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Information presented on this program is believed to be factual and up to date, 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.
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Stay tuned for on the Money Central Florida’s most listened to financial call and show Bronte You by Certified Financial Group in Almont 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.
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Good morning and welcome to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your WDBO app. My name’s Josh McCarthy. Joined today with two financial experts with the certified Financial group. We got two certified financial planners, Joe Bur and Wyn Smith here to answer your question as the team at Certified Financial Group is every single Saturday morning on the Money Show here, answering your questions over 400 years experience inside those four walls at the certified Financial group. But today is a special episode because they’re outside of those four walls. So if you want to swing on by, they’re live at the Village on the Green today. We’ll do the show from nine to 10. You can go there, you can watch them make some radio magic or if you want to join the show, you can call 8 5 8 0 9 3 2 6. This show is here answering your questions. It’s the only show of its kind. So if you have a question that popped into your head during the week and you want to talk to an expert, that is what this show is. They’re here answering your questions every Saturday Morning Live. We got Joe Bur and Wind Smith today joining our conversation. How are we doing today, gentlemen?
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Good morning, Josh. Yeah, we’re doing great. Good to be here. We have a live studio audience out here, village on the Green. As you said, as you listen to the WDBO broadcast sometime during the week, you’ve heard me do an ad for Village on the Green is why I made the decision to make a lifestyle change and I’m glad to be here with the fine folks here this morning. Anyway, we’re here to do our radio shows. We have done now for more than 30 years, taking calls from our listeners, things that might be on your mind regarding your personal finances, decisions that you’re trying to make regarding your IRA, your 401k long-term healthcare, annuities, life insurance, reverse mortgages, all the things that win. And I and the 14 other certified financial planners deal with day in, day out, guiding our clients to and through their retirement years working as fiduciaries, doing financial planning and investment advice for a fee. But on Saturday morning we are here for you absolutely free. So you have any questions about anything that you may have heard, things your neighbor has told you, things you’ve read about somewhere and just doesn’t sound right. We are here to clear up the mind fog, the financial mind fog. And the good news for you is the lines are absolutely wide open for you. So if you have any questions about anything that is on your mind regarding your personal finances, I would encourage you to give us a call
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And we can call at five eight zero nine three two six. That’s 8 4 4 5 80 WDBO or send us an open mic utilizing that open mic feature inside of our WDBO app. The topic of today’s show, what to do with home equity in retirement.
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Yeah, that’s one of the things that, in fact, I just learned something here. Wind showed me something. I didn’t know that this program was even out there, but one of the biggest assets that most people have is the equity they have in their home. And then what do you do with it? You’ve got all, you’re sitting on a pile of cash and maybe you need the cash maybe to remodel home or for medical reasons or whatever it might be. And how do you get it out when, what do you think?
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Well, let’s back up just a second, Joe, because to expand on what you’re saying, yeah, usually when you go into retirement you have three sources of income. That first source is going to be social security, pensions, annuities, those types of streams of income. And then your second source is going to be your retirement funds, your qualified money, your IRAs, your 4 0 1 Ks, 4 0 3 Bs. And then for a lot of people, the third source is that home equity. A lot of people have a paid out home when they reach retirement or they’ve got a very low mortgage left on it. They have a lot of home equity. And so those are really the three things that we have to work with with most clients. So when you get into retirement, there’s really three major risks that you have to plan for. And that first one is mortality, morbidity, which you have both of those risks throughout your entire life through the accumulation phase and the distribution phase when you’re in the accumulation phase.
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That’s why you need life insurance for premature death. That’s why you need disability, good medical coverage for accidents and injuries When you get into retirement phase, that transitions into outliving your money. So longevity risk and then also is are you going to linger or what’s decrease in health going to look like as you approach your passing away or are you going to be, do you spend an hour with a decrease of ability? Do you spend a week, do you spend a month? Do you spend a year? Do you spend 10 years with decreased capacity as you get closer to the inevitable? And there’s an interesting statistic in that 95% of every dollar we spend on healthcare throughout our entire lives or spent the last five years of our lives. So that’s one thing that we’ve got to plan for. The other risk that we have is market risk. And that manifests itself in a couple of ways.
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Lemme stop you there because it really ties into what we’re doing here this morning. You said 95% of your healthcare costs will be spent in the last five years of your life. Okay, so think about that. If 95% of your healthcare is going to be spent in the last five years of your life, you want to be sure that when you’re paying those dollars, you’re getting the best possible care. Absolutely. You could spend those dollars and not get the care that you want and why you may want to be in an environment where you know you’re going to get the best possible care and it’s really why what Village on the Green I think is all about give you the best possible care for those last five years of your life. You can spend the most money.
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You’re right. And again, think about my father passed recently, the hospital bill was six figures for a week in the hospital. And you look at that over what he spent over the rest of his life, he probably is right in there with that average. So then the other risk we look at is market risk. And this is that dealing with our qualified money, that bucket of money that we have with the IRAs and the 4 0 1 Ks, 4 0 3 Bs, we anticipate that the market will give us a certain return and as we project forward of using that money, and there’s no guarantee as we tell clients all the time, past performance is no guarantee of future return. But when you look at the future, all you have to go on is the past. So that’s typically the approach that is taken, but there is no guarantee that you’re going to get that whatever return you need to produce that income that you need. And then the other risk that’s not quite talked about as much is what’s called sequence of return risk.
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Which means
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Means that when you look at the variability of certain investments, they go up and down and you may have the down coming early in your need of that income and that’s going to take a much bigger hit on your nest egg than if it happens later in your retirement period. Or if it’s spread out, it’s not as big. So
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Let’s draw
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That out a little bit. Okay,
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So you’ve retired and let’s say you have a million dollars and you expect to withdraw four or 5% per year on that million dollars. That’s 40, $50,000 a year and everything is good until you have
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A bad year.
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And if those bad years start out early in your retirement, you are eating into your nest egg, which is critical why you need to have some plan as to how to deal
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With it. Exactly. And intuitively we are as humans, as investors, we are more sensitive to loss than we are to gain. And there is a mathematical reason behind that because taking your million dollars, if you lose 10%, now you’ve got 900,000 and next year you make back 10%, well you only make back 90,000. So you’re at 990,000, you’re not back at the million even though you lost 10% and got back 10% and that
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Assumes you didn’t take anything out.
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That’s true, that’s true. So yes, that’s sequence of return risk is something that has to be planned for it. And then the last risk that folks have is just or refer to as expense shocks. These are just these things that these financial expenses that occur outside of expected expenses, these are the emergencies. So this is something happening that’s totally unexpected. Maybe the hurricane blows through and you’ve got to come up with that big deductible on your homeowner’s insurance or
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Your kids call you in a panic.
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Well, I wasn’t going to go there, but yes, yeah, you got to get bail money or who knows what. But yeah, those are things that we don’t really plan for, but they do happen. So that’s that other thing that needs to be accounted for. So with those three risks in mind, what we’re really looking for, okay, so what do we do with home equity? Well, a lot of people when you’re looking at home equity, there tends to be people that fall into one or two different camps. A lot of people want to pass that paid for home onto their children. That’s their part of their legacy planning. A lot of people just want to leave the house to the kids. And
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What you don’t want to do is put them on the deed while you’re still living. Good point. Give it to them now before you pass away, you just may created a major tax problem.
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Right? Now, interestingly enough, now this tends to come from an emotional place. This is because a house is not a home, but we have all these memories. We may have reared our children in that home and we want to continue that good feeling onto future generations. But here’s another interesting statistic. Only 1% of people that inherit homes actually move into them. So what typically happens is you leave the house to the kids and the kids want to sell it as quickly as they can because they don’t want the carrying cost of the taxes and the insurance and they want the money, they want the money, they want it as quick as they can and then they turn around and they spend that money. So a lot of times that means the house doesn’t get quite the value. In fact, a lot of home flippers look for, they look through the obituaries and they’re looking for estates and they’re looking for probate homes that are going on and passing on to future generations.
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And they know that a lot of times there’s the opportunity to pick up a good deal because of the timing involved. And it’s just because of the lack of emotional attachment that the children would have as opposed to the parents. So the other school or the other camp that people fall into is like, okay, well this is just home equity. I mean the goal is in financial engineering is to provide as much income as you can for as long as you can and leave the biggest estate as you can. But that’s just a purely mathematical, that’s not goals-based. So if you do have something like if you do want to leave the house to somebody, maybe you have a child that wants to live in the house, then you can structure your estate plan around that. But that’s an emotional thing that’s not necessarily rational.
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So when you look at the home equity, then you’re looking at, okay, so what are some of the things we can do? Well, you can always tap into your home equity with a home equity line of credit. In fact, a lot of people will do that, especially when they’re in the accumulation phase of their financial life. It’s a little less advantageous in the retirement phase because if you do draw on that home equity, you are expected to make payments, interest payments. And so it is there, but it is something that is kind of weighed against other options. Now, a very popular thing to do with home equity is to downsize. A lot of people will do that. A lot of people will move out of their big two story home, which they rear the children and maybe move closer to some of the children or move into a condo or maybe move into an independent living facility.
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Sounds like me,
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Like here on the village on the green, the continuous care community. So you’re trading like Joe, you mentioned earlier lifestyle, but you’re trading all that yard work and maintenance and all those types of things for a more pleasurable lifestyle.
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Without a question, I dunno if you’re going to bring it up. But the other option is of course the reverse mortgage.
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Yes, I did want to talk about the shared equity, which you mentioned earlier, and then the reverse mortgages because those don’t quite, there’s some misconceptions around those too.
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So I know we’re going to be up against a break here Josh, so take it
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Away. That’s right, you’re reading my mind there Joe. We got Joe Bur and Wind Smith live at the village on the green as I’m seeing some live radio right in front of your very eyes. If you want to head over there, they’ll be on the air until 10. If you want to join the show live on the air from wherever you are, go ahead and pick up the phone and dial (844) 580-9326. That’s 8 4 4 5 80 WDBO or send in your open mic using the free WDBO app. This is on the money where we’re planning tomorrow today with the Certified Financial Group.
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Welcome back to On the Money right here on WDBO. I just realized as I turned on my mic that I didn’t wait for the opportune time for the guitar riff. So I apologize. Don Henley and Joe Joel Walsh, the 1980s classic rock DJ in me is not happy with how I joined this show, but neither you can be happy because we are rejoining the money show here on WDBO. We got Wind Smith and Joe Bur live at the Village on the Green answering your questions watching how radio is made. If you want to come by and see how some WDBO magic is stirred into a pot, you can swing by the village on the green. Or if you want to join the conversation live on the air, you can pick up your phone and dial five eight zero nine three two six eight four four five eighty WDBO, send in your open mic using that free WDBO app and get the advice that you can only find on the money show because we have some certified financial planners. Joe Bur and Win Smith joining us today.
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We touched on just before the break using a reverse mortgage as a way to get equity out of your home and a gentleman here in the audience asked a question about it and we expanded on it. So for the benefit of our listening audience who isn’t here in our live audience this morning, I want to talk about that it’s a way for you to stay in your home for the rest of your life and to do one of a couple things, maybe three things. One is to get a check a month for the rest of your life, your life and or your spouse’s life to get a lump sum of money in a cash payment or thirdly, set up a line of credit. And the beauty of a reverse mortgage is that you stay in that house, rest your life, you can just do what you want as you normally do.
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You have to pay property, taxes, insurance, and the maintenance and maintain these normally would, but it frees up cash and there are costs associated with this. Not for everybody, it doesn’t work in every case, but I’ve been at this business long enough to see some wonderful things that have really, in fact, Harry in our office got a wonderful note for one of his clients just recently who set up a reverse mortgage and she couldn’t stop praising him for making him aware of what that does for her and gives the peace of mind that she wants. She wants to stay in her house and now it’s freed up money that allows her to do what she wants to do. She had a beautiful house and a lot of equity in it, but she can’t go to kitchen sink and turn on the faucet and get cash flow. It just doesn’t work like that. So reverse mortgage, but once again, it is not for everybody.
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And the question that we got Joe, was aren’t they expensive? And yes, if you look at them individually, they can be expensive, but when you look at them overall in overall financial planning, they could be the best money you’ve ever spent,
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Right? And we suggest to our clients that if you were 62 years old or older, but when you turn 62, you really want to look at at least setting up a reverse mortgage. Don’t use the money, you’re going to pay some upfront cost to have it set up because what happens is then you begin to build up a line of credit, which is guaranteed to increase every year. And that pot of money just continues to grow and grow and grow and grow to some point in time. You want to draw from it and it’s there for you. So we suggest that you take a look at that. We don’t sell reverse mortgages. We’re very familiar with how they work and we talked about one of the benefits to it. There’s been a lot of articles written in the financial planning journals about how advisors use reverse mortgages to avoid what you talked about in the first segment.
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And that’s the rate of return risk of drawing from your portfolio when the market is down and now you’re eating into your principle if you have that safety valve, the reverse mortgage where you can tap into it for a short period of time to cover that gap until things that takes a lot of pressure off your portfolio. So once again, they’re not for everybody. We know how they work, we plug it into financial plans if people want to see how they work and give you up to the minute, up to the second calculation if you will, and show you how it impacts your personal life. So do you want to touch anything more about your,
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Well, the other thing the reverse mortgage can do, it can help you deal with those mortality morbidity risks because you can pull money out to remodel your home to make it more aging in place. You can also take it as a stream of income. So you’ve got, in fact, a lot of times it’s kind of looked at that last resource for generating income for folks in retirement, right?
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But generally what you don’t want to do I think is just take a line of credit because what you’re doing is just incurring more debt. And the thing that most people want to avoid in retirement is debt. That’s right. At least debt that you have to pay off immediately. Right? Alright, here are the bumper music, Josh, take it away,
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I’ll take it from here. 8 4 4 5 8 0 9 3 2 6 is the number to call 8 4 4 5 80 WDBO. If you got some questions on your brain that can only be answered by the certified financial planners we have on the show Wind Smith and Joe Bird with the Certified Financial Group live at the village on the green. If you want to swing on through, there’ll be live on the air for the next half hour, 8 4 4 5 80 WDBO you are listening to On the Money where we’re planning tomorrow
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Today
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With the Certified Financial Group.
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Welcome back to On the Money Central. Florida’s most listened to financial call and show Bronte You by Certified Financial Group in Almont 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 p. 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 five 80 WDBO and enjoy the rest of the show.
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Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your WDVO app. We are so fortunate to be joined by WIN Smith and Joe Burt, a couple of certified financial planners with the certified financial group office in Longwood. And currently they are in Longwood but they’re not at the office, they’re on the mobile go right now making some radio on the go. They’re live at the Village on the green hosting today’s episode of On the Money Answering questions during the break that seems like Joe and Wyn have two radio shows going on simultaneously. A couple of experts right here, they have the radio show that they hear on the air and then while they’re on break, some of the listeners live on location are saying, Hey, by the way, I heard this, I heard that. And they’re offering their expertise. But if you want to join the conversation, the number to call in is eight four five eight zero nine three two six eight four four five eighty WDBO. Join the open mic feature inside the WDBO app. Send them in. And I know guys, Joe and Wynn, I do the same thing when we’re doing the show pretty much every weekend. And I have a question I’ll ask you during the break too and say, Hey, well have you guys heard about this? So it’s good to know that you guys are as approachable as you sound.
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We are here and you mentioned that we’re here at Village on the Green for those listeners just might have tuned in. Where is Village on the Green? What is it all about? Village on the Green is my new home. Carol and I made the decision a couple of years ago that it was time to face the facts and realize that life as good as it is today will not be that for the rest of our lives. And what you want to do is have the knowledge that when that time happens, whether I have the stroke, she has the heart attack, somebody comes down with cancer, we have memory issues, whatever it is, we don’t have to worry about it. You’ll be in a place where you know that you’re going to be taken care of and village on the green spent, how many millions of dollars, Christina, how much? What’s the
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50 some million dollars, $56 million in renovations here in the last couple of years and have built a state-of-the-art medical facility for everything you need for memory care, assisted living, skilled nursing, that’s a side benefit. But not only that, but living here in their villas or in their apartments, it’s like being on vacation. The beautiful dining room. When we come in here for dinner in the evenings, it’s like being on a cruise ship. It’s just a wonderful experience with a bunch of wonderful people that are all in kind of the same situation in life. And Carol, I are fortunate, we’re still in good health, still walking around, don’t eat any aid, but we know that one of these days that time is going to come and we want to know when it comes that we don’t have to worry about. Okay, what’s the next thing to do?
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So I want to encourage our listeners, whether you come here out to Village on the Green, which is Nestle in the beautiful Sable point area right here in Longwood or any other facilities here in the central Florida area, I want you to be sure that you have all levels of care when it comes time for that need. I mentioned last week on the program about one of my colleagues whose mother had gone into an independent living facility and she unfortunately was having some memory issues and she had to go into the hospital for a little treatment and they realized that she had some memory issues and she got a notice she had to be out within 48 hours. They didn’t have a memory care unit. So here you are of a woman, 90 some years old, she thought she was going to live there for the rest of her life and she had the memory issues and they said, unfortunately, we can’t take care of you.
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We’ve got to move you. So at this point in your life, that’s the worst thing that can happen. So I wanted to tell our listeners and our people here in the studio audience, if you’ve never thought about this, when you make that decision, you want to be sure that it’s continuous care, that they have memory care and independent living, skilled nursing. So you don’t have to move when that time comes and those situations happen to you. So once again, if you’re thinking about making that decision, I’d be glad to talk to any of our listeners you want to call me during the week. In fact, what we’re doing more and more now, win and I and a 14 other certified financial planners doing, because this is becoming more and more of a thing with the baby boomers, we’re having clients or prospects come in to see us, says, well, can we afford this?
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And what’s it look like? And we’ll run the numbers and show you, can you do it? Should you do it? And what does it look like? And if for nothing else, at least you’ll know the option. So I’d encourage you to go to our website, that’s financial group.com, financial group.com, make a reservation or make an appointment with one of our planners and we’ll crunch the numbers for you and show you whether it makes sense for you. In some cases it does, in some cases it doesn’t, but at least you’ll know you got to have that option. And we want to wrap up with what you were talking about there earlier.
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Yeah, well just to finish up, because the topic today is what do you do with your home equity and retirement? And we were talking a little bit earlier about reverse mortgages and reverse mortgages had gotten a bad wrap early on. Of course, any other new product that comes out that has to go through different changes and improvements. But it used to be that you had to be 62 to have a reverse mortgage. And so if you and your spouse, if there was an age difference, you would take the spouse off. And then when the person who got the reverse mortgage passed away, the spouse couldn’t live in the house for the rest of their life. So they became due and that, but now they’ve changed that as long as one borrower is 62, the other one can stay in the house. And then the other thing is we hear a lot about is the cost, but you don’t need to look at the cost individually as the reverse mortgage.
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Look at it overall as your overall planning because of the ability to have that resource available to you. Could be money very well spent. The last thing that really reverse mortgages kind of got a bad rap about were people losing their homes. And because you didn’t have to have any income to qualify for one, so people got in there, they didn’t have the income needed to maintain their home pay their property taxes, pay their insurance, but the reverse mortgage wasn’t the source of that. They just postponed the inevitable because those people would’ve run out of money anyway. But now there’s a little financial underwriting, they’ve got to know that you’ve got to have the means to maintain your home. So they’ve taken care of that. So reverse mortgages are worth a second look. And the last thing I want to touch on is, again, this is kind of not known. In fact, Joe, you mentioned earlier that you had not heard of this, but there’s shared equity programs out there where, and I guess these are the venture capitalists that are out there looking for other sources of return, but they’ll come in and give you X number of dollars for X percentage of ownership of your home. You don’t pay them back. It’s just they know
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That that’s unbelievable.
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At the time the home is sold, whatever the percentage is, 10% whatever, 20% that’s entitled to that. And as we were talking earlier, since you’re not paying anything back, I guess they’re betting on the house appreciating greater than the carrying cost of the money that they’re giving you. So just a couple of creative things, the key being to do some planning and just to look what options are available and look at it as holistically as possible.
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So I see we have a text question floated in there. Josh, you want to take it away?
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You got it. We got the text questions. If you want to join the conversation, you can call 5 8 0 9 3 2 6 8 4 4 5 80 WDBO, Christie and Longwood, ask the question, does a debt consolidation loan make sense?
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Does a debt consolidation loan make sense? It
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Depends. Usually it makes sense because usually you’re getting a lower interest rate, so your cost of credit is less. Usually it’s more convenient to make one payment versus multiple payments. Where people get in problems with that is they do a debt consolidation to pay off a bunch of high interest credit cards and then they go right back out and run up those credit cards again.
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Yeah, you got to be careful. But it does work.
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It does
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Work, it does work. And you have to be very careful with the credit card that particularly the ones that are offered to you when you buy, go to department store or furniture store or whatever it might be, the beddings bed by this select comfort bed and no interest. And it’s fine until you miss a payment and then all of a sudden all the interest that you should have paid comes due and it’s a mess. So you want to be careful in that situation.
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So yeah, it’s a strategy. There are other strategies. There’s the debt snowball, the debt avalanche. There’s other strategies to get out of debt. But yes, getting out of high interest, especially consumer debt, which is bad. Debt is something that should be a high priority in anyone’s financial plan without
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Question. So we’re going to have the tax question there, Josh.
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You got it. And I read this one ahead and it’s making me smile because Todd and myself are dealing with similar situations. Just yesterday, my 7-year-old daughter said, daddy, why does everybody always care about the price of things? So this question from Todd is what is a good age to teach kids about money?
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What is a good age to teach kids about money when?
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Well, I don’t have kids Joe, so I don’t know personally if you have one. I will share one story, what I heard, what I thought was pretty good. It was one of the Rockefellers, I don’t remember which one, but he gave his kid an allowance every week, but he also gave him a little journal. And what he was required to do was to write down what he did with his allowance. And then once a week he and his dad would meet and they would go over what he spent and then he would give him his allowance for the upcoming week. And he used that as an opportunity to teach. I don’t remember which Rockefeller was the importance of saving and charitable giving and just spending money and just he kind instilled those principles just through that normal, I think he started at seven or eight years old.
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Yeah, there’s nothing wrong with starting at that age. And I think unfortunately today kids didn’t understand the free market capitalist system. They think all the money comes out of an ATM machine or that plastic that you have and just keeps coming and coming and coming. They forget that you have to pay those bills. And that’s the way it works. And I think the best education is just to get a kid a job early on
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Or allowance or something, have some money running through their fingers
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And put so much every allowance or every paycheck for charitable, so much for spending and so much for saving for the future about cover those three areas and teach ’em early on. Unfortunately, parents don’t spend enough time with their kids today and they’re on. We can go on and on about what that’s all about.
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Yeah, I guess the first step is to educate yourself, then educate your kids. Yeah, for
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Sure. Second, another text question there, Josh.
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You got it Joe. And I’ll be honest, I don’t know how you guys had long road trips with kids before the iPad, so I give you guys credit to anybody, anybody who had kids before the
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IPad. We had comic books and coloring books and that was it.
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And riveting games like counting letters on the signs that you drive by.
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Oh yeah, yeah, I spy. That’s right.
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This one comes to us from Paula and Deltona and Paula wants to know, are you ever done saving?
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Are you ever done saving? Well, let’s distinguish between saving and investing. Saving is putting money aside for those emergencies that you have to tap into it. And then investing is for the future to get those dollars to grow for you. And they are mutually exclusive because generally you’re not going to get the return on your money and savings as you would with long-term investing. But you ever, so let’s look at it both ways. Are you ever done saving and or investing?
(31:00):
Well, I mean eventually money will take on a life of its own. If you’ve got a big enough nest egg, I mean that’s going to be growing and generating as much money as you could possibly need by building up your cash reserve or saving my experience. Most people are either savers or spenders. And those are more really lifestyles and habits. And I find that savers do continue saving even in retirement, even though they may not need to just because of that habit.
(31:25):
And it may not be savings, it might be just what we maybe reinvest.
(31:29):
Reinvest, yeah, just
(31:30):
Growing. Don’t touch your investment account, just let it compound and grow. And for sure that’s one way to do it.
(31:36):
Yeah, but I mean living below your means is the key
(31:40):
Without question. And that’s a challenge today. It’s a challenge particularly for the young people with social media today. You’re exposed to all that stuff and you’re seeing your friends and neighbors doing all this stuff and you say, why can’t I do it? And you say, well, I can’t do it. I’ve got a credit card. That’s right. That’s what I’ll do and I’ll pay for it and I’ll be paying for it for the rest of my life. So discipline is a secret to financial success and just overall success in life, I think. And I say work against the break here, Jo. So take it away
(32:08):
Here. Consider it taking 8 4 4 5 8 0 9 3 2 6 is the number to call if you want to join the conversation. Got a question for the financial experts, a couple of certified financial planners live on the air. 8 4 4 5 8 0 9 3 2 6 is the number to call 8 4 4 5 80 WDBO. If you want to leave your open mic, you can do so inside the WDBO app and it looks like we have Charles Curry standing by off the air. If your question is of more of the personal matter or if it comes into your head at 10 0 1 and Joe and Wynn are off the air, you can call Charles Curry in the office. That number is 8 6 9 9 8 0 0. Charles Curry with the Certified Financial Group standing by 4 0 7 8 6 9 9 8 0 0. You are listening to On the Money where we’re planning tomorrow
(33:00):
Today
(33:01):
With the Certified Financial Group.
(33:18):
Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside that WDBO app anywhere you go, as long as you can stumble across some wifi or 4G, you can open up the WDBO app and listen to the On the Money Show here on WDBO, as long as it’s Saturday morning or one of its awesome replays Sunday morning and Saturday at seven. If you want to join the conversation live on the air, the number to call is eight four five eight zero nine three two six. If you want to ask the brain inside that certified financial group, Charles Curry. Any questions after the show comes to a close, I want you to write down this number because Charles Curry, certified financial planner is standing by off the air to take any of your questions. That number is 4 0 7 8 6 9 9 8 0 0 4 0 7 8 6 9 9800. Charles Curry Win Smith live at the village on the green talking in front of a live studio audience as if it’s friends or cheers or something. I feel like there might be a couple celebrities out there.
(34:23):
Well, we’re about to wrap up the show, Josh. I want to talk about a couple of things that our listeners may want to know about. Once again, that score my funds. This is a service that we’ve offered here for several years now to our listeners absolutely free. If you want a very objective, clear look as to the quality of the investments you may be holding in your IRA or 401k or your individual brokerage account where their mutual funds or ETFs, that individual stocks are bonds, mutual funds or ETFs, we will score those funds for you using a program that’s provided to us by the Center for Fiduciary Studies. It scores the funds on 11 distinct criteria, everything from manager tenure to expenses to performance to alpha and sharp ratio. And that’s the amount of return that you’re getting for the amount of risk that you’re taking. We’ll send you that report within 48 hours and you can take a look at it. If you’d like to follow up with us, fine. If you don’t, at least you have the information that is totally free. Just go to score my funds.com, score my funds.com. And if you don’t know the tickers of your funds, there’s a pull down menu, put in the name and it’ll give you the ticker and send that to us. So we will send it to you. And the other thing want to mention is our upcoming workshop, right
(35:26):
When, yes, Joe, two weeks from today, Saturday, may the 18th. Gary Ably is going to be doing healthcare options in retirement and Gary’s going to be doing a deep dive into what your healthcare are. Obviously Medicare, Medicare supplement. Do you continue on your employer plan, just what’s out there and what is some good strategies? And that will be from 10 till noon at the learning center at our office on Douglas Avenue.
(35:52):
Yeah, when you get to be 65, as I’ve experienced, your mailbox literally explodes with offers for Medicare supplements and all kinds of information and much of it very confusing. It all looks very good. And if you listen to the TV commercials, you’re going to get it. They’ll do everything for you and come on, plus wash your car if you get the right plan. But what you want to look at is what the fine print is in those. And Gary’s going to cover all that. What you need to know when you’re about to enter Medicare, the do’s and the don’ts of Medicare and what the costs are and what you want to be prepared for covering. And once again, that is absolutely free. This is one of the most popular programs or workshops we do at our office in Altamont Springs. We can accommodate about 30 people comfortably in our state-of-the-art Learning Center.
(36:33):
But you do need to make a reservation, and that is by going to our website, financial group.com, financial group.com, click on events and you could make the reservation right there. And Gary is, in addition to being a certified financial planner, is also a CPA and has a vast knowledge about, and he’s not here to sell you anything. Once again, it’s absolutely free. So leave your checkbook at home. He’s not going to sell you Medicare supplements or any of that stuff, but he will tell you what to look for and the pitfalls that we have seen clients make because they were not informed. And then we have to come in and try to clean up the mess. So before you go down the wrong path, you encourage you to come to our workshop. That’s two weeks from today, May 18th from 10 to noon at her office in Altamont Springs. And I see we’re about to say sign off here, Josh,
(37:16):
I think you might also be a psychic in addition to a certified financial planner because you have been on point today with these breaks right before I can push that button to fire the music. It’s like you’re telling me telepathically. I love
(37:28):
That. So once again, thank our viewing audience, listening audience out here that’s here live today, so let you know they are here, in fact live. We appreciate their questions, appreciate their participation. I hope they’ll take advantage of the tour that the wonderful people here at Village on the Green will be offering. And as always, it’s a pleasure to be with Win Smith and Charles Curry is here with me as well and it’s always good to be with our listening audience here in the WDBO area. So have a great weekend everybody.
(37:55):
Thank you so much. You’ve just listened to on the Money where we’re planning tomorrow, today with the Certified Financial Group.
