June 18, 2025

Why most people don’t save for retirement - and what to do about it

Why most people don’t save for retirement - and what to do about it
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Season 1

“Retirement isn’t about age, it’s about cash flow and choice.” Most Americans know they should be saving for retirement-but they don’t. Why??? This episode will explore the deeper reasons behind poor savings habits, including identity, culture and misinformation. Bonita & Paul will walk viewers through the most common traps, challenge traditional financial narratives, & offer practical tools to regain clarity & control over their financial future!

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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w four cy dot com. This week and every week,

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we will reach for a higher purpose in money and light,

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as well as a focus on health and wellnent. Now,

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let's join your hosts, Banita Bell Anderson as together we

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start with Asking Good Questions.

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Hello.

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This is Benita Bell Anderson, and thank you so much

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for joining us on the Ask Good Questions podcast. We

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have a phenomenal show today that will be important for

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everyone that's listening, especially those that have not started saving yet.

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So what I'd like to do is invite my guest

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Paul Adams, to the Proverbial podcast stage.

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Hello, Hello, Hello, Hello.

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Paul and I go way back to the dim past.

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We were both working in the financial advising world, and

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I don't even remember how we came across each other,

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but anyway, we did, both of us in Washington State.

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At the time.

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Paul, you're still in the Washington Washington state. I'm going

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to tell him a little bit about you and then

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you can fill him in a little bit more. He

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is the founder and CEO of Sound Financial Group and

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host of the More Than Commas podcast. We're going to

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talk about that little bit more later. He's a seasoned

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financial educator. I've always respected Paul. He's been someone that

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I know helps successful individuals and families make evidence based decisions.

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We're going to talk about that about money while avoiding

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the cultural traps of lifestyle driven spending. So his firm

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is built on the philosophy of dimensional fund advisors, which.

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Me as well.

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We have different paths as far as where we went

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with our financial advising business. But tell us just a

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little bit more about you and your life.

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Well, I think one thing that's unique as we talk

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about financial firm that really is different about us is

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one we went location independent back in twenty seventeen, which

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will lead a little bit in my personal life here

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in a moment. And then we also chose to be

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more like a design build architect, where anybody who engages

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with us pays a feed or retain us for our

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knowledge and our design abilities, and then they get a

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separate choice if they want to implement with us, or

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maybe they want to implement with their nephew that got

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into the industry six months ago, and we are able

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to work with them without them having concern that our

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recommendations are going to be affected by the products, because

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we don't care if they buy the products from our

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firm and have us be the general contractor that builds

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the building, or are they going to go do that

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somewhere else or themselves, which we support. But we went

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and became location independent because my family and I love camping.

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We have in twenty seventeen through twenty twenty two, we

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spent on average eighty two nights a year inside in

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our RV traveling the country, and as an advisor, I

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realized that I still wanted to serve my clients, not

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just be lights out the whole time. So I designed

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a way we could have the business where it doesn't

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matter where our client is or where we are, you

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where you are.

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Well, you know, which is kind of you know, you

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and I have had different paths but in some ways

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very similar because I'm in Hawaii right now, Yeah, serving

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the senior mission with my husband, but I can still

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do my podcast and I'm still you know, in you know,

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involved with my firm and keeping track on what's going on.

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So yeah, So tell us a little bit about your family.

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So married now for going on this year will be

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eighteen years. We have three great kids that by the

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end of this year they'll be thirteen, fourteen, fifteen, and

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they're all born in thirty months. That is to translate

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that for anybody listening, that is five years without a

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break from diapers. Everybody's still in diapers at some point

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over five years. And you know, but on a fun

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life front, and as I've listened to some of your shows,

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it definitely takes a holistic approach to life, not just money.

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So I thought you might appreciate this. My son got

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his driver's permit, but the way it works here is

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you kind of got to get registered for a course,

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and there's several steps. Well, he didn't know they were

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all completed. So when we went to church on Sunday,

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I'm clearing some things out of my passenger seat where

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he normally sits because he likes to ride with me.

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And I got it all cleared out, and I hand

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him a piece of paper and I said, a hold

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on this. You're going to need it. Finished clearing out

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the seat and put all the back seat's like, what

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is this thing? And I handed it in the keys

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and said it's your learner's permit, so get in the car.

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As I got in the passenger seat and just taking

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away any of the anxiety, any of the oh I'm

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gonna be driving on the road, it was just no,

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you've run a lot of equipment, you drive the side

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by side around the property all the time. You're you're fine,

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You're we're gonna go just at the gas station on

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the way to church. I'm only gonna have you drive

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the gas station. And he did it, and it was

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like that that moment where you've got to introduce your

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children to a new level of performance in some way,

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being do so in a way that doesn't trigger any

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of that like build up, and they just realize that

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most things that are new that you do are just

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not that hard to do. That most of the difficulties.

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The stories we tell ourselves are the narratives leading up

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to it.

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Mm hmm, I'm with you.

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I've got grandchildren, Paul, that are getting their drivers permits.

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Twenty three of them, right.

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Twenty three of four yees who would have thought so?

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Yeah, So there are several of them and they're like, Grandma,

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I've got my driver's permit.

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And there's already been a couple of accidents, you know,

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like whoops and so. But yeah, so it's a.

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New level of responsibility too. So yeah, anyway, but that's

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a whole other topic. Today we're going to talk about

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why people are not.

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Saving the way they should be.

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But before we get into our discussion, I have some statistics.

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Most of this is from the Federal Reserve, which was

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I was like, I didn't know the Federal Reserve did studies.

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But they have.

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So this is key statistics on the US retirement savings. Right,

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twenty five percent of Americans have no retirement savings at all.

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Thirty one percent feel very confident they'll have enough to

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retire comfortably. That means that a whole sixty nine percent

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don't feel confident. The median retirement savings for Americans age

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fifty five to sixty four is only one hundred and

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thirty four thousand, and there was a little comment on

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that that amount would generate about five hundred dollars a

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month in retirement assuming a four percent withdrawal rate. So

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you know, however, but by age group, like I have

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my my under thirty five clients I am proud of

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because of course I've also been going, come on, let's

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start savings. But the average under thirty five only has

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about eleven thousand dollars saved, and then it gradually goes

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up to the sixty seventy four year olds that only

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have one hundred and sixty four thousand. So the statistic

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goes into why forty percent of workers aren't even enrolled

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in a retirement plan. Average four to one K balance

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is only about one hundred and twelve five seventy two.

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Forty five percent of baby boomers have no retirement savings whatsoever.

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Thirty four percent of Gen xers say retirement isn't even

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on their radar yet. And the biggest thing that has

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upset me and I but in the end, I can't

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do anything about it. I've tried, tried, tried, But a

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lot of Americans will take money out of their for

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one case, because of something that's going on in life.

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Time. They get cashed out.

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Yeah I know, and it's like, oh man, you need this,

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and but they take those early withdrawals, incurring taxes and penalties,

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and you know, it's just I.

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Just hate it when that happens. Why are they doing this?

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They're living paycheck to paycheck, They're increasing spending instead of

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saving money when they get a raise. And there's they

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also said lack of access to retirement plans.

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I seems like that shouldn't be the case, but I.

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Call baloney sandwich.

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Yeah.

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Inability to access.

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Yeah yeah, So, but what they're saying is especially prevalent

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among part time, gig and self employed workers. So yeah,

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you know, I've got a very talented nephew who's a

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sign painter. He's never worked, he's been his own boss

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his whole life.

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But has he saved not really, not really.

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So with those statistics in mind, let's start with the obvious.

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Why don't we Why.

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Don't people say, for retirement, you know what they know

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they should.

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Right, Yeah, And I think it's a multifold thing if

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we think about it in current terms. We have all

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kinds of very productive feedback loops in our life. You know,

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like when I was a little kid, if I poured

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myself a cup of coffee, then I poured too long,

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I'm gonna burn my hand. And I learned like, oh,

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that's a pretty quick, you know, eight twelve second feedback loop.

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And then you know, if if you're listening and you're

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not a regular drinker, and you have three glasses a

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wine tonight, you're gonna feel that tomorrow morning. You know,

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if you talk too harshly or harshly at all your spouse,

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you may quickly find out like all these things like bad.

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If I eat too much food, I start gaining I

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don't know why. I somehow get a free pass for

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eight days, but by day ten, I gay ten pounds.

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So that's a pretty good feedback loop. And that's the

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relatively short timeline for all the feedback loops in our

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life except money, because money not being a good steward

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of it feels basically amazing for decades because look at

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all the Instagram stuff I've got going, and I showed

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off my new whatever, and look at the trip that

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we went on and all of that stuff. It feels great. Now.

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What is differing, and what none of us have really

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adapted to yet, is we used to have the virtue

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among the industrious of Brugality. And what I say by

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industrious is people that were able to entrepreneur themselves into

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an opportunity. They built a ranch, or they opened a bar,

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a local newspaper, et cetera. They were building, you know,

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our country early on. And these people building our country

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if they had means in wealth, it just happened to

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be that everybody could see it. We would know Bonnie

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owns the bank, We would know I have ten thousand

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head of cattle. We could have all that, so we

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could walk around and hold as a virtue that we

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restrained ourselves in what we would consume. And it made

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sense because nobody questioned whether or not Paul Adams was

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a success because of my ten thousand cattle. See it,

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you could see it. But now now that same Paul

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Adams drives because I don't care about this stuff. I

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drive a twenty fifteen Ford. Explore that I have absolutely

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done tremendous damage to dragging it behind my RV across

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the country. And I don't care, but a lot of

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people do. In fact, for many people, it's like an addiction.

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And it's because we have this biological urge that like

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a peacock shaking its tail feathers, you know, in impressing

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the community of males and females around us. It's just

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we're still we're still got biology, and so we're going

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to want to buy the car by the house that

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is quote unquote commiserate with our lifestyle. But we live

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inside a society where commiserate with our lifestyle means spending

230
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one hundred and five percent of your income, where what

231
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we have to do to be financially successful is save

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twenty percent percent of gross Yeah, and that has you

233
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have to live a very very different lifestyle than all

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of your compatriots who make a similar level of income

235
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that aren't doing it, and they aren't like on average, statistically,

236
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if you're somebody who's saving, everybody who care about around

237
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you is probably not. And that's just because most people

238
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aren't sitting aside an appropriate amount of money and are

239
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making decisions based upon how their life looks today. Now

240
00:14:32.399 --> 00:14:35.879
another thing that's developed. If we think about even a

241
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middle class lifestyle today, that person has access to better

242
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things in lifestyle than somebody who lived the richest in

243
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the world two hundred years ago, no kidding, and we like,

244
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but how much money would that person be saving if

245
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they just lived the same lifestyle they lived two hundred

246
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years ago, They'd be saving ninety percent of their income.

247
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But we've all continued to level up our lifestyle and

248
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instead of reflecting what do I want my life to

249
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look like, what we do is we decide what our

250
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life should look like. Is that over there?

251
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Yeah?

252
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And you know at my church, I lead a Saturday

253
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men's group that's two times a month, and I told

254
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them I'm designing this workshop. We're about to get the

255
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last session of this eight week course that I taught

256
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to just minute my church about how to look differently

257
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at their careers and in implementing some business practices I've

258
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used to build this business. And one of the things

259
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that I shared with them is I shared with them

260
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how much I make a year, and they were all like, what.

261
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And the only reason I shared that with him is

262
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I said, you guys, I have built this incredible white

263
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collar business so that I can walk into a room

264
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and people think I'm there to fix the audience or

265
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shoe a horse like nobody thinks I'm there to be

266
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the financial mind in the room. And I'm perfectly fine

267
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with that being my lifestyle. Sometimes that's really important and

268
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identity to people, et cetera. I just set that aside

269
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because I'm anchored in the life that I'm creating, not

270
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in the life anybody else sees. And so when it

271
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comes to people planning for money, one of the first

272
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things they haven't done is any work in cultivating contentment

273
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to say this is what I would like to see

274
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my life be like. And then as your income goes

275
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above it, you're able to hold because you built the

276
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life you like. And now what the game you're playing

277
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is to make the life you like permanent. And then

278
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I'm going to go a little philosophical, just one moment more,

279
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in that when people are working their way toward retirement,

280
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they're carrying a debt. Now they don't think this way,

281
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but they're carrying a debt that they owe to, say,

282
00:17:02.279 --> 00:17:05.960
sixty five year old them. Now that debt is the

283
00:17:06.000 --> 00:17:10.880
net present value of income for the rest of your life. However,

284
00:17:10.920 --> 00:17:14.200
you and your advisor calculate that and when you roll

285
00:17:14.279 --> 00:17:18.359
up to that birthday, do you have enough money to

286
00:17:18.359 --> 00:17:22.559
pay that person and some huge amount like ninety five

287
00:17:22.599 --> 00:17:25.720
percent of America won't and they're just going to keep you. Well.

288
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I've thinked about how I've had people come into my

289
00:17:29.400 --> 00:17:31.680
office looking like a deer in the headlights because they're

290
00:17:32.440 --> 00:17:36.880
sixty years old and oh crap, I've never done anything.

291
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And it's like, you know, and I think both you

292
00:17:39.960 --> 00:17:43.440
and I are like, whatever we could do to make people.

293
00:17:43.200 --> 00:17:46.240
Not do that be there?

294
00:17:47.839 --> 00:17:51.799
Yeah, yep, because what they're not thinking about is when

295
00:17:51.880 --> 00:17:55.400
you're funding your lifestyle, you're always funding two until the

296
00:17:55.440 --> 00:17:58.559
point at which you reach financial independence is you have

297
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to und your current lifestyle and then you have to

298
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fund your lifestyle for the period of life when no

299
00:18:04.559 --> 00:18:08.079
one's going to value your offer. Yeah. I think it

300
00:18:08.279 --> 00:18:11.000
just at some point, you know, as I get more

301
00:18:11.000 --> 00:18:15.079
and more gray hair in my beard, it it creates

302
00:18:15.319 --> 00:18:19.519
different conversations. And we're created before and twenty years from

303
00:18:19.519 --> 00:18:23.200
now there'll be even more different conversations about age and

304
00:18:23.319 --> 00:18:26.519
health and what I want to be able to do

305
00:18:26.599 --> 00:18:28.359
and what I want to be able to do is

306
00:18:28.359 --> 00:18:31.519
is securely stable, to be able to end that on

307
00:18:31.640 --> 00:18:34.039
my terms, with the level of lifestyle I want for

308
00:18:34.079 --> 00:18:35.799
the rest of my life, and we want that for

309
00:18:35.839 --> 00:18:37.720
all of our clients. Right.

310
00:18:39.599 --> 00:18:43.680
You made me when you were talking about the horse shoer.

311
00:18:44.319 --> 00:18:49.359
I a literally my oldest daughters of that and we'd

312
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spend the summers on her farm.

313
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In the Tri Cities.

314
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And I was one day holding a horse while the

315
00:18:57.119 --> 00:19:00.519
horse while the failure was there shoeing, and he's asking

316
00:19:00.559 --> 00:19:03.599
me if you know, he finds out I'm a financial advisor,

317
00:19:03.640 --> 00:19:05.279
and he's asking me financial questions.

318
00:19:05.720 --> 00:19:08.079
And I'm looking at him, and I'm looking at his.

319
00:19:08.039 --> 00:19:12.319
Old truck, and I'm like, I don't want to make assumptions,

320
00:19:12.359 --> 00:19:15.759
but I'm betting that he's probably hand in the mouth,

321
00:19:16.200 --> 00:19:21.200
you know, but he's just you know, So let me.

322
00:19:21.160 --> 00:19:22.000
Ask you the next thing.

323
00:19:22.039 --> 00:19:23.880
There's something that you've said in the past, and that

324
00:19:24.039 --> 00:19:28.799
is retirement isn't a math problem. It's a narrative problem.

325
00:19:29.440 --> 00:19:31.440
So what the heck does that mean?

326
00:19:32.440 --> 00:19:36.000
Well, Okay, I'm going to go deep here, and I

327
00:19:36.000 --> 00:19:40.640
hope the audience doesn't mind the dive. You see, I

328
00:19:40.839 --> 00:19:47.039
don't I would assert that you cannot hear anything I'm saying, Benita,

329
00:19:47.559 --> 00:19:49.839
you can't hear a thing I'm saying. And nobody in

330
00:19:49.880 --> 00:19:52.519
the audience listening to me right now can hear anything

331
00:19:52.559 --> 00:19:57.079
that I'm saying. Ever, and you and everybody in the audience,

332
00:19:57.200 --> 00:20:05.480
none of us, including me, ever hear what anybody ever says. Okay, Now,

333
00:20:05.960 --> 00:20:08.440
that little voice and everybody's head that said, I don't

334
00:20:08.440 --> 00:20:10.480
know what Paul's talking about. I'm totally hearing right now.

335
00:20:11.599 --> 00:20:15.759
That's that's actually the only voice any of us ever hear.

336
00:20:16.720 --> 00:20:20.240
You see that little The way I draw a picture

337
00:20:20.240 --> 00:20:22.920
of it sometimes is imagine like a little tiny stick

338
00:20:22.960 --> 00:20:26.039
figure in your ear, or like maybe some cute dwarf

339
00:20:26.160 --> 00:20:29.279
from a movie, but they're just real small and they

340
00:20:29.359 --> 00:20:32.599
listen to the world, okay, and then they tell you

341
00:20:33.400 --> 00:20:39.480
what was said. But that little thing we'll just call

342
00:20:39.519 --> 00:20:45.200
your listening. That listening is influenced by your past, your traumas,

343
00:20:45.640 --> 00:20:49.240
your dreams for the future, your wishes, want some preferences,

344
00:20:49.599 --> 00:20:52.000
Like if you've ever had a conversation with your spouse

345
00:20:52.039 --> 00:20:55.680
where it's like you said one thing and they heard

346
00:20:55.720 --> 00:20:57.759
something else and there's some kind of friction upset You're like, wait,

347
00:20:57.799 --> 00:21:00.720
what happened, and they've just didn't understand what you said.

348
00:21:01.680 --> 00:21:06.440
That's because they're listening, didn't translate what you intended to say. Well,

349
00:21:07.039 --> 00:21:14.240
we listen our entire environment. Every advertising commercial narrative set

350
00:21:14.240 --> 00:21:17.319
around us, et cetera. Like how many people have you

351
00:21:17.440 --> 00:21:21.720
heard say One of the biggest falsehoods about money that

352
00:21:21.839 --> 00:21:25.960
I remember being set around my kitchen table like regular

353
00:21:26.799 --> 00:21:28.680
is you know what, is probably just going to be

354
00:21:28.759 --> 00:21:31.920
cheaper to get a new car than fix that one

355
00:21:32.119 --> 00:21:37.160
the loney sandwich. Almost never is that the case unless

356
00:21:37.160 --> 00:21:39.799
you you know, you bought some you know, Porsche or

357
00:21:39.839 --> 00:21:42.240
something like that, it's super expensive to fix. But otherwise,

358
00:21:42.240 --> 00:21:47.559
like normal cars, if you maintain the car properly, it's

359
00:21:47.599 --> 00:21:53.680
a whole different world. Yeah, but the narrative is it's

360
00:21:53.720 --> 00:21:56.319
cheaper to just get a new one. And you wouldn't

361
00:21:56.319 --> 00:21:59.079
believe that when somebody holds that just to say, hey,

362
00:21:59.200 --> 00:22:01.400
I'm support you. You've got enough money, you can do

363
00:22:01.400 --> 00:22:03.920
it either way you want. Well, let me just walk

364
00:22:03.960 --> 00:22:07.640
you through the math of what keeping your current car

365
00:22:07.799 --> 00:22:11.400
is and you can feel the emotional bit of it

366
00:22:11.480 --> 00:22:15.359
for people when I just even bring it up. And

367
00:22:15.400 --> 00:22:20.079
then you can never have anybody around you give you

368
00:22:20.200 --> 00:22:24.720
appropriate financial feedback when you make a bad decision. And

369
00:22:24.759 --> 00:22:27.119
I'll give an example. One very very close friend of

370
00:22:27.160 --> 00:22:31.000
mine went down to southern California to visit him. And

371
00:22:31.519 --> 00:22:33.359
you know, my family and I have had this living

372
00:22:33.440 --> 00:22:36.920
radically within our means mindset for quite some time. And

373
00:22:37.000 --> 00:22:39.720
I go down to southern California. It picks me up

374
00:22:39.799 --> 00:22:44.519
in a brand new, like sixty thousand dollars build out

375
00:22:44.680 --> 00:22:49.880
of I think it was a Toyota Tundra, and I'm like, what,

376
00:22:49.880 --> 00:22:51.920
what's with the new car? I mean, weren't we just

377
00:22:52.000 --> 00:22:53.880
talking in a meeting a couple of weeks ago about

378
00:22:53.920 --> 00:22:57.279
how great the philosophy is and it was like, well, yeah,

379
00:22:57.359 --> 00:22:59.039
but I'm going to keep it ten years and that's

380
00:22:59.079 --> 00:23:03.279
just it. And I just I said, well but if

381
00:23:03.319 --> 00:23:05.640
you look at the time value of money, and then

382
00:23:05.680 --> 00:23:07.920
it like I could tell the tone change, like I

383
00:23:08.079 --> 00:23:11.759
was stepping near the third rail in a very good relationship.

384
00:23:12.880 --> 00:23:17.279
And so what we unintentionally create is people around us

385
00:23:17.319 --> 00:23:19.680
can even give us appropriate feedback, because once you buy

386
00:23:19.720 --> 00:23:22.319
that car with that big loan or that creuddy lease

387
00:23:22.400 --> 00:23:25.720
or whatever it is, you can't undo it. And the

388
00:23:25.720 --> 00:23:28.480
people around you who love you who have enough compassion

389
00:23:28.559 --> 00:23:30.880
for you don't beat you over the head about that

390
00:23:30.920 --> 00:23:35.440
being a terrible decision. And so people have a hard

391
00:23:35.440 --> 00:23:38.319
time learning. And now on top of that, everybody that

392
00:23:38.400 --> 00:23:43.480
makes us an offer, almost nobody in our life as

393
00:23:43.559 --> 00:23:47.319
an interest in us accumulating wealth. They just have an

394
00:23:47.359 --> 00:23:50.759
interest in us buying the next bigger house, like different mortgage,

395
00:23:50.920 --> 00:23:54.400
or this financial product or that financial product. And that's

396
00:23:54.680 --> 00:23:58.960
so all of those things disrupt people's ability that those

397
00:23:59.079 --> 00:24:02.839
narratives that what you might refer to as cultural common sense,

398
00:24:03.880 --> 00:24:10.279
and then people don't learn basic money mechans. Like every

399
00:24:10.319 --> 00:24:12.799
client fills out an application, we don't make an offer

400
00:24:12.880 --> 00:24:14.640
to a client in a first meeting. We just share

401
00:24:14.680 --> 00:24:17.559
our philosophy. Then if they want to they can fill

402
00:24:17.599 --> 00:24:20.079
out an application. We set a different meeting to review

403
00:24:20.079 --> 00:24:22.200
that for them. Because we don't work with every client.

404
00:24:22.759 --> 00:24:25.079
We charge a fee up front, so we don't want

405
00:24:25.119 --> 00:24:27.880
to offer a fee if we can't bring enough value.

406
00:24:27.880 --> 00:24:31.319
So that's why this application. But on the application there's

407
00:24:31.359 --> 00:24:36.000
a question Benita, and it says, do you know how

408
00:24:36.079 --> 00:24:38.160
much capital work will be required for you to have

409
00:24:38.240 --> 00:24:43.279
financial independence? Okay, Now, these are the people we work with.

410
00:24:43.319 --> 00:24:46.440
On average, are between like two hundred and fifty thousand

411
00:24:46.559 --> 00:24:48.960
and two million dollars a year of income. So these

412
00:24:49.000 --> 00:24:53.599
are not unsophisticated people. How what percentage of them do

413
00:24:53.680 --> 00:24:54.839
you think have a number?

414
00:24:55.799 --> 00:24:57.559
I'm I'm betting they don't.

415
00:24:58.599 --> 00:25:03.200
Yeah, only five percent, and not all of them are

416
00:25:03.200 --> 00:25:06.640
well thought out. Yeah, but think if this is the

417
00:25:06.640 --> 00:25:10.200
biggest narrative break the convert which narrative break would be

418
00:25:10.200 --> 00:25:13.839
a conversation somebody's not having. And the conversation people aren't

419
00:25:13.880 --> 00:25:17.880
having is even an awareness of what where they're trying

420
00:25:17.920 --> 00:25:20.759
to get to. Because if you don't, everybody when they

421
00:25:20.799 --> 00:25:22.720
started working their first job at some point had a

422
00:25:22.759 --> 00:25:24.279
tough day and say, at least I get to retire

423
00:25:24.319 --> 00:25:26.880
one day. And we got out of bed every day,

424
00:25:26.960 --> 00:25:28.960
We went to work forty hours a week, maybe worked

425
00:25:29.039 --> 00:25:32.559
multiple jobs. We got ourselves educated, we built a career.

426
00:25:32.599 --> 00:25:34.759
We did when all along the way we know we're

427
00:25:34.799 --> 00:25:37.799
headed to retirement, we say, but we don't even have

428
00:25:37.839 --> 00:25:40.759
it on a map. We don't have like a here's

429
00:25:41.440 --> 00:25:44.960
a number to shoot for. And because we haven't taught

430
00:25:44.960 --> 00:25:48.400
something as simple as that four percent distribution rule as

431
00:25:48.559 --> 00:25:53.000
like a prerequisite, just simple math. It should be just

432
00:25:53.039 --> 00:25:54.039
in high school math.

433
00:25:55.440 --> 00:25:58.240
Well, how do you think how do you think our

434
00:25:58.279 --> 00:26:02.319
culture rewards spending instead of savings?

435
00:26:02.880 --> 00:26:06.359
Mmmm? Well, if you've been on social media, you know

436
00:26:06.839 --> 00:26:10.640
ever it's it's because it's the just look the posts

437
00:26:10.640 --> 00:26:12.799
to get the greatest amount of likes. They're going to

438
00:26:12.880 --> 00:26:18.519
be full vacations. They're going to be the cool new car,

439
00:26:19.519 --> 00:26:23.680
the cool new piece of equipment, et cetera. Like there's

440
00:26:23.799 --> 00:26:27.039
there's a very specific reason why I all of my

441
00:26:27.160 --> 00:26:31.799
social media posts are business related because I don't want

442
00:26:31.880 --> 00:26:36.400
I don't want encouragement from people who I don't know

443
00:26:37.000 --> 00:26:41.279
to make decisions that they enjoyed pictures of me doing,

444
00:26:42.559 --> 00:26:46.039
which probably meant it was expensive. So I just don't

445
00:26:46.079 --> 00:26:49.000
post hardly at all the social media and I've taken

446
00:26:49.079 --> 00:26:55.640
out that particular feedback loop that would encourage something like consumption, right.

447
00:26:57.000 --> 00:27:01.640
Right, Well, so where do they? So where do you

448
00:27:01.680 --> 00:27:02.559
think money is going?

449
00:27:03.440 --> 00:27:07.799
You know, I'm guessing we've already talked about it. Money

450
00:27:07.880 --> 00:27:11.000
is going to bigger, better lifestyles, I.

451
00:27:11.079 --> 00:27:12.759
You know, And let me ask you this.

452
00:27:13.200 --> 00:27:14.359
I think I feel.

453
00:27:15.839 --> 00:27:19.039
Okay, all right, but I'm feeling like, don't you think

454
00:27:19.039 --> 00:27:22.160
too that it's part of it is just people wanting

455
00:27:22.200 --> 00:27:22.759
to look good.

456
00:27:24.119 --> 00:27:28.240
Yes. In fact, yeah, have you read Morgan Household's book

457
00:27:28.720 --> 00:27:31.440
The Philosophy of Money Psychology of Money?

458
00:27:31.480 --> 00:27:35.559
Sorry, no, I haven't read that one. I'll have to

459
00:27:35.559 --> 00:27:36.119
go look it up.

460
00:27:36.640 --> 00:27:39.440
It is a great book. I that is my two

461
00:27:39.599 --> 00:27:42.279
favorite financial books, if you don't count any of them

462
00:27:42.319 --> 00:27:50.039
that I wrote, are Stop Acting Rich a Doctor I'm

463
00:27:50.079 --> 00:27:54.640
as Stanley, and then The Psychology of Money. But in

464
00:27:54.880 --> 00:27:56.920
one of the things they talk about in that book

465
00:27:57.319 --> 00:28:00.200
is it is about looking good. But here's what I

466
00:28:00.240 --> 00:28:02.400
would have everybody think about, because there is a certain

467
00:28:02.400 --> 00:28:05.160
amount of public identity, like it like I probably shouldn't

468
00:28:05.319 --> 00:28:08.640
drive a nineteen seventy three Pento, you know, like there

469
00:28:08.720 --> 00:28:12.839
is probably a rust bucket standard. I should like keep safe.

470
00:28:13.319 --> 00:28:15.640
I shouldn't look I shouldn't drive a car that looks unsafe,

471
00:28:16.200 --> 00:28:20.039
because then that falls into people's judgment or judgment of

472
00:28:20.039 --> 00:28:25.759
my judgment. So I don't want that. But aside from

473
00:28:25.839 --> 00:28:27.759
people spinning it that way, what they're doing is it's

474
00:28:27.759 --> 00:28:29.920
getting crowded out, not just on looking good, but then

475
00:28:29.960 --> 00:28:33.920
the maintaining of those things. Yes, right, Like you get

476
00:28:33.920 --> 00:28:37.039
the cool looking car, they charge more per labor to

477
00:28:37.079 --> 00:28:42.319
work on that cool import car yep. And so they'll

478
00:28:42.359 --> 00:28:45.680
make one decision up front, but then they'll make other

479
00:28:45.799 --> 00:28:49.319
decisions that have maintenance. And like, we have a client

480
00:28:49.400 --> 00:28:53.960
that bought two million dollars home in Florida that live

481
00:28:54.000 --> 00:28:58.039
on the other side of the country, and that inflation

482
00:28:58.359 --> 00:29:00.359
that's normal. It didn't. I mean, the mortgage is pretty

483
00:29:00.359 --> 00:29:03.200
pricey because you got it after rates went up, but

484
00:29:03.279 --> 00:29:05.279
you wouldn't believe how much the meaneness has gone up

485
00:29:06.079 --> 00:29:09.000
on it. And it's just on the balance sheets. So

486
00:29:09.160 --> 00:29:11.200
you can't say, I'm not going to maintain a two

487
00:29:11.279 --> 00:29:13.960
million dollar asset. What do you do? Lower your return

488
00:29:14.039 --> 00:29:14.759
plan contribution?

489
00:29:15.480 --> 00:29:19.000
Yeah, and so.

490
00:29:18.920 --> 00:29:26.599
They Yeah, the role of identity, I think is huge.

491
00:29:29.880 --> 00:29:33.839
Can we craft? So I'm just thinking what we need

492
00:29:33.880 --> 00:29:39.880
to do is encourage people to craft an identity that that.

493
00:29:40.119 --> 00:29:44.599
Says I'm going to save, right. I mean it's like

494
00:29:44.799 --> 00:29:47.599
it's like change. It's like it's a paradigm shift, isn't it.

495
00:29:47.799 --> 00:29:50.039
Yeah. It's like, well, when you think of a narrative,

496
00:29:50.079 --> 00:29:52.960
a movie is a script, and so we're just running

497
00:29:53.680 --> 00:29:55.440
ripped in our head. You know, you had a past

498
00:29:55.440 --> 00:30:00.400
guest that talked about, you know, changing people's programming, and

499
00:30:01.000 --> 00:30:03.960
I think with money. It's very much the same in

500
00:30:04.119 --> 00:30:09.119
that if what I realize is I have a strategy

501
00:30:09.160 --> 00:30:11.559
to reach financial independence. Number One, I don't think people

502
00:30:11.559 --> 00:30:15.000
should call it retirement because if we go back again

503
00:30:15.119 --> 00:30:17.720
to the early nineteen hundreds or even in the founding

504
00:30:17.720 --> 00:30:22.359
of our country, there's not a single business or spiritual

505
00:30:22.440 --> 00:30:25.119
leader in this country whoever quote unquote retired. It might

506
00:30:25.160 --> 00:30:29.000
have changed advocation. It wasn't until nineteen thirty five with

507
00:30:29.039 --> 00:30:31.640
the advent of social security we started applying retirement to people.

508
00:30:31.640 --> 00:30:35.599
Before that, it meant like I'm going to retire to

509
00:30:35.640 --> 00:30:37.799
the den for the evening with my Scotch. I'm going

510
00:30:37.839 --> 00:30:40.920
to retire this old plow. We're going to retire this

511
00:30:41.000 --> 00:30:43.200
old horse that was usually not good for the horse.

512
00:30:43.920 --> 00:30:48.400
But they would retire things. It wasn't anything you did

513
00:30:48.440 --> 00:30:52.359
to a person. And then we started saying we retire.

514
00:30:52.480 --> 00:30:54.279
But think about this for a moment. I mean, I

515
00:30:54.319 --> 00:30:57.039
think it speaks so well to your continued involvement with

516
00:30:57.839 --> 00:31:02.240
your planning, with the planning firm and with this podcast.

517
00:31:02.640 --> 00:31:05.680
Is there's no biblical basis for retirement. I don't know

518
00:31:05.720 --> 00:31:09.160
that there's even a a faith that's existed for over

519
00:31:09.240 --> 00:31:12.079
five hundred years on this planet. That says you get

520
00:31:12.119 --> 00:31:15.160
old and are useless. But that's why I've.

521
00:31:15.039 --> 00:31:18.920
Actually had people do that to me. I've had people

522
00:31:19.599 --> 00:31:25.839
why aren't you retired. It's like, I don't want to retire.

523
00:31:25.839 --> 00:31:28.440
I don't want I mean, that's in my mind. It's

524
00:31:28.519 --> 00:31:31.079
like sitting on a on a deck rocking and a

525
00:31:31.200 --> 00:31:34.200
rocking chair and declining, no.

526
00:31:34.480 --> 00:31:37.119
Well this is and this is this is what you

527
00:31:37.160 --> 00:31:39.720
can do. That changes up the narrative for you and

528
00:31:39.839 --> 00:31:43.119
starts to start. For lack of betters saying it, We're

529
00:31:43.160 --> 00:31:46.039
going to inoculate them against bad narratives. And one thing

530
00:31:46.039 --> 00:31:48.480
you say is like, no, I'm not retired. I'm financially independent.

531
00:31:48.480 --> 00:31:52.920
There's a big difference. Think about the conversation you get

532
00:31:52.920 --> 00:31:56.079
to have with somebody after you say that, or if

533
00:31:56.079 --> 00:31:58.039
somebody's trying to convince us to buy a car that

534
00:31:58.079 --> 00:32:00.799
we can't buy, Never say I can can't afford it.

535
00:32:01.480 --> 00:32:04.079
Never say that, because the second I say I can't

536
00:32:04.200 --> 00:32:08.240
afford it, I'm deciding to play by their rules. Instead,

537
00:32:08.559 --> 00:32:12.279
I'm gonna say, I, oh man, that car is beautiful. Unfortunately,

538
00:32:12.319 --> 00:32:15.279
would break strategy for us. Now if I say it's

539
00:32:15.319 --> 00:32:17.200
going to break strategy for me, what's the next thing

540
00:32:17.759 --> 00:32:21.960
the salesman has to say. He's gonna say what strategy?

541
00:32:22.519 --> 00:32:24.720
It happens all the time, and I go, oh, let

542
00:32:24.720 --> 00:32:27.880
me show you. And then it's like I'm running the

543
00:32:27.960 --> 00:32:30.400
lines on the field for how this game is going

544
00:32:30.480 --> 00:32:32.720
to be played. I don't have to enter into their

545
00:32:32.799 --> 00:32:36.200
language at all because I'm just not going to break strategy.

546
00:32:36.480 --> 00:32:38.000
Your friends say I don't want to go to Hawaii.

547
00:32:38.039 --> 00:32:39.240
I'd love to go to Hawaii, but it's going to

548
00:32:39.279 --> 00:32:41.359
break strategy for me. Well, what do you mean your strategy? Well,

549
00:32:41.359 --> 00:32:43.319
my strategy is saved twenty percent of my gross income

550
00:32:43.359 --> 00:32:46.400
every year because I want to have the choice to

551
00:32:46.400 --> 00:32:49.960
be financially independent on my terms, not be financially independent

552
00:32:49.960 --> 00:32:54.440
because the workforce ground me into it, right, and then

553
00:32:54.480 --> 00:32:57.599
that changed. That changes even the relationship with your friend

554
00:32:58.119 --> 00:33:01.160
when you come forward with strong narrative, because that's where

555
00:33:01.240 --> 00:33:05.799
leadership I think happens is are people more encouraged and

556
00:33:05.799 --> 00:33:10.160
ambitious about the future based upon what we said or

557
00:33:10.200 --> 00:33:12.319
what they were thinking when we first showed up in

558
00:33:12.359 --> 00:33:16.359
their life. And I think that even the listeners. If

559
00:33:16.400 --> 00:33:19.039
you change somebody's language, it's not I can't afford it.

560
00:33:19.039 --> 00:33:22.640
It's that I won't break strategy. Right, It's not that

561
00:33:22.880 --> 00:33:26.119
I'm retired, it's that I'm financially independent and now I'm

562
00:33:26.119 --> 00:33:28.559
doing what i want. Doesn't mean I'm not busy.

563
00:33:31.119 --> 00:33:33.799
That's for sure.

564
00:33:36.000 --> 00:33:39.839
So let's talk about this whole thing with lifestyle inflation.

565
00:33:40.559 --> 00:33:42.480
Somebody gets a raise.

566
00:33:44.119 --> 00:33:49.799
And they and they, and up goes the spending. How

567
00:33:49.920 --> 00:33:53.480
do you how do you inoculate somebody against lifestyle inflation?

568
00:33:54.119 --> 00:33:57.920
Well, what they have to do first is cultivate contentment. See,

569
00:33:57.960 --> 00:34:00.200
most people are living the life that they have now,

570
00:34:00.240 --> 00:34:02.480
and not by any design, but by default because it's

571
00:34:02.480 --> 00:34:05.440
what they could afford to. And they, by the way,

572
00:34:05.480 --> 00:34:07.920
most people never even pause long enough with their spouse

573
00:34:07.960 --> 00:34:10.480
to say, hey, what would we like just our regular lifestyle?

574
00:34:10.519 --> 00:34:12.480
Look like, like, do we like it?

575
00:34:12.519 --> 00:34:12.679
You know?

576
00:34:13.039 --> 00:34:15.519
As an example, maybe they've both been talking about redoing

577
00:34:15.519 --> 00:34:17.840
the floors, and they've both been talking about because they

578
00:34:17.880 --> 00:34:20.079
thought the other one wanted it, and it's like, no,

579
00:34:20.159 --> 00:34:23.239
we don't care about the floors. Well save twenty thousand dollars, great,

580
00:34:23.920 --> 00:34:25.599
but that's that's it. So we just got to get

581
00:34:25.639 --> 00:34:27.519
on the same page about what we want our life

582
00:34:27.559 --> 00:34:31.159
and lifestyle to look like currently, and then how do

583
00:34:31.199 --> 00:34:35.199
we get as close to that while reserving for our

584
00:34:35.239 --> 00:34:39.039
old age? I would contend, I'm happy to be challenged

585
00:34:39.039 --> 00:34:41.840
put in the comments Bunny will point people over to me.

586
00:34:42.239 --> 00:34:45.920
But what I would challenge is twenty percent of gross

587
00:34:46.000 --> 00:34:50.360
is the minimum amount somebody should be saving. And there's

588
00:34:50.440 --> 00:34:52.159
just a lot of life that you got to say

589
00:34:52.199 --> 00:34:55.760
no to. One of my biggest mentors was helping a

590
00:34:55.760 --> 00:34:58.320
woman with some mistate planning. She was unfortunately dying of

591
00:34:58.400 --> 00:35:03.840
pancreatic cancer Huntington Beach, and he was about thirty five

592
00:35:03.880 --> 00:35:05.800
at the time, about ten years younger than I am now.

593
00:35:06.599 --> 00:35:09.280
And he said to the woman, he said, how did

594
00:35:09.280 --> 00:35:13.119
you manage to accumulate ninety million dollars? You know? She

595
00:35:13.159 --> 00:35:15.400
I mean she had a good business and stuff like that,

596
00:35:15.440 --> 00:35:17.280
but I mean she just kept buying real estate and

597
00:35:17.280 --> 00:35:19.199
even in her early years when she wasn't making that

598
00:35:19.280 --> 00:35:21.960
much money. He said, how'd you do it? She says,

599
00:35:23.079 --> 00:35:28.079
this was EO thousand or two thousand and five, And

600
00:35:28.159 --> 00:35:32.119
she said, you know, honey, when I was your age,

601
00:35:32.800 --> 00:35:34.679
we just didn't have as much to say no to,

602
00:35:37.360 --> 00:35:39.400
and now we have to say no to so much.

603
00:35:39.960 --> 00:35:42.559
Like back in when she was starting out, like, here's

604
00:35:42.559 --> 00:35:45.199
the thing my mom and she was born in nineteen

605
00:35:45.280 --> 00:35:48.119
forty five in Nebraska and did not have indoor plumbing

606
00:35:48.639 --> 00:35:51.760
until she was ten. They had an out house. Yeah,

607
00:35:52.920 --> 00:35:57.199
that is like if you pause and cultivate contentment, like

608
00:35:57.199 --> 00:35:59.639
what would my lifestyle, what would this errand I'm running

609
00:35:59.679 --> 00:36:01.960
look like one hundred years ago, one hundred and fifty

610
00:36:02.000 --> 00:36:03.559
years ago, and put you in a position to realize

611
00:36:03.599 --> 00:36:07.039
how incredibly wealthy we are in the history of mankind

612
00:36:07.079 --> 00:36:10.559
on this planet, like unbelievably wealthy. And then that kind

613
00:36:10.639 --> 00:36:13.960
of gives you some inoculation from that next advertisement for

614
00:36:14.000 --> 00:36:17.920
the cool newer car. In fact, anything you might consider

615
00:36:18.000 --> 00:36:20.400
doing on payments, what I want you to do is

616
00:36:20.440 --> 00:36:23.239
take your net income for the month for you and

617
00:36:23.280 --> 00:36:26.079
your spouse, divide it by the amount of hours that

618
00:36:26.159 --> 00:36:28.840
you guys each have to work, and then realize how

619
00:36:28.920 --> 00:36:32.039
many hours per month you've got to put in just

620
00:36:32.079 --> 00:36:36.679
to pay that bill. And it's a lot, and people

621
00:36:36.840 --> 00:36:40.360
aren't present to that, And it's it's that idea of

622
00:36:40.400 --> 00:36:43.079
getting yourself out of the narrative enough to just do

623
00:36:43.239 --> 00:36:47.320
some math, have your aims, have some standards, like I'm

624
00:36:47.320 --> 00:36:51.880
going to set aside twenty percent, and it doesn't matter

625
00:36:51.920 --> 00:36:53.760
if it's four or one. Carr like, just get the

626
00:36:53.800 --> 00:36:56.480
money set aside, do in cash for two years, and

627
00:36:56.480 --> 00:36:58.559
then go find an advisor. They'd be happy to meet you.

628
00:36:59.039 --> 00:37:03.280
But it has to be based upon those principles, with

629
00:37:03.320 --> 00:37:06.360
small bits of consistent action over long periods of time,

630
00:37:06.800 --> 00:37:10.119
and the inoculation is not permanent. Once it's there, you

631
00:37:10.199 --> 00:37:15.000
can so easily drift back. My wife and I have enjoyed,

632
00:37:15.079 --> 00:37:18.000
by default, living so deeply within our means. We haven't

633
00:37:18.000 --> 00:37:19.760
had to even look at a budget in two years,

634
00:37:20.440 --> 00:37:22.119
and we've recently said, you know, we're going to get

635
00:37:22.119 --> 00:37:25.760
back to the practice just because it's good practice.

636
00:37:28.440 --> 00:37:32.639
Well, let's turn a little bit, man. Time always flies

637
00:37:32.679 --> 00:37:33.079
so much.

638
00:37:35.039 --> 00:37:39.400
We've kind of mentioned that we both work with a

639
00:37:39.440 --> 00:37:45.239
company called Dimensional Fund Advisors, and I, you know.

640
00:37:45.559 --> 00:37:47.159
It was probably.

641
00:37:49.239 --> 00:37:53.760
Fifteen years ago that I even I was having I

642
00:37:53.880 --> 00:37:56.639
was at a coffee shop with another advisor as I

643
00:37:56.679 --> 00:37:58.719
was trying to figure out how to do this whole

644
00:37:58.719 --> 00:38:02.360
independent thing, and he says, well, I work with Dimensional

645
00:38:02.360 --> 00:38:04.320
Fund Advisors and I didn't even know about it.

646
00:38:04.960 --> 00:38:06.639
How is that?

647
00:38:06.760 --> 00:38:10.400
I mean, it's like a mindset and there's a we

648
00:38:10.480 --> 00:38:13.079
call it evidence based investing.

649
00:38:14.119 --> 00:38:15.239
How is that different?

650
00:38:15.320 --> 00:38:19.320
What would you say, how is that approach different from

651
00:38:19.519 --> 00:38:27.239
traditional financial advice that someone who's just doing mutual funds?

652
00:38:27.559 --> 00:38:32.039
Yeah, what would you say is so I'll give maybe

653
00:38:32.199 --> 00:38:35.519
just a quick bullet list of some differences. So Dimensional

654
00:38:35.519 --> 00:38:38.880
Fund Advisors, if you're listening, is probably the largest asset

655
00:38:38.920 --> 00:38:41.679
management firm you've never heard of. The reason you've never

656
00:38:41.719 --> 00:38:44.920
heard of them is they don't advertise. They were the

657
00:38:44.960 --> 00:38:47.440
inceptor of one of the very first index funds, the

658
00:38:47.480 --> 00:38:52.159
founders of Dimensional and what they took the slant of

659
00:38:52.199 --> 00:38:57.199
while other companies like Oppenheimer Putnam were building large field

660
00:38:57.239 --> 00:39:00.159
forces of wholesalers to go out and tell the story

661
00:39:00.199 --> 00:39:03.440
and invite advisors to breakfast and lunch and dinner and

662
00:39:03.440 --> 00:39:05.880
if you guys want more on that story, on more

663
00:39:05.920 --> 00:39:09.199
than costs, yep, I got a whole. I've got a

664
00:39:09.199 --> 00:39:11.480
whole talk I give called the Illusions of Investing that

665
00:39:11.519 --> 00:39:15.880
talks about what an advisor goes through. And you don't

666
00:39:15.920 --> 00:39:18.119
find Dimensional Funds because they don't do that kind of

667
00:39:18.159 --> 00:39:22.000
advertising unless you start reading the academic journals on investing,

668
00:39:22.760 --> 00:39:26.320
and those academic journals investing really discourage people from stock

669
00:39:26.440 --> 00:39:30.360
picking and market timing, et cetera. Because it just doesn't

670
00:39:30.400 --> 00:39:33.519
work and it's fundamentally speculation the asset managers doing with

671
00:39:33.599 --> 00:39:37.639
our money. So what we decided to do by using

672
00:39:37.679 --> 00:39:40.559
dimensional is they kind of just look at it as

673
00:39:40.559 --> 00:39:44.599
we own everything that has a pretty good chance of

674
00:39:44.639 --> 00:39:47.280
doing what the market's going to do. Stuff that's really

675
00:39:47.280 --> 00:39:49.880
bad we don't own, but we own pretty much everything else.

676
00:39:50.920 --> 00:39:52.119
So weise this.

677
00:39:53.519 --> 00:39:56.599
Harry Markowitz, who died I don't know, instituted it in

678
00:39:56.679 --> 00:39:59.920
a few years ago, but he was doing his calculation

679
00:40:00.239 --> 00:40:02.880
on a yellow pad, and like in the nineteen fifties. Yes,

680
00:40:02.880 --> 00:40:06.159
but the thing that I remember Harry Marco would saying

681
00:40:06.960 --> 00:40:10.559
long ago was Harry Marco which said, just buy the market.

682
00:40:11.400 --> 00:40:11.639
Yeah.

683
00:40:12.079 --> 00:40:14.280
It's like, I don't know how you know. So it's

684
00:40:14.360 --> 00:40:17.000
like the average person could never do that, but.

685
00:40:17.800 --> 00:40:20.760
True, we pretty well can, and now we do. You know,

686
00:40:21.400 --> 00:40:23.079
no clients all the time. Let's say you're back in

687
00:40:23.119 --> 00:40:25.400
the nineteen nineties and you're like, do I buy Walmart

688
00:40:25.480 --> 00:40:28.920
or Kmart? They're very close companies at that time. Well

689
00:40:29.519 --> 00:40:32.000
one some asset managers say I'm picking Kmart because I'm

690
00:40:32.000 --> 00:40:34.800
going to bet on them. But our type of asset

691
00:40:34.840 --> 00:40:37.920
management is like we'd look and it would be both

692
00:40:37.960 --> 00:40:40.519
of them have positive attributes for the future. Both of

693
00:40:40.559 --> 00:40:43.880
them might work out. Well. Guess what when nobody goes

694
00:40:43.920 --> 00:40:47.599
sprim market anymore because they're closed, where do they go Walmart?

695
00:40:47.639 --> 00:40:51.840
Which means our portfolio is still getting the revenue, the profitability,

696
00:40:51.880 --> 00:40:54.800
and the company enterprise value because the consumers are going

697
00:40:54.880 --> 00:40:56.599
to spend money anyway. So all we have to do

698
00:40:56.719 --> 00:40:59.199
is be everywhere in the market. And like our position.

699
00:40:59.199 --> 00:41:02.639
Our portfolios have about fourteen thousand different positions because we're

700
00:41:02.679 --> 00:41:06.760
not market timing. We're just scientifically holding and rebalancing a portfolio.

701
00:41:07.039 --> 00:41:13.400
It's wildly deep, but unexciting. And yeah, we just coach

702
00:41:13.440 --> 00:41:16.199
our clients science over and over getting to hold strategy.

703
00:41:17.079 --> 00:41:22.599
Yeah, yeah, whole strategy. Don't break strategy, don't break straight.

704
00:41:23.679 --> 00:41:28.039
Hopefully people can remember that. Paul, we're running out of time.

705
00:41:28.599 --> 00:41:32.960
I want to hear a little bit about the more

706
00:41:32.960 --> 00:41:33.920
than comments.

707
00:41:34.280 --> 00:41:37.559
Yeah more than Commas podcast? What what does that mean?

708
00:41:37.599 --> 00:41:38.880
Where did that come from?

709
00:41:39.599 --> 00:41:42.119
And you know the whole idea that wealth has to

710
00:41:42.159 --> 00:41:43.880
mean more than the numbers.

711
00:41:44.159 --> 00:41:46.840
Yeah, what you think about it? Most people in life,

712
00:41:46.840 --> 00:41:48.960
when it comes to getting retirement is they got they

713
00:41:48.960 --> 00:41:51.360
got to get above two commas, you know, and then

714
00:41:51.400 --> 00:41:55.719
the billionaires talk about getting to three commas. But the

715
00:41:55.800 --> 00:41:58.239
thing is that what's going to have us really enjoy

716
00:41:58.360 --> 00:42:02.119
life in our independence and our time in our old

717
00:42:02.159 --> 00:42:05.320
age is going to be more than just the commas

718
00:42:05.320 --> 00:42:09.440
in our portfolio, and so that just gave By changing

719
00:42:09.480 --> 00:42:13.159
our podcast name, it really gave us more latitude. We're

720
00:42:13.199 --> 00:42:16.159
now over three hundred episodes. We've been on air since

721
00:42:16.199 --> 00:42:19.920
twenty sixteen. People can go way way back in our stuff,

722
00:42:20.440 --> 00:42:23.360
but the rebranding of it just gave us more license to.

723
00:42:23.480 --> 00:42:25.760
Like the other day I recorded one of my shop

724
00:42:25.840 --> 00:42:28.400
that's just the first seventy two hour preparedness at a

725
00:42:28.400 --> 00:42:30.320
home in case of an emergency. It was right after

726
00:42:30.360 --> 00:42:35.719
those big blackouts in Spain, right, So yeah, we'd love

727
00:42:35.760 --> 00:42:38.800
to have anybody who's a subscriber. We're fun. We answer

728
00:42:38.840 --> 00:42:42.159
all the comments and we love hearing suggestions. We get

729
00:42:42.199 --> 00:42:44.320
a lot more downloads on podcasts, and we do YouTube,

730
00:42:44.360 --> 00:42:47.079
but we I don't know, I like having my face

731
00:42:47.119 --> 00:42:52.119
scene sometimes.

732
00:42:52.519 --> 00:42:54.159
Well I was going to tell you that, you know,

733
00:42:54.760 --> 00:42:57.719
ten years, twenty years from now, you can apply for

734
00:42:57.760 --> 00:42:59.159
a job with Santa Claus.

735
00:42:59.360 --> 00:43:01.960
Yeah, yeah, I'm working on it. Well. The beautiful thing

736
00:43:02.119 --> 00:43:04.760
is my wife loves it. She says, keep growing it,

737
00:43:04.800 --> 00:43:06.840
and I'll just keep letting it get a little longer,

738
00:43:07.280 --> 00:43:09.679
but while keeping it groomed. And then one day my

739
00:43:09.679 --> 00:43:11.199
wife is going to say that's it, and that's what

740
00:43:11.280 --> 00:43:13.760
I'll stop. Because as far as how I address or

741
00:43:13.800 --> 00:43:16.079
how I look, there's only one customer anymore, and that's

742
00:43:16.079 --> 00:43:17.239
my wife.

743
00:43:17.480 --> 00:43:22.440
Yeah, that's right. Well, how would you sum this whole

744
00:43:22.440 --> 00:43:22.920
thing up?

745
00:43:24.199 --> 00:43:26.159
Because we've got like a couple of minutes here, so

746
00:43:26.199 --> 00:43:29.760
we need to you know, what are your partying thoughts?

747
00:43:30.360 --> 00:43:31.800
Parting words would be, if you want to be better

748
00:43:31.800 --> 00:43:34.000
with money, start talking about money, and if you want

749
00:43:34.000 --> 00:43:36.599
to be more affected with money, have more effective conversations

750
00:43:36.599 --> 00:43:40.519
with money and control the narrative. Set a strategy for

751
00:43:40.559 --> 00:43:44.920
yourself and then win things. Risk you coming off strategy,

752
00:43:44.920 --> 00:43:47.920
talk with your spouse. Maybe it's okay to deviate, but

753
00:43:48.159 --> 00:43:50.920
set a strategy. First. We're going to save X, we're

754
00:43:50.920 --> 00:43:53.000
going to give X to the church, We're going to

755
00:43:53.039 --> 00:43:56.440
spend this much on recreation. Just set a plan and

756
00:43:56.480 --> 00:43:59.000
then get the money tucked aside. And you don't even

757
00:43:59.039 --> 00:44:01.239
need to go talk to an advice right now. Uh,

758
00:44:01.440 --> 00:44:04.239
there's probably advisors love to hear from you. But this

759
00:44:04.480 --> 00:44:06.800
month you can intentionally say we're going to set aside

760
00:44:07.000 --> 00:44:10.440
X and then do that and feel that win, and

761
00:44:10.480 --> 00:44:12.800
then do that again next month, the next month, and

762
00:44:12.840 --> 00:44:16.480
if you have more effective conversations with money, you're more

763
00:44:16.719 --> 00:44:18.280
likely not only going to be better for you and

764
00:44:18.320 --> 00:44:20.599
your family, but probably those closest to you are going

765
00:44:20.639 --> 00:44:25.679
to increase their financial competence as well and actually give

766
00:44:25.719 --> 00:44:29.039
you all a chance to have been financial independence together.

767
00:44:29.920 --> 00:44:32.000
Because if you don't talk to the people in your

768
00:44:32.000 --> 00:44:35.920
community about money, then you're going to successfully step off

769
00:44:36.039 --> 00:44:38.719
into old age and they're not and they're not going

770
00:44:38.800 --> 00:44:40.559
to be able to join you, and they're not going

771
00:44:40.639 --> 00:44:42.400
to understand how you were able to do it and

772
00:44:42.440 --> 00:44:45.920
why you didn't introduce them to your advisor. And that's

773
00:44:45.960 --> 00:44:48.000
going to be a tough conversation. So I encourage people

774
00:44:48.000 --> 00:44:50.199
to talk about money as much as you can to

775
00:44:50.280 --> 00:44:51.480
the people that you love the most.

776
00:44:55.039 --> 00:44:59.960
Good advice And you're a good man, and you've got

777
00:45:00.559 --> 00:45:03.360
very very important to you. You have lucky clients who

778
00:45:03.480 --> 00:45:06.599
are there with you having you guide them.

779
00:45:06.639 --> 00:45:08.079
Well, thank you very much.

780
00:45:09.360 --> 00:45:12.079
I want to thank you for being with us today.

781
00:45:12.639 --> 00:45:13.840
Yeah, I'm so glad to be here.

782
00:45:13.960 --> 00:45:19.039
Important for everybody needs to everybody needs to really take

783
00:45:19.079 --> 00:45:19.760
this to heart.

784
00:45:21.159 --> 00:45:22.559
Yep. And all they got to do is take a

785
00:45:22.559 --> 00:45:25.199
little more to heart every day. You don't need to

786
00:45:25.199 --> 00:45:28.079
be perfect today, just make a little progress financially today

787
00:45:28.159 --> 00:45:32.679
and just like compounding returns, your habits will compound too.

788
00:45:33.719 --> 00:45:34.039
Yes.

789
00:45:34.519 --> 00:45:38.519
Yeah, Well with that, I think we've asked some pretty

790
00:45:38.519 --> 00:45:42.960
good questions today, and I want to thank you again

791
00:45:43.039 --> 00:45:47.400
for joining us and thanks for joining us on our podcast.

792
00:45:48.199 --> 00:45:50.360
So glad. I'm so glad I could be here and

793
00:45:50.440 --> 00:45:51.960
thank you so much for the chance to have a

794
00:45:52.000 --> 00:45:52.800
chat with your audience.

795
00:45:53.800 --> 00:45:57.719
All right, Okay, thanks for.

796
00:46:00.719 --> 00:46:04.320
Today's episode is over, But we did ask good questions again,

797
00:46:04.440 --> 00:46:08.119
didn't We don't miss out as we broadcast live every

798
00:46:08.159 --> 00:46:12.440
Wednesday six pm Eastern Time on W FOURCY Radio at

799
00:46:12.639 --> 00:46:16.400
W fourcy dot com. Joined Vanina Bellm. We're saying next

800
00:46:16.480 --> 00:46:21.639
week for more conversations with experts on finances, retirement, behavioral

801
00:46:21.719 --> 00:46:26.639
finance issues, health and wellness and more. Until then, remember

802
00:46:26.800 --> 00:46:32.599
to ask good questions.