December 22, 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
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Phone: (304) 746-7977
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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 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
(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 lide
to the studio with host Dale Cooper and John Verdett
(00:59):
from with to have any financial.
Speaker 3 (01:00):
Feature and her replies to good morning to you. It
is twenty one minutes past eight o'clock and it is
Monday morning. Are you ready for Christmas? Just a couple
of days away from from the big day coming up
on Thursday. You are listening to retire RTE Radio and
John Burdetta is back in the studio with this morning. John,
how are you doing this morning? I'd go great, out standing.
Always glad to have you back back on a Monday morning.
(01:21):
I was out last week, so it's always nice to
be back after a week off and getting things going
along the line. You can I give us call this morning.
If you like our numbers three zer a four three
four five, fifty eight fifty eight, you can have John
help you out. You don't want to be shooting in
the dark when it comes to planning for your retirement,
and you can put a professional on your side. John
Burdet can help you out this morning with Fourth Avenue Financial.
Threes are A fourth, three four, five, fifty eight fifty eight.
(01:42):
If you want to give us a call on line
fourth Avenue Financial dot com. You spell out the whole
thing fourth Avenue Financial dot com and you can find
his web page over there. Do that same search on
Facebook and like the page so you can be kept
up to date on all the events. You can also
text us this morning three zero four non three five
five zero zero eight. Luckily I can rely with muscle
memory and I remember all those numbers. Okay, that's not
so bad. Yeah, that's all right. My last week that
I was here working, I was also covering for Hotline
(02:05):
in the afternoons, and the separation of numbers was starting
to get to me a little bit. I was giving
the wrong test line text line number at the wrong
show and stuff like that. That happens.
Speaker 4 (02:15):
We can do taper ones, especially these days, you don't
have to remember phone numbers or anything.
Speaker 3 (02:19):
I mean, that is a good point, because it used
to be you'd have to keep all those things sorted.
I tell people all the time that if I'm ever
in one of those situations where I'm in like a
foreign country, and I get hauled off to prison and
they take my phone from me and I can only
make one call on like a cell phone dangling from
outside the prison door, It's going to end up being
a guest on one of our programs because those are
the only numbers I know because I call them off
the time. Just stay out, Yeah, you know, it's actually
(02:40):
like you know Tony Creed. You better be waiting for
a phone call because I know his number. Jeff ericson
from Rota Wire. His numbers really easy to remember. The
last four digits is one, two, three four. If if
I ever get in problems with jeff Erickson's gonna be
rolling out of them and be like, Coop, why are
you calling me from Mexico? Anyway you can get to
call this morning three z or four three four five,
fifty to fifty eight, John. I have to rely on
this morning as we take our weekly look back into
(03:02):
things that happened last week in the market and kind
of where things are settling in. My week away on
vacation was literally a vacation. I took a vacation from
everything from work, from news, from social media. I didn't
really get involved with any of the stuff. So what's
going on, man? What happened to the week I was gone?
How's the market? How's things going? Whites are on?
Speaker 4 (03:18):
Yeah, hey, we're still here. You know, last week was
a pretty pretty good week. I mean, it was a
mixed week, holding steady. So you know, we're coming into
the end of the year now with double digit gains
and back to back years, and you know that's that's
not unheard of. You know, when when you see the
news sometimes they use these big words to make it
(03:39):
seem like it's unusual. The market does that. It grows
in spurts and and it's just because it's been up
two years in a row. Doesn't mean next year it
can't be up again, because that wouldn't be unprecedented either. Now,
looking at valuations, a lot of folks are concerned with
that going forward. But if you strip out the text off,
(04:00):
the underlying market is still reasonably valued. We're talking fourteen fifteen,
sixteen times earnings, which you know in a environment where
the economy is still growing, those are pretty fair valuations
across the board. So it's just a question of you know,
the tech stocks. So we've seen a little bit of
(04:22):
for the last couple of months more participation in the
broad market. You know, hopefully that continues and that that
could propel next year forward. It's hard for me to imagine,
of course, you know, I have no crystal ball that
those handful of tech stocks are going to keep pulling
all the way.
Speaker 3 (04:40):
Yeah, and you bring up a very good point. I
never really thought of it before until you mentioned it,
But you can have multiple things being true at the
same time. It can be true that maybe some of
the AIS stocks are a little overvalued in THEIRS, but
that doesn't mean there's a problem with the market as
a whole. Like you said, the more traditional stocks and
things that are under there are probably fairly valued. So
it's a little asymmetric as far as that goes. You
can't expect. It doesn't mean one thing doesn't necessarily inform
on the other. They're completely siloed to someday.
Speaker 4 (05:01):
And you know, you could have an environment where even
though some things are fairly valued, that you still have
a pullback in things.
Speaker 3 (05:10):
I mean, it's not that.
Speaker 4 (05:13):
Just because they're fairly valued doesn't mean they can't be
more fairly valued. You know. So if you saw a
big tech sell off, it might affect the rest of
the market for a period of time. But the point is,
you know, the bulk of the market that you're buying
into is by most measures, still reasonably valued.
Speaker 3 (05:30):
And I think and that seems like a completely fair Assessmentee.
One of the I told you I was I was
trying to avoid all news when I was gone, So
some of the podcasts and things that I typically listen to. Man,
everybody is talking about I mean, of course everybody's talking
about a because that's what everyboy's always been talking about.
It is like to the point where I just have
to push everything off and be like, I'm just I
can't listen to this anymore. I mean, I'm familiar with it,
(05:53):
I use it. I'm not embarrassed about it to the
things I use it for them. But man, the warring
factions and the different thing. Man, it's like, can I just, like,
you know, get my data correlated and I'll tell you
off air about a project that I did just as
a hobby while I was on vacation that I thought
was really fun. But everybody's talking about it from every perspective.
Science podcast talk about economic podcasts we're talking about it.
(06:15):
Business podcasts are talking about like the whole spectrum of
stuff that I listened to, like are we over evaluated?
Is or too much aid? Does the companies really wanted?
Is actually really good? On and on and on, which
isn't bad? I mean that's how a marketplace is birthed, right,
I mean, that's the beginning of a new industry, right right.
Speaker 4 (06:32):
And and there again, I've stated this before. The real
winners are going to be the companies that figure out
how to utilize it within their businesses to be more efficient.
And when you look at that, just what I said
earlier about the relative good valuations on the rest of
the market, those are the companies that could take advantage
(06:55):
of that potentially to help grow their profits in the future.
And so you know, you have a backdrop. Anytime you
have innovation, you're gonna have disruption. But over time, just
like we've talked about before with COVID and and all
these other changes that has happened. You know, businesses try
to adapt and and try to become more efficient, and
(07:17):
largely they're successful. And that's why we keep plowing, you know,
farther ahead over decades and decades.
Speaker 3 (07:23):
And sometimes there's shooting stars that take up inertia. I mean,
I think back to the dot com era. You know,
it's easy just to think Google, Google, Google, Amazon now,
but that wasn't the case. You know, Asgeves ask, dot Com, Yahoo, Search,
things like that were more prevalent for a long time.
Amazon was one of the many players, but you also
had buy dot Com, half dot Com, all these different places.
(07:44):
Is that we're trying to do basically the same thing,
and you kind of sort through the ones that that
pill away go do other things. I mean, some of
these websites actually still exist, they just completely change their
business models to some degree and they find other ways
to be profitable. Yahoo is a completely different entity now.
It's still but as an entity, it's completely different than
the than the web one point zero stuff that we
(08:04):
were all used to during the dot com era. So,
I mean, although Google and Microsoft are huge players in
the AI thing and open ai is kind of we
don't know who's really going to come through this and
be you know, know, the Google of twenty thirty five.
Speaker 4 (08:16):
I mean, if I actually saw it yesterday, I'm not
sure where I saw it, but it was Mark Cuban
doing an interview and they were talking about when his
was it America Online or something, Yeah, that when that
sold at those crazy evaluations. He had like two and
a half billion dollars at the time in stock valuation,
(08:38):
and he thought, you know, even himself said this seems crazy,
and he actually sold his stock and if he had
held on just three months, he would it would have
gone away completely. Stock went from like three hundred dollars
to five dollars. Wow.
Speaker 3 (08:58):
Wow, imagine that. It's just crazy. Think about it when
you when everybody was getting all those uh, when everyone
was getting all those CDs in the mail and everything,
and this was never want to go away. This company's
won't be here forever. Look at all these CDs they
can afford to print right else, right and then and
then like virtually overnight, I mean I remember when all
that happened virtually overnight once the Internet was let out
of the box. Basically it used to be you had
(09:18):
to go through AOL or something to get your Internet portal,
you know, I mean that's how you got online America
one line, right. But once they once they took the
Internet out of a box, of those places just went away.
I mean, nobody needed that front end to the Internet
when you could just get on yourself, right right. That's crazy.
That's crazy stuff to think about.
Speaker 4 (09:33):
But you know that's when you speak evaluations and how
quickly things can change.
Speaker 3 (09:36):
You know that that.
Speaker 4 (09:38):
You know, that was something else that was a good
lesson too to He was like, I have two and
a half billion dollars right now, that's plenty of money
right at that at risk.
Speaker 3 (09:48):
Well, why don't I, Why don't I cash out on
that now while while things are really good, that all
brings up, that all brings up a good point and
and the way these things can be informed. It just
it just goes to show you that that number one,
what what you talk about a lot on this program
when you look at the companies that have been doing
things for long periods of time, that have been creating
profit for other people and finding ways to innovate in
the industry and stuff like that. I mean, somebody will
(10:09):
sort the AI stuff out. There'll be companies in the
future that are going to be you know, kind of
the bellwethers of that and stuff like that. There's no doubt.
But there are companies that exist doing that now. They're
just not an AI necessarily. I mean, you can find
your I mean, you have your risk reward there, but
you can still plan the rest of your financial life
just like we always have.
Speaker 4 (10:25):
Sure, and if you're broadly diversified and the lesson that
for Mark Cuban. If you're broadly diversified, you know, you
don't need to chase everything. You know, stay diversified. Think
about yourself the things that you can control. Think about
your tom horizons and the goals that you have and
then build that portfolio. It really comes back to what
(10:48):
we talk about a lot, and that's that's your your
temperament and your ability to step outside yourself and analyze
the situation. And a lot of people have trouble doing that.
It's that fear and the greed, you know that that
seeps in and and and there again. I think that's
what an advisor can bring to the table that here,
(11:09):
here's another set of eyes separate from you and the
emotions that you might hold, or the biases or previous
experiences you've had, and and just look at it and say, hey,
this is what we're trying to accomplish, and these are
the tools to get there. And and you know, and
Mark Cuban and our example was was able to do that.
(11:30):
But most people, you know, even myself, it's it's hard
sometimes to make those good decisions when it's you know,
when you're internalizing it.
Speaker 3 (11:40):
Yeah, everybody has a bias, even if you try not
to be biased. So everybody's want to have, you know,
live different life experiences and things like that that even
if you try not to be cognitively bias they're still
going to be cognitively biased. One thing about Mark Cuban,
not that that matters much anything, but I find it
kind of interesting about the cat is that I think
he's truly is authentic to himself, Like he makes everybody mad,
(12:02):
you know, like as far as like political parties or
anything else, he tends to make everybody mad. And he
doesn't seem to say things for performative reasons. He seems
to just I mean, you may not agree with what
he says, but he seems to actually say what he
thinks and not what he thinks people want to hear
him say. And there's so few people like that anymore.
It's kind of nice, you know. I don't necessarily always
like the things he has to say or anything, but
(12:23):
always appreciate his perspective because I know that he's being
honest at least about his perspective, and that's a valuable
perspective from somebody in his situation. And to know that
they're being honest about and not trying to pretend that
something else, there's some value in that. Sometimes. I think,
you know, John Berdad is here with us. You can
give us a call this morning if you want to
steer your retirement just a little bit. Find out how
you can retire right. Maybe you're wondering how to get
(12:43):
the debt snowball going for you. That's something that you
can use to get out from under your debts. And
I hate to say it at this time of year.
I was just talking to somebody yesterday and no judgment,
just in keeping my ears open in a conversation. I
know that they were charging a bunch of their Christmas
presents on a credit card because they we struggling about
how they were going to pay it off. And I'm
thinking to myself, man, I have been in this situation recently,
(13:05):
like in the last twenty years, where I just didn't
buy anybody anything for Christmas because I didn't have any money.
I mean, sometimes it is what it is, man. So
if you have any questions about that, how you can
maybe keep out from under problems that you're building around
Christmas time. Maybe that has nothing to do with it,
and you're just wondering how you can get started or
how you can fine tune your retirement plan. You can
give us a call this morning or a text. You
can call three zer a four three four five fifty
(13:26):
eight fifty eight. Threes are A four three four five
fifty fifty eight. You can also text threes are A
four non three five five zeros, er eight three zer
a four non, three five five zeros or eight. Obviously,
this time of year you're not a tax advisor, of course,
but this time of year is you really need to
keep things together if you're going to go into charitable
donations and things like that, because this is when people
usually open up, you know, they see the struggles and
(13:48):
things like that, and so you start getting into things
like that, and so that plays into part of like
when you're doing your financial planning and you're working with
your financial planner and maybe you're accountant and things like that.
Those are things because you might forget. I mean, we
have people that on things that we do. We offer,
you know, receipts and stuff when people bring things behind
things like that, and a lot of people are just
kind of wave it off. And of course, I think,
again I'm not a tax expert. You have to go
(14:08):
over certain deductions anyway for that stuff to matter. But
be sure you keep that stuff in mind because those
can be an important part of your strategy at the
end of the year. Regardless of what you're doing when
it comes to planning.
Speaker 4 (14:19):
Right, And there's some there are some things that I
don't think everybody really knows about. I think more so
now than in the recent past. But so I think
it's it's becoming more common. But the rmds that you
have to take after you're seventy three, oh yeah, you know,
the government's forcing you to take that and pay taxes
(14:40):
on that. They also allow you to do what's called
a QCD qualified charitable distribution. So in lieu of the
RMD that's taxable, you could donate that money to a
charity and it's tax free, so that nobody pays the
tax on that. So, for instance, and let's say you're
(15:01):
you're taking your distributions and you don't really need those
distributions to spend because it wasn't in your budget before.
Now the government's just forcing that money out. And let's
say you were already tithing to your church or giving
to some organization charitable organization. Well, instead of taking that
money out of your retirement plan and paying taxes on it,
(15:22):
now you can direct it straight to the charity and
hope and you get that tax savings.
Speaker 3 (15:28):
What a great, what a great idea. Yeah, I mean,
and and for people again, if you're if that's a
strategy that you have and you do tie either or
you give to something, just work that into your your
normal tithing or your normally contributions. And I mean, that's
a great little game saver.
Speaker 4 (15:41):
You know, you could essentially you you either keep more
money or the charity gets more money because the Uncle
Sam's not in the middle of that transaction.
Speaker 3 (15:49):
Anytime you can cut out of Uncle Sam. That can't
be a bad deal, right, that's not so bad. And
just generally speaking, when you're reviewing these types of things,
of course, when you get to the end of the year,
and we've talked to this about before, everybody kind of
feels like that there's deadlines, and there are deadlines. But
when it comes to financial planning, there's no particular hard
set that people have to worry about for getting things
(16:11):
right for twenty twenty six. I mean, there's tax documents,
there's different things like that, but for planning for your
financial future. You can sit down with you with John
Birdebt today or on January fifth, whatever day it is,
and they can still put together the plan and start
executing and there's no deadlines they're going to miss necessarily anything. No.
Speaker 4 (16:26):
I mean, you know, at the end of the year.
There are a few things with the like tax loss
selling things of that nature, and your portfolio that you
have the year and deadline, but most things are not
like that. Even ira A contributions, you have until you
file your taxes next year to bake those contributions for
this year, so you've got a little runway there. I
think it's just psychologically at the change of the year,
(16:48):
people start thinking about, you know, how to move forward,
or maybe the mess they've made this year and we
need to get that cleaned up. But you know, the
time to invent is when you have money, and there's
really not a bad time to get you know, walking
down the right path. That's good stuff.
Speaker 3 (17:09):
As always with John Moredebt for Fourth Avenue Financial, why
don't we do this, let's take our break, wouldn't we
come back. We still have plenty of things we can
talk about for you to control the conversation a little bit.
If you have any questions for John Burdett about how
you can retire right, you can give us a call
this morning. Oh wait a minute, we have some questions
in here. We'll get to these in just a moment,
so hold on tight and we'll get to some of
the questions that we that we have that's coming in
on the text line. You can send us a question
at three zerre four non three five five zero zero
(17:31):
eight to three zer a four non three five five
zero zero eight, or you can you can give us
a call at three zero four three four five fifty
fifty eight. Joon Bredet is here from Fourth Avenue Financial.
This is retire Right Radio and you can find out
more information online at Fourth Avenue Financial dot com or
at Facebook Fourth Avenue Financial. We'll take a break and
be back after this. I'm Dell Cooper. That's John Burdett.
This is five ADWCCHS the Voice of Charleston.
Speaker 5 (17:50):
Retire Right Radio was sponsored by Fourth Avenue Financial, which
is solely responsible for its content. Security is offered through
JW CALL Financial Member fent RECIPIIC Investment vice offered through
JW coas Advisors Fourth Avenue Financial, jw CL Financial and
JWICLE Advisors are unaffiliated entities. The opinions expressed by John
Burdett should not be construed as specific investment legal or
tax advice. All economic and performance information is historical and
(18:13):
not indicative of future results. Investing may involve risk of
loss of principle. Any taxes 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 listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(18:33):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by for the Avenue Financial which is solely
responsible for its content.
Speaker 6 (18:43):
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Speaker 4 (19:16):
Bye.
Speaker 7 (19:16):
Now, I'm sure you recognize that cha chain sound means
this is a commercial for fifty fifty Fridays, but this
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Speaker 2 (19:45):
This is retire Rife 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 (20:10):
That's about nineteen minutes in the top of the hour.
You're listening to retire Right Radio one five awc HS,
the Voice of Charleston. John Burdad is in studio with us.
This morning is just a few days before Christmas, you
can give us a call three zero four three four
five fifty eight fifty eight three four five fifty eight
fifty eight. You can text over your questions the three
zero four non three five five zero zero eight three
(20:30):
zero four non three five five zero zero eight right
here on retire Right Radio. Before we while we were
in the commercial break, I did have some an idea.
When I was younger, it was pretty common there would
be gifts of you know, sometimes you get like a
like a bond that you would hold one to for
a while or whatever it might be, and and your
grand grandparent would talk to you about, you know, the
(20:51):
responsibility that was with it and things like that. I
was trying to construct something in the modern day that
would work like that, like something that to teach, because
we talk about it all the time. I mean sometimes
in schools, you know, kids will learn like algebra two
or something, but they don't learn how to tell to
how to ballot to their bills, you know, how to
pay bills, and and I mean, you know that stuff
(21:12):
isn't really taught anymore. And then if you take that
to the next step and you start talking about the
financial market and literacy in the financial market, how does
interest work? Things along those lines. I feel like that
there's something as parents and as grandparents and things like
that that we can do to help along on that
those lines, like what can what what what can we
give to our child or our grandchild to kind of
point them in that direction, Things that we can use
(21:32):
that as building blocks to teach them along the way.
Speaker 4 (21:35):
Right, Well, like you I got saving spons as well
for my grammar.
Speaker 3 (21:38):
Right, but.
Speaker 4 (21:42):
You know the saving spawns are great, but they're fixed
income and Jerry low low interest. What I think is
a good idea. Uh, you can open a mutual fund
account for for your child, a custodio account, and and
give exposure to the market and how the market works.
(22:04):
You can see on that mutual fund, for instance, what
stocks might be held in there. Oh, look, you on
pieces of Nike or McDonald's or you know, businesses that
they are familiar with, and it will help help them
understand you know that this is not just a number,
it's it's something tangible. You know, that's a when somebody
(22:24):
buys a Nike shoe, you know you're benefiting from that
in some way. And try to make try to bring
the the investment or the theme of investment into reality
rather than out there in ephemerals somewhere that it's hard
to put your finger on. You don't understand why it
goes up or down. Well, no, these are businesses, you know,
(22:48):
and that's an important lesson. And then also the idea
of compound interest. You know, you could look at many
of these household name companies and look at charts and
see how they've compounded over the years, and see how
they've paid dividends over the years, and you know, you
can you can think, okay, how how did you know
(23:09):
on this chart, how did this one thousand dollars grow
to fifty thousand dollars over this period of time? What's
compound interest? You know, it's money making money on itself
over the years. And there's some things that you know,
you know, you could use little analogies, things like that
the concept of the penny doubling. You know, would you
(23:29):
rather have a million dollars today or a penny that
doubles every day for a month, for thirty days. And
most people picked the million dollars, not thinking that penny
can can grow to more than that. But but the
penny's the right answer, you know, I think it's five
point three million dollars after thirty days.
Speaker 3 (23:48):
Why did that happen?
Speaker 4 (23:49):
Because it compounded on itself, and it's very powerful, and
it teaches you a couple lessons. I mean, one, it
teaches you how money compounds, but it also teaches you
how to delay gratification a little bit, which is also
important in that exercise.
Speaker 3 (24:07):
You know, because.
Speaker 4 (24:08):
Halfway through that thirty days, I believe it's somewhere around
one hundred and fifty dollars is all that penny has
grown to one hundred and fifty dollars. If you would
have taken that money out and went and bought a
pair of those nikes, you wouldn't have been to five
point three million dollars. So there are a lot of
little tricks you can you can use to try to
make it as tangible as possible.
Speaker 3 (24:29):
I've never been. The closest that I can come to
is when I got first got my job and mortgage
business back in the late nineties. It was when people
were just printing money and there was some ridiculously large
paychecks that I was that I got back in the time,
and I was, you know, relatively young, man, and so
I can look back at that point being like, it'd
been nice to have more financial literacy back then. But
(24:51):
we're talking to, you know, tens of thousands of dollars,
not in the hundreds of thousands of dollars. I've known
some people that were in the hundreds of thousands of
dollars range that that basically just it evaporated on them,
you know, like they've either got inheritance or from a
settlement of some sort or something along those lines, and
what seemed like overnight, the money just disappeared. And I
(25:13):
just feel like that sometimes some people just you just
that's not the discipline and there's nothing that you can teach.
But also I think that if people understood just how
much that money can turn into and what waiting five years,
ten years, or you know, segmenting off a portion of
it and looking at exactly what would mean for you
in the future and understand what that means, I think
that would be a more powerful statement than just being like, hey,
(25:33):
you don't want to spend it all at once. You know,
maybe we shouldn't be telling people not to spend it
all at once. It's like, you want to get more money,
you don't want to lose all your money at once.
A different way to context it because people don't look
at it the right way.
Speaker 4 (25:45):
Yeah, I mean a lot of people, you know, might
grow a tomato plant in their yard or on the
back porch when it's in season. You know, it's the
same thing. You know, if the plant gets those tomatoes
and you whack it down the first time, there are
no more tomato. But if you wait, you know, it
keeps producing, you know, the wrong season and you know,
(26:09):
just trying to and then when they produce, you know,
then you can you can make more tomato plants, the seeds.
You know, it's the same thing. It just it's just
compounds and it's a powerful thing. It's why you know
banks have all the big buildings right right, and you
know you want that compounding. You want that interest coming
(26:32):
to you. You don't want to be paying it out,
you want to be receiving it. And as quickly as
you can get to that side of the ledger, you
know you're going to build wealth over time. It's just
how it works and money. You know you have it,
and if you don't do the right things, it will
go away. The rules apply to sports stars that get
(26:57):
big contracts, movie stars. You know, all of these lottery winners,
why do they go broke? Well, because the rules apply
and they don't know the rules, right yeah, and it's
you know, and and it's is it their fault? Well,
you know, maybe they should have had an advisor, maybe
they should have listened to some some people that were
trying to give them advice. But but you know, your
(27:19):
money will will leave and go live somewhere else where
it's treated better.
Speaker 3 (27:24):
You know, that's a yeah, right, yeah, If you abuse
your money, it's going to go, and it's going to leave,
it's going to go somewhere else. Yeah, the money money
doesn't lie in that way. And you bring up and
again this is kind of a great point because it's
at the level where even grown adults at professional athlete
levels are now having to contract people. And of course
we're dealing with lots of money, But what's the difference
(27:45):
other than zero's I mean, and I don't mean that
to be flippant, but if you have to budget your
your life, it's just a matter of decimal places, you know,
when on how you're doing it. And and so you
find professional athletes out here who have gone all through
the rigamarole of becoming a star athlete that suddenly find
themselves without the skill to be able to manage their
life financially. And so what you see some of the
league organizations and players unions and stuff like that, they're
(28:06):
putting on classes. They're hiring people to come in and
teach these people that are coming to get into the
league how to manage their money. I mean, that's great,
but why don't they know already?
Speaker 4 (28:16):
Well, that's true, but yeah, you know, and and there
are challenges too with an athlete or a lottery winner
in that in the case of the athlete, that's usually
a very short window they're earning.
Speaker 3 (28:30):
That type actly. Yeah.
Speaker 4 (28:31):
Right, So you know, if you set your expectations of
lifestyle up based on that salary and it only lasts
five year contract, you know, you're in trouble.
Speaker 3 (28:41):
You can't I'll be Bobby Pinia. Yeah.
Speaker 4 (28:44):
But the you know, usually the people that do the
best with money are the ones that are you know,
above average earners. But they don't have to be, you know,
at the extreme high end of earnings. But they do
the right thing with money over time, and and their
income is durable from their occupation and they just treat
(29:07):
it right, and before long it compounds into you know, large,
large numbers. And I'm talking about people you know that
come into my office. That is surprising how much, even
to me sometimes, how much things have compounded for someone
that you know, maybe their household income was one hundred
or hundred and fifty thousand dollars a year. You know,
but if you make that and you live like you
(29:29):
make sixty, you know, you're still out there living like
the average person. And in ten fifteen thirty years in
you know, you can live however you want.
Speaker 3 (29:40):
Unfortunately, we get a lot and I mean it's not
that I haven't been guilty this. We have a lot
of people that that don't live like that. They you know,
they make one hundred and fifty thousand and they have
a two hundred thousand dollars life thousand. You know, that's
not gonna work then, and then they get a raise
and they start they become a two hundred thousand dollars
a household and they start living a two hundred fifty
thousand dollars lifestyle. It always pushes the envelope little bit forward,
(30:00):
which maybe is what drives the America but also maybe
you could just stop at the two hundred thousand dollars
spending and then everything else you start getting in at
that point, you're setting yourself up for a little bit later.
Speaker 4 (30:10):
Yeah, it's just understanding that whole process and the give
and take of all the decisions you make. You know,
if a twenty five year old spends frivolously one thousand
dollars on an item, that might have been forty or
fifty thousand dollars of retirement money on that one decision.
Ouch when you think about when you talk about compounding
(30:30):
in the market, So you know, it's just trying to
get some perspective on that so that you're making educated
decisions when you're parting with your money.
Speaker 3 (30:40):
I heard a story. It was on a financial podcast
a couple of weeks ago, and it sounded apocryphal to me.
I don't know that it's actually real, but it seemed
to make a lot of sense. And this was a
god telling a story about how I think as granddad,
they had like a like a some sort of a
containerful little pennies, like a big glass jar ful of pennies.
It was like like three feet high on the floor
or something. Like that just full of pennies. And I
(31:03):
think the young boy's grandfather in this story, if it
was true, told him that what he was going to
do is every day he was going to double the
amount of pennies he took out of the jar and
put it into another jar. And so first day he
took out one penny, next day two pennies for six.
You know, he's compounding his interest. And he asked his
grandson how long do you think it will take you
to do it. It was like, oh, it'll take me at
least a year, Paul, or you know whatever it was,
(31:24):
and ended up taking m less than a month. And
he was like, how did it go so quickly? He's like, sorry,
that's the power of compounding interest. I don't know if
that's a true story, but in concept, it seems like,
oh kind of work. Yeah, you know, I mean that
physically that you're moving the coins and you're seeing it
move from one place to another. It took you a
year to get all the random change thrown in here
to fill it up, and then suddenly it's gone in
(31:44):
just a couple of weeks. It seems like that that
actually might actually work. I think the story was fake, honestly,
but it seems like it might work well.
Speaker 4 (31:51):
You know, sometimes good fable never heard anybody like.
Speaker 3 (31:55):
I was hearing this. I'm like, man, that's nobody has
that perfect of a story. That seems like something it's
made up. But at the same time, I was thinking
about it, and I was like, you know what, visually,
that actually might be quite stark. What kid, could you
get to commit to that for a course of time.
I don't know, but yeah, it's tough. Yeah, but it
does seem like that it would that it would probably
work out. So if folks are listening right now, and
of course we do this show, by the way, every
(32:16):
Monday right here on, I'll retire write your radio on
five ADWCHS. You can tune in at eight twenty every
Monday morning so you can have your questions ready for John.
So you can call in or Texas if you think
of something over the course of a week between our shows,
you're more than welcome to do that at any time.
But if there is somebody out there, maybe they're listening
for the first time, or they want to give some
advice to a loved one or something like that, and
they're in a situation, or know somebody in a situation
(32:37):
that just does nothing for the retirement, which is unfortunately
relatively common, you know, I mean maybe a four to
one k and not much else. Some people don't even
do that even when they have the option there. What
would be the first step? Call John Burdett, of course,
but what do they need to start thinking about as
far as as far as that retirement. I think a
lot of times people procrastinate because they think it's so hard.
(32:58):
They're like, well, I don't want to do all this
because it means days of getting all this paperwork together
and doing this, and then I don't want it to
go through all that.
Speaker 4 (33:05):
No, it's it's not that difficult. I mean it's certainly
any statements that you have are valuable. But initially we're
just trying to get an overview of what your financial
life looks like. You know, do you have debts, what's
your income about? How much money do you have saved currently?
What are your goals? When do you want to retire?
You know, those big questions that we can then start
(33:26):
breaking it down over time and figuring it out so
that it's not overwhelming, you know, to be successful financially
you have to build the foundation first. So those are
the first things that I make sure are in place
before you go to full bore investing. You know, do
you have consumer debt? If so, you're not going to
(33:47):
out earn twenty two percent on a credit card, you know,
So before you start doing all this aggressive investing, the
best investment is paying that off. Well, if you have
credit card debt, the only you're going to solve that
is if you first look at your budget, because if
you're creating credit card debt, by definition, you're living above
(34:07):
your means. And so those things have to be in
place for you to be a successful investor. If you
skip the step and go into investing, it's inevitable that
you'll end up raiding that investment account at some point
because the foundation is shaky, it's not built on solid ground.
And that is the whole difference in people that are
(34:29):
successful with money over time and people who are not.
You have to escape that that kind of high interest
churning of a month after month on those on those
credit card bills, and you have to live below your
means to some degree. I mean, you have to live
like a pauper. It just means you have to realize
(34:49):
the position you're in and live live within that scope.
Speaker 3 (34:53):
I've made the mistake before. I try to brute force
my way into saving. At one point when I was
younger and had some money that I locked into not locked,
but I put it in a money market account that
wasn't And this was back in the early so not
everything was related anyway, but I made it harder for
me to get to What did I do over the
course of the next year, Like I had to work
my butt off all the time just to get money
out of my money mark account when I needed. You know,
(35:15):
I wasn't ready. I wasn't ready. I probably should have
paid debt off, you know. You know what I did,
and I eventually figured it out how to do it
the right way. But I thought, oh, I can save
all this money first and then work when paying my
debts as I'm going.
Speaker 4 (35:27):
And it didn't work right, right because if you would
have well, even if you would have taken that money
and paid all your debts off and and your budget's
still broken, you're right back in the situation. So you know,
those foundational things, that's what keeps folks from accumulating wealth.
You have to have consistently more earnings coming in than
(35:48):
going out, no matter what level that earning is.
Speaker 3 (35:50):
When when I got to zero debt, the way that
I was able to do it, I was a business
owner at the time, and we had a secondary location
that was a warehouse that was a commercial location, but
with shelves of books created walls and rooms in the
warehouse and I basically lived in the warehouse for a
couple of years. Right. It was actually kind of neat,
but it didn't have all the modern conveniences. But I
(36:12):
had zero other overhead, no living at spence overhead. It
was the same overhead that my business had, and that
enabled me to really buckle down and to pay off
all my debts. I didn't have to worry about most
of my other expenses and it worked, you know. And
after that I went out and got a house and
everything was fine. But that's what allowed me to do that.
It was a little extreme, I mean, living in bookshelves
is a little bit extreme, to be honest with I mean,
we had a living room, but it was just built
(36:33):
with walls of books. For the most part, I.
Speaker 4 (36:35):
Would think that place would be been haunted or something
with all those old books around.
Speaker 3 (36:39):
Oh, man, it was in It was in the crazy
thing about. It was in the industrial side of Jackson,
Michigan is where the warehouse side. So you'd crossed the
tracks and it was in this big industrial area right
next to the river, and there was like the sludge
going down the river. And so in my warehouse was
right on the on a tributary to the river. So
you would go outside and there was like the smelly
river going out in front of them, and it was
(36:59):
like an industrial wasteland. But man, it didn't cost me
any money to live other than my business expences, so
it ended up working out all right. I felt like
it was my villain layer, you know. It was like
that was my secret villain layer.
Speaker 4 (37:09):
Hey, however, you have to you know, make the mind work.
Speaker 2 (37:12):
You know.
Speaker 3 (37:13):
But the bottom line is I had to take extreme measures.
You know. I was in a situation and not everybody
has that kind of ability. But I realized that I
had to live more asterly than what I actually was
because there was no way living the way that I
was that I was awa able to pay off my debt.
So that's what I Because the debt.
Speaker 4 (37:27):
Is, like you say, the debt is the sign that
you lived beyond what you could afford to live, and
so not only now do you have to pay off
that debt, but now you also have to live below
where your your means are.
Speaker 3 (37:40):
Or you'll be right back in the situation.
Speaker 4 (37:42):
And it's you know, it's simple math and it's not
hard to see the process, but it's life, so it
can be difficult, particularly if you don't have somebody working
with you and giding you through that.
Speaker 3 (37:55):
It's sage advice as always with Jobber debt for Fourth
Avenue Financial. Before you get out here, Christmas, you and
your family. We'll see you back on the other side.
Speaker 4 (38:02):
It's Tom.
Speaker 3 (38:03):
Yeah, I guess it is man. We'll see you back
just before the new year. I guess right. Yeah. Take care.
That's Joenre dett Form furth Avenue Financial Online, Fourth Avenue
Financial dot com. Fourth Avenue Financial dot Com. You can
find them on Facebook as well at Fourth Avenue Financial
due that search phone number. Threes are A four seven
four six seven non seven seven threes are A four
seven four six seven none seven seven. Dave Allen is
up next on on five eighty Live. I'll leave back
(38:24):
this afternoon with Dave Weekly. We're back together for the
first time in three weeks. Tune in, won't you at
three oh six. Have a great day everyone On five
ad w CCHS, where the Boys of Charleston.
Speaker 2 (38:41):
Fighting AWSAWT six point five, Charleston one oh four point
five Cross Lane on WVRC 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
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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 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
(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 lide
to the studio with host Dale Cooper and John Verdett
(00:59):
from with to have any financial.
Speaker 3 (01:00):
Feature and her replies to good morning to you. It
is twenty one minutes past eight o'clock and it is
Monday morning. Are you ready for Christmas? Just a couple
of days away from from the big day coming up
on Thursday. You are listening to retire RTE Radio and
John Burdetta is back in the studio with this morning. John,
how are you doing this morning? I'd go great, out standing.
Always glad to have you back back on a Monday morning.
(01:21):
I was out last week, so it's always nice to
be back after a week off and getting things going
along the line. You can I give us call this morning.
If you like our numbers three zer a four three
four five, fifty eight fifty eight, you can have John
help you out. You don't want to be shooting in
the dark when it comes to planning for your retirement,
and you can put a professional on your side. John
Burdet can help you out this morning with Fourth Avenue Financial.
Threes are A fourth, three four, five, fifty eight fifty eight.
(01:42):
If you want to give us a call on line
fourth Avenue Financial dot com. You spell out the whole
thing fourth Avenue Financial dot com and you can find
his web page over there. Do that same search on
Facebook and like the page so you can be kept
up to date on all the events. You can also
text us this morning three zero four non three five
five zero zero eight. Luckily I can rely with muscle
memory and I remember all those numbers. Okay, that's not
so bad. Yeah, that's all right. My last week that
I was here working, I was also covering for Hotline
(02:05):
in the afternoons, and the separation of numbers was starting
to get to me a little bit. I was giving
the wrong test line text line number at the wrong
show and stuff like that. That happens.
Speaker 4 (02:15):
We can do taper ones, especially these days, you don't
have to remember phone numbers or anything.
Speaker 3 (02:19):
I mean, that is a good point, because it used
to be you'd have to keep all those things sorted.
I tell people all the time that if I'm ever
in one of those situations where I'm in like a
foreign country, and I get hauled off to prison and
they take my phone from me and I can only
make one call on like a cell phone dangling from
outside the prison door, It's going to end up being
a guest on one of our programs because those are
the only numbers I know because I call them off
the time. Just stay out, Yeah, you know, it's actually
(02:40):
like you know Tony Creed. You better be waiting for
a phone call because I know his number. Jeff ericson
from Rota Wire. His numbers really easy to remember. The
last four digits is one, two, three four. If if
I ever get in problems with jeff Erickson's gonna be
rolling out of them and be like, Coop, why are
you calling me from Mexico? Anyway you can get to
call this morning three z or four three four five,
fifty to fifty eight, John. I have to rely on
this morning as we take our weekly look back into
(03:02):
things that happened last week in the market and kind
of where things are settling in. My week away on
vacation was literally a vacation. I took a vacation from
everything from work, from news, from social media. I didn't
really get involved with any of the stuff. So what's
going on, man? What happened to the week I was gone?
How's the market? How's things going? Whites are on?
Speaker 4 (03:18):
Yeah, hey, we're still here. You know, last week was
a pretty pretty good week. I mean, it was a
mixed week, holding steady. So you know, we're coming into
the end of the year now with double digit gains
and back to back years, and you know that's that's
not unheard of. You know, when when you see the
news sometimes they use these big words to make it
(03:39):
seem like it's unusual. The market does that. It grows
in spurts and and it's just because it's been up
two years in a row. Doesn't mean next year it
can't be up again, because that wouldn't be unprecedented either. Now,
looking at valuations, a lot of folks are concerned with
that going forward. But if you strip out the text off,
(04:00):
the underlying market is still reasonably valued. We're talking fourteen fifteen,
sixteen times earnings, which you know in a environment where
the economy is still growing, those are pretty fair valuations
across the board. So it's just a question of you know,
the tech stocks. So we've seen a little bit of
(04:22):
for the last couple of months more participation in the
broad market. You know, hopefully that continues and that that
could propel next year forward. It's hard for me to imagine,
of course, you know, I have no crystal ball that
those handful of tech stocks are going to keep pulling
all the way.
Speaker 3 (04:40):
Yeah, and you bring up a very good point. I
never really thought of it before until you mentioned it,
But you can have multiple things being true at the
same time. It can be true that maybe some of
the AIS stocks are a little overvalued in THEIRS, but
that doesn't mean there's a problem with the market as
a whole. Like you said, the more traditional stocks and
things that are under there are probably fairly valued. So
it's a little asymmetric as far as that goes. You
can't expect. It doesn't mean one thing doesn't necessarily inform
on the other. They're completely siloed to someday.
Speaker 4 (05:01):
And you know, you could have an environment where even
though some things are fairly valued, that you still have
a pullback in things.
Speaker 3 (05:10):
I mean, it's not that.
Speaker 4 (05:13):
Just because they're fairly valued doesn't mean they can't be
more fairly valued. You know. So if you saw a
big tech sell off, it might affect the rest of
the market for a period of time. But the point is,
you know, the bulk of the market that you're buying
into is by most measures, still reasonably valued.
Speaker 3 (05:30):
And I think and that seems like a completely fair Assessmentee.
One of the I told you I was I was
trying to avoid all news when I was gone, So
some of the podcasts and things that I typically listen to. Man,
everybody is talking about I mean, of course everybody's talking
about a because that's what everyboy's always been talking about.
It is like to the point where I just have
to push everything off and be like, I'm just I
can't listen to this anymore. I mean, I'm familiar with it,
(05:53):
I use it. I'm not embarrassed about it to the
things I use it for them. But man, the warring
factions and the different thing. Man, it's like, can I just, like,
you know, get my data correlated and I'll tell you
off air about a project that I did just as
a hobby while I was on vacation that I thought
was really fun. But everybody's talking about it from every perspective.
Science podcast talk about economic podcasts we're talking about it.
(06:15):
Business podcasts are talking about like the whole spectrum of
stuff that I listened to, like are we over evaluated?
Is or too much aid? Does the companies really wanted?
Is actually really good? On and on and on, which
isn't bad? I mean that's how a marketplace is birthed, right,
I mean, that's the beginning of a new industry, right right.
Speaker 4 (06:32):
And and there again, I've stated this before. The real
winners are going to be the companies that figure out
how to utilize it within their businesses to be more efficient.
And when you look at that, just what I said
earlier about the relative good valuations on the rest of
the market, those are the companies that could take advantage
(06:55):
of that potentially to help grow their profits in the future.
And so you know, you have a backdrop. Anytime you
have innovation, you're gonna have disruption. But over time, just
like we've talked about before with COVID and and all
these other changes that has happened. You know, businesses try
to adapt and and try to become more efficient, and
(07:17):
largely they're successful. And that's why we keep plowing, you know,
farther ahead over decades and decades.
Speaker 3 (07:23):
And sometimes there's shooting stars that take up inertia. I mean,
I think back to the dot com era. You know,
it's easy just to think Google, Google, Google, Amazon now,
but that wasn't the case. You know, Asgeves ask, dot Com, Yahoo, Search,
things like that were more prevalent for a long time.
Amazon was one of the many players, but you also
had buy dot Com, half dot Com, all these different places.
(07:44):
Is that we're trying to do basically the same thing,
and you kind of sort through the ones that that
pill away go do other things. I mean, some of
these websites actually still exist, they just completely change their
business models to some degree and they find other ways
to be profitable. Yahoo is a completely different entity now.
It's still but as an entity, it's completely different than
the than the web one point zero stuff that we
(08:04):
were all used to during the dot com era. So,
I mean, although Google and Microsoft are huge players in
the AI thing and open ai is kind of we
don't know who's really going to come through this and
be you know, know, the Google of twenty thirty five.
Speaker 4 (08:16):
I mean, if I actually saw it yesterday, I'm not
sure where I saw it, but it was Mark Cuban
doing an interview and they were talking about when his
was it America Online or something, Yeah, that when that
sold at those crazy evaluations. He had like two and
a half billion dollars at the time in stock valuation,
(08:38):
and he thought, you know, even himself said this seems crazy,
and he actually sold his stock and if he had
held on just three months, he would it would have
gone away completely. Stock went from like three hundred dollars
to five dollars. Wow.
Speaker 3 (08:58):
Wow, imagine that. It's just crazy. Think about it when
you when everybody was getting all those uh, when everyone
was getting all those CDs in the mail and everything,
and this was never want to go away. This company's
won't be here forever. Look at all these CDs they
can afford to print right else, right and then and
then like virtually overnight, I mean I remember when all
that happened virtually overnight once the Internet was let out
of the box. Basically it used to be you had
(09:18):
to go through AOL or something to get your Internet portal,
you know, I mean that's how you got online America
one line, right. But once they once they took the
Internet out of a box, of those places just went away.
I mean, nobody needed that front end to the Internet
when you could just get on yourself, right right. That's crazy.
That's crazy stuff to think about.
Speaker 4 (09:33):
But you know that's when you speak evaluations and how
quickly things can change.
Speaker 3 (09:36):
You know that that.
Speaker 4 (09:38):
You know, that was something else that was a good
lesson too to He was like, I have two and
a half billion dollars right now, that's plenty of money
right at that at risk.
Speaker 3 (09:48):
Well, why don't I, Why don't I cash out on
that now while while things are really good, that all
brings up, that all brings up a good point and
and the way these things can be informed. It just
it just goes to show you that that number one,
what what you talk about a lot on this program
when you look at the companies that have been doing
things for long periods of time, that have been creating
profit for other people and finding ways to innovate in
the industry and stuff like that. I mean, somebody will
(10:09):
sort the AI stuff out. There'll be companies in the
future that are going to be you know, kind of
the bellwethers of that and stuff like that. There's no doubt.
But there are companies that exist doing that now. They're
just not an AI necessarily. I mean, you can find
your I mean, you have your risk reward there, but
you can still plan the rest of your financial life
just like we always have.
Speaker 4 (10:25):
Sure, and if you're broadly diversified and the lesson that
for Mark Cuban. If you're broadly diversified, you know, you
don't need to chase everything. You know, stay diversified. Think
about yourself the things that you can control. Think about
your tom horizons and the goals that you have and
then build that portfolio. It really comes back to what
(10:48):
we talk about a lot, and that's that's your your
temperament and your ability to step outside yourself and analyze
the situation. And a lot of people have trouble doing that.
It's that fear and the greed, you know that that
seeps in and and and there again. I think that's
what an advisor can bring to the table that here,
(11:09):
here's another set of eyes separate from you and the
emotions that you might hold, or the biases or previous
experiences you've had, and and just look at it and say, hey,
this is what we're trying to accomplish, and these are
the tools to get there. And and you know, and
Mark Cuban and our example was was able to do that.
(11:30):
But most people, you know, even myself, it's it's hard
sometimes to make those good decisions when it's you know,
when you're internalizing it.
Speaker 3 (11:40):
Yeah, everybody has a bias, even if you try not
to be biased. So everybody's want to have, you know,
live different life experiences and things like that that even
if you try not to be cognitively bias they're still
going to be cognitively biased. One thing about Mark Cuban,
not that that matters much anything, but I find it
kind of interesting about the cat is that I think
he's truly is authentic to himself, Like he makes everybody mad,
(12:02):
you know, like as far as like political parties or
anything else, he tends to make everybody mad. And he
doesn't seem to say things for performative reasons. He seems
to just I mean, you may not agree with what
he says, but he seems to actually say what he
thinks and not what he thinks people want to hear
him say. And there's so few people like that anymore.
It's kind of nice, you know. I don't necessarily always
like the things he has to say or anything, but
(12:23):
always appreciate his perspective because I know that he's being
honest at least about his perspective, and that's a valuable
perspective from somebody in his situation. And to know that
they're being honest about and not trying to pretend that
something else, there's some value in that. Sometimes. I think,
you know, John Berdad is here with us. You can
give us a call this morning if you want to
steer your retirement just a little bit. Find out how
you can retire right. Maybe you're wondering how to get
(12:43):
the debt snowball going for you. That's something that you
can use to get out from under your debts. And
I hate to say it at this time of year.
I was just talking to somebody yesterday and no judgment,
just in keeping my ears open in a conversation. I
know that they were charging a bunch of their Christmas
presents on a credit card because they we struggling about
how they were going to pay it off. And I'm
thinking to myself, man, I have been in this situation recently,
(13:05):
like in the last twenty years, where I just didn't
buy anybody anything for Christmas because I didn't have any money.
I mean, sometimes it is what it is, man. So
if you have any questions about that, how you can
maybe keep out from under problems that you're building around
Christmas time. Maybe that has nothing to do with it,
and you're just wondering how you can get started or
how you can fine tune your retirement plan. You can
give us a call this morning or a text. You
can call three zer a four three four five fifty
(13:26):
eight fifty eight. Threes are A four three four five
fifty fifty eight. You can also text threes are A
four non three five five zeros, er eight three zer
a four non, three five five zeros or eight. Obviously,
this time of year you're not a tax advisor, of course,
but this time of year is you really need to
keep things together if you're going to go into charitable
donations and things like that, because this is when people
usually open up, you know, they see the struggles and
(13:48):
things like that, and so you start getting into things
like that, and so that plays into part of like
when you're doing your financial planning and you're working with
your financial planner and maybe you're accountant and things like that.
Those are things because you might forget. I mean, we
have people that on things that we do. We offer,
you know, receipts and stuff when people bring things behind
things like that, and a lot of people are just
kind of wave it off. And of course, I think,
again I'm not a tax expert. You have to go
(14:08):
over certain deductions anyway for that stuff to matter. But
be sure you keep that stuff in mind because those
can be an important part of your strategy at the
end of the year. Regardless of what you're doing when
it comes to planning.
Speaker 4 (14:19):
Right, And there's some there are some things that I
don't think everybody really knows about. I think more so
now than in the recent past. But so I think
it's it's becoming more common. But the rmds that you
have to take after you're seventy three, oh yeah, you know,
the government's forcing you to take that and pay taxes
(14:40):
on that. They also allow you to do what's called
a QCD qualified charitable distribution. So in lieu of the
RMD that's taxable, you could donate that money to a
charity and it's tax free, so that nobody pays the
tax on that. So, for instance, and let's say you're
(15:01):
you're taking your distributions and you don't really need those
distributions to spend because it wasn't in your budget before.
Now the government's just forcing that money out. And let's
say you were already tithing to your church or giving
to some organization charitable organization. Well, instead of taking that
money out of your retirement plan and paying taxes on it,
(15:22):
now you can direct it straight to the charity and
hope and you get that tax savings.
Speaker 3 (15:28):
What a great, what a great idea. Yeah, I mean,
and and for people again, if you're if that's a
strategy that you have and you do tie either or
you give to something, just work that into your your
normal tithing or your normally contributions. And I mean, that's
a great little game saver.
Speaker 4 (15:41):
You know, you could essentially you you either keep more
money or the charity gets more money because the Uncle
Sam's not in the middle of that transaction.
Speaker 3 (15:49):
Anytime you can cut out of Uncle Sam. That can't
be a bad deal, right, that's not so bad. And
just generally speaking, when you're reviewing these types of things,
of course, when you get to the end of the year,
and we've talked to this about before, everybody kind of
feels like that there's deadlines, and there are deadlines. But
when it comes to financial planning, there's no particular hard
set that people have to worry about for getting things
(16:11):
right for twenty twenty six. I mean, there's tax documents,
there's different things like that, but for planning for your
financial future. You can sit down with you with John
Birdebt today or on January fifth, whatever day it is,
and they can still put together the plan and start
executing and there's no deadlines they're going to miss necessarily anything. No.
Speaker 4 (16:26):
I mean, you know, at the end of the year.
There are a few things with the like tax loss
selling things of that nature, and your portfolio that you
have the year and deadline, but most things are not
like that. Even ira A contributions, you have until you
file your taxes next year to bake those contributions for
this year, so you've got a little runway there. I
think it's just psychologically at the change of the year,
(16:48):
people start thinking about, you know, how to move forward,
or maybe the mess they've made this year and we
need to get that cleaned up. But you know, the
time to invent is when you have money, and there's
really not a bad time to get you know, walking
down the right path. That's good stuff.
Speaker 3 (17:09):
As always with John Moredebt for Fourth Avenue Financial, why
don't we do this, let's take our break, wouldn't we
come back. We still have plenty of things we can
talk about for you to control the conversation a little bit.
If you have any questions for John Burdett about how
you can retire right, you can give us a call
this morning. Oh wait a minute, we have some questions
in here. We'll get to these in just a moment,
so hold on tight and we'll get to some of
the questions that we that we have that's coming in
on the text line. You can send us a question
at three zerre four non three five five zero zero
(17:31):
eight to three zer a four non three five five
zero zero eight, or you can you can give us
a call at three zero four three four five fifty
fifty eight. Joon Bredet is here from Fourth Avenue Financial.
This is retire Right Radio and you can find out
more information online at Fourth Avenue Financial dot com or
at Facebook Fourth Avenue Financial. We'll take a break and
be back after this. I'm Dell Cooper. That's John Burdett.
This is five ADWCCHS the Voice of Charleston.
Speaker 5 (17:50):
Retire Right Radio was sponsored by Fourth Avenue Financial, which
is solely responsible for its content. Security is offered through
JW CALL Financial Member fent RECIPIIC Investment vice offered through
JW coas Advisors Fourth Avenue Financial, jw CL Financial and
JWICLE Advisors are unaffiliated entities. The opinions expressed by John
Burdett should not be construed as specific investment legal or
tax advice. All economic and performance information is historical and
(18:13):
not indicative of future results. Investing may involve risk of
loss of principle. Any taxes 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 listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(18:33):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by for the Avenue Financial which is solely
responsible for its content.
Speaker 6 (18:43):
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Speaker 4 (19:16):
Bye.
Speaker 7 (19:16):
Now, I'm sure you recognize that cha chain sound means
this is a commercial for fifty fifty Fridays, but this
one is a little different. We're always looking for exciting
new restaurants and businesses to feature on fifty fifty Fridays,
and that's where you come in. Instead of paying cash
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(19:37):
ask for Sean at three zero four three four two
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Speaker 2 (19:45):
This is retire Rife 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 (20:10):
That's about nineteen minutes in the top of the hour.
You're listening to retire Right Radio one five awc HS,
the Voice of Charleston. John Burdad is in studio with us.
This morning is just a few days before Christmas, you
can give us a call three zero four three four
five fifty eight fifty eight three four five fifty eight
fifty eight. You can text over your questions the three
zero four non three five five zero zero eight three
(20:30):
zero four non three five five zero zero eight right
here on retire Right Radio. Before we while we were
in the commercial break, I did have some an idea.
When I was younger, it was pretty common there would
be gifts of you know, sometimes you get like a
like a bond that you would hold one to for
a while or whatever it might be, and and your
grand grandparent would talk to you about, you know, the
(20:51):
responsibility that was with it and things like that. I
was trying to construct something in the modern day that
would work like that, like something that to teach, because
we talk about it all the time. I mean sometimes
in schools, you know, kids will learn like algebra two
or something, but they don't learn how to tell to
how to ballot to their bills, you know, how to
pay bills, and and I mean, you know that stuff
(21:12):
isn't really taught anymore. And then if you take that
to the next step and you start talking about the
financial market and literacy in the financial market, how does
interest work? Things along those lines. I feel like that
there's something as parents and as grandparents and things like
that that we can do to help along on that
those lines, like what can what what what can we
give to our child or our grandchild to kind of
point them in that direction, Things that we can use
(21:32):
that as building blocks to teach them along the way.
Speaker 4 (21:35):
Right, Well, like you I got saving spons as well
for my grammar.
Speaker 3 (21:38):
Right, but.
Speaker 4 (21:42):
You know the saving spawns are great, but they're fixed
income and Jerry low low interest. What I think is
a good idea. Uh, you can open a mutual fund
account for for your child, a custodio account, and and
give exposure to the market and how the market works.
(22:04):
You can see on that mutual fund, for instance, what
stocks might be held in there. Oh, look, you on
pieces of Nike or McDonald's or you know, businesses that
they are familiar with, and it will help help them
understand you know that this is not just a number,
it's it's something tangible. You know, that's a when somebody
(22:24):
buys a Nike shoe, you know you're benefiting from that
in some way. And try to make try to bring
the the investment or the theme of investment into reality
rather than out there in ephemerals somewhere that it's hard
to put your finger on. You don't understand why it
goes up or down. Well, no, these are businesses, you know,
(22:48):
and that's an important lesson. And then also the idea
of compound interest. You know, you could look at many
of these household name companies and look at charts and
see how they've compounded over the years, and see how
they've paid dividends over the years, and you know, you
can you can think, okay, how how did you know
(23:09):
on this chart, how did this one thousand dollars grow
to fifty thousand dollars over this period of time? What's
compound interest? You know, it's money making money on itself
over the years. And there's some things that you know,
you know, you could use little analogies, things like that
the concept of the penny doubling. You know, would you
(23:29):
rather have a million dollars today or a penny that
doubles every day for a month, for thirty days. And
most people picked the million dollars, not thinking that penny
can can grow to more than that. But but the
penny's the right answer, you know, I think it's five
point three million dollars after thirty days.
Speaker 3 (23:48):
Why did that happen?
Speaker 4 (23:49):
Because it compounded on itself, and it's very powerful, and
it teaches you a couple lessons. I mean, one, it
teaches you how money compounds, but it also teaches you
how to delay gratification a little bit, which is also
important in that exercise.
Speaker 3 (24:07):
You know, because.
Speaker 4 (24:08):
Halfway through that thirty days, I believe it's somewhere around
one hundred and fifty dollars is all that penny has
grown to one hundred and fifty dollars. If you would
have taken that money out and went and bought a
pair of those nikes, you wouldn't have been to five
point three million dollars. So there are a lot of
little tricks you can you can use to try to
make it as tangible as possible.
Speaker 3 (24:29):
I've never been. The closest that I can come to
is when I got first got my job and mortgage
business back in the late nineties. It was when people
were just printing money and there was some ridiculously large
paychecks that I was that I got back in the time,
and I was, you know, relatively young, man, and so
I can look back at that point being like, it'd
been nice to have more financial literacy back then. But
(24:51):
we're talking to, you know, tens of thousands of dollars,
not in the hundreds of thousands of dollars. I've known
some people that were in the hundreds of thousands of
dollars range that that basically just it evaporated on them,
you know, like they've either got inheritance or from a
settlement of some sort or something along those lines, and
what seemed like overnight, the money just disappeared. And I
(25:13):
just feel like that sometimes some people just you just
that's not the discipline and there's nothing that you can teach.
But also I think that if people understood just how
much that money can turn into and what waiting five years,
ten years, or you know, segmenting off a portion of
it and looking at exactly what would mean for you
in the future and understand what that means, I think
that would be a more powerful statement than just being like, hey,
(25:33):
you don't want to spend it all at once. You know,
maybe we shouldn't be telling people not to spend it
all at once. It's like, you want to get more money,
you don't want to lose all your money at once.
A different way to context it because people don't look
at it the right way.
Speaker 4 (25:45):
Yeah, I mean a lot of people, you know, might
grow a tomato plant in their yard or on the
back porch when it's in season. You know, it's the
same thing. You know, if the plant gets those tomatoes
and you whack it down the first time, there are
no more tomato. But if you wait, you know, it
keeps producing, you know, the wrong season and you know,
(26:09):
just trying to and then when they produce, you know,
then you can you can make more tomato plants, the seeds.
You know, it's the same thing. It just it's just
compounds and it's a powerful thing. It's why you know
banks have all the big buildings right right, and you
know you want that compounding. You want that interest coming
(26:32):
to you. You don't want to be paying it out,
you want to be receiving it. And as quickly as
you can get to that side of the ledger, you
know you're going to build wealth over time. It's just
how it works and money. You know you have it,
and if you don't do the right things, it will
go away. The rules apply to sports stars that get
(26:57):
big contracts, movie stars. You know, all of these lottery winners,
why do they go broke? Well, because the rules apply
and they don't know the rules, right yeah, and it's
you know, and and it's is it their fault? Well,
you know, maybe they should have had an advisor, maybe
they should have listened to some some people that were
trying to give them advice. But but you know, your
(27:19):
money will will leave and go live somewhere else where
it's treated better.
Speaker 3 (27:24):
You know, that's a yeah, right, yeah, If you abuse
your money, it's going to go, and it's going to leave,
it's going to go somewhere else. Yeah, the money money
doesn't lie in that way. And you bring up and
again this is kind of a great point because it's
at the level where even grown adults at professional athlete
levels are now having to contract people. And of course
we're dealing with lots of money, But what's the difference
(27:45):
other than zero's I mean, and I don't mean that
to be flippant, but if you have to budget your
your life, it's just a matter of decimal places, you know,
when on how you're doing it. And and so you
find professional athletes out here who have gone all through
the rigamarole of becoming a star athlete that suddenly find
themselves without the skill to be able to manage their
life financially. And so what you see some of the
league organizations and players unions and stuff like that, they're
(28:06):
putting on classes. They're hiring people to come in and
teach these people that are coming to get into the
league how to manage their money. I mean, that's great,
but why don't they know already?
Speaker 4 (28:16):
Well, that's true, but yeah, you know, and and there
are challenges too with an athlete or a lottery winner
in that in the case of the athlete, that's usually
a very short window they're earning.
Speaker 3 (28:30):
That type actly. Yeah.
Speaker 4 (28:31):
Right, So you know, if you set your expectations of
lifestyle up based on that salary and it only lasts
five year contract, you know, you're in trouble.
Speaker 3 (28:41):
You can't I'll be Bobby Pinia. Yeah.
Speaker 4 (28:44):
But the you know, usually the people that do the
best with money are the ones that are you know,
above average earners. But they don't have to be, you know,
at the extreme high end of earnings. But they do
the right thing with money over time, and and their
income is durable from their occupation and they just treat
(29:07):
it right, and before long it compounds into you know, large,
large numbers. And I'm talking about people you know that
come into my office. That is surprising how much, even
to me sometimes, how much things have compounded for someone
that you know, maybe their household income was one hundred
or hundred and fifty thousand dollars a year. You know,
but if you make that and you live like you
(29:29):
make sixty, you know, you're still out there living like
the average person. And in ten fifteen thirty years in
you know, you can live however you want.
Speaker 3 (29:40):
Unfortunately, we get a lot and I mean it's not
that I haven't been guilty this. We have a lot
of people that that don't live like that. They you know,
they make one hundred and fifty thousand and they have
a two hundred thousand dollars life thousand. You know, that's
not gonna work then, and then they get a raise
and they start they become a two hundred thousand dollars
a household and they start living a two hundred fifty
thousand dollars lifestyle. It always pushes the envelope little bit forward,
(30:00):
which maybe is what drives the America but also maybe
you could just stop at the two hundred thousand dollars
spending and then everything else you start getting in at
that point, you're setting yourself up for a little bit later.
Speaker 4 (30:10):
Yeah, it's just understanding that whole process and the give
and take of all the decisions you make. You know,
if a twenty five year old spends frivolously one thousand
dollars on an item, that might have been forty or
fifty thousand dollars of retirement money on that one decision.
Ouch when you think about when you talk about compounding
(30:30):
in the market, So you know, it's just trying to
get some perspective on that so that you're making educated
decisions when you're parting with your money.
Speaker 3 (30:40):
I heard a story. It was on a financial podcast
a couple of weeks ago, and it sounded apocryphal to me.
I don't know that it's actually real, but it seemed
to make a lot of sense. And this was a
god telling a story about how I think as granddad,
they had like a like a some sort of a
containerful little pennies, like a big glass jar ful of pennies.
It was like like three feet high on the floor
or something. Like that just full of pennies. And I
(31:03):
think the young boy's grandfather in this story, if it
was true, told him that what he was going to
do is every day he was going to double the
amount of pennies he took out of the jar and
put it into another jar. And so first day he
took out one penny, next day two pennies for six.
You know, he's compounding his interest. And he asked his
grandson how long do you think it will take you
to do it. It was like, oh, it'll take me at
least a year, Paul, or you know whatever it was,
(31:24):
and ended up taking m less than a month. And
he was like, how did it go so quickly? He's like, sorry,
that's the power of compounding interest. I don't know if
that's a true story, but in concept, it seems like,
oh kind of work. Yeah, you know, I mean that
physically that you're moving the coins and you're seeing it
move from one place to another. It took you a
year to get all the random change thrown in here
to fill it up, and then suddenly it's gone in
(31:44):
just a couple of weeks. It seems like that that
actually might actually work. I think the story was fake, honestly,
but it seems like it might work well.
Speaker 4 (31:51):
You know, sometimes good fable never heard anybody like.
Speaker 3 (31:55):
I was hearing this. I'm like, man, that's nobody has
that perfect of a story. That seems like something it's
made up. But at the same time, I was thinking
about it, and I was like, you know what, visually,
that actually might be quite stark. What kid, could you
get to commit to that for a course of time.
I don't know, but yeah, it's tough. Yeah, but it
does seem like that it would that it would probably
work out. So if folks are listening right now, and
of course we do this show, by the way, every
(32:16):
Monday right here on, I'll retire write your radio on
five ADWCHS. You can tune in at eight twenty every
Monday morning so you can have your questions ready for John.
So you can call in or Texas if you think
of something over the course of a week between our shows,
you're more than welcome to do that at any time.
But if there is somebody out there, maybe they're listening
for the first time, or they want to give some
advice to a loved one or something like that, and
they're in a situation, or know somebody in a situation
(32:37):
that just does nothing for the retirement, which is unfortunately
relatively common, you know, I mean maybe a four to
one k and not much else. Some people don't even
do that even when they have the option there. What
would be the first step? Call John Burdett, of course,
but what do they need to start thinking about as
far as as far as that retirement. I think a
lot of times people procrastinate because they think it's so hard.
(32:58):
They're like, well, I don't want to do all this
because it means days of getting all this paperwork together
and doing this, and then I don't want it to
go through all that.
Speaker 4 (33:05):
No, it's it's not that difficult. I mean it's certainly
any statements that you have are valuable. But initially we're
just trying to get an overview of what your financial
life looks like. You know, do you have debts, what's
your income about? How much money do you have saved currently?
What are your goals? When do you want to retire?
You know, those big questions that we can then start
(33:26):
breaking it down over time and figuring it out so
that it's not overwhelming, you know, to be successful financially
you have to build the foundation first. So those are
the first things that I make sure are in place
before you go to full bore investing. You know, do
you have consumer debt? If so, you're not going to
(33:47):
out earn twenty two percent on a credit card, you know,
So before you start doing all this aggressive investing, the
best investment is paying that off. Well, if you have
credit card debt, the only you're going to solve that
is if you first look at your budget, because if
you're creating credit card debt, by definition, you're living above
(34:07):
your means. And so those things have to be in
place for you to be a successful investor. If you
skip the step and go into investing, it's inevitable that
you'll end up raiding that investment account at some point
because the foundation is shaky, it's not built on solid ground.
And that is the whole difference in people that are
(34:29):
successful with money over time and people who are not.
You have to escape that that kind of high interest
churning of a month after month on those on those
credit card bills, and you have to live below your
means to some degree. I mean, you have to live
like a pauper. It just means you have to realize
(34:49):
the position you're in and live live within that scope.
Speaker 3 (34:53):
I've made the mistake before. I try to brute force
my way into saving. At one point when I was
younger and had some money that I locked into not locked,
but I put it in a money market account that
wasn't And this was back in the early so not
everything was related anyway, but I made it harder for
me to get to What did I do over the
course of the next year, Like I had to work
my butt off all the time just to get money
out of my money mark account when I needed. You know,
(35:15):
I wasn't ready. I wasn't ready. I probably should have
paid debt off, you know. You know what I did,
and I eventually figured it out how to do it
the right way. But I thought, oh, I can save
all this money first and then work when paying my
debts as I'm going.
Speaker 4 (35:27):
And it didn't work right, right because if you would
have well, even if you would have taken that money
and paid all your debts off and and your budget's
still broken, you're right back in the situation. So you know,
those foundational things, that's what keeps folks from accumulating wealth.
You have to have consistently more earnings coming in than
(35:48):
going out, no matter what level that earning is.
Speaker 3 (35:50):
When when I got to zero debt, the way that
I was able to do it, I was a business
owner at the time, and we had a secondary location
that was a warehouse that was a commercial location, but
with shelves of books created walls and rooms in the
warehouse and I basically lived in the warehouse for a
couple of years. Right. It was actually kind of neat,
but it didn't have all the modern conveniences. But I
(36:12):
had zero other overhead, no living at spence overhead. It
was the same overhead that my business had, and that
enabled me to really buckle down and to pay off
all my debts. I didn't have to worry about most
of my other expenses and it worked, you know. And
after that I went out and got a house and
everything was fine. But that's what allowed me to do that.
It was a little extreme, I mean, living in bookshelves
is a little bit extreme, to be honest with I mean,
we had a living room, but it was just built
(36:33):
with walls of books. For the most part, I.
Speaker 4 (36:35):
Would think that place would be been haunted or something
with all those old books around.
Speaker 3 (36:39):
Oh, man, it was in It was in the crazy
thing about. It was in the industrial side of Jackson,
Michigan is where the warehouse side. So you'd crossed the
tracks and it was in this big industrial area right
next to the river, and there was like the sludge
going down the river. And so in my warehouse was
right on the on a tributary to the river. So
you would go outside and there was like the smelly
river going out in front of them, and it was
(36:59):
like an industrial wasteland. But man, it didn't cost me
any money to live other than my business expences, so
it ended up working out all right. I felt like
it was my villain layer, you know. It was like
that was my secret villain layer.
Speaker 4 (37:09):
Hey, however, you have to you know, make the mind work.
Speaker 2 (37:12):
You know.
Speaker 3 (37:13):
But the bottom line is I had to take extreme measures.
You know. I was in a situation and not everybody
has that kind of ability. But I realized that I
had to live more asterly than what I actually was
because there was no way living the way that I
was that I was awa able to pay off my debt.
So that's what I Because the debt.
Speaker 4 (37:27):
Is, like you say, the debt is the sign that
you lived beyond what you could afford to live, and
so not only now do you have to pay off
that debt, but now you also have to live below
where your your means are.
Speaker 3 (37:40):
Or you'll be right back in the situation.
Speaker 4 (37:42):
And it's you know, it's simple math and it's not
hard to see the process, but it's life, so it
can be difficult, particularly if you don't have somebody working
with you and giding you through that.
Speaker 3 (37:55):
It's sage advice as always with Jobber debt for Fourth
Avenue Financial. Before you get out here, Christmas, you and
your family. We'll see you back on the other side.
Speaker 4 (38:02):
It's Tom.
Speaker 3 (38:03):
Yeah, I guess it is man. We'll see you back
just before the new year. I guess right. Yeah. Take care.
That's Joenre dett Form furth Avenue Financial Online, Fourth Avenue
Financial dot com. Fourth Avenue Financial dot Com. You can
find them on Facebook as well at Fourth Avenue Financial
due that search phone number. Threes are A four seven
four six seven non seven seven threes are A four
seven four six seven none seven seven. Dave Allen is
up next on on five eighty Live. I'll leave back
(38:24):
this afternoon with Dave Weekly. We're back together for the
first time in three weeks. Tune in, won't you at
three oh six. Have a great day everyone On five
ad w CCHS, where the Boys of Charleston.
Speaker 2 (38:41):
Fighting AWSAWT 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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