 (05:28):
So take advantage of that opportunity to convert that wroth.
Do it at a quote unquote market bottom. We never
know where the bottom is, but it's certainly not the top. Anywhere,
not the top is a good time to convert to roth.
So take advantage of that opportunity when it occurs, and
it almost makes you look forward to then now you've
got an arrow in the quiver where you can say,
you know what, this stinks. The market is down. But
(05:48):
here's a step I'm going to take because I get
how this long term stuff works.
Speaker 1 (05:53):
Well, I want to harp on this a little bit,
because you know, you got to strip away the emotions.
And the other thing to remember is when we're dealing
with retirement counts, we don't have to worry about the
wash sale rule. Here's what I mean by that, even
if you wanna, even if you're gonna sell, you know
a position or a stock or a fund that you
just love and you know it's gonna come back. And
let's face it, if you if you own good stuff,
(06:15):
it usually always does come back and comes back in
a reasonable time. Sell the stock in the IRA, move
it into the wrath, and then the recovery when it happens,
you can turn around and buy the same position. You know,
after a day or two, you know, get this conversion done,
and then one hundred percent of that rebound when it happens,
(06:36):
happens tax free, tax free. That is a huge difference,
you know, in terms of tax efficiency over the long term.
So you know, I know, we talk about all the time,
don't panic and sell things during a down market. In
the case of a wroth conversion, if done responsibly, it
could be a wonderful opportunity that could save you thousands
(06:58):
of dollars down the road and uh more. People need
to take advantage of that.
Speaker 2 (07:02):
Yeah, one last thought before we move on to that,
because you're right, I really do like this topic because
it introduces behavioral finance and how do people think and
so forth. So, because the Roth conversion is a couple steps.
You got to move the money out of the traditional
into the roth. Yes, you pay taxes. But then the
question we frequently get is, oh, do we should we
invest it all right away in the wroth or should
we maybe should we wait? And my answer to that
is always, if we weren't talking about the Roth conversion,
(07:24):
it would have been invested anyway. So no, we're not
gonna we're not gonna screw around with trying to time
the market. We're gonna throw it right back where it
belongs because we were making this conscious decision to take
advantage of a market.
Speaker 3 (07:33):
All right, that's enough about roth.
Speaker 2 (07:35):
So let's let's let's move on here to a charitable giving.
Letting it go without planning for it. So this is
a situation where you've built some significant wealth. Maybe you're
at the stage where you know you feel like you
want to give back and you can afford it. So
it could be Church Alma Mater, or local nonprofit that
the ultimate destination doesn't really matter. The intent is there
and it's great, but the execution is where the is
(07:55):
where we can move the needle a little bit. And
oftentimes people leave a lot of money, a lot of
time benefits on the side. Some people just say, Hey,
it's the holidays, I'm feeling generous, we had a good year.
I'm just going to write a check to to this organization,
and that organization just.
Speaker 3 (08:09):
Says thank you. They don't care how you do it,
They're just glad to have the money.
Speaker 2 (08:12):
Uh, you could be missing out on some opportunities to
save taxes while still giving that charity the same benefit.
So let's pretend every year you give twenty five thousand
dollars to a charity. You know, this is some people
tithe and this is their their tithing amount. You know,
that's two thousand bucks a month to a church something
like that. If you happen to be in the thirty
two percent bracket or tax deduction, if you're feeling super generous,
(08:33):
what that means is you could get money back from
the irs and give those dollars.
Speaker 3 (08:36):
To a charity.
Speaker 2 (08:38):
But so if you're doing it that way, one of
the things you can do is you can bunch five
years worth of those gifts for ext an arbitrary number,
one hundred and twenty five thousand dollars total. So you
would be carving that out from your assets, putting it
into a donor advice fund, and then funding that with
appreciated stock instead of cash. If you do this, the
donor Advice Fund is not a charity itself.
Speaker 3 (08:59):
It's a middleman.
Speaker 2 (09:00):
It sits on the money until you direct it to
actually release those funds at any time, could be years
from now to the ultimate charity, so the charity does
not get used to the idea. You're not giving a
charity one hundred twenty five thousand dollars at once. You
are simply putting into a place from which you will
donate it kind of piecemeal it out. But if you
fund that with appreciated stock, remember you didn't sell that stock.
You just put the shares directly in the donor Advice fund.
(09:22):
That means you didn't sell it. The donor Advice Fund
will sell. It will not pay taxes that can save
capital gains. You get the deduction for all five.
Speaker 3 (09:29):
Years worth of those donations.
Speaker 2 (09:31):
So again, think before you just stroke a check to charity,
think if there are other assets that you can give
that will give the charity the exact same dollar amount,
but also give you some tax advantages well.
Speaker 1 (09:43):
And another opportunity in the charitable realm here is qualified
charitable distributions. And that's for people over seventy and a
half years of age, you know, and a lot of
these people are dealing with require minimum distributions. Anyway, Brian,
I have this discussion all the time, especially heading into
the fourth quarter when we're doing review meeting, because let's
face it, the vast majority of charitable giving happens in
(10:04):
the fourth quarter of the year. And if you know,
you just talked about the benefits of getting a tax
deduction and all that and non non qualified accounts. But
in the IRA accounts, I tell people, let us make
the gifts for you. Look at me like, you mean
you want us to take money out of the portfolio
that you guys manage and earn fees to man And
(10:25):
I'm like, yeah, because it's in your best interest to
do it that way. That's the best that's the benefit
of working with a true fiduciary advisor that's looking at
what's in the best interest of the client. Again, that
strategy involves if the check goes directly out of the
IRA and goes directly to charity, it never even hits
your tax return, So you don't even need to worry
(10:48):
about qualifying, you know, for itemized deductions and eclipsing your
standard deduction. This money never hits your tax return, you know,
in the first place. It's an incredibly official way to
give money to charities, and too many people just overlook it,
don't pay attention, or their advisor isn't talking to them
about it. Let's move on then.
Speaker 3 (11:11):
Yeah, I can tell you're passionate about that.
Speaker 1 (11:14):
I am.
Speaker 3 (11:15):
Yeah, yeah, these are these are things.
Speaker 2 (11:17):
This is just understanding the tax code, knowing what's available
to you, and not just doing you know, just going
through the motions like most people do. So one last one,
you know, you know, hanging on to uh, you know,
hanging on to money and worry not worrying about umbrella insurance. Right, So,
if you have three million dollars worth of net worth
and your liability coverage is five hundred thousand, then you
(11:37):
got about two and a half million exposed if you
were to get sued by somebody for slipping on the
ice in front of your house something like that. Uh So,
if you want to cover those assets an umbrella policy
for two to five million dollars in protection, well that
only costs about three to six hundred dollars a year.
Talk to your property casualty people, and remember these these
are risks that are very rare. However, they do happen,
(11:57):
and we all have horror stories of somebody's brothers in
the former roommate who got sued and got wiped out
where oftentimes an umbrella policy would have covered it.
Speaker 3 (12:05):
If you skip this.
Speaker 2 (12:06):
And one accident goes wrong, well you sure did save
that six hundred bucks for that year, but you expose
yourself to an awful lot more because of a car
accident or something something happens at your house. So anyway,
be thoughtful about all these different things. It's not as
simple as we think.
Speaker 1 (12:21):
Here's the all Worth advice. Wealth isn't in one bad decision.
It's lost in a thousand small oversights over time. Fix
the quiet mistakes and your wealth will stay exactly where
it belongs, working for you and your family. Think your
income only affects your taxes. Next one overlook number from
(12:42):
this year that could quietly cost you thousands down the road.
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 Bryan James straight ahead of six forty three.
(13:03):
We're going to talk about selling a business, passing wealth
to your kids, and even cutting taxes through charitable giving.
We'll dig into your biggest planning questions coming up. Medicare
enrollment for twenty twenty six just opened up on Wednesday.
Did you know you could be subject to a Medicare
search charge surch charge? Brian? This is creeping up and
(13:24):
impacting more and more folks. It's worth spending a few
minutes talking about this today.
Speaker 2 (13:30):
Yeah, so your twenty twenty four income will determine if
you're going to pay some Medicare surch charges at some
point in the future, or even income related monthly adjustment
amounts in the near future. So the reason for this
this is something called erma, which is an acronym that
I wish I had looked up so I could remember
exactly what it stands for. But what it really stands for,
is more expensive Medicare If your taxable premium or if
(13:52):
your taxable income rather exceeds certain thresholds than if you're
on Medicare Medicare advantage plans, then you're going to have
to pay the standard premium just like everybody for those
those coverages. Plus you're gonna pay a little bit of
a search charge there. You know, we talk all the
time about you know, I'll get questions from clients saying, well,
do you think they're going to put in, you know,
income based of Medicare. We're gonna have to pay for that,
(14:15):
And we've never called it that, but we do it
all the time. That's literally what you pay more if
you have more income. So so, Medicare premiums are expected
to rise by a pretty much a record amount over
the next year, and they're going to take a chunk
of that social Security cost of living adjustment that those
of you who are on Social Security that you might receive.
IRMA can more than double that standard monthly premium for
(14:35):
health coverage and almost double the drug premium. It's temporary, though,
meaning that IRMA looks back two years and it will
it'll it'll say here's what your income was two years ago. Therefore,
here's your Medicare premium this year. If your income falls,
that problem may resolve itself. So you are not banished
permanently to higher premiums necessarily unless your income stays that way.
Speaker 1 (14:55):
Well. Currently, only about eight percent or a little over
five million Medicare and rollies pay this Medicare Part B surcharge.
But that's up from just one point seven million Americans
when the surch charge program began back in two thousand
and seven. So the number of people impacted by this
has gone up significantly, and it's going to continue to
(15:16):
go up. The Medicare Trustees report indicate that they see
people subject to that IRMA surcharge rising to almost nine
million people by the year twenty thirty four. And Brian,
as you've already called out, you've got to look at
this stuff when you're looking at where to take your
income from each month. And this is why we talk
(15:37):
about having a financial plan with multiple buckets of assets
to draw from, because if you take too much money
out of an IRA or do too large of a
roth conversion, you can run a foul of this Medicare surcharge.
You can have more of your Social Security income tax
and now under the one Big Beautiful Bill, a lot
(15:58):
of that deduction that will talked about that can go
away too if you have too much income. So there's
a lot of reasons. And again we bang the drum
on this all the time. Congress keeps talking about making
the tax code simpler. All they tend to do is
make it more and more complicated every year. It's moving
in the opposite direction.
Speaker 3 (16:19):
Yeah, and I want to share a quick story.
Speaker 2 (16:21):
So I was just in our Northern Kentucky office meeting
with some of my favorite clients. And they're great people,
fun people to hang around with, and they're just fine.
But like a lot of people, what they hit, they're
the largest part of their working career was spent during
that era where the only four oh one K choice
was pre tax and it was the only tax benefit
you're getting, so that's what you did. So they've got
several million dollars built up, but it's all sheltered inside
(16:43):
that pre tax IRA and they're of course going to
hit require minimum distribution age and that means that they'll
they have six digits worth of income coming out before
you know, before they get out of bed on New
Year's Day every day. Plus on top of that, you
have SoC security and other pensils.
Speaker 1 (16:58):
And there's nothing they can do about it, is what
it is.
Speaker 2 (17:01):
So yeah, and so I don't want to leave people
to believe. You may look at your situation and you
may realize anything you can do about ERMA. You're just
gonna pay more for Medicare, and that stinks. But for
those of you, but that's at the end of the day,
take a breath and realize that that means you're in
a pretty good position. Right You've got to pay a
couple hundred dollars more for health insurance. That means you
have good, solid income. This is not going to bankrupt you.
It's just gonna annoy you, and there's not a ton
(17:22):
you can do about it. If that's the situation you're in.
For those of you who are in maybe that glide
path the last decade or so of retirement, this is
where you might consider, Yeah, I might be in the
highest bracket I'm ever going to be in, but maybe
I'm gonna start funding Wroth the ross side of my
four O one O kay, and forego that deduction that
I would get if I use the pre tax side,
but that will give me the ability and you know,
(17:42):
if I'm in my fifties early sixties, then ten fifteen
years from now, I'll have a pile of tax free
money off of which i can draw. So I would
be sacrificing my benefits in the current years in exchange
for benefits in the future years.
Speaker 3 (17:54):
I just described myself and my wife.
Speaker 2 (17:55):
We're in the early fifties and highest bracket will ever
be in probably, and we are funding ROTH for this
exact reason. Most of our money is on the pre
tax side. For the last five six years, I've been
throwing it all on the raw side because I've seen
my happiest clients have given themselves the flexibility to choose
from two buckets.
Speaker 1 (18:12):
All right, Well, talking about taxes and ERMA surcharges can
only be so much fun. On a Friday, Brian, let's
switch gears here and talk about how to get a
deal on a Jeep. Jeep just announced a wild promotion.
From now through November three, you can walk into a
Jeep dealership carrying five hundred dollars in monopoly play money
and use it toward the purchase of a twenty twenty
(18:34):
five greet Jeep Grand Cherokee. Brian, is this something you're
thinking about doing?
Speaker 4 (18:39):
No?
Speaker 3 (18:40):
But next question, now, so this is it's marketing. It's
all this, it's all it is.
Speaker 2 (18:47):
No, but what I do like about this, Bob, This
is kind of the first, feels like the first thing
we've seen out of the automotive industry that's bringing us
back to where we used to be, where they where
they really wanted to try to push sales in Q four.
So maybe we're getting closer and closer to those inventory
clear and sales or zero percent financing. I'm a huge
fan of zero percent financing as long as you understand
that the price didn't move to cover their profit. Anyway,
(19:10):
This is just a marketing, kind of a fun thing,
I guess if you're going to buy a Jep Grand
Cherokee anyway, This is Jeep combining with Hasbro, who makes Monopoly,
and McDonald's, which of course has the monopoly the Monopoly
promotion they run from time to time, and so what
you can walk in with five hundred dollars of this
play money and you can get a discount on a
Jeep Grand Cherokee, which is really nothing more than them
(19:31):
saying we're going to drop the price by five hundred bucks,
which isn't that much?
Speaker 3 (19:35):
All right?
Speaker 1 (19:35):
Success doesn't always equal satisfaction? How to move past to
career plateau? Coming up next. 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 Spon Seller along with Brian James,
(19:56):
joined tonight by our career expert Julie Bouk and Julie,
thanks as always for taking some time with us tonight
and interesting topic we're going to cover tonight, career plateaus.
What to do when we're feeling successful in our job
or in our career, but we're no longer feeling challenged.
How do you navigate people through that situation? Julie, You know,
(20:21):
there are.
Speaker 4 (20:21):
A lot of pivot points in our careers, like decision points,
where we feel maybe something is off. We want more,
we want different, we want less, and those are natural
moments in our career. The problem is that we've been
taught to just sort of swallow them down and continue
on and make the best of what we have. I
(20:43):
think the most, the most important smartest thing to do
when it comes to your career is when you're starting
to feel like my career is at a plateau. The
first thing you need to do is figure out why.
What is it specifically that has plateaus if you are
if it's things like income, if it's level of responsibility,
if it's the depth of the challenging projects or not
(21:07):
that you get exposed to. You have to really articulate
what it is that is plateaued, and before that, you
have to do that before you can figure out what
to do next. Once you can identify the source of
your discomfort, it's much easier to identify and so pinpointing that, Okay,
you know, I used to like this, This used to
(21:28):
work for me, it's not now, or I feel like
something's changed. The most important thing to do at that
point is to get into self discovery and investigative mode.
What has changed. It could be something at work. It
could be a new leader. It could be the company
is changing customers or targets and it's not as fun
for you anymore. But it also could be just a
(21:49):
yearning from a real career standpoint to do something different.
Maybe you've reached the end of the road or the
top of the ladder in what you do, and it's
time to do a series pivot. So before we take
on big moves like that, it's really important to figure
out what's not working for me today and what am
I willing.
Speaker 1 (22:09):
To do about it?
Speaker 2 (22:10):
Hey, Julie, do you find that people get stuck from
a standpoint of well, this has been a good company,
and so whatever I do, it's just out of the
question that I might go somewhere else. I mean, it
seems like, yeah, people hide behind it all the time,
and how do you get over that home?
Speaker 4 (22:23):
So I have four there's four pillars of career happiness.
One is you like what you do, second is you're
good at it. The third is you're getting paid in
a way that you can live. And the fourth is
you're in there, you're doing it in the right place.
And the number one reason people leave their organizations is
the fourth one, which is it's either I don't like
(22:45):
the culture anymore, the mission, I don't like my leader.
That's actually the number one reason in that bucket. And
so so when you are in a situation when you
look around and say, I really like it here, you know,
I like what we do I like my colleagues, I'm
lined with mission and it's still great. Then you owe
it to yourself to figure out to look around and say.
Speaker 1 (23:06):
What is it?
Speaker 4 (23:08):
What else is available in this organization? How am I
I contribute? How might I take what's on my plate?
And you know, showed it up a little bit? Maybe
that to add something. Maybe it's get involved in something
that's maybe not typically something you're responsible for. Maybe you
get involved on a different team. Maybe you just sort
of add something to your overall plate. When you like
(23:29):
where you are. I always tell people, let's always try
to figure out if you can fix it where you
are before you change into a culture in an organization
that's completely unknown to you and find that you might
be in the same position or worse.
Speaker 1 (23:47):
Julie, I to me, I think, correct me if I'm wrong.
But it seems that this comes down to communication. You know,
in that scenario you just talked about, And I got
a call yesterday from a young man who's just getting
started in his career. You know, I happen to coach
him in high school baseball, so we still have maintained
a connection, and he was in a place where he's
just like Hey, I don't know what to do here,
(24:09):
and he's afraid to go talk to anybody about it.
So walk us through the most effective ways to navigate
this from a communication standpoint, Because people sometimes are afraid
to approach their boss, you know, if they express any
displeasure at all, they're afraid of repercussions. How do you
coach people how to broach the subject with folks in
(24:32):
the organization If you're trying to stay at the same
company for all the reasons you just mentioned, but you
have to have a conversation and because things need to change,
how do you navigate that?
Speaker 4 (24:44):
And so I would touch it this way. I would
say something like, I'd like to talk to you about
the work I'm doing, what might be next, what things
I'm interested in doing beyond what I'm doing now? Can
we sit down and talk about that? And so you
want to open it up not as a I'm not happy,
what can you do for me? Anything that smacks of
(25:04):
that is when we start calling someone entitled. So it's
more about how can I have a mutually beneficial conversation
about my role in this organization and what I see
myself doing different different things or doing more of or
less of moving forward and then go to that meeting,
go to that com Once you set it up like that,
go to the conversation with ideas, be ready to say
(25:28):
I really feel like I have You know, I spent
a lot of time over here on these kind of projects,
which has been great. I really feel like I know
it really really well. What I'd really love to do
moving forward if we can find an opportunity, I'd like
to do this, or what marketing is doing is really
interesting to me. So you want to go in with
a spirit of how can we work together to help me,
(25:51):
help me direct my skills and abilities and my experience
here at something to continue helping this organization versus I'm
not happy? What should I do? Because that's where you
are offloading your career management onto somebody else, and that's
not fair to them and it's also not realistic.
Speaker 2 (26:09):
Julie, So I want to I want to go slightly
different direction here because I think a lot there's a
lot of drum beats out there over the last couple
decades about you know, pulling yourself up by your own
bootstraps and being your own.
Speaker 3 (26:19):
Boss and all that kind of stuff.
Speaker 2 (26:21):
How often do you run across people for whom they're there.
There may be leaning toward I want to break away
and start my own thing. You know, we're fortunate here
in Cincinnati. We have a lot of fortune five hundred
companies around us, so we're all somebody's employee, and that's
a wonderful structure that we have. But do people often
come to you and say, forget it, I just want
to bust out and do my own thing. And what
is your advice for them? Because that can be an
exhilarating and terrifying step.
Speaker 4 (26:43):
It is so so picture. You've got two buckets, and
one of them is everything in that bucket is your
career and your job right now, and the other bucket
is what you want to build. First of all, you've
got to get in tempty. You've really got to get
clarity on what you want to do, what the market
is for it. All that due diligent stuff, and what
we counsel people on is once you've figured out that
(27:04):
there is a market and there is a need for it,
just know that it's going to take a lot longer
than you think to do it just because it's a
good just because there's a demand, just because it's a
good idea, it doesn't mean people will pay for it.
And a lot of entrepreneurs will found that out. And so,
how can you test while you're still keeping one eye
on keeping your job. How can you test your ideas?
How can you connect with people in a similar or
(27:27):
adjacent space to get their ideas, And so that you
are slowly filling the second bucket, And at that point
you'll know if you get to the point where you
gather knowledge, information resources, you're testing your theory. You're starting
to get some real interest people who are willing to
pay you. Then at some point you've got to let go.
You've got to dump out that other bucket.
Speaker 1 (27:48):
Great advice is always Julie, Thanks again for spending time
with us. Tonight. 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.
I'm Bob sponsorller along with Brian James. Do you have
a financial question you'd like for us to answer. There's
(28:10):
a red button you can click while you're listening to
the show right on the iHeart app. Simply record your
question and it will come straight to us, all right,
John in Columbia Tusculum leads us off tonight, Brian. He says,
I have a piece of land in Florida that I
never built anything on, even though I thought I would.
Can I claim it as an investment property once it sells?
Speaker 2 (28:34):
John, congratulations on sitting on something that has been a
pretty good thing to own over the past couple of decades.
So some people might be listening to this question saying, well,
of course it's an investment property, what else would that be. Well,
that's actually a certain status for according to the IRS.
And the reason people ask about this is because if
it is classified as investment property, it could potentially count
for tax strategies like a ten thirty one exchange. So
(28:57):
John John doesn't say exactly what he wants to do
with the process, but if he's planning on buying another
piece of property, he could potentially avoid the capital gains
and roll them forward into the next purchase. But so
to count as investment property was really what John's asking.
You have to show that it was held for investment
or business purposes, not just personal use.
Speaker 3 (29:15):
So that means if as.
Speaker 2 (29:16):
Long as you never lived on it, rented it or
used it personally for anything, just owned it and sat
on it for a while. That is usually good support
for calling it an investment. That means it would be
subject to capital gains tax. If you owned it for
more than a year and you sold it for more
than you bought it for, then you're going to pay
fifteen or possibly zero, fifteen percent or twenty percent depending
on your income, most likely fifteen percent. There are no
(29:36):
special deductions in this case. Unlike a rental property. There's
no depreciation because rawland is not depreciable, and the documentation matters.
Speaker 3 (29:43):
Make sure you have.
Speaker 2 (29:44):
All your records before you pull the trigger on this.
But yes, the answer to your question a long answer
is simply yes. So with that, we'll move on to
Lisa Florence. Lisa and Florence.
Speaker 1 (29:54):
Why don't you just say that, Brian, because I.
Speaker 3 (29:57):
Like the sound of my own voice.
Speaker 2 (29:58):
Bob but interrupting me, I'm pretty.
Speaker 3 (30:02):
So Lisa and Florence. Uh, she's in a good mood.
Speaker 2 (30:06):
She says, we're healthy today, but I've seen friends drained
by long term care costs. What if we end up
burning through our savings just or survive?
Speaker 3 (30:12):
How would you advise her Bob.
Speaker 1 (30:13):
Well, Lisa, it's I'll answer your question. If you end
up burning up through all your savings just to survive,
you're gonna end up on medicaid, which is not a
desirable situation for for folks to find themselves in, you know,
if it can be avoided. So it sounds to me, Lisa,
like you need to sit down and just you know,
have a financial plan done for you by a good
(30:35):
fiduciary advisor, and you got to balance, you know, should
long term care insurance be part of our plan to
ensure that risk? Can you afford to self ensure? You know,
run some numbers based on probabilities. We can't predict all
potential outcomes here, but if you if you run a
good financial plan and sit down with a good advisor,
(30:57):
chances are you're going to be able to come up
with so kind of a good solution better than just
allowing things to drain, as you said, and then be
you know, rely on medicaid to survive. So that's my answer, Lisa,
sit down and look at some numbers and do a
good financial plan, all right, William and Mason, he says,
I'm trustee of our family's estate. Honestly, I'm overwhelmed. How
(31:21):
do I make sure I'm carrying out my parents' wishes
without making mistakes that could split the family apart. This
sounds like a tough situation, Brian.
Speaker 3 (31:31):
Yeah, William, You're in a little bit of a tough spot.
But it's not uncommon.
Speaker 2 (31:34):
This is really a very common thing because there's a
lot of pressure and being that trustee, you know, sometimes
feels like you're walking on a tightrope and you could
step off the wrong way to either side and honk
somebody off in the family. So make sure, first off,
make sure you understand what the job is, not just
the title being the trustee isn't isn't really just having
the final say. It's really about carrying the trust exactly
as written. You're not the person who has the final say.
(31:56):
That was the grant tour who set up the trust
in the first place. Your job is simply to execute
what mom or Dad or whoever else wrote down on
paper for the family to respond to when they ultimately
passed on. So here in the tri state courts treat
to trustees as fiduciaries, which means you are legally bound
to put beneficiaries interests before your own. So you do
have the backing of the court to do these kinds
(32:16):
of things. Document everything, write down everything, make sure everybody
is transparent, Where did every penny go? And so on
and so forth, and try to stay neutral. That's hard
to do, but it doesn't take much for siblings to
feel slighted. That is, if there's something in that trust
that makes a sibling feel like they're less than or
something like that, that's going to be more between mom
or dad and the sibling than it is you. You
(32:36):
are simply executing on that document, So feel free to
ask for help. You can always go out and hire
an attorney to help you act as a co trustee.
That is your right as a trustee of a trust.
You can hire outside counsel if you need to do that,
do it. But anyway, important job and we wish you luck.
William trying to get that taken care of. Robert and
Tarras Park. So he's on the board of a small
(32:58):
private company and he has invested his own money heavily
alongside of it.
Speaker 3 (33:02):
How did he wants to know?
Speaker 2 (33:03):
How does he protect himself as if the company should
run into legal or financial trouble?
Speaker 3 (33:07):
Bob.
Speaker 1 (33:08):
Well, Robert, you got two you know, kind of separate
topics here. One the legal liability. I'm going to assume
that this company is structured as an S corp, C corp,
you know, limited LLC something like that, some kind of
corporate structure. Most of the time, that's going to protect
you from any personal legal liability. The liability will be,
(33:29):
you know, limited by the assets of the company. You
can get umbrella protection umbrella, a lit of liability policy
that we recommend everybody get, you know, to protect yourself.
But I would be less concerned about the legal liability
in this case and more about the diversification of your
long term financial plan and retirement plan. You know, you
(33:52):
just want to make sure you don't put too many
eggs in one basket here, because you know, things can
happen to a small private company and you know, just
just take a look at it and make sure you diversify. So,
not a lot of information to work with here, but
those would be my two answers right off the cuff here,
all right, David and Blue ass quickly here, Brian, He says,
(34:14):
I'm a senior executive with two million dollars in deferred compensation.
The payout options are overwhelming. How do I choose how
to take this deferred comp without accidentally creating a huge
disaster From a tax standpoint.
Speaker 3 (34:27):
Yes, I've got a thirty seconds to get you through this.
Speaker 2 (34:30):
But deferred comp and what that means, deferred comp is
not forever tax free. It's a timing tool. You are
entitled to this compensation, but you've chosen to defer it.
Therefore it can continue to grow and then get taxed
down the road. So a lot of plans will let
you choose lump versus installment. A lump can mean a
huge TAXI. You're going to want to be careful with that.
Installments can smooth it out over retirement years, So make
(34:50):
sure you understand how that math works. Hire a fiduciary
advisor to help you do it if you don't.
Speaker 1 (34:55):
Coming up next, Brian has his bottom line on how
to adjust your thinking from an investment standpoint. Now that
we appear to be moving in an interst rate declining environment.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
(35:16):
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James. All right, now that interest rates
have finally started to come down, Brian, I know that
high caliber brain of yours is spinning and you've got
all kinds of thoughts on how that might impact how
we invest lay it on us tonight.
Speaker 2 (35:34):
Both cylinders firing at high power, Bob, all two of them. Yeah,
So so different thinking is what we need to be
doing when we're in a when we move to different environments.
Speaker 3 (35:45):
And that's true today as it ever was.
Speaker 2 (35:48):
So what's what we're looking at yat now is saving
yields are gonna fall when we're in a declining rate environment.
You're gonna see these wonderful high yield savings accounts that
you've been getting four four and a half percent on
those are gonna drop. Don't be shocked or disappointed when
when it happens. It's just going to because those are
driven by interest rates as much as mortgage rates are.
Speaking of that debt will also become cheaper, but timing
is going to be important. So if you have an
(36:10):
existing variable rate debt, that's going to adjust pretty quickly,
So like a home equity line of credit something like that,
you can be a little bit happy because those that
interest rate is going to go down. If you are
in that situation paying off a heelock home equity line
of credit, then what you might consider doing is don't
change your payment. Whatever payment you were making obviously fits
the budget because you've been making it, So keep making
(36:31):
that same payment and you'll pay that debt down even sooner.
And so you can also for fixed debt. Of course,
now we're back in refinancing eras where we want to
think about what are we paying now, and if I
go and refinance this mortgage, what kind of savings can
I take off of that? And you might even consider
perhaps if if rates move enough. This takes a little
(36:52):
bit of math, but if rates move enough, you might
drop from a thirty year to a fifteen year, and
who knows, that could actually push your payment up, which
seems counter into But maybe if you since you got
that mortgage, perhaps you've gotten some raises, maybe the mortgage
is three years old or something, and you're making a
little more money, there's more spendable cash, Well you can
you can take advantage of that with the least lower
interest rates and possibly go ahead and take advantage of
(37:13):
the higher income you have and pay that whole thing
off sooner by going from a thirty to fifteen or
something like that. So so, but the thing to do,
I think really focus on is what do you need
and what what what is out there that you can
take advantage of, And don't get too worried about the
fact that interest rates are falling. You should have investments
on the other side of this where lower lower interest
(37:34):
rates are beneficial. So you've got a stock portfolio of
something that's intended to growth for growth that is going
to benefit from this as well, So just make sure
you rebounce that portfolio. It's going to make changes to
the bond side of your portfolio as well. You want
to own different kinds of bonds in a declining rate environment.
So it's time to take a look at things you
may not have looked at in a while. What about you, Bob,
what would you be advising your clients at this point?
Speaker 1 (37:54):
Yeah, I think the thing to look at here is
what what happens to the longer end of the curve
and when does it move And I'm talking about five year,
ten year, thirty year yields. That's what really will determine
you know, maybe a change in strategy, one little change
in short term rates doesn't necessarily facilitate you know, major
(38:15):
changes in your portfolio. You want to take a look
at the trend of rates and then you know that
allows you to make some bigger moves that might have
more impact on the things Brian talked about. But it's
time to look at these things, and it's time to
sit down with your advisor and get out in front
of what next steps might look like. Thanks for listening.
You've been listening to Simply Money, presented by all Worth
(38:36):
Financial on fifty five KRC, the talk station
Simply Money News
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