November 17, 2025 • 37 mins
On Retire Right Radio, Host Dale Cooper and John Burdette from www.FourthAvenueFinancial.com discuss financial planning for different eras of your life and general strategies. Hear the encore presentation Monday at 1:00pm on our sister station, Charleston Business Radio 95.3 | 680 WKAZ
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Speaker 1 (00:00):
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Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five ADWCHS, its employees,
or WVRC Media. This is retire Right Radio, a weekly
show from John Verdett at Fourth Avenue Financial that aims
to answer your questions about financial planning, investing, and how
to retire right. Fourth Avenue Financial is located in downtown
(00:39):
Charleston at one seventy Court Street. More information online at
Fourth Avenue Financial dot com. Join the conversation by calling
three oh four three four five fifty eight fifty eight
or text three oh four nine three five fifty oh eight.
On Retire Right Radio, let's go live to the studio
with host Dale Cooper and John Verdett from with Have
(01:00):
Any Financial.
Speaker 3 (01:01):
Features twenty three minutes fast eight o'clock.
Speaker 4 (01:03):
You are listening to retire Rite Radio one five eightywc
HS the Voice for Charles and I am Del Cooper
and in studio with me this morning. John for Dad
is here from fourth Avenue Financial. John, good morning, how
you doing this morning. I'm good, wonderful, a man looking
forward to discussion this morning. Lots of stuff to talk about.
If you have any questions about how you can retire right,
how you can get ready for your financial future, John,
(01:23):
as a financial planner, can help you out. You can
give us a call at three zero four three four
five fifty eight fifty eight. Three zero four, three four
five fifty eight fifty eight. You can get an advisor
for your financial situation, how you can plan into your retirement.
You can give us a call this morning and get
on the right page. Or if you have any questions
about where you are looking to make a change. We're
gonna talk a little bit about holiday spending this morning.
(01:44):
That's a big one. And man, that's something that that
I learned from the hard way several different times in
my life. So these are these are interesting discussions as
far as I'm concerned. But if you have anything to
add to that, you can call us this morning three
zero four, three four five fifty eight fifty eight, three
four five fifty eight fifty eight. If you a situation
where you can't call and you'd like to send us
a text, you can do that as well. Three zero
four non three five five zero zero eight three zero
(02:05):
four none three five five zero zero eight. So we
come through. We're now in uh man a we all
already the halfway through November. Yeah, it's crazy, you know,
Thanksgivings right around the corner. Unbelievable that that we're getting
that far into the year. But yeah, man, that's it's
all good stuff. You know, the next year is on
the horizon. There's things going on. I guess, as we
(02:26):
always do, we can take a look back and see
how things are going financially. I know the earnings have
come back strong for the most part. Across the area.
We've had some there were some interesting moments in the
in the market last week.
Speaker 5 (02:38):
Yeah, it was mixed last week. The Dow was actually up,
the S and P five hundred was actually slightly up,
but the NASTAK was down. So if you look, it
is more of a sector rotation, which I think is healthy.
Although we were talking about sector rotation earlier in the
year and that it was time for that to happen.
(02:59):
Ended up heard that that it was happening, and then
the tech stocks took off again. So that's what we're
seeing now. We're seeing that rotation, not necessarily you know,
bailing out on the tech stocks, but but money is
shifting into the rest of the market, or at least
it did the last couple of weeks.
Speaker 4 (03:18):
What I find interesting a little bit to this and
as a completely lay person, it seems like and I
always think about, you know, steering large cargo ships or
something along those lines, and how long it actually takes
the move things. You know, we've been talking on this
show for at least a few weeks now that there's
people out there that are sort of like AIS skeptics
and different things like that, is there a bubble? I
don't know about there being a bubble, And you've explained
(03:38):
your reasoning behind what we typically consider bubbles, like with
two thousand and eight or dot com or something like
that doesn't really apply to AI, but because there is
general you know, there was general skepticism among some people.
Speaker 3 (03:51):
We see that now.
Speaker 4 (03:52):
I mean, it doesn't happen overnight, but we now to
see it in the market where people It's not like
they don't believe in the product or anything. It's people like, okay, well,
like you said, sector rotation, this isn't necessarily going to
lead the day right now.
Speaker 5 (04:01):
Right well, And I think valuations when the tech stocks
are extended, where people are asked starting to ask questions. Yeah,
you know, are the investments that these companies are making
into these big data centers. You know what, what does
the profitability look like down the road? You know, the
market's willing to give these companies runway to invest and
to try to grow and build and create new products.
(04:23):
But at the end of the day, the shareholder wants
to see profit and that that's really where we are.
And that's healthy one.
Speaker 4 (04:31):
It's one of that's kind of what I was coming
around to. That's actually the healthy skepticism we were looking for.
That people were, well, why is everybody just running gigbuster?
They weren't. You just have to wait for times to
catch up with you know, the when you when you
start talking about the most reactive people out there with
these types of things, things aren't going to move at
that pace. But eventually, if there's reason for it. And
I've been reading and you're right, I've been reading tons
(04:52):
of stuff recently, and almost all this skepticism is coming from,
look are we building these data centers? And I mean
this is this is relevant to West Virginia. What is
you know, you have X and then you have equals profit.
What is the the the the calculus in the middle
that actually is going to work for that because it
kind of looks like a very tough road when it
(05:12):
comes to the amount of energy you want to be
expending and stuff like that.
Speaker 5 (05:14):
Oh yeah, yeah, definitely need energy to make these things
run it, but it is interesting to see it all
play out. I ordered a pizza last week from a
not a large chain and it was an AI phone phone,
right yeah, oh, just a just a single a single
(05:36):
pizza shop with a an AI order taker, and it
was pretty good. It sounded like a person. I mean,
I could tell it was sure was AI, but you know,
basically took the order down and I went to get
my pizza.
Speaker 4 (05:50):
I guess as long as it's and I'm trying to think,
especially with pizza something like that, generally you have size,
you have toppings, and if if it's just doing voice
recognition and printing that out on basically an order order
slip that the person preparing the pizza seeing. I mean,
I guess that's okay. You're seeing verbatim what the person
wrote in and you're you're you're taking it in fact
that it might be better written down than it would be
(06:12):
if it was the person taking it. So I could
see how that could potentially be beneficial.
Speaker 5 (06:17):
And so you see, as we've talked about on previous shows,
AI will ultimately benefit the companies that use it the best.
I'm sure that created some sort of an efficiency in
that small business. Now people can focus on making pizzas
and serving the people that are that are there rather
than you know, basically just taking an order.
Speaker 4 (06:38):
Am I let allow you to get one or two
more piles out the door on delivery, or make a
couple more a little bit more efficiency or something like that.
You don't look at it as like, well, that's one
less job answering the phone. I mean, maybe that person
that was answering the phone now is making more pizzas
or cleaning and cleaning up in the restaurant or something
like that.
Speaker 3 (06:53):
That's a little bit more efficient on things like that.
Speaker 5 (06:54):
Well, and that's how technology is supposed to work. It's
supposed to multiply our labor. So you know, when we
look at I actually saw an article about a guy
he wanted to see what it would take to make
a chicken sandwich, how much it would cost to make
a chicken sauce.
Speaker 3 (07:13):
I love stuff like this.
Speaker 5 (07:13):
Yeah, directly from scratch, and I mean scratch. He grew
his own wheat. You know, he made his own bread,
he raised his chicken. He did all of this from scratch,
and it took him six months and fifteen hundred dollars.
Speaker 3 (07:29):
That chicken sandwich is a pretty good deal when you
think about it.
Speaker 5 (07:31):
Yeah, yeah, And so you know that tells you right
there how powerful our economic system is A great point.
Speaker 3 (07:40):
It's a great point.
Speaker 4 (07:40):
And that reminds me. I think I shared a story
one air. Maybe it was last year, but I've read
this fascinating story about a guy who who endeavored to
make in an American made barbecue scraper, just basically the
thing for your grill that you use to clean your
grill off, with the brush on one end and the
scraper on the other end. And he wanted to make
like an all stainless, all American Maide et cetera et cetera,
(08:01):
et cetera.
Speaker 3 (08:02):
It was impossible.
Speaker 4 (08:03):
He had to go into other factories and like convince
factories to make a little do hicky forums so we
didn't have to import it from another place. And like
I mean, and then ultimately they end up sending this
thing and it's all America made. It's a quality product,
but it's like eighty bucks, right you know. I mean
you can get one for like fifteen bucks at low'st Now. True,
it's gonna be a good quality American maide and some
and people are buying it. I mean, the God does
sell these things. But the difference to scale between eighty
(08:26):
bucks and fifteen bucks and frankly, you're just scraping a grill, right, yeah,
you know, I mean you could replace that thing five
times and never get to eighty bucks. And you're probably
never going to do that in your life, you know.
So I mean that it's just it's interesting to scale.
The way that works.
Speaker 5 (08:40):
Yeah, yeah, that you know that the economy, the way
it delivers that efficiency is you know, that's a that
is why we enjoy the lifestyle we do. Otherwise we'd
be raising our own chickens and and we wouldn't be
able to direct our labor to other things, and so
this is just a AI is just a progress of that
(09:01):
process working.
Speaker 4 (09:03):
It's such a sticky topic. It happens on Hotline two
where we get into this. But the one thing that
briefly about the AI thing that that people need to understand,
like with what you were talking about with the pizza restaurant,
that is narrow AI. You know, that is not this
general like all encompassing intelligence that people are think are
on the horizon and they associate all AI is the
(09:23):
same narrow AIS have been around forever. I mean, your
basic telephony system is a narrow AI. It's not as
complex as what you're just talking about, but it's basically
the same type system. So we're still not talking about
this general intelligence is going to take over the world.
It's a very narrow thing that does a very narrow
thing well.
Speaker 5 (09:40):
Right right, and you know, who knows what's down the horizon.
But but you know, you are seeing it creep into
our everyday lives. And my guess is if that means
efficiency for those businesses, we're going to see more and
more of that.
Speaker 3 (09:54):
It's crazy times. It's something really different.
Speaker 4 (09:56):
But that being said, it doesn't change the calculus around
Christmas time when it comes through the holidays and and
what we do as a society for Christmas. This is
something that with a relatively young child that I have,
my daughter is seven, and understanding the balance between Christmas,
you know, between family and reason for the season and
things along those lines. But you're just consumed by consumerism.
(10:17):
I mean, it's just like the holiday has become into
bye bye bye bye bye.
Speaker 3 (10:22):
People get it, get in.
Speaker 4 (10:23):
I think the thoughtless gift giving where they just have to,
like you check a box, I get the thing for here,
the thing for here, the thing for here. You're not
really putting any thought into it.
Speaker 3 (10:31):
It.
Speaker 4 (10:32):
People have problems during the holiday budgeting. I think that
that's just something that that continues.
Speaker 5 (10:36):
Yeah, there's a lot of a lot of pressure on
people to deliver the goods I guess, like literally yeah yeah,
and and that can be very bad for your finances
if you don't handle it properly. And we're getting into
the time of year where you know, we can see
that at a Vintage and Vince my Wife shop. You know,
it's starting to pick up. People are looking for gifts.
You hear people talking about, oh, this would be great
(10:59):
for so and so. So we're in the thick of
the season. Now it gets earlier all the time.
Speaker 4 (11:04):
When I first moved out on my own and I
moved to Michigan and would come back to West Virginia
a lot, I thought that one of the rights of
passages of becoming you know, adult, out of my own.
You know, I'm like twenty in my early twenties, you know,
like living out on my own, have my own place,
you know, all these different things. I thought one of
the rights of passages was basically going broke at Christmas time,
(11:24):
and that's what I did.
Speaker 3 (11:25):
You know.
Speaker 4 (11:25):
It was like, well, I'm living out on my own now,
I need to make sure that everybody knows how well
I'm doing and get everybody the gifts, all the gifts
that I could get them. And I literally just used
a credit card and like my first Christmas bike, I
just bought everybody's gift on a credit card, Like I
got to show that I'm a big boy and that
I can.
Speaker 3 (11:40):
Do these things.
Speaker 4 (11:41):
Stupid, I mean, this is I mean, I've paid this
stuff off by now and went through the the debt
snowball to get rid of some of this stuff, but
that stuck with me literally for fifteen years. I mean
that I never paid that debt off until I did
this debt snowball and paid off all my debts that
I was I was paying interest on that first Christmas
that I was in my own house for literally fifteen years.
I mean, it's it's a terrible cycle that we get
(12:03):
stuck in with this.
Speaker 5 (12:05):
Well, you know, the bank thanks you for.
Speaker 3 (12:07):
The yeah, right, Yeah, you're very welcome.
Speaker 4 (12:09):
You're very welcome, and everybody else you're very welcome for
you exactly. But there are some simple tips that you
can do, and that's what you kind of walk through
first and foremost, and this is with anything. You got
to find a way to budget.
Speaker 3 (12:19):
Yeah.
Speaker 5 (12:19):
Budgeting is the you know, bedrock of any solid financial foundation,
and it's certainly important at Christmas time when when it's
so easy to and everything is prague on you when
you walk into the store. You know, these big deals
and specials and you can only get it today.
Speaker 3 (12:40):
You know.
Speaker 5 (12:41):
If you don't go in there with with a defined budget,
not just the thought that hey, I'm going to spend
less this year, but actually have a budget, you're subject
and you will probably stray and get yourself in an
overspending mode.
Speaker 4 (12:58):
There was a massive data review study that was done
from It was an algameravation of tons of different studies
that was put together on people's shopping habits and stuff.
And it's estimated that the supercenter shopping leads to forty
to sixty percent waste with food and items that are
virtually never used.
Speaker 3 (13:16):
That's pretty crazy.
Speaker 5 (13:17):
Well, you know, my wife won't let me go to
Sam's Club myself.
Speaker 3 (13:23):
Sam's Club. I'm okay with Sam's. I'll go.
Speaker 4 (13:24):
I'll get like six things because I have a relatively
small house, so I can't get tons of things like
I just don't have room to storm.
Speaker 3 (13:30):
But man, when you go there and get the right thing,
it could.
Speaker 5 (13:32):
Be you know Costco in Florida, My goodness, Yeah, that
will do it. There's so many things like, well, I
didn't know I needed that. It's so nice, it's a
decent deal, and it's just so easy to fall into
that trap.
Speaker 4 (13:47):
But that's having a clear idea and setting a dollar
amount and figuring out how you can do that. And
I mean, you might have to re envision what you
think Christmas is. If you came from a family where
you've got multiple gifts for every is and maybe in
your personal life is you have to be somebody that
gets a gift or you participate in some other way
to do this, but you have to put some guardrails
(14:08):
on what you're doing. Everybody wants to make everybody happy,
but I mean, if they love you, they're gonna be
happy with your present, with your presence and not necessarily
your presents, what you're what you're paying for them.
Speaker 5 (14:20):
Right and and you know, and sometimes families can agree
to certain things where you know, maybe you don't buy
everyone a gift, maybe you do a gift exchange, you know,
things like that to to not just save you money
but but everybody, uh, so that you can stay on
(14:41):
budget and and be financially secure. But you know it's
hard to do. And you know, one way you can
combat that is to save up and have a separate
account for your gifting, you know, Christmas Club or you know,
some sort of an account that you've put money away in.
You know, ideally with any spending, you don't want to
(15:03):
borrow money to spend on those type of things, so
you need to save it in advance. If that's that's
really what you should be doing, not figuring out how
to pay it off later, and having some sort of
a goal for the end of the year to fund
maybe put in, you know, twenty fifty dollars a month
into a savings account meant for Christmas. You know, when
(15:25):
that comes, you've got cash there. Now you can buy
your gifts, not blow your budget, and track everything deliberately.
Speaker 4 (15:33):
I've seen people that push back on being a little
shy about having multiple financial accounts, like I don't want
multiple bank accounts or whatever it might be, and this
day and age, I mean, it really is just creating
partitions on your finances more or less. You could even
go to the same bank if you wanted to and
get different accounts, not necessarily relate them. I mean, they
can help you customize that if you want. But it's
(15:54):
not like it used to be, like we're opening up
a checking or savings account or something was a pro
you know. I mean, it's relatively easy now, and if
it helps you segment out, I think studies show that
that definitely helps with savings. If you're able to put
that money away and not see it and not just
keep a total in your head. It's like, well, I'm
not going to spend that fifty dollars. I'm not going
to you know, nobody can do that.
Speaker 5 (16:12):
Yeah, if you keep that in your daily account, there's
a good chance Christmas we'll roll around and you won't
have the money there. It's astonishing, and we all do it.
We've all paid something off that we were consistently paying
a few hundred dollars a month on, for instance. It
gets paid off and you don't have the few hundred
dollars a month. You don't know where it goes the
(16:33):
following months after it's paid off. Yeah, it just leaks away,
you don't.
Speaker 3 (16:38):
You know.
Speaker 5 (16:39):
That's why it's so important if you're going to do
the savings for Christmas, to do it in advance and
do it in a separate account.
Speaker 4 (16:45):
And yeah, it could be kind of tricky when you're
putting it together as well, because if you're if you like,
if somebody's hearing this conversation this morning and they're already
budgeting and they're like, well, I want to do a
holiday budget. I'm want to start putting fifty dollars away
every month to from a holiday budget. That's great, but
understand what you should be doing is reallocating those funds
from somewhere else where you're putting money, so don't take
(17:06):
it from your overall savings or whatever else you're doing.
You still got to stay within your budget. Just because
you put aside fifty more dollars, that means you need
to find that fifty dollars. Don't take it off of
what you're already doing. So got to be careful when
you're doing that.
Speaker 5 (17:17):
Yeah, you do, and we've got a little bit of
discipline goes a long way. And you feel better about
the holiday too if you're not financially burdened.
Speaker 3 (17:24):
Boy, isn't that the true?
Speaker 6 (17:25):
Now?
Speaker 4 (17:25):
Now, I've been on both ends of that, and that
is absolutely true. When you're able to like not stress
about the bills after the holiday or where this was
or whatever, it makes all the difference in the world,
it really, And that's generally the space that I live
in and like to live in. There's a lot of
tips here that you can read about. You can go
to fourth Avenue Financial dot com.
Speaker 3 (17:43):
Did you post this on Facebook too?
Speaker 4 (17:46):
I believe it is okay. You can go to Fourth
Avenue Financial. You can also find it on Facebook. You
do the search for fourth Avenue Financial or Fourth Avenue
Financial dot com. Don't blow your budget this holiday season
is the name of the article that John wrote, and
we're just just talking about some different from different tips
to help you stay within budget during the holiday because
that's a huge issue. You know, you don't want to
get into debt, especially you know, groceries are are terrible
(18:08):
to get into. Debts over gifts are terrible to get in.
I mean, there's some things that maybe you have no
choice a medical bill or something that you just have
no other choice for. But man, you don't want to
get into gifts, foods and things like that that you're
putting on your credit card unless you absolutely have to.
You also want to be and this is something that
I struggle with, to be completely to be completely honest,
(18:28):
you're shopping for other people and then suddenly you see
that thing that you really want and it's like fifty
percent off or something like. You're like, well, mom really
needs this thing over here, but ah, I really need
this thing right here as well, so you go ahead
and buy both of them or whatever it might be.
You really have to be careful with that stuff as well, because,
for one thing, that forty percent off probably isn't really
forty percent off, right, And like.
Speaker 5 (18:51):
You, this is the trap. I fall in myself so
bad at this. You know. We were at like say,
like a couple of weeks ago in Florida. I went
to Costco and it's like, oh, look at this, Look
at this drone they have on sale, you know, things
like that, like I don't need that drone.
Speaker 4 (19:09):
It's funny you say that because I was just it
was actually Sam's this weekend, and I was like a
kid at a keet in a candy store with all
the stuff that they had out for Christmas and like, nope, nope, no,
don't need that either.
Speaker 5 (19:19):
Your Rctually, my son was with me and I was like,
you don't to get this. We should pick this drone up,
you know here at the beach. We could have fun
flying it around.
Speaker 3 (19:28):
Yeah.
Speaker 5 (19:28):
He actually is the one that talked me out of
buying it. I was he said no, don't get that one.
Speaker 3 (19:33):
You know.
Speaker 5 (19:34):
I was like, I was kind of disappointed.
Speaker 3 (19:38):
You then you talk into it, right.
Speaker 4 (19:40):
It's if you have any questions about how maybe you
can help your holiday spending, help bin it in, or
if you just have any questions at all about how
to manage your financial future, getting into retirement, some financial planning,
some advice that you might need, or just to springboard
some things off of you can give johnn call this
morning three zero four three four five fifty fifty eight.
Three zero four three four five fifty to fifty eight.
We're going to talk about cash of course a little
bit when we come back after the break head and
(20:02):
costs that you're going to be paying, and now just
what the bottom line is for how you need to
manage your holiday expenses to not get out of out
over your skis a little bit. We're going to take
a break right now. We'll queue up your calls and
questions when you come back. If you want to give
us a call three zero a fourth three four five
fifteen fifty eight, you can text over your questions to
three zero a four non three five five zero zero eight.
You can also find out more information about Fourth Avenue
Financial online. It's fourth Avenue Financial dot com. You spell
(20:23):
out the whole thing Fourth Avenue Financial dot com. You
can also do that same search on Facebook and like
the page over there located one seventy Court Street, downtown Charleston,
and give you the rest of the contact information lit
bit later on, We'll take a break and be Backgraftter,
This you're listening to a retire Right Radio with John Burdett.
I'm Del Cooper. This is five ADWCHS, the voice of Charleston.
Speaker 7 (20:38):
Retire Right Radio a sponsored by Fourth Avenue Financial, which
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Burdett should not be construed as specific investment, legal, or
tax advice. All economic and performance of information is historical
(21:01):
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is not intended to be used by any person for
the purpose of avoiding US federal or state tax penalties
that may be imposed on such a person, and each
listener should seek advice from their tax advisor or legal
console on topics that arise from the show. John Burdett
(21:21):
is not providing legal or tax advice. Nothing should be
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Speaker 8 (21:31):
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Speaker 5 (22:30):
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better way to start the new year the consolidating old
four omks, examining your current investments and preparing for retirement.
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(22:51):
Avenue Financial dot com.
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This is Retire Right Radio with John Burdett from Fourth
Avenue Financial taking your calls at three oh four three
four five fifty eight fifty eight or text on three
oh four nine three five fifty eight.
Speaker 3 (23:15):
Say I say.
Speaker 6 (23:19):
You, say.
Speaker 3 (23:32):
You say much?
Speaker 4 (23:35):
Say hello?
Speaker 3 (23:36):
Say hello to uh Christmas savings. You can.
Speaker 4 (23:40):
You can do that by doing it the right way
and not getting in debt over the holidays and budgeting
out your gift giving appropriately, give it with with as
much love as you can, but with only the money
you can afford.
Speaker 3 (23:52):
That's probably the.
Speaker 4 (23:54):
Best way to look at it when it comes to
your holiday giving. And there are tips out there that's
going to help you out. Something that I was thinking
about along the lines of having a separate account you
spinned into you could also buy yourself like gift cards
that like a visa card or something like that. If
you had so much, if you needed ways, if you
didn't have a separate account, maybe you could create yourself
(24:15):
like a like a gift card, and you only spend
off of that. Once the gift card's gone and the
visa cards is done, that's your budget for the whatever
it takes to give yourself that separation, to make sure
that you're not dipping into like your normal money, either
your investment.
Speaker 3 (24:28):
Money, your bill paying money.
Speaker 4 (24:29):
I mean, you hear people's like I got my kids
there Christmas, but now I can't afford my gas bill.
You got to take care of your bills and stuff first.
Speaker 3 (24:36):
Yeah. Yeah.
Speaker 5 (24:37):
The only thing with the gift card, you have to
be very careful with it these yeah, but yeah, and
you know it's surprising too, And this is kind of
a It's not in the article, but how many gift
cards do people give that go unused?
Speaker 9 (24:53):
Oh?
Speaker 4 (24:53):
Like the ones for stores and stuff. Oh, it's incredible,
I know, Like that's something. Businesses do this on purpose.
They make gift cards. They make gift cards. It's super
accessible because you spend fifty dollars for a gift card
for something, the person gets it and either they never
use it or also what's very common, they used thirty
seven to fifty and they can't find anything that's thirteen
(25:15):
dollars and they just forget about the rest of it.
Speaker 3 (25:17):
Yeah.
Speaker 5 (25:17):
My grandmother, when I mean this was years and years
and years ago, bought me and my wife a gift
card for some kind of home store or something like that.
There wasn't one within five hundred miles of us. She
had no idea, you know.
Speaker 4 (25:34):
Now, speaking of being smart around the holidays, there was
a time a couple of years ago where we were
struggling this is COVID era time. We were struggling little
bit figuring out what we're gonna do for the holidays.
I got into I don't know, a drawer of mine
where I'd put some stuff and ran across like six
gift cards for different places, and they were gifted to me,
but I turned those around that holiday and that just
became what I got people for, Like I use those
(25:55):
gift cards to buy other people's stuff that holiday. Hey,
it worked, you know, I didn't have to get into mine,
and uh, they had been sitting there for years, so
obviously I'd forgotten about them. So that ended up being
a nice little bonus. But you just have to find
a way to not overspend to not you know, if
it's your if it's your kids that you're looking at to,
they don't necessarily I struggle with this all the time.
My kid has her her mainline list of like the
(26:18):
four things that she wants. I can't afford those things.
You know, maybe family can help me out with it,
But these are some she's getting older now, she has
some pretty big ticket items. I would love to get
them for her because I know that her face would
light up for an hour and be really happy with it,
and then in a week you'd forget about it. You
just have to be really careful with that stuff.
Speaker 5 (26:34):
Yeah, you know, I that just made me think, what
do kids do nowadays? I'm mine or older? Now, you know,
you used to get the Sears catalog and you'd circle
everything you wanted on it. How how do kids come
up with wish lists today?
Speaker 4 (26:47):
That I mean part of it is they get they
still get catalogs and stuff. So my uh, my daughter
has an Amazon Gift Kids catalog and she goes through
and circles the.
Speaker 5 (26:58):
Stuff that she Okay, it's so it's similar.
Speaker 4 (27:01):
That still similar. It's still similar. Yeah, and my kid's seven,
but she uses Google Keep all the time, the note
the note thing on her app and we have a
shared notebook, and so she'll send us messages and stuff
in there all the time. And so she'll go in
there and write new Blue House or you know, that's
what it is that she wants. Man, those Bluey toys,
(27:23):
they come out with different ones all the time. That
they've really found the marketing on those Bluey toys. She
has so many and they come out with so many more.
Speaker 5 (27:31):
I'm not familiar with blue toys, but I'm sure it
was the same way when I was a kid with
Star Wars.
Speaker 4 (27:36):
I mean, you know, it's basically yeah, anyway, it's it's
when Blue first came out, you couldn't find many toys,
you know, so we we really had to struggle several
years ago. But now blue is everywhere, so you can't
not get something for blooey. It seems like around the holidays,
I love blue. But man, that commercialization is definitely caught
up to the old to the old healer. That's that's
for sure. Ultimately, as we as we as we start
(27:58):
winding down this conversation here, and you can still give
us a coll fee like three zero four three four
five fifty fifty eight three zero four, three four five
fifty eight fifty eight. You can also text any questions
you have to three zero four nine three five five
zeros or eight. You know, gift giving not only means
that you need to go out and buy the gifts.
Sometimes it requires all types of other cost stuff. Maybe
they're shipping costs involved where you have to if you're
buying for loved ones that live not in your home area,
(28:21):
things like wrapping paper and bows and stuff like that.
You might laugh, but that stuff's expensive now absolutely. If
you don't want the stuff that rips instantly, like you
can go to the dollar store and get wrapping paper,
but man, if you don't, if you don't wrap it
like we need a lot of patience, Yeah, because it
just rips. You know, you have to like double wrap
stuff and it's very thin. And so if you get
quality wrapping paper that stuff, I get sticker shock because
that stuff is legitimately expensive.
Speaker 5 (28:42):
Absolutely, So yeah, all of those things add up. The
meals something. You know, if you're going to host a
meal at your house, I mean, think about the cost
of those things. They all add up. They all have
to be paid for, and they should all be planned
for in advance, and otherwise you will have the hangover
after Christmas with the credit card bills coming in January,
(29:02):
and you know, then you'll be trying to fight to
pay that off over the next year and then the
holiday comes around again. You need to get ahead of
that cycle, you know, and the only way you can
do that is saving.
Speaker 4 (29:15):
I know this is probably a question that just comes
up all the time with financial planning in general when
it comes to couples. But if you have a couple
who have like asymmetrical earnings, so you have one that's
a major earner, another one that you know makes money
but maybe not as much, or maybe as a homemaker
in their own right, whatever it might be, and it
comes to like the gift giving aspect of their relationship.
That could be a little tricky sometimes, right, like, well,
(29:37):
you don't make that much money. You know, I want
to give my mom this, but you don't make that
much money. I don't know if you should give your mom.
You really shouldn't have those kinds of conversations. You need
to determine all that stuff kind of ahead of toime.
Speaker 5 (29:47):
No, I mean everybody's household they run it differently, you know.
I know it works best for us. I don't have
my money and my wife doesn't have her money. We
have our money, so I think that's uh for us. Anyway,
that's the that's the way we operate, and and we've
(30:07):
been doing it in a long time that way. So
and early on there were years where where she made
more money than I did, and and you know, it's
always been that way.
Speaker 3 (30:16):
Yeah.
Speaker 4 (30:17):
I know that everybody needs to work out whatever calculus
works for them, but it's something you need to establish
ahead of time. And uh, the our money thing seems
to be a real eat much easierly. I know there
are some couples that very much, you know, put a
delienation between their the incomes that they make but like you,
we've kind of just always had it.
Speaker 5 (30:36):
It's just had, you know it. Dividing it up that
way it just it just creates division and it's hard
to get to work together as a team to achieve something,
you know, outside of Christmas, you know, spending just in general,
how are you going to plan out your your best
path forward if if it's divided, it just makes it
(30:57):
more difficult.
Speaker 4 (30:58):
How much of a jerk would you have to be
if you're given a gift with return receipts and it's
something you really didn't want and you cashed out your
your your gifts and then apply them towards debt or
something like that. Is that is that a jerk thing
to do? Or would that be a responsible thing to do?
Speaker 5 (31:13):
You know, if you don't need the item, you know,
it's still a gift to you.
Speaker 4 (31:18):
Right, and they gave the receipt with it, so if
you could actually cash that out, I mean maybe you know,
if there's a few things where you get ticket items
that has a receipt with it and you really don't
need the thing and the person just wants you to
have something you really like and got into a little
bit of debt around the holiday. You know, there could
be worse uses of returning that gift for something that's useful.
Speaker 5 (31:37):
Yeah, And there's no doubt about it. You just have
to be you know, anything you have is consumption and
if you don't need it, you know, it's just wasted
money and wasted resources.
Speaker 4 (31:50):
Yeah, and that those decisions for wasted resources may not
just affect you now. So I mean, if you're overspinning
in December or in November and December to make the
holidays work for you in whatever way that you think
that is, that might mean you have trouble making a
payment in January on a bill that you have, that
(32:11):
then you miss a credit card bill, and then that
hurts your credit and then suddenly you don't have credit
access that you did have. I mean the snowball of that,
the bad snowball, and that could really be a bad effect.
Speaker 5 (32:21):
Right right. And you know, and another trick that I
think you can use, you know, the way we talk
about compounding money and how that works over time. You know,
if you're young buying gifts for people, we're spending money
for anything. Really, I think it's a good mental trick
to say, okay, this dollar to day is probably twenty
(32:41):
or thirty dollars in retirement.
Speaker 3 (32:43):
That's a great point.
Speaker 5 (32:43):
We're spending that much. You know, if you're spending one
hundred dollars, is it worth spending two or three thousand
dollars of your retirement money for that? And just because
that's what you're doing, I mean, when you spend the day,
you're taking away from tomorrow, and not just the same dollar,
but all the compounding effect of that dollar. I mean,
it's twenty five year old. They're probably forty every dollar
(33:07):
they spend the day as forty or fifty dollars in retirement.
Speaker 4 (33:10):
And I tell you what little things and this I
know that we've talked about this before. This isn't specific
for the holidays, but you know that I generally like
to take walks around town right before my afternoon show
twenty minutes. I'll go walk around and a lot of
times I'll stop and get a cup of coffee. Never
really thought about it before because in my brain growing up,
you stop somewhere and you get a cup of black coffee,
You're not making much in an investment there, you know.
(33:31):
And throughout my life a lot of times that was
a buck or something like that you don't really think
about it. You do that, you know, four or five
times a week, and over fifty two weeks a year,
throw out a couple of vacations to call it fifty
weeks a year. And then you're talking about maybe two
hundred cups of coffee, right, that's two hundred bucks at
a buck, you know, which you're already looking at the
point where that might be a lot of money. Guess
coffee's not a buck anymore, even black coffee, even a
(33:53):
small black coffee. I mean you can't get out on
a small black coffee under two fifty, you know. So
now I'm looking at that being a thousand dollars habit
a year just to get a black cup of coffee,
to take a walk every day. Makes you think just
a little bit, do that.
Speaker 5 (34:08):
For you know, forty years, thirty years.
Speaker 4 (34:11):
I mean it's and then when you think that that
one thousand dollars is worth twenty thousand dollars, I mean
if you take the dollar and it's worth twenty times
that in retirement, then that means every year, just from
my little black coffee habit, you know, walking around, I'm
costing myself twenty thousand dollars.
Speaker 5 (34:25):
Right, Yeah, you have to. Yeah, you have to think
about those things. And those are just mental tricks you
can use to try to control your spending. Really, is
it really worth that?
Speaker 3 (34:38):
Now?
Speaker 5 (34:39):
I'm not saying be stingy or scrooge, but you have
to stay within the reality, your economic reality that exists.
Speaker 4 (34:47):
That's all great advice and always has been from John
Burdett from Fourth Avenue Financial. You can tune in every
week and at eight twenty right here on five a
ewchs On Mondays text message, I get adds in the
mail for refinancing my car loan. I'm halfway through the loan.
The offer us to save me one hundred dollars a
month to refinance. Is it possibly worth it to get
a lower interest rate?
Speaker 5 (35:11):
Well, it's hard to tell without the specifics, but generally,
if they're going to promise to lower your payment, they're
probably extending the term, which ultimately will cost you more interest. Yeah,
that would be my first thought, but but there again,
I don't have all the details. But yeah, you know it,
if it seems too good to be true, it probably.
Speaker 4 (35:30):
Is that And that's the thing you don't want to
get in something who's like oh, I save one hundred
dollars a month. And this is like the fifty year
mortgage thing. You're you're saving one hundred dollars a month
to pay back four hundred thousand dollars more right, you
really don't want to do that. Another text message from
the three zero four five four one John, The biggest
problem I have with Wall Street as they bring down good,
fair or undervalued stock along with the bloated ones. I
(35:51):
will never understand that. It's like they're a bunch of limmings.
Speaker 5 (35:56):
Well, the market speaks that that's you know, there are
a lot of good companies and we've we've had a
period in the last penful of years where value type
companies have just underperformed the market. Now if you go
back twenty five years, that's not the case. And so
it's a long cycle and you just have to be
(36:17):
patient with it. If you own quality companies that are
earning money, growing their earnings, and your patient, you'll probably
be okay.
Speaker 4 (36:24):
That is a great advice, sage advice that always with
Jomerdad at Fourth Avenue Financial, one seventy Court Street, Downtown
Charleson Fourth Avenue Financial dot com, you spell out the
whole thing fourth Avenue Financial dot Com. Like it on
Facebook as well. You can do that search over there.
Threes are A four seven four six seven done seven seven.
Threes are A four seven four six seven done seven seven.
John C you next week.
Speaker 5 (36:42):
All right, thank you.
Speaker 4 (36:42):
Have a great day everyone. Dave Allan's up next. I'll
be back this afternoon at three h six with Dave
Weekly on met your News Hotline. Have a great day everyone.
Listening to five ADWCHS, we are the voice of.
Speaker 6 (36:51):
Charleston Fivewhsam Manty six point five Charleston one oh four
point five Cross Lane on WVRC Media Station. We're proud
to live here too.
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Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five ADWCHS, its employees,
or WVRC Media. This is retire Right Radio, a weekly
show from John Verdett at Fourth Avenue Financial that aims
to answer your questions about financial planning, investing, and how
to retire right. Fourth Avenue Financial is located in downtown
(00:39):
Charleston at one seventy Court Street. More information online at
Fourth Avenue Financial dot com. Join the conversation by calling
three oh four three four five fifty eight fifty eight
or text three oh four nine three five fifty oh eight.
On Retire Right Radio, let's go live to the studio
with host Dale Cooper and John Verdett from with Have
(01:00):
Any Financial.
Speaker 3 (01:01):
Features twenty three minutes fast eight o'clock.
Speaker 4 (01:03):
You are listening to retire Rite Radio one five eightywc
HS the Voice for Charles and I am Del Cooper
and in studio with me this morning. John for Dad
is here from fourth Avenue Financial. John, good morning, how
you doing this morning. I'm good, wonderful, a man looking
forward to discussion this morning. Lots of stuff to talk about.
If you have any questions about how you can retire right,
how you can get ready for your financial future, John,
(01:23):
as a financial planner, can help you out. You can
give us a call at three zero four three four
five fifty eight fifty eight. Three zero four, three four
five fifty eight fifty eight. You can get an advisor
for your financial situation, how you can plan into your retirement.
You can give us a call this morning and get
on the right page. Or if you have any questions
about where you are looking to make a change. We're
gonna talk a little bit about holiday spending this morning.
(01:44):
That's a big one. And man, that's something that that
I learned from the hard way several different times in
my life. So these are these are interesting discussions as
far as I'm concerned. But if you have anything to
add to that, you can call us this morning three
zero four, three four five fifty eight fifty eight, three
four five fifty eight fifty eight. If you a situation
where you can't call and you'd like to send us
a text, you can do that as well. Three zero
four non three five five zero zero eight three zero
(02:05):
four none three five five zero zero eight. So we
come through. We're now in uh man a we all
already the halfway through November. Yeah, it's crazy, you know,
Thanksgivings right around the corner. Unbelievable that that we're getting
that far into the year. But yeah, man, that's it's
all good stuff. You know, the next year is on
the horizon. There's things going on. I guess, as we
(02:26):
always do, we can take a look back and see
how things are going financially. I know the earnings have
come back strong for the most part. Across the area.
We've had some there were some interesting moments in the
in the market last week.
Speaker 5 (02:38):
Yeah, it was mixed last week. The Dow was actually up,
the S and P five hundred was actually slightly up,
but the NASTAK was down. So if you look, it
is more of a sector rotation, which I think is healthy.
Although we were talking about sector rotation earlier in the
year and that it was time for that to happen.
(02:59):
Ended up heard that that it was happening, and then
the tech stocks took off again. So that's what we're
seeing now. We're seeing that rotation, not necessarily you know,
bailing out on the tech stocks, but but money is
shifting into the rest of the market, or at least
it did the last couple of weeks.
Speaker 4 (03:18):
What I find interesting a little bit to this and
as a completely lay person, it seems like and I
always think about, you know, steering large cargo ships or
something along those lines, and how long it actually takes
the move things. You know, we've been talking on this
show for at least a few weeks now that there's
people out there that are sort of like AIS skeptics
and different things like that, is there a bubble? I
don't know about there being a bubble, And you've explained
(03:38):
your reasoning behind what we typically consider bubbles, like with
two thousand and eight or dot com or something like
that doesn't really apply to AI, but because there is
general you know, there was general skepticism among some people.
Speaker 3 (03:51):
We see that now.
Speaker 4 (03:52):
I mean, it doesn't happen overnight, but we now to
see it in the market where people It's not like
they don't believe in the product or anything. It's people like, okay, well,
like you said, sector rotation, this isn't necessarily going to
lead the day right now.
Speaker 5 (04:01):
Right well, And I think valuations when the tech stocks
are extended, where people are asked starting to ask questions. Yeah,
you know, are the investments that these companies are making
into these big data centers. You know what, what does
the profitability look like down the road? You know, the
market's willing to give these companies runway to invest and
to try to grow and build and create new products.
(04:23):
But at the end of the day, the shareholder wants
to see profit and that that's really where we are.
And that's healthy one.
Speaker 4 (04:31):
It's one of that's kind of what I was coming
around to. That's actually the healthy skepticism we were looking for.
That people were, well, why is everybody just running gigbuster?
They weren't. You just have to wait for times to
catch up with you know, the when you when you
start talking about the most reactive people out there with
these types of things, things aren't going to move at
that pace. But eventually, if there's reason for it. And
I've been reading and you're right, I've been reading tons
(04:52):
of stuff recently, and almost all this skepticism is coming from,
look are we building these data centers? And I mean
this is this is relevant to West Virginia. What is
you know, you have X and then you have equals profit.
What is the the the the calculus in the middle
that actually is going to work for that because it
kind of looks like a very tough road when it
(05:12):
comes to the amount of energy you want to be
expending and stuff like that.
Speaker 5 (05:14):
Oh yeah, yeah, definitely need energy to make these things
run it, but it is interesting to see it all
play out. I ordered a pizza last week from a
not a large chain and it was an AI phone phone,
right yeah, oh, just a just a single a single
(05:36):
pizza shop with a an AI order taker, and it
was pretty good. It sounded like a person. I mean,
I could tell it was sure was AI, but you know,
basically took the order down and I went to get
my pizza.
Speaker 4 (05:50):
I guess as long as it's and I'm trying to think,
especially with pizza something like that, generally you have size,
you have toppings, and if if it's just doing voice
recognition and printing that out on basically an order order
slip that the person preparing the pizza seeing. I mean,
I guess that's okay. You're seeing verbatim what the person
wrote in and you're you're you're taking it in fact
that it might be better written down than it would be
(06:12):
if it was the person taking it. So I could
see how that could potentially be beneficial.
Speaker 5 (06:17):
And so you see, as we've talked about on previous shows,
AI will ultimately benefit the companies that use it the best.
I'm sure that created some sort of an efficiency in
that small business. Now people can focus on making pizzas
and serving the people that are that are there rather
than you know, basically just taking an order.
Speaker 4 (06:38):
Am I let allow you to get one or two
more piles out the door on delivery, or make a
couple more a little bit more efficiency or something like that.
You don't look at it as like, well, that's one
less job answering the phone. I mean, maybe that person
that was answering the phone now is making more pizzas
or cleaning and cleaning up in the restaurant or something
like that.
Speaker 3 (06:53):
That's a little bit more efficient on things like that.
Speaker 5 (06:54):
Well, and that's how technology is supposed to work. It's
supposed to multiply our labor. So you know, when we
look at I actually saw an article about a guy
he wanted to see what it would take to make
a chicken sandwich, how much it would cost to make
a chicken sauce.
Speaker 3 (07:13):
I love stuff like this.
Speaker 5 (07:13):
Yeah, directly from scratch, and I mean scratch. He grew
his own wheat. You know, he made his own bread,
he raised his chicken. He did all of this from scratch,
and it took him six months and fifteen hundred dollars.
Speaker 3 (07:29):
That chicken sandwich is a pretty good deal when you
think about it.
Speaker 5 (07:31):
Yeah, yeah, And so you know that tells you right
there how powerful our economic system is A great point.
Speaker 3 (07:40):
It's a great point.
Speaker 4 (07:40):
And that reminds me. I think I shared a story
one air. Maybe it was last year, but I've read
this fascinating story about a guy who who endeavored to
make in an American made barbecue scraper, just basically the
thing for your grill that you use to clean your
grill off, with the brush on one end and the
scraper on the other end. And he wanted to make
like an all stainless, all American Maide et cetera et cetera,
(08:01):
et cetera.
Speaker 3 (08:02):
It was impossible.
Speaker 4 (08:03):
He had to go into other factories and like convince
factories to make a little do hicky forums so we
didn't have to import it from another place. And like
I mean, and then ultimately they end up sending this
thing and it's all America made. It's a quality product,
but it's like eighty bucks, right you know. I mean
you can get one for like fifteen bucks at low'st Now. True,
it's gonna be a good quality American maide and some
and people are buying it. I mean, the God does
sell these things. But the difference to scale between eighty
(08:26):
bucks and fifteen bucks and frankly, you're just scraping a grill, right, yeah,
you know, I mean you could replace that thing five
times and never get to eighty bucks. And you're probably
never going to do that in your life, you know.
So I mean that it's just it's interesting to scale.
The way that works.
Speaker 5 (08:40):
Yeah, yeah, that you know that the economy, the way
it delivers that efficiency is you know, that's a that
is why we enjoy the lifestyle we do. Otherwise we'd
be raising our own chickens and and we wouldn't be
able to direct our labor to other things, and so
this is just a AI is just a progress of that
(09:01):
process working.
Speaker 4 (09:03):
It's such a sticky topic. It happens on Hotline two
where we get into this. But the one thing that
briefly about the AI thing that that people need to understand,
like with what you were talking about with the pizza restaurant,
that is narrow AI. You know, that is not this
general like all encompassing intelligence that people are think are
on the horizon and they associate all AI is the
(09:23):
same narrow AIS have been around forever. I mean, your
basic telephony system is a narrow AI. It's not as
complex as what you're just talking about, but it's basically
the same type system. So we're still not talking about
this general intelligence is going to take over the world.
It's a very narrow thing that does a very narrow
thing well.
Speaker 5 (09:40):
Right right, and you know, who knows what's down the horizon.
But but you know, you are seeing it creep into
our everyday lives. And my guess is if that means
efficiency for those businesses, we're going to see more and
more of that.
Speaker 3 (09:54):
It's crazy times. It's something really different.
Speaker 4 (09:56):
But that being said, it doesn't change the calculus around
Christmas time when it comes through the holidays and and
what we do as a society for Christmas. This is
something that with a relatively young child that I have,
my daughter is seven, and understanding the balance between Christmas,
you know, between family and reason for the season and
things along those lines. But you're just consumed by consumerism.
(10:17):
I mean, it's just like the holiday has become into
bye bye bye bye bye.
Speaker 3 (10:22):
People get it, get in.
Speaker 4 (10:23):
I think the thoughtless gift giving where they just have to,
like you check a box, I get the thing for here,
the thing for here, the thing for here. You're not
really putting any thought into it.
Speaker 3 (10:31):
It.
Speaker 4 (10:32):
People have problems during the holiday budgeting. I think that
that's just something that that continues.
Speaker 5 (10:36):
Yeah, there's a lot of a lot of pressure on
people to deliver the goods I guess, like literally yeah yeah,
and and that can be very bad for your finances
if you don't handle it properly. And we're getting into
the time of year where you know, we can see
that at a Vintage and Vince my Wife shop. You know,
it's starting to pick up. People are looking for gifts.
You hear people talking about, oh, this would be great
(10:59):
for so and so. So we're in the thick of
the season. Now it gets earlier all the time.
Speaker 4 (11:04):
When I first moved out on my own and I
moved to Michigan and would come back to West Virginia
a lot, I thought that one of the rights of
passages of becoming you know, adult, out of my own.
You know, I'm like twenty in my early twenties, you know,
like living out on my own, have my own place,
you know, all these different things. I thought one of
the rights of passages was basically going broke at Christmas time,
(11:24):
and that's what I did.
Speaker 3 (11:25):
You know.
Speaker 4 (11:25):
It was like, well, I'm living out on my own now,
I need to make sure that everybody knows how well
I'm doing and get everybody the gifts, all the gifts
that I could get them. And I literally just used
a credit card and like my first Christmas bike, I
just bought everybody's gift on a credit card, Like I
got to show that I'm a big boy and that
I can.
Speaker 3 (11:40):
Do these things.
Speaker 4 (11:41):
Stupid, I mean, this is I mean, I've paid this
stuff off by now and went through the the debt
snowball to get rid of some of this stuff, but
that stuck with me literally for fifteen years. I mean
that I never paid that debt off until I did
this debt snowball and paid off all my debts that
I was I was paying interest on that first Christmas
that I was in my own house for literally fifteen years.
I mean, it's it's a terrible cycle that we get
(12:03):
stuck in with this.
Speaker 5 (12:05):
Well, you know, the bank thanks you for.
Speaker 3 (12:07):
The yeah, right, Yeah, you're very welcome.
Speaker 4 (12:09):
You're very welcome, and everybody else you're very welcome for
you exactly. But there are some simple tips that you
can do, and that's what you kind of walk through
first and foremost, and this is with anything. You got
to find a way to budget.
Speaker 3 (12:19):
Yeah.
Speaker 5 (12:19):
Budgeting is the you know, bedrock of any solid financial foundation,
and it's certainly important at Christmas time when when it's
so easy to and everything is prague on you when
you walk into the store. You know, these big deals
and specials and you can only get it today.
Speaker 3 (12:40):
You know.
Speaker 5 (12:41):
If you don't go in there with with a defined budget,
not just the thought that hey, I'm going to spend
less this year, but actually have a budget, you're subject
and you will probably stray and get yourself in an
overspending mode.
Speaker 4 (12:58):
There was a massive data review study that was done
from It was an algameravation of tons of different studies
that was put together on people's shopping habits and stuff.
And it's estimated that the supercenter shopping leads to forty
to sixty percent waste with food and items that are
virtually never used.
Speaker 3 (13:16):
That's pretty crazy.
Speaker 5 (13:17):
Well, you know, my wife won't let me go to
Sam's Club myself.
Speaker 3 (13:23):
Sam's Club. I'm okay with Sam's. I'll go.
Speaker 4 (13:24):
I'll get like six things because I have a relatively
small house, so I can't get tons of things like
I just don't have room to storm.
Speaker 3 (13:30):
But man, when you go there and get the right thing,
it could.
Speaker 5 (13:32):
Be you know Costco in Florida, My goodness, Yeah, that
will do it. There's so many things like, well, I
didn't know I needed that. It's so nice, it's a
decent deal, and it's just so easy to fall into
that trap.
Speaker 4 (13:47):
But that's having a clear idea and setting a dollar
amount and figuring out how you can do that. And
I mean, you might have to re envision what you
think Christmas is. If you came from a family where
you've got multiple gifts for every is and maybe in
your personal life is you have to be somebody that
gets a gift or you participate in some other way
to do this, but you have to put some guardrails
(14:08):
on what you're doing. Everybody wants to make everybody happy,
but I mean, if they love you, they're gonna be
happy with your present, with your presence and not necessarily
your presents, what you're what you're paying for them.
Speaker 5 (14:20):
Right and and you know, and sometimes families can agree
to certain things where you know, maybe you don't buy
everyone a gift, maybe you do a gift exchange, you know,
things like that to to not just save you money
but but everybody, uh, so that you can stay on
(14:41):
budget and and be financially secure. But you know it's
hard to do. And you know, one way you can
combat that is to save up and have a separate
account for your gifting, you know, Christmas Club or you know,
some sort of an account that you've put money away in.
You know, ideally with any spending, you don't want to
(15:03):
borrow money to spend on those type of things, so
you need to save it in advance. If that's that's
really what you should be doing, not figuring out how
to pay it off later, and having some sort of
a goal for the end of the year to fund
maybe put in, you know, twenty fifty dollars a month
into a savings account meant for Christmas. You know, when
(15:25):
that comes, you've got cash there. Now you can buy
your gifts, not blow your budget, and track everything deliberately.
Speaker 4 (15:33):
I've seen people that push back on being a little
shy about having multiple financial accounts, like I don't want
multiple bank accounts or whatever it might be, and this
day and age, I mean, it really is just creating
partitions on your finances more or less. You could even
go to the same bank if you wanted to and
get different accounts, not necessarily relate them. I mean, they
can help you customize that if you want. But it's
(15:54):
not like it used to be, like we're opening up
a checking or savings account or something was a pro
you know. I mean, it's relatively easy now, and if
it helps you segment out, I think studies show that
that definitely helps with savings. If you're able to put
that money away and not see it and not just
keep a total in your head. It's like, well, I'm
not going to spend that fifty dollars. I'm not going
to you know, nobody can do that.
Speaker 5 (16:12):
Yeah, if you keep that in your daily account, there's
a good chance Christmas we'll roll around and you won't
have the money there. It's astonishing, and we all do it.
We've all paid something off that we were consistently paying
a few hundred dollars a month on, for instance. It
gets paid off and you don't have the few hundred
dollars a month. You don't know where it goes the
(16:33):
following months after it's paid off. Yeah, it just leaks away,
you don't.
Speaker 3 (16:38):
You know.
Speaker 5 (16:39):
That's why it's so important if you're going to do
the savings for Christmas, to do it in advance and
do it in a separate account.
Speaker 4 (16:45):
And yeah, it could be kind of tricky when you're
putting it together as well, because if you're if you like,
if somebody's hearing this conversation this morning and they're already
budgeting and they're like, well, I want to do a
holiday budget. I'm want to start putting fifty dollars away
every month to from a holiday budget. That's great, but
understand what you should be doing is reallocating those funds
from somewhere else where you're putting money, so don't take
(17:06):
it from your overall savings or whatever else you're doing.
You still got to stay within your budget. Just because
you put aside fifty more dollars, that means you need
to find that fifty dollars. Don't take it off of
what you're already doing. So got to be careful when
you're doing that.
Speaker 5 (17:17):
Yeah, you do, and we've got a little bit of
discipline goes a long way. And you feel better about
the holiday too if you're not financially burdened.
Speaker 3 (17:24):
Boy, isn't that the true?
Speaker 6 (17:25):
Now?
Speaker 4 (17:25):
Now, I've been on both ends of that, and that
is absolutely true. When you're able to like not stress
about the bills after the holiday or where this was
or whatever, it makes all the difference in the world,
it really, And that's generally the space that I live
in and like to live in. There's a lot of
tips here that you can read about. You can go
to fourth Avenue Financial dot com.
Speaker 3 (17:43):
Did you post this on Facebook too?
Speaker 4 (17:46):
I believe it is okay. You can go to Fourth
Avenue Financial. You can also find it on Facebook. You
do the search for fourth Avenue Financial or Fourth Avenue
Financial dot com. Don't blow your budget this holiday season
is the name of the article that John wrote, and
we're just just talking about some different from different tips
to help you stay within budget during the holiday because
that's a huge issue. You know, you don't want to
get into debt, especially you know, groceries are are terrible
(18:08):
to get into. Debts over gifts are terrible to get in.
I mean, there's some things that maybe you have no
choice a medical bill or something that you just have
no other choice for. But man, you don't want to
get into gifts, foods and things like that that you're
putting on your credit card unless you absolutely have to.
You also want to be and this is something that
I struggle with, to be completely to be completely honest,
(18:28):
you're shopping for other people and then suddenly you see
that thing that you really want and it's like fifty
percent off or something like. You're like, well, mom really
needs this thing over here, but ah, I really need
this thing right here as well, so you go ahead
and buy both of them or whatever it might be.
You really have to be careful with that stuff as well, because,
for one thing, that forty percent off probably isn't really
forty percent off, right, And like.
Speaker 5 (18:51):
You, this is the trap. I fall in myself so
bad at this. You know. We were at like say,
like a couple of weeks ago in Florida. I went
to Costco and it's like, oh, look at this, Look
at this drone they have on sale, you know, things
like that, like I don't need that drone.
Speaker 4 (19:09):
It's funny you say that because I was just it
was actually Sam's this weekend, and I was like a
kid at a keet in a candy store with all
the stuff that they had out for Christmas and like, nope, nope, no,
don't need that either.
Speaker 5 (19:19):
Your Rctually, my son was with me and I was like,
you don't to get this. We should pick this drone up,
you know here at the beach. We could have fun
flying it around.
Speaker 3 (19:28):
Yeah.
Speaker 5 (19:28):
He actually is the one that talked me out of
buying it. I was he said no, don't get that one.
Speaker 3 (19:33):
You know.
Speaker 5 (19:34):
I was like, I was kind of disappointed.
Speaker 3 (19:38):
You then you talk into it, right.
Speaker 4 (19:40):
It's if you have any questions about how maybe you
can help your holiday spending, help bin it in, or
if you just have any questions at all about how
to manage your financial future, getting into retirement, some financial planning,
some advice that you might need, or just to springboard
some things off of you can give johnn call this
morning three zero four three four five fifty fifty eight.
Three zero four three four five fifty to fifty eight.
We're going to talk about cash of course a little
bit when we come back after the break head and
(20:02):
costs that you're going to be paying, and now just
what the bottom line is for how you need to
manage your holiday expenses to not get out of out
over your skis a little bit. We're going to take
a break right now. We'll queue up your calls and
questions when you come back. If you want to give
us a call three zero a fourth three four five
fifteen fifty eight, you can text over your questions to
three zero a four non three five five zero zero eight.
You can also find out more information about Fourth Avenue
Financial online. It's fourth Avenue Financial dot com. You spell
(20:23):
out the whole thing Fourth Avenue Financial dot com. You
can also do that same search on Facebook and like
the page over there located one seventy Court Street, downtown Charleston,
and give you the rest of the contact information lit
bit later on, We'll take a break and be Backgraftter,
This you're listening to a retire Right Radio with John Burdett.
I'm Del Cooper. This is five ADWCHS, the voice of Charleston.
Speaker 7 (20:38):
Retire Right Radio a sponsored by Fourth Avenue Financial, which
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Burdett should not be construed as specific investment, legal, or
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(21:01):
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listener should seek advice from their tax advisor or legal
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(21:21):
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Speaker 8 (21:31):
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Speaker 3 (21:52):
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Speaker 9 (22:01):
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Speaker 5 (22:30):
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Call me John Burdett at three zero four seven four
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(22:51):
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Speaker 6 (23:01):
This is Retire Right Radio with John Burdett from Fourth
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Speaker 3 (23:15):
Say I say.
Speaker 6 (23:19):
You, say.
Speaker 3 (23:32):
You say much?
Speaker 4 (23:35):
Say hello?
Speaker 3 (23:36):
Say hello to uh Christmas savings. You can.
Speaker 4 (23:40):
You can do that by doing it the right way
and not getting in debt over the holidays and budgeting
out your gift giving appropriately, give it with with as
much love as you can, but with only the money
you can afford.
Speaker 3 (23:52):
That's probably the.
Speaker 4 (23:54):
Best way to look at it when it comes to
your holiday giving. And there are tips out there that's
going to help you out. Something that I was thinking
about along the lines of having a separate account you
spinned into you could also buy yourself like gift cards
that like a visa card or something like that. If
you had so much, if you needed ways, if you
didn't have a separate account, maybe you could create yourself
(24:15):
like a like a gift card, and you only spend
off of that. Once the gift card's gone and the
visa cards is done, that's your budget for the whatever
it takes to give yourself that separation, to make sure
that you're not dipping into like your normal money, either
your investment.
Speaker 3 (24:28):
Money, your bill paying money.
Speaker 4 (24:29):
I mean, you hear people's like I got my kids
there Christmas, but now I can't afford my gas bill.
You got to take care of your bills and stuff first.
Speaker 3 (24:36):
Yeah. Yeah.
Speaker 5 (24:37):
The only thing with the gift card, you have to
be very careful with it these yeah, but yeah, and
you know it's surprising too, And this is kind of
a It's not in the article, but how many gift
cards do people give that go unused?
Speaker 9 (24:53):
Oh?
Speaker 4 (24:53):
Like the ones for stores and stuff. Oh, it's incredible,
I know, Like that's something. Businesses do this on purpose.
They make gift cards. They make gift cards. It's super
accessible because you spend fifty dollars for a gift card
for something, the person gets it and either they never
use it or also what's very common, they used thirty
seven to fifty and they can't find anything that's thirteen
(25:15):
dollars and they just forget about the rest of it.
Speaker 3 (25:17):
Yeah.
Speaker 5 (25:17):
My grandmother, when I mean this was years and years
and years ago, bought me and my wife a gift
card for some kind of home store or something like that.
There wasn't one within five hundred miles of us. She
had no idea, you know.
Speaker 4 (25:34):
Now, speaking of being smart around the holidays, there was
a time a couple of years ago where we were
struggling this is COVID era time. We were struggling little
bit figuring out what we're gonna do for the holidays.
I got into I don't know, a drawer of mine
where I'd put some stuff and ran across like six
gift cards for different places, and they were gifted to me,
but I turned those around that holiday and that just
became what I got people for, Like I use those
(25:55):
gift cards to buy other people's stuff that holiday. Hey,
it worked, you know, I didn't have to get into mine,
and uh, they had been sitting there for years, so
obviously I'd forgotten about them. So that ended up being
a nice little bonus. But you just have to find
a way to not overspend to not you know, if
it's your if it's your kids that you're looking at to,
they don't necessarily I struggle with this all the time.
My kid has her her mainline list of like the
(26:18):
four things that she wants. I can't afford those things.
You know, maybe family can help me out with it,
But these are some she's getting older now, she has
some pretty big ticket items. I would love to get
them for her because I know that her face would
light up for an hour and be really happy with it,
and then in a week you'd forget about it. You
just have to be really careful with that stuff.
Speaker 5 (26:34):
Yeah, you know, I that just made me think, what
do kids do nowadays? I'm mine or older? Now, you know,
you used to get the Sears catalog and you'd circle
everything you wanted on it. How how do kids come
up with wish lists today?
Speaker 4 (26:47):
That I mean part of it is they get they
still get catalogs and stuff. So my uh, my daughter
has an Amazon Gift Kids catalog and she goes through
and circles the.
Speaker 5 (26:58):
Stuff that she Okay, it's so it's similar.
Speaker 4 (27:01):
That still similar. It's still similar. Yeah, and my kid's seven,
but she uses Google Keep all the time, the note
the note thing on her app and we have a
shared notebook, and so she'll send us messages and stuff
in there all the time. And so she'll go in
there and write new Blue House or you know, that's
what it is that she wants. Man, those Bluey toys,
(27:23):
they come out with different ones all the time. That
they've really found the marketing on those Bluey toys. She
has so many and they come out with so many more.
Speaker 5 (27:31):
I'm not familiar with blue toys, but I'm sure it
was the same way when I was a kid with
Star Wars.
Speaker 4 (27:36):
I mean, you know, it's basically yeah, anyway, it's it's
when Blue first came out, you couldn't find many toys,
you know, so we we really had to struggle several
years ago. But now blue is everywhere, so you can't
not get something for blooey. It seems like around the holidays,
I love blue. But man, that commercialization is definitely caught
up to the old to the old healer. That's that's
for sure. Ultimately, as we as we as we start
(27:58):
winding down this conversation here, and you can still give
us a coll fee like three zero four three four
five fifty fifty eight three zero four, three four five
fifty eight fifty eight. You can also text any questions
you have to three zero four nine three five five
zeros or eight. You know, gift giving not only means
that you need to go out and buy the gifts.
Sometimes it requires all types of other cost stuff. Maybe
they're shipping costs involved where you have to if you're
buying for loved ones that live not in your home area,
(28:21):
things like wrapping paper and bows and stuff like that.
You might laugh, but that stuff's expensive now absolutely. If
you don't want the stuff that rips instantly, like you
can go to the dollar store and get wrapping paper,
but man, if you don't, if you don't wrap it
like we need a lot of patience, Yeah, because it
just rips. You know, you have to like double wrap
stuff and it's very thin. And so if you get
quality wrapping paper that stuff, I get sticker shock because
that stuff is legitimately expensive.
Speaker 5 (28:42):
Absolutely, So yeah, all of those things add up. The
meals something. You know, if you're going to host a
meal at your house, I mean, think about the cost
of those things. They all add up. They all have
to be paid for, and they should all be planned
for in advance, and otherwise you will have the hangover
after Christmas with the credit card bills coming in January,
(29:02):
and you know, then you'll be trying to fight to
pay that off over the next year and then the
holiday comes around again. You need to get ahead of
that cycle, you know, and the only way you can
do that is saving.
Speaker 4 (29:15):
I know this is probably a question that just comes
up all the time with financial planning in general when
it comes to couples. But if you have a couple
who have like asymmetrical earnings, so you have one that's
a major earner, another one that you know makes money
but maybe not as much, or maybe as a homemaker
in their own right, whatever it might be, and it
comes to like the gift giving aspect of their relationship.
That could be a little tricky sometimes, right, like, well,
(29:37):
you don't make that much money. You know, I want
to give my mom this, but you don't make that
much money. I don't know if you should give your mom.
You really shouldn't have those kinds of conversations. You need
to determine all that stuff kind of ahead of toime.
Speaker 5 (29:47):
No, I mean everybody's household they run it differently, you know.
I know it works best for us. I don't have
my money and my wife doesn't have her money. We
have our money, so I think that's uh for us. Anyway,
that's the that's the way we operate, and and we've
(30:07):
been doing it in a long time that way. So
and early on there were years where where she made
more money than I did, and and you know, it's
always been that way.
Speaker 3 (30:16):
Yeah.
Speaker 4 (30:17):
I know that everybody needs to work out whatever calculus
works for them, but it's something you need to establish
ahead of time. And uh, the our money thing seems
to be a real eat much easierly. I know there
are some couples that very much, you know, put a
delienation between their the incomes that they make but like you,
we've kind of just always had it.
Speaker 5 (30:36):
It's just had, you know it. Dividing it up that
way it just it just creates division and it's hard
to get to work together as a team to achieve something,
you know, outside of Christmas, you know, spending just in general,
how are you going to plan out your your best
path forward if if it's divided, it just makes it
(30:57):
more difficult.
Speaker 4 (30:58):
How much of a jerk would you have to be
if you're given a gift with return receipts and it's
something you really didn't want and you cashed out your
your your gifts and then apply them towards debt or
something like that. Is that is that a jerk thing
to do? Or would that be a responsible thing to do?
Speaker 5 (31:13):
You know, if you don't need the item, you know,
it's still a gift to you.
Speaker 4 (31:18):
Right, and they gave the receipt with it, so if
you could actually cash that out, I mean maybe you know,
if there's a few things where you get ticket items
that has a receipt with it and you really don't
need the thing and the person just wants you to
have something you really like and got into a little
bit of debt around the holiday. You know, there could
be worse uses of returning that gift for something that's useful.
Speaker 5 (31:37):
Yeah, And there's no doubt about it. You just have
to be you know, anything you have is consumption and
if you don't need it, you know, it's just wasted
money and wasted resources.
Speaker 4 (31:50):
Yeah, and that those decisions for wasted resources may not
just affect you now. So I mean, if you're overspinning
in December or in November and December to make the
holidays work for you in whatever way that you think
that is, that might mean you have trouble making a
payment in January on a bill that you have, that
(32:11):
then you miss a credit card bill, and then that
hurts your credit and then suddenly you don't have credit
access that you did have. I mean the snowball of that,
the bad snowball, and that could really be a bad effect.
Speaker 5 (32:21):
Right right. And you know, and another trick that I
think you can use, you know, the way we talk
about compounding money and how that works over time. You know,
if you're young buying gifts for people, we're spending money
for anything. Really, I think it's a good mental trick
to say, okay, this dollar to day is probably twenty
(32:41):
or thirty dollars in retirement.
Speaker 3 (32:43):
That's a great point.
Speaker 5 (32:43):
We're spending that much. You know, if you're spending one
hundred dollars, is it worth spending two or three thousand
dollars of your retirement money for that? And just because
that's what you're doing, I mean, when you spend the day,
you're taking away from tomorrow, and not just the same dollar,
but all the compounding effect of that dollar. I mean,
it's twenty five year old. They're probably forty every dollar
(33:07):
they spend the day as forty or fifty dollars in retirement.
Speaker 4 (33:10):
And I tell you what little things and this I
know that we've talked about this before. This isn't specific
for the holidays, but you know that I generally like
to take walks around town right before my afternoon show
twenty minutes. I'll go walk around and a lot of
times I'll stop and get a cup of coffee. Never
really thought about it before because in my brain growing up,
you stop somewhere and you get a cup of black coffee,
You're not making much in an investment there, you know.
(33:31):
And throughout my life a lot of times that was
a buck or something like that you don't really think
about it. You do that, you know, four or five
times a week, and over fifty two weeks a year,
throw out a couple of vacations to call it fifty
weeks a year. And then you're talking about maybe two
hundred cups of coffee, right, that's two hundred bucks at
a buck, you know, which you're already looking at the
point where that might be a lot of money. Guess
coffee's not a buck anymore, even black coffee, even a
(33:53):
small black coffee. I mean you can't get out on
a small black coffee under two fifty, you know. So
now I'm looking at that being a thousand dollars habit
a year just to get a black cup of coffee,
to take a walk every day. Makes you think just
a little bit, do that.
Speaker 5 (34:08):
For you know, forty years, thirty years.
Speaker 4 (34:11):
I mean it's and then when you think that that
one thousand dollars is worth twenty thousand dollars, I mean
if you take the dollar and it's worth twenty times
that in retirement, then that means every year, just from
my little black coffee habit, you know, walking around, I'm
costing myself twenty thousand dollars.
Speaker 5 (34:25):
Right, Yeah, you have to. Yeah, you have to think
about those things. And those are just mental tricks you
can use to try to control your spending. Really, is
it really worth that?
Speaker 3 (34:38):
Now?
Speaker 5 (34:39):
I'm not saying be stingy or scrooge, but you have
to stay within the reality, your economic reality that exists.
Speaker 4 (34:47):
That's all great advice and always has been from John
Burdett from Fourth Avenue Financial. You can tune in every
week and at eight twenty right here on five a
ewchs On Mondays text message, I get adds in the
mail for refinancing my car loan. I'm halfway through the loan.
The offer us to save me one hundred dollars a
month to refinance. Is it possibly worth it to get
a lower interest rate?
Speaker 5 (35:11):
Well, it's hard to tell without the specifics, but generally,
if they're going to promise to lower your payment, they're
probably extending the term, which ultimately will cost you more interest. Yeah,
that would be my first thought, but but there again,
I don't have all the details. But yeah, you know it,
if it seems too good to be true, it probably.
Speaker 4 (35:30):
Is that And that's the thing you don't want to
get in something who's like oh, I save one hundred
dollars a month. And this is like the fifty year
mortgage thing. You're you're saving one hundred dollars a month
to pay back four hundred thousand dollars more right, you
really don't want to do that. Another text message from
the three zero four five four one John, The biggest
problem I have with Wall Street as they bring down good,
fair or undervalued stock along with the bloated ones. I
(35:51):
will never understand that. It's like they're a bunch of limmings.
Speaker 5 (35:56):
Well, the market speaks that that's you know, there are
a lot of good companies and we've we've had a
period in the last penful of years where value type
companies have just underperformed the market. Now if you go
back twenty five years, that's not the case. And so
it's a long cycle and you just have to be
(36:17):
patient with it. If you own quality companies that are
earning money, growing their earnings, and your patient, you'll probably
be okay.
Speaker 4 (36:24):
That is a great advice, sage advice that always with
Jomerdad at Fourth Avenue Financial, one seventy Court Street, Downtown
Charleson Fourth Avenue Financial dot com, you spell out the
whole thing fourth Avenue Financial dot Com. Like it on
Facebook as well. You can do that search over there.
Threes are A four seven four six seven done seven seven.
Threes are A four seven four six seven done seven seven.
John C you next week.
Speaker 5 (36:42):
All right, thank you.
Speaker 4 (36:42):
Have a great day everyone. Dave Allan's up next. I'll
be back this afternoon at three h six with Dave
Weekly on met your News Hotline. Have a great day everyone.
Listening to five ADWCHS, we are the voice of.
Speaker 6 (36:51):
Charleston Fivewhsam Manty six point five Charleston one oh four
point five Cross Lane on WVRC Media Station. We're proud
to live here too.
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