0:08

Welcome to Ditch the Suites , a movement

0:11

, awakening and opportunity for you to

0:13

start getting more from your money in life . I'm

0:15

Steve Campbell . With my amazing co-host , Travis

0:17

Moss . We're going to share industry insights

0:19

nobody wants you to know about , so buckle

0:21

up and enjoy the episode . Well

0:27

, welcome back to Ditch the Suites , steve Campbell , here

0:29

with Travis Moss . Hopefully you guys are

0:31

appreciating this series as much as we are

0:33

, where we've talked about complex , simple

0:36

questions . Looking at really the biggest

0:38

questions that we hear all the time in the financial

0:40

planning world that clients will ask that

0:42

actually have a lot more moving parts

0:44

than how the question comes out , being very simple

0:46

. First one we talked about social security

0:49

when you should take it . Last one we talked about

0:51

should I do a Roth conversion ? And

0:53

this is a big one . Let's say you are on the precipice

0:55

of trying to retire , but you've been looking around

0:57

lately and seeing what's going on with the economy

1:00

or world news and you've begun to ask

1:02

yourself , or even a professional should

1:04

I , could I retire in a bad economy

1:06

? Sounds like maybe a simple question

1:08

, but there's actually a lot of moving parts and it's fairly

1:10

complex , so we're going to park here

1:13

for a little bit of time . Also

1:15

, there are millions upon millions of

1:18

Google results when you pose this question

1:20

and we go out and do our due diligence to see what

1:22

people are asking the internet . So

1:24

, travis , when people are thinking about , should

1:26

I retire in a bad economy to

1:29

unwind some of this , what's actually a good

1:31

starting point ?

1:34

I think it's a word game . Steve , if

1:36

I were to ask you what a bad economy is , what would

1:38

you say it is .

1:41

Just everything's bad . Gas prices

1:43

are high . It costs more to buy

1:45

things . My money

1:47

doesn't go as far as it once did

1:50

.

1:51

So if gas prices are high , it's a bad

1:53

economy , unless you own a lot of energy stocks

1:56

, in which case you made a ton of money last year

1:58

.

2:00

That's very true , travis .

2:02

So the point is is that somehow

2:07

we get in our mind that there's a bad economy

2:09

, right , and it could

2:11

be politics , it

2:13

could just be the media

2:16

and the media trying to find something

2:18

to put on the news . It could be . I see online

2:20

all the time there's people that are

2:22

making these prognostications

2:24

. I guess that's

2:26

the right word prognostic , big word , right , that's

2:29

a lot of syllables . I'll

2:31

pat myself on the back for that one . I'm

2:33

not going to try to say it again , but anyway , people are projecting

2:36

these things that

2:38

are going to happen because of what's going on

2:40

, and they're like I'm an economics person

2:43

and I know these things . And then you find

2:45

out that nothing that they were talking

2:47

about is actually real or has come to fruition

2:49

. And the

2:51

problem is , is that a bad economy

2:53

is kind

2:57

of undefinable , because

3:00

it implies that there's

3:02

a good economy . And

3:05

well , what's a good economy then

3:07

? And if I

3:09

were to say we're in a good economy but you got laid

3:11

off tomorrow , would you think it's a good economy

3:13

? Or

3:15

if I were in a good economy but you're in a state

3:18

that is really struggling fiscally

3:20

, in your state it could be a horrible

3:23

economy . In the rest of the country it could

3:25

be a wonderful economy . The

3:28

world economy could be struggling , but a

3:30

local economy could be doing great , right

3:33

? So the

3:36

first issue that people have , I think , is

3:38

we're

3:41

living in fear , and

3:44

I think it's irrational fear and I think it's

3:46

driven by every

3:48

storm is going to be the worst storm

3:50

of mankind , right , every hurricane

3:52

is , you know , the worst hurricane

3:55

. Every winter storm

3:57

is the bomb , cyclone or whatever

3:59

they call it right , everything is terrifyingly

4:03

bad , instead

4:05

of just being like , yeah , some things are happening

4:07

and

4:09

they may impact you , if you're in this industry

4:11

or this profession , or if you're looking for an apartment

4:13

or something like that , and you know , they talk about

4:15

housing prices . Housing prices are horrible

4:20

and they're going to collapse . That's as

4:22

if you're saying every single housing

4:24

market is exactly the same , and

4:26

one of the things that we know from 2008

4:29

is that's not reality . You

4:32

know , lots of these

4:34

housing markets are very , very different . There's going to be

4:36

markets that do collapse

4:38

and there's going to be markets that continue to go up , and

4:40

there's going to be markets that don't change at all . Through everything

4:43

that's going on , it just happens

4:45

to do with a lot of other factors , and

4:47

so I think that the first thing

4:50

. When a retiree or somebody looking at retiring

4:52

because it's happening all the time say I don't know if I should retire

4:54

it because the economy

4:56

is bad , the first thing I try to find out

4:58

from them is what do they consider bad ?

5:03

And I know that we hear at least we

5:06

do all the time from people that it's never

5:08

been this bad before , which

5:10

may have some merits to it . Right , it's , we're

5:12

all recency bias

5:15

, what's happened to us and what's been going on

5:17

, and maybe some of it is rooted

5:19

in people's fear of running

5:21

out of money . A bad economy means

5:23

that I may run out of money because , again

5:26

, if the economy is bad , then my

5:28

investments may not do as well , and

5:30

maybe that's one of the things that we're

5:32

kind of crossing that really

5:34

don't cross , which is the idea of bad

5:37

economies must mean bad markets

5:40

, right ? So if I just work longer , then

5:42

I'll have money . So what do you say to somebody

5:44

who is intermixing a

5:46

bad economy with bad markets ?

5:49

But before I do that , I want to say that you

5:51

said that people will say that , and I've

5:53

heard people say this that there's

5:55

never been this bad before . I

5:59

think that there's plenty of people who could argue it's never been this

6:01

good either . There's plenty of people right now

6:03

making more money than they've ever made in their lives . People

6:06

today have bigger houses than anybody's

6:08

ever had . There's more

6:10

people with big houses than ever

6:12

before . There's more people with multiple cars

6:15

in their driveway big , fancy new

6:17

cars . I mean , you can't even buy

6:19

new cars right now . Right , it's still difficult to buy new cars

6:21

. Everybody's got an iPhone

6:23

, a refrigerator , a microwave

6:26

, a dishwasher , a stove

6:28

. You think about

6:30

what we have today versus

6:32

what we grew up

6:34

with . Go to somebody's

6:36

house , go to an apartment and look at the countertops

6:39

. They probably got granite , quartz

6:41

countertops . When

6:43

we grew up , the style was tile , you

6:47

know , or something like that . Little no longer

6:50

for my car , whatever that plastic

6:52

stuff was right like so

6:54

far , yet it's the worst it's ever been

6:56

. Somehow it's like , wow , you know , you

6:59

can , you can , you can do amazing

7:01

things . Today you can see an experience

7:03

, amazing things . So so really , what it is

7:05

, I think , sometimes when we're saying it's

7:07

the worst it's ever been , is back to

7:09

fear . We're just afraid somebody's going to take

7:11

one of those things from us . Maybe

7:14

I can't have the grand account or top , because I

7:16

don't have enough money to buy it , because it got too expensive

7:18

, you know , and so not to be cynical

7:20

on this , but you were talking

7:22

about bad markets , and bad Economy

7:26

is not necessarily lining up , and

7:30

that is the truth . Normally , by the time

7:32

you know that the economy is bad the

7:34

markets already figured it out you're

7:36

the last to know . You really are last

7:39

. No , I mean like we

7:41

all think that we're really well informed by the time

7:44

it gets to the news . The

7:46

people out there making the money there , you figured it out

7:48

. You know most recessions

7:50

by the time the recession is called , by the time we go

7:52

out , we're in a recession , the markets already going

7:55

up , and then , and then

7:57

people are gonna I can't retire because we're in a recession

7:59

. It's like , yeah , but by the time you find out you're in a

8:01

recession , the market recovered . You

8:03

know it was already halfway there or something . It's already

8:05

improving . So why can't you improve if everything's

8:08

getting better ? Why can't you

8:10

retire ? For everything's getting better , you know

8:12

. And so it comes down to

8:14

the fact that the

8:16

stock markets which people

8:18

, when people are saying I don't think I should retire , the

8:20

same for one , two reasons . The stock

8:22

markets down and their investments are done and they're

8:25

thinking if I don't have as much investments , I can't retire

8:27

because I don't have enough investments . Okay , that's

8:30

one argument . The second argument

8:32

that they're making is and I've heard this before

8:34

, so I know this is true I

8:37

feel guilty retiring Because

8:40

it's really hard for other people right now . Okay

8:44

, well , that's , that's a personal thing , right

8:47

, you're feeling guilty for people . I

8:49

mean , you were if you were thirty years . You work

8:52

through a lot of recessions , a lot of bad economies

8:54

. You worked and nobody ever said

8:56

you know what , yeah

8:59

, I'm gonna put off live in my life because

9:01

times are bad , so that I can sit with you and

9:04

suffer through bad times . In

9:06

reality , think about it most recessions , it's

9:11

not like 50 or 60% of people

9:13

are losing their jobs and going to the bread line . That's

9:15

not actually happening . It's

9:18

not like that . You know , most people

9:20

do not lose their job in a recession . And

9:23

you'll hear , well , there's all these layoffs . Amazon laid

9:25

off 10,000 people last year , or something like that

9:27

. It's like , yeah , 10,000 out of what

9:30

. I don't even know how many employees I'm gonna get . I'm

9:32

gonna guess they're in the millions . It's

9:34

a . It would be like us laying off one person

9:36

, but we

9:38

don't have the perspective of that . And at the same time

9:41

, 150,000 other jobs

9:43

were created . You know , so it's

9:45

like a net job , so it's like it's not

9:47

even a real comparison , but

9:50

it's headline worthy and so it drives

9:52

that fear . But for the most part

9:54

, bad markets and bad economies

9:57

. You know that . What's

9:59

driving our fear with those and the reason

10:01

why we think maybe we we shouldn't

10:03

retire when there's a bad economy

10:05

. We're getting

10:07

all the vernacular mixed up . We don't . You

10:09

know , we're mixing economy and markets and

10:11

Long-term stability and all that

10:14

kind of stuff together and and we really ought to be

10:16

keeping it separate . You know , you

10:18

think about from a standpoint too

10:20

, and this is the . The question that I ask is

10:22

what does the economy have

10:24

to do with your retirement ? Like

10:27

Steve , if you were going to be retiring tomorrow and

10:29

you open up the newspaper and they said massive

10:32

layoffs , economy is horrible

10:36

. Why would that change your perspective on retirement

10:38

?

10:39

We're gonna stop right there to hear a word about our sponsor

10:42

. You know we're here to help you get the most

10:44

money in life as host of this show . But that

10:46

doesn't just happen . You need good financial

10:49

planners that have your best interests in mind , and

10:51

that's why we want to take a moment to talk about Seed

10:53

planning group . Seed planning group

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is a fee only financial planning firm that

10:57

has a fiduciary obligation to put you , as

10:59

your consumers , best interest first . If

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you're not sure if they're the right fit for you , we

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would encourage you to head over to seed PG

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comm . That seed PG comm

11:08

, fill out the contact us form and schedule

11:10

your free discovery meeting , because you could be one

11:13

good decision away from getting the most from

11:15

your money in life . Well

11:18

, let me help people understand when

11:21

maybe they're coming from . I've

11:23

worked with you for a long time . We've been doing this podcast

11:25

. I know the quality of work that you

11:27

, as a financial professional , have

11:30

when you work with people , that when you

11:32

get to this point of retirement , you

11:34

have hashed out all the details , down

11:37

to their life plan they're giving plan

11:39

, their income plan . You've projected all of this out

11:41

that we're not having these types of

11:43

questions because people know . I

11:45

think what's happening is there's a lot of people

11:47

that are trying to make information While

11:50

drinking out of a fire hose . So if

11:52

you were my planner and I was dealing with

11:54

Travis Moss , I know that , no matter what's happening

11:56

in the world , that you've built me a plan

11:59

that's unique to my life , that allows my wife

12:01

and I and my family to go do

12:03

the things that we want to do , because we've factored

12:05

in things from taxes to longevity , to

12:07

health , to world events . We know

12:09

all of that , we've discussed it , we've we've we've

12:12

done risk assessments . We've had these kind of kind

12:14

of fair conversations . There's a lot of

12:16

people who have never had these kind of conversations before

12:18

. They don't even know what's gonna happen tomorrow

12:21

, let alone later today . And so

12:23

every bit of news , every headline

12:25

, the 10,000 jobs loss it's

12:27

so sensational and it sounds so impactful

12:30

that you think it's going to affect your money

12:32

today . And so I think , trying

12:34

to kind of help people understand that

12:37

when you think about a bad economy , you

12:39

think it's going to affect your retirement because everything

12:42

we so personalized , everything

12:44

to our lives , when in reality there's

12:47

just certain things that aren't going to affect you

12:49

. But , depending on what you watch or what you

12:51

listen to or what you engage with it

12:54

. The news can make you feel awful for

12:56

being successful and for doing the right things

12:59

, but it can also terrify

13:01

you , to the point that every

13:03

piece of bad news Almost

13:05

put you dead in your tracks , like I can't

13:07

go do this because look at what's happening . So

13:10

, having somebody that I think is

13:12

unique to what you do with people and what our

13:14

team does , which is not bulletproof

13:17

which we did in episodes before

13:19

bulletproofing yourself from bad news , who

13:21

cares what's going on in the world ? Tomorrow

13:23

, let's go take that trip because you've worked for it , we've

13:25

planned for it , go enjoy your family . So

13:27

I think maybe it's just doing justice to

13:29

the fact that there are people that are

13:32

literally living from moment to moment , from

13:34

channel to channel , from audio clip to audio

13:36

clip , from headline to headline , and

13:38

it really is impact during and souring

13:41

that life can be good . But there

13:43

are a lot of moving steps involved .

13:45

Well , you set us up for the next point . But I set

13:47

you up on that point because I actually had an answer

13:49

in mind . Okay , that

13:51

Well , it'll be a great transition

13:54

to the next point . But I have an answer

13:56

that has come off the lips of more than one

13:58

clients . So this this is . This has come

14:01

to me from people

14:03

who call up and say hey , I'm

14:05

really concerned , this is happening . What should I do ? And

14:07

I'm

14:09

not lying this , this is true verbatim

14:12

. They will say but there's

14:14

a lot of layoffs and unemployment is

14:16

going up . I don't think I should retire

14:18

. Think

14:21

about that for a second . You

14:26

don't have to worry about losing your job

14:28

when you're retired , you

14:31

don't have to worry about whether or not the company

14:33

you used to work for is having layoffs when you're

14:35

retired , you're

14:37

retired . You don't have to worry about whether

14:39

or not there's a bunch of people working or not working

14:41

when you're retired , you're retired

14:44

, you're not working anymore . So

14:46

what you've been worrying about for the last 30

14:48

years about being on the layoff line You're

14:52

worried about being laid off or

14:54

that there's layoffs At

14:57

the point where you're like Pick

14:59

me first , give me some severance

15:01

, let me retire early . I'm fine with that

15:03

, because that's really what you ought

15:05

to be doing . If you're ready for retirement , if you've

15:07

done some good planning and you're ready to go , it

15:10

should be like please give my seat to somebody

15:12

else , let somebody younger , with a family

15:14

stay here because I'm ready to go . Man , give me the

15:16

heck out of here . But what we get is

15:18

this weird psychological like

15:20

Explosion

15:23

where we go oh man , I don't think I should leave

15:25

right now Because of

15:27

all the unemployment , because unemployment time

15:29

you say , well , what's that got to do with anything ? And they said

15:31

, well , just means the economy's bad . And then you say , well , what's

15:34

that got to do with anything ? You don't need a paycheck anymore

15:36

. And then they go well , I

15:39

don't know , that's a good point , and these

15:42

are really really brilliantly

15:44

intelligent people going through these

15:47

kind of a mental and emotional challenges

15:50

. I do think , steve

15:52

, what you were saying it is tied with the emotional

15:54

component of it . Right , because

15:56

it's it's these things that make us feel

15:58

horrible . Or we're supposed to feel horrible , or

16:00

we're supposed to . If you've worked for a company that's

16:02

cyclical and they do a lot of layoffs

16:04

and and let's say IBM

16:07

used to do this they always did the layoffs at the end of the year

16:09

, so I was getting fired at Christmas time , right ? So

16:12

if you've been through three or four cuts of that , you're in

16:14

net , natural inclination

16:16

is to feel horrible , right

16:19

, to feel

16:21

loss Every

16:24

time you see something like that happening and

16:26

if you don't feel good , you're

16:29

you're not going to be confident that you

16:31

got this if you walk out the door . So

16:34

it's , it's , it's a , it's a psychological

16:36

landmine that you're stepping on and

16:39

it's just because of how we're

16:41

programming and wired and that actually , I'm

16:43

telling you has come out of so many people's

16:46

mouths . It's just a weird phenomenon . I think

16:48

or maybe I just have like that , the

16:50

one group of you know I have a cluster

16:52

of people that that just happens to be what they're thinking of

16:54

, but it's real . So then , your next point

16:57

that you went into is you know

16:59

, really the point of a good planner is to insulate the

17:01

client from the bad markets . Listen

17:04

, you're not gonna stop bad markets

17:06

when you . You've had bad markets your entire

17:09

life . The whole time that you've

17:11

been around this universe

17:13

, this earth , the whole time you've been bored

17:15

, there's been a stock market . There's not a personal life

17:17

. There wasn't a stock market around . So

17:19

the whole time you've been here , stock

17:22

market's been going up and it's been going down and

17:24

it's been going up and it's been going down . It's

17:26

been going up and it's been going down . Why

17:28

is it gonna stop just because you retired ? And

17:31

why should it and why do you need it to ? And

17:36

if a planner's done a good job , you

17:39

roll into that retirement year and you

17:41

know good economy , bad

17:44

economy , don't matter . What matters

17:46

is what you wanna do next with your life , that next chapter

17:48

of your life . That's

17:51

the most important thing . If you've got to the point where you're

17:53

financially free , you're there and it doesn't matter

17:55

if the investments go down 15 , 20 , 30

17:57

, 40% . You've already got that stress

17:59

test . You've done everything you need to do . Now

18:01

it's different . If you're gonna retire and

18:04

you got $100,000 to your name and

18:06

you need every bit of that just to even get through the next

18:08

five years , yeah , you probably should keep

18:10

working , but you should probably should keep working a

18:12

lot longer than the next year , like you shouldn't

18:14

have even been talking about retirement . But

18:17

if you've done a good job and you've had planning

18:19

and you've got everything in place and you've got a portfolio

18:22

that's market agnostic , it really just doesn't . It's

18:24

gonna go up , it's gonna go down . Who cares ? It's

18:27

part of the expectation to it . You

18:30

should be rolling into that bad market going . I can't

18:32

wait to get the hell out of here . You should be thinking

18:34

okay , unemployment goes up layoffs

18:36

. Man , I'm gonna go down and talk to my boss and say I'm

18:38

willing to tap out , give my seat to

18:41

the junior guy behind me because I know

18:43

it matters to him .

18:46

Well , and if you don't protect yourself from

18:49

these types of conversations and a good planner

18:51

that really is advocating for you to help you

18:53

get the most from your money and life things we talk about

18:56

you can be getting set up for

18:58

a sales pitch that you never quite understood

19:00

. Because if you're dealing with a financial

19:02

advisor and you tell them that , based on the economy

19:05

, you're terrified , you're gonna run out of money . That's

19:07

when you're gonna have the conversation about financial

19:09

products like annuities and hey , let's make sure

19:12

we protect against that right . Because why I say

19:14

that is when I was doing some

19:16

of my Nancy Drew due diligence on , like

19:18

, what are people asking the internet ? And then , what is the internet

19:20

saying ? You and I , with having

19:22

this podcast over the last few years and being

19:25

a little bit more in the spotlight

19:27

in the financial services industry , we

19:29

have recently been asked through

19:32

different journalistic reviews

19:34

and online articles for our two cents on

19:36

certain topics . So in our world , we

19:39

hear from journalists all the time that will email us

19:41

like , hey , I'm looking for three professionals

19:43

to give me a sound bite , a clip

19:45

, a quote for this article that we're gonna

19:47

release on USA Today . So I

19:50

just want you to know that when you go to the internet

19:52

and you Google these questions and you see

19:54

blogs from major outlets , when

19:56

you begin to read those articles on

19:58

what should I do if I'm afraid of retiring in a

20:00

bad economy , and it says , well , so-and-so

20:03

from XYZ firm says that you

20:05

should definitely consider an annuity . If

20:07

you don't know what that means , then you

20:10

might say , okay , I need an annuity . But

20:12

what you don't understand is that whoever's writing

20:14

that article is choosing what

20:16

quotes , what sound bites go into that

20:18

article , and they're not professionals

20:21

. So if you're not careful , there

20:23

are a lot of people being sold things

20:25

because they're afraid and they don't

20:27

understand . And so when you talk about

20:30

complex , simple questions , if

20:32

you don't insulate yourself from the fear and

20:34

the fear mongering and what's going on in the world today

20:37

, then the right person with the right story

20:39

can convince you that this is the

20:42

thing . This one thing is

20:44

going to take away your fear . No , it

20:46

is not . If you went out

20:48

and you converted all of your traditional IRA

20:50

into an annuity to have quote , unquote guaranteed

20:52

income , I guarantee you tomorrow

20:55

morning you're not gonna wake up feeling any better

20:57

when you watch the news Because

21:00

you didn't get at the heart of the issue , which

21:02

is understanding , like , what does this have to do

21:04

with your life and well-being ? And

21:06

so I think , as you're starting to unwind

21:09

why this is complex , people

21:12

are trying to do the right thing , but the execution

21:14

is really poor . So I think we had

21:16

maybe kind of one more point or

21:18

question that we wanted to throw out that I

21:20

wanna leave you to run with .

21:24

Yeah . So just an important consideration

21:26

is that we should not be gauging our financial

21:28

independence or our personal security on

21:31

the pile of money that's sitting in front

21:33

of us , and I think that that's really where this comes

21:35

into . I think a lot of people look at the pile

21:37

of money and they say , well , if the economy is bad , I'm going

21:39

to have a smaller pile of money or

21:42

less buying power or something like that . And we

21:44

need to stop looking at our pile of money as

21:47

if it's some kind of finite thing . We need to start

21:49

looking at it and say what can I do with this pile of money

21:51

? Right , what does this pile of money

21:53

actually mean to me ? What's the value this

21:55

pile of money can bring to me and how

21:57

might I be able to use this and leverage

22:00

it ? Because , like you said

22:02

, like with an annuity , if you're going into retirement

22:04

and you've had somebody say , well , you need to put $500,000

22:06

in this to make sure that you have your income . Now

22:09

you're fixated on a $500,000 number . There's

22:11

no flexibility there . Another problem

22:13

with that is probably the product has no ability to capture

22:15

upside in the recovery . So , yeah

22:17

, you are locking in losses if you do that kind

22:19

of thing . So it's understanding

22:22

who you're dealing with and how you're doing it . But

22:25

a good planner , I mean you ought to be able to roll

22:28

into an economy knowing I'm retiring

22:30

this year and I'm going to be OK with

22:32

the way that the market is , whether

22:34

it's up , down or sideways . I mean it just . You

22:39

know we just did the whole thing on index funds

22:41

and passive or SAC and all that kind of stuff . It's

22:45

very easy to say to give you

22:47

very generic information . It

22:50

takes a lot of time to make it specific

22:52

to an individual , to really help an individual

22:55

understand . And there , if I was in your situation , I

22:57

had the money that you have . This is what I would do to get the

22:59

most out of it . Right , and I understand

23:01

investments and I understand the markets and I understand

23:03

you know all the different products , insurance and stuff . This

23:06

is what I would do to get the most out of , out of

23:08

that pile of money if I were in your shoes

23:10

, which is very

23:12

different than Somebody

23:15

just peddling product or

23:17

generic advice to you , right ? And

23:19

I guess that opens up an error discussion . I mean you could

23:21

have bad advice , you could have people that just

23:23

this is what I would do if I were in your situation . And

23:26

they're complete idiots . They don't actually

23:28

know what they're talking about . They're so-called financial advisors

23:30

, so that can happen

23:32

too . But that's why we're we're so

23:34

open and so frank on this show About

23:38

how these you know what you should be

23:40

hearing if you're hearing from somebody credible

23:42

. Right , like a lot of people

23:44

think they go to their financial advisor and I want to talk about golf

23:46

and I want to talk about the kids

23:48

and the grandkids on the social , and that is nice . And

23:51

we spend , let's say , 60 to 70

23:53

percent of our time talking about a client's life because we

23:55

need to understand their life , but when it

23:58

gets into the hard details and stuff , they've never had some

24:00

of those discussions . They've

24:03

never had some of those kind of somebody goes in says I'm concerned about my investment

24:05

values going down because the economy and I'm supposed to retire . They

24:07

say , well , do you want to reduce your risk ? Or they just say stay the

24:09

course . They

24:13

don't actually help you understand . Does that put

24:15

you at risk or doesn't it ? Should this be something you're worrying or isn't it ? And

24:18

then the other side , too is we need to not be

24:20

so stubborn , as the clients , too , you

24:25

know if , if you have a good reputable firm and

24:27

a good reputable advisor who's helping you and they tell you this

24:29

is how it works and you go . Meh , I don't believe you . It's

24:31

like it would be like me walking into my dentist's office

24:34

and saying you know , you

24:36

know , go ahead , do your act . Raising is like , hey , you

24:39

have a cavity . We have to remember . I go and I don't believe you . Like

24:41

that's his job , I'm

24:44

there so he can do his work . Right

24:46

, let him do his job . And so sometimes we see that too . Sometimes

24:48

we see people who are just like no

24:50

, no , it's , I looked online and this is what it's that online . So

24:53

I'm going there and it's like okay , well

24:55

, you know , if you don't trust the people that you're working with

24:57

, get new people . You know that type

24:59

of thing . So I

25:05

guess the whole point of that is we

25:10

need to get back to understanding what our money can actually do for us and stop

25:12

being so afraid of it . Stop

25:14

being so afraid of losing it or running out of

25:16

it . Start learning about it . You

25:20

can actually do with it and and

25:22

what actually does influence it and make makes

25:24

the long-term impacts ? Well , because the counter

25:26

question .

25:28

Whether you stuck with us this entire episode and understand

25:30

what we're saying or not , is you

25:35

pose the question should I retire in a bad economy ? And I tell you , no , didn't

25:38

like . How long do you

25:41

keep working Like when ? When do you know when

25:43

the soak smokes again ? When

25:45

do you know when the soak smoke signal clears

25:48

that it's time for Steve to retire ? Right

25:50

, if that's the question that you're answering , asking

25:52

well then , what is the answer that's going to make

25:55

you feel better ? There is no answer

25:57

other than good financial planning . That's

25:59

led you to the point of understanding , regardless

26:01

of what's happening , because if I look you

26:03

dead in the eye and go , no , you should retire this year , well

26:06

then , when are you going to be able to retire ? What's

26:08

the point ? But I think too and this is something

26:10

that I just want to throw out a caveat because I want to talk about you

26:13

know kind of the industry . I talk with people

26:15

all the time that call in from the show and

26:17

also just be weary of . We talked About the annuities

26:20

. There's a lot of major custodians

26:22

today that when you raise these objections

26:24

on the phone about , I'm afraid of running out of money

26:26

. Just be mindful of . You know professionals

26:28

on the phone that are , you know , trying to talk to you about annuities

26:31

all of a sudden and never have before . Just

26:33

understand what is being , you know , talked

26:35

about with you and if it's , if it's fear-based

26:38

storytelling , then you might want to just ask a

26:40

lot of questions , get a second opinion . But

26:42

we have one more Conversation

26:44

that I think will help in terms of this complex

26:47

, simple questions as we dive into

26:49

should I get rid of an investment that's

26:51

losing money ? So you're not going to want to miss this

26:53

last episode , but , as always , we'd love you to subscribe

26:55

to this podcast . Share this with a friend If you think

26:57

this can help . But , as always , thanks for being

26:59

our guest on digital suits .