November 10, 2025 • 37 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian pull up a booth at your favorite Saturday morning diner—where three strangers each worth around $3 million reveal just how wildly different financial lives can look. Meet Jim, a newly retired corporate lifer trying to make his nest egg last; Maria, a successful business owner staring down a big liquidity event; and Chris, a laid-back heir with a taste for risky bets. Despite similar net worths, their challenges—and mindsets—couldn't be more different.
The guys break down three key financial stressors: market headlines, long-term care fears, and major downturns—and how each person reacts. From Roth conversions and tax planning to installment sales and speculative investing, this episode is packed with real-world examples of why your wealth story needs its own unique plan.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:08):
Tonight, same wealth, different worries. What a large portfolio really
means for three very different people. This is simply money
presented by all Worth Financial. I'm Bob Sponsorer along with
Brian James. Just imagine it's Saturday morning and three folks
slide into a corner booth grabbing breakfasts, each with around
(00:30):
three million dollars to their name. We know that's not
kind of fly private, kind of rich, but rich enough.
The good decisions now could mean a very comfortable retirement
or Brian potentially a stressful one. It all comes down
to how you handle that money. Let's get into who
these people are and the things that they are thinking
(00:50):
and wondering about.
Speaker 2 (00:52):
Well, Bobby distracted me there.
Speaker 3 (00:53):
It's Saturday morning and it sounds like these folks are
going to breakfast, so I'm thinking about bacon and eggs,
and I know the word nest egg is going to
appear in this. So now I'm hungry, and I forgot
what we're talking about. I'm hallucinating that I'm up at
Hides in Hamilton or something having an awesome, greasy spoon
type breakfast. Anyway, Okay, so one side of the booth here,
there's Jim. He's sixty six and he's retired a couple
million dollars a little more than that in a rollover IRA,
(01:15):
because he was always working for the man somewhere you
working for somebody else, putting money away on his own.
He's got some leftover deferred compensation and about eight hundred
thousand dollars in a joint broker'e account with his wife,
just some taxable dollars, not IRA, not raroth, that kind
of thing. Also just turned on that Social Security s
figot and he's got to make that nest egg last
thirty years eggs extract it again.
Speaker 2 (01:35):
But who else is in this booth, Bob Marie?
Speaker 1 (01:39):
Next to him, I guess. In the adjacent booth is Maria.
She's fifty eight. She owns a successful landscaping company. She's
just got an offer to sell her business for two
and a half million dollars with an urnout tied to
next year's revenue. So she's still working, but she's suddenly
staring down the barrel of a very big liquidity of it.
(02:00):
And then across from them is this guy. Sounds like
a lot of fun. Chris. He's forty two. He got
money the old fashioned way. He inherited it. He inherited
a little over three million dollars from his mother, who
was a savvy real estate investor. He's got some passive
income from rentals, No W two job, He's just hanging out,
(02:21):
living life, and he has a mild addiction to flipping
options and reading Twitter threads about macro economics. Brian, my
guest is Chris owns an xbox, and he's really good
at call of duty too.
Speaker 3 (02:35):
So I'm really curious, Bob, about how these three people
came across each other and how they decided that this
is the breakfast click for the next rest of their lives.
But but anyway, I want I wanted to kind of
point out here the way we've described this. We've got
one person who spent a long term career, maybe like
a fortune five hundred type company, put money in his
four O one K that's where his wealth is. Another
person built her own business very successful, but didn't have
(02:55):
a whole lot of liquidity until she got this offer.
You know, it's one thing to say I own a
piece of I own a business that is on a
piece of paper and it's worth X amount of money,
but it's another to be able to say I can
pull out five thousand bucks out of that and go
buy you know, whatever I want.
Speaker 2 (03:08):
She wasn't liquid, so that money kind of fell out
of the sky.
Speaker 3 (03:11):
But she has her elbow grease all up in that
business because that's where it came from. Nothing because she
built it. Chris, on the other hand, could be a
great guy, and there's we're being a little snotty here
about him, but this does happen to people. He did
not have to build this. It came from his mother,
and so he's got a lot of flexibility. These are
people with very, very very different views on how to
make decisions on a daily basis.
Speaker 1 (03:32):
All right, I'm going to imagine that that they did
not come into this, you know, establishment together. They just
happened to be by themselves, sitting near one another. And
let's say CNBC is up on the TV and they're
reading the paper, watching the news, and a couple of
different scenarios arise. So let's talk about scenario number one,
a market or economic headline. Jim ombits up the conversation
(03:56):
with Wow, it looks like inflation cooled again. Maybe finally
get some rate cuts. So he's sweating withdraws. His portfolio
lost twelve percent in twenty twenty two. Now he's asking,
should I delay tapping my IRA and lean more on
the brokerage account to let that tax deferred money grow?
What should he be asking, Brian after a twelve percent
(04:20):
decline in the market.
Speaker 3 (04:21):
Yep, Well, the first thing he shouldn't be asking is
should I should I run away and hide, go hide,
and you know, go hide somewhere and protect my dollars.
That's a terrible idea these downturns, because if you understand
market history, downturns are actually opportunities. So the questions he
should be asking, well, you know what, I'm not working anymore,
so I'm in the lowest bracket I've seen in decades.
Maybe while the market is in the toilet, maybe I
(04:42):
should be using some partial roth conversions while I'm in
this lower bracket. And better yet, I'm doing it at
a low point of the market. So if I do
it now, I'm I'm gonna buy the same number of
shares for a cheaper price, and therefore, when the inevitable
upswing comes back around, I'm gonna benefit from that and
it'll all be on the tax free set other question,
maybe should I move to a bucketing strategy so I'm
(05:02):
not forced to sell in a down market. This basically
means identify my expenses, what's coming up in the next
twelve to twenty four months, carve those dollars out now
while the market's at a peak, and then then that way,
I know for a fact I will not be using
dollars that got hit by an unforeseen market downturn for
bills I knew were coming to do anyway, all.
Speaker 1 (05:21):
Right, Maria sitting in the adjacent booth, you know, as
a reminder, she's the landscape business owner who's about to
sell her business. She you know, spits out. Hey, honestly,
I don't care about the market. I'm just trying to
figure out how to avoid giving half of the sale
of my business to Uncle Sam in taxes. So for her,
this has nothing to do about timing the stock market.
(05:43):
It's about timing income. She needs to work with a
tax advisor immediately on exploring maybe installment sale options, a
potential four oh one h plan to offsloads some pre
tax dollars or even use some maybe a charitable remainder trust.
And then our buddy Chris he hears that whole discussion
(06:03):
and says interest rates might fall, and he pulls out
his phone and texts his buddy, Hey, it's time to
go long Tesla again. He's confusing volatility with opportunity and
he's going to pile into a high risk stock and
he's going to risk turning his three million dollars into
a million and a half by speculating on things.
Speaker 2 (06:23):
Brian, and my question for Chris is where has this
money been?
Speaker 3 (06:26):
If you're going to buy Tesla again, you know, and
this isn't a shot at Tesla, it's just like any
other investment. But was this money sitting in cash or
are you going to sell something else to raise the
cash for it? And if if the answer is you've
been sitting in cash with a lot of it, what
are you really accomplishing here?
Speaker 1 (06:39):
You know?
Speaker 3 (06:39):
It sounds like we're just kind of wandering around the
casino hitting the different video poker boards that looks shiny
and introt.
Speaker 1 (06:45):
Well, he owns a bunch of real estate that he inherited,
so he's probably going to go take out a huge
equity loan on the real estate. They can't speculate stocks.
Speaker 2 (06:54):
Yeah, he's got a plan. Well, that's good. It's a plan.
It's good. We like planning.
Speaker 1 (06:56):
Going all right, let's get into scenario number two, health
and longevity. The conversation switches to something completely different. Maria
drops this one. Hey, my mom's been in a memory
care facility for two years and we're paying nine thousand
dollars a month. Wow, makes you think. Jim nods, he's
healthy but just lost a friend to Parkinson's. He's wondering
(07:20):
if he should lock in some long term care insurance
now or if it's already too late to do that.
And Chris he just shrugs. He says, maybe I'll just
move to a cheaper country if I need care. He
hasn't even priced out Medicare premiums to say you know
nothing of long term care or realize that real estate
(07:41):
isn't a healthcare plan.
Speaker 3 (07:43):
So I'm going to divide these in So let's talk
about Maria and Jim, who I think live in the
real world. So Jim mentions Parkinson's and memory care as well.
This is these are really the terrifying things if you're
thinking about long term care, if you've built them some
assets and you're worried about long term care. First of all,
before you panic about it, think about what that expence
actually really truly is that nine thousand a month?
Speaker 2 (08:02):
That's real?
Speaker 3 (08:03):
But again, if you're in a traditional long term care stay,
a typical one is really we're talking end of life care.
So that's more of a like a two and a
half year's day maybe three. And you know you might
need three hundred, three hundred fifty thousand dollars for that.
That's a chunk. But remember it's not on top of
your living expenses.
Speaker 1 (08:20):
Right.
Speaker 2 (08:21):
That means if you're.
Speaker 3 (08:21):
In a situation you're not going to the grocery store anymore.
Maybe there's not even a mortgage, right, you might have
sold the house because of this situation. You've still got
your Social Security go, got your income sources, but you're
not traveling anymore. So it's not three hundred and fifty
thousand dollars on top of something else.
Speaker 2 (08:35):
That's the typical stay.
Speaker 3 (08:36):
But what these two folks are kicking around is the
memory care types of issues. You're Alzheimer's, Parkinson's, Huntington's types
of issues. Those stays can be more like eight to
ten years, and the individual person can be completely physically
healthy but still needs around the clock twenty four to
seven care. Have a client whose spouse went through this
in her late fifties and had to be moved to
a memory facility, and frequently she gets asked questions it
(09:00):
would be related to somebody who works there because she
looks like an employee, but she's actually a residents.
Speaker 2 (09:05):
A really, really, really sad story because of.
Speaker 3 (09:07):
The brief amounts of time that she is not lucid,
she has to have around the clock care.
Speaker 2 (09:11):
Chris, on the other hand, go ahead, Bob, Sorry.
Speaker 1 (09:14):
No, you go ahead. I want to know what your
advice for Chris.
Speaker 3 (09:18):
Well, Marie and Jim, they got real issues and hopefully
some of that is helpful to them. Chris, on the
other hand, does not live on this planet. I love
his comment of I'll just move to a cheaper country
if I need care. In other words, after something bad happens,
he's going to pack up his house and then move
out of the country because that's how easy it is.
And you know, these other countries just throw their doors
open to Americans who want cheap healthcare. It's just that simple, Chris.
(09:41):
I really want to hear where Chris lands in thirty forty.
Speaker 1 (09:44):
All right, let's switch it up here and scenario number three.
We'll deal with the same three people a little bit
different scenario. And the scenario this time is we're in
the midst of a big market downturn. The market's just cratering.
Jim takes a sip of coffee and says, this is
exactly what I was afraid of. I've only been retired
for a year and now I'm down two hundred and
(10:06):
fifty thousand dollars. He's experiencing what we all call sequence
of return risk. The market's down right. As he's starting
to take withdraws, his first instinct pull back on spending
and move everything to cash, bail on everything. What should
he do or should he have done well? He needs
to be checking with his advisor if he has one,
(10:28):
to set up a bucket strategy so he's not selling
stocks when they're down. Possibly lean on his brokerage account
or cash buffer to fill in those short term spending
needs so he can leave his long term capital invested
for the long term. Because, let's face it, Brian, almost
all the time, if you give money three years to
recover in the market, it usually always does. But you
(10:51):
gotta have some money ear marked for even significant short
term market volatility.
Speaker 3 (10:57):
Yeah, anytime the market's out a high, that basically just
proves that any moves that were made to react or
to try to protect from a downturn were the wrong ones,
because the answer is just leave it alone and it'll
the pendulum will swing back the other direction.
Speaker 2 (11:10):
So, you know, let's move on to Maria here. She's
still working.
Speaker 3 (11:13):
She hasn't sold that business yet, but she's definitely talking
to accountants and getting valuations, and now she's wondering if
she should delay that sale to a landscaping company. Landscaping
isn't exactly vital to the functioning of a business. It's
a nice to have for a well run company, but
when we go through a two thousand and eight, nobody's
gonna be really worried about the bushes out in the
parking lot out there.
Speaker 2 (11:33):
So she's concerned.
Speaker 3 (11:33):
Maybe that makes her company worth less and she's going
to have to tough it out a little more. Her
risk isn't in the market yet, it's in her own business.
It's in the timing and the structure of that sale.
So the right move is to look at installment sale
options and spread that tax impact out and more importantly,
stress test that post sale portfolio. Hopefully she's already got
a financial plan. Now she can say, all right, I
thought I was going to sell this for two and
(11:53):
a half million. What if it only goes for two
can I still sell? And if the case is yes,
the next question is will I be happy with what
that light, with the lifestyle that that will provide you?
Speaker 1 (12:04):
All right? And then let's not forget about Chris markets
down huge. Chris is scrolling Twitter huge buying opportunity, says,
I'm loading up on small cap AI stocks and bitcoin ETFs.
He's making the classic mistake reacting just by what looking
at charts of things that have actually absolutely cratered and
(12:25):
assuming he's going to make the deal of the century,
the buy of the century, and just pile in and
make a ton of money. That's a recipe for potentially
turning his three million dollars into a million pretty darn quick.
Here's the all with advice. Your wealth story is unique.
That's the whole point of these stories. Your wealth story
is unique, so your financial plan should be as well.
(12:48):
Coming up next, what two hundred years of global data
means for your portfolio? Plus the man who proves that
you are never too old to have an absolutely great
quality of life. You're listening to Simply Money presented by
all Worth Financial on fifty five KRC the talk station.
(13:10):
You're listening to Simply Money presented by Allworth Financial on
Bob Sponseller along with Brian James straight Ahead of six
forty three real questions from Simply Money listeners about family, property,
business sales, charitable giving and more. A recent global data
dive from Deutsche Bank shows some powerful results for staying
(13:31):
fully invested in equities. The bank gathered a massive data
set two hundred plus years of history stocks in fifty
six different countries, multiple business cycles, war depressions, the whole
ball of wax, and the key findings over a twenty
five year holding periods. All twenty five year holding periods,
(13:52):
stocks underperformed cash under the mattress literally cash cash that's
not earning interest only zero point eight percent of the
time in nominal terms. Brian. That is the you know
case and point benefit of time in the market, not
timing the.
Speaker 3 (14:10):
Market, sojust for inflation you know, real terms. The underperformance
rate over twenty five years rises, but still only about
seven and a half percent of the time.
Speaker 2 (14:19):
These shorter time horizons are much more volatile.
Speaker 3 (14:21):
Over five year windows, stocks have declined in nominal terms
about thirteen percent of the time. That means they've gone
up eighty seven percent of the time. But so, why
are we talking about this, Bob? What does this suggest
If you got a long term, long term time horizon,
committing to equities significantly reduces the risk of ending up
behind the cash or a low yield alternative.
Speaker 1 (14:41):
Yeah, all right, if there was ever an example, I
love this story. If there was ever an example of
how staying busy can impact your quality of life, even
very late in life. There's a story out of Japan
that we came across. It's about sushi legend.
Speaker 2 (14:58):
And I'll butcher is I want to hear I want
to hear say.
Speaker 1 (15:02):
It hero ono? Did I pronounce that correct? Let's go
with yes, it's spelled j I R. I doubt that
he pronounces it giro. Anyway, This gentleman just turned one
hundred years old. He has served the world's dignitaries, and
his art of sushi was featured in an award winning film.
(15:24):
In fact, when he turned ninety three, he was recognized
by the Guinness World Records as the oldest head chef
of a three Michelin star restaurant.
Speaker 3 (15:35):
Brian, that's like saber metrics of Guinness World Records. That's
a lot of out points, the lump together in there.
Speaker 1 (15:41):
The moneyball of sushi.
Speaker 2 (15:45):
He is the Billy Bean of the sushi world.
Speaker 3 (15:47):
So anyway, after all these achievements, you know, at the
age the tender age of one hundred, he says he's
not ready to fully retire.
Speaker 2 (15:53):
And I'm quoting here.
Speaker 3 (15:54):
I plan to keep going for about five more years,
as he said as he was marking the Japan has
a holiday called Respect for the Aged Day, and of
course he was a highlight there. Gift and a certificate
ahead of his birthday is what he got there. He says,
I can no longer come to this restaurant every day,
but even at one hundred, I try to work if possible.
I believe the best medicine is to work. Began that
apprenticeship at age seven. This was a Japanese restaurant of
(16:17):
a local hotel there and then he moved on to Tokyo,
became a sushi chef at twenty five, and the rocket
took off from there. He opened his own restaurant in
nineteen sixty five, so he's devoted to what he serves
to his regular clients. He's even turned down Bob. He's
turned down the Japanese government officials. They once called to
make a reservation for Barack Obama in shinzo Abe back
in twenty fourteen, and he said, Nope, don't have time
(16:38):
for you can't deliver at the level that I normally would,
so you'll have to find another time.
Speaker 2 (16:42):
President and Prime Minister.
Speaker 1 (16:44):
Well, but what I love about this story, to be
real serious about it, is even at the age of
one hundred, he is still mapping out the next chapter
of his life. He's not quitting. He's not sitting in
a rocking chair. He can't do everything with the level
of excellence that he did for decades, but he can
still do something, and he's still passionate about what he's doing,
(17:05):
and he's very good at it. People recognize that, and
they're still asking him, you know, to do some pretty
special things because of his commitment to his craft.
Speaker 2 (17:14):
I love it all right, every Sunday, no, go ahead. Yeah,
we all.
Speaker 3 (17:18):
Reach that point where at age one hundred, we are
so happy doing whatever is that we're doing that that
we can still kind of look forward to the future.
Speaker 1 (17:25):
Brian, if I'm still alive at that time, when you're
one hundred and five, I'm gonna be calling you to
help ask for help in calculating my wroth conversion strategy.
Speaker 2 (17:35):
Will you be there, will make.
Speaker 1 (17:36):
Sure you help me?
Speaker 2 (17:39):
Well, see, I might be retired by that point.
Speaker 1 (17:42):
All right. Every Sunday you will find our all Worth
advice in the Cincinnati Inquiry. Here's a preview. Andy and
Julia in Green Township. Brian, I'm gonna hand you this
ball of twine to unwind. They say. We are both
former divorcees and our fifties, who recently got married, and
we both have grown children from our previous marriages. Together,
(18:06):
we're fortunate enough to have a nice amount of savings
and investments worth a little over a million dollars. Brought
in any advice for how to set up an estate plan?
Speaker 2 (18:16):
Yeah, and this is when we're being a little facetious.
Speaker 3 (18:18):
This is just this is just a ball of reality.
Lots of people are in this situation and it is complicated.
Matter of fact, I just had a meeting yesterday with
a situation like this, here's the danger. So we're bored
in both former divorcees. They've each got their own children.
So this is what we call them the business a
Brady Bunch type situation, his kids, her kids. And you
want to think, well, okay, so we're married, now, we
love each other, and you're gonna if I die, you're
(18:40):
gonna get my assets and I'm gonna get yours, and
that's the end of it. Well what can happen there?
Of Frequently what happens is that kids will accidentally be disinherited.
Speaker 2 (18:49):
Because think about this.
Speaker 3 (18:50):
If I, if I bring my own children to this relationship,
then I'm going to name my new spouse, who is
not their mother, as my primary beneficiary, and then I'll
name my children as contingent. That makes all the sense
in the world, right. Well, what happens is as soon
as I pass away, those assets become my new wife's
and the beneficiaries are now my children aren't necessarily in
the mix. This doesn't mean she or me or I
(19:12):
consciously eliminated them, just means their names are no longer
on a piece of paper as a contingent. So I
would have a conversation this is a discussion I just
had yesterday. If everybody trusts each other and you really
kind of think of it as one family, despite the
fact that is really a Brady Bunch type situation, it's
okay to say, look, these are our assets. This is
what happens. You got three kids, I got three kids.
(19:33):
They're six total. Maybe we simply take this entire pile,
assign each of these people a percentage, and we list
those beneficiaries on each and every account. Yes, that means
that my beneficiaries will somewhat not be my kids, but
that also comes from the other side of the fence,
from my new spouse who will have named my children
as his or her beneficiaries as well.
Speaker 2 (19:52):
So just one way to think about it for a
trusting family.
Speaker 1 (19:56):
Let's face it, AI is reshaping everything, including how we invest.
But is there more danger than promise in going it alone.
We'll show you where AI could help and where it
could seriously hurt. In this endeavor. 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
(20:23):
all Worth Financial. I'm Bob Sponseller along with Brian James. Well,
it's the buzzword of the decade at this point. AI,
artificial intelligence. It's writing term papers, diagnosing diseases, and even
composing music. So naturally the question is can I just
let AI manage all my investments too? It like everything else, Brian,
(20:45):
it can absolutely enhance the investment process and in many
ways it already has and already does. I mean, I
know you and I use AI every day, but let's
get into let's get into how it's working today and
then maybe some of the watchouts.
Speaker 3 (20:59):
Yeah, and AI is because I'm a term, kind of
like the word Kleenex, where there's a bazillion different brands,
but we all call them Kleenex, so they're different definitions
to everybody. So for a long time there's been algorithms
have been involved in investing, and that's kind of sort
of AI, but it's a little little different branch of it.
But we use algorithms to help us do tax loss harvesting.
Scan portfolios every day all the way down to the
(21:19):
share lot level, so we can spot these opportunities to
harvest tax losses for clients and help them save. Come
April fifteenth, also direct indexing platforms also will mimic those
index funds while offering the same tax advantages alongside the
same diversification as a plain old index fund. And there's
risk analysis SOFTWAREES. That's software that stress tests portfolios and
(21:40):
seconds across hundreds of scenarios. That's not exactly AI, but
that's more algorithmically oriented. But at the same time, what
that can do alongside with AI is it helps us
strip out of motion. So an algorithm doesn't panic when
the markets drop, doesn't chase hot stocks, it doesn't skip
contributions because of bad headlines. That's what we're here for
(22:01):
when our job is to kind of filter out people's
emotions from their financial plans and make sure that every
decision we make is with the long term in mind,
not the shorter term. Algorithms and AI don't really do
that because they can't they can't really empathize in terms
of here's how other people have handled similar situations, here's
why it's important. We need to focus on the long term,
(22:21):
and here are historical situations that were somewhat similar, so
we can get an idea of what to expect. I
haven't seen an AI tool that gets us anywhere close
to that despite the fact that we have we are
surrounded by them and I do use them every day.
Speaker 2 (22:32):
Yeah.
Speaker 1 (22:32):
Again, the danger of AI. And it's a wonderful tool,
don't get me wrong. I mean it is changing every
industry out there and it will continue to do so.
But the danger of just using AI in a vacuum
is frankly, it doesn't know you. It knows a bunch
of data, It can interpret data very quickly, and it
does no patterns to your prior point, Brian, But it
(22:54):
doesn't know your individual goals, your fears, in your life's priorities.
I look at it like Google Maps. It can show
you a root, sure, but it doesn't know that you're
almost out of gas, or that you hate going through tunnels,
or that your toddler in the back seat is about
to throw up if the road gets too bumpy. You know,
it can do a lot of things, interpret a lot
(23:17):
of data, but it still doesn't know how to interact
with real time, with real feelings, thoughts and goals, with
human beings.
Speaker 2 (23:26):
Yeah.
Speaker 3 (23:26):
So let's use an example here. So let's say you're
going to retire in just a couple of years. Well,
AI says you should take more risks because your time
horizon is still long. You can get that out of
a questionnaire, any random questionaire out of the internet that
completely ignores your emotional risks. That's simply looking at the math.
Computers aren't emotional, they're simply mathematic A plus B must
equal C. That doesn't account for what happens when my
(23:49):
spouse and I get to an argument at the dinner
table because the market has taken a hit and maybe
the two spouses weren't on the same page with regard
to the risk levels to their portfolio. What happens if
that twenty percent draw down that is rare, but we
still see them that twenty percent draw down causes me
to bail out early. What are we going to do
if I'm a business owner selling a Compans's say I
have a business and I'm going to sell that company. Well,
(24:09):
a smart fiduciary advisor might walk through all kinds of
different strategies.
Speaker 2 (24:13):
Gifting strategies.
Speaker 3 (24:13):
A state planning tax deferral AI is just going to
look for a new number and kind of recalculate. It's
not going to point out all the subtle intricacies of
your own personal situation and say here's ten strategies. Seven
of them don't make sense for these reasons. So we've
narrowed down to these three. Because this is how your
family operates, and here's how other your businesses all kind
of work together.
Speaker 1 (24:33):
You're listening to Simply Money, presented by all Worth Financial
on Bob Sponsller along with Brian James, and I think
the point you're driving home here really at the end
of the day, Brian, is we need to talk about
what good fiduciary advisors bring to the table that AI doesn't.
And this is where working with a good fiduciary really shines.
And let's just be real clear, not all advisors are fiduciaries.
(24:56):
Some are brokers, some are salespeople. If fiduciary advisors are
legally bound to know you and put your interest first, yep.
Speaker 3 (25:06):
So fiducia advisor is going to help you prioritize the
goals that matter to you, help you identify them to
begin with. Right, That's normally where a lot of us
hide behind the numbers. All I know is they don't
have enough money. I have no idea how much I need.
I just know there's not enough. So a finucial advisor
is going to help you identify those things and put
numbers on them most importantly, and navigate those emotional decisions,
and then also coordinate tax a, state and investment planning.
(25:28):
Some of this stuff is rather mechanical. It's black and white.
There are steps to follow and process that's put in place,
but somebody with experience needs to help you understand which
processes you need and which you don't. For example, you
don't need a trust for everything. That's another segment we'll
do some other day, but that's a common question we get.
I only have a will, I don't have a trust.
That might be okay, Let's talk about your situation and
(25:48):
also adjust that plan when life.
Speaker 2 (25:50):
Throws your curveball.
Speaker 3 (25:51):
Fiducia Advisor is going to build a relationship with you
in terms of knowing the things that make you worry.
So I know when I see certain headlines, I know
the five or six phone calls I got to make
because somebody out there is panicking. I also know the
ones I don't have to and they probably don't want
to hear from me because they're not warriors. So there's
there's a very significant interpersonal relationship that comes along with
working with fiduciary.
Speaker 1 (26:12):
And let's face it, you know, good advisors ask the
questions that AI never will. For example, what do you
want retirement to feel like? How do you want to
help your kids without hurting their motivation and their drive?
And are you more afraid of running out of money
or more afraid of not enjoying it while you have it?
And good advisors can help you adjust when life changes,
(26:36):
when your job becomes unbearable, when your mom needs assistant
living help, when your kids get a full ride to college.
So in a perfect world, here AI and advisors should
work together. Fiduciary advisors. The best fiduciary advisors already use it.
Like we've already said, it's a tool, and that's the
key word. It's a tool, not a replacement. Here's the
(26:58):
all Worth Advice. A is a very powerful tool, but
only a fiduciary advisor can build a plan around your life,
your values, in your future. Next, we tackle your biggest
money questions, from selling a business or vacation home to
charitable giving, inheritance and even private credit funds. You're listening
(27:19):
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 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
(27:40):
click while you're listening to the show right there on
the iHeart app. Simply record your question and it'll come
straight to us. All right, Brian, Let's be honest, none
of us like to feel left out, especially when it
comes to money. And when your coworker brags about their
bitcoin gains or your neighbor says they do their portfolio
(28:01):
in six months, it triggers an emotion in us that
we want to identify. That fear of missing out or.
Speaker 3 (28:08):
Fomo fomo fomo fomo fomo can cause a lot of
problems in terms of making terrible financial and otherwise decisions.
So the world of investing that you'll feel some pressure
just from you know, the people you're golfing with or
people at a cocktail party. Everybody's talking about, you know,
something that you weren't aware of or you didn't do,
(28:30):
and it may or may not be a good idea.
But but what your brain kicks into is have I
missed out on an opportunity. Is there something out there
that I should do, that I should be doing right now,
and how can I fix that problem? Well, so, maybe
there's people out there that you know, you know, you know,
somebody's got a solid retirement plan. They got everything, they need,
a couple million in assets, but they read this one
article about AI and all of a sudden, they've pivoted
their you know, a good chunk of their portfolio toward
(28:51):
the towards the big names and AI good idea, bad idea?
I say not so much because that they did that
with their with their emotions, not with their logical brain.
Of does help my plan? Do I need this kind
of growth? Or am I just in the casino playing
with playing with poker chips?
Speaker 1 (29:05):
All right, well, let's get down to brass tacks here.
I mean, how many of your clients come to you
with this kind of stuff. Hey, I love the plan, Brian,
everything's fine. But let's I think people get bored. Sometimes
they get bored with their plan because it works so well,
so they just create this fomo emotion again, back to
needing to do something or wanting to do something, or
(29:25):
introducing some juice to the whole situation. Do you have
clients that come to you with that and how do
you deal with it?
Speaker 3 (29:31):
Yeah, I'm going to go to other way on you, Bob.
I'm going to go with myself on that one. We
feel this too as advisors, we run into it too.
So I was actually with my family was considering an
investment and I talked to another advisor here at Allworth
who had some experience with it, and his answer was,
why do you want a more complicated life?
Speaker 2 (29:47):
And that put me on my heels.
Speaker 3 (29:48):
Because this was a private equity type thing with some
moving parts too and all that, and I hadn't even
thought about that. I was just interested in the you know,
it's just a portion of my portfolio and so on
and so forth. But there's moving parts to any decision
like that that you make. So it is always valuable
to tea just take a breath and figure out what
the big picture is if I'm going to throw And
let me be clear, I have absolutely no problem with
people wanting to play with the stock market.
Speaker 2 (30:09):
Go ahead, knock yourself out, just.
Speaker 3 (30:11):
Don't do it with the notion that I'm going to
double my money next week and all my problems will
be solved. Do it with the idea that this is
an interesting thing and I like the story behind this
investment and I want to participate in it, and that's fine.
Speaker 2 (30:21):
Just don't hang your entire financial future off.
Speaker 1 (30:23):
Yeah, and I'll tell you how I handle this, because
if somebody comes at me and at me and at
me long enough, I just tell them, hey, fine, let's
split the Let's split your portfolio into two pieces. And
I've done it this way for over thirty years. We
got your serious money. This is the money you can't
afford to lose and it's got to take care of.
Speaker 2 (30:43):
You for the rest of your life.
Speaker 1 (30:44):
And then there's play money. And as long as they're
willing to talk about I'm like, hey, have at it.
Let's slice off a piece of play money. I'm not
going to manage the play money for you. You go
do it. This goes show me how good you are.
Look at all your charge arts, stay traded, you know,
buy AI stocks to your heart, heart's desire, gold, whatever
(31:06):
you want to do. Go, get in and out of
all of it. Get back to me in six months
and let me know how you're doing. Because it can
oftentimes if people actually have to go out and do
this and have the time and the inclination and study
all the details and execute on what they think can
be very easy to do. I like to give them
six months to a year to actually go out and
(31:28):
do it and then come back to me and let
me know.
Speaker 2 (31:30):
How it's going.
Speaker 3 (31:31):
Yeah, the serious money permits the existence of the play money,
and so you have to think about it in terms of,
you know, if I want to throw a very small
amount of you know of into something, take a flyer.
Speaker 2 (31:40):
As usually the word word that people use.
Speaker 3 (31:42):
That's perfectly fine, but it shouldn't be treated as something
that's going to change your life.
Speaker 2 (31:46):
If you're willing to.
Speaker 3 (31:47):
Bet half or more of your portfolio on some crazy bet,
then I'm going to go ahead and say that you're
going to create financial problems for yourself down the road.
On the other hand, if you're willing to invest a
small amount, then even if it doubles triples, it's not
going to change your life anyway. Remind yourself of how
important this really will be to you.
Speaker 1 (32:02):
You're listening to Simply Money, presented by all Worth Financial
on Bob's sponsorer along with Brian James. Brian, let's get
into how that fomo or fear of missing out emotion
starts to rear its ugly head.
Speaker 2 (32:15):
What causes people to feel that? Yeah, well, what causes
it is exactly that. It's the fear.
Speaker 3 (32:19):
It's a you know, somebody's doing something, somebody has found
an opportunity that I'm aware of, but I'm not executing on.
Speaker 2 (32:24):
Am I missing out? That's where it comes from.
Speaker 3 (32:26):
But the very first thing that happens is it causes
you to abandon your overall plan if you had a
solid financial plan, which you mentioned it earlier about a
solid financial plan can be boring.
Speaker 2 (32:35):
Let's call it.
Speaker 3 (32:35):
Call it what it is. Right, I've built my machine.
It's in good, solid, running shape. Now what you know,
think of a if you're a person who's into repairing cars,
the most boring thing is a couple of cars in
the garage who that are running just fine. I want
a project. I want to buy something and beat it
up and fix it and so forth. That again, that's
okay with it with a tiny amount of the portfolio.
But you're going to be you're forcing yourself to do
(32:56):
things that you don't have control over.
Speaker 1 (32:58):
Yeah, that's the key point here, The key point. I
want to drive home is make sure we separate play
money from serious money and make sure that we do
not do anything that's going to violate the viability of
that serious money, meaning your long term financial plan. And
as long as people are willing to do that, things
(33:18):
tend to work out fine. And if they want to
carve off that piece and get speculative, we just carve
that out of the financial plan so we can always
demonstrate for our clients the viability of that financial plan
factoring just the serious money piece.
Speaker 2 (33:34):
So take three steps here.
Speaker 3 (33:35):
First, ask yourself, does this fit the plan that I've
already put in place or am I just reacting to
that fear of missing out. Second, one, look at those
goals again. Maybe if you've built a solid financial plan,
make sure the goals still match what you want Because
things change over time. What are you really trying to achieve?
And number three, talk to your advisor or a trusted
accomplice or somebody else that knows the situation and just
(33:56):
get an opinion from an arm's length away.
Speaker 2 (33:58):
Here's the all worth advice.
Speaker 1 (34:00):
Chasing heat can often result in getting burned. A good
financial plan keeps you cool. Next, the most valuable part
of financial advice. You're listening to Simply Money presented by
all Worth Financial on fifty five KRC the talk station.
(34:22):
You're listening to Simply Money presented by all Worth Financial
on Bob Sponseller along with Brian James. Ever, notice how
people can stand at the counter mentally debating do I
tip fifteen percent or twenty percent on this coffee or latte?
I mean we stand there and stress over two bucks. Meanwhile,
back at home, half of us are paying for streaming subscriptions.
(34:43):
We don't even remember signing up for Brian, it's the
old being penny wise and pound fool this year, and
you've actually got a survey that backs up how the
average household is behaving right now in this area.
Speaker 3 (34:56):
Well, tell me if this sounds like your household, Bob.
The latest survey say the average household has a dozen subscriptions.
That's twelve of them, video music apps, even those random.
Speaker 1 (35:04):
Fitness not too far off.
Speaker 3 (35:06):
Yeah, yeah, I think a lot of us now have
kind of gotten sucked. It's just so easy nowadays. And
the problem is a lot of them quietly auto renew
just month after month. So that's really the funny part. Well,
we'll agonize over these couple of dollars at the coffee shop. Right,
Oh my gosh, you're spending four or five dollars and
a cup of coffee. Well, okay, but maybe somebody else
is spending two hundred dollars annually on a streaming service
(35:27):
that they haven't looked at in months. So it's just
because it's all, it's all, it's all right here in.
Speaker 2 (35:32):
Front of us.
Speaker 3 (35:33):
It's so easy to sign up for these things. And
maybe it's just that one show, that one movie, or
that one thing we wanted a part of, and then
we thought I'll get to it later.
Speaker 2 (35:40):
I just did this to myself.
Speaker 3 (35:41):
I just noticed something hitting my checking account that I
haven't needed in three months, so I had to squitch
that that was just yesterday.
Speaker 2 (35:46):
So happens to the best of us.
Speaker 3 (35:48):
But this is definitely something can be a little tiny drain,
a little leak in your in your plumbing to make
sure you get short up.
Speaker 1 (35:56):
Yeah, well we'll call We'll go ahead and just call
that subscription creep. And my wife and I actually sat
down together, I don't know, three four weeks ago, because
I keep seeing this Amazon bill showing up on my
credit card and they do a wonderful job of just
piling everything together into one charge that says Amazon dot Com.
(36:16):
And I sat down with her, I'm like, what is
all this stuff? So we actually opened the app and
we found two subscriptions in there for services that we
don't use, and we were able to agree on Yep,
we're not using it. Let's get rid of it. I
don't know that was like thirty bucks a month right there.
So this is just a call out to just do
a little audit of these automatic subscriptions and you might
(36:38):
be surprised at how much money it makes sense to
just save every month.
Speaker 3 (36:43):
Now, speaking of apps, this is kind of funny. So
I'm working with somebody where we're trying to help her
understand her budget. She has something called Rocket, and Rocket
is a service out there.
Speaker 2 (36:52):
Probably heard of it, but their.
Speaker 3 (36:53):
Whole point is to look at your financial data, to
look at all the transactions, and you're checking account your
credit cards, and they'll tell you which our subscription so
you can make a clean decision, and they will they
kind of bring it a little closer to home in
terms of click this link and they will unsubscribe for you.
So it's actually kind of a neat service. But ironically
this particular person doesn't have that issue and she's still
(37:13):
subscribing to Rocket. So one of the big best advice
I can give to her, I asked her, does Rocket
identify itself?
Speaker 2 (37:19):
Since you don't actually need it, but so it's good
to take a look at it.
Speaker 3 (37:22):
There are tools out there you can look at, and
if you don't need those tools, unsubscribed to them too.
Speaker 1 (37:26):
In Declare victory, thanks for listening. You've been listening to
Simply Money, presented by all Worth Financial on fifty five KRC,
the talk station
Tonight, same wealth, different worries. What a large portfolio really
means for three very different people. This is simply money
presented by all Worth Financial. I'm Bob Sponsorer along with
Brian James. Just imagine it's Saturday morning and three folks
slide into a corner booth grabbing breakfasts, each with around
(00:30):
three million dollars to their name. We know that's not
kind of fly private, kind of rich, but rich enough.
The good decisions now could mean a very comfortable retirement
or Brian potentially a stressful one. It all comes down
to how you handle that money. Let's get into who
these people are and the things that they are thinking
(00:50):
and wondering about.
Speaker 2 (00:52):
Well, Bobby distracted me there.
Speaker 3 (00:53):
It's Saturday morning and it sounds like these folks are
going to breakfast, so I'm thinking about bacon and eggs,
and I know the word nest egg is going to
appear in this. So now I'm hungry, and I forgot
what we're talking about. I'm hallucinating that I'm up at
Hides in Hamilton or something having an awesome, greasy spoon
type breakfast. Anyway, Okay, so one side of the booth here,
there's Jim. He's sixty six and he's retired a couple
million dollars a little more than that in a rollover IRA,
(01:15):
because he was always working for the man somewhere you
working for somebody else, putting money away on his own.
He's got some leftover deferred compensation and about eight hundred
thousand dollars in a joint broker'e account with his wife,
just some taxable dollars, not IRA, not raroth, that kind
of thing. Also just turned on that Social Security s
figot and he's got to make that nest egg last
thirty years eggs extract it again.
Speaker 2 (01:35):
But who else is in this booth, Bob Marie?
Speaker 1 (01:39):
Next to him, I guess. In the adjacent booth is Maria.
She's fifty eight. She owns a successful landscaping company. She's
just got an offer to sell her business for two
and a half million dollars with an urnout tied to
next year's revenue. So she's still working, but she's suddenly
staring down the barrel of a very big liquidity of it.
(02:00):
And then across from them is this guy. Sounds like
a lot of fun. Chris. He's forty two. He got
money the old fashioned way. He inherited it. He inherited
a little over three million dollars from his mother, who
was a savvy real estate investor. He's got some passive
income from rentals, No W two job, He's just hanging out,
(02:21):
living life, and he has a mild addiction to flipping
options and reading Twitter threads about macro economics. Brian, my
guest is Chris owns an xbox, and he's really good
at call of duty too.
Speaker 3 (02:35):
So I'm really curious, Bob, about how these three people
came across each other and how they decided that this
is the breakfast click for the next rest of their lives.
But but anyway, I want I wanted to kind of
point out here the way we've described this. We've got
one person who spent a long term career, maybe like
a fortune five hundred type company, put money in his
four O one K that's where his wealth is. Another
person built her own business very successful, but didn't have
(02:55):
a whole lot of liquidity until she got this offer.
You know, it's one thing to say I own a
piece of I own a business that is on a
piece of paper and it's worth X amount of money,
but it's another to be able to say I can
pull out five thousand bucks out of that and go
buy you know, whatever I want.
Speaker 2 (03:08):
She wasn't liquid, so that money kind of fell out
of the sky.
Speaker 3 (03:11):
But she has her elbow grease all up in that
business because that's where it came from. Nothing because she
built it. Chris, on the other hand, could be a
great guy, and there's we're being a little snotty here
about him, but this does happen to people. He did
not have to build this. It came from his mother,
and so he's got a lot of flexibility. These are
people with very, very very different views on how to
make decisions on a daily basis.
Speaker 1 (03:32):
All right, I'm going to imagine that that they did
not come into this, you know, establishment together. They just
happened to be by themselves, sitting near one another. And
let's say CNBC is up on the TV and they're
reading the paper, watching the news, and a couple of
different scenarios arise. So let's talk about scenario number one,
a market or economic headline. Jim ombits up the conversation
(03:56):
with Wow, it looks like inflation cooled again. Maybe finally
get some rate cuts. So he's sweating withdraws. His portfolio
lost twelve percent in twenty twenty two. Now he's asking,
should I delay tapping my IRA and lean more on
the brokerage account to let that tax deferred money grow?
What should he be asking, Brian after a twelve percent
(04:20):
decline in the market.
Speaker 3 (04:21):
Yep, Well, the first thing he shouldn't be asking is
should I should I run away and hide, go hide,
and you know, go hide somewhere and protect my dollars.
That's a terrible idea these downturns, because if you understand
market history, downturns are actually opportunities. So the questions he
should be asking, well, you know what, I'm not working anymore,
so I'm in the lowest bracket I've seen in decades.
Maybe while the market is in the toilet, maybe I
(04:42):
should be using some partial roth conversions while I'm in
this lower bracket. And better yet, I'm doing it at
a low point of the market. So if I do
it now, I'm I'm gonna buy the same number of
shares for a cheaper price, and therefore, when the inevitable
upswing comes back around, I'm gonna benefit from that and
it'll all be on the tax free set other question,
maybe should I move to a bucketing strategy so I'm
(05:02):
not forced to sell in a down market. This basically
means identify my expenses, what's coming up in the next
twelve to twenty four months, carve those dollars out now
while the market's at a peak, and then then that way,
I know for a fact I will not be using
dollars that got hit by an unforeseen market downturn for
bills I knew were coming to do anyway, all.
Speaker 1 (05:21):
Right, Maria sitting in the adjacent booth, you know, as
a reminder, she's the landscape business owner who's about to
sell her business. She you know, spits out. Hey, honestly,
I don't care about the market. I'm just trying to
figure out how to avoid giving half of the sale
of my business to Uncle Sam in taxes. So for her,
this has nothing to do about timing the stock market.
(05:43):
It's about timing income. She needs to work with a
tax advisor immediately on exploring maybe installment sale options, a
potential four oh one h plan to offsloads some pre
tax dollars or even use some maybe a charitable remainder trust.
And then our buddy Chris he hears that whole discussion
(06:03):
and says interest rates might fall, and he pulls out
his phone and texts his buddy, Hey, it's time to
go long Tesla again. He's confusing volatility with opportunity and
he's going to pile into a high risk stock and
he's going to risk turning his three million dollars into
a million and a half by speculating on things.
Speaker 2 (06:23):
Brian, and my question for Chris is where has this
money been?
Speaker 3 (06:26):
If you're going to buy Tesla again, you know, and
this isn't a shot at Tesla, it's just like any
other investment. But was this money sitting in cash or
are you going to sell something else to raise the
cash for it? And if if the answer is you've
been sitting in cash with a lot of it, what
are you really accomplishing here?
Speaker 1 (06:39):
You know?
Speaker 3 (06:39):
It sounds like we're just kind of wandering around the
casino hitting the different video poker boards that looks shiny
and introt.
Speaker 1 (06:45):
Well, he owns a bunch of real estate that he inherited,
so he's probably going to go take out a huge
equity loan on the real estate. They can't speculate stocks.
Speaker 2 (06:54):
Yeah, he's got a plan. Well, that's good. It's a plan.
It's good. We like planning.
Speaker 1 (06:56):
Going all right, let's get into scenario number two, health
and longevity. The conversation switches to something completely different. Maria
drops this one. Hey, my mom's been in a memory
care facility for two years and we're paying nine thousand
dollars a month. Wow, makes you think. Jim nods, he's
healthy but just lost a friend to Parkinson's. He's wondering
(07:20):
if he should lock in some long term care insurance
now or if it's already too late to do that.
And Chris he just shrugs. He says, maybe I'll just
move to a cheaper country if I need care. He
hasn't even priced out Medicare premiums to say you know
nothing of long term care or realize that real estate
(07:41):
isn't a healthcare plan.
Speaker 3 (07:43):
So I'm going to divide these in So let's talk
about Maria and Jim, who I think live in the
real world. So Jim mentions Parkinson's and memory care as well.
This is these are really the terrifying things if you're
thinking about long term care, if you've built them some
assets and you're worried about long term care. First of all,
before you panic about it, think about what that expence
actually really truly is that nine thousand a month?
Speaker 2 (08:02):
That's real?
Speaker 3 (08:03):
But again, if you're in a traditional long term care stay,
a typical one is really we're talking end of life care.
So that's more of a like a two and a
half year's day maybe three. And you know you might
need three hundred, three hundred fifty thousand dollars for that.
That's a chunk. But remember it's not on top of
your living expenses.
Speaker 1 (08:20):
Right.
Speaker 2 (08:21):
That means if you're.
Speaker 3 (08:21):
In a situation you're not going to the grocery store anymore.
Maybe there's not even a mortgage, right, you might have
sold the house because of this situation. You've still got
your Social Security go, got your income sources, but you're
not traveling anymore. So it's not three hundred and fifty
thousand dollars on top of something else.
Speaker 2 (08:35):
That's the typical stay.
Speaker 3 (08:36):
But what these two folks are kicking around is the
memory care types of issues. You're Alzheimer's, Parkinson's, Huntington's types
of issues. Those stays can be more like eight to
ten years, and the individual person can be completely physically
healthy but still needs around the clock twenty four to
seven care. Have a client whose spouse went through this
in her late fifties and had to be moved to
a memory facility, and frequently she gets asked questions it
(09:00):
would be related to somebody who works there because she
looks like an employee, but she's actually a residents.
Speaker 2 (09:05):
A really, really, really sad story because of.
Speaker 3 (09:07):
The brief amounts of time that she is not lucid,
she has to have around the clock care.
Speaker 2 (09:11):
Chris, on the other hand, go ahead, Bob, Sorry.
Speaker 1 (09:14):
No, you go ahead. I want to know what your
advice for Chris.
Speaker 3 (09:18):
Well, Marie and Jim, they got real issues and hopefully
some of that is helpful to them. Chris, on the
other hand, does not live on this planet. I love
his comment of I'll just move to a cheaper country
if I need care. In other words, after something bad happens,
he's going to pack up his house and then move
out of the country because that's how easy it is.
And you know, these other countries just throw their doors
open to Americans who want cheap healthcare. It's just that simple, Chris.
(09:41):
I really want to hear where Chris lands in thirty forty.
Speaker 1 (09:44):
All right, let's switch it up here and scenario number three.
We'll deal with the same three people a little bit
different scenario. And the scenario this time is we're in
the midst of a big market downturn. The market's just cratering.
Jim takes a sip of coffee and says, this is
exactly what I was afraid of. I've only been retired
for a year and now I'm down two hundred and
(10:06):
fifty thousand dollars. He's experiencing what we all call sequence
of return risk. The market's down right. As he's starting
to take withdraws, his first instinct pull back on spending
and move everything to cash, bail on everything. What should
he do or should he have done well? He needs
to be checking with his advisor if he has one,
(10:28):
to set up a bucket strategy so he's not selling
stocks when they're down. Possibly lean on his brokerage account
or cash buffer to fill in those short term spending
needs so he can leave his long term capital invested
for the long term. Because, let's face it, Brian, almost
all the time, if you give money three years to
recover in the market, it usually always does. But you
(10:51):
gotta have some money ear marked for even significant short
term market volatility.
Speaker 3 (10:57):
Yeah, anytime the market's out a high, that basically just
proves that any moves that were made to react or
to try to protect from a downturn were the wrong ones,
because the answer is just leave it alone and it'll
the pendulum will swing back the other direction.
Speaker 2 (11:10):
So, you know, let's move on to Maria here. She's
still working.
Speaker 3 (11:13):
She hasn't sold that business yet, but she's definitely talking
to accountants and getting valuations, and now she's wondering if
she should delay that sale to a landscaping company. Landscaping
isn't exactly vital to the functioning of a business. It's
a nice to have for a well run company, but
when we go through a two thousand and eight, nobody's
gonna be really worried about the bushes out in the
parking lot out there.
Speaker 2 (11:33):
So she's concerned.
Speaker 3 (11:33):
Maybe that makes her company worth less and she's going
to have to tough it out a little more. Her
risk isn't in the market yet, it's in her own business.
It's in the timing and the structure of that sale.
So the right move is to look at installment sale
options and spread that tax impact out and more importantly,
stress test that post sale portfolio. Hopefully she's already got
a financial plan. Now she can say, all right, I
thought I was going to sell this for two and
(11:53):
a half million. What if it only goes for two
can I still sell? And if the case is yes,
the next question is will I be happy with what
that light, with the lifestyle that that will provide you?
Speaker 1 (12:04):
All right? And then let's not forget about Chris markets
down huge. Chris is scrolling Twitter huge buying opportunity, says,
I'm loading up on small cap AI stocks and bitcoin ETFs.
He's making the classic mistake reacting just by what looking
at charts of things that have actually absolutely cratered and
(12:25):
assuming he's going to make the deal of the century,
the buy of the century, and just pile in and
make a ton of money. That's a recipe for potentially
turning his three million dollars into a million pretty darn quick.
Here's the all with advice. Your wealth story is unique.
That's the whole point of these stories. Your wealth story
is unique, so your financial plan should be as well.
(12:48):
Coming up next, what two hundred years of global data
means for your portfolio? Plus the man who proves that
you are never too old to have an absolutely great
quality of life. You're listening to Simply Money presented by
all Worth Financial on fifty five KRC the talk station.
(13:10):
You're listening to Simply Money presented by Allworth Financial on
Bob Sponseller along with Brian James straight Ahead of six
forty three real questions from Simply Money listeners about family, property,
business sales, charitable giving and more. A recent global data
dive from Deutsche Bank shows some powerful results for staying
(13:31):
fully invested in equities. The bank gathered a massive data
set two hundred plus years of history stocks in fifty
six different countries, multiple business cycles, war depressions, the whole
ball of wax, and the key findings over a twenty
five year holding periods. All twenty five year holding periods,
(13:52):
stocks underperformed cash under the mattress literally cash cash that's
not earning interest only zero point eight percent of the
time in nominal terms. Brian. That is the you know
case and point benefit of time in the market, not
timing the.
Speaker 3 (14:10):
Market, sojust for inflation you know, real terms. The underperformance
rate over twenty five years rises, but still only about
seven and a half percent of the time.
Speaker 2 (14:19):
These shorter time horizons are much more volatile.
Speaker 3 (14:21):
Over five year windows, stocks have declined in nominal terms
about thirteen percent of the time. That means they've gone
up eighty seven percent of the time. But so, why
are we talking about this, Bob? What does this suggest
If you got a long term, long term time horizon,
committing to equities significantly reduces the risk of ending up
behind the cash or a low yield alternative.
Speaker 1 (14:41):
Yeah, all right, if there was ever an example, I
love this story. If there was ever an example of
how staying busy can impact your quality of life, even
very late in life. There's a story out of Japan
that we came across. It's about sushi legend.
Speaker 2 (14:58):
And I'll butcher is I want to hear I want
to hear say.
Speaker 1 (15:02):
It hero ono? Did I pronounce that correct? Let's go
with yes, it's spelled j I R. I doubt that
he pronounces it giro. Anyway, This gentleman just turned one
hundred years old. He has served the world's dignitaries, and
his art of sushi was featured in an award winning film.
(15:24):
In fact, when he turned ninety three, he was recognized
by the Guinness World Records as the oldest head chef
of a three Michelin star restaurant.
Speaker 3 (15:35):
Brian, that's like saber metrics of Guinness World Records. That's
a lot of out points, the lump together in there.
Speaker 1 (15:41):
The moneyball of sushi.
Speaker 2 (15:45):
He is the Billy Bean of the sushi world.
Speaker 3 (15:47):
So anyway, after all these achievements, you know, at the
age the tender age of one hundred, he says he's
not ready to fully retire.
Speaker 2 (15:53):
And I'm quoting here.
Speaker 3 (15:54):
I plan to keep going for about five more years,
as he said as he was marking the Japan has
a holiday called Respect for the Aged Day, and of
course he was a highlight there. Gift and a certificate
ahead of his birthday is what he got there. He says,
I can no longer come to this restaurant every day,
but even at one hundred, I try to work if possible.
I believe the best medicine is to work. Began that
apprenticeship at age seven. This was a Japanese restaurant of
(16:17):
a local hotel there and then he moved on to Tokyo,
became a sushi chef at twenty five, and the rocket
took off from there. He opened his own restaurant in
nineteen sixty five, so he's devoted to what he serves
to his regular clients. He's even turned down Bob. He's
turned down the Japanese government officials. They once called to
make a reservation for Barack Obama in shinzo Abe back
in twenty fourteen, and he said, Nope, don't have time
(16:38):
for you can't deliver at the level that I normally would,
so you'll have to find another time.
Speaker 2 (16:42):
President and Prime Minister.
Speaker 1 (16:44):
Well, but what I love about this story, to be
real serious about it, is even at the age of
one hundred, he is still mapping out the next chapter
of his life. He's not quitting. He's not sitting in
a rocking chair. He can't do everything with the level
of excellence that he did for decades, but he can
still do something, and he's still passionate about what he's doing,
(17:05):
and he's very good at it. People recognize that, and
they're still asking him, you know, to do some pretty
special things because of his commitment to his craft.
Speaker 2 (17:14):
I love it all right, every Sunday, no, go ahead. Yeah,
we all.
Speaker 3 (17:18):
Reach that point where at age one hundred, we are
so happy doing whatever is that we're doing that that
we can still kind of look forward to the future.
Speaker 1 (17:25):
Brian, if I'm still alive at that time, when you're
one hundred and five, I'm gonna be calling you to
help ask for help in calculating my wroth conversion strategy.
Speaker 2 (17:35):
Will you be there, will make.
Speaker 1 (17:36):
Sure you help me?
Speaker 2 (17:39):
Well, see, I might be retired by that point.
Speaker 1 (17:42):
All right. Every Sunday you will find our all Worth
advice in the Cincinnati Inquiry. Here's a preview. Andy and
Julia in Green Township. Brian, I'm gonna hand you this
ball of twine to unwind. They say. We are both
former divorcees and our fifties, who recently got married, and
we both have grown children from our previous marriages. Together,
(18:06):
we're fortunate enough to have a nice amount of savings
and investments worth a little over a million dollars. Brought
in any advice for how to set up an estate plan?
Speaker 2 (18:16):
Yeah, and this is when we're being a little facetious.
Speaker 3 (18:18):
This is just this is just a ball of reality.
Lots of people are in this situation and it is complicated.
Matter of fact, I just had a meeting yesterday with
a situation like this, here's the danger. So we're bored
in both former divorcees. They've each got their own children.
So this is what we call them the business a
Brady Bunch type situation, his kids, her kids. And you
want to think, well, okay, so we're married, now, we
love each other, and you're gonna if I die, you're
(18:40):
gonna get my assets and I'm gonna get yours, and
that's the end of it. Well what can happen there?
Of Frequently what happens is that kids will accidentally be disinherited.
Speaker 2 (18:49):
Because think about this.
Speaker 3 (18:50):
If I, if I bring my own children to this relationship,
then I'm going to name my new spouse, who is
not their mother, as my primary beneficiary, and then I'll
name my children as contingent. That makes all the sense
in the world, right. Well, what happens is as soon
as I pass away, those assets become my new wife's
and the beneficiaries are now my children aren't necessarily in
the mix. This doesn't mean she or me or I
(19:12):
consciously eliminated them, just means their names are no longer
on a piece of paper as a contingent. So I
would have a conversation this is a discussion I just
had yesterday. If everybody trusts each other and you really
kind of think of it as one family, despite the
fact that is really a Brady Bunch type situation, it's
okay to say, look, these are our assets. This is
what happens. You got three kids, I got three kids.
(19:33):
They're six total. Maybe we simply take this entire pile,
assign each of these people a percentage, and we list
those beneficiaries on each and every account. Yes, that means
that my beneficiaries will somewhat not be my kids, but
that also comes from the other side of the fence,
from my new spouse who will have named my children
as his or her beneficiaries as well.
Speaker 2 (19:52):
So just one way to think about it for a
trusting family.
Speaker 1 (19:56):
Let's face it, AI is reshaping everything, including how we invest.
But is there more danger than promise in going it alone.
We'll show you where AI could help and where it
could seriously hurt. In this endeavor. 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
(20:23):
all Worth Financial. I'm Bob Sponseller along with Brian James. Well,
it's the buzzword of the decade at this point. AI,
artificial intelligence. It's writing term papers, diagnosing diseases, and even
composing music. So naturally the question is can I just
let AI manage all my investments too? It like everything else, Brian,
(20:45):
it can absolutely enhance the investment process and in many
ways it already has and already does. I mean, I
know you and I use AI every day, but let's
get into let's get into how it's working today and
then maybe some of the watchouts.
Speaker 3 (20:59):
Yeah, and AI is because I'm a term, kind of
like the word Kleenex, where there's a bazillion different brands,
but we all call them Kleenex, so they're different definitions
to everybody. So for a long time there's been algorithms
have been involved in investing, and that's kind of sort
of AI, but it's a little little different branch of it.
But we use algorithms to help us do tax loss harvesting.
Scan portfolios every day all the way down to the
(21:19):
share lot level, so we can spot these opportunities to
harvest tax losses for clients and help them save. Come
April fifteenth, also direct indexing platforms also will mimic those
index funds while offering the same tax advantages alongside the
same diversification as a plain old index fund. And there's
risk analysis SOFTWAREES. That's software that stress tests portfolios and
(21:40):
seconds across hundreds of scenarios. That's not exactly AI, but
that's more algorithmically oriented. But at the same time, what
that can do alongside with AI is it helps us
strip out of motion. So an algorithm doesn't panic when
the markets drop, doesn't chase hot stocks, it doesn't skip
contributions because of bad headlines. That's what we're here for
(22:01):
when our job is to kind of filter out people's
emotions from their financial plans and make sure that every
decision we make is with the long term in mind,
not the shorter term. Algorithms and AI don't really do
that because they can't they can't really empathize in terms
of here's how other people have handled similar situations, here's
why it's important. We need to focus on the long term,
(22:21):
and here are historical situations that were somewhat similar, so
we can get an idea of what to expect. I
haven't seen an AI tool that gets us anywhere close
to that despite the fact that we have we are
surrounded by them and I do use them every day.
Speaker 2 (22:32):
Yeah.
Speaker 1 (22:32):
Again, the danger of AI. And it's a wonderful tool,
don't get me wrong. I mean it is changing every
industry out there and it will continue to do so.
But the danger of just using AI in a vacuum
is frankly, it doesn't know you. It knows a bunch
of data, It can interpret data very quickly, and it
does no patterns to your prior point, Brian, But it
(22:54):
doesn't know your individual goals, your fears, in your life's priorities.
I look at it like Google Maps. It can show
you a root, sure, but it doesn't know that you're
almost out of gas, or that you hate going through tunnels,
or that your toddler in the back seat is about
to throw up if the road gets too bumpy. You know,
it can do a lot of things, interpret a lot
(23:17):
of data, but it still doesn't know how to interact
with real time, with real feelings, thoughts and goals, with
human beings.
Speaker 2 (23:26):
Yeah.
Speaker 3 (23:26):
So let's use an example here. So let's say you're
going to retire in just a couple of years. Well,
AI says you should take more risks because your time
horizon is still long. You can get that out of
a questionnaire, any random questionaire out of the internet that
completely ignores your emotional risks. That's simply looking at the math.
Computers aren't emotional, they're simply mathematic A plus B must
equal C. That doesn't account for what happens when my
(23:49):
spouse and I get to an argument at the dinner
table because the market has taken a hit and maybe
the two spouses weren't on the same page with regard
to the risk levels to their portfolio. What happens if
that twenty percent draw down that is rare, but we
still see them that twenty percent draw down causes me
to bail out early. What are we going to do
if I'm a business owner selling a Compans's say I
have a business and I'm going to sell that company. Well,
(24:09):
a smart fiduciary advisor might walk through all kinds of
different strategies.
Speaker 2 (24:13):
Gifting strategies.
Speaker 3 (24:13):
A state planning tax deferral AI is just going to
look for a new number and kind of recalculate. It's
not going to point out all the subtle intricacies of
your own personal situation and say here's ten strategies. Seven
of them don't make sense for these reasons. So we've
narrowed down to these three. Because this is how your
family operates, and here's how other your businesses all kind
of work together.
Speaker 1 (24:33):
You're listening to Simply Money, presented by all Worth Financial
on Bob Sponsller along with Brian James, and I think
the point you're driving home here really at the end
of the day, Brian, is we need to talk about
what good fiduciary advisors bring to the table that AI doesn't.
And this is where working with a good fiduciary really shines.
And let's just be real clear, not all advisors are fiduciaries.
(24:56):
Some are brokers, some are salespeople. If fiduciary advisors are
legally bound to know you and put your interest first, yep.
Speaker 3 (25:06):
So fiducia advisor is going to help you prioritize the
goals that matter to you, help you identify them to
begin with. Right, That's normally where a lot of us
hide behind the numbers. All I know is they don't
have enough money. I have no idea how much I need.
I just know there's not enough. So a finucial advisor
is going to help you identify those things and put
numbers on them most importantly, and navigate those emotional decisions,
and then also coordinate tax a, state and investment planning.
(25:28):
Some of this stuff is rather mechanical. It's black and white.
There are steps to follow and process that's put in place,
but somebody with experience needs to help you understand which
processes you need and which you don't. For example, you
don't need a trust for everything. That's another segment we'll
do some other day, but that's a common question we get.
I only have a will, I don't have a trust.
That might be okay, Let's talk about your situation and
(25:48):
also adjust that plan when life.
Speaker 2 (25:50):
Throws your curveball.
Speaker 3 (25:51):
Fiducia Advisor is going to build a relationship with you
in terms of knowing the things that make you worry.
So I know when I see certain headlines, I know
the five or six phone calls I got to make
because somebody out there is panicking. I also know the
ones I don't have to and they probably don't want
to hear from me because they're not warriors. So there's
there's a very significant interpersonal relationship that comes along with
working with fiduciary.
Speaker 1 (26:12):
And let's face it, you know, good advisors ask the
questions that AI never will. For example, what do you
want retirement to feel like? How do you want to
help your kids without hurting their motivation and their drive?
And are you more afraid of running out of money
or more afraid of not enjoying it while you have it?
And good advisors can help you adjust when life changes,
(26:36):
when your job becomes unbearable, when your mom needs assistant
living help, when your kids get a full ride to college.
So in a perfect world, here AI and advisors should
work together. Fiduciary advisors. The best fiduciary advisors already use it.
Like we've already said, it's a tool, and that's the
key word. It's a tool, not a replacement. Here's the
(26:58):
all Worth Advice. A is a very powerful tool, but
only a fiduciary advisor can build a plan around your life,
your values, in your future. Next, we tackle your biggest
money questions, from selling a business or vacation home to
charitable giving, inheritance and even private credit funds. You're listening
(27:19):
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 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
(27:40):
click while you're listening to the show right there on
the iHeart app. Simply record your question and it'll come
straight to us. All right, Brian, Let's be honest, none
of us like to feel left out, especially when it
comes to money. And when your coworker brags about their
bitcoin gains or your neighbor says they do their portfolio
(28:01):
in six months, it triggers an emotion in us that
we want to identify. That fear of missing out or.
Speaker 3 (28:08):
Fomo fomo fomo fomo fomo can cause a lot of
problems in terms of making terrible financial and otherwise decisions.
So the world of investing that you'll feel some pressure
just from you know, the people you're golfing with or
people at a cocktail party. Everybody's talking about, you know,
something that you weren't aware of or you didn't do,
(28:30):
and it may or may not be a good idea.
But but what your brain kicks into is have I
missed out on an opportunity. Is there something out there
that I should do, that I should be doing right now,
and how can I fix that problem? Well, so, maybe
there's people out there that you know, you know, you know,
somebody's got a solid retirement plan. They got everything, they need,
a couple million in assets, but they read this one
article about AI and all of a sudden, they've pivoted
their you know, a good chunk of their portfolio toward
(28:51):
the towards the big names and AI good idea, bad idea?
I say not so much because that they did that
with their with their emotions, not with their logical brain.
Of does help my plan? Do I need this kind
of growth? Or am I just in the casino playing
with playing with poker chips?
Speaker 1 (29:05):
All right, well, let's get down to brass tacks here.
I mean, how many of your clients come to you
with this kind of stuff. Hey, I love the plan, Brian,
everything's fine. But let's I think people get bored. Sometimes
they get bored with their plan because it works so well,
so they just create this fomo emotion again, back to
needing to do something or wanting to do something, or
(29:25):
introducing some juice to the whole situation. Do you have
clients that come to you with that and how do
you deal with it?
Speaker 3 (29:31):
Yeah, I'm going to go to other way on you, Bob.
I'm going to go with myself on that one. We
feel this too as advisors, we run into it too.
So I was actually with my family was considering an
investment and I talked to another advisor here at Allworth
who had some experience with it, and his answer was,
why do you want a more complicated life?
Speaker 2 (29:47):
And that put me on my heels.
Speaker 3 (29:48):
Because this was a private equity type thing with some
moving parts too and all that, and I hadn't even
thought about that. I was just interested in the you know,
it's just a portion of my portfolio and so on
and so forth. But there's moving parts to any decision
like that that you make. So it is always valuable
to tea just take a breath and figure out what
the big picture is if I'm going to throw And
let me be clear, I have absolutely no problem with
people wanting to play with the stock market.
Speaker 2 (30:09):
Go ahead, knock yourself out, just.
Speaker 3 (30:11):
Don't do it with the notion that I'm going to
double my money next week and all my problems will
be solved. Do it with the idea that this is
an interesting thing and I like the story behind this
investment and I want to participate in it, and that's fine.
Speaker 2 (30:21):
Just don't hang your entire financial future off.
Speaker 1 (30:23):
Yeah, and I'll tell you how I handle this, because
if somebody comes at me and at me and at
me long enough, I just tell them, hey, fine, let's
split the Let's split your portfolio into two pieces. And
I've done it this way for over thirty years. We
got your serious money. This is the money you can't
afford to lose and it's got to take care of.
Speaker 2 (30:43):
You for the rest of your life.
Speaker 1 (30:44):
And then there's play money. And as long as they're
willing to talk about I'm like, hey, have at it.
Let's slice off a piece of play money. I'm not
going to manage the play money for you. You go
do it. This goes show me how good you are.
Look at all your charge arts, stay traded, you know,
buy AI stocks to your heart, heart's desire, gold, whatever
(31:06):
you want to do. Go, get in and out of
all of it. Get back to me in six months
and let me know how you're doing. Because it can
oftentimes if people actually have to go out and do
this and have the time and the inclination and study
all the details and execute on what they think can
be very easy to do. I like to give them
six months to a year to actually go out and
(31:28):
do it and then come back to me and let
me know.
Speaker 2 (31:30):
How it's going.
Speaker 3 (31:31):
Yeah, the serious money permits the existence of the play money,
and so you have to think about it in terms of,
you know, if I want to throw a very small
amount of you know of into something, take a flyer.
Speaker 2 (31:40):
As usually the word word that people use.
Speaker 3 (31:42):
That's perfectly fine, but it shouldn't be treated as something
that's going to change your life.
Speaker 2 (31:46):
If you're willing to.
Speaker 3 (31:47):
Bet half or more of your portfolio on some crazy bet,
then I'm going to go ahead and say that you're
going to create financial problems for yourself down the road.
On the other hand, if you're willing to invest a
small amount, then even if it doubles triples, it's not
going to change your life anyway. Remind yourself of how
important this really will be to you.
Speaker 1 (32:02):
You're listening to Simply Money, presented by all Worth Financial
on Bob's sponsorer along with Brian James. Brian, let's get
into how that fomo or fear of missing out emotion
starts to rear its ugly head.
Speaker 2 (32:15):
What causes people to feel that? Yeah, well, what causes
it is exactly that. It's the fear.
Speaker 3 (32:19):
It's a you know, somebody's doing something, somebody has found
an opportunity that I'm aware of, but I'm not executing on.
Speaker 2 (32:24):
Am I missing out? That's where it comes from.
Speaker 3 (32:26):
But the very first thing that happens is it causes
you to abandon your overall plan if you had a
solid financial plan, which you mentioned it earlier about a
solid financial plan can be boring.
Speaker 2 (32:35):
Let's call it.
Speaker 3 (32:35):
Call it what it is. Right, I've built my machine.
It's in good, solid, running shape. Now what you know,
think of a if you're a person who's into repairing cars,
the most boring thing is a couple of cars in
the garage who that are running just fine. I want
a project. I want to buy something and beat it
up and fix it and so forth. That again, that's
okay with it with a tiny amount of the portfolio.
But you're going to be you're forcing yourself to do
(32:56):
things that you don't have control over.
Speaker 1 (32:58):
Yeah, that's the key point here, The key point. I
want to drive home is make sure we separate play
money from serious money and make sure that we do
not do anything that's going to violate the viability of
that serious money, meaning your long term financial plan. And
as long as people are willing to do that, things
(33:18):
tend to work out fine. And if they want to
carve off that piece and get speculative, we just carve
that out of the financial plan so we can always
demonstrate for our clients the viability of that financial plan
factoring just the serious money piece.
Speaker 2 (33:34):
So take three steps here.
Speaker 3 (33:35):
First, ask yourself, does this fit the plan that I've
already put in place or am I just reacting to
that fear of missing out. Second, one, look at those
goals again. Maybe if you've built a solid financial plan,
make sure the goals still match what you want Because
things change over time. What are you really trying to achieve?
And number three, talk to your advisor or a trusted
accomplice or somebody else that knows the situation and just
(33:56):
get an opinion from an arm's length away.
Speaker 2 (33:58):
Here's the all worth advice.
Speaker 1 (34:00):
Chasing heat can often result in getting burned. A good
financial plan keeps you cool. Next, the most valuable part
of financial advice. You're listening to Simply Money presented by
all Worth Financial on fifty five KRC the talk station.
(34:22):
You're listening to Simply Money presented by all Worth Financial
on Bob Sponseller along with Brian James. Ever, notice how
people can stand at the counter mentally debating do I
tip fifteen percent or twenty percent on this coffee or latte?
I mean we stand there and stress over two bucks. Meanwhile,
back at home, half of us are paying for streaming subscriptions.
(34:43):
We don't even remember signing up for Brian, it's the
old being penny wise and pound fool this year, and
you've actually got a survey that backs up how the
average household is behaving right now in this area.
Speaker 3 (34:56):
Well, tell me if this sounds like your household, Bob.
The latest survey say the average household has a dozen subscriptions.
That's twelve of them, video music apps, even those random.
Speaker 1 (35:04):
Fitness not too far off.
Speaker 3 (35:06):
Yeah, yeah, I think a lot of us now have
kind of gotten sucked. It's just so easy nowadays. And
the problem is a lot of them quietly auto renew
just month after month. So that's really the funny part. Well,
we'll agonize over these couple of dollars at the coffee shop. Right,
Oh my gosh, you're spending four or five dollars and
a cup of coffee. Well, okay, but maybe somebody else
is spending two hundred dollars annually on a streaming service
(35:27):
that they haven't looked at in months. So it's just
because it's all, it's all, it's all right here in.
Speaker 2 (35:32):
Front of us.
Speaker 3 (35:33):
It's so easy to sign up for these things. And
maybe it's just that one show, that one movie, or
that one thing we wanted a part of, and then
we thought I'll get to it later.
Speaker 2 (35:40):
I just did this to myself.
Speaker 3 (35:41):
I just noticed something hitting my checking account that I
haven't needed in three months, so I had to squitch
that that was just yesterday.
Speaker 2 (35:46):
So happens to the best of us.
Speaker 3 (35:48):
But this is definitely something can be a little tiny drain,
a little leak in your in your plumbing to make
sure you get short up.
Speaker 1 (35:56):
Yeah, well we'll call We'll go ahead and just call
that subscription creep. And my wife and I actually sat
down together, I don't know, three four weeks ago, because
I keep seeing this Amazon bill showing up on my
credit card and they do a wonderful job of just
piling everything together into one charge that says Amazon dot Com.
(36:16):
And I sat down with her, I'm like, what is
all this stuff? So we actually opened the app and
we found two subscriptions in there for services that we
don't use, and we were able to agree on Yep,
we're not using it. Let's get rid of it. I
don't know that was like thirty bucks a month right there.
So this is just a call out to just do
a little audit of these automatic subscriptions and you might
(36:38):
be surprised at how much money it makes sense to
just save every month.
Speaker 3 (36:43):
Now, speaking of apps, this is kind of funny. So
I'm working with somebody where we're trying to help her
understand her budget. She has something called Rocket, and Rocket
is a service out there.
Speaker 2 (36:52):
Probably heard of it, but their.
Speaker 3 (36:53):
Whole point is to look at your financial data, to
look at all the transactions, and you're checking account your
credit cards, and they'll tell you which our subscription so
you can make a clean decision, and they will they
kind of bring it a little closer to home in
terms of click this link and they will unsubscribe for you.
So it's actually kind of a neat service. But ironically
this particular person doesn't have that issue and she's still
(37:13):
subscribing to Rocket. So one of the big best advice
I can give to her, I asked her, does Rocket
identify itself?
Speaker 2 (37:19):
Since you don't actually need it, but so it's good
to take a look at it.
Speaker 3 (37:22):
There are tools out there you can look at, and
if you don't need those tools, unsubscribed to them too.
Speaker 1 (37:26):
In Declare victory, thanks for listening. You've been listening to
Simply Money, presented by all Worth Financial on fifty five KRC,
the talk station
Simply Money News
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com