November 27, 2025 • 38 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian put on their “tough teacher hats” to deliver some advice you may not want to hear, but absolutely need to hear. Just because you’ve saved $2 million, $3 million, or even $5 million doesn’t mean you’re automatically set for life. Their lessons cover why retirement isn’t a vacation but a paycheck replacement plan, why your kids don’t need another check but a financial strategy, how treating your portfolio like a casino can wreck decades of hard work, and why taxes could cost you more than your house. Plus, they dive into the real spending patterns of retirees, scams targeting families, and listener questions on concentrated tech stock, charitable remainder trusts, and how to plan for estate taxes on illiquid assets like real estate.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Tonight some advice you don't want to hear, but you
might need to hear. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponsller along with Brian James.
We meet a lot of families who've done an incredible
job saving maybe they sold a business, maybe they were
diligent four to one K savers for years, if not decades,
and now they're sitting on two million, three million, five million,
(00:29):
maybe even more. And the natural thought is, well, we're rich,
we're good, we're set for life. But here's where we
put the tough teacher hat on tonight and say not
so fast. You're not automatically in the clear. So, staying
with that whole teacher theme, Brian, let's get into lesson
number one.
Speaker 2 (00:50):
All right, Bob Lesson one, Retirement isn't a vacation, it's
a paycheck replacement plan. Now, some of the things we're
going to talk about here this evening are about are
going to sound kind of almost wet, blankety, kind of depressing.
But retirement should be a happy time. Here's how you
start that way and keep it that way. So a
retirement is a vacation, not a paycheck replacement plan basically
means that you know, you have to figure out what
(01:10):
you were living off of before this kind of where
it all starts. If you were making one hundred and fifty
thousand dollars while you were working, well, where's that money
going to come from?
Speaker 3 (01:17):
Now?
Speaker 2 (01:18):
Now, let me back off that question a little bit
by saying, if you were grossing one hundred and fifty
thousand dollars, you were not netting one hundred and fifty
thousand dollars.
Speaker 3 (01:25):
You had taxes coming out of that.
Speaker 2 (01:27):
You had federal income taxes, state income taxes, payroll taxes,
which are three different flavors by the way, and you
had your four roh one k contribution's.
Speaker 3 (01:35):
Coming out of it.
Speaker 2 (01:36):
Maybe you were putting money systematically into savings that you
don't have to anymore. You had a mortgage, maybe that's gone,
so you don't necessarily need to replace your entire salary.
But that also means you need to do a little
bit of work and figure out what it is exactly
that you spend so that you know what target you're
shooting for. You can't spend what you don't have, no
matter how well you've done, so even three to five
million dollars can run drive if you don't manage those withdrawals, inflation,
(01:57):
taxes and all that.
Speaker 3 (01:58):
We've got clients with it.
Speaker 2 (01:59):
Have you know, two hundred fifty thousand dollars who are
going to be just fine because their budget is below
their Social Security checks and that's kind of all they have.
We have clients who have five million dollars who live
like they have twenty five million dollars. Yep, guess which
one has the problem. What's our second lesson, Bob Well.
Speaker 1 (02:13):
Lesson too is stop chasing headlines. In other words, the
market doesn't care what you read and consume in the
way of media all day. Stop chasing headlines, Brian, I'm
running into this more and more. I mean, let's face it,
in this divided media culture that we're living in right now,
depending on where we go in terms of sources for
(02:35):
our news and headlines, we can have a completely different
narrative swimming around in our head And for folks that
just retire and don't maybe have enough to do, you know,
they're glued to CNBC or TikTok or wherever they get
their news, and they want to act on what they
hear or see in headlines rather than have an actual plan.
(02:56):
And again, the market does not care what you read.
It doesn't move because of your favorite newsletter or Twitter feed.
Speaker 2 (03:03):
Yeah, and Bob, I can't remember the last time I heard,
and I don't think I ever have the last time
I heard our chief investment officer, Andy Stout say hey,
I read this or I saw this headline on the crawl,
I better to go do something with our thirty billion
dollars that we manage.
Speaker 3 (03:16):
These are not things. This is financial pornography.
Speaker 2 (03:18):
We don't necessarily we really never react to those kind
of headlines.
Speaker 3 (03:22):
It's just something to talk about, and.
Speaker 1 (03:24):
It comes from it comes from both sides of the
political aisle.
Speaker 3 (03:27):
Let's face it.
Speaker 1 (03:28):
I mean, we live the news. Media is a business.
They know what we want to consume and they feed
us what we want to read. So yeah, thank god
we got Andy Stout just looking at data and running
our good old recession scorecard to keep us up to date.
All right, less than three Brian.
Speaker 2 (03:44):
Yeah, your kids don't need another check, they need a plan.
So we've seen this pretty often. So we write checks
for houses, cars, vacations, and this feels, you know, generous,
but it actually can actually hurt them if you're helping
them at this level. And yeah, it's tough out there,
and this doesn't mean to abandon them to the wolves.
But at the same time, if we're if we're building,
the expectation is the money just drop drops out of
(04:05):
the sky and my problems are solved.
Speaker 3 (04:07):
Then they're not going to learn how to how to
scrimp and save the.
Speaker 2 (04:10):
Way that the way that you did uh to to
build your ability to help them this way in the
first place. So this this can fuel lifestyle inflation, makes
them completely dependent on somebody else and robs them of
any financial discipline, which is presumably what you got along
the way from your forebears because you had the ability
to build this kind of a nest egg in the
first place that supports them to do this. So what
might be a better gift if I'm going to help
(04:31):
my kid my kids, Bob, what do you think?
Speaker 3 (04:33):
What are some good ideas? Well?
Speaker 1 (04:34):
The best gift is financial education and communication. And you
know it's sitting down, especially you know, approaching and into retirement,
you got more time to do this. Equip your kids
and grand kids to handle money. And yes, if there's
a dire need that comes along. I mean, helping them
get out of a jam today for a little bit
of money is going to be a game changer versus
(04:57):
giving them a whole pile of money when they're in there,
you know, late sixties, seventies. But to your point, Brian,
we can't enable bad behavior just because we feel like
we've got a whole boatload of money to throw around
and we're we're it's counterintuitive, but we're oftentimes hurting our
kids more than we're helping them by bailing them out
(05:19):
or enabling irresponsible behavior. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponseller along with Brian James. Brian,
let's get into another lesson stop treating your portfolio like
a casino. We don't run across this too often with
our clients, but every once in a while we do.
Speaker 2 (05:39):
Yeah, a lot of times, you know, people will get
to get an idea, and this comes from cocktail party
or somebody's brother in law or somebody you know, somebody's
friend or at the office water cooler, got a hot
tip on something and it paid off, and so now
all of a sudden, we want it. We want to
chase things and so some people, some investors, are doing
just that, treating their portfolio like a casino. It's something
where I'm supposed to take a little bit of money
and turn it into a big pile of money. These
(06:00):
are when we talk about these on these airwaves all
the time, meme stocks, crypto hot funds. Twenty five years ago,
it was any technology stock that's not investing, that's just gambling,
like Vegas, the house always wins.
Speaker 3 (06:11):
Portfolios are not for thrill seekings. For building financial security,
discipline beats luck every time. So if you find yourself
having this itch and needing to scratch it carve out
a little bit of money, don't do it in a
roth ira. A lot of people say, I'm gonna make
my bazillion dollars out of this penny stock in a
roth ira.
Speaker 2 (06:27):
That way i'll have I'll be Peter Teeal with five
billion dollars off of this thousand dollars investment I made
in a penny stock. Well, more likely what's going to
happen is one thousand dollars is going to go to
one hundred dollars.
Speaker 3 (06:36):
Or zero dollars.
Speaker 2 (06:37):
And because you did it inside of a roth ira,
you don't even get a deduction out of it. So
the bear in mind the risk that you're taking with
these little corners of your portfolio, and do it in
a taxable account if you have to.
Speaker 3 (06:48):
Yeah, and I.
Speaker 1 (06:49):
Love the concept again for those that love to play,
you know, and there's nothing wrong with doing this. But
again my message is always, let's make sure we separate
your serious money from your play money. If you've got
enough serious money set aside in a good responsible financial
plan and you want to go take some risk and
speculate on some things for fun or to compete or
(07:10):
just feel like you're winning. Treated as a hobby, it's
totally fine. But you don't want to do that with
your serious money for obvious reasons. You'll mess up your
retirement that you've spent decades building just because you're bored
and seeking excitement. All right, Brian less than six. I
think this is a big one, and I think this
one this is one of the biggest value ads we
(07:32):
provide for our clients. And that's not letting taxes.
Speaker 2 (07:36):
Such you, taxes should be somewhat predictable if you're paying attention,
so they're gonna be one of your biggest lifetime expenses
if you add them all up, probably even bigger than
your house. So roth conversions, charitable trust, direct indexing plans,
planning ahead saves millions of dollars. These are all ways
of simply understanding how the tax code works and taking
advantage of all.
Speaker 3 (07:56):
Those little subtle details.
Speaker 2 (07:57):
So if you're gonna do a Roth conversion, you're simply
taking pre tax money and you're turning it into after
tax tax money forever. That sounds awesome, And a lot
of people roll in and they say, of course, I'm
gonna convert my entire traditional ray to a a WROTH.
Speaker 3 (08:09):
Why wouldn't I that it's gonna be tax free forever.
Speaker 2 (08:11):
We gotta look at what that's gonna cost you out
of pocket and how you're gonna pay the pay the taxes,
for example, in that case, charity, direct indexing, all these
other things are definitely helpful strategies. But if you ignore taxes,
you're gonna give the iron more than your kids over time.
Speaker 1 (08:27):
All right, less than seven. Don't confuse busy work with
a true financial plan. And Brian, we run into this
from time to time. People are checking their accounts every day,
multiple times a day. That's not a plan. Neither is
collecting fifteen statements from different advisors, you know, feeling like
you're diversified and you've got all this information to manage
(08:49):
and play with. True planning means coordination, investments, estate planning, taxes,
and insurance all working together in concert in one coortin plan.
Speaker 3 (09:01):
Yep. And so we'll move on then to less than eight.
Speaker 2 (09:04):
If we think that retirement it starts at sixty five,
that might be another mistake. A lot of us get
hung up on Medicare age. Sixty five is the go
time for Medicare age. Matter of fact, this might be
a great time to talk about the other ages because
we tend to get confused. Sixty two is when you
can first sign up for Social Security. That doesn't mean
do it, That just means that's the first time you can.
(09:24):
It'll be the smallest check you ever get, which isn't
necessarily a bad thing.
Speaker 3 (09:28):
Understand the impact.
Speaker 2 (09:29):
Then there's something called full retirement age, which is between
sixty six and sixty seven, depending on when you were born.
For anybody born after sixty nineteen sixty, it's now sixty seven.
And then the other age related soci Security is seventy,
sixty two, sixty six, sixty seven, and seventy are the
for Social Security relevant ages. The wait longer you wait,
the bigger of a check you're going to get now.
(09:51):
A lot of people get hung up on sixty five,
and we tend to start here too. I think we
probably as financial advisors, tend to rely on sixty five
is just a good start point for those who don't know.
But that is the age at which you become eligible
for Medicare, which obviously is important because you need to
have some kind of health insurance plan when you are retired.
Some people are fortunate to retire from companies that offer
(10:12):
retireehealth benefits.
Speaker 3 (10:13):
Most are not.
Speaker 2 (10:14):
So you might have cobra, meaning you could go at
say sixty three and a half and get a slightly
better deal on your by maintaining your existing healthcare insurance
through your ex employer. But some people will simply have
to go on the exchanges. And if you're a you know,
for an individual, you're probably paying on thy twelve hundred
dollars a month for insurance, double that for a married
couple if you're on the exchanges. So, but that that
(10:37):
causes a lot of people to believe retirement starts at
sixty five, and I have no way to choose differently
than that, And that is simply not the case. You
can retire earlier. You just have to do some planning
on the healthcare side. And just because you don't want
to write a two thousand dollars check for health insurance
doesn't mean you can't so own your life. First, figure
out what you want to do, and then make the
math work around. If you got to write a fact check,
(10:58):
then write a fat check as long as the plan
works all right.
Speaker 1 (11:01):
Lesson number nine. You can't outsmart longevity. We run into
people sometimes that underestimate how long they're actually gonna live.
One spouse for a married couple often outlives the other by,
you know, almost a decade. You got to plan as
though you're gonna live longer than you think, because chances
are one of you probably will. And that leads to
(11:22):
lesson number ten. Stop thinking that a state planning is
just for the wealthy. It's for the responsible, and Brian,
I see this way too often. Too many families put
off doing wills and trusts, and without it, the courts,
not you, decide what happens to your assets. And the
big one that I see overlooked a lot of times,
(11:42):
and this is becoming more and more prevalent for folks
that I work with, is powers of attorney. You gotta
have these things set up in case cognitive impairment, you know, dementia,
things like that happen. You gotta have somebody named to
step in your place to hear if you can't do
it anymore.
Speaker 2 (12:02):
Yeah, and you might do what it's called a durable
power of attorney, which which you know, if you trust
the person that you are naming is your power of attorney,
then you can put them in charge right now, give
them the ability now while you are a perfectly clear mind.
Speaker 3 (12:13):
You don't need them to do anything. But if you
want them to.
Speaker 2 (12:16):
Be able to step in quickly, then a durable power
of attorney might be a good idea that enables them
not to have to go through the process of getting
you in front of a doctor to have a doctor
declare you incompetent officially. You can simply act for them. Now,
there are many moving parts of this. That's not a
quick answer, but it's something to consider if you're in
that situation.
Speaker 1 (12:33):
Here's the all worth advice. No matter how much you've
saved or how smart you think you are, money doesn't
just take care of itself. Discipline, planning, and a clear
eyed approach are the only things that keep wealth from
just slipping away. There's a big lie about retirement that
most people out there still believe. We'll tell you what
(12:53):
that is.
Speaker 3 (12:53):
Next.
Speaker 1 (12:54):
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 Sponsorer
along with Brian James. If you can't listen to Simply
Money every night, subscribe and get our daily podcasts. Just
(13:14):
search Simply Money on the iHeart app or wherever you
find your podcast. Straight ahead of six forty three, we
are diving into more of your questions, everything from smart
investing moves to protecting your retirement. One of the most
common assumptions we hear from people approaching retirement is this, Oh,
I know, I'm gonna spend way less money when I'm retired,
(13:37):
less commuting, less need for work clothes. The mortgage might
be paid off, so naturally expenses are gonna go down, right,
But the reality and Brian. We see this all the time.
Research shows that many retirees actually spend more in the
early years of retirement. Not less. Let's dig into this
because this happens a lot and it's an important topic
(13:59):
to cover.
Speaker 2 (14:00):
This research comes from the eb r I Employee Benefit
Research Institute. We get a lot of good information out
of them. They've been tracking and they found for the
first five to ten years of retirement, spending off and rises.
Speaker 3 (14:10):
Well, this is the reason behind this kind of makes sense.
Speaker 2 (14:13):
This is when we're healthiest, most energetic, and finally ready
to do the things they've been putting off. This is
bucket list time, right for those of us who kept
a bucket list all those years. Here's all the awesome
things that I'm going to do, but when I have
the time to do it. Well, that's really the first
five to ten years worth of retirement, and when we
have time, we tend to fill it. When there's a
(14:33):
vacuum of time, we tend to fill that vacuum with spending.
So that's not necessarily a bad thing, but for sure
we have to get our sea legs when it comes
to being actually retired and understanding what.
Speaker 3 (14:43):
Our lifestyle is going to be like.
Speaker 2 (14:44):
So this can include vacations, home remodels, maybe even an
entire second home. And you know, let's be honest, a
lot of people just want to spike the football and
celebrate the fact that they don't have to clock in
on a Monday morning anymore.
Speaker 1 (14:55):
Yeah, spike the football and write a half million dollar
check for whatever in our V or a second home.
I think the point we're trying to make here is
and we and we talk about this in reverse, telling
people not to just hoard all their money and not
spend it and not have any fun and leave a
whole boatload of money to their airs, you know, when
they're in their eighties and nineties. But you know this point,
(15:17):
you have to plan for this stuff. If you're thinking
about doing these major big ticket items, the crews, the
second home, the home remodel, the RV, talk about it
in advance of retirement and make sure that's factored in
to your retirement plan, because you only want to retire
once and you don't want to come up, you know,
in your late seventies and eighties and say, shoot, I'm
(15:38):
about to run out of money.
Speaker 3 (15:40):
Yeah, so we want to make sure that we're on
top of things.
Speaker 2 (15:43):
And this all starts with sit down with your spouse
if you're married, or even if you just need to
go sit on the porch and stare off into the
sunset and think about what you want as an individual.
It hasn't It just has everything to do with what
is it going to be like when I don't have
to adhere to someone else's schedule?
Speaker 3 (15:58):
So the big thing to pay.
Speaker 1 (16:01):
You just brought up an excellent point here, and that's
it is so critical to have both spouses in the
room talking about financial goals, especially in retirement because let's
face it, whether one spouse is working in a job
and the other is stay at home, or if both
spouses are working, everyone has in their mind what retirement
(16:22):
looks like to them. And oftentimes, when you're raising kids
and working hard and you're busy and you're in the
office all day, you're not communicating with your spouse on
what he or she thinks retirement should look like. So
it's really important to when you're talking about goals, have
both spouses in the room to talk about this stuff,
so you know, when you start attaching dollars and cents
(16:47):
to these goals, you've got to make sure the plan's
going to work, and do that in advance so one
or both spouses aren't disappointed in the end.
Speaker 2 (16:56):
That's really important. And this all comes through we have
some to support this too. So a twenty two JP
Morgan studies showed that about six and ten retirees spent
the same or more in the first decade of retirement.
So there's a kind of exclamation point to this whole
topic here of making sure we understand you know what's coming.
By the way, we're not talking about medical costs. We're
not talking about the unfund stuff that comes later. We're
(17:17):
talking about people just living their lives and once they
finally accomplish that some level of freedom.
Speaker 1 (17:22):
Yeah, and for those that do have a good amount
of wealth, the risk isn't necessarily running out of money,
but misaligning your wealth with your lifestyle. You don't want
to live the first ten years in retirement way under budget,
only to pass away with more money than you ever
intended to leave behind, or worse, live it up early
and then find yourself tightening the belt when you're eighty again.
(17:44):
It's good to get take advantage of those go go years,
as you called them. The first few years of retirement,
but talk about it, talk about it with both spouses,
and plan ahead.
Speaker 3 (17:55):
And talk about it with an advisor.
Speaker 2 (17:56):
I mean, this is where this is something where the
common question that I bring up when i'm when I
can see that I'm in a situation where these folks
are going to be okay. This is you know, I
really feel after thirty years of doing this, Bob, I
feel like my job, every meeting is going to be
one of two outcomes. It's me pushing someone to be
more responsible because they're about to run their train off
a cliff, or pushing them to go out and enjoy
what they've built. Every meeting fits in one of those
(18:18):
two categories. So one of the first things that I
ask people is when we're building a financial plan, is
you know, all, we need to know your goals. What
do you have in mind? What is it that you
want to do? And they'll say, well, we really want
to kind of make sure it works. So we're just
going to keep it simple and we're going to build
a garden and we're gonna eat vegetables out of the garden,
and we're just not going to leave the house.
Speaker 3 (18:35):
And that sounds like.
Speaker 2 (18:36):
A terrible way to exist for the rest of someone's life.
So I kind of try to turn them around the
other way. If you ever kind of sort of thought
maybe you wanted to do something that's going in the plan.
Let's throw every last goal in here, remodel the house,
the second house, the around the world retirement trip, do
all of those things. Let's run the math. Assuming we've
done that. If it works, cool, Now you've got to
(18:57):
get out of your own way and decide which of
these things you're really gonna pull the train and write
a check for. If it doesn't work, that's okay, because
we were throwing the kitchen sink into it. Now we
prioritize what are the things that are most important, what
are the things we can live without. That way, when
we do those extra fun things that maybe aren't necessary
to retirement but sure are a heck of a lot
of fun, we don't have to feel guilty about it
because we planned ahead exactly.
Speaker 1 (19:18):
And what you just talked about there is being proactive
and communicating clearly. I love it. That's what good financial
planning is all about. Here's the all Worth Advice plan
for a retirement that matches your lifestyle, not just a formula.
Speaker 3 (19:32):
All right, scams.
Speaker 1 (19:34):
The scammers out there are getting smarter, and we'll show
you the latest tricks con artists are using and how
to spot them before they spot you. 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
(19:54):
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James, joined tonight by our good friend
Josio Erlik, President of the Cincinnati Better Business Bureau. JOSO, Thanks,
as always for spending some time with us tonight. Hope
you're doing well and I know you want to talk.
There's a whole bunch of scams out there. We're always
(20:15):
on the lookout on these latest scams and preventing our
clients from getting exposed to them. I know you've got
a lot to talk about. Walk us through some of
this latest stuff we need to be aware of.
Speaker 4 (20:26):
Well, let's start out with fantasy football. There are so
many people that play fantasy football. It's very popular. We
have seen a spike in online gaming scams as a
result of that. You know, it's really easy to end
up on an illegal betting site, especially if you're scrolling
through social media. If you're somebody who relates to betting influencers,
(20:49):
and that's a lot of young people, you can find
gambling influencers all over TikTok and Instagram. They pose as
betting gurus, but their goal is more to go viral
than to give genuine betting advice. They hype themselves big
time by claiming things like I made ten thousand dollars
in a day, and they post things like guaranteed Sunday
(21:11):
football wins or NFL lock picks, and these claims are
how they're going to lure your into clicking the link
in their post. This link is supposedly going to direct
you to some secret betting site, but it's really a
fake site, or it's a cloned version of a legitimate
betting site. Think a URL that's spelled slightly different than
(21:33):
the real site is spelled. The games on these sites
are usually rigs, so you have no chance of winning,
and even if you do win, the site won't allow
you to withdraw your winnings. Not only are you going
to lose the money you deposited into the site, but
the scammers now have your personal financial information. To either
use themselves or they'll sell it on the dark web. Now,
(21:55):
if you want to try your luck, make sure you're
using a legitimate betting web site and check it out
first at BBB dot org.
Speaker 2 (22:04):
That's great that you track those types of sites. I
didn't know that that was the gambling sites was something
that's has that always been there.
Speaker 3 (22:10):
Has BBB always tracked that.
Speaker 4 (22:13):
Wherever the scams are, we're tracking it, and we track
legitimate businesses across all industries and the ones that are
causing people headache and heartache.
Speaker 1 (22:22):
All right, Josia, You've also got some updates on passport
scams and timeshare scams.
Speaker 4 (22:28):
Right, So you got this big trip trip next month,
and you just realized that your passport is going to expire.
So you go online to find a solution, and you
come across a website that promises to expedite your renewal
passport for a fee. Unfortunately, this is not your solution.
It's going to be your nightmare because this scam can
(22:49):
cost you hundreds of dollars, not to mention possibly having
to cancel your trip. These fake passport sites are designed
to look exactly like the official the US Department of
state site, which is travel dot state dot govgov. That's important,
and these guys are counting on your desperation to keep
you from thinking clearly. You could end up paying for
(23:13):
forms that you can get for free on the government site,
and in the process you'll also be giving up sensitive
information like your Social Security number. If you need an
expedited passport, there are steps you can take that you
can only do it through official channels. You can pay
for expedited processing by mailing in your paperwork and fees,
(23:34):
or if this is a really close window, you can
go to a passport agency. And the closest ones to
us right now are Chicago and Detroit, although there is
will be one opening up in Cincinnati next year, so
that's good news. And the timeshare scams you mentioned, you
know people have gotten involved in time shares. Many of
(23:55):
them are just fine and they are enjoying them, but
there are a lot of people that are just over
their time shares. The fees are piling up. You don't
use it, you just want out. Then you get a
call or you see an ad online for timeshare legal
consulting or an exit company and they say they have
a team of lawyers on staff, and they've helped thousands
(24:16):
of people exit their timeshare. That's all part of the scam.
To get you to trust them. They'll demand a huge
upfront fee, claiming it's for legal services, filing fees, or
even to guarantee your exit, and they'll use high pressure tactics,
of course, claiming you have to sign up right now
because of a limited time deal, or maybe there's an
upcoming change in the law. According to them, after you
(24:39):
pay up, they're going to stop returning your calls, and
all those lawyers you were told about are nowhere to
be found. They've got your money and probably pass your
timeshare onto a broker. You are still the owner of
that time share, You're still responsible for all the fees,
and now you're stuck waiting to see if the broker
finds a bus, which could be years if they ever do.
Speaker 1 (25:04):
All right, Joe Cial, I'm sure you and your team
monitor reputable companies versus questionable companies, and I hear these
timeshare ads quite often on the radio. Are you able
to name specific companies? Maybe they don't ever are there
specific companies out there that you already know, Hey, watch
out for that company, Do not contact them.
Speaker 4 (25:27):
There are specific companies that BBB is aware of, but
you as the consumer, need to go to our website
and check the company that you are considering doing business with,
and the report will be there that this is either
a company that you can trust or it's a company
that you should stay away from.
Speaker 3 (25:45):
So they want to change the subjects here a little bit.
Speaker 2 (25:47):
You also have mentioned in the past social media account
takeovers in the ways that your life can be dominated
if somebody gets ahold of your password or hacks into
your account, and how does this work and how can
we protect ourselves from these kinds of things.
Speaker 4 (25:59):
Well, well, one of the prime targets of a scammer
is to get access to your social media account log
in information. If they have that information, they can log
into your social media account and impersonate you. Once they're in,
they could message your family and friends, usually asking for
money in some fashion. Maybe they will claim that you've
(26:21):
had an emergency. In one case, a man reported that
he saw his friend listed his car for sale on Facebook.
He then went to message his friend about what, you know,
how much is it going to cost for your car?
And the scammer who had taken over the account said
he would only accept cryptocurrency, So the man got suspicious
(26:42):
and called his friend, who knew nothing about it, didn't
have a car for sale, and he realized that he
couldn't log into his Facebook account. His account had been hijacked.
So losing access to your account, all your pictures, and
your contacts is bad enough, but it's even worse if
somebody how do you know, falls for the scam and
(27:02):
sends these crooks money. To protect yourself and your family
and friends, make sure you use a strong password. I
cannot emphasize that enough, and turn on multi factor authentication.
And if a friend suddenly messages you on social media
asking for money, either directly or indirectly, be careful because
(27:23):
it might not be your friend at all.
Speaker 3 (27:26):
Jocill.
Speaker 1 (27:27):
This impersonation scam actually happened. You know. My wife and
I didn't get scammed, but somebody thought they were renting
our condo and actually sent money to someone, only to
find out that the whole thing was faked. They didn't
impersonate our account, but they created an account to try
to rent our condo out to somebody, and thankfully a
neighbor you know, discovered what was going on. So this
(27:49):
is a real thing out there, and we really appreciate
you coming on tonight to share some of this stuff
with us. You're listening to Simply Money presented by all
Worth Financial on fifty five KRCD talkstation. You're listening to
Simply Money presented by all Worth Financial. I'm Bob Sponsorer
along with Brian James. Do you have a financial question
(28:12):
you'd like for us to answer. There's a big fat
red button you can click while you're listening to the
show right on the iHeart app. Simply record your question
and it will and always comes straight to us. All right, Brian,
Let's lead things off tonight with Tom and Hyde Park,
who says, I know my portfolio is too concentrated in tech,
(28:33):
especially Navidias stock. Should I be looking at hedging strategies
or just start selling now even if the tax bill
is painful.
Speaker 3 (28:41):
Well, congratulations, Tom.
Speaker 2 (28:43):
You put yourself in a good solid position with some
of these strong technology positions that have been driving the
market for the better part of several decades. But also
glad to hear you're willing to maybe step outside the
casino with some coins left in your little bucket. So
let's talk about how you can get out of this.
First thing would be obviously you can simply sell it
and you can spread it over time. Maybe it's a
situation where you could you buy enough time to sell
(29:04):
a little bit in the current tax year and move
some into the second tax year.
Speaker 3 (29:09):
That's one option just to think about.
Speaker 2 (29:11):
Another would be you can you can potentially look at
it using something called an exchange traded fund. If this position,
and you mentioned in video, if that position is over
a million dollars, then you may very well be able
to put that into an exchange fund and in response
receive a diversified portfolio of other people's stocks who have
the same problem. So you're basically committing your overly large
position in exchange for a portion of everyone else's overly
(29:33):
large position. That is not a taxable event. Lots of
moving parts to that, though. You can also hedge with options.
You can do something called collars or protective puts, which
is basically putting a floor and a ceiling above your
position so that it can't hurt you too much if
it goes the wrong direction. And then finally, something else
to look for is if there are any positions elsewhere
in your portfolio that are sitting at losses, you might
(29:54):
sell those at the same time, those losses will net
out against the big gain you have in your technology portfolio.
Perhaps there's some out there that you can take advantage of.
Rachel and Fort Mitchell says she's invested interested in charitable
remainder trust, but she's wondering whether they really provide an
income as well as a benefit for charity or is
this just a tax gimmick that CPAs and lawyers try
to sell us.
Speaker 3 (30:15):
Bob, do you think, well, it's.
Speaker 1 (30:16):
Definitely not a tax gimmick, Rachel. I mean, these things
are real. They've been used for years and years and years,
and in the right situation they work remarkably well. There's
just a lot of options and a lot of moving
parts with these things. So one thing to keep in
mind is when you do give that stock away, the
benefit is you avoid all the capital gains taxes on
(30:37):
the stock that you gifted into that trust and it
leaves your taxable estate. It is an irrevocable gift to charity,
and the charity will will receive what's left in that
trust after you and your husband pass away. The key
is figuring out how much income you want or need
to retain and for how long, and you can dial
that period up and down, you know, based on a
(30:59):
period of years or over both lifetimes. And then the
tax deduction for doing all this varies based on how
much income you're going to retain during your life. So
it's definitely a situation where you want to sit down
with a good fiduciary financial advisor in CPA and map
this out to make sure you customize this if you're
going to utilize this strategy for your and your husband's
(31:22):
you know, needs and goals down the road. But it's
not a gimmick. These things are real in the right situation,
they work very very well, all right. Brian in Blue
Ash says, most of our net worth is an investment
real estate. How do we create liquidity for estate taxes
so our heirs don't have to sell property under pressure,
you know, presumably after we pass away.
Speaker 2 (31:44):
You know, this reminds me of a story that comes
up all the time when we talk about a state planning. So, uh,
I don't know if you remember, Bob, you remember Joe
Robbie Stadium where the Dolphins used to play.
Speaker 3 (31:53):
Yeah, the Robbie family.
Speaker 2 (31:55):
Joe passed away without a will and did not have
a state plans in place that team in that stadium
where we're with an awful lot of money, and but
you can't carve out a chunk of a team, you know,
or a building or whatever and pay a state taxes.
So they were basically forced to liquidate the team, and
hence there is no Joe.
Speaker 1 (32:10):
I also remember the Jim Carrey movie where they stole
the dolphin.
Speaker 2 (32:13):
Remember that that was Yes, that was not related at
all to a state planning. But I'm glad to see
you've had a spark of a memory, Bob. That's that's
something your advanced age. That's something to be proud of
and celebrate. Big moment for Bob. The reason I brought
that up.
Speaker 3 (32:30):
Is because because I wanted to make fun of Bob.
Speaker 2 (32:33):
Anyway, No, so this is a family didn't do any
planning and they were forced to sell their famili's big asset.
Speaker 3 (32:39):
And that's problem. Real estate is ill liquid wealth.
Speaker 2 (32:42):
So your heirs might inherit that valuable property, but Uncle
Sam's gonna come knocking for a state taxes within about
nine months, and that money has got to come from somewhere.
You might be able to borrow against it. You might
be able to, you know, sell off some parcels of it,
who knows, But regardless, the taxes are coming. Do so
what you might consider. There are solutions out there. Properly
it's structured. A life insurance policy held in an irrevocable
(33:03):
life insurance trust makes money drop out of the sky.
Obviously you have to be insurable and healthy enough to
do this, but that can cause or that can cover
those kind of needs. Entity planning meaning what entity owns
this property. It can be held by an LLC or
a partnership. You can and you can use take advantage
of minority interest discounts to reduce the taxable estate value.
You can also look at gifting strategies during life, using
(33:26):
the annual gift tax exclusion to reduce what's left to
be taxed later. Charitable giving, strategic borrowing. There are a
number of things that you can do in this particular case. Okay,
we're going to hog a bunch of time from our
other questionners, so we're going to move on to Joseph
and Marymont. Joseph has some birds in the nests who
don't get along very well, and.
Speaker 3 (33:43):
He's worried about that.
Speaker 2 (33:44):
Their a state actually could tear the family apart based
on everybody's own perception of what they're going to get
out of this. So how do they build a plan, Bob,
that keeps money from becoming a wedge.
Speaker 1 (33:54):
Well, when I think about your question, Joseph, you know
the two things that come to mind is if you
own a business and you're trying to figure out who's
going to take over that business, or you own a
vacation property property that in you know, a perfect world,
we say, well, we're going to leave this to our
kids and they'll enjoy it with the grandkids, you know,
on generation after generation, and if the kids don't get along,
(34:19):
you really got to sit down and figure out how
to divide these assets up ahead of time. So you know,
in a business situation, let's face it, usually one kid
or the most two is really interested in being involved
in the business and others aren't because they have other interests.
Communication up front, and again it doesn't have to be fair,
(34:40):
but you've got to communicate to to try to avoid
some of these this family discord down the road. Same
thing with these vacation properties. Don't just pass it down
and hope it all works out, because oftentimes it creates
a big problem. All Right, coming up next, I've got
my two cents on how to plan ahead for some
of these big ticket items that we all want to
(35:02):
spend during our retirement years. You're listening to Simply Money
presented by all Worth Financial on fifty five KRC, the
talk station. You're listening to Simply Money presented by all
Worth Financial on Bob Sponseller along with Brian James. All Right, Brian,
we just went through a whole laundry list of lessons
(35:23):
here on how to plan to enter retirement and plan
out spending and all this. So I'm just gonna share
one of my pet peeves that comes up from time
to time, and I'm talking about and this is really
as we talked about before this this has nothing to
do with your net worth. It has to do with
what you plan to spend. And here's what I'm talking about.
(35:44):
For folks that have their retirement plan in place and
they have a certain amount of income they want to
you know, have coming in every month, and we've run
the numbers and we know that it's gonna work, but
there's not a ton of margin for air in the plan.
In other words, we got to be disciplined and follow
the plan in order for it to work. What what
(36:04):
invariably happens from time to time is I get this
email or phone call that says, well, we've always wanted
to take the kids on a cruise and the grandkids
and all that, and Bob, I need you to pull
fifty grand, sixty grand and send it to us. And
you know, when people do that, you know, just on
a whim, and they don't factor it into their plan,
(36:26):
and they don't communicate it with their advisor in advance,
you leave some opportunities, you know, on the table. In
my opinion, number one, we want to make sure the
plan is going to work if you do these kind
of things. And then second, you know, especially as the
dollar amounts go up. I gave the example of a cruise,
but you know, let's say a two hundred thousand dollars
(36:47):
home remodel. You want to give your advisor and our
team a chance to get some of this money out
of harm's way to avoid market volatility. So I'm real
big on communication when it comes to these big ticket items.
Don't just spring it on us through an email or
a phone call, because that really can throw the whole
(37:07):
plan out a whack, and not in a good way.
Speaker 3 (37:10):
Yeah, sometimes there's no choice with this, right.
Speaker 2 (37:12):
Life happens and life intervenes and we just don't get
the chance to plan. But but Bobby, I reckonize what
you're talking about. These are situations where maybe we've talked
about maybe we're gonna do this for years. I don't know,
we're gonna decide. Maybe it's a low priority goal. We
just got it on the back burner, and then suddenly,
over a weekend it launches itself to the front burner,
and on Monday, we're scrambling to cut a check as
soon as possible because a commitment has been made somewhere.
(37:33):
This is this, This is our client's money, and it's
we can and will and should be spent the way
that they want it. It doesn't matter we're We're simply
pointing out that we lose the chance to be efficient
and as well thought out as possible if there's not
enough time to kind of plan things out.
Speaker 4 (37:47):
You know.
Speaker 1 (37:47):
Maybe well yeah, but Brian, you gave, in my opinion,
the perfect example of how this is supposed to work
in the earlier segment where you you described a situation
where you were sitting down with your clients. It's saying, hey,
let's dream a little bit. Let's throw everything into the
plan that we might want to do, from cruises to
vehicles to Homer model to vacations to RV and let's
(38:10):
make sure the plan's going to work in advance. That's
exactly what I'm talking about. Unfortunately, we run into some
people that won't have those kind of discussions with their advisor.
That's really what I'm talking about here.
Speaker 3 (38:22):
Yep.
Speaker 2 (38:23):
I think you're right, and it's just if you're gonna
have an advisor in the mix and then everything is
on the table, Otherwise you're not getting your money's worth.
Speaker 1 (38:30):
All right, thanks for listening. You've been listening to Simply Money,
presented by all Worth Financial on fifty five KRC, the
talk station
Tonight some advice you don't want to hear, but you
might need to hear. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponsller along with Brian James.
We meet a lot of families who've done an incredible
job saving maybe they sold a business, maybe they were
diligent four to one K savers for years, if not decades,
and now they're sitting on two million, three million, five million,
(00:29):
maybe even more. And the natural thought is, well, we're rich,
we're good, we're set for life. But here's where we
put the tough teacher hat on tonight and say not
so fast. You're not automatically in the clear. So, staying
with that whole teacher theme, Brian, let's get into lesson
number one.
Speaker 2 (00:50):
All right, Bob Lesson one, Retirement isn't a vacation, it's
a paycheck replacement plan. Now, some of the things we're
going to talk about here this evening are about are
going to sound kind of almost wet, blankety, kind of depressing.
But retirement should be a happy time. Here's how you
start that way and keep it that way. So a
retirement is a vacation, not a paycheck replacement plan basically
means that you know, you have to figure out what
(01:10):
you were living off of before this kind of where
it all starts. If you were making one hundred and fifty
thousand dollars while you were working, well, where's that money
going to come from?
Speaker 3 (01:17):
Now?
Speaker 2 (01:18):
Now, let me back off that question a little bit
by saying, if you were grossing one hundred and fifty
thousand dollars, you were not netting one hundred and fifty
thousand dollars.
Speaker 3 (01:25):
You had taxes coming out of that.
Speaker 2 (01:27):
You had federal income taxes, state income taxes, payroll taxes,
which are three different flavors by the way, and you
had your four roh one k contribution's.
Speaker 3 (01:35):
Coming out of it.
Speaker 2 (01:36):
Maybe you were putting money systematically into savings that you
don't have to anymore. You had a mortgage, maybe that's gone,
so you don't necessarily need to replace your entire salary.
But that also means you need to do a little
bit of work and figure out what it is exactly
that you spend so that you know what target you're
shooting for. You can't spend what you don't have, no
matter how well you've done, so even three to five
million dollars can run drive if you don't manage those withdrawals, inflation,
(01:57):
taxes and all that.
Speaker 3 (01:58):
We've got clients with it.
Speaker 2 (01:59):
Have you know, two hundred fifty thousand dollars who are
going to be just fine because their budget is below
their Social Security checks and that's kind of all they have.
We have clients who have five million dollars who live
like they have twenty five million dollars. Yep, guess which
one has the problem. What's our second lesson, Bob Well.
Speaker 1 (02:13):
Lesson too is stop chasing headlines. In other words, the
market doesn't care what you read and consume in the
way of media all day. Stop chasing headlines, Brian, I'm
running into this more and more. I mean, let's face it,
in this divided media culture that we're living in right now,
depending on where we go in terms of sources for
(02:35):
our news and headlines, we can have a completely different
narrative swimming around in our head And for folks that
just retire and don't maybe have enough to do, you know,
they're glued to CNBC or TikTok or wherever they get
their news, and they want to act on what they
hear or see in headlines rather than have an actual plan.
(02:56):
And again, the market does not care what you read.
It doesn't move because of your favorite newsletter or Twitter feed.
Speaker 2 (03:03):
Yeah, and Bob, I can't remember the last time I heard,
and I don't think I ever have the last time
I heard our chief investment officer, Andy Stout say hey,
I read this or I saw this headline on the crawl,
I better to go do something with our thirty billion
dollars that we manage.
Speaker 3 (03:16):
These are not things. This is financial pornography.
Speaker 2 (03:18):
We don't necessarily we really never react to those kind
of headlines.
Speaker 3 (03:22):
It's just something to talk about, and.
Speaker 1 (03:24):
It comes from it comes from both sides of the
political aisle.
Speaker 3 (03:27):
Let's face it.
Speaker 1 (03:28):
I mean, we live the news. Media is a business.
They know what we want to consume and they feed
us what we want to read. So yeah, thank god
we got Andy Stout just looking at data and running
our good old recession scorecard to keep us up to date.
All right, less than three Brian.
Speaker 2 (03:44):
Yeah, your kids don't need another check, they need a plan.
So we've seen this pretty often. So we write checks
for houses, cars, vacations, and this feels, you know, generous,
but it actually can actually hurt them if you're helping
them at this level. And yeah, it's tough out there,
and this doesn't mean to abandon them to the wolves.
But at the same time, if we're if we're building,
the expectation is the money just drop drops out of
(04:05):
the sky and my problems are solved.
Speaker 3 (04:07):
Then they're not going to learn how to how to
scrimp and save the.
Speaker 2 (04:10):
Way that the way that you did uh to to
build your ability to help them this way in the
first place. So this this can fuel lifestyle inflation, makes
them completely dependent on somebody else and robs them of
any financial discipline, which is presumably what you got along
the way from your forebears because you had the ability
to build this kind of a nest egg in the
first place that supports them to do this. So what
might be a better gift if I'm going to help
(04:31):
my kid my kids, Bob, what do you think?
Speaker 3 (04:33):
What are some good ideas? Well?
Speaker 1 (04:34):
The best gift is financial education and communication. And you
know it's sitting down, especially you know, approaching and into retirement,
you got more time to do this. Equip your kids
and grand kids to handle money. And yes, if there's
a dire need that comes along. I mean, helping them
get out of a jam today for a little bit
of money is going to be a game changer versus
(04:57):
giving them a whole pile of money when they're in there,
you know, late sixties, seventies. But to your point, Brian,
we can't enable bad behavior just because we feel like
we've got a whole boatload of money to throw around
and we're we're it's counterintuitive, but we're oftentimes hurting our
kids more than we're helping them by bailing them out
(05:19):
or enabling irresponsible behavior. You're listening to Simply Money, presented
by all Worth Financial on Bob Sponseller along with Brian James. Brian,
let's get into another lesson stop treating your portfolio like
a casino. We don't run across this too often with
our clients, but every once in a while we do.
Speaker 2 (05:39):
Yeah, a lot of times, you know, people will get
to get an idea, and this comes from cocktail party
or somebody's brother in law or somebody you know, somebody's
friend or at the office water cooler, got a hot
tip on something and it paid off, and so now
all of a sudden, we want it. We want to
chase things and so some people, some investors, are doing
just that, treating their portfolio like a casino. It's something
where I'm supposed to take a little bit of money
and turn it into a big pile of money. These
(06:00):
are when we talk about these on these airwaves all
the time, meme stocks, crypto hot funds. Twenty five years ago,
it was any technology stock that's not investing, that's just gambling,
like Vegas, the house always wins.
Speaker 3 (06:11):
Portfolios are not for thrill seekings. For building financial security,
discipline beats luck every time. So if you find yourself
having this itch and needing to scratch it carve out
a little bit of money, don't do it in a
roth ira. A lot of people say, I'm gonna make
my bazillion dollars out of this penny stock in a
roth ira.
Speaker 2 (06:27):
That way i'll have I'll be Peter Teeal with five
billion dollars off of this thousand dollars investment I made
in a penny stock. Well, more likely what's going to
happen is one thousand dollars is going to go to
one hundred dollars.
Speaker 3 (06:36):
Or zero dollars.
Speaker 2 (06:37):
And because you did it inside of a roth ira,
you don't even get a deduction out of it. So
the bear in mind the risk that you're taking with
these little corners of your portfolio, and do it in
a taxable account if you have to.
Speaker 3 (06:48):
Yeah, and I.
Speaker 1 (06:49):
Love the concept again for those that love to play,
you know, and there's nothing wrong with doing this. But
again my message is always, let's make sure we separate
your serious money from your play money. If you've got
enough serious money set aside in a good responsible financial
plan and you want to go take some risk and
speculate on some things for fun or to compete or
(07:10):
just feel like you're winning. Treated as a hobby, it's
totally fine. But you don't want to do that with
your serious money for obvious reasons. You'll mess up your
retirement that you've spent decades building just because you're bored
and seeking excitement. All right, Brian less than six. I
think this is a big one, and I think this
one this is one of the biggest value ads we
(07:32):
provide for our clients. And that's not letting taxes.
Speaker 2 (07:36):
Such you, taxes should be somewhat predictable if you're paying attention,
so they're gonna be one of your biggest lifetime expenses
if you add them all up, probably even bigger than
your house. So roth conversions, charitable trust, direct indexing plans,
planning ahead saves millions of dollars. These are all ways
of simply understanding how the tax code works and taking
advantage of all.
Speaker 3 (07:56):
Those little subtle details.
Speaker 2 (07:57):
So if you're gonna do a Roth conversion, you're simply
taking pre tax money and you're turning it into after
tax tax money forever. That sounds awesome, And a lot
of people roll in and they say, of course, I'm
gonna convert my entire traditional ray to a a WROTH.
Speaker 3 (08:09):
Why wouldn't I that it's gonna be tax free forever.
Speaker 2 (08:11):
We gotta look at what that's gonna cost you out
of pocket and how you're gonna pay the pay the taxes,
for example, in that case, charity, direct indexing, all these
other things are definitely helpful strategies. But if you ignore taxes,
you're gonna give the iron more than your kids over time.
Speaker 1 (08:27):
All right, less than seven. Don't confuse busy work with
a true financial plan. And Brian, we run into this
from time to time. People are checking their accounts every day,
multiple times a day. That's not a plan. Neither is
collecting fifteen statements from different advisors, you know, feeling like
you're diversified and you've got all this information to manage
(08:49):
and play with. True planning means coordination, investments, estate planning, taxes,
and insurance all working together in concert in one coortin plan.
Speaker 3 (09:01):
Yep. And so we'll move on then to less than eight.
Speaker 2 (09:04):
If we think that retirement it starts at sixty five,
that might be another mistake. A lot of us get
hung up on Medicare age. Sixty five is the go
time for Medicare age. Matter of fact, this might be
a great time to talk about the other ages because
we tend to get confused. Sixty two is when you
can first sign up for Social Security. That doesn't mean
do it, That just means that's the first time you can.
(09:24):
It'll be the smallest check you ever get, which isn't
necessarily a bad thing.
Speaker 3 (09:28):
Understand the impact.
Speaker 2 (09:29):
Then there's something called full retirement age, which is between
sixty six and sixty seven, depending on when you were born.
For anybody born after sixty nineteen sixty, it's now sixty seven.
And then the other age related soci Security is seventy,
sixty two, sixty six, sixty seven, and seventy are the
for Social Security relevant ages. The wait longer you wait,
the bigger of a check you're going to get now.
(09:51):
A lot of people get hung up on sixty five,
and we tend to start here too. I think we
probably as financial advisors, tend to rely on sixty five
is just a good start point for those who don't know.
But that is the age at which you become eligible
for Medicare, which obviously is important because you need to
have some kind of health insurance plan when you are retired.
Some people are fortunate to retire from companies that offer
(10:12):
retireehealth benefits.
Speaker 3 (10:13):
Most are not.
Speaker 2 (10:14):
So you might have cobra, meaning you could go at
say sixty three and a half and get a slightly
better deal on your by maintaining your existing healthcare insurance
through your ex employer. But some people will simply have
to go on the exchanges. And if you're a you know,
for an individual, you're probably paying on thy twelve hundred
dollars a month for insurance, double that for a married
couple if you're on the exchanges. So, but that that
(10:37):
causes a lot of people to believe retirement starts at
sixty five, and I have no way to choose differently
than that, And that is simply not the case. You
can retire earlier. You just have to do some planning
on the healthcare side. And just because you don't want
to write a two thousand dollars check for health insurance
doesn't mean you can't so own your life. First, figure
out what you want to do, and then make the
math work around. If you got to write a fact check,
(10:58):
then write a fat check as long as the plan
works all right.
Speaker 1 (11:01):
Lesson number nine. You can't outsmart longevity. We run into
people sometimes that underestimate how long they're actually gonna live.
One spouse for a married couple often outlives the other by,
you know, almost a decade. You got to plan as
though you're gonna live longer than you think, because chances
are one of you probably will. And that leads to
(11:22):
lesson number ten. Stop thinking that a state planning is
just for the wealthy. It's for the responsible, and Brian,
I see this way too often. Too many families put
off doing wills and trusts, and without it, the courts,
not you, decide what happens to your assets. And the
big one that I see overlooked a lot of times,
(11:42):
and this is becoming more and more prevalent for folks
that I work with, is powers of attorney. You gotta
have these things set up in case cognitive impairment, you know, dementia,
things like that happen. You gotta have somebody named to
step in your place to hear if you can't do
it anymore.
Speaker 2 (12:02):
Yeah, and you might do what it's called a durable
power of attorney, which which you know, if you trust
the person that you are naming is your power of attorney,
then you can put them in charge right now, give
them the ability now while you are a perfectly clear mind.
Speaker 3 (12:13):
You don't need them to do anything. But if you
want them to.
Speaker 2 (12:16):
Be able to step in quickly, then a durable power
of attorney might be a good idea that enables them
not to have to go through the process of getting
you in front of a doctor to have a doctor
declare you incompetent officially. You can simply act for them. Now,
there are many moving parts of this. That's not a
quick answer, but it's something to consider if you're in
that situation.
Speaker 1 (12:33):
Here's the all worth advice. No matter how much you've
saved or how smart you think you are, money doesn't
just take care of itself. Discipline, planning, and a clear
eyed approach are the only things that keep wealth from
just slipping away. There's a big lie about retirement that
most people out there still believe. We'll tell you what
(12:53):
that is.
Speaker 3 (12:53):
Next.
Speaker 1 (12:54):
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 Sponsorer
along with Brian James. If you can't listen to Simply
Money every night, subscribe and get our daily podcasts. Just
(13:14):
search Simply Money on the iHeart app or wherever you
find your podcast. Straight ahead of six forty three, we
are diving into more of your questions, everything from smart
investing moves to protecting your retirement. One of the most
common assumptions we hear from people approaching retirement is this, Oh,
I know, I'm gonna spend way less money when I'm retired,
(13:37):
less commuting, less need for work clothes. The mortgage might
be paid off, so naturally expenses are gonna go down, right,
But the reality and Brian. We see this all the time.
Research shows that many retirees actually spend more in the
early years of retirement. Not less. Let's dig into this
because this happens a lot and it's an important topic
(13:59):
to cover.
Speaker 2 (14:00):
This research comes from the eb r I Employee Benefit
Research Institute. We get a lot of good information out
of them. They've been tracking and they found for the
first five to ten years of retirement, spending off and rises.
Speaker 3 (14:10):
Well, this is the reason behind this kind of makes sense.
Speaker 2 (14:13):
This is when we're healthiest, most energetic, and finally ready
to do the things they've been putting off. This is
bucket list time, right for those of us who kept
a bucket list all those years. Here's all the awesome
things that I'm going to do, but when I have
the time to do it. Well, that's really the first
five to ten years worth of retirement, and when we
have time, we tend to fill it. When there's a
(14:33):
vacuum of time, we tend to fill that vacuum with spending.
So that's not necessarily a bad thing, but for sure
we have to get our sea legs when it comes
to being actually retired and understanding what.
Speaker 3 (14:43):
Our lifestyle is going to be like.
Speaker 2 (14:44):
So this can include vacations, home remodels, maybe even an
entire second home. And you know, let's be honest, a
lot of people just want to spike the football and
celebrate the fact that they don't have to clock in
on a Monday morning anymore.
Speaker 1 (14:55):
Yeah, spike the football and write a half million dollar
check for whatever in our V or a second home.
I think the point we're trying to make here is
and we and we talk about this in reverse, telling
people not to just hoard all their money and not
spend it and not have any fun and leave a
whole boatload of money to their airs, you know, when
they're in their eighties and nineties. But you know this point,
(15:17):
you have to plan for this stuff. If you're thinking
about doing these major big ticket items, the crews, the
second home, the home remodel, the RV, talk about it
in advance of retirement and make sure that's factored in
to your retirement plan, because you only want to retire
once and you don't want to come up, you know,
in your late seventies and eighties and say, shoot, I'm
(15:38):
about to run out of money.
Speaker 3 (15:40):
Yeah, so we want to make sure that we're on
top of things.
Speaker 2 (15:43):
And this all starts with sit down with your spouse
if you're married, or even if you just need to
go sit on the porch and stare off into the
sunset and think about what you want as an individual.
It hasn't It just has everything to do with what
is it going to be like when I don't have
to adhere to someone else's schedule?
Speaker 3 (15:58):
So the big thing to pay.
Speaker 1 (16:01):
You just brought up an excellent point here, and that's
it is so critical to have both spouses in the
room talking about financial goals, especially in retirement because let's
face it, whether one spouse is working in a job
and the other is stay at home, or if both
spouses are working, everyone has in their mind what retirement
(16:22):
looks like to them. And oftentimes, when you're raising kids
and working hard and you're busy and you're in the
office all day, you're not communicating with your spouse on
what he or she thinks retirement should look like. So
it's really important to when you're talking about goals, have
both spouses in the room to talk about this stuff,
so you know, when you start attaching dollars and cents
(16:47):
to these goals, you've got to make sure the plan's
going to work, and do that in advance so one
or both spouses aren't disappointed in the end.
Speaker 2 (16:56):
That's really important. And this all comes through we have
some to support this too. So a twenty two JP
Morgan studies showed that about six and ten retirees spent
the same or more in the first decade of retirement.
So there's a kind of exclamation point to this whole
topic here of making sure we understand you know what's coming.
By the way, we're not talking about medical costs. We're
not talking about the unfund stuff that comes later. We're
(17:17):
talking about people just living their lives and once they
finally accomplish that some level of freedom.
Speaker 1 (17:22):
Yeah, and for those that do have a good amount
of wealth, the risk isn't necessarily running out of money,
but misaligning your wealth with your lifestyle. You don't want
to live the first ten years in retirement way under budget,
only to pass away with more money than you ever
intended to leave behind, or worse, live it up early
and then find yourself tightening the belt when you're eighty again.
(17:44):
It's good to get take advantage of those go go years,
as you called them. The first few years of retirement,
but talk about it, talk about it with both spouses,
and plan ahead.
Speaker 3 (17:55):
And talk about it with an advisor.
Speaker 2 (17:56):
I mean, this is where this is something where the
common question that I bring up when i'm when I
can see that I'm in a situation where these folks
are going to be okay. This is you know, I
really feel after thirty years of doing this, Bob, I
feel like my job, every meeting is going to be
one of two outcomes. It's me pushing someone to be
more responsible because they're about to run their train off
a cliff, or pushing them to go out and enjoy
what they've built. Every meeting fits in one of those
(18:18):
two categories. So one of the first things that I
ask people is when we're building a financial plan, is
you know, all, we need to know your goals. What
do you have in mind? What is it that you
want to do? And they'll say, well, we really want
to kind of make sure it works. So we're just
going to keep it simple and we're going to build
a garden and we're gonna eat vegetables out of the garden,
and we're just not going to leave the house.
Speaker 3 (18:35):
And that sounds like.
Speaker 2 (18:36):
A terrible way to exist for the rest of someone's life.
So I kind of try to turn them around the
other way. If you ever kind of sort of thought
maybe you wanted to do something that's going in the plan.
Let's throw every last goal in here, remodel the house,
the second house, the around the world retirement trip, do
all of those things. Let's run the math. Assuming we've
done that. If it works, cool, Now you've got to
(18:57):
get out of your own way and decide which of
these things you're really gonna pull the train and write
a check for. If it doesn't work, that's okay, because
we were throwing the kitchen sink into it. Now we
prioritize what are the things that are most important, what
are the things we can live without. That way, when
we do those extra fun things that maybe aren't necessary
to retirement but sure are a heck of a lot
of fun, we don't have to feel guilty about it
because we planned ahead exactly.
Speaker 1 (19:18):
And what you just talked about there is being proactive
and communicating clearly. I love it. That's what good financial
planning is all about. Here's the all Worth Advice plan
for a retirement that matches your lifestyle, not just a formula.
Speaker 3 (19:32):
All right, scams.
Speaker 1 (19:34):
The scammers out there are getting smarter, and we'll show
you the latest tricks con artists are using and how
to spot them before they spot you. 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
(19:54):
Simply Money presented by all Worth Financial on Bob Sponseller
along with Brian James, joined tonight by our good friend
Josio Erlik, President of the Cincinnati Better Business Bureau. JOSO, Thanks,
as always for spending some time with us tonight. Hope
you're doing well and I know you want to talk.
There's a whole bunch of scams out there. We're always
(20:15):
on the lookout on these latest scams and preventing our
clients from getting exposed to them. I know you've got
a lot to talk about. Walk us through some of
this latest stuff we need to be aware of.
Speaker 4 (20:26):
Well, let's start out with fantasy football. There are so
many people that play fantasy football. It's very popular. We
have seen a spike in online gaming scams as a
result of that. You know, it's really easy to end
up on an illegal betting site, especially if you're scrolling
through social media. If you're somebody who relates to betting influencers,
(20:49):
and that's a lot of young people, you can find
gambling influencers all over TikTok and Instagram. They pose as
betting gurus, but their goal is more to go viral
than to give genuine betting advice. They hype themselves big
time by claiming things like I made ten thousand dollars
in a day, and they post things like guaranteed Sunday
(21:11):
football wins or NFL lock picks, and these claims are
how they're going to lure your into clicking the link
in their post. This link is supposedly going to direct
you to some secret betting site, but it's really a
fake site, or it's a cloned version of a legitimate
betting site. Think a URL that's spelled slightly different than
(21:33):
the real site is spelled. The games on these sites
are usually rigs, so you have no chance of winning,
and even if you do win, the site won't allow
you to withdraw your winnings. Not only are you going
to lose the money you deposited into the site, but
the scammers now have your personal financial information. To either
use themselves or they'll sell it on the dark web. Now,
(21:55):
if you want to try your luck, make sure you're
using a legitimate betting web site and check it out
first at BBB dot org.
Speaker 2 (22:04):
That's great that you track those types of sites. I
didn't know that that was the gambling sites was something
that's has that always been there.
Speaker 3 (22:10):
Has BBB always tracked that.
Speaker 4 (22:13):
Wherever the scams are, we're tracking it, and we track
legitimate businesses across all industries and the ones that are
causing people headache and heartache.
Speaker 1 (22:22):
All right, Josia, You've also got some updates on passport
scams and timeshare scams.
Speaker 4 (22:28):
Right, So you got this big trip trip next month,
and you just realized that your passport is going to expire.
So you go online to find a solution, and you
come across a website that promises to expedite your renewal
passport for a fee. Unfortunately, this is not your solution.
It's going to be your nightmare because this scam can
(22:49):
cost you hundreds of dollars, not to mention possibly having
to cancel your trip. These fake passport sites are designed
to look exactly like the official the US Department of
state site, which is travel dot state dot govgov. That's important,
and these guys are counting on your desperation to keep
you from thinking clearly. You could end up paying for
(23:13):
forms that you can get for free on the government site,
and in the process you'll also be giving up sensitive
information like your Social Security number. If you need an
expedited passport, there are steps you can take that you
can only do it through official channels. You can pay
for expedited processing by mailing in your paperwork and fees,
(23:34):
or if this is a really close window, you can
go to a passport agency. And the closest ones to
us right now are Chicago and Detroit, although there is
will be one opening up in Cincinnati next year, so
that's good news. And the timeshare scams you mentioned, you
know people have gotten involved in time shares. Many of
(23:55):
them are just fine and they are enjoying them, but
there are a lot of people that are just over
their time shares. The fees are piling up. You don't
use it, you just want out. Then you get a
call or you see an ad online for timeshare legal
consulting or an exit company and they say they have
a team of lawyers on staff, and they've helped thousands
(24:16):
of people exit their timeshare. That's all part of the scam.
To get you to trust them. They'll demand a huge
upfront fee, claiming it's for legal services, filing fees, or
even to guarantee your exit, and they'll use high pressure tactics,
of course, claiming you have to sign up right now
because of a limited time deal, or maybe there's an
upcoming change in the law. According to them, after you
(24:39):
pay up, they're going to stop returning your calls, and
all those lawyers you were told about are nowhere to
be found. They've got your money and probably pass your
timeshare onto a broker. You are still the owner of
that time share, You're still responsible for all the fees,
and now you're stuck waiting to see if the broker
finds a bus, which could be years if they ever do.
Speaker 1 (25:04):
All right, Joe Cial, I'm sure you and your team
monitor reputable companies versus questionable companies, and I hear these
timeshare ads quite often on the radio. Are you able
to name specific companies? Maybe they don't ever are there
specific companies out there that you already know, Hey, watch
out for that company, Do not contact them.
Speaker 4 (25:27):
There are specific companies that BBB is aware of, but
you as the consumer, need to go to our website
and check the company that you are considering doing business with,
and the report will be there that this is either
a company that you can trust or it's a company
that you should stay away from.
Speaker 3 (25:45):
So they want to change the subjects here a little bit.
Speaker 2 (25:47):
You also have mentioned in the past social media account
takeovers in the ways that your life can be dominated
if somebody gets ahold of your password or hacks into
your account, and how does this work and how can
we protect ourselves from these kinds of things.
Speaker 4 (25:59):
Well, well, one of the prime targets of a scammer
is to get access to your social media account log
in information. If they have that information, they can log
into your social media account and impersonate you. Once they're in,
they could message your family and friends, usually asking for
money in some fashion. Maybe they will claim that you've
(26:21):
had an emergency. In one case, a man reported that
he saw his friend listed his car for sale on Facebook.
He then went to message his friend about what, you know,
how much is it going to cost for your car?
And the scammer who had taken over the account said
he would only accept cryptocurrency, So the man got suspicious
(26:42):
and called his friend, who knew nothing about it, didn't
have a car for sale, and he realized that he
couldn't log into his Facebook account. His account had been hijacked.
So losing access to your account, all your pictures, and
your contacts is bad enough, but it's even worse if
somebody how do you know, falls for the scam and
(27:02):
sends these crooks money. To protect yourself and your family
and friends, make sure you use a strong password. I
cannot emphasize that enough, and turn on multi factor authentication.
And if a friend suddenly messages you on social media
asking for money, either directly or indirectly, be careful because
(27:23):
it might not be your friend at all.
Speaker 3 (27:26):
Jocill.
Speaker 1 (27:27):
This impersonation scam actually happened. You know. My wife and
I didn't get scammed, but somebody thought they were renting
our condo and actually sent money to someone, only to
find out that the whole thing was faked. They didn't
impersonate our account, but they created an account to try
to rent our condo out to somebody, and thankfully a
neighbor you know, discovered what was going on. So this
(27:49):
is a real thing out there, and we really appreciate
you coming on tonight to share some of this stuff
with us. You're listening to Simply Money presented by all
Worth Financial on fifty five KRCD talkstation. You're listening to
Simply Money presented by all Worth Financial. I'm Bob Sponsorer
along with Brian James. Do you have a financial question
(28:12):
you'd like for us to answer. There's a big fat
red button you can click while you're listening to the
show right on the iHeart app. Simply record your question
and it will and always comes straight to us. All right, Brian,
Let's lead things off tonight with Tom and Hyde Park,
who says, I know my portfolio is too concentrated in tech,
(28:33):
especially Navidias stock. Should I be looking at hedging strategies
or just start selling now even if the tax bill
is painful.
Speaker 3 (28:41):
Well, congratulations, Tom.
Speaker 2 (28:43):
You put yourself in a good solid position with some
of these strong technology positions that have been driving the
market for the better part of several decades. But also
glad to hear you're willing to maybe step outside the
casino with some coins left in your little bucket. So
let's talk about how you can get out of this.
First thing would be obviously you can simply sell it
and you can spread it over time. Maybe it's a
situation where you could you buy enough time to sell
(29:04):
a little bit in the current tax year and move
some into the second tax year.
Speaker 3 (29:09):
That's one option just to think about.
Speaker 2 (29:11):
Another would be you can you can potentially look at
it using something called an exchange traded fund. If this position,
and you mentioned in video, if that position is over
a million dollars, then you may very well be able
to put that into an exchange fund and in response
receive a diversified portfolio of other people's stocks who have
the same problem. So you're basically committing your overly large
position in exchange for a portion of everyone else's overly
(29:33):
large position. That is not a taxable event. Lots of
moving parts to that, though. You can also hedge with options.
You can do something called collars or protective puts, which
is basically putting a floor and a ceiling above your
position so that it can't hurt you too much if
it goes the wrong direction. And then finally, something else
to look for is if there are any positions elsewhere
in your portfolio that are sitting at losses, you might
(29:54):
sell those at the same time, those losses will net
out against the big gain you have in your technology portfolio.
Perhaps there's some out there that you can take advantage of.
Rachel and Fort Mitchell says she's invested interested in charitable
remainder trust, but she's wondering whether they really provide an
income as well as a benefit for charity or is
this just a tax gimmick that CPAs and lawyers try
to sell us.
Speaker 3 (30:15):
Bob, do you think, well, it's.
Speaker 1 (30:16):
Definitely not a tax gimmick, Rachel. I mean, these things
are real. They've been used for years and years and years,
and in the right situation they work remarkably well. There's
just a lot of options and a lot of moving
parts with these things. So one thing to keep in
mind is when you do give that stock away, the
benefit is you avoid all the capital gains taxes on
(30:37):
the stock that you gifted into that trust and it
leaves your taxable estate. It is an irrevocable gift to charity,
and the charity will will receive what's left in that
trust after you and your husband pass away. The key
is figuring out how much income you want or need
to retain and for how long, and you can dial
that period up and down, you know, based on a
(30:59):
period of years or over both lifetimes. And then the
tax deduction for doing all this varies based on how
much income you're going to retain during your life. So
it's definitely a situation where you want to sit down
with a good fiduciary financial advisor in CPA and map
this out to make sure you customize this if you're
going to utilize this strategy for your and your husband's
(31:22):
you know, needs and goals down the road. But it's
not a gimmick. These things are real in the right situation,
they work very very well, all right. Brian in Blue
Ash says, most of our net worth is an investment
real estate. How do we create liquidity for estate taxes
so our heirs don't have to sell property under pressure,
you know, presumably after we pass away.
Speaker 2 (31:44):
You know, this reminds me of a story that comes
up all the time when we talk about a state planning. So, uh,
I don't know if you remember, Bob, you remember Joe
Robbie Stadium where the Dolphins used to play.
Speaker 3 (31:53):
Yeah, the Robbie family.
Speaker 2 (31:55):
Joe passed away without a will and did not have
a state plans in place that team in that stadium
where we're with an awful lot of money, and but
you can't carve out a chunk of a team, you know,
or a building or whatever and pay a state taxes.
So they were basically forced to liquidate the team, and
hence there is no Joe.
Speaker 1 (32:10):
I also remember the Jim Carrey movie where they stole
the dolphin.
Speaker 2 (32:13):
Remember that that was Yes, that was not related at
all to a state planning. But I'm glad to see
you've had a spark of a memory, Bob. That's that's
something your advanced age. That's something to be proud of
and celebrate. Big moment for Bob. The reason I brought
that up.
Speaker 3 (32:30):
Is because because I wanted to make fun of Bob.
Speaker 2 (32:33):
Anyway, No, so this is a family didn't do any
planning and they were forced to sell their famili's big asset.
Speaker 3 (32:39):
And that's problem. Real estate is ill liquid wealth.
Speaker 2 (32:42):
So your heirs might inherit that valuable property, but Uncle
Sam's gonna come knocking for a state taxes within about
nine months, and that money has got to come from somewhere.
You might be able to borrow against it. You might
be able to, you know, sell off some parcels of it,
who knows, But regardless, the taxes are coming. Do so
what you might consider. There are solutions out there. Properly
it's structured. A life insurance policy held in an irrevocable
(33:03):
life insurance trust makes money drop out of the sky.
Obviously you have to be insurable and healthy enough to
do this, but that can cause or that can cover
those kind of needs. Entity planning meaning what entity owns
this property. It can be held by an LLC or
a partnership. You can and you can use take advantage
of minority interest discounts to reduce the taxable estate value.
You can also look at gifting strategies during life, using
(33:26):
the annual gift tax exclusion to reduce what's left to
be taxed later. Charitable giving, strategic borrowing. There are a
number of things that you can do in this particular case. Okay,
we're going to hog a bunch of time from our
other questionners, so we're going to move on to Joseph
and Marymont. Joseph has some birds in the nests who
don't get along very well, and.
Speaker 3 (33:43):
He's worried about that.
Speaker 2 (33:44):
Their a state actually could tear the family apart based
on everybody's own perception of what they're going to get
out of this. So how do they build a plan, Bob,
that keeps money from becoming a wedge.
Speaker 1 (33:54):
Well, when I think about your question, Joseph, you know
the two things that come to mind is if you
own a business and you're trying to figure out who's
going to take over that business, or you own a
vacation property property that in you know, a perfect world,
we say, well, we're going to leave this to our
kids and they'll enjoy it with the grandkids, you know,
on generation after generation, and if the kids don't get along,
(34:19):
you really got to sit down and figure out how
to divide these assets up ahead of time. So you know,
in a business situation, let's face it, usually one kid
or the most two is really interested in being involved
in the business and others aren't because they have other interests.
Communication up front, and again it doesn't have to be fair,
(34:40):
but you've got to communicate to to try to avoid
some of these this family discord down the road. Same
thing with these vacation properties. Don't just pass it down
and hope it all works out, because oftentimes it creates
a big problem. All Right, coming up next, I've got
my two cents on how to plan ahead for some
of these big ticket items that we all want to
(35:02):
spend during our retirement years. You're listening to Simply Money
presented by all Worth Financial on fifty five KRC, the
talk station. You're listening to Simply Money presented by all
Worth Financial on Bob Sponseller along with Brian James. All Right, Brian,
we just went through a whole laundry list of lessons
(35:23):
here on how to plan to enter retirement and plan
out spending and all this. So I'm just gonna share
one of my pet peeves that comes up from time
to time, and I'm talking about and this is really
as we talked about before this this has nothing to
do with your net worth. It has to do with
what you plan to spend. And here's what I'm talking about.
(35:44):
For folks that have their retirement plan in place and
they have a certain amount of income they want to
you know, have coming in every month, and we've run
the numbers and we know that it's gonna work, but
there's not a ton of margin for air in the plan.
In other words, we got to be disciplined and follow
the plan in order for it to work. What what
(36:04):
invariably happens from time to time is I get this
email or phone call that says, well, we've always wanted
to take the kids on a cruise and the grandkids
and all that, and Bob, I need you to pull
fifty grand, sixty grand and send it to us. And
you know, when people do that, you know, just on
a whim, and they don't factor it into their plan,
(36:26):
and they don't communicate it with their advisor in advance,
you leave some opportunities, you know, on the table. In
my opinion, number one, we want to make sure the
plan is going to work if you do these kind
of things. And then second, you know, especially as the
dollar amounts go up. I gave the example of a cruise,
but you know, let's say a two hundred thousand dollars
(36:47):
home remodel. You want to give your advisor and our
team a chance to get some of this money out
of harm's way to avoid market volatility. So I'm real
big on communication when it comes to these big ticket items.
Don't just spring it on us through an email or
a phone call, because that really can throw the whole
(37:07):
plan out a whack, and not in a good way.
Speaker 3 (37:10):
Yeah, sometimes there's no choice with this, right.
Speaker 2 (37:12):
Life happens and life intervenes and we just don't get
the chance to plan. But but Bobby, I reckonize what
you're talking about. These are situations where maybe we've talked
about maybe we're gonna do this for years. I don't know,
we're gonna decide. Maybe it's a low priority goal. We
just got it on the back burner, and then suddenly,
over a weekend it launches itself to the front burner,
and on Monday, we're scrambling to cut a check as
soon as possible because a commitment has been made somewhere.
(37:33):
This is this, This is our client's money, and it's
we can and will and should be spent the way
that they want it. It doesn't matter we're We're simply
pointing out that we lose the chance to be efficient
and as well thought out as possible if there's not
enough time to kind of plan things out.
Speaker 4 (37:47):
You know.
Speaker 1 (37:47):
Maybe well yeah, but Brian, you gave, in my opinion,
the perfect example of how this is supposed to work
in the earlier segment where you you described a situation
where you were sitting down with your clients. It's saying, hey,
let's dream a little bit. Let's throw everything into the
plan that we might want to do, from cruises to
vehicles to Homer model to vacations to RV and let's
(38:10):
make sure the plan's going to work in advance. That's
exactly what I'm talking about. Unfortunately, we run into some
people that won't have those kind of discussions with their advisor.
That's really what I'm talking about here.
Speaker 3 (38:22):
Yep.
Speaker 2 (38:23):
I think you're right, and it's just if you're gonna
have an advisor in the mix and then everything is
on the table, Otherwise you're not getting your money's worth.
Speaker 1 (38:30):
All right, thanks for listening. You've been listening to Simply Money,
presented by all Worth Financial on fifty five KRC, the
talk station
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