L V Plummer Jr. CFPP

Financial Myths with L.V. Plummer Jr., Certified Financial Planner Practitioner and LPL Stragtegist on The Bev Johnson Show on WDIA Radio.

Episode Transcript

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Memphis probably presents the BEM Johnson Show. Let me say, Beth, I've
got me first, let me yousay him. She's gone Emphis dot gain

(00:28):
No matter of the problem she canhave so all the phone and a moment
thing of mine. She jimmy headingin the hair by telling you to just
keep the fair. When a wranglea pegging out fis Johnson's show, he

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goes, well, I've got nothinghappening here every day. Let me d
I am well, Bill got mea missed king. Good morning, good

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morning, good morning, and welcomein to w d I A The BEB
Johnson Show. It is indeed apleasure. I have your west Ers once
again on this to day, Juneeighteenth, twenty twenty four. Enjoy this
fabulous day to day. Get readyas we ask the expert. We'll be

(02:09):
talking with our certified financial Planner practitionerLV Plumber Junior. We'll be talking with
us about finances. Put your earson. When it's your turn to talk,
you know you can. All youneed to do is dial these numbers
nine zero one, five three fivenine three four two five three five nine

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three four two eight hundred five zerothree nine three four two eight hundred five
zero three nine three four two eightthree three five three five nine three four
two. We'll get you in tous. And if this day, this

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day, Tuesday, June twenty four, is your birthday. Happy birthday to
each and every one of y'all outthere who may be celebrating a birthday on
this day, you say God,y'all go out and celebrate your life.

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You better, you better. Whenwe come back, we'll talk to our
certified financial planner practitioner, Lawrence Plummer, Junior Letter known as LV with me
Bev Johnson on the Bev Johnson Showon w da S. Good morning,

(05:02):
and welcome back to w d IA The Bev Johnson Show. It is
indeed a pleasure, kind of privilegeto be with you on this Tuesday,
June eighteenth, twenty twenty four.Enjoy this fabulous day to day. It's
cloudy in Memphis, Tennessee, butthat's okay. We are still here,
and I hope it's okay wherever youmay be. Well. This morning,

(05:27):
we are asking the expert once again. Let me tell my jazz lovers.
I have to tell them. Youknow, it's Black Music Month, so
we're celebrating a little black Music,little Jazz news. Well before that it
was Jonathan Butler a Little African Breeze, and after now playing Steve Cole,
it's called Thursday. How do youlike that? I like that Thursday.

(05:49):
Yeah. My next job, I'mgoing back into jazz. Yeah, I
am yeah, I am Yeah.Welcome into w d A and let me
remind you. Securities and advisory servicesoffer through l P L Financial, a
Registered Investment Advisor member of Finnraw andSipsy. The opinions express those of Lawrence

(06:15):
Plummer, Junior Certified Financial Planner Practitioner, LPL Wealth Strategists, LV and Plumber
Wealth Strategists will be offering y'all acomplementary consultation to the first ten callers and
the first ten people who book anappointment online. For those who may be
at work and cannot call, justgo to p WS Planning dot com PWS

(06:42):
Planning dot com send them an emailby clicking the contact us button to schedule
your complementary consultation with LV. Theirnumber to call in for those first ten
callers nine zero one seven four eightzero zero five zero nine zero one seven
four to eight zero zero five zero, and you can email LV at LV

(07:04):
at PWS Planning dot com or serviceat PWS Planning dot com, and then
also you can navigate to their websitep w S Planning dot com. Well,
once again, let's say good morningto our certified financial planner practitioner l

(07:25):
p L Wealth Strategist, Lawrence PalmerJunior, better known around here is LV.
Good morning, LV, Good morning, Beth. How are you.
I'm doing well today, LV.How are you good? Good? You
know, the answer is always thesame, just busy. I don't know
what it is about the summertime withpeople. I guess they're starting to think

(07:45):
more about their money. Kids areout of school, camps are going on,
and you know, money is it'salways the focal point going to the
summertime. So for us here atthe firm, it's the same as always.
It can't complain. Rather be toobusy than I'm busy enough. But
again we're we're staying busy as usual, so cannot complain whatsoever. But how's
everything been at the station since thelast time we spoke. Well, everything's

(08:05):
been going well, been going well. No complaints around here, LV.
We just keep on moving right along. I'm surprised because because I have to
check in with you, LV,because you know you and your family will
take a vacation in a minute,you know. You know. Actually the
funny thing you said, but we'reactually taking it. We're taking a break.
Is we traveled more in the lasttwelve months I think we ever have

(08:26):
as a family since I got marriedten years, ten years ago to my
wife. So yeah, this isactually kind of a lull for us.
We're actually hanging tight until my wifeand I, believe it or not,
we have our ten year anniversary comingup next month and we're going to go,
you know, whisk off to theOlympics without the kids for about ten
days. So we're really looking forwardto that. I know that it would
be a good trip for us tokind of reminisce and think about the last

(08:48):
ten years and spend time out therewatching the Olympic Games. So we're really
really looking forward to that. Ohthat's so, I got one more show
before that and then I'm off thegrid for about two weeks. So that's
a much need to break. Ihear you, brother, I hear you.
Take your take your break, andcongratulations on ten years. That's wonderful.
Thank you, Thank you for surefor sure, well, LB,
this morning our topic of conversation.You want to talk again about demystifying finance,

(09:13):
money myths to unravel and this isour part three because we've been talking
about that for the last two months. Missed those myths about money, So
this is the grand finale for theseries. LV. I want you to
recap for those that missed it.On the last show, we talked about

(09:33):
some money myths that people often getwrong, and it seems LB, there
are some more than you wanted tocover, right, Yeah, mm hmm,
absolutely, you know, Ben,And that's the thing. I actually
extended this series because we had wehad a lot of good feedback from the
last show. We had clients thatcalled from that session good that believe or

(09:54):
not. I think I had pinpointedmaybe one or two things that they've always
kind of thought about and wanted tohear some kind of a perspective from a
professional on as far as things theythought were true that really weren't. It's
something that you know, some misconceptionsthey might have held before they worked with
an advisor. So I wanted todo one more because there is about three
or four more that I heard.The last couple of months that I wanted
to address. And and again,some of these are fallacies that we've heard

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for you know, for you know, the forty years of our practice,
where we have new clients that havenever talked to an advisor before. They're
saying, hey, these are thingsthat I want to discuss, right,
And these are some of the lastones that I wanted to make sure we
didn't end this series without talking about. So I got about four today I
wanted to address. And I thinkthere's even one that that someone called in
the last session then, but Ithink it was a gentleman that called that
actually asked about our last one we'regoing to talk about today as far as

(10:41):
the misconceptions or money miss so Iwanted to go deeper into that today and
then we'll start fresh with the newseries next month when we get back on
the air. So this is theninth inning of the of the of the
the financial myth busting as far asthe last couple of sessions we've done,
but I wanted to make sure werounded this out the right way and talk
about those last few things. Soundsgood, So okay, LB, let's
start with this money myth. Idon't need to understand money because my spouse

(11:07):
manages the finance. I've I heardsome people talk about that before. Yeah,
they don't need to say my spouseis taking care of everything. Okay,
let me let me tell you somethingthat that is probably the most common
thing I see. And you know, we manage a lot of spouses at
our practice here, BEV. Imean, we're licensed in over forty states.

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We have I think the last timewe counted about two thousand households that
we manage. A lot of themmarried, some are unmarried, some are
divorced, some are widowed. Buthere's the bottom line on this part,
BEV. Because this is one ofthe biggest things where even if a client
doesn't call and become a client ofours, I don't care. I just
want to make sure I throw thisout there today that no matter who you
are, if you're married, ifyou're divorced, if you're widowed, if
you're single, change is inevitable.BEV. I mean that that's the one

(11:52):
thing. Not just life change.You don't need me to tell you that,
but financial change is an absolute inevitability. Right now, What I mean
by a divorce, premature death aftera divorce, or premature death, a
remarriage. Life. In my experience, Bev, working with people from all
different backgrounds and different family dynamics.You know, life can change very quickly

(12:13):
to where if you're used to beingthat financial passenger, life can throw that
curveball tomorrow and then all of asudden you go from the passenger seat to
the driver's seat in the matter ofa few days. Right. And again
it's not it's not always those goodlife changes. I had declined unfortunately,
that's been with us for over twentyyears. During you know, during our
Christmas break that her husband had passedaway. And I'll tell you one thing,

(12:35):
Bev. She was, you know, one of our higher net worth
families that's actually up there in NewYork we've worked with for a long time.
And you know, we had alwaystalked to the mister, right,
she was very rarely part of ourfinancial discussions. Again, they're they're on
the high network side of the spectrum, very good wealth, very good income,
done very well financially, and wehad rarely roped her into the meetings,
you know, since we've worked withthese clients. And I'll tell you

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one thing, Bev, she ismy poster child of what how to do
this the right way because unfortunately,as their husband had worked with us usually
the last three or four years,he had been going through a lot of
sicknesses and ailments, and he reallywas was losing his life for us unfortunately.
So it was kind of a slowkind of descent into his unfortunate passing,
you know, last around the Christmasseason. But the good thing about

(13:18):
this client I'm talking about is that, again this was a non working spouse.
The woman I'm speaking about her andher husband. You know, her
husband had had been in the drivereceipt the whole time she's been with our
firm making financial decisions, doing theirtaxes, running his businesses, and she'd
kind of been in the back burnerand kind of the corner of the party
while you know, mister was workingwith us. And the good thing about

(13:39):
it is that once we started seeingthe kind of degradation of the mister client
of the husband, right, andwe started seeing that, hey, change
is coming where unfortunately you may begoing through the passenger to the drive receipt,
she started getting more involved with ourdiscussions V And that was the beautiful
thing about that transition with her asfar as the finances go. You know,
she started being involved in the meeting, she started researching, she started
asking questions, and she kind ofprepared herself to say, you know what,

(14:03):
I'm now about to be your client. My my husband passes away.
I want to know all the investmentswe have. I want to know all
the things you set up for me, our family, our trust, our
estate. So my thing is this. You know, she's the perfect client
where now that she is, unfortunatelynow our only client in that household.
She prepared herself and she educated herself, and she wasn't that spouse that just
inherits life, insurance money, andthen all of a sudden is looking,

(14:26):
you know, looking like a ghostwhen now she's at the driver's seating,
at the helm of her household,trying to learn about finances all, you
know, at the same time whileshe's grieving her loved one passing away,
or a family member or a husband. You always want to make sure that
you're prepared for those changes, whetheryou're a non working spouse, whether you're
an adult child. It's just lifeis going to change. So I talk
about her a lot, because againshe's that one client I discussed and I

(14:50):
kind of throw to our new clientswe bring on where if you are one
of those that says, you knowwhat my spouse has got it, you
know my I don't know my fatherruns our family's finances, or you know,
my mom is running the show.You always want to make sure you
equip yourself with education because when thatlife, not if, but when that
life changes come, you're not goingto want to process at the same time
grief of losing a loved one andtrying to learn what a stock is for

(15:13):
the first time, or learning whata pond is for the first time,
or learning how to file attacks andthings like that. So make sure right
now, whether you work with adivisor or not, as you step in,
you prepare yourself for those inevitable changes, and that you at least give
yourself a test. And okay,you know, if I were in the
drive Receipt today, who would Ibe working with? Who is my advisor,
who is my team, who's myCPA, who's my attorney? You

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want to make sure overall, ifyou're listening to this show that if you're
not one of those drive Receipt clients, make sure you kind of start running
reps and running you know, kindof some practice rounds as if that was
happening today, so that way you'renot left in the dark whenever change does
come around. So that was onmy spirit to talk about. There's a
lot of things you can you canreally plan with and talk to your advisor
about where if your spouse passes away, some things that you need to be

(15:56):
planning for and implementing. But that'sfor a whole separate show. I just
wanted to throw that out there thatagain, you know, you never ever
want to take your whole financial fateand dropping into the whole you know,
the lap of or full control ofyour of your spouse. You always want
to make sure you start learning aboutthis well before those changes come around.
So that's the first myss and we'lldive into the next one in a minute,
Okay. And that's good advice becauseI've heard well known some people l

(16:21):
v that their spouse, especially women, that their spouse took care of everything,
paid the bills, did this,and then when they passed away,
they had no clue of anything,nothing about the money, the finances,
no clue about anything. And tome, that's sad and honestly, but
of the saddest thing I come across. It's not even the you know,

(16:44):
we call them reconstruction plans, right, and we meet someone where they did
you know where, if they divorcedor if they remarried, are those are
easier for me? But I honestly, but if I'm going to narrow down
my most difficult meetings, I'm dealingwith one actually, and he actually came
from your show. He's probably listeningright now. Okay, very nice gentlemen
and called us from from Wdia.Been listening to you BEV for over I
think ten fifteen years. One ofyour most loyal and he has been a

(17:07):
fan for a long time. Sohe's been listening to me since we started
the show. And unfortunately it's oneof those things where his wife passed away
not too long ago. You know, He's made it very clear to me
as we took him on. Youknow, hey, my wife has always
run the show. I focused onwork. She ran our books, she
ran our investments. She had Ithink kind of like a robo advisor she
had worked with. So this isthe first time and you know, thank

(17:29):
god he was led to us throughyour show, Beth. But now he's
like, listen, my wife isgone and I am picking up the pieces.
I have no clue where to go. And one of those things that
is that, you know, it'smy hardest meetings because you know, this
gentleman in particular, is in hissixties, I think going on his seventies,
and one of the things that we'rekind of focusing on right now is,
you know, he's been working hiswhole life building great wealth. Honestly,

(17:52):
has done very well financially, butthis is the first time he's ever
really looked at himself in the mirrorsaying, you know, what, where
do I stand? Right? Andhe's learning lessons and principles that I'm teaching
him that Honestly, most people whowere at the passenger seat when they were
in their twenties and thirties have learnedyou know, when they first started their
careers. So it's kind of thismulti faceted thing we're doing now where we're
you know, I'm helping him withjust the basics cash flow budgeting, making

(18:15):
sure he can run his taxes theright way, finding a good CPA,
you know, planning for his retirementincome now that his wife has passed away,
and kind of making sure he hasa longevity plan for his wealth and
his assets, and you know,so it's one of those things where now
I'm kind of taking that CFO rolethat his wife had had played, and
you know, and now we're doinga whole bunch of things all at the
same time, concurrently. And youknow, whenever we do that type of
planning, but they can get overwhelmingfor a lot of people because now it's

(18:37):
like kind of in panic mode makingsure that every you know, all ducks
are in a row, everything's filedthe right way, the investments are cross
checked. So you know, ina perfect Rold, I would have met
him five ten years ago before hiswife passed away, had maybe already been
part of their financial family, helpedthem with running their books, making sure
their investments were up to par,making sure they had a plan. And

(18:57):
that's one thing we BOO do justfor people who haven't become a client of
ours yet. We kind of simulatethis in real time whenever I'm sitting down
with a wife and a husband.I hate to call it, we call
it a death simulation or a deathsim We actually model out that scenario saying,
hey, if mister, if youpass away, this is what's going
to happen. To missus and missus, if you pass away, this is

(19:18):
what's going to happen to mister.What are the tax implications of the husband
passing away or the wife passing away? What happens to the pension income?
What are our social security options?Who's going to inherit? What? What's
the trust implications? Right, there'sa lot of things we have to do
when it comes to the family planning. And again it's not fun. I
usually don't do that in the firstmeeting then, because I like to have
fun the first meeting and talk aboutretirement and going to beaches and living out,

(19:40):
you know, everyone's dreams. Butthat second meeting, for those that
are used to working with us,that's where we kind of go into the
what if mode, where what ifGod punches our card sooner than we expect?
What are the things that we haveto have planned for survivorship, generational
wealth transfer, making sure that thatsurviving spouse or that surviving family member doesn't
have a big mess to go truewhenever that happens. And that's why again

(20:02):
that second meeting, that is prettymuch all we talk about. We plan
for life on the first meeting andin the second meeting, we say,
hey, what if that wrench getsthrown into the machine, what are the
things that are going to be atthe focal point of your plan going forward?
So and again, it's not funto talk about it, but it's
highly highly necessary for us to doour job, and then again to prepare
each spouse for Hey, what iflife throws at curveball and what is the

(20:23):
game plan going to be? Wesimulate that that way we can make sure
we're ready for game time whenever thatdoes happen. So I'm glad you asked
that question because that's actually one thingwe spend a lot of time doing at
our firm. Sounds good, We'reoff to a good start. LV.
If you've just tuned in, weare asking our expert, our certified Financial
Planner Practitioner LPL Wealth Strategist lv PlumberJunior. We are talking money myths to

(20:49):
unravel our final of this three partseries. And don't forget LV is offering
a complimentary consultation for the first tencallers. You need to call nine zero
one seven four eight zero zero fivezero nine zero one seven four eight zero

(21:10):
zero five zero, or if youcan't call, go online. For the
first ten people go to PWS Planningdot com send them email by contacting the
clicking the contact us button to scheduleyour complementary consultation. Yeah. Yeah,

(21:30):
And also if you have a questionfor LV, you can call us at
nine zero one five three five ninethree four two eight hundred five zero three
nine three four two eight three threefive three five nine three four two,
or if you can call email me. Here is my email. Bev Johnson

(21:52):
at iHeartMedia dot com. Bev Johnsonat iHeartMedia dot com. You're listening to
do w d i A. We'reasking the experts on the Bev Johnson Show

(22:18):
only on w d i A.Monday's Good morning and welcome back. We

(22:48):
are asking our expert. Our expertis our certified financial planner, practitioner l
P L Wealth Strategist, l B. Plumber Junior and LV. We're talking.
We're in our part three finale offinance money Myths to on ravel.
So LV, let's move to thisthird myth. I people will say this,

(23:15):
I don't need to invest in stock. Since I'm retired and I'm conservative,
I don't need any stocks. Whydo you say that? LV?
Yeah? Yeah, yeah, AndI kind of touched on that one also
BEV the last time we spoke,but this is one where again and it's
a lot of people that I'm meetingfor the very first time, often from

(23:36):
the show. And so here's thething, Ben, when I people should
know that that's kind of my areaI work in probably the most as an
advisor. We have clients of oursthat you know that come from the radio,
from referrals, that have built uptheir assets. They're ready to really
start talking about Okay, what next, Like we call them again, we
literally call them what next. Clientsat are practice you know now that they're
getting close to retirement age, orthey're at retirement age or shortly after retirement

(23:57):
age. Right, So well,a lot of times, you know,
people are looking at the news,They're looking at wars going on overseas,
They're looking at geopolitical issues and lookingat domestic political issues like elections, and
they kind of let the media makeform their opinions on the markets and how
they should manage their money. Andif they don't have that external third party
voice like myself or you know,any advisor they work with to say,

(24:19):
hey, guys, like we needto kind of be objective forget all the
fluff happening in the media in theMarket's like, let's look at the let's
look at the data, and let'slook at the numbers to help us make
sensible investing decisions. Right. Soone thing, one thing about this is
that that I really talk about is, you know, we meet that occasional
retiree that's done well, right,one million to maybe three million in assets,
they're at the finish line and theysay, Okay, what next.

(24:41):
And one of the things I hearthat is the probably the most common misconception
about that type of client that againhas done well and is ready to go
for retirement, is they say,you know what, I'm hearing all this
stuff, and I really just Idon't want to do with stocks. I
want to do something safe guaranteed.I want to put some stuff in the
bank or invest in CDs or youknow, just you know, they just
and they throw ideas I me andI of course critique them. You know,

(25:03):
some stuff is good, some asbad. And I fully respect the
perspective of that client because they worktheir whole lives. Usually they're thirty years
my senior, BEV, and they'rein their sixties or seventies and they've taken
the risk, they've done well,and now they're like, you know what,
I really want to play it safe. And there's nothing wrong with that,
But I will say this, thisis a market, and this is
an investment climate right now where it'snot the nineteen eighties and nineties where you

(25:26):
can take your retirement money, dropit off in a bank account and make
eight percent as a guarantee to justrate with no risk for a very little
risk. And now you have toinvest and have a diversified portfolio to not
only generate the income you need forretirement, but also the growth you need
to sustain your retirement. So thatway, you never turn around and you're
eighty eight years old and you're outof money because you spent You've spent everything,

(25:47):
and now you have to go backto work. Right, That's what
we don't want for our clients.So in other words, my bottom line
that on that myth Bev is youknow, diversified, diversified, diversify.
I always preach about that on theseshows and I never will stop. And
I think the one thing I meanby diversify, Beib, I think what
people think about when you think aboutthe word stocks, you think about companies
like you know, Apple, thinkabout companies like Amazon. You think about

(26:08):
Nvidia, which again everyone's probably heardof that that's the most popular company in
the world right now, actually oneof the largest companies in the world at
the moment that's taking over with AI. And you know, there's a lot
of big companies that are out there, and a lot of even riskier companies
that are up and down and prettyvaluatile when you invest in it. So
my thing is this, you don'thave to invest your life saving in things

(26:29):
like tech stocks, right, andand companies that are volatile, that are
up and down, and you know, people to call it gambling or thrown
it on the table. You don'thave to invest in high growth, high
risk investments when you retire. ButI do maintain my position that you should
not completely ignore growth stocks and youshould actually look at, you know,
kind of looking at different ways toexpose your money to growth. And one

(26:51):
very overlooked method or strategy that Idon't talk about enough TOV is income in
your portfolios when you retire. Right, So what I mean by that,
at everyone, when you think aboutinvesting in Apple stock, right, or
Amazon stock or Google stock, you'reyou're. Most people think about common stock,
Okay, common stock is very simple. You buy a small fractional piece
of that company. If the company'svalue goes up, since you are part

(27:14):
partnered with them, markets go up, right, or the stock value goes
up, you're there for the wave, or you're there for the ride.
If the company takes a hit orgoes belly up, guess who's there with
them? You are right, you'reYou're a shareholder and a stakeholder directly in
that company if you own common stock. But one of the things that people
don't really talk about enough to havethat I think deserves more more praise and
deserves more implementation across people's strategies isis again what we call preferred stock.

(27:38):
And I do this a lot forour retirees, even our not retirees,
even those that are you know,just looking to get get some good income
in their accounts. Preferred stock isvery similar to common stock, is a
different version of investing in a company. You kind of make money in two
ways, right, So you caninvest in one of our favorite companies would
be like Johnson and Johnson. Forthis, you buy Johnson and Johnson preferred

(27:59):
stock Johnson. And again, you'rea shareholder and a stakeholder just like the
common stockholders. Right. So,if Johnson and Johnson goes up, you
make money. If Johnson Johnson goesdown, you lose money. Right So,
But the good thing about preferred stock, that's a fundamental difference that I
love for retirees, is that whenyou are a preferred stock shareholder, you
actually get paid dividends from those companies. Right, So, every time a
company is healthy, and again,just so you know, bev and full

(28:22):
disclosure. I can't endorse companies onthe air. I'm not saying everyone go
buy Johnson and Johnson's exactly, He'san example. But but I will say
this, you know when you area preferred stockholder. The good thing about
it, whenever you have a good, strong, large, healthy company like
a Johnson and Johnson, like anExxon Mobile, like a pisor like an
AT and T rise in Comcast,I can throw a thousand out there.
But if you have a good,strong company that has good, strong fundamentals,

(28:47):
great cash flow, and they say, hey, investors, we're such
a great company and we're so healthythat we're going to reward you for buying
our stock. Every quarter, we'regoing to give you four percent or five
percent or nine percent annually on adividend payment based on how many shares of
our company you own. So everyquarter they'll give you a cash payment saying,
hey, thank you for owning ourshares. And then you know what
that usually does, BEV. Wheneveryou're paying investors and thanking them to buy

(29:11):
the stock, what do you thinkhappens to the stock price over time?
Right? It usually goes up becausethat excites investors. So as the value
of the company goes up, youalso along the journey with that company,
can get great dividend income and honestly, BEV. A lot of people don't
realize how big of a component thatshould play in their retirement portfolios or even
their pre retirement portfolios. I eventell younger clients that are in my age

(29:33):
demographic. If you're in their thirtiesor forties and you're building up, don't
just think about finding the next Appleand Amazon and Nvidia and AI companies.
You want to have that so youcan grow your money, but don't forget
about the income. You want tohave preferred companies that way, even if
stocks are going up and down,you have great players in your account that
can generate income for you on aquarterly basis, so you can take that

(29:53):
income, reinvest it and buy moreinvestments in your portfolios that can really help
magnify and amplify their returns over theyear's BEV. And that could be the
difference between having two million in retirementand having you know, eight hundred thousand
retirement. Right. So the bottomline I'm saying on this is that you
don't have to throw it all onthe table when you're retired. You can
invest in good, high quality,strong companies like I mentioned again not an

(30:15):
endorsement, just as an example.And also make sure you can generate good
dividends. Don't forget about dividends inyour accounts, whether you are young or
old. And one last note,BEV, I do a lot of this
for our retirees. And you know, just as a bottom line example,
this is not a promise member.Dividends can turn on and off based on
how a company wants to issue themout. But I ran a lot of
portfolios last year, BEV. Whenevera client came to me, they had

(30:37):
at least a million dollars and theywanted to invest again, none of this
is a promise. I have tokeep reiterating. But the average million dollar
portfolio, if a client rolled thatmoney over to us at sixty five years
old, said hey, let's putit with a good manager. Let's invest
in dividend paying stocks. A lotof times on a million dollar portfolio,
bev. I mean, the averageper month dividend and income stream that that
client will get will be between fiveand seven dollars per month. I'll say

(31:00):
about sixty to seventy thousand a yearon income that those dividends would generate.
And the best thing about it,Remember you're living off that sixty grand to
seventy grand a year without even invadingyour principle. Right, That's the beauty
about those dividends. If you haveenough wells, then you're blessed up to
where you can buy those companies andget that monthly income to where that can
pay your retirement bills and expenses.That's one of the I think one of

(31:22):
the most powerful things in economics andof course in Wall Street is that it's
not even a high risk investment.In my opinion, You're not taking your
money and just betting it on companies. You're betting it on good, solid,
blue chip investments that we are veryconfident are going to deliver value and
not ever go billy up right,but also reward you and give you again.
If you structure the right way,you can actually enjoy those dividends monthly,

(31:42):
and instead of reinvesting it, youcan take it out and live off
it every single month. So alot of our clients that get to that
net worth space and they're saying,Hey, I want to live off my
money, but I also want tonot touch my principle every month. That's
one of the key strategies you lookat is dividend paying investments. And we'll
talk later about this probably another SESSIONV. But even things like you know,
municipal bonds. I preached about thata few months ago, about you know,

(32:05):
taking some of your portfolio and lendingto the cities, to states,
to municipalities, to governments, tocorporations. You can lend your money out
through a bond offering, right andthen remember those bonds whenever you lend them
out to these corporations or whether it'sthe city of Memphis or State of Tennessee,
state of California, they'll pay you. You know, usually in the
realm of four to six percent peryear as a thank you for lending money
to those entities. So if youif you really combine that preferred income from

(32:30):
dividends and stocks and you buy good, high quality bonds that are usually really
really safe to invest in, inmy opinion, that can be a great
income producer to where you can liveoff of your interests, leave your principal
alone, and are in the rightstrategy of course, and making sure that
you're you know that you can haveyour money last as long as you last,
and you can pass it on toyour next generation as well. So
I just wanted to talk about thatbecause I think in our world of investing

(32:52):
BEV I get calls every day aboutcompanies like in Vidio, everyone's trying to
jump on the AI train and wantsto make a million dollars tomorrow and doing
all this high risk stuff. Andagain I'm not against that that's great for
the right person, but I'm usuallythat guy when people come to me,
I say, hey, let's calmdown for a second. Let's look at
the fundamentals. Let's see what's outthere, you know, let's look at
let's let's let's try to find thenext Apple on Amazon. But let's also

(33:14):
look at what's working now and what'sgenerating good dividends of interest now to where
you can enjoy your wealth, notinvade your principle, or invade as little
as possible, and make sure thatyou can enjoy your life and really put
your money to work. So youknow, and that's the thing that if
people come to me and they thinkthat I have the secret sauce that I
can help them find the next Appleand Amazon, you know, I'm not
a force and teller. I keepsaying that, right, you know,

(33:36):
And you know that only God himselfknows when a stock is going to breakout
or you know, something's going todouble overnight. I can't predict that stuff.
No one can. But what Ican do is make sure that a
client has a sensible, diversified,not risky portfolio if that's where they are,
to where they can say, hey, listen, I know I can
live off of my interest. Iknow I have vehicles that are set up
to provide me income for the restof my life. And I'll say it

(33:57):
forever BEV. Income is more importantthan assets, right, I would rather
have you know, monthly interests offive to seven thousand a month and just
be you know, just know thatI'm I can not touch my money every
month and live off of my interestsand pass it on to my kids.
Then need just have a check tospend for you know, a million dollars
right now today, because again,you want to make sure that you set
up machines for yourself that generate thatinterest, generate that those dividend income payments,

(34:21):
and overall that you have a good, you know, again relatively low
risk portfolio. That you're working witha professional they can build that for you.
And that's really what we do withour clients. We usually design those
models in house and we say,hey, this is the client, this
is their age, their risk tolerance, this is you know, kind of
the style they want to invest in. And then after I design that model,
I use good third party Wall Streetfirms that that I prefer to work

(34:43):
with. And again that I'm thatI'm kind of I vet for the client
and see who's going to fit theclient's needs and goals. I pass it
off to that third party Wall Streetmanager. They report to me, and
then I report to them as aclient to make sure that they know how
their money is doing and performing.So that's a lot of the time I
spend working with clients because a lotof the clients arepproach me for wealth management
and investing. And that's just alittle sneak peek behind. Like whenever our

(35:04):
clients call or whenever someone calls themthe show, that's one of the very
first things I do. And againI think our clients that have come from
this, they're listening. No,I call it IO. We call that
investment strategy optimization, just saying hey, where are you today? What can
we implement as far as the investmentplan to make sure we can create all
the income you need to be happyand comfortable, and how do we make
sure we can you know, ensurethat you never ever have a situation where

(35:25):
I'm meeting with you and I'm saying, hey, we're out of money,
right because going back to work andthen you're at Walmart greeting for the rest
of your life. We don't wantthat, right So, But anyway,
that's kind of the whole the wholething. It's about bonds, it's about
preferred stocks, growth stocks, andmaking sure, going back to my original
point, a global portfolio, domesticand international. That's invested across the world

(35:45):
for you to be able to enjoyand be able to ensure that your money
is working for you. So backon that myth, you don't have to
be super super super conservative. Witha good moderate risk portfolio, you should
be able to live very comfortably.And again make sure you're not taking on
accept service that would make you uncomfortable. So that's our job is to educate
you and guide you on that.I love it. Well, we will

(36:05):
take a break. LV good information. Today we are talking about money myths
to unravel. We're in our partthree and final chapter of this and don't
forget the first ten people who callnine zero one seven four eight zero zero
five zero nine zero one seven foureight zero zero five zero will get a

(36:30):
free consultation with LV. And ifyou can't call, go online. First
ten people online who book at Pwsplanningdot com send them email by clicking the
contact us button to schedule your complimentaryconsultation with LV. LV we come back.

(36:52):
I'm gonna get to my next question, but also I have some emails
for you as well, LV,So stand by all right, all right,
we are asking the expert today,and our expert is our Certified Financial
Planner practitioner LV. Plumber Junior gota question for LV. You can call

(37:15):
me five three five nine three fourtwo five three five nine three four two
eight hundred five zero three nine threefour two eight three three five three nine
three four two will get you into us. You're listening to w d

(37:35):
I A don't go away. TheBEV Johnson Hill returns after these messages,

(38:09):
and we're talking with our Certified FinancialPlanner practitioner lp L Wealth Strategist LB.
I'm going to our phone lines totalk with mister James. Hi, mister
James. Hello, Bell Johnson,Hello, mister Plumber. How do you
guys doing today? We're doing wellin you, mister James. Great.

(38:29):
Great. I've been listening to misterPlumber, and usually a safe portfolio,
it's usually a long term portfolio.Now I've been listening to and I don't
know if mister Plumber has heard thisa lot, and he probably has,
but I've been listening to people talkabout how Saudi Arabia is no longer going

(38:52):
to sell oil using US dollars andthat supposedly a seventy five year treated that
they had, uh, but theysaid that it's going to affect the US
dollar and US citizens and everybody thatI just trade in dollars. And after
I get done listening to these peopletalking about that, they always talk about

(39:13):
invests in stocks by stocks so wecan offset that, and they and of
course they're still mentioning bitcoin, andI haven't heard them mentioned goal, but
long term most Plumber, how youknow, just how will that affect the
US UH or the US banks andthings like that. They're sorry, Arabia

(39:36):
is no longer going to use dollarsto sell oil worldwide? And I hang
up and I'll listen and thank youBell Johnson, Thank you, mister Plumber,
Thank you, mister James. Greatquestion. Wow, that's a good
question for you, ALV. Yeah, you know, and we don't have
and fantastic a question, it is, boy, or do we not have

(39:57):
time to go through all the dynamicsof that. But here's what I'm saying,
that's what else saying this? Whatare you referring to? If I'm
if I'm if I'm corrector I thinkthe petro dollar agreement is something that I've
heard of a couple of other clientsbought this up to me, and no
you're not wrong. I think Idon't think it's going to be as seismic
of a shift in what people areputting on the news and all this,
and really for people who haven't readabout this, you know, it's one

(40:20):
of those things right now. SaudiArabia. Everyone knows that the vast majority
of global control on the oil andcrude oil barrels comes down to the Middle
East. That's not a secret,right. So there's a seventy five year
agreement that they just announced. Idon't know if it was a couple of
weeks ago or a couple of monthsago, don't quote me on that.
I think it might have been lastmonth where the Saudi's were saying that they're
not going to renew that contract andnow they're going to start using trading their

(40:42):
oil using either its national currency orother currencies, primarily. I think the
Chinese yen is what they're looking atas well. So bottom line is there's
this massive shift in the economics ofoil that I honestly don't have the expertise
to predict where that's going to go, because that is that's a that's actually,
in my opinion, equal a politicalsituation as it is an economic situation,

(41:02):
and when those two worlds meet,there is no way to predict where
that's going to go. But here'swhat I'll say when it comes down to
what I do now. Now,we manage portfolios based on various factors,
right, A lot of those factorscomes down to geopolitical factors. What's happening,
you know, across the world thatimpacts foreign policy, and how foreign
policy impacts the bottom lines of corporationsthat our clients invest in. Right,

(41:25):
So my thing is this the riskhe's talking about is what we call currency
risk. And he's right, whatif this does change, and it does
weaken the US dollar relative to othercurrencies, and how would that impact our
trade among many other nations and industries, and how would effect what we call
the balance of trade? Now,when the balance of trade is shifting,
usually that can have either positive impactson a client's portfolio or going to have

(41:50):
negative impacts. And in my opinion, usually it's a negative impact in situations
like this. So if the USdollar weekends, usually that can impact quite
a bit of how a client ora reinvest their dollars. So here's what
I'll say, Right, what Ido know that's a risk whenever we have
a client that has investments that areexposed to those industries and to that type
of news. Usually by now whenwe have those news announcements happening, in

(42:13):
my opinion, that is when thevalue of having a best in class Wall
Street manager to look over your portfolioto say, hey, what are we
exposed to We have mister Johnson's portfolioswith us or missus Smith's portfolio. We
see they have Middle Eastern exposed investmentsin their retirement portfolio. Should we sell,
should we buy more? Should wetrim? There are departments that Wall

(42:34):
Street firms that I work with arededicated to that are actually already on that
news saying hey, what do wethink is going to happen, and let's
make sure we keep our eyes onthat during our analysis meetings to see how
it's impacting the bottom line of thecorporations we're investing in. So I will
say that that's a very very hyperpolitical and very I'll say, you know,
it's a very foggy outlook we haveon that because it just got announced

(42:58):
I think last month, and rightnow I think a lot of Wall Street
firms trying to figure out what that'sgoing to mean for their clients. So
all I can say is that,you know, it's always good to have
things that are that aren't reliant onthings like the US dollar or peg to
the US dollar. There's a lotof things out there that are what we
call alternative investments that kind of operatein their own realm that I guess can
still grow even if the worst casedoes take over and this does in negatively

(43:22):
impact the American economy. So Ilike things alternative investments, like real estate
investment trusts, even things like hedgefunds or funds of hedge funds. Things,
you know, even commodities like thatare treated overseas away from the US
dollar. That's why I said thatterm earlier. A bit of a global
mixture of things, not just American, but a global diversified mixture. That

(43:42):
is what I would say will bethe best thing to really look at to
say, Okay, make sure let'smake sure your whole portfolio isn't exposed to
things like this, and let's makesure we have contracts, you know,
for commodities in the UK and maybein India, maybe the Eurozone, maybe
in a Latin America, Canada.That's why I preach a lot about that
diversification because if this does go sourand it causes some investments domestically to suffer,

(44:04):
you want to make sure you haveother things across the globe and even
things maybe on the Middle Eastern sidethat'll benefit from this if this does strengthen
the Chinese in or strengthen the SaudiArabian government, or maybe some investments in
that space. That's why it's goodto have Wall Street firms that are looking
at that for you to make sureyou're traded a not ahead of that news,
but when we see the news hitand as the markets you're disseminating that
information, you want to have someonethat has a second set of eyes on

(44:27):
that. So I can't be predictiveand say, hey, I know where
this is going to go, becauseI'd be lying because this is a very
very intricate situation that hasn't really coalescedyet. But this is where it's good
to say, hey, I'm workingwith my advisor, I see this news
is illegitimate? Is illegitimate and shouldwe be making adjustments to our strategy if
it's something that concerns you. So, in my opinion, that's the really
the benefit of working with a goodadvisor that works with a good Wall Street

(44:49):
firm to ensure that overall your portfoliois being managed during all these kind of
uncertain waters we're in right now.I'll say one more thing, BEV for
everyone, because I hear these thingsall the time. And then we started
eight years ago, and you know, preach a lot about this in the
early days. Be wary of theinternet because yeah, you're not I'm not
I'm not bashing you because this isactually a legitimate thing that did happen.
And again, I can't predict whereit's going to go. But there's a

(45:09):
lot of news out there, especiallyabout new world orders, about kind of
this hyperbolic news kind of you know, outlets that kind of exaggerate things and
say, hey, the world's endingand you know Cryptois and you know this
asset's gonna go belly up, andthen this is gonna mean a new world
order for China. And whenever,especially when it comes to political season,
BEV, Like, you know,we have an election coming up. We

(45:30):
see a lot of news outlets thattry to roll up the base and say,
hey, you know, this iswhat's happening in China, this is
why this president is bad, orthis is what's happening, and you know,
and and you know and and GreatBritain, this is why this president
is bad because of what he did. So be very careful right now everyone
when you see these news outlets,because this is political season coming up in
November, and you're gonna hear alot of things this this I'm not saying

(45:52):
this is one of those examples,but you know it's gonna be a lot
of news like this. It's gonnahit the that's gonna hit the waves pretty
soon to help, you know,kind of just fuel either a support or
a we'll say, we'll say itis opposition to either left president or right
president. So just be very waryof that. If you have questions,
call your advisor, and again ifyou want to talk, I'm always available,

(46:14):
and we'll say, okay, thisis what we think, this is
what's real, what's not real,what's being embellished, what's legitimate, and
to make sure that if it doeshave an impact on your money or investments,
that we invest accordingly. So butI will have to stop there though,
because that is you know, that'sa pretty deep question. We would
have to dedicate a whole show too. But if you want to talk more,
just call me and I'll be happyto discuss it in depth about how
it pertains to your situation. Soundsgood this email, LV, and I

(46:37):
want to get to it before Iget to my questions. I don't know
if you will be able to answerthis. And this is from Melanie and
she says, LV, I don'tknow if this is an era. If
you get social Security and your spousepass away, why does social Security tell
you that you can only collect hisor her social security? So what happens

(46:59):
to your social security if you collectyour husband's or wife? What happens to
your money after you have worked aboutthirty five years? And you know what?
LV? Great question because I talkedto a friend last week. Her
spouse had passed, and she wastelling me that she was getting ready.
She was excited, getting ready toget her social Security and so I said,
well, you're get your host.She says no, The Social Security

(47:21):
says, now you only get oneof the other and they're going to give
you which which person made the most, So she won't be able to get
her her husband's social Security. She'llshe'll be able to get her social Security
but not her spouses. Okay,and it gets tricky, BEV. So
here's the thing. Social Let mejust preface by saying this, Social security

(47:42):
is one of the most oversimplified butvery complicated areas of personal and financial and
financial planning. Okay, A lotof people like when I tell you that.
When I was studying for my Seriesseven and for my CSP my Certified
Financial Planner designation, you know,I approached social security very simply, you
know, fourteen years ago when Istarted thinking, Okay, you know,
someone turns sixty two years old,you get your benefit. If your wife

(48:02):
passes away, orr husband passes away, you get their benefit. Easy,
right, No, there's a thousandcombination of strategies that, like the book
on social Security is probably thicker thanthe book on investing me. It is
extraordinarily complicated, and it is oneof those areas where we really try to
hone in our study and make surethat we help clients make sensible, rational

(48:23):
decisions about not only what to claim, but when to claim, which is
honestly the most important decision that Ithink a lot of retiaries ever make.
You know, it's one of themost quickly looked over and just hastily made
decisions. I think people make theyturn sixty two and they say, hey,
give my benefit, even though it'sreduced by sixty percent, given my
benefit because I may not live tomorrow. Right. So one of those things

(48:44):
I'll say to that question for thatperson that asked, is you know you're
right? I think there may besome misinformation. Have I heard that?
Right? Because basically, whenever youhave a survivor's spouse, right, there's
a lot of factors that determine whatyou get as a surviving spouse, right.
And remember what they usually go byto make things really simple for people

(49:04):
is they say, hey, we'regoing to quantify based on the age that
your husband or wife passed away,based on your age, based on who's
you know, who has reached theirfull retirement age, which for most people
sixties sixty seven. But remember this, the surviving spouse, what the Social
Security is going to do for themis they're going to do a lot of
those calculations for you and say,okay, what's the highest benefit, you

(49:24):
know, the one that you paidfor for yourself as you been working for
thirty or twenty years. You know, you basically get the hire of either
your working benefit or we call yourprimary insurance amount, or you're going to
get your spousal survivor benefit if youhad a spouse that passed away, that
put more money into the system andmaybe have been maybe a higher income earner.
Right, they're going to give youthe hire of those two. But

(49:46):
again there's a lot of factors thatgo into what's the right decision and should
you take the survivor's spouse or shouldyou take your your your benefit or your
husband's or wife's benefits that's passed away. There's a million ways to go about
that, but the one thing Iwill say is that you do have options,
and it's always worth a call toSocial Security with your advisor to say,

(50:07):
hey, what's going to make sensefor me? Because some people bed
whenever someone's spout passes away, especiallyif they're younger under full time and age.
Sometimes it actually doesn't even make senseto take that spouse lit benefit.
Sometimes it makes sense if you stillhave your job and your income, and
you know it makes sense to justbuild your own benefit and to ignore his
or hers. Sometimes it makes senseto leave it alone all together and just
keep on building your own simplified,and that way you can put more money

(50:30):
into the system and have a biggerretirement benefit that you build on your own.
If that makes sense for some peoplelike maybe me and my wife.
She's not working while I am,so if something happens to me tomorrow,
you know, even though we're onlyin our thirties, you know, the
overall, you know, depending onyour circumstances, they will allow you to
take a survivor benefit up to acertain amount based on how much money you
put into the system. So youknow, my thing is is it comes

(50:52):
down to where you are at thetime of your spouse's death and whether you're
the dead spouse was over his orher retirement ages. Well, there's a
lot of number crunching, a lotof calculating, but the bottom line is
that you usually get the higher ofyours or that survivorship benefit, and also
that you know, get a factorand if you have dependent children, if
you have special needs children, ifyou know, there's a lot of things

(51:15):
that go into how much you're goingto get, and it really, really,
truly hate to say, it isdependent on your situation. Whenever that
day, hopefully the day never comes, but if that day has come and
you have lost a loved one.It's always good to have a good conversation
with your advisor about your options becauseit's not as simple and it's not as
binary as just taking one or theother. You really do have to plan
for it. You got to planfor the taxes. You got to really

(51:35):
measure both benefits and see what's goingto make sense for you now and in
the future, seeing what if onedecision impacts another decision as far as that
what you get. So I hateto complicate that simple question, but it
is always worth a discussion with youradvisor because there is a lot of ground
to cover when it comes to losinga spouse and really what that what that
total benefit's going to be. Butif I heard you correctly, but if

(51:57):
you said that, and if youdon't mind circle back with me real quick,
you say you heard what because Iguess like how much? Yeah French,
she was saying that that she thatbecause of the the the income that
I guess she was making more becauseshe's still working, like and just like
you said, but she won't beshe won't be getting her spouses. She'll
she'll get get hers. So it'sgonna yeah, yeah, get hurt.

(52:24):
She'll get her to get her benefit, yes, not his y yeah,
right, And again I'm yeah,and I'm assuming she's under her full retirement
age because remember there's certain age limitsyou like, you have to hit in
order to be eligible for like this, the true full retirement benefit. So
as he's under that as well,yeah she is, yep. Yeah.

(52:45):
So but again that that's where it'susually good. You gotta call we like,
and that's something we do with ourclients. Unfortunately that you know,
and and listener who just asked thatquestion, this is so subjective. That's
something I do a lot of.If I have a client that comes to
me that heard me in the radiothere, and I know that they're dealing
with the recent loss of a spouse, or if they're dealing with you know,
divorce or you know, anything likethat where social security gets a little

(53:07):
bit more complicated and they have decisionsto make. We usually run those calculations
with our clients in house. Wesay, hey, what's best for not
only you know, maximizing and optimizingsocial security and what decisions do we need
to make for that, but what'sgoing to make sense for your big picture?
Right? Do we want to getthat income. Now, do we
want to pay tax in those funds? Do we want to differ so we
can keep on building and putting moneyinto the system for your retirement benefit.

(53:28):
Do we want to you know,use the survivor benefit versus your benefit?
You know, what is the timingof all this? So there's a big
picture implication to social security that Ithink a lot of people don't pay attention
to, especially when it comes totaxes and what they want for their lives
over the next five years. Ismaybe they're working towards retirement or their full
retirement age if they're in their lowsixties or younger. So you know,
that's a very very big picture,kind of comprehensive scope we take with our

(53:51):
clients because your social scurity decision,but it impacts your entire life. So
one thing I'll say on both ofthose questions is never ever measure once before
you cut on that. Talk toyour advisor, call us whatever you got
to do. Run the numbers again, take a full picture, not just
today, but what's going to makesense over the next thirty forty years sensibly,
and you know, what's going tomake sure that overall that we have

(54:13):
the effective optimized plan to take everydollar from the from the socicurity department as
we can, and to make surethat what you're doing isn't going to cost
too much as far as taxes andas far as what you give up if
you pull one benefit versus the other. So I hate to not get specific
on that, because again it's veryvery dependent on your situation and your spouse's
situations. They passed away, butthat's a call us situation. So I

(54:34):
can make sure I help guide youon that for sure. Sounds good,
All right, LV, I'll getto my next question I had, And
this is controversial, LV, andpeople will say, all debt is bad.
What do you say to that?Myth? All debts? Hey LV,
come on, LV, Now youhave a lot of debt. That's
bad, brother, I know,right. So you know that's something that's

(54:59):
something I wanted us to talk abouttoday, BEV, because I saw this.
I saw this YouTube video. Inever you know, everybody's different that.
You know, finance is very subjective. Everyone, even advisors, we
all have different opinions. You know, everyone everyone has different opinions on money
because of again the high level ofsubjectivity. But I saw this YouTube video.
And I never speak ill of DaveRamsey for those people are those things

(55:19):
that are in the Ramsey program.I'm not speaking ill of days. I
love him, I love his principles. I don't like the blanket advice sometimes
because again and he does acknowledge thatwhere you know you got it. He
actually is an advocate for working withwith fiduciaries like myself. So we're on
the same team right as far ashaving a good advisor. But you know,
the one thing that I saw acouple of days ago BEV that led
us me. I really wanted totalk about this today as kind of a

(55:40):
mys is. You know, therewas this there was this YouTube video.
I listened to music on YouTube andI'm studying and doing work and constructing plans
and all that stuff, so Ijust listened to like jazz and everything on
YouTube. So I'm on it alot. So but one of the things
that I saw that kind of poppedup. It was just big, all
bold letters, and Dave had someonecall and it was I think the headline

(56:00):
or the little thumbnail on the YouTubevideo. Said caller calls in the Dave
Ramsey Show and says that they're onepoint two million dollars in debt, right,
and all that's all I said.It just wanted you to click on
the video. Said one point twomillion in debt, all all caps underlined
everything, right, So you know, and I was curious, let me
click on the video, see whatyou're talk about, because I'm thinking.
You know, when you hear thatthose words in debt, you think to

(56:22):
yourself, man, that person musthave made some horrible decisions. Right,
they must have half a million incredit card dead and two hundred thousand of
medical debt or you know, eighthundred grand, and you know, just
personal loans they've taken out to paytheir loan sharks off for gambling losses and
stuff like that where your imagination goesfree. So I click on the video
and I was like, let mesee what's up. Let me see what
this what this caller is talking about. So, and here's the thing.

(56:44):
This caller, in particular, Beddid make some bad decisions. And again
I don't beat people to that becauselife happens, you live and you learn.
But this this caller did make somebad decisions where she I think she
had some credit card dead. Ithink it was close to one hundred thousand
credit cards, which you know,you never want to have that much.
Obviously, that was a bad thingI think. You know, even though
I'm kind of an advocate, I'ma big advocate of education, I never
beat people love for student loans becausenot everybody's blessed to have either parents to

(57:07):
pay for your education or for afull scholarship. So I never ever bashed
people for student loans because I'm abig believer in education, and unfortunately I
will critique our system as far ashow we obtain that education financially, but
we should never have the student loansthe way we have now. But I
never beat up clients. And thisperson that called Dave was like, hey,
you know, I got like thingslike two hundred thousand between her and

(57:27):
HER's spousand student loans. We'll saythose are quote unquote too. You know,
one really bad thing and one thingthat I hate that. You know,
student loans is always unfortunate, butit's there, and then so my
bottom line is this bad. Thelast thing that Color mentioned was that they
had real estate debt, and youknow, and again it was a double
edged sword. The heir and herhusband bought a very nice house. I
think the mortgage is like seven hundredthousand dollars or six fifty seven hundred thousand,

(57:49):
and you know, and the headlinewas just, hey, that's debt,
so debt bad, debt bad.So Dave had his you know,
he had his heart attack, andthey go again. I love David again,
I love his principles with getting outof debt, fantastic stuff. But
I did disagree with that because Iwas like, you know what, the
first two I got you, butthe primary mortgage that were Again I'm a
big fan of this, of thisbev. I'm not a fan of debt,

(58:12):
so I don't want people leaving theshow thinking that it will be as
a fan of debt. I'm not. But what I'm saying is that debt
comes in many forms. And Iwould never have beaten up that caller for
her saying, hey, we boughta beautiful house in a beautiful neighborhood.
They had two children, I thinkthree kids, and you know, yes,
the mortgage payment was a little tightfor their income, but at least
they had something that delivered some kindof economic value to them. And again

(58:32):
I'm a big real estate fan.They use that seven hundred thousand dollars in
debt to buy something that's making themmore money. And again I don't call
that debt. We call that inour world, we call that leverage.
Right. Something that will you know, using the effective and efficient use of
debt or other people's money or otherbank's money to buy something that's going to
generate economic value or create economic valuefor you and your household, such as

(58:54):
real estate. Right. So Isaw that video and I was like,
you know what, No, Iwould say that person's not one point two
million of bad debt. I thinkthey got about two hundred and three hundred
and bad debt. But the otherseven hundred and hundred thousand that was back
by an appreciating asset like real estate, is actually not a bad thing.
And someone may debate me on that, and that's perfectly fine. But I
think that anything where you've made gooduse of capital, and even not your

(59:17):
capital, but maybe a bank's capitalat a respectable interest rate, as something
that is not going to drive youinto the poorhouse. That's something where you're
using that debt to buy an assetthat's going to again generate either income for
you and your family or generate outyou know, economic growth for your family
or your household. I consider thatquote unquote good debt. Right, cash
is always king, But that's somethingwhere again as long as as long as

(59:38):
it advances your economic interest, Ithink that's something that's good. So that's
why I tell people all the timewhen clients come to me, I never
just say, hey, you're eighthundred thousand dollars in debt. No,
we have to segment and categorize thedebt by saying, Okay, what are
the things that are giving us psychologicalburdens such as student loans? What are
those things that are really truly shouldnot be in your balance sheet, such

(59:58):
as high interest credit cards, whichare again are all bad things, like
you know, revolving loans or privateloans that aren't really backed by any asset.
Those are all bad things. Youwant to get rid of that.
But what I tell our clients thatany ass any asset back debt where you
use that debt effectively to buy somethinggood is my opinion, not that you
need to really feel crazy about worryingabout, as long as that that payment

(01:00:19):
is being paid by someone else,such as a tenant in a rental property,
or if it's something where it's avery very very minimal part of your
overall cash flow commitment to pay towardsthat debt. So again, I love
our clients to be debt free.There's nothing better. But just remember debt
doesn't call come in all good forms. And I think there is good debt
meati and debt and bad debt whenit comes to that. And again any
and also even one more thing,bet. I work a lot with business

(01:00:43):
owners, and a lot of ourbusiness owners love to sell their businesses whenever
they retire, right. I haveone client that actually sold his He had
a long care company and actually soldit to another, a bigger company,
and sold some of his contracts.You know, he did a lot of
big companies and corporations as far astheir long care. And when I first
met him, he had you know, we valued his business probably around maybe

(01:01:06):
one to one point five million dollarsroughly in that range based on his average
revenue. And before I met him, he never thought that he could sell
his business, right, And itwas one of those things where I was
like, Yeah, don't just retireand tell your clients good luck find someone
else. No, you have anasset you've worked your whole life for,
so why don't you sell it tosomeone, right, And that way you
can get a check, walk offinto the sunset and retire. And we
call the enterprise valuation, or wecall succession planning. Right. So a

(01:01:29):
lot of our business owners don't realizethey can sell their business on the open
market when they retire if it's thattype of business that's marketable. Right.
So the one thing that we talkedabout for his rebuttal to that was LV
I'm not going to find someone inlong care that has one million dollars or
one and a half million to throwat me to buy this business. And
I was like, Row, thereare people out there that have a me
that say, hey, listen,I want to buy mister ABC's business for

(01:01:52):
one point five million. Maybe there'sa way we can find a way to
structure the purchase. And we actuallyhad a company that did financing for and
that weren't with us, but theywere a third party company that helped business
owners sell their business. And theperson who was buying that gentleman's business did
use good capital or what I againcalled leverage from a bank that financed his
acquisition of that long care company.And I'll tell you this, I didn't

(01:02:14):
work with the buyer, but Ican tell you right now, his me
his advisor probably checked the numbers andsaid, hey, based on the estimated
cash flow, based on how manycat clients this guy had, and how
much money we think we can makeon this deal. A four percent interest
loan or something where it's partially financedfor this whole purchase wouldn't make economic sense
if you can serve these clients forat least ten plus years, which I
was. This guy was younger,so he planned on being in this rest

(01:02:36):
of his life. So for him, I think it was a good deal
and it made sense. My clientgot to check. The purchaser bought a
great business, that cash flowed well, that had a lot of great contracts
in the books. And again heused, in my opinion, on the
other side of the table, heused good debt to buy something that is
probably making him a very good amountof money right now as far as taking
on those clients and buying them lookingbusiness. So all that aside, that
brings me to my bottom line.Don't see debt. All debt is bad

(01:03:00):
debt. I think again, creditcards, high interest stuff, stay with
car notes all that. If youcan get that, stay out of it,
but anything where again you're using itto buy something good, it's worth
a discussion with your advisor to makesure that again the value exceeds the cost.
So just make sure everyone understands thatwhen it comes to it. And
that's something we do. As alast note on debt, whenever we take
on a new client, we actuallydo a debt analysis. If that's something

(01:03:21):
they want to do, we say, hey, let's evaluate each that you
have and let's put together a planto either eliminate the bad stuff maybe a
road to even the good stuff.Because most people don't want a mortgage when
they retire, so of course wehelp them analyze that and we say,
okay, you know what is theway if you plan on buying other businesses
or buying rental properties, we doall things, all the analysis like that
to really help them measure before theycut and ensure that overall, if we

(01:03:43):
are going to effectively and responsibly usedebt, let's make sure we do it
the right way and measure everything againbefore we cut at least twice, so
that way, overall we don't everever get burdened with debt app you know,
either before or after retirement. Sojust remember that's one of the things
we do and one thing we helpour clients kind of navigate when it comes
to that create the world of debtplanning. I love it. I love
it all right, LV, Andlet's talk about one more myth and here

(01:04:10):
we go. It's unpleasant, butI need. People will say I don't
need to plan for my long termhealthcare because LV, my kids gonna take
care of me. Okay, I'veheard that from some folks that I don't
worried about any because my kids.Oh, I don't know about that,
LV. What do you say?Yeah, yeah, you know. And

(01:04:32):
we always I think the last coupleof months, we've ended on this note,
Bet, because you know, I'mgetting louder and louder about long term
care. I'm not a long termcare insurance guy. I usually don't sell
it or write it to clients,to be honest. I what I do
is I do long term care analysisto really weigh what are the risk factors
for my client even if they getto the top of the mountain. Like

(01:04:53):
Beb, you and I worked togethertwenty years ago. Today you're retiring.
We're popping open a bottle of winesaying, hey, great you're about to
retire. This is awesome. Theone thing that can go wrong that I
don't stop preaching about there's now theday that goes by. I don't talk
about long term care is because Isee it every single week where a client
has everything they need. They retire. They got X million dollars ready to
go. They're an autopilot, they'recoasting, they're getting income, they're living

(01:05:15):
off their interests. They're doing reallywell financially right, and they made good
social security decisions, so they're good. But that biggest wrench in the machine
bev that again I've talked about inpast sessions, is you know that client
turns seventy eight years old. Youknow, her husband calls and says,
hey, you know, we're seeingsome early onset dementia or all Zeimers or
we have you know, maybe thatclient is eighty eight years old now,

(01:05:36):
you know, maybe that their spousepassed away. Now they're in a nursing
home, or they need skilled care. They need a nurse to come by
the house to help with activities ofdaily living like gazing and cleaning and continents.
Right, there's like in the laststatistic, Beth there it's over eighty
percent of Americans. It's like seventyto eighty percent things the actual statistic that
reached sixty five or older will needthis at something. We'll have this event

(01:05:58):
happen at some point. They needhelp. It's not just even the most
extreme thing of going to a nursinghome, but just needing help. And
remember, Bev, this is thebiggest myth is that Medicare is not going
to cover this stuff. It's not. And I know I went on a
rant I think and our December sessionabout this because I already talked about American
health care and kind of how itworks when he needed the most. So
I'm not going to go into thatrant again. But the main thing is

(01:06:20):
that when it comes to you andyour planning, do not operate under that
assumption. Like you said, Bev, you know what, I got four
kids, one of them, youknow, one of them's going to take
me in. They'll take care ofme. Bev. I can speak now
personally that is. I mean,again for some families that very well could
work, but in my family thatwas actually and I have permission to talk
about my parents, my in lawsituation. You know, it's one thing

(01:06:41):
that did not work for them.My father in law is only sixty nine
years old and he's in a fulltime nursing facility. He had three strokes
in three years. Unfortunately, lovingto death just wasn't the best with his
health and taking care of himself.And unfortunately he's fully committed at the age
of he'll be seven. I thinkI'm sorry he just turned seventy one of
the youngest people in a nursing homebecause unfortunately him and my mother in law
just sadn't really think that this wouldever happen to them, you know,

(01:07:01):
and now they're supposed to be enjoyingtheir retirement. Unfortunately, she's still healthy
and she's got plenty of life aheadof her. But he's in the full
time nursing home that's costing about eightgrand a month in Cleveland, Ohio.
And you know, and the bigthing is this, if you do not
plan for this stuff in advance.Remember, you have to commit pretty much
all of your capital to that nursinghome to cover the cost of care.

(01:07:23):
And again most people say, youknow what the government's gotten me. Also,
yes, the government will get youand they will help pay for those
costs, but you have to beunder the poverty line for that to happen
for Medicaid, which of course inTennessee is ten care, right, So
remember, you have to be brokefor the government to cover those costs.
And that's what people don't really understand. They think Medicare is going to cover

(01:07:43):
and they can keep living their lifeand enjoying their wealth and passing on to
the next generation. No, youhave to commit everything you've got to the
cost of your care if you don'tprepare for this stuff in advance. So
that's why I sing from the hilltopson this stuff, because when I catch
someone that's in their fifties, maybeas late as in their sixties, and
they don't have a plan to dressthis stuff, we start talking about that
and saying, hey, listen,maybe if not for yourself, you know,

(01:08:04):
and for you to save your moneyand have maybe an insurance policy or
some kind of long term care strategyand play do it for your family.
Because instead of you leaving behind amillion dollars for your family when you turn
ninety years old or one hundred yearsold and God calls you, all that
money would instead go to a nursinghome and not your family. If you
don't take this seriously while you're younger, right, so usually in your mid

(01:08:25):
fifties that I think that's that perfecttime or sooner to say okay, you
know what LV or advisor, whatis that simulation we can run to say,
okay, if this happens when meor my spouse is in their seventies
or eighties, what does that looklike for us? Right? What happens
to our millions we've saved? Howfast will it how long will it last?
What are the implications of our stateand what we can leave behind for
our kids and grandkids? And dowe have to give all of our wealth

(01:08:45):
that we've worked our whole life tobuild to a nursing home and then die
with nothing? And then not onlythat, dev research these words a state
recovery. Not only will you diewith nothing, but guess what the state
if they're covering the cost of yourlife and I'm sorry of your insurance to
pay FREEVLUNGNAE care costs, they havethe right to go to your kids when
you're dead and say, hey,you know what, we kind of want
some more of our money back,and they can go after the state and

(01:09:06):
whatever you do leave behind again undercertain states and circumstances. That's called the
state recovery, and people don't knowabout that either, So you know,
it's one of the most financially orwealth destructive things that can happen in someone's
life. I tell that to peopleall the time. We all plan as
if we're going to be perfectly healthyforever, which usually doesn't happen, and
we also plan for the worst casewhere if we were to die tomorrow.

(01:09:27):
And again, if we're betting people, we're not going to die tomorrow,
right, We're going to live agood intermediate or long term life because of
longevity in the world. But rememberthat middle ground between being perfectly healthy and
dying tomorrow is long term care.Right. That's usually the thing where people
don't plan, They don't think.They kind of just coast and just assume
that everything's going to be nice andeasy and healthy, and health care costs

(01:09:47):
won't go up and long term carewill be covered by the government. Just
don't fall prey to that. Talkto your advisor because that's the biggest myth.
And again I think that's the mostdangerous myth that people operate on,
is that you know what I don'thave to think about stuff. But the
vast majority of us at some point, especially if you're married, will have
that need for us, our spouse, or for our parents, and it's
definitely worth a discussion. Don't gorushing to see your long term care agent

(01:10:11):
insurance agent because it's very expensive toget done. You may be blessed enough
to be able to pay it.The average can help to seven grand a
year for those types of policies.But even if it's not like a long
term care insurance policy, there's alot of things that the governments and insurance
companies are partnering up on. It'scalled a partnership qualified plan to where you
actually can use some of your investmentdollars to allocate towards things that the government

(01:10:32):
approves for you to put some ofyour retirement dollars into to help fund that.
That's why I love things like youknow, you know, like fix
the annuities or variable annuities that havelong term care riders where they'll cover some
of the costs for you if youhave that event happen right or you know,
there's partial protection policies where of coursethey can give you a certain amount
of coverage every month up to usuallyfive to ten thousand a month to cover

(01:10:54):
those costs, if you know,if you get approved. So there's a
lot of things, especially in theannuity and the retirement vehicle side, but
where some of these companies that manageretirement wealth are now wisening up and saying,
you know what, we need tostart giving our people something and making
sure they have a plan and wecan cover some of these costs. Maybe
not at all, but some ofthe costs are hedging some of those costs
in case that you know that happensto their client where they're you know,
they have their their wealth invested.So if you have an advisor to talk

(01:11:16):
to them about it, if youwant to work with us, call us
about it. We'll run a wholescenario and make sure we're all that at
least not just for you, butfor your next generation and protecting that next
generational transfer of wealth. It's alwaysworth a discussion to have with your planner.
Okay, sounds good. LV.Hold on a second, I have
a call holding for you for aquestion. W D I a high caller.

(01:11:39):
Hey, they're beautiful BEV and uhLB the financial man. Yeah,
I William, Okay, the courseis going to be on social security two
courses. Uh, I understand yousaid that you know you can only get
you know, whichever social security ishighest. If you'll have a spial hasn't

(01:12:00):
always been that way? And ifit hasn't, when did it change?
The other question is you retire andliving pretty comfortably investing part of your social
security, not in something that's sorisky, but not something makes it fail
money either, But uh, youknow what about that investing part of the

(01:12:25):
social security and getting something out ofit? And when did that start?
I'm gonna say this really quickly,and because it has been for a long
time. The Republicans have been talkingabout shutting down the social security and I
remember al Gore was talking about,you know, putting the social security in
a lock box where they couldn't keepgoing into it and spending it for pet

(01:12:46):
projects. And he was talking abouta lock box. And so if this
happened within that time that you cannotget your spouse's social security, that means
that they are, you know,on their way to take the way social
security. But when did it happen? Thank you, Thank you, ab
thank you William. Great question andI love the question they'll be asking about

(01:13:08):
investing yourself, investing your social security. Yeah, that's the one I wanted
to tackle first of the threa.I think, yes, three, I'm
sorry, I was trying to jumpdown notes. Yeah, but yeah,
no, See he makes it thatI get that a lot. And that's
actually a fantastic observation. A lotof people will say LV because I'll run
the analysis and I say, hey, client, you're healthy. We expect
you to live a good, longlife again, God willing, and we

(01:13:30):
think it makes financial sense for youto wait until your full retirement age of
sixty seven to pull your benefit right. That's an easy thing to talk about,
but a lot of clients don't likethat because it requires patience. So
they're sixty two. When I tellthem that they're ready to their mouths are
water and they want to get theirbenefit. And I say, no,
that's so fast. Let's let's liveoff your interest and your income portfolio.
We've saved enough to be comfortable.Let's defer and wait until your full retirement.
That way we can get a fullbenefit right without it being reduced.

(01:13:54):
So his question, if I ifI heard that correctly, was like,
okay, pulling it sooner? Youinvest either all or a portion of it
to in a portfolio so it cangrow. And I guess like taking advantage
of that money while you're younger toput into a portfolio to grow for the
future. So here's the thing.Here's the thing again, highly highly,

(01:14:14):
highly dependent on your situation. SoI can't give you advice on that,
but I will say that in theory, member, you get an eight percent
credit or call again what they calldelay credit every year you wait for Social
Security, right every year you turnsixty two, sixty three, sixty four,
or sixty five, the government says, hey, thank you for waiting.
We're going to raise your benefit byeight percent right all the way up
until age seventy, and there's nomore credit at per seventy. So the

(01:14:38):
thing is this, you can getthat eight percent credit every year if you
do nothing. That's a literal freerate of return of eight percent, which
is on par with the S andP five hundred or the stock markets.
Right now, My thought to you, sir is that you know, and
that's why I kind of veer awayfrom that, because you would have to
make sure you took that whole benefit, not part of it, for it
to make economic sense. In myopinion, you would have to take that

(01:15:00):
full benefit, that smaller number,that reduced benefit at sixty two, take
that whole check. Let's just sayit's fifteen hundred bucks, and make sure,
without a shadow of a doubt thatevery single year, as you wait
or as you invest that that you'regoing to exceed an eight percent rate of
return. And remember I would neversit here in front of a client and
tell them I can guarantee them ineight percent rate of return. That's almost
impossible because the markets are unpredictable.And again, you know the markets are

(01:15:25):
going to go up and down,even though they use the average about nine,
which is the historical average in theS and P. Five hundred.
You know, you can't really whatYou can't promise that to anybody. So
my thing, that's why I tellpeople it could work if the markets behave.
But if the markets don't behave,and you take that sold security check,
you drop it into a balance ordiversified account, and that loses twenty
percent the first year. That wasa That was a complete waste of your

(01:15:49):
time because remember you'd have to takethat full check and drop it all into
the stock markets and take all therisks of the market for that to make
sense, and to be honest,bev a lot of the people I meet
that are in those age they're nottrying to invest everything from social security into
the stock market. It's not goingto make or break their whole life.
But my thing is, why notgo for the sure money if you can
afford it, weight get that guaranteedeight percent, defer credit or deferral credit

(01:16:12):
by waiting, and not have toworry about that unless you have another goal
that needs to be funded along theroad, like if you want to pay
for some house or a vacation propertyor a car. I don't know,
it just depends in your situation.But typically speaking again, that rate of
return on that investment would have toconsistently perform a rate percent for that to
make sense in my opinion. Someoneelse may debate me, but that's that's
my opinion on that. And also, like I said, it comes down

(01:16:35):
to whether or not you know itmakes sense to pull it soon because remember
one more things, or to answertainyour question if you're married. The one
thing I don't like about that strategyalso is that remember you're let's say you're
like me and you don't have aworking spouse, because if I'm in your
shoes, this is my biggest concernmy non working spouse. Or maybe you

(01:16:56):
have a spouse where there's a highdisparity and income, or you make a
lot more than your spouse. Right, remember their survivor benefit and their spousal
benefit, which we didn't talk abouttoday. You don't have to die to
get a social benefit from your spouse. There's a spousal benefit where you can
get you know, half of yourhusband or wife's as well if it's higher.
So remember that benefit that your spousecan have either at your death or

(01:17:18):
when you reach those security ages,based on your decision you make on your
benefit if you're the higher earning spouse. Right, So, in other words,
if you pull that trigger soon atsixty two and instead of you getting
twenty five hundred bucks a month,you're locking it in at fifteen hundred bucks
a month, and your spouse wantsyou die, your spouse is going to
get the benefit based on what youchose, that lower benefit, not the

(01:17:39):
higher one. And remember when sheor he gets your aid, that social
curity agent, maybe they want totake their spousal benefit and both of you
are alive and you know you lockedin the lower amounts. So guess what
her benefit or his benefit as aspouse is based on that lower amount.
So that's why I tell people,when you make that decision, it's easy
to throw the investments and get intoa calculates and kind of figure out like

(01:18:00):
if you can make this much money, this in't that. But just remember
when you make that decision, ifyou'rre revocable and your spouse, if that's
relevant to you, her his decisionsis all based on if you're the red
winner, what decision you call socialSecurity and take that their spousal benefit is
impacted and their survivor benefit is impacted. That's why that's a really big decision
and why I tell our clients,no, let's keep it as simple as

(01:18:21):
possible. The fur as long aswe can log in a percent, make
sure overall that that surviving spouse orchildren whoever's relying on that check when you
die, doesn't get a lower amount. You want them to get the higher
amount of that full amount. Ifyou wait and play ball according to the
government's rules and wait until your fullretirement. Ager again, you'll hear me
say a lot the fra right.That full retirement age gives you your full

(01:18:43):
benefit, so if you die,they get their full benefit and they get
the full survivor benefit as well.So be very very careful about pulling sooner.
And for some people it does makesense the pool sooner if your financial
situation really demands it. But alot of us if you've had a planner
and an advisor to really project allthis stuff out for five ten years beforehand,
and you're planning for the stuff inadvance, it usually makes sense to

(01:19:03):
wait as long as possible because that'sactually a very sweet deal the government gives
you by waiting, an eight percentguaranteed credit. There's nowhere else in the
marketplace where I can guarantee someone eightpercent nowhere, but the government will give
you a percent in that deal.And I'll say one more thing, and
I'll shut up, BEV. Becausehe did ask three questions, that's all
right, So he asked another questionin the back. Then he was asking
about the was it the drawer closingthe drawer on social Security or like the

(01:19:25):
government's gonna take it away? Yeah, I did rant about that a couple
of meetings or a couple sessions agoon the radio. And here here's the
thing I don't. I don't liketalking politics. I'm not good at it.
It's it's one of those things thatI don't really concern myself overly with.
I just look at the facts andI try to be objective about whatever
advice I give people. But onething I can tell you objectively without going
into the political rant, is Idon't know where it's really come from or

(01:19:46):
where the idea was sourced from.That like the government's gonna shut all this
out and we're not ever have socialSecurity. Because I will critique the US
government on these things, Member Bevand December I critique for thirty it's about
the healthcare system that we live in, right about long term care. We
ranted about that together, so Iremember that back in December. But the
one thing that I will not beatthe government up about that I actually like

(01:20:11):
because I think it's actually the mostsuccessful program in the history of the government,
is actually Social Security. In myopinion, it works, it's there,
it's solvent. It's one of thosethings where honestly, and again I
could be wrong, sir, likeI cannot imagine and actually economists have run
the numbers on it. There's noeconomic reality where we're going to turn around
tomorrow and like okay, everyone,Nope, you're not getting any benefit.
We're keeping it. It's just that'snot a realistic fear. If you ask

(01:20:33):
me, now, I can't speakabout my grandkids down the road, but
I can tell you you me,I would even really be willing to wager
my kids. I think that it'llleave last one or two more generations before
their significant reform, because it actuallyhas worked out really well, and it
is one of the things that reallykeeps people, you know, financially strong

(01:20:54):
enough to be able to you know, at least not go under poverty whenever
they retire if they have no assets, even though it again actually is technically
under poverty, but at least it'ssomething, right, at least we don't
leave retirees and people who haven't savedor haven't been blessed enough to save with
nothing. It's at least something,and and and again it is a solvent
program. So I would not actuallysubscribe to that fear. Star that's again,

(01:21:15):
that's just my opinion. I thinkthat the biggest risk factor would be
a significant reform to where maybe someonein the next ten to twenty years that
are retiring may get less money ifthere is you know, a new president
and you know there's new there's newreform around the program itself. But I
don't see that future where we justwake up and then like maybe a year
from now or two years from now, that the government's like, Nope,
sorry guys, you're not getting anyI just I don't think that's really I

(01:21:38):
don't think that's realistic. But again, knock on wood, I could be
wrong. So, but but that'swhy I tell people measure before you cut,
make sure you're on track with youradvisor. That's one thing we do
at least once a year. Weactually look at the soci security programs.
We look at the news together withour clients. We say, hey,
President x y Z is saying thatyou know, he's vying for these changes
in social security or these changes inthe retirement laws. We were with our

(01:22:00):
clients on those news, you know, those impacting news kind of uh you
know, bits that come out wherewe think it's going to impact your retirement
of your situation. We digest thatinformation usually before our clients and we meet
with them. We say, hey, listen, president XYZ is saying it's
proposing this change, this is howwe think it's going to impact you.
Let's prepare for that. Right.That's a big thing I think our clients
love is that we help them kindof digest their relevant news so you don't

(01:22:23):
have to do it on your own. And we actually train our clients on
strategies where if we think social Securityis going away, or if we think
that you know, require minimum distributionages are going to get you know,
kicked down the street ten more years, or if we think that you know,
social Security is going to be reformed, or if there's some kind of
tax laws, we always keep trackof that for our clients and say,
hey, we think this is goingto impact you, let's talk about it

(01:22:45):
that way. We're well ahead ofthe curve when it comes to that.
So again, we can't predict thefuture, but when the news does hit,
usually your advisors, if they're goodadvisors, are going to talk to
you about that whenever you have yourmeeting and help you plan to that.
Okay, sounds good and I likeit LV great session today any less for
our listeners, No, I thinkI said about enough today. Great questions.
I appreciate you guys, emailing,Yeah, you emailing and calling.

(01:23:09):
I'm so sorry. Again, Ilike to end with apologies. I viras
feel like I didn't give everything Icould on some of these very specific questions.
That's honestly reason why I don't gotoo deep into social security beds and
those people that listen that really wantto know more about social security again,
very very complicated ground that just dependson you and your big picture stuff.
So if you want to learn more, I know I didn't probably hit soci
created questions like I really some peopleprobably wanted me to. So if you

(01:23:30):
want to learn more and you reallywant to say He'll be like, look
at my situation and let's talk.So I can really give you more personalized,
customized advice, just call in.We're still accepting appointments, so I
And as a last note for thosethat want to talk more about anything I
discussed today, we have some crazinesscoming up this summer. Like I told
you earlier when we got on thephone at first bed, it's it's a
wild summer for us. We're actuallystill getting caught up from the last couple

(01:23:53):
of months with some some travel Ihad to do for the NFLPA and for
some family stuff as well, Sowe are kind of playing catchup still,
and I know we're booking right nowto the first or second week of August.
Don't quote me on that. Soif you are calling, just make
sure you understand that is the timeframe if you don't. And one more
thing I like to make sure isvery clear if you are calling, because
we had a few of this happened. BEV to some of your callers and

(01:24:15):
don't you can't afford to wait toAugust. We had a couple people called
that were retiring this summer and theyhad to make pension decisions and elections from
their job, and they were like, I can't wait till two months to
talk to LV. Tell the teamLenita, Whitney, Andre are on standby
right now. Tell them that youhave a time sensitive issue. And what
I do. I usually try towork out around to where at least we
can do a thirty minute call justso I can see what's up, give

(01:24:36):
you whatever advice I can if it'stime sensitive, and I'll work you in
if I need to. It probablywon't be a full ninety minute meeting like
we try to do for a lotof new clients, but at least I
can help you with that present issuethat is kind of pressing, and then
we can set up like a followup real appointment after we get all those
decisions made in the coming months.So just remember tell the team what's going
on. You can email them oryou can call them and they'll make sure

(01:24:58):
they can move you up if theyneed to, if it's very consensitive.
And for those that do call,look forward to helping any way I can.
It's been great with you guys,so I appreciate everything. Sounds good.
LV always a pleasure. You cancall LV nine zero one seven four
eight zero zero five zero nine zeroone seven four eight zero zero five zero,
or go to PWS Planning dot comsend them an email by clicking the

(01:25:23):
contact us button. Good word totoday. LV. Thank you so very
much. Thank you beib. Iappreciate it again. I'll see you next
month. Okay, see you nextmonth. LV. Thank you all right,
Nope, we thank you callers,We thank you listeners. We thank

(01:25:59):
LV Plummer Junior, our certified financialPlanner practitioner. Thank you LB. Good
information today. I love it,and thank you callers and listeners for joining
us this day on the BEV JohnsonShow. We do, We really do
appreciate you. So until tomorrow,please be safe, keep a cool head,

(01:26:21):
y'all, don't let anyone steal yourjoy. Until tomorrow, I'm Bev
Johnson, and y'all keep the faith. The views and opinions discussed on The

(01:26:43):
Bev Johnson Show are that of thehosts and callers and not those of the
staff and sponsors of WDIA. Rangelhim