December 15, 2025 • 38 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
Phone: (304) 746-7977
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Phone: (304) 746-7977
More info: http://bit.ly/2zcZV4e
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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 eight WCCHS,
its employees or WVRC Media. This is Retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire right. Fourth Avenue Financial is located
(00:38):
in downtown 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
(00:59):
from to have any financial mention.
Speaker 3 (01:01):
No, we hate to disappoint you, but it's not actually
Dale Cooper. It's Dave Allen I will be in the
Dale Cooper position today and retire right radio. John Bredada,
Fourth Avenue Financial Coop taking a little, uh much deserved
time off. He'll be back next week. John bredad it say, hey,
do man pretty good? Maybe he's catching up on some
Christmas shop. Yeah, maybe that's what he's doing. I don't know,
it's hard to tell. What what So speaking of what
(01:23):
you excited about? Excited about Christmas? Oh, well it's coming
no matter what. But uh no, we my wife's shop
down there at Vintage and Vines has been really busy.
We've been doing a lot of a lot of Christmas sales.
So that's a good thing. Well, I mean, you know,
since you paid for the time here, you know we
we may as well go ahead and let you talk
of make make the wife happy. And I have to
do a little plug for sure, talk about So for
(01:45):
people that aren't familiar with their shop down there, we'll
do a two for one sale here, you know, before
they have a new financial on them, because I've heard
a lot of good things about having had a chance
to visit there. But go ahead and yeah.
Speaker 4 (01:54):
AIX six on nine D Street in South Charleston, near
the Mound vintage and vine to mercantile A is a
invented shop.
Speaker 3 (02:04):
I have a vinyl.
Speaker 4 (02:05):
Section in there that she let me put in, and
so baseball cards. I've got a really nice vintage baseball card.
Speaker 3 (02:12):
Now see, I knew that you were into the vinyl job,
but I didn't know that you were into the baseball car.
Oh yeah, I've got a I've got a good collection brewing.
So it has been is this something you started as
a child or something you got it do later? The
baseball Oh yeah, I was.
Speaker 4 (02:24):
I was big into it as a as a child
and then got away from it and then uh well
it's a common story with in COVID. I was like,
I need to I've got to do something with this
time at home, and uh, you know started started our
baseball cards still a big deal among kids or are
they a bigger deal among adults? You know, the kids
(02:44):
certainly collect them, but uh, a lot of those, a
lot of the younger folks are gravitating more towards Pokemon
and some of those, and that's been the thing for
a while. And those are those are really really hot.
We do carry those down at the shop too.
Speaker 3 (02:58):
So uh, now your vinyl I think you're doing a
promotion with our sister station ninety eight to seven a
Mountain right. Yes, yes, it's a free Vinyl Friday. We
give away of a record every week and Steve gave
away the first one this past week, which is Pink
Floyd Dark Side of the Moon.
Speaker 4 (03:14):
That's correct. Yeah, that that's uh, you can't beat that one.
That's a good Yeah. I'm not sure what what he's
given away this week, but tuned in in the morning and.
Speaker 3 (03:23):
On Friday mornings is pre Vinyl Friday. And that's that's
good stuff. When they told me they were because I
do a lot of work on the mountain too, and
they told me that they were going to be doing that,
and I thought, man, that's a that's a that's a
really cool idea. Yeah.
Speaker 4 (03:34):
Yeah, been surprising how many people are back into vinyl.
That's pretty big.
Speaker 2 (03:38):
You know.
Speaker 3 (03:38):
The vinyl thing John came back about I want to
say ten years or so ago, and one of the
early people that jumped on it was a group Pearl Jam,
and Pearl Jam released an album and they only released
it on vinyl, and people were scrambling around trying to
you know, if you're a hardcore Pearl Jam fan, of
which I'm not, but but they you know, people were
(03:59):
looking around trying to find something to be able to
play it on, and now it's it's just it's become huge.
I know Dave Weekly on Hotline Afternoon, he's a huge
vinyl guy.
Speaker 4 (04:07):
Oh yeah, yeah, he'll be down at the shop quite
a bit, digging through the bends. So what do you
get your music from? Well, I mean we have vintage
and new, so of course, you know the new stuff.
I've got just about anything you can imagine. And I
buy collections, you know, sometimes some weekends I'll I'll take
the cargo van and you know, buy a collection somewhere.
(04:29):
So yeah, it's a fun I'll call it a hobby
slash business.
Speaker 3 (04:34):
Well, but you know, if it's something that you're passionate about,
it's probably going to be more successful because you actually
like what you're doing and you can actually get a
rapport with the customers that come in and talk about
it and stuff.
Speaker 4 (04:45):
Yeah, I think the vinyl I think it's popular because
it's tangible. So much of our entertainment now is just
digital floating out there in the air, and you know,
when you have the vinyl it's the whole album. Yeah,
it's not just a song you're playing. You play through
the album. You get to know the artists, you get
(05:06):
to read the liner note, the liner notes that's what
I was going to say, yes, and and And you're
doing it on purpose. It's not just in the background.
You have to set down on purpose and put that
record on and make the time to do that. And
it's a it's just a great way to, you know,
have something real reintroduced to your life.
Speaker 3 (05:25):
I love it, and I love it. I was, you know,
being a kid of the eighties when forty five records
were a big thing. It was like when I first
got in it got an interest in radio long before
I ever got out. I was the kid that was
buying like every forty five that came out. It didn't
matter whether I liked it or not. I had it.
I had just about. That's where all my extra money
went was to forty and I had all of these
(05:45):
forty five or I had the albums to John, but
I had a lot of forty fives. I mean just
about everything. If it was on Casey Case, I had it.
I had it pretty much. And you know they're they're
still floating around there somewhere. I don't know exactly where
they are. Some of them are, you know, pretty good? Now,
all right, so we'll go into your full time job
and that whole financial thing that you do. So I
(06:07):
mentioned earlier about the Christmas season, and every year at
the end of the year, a couple of things happened,
whether it's financial world, whether it's entertainment, whether it's new sports, whatever,
a year in review of some kind. People, you've always
got to do that and to look ahead to the future.
So we're going to do a little bit of that.
And this isn't your final show of the year, I
don't think, because you got more to coming up. But
(06:30):
I did want to say if you had to from
We'll get to the future in a moment. But let's
talk about the year that was twenty twenty five. With
the economy with a certain amount of uncertain insertant. People
just kind of give us a quick year in review
of twenty twenty five.
Speaker 4 (06:46):
Well, the bottom line of the market has done very,
very well over the last year. It had some a
little bit of a breakdown in the early spring, and
people thought the world was ending and quickly that it
wasn't you know, when the tariffs were announced, they really
upset the market for a short period of time, which
(07:07):
kind of proves that, you know, companies are resilient. You know,
companies are out there trying to serve their customers every
day and trying to find the best way to do that,
the most efficient way to do that. And yes, policies
may change, but their goals are the same. How do
we get this product to our customer, how do we
serve our people that utilize our business, and how do
(07:30):
we improve on that process?
Speaker 3 (07:32):
And and you know, businesses.
Speaker 4 (07:33):
Time and tom again, no matter what obstacles thrown in
front of them, figure out how to do that. And
you see that with the earnings this year and the
projected earnings even next year. You know, earnings are growing,
earnings are strong at these companies. They are resilient. And
that's what happens with the market. And one of the
(07:53):
things I wanted to talk about today. At the end
of the year, you get all of these articles and
clickbade out there of people who think they know what's
going to happen. You know, at the end of the year,
you get all these predictions. It's not just looking back,
but looking forward. Oh, we think this is going to
happen this year, And the reality is most of that
(08:16):
is noise and most of it will be wrong. You know,
all of those things are designed and nobody goes back
and checks on these people.
Speaker 3 (08:25):
Yeah, status reports.
Speaker 4 (08:27):
Status of It's like, how did that? How did that?
I mean, you think about this year, the way things
played out. You know, the tariffs were going to be
a disaster, you know, the Ukraine War a you know,
interest rate changes, all of these things. Inflation is going
to you know, all of these horror stories you know,
eventually passed when we started talking about some other horror story,
(08:48):
right right, Yeah, And and that's and that's the way
it works. But but keep in mind the companies you
own in the in the stock portfolio you have, they're
out there doing their best to serve their people. And
that's what really matters over time. And as an individual,
it doesn't really matter what happens next month or the
(09:10):
month after that, or the quarter or the half a
year after that. You know, most folks are planning for
long term goals. Even a retiree, the goal is to
maintain a lifestyle and retirement. That's a long term goal.
You know, you have to identify what's important to you
and then build the plan around that. And once you
(09:31):
do that and identify the right type of investment mixed
to do that, you almost have to accept that the
market is going to have ups and downs. There are
going to be news stories that spook people from time
to time. But if you own those quality companies and
if you've bought them in a way where the plan
is in place for your individual goal, that's what really matters.
(09:55):
You know, focus on the things that you can control.
You can control how you alec catch your funds. You
can control how you live below your means and create
savings and investment you know, regularly. You can control the
tendency that you might have to panic when the market
does go go or when you see that one little
(10:16):
newsburb that's right, causes.
Speaker 3 (10:18):
People to panic because you said from time to time, right, So.
Speaker 4 (10:21):
All of those things are things that can make you
stray away from what's important, and that's what's important to you,
that's your individual goal. You know, it doesn't matter who
gets elected, It doesn't matter, none of those things matter,
because you still need to retire, no matter who the
president is or who's controlling Congress, or what the tariff
(10:42):
rates are you still.
Speaker 3 (10:44):
Have And if you're somebody let's say right now, that's
let me just say that they're in their thirties. Okay,
maybe one of your your clients are their thirties. By
the time they get ready to retire, they're going to
have gone through several different presidents, several different you know,
the Republicans are in charge and Democrats are in charge.
That's going to go back and forth. That's going to
change several times throughout the course of somebody's lifestyle let's
(11:04):
say early to mid twenties to whenever they retire, mid
sixties or seventy or whatever, right, right, And even like
you say, even a retiree that is sixty five years.
Speaker 5 (11:14):
Old, now they're not done. They're not done.
Speaker 4 (11:16):
You know, they might have thirty more years of investment
management and planning to do. So those are the things
that are important. What does your life look like? How
do you build the portfolio around it? And that's really
the value that I can bring to somebody's financial life.
Trying to get that organized, trying to figure out what
(11:37):
is important, what news out there is important, to filter
it through so that you're not making knee jerk decisions.
That is really you know, working with a financial advisor
is not necessarily finding the person that knows what the
right stock is going to be. It's understanding what your
individual goal is and then building a place around that,
(12:01):
and then keeping the focus on that plan, on the
things that you can control. And if you do that,
you're largely going to have good results over time.
Speaker 3 (12:10):
John Bredet's again from Fourth Avenue Financial on retire Right Radio,
asked the experts you mentioned how nobody got that's interesting,
how nobody really goes back when these people make predictions.
Nobody fact checks them at the end of the year.
While you said this and this didn't happen, you said this,
and you got this right or whatever overall track records.
(12:31):
You said, John, it's not very good.
Speaker 2 (12:32):
No.
Speaker 4 (12:33):
I actually have a book the bookshelf in my office,
a book that was written I got a lot of
playback in the day. But it's called Bankruptcy nineteen ninety nine,
and it was like all about how it's all over
for America in the world because of the debt and this,
that and the other. You know, wonder what would happen
(12:56):
if you'd interview that author today, he's not showing up
when I.
Speaker 3 (12:59):
Thought maybe you were going throw in y two K
in there somewhere as well. That's right, because that that
was gonna be the end of all of us.
Speaker 4 (13:04):
Yeah, So, you know, there were those things that happened
in those books that get written and those articles that
get written, and the reality is, over time, the arc
of history is pretty clear. I mean, I always go
back to my great grandmother who was born in the
eighteen nineties. When she was born, they rode horses, you know,
(13:26):
no electric, no plumbing, indoors, you know, pretty basic rudimentary
type existence. And during her lifetime she lived into the eighties,
nineteen eighties, look at all the progress that was made.
That doesn't mean bad stories didn't happen throughout their lifetime.
Imbane World War One, where there was.
Speaker 3 (13:44):
A little thing called depression, the depression.
Speaker 4 (13:46):
You know, all of these things have happened, But look
at the progress that was made. And when you own
investments in in in portfolios and stocks and bonds, you're
participating in that innovation, your participation in that growth. And
unless you think humans have created everything that could be
(14:07):
created and solved every problem out there, you have to
be bullish on the companies that are out there working
every day to solve those problems.
Speaker 3 (14:18):
Totally unrelated because I have a tendency to go off
on a tangent every now and then. Have you ever
seen anything in your years in financial planning or that
you've been watching markets and watching innovations and things of
that nature, have you ever seen anything that has gotten
so many people alarmed other than y two k as
Ai does? Yeah.
Speaker 4 (14:37):
I mean, I mean, certainly, anytime you have a new
technology that is potentially a game changer, you know, there's
fear wrapped around that. You know, you've seen that all along.
I mean, certainly when the dot com era everything was changing.
People back then we're thinking, hey, this is going to
(14:58):
take all of our jobs. Well, it changed the way
people work. You know, there are less people working in
retail stores now, but there are more people, you know,
working on the back end of fixing it when it breaks, right,
So you know, the jobs change, And I mean that
is certainly something that that a vibrant economy contends with
(15:23):
all the time. You know, the course and buggy manufacturers
didn't do so well after the automobile came about, and
it's just going to be that way always. And AI
is a technology that we really don't fully understand yet
how it's going to play out. But history shows that
(15:45):
what typically will happen is that you have the first
gold rush like we have now. You know, a handful
of companies are have really benefited from that gold rush,
but what will have happen? And as an investor, what
is important The companies that over time make the money
are the individual companies that utilize that technology to improve
(16:14):
their business processes, to make themselves more efficient. And that's
really the legs of that development. It's not just the
handful of companies, but if you participate in the market,
you know, every company in America right now is thinking, Okay,
what is this AI tool? How can we use it
in our business? Does it improve our process? Does it
(16:36):
improve our profitability? And they're going through that exercise right now.
And that's how over the next five years, ten years,
that's where you know that heads and that's really what's important.
How do these tools get used in these individual.
Speaker 3 (16:54):
And if you think if you go back to the
advent John of the Internet, when the internet first became
a thing, like it was you said during the dot
com right uh, bubble and that and that particular time.
How much it's changed since then in what we use
it for sure, I mean at the time it was
uh in the nineties, it was entertainment. That's you know,
that's what it was for Nobody. I don't think ever
envisioned that somebody would do their Christmas shopping by setting
(17:17):
on their couch or a phone and and picking out
this and saying, Okay, I want this sent to Aunt Martha,
I want this sent to Uncle John, you know, for
Christmas and whatever or that we would be ordering apps
and and or ordering uh uh cars and ubers and
uh and and things of that nature. And the same
with with AI. When AI first came out, and it's
(17:39):
been out, you know, the chat GBT has been out
for a couple of years now. Sure people thought, okay, well,
this is just a way that we'll be able to
help officers craft emails, you know, save a little bit
of time. I can tell you that within this company
we use it unbelieveably, me personally and not so much.
I'm always the last one to the party. Well, I
(17:59):
still think the Internet a passing fast but but but
that's just me. Uh, but come come down and buy
some records. Once you get the eight tracks, I'll be
in there. Okay, a couple of Okay, I've got all right,
I just have to have something to play them on.
I was having this conversation with the other day about
all the CDs I have. I said, I've got like
seven hundred CDs and I simply don't have. I think
my car because it's an uh. I think that my
(18:24):
car still has a CD player because it's a it's
a twenty eleven model. But but uh, but but some
but some vehicles don't even come with it anymore. But
but but but anyway, my point is is how how
things change?
Speaker 4 (18:35):
Yeah, yeah, I mean And a good example of that.
A couple of weeks ago, I ordered a pizza from
a local shop and it was all a U when
I when I dialed the phone. I mean, we're not
talking a big company. We're talking somebody with one pizza shop.
And it was a human voice, but it was a
I and it walked you through the order. It was
(18:59):
like convert conversing with the computer, and sure enough the
order came. And that's one person in that operation that
now can focus on the other parts of the service
than answering that phone constantly. And and you know that's
why I say incrementally, that's how AI I think will
play out. Businesses will figure out how to use it.
(19:20):
You know, when personal computers came along, you know, most
people didn't have a personal computer. Business is you know,
now there's a computer on every desk with tools that
people use every single day that didn't exist forty years ago,
thirty years ago, and it's now indispensable and part of business.
And AI will I think play out that way. You know,
(19:42):
could the uh you know, could sky net come and
and and and you know, destroy the world. Well, it's
I think fairly fairly unlikely. You know, there are horror
stories like that from from almost every technology.
Speaker 3 (19:59):
The whole movie Maximum Overdrive, if you remember that movie
in the eighteen eighties, was about the machine. Is the
Stephen King thing about the machines taking over right and right.
The only thing A lot of these machines are gonna
do it or make us zombies. So I don't think
we have to worry about zombie machines. I think a
lot of these devices have made us zombies. I tell
you that's that's the risk. I think of all of
this technology is that if something ever happens to it,
(20:21):
no one will know how to do anything anymore. Well,
you think about this. We've gone off and we'll take
a break after this. But you think about right now,
how many phone numbers do you know off the top
of your head? I mean maybe two? Three?
Speaker 5 (20:33):
Yeah, I know how to dial my wife.
Speaker 3 (20:36):
I could tell my wife. I could dial somebody that
I dialed a lot, probably before smartphones, like my wife's
brother and I are really good friends, so I could
probably get him, and I can get my stepmother. That's
the only three numbers that I know. I mean to
be honest with you. Yeah, maybe the number out front here,
maybe I should throw that out there, But that's about
(20:56):
anybody else. If you asked me what you know one
of my co workers, he has me with Dale Cooper's
phone number is I couldn't tell you. Well, I'll tell
you because it's in my phone. Let me tell folks
my phone number. OK, there you go.
Speaker 4 (21:06):
How's that for a pluck? Yeah, Fourth Avenue Financial. If
you want to talk about your personal situation, just give
us a call three zero four seven four six seven
nine seven seven if you can call, if I'm available,
I'll certainly talk to you. If not, we can schedule
a ten minute introductory call no charge.
Speaker 3 (21:24):
Just ask some questions I want to go over exactly
what you do on those calls is well, we're going
to take a break. We'll be back right after this.
Speaker 6 (21:31):
Retire Right Radio A sponsored by Fourth Avenue Financial, which
is solely responsible for its content. Security, is offered through
JW CALL Financial Member fent Recipic Investment advice offered through
JW COL Advisors. Fourth Avenue Financial, jw CL Financial and
JW COL Advisors are unaffiliated entities. The opinions expressed by
John Burdet should not be construed as specific investment, legal.
Speaker 5 (21:51):
Or tax advice.
Speaker 6 (21:52):
All economic and performance information is historical and not indicative
of future results. Investing may involve risk of loss of
principle anytimes. Advice on this show 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 listeners should seek advice
from their tax advisor or legal console on topics that
(22:12):
arise from the show. John Burnett is not providing legal
or tax advice. Nothing should be construed as solicitation of
an offer to buy securities. This program is sponsored before
the Avenue Financial which is solely responsible for its content.
Speaker 7 (22:25):
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Speaker 8 (22:55):
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Speaker 2 (23:25):
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 texts on three
oh four nine three five fifty oh eight.
Speaker 3 (23:46):
Welcome back to the show. That's the song that you
might hear. Little Steely Dan. There, big Steely Dan fans,
let's do it again. Yeah, I'm a huge I became
a Steely Dan fan. John. I was working at a
rock station in Ohio, and I really wasn't that familiar
with Steely Dan other than just the you know, the
major hits. And I became such a huge Steely Dan fan.
(24:06):
I mean this stuff like my old school, like dirty
work and that kind of stuff. I'm a big Steely
Dan fan. All right. Uh so I want to do
talk about that initial set down. I call you and
uh and I say, hey, need help. I want to
I want to talk right, take us through that process. Yeah.
Speaker 4 (24:24):
I mean you can schedule, like I say, you can call,
but if I'm if I'm tied up, which a largely
I can be during the day.
Speaker 3 (24:32):
Generally, you'll dial the number.
Speaker 4 (24:35):
Somebody from my office will answer the phone and figure out,
you know, what you're wanting to do. If you want
to talk to me, they'll put a ten minute phone
call on the calendar. I'll call you at that that
scheduled time and we just chat. You know, you tell
me what's on your mind. Why you what what? What
was the reason for the inquiry? What was the reason
(24:57):
for the call? There's something that has made you dial
that number. Is it a retirement? Are you just wanting
to check in to see if you're on track? You know,
those those type of questions are pretty common. Sometimes we
get the question, I'm retiring next week, what do I do?
Speaker 3 (25:14):
Find me some money? What do we do? You know?
And that's fine.
Speaker 4 (25:18):
I mean, wherever you are, we can help you work
with what you have to get you where you need
to be and also give you peace of mind. I
mean a lot of people out there that have saved
diligently and therefore oh one k have done well and
have enough funds to do the things they want to do.
But there's a change when you retire. You know, you're
(25:39):
going from savor to now you're withdrawing. Psychologically, that's a
hard thing for a lot of folks to get to
because it's a dynamic.
Speaker 3 (25:50):
And you think about just in your bank account. I mean,
you're used to seeing that paycheck it every couple of weeks,
and you, like you said, we were talking about technology,
check it on your phone or however, did you check Okay,
I got my X amount of dollars in here? Okay,
Suddenly that's I mean, you may get your retirement check
or whatever, but you're going to find it's a whole
lot less than I mean most cases than what it
was before. That's got to be, like you said, kind
of a psychological thing.
Speaker 4 (26:09):
Yeah, And so working with that figuring out okay, this
will work. You know, we can we can plan this
is how you structure it so that you protect yourself
against market volatility, and you know, kind of go through
those those paces. And on the introductory call though, we're
really just getting to know one another, you know, getting
(26:30):
an overview of a thirty thousand foot of your situation
to see if you want to at that point move
forward and schedule an appointment.
Speaker 3 (26:38):
Now, when I make that call to you, should I
have it? I mean, I know it's just the initial call.
We're just talking. But should I have something prepared, like
in front of them, you know, have access to my
records or anything at that point.
Speaker 4 (26:49):
Generally we will send out a questionnaire. If you call
the office and you want to talk with that introductory
we'll send out a little questionnaire that you can answer
some basic questions and get back to me before the call,
so I have a little background information and we can
be more productive. You know, it's not always it's not
really required if you just have a few questions, but
(27:10):
if you're wanting me to kind of dig in a
little bit on that initial call and really understand your situation,
you know, it's wise to return that to me because
it gives me some information to be you know, like
I say, be productive on that call.
Speaker 3 (27:25):
What's the most common misconception that you get in retirement planning?
I mean that people think X. What is that? Well,
a lot of.
Speaker 4 (27:34):
Times it's life expectancy. You know, Folks don't expect that
they're going to live as long as typically we do.
In retirement, we have a lot of that. You know,
Oh you know, if this last fifteen years, I'll be good. Well,
statistically it might need the last thirty and so we
(27:55):
have a lot of those type of questions. I think
that's probably you know, misunderstanding that. And then the fact that, oh,
if I went to this the last twenty years, I
just divided it by twenty and it'll last twenty years. Well,
you know, you have to inflation. It's another big one
that people miss. It's not you have to grow your
(28:17):
money at least as fast as inflation or you'll feel
the pinch sometime. And you're retirement, so you know the
concept of of you know, cost of living increases in retirement.
How do you get a pay raise when you're not working, Well,
your companies have to give that to you over time.
You know, how does that play out? How does that
look over the next twenty or thirty years. And that
(28:40):
can be surprising to people as well. I want to
talk about the economy here for a moment. This kind
of goes back to what the theme was that everybody
is a predictor. You know, this is what twenty twenty
six is going to hold. And you know, we hear
that word thrown around a lot, and we're not going
to turn this political, but we do hear that word
affordability thrown out there. That's that's the buzz word right now.
(29:00):
Is affordable completely completely understand it. You know, one, how
does that translate into retirement planning? Well, like I say,
the cost of living over time will go up and
and you know, we really kind of hope it does,
or or we get into a little thing called like
the Great Depression, where costs when actually went down. You know,
(29:21):
I think that is the disconnect. Politicians, I think are
making a mistake talking about prices are coming down. Prices
are not coming down. They're just not growing as fast
as they were a few years ago. You know, the
FED that is targeting two percent inflation, that means prices
go up two percent, doesn't mean they're going back to
(29:43):
what they were in the year two thousand and and
and we as you know, we really don't want that
to happen. It might sound good, but you've got to
think about in the last handful of years, look at
all the financing that's taken place predicated on the new reality.
(30:04):
How many homes have been financed based on a new reality.
How many businesses have taken the loans and bought equipment
and things like that based on that new reality and
the ability to produce a certain income.
Speaker 3 (30:15):
To pay for that.
Speaker 4 (30:17):
If prices are falling, you know, that's actually could spell
some some disaster. So prices aren't actually falling, nor do
we really want them to to fall. Not not across
the board. I mean, certain industries might have new efficiencies
or new technologies that that lower the cost, but the
(30:39):
actual you know, dollars of of going back to you know,
valuations five years ago, that's that's not happening. And even
right now with inflation being quote more under control, prices
are still growing. And that, you know, historically is a
pretty normal situation, just the way things are set up.
(31:04):
And that's something I think is very important when you're
talking about retirement, John, This is why they need to
talk to you, because you know, my wife and I
we we retire and we're set to you know, float
on out through our golden years or whatever.
Speaker 3 (31:16):
But these prices just keep going up and up and up,
and maybe what I'm getting in is not going up
and up up right.
Speaker 4 (31:21):
Well, And if you think about it, when I was
born I'm in my early fifties. When I was born,
a postage stamp was a nickel, and I think they're
sixty eight cents now, I believe, which shocked me when
I got the stamps for the Christmas cards.
Speaker 3 (31:36):
Let's that's where but the only time of the year
that you actually know.
Speaker 4 (31:41):
Yeah, well, when you buy a bunch of them, you're like,
whoa wait a second here. But you know, if your
money isn't growing to keep up with that, you're going
to feel that pinch. You know the postage stamp, you
know thirty five years ago was twenty cents. Well it's
more than tripled in thirty five year. I mean, there
are a lot of people that have a thirty five
(32:01):
year retirement. If your money doesn't triple, if your income
doesn't triple, you will fill the pinch. And that is
something that the inflation when it's in control, growing two
three percent a year, people deal with it. But over
(32:22):
ten years, over twenty years, that makes a huge compounding difference.
You know how your money compounds as you're saving and
it grows over time. Well, that's what the prices are
doing too. It's compounding and you have to keep up
with that.
Speaker 3 (32:37):
I don't know if this is necessarily anything that you
could speak to, but I'll just throw it out there.
I hear so many younger people. And by younger, I mean,
let's just say they're just beginning their full time work life.
They've either gone through college or they've gone through a
trade or whatever. They're beginning that twenty four to twenty four,
whatever they are. And I hear so many people not
(32:58):
only here but in other places that and I re online.
They'll say there's no way I can afford a house,
I can afford insurance and a lifestyle like my parents had,
and that it's disingenuous to look at a young person
today twenty four to twenty five years old, at somebody
I'm a few years older than you, but at somebody
(33:19):
of my age, my mid fifties, to look at somebody
that's twenty three twenty four years old ago, well, just
do better because it's a different it's a different world.
Speaker 4 (33:27):
Yes, I mean, there are opportunities, and I believe more
opportunities today for people to be successful if they put
their mind to it. And it's just understanding the basic
process of wealth creation. Are there challenges today?
Speaker 3 (33:45):
Yes?
Speaker 4 (33:45):
Are they different than the challenges that maybe you and
I had when we were going through that stage of life.
Our challenges were different than what our parents had too.
That's part. And these kids now, these younger people.
Speaker 3 (33:56):
That if they have kids, you know, there's will be different.
Speaker 4 (34:00):
Maybe maybe as far as your paycheck goes. A house
is more expensive, but guess what, your computers are less expensive,
your TVs are less expensive. The amount of hours a
person has to work today to buy a new refrigerator
or buy a new washing machine is much less than
it was thirty years ago, forty years ago.
Speaker 3 (34:23):
So things are.
Speaker 4 (34:24):
Different, and that's that's just the dynamic, damic nature of
the of the economy. The reality is the rules haven't changed.
You earn money by serving people. Go out and do
your job, do it well, and over time you'll earn money,
and your earn more money the better you serve generally,
(34:47):
and then you just live below your means, create savings
and investment regularly. That's that's what you need to do.
And if you do that, stay out of that consumer debt,
which you will if you're being below your means, then
all of those things will take care of themselves.
Speaker 3 (35:05):
I read a comment the other day. I was sometimes,
you know, they tell us in this business don't read
the comments. But it was in some sort of a
national publication and you showed up on social media and
I was reading the comments and people were and somebody
said exactly what you said. They said, well, you know,
live below your means. But then this person fired back
and said, well, I work hard. If I want to
(35:26):
have fill in here, I'm going to I'm not going
to deprive myself. And that's okay, that is certainly you're right. However,
it's a trade off. Don't don't come complain.
Speaker 4 (35:36):
And everything in life is has everything, certainly in the
financial life has a trade off. You know, the folks
that are the most successful financially tend to be the
people that can delay gratification. It's it's just a state
of mind that that you know people have, and and
(35:57):
you could cultivate that in yourself. You know, you say, well,
that's only five dollars, I'm going to buy that. Well,
the way compound interest works, that five dollars maybe two
hundred dollars of your retirement money that you just spent
because of the power of compounding interest and investments. So
every five dollars you waste today, it could be two
(36:18):
hundred dollars that would have been there for retirement. If
you're twenty some years old. You know you have to
be aware of those things, and it's a choice you make.
It truly is a choice. And I think a lot
of times folks buy into this victim type mentality that
things are stacked against them and things are always you know,
(36:39):
nothing is easy and they never have been. Like I say,
the challenges might be different, but you still largely control
your future if you focus on.
Speaker 3 (36:50):
It as you're drinking your ten dollars coffee, you know,
with the latest cell phone and whatever else you've got.
Go back and tell your great grandparents about the albums
when they survived the depression, and like.
Speaker 4 (37:03):
You say, those I think if you buy too much
into it psychologically that all there's no hope. Well what
does that make you want to do? It doesn't matter.
I'll just go buy that item. Might as well enjoy
it because there's no hope for the future. Well, that
sucks you right into making that fear that you have
a reality.
Speaker 3 (37:22):
All right, we got to start to wrap it up here.
Anything else quickly in mind that we didn't cover today.
Oh I don't think so. I think we pretty well
from albums over to the new phones and interesting I'll
say this. You were talking about about the phones. I
don't think that people years ago thought we would be
carrying a computer with us. I meant computers that everything
that everybody doesn't need a big PC like they had
(37:43):
twenty years ago. It's in your hand. And when your
teachers told you back in the day you won't be
able to carry a calculator with you wherever you go, Yeah,
they kind of.
Speaker 5 (37:50):
Lied, that's right. Guess we do give.
Speaker 3 (37:52):
Your contact information again, John, Fourth Avenue Financial.
Speaker 4 (37:56):
Yeah, and the office is downtown Charleston, one seventy Court
Street and really easy to get to. We have parking
one site. My phone numbers three zero four seven four
six seven on seven seven.
Speaker 2 (38:09):
Uh.
Speaker 4 (38:09):
The website is fourth Avenue Financial dot com, all spelled out.
You can even schedule your own free ten minute phone
call right online too.
Speaker 3 (38:18):
All right, John, cooping back with you next week. I
guess you'll be doing the show next week, ran yes,
all right here, all right, Uh, we will be talking
to you. I'll be talking to you on five eighty
Live giving up at the top of the hour afternoons.
Appreciate man, Thanks, all right.
Speaker 2 (38:31):
Thank you. See it just Anty six point Charleston, one
oh four point five Cross Lane w u v RC
Media Station. We're proud to live here too,
Unlock your dream property with Meeks Realty Group, where Rich
the realtor makes real estate dreams a reality, whether it's
residential or commercial. We've got Charleston to Huntington covered. Your
key to exceptional real estate experience is start here Meeks Realtygroup.
Contact us at Meeks dot us.
Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five eight WCCHS,
its employees or WVRC Media. This is Retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire right. Fourth Avenue Financial is located
(00:38):
in downtown 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
(00:59):
from to have any financial mention.
Speaker 3 (01:01):
No, we hate to disappoint you, but it's not actually
Dale Cooper. It's Dave Allen I will be in the
Dale Cooper position today and retire right radio. John Bredada,
Fourth Avenue Financial Coop taking a little, uh much deserved
time off. He'll be back next week. John bredad it say, hey,
do man pretty good? Maybe he's catching up on some
Christmas shop. Yeah, maybe that's what he's doing. I don't know,
it's hard to tell. What what So speaking of what
(01:23):
you excited about? Excited about Christmas? Oh, well it's coming
no matter what. But uh no, we my wife's shop
down there at Vintage and Vines has been really busy.
We've been doing a lot of a lot of Christmas sales.
So that's a good thing. Well, I mean, you know,
since you paid for the time here, you know we
we may as well go ahead and let you talk
of make make the wife happy. And I have to
do a little plug for sure, talk about So for
(01:45):
people that aren't familiar with their shop down there, we'll
do a two for one sale here, you know, before
they have a new financial on them, because I've heard
a lot of good things about having had a chance
to visit there. But go ahead and yeah.
Speaker 4 (01:54):
AIX six on nine D Street in South Charleston, near
the Mound vintage and vine to mercantile A is a
invented shop.
Speaker 3 (02:04):
I have a vinyl.
Speaker 4 (02:05):
Section in there that she let me put in, and
so baseball cards. I've got a really nice vintage baseball card.
Speaker 3 (02:12):
Now see, I knew that you were into the vinyl job,
but I didn't know that you were into the baseball car.
Oh yeah, I've got a I've got a good collection brewing.
So it has been is this something you started as
a child or something you got it do later? The
baseball Oh yeah, I was.
Speaker 4 (02:24):
I was big into it as a as a child
and then got away from it and then uh well
it's a common story with in COVID. I was like,
I need to I've got to do something with this
time at home, and uh, you know started started our
baseball cards still a big deal among kids or are
they a bigger deal among adults? You know, the kids
(02:44):
certainly collect them, but uh, a lot of those, a
lot of the younger folks are gravitating more towards Pokemon
and some of those, and that's been the thing for
a while. And those are those are really really hot.
We do carry those down at the shop too.
Speaker 3 (02:58):
So uh, now your vinyl I think you're doing a
promotion with our sister station ninety eight to seven a
Mountain right. Yes, yes, it's a free Vinyl Friday. We
give away of a record every week and Steve gave
away the first one this past week, which is Pink
Floyd Dark Side of the Moon.
Speaker 4 (03:14):
That's correct. Yeah, that that's uh, you can't beat that one.
That's a good Yeah. I'm not sure what what he's
given away this week, but tuned in in the morning and.
Speaker 3 (03:23):
On Friday mornings is pre Vinyl Friday. And that's that's
good stuff. When they told me they were because I
do a lot of work on the mountain too, and
they told me that they were going to be doing that,
and I thought, man, that's a that's a that's a
really cool idea. Yeah.
Speaker 4 (03:34):
Yeah, been surprising how many people are back into vinyl.
That's pretty big.
Speaker 2 (03:38):
You know.
Speaker 3 (03:38):
The vinyl thing John came back about I want to
say ten years or so ago, and one of the
early people that jumped on it was a group Pearl Jam,
and Pearl Jam released an album and they only released
it on vinyl, and people were scrambling around trying to
you know, if you're a hardcore Pearl Jam fan, of
which I'm not, but but they you know, people were
(03:59):
looking around trying to find something to be able to
play it on, and now it's it's just it's become huge.
I know Dave Weekly on Hotline Afternoon, he's a huge
vinyl guy.
Speaker 4 (04:07):
Oh yeah, yeah, he'll be down at the shop quite
a bit, digging through the bends. So what do you
get your music from? Well, I mean we have vintage
and new, so of course, you know the new stuff.
I've got just about anything you can imagine. And I
buy collections, you know, sometimes some weekends I'll I'll take
the cargo van and you know, buy a collection somewhere.
(04:29):
So yeah, it's a fun I'll call it a hobby
slash business.
Speaker 3 (04:34):
Well, but you know, if it's something that you're passionate about,
it's probably going to be more successful because you actually
like what you're doing and you can actually get a
rapport with the customers that come in and talk about
it and stuff.
Speaker 4 (04:45):
Yeah, I think the vinyl I think it's popular because
it's tangible. So much of our entertainment now is just
digital floating out there in the air, and you know,
when you have the vinyl it's the whole album. Yeah,
it's not just a song you're playing. You play through
the album. You get to know the artists, you get
(05:06):
to read the liner note, the liner notes that's what
I was going to say, yes, and and And you're
doing it on purpose. It's not just in the background.
You have to set down on purpose and put that
record on and make the time to do that. And
it's a it's just a great way to, you know,
have something real reintroduced to your life.
Speaker 3 (05:25):
I love it, and I love it. I was, you know,
being a kid of the eighties when forty five records
were a big thing. It was like when I first
got in it got an interest in radio long before
I ever got out. I was the kid that was
buying like every forty five that came out. It didn't
matter whether I liked it or not. I had it.
I had just about. That's where all my extra money
went was to forty and I had all of these
(05:45):
forty five or I had the albums to John, but
I had a lot of forty fives. I mean just
about everything. If it was on Casey Case, I had it.
I had it pretty much. And you know they're they're
still floating around there somewhere. I don't know exactly where
they are. Some of them are, you know, pretty good? Now,
all right, so we'll go into your full time job
and that whole financial thing that you do. So I
(06:07):
mentioned earlier about the Christmas season, and every year at
the end of the year, a couple of things happened,
whether it's financial world, whether it's entertainment, whether it's new sports, whatever,
a year in review of some kind. People, you've always
got to do that and to look ahead to the future.
So we're going to do a little bit of that.
And this isn't your final show of the year, I
don't think, because you got more to coming up. But
(06:30):
I did want to say if you had to from
We'll get to the future in a moment. But let's
talk about the year that was twenty twenty five. With
the economy with a certain amount of uncertain insertant. People
just kind of give us a quick year in review
of twenty twenty five.
Speaker 4 (06:46):
Well, the bottom line of the market has done very,
very well over the last year. It had some a
little bit of a breakdown in the early spring, and
people thought the world was ending and quickly that it
wasn't you know, when the tariffs were announced, they really
upset the market for a short period of time, which
(07:07):
kind of proves that, you know, companies are resilient. You know,
companies are out there trying to serve their customers every
day and trying to find the best way to do that,
the most efficient way to do that. And yes, policies
may change, but their goals are the same. How do
we get this product to our customer, how do we
serve our people that utilize our business, and how do
(07:30):
we improve on that process?
Speaker 3 (07:32):
And and you know, businesses.
Speaker 4 (07:33):
Time and tom again, no matter what obstacles thrown in
front of them, figure out how to do that. And
you see that with the earnings this year and the
projected earnings even next year. You know, earnings are growing,
earnings are strong at these companies. They are resilient. And
that's what happens with the market. And one of the
(07:53):
things I wanted to talk about today. At the end
of the year, you get all of these articles and
clickbade out there of people who think they know what's
going to happen. You know, at the end of the year,
you get all these predictions. It's not just looking back,
but looking forward. Oh, we think this is going to
happen this year, And the reality is most of that
(08:16):
is noise and most of it will be wrong. You know,
all of those things are designed and nobody goes back
and checks on these people.
Speaker 3 (08:25):
Yeah, status reports.
Speaker 4 (08:27):
Status of It's like, how did that? How did that?
I mean, you think about this year, the way things
played out. You know, the tariffs were going to be
a disaster, you know, the Ukraine War a you know,
interest rate changes, all of these things. Inflation is going
to you know, all of these horror stories you know,
eventually passed when we started talking about some other horror story,
(08:48):
right right, Yeah, And and that's and that's the way
it works. But but keep in mind the companies you
own in the in the stock portfolio you have, they're
out there doing their best to serve their people. And
that's what really matters over time. And as an individual,
it doesn't really matter what happens next month or the
(09:10):
month after that, or the quarter or the half a
year after that. You know, most folks are planning for
long term goals. Even a retiree, the goal is to
maintain a lifestyle and retirement. That's a long term goal.
You know, you have to identify what's important to you
and then build the plan around that. And once you
(09:31):
do that and identify the right type of investment mixed
to do that, you almost have to accept that the
market is going to have ups and downs. There are
going to be news stories that spook people from time
to time. But if you own those quality companies and
if you've bought them in a way where the plan
is in place for your individual goal, that's what really matters.
(09:55):
You know, focus on the things that you can control.
You can control how you alec catch your funds. You
can control how you live below your means and create
savings and investment you know, regularly. You can control the
tendency that you might have to panic when the market
does go go or when you see that one little
(10:16):
newsburb that's right, causes.
Speaker 3 (10:18):
People to panic because you said from time to time, right, So.
Speaker 4 (10:21):
All of those things are things that can make you
stray away from what's important, and that's what's important to you,
that's your individual goal. You know, it doesn't matter who
gets elected, It doesn't matter, none of those things matter,
because you still need to retire, no matter who the
president is or who's controlling Congress, or what the tariff
(10:42):
rates are you still.
Speaker 3 (10:44):
Have And if you're somebody let's say right now, that's
let me just say that they're in their thirties. Okay,
maybe one of your your clients are their thirties. By
the time they get ready to retire, they're going to
have gone through several different presidents, several different you know,
the Republicans are in charge and Democrats are in charge.
That's going to go back and forth. That's going to
change several times throughout the course of somebody's lifestyle let's
(11:04):
say early to mid twenties to whenever they retire, mid
sixties or seventy or whatever, right, right, And even like
you say, even a retiree that is sixty five years.
Speaker 5 (11:14):
Old, now they're not done. They're not done.
Speaker 4 (11:16):
You know, they might have thirty more years of investment
management and planning to do. So those are the things
that are important. What does your life look like? How
do you build the portfolio around it? And that's really
the value that I can bring to somebody's financial life.
Trying to get that organized, trying to figure out what
(11:37):
is important, what news out there is important, to filter
it through so that you're not making knee jerk decisions.
That is really you know, working with a financial advisor
is not necessarily finding the person that knows what the
right stock is going to be. It's understanding what your
individual goal is and then building a place around that,
(12:01):
and then keeping the focus on that plan, on the
things that you can control. And if you do that,
you're largely going to have good results over time.
Speaker 3 (12:10):
John Bredet's again from Fourth Avenue Financial on retire Right Radio,
asked the experts you mentioned how nobody got that's interesting,
how nobody really goes back when these people make predictions.
Nobody fact checks them at the end of the year.
While you said this and this didn't happen, you said this,
and you got this right or whatever overall track records.
(12:31):
You said, John, it's not very good.
Speaker 2 (12:32):
No.
Speaker 4 (12:33):
I actually have a book the bookshelf in my office,
a book that was written I got a lot of
playback in the day. But it's called Bankruptcy nineteen ninety nine,
and it was like all about how it's all over
for America in the world because of the debt and this,
that and the other. You know, wonder what would happen
(12:56):
if you'd interview that author today, he's not showing up
when I.
Speaker 3 (12:59):
Thought maybe you were going throw in y two K
in there somewhere as well. That's right, because that that
was gonna be the end of all of us.
Speaker 4 (13:04):
Yeah, So, you know, there were those things that happened
in those books that get written and those articles that
get written, and the reality is, over time, the arc
of history is pretty clear. I mean, I always go
back to my great grandmother who was born in the
eighteen nineties. When she was born, they rode horses, you know,
(13:26):
no electric, no plumbing, indoors, you know, pretty basic rudimentary
type existence. And during her lifetime she lived into the eighties,
nineteen eighties, look at all the progress that was made.
That doesn't mean bad stories didn't happen throughout their lifetime.
Imbane World War One, where there was.
Speaker 3 (13:44):
A little thing called depression, the depression.
Speaker 4 (13:46):
You know, all of these things have happened, But look
at the progress that was made. And when you own
investments in in in portfolios and stocks and bonds, you're
participating in that innovation, your participation in that growth. And
unless you think humans have created everything that could be
(14:07):
created and solved every problem out there, you have to
be bullish on the companies that are out there working
every day to solve those problems.
Speaker 3 (14:18):
Totally unrelated because I have a tendency to go off
on a tangent every now and then. Have you ever
seen anything in your years in financial planning or that
you've been watching markets and watching innovations and things of
that nature, have you ever seen anything that has gotten
so many people alarmed other than y two k as
Ai does? Yeah.
Speaker 4 (14:37):
I mean, I mean, certainly, anytime you have a new
technology that is potentially a game changer, you know, there's
fear wrapped around that. You know, you've seen that all along.
I mean, certainly when the dot com era everything was changing.
People back then we're thinking, hey, this is going to
(14:58):
take all of our jobs. Well, it changed the way
people work. You know, there are less people working in
retail stores now, but there are more people, you know,
working on the back end of fixing it when it breaks, right,
So you know, the jobs change, And I mean that
is certainly something that that a vibrant economy contends with
(15:23):
all the time. You know, the course and buggy manufacturers
didn't do so well after the automobile came about, and
it's just going to be that way always. And AI
is a technology that we really don't fully understand yet
how it's going to play out. But history shows that
(15:45):
what typically will happen is that you have the first
gold rush like we have now. You know, a handful
of companies are have really benefited from that gold rush,
but what will have happen? And as an investor, what
is important The companies that over time make the money
are the individual companies that utilize that technology to improve
(16:14):
their business processes, to make themselves more efficient. And that's
really the legs of that development. It's not just the
handful of companies, but if you participate in the market,
you know, every company in America right now is thinking, Okay,
what is this AI tool? How can we use it
in our business? Does it improve our process? Does it
(16:36):
improve our profitability? And they're going through that exercise right now.
And that's how over the next five years, ten years,
that's where you know that heads and that's really what's important.
How do these tools get used in these individual.
Speaker 3 (16:54):
And if you think if you go back to the
advent John of the Internet, when the internet first became
a thing, like it was you said during the dot
com right uh, bubble and that and that particular time.
How much it's changed since then in what we use
it for sure, I mean at the time it was
uh in the nineties, it was entertainment. That's you know,
that's what it was for Nobody. I don't think ever
envisioned that somebody would do their Christmas shopping by setting
(17:17):
on their couch or a phone and and picking out
this and saying, Okay, I want this sent to Aunt Martha,
I want this sent to Uncle John, you know, for
Christmas and whatever or that we would be ordering apps
and and or ordering uh uh cars and ubers and
uh and and things of that nature. And the same
with with AI. When AI first came out, and it's
(17:39):
been out, you know, the chat GBT has been out
for a couple of years now. Sure people thought, okay, well,
this is just a way that we'll be able to
help officers craft emails, you know, save a little bit
of time. I can tell you that within this company
we use it unbelieveably, me personally and not so much.
I'm always the last one to the party. Well, I
(17:59):
still think the Internet a passing fast but but but
that's just me. Uh, but come come down and buy
some records. Once you get the eight tracks, I'll be
in there. Okay, a couple of Okay, I've got all right,
I just have to have something to play them on.
I was having this conversation with the other day about
all the CDs I have. I said, I've got like
seven hundred CDs and I simply don't have. I think
my car because it's an uh. I think that my
(18:24):
car still has a CD player because it's a it's
a twenty eleven model. But but uh, but but some
but some vehicles don't even come with it anymore. But
but but but anyway, my point is is how how
things change?
Speaker 4 (18:35):
Yeah, yeah, I mean And a good example of that.
A couple of weeks ago, I ordered a pizza from
a local shop and it was all a U when
I when I dialed the phone. I mean, we're not
talking a big company. We're talking somebody with one pizza shop.
And it was a human voice, but it was a
I and it walked you through the order. It was
(18:59):
like convert conversing with the computer, and sure enough the
order came. And that's one person in that operation that
now can focus on the other parts of the service
than answering that phone constantly. And and you know that's
why I say incrementally, that's how AI I think will
play out. Businesses will figure out how to use it.
(19:20):
You know, when personal computers came along, you know, most
people didn't have a personal computer. Business is you know,
now there's a computer on every desk with tools that
people use every single day that didn't exist forty years ago,
thirty years ago, and it's now indispensable and part of business.
And AI will I think play out that way. You know,
(19:42):
could the uh you know, could sky net come and
and and and you know, destroy the world. Well, it's
I think fairly fairly unlikely. You know, there are horror
stories like that from from almost every technology.
Speaker 3 (19:59):
The whole movie Maximum Overdrive, if you remember that movie
in the eighteen eighties, was about the machine. Is the
Stephen King thing about the machines taking over right and right.
The only thing A lot of these machines are gonna
do it or make us zombies. So I don't think
we have to worry about zombie machines. I think a
lot of these devices have made us zombies. I tell
you that's that's the risk. I think of all of
this technology is that if something ever happens to it,
(20:21):
no one will know how to do anything anymore. Well,
you think about this. We've gone off and we'll take
a break after this. But you think about right now,
how many phone numbers do you know off the top
of your head? I mean maybe two? Three?
Speaker 5 (20:33):
Yeah, I know how to dial my wife.
Speaker 3 (20:36):
I could tell my wife. I could dial somebody that
I dialed a lot, probably before smartphones, like my wife's
brother and I are really good friends, so I could
probably get him, and I can get my stepmother. That's
the only three numbers that I know. I mean to
be honest with you. Yeah, maybe the number out front here,
maybe I should throw that out there, But that's about
(20:56):
anybody else. If you asked me what you know one
of my co workers, he has me with Dale Cooper's
phone number is I couldn't tell you. Well, I'll tell
you because it's in my phone. Let me tell folks
my phone number. OK, there you go.
Speaker 4 (21:06):
How's that for a pluck? Yeah, Fourth Avenue Financial. If
you want to talk about your personal situation, just give
us a call three zero four seven four six seven
nine seven seven if you can call, if I'm available,
I'll certainly talk to you. If not, we can schedule
a ten minute introductory call no charge.
Speaker 3 (21:24):
Just ask some questions I want to go over exactly
what you do on those calls is well, we're going
to take a break. We'll be back right after this.
Speaker 6 (21:31):
Retire Right Radio A sponsored by Fourth Avenue Financial, which
is solely responsible for its content. Security, is offered through
JW CALL Financial Member fent Recipic Investment advice offered through
JW COL Advisors. Fourth Avenue Financial, jw CL Financial and
JW COL Advisors are unaffiliated entities. The opinions expressed by
John Burdet should not be construed as specific investment, legal.
Speaker 5 (21:51):
Or tax advice.
Speaker 6 (21:52):
All economic and performance information is historical and not indicative
of future results. Investing may involve risk of loss of
principle anytimes. Advice on this show 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 listeners should seek advice
from their tax advisor or legal console on topics that
(22:12):
arise from the show. John Burnett is not providing legal
or tax advice. Nothing should be construed as solicitation of
an offer to buy securities. This program is sponsored before
the Avenue Financial which is solely responsible for its content.
Speaker 7 (22:25):
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Speaker 8 (22:55):
I'm Brett Harper, your Charleston Edward Jones financial advisor. We're
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(23:17):
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Speaker 2 (23:25):
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 texts on three
oh four nine three five fifty oh eight.
Speaker 3 (23:46):
Welcome back to the show. That's the song that you
might hear. Little Steely Dan. There, big Steely Dan fans,
let's do it again. Yeah, I'm a huge I became
a Steely Dan fan. John. I was working at a
rock station in Ohio, and I really wasn't that familiar
with Steely Dan other than just the you know, the
major hits. And I became such a huge Steely Dan fan.
(24:06):
I mean this stuff like my old school, like dirty
work and that kind of stuff. I'm a big Steely
Dan fan. All right. Uh so I want to do
talk about that initial set down. I call you and
uh and I say, hey, need help. I want to
I want to talk right, take us through that process. Yeah.
Speaker 4 (24:24):
I mean you can schedule, like I say, you can call,
but if I'm if I'm tied up, which a largely
I can be during the day.
Speaker 3 (24:32):
Generally, you'll dial the number.
Speaker 4 (24:35):
Somebody from my office will answer the phone and figure out,
you know, what you're wanting to do. If you want
to talk to me, they'll put a ten minute phone
call on the calendar. I'll call you at that that
scheduled time and we just chat. You know, you tell
me what's on your mind. Why you what what? What
was the reason for the inquiry? What was the reason
(24:57):
for the call? There's something that has made you dial
that number. Is it a retirement? Are you just wanting
to check in to see if you're on track? You know,
those those type of questions are pretty common. Sometimes we
get the question, I'm retiring next week, what do I do?
Speaker 3 (25:14):
Find me some money? What do we do? You know?
And that's fine.
Speaker 4 (25:18):
I mean, wherever you are, we can help you work
with what you have to get you where you need
to be and also give you peace of mind. I
mean a lot of people out there that have saved
diligently and therefore oh one k have done well and
have enough funds to do the things they want to do.
But there's a change when you retire. You know, you're
(25:39):
going from savor to now you're withdrawing. Psychologically, that's a
hard thing for a lot of folks to get to
because it's a dynamic.
Speaker 3 (25:50):
And you think about just in your bank account. I mean,
you're used to seeing that paycheck it every couple of weeks,
and you, like you said, we were talking about technology,
check it on your phone or however, did you check Okay,
I got my X amount of dollars in here? Okay,
Suddenly that's I mean, you may get your retirement check
or whatever, but you're going to find it's a whole
lot less than I mean most cases than what it
was before. That's got to be, like you said, kind
of a psychological thing.
Speaker 4 (26:09):
Yeah, And so working with that figuring out okay, this
will work. You know, we can we can plan this
is how you structure it so that you protect yourself
against market volatility, and you know, kind of go through
those those paces. And on the introductory call though, we're
really just getting to know one another, you know, getting
(26:30):
an overview of a thirty thousand foot of your situation
to see if you want to at that point move
forward and schedule an appointment.
Speaker 3 (26:38):
Now, when I make that call to you, should I
have it? I mean, I know it's just the initial call.
We're just talking. But should I have something prepared, like
in front of them, you know, have access to my
records or anything at that point.
Speaker 4 (26:49):
Generally we will send out a questionnaire. If you call
the office and you want to talk with that introductory
we'll send out a little questionnaire that you can answer
some basic questions and get back to me before the call,
so I have a little background information and we can
be more productive. You know, it's not always it's not
really required if you just have a few questions, but
(27:10):
if you're wanting me to kind of dig in a
little bit on that initial call and really understand your situation,
you know, it's wise to return that to me because
it gives me some information to be you know, like
I say, be productive on that call.
Speaker 3 (27:25):
What's the most common misconception that you get in retirement planning?
I mean that people think X. What is that? Well,
a lot of.
Speaker 4 (27:34):
Times it's life expectancy. You know, Folks don't expect that
they're going to live as long as typically we do.
In retirement, we have a lot of that. You know,
Oh you know, if this last fifteen years, I'll be good. Well,
statistically it might need the last thirty and so we
(27:55):
have a lot of those type of questions. I think
that's probably you know, misunderstanding that. And then the fact that, oh,
if I went to this the last twenty years, I
just divided it by twenty and it'll last twenty years. Well,
you know, you have to inflation. It's another big one
that people miss. It's not you have to grow your
(28:17):
money at least as fast as inflation or you'll feel
the pinch sometime. And you're retirement, so you know the
concept of of you know, cost of living increases in retirement.
How do you get a pay raise when you're not working, Well,
your companies have to give that to you over time.
You know, how does that play out? How does that
look over the next twenty or thirty years. And that
(28:40):
can be surprising to people as well. I want to
talk about the economy here for a moment. This kind
of goes back to what the theme was that everybody
is a predictor. You know, this is what twenty twenty
six is going to hold. And you know, we hear
that word thrown around a lot, and we're not going
to turn this political, but we do hear that word
affordability thrown out there. That's that's the buzz word right now.
(29:00):
Is affordable completely completely understand it. You know, one, how
does that translate into retirement planning? Well, like I say,
the cost of living over time will go up and
and you know, we really kind of hope it does,
or or we get into a little thing called like
the Great Depression, where costs when actually went down. You know,
(29:21):
I think that is the disconnect. Politicians, I think are
making a mistake talking about prices are coming down. Prices
are not coming down. They're just not growing as fast
as they were a few years ago. You know, the
FED that is targeting two percent inflation, that means prices
go up two percent, doesn't mean they're going back to
(29:43):
what they were in the year two thousand and and
and we as you know, we really don't want that
to happen. It might sound good, but you've got to
think about in the last handful of years, look at
all the financing that's taken place predicated on the new reality.
(30:04):
How many homes have been financed based on a new reality.
How many businesses have taken the loans and bought equipment
and things like that based on that new reality and
the ability to produce a certain income.
Speaker 3 (30:15):
To pay for that.
Speaker 4 (30:17):
If prices are falling, you know, that's actually could spell
some some disaster. So prices aren't actually falling, nor do
we really want them to to fall. Not not across
the board. I mean, certain industries might have new efficiencies
or new technologies that that lower the cost, but the
(30:39):
actual you know, dollars of of going back to you know,
valuations five years ago, that's that's not happening. And even
right now with inflation being quote more under control, prices
are still growing. And that, you know, historically is a
pretty normal situation, just the way things are set up.
(31:04):
And that's something I think is very important when you're
talking about retirement, John, This is why they need to
talk to you, because you know, my wife and I
we we retire and we're set to you know, float
on out through our golden years or whatever.
Speaker 3 (31:16):
But these prices just keep going up and up and up,
and maybe what I'm getting in is not going up
and up up right.
Speaker 4 (31:21):
Well, And if you think about it, when I was
born I'm in my early fifties. When I was born,
a postage stamp was a nickel, and I think they're
sixty eight cents now, I believe, which shocked me when
I got the stamps for the Christmas cards.
Speaker 3 (31:36):
Let's that's where but the only time of the year
that you actually know.
Speaker 4 (31:41):
Yeah, well, when you buy a bunch of them, you're like,
whoa wait a second here. But you know, if your
money isn't growing to keep up with that, you're going
to feel that pinch. You know the postage stamp, you
know thirty five years ago was twenty cents. Well it's
more than tripled in thirty five year. I mean, there
are a lot of people that have a thirty five
(32:01):
year retirement. If your money doesn't triple, if your income
doesn't triple, you will fill the pinch. And that is
something that the inflation when it's in control, growing two
three percent a year, people deal with it. But over
(32:22):
ten years, over twenty years, that makes a huge compounding difference.
You know how your money compounds as you're saving and
it grows over time. Well, that's what the prices are
doing too. It's compounding and you have to keep up
with that.
Speaker 3 (32:37):
I don't know if this is necessarily anything that you
could speak to, but I'll just throw it out there.
I hear so many younger people. And by younger, I mean,
let's just say they're just beginning their full time work life.
They've either gone through college or they've gone through a
trade or whatever. They're beginning that twenty four to twenty four,
whatever they are. And I hear so many people not
(32:58):
only here but in other places that and I re online.
They'll say there's no way I can afford a house,
I can afford insurance and a lifestyle like my parents had,
and that it's disingenuous to look at a young person
today twenty four to twenty five years old, at somebody
I'm a few years older than you, but at somebody
(33:19):
of my age, my mid fifties, to look at somebody
that's twenty three twenty four years old ago, well, just
do better because it's a different it's a different world.
Speaker 4 (33:27):
Yes, I mean, there are opportunities, and I believe more
opportunities today for people to be successful if they put
their mind to it. And it's just understanding the basic
process of wealth creation. Are there challenges today?
Speaker 3 (33:45):
Yes?
Speaker 4 (33:45):
Are they different than the challenges that maybe you and
I had when we were going through that stage of life.
Our challenges were different than what our parents had too.
That's part. And these kids now, these younger people.
Speaker 3 (33:56):
That if they have kids, you know, there's will be different.
Speaker 4 (34:00):
Maybe maybe as far as your paycheck goes. A house
is more expensive, but guess what, your computers are less expensive,
your TVs are less expensive. The amount of hours a
person has to work today to buy a new refrigerator
or buy a new washing machine is much less than
it was thirty years ago, forty years ago.
Speaker 3 (34:23):
So things are.
Speaker 4 (34:24):
Different, and that's that's just the dynamic, damic nature of
the of the economy. The reality is the rules haven't changed.
You earn money by serving people. Go out and do
your job, do it well, and over time you'll earn money,
and your earn more money the better you serve generally,
(34:47):
and then you just live below your means, create savings
and investment regularly. That's that's what you need to do.
And if you do that, stay out of that consumer debt,
which you will if you're being below your means, then
all of those things will take care of themselves.
Speaker 3 (35:05):
I read a comment the other day. I was sometimes,
you know, they tell us in this business don't read
the comments. But it was in some sort of a
national publication and you showed up on social media and
I was reading the comments and people were and somebody
said exactly what you said. They said, well, you know,
live below your means. But then this person fired back
and said, well, I work hard. If I want to
(35:26):
have fill in here, I'm going to I'm not going
to deprive myself. And that's okay, that is certainly you're right. However,
it's a trade off. Don't don't come complain.
Speaker 4 (35:36):
And everything in life is has everything, certainly in the
financial life has a trade off. You know, the folks
that are the most successful financially tend to be the
people that can delay gratification. It's it's just a state
of mind that that you know people have, and and
(35:57):
you could cultivate that in yourself. You know, you say, well,
that's only five dollars, I'm going to buy that. Well,
the way compound interest works, that five dollars maybe two
hundred dollars of your retirement money that you just spent
because of the power of compounding interest and investments. So
every five dollars you waste today, it could be two
(36:18):
hundred dollars that would have been there for retirement. If
you're twenty some years old. You know you have to
be aware of those things, and it's a choice you make.
It truly is a choice. And I think a lot
of times folks buy into this victim type mentality that
things are stacked against them and things are always you know,
(36:39):
nothing is easy and they never have been. Like I say,
the challenges might be different, but you still largely control
your future if you focus on.
Speaker 3 (36:50):
It as you're drinking your ten dollars coffee, you know,
with the latest cell phone and whatever else you've got.
Go back and tell your great grandparents about the albums
when they survived the depression, and like.
Speaker 4 (37:03):
You say, those I think if you buy too much
into it psychologically that all there's no hope. Well what
does that make you want to do? It doesn't matter.
I'll just go buy that item. Might as well enjoy
it because there's no hope for the future. Well, that
sucks you right into making that fear that you have
a reality.
Speaker 3 (37:22):
All right, we got to start to wrap it up here.
Anything else quickly in mind that we didn't cover today.
Oh I don't think so. I think we pretty well
from albums over to the new phones and interesting I'll
say this. You were talking about about the phones. I
don't think that people years ago thought we would be
carrying a computer with us. I meant computers that everything
that everybody doesn't need a big PC like they had
(37:43):
twenty years ago. It's in your hand. And when your
teachers told you back in the day you won't be
able to carry a calculator with you wherever you go, Yeah,
they kind of.
Speaker 5 (37:50):
Lied, that's right. Guess we do give.
Speaker 3 (37:52):
Your contact information again, John, Fourth Avenue Financial.
Speaker 4 (37:56):
Yeah, and the office is downtown Charleston, one seventy Court
Street and really easy to get to. We have parking
one site. My phone numbers three zero four seven four
six seven on seven seven.
Speaker 2 (38:09):
Uh.
Speaker 4 (38:09):
The website is fourth Avenue Financial dot com, all spelled out.
You can even schedule your own free ten minute phone
call right online too.
Speaker 3 (38:18):
All right, John, cooping back with you next week. I
guess you'll be doing the show next week, ran yes,
all right here, all right, Uh, we will be talking
to you. I'll be talking to you on five eighty
Live giving up at the top of the hour afternoons.
Appreciate man, Thanks, all right.
Speaker 2 (38:31):
Thank you. See it just Anty six point Charleston, one
oh four point five Cross Lane w u v RC
Media Station. We're proud to live here too,
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