(00:00):
Information presented on this program is believed to be factual and UpToDate, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but is limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Certified Advisory Corp is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements.
(00:34):
Stay tuned for on the Money Central Florida’s most listened to financial call and show Bron to you by Certified Financial Group in Altamont Springs. It’s the only show hosted exclusively by certified financial planner professionals. Monday through Friday, their CFPs provide financial planning and investment advice for a fee. But on Saturdays, the advice is absolutely free and has been for more than 30 years. For their WDBO listeners, if you have a financial question you want answered by real fiduciaries, the lines are wide open. Call five 80 WDBO, that’s 8 4 4 5 80 WDBO and enjoy the show
(01:57):
And welcome to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live in your WDBO app. This is your chance to hop on the air with some of the best end of business, some of the top 100 financial planners in the country. That of course, is the Certified Financial Group with office here in central Florida. Today, we’re so lucky to be joined by Rodney Ownby and Joe Burt, a couple of certified financial planners with the Certified Financial Group. Your chance to call in right now. Pick up those phones, (844) 580-9326 or you can text those numbers so you may as well just save that number into your phone. Eight four four five eighty WDBO, or you can leave in your open mic using that free WDBO app. Joe Rodney, how are we doing today?
(02:46):
We’re doing great, Josh. Good to be here with you. As you have said, or in the intro, somebody said that we’ve been doing this now for more than 30 years. We’re delighted to be with our listeners as always here on a Saturday morning. If you’re listening on a Sunday morning or an early Saturday morning, the show has been recorded, but we are here for you nevertheless to answer your questions, things that might be on your mind regarding your personal finances, decisions that you might be making regarding IRA 401k, long-term healthcare, reverse mortgages, annuities, life insurance, all those things that Rodney and I and the 14 of the certified financial planners deal with Dane and Day Out working to getting our clients to and through their retirement years. On Monday through Friday, we work with our clients as fiduciaries for a fee on Saturday morning. We are here for you absolutely free. So if any questions that might be on your mind, we encourage you to pick up the phone and dial these magic numbers.
(03:34):
8 4 4 5 8 0 9 3 2 6 8 4 4 5 80 WDBO, or you can text that number 8 4 4 5 8 0 9 3 2 6 and I’ll read your question live on the air or we got all kinds of ways for you to pick these brains here we have with these experts, with a certified financial group. You can send in your open mic using the free WDBO app. Today’s topic is remembering someone very important in the financial advising world, but Carol has been waiting for just a little bit of time. She called those magic numbers and Carol has a question for the team. Go ahead, Carol. You’re on the air. Good
(04:11):
Morning, Carol. Hey Carol. What’s up?
(04:15):
Hi, good morning. I love your show. It’s very informative. Thank you. And I’ve been listening to it for a while. Carol, Carol, my mom lives, Carol,
(04:25):
Go with your question. I have some questions for you, but go ahead.
(04:29):
Okay, so my mom lives in New York. She’s about 81 years old and she has a 401k that she inherited from my dad. That’s before the new rule came into effect. So she’s been taking RMD every year and it was in a qualified plan that matured. So the bank representative advisor to take the whole thing as a distribution and put it into a CD because the CD rates are high. However, I am kind of hesitant about that because it’s going to generate a tax liability. Like 30% is going to go in taxes. It’s about $120,000 she has in the account.
(05:12):
Oh my gosh. I mean, I hate to see this, and this is one of the things that Rodney and I and my colleagues deal with on a regular basis. They go to someplace where you would trust the advice, a large institution, and they see an opportunity here to sell you something and say, what are we going to do? Well, here’s all you need to do, honey. Just cash out this account, bring it to us. We’ll put her in a cd, we’ll get you 4% guaranteed, nothing to worry about, and then come next April, you’re going to deal with the consequences. So you are smart, Carol to have the antenna go up and the reason you have your antenna go up and you caught that is because you’re regular listener to the show and you realize there might be some tax consequences. That’s the dumbest thing I’ve ever heard,
(05:51):
And we hear it
(05:52):
Fairly frequently disturbingly, so yes, yes. And so your mother does that. What’ll happen is obviously, as you just said, she’s going to have taxes on that money plus it’s going to push her perhaps into a higher Medicare premium because her now income has gone up and then she may have to pay higher Medicare taxes. So your mother, your intent is correct. Now the question is where is that IRA invested? What’s it invested in and is it serving her purposes? And that may be something for discussion for another day, but purely from a tax standpoint, your intuition is a hundred percent on target there. Carol,
(06:30):
The other piece of this too is she can invest in the CD in the ira. That’s true. Doesn’t have to take the
(06:37):
Distribution for that, right? Yes, that’s a hundred percent true. So if your mother wants the guarantee of a cd, although it’s a low return, she can do that. But you have to remember, put her on a cd. You’ve got some distributions that you have to peel off of that every year. So that’ll have to structured accordingly, but by numerous CDs. So you’re right, Carol, that answer your question?
(06:58):
Yes. Not really, but I probably Wait, wait, wait,
(07:00):
Wait, wait, wait, wait, wait. You said not really. So we’re here to really answer your question. So what else do we miss?
(07:07):
Well, I’m an accountant. I’m a CPA, but I’m not a financial planner like you guys. Your experience, I’m on the tax side. You guys are on the planning side, so you’re the expert. I am not. So that’s why I was calling you to guide because I know that it would push her in a higher tax liability and I said, no, I don’t want it. It was earning 1% a year, which was ridiculous because I think he tried to sell us a qualified plan or whatever it is. So I told him, no, I have to think about it and do some research on it before you decide to do that. So yeah, I probably have
(07:50):
To. So you’re a hundred percent right, you want to keep it in the IRA and as Rodney said, you have a lot of investment choices within the ira and this is what we do as certified financial planners. We guide our clients through that. So depending on what your mother’s risk tolerance is and time horizon is and what other assets and income she has, you may want to look at certainly some better choices in a 1% return that she’s getting on that money. But whatever you can do, you can do it within the IRA Carol and not incur all the taxes that you were so fearful of. And you’re a hundred percent right.
(08:20):
Yeah. My mom is 81 years old, so she doesn’t need anything risky. Right. Low tolerance for risk. She doesn’t need high returns because she’s declining in aids, so we’re going to inherit that IRA sometime in the future, right? Because she’s not going to distribute the whole
(08:39):
Thing up. Right. Carol, let me ask you a question. If your mom and you were sitting in my office, one of the first question I would ask is, does your mom need the required minimum distributions to live on?
(08:52):
No.
(08:52):
Okay. So what you want to do is then let time work for you. And what she wants to look at is beyond her life expectancy, and that’s your life expectancy, perhaps her grandchildren. You don’t want to smother this money with the idea, you know, it’s for mom, but the reality is mom doesn’t need this money. Why don’t we get this money to grow? So maybe she ought to be a little bit more aggressive and step out and try to get better returns over the next 7, 8, 10 years whenever she’s working. I mean, that can make a huge difference. I mean, theoretically, you can double your money within 10 years with just a moderate portfolio instead of letting it suffer at a lousy rate of return. And I would encourage your mom to seek the guidance of a certified financial planner, somebody that’ll do the work for you for a fee, somebody that won’t do financial planning for free, because there’s a lot of folks out there that offer free financial plans with the idea of doing some other things for you.
(09:44):
Okay. You guys can work with New York clients too, can you? Yeah,
(09:49):
We have clients in 38 states.
(09:51):
Okay, great. Great. I’ll
(09:53):
Set Carol, give Rodney a call on Monday morning. We’d be glad to at least talk to you and perhaps come up with a solution for your mom. Now, let me ask you, where are you listening from, Carol? You’ve been listening a long time. Where do you listen? Where are you?
(10:05):
Orlando, Florida. Oh,
(10:06):
You’re in Orlando. Are you living, are you listening on the AM or are you listening on the internet?
(10:12):
Am
(10:13):
Am. Okay. Well, we appreciate you as a regular listener and wishing you a very, very blessed holiday season.
(10:20):
Same to you and the whole entire staff. You guys do a great job. I’ve recommended you to my friends, to listen to the program and to call you guys in to go for some advice.
(10:29):
That’s very kind of you, Carol. Thank you very much. Thank you,
(10:31):
Carol. We
(10:32):
Appreciate that. Okay, bye
(10:33):
Bye-Bye. Alright, so actually we’ve got another call up here, Josh.
(10:38):
That’s right. And maybe it’s one of Carol’s friends. Okay, ed is calling in from Apopka. Go ahead, ed, you’re on the air.
(10:43):
Hi, ed.
(10:43):
Hey Ed.
(10:45):
What’s up?
(10:47):
Yeah, I have maxed out my 401k and ketchup at the allowable $30,000 for the is IRS. Can I also contribute 7,500 to a Roth IRA?
(11:01):
The short answer is no. Right.
(11:05):
Well there’s income limits,
(11:06):
Right? Yeah. Well you’ve maxed out. He’s maxed out his contribution to ira. You can’t double up with a Roth on top of a traditional IRA. No, like your thinking, but you can’t do it.
(11:19):
Okay. I’m
(11:21):
Sorry. I wish you had better answer for you. Yeah, but you can’t stack one on top of the other. Once you’ve maxed out the one, then you can’t do the other.
(11:30):
But he did the 401k, right?
(11:32):
No, this is an IRA. Okay. No, actually it’s a 401k. It’s a four one K. Okay. Okay. Okay. I’m sorry, I thought you, I misread this. I’m looking at the screener here, and so you’ve got 30 grand going into your 401k. Yeah, you could do a Roth
(11:52):
Subject
(11:52):
To the income. Thank you, Rodney. I’m glad you read this and I didn’t. Subject
(11:55):
To
(11:55):
The income limits. Yes. Subject to income limits. So
(11:58):
You’re married filing jointly?
(12:00):
Yes.
(12:01):
So you get phased out at about 218,000 in income
(12:04):
For the Roth. So under
(12:06):
That you can do the max on the Roth too. See,
(12:10):
Yeah. This is why this is a two person show because one person doesn’t always have the answers because it doesn’t read the screen thing, right? Yes. Thank you Ronnie very much. Yeah, yeah. The good news is Ed, we’re going to turn that negative into a positive for you. Yeah, you can do it. Okay,
(12:23):
That’s awesome. And that’s your adjusted gross income of the two 18, correct?
(12:29):
Yes, yes, yes. That’s before your itemized deductions. Yep. That help you Ed. Okay.
(12:38):
Alright.
(12:38):
Alright, thanks for the call.
(12:40):
That’s it.
(12:41):
Thank you. Okay, thank you for the call. Thanks Ed. And I see we got another call. We’ve got a break here coming up, so we’ll catch him right after the break, Josh.
(12:48):
That’s right. Michael, hang on for us. He’s got some nice things to say about one of your members there, maybe in the building with you. Charles Curry, he had a great experience with Charles and he has another question for you. If you want to hop online, join the conversation. The number is 8 4 4 5 8 0 9 3 2 6 8 4 4 5 80 WDBO. Text that number. If you want to get your question read by well me, I’ll play the part of you and I’ll have the questions that smart people ask. Smart people. 8 4 4 5 80 WDBO. Send in your open mic using that free WDBO app you are listening to on the money where we’re planning tomorrow today with the certified financial group.
(13:37):
Welcome back to On the Money right here on WDBO 1 0 7 3 FM a M five 80, always streaming live on the WDBO app. My name is Josh McCarthy sitting in studio with Rodney Obe and Joe Burt with the certified Financial group. And if you want to hop on the conversation, join the topic 5 8 0 9 3 2 6 is the number to call or text. Go ahead and text us if you want your question read on the air 8 4 4 5 80 WDBO or send in your open mic using the free WDBO app. Joe and Rodney are part of the best and we know they’re the best because they’re always willing to learn. You never stop learning in a lot of industries and financial advising is no different. Isn’t that right guys?
(14:19):
That is correct. And we want to circle back real quick to our last caller who had a question of whether or not he can contribute to a Roth once he’s maxed out his 401k and Rodney said yes you could just depending on your income. And then we told him it’s a function of your adjusted gross income. It’s actually a function of what’s called your modified adjusted gross income, right, Rodney? That’s right. And your modified adjusted gross income is made up of
(14:43):
The largest difference there is that it’s inclusive of exempt interest. So like muni bond, muni bond interest, you would include that as
(14:52):
And you’d exclude social security. So unfortunately your modified adjusted gross income doesn’t show up anywhere on your 10 40. You have to do the calculation. So basically you have to take your adjusted gross income, add back any tax-free income that you got from Munis and subtract your social security income. And that gives you a modified adjusted gross income in which you can calculate whether or not you can contribute to a Roth once you’ve maxed out your 401k. And that’s what it’s all about. Alright, we got on the call here, Josh Orta buddy, take it away. Michael, you’re on the year with the Certified Financial group. Hello Michael, good morning. Hey Michael, what’s up?
(15:23):
Hey, good morning guys. Hey, long time listener. I mean, over 20 some years.
(15:28):
Oh my gosh.
(15:29):
I’ve lived in central Florida here since 1965, so I’ve really seen a super, super change in our little town. Yeah, where
(15:38):
Little, where are you from, Michael?
(15:40):
I live right here in Mount Vern, right there on the shores of, yeah.
(15:43):
Where’d, where’d you come from originally?
(15:46):
My dad was in the service, so we traveled all over the world. Okay, all
(15:49):
Right. Oh wow. Welcome to the show. How can we help you?
(15:54):
Well, I wanted to give a big shout out to Charles Curry about a month and a half, two months ago I set up an appointment and met with him out there in the winter mirror office and I finally realized that I was kind of getting above my head as far as the complications and trying to do investments and IRAs and things like that. Our world has changed so much, especially with our present political parties we have in power. But what I really liked about Charles was that he sat down and listened to me. He asked me what my goals were, things of that nature right there. I have never had anybody act like that before. So I was impressed. I went ahead and moved my Roth IRA over to your company and also set up an investment right there and everything is done through Fidelity and I’m pleasantly pleased with my results right now.
(16:59):
Well Michael, thank you for the call and we appreciate your honesty there. I dunno if you know Charles background, Charles spent 10 years with in the trust department at Sunbank and then 10 years at Charles Schwab. And Charles has been a great addition to our company the last few years and he’s a great guy. And you’re right, as we instruct all of our certified financial planners, we want to know what you need, what your goals and objectives are. We’re not here to sell you anything as I’m sure you experienced with Charles, but there are several solutions that you can use to get to where you want to go. And as an independent company that gives us the flexibility to pick and choose the right solution that’s appropriate for you. So Michael, welcome, welcome aboard as a client of Certified Financial Group and we look forward to seeing you perhaps one day in our office up here in Altamont Springs.
(17:44):
Sounds good. Listen, y’all have a wonderful day and thank you for the experience.
(17:47):
Thank you. And by the way, for our listeners, Charles is taking calls off the air this morning. You can reach him right now at 8 6 9 9804 0 7 8 6 9 9800.
(17:59):
And if you make that call, tell him Michael from On the Money Show, send ’em over. Charles always has great recommendations and he’s a wonderful member of that team with a certified financial group. If you want to join the conversation right now, the number to call is five eight zero nine three two six eight four four five eighty WDBO. Send in your open mic, send in your text, 8 4 4 5 80 WDBO. We got open lines but we’re coming in. Hot questions popping up left and right. 8 4 4 5 80 WDBO you are listening to on the Money where we’re planning tomorrow today with the Certified Financial Group. Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your WDBO app. Pick up the phone right now. We got Rodney Oby and Joe Bird answering your questions live on the air, your financial questions. Of course, they are financial planners with the certified financial group. That’s kind of what they do here on Saturdays at 9:00 AM 8 4 4 5 8 0 9 3 2 6 is the number to call five 80 WDBO. John is calling in from Orlando. Go ahead John, you’re on the air. Hey
(19:20):
John, good morning. What’s up?
(19:22):
Hey Rodney. Hey boss. Hey, I had $6,000 in a Roth money market and a company that I’m using at my office at a really good product and I went and bought, turned all that into their stock. What are my tax implications down the road?
(19:48):
Lemme be sure I understand the company you bought stock in the company you work for?
(19:53):
No, I bought stock in a company that I use as a vendor.
(19:59):
Gotcha, okay. Okay. Alright, I got it in the Roth. In the Roth. You bought the stock in the Roth?
(20:04):
Yes I did.
(20:05):
Okay. There’s no different tax consequences. The investment we treated just like the other investment that you had beforehand, as long as you didn’t take it out of the Roth, you bought the stock through the Roth, there’s no tax consequences and the money will come out tax free when you ultimately sell that stock.
(20:22):
So that goes from 15 to 400 per share then? I’m in a good spot.
(20:30):
Yeah, you’re laughing and smiling.
(20:31):
Yeah, you got it. You got it. Yeah. Taxes on that. You’re a hundred percent correct. Yeah, there’s no tax consequences. The key was is that you did the transaction within the Roth, under the Roth umbrella. So you’re okay. Yeah, you’re in good shape, John. Let’s hope the stock continues to do what you hope it does and provide you some nice tax-free income somewhere down the road.
(20:50):
Rodney’s an awesome guy. He used to be my boss.
(20:53):
Oh. Oh, hey John.
(20:57):
Okay, there you go. John C.
(20:59):
There you go. Yeah, he is an awesome guy. As you know, he’s a CPA and also certified financial planner and he like Charles, who we just discussed a little while ago, is a great addition to the team here at Certified Financial Group. So we appreciate your call and if you ever come by, drop this way, drop in and we’ll give you a great cup of coffee. We have this fancy coffee machine that our clients love. We can make all kinds of better than Starbucks people say. So stop in sometime. We’d love to meet you, John or Rodney would like to see you again.
(21:24):
Yeah, call me John. Let’s talk.
(21:26):
Will do. There’s some changes on our side later. Bye. Yeah,
(21:29):
Take care John. Thanks for the call. Okay, moving on. This is old home week here. I was going
(21:34):
To say I feel like I’m interrupting a family reunion. Okay, so here is Joe’s long lost cousin Steve calling from Orlando. Steve, go ahead, you’re on the air
(21:45):
Morning Steve. What’s up? Hey
(21:46):
Steve.
(21:47):
Yeah, good morning. Yeah, I was looking to retire probably I’ll be 65 in August, but I want to work up to the end of the year and once can get on Medicare, I’ll sign up for Medicare and retire. So I’m going to be about two years early, so I’m taking my money a little early and when I look on the social security limits, they say I can earn up to 22,320 for 2024 and anything over that, they’re going to tax it for every $2 I go over, they’re going to take a dollar back on my social security. So what I’m wondering is that if I retire in January and take my money in January and continue working, is it taxed that way or can I work up till the summer? I’ll probably earn about $35,000, work it all the way up. So I’ll be over the limit. I currently put 15% in and my 4 0 1 I can put 30, 35% in to make my income go down. I just don’t know. That’s a good idea. I don’t want to be over 22, 3 20. Is that taxable income that they’re talking about or is that total income that they’re talking about? I don’t know how that works.
(22:57):
I’ll
(22:57):
Quit in April if I
(22:58):
Have to. Yeah, I think so. Yeah. Gross. What’s that? You’ll do what
(23:03):
I said I’ll quit in April when I get to 22,000 if I have to. I don’t want to give ’em any more money than I have to.
(23:09):
No, I think you could reduce your income by maxing out your 401k.
(23:13):
Yeah. Is that an option?
(23:15):
Yeah. Yeah. If it’s your adjusted gross, if he
(23:17):
Has that, does he have that?
(23:19):
Well yeah, you have an option of maxing out your 401k you can put up to 30,000, right? Yeah.
(23:24):
Right. Well I probably put in 30, 35% just to make sure I’m well under the $22,000 limit. But is that a way to get around the 22,000? Yeah,
(23:36):
I’m going to double check that. But I believe it is your taxable or at least your adjusted gross, which is reduced by whatever contributions you make to your retirement plan. Yeah.
(23:45):
Okay. Yeah, that’s probably what I’ll do then. Yeah. One other question too. When I do retire, because I’m not at full retirement age, I won’t be working, but I’ll have money to take out of my retirement. I have an IRA and of course then I have the Roth and I was probably looking at taking out about 20,000 a year to supplement the social security. Is that
(24:09):
That’s not going to affect your social security. It’s earnings,
(24:13):
It’s wages, it’s all it’s earnings by
(24:14):
Working. That’s correct. It’s wages, it’s not dividends, capital gains rents or anything like that it it’s a generally W2 income or schedule C income.
(24:23):
Okay. So I’ll probably just have to pay some taxes on the social security if I go over the limit but add a regular taxable income type thing.
(24:32):
Yeah, you ought to be in reasonably good shape. Yep.
(24:35):
Alright. That’s going to be the plan. Thanks. There you go. For encouraging me.
(24:40):
There you go Steve. And enjoy the retirement years, appreciate the call. Alrighty. Okay, thank you very much. Okay,
(24:46):
Take care Steve. There we go. Thank you so much. And we actually had a text message just roll in if you guys want to bounce over to there.
(24:51):
Sure, let’s do it.
(24:51):
Alright. This one comes to us from a number here in Orlando. How safe are annuities for investing at five years for a fixed rate?
(25:00):
They’re safe. I mean as annuities is guaranteed by the full faith and credit of the insurance company, it’s only as safe as the insurance company. But in Florida we have what’s call the Life Guarantee Act, which is kind of like FDI insurance up to a certain limit, but they’re safe.
(25:15):
Well, and you just check the rating of the company a best rate rates, those insurance companies. You want to make sure it’s an a-rated company.
(25:21):
Yeah. You don’t want to deal with shifting Sands of Omaha or Wildlife of Nevada or Wildlife of Las Vegas we used to say. There you go. Yeah. Yeah. They’re safe. It shouldn’t be generally your entire portfolio unless you have a huge amount of money because you want to get good long-term rates. But today that rate of return tax deferred is pretty attractive.
(25:43):
Yep. It is. 6%
(25:45):
Rates. Yeah. Now you have to be careful with annuities. We get a lot of folks walking in our office that bought these annuities at these free lunch and dinner seminars and they walk in, they don’t realize what they actually bought when it’s time to use it and they didn’t realize all the fine print in there and all the restrictions and regulations that are on it. So once again, if you go to these seminars, enjoy the food, but keep your wallet in your pocket. In your pocket. Exactly. Because those annuities pay for that steak dinner that you’re eating and there’s no such thing as a free dinner or a free lunch. All right, so let’s get back to our topic that we never got to this morning. Charlie Munger. That’s right. Who recently passed away this week. Charlie would’ve been a hundred years old, I think next month
(26:27):
He was five weeks away from his hundredth birthday. They we’re actually planning a celebration for that.
(26:31):
Yeah. Charlie Munger, for those of you that may not be familiar with the name was Warren Buffett’s right hand man for many, many, many, many years in the formation of Berkshire Hathaway. And you had some on Charlie. Well
(26:44):
Interestingly, he’s actually credited with the designing the architecture of Berkshire Hathaway. The way it’s structured today. In the early years, Warren Buffett was more of a sort of private equity model. He was more of a churn and burn type investor and Charlie, Charlie sat him down and said, Hey, maybe we should buy good companies and hold them into perpetuity. And that’s sort of what their model has turned into and generated billions of wealth and valuation In terms of the stock. We lost actually several iconic people this week. So it bears mentioning Henry Kissinger, a hundred years old. Years old. Yep. Yeah, Sandra Day O’Connor, 93 years old. Charlie of course was 99 and then Rosalyn Carter was 96 years old. So just, it’s probably a separate conversation, but the longevity aspect, people, when we have these conversations with folks, they always say, well, I don’t plan to live past 80. And here we’ve got these people all in their nineties, a couple of them pushing a hundred years old. And I met with a gentleman just yesterday who had three relatives in his lineage that all live to age 99. So this is something that we seem to be hearing more and more of.
(28:03):
It’s a good news, bad news.
(28:04):
Exactly, exactly. But you want to make sure, and again, this gets back to the financial planning that we do every day. You want to make sure that you’ve got the asset base to get you through those years.
(28:16):
Yeah, longevity. It’s easy to do what we call back of the envelope, financial planning and hopefully our last caller whose name escapes me at the moment, did not do that. Steve. Steve, yep. Thank you Steve. I didn’t do, I hope you sat down with a certified financial planner and I’d him or her do some projections for you and I hope he or she charged you a fee to do that. That means they don’t have some ulterior motive to show you exactly where you are and what the future looks like given some reasonable assumptions. Because the worst thing to do is wake up at age 82 years old and say, geez, I wish I’d have known this when I was 65 because I’m still kicking and I’m running out of gas here. And that’s the worst thing that can happen to you. And this is what financial planning does, is what Rodney and I and the 14 other certified financial planners do for our clients day in and day out.
(29:00):
We charge a fee for our services. We believe it’s worth every penny that you pay for it and you don’t think it’s worth it. You don’t have to pay us. That’s just simple how it goes. But the things that we see, the clients that we see, what we see is really the relief that comes over them for the first time. They have a good understanding of where they are and what changes, if any, they need to make and what they need to do. So as I said, you don’t look back in 15 years and say, gee, I wish somebody would’ve told me that. And this is what financial planning is all about. It’s not just a matter of doing investing. The investing side is easy. It’s understanding what taxes and inflation will do to you and preparing for those things. The things that people don’t often think about is long-term
(29:36):
Healthcare. Right, exactly. And so quick math, we’re looking at 30, 35 years retirement with these numbers here, with these people living to be 95 or a hundred years old. That’s a long time.
(29:48):
It’s a long time.
(29:49):
It’s a long time.
(29:51):
For some people, they’re going to live in retirement for longer than they’ve lived working depending on, they started working years. So hopefully you put enough gas in the tank. But the important thing is, is before you start on that long journey that we call retirement, that you’ve done some planning and then you’re working with a planner throughout your retirement years. It’s not just a matter of one and done. Our clients are with us to and through their retirement years because life changes and we’re here to get you through it. We hold your hand and the good times and the bad. And that’s what Certified Financial Group is all about. What we’ve done now for almost 50 years here at CFG. And we welcome your call and our inquiries at our website, which is financial group.com. That’s financial group.com. We’ve got some upcoming workshops we’ll talk about after the
(30:31):
Break, all kinds of ways you can work with the certified financial group, some of those methods coming up next after these commercials and this news and this weathered traffic. If you want to join the conversation, one more segment coming up 4 5 8 0 9 3 2 6 8 4 4 5 80 WDBO or you can text that number with the very same answers we got Joe and Rodney with the certified financial group answering your calls. You are listening to On the Money with that certified financial group where we’re planning tomorrow
(30:58):
Today
(30:58):
With the one and only certified financial group. Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live in your WDBO app coming up to the end of another wonderful, a busy episode of On the Money with the certified financial group answering all kinds of questions from your calls, from your open mics, from your text. But if you want to get your questions answered live and in person, the team has a way for that to happen too, doesn’t it?
(31:28):
Yes. Are you talking about calling Charles right now? And they can do that.
(31:33):
I was talking about workshop that they want to come up and say hello.
(31:36):
That’s what you asked about over the break and I dropped the ball here. Okay. Alright. Yeah, what’s going on there, Rodney? So
(31:42):
Wednesday, December 13th, that it is from six 30 to 8:00 PM It’s social security planning basic rules and claiming strategies. And that is hosted by Charles Curry
(31:53):
By the one and only Charles Curry. And that’s a great one, particularly the things we’re talking about, social security, there’s so many options when it comes time to do social security, do you take it at 62, take it to for retirement age, do you wait to 70? You got spousal benefits, survivor benefits, all those kinds of things. Charles will cover that in detail is a Wednesday evening focus, not a Saturday morning. It’s a Wednesday evening from six 30 to around eight o’clock. You’ll provide refreshments. You can go to our website, that’s financial group.com. Financial group.com, make a reservation. And what else you got, Rodney?
(32:24):
The rest are January. So that, that’s the only one that we’ve got remaining in December.
(32:28):
Yeah, Gary, I know Gary is doing his Medicare one the option. Yes. Healthcare options in retirement. And this is one if you’re at or near retirement age or your parents are, you definitely want to attend because when you get near 65, as I’ve said before, your mailbox literally explodes with the options that you have. Charles makes it all simple, digestible. He’s not here to sell you an insurance policy if by when, any stretch of the imagination, but he will show you what the options are. And some of the drawbacks of the Medicare Advantage programs that you see, all the ads are on tv. They are not for everybody. And you need to know if you join up for that, what you can expect and what you could not expect or what you hope to get and what you won’t get.
(33:06):
And just real quick, that one’s January 27th. That one fills up quick, right?
(33:10):
January 27th. Yep. So go to our website once again, financial group.com. That’s financial group.com. Rodney, want to wrap up with a little, some words of wisdom here from Charlie
(33:20):
Munger? Yeah, I’ve got a list of about 50 quotes here, but let’s do just two of my favorites. One was Wisdom for living from Charlie Munger here, you don’t have to, don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income. Stay cheerful in spite of your troubles and you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.
(33:47):
There you go.
(33:49):
Another funny one here real quick. Without continual learning, you’re like a one-legged man in a butt kicking contest.
(33:57):
There you go. He also had some rules for a successful living addition to those. He said, don’t ever sell anything or work for a company that you wouldn’t buy yourself. Don’t work for anyone you don’t respect and admire and work only with people that you enjoy. Three basic rules for making a successful life.
(34:14):
And he donated 550 million of his wealth during his lifetime to mostly charities and higher education.
(34:22):
And his estate I think is totally given away now. Billions of dollars, billions of dollars. Philanthropic like Warren Buffett. Exactly. Yeah. Wonderful, wonderful guys. Smart guys, honorable guys. High moral. So that’s kind of wraps up the show for today I think. Don’t forget, Charles Curry is in the office taking calls, the inimitable Charles Curry, who’s got accolades today well deserved. You can reach him right now. And our office is 4 0 7 8 6 9 9 8 0 0. That’s 4 0 7 8 6 9 9800. And if the line is busy, please leave a message, any promises to call you back. And we have a full house today of folks that are coming by for secure Act 2.0 30 plus. Yeah. That are lined up here to come in and workshop. So we have a state-of-the-Art Learning Center here with great audio visual equipment that really works well for upcoming workshops. So if you have any interest in coming any of our workshops, you can go to our website, that’s financial group.com, financial group.com, and you can learn all about what we do and how we do it. And we look forward to seeing you here soon.
(35:23):
Thank you so much. You’ve just listened to on the Money where we’re planning tomorrow today with the Certified Financial Group.
