Speaker 1: Make us your number one preset for instant access. It's
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Speaker 2: KRC the talk station, you know, six fifty five kr
Speaker 2: CD talk station. Happy Monday, It's Monday, It's ato six,
Speaker 2: which meeks is time for all Worth Financials Brian James
Speaker 2: and another edition of Money Monday. Brian, welcome back up.
Speaker 2: You had a nice weekend, my friend. Your microphone's off.
Speaker 1: Brian.
Speaker 3: Wow, that's two weeks in a row. Brian, that's two
Speaker 3: weeks in a row. I got to put another dollar
Speaker 3: in the jar.
Speaker 1: My bad. Good morning, Brian, Good morning, mister Thomas. How
Speaker 1: are you? Can you hear me loud and clear of
Speaker 1: this time?
Speaker 4: Loud and clear? It's working fine now.
Speaker 2: So anyhow, it's not the smart thing to do take
Speaker 2: your Social Security BEN benefits earlier. But I guess, at
Speaker 2: least based on the article reported in the Wall Street
Speaker 2: Journal that you provided for the context of this conversation,
Speaker 2: fear mongering has driven people to claim benefits earlier and
Speaker 2: bad idea. So what's the story behind this one, Brian James.
Speaker 3: Now, the story is whenever people get nervous about Social Security,
Speaker 3: and we had this during the first Trump administration as well,
Speaker 3: whenever people get nervous, the answer is always, well, I'll
Speaker 3: just go turn on my benefits now. That way, I'll
Speaker 3: be as guaranteed as I possibly can. They're really let's
Speaker 3: cut to the chase here. There isn't any evidence at
Speaker 3: all showing that that Trump has it in his sights
Speaker 3: in terms of actual action. But I will say I
Speaker 3: can confirm just from my normal day to day I'm
Speaker 3: getting a lot of questions about this, and I have
Speaker 3: had clients that there that have decided, you know, what
Speaker 3: the heck with it. I just want to you know,
Speaker 3: burden the hand versus two in the bush. I want
Speaker 3: to go ahead and turn on this big our position
Speaker 3: at all worth as we're having clients, you know, doing
Speaker 3: our planning processes and all that has not changed, which
Speaker 3: is that Social Security is not in a good spot.
Speaker 3: But that is not That's been something I've talked about
Speaker 3: all three decades of my career. Really been in a
Speaker 3: good spot. The math has really never worked, never worked.
Speaker 2: Congressional Office, but Budget Office comes out with it every year,
Speaker 2: tell you how much longer it has before it's going
Speaker 2: to collapse on it. So this has got nothing to
Speaker 2: do with the Trump imministration, the Biden administration and Bomb
Speaker 2: administration has everything to do with Congress not taking steps
Speaker 2: to correct the problem or fix it in some way.
Speaker 1: Yeah, and this goes back to the forties.
Speaker 3: So I think the real issue here was that we
Speaker 3: decided in the nineteen forties that we were going to
Speaker 3: carve an eight percent increase in stone. That eight percent
Speaker 3: you get every year you don't file for Social Security
Speaker 3: has been in stone since the early forties when it
Speaker 3: was first put in place. It does not react inflation,
Speaker 3: that does not react to interest rates. So when we
Speaker 3: went through so security had a problem anyway before we
Speaker 3: went through twenty years of the lowest interest rates the
Speaker 3: world had ever seen. But so Security kept going up
Speaker 3: by eight percent like clockwork every single year. So that
Speaker 3: accelerated the problem. But nothing has changed just because Trump
Speaker 3: is in office. The mask still says and as you mentioned,
Speaker 3: the CBO looks at this every year, and the mask
Speaker 3: still says that the quote unquote, and we got to
Speaker 3: qualify this. The quote unquote trust fund is going to
Speaker 3: run out by twenty thirty one, twenty thirty two, thirty three,
Speaker 3: something like that. Now, let's make sure everybody understands that
Speaker 3: does not mean that a pile of money is going
Speaker 3: to go poof. That is not what that is. That
Speaker 3: simply means that for all of us. You know, I'm
Speaker 3: sitting here at work, You're working. I see Joe working hard.
Speaker 3: There's a lot of people out there on the highway
Speaker 3: trying to get to their jobs. All of us are
Speaker 3: going to get a paycheck sometime in the next two weeks
Speaker 3: and it will say FIKA on it, and there will
Speaker 3: be a deduction that's you paying for your Social Security benefits.
Speaker 3: That is going to continue well past twenty thirty three,
Speaker 3: twenty thirty four, whatever the magic year is. So as
Speaker 3: long as money is flowing from paychecks, it's going to
Speaker 3: reach beneficiaries. If they change nothing, then benefits will need
Speaker 3: to drop by about seventy percent because that's what we
Speaker 3: will be bringing in from current workers to pay beneficiaries.
Speaker 1: Right now, we're bringing in more. That's the trust.
Speaker 2: Fund well, and as the article reflects, it really is
Speaker 2: prudent to put it off as far as you can,
Speaker 2: because benefits starting at age seventy are seventy six percent
Speaker 2: higher than if you start a drawing at sixty two.
Speaker 4: That's a substantial difference.
Speaker 3: Yeah, it's a substantial difference, but I'm not going to
Speaker 3: call it prudent because that it could be different for anybody.
Speaker 3: If you are a person who sometimes the math just
Speaker 3: doesn't work and there are no other resources for income,
Speaker 3: that kind of thing. So I don't want people thinking
Speaker 3: it's black and white. I got to wait till seven.
Speaker 3: I it's not the case. However, if you do have longevity,
Speaker 3: you expect to get past your you know, your early
Speaker 3: to mid eighties and whenever your relatives passed away, isn't
Speaker 3: necessarily the only the only only factor, because there's a
Speaker 3: lot of people in their nineties at nursing homes that
Speaker 3: didn't expect they were still going to be around. But
Speaker 3: it's that is a very personal specific decision based on
Speaker 3: your own financial circumstances. So just because it's the highest
Speaker 3: number doesn't make that the answer. What other resources that
Speaker 3: you have that you could tap into? And I'll tell
Speaker 3: you where the pivot point is, Brian. If you're somebody
Speaker 3: who has resources, You've got your own savings, that kind
Speaker 3: of thing. When I do the math for clients, it
Speaker 3: tends to be what is the tax treatment of your
Speaker 3: various other resources? If you have all four oh one K,
Speaker 3: like many of us do. Lots of us work for
Speaker 3: companies in this area that support that either are or
Speaker 3: support Fortune five hundred companies. That means we got a
Speaker 3: boatload a four oh one K money that probably has
Speaker 3: not been taxed yet.
Speaker 1: That tends to be the pivot point where.
Speaker 3: If you're going to get taxed earlier in your early sixties,
Speaker 3: if you have to draw on your four oh one K,
Speaker 3: that might say, you know what, go ahead and turn
Speaker 3: on social security first. However, if you've inherited a pile
Speaker 3: of money, or perhaps you've built up a significant amount
Speaker 3: of wroth IRAA is not taxed, that tends to favor
Speaker 3: pushing social Security out a little bit.
Speaker 2: That's a really important point you make there. And not
Speaker 2: already has the resources like in a four oh one
Speaker 2: K to cover themselves adequately. You got to take this
Speaker 2: so security when you can, when you need it. So
Speaker 2: I guess the other component of this is, you know,
Speaker 2: people are living longer, which suggests, and I think the
Speaker 2: statistics bear this out, they're choosing to work longer. And
Speaker 2: if you're continue employment, you've got that steady revenue stream
Speaker 2: in there, maybe you can continue to contribute to your
Speaker 2: wroth or maybe continue to contribute to your four oh
Speaker 2: one K. But that also will help you allow delay
Speaker 2: that Social Security draw for a while longer.
Speaker 3: Yeah, a lot of people are always on the fence
Speaker 3: Brian when it's time to retire, because it's a big commitment.
Speaker 3: We all kind of hide behind the money. But once
Speaker 3: we realize, you know, for people who are in a good,
Speaker 3: fortunate situation and have worked hard, then they realize, you
Speaker 3: know what, I've never thought about whether I actually want
Speaker 3: to work. You know, maybe it's important to me to
Speaker 3: have a place to go to get out of bed
Speaker 3: and have some you know, some purpose and that kind
Speaker 3: of thing. Not everybody is dying to get away from
Speaker 3: work in general. They just haven't been able to pull
Speaker 3: a trigger yet. Those folks are definitely saying I'm gonna
Speaker 3: just keep working for a little while. Long ago, I
Speaker 3: was on the fence anyway, But now this, you know,
Speaker 3: I just don't deny. I might totally turn on Social
Speaker 3: Security if the math works, but I'm definitely still gonna
Speaker 3: keep working. Now, let's talk about that situation for a
Speaker 3: little bit, because there is a bit of a.
Speaker 1: Bite you can take.
Speaker 3: I would be very very very careful, just running down
Speaker 3: to Social Security. If you are between age sixty two
Speaker 3: and your full retirement age, which will be somewhere between
Speaker 3: sixty six and sixty seven depending when you're born. If
Speaker 3: you are between those ages and you turn on Social
Speaker 3: Security while you're working, you're gonna give.
Speaker 1: A chunk of that back.
Speaker 3: There is there's something called the earnings test that will
Speaker 3: take away a chunk of that Social Security pain.
Speaker 2: And that isn't that something that Trump has talked about,
Speaker 2: like not taxing Social Security because you know everybody who've
Speaker 2: used that, it's sort of it seems outrageous.
Speaker 4: Wait a second.
Speaker 2: You know I paid all the taxes, and you know
Speaker 2: I had income tax at the time, and they took
Speaker 2: out my FIKA, and you know, here I am getting
Speaker 2: taxed on what I basically quote unquote invested in throughout
Speaker 2: my life. I get it with the four to one
Speaker 2: K because it's pre tax earnings. But this doesn't seem
Speaker 2: quite right about taxing social Security benefits.
Speaker 3: Yeah, and that's a good point, but that's slightly different.
Speaker 3: What I was referring to is the fact that you
Speaker 3: will take a haircut on your Social Security payment if
Speaker 3: you are going to generate W two income somewhere around
Speaker 3: twenty some thousand dollars as if you're still working and
Speaker 3: you're under that age sixty seven what you're referring to. Yes,
Speaker 3: Trump has talked about we're not going to tax Social
Speaker 3: Security at all, but that so far is nothing more
Speaker 3: than a campaign promise, and we are, in fact we've
Speaker 3: actually been draining the Social Security tanks a little bit
Speaker 3: more quickly. One of the recent changes was the Social
Speaker 3: Security Fairness Act that would that came forward under Trump,
Speaker 3: but it was it was basically put into law by Biden,
Speaker 3: which is removing something called the windfall elimination provision, which
Speaker 3: took away dollars from somebody who had a In this area,
Speaker 3: we have a lot of people who were state teachers
Speaker 3: in some of the state sponsored pension plans. If you
Speaker 3: paid into Social Security earlier in career and then you
Speaker 3: spent the rest of your career on paying into a
Speaker 3: state plan, then you had to take a haircut on
Speaker 3: your soci Security payment. There that has now been removed.
Speaker 3: And if you are in this situation that so Security
Speaker 3: is reaching out right now to confirm with people and
Speaker 3: tell them what their payment is going to be. Increasing
Speaker 3: to the windfall elimination provision has been removed. That's good news,
Speaker 3: but that is we've just widened the drain on Social
Speaker 3: Security just a little bit more. So next time the
Speaker 3: CBO talks about this, it's going to have to reflect
Speaker 3: the fact that there are bigger payments going to people
Speaker 3: you know, that weren't receiving them before, and that's not
Speaker 3: in the math yet.
Speaker 1: Yeah.
Speaker 2: I guess the takeaway I have from the article is,
Speaker 2: you know, if everyone was saying, you know, I'm going
Speaker 2: to start tapping into it early because I think it's
Speaker 2: going to disappear through mismanagement by our federal government, the
Speaker 2: whole programs on ICE make more sense than saying, oh
Speaker 2: my god, evil Trump is going to get rid of
Speaker 2: Social Security. That I mean, there's no truth at all
Speaker 2: to that, So that someone would make a life changing
Speaker 2: decision to start taking this draw early because of say, oh,
Speaker 2: evil Orange Man. I mean that the level of ignorance
Speaker 2: that suggests is just to me mind boggling.
Speaker 1: Yeah, and a lot of it comes from me.
Speaker 3: There are voices in the Republican Party that, of course
Speaker 3: want to reduce Medicaid benefits and that is not germane
Speaker 3: to this particular conversation. However, I think people come back
Speaker 3: and they say, well, if he's coming after medicaid, will
Speaker 3: come after everything else. Therefore, I'm just going to turn
Speaker 3: on this big and be done with it. That's not
Speaker 3: there's no more truth of that than anything else.
Speaker 2: Well, apparently Americans are financing groceries, not a positive signal.
Speaker 2: We'll talk about that with Brian James coming up next.
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Speaker 2: nineteen ifify about kerrcdtalk station all or financials. Ran James
Speaker 2: joints the program every Monday beginning get eight to a five.
Speaker 2: We do a few segments together, talk about money issues
Speaker 2: and hopefully get instilling folks some responsible money management. And
Speaker 2: we'll get to a little bit more of that next.
Speaker 2: But now, Brian, let's start with an acknowledgment from Brian Thomas.
Speaker 2: I'll behalf of the Thomas family. We got grocery shopping
Speaker 2: every week, right, And I got an Emory Federal Credit
Speaker 2: Union credit card, charge your grocer's on the credit card,
Speaker 2: and then I paid the bill off at the end
Speaker 2: of the month.
Speaker 4: Isn't that buy now pay later.
Speaker 1: In it roundabout way? Yeah, pretty much is. Yes.
Speaker 2: So I've been reading all these articles about buy now,
Speaker 2: pay later, and I always thinking to myself, what the
Speaker 2: hell is buy now, pay later versus putting on a
Speaker 2: credit card. You either pay the balance off or you don't.
Speaker 3: Well, the folks who this is affecting are the people
Speaker 3: who can't get credit cards because they have not enough fans,
Speaker 3: resources or bad credit or so who's off for these plans?
Speaker 2: Yeah?
Speaker 1: So what these are?
Speaker 3: These These are plans being offered directly by by the
Speaker 3: companies that you're buying these products from, groceries, electronics, whatever,
Speaker 3: whoever's in the mood to do it now. The electronics
Speaker 3: companies all that, they tend to do it around Christmas
Speaker 3: for obvious reasons. But grocery stores, you know, pretty much
Speaker 3: obviously not a very cyclical industry.
Speaker 1: We're buying groceries no matter what.
Speaker 3: So buy now, pay later is a little bit different
Speaker 3: than you know, a lot of people associate with like
Speaker 3: payday loans and that kind of thing where I just
Speaker 3: need a couple bucks here in a short run, and
Speaker 3: you're going to charge me an exorbitant amount of interest. Well,
Speaker 3: the card they get to play if you're if you
Speaker 3: are a merchant who's going to offer buy now, pay later,
Speaker 3: you get to tell people there's no interest involved at
Speaker 3: all here.
Speaker 1: I'm not going to charge you any interest.
Speaker 3: I'm simply going to allow to allow you to pay
Speaker 3: for last month's groceries this month, which you know, so
Speaker 3: on its face mathematically it doesn't really cost any more. However,
Speaker 3: if you're in a situation where you're chronically needing to
Speaker 3: take advantage of these types of arrangements, that is just
Speaker 3: a blinking, flashing red light to say, hey, something is
Speaker 3: going wrong and you're going to need to address it.
Speaker 3: These are paycheck to paycheck situations, and if you don't
Speaker 3: have the credit card or you don't have any other resources,
Speaker 3: then sooner or later you're going to run into a
Speaker 3: situation where not only have you gone to the grocery
Speaker 3: store like you always do, but also the transmission fell
Speaker 3: out the bottom of the car.
Speaker 1: What are you going to do at that point?
Speaker 3: So it's still a flashing red light to say, hey,
Speaker 3: this isn't you don't have any oil in the engine,
Speaker 3: This is not going to last.
Speaker 1: We need to address things.
Speaker 4: Well fair enough to all that.
Speaker 2: But much like your initial point is is for folks
Speaker 2: who can't get a credit card, that means their credit
Speaker 2: score is too bad or they don't I don't understand
Speaker 2: the other criteria going to getting credit cards. But why
Speaker 2: would some institution who is in the business of profiting
Speaker 2: and making money gamble on allowing folks to buy now
Speaker 2: and pay later that can't qualify even for a credit card.
Speaker 2: They're just guarant they're setting themselves up for people not paying,
Speaker 2: aren't they.
Speaker 1: Yeah, it's a numbers game, though, Brian.
Speaker 3: So in other words, if I'm a grocery store and
Speaker 3: I sell pretty much the same stuff as my rival
Speaker 3: grocery store, then I might be able to attract more
Speaker 3: shoppers by allowing my shoppers to push out their bills
Speaker 3: without incurring any interest versus another store that does. It's
Speaker 3: simply a way to look more attractive to another shopper.
Speaker 3: But I mean, logically and reasonably considering, you're finding a
Speaker 3: way to rack up fairly significant losses by attracting those
Speaker 3: customers who might not be able to pay their bills,
Speaker 3: just in the name of what looking like you're a
Speaker 3: little bit better. Margins for grocery stores are single digits.
Speaker 3: They don't really make that much money in terms of
Speaker 3: overall profit what two, three, four, five percent? Maybe, so
Speaker 3: it looks to me like they're jeopardizing their own financial situation.
Speaker 1: To me, they can be.
Speaker 3: But remember everything, everything is about how much did you
Speaker 3: make and how much volume did you generate this month?
Speaker 3: Because whatever, if I'm the manager of a grocery store, good, bad,
Speaker 3: or indifferent, somebody's going to want to know how much
Speaker 3: did my store sell versus, you know, versus the competition
Speaker 3: this month. And if I can drive volume, you know,
Speaker 3: by simply making it easier for people or making let
Speaker 3: me let me rephrase that, making it easier to perceive
Speaker 3: that I'm easier to work with because at the end
Speaker 3: of the day, we're all paying our bills no matter what.
Speaker 3: Then I can potentially drive a little more volume that
Speaker 3: makes my store look better. I'm not saying that's the
Speaker 3: thing to do. I'm just saying that's where the incentive is.
Speaker 2: Well, it just seems to me, the math doesn't work
Speaker 2: out because if you're not actually getting the money in
Speaker 2: the door, you're merely showing what you sold. The soul
Speaker 2: doesn't equate to profit until that bill is paid.
Speaker 4: So it's like the.
Speaker 1: Stock market reacts to what did you do yesterday?
Speaker 2: I'm okay, now, you can't sell me on this one
Speaker 2: being a prudent business decision for businesses out there to
Speaker 2: go down. But in regardless of that, and for those
Speaker 2: folks who may have to pursue this option because of
Speaker 2: their the situation, I mean, any any sound recommendations. I
Speaker 2: mean the one thing to say, you know, you need
Speaker 2: to get a job that pays more. But that's just
Speaker 2: not a solution for so many people. I don't understand
Speaker 2: where the genuine solution is.
Speaker 3: Brian James, Well, no, and again I wasn't saying this
Speaker 3: is a prudent business solution.
Speaker 1: I'm just saying our incentives are out of whack.
Speaker 3: Somebody is leaning on a grocery store to produce more profit,
Speaker 3: produce more volume. Just show that you're doing something, and
Speaker 3: you know there are surveys out there that yeah show that.
Speaker 3: A recent lending Tree survey showed about forty one percent
Speaker 3: of buy Now, Pay Later users made a late payment
Speaker 3: in the past year. That's up from thirty four percent
Speaker 3: this year, so you're right. There are also late fees
Speaker 3: and other things there where if you make a late
Speaker 3: payment on an arrangement like this, you will pay a
Speaker 3: little extra for it, so there's margin in that too.
Speaker 3: So in a sense, grocery stores are becoming a lot
Speaker 3: like banks. This goes back to the emergency fund discussion
Speaker 3: we always have, which is make sure you have one
Speaker 3: and you won't be in this situation.
Speaker 2: Well, which takes us to our next topic, which is
Speaker 2: sadly some people have just given up on saving money.
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Speaker 1: Fifty five KRC As men get older our body.
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Speaker 2: Good Shi, I have eight thirty here fifty five KRCD
Speaker 2: talk station Bryan Thomas with all Worth Financials. Brian James
Speaker 2: get yourself a financial plan to help you navigate the
Speaker 2: challenges of investing so you don't have to worry about it.
Speaker 2: Plus us, you got to get one that has a
Speaker 2: fiduciary obligation to you. Fee based financial planner is a
Speaker 2: way to do so. They're not trying to say is
Speaker 2: something you don't need that they're profiting off of. I'm
Speaker 2: not speaking out a term, am I, Brian James?
Speaker 1: No, not at all. That's it.
Speaker 3: You want somebody who sits on the same side of
Speaker 3: the table as you. My success is my client success.
Speaker 3: If I can help people understand, you know, what their
Speaker 3: options are in the pros and cons of each one,
Speaker 3: and make them get them into a point where they
Speaker 3: can confidently choose option A over B or C because
Speaker 3: they understand it, then I've done my job.
Speaker 4: Amen to that.
Speaker 2: And one of the things you're probably going to recommend
Speaker 2: and correct me if I'm wrong, is that they have
Speaker 2: a nest egg of money in case something happens, that
Speaker 2: they are have a pile of cash. They're sitting on
Speaker 2: maybe three months six months worth of living expenses and
Speaker 2: normal expenditures, and apparently, at least according to the article
Speaker 2: you provided me, half of Americans have given up on
Speaker 2: even saving money. Now, Is that saving money beyond just
Speaker 2: that having that cash cushion around? Is this like saving
Speaker 2: money out all is and not even bothering to invest
Speaker 2: in a retirement fund like a four to one or
Speaker 2: a roth for a one k.
Speaker 3: Yeah, not only is that one of the things we recommend,
Speaker 3: it's the first thing we recommend. It's just like you know,
Speaker 3: buying a brand new car at the dealership and not
Speaker 3: putting any oil in the engine and driving it.
Speaker 1: Off a lot. You've got to have some liquid cash.
Speaker 3: When I'm building a plan for somebody, I want to
Speaker 3: make sure that the short term, short term chaos. Right
Speaker 3: while we're sitting in the office, something could happen to
Speaker 3: that individual or that family or whatever that will that
Speaker 3: is completely unexpected. They're going to have to write a
Speaker 3: check for If that happens. In a situation where we
Speaker 3: don't have enough money in the bank, there's not an
Speaker 3: emergency fund, then we're either going to have to swipe
Speaker 3: a credit card and pay ridiculous interest rates, or we're
Speaker 3: going to have to tap into longer term savings, which
Speaker 3: usually involves penalties and taxes and so forth.
Speaker 1: So, yeah, the.
Speaker 3: Issue here today and go figure people are a little
Speaker 3: spooked right now. I don't think that's a big shock
Speaker 3: to anybody. This is the new study out showing about
Speaker 3: sixty seven percent of people, so two out of three,
Speaker 3: feel like they're behind on their savings goals. To answer
Speaker 3: your question from before, what are we actually talking about
Speaker 3: with savings? This is really an indicator of how many
Speaker 3: people are in a situation where they can systematically an
Speaker 3: ongoing amount out of their paycheck. In other words, there's
Speaker 3: a steady surplus every week, every two weeks, or every month,
Speaker 3: or however often they get paid. There's more coming in
Speaker 3: that period than there is going out. So about two
Speaker 3: thirds of people say that they are not in that situation.
Speaker 1: Well, so what do we do about it?
Speaker 3: We need to make sure we need to make sure
Speaker 3: that people understand the situation. So some other factors here,
Speaker 3: about sixty three percent of people who have a savings account,
Speaker 3: so maybe they were already in the situation, had put
Speaker 3: themselves in a strong spot, but they have tapped into
Speaker 3: it since just since the beginning of twenty twenty five.
Speaker 3: Now we're only about a quarter of the way through
Speaker 3: twenty twenty five and two out of three people have
Speaker 3: tapped into their their emergency funds here for reasons some
Speaker 3: unexpected expenses, everyday necessities or emergencies. Some of them have
Speaker 3: to tap into it for housing payments, rent, mortgage, that
Speaker 3: kind of thing. Only about eighteen percent say they use
Speaker 3: their savings for intended purposes. Put differently, eighty two percent
Speaker 3: of people tapped into those savings for something they didn't
Speaker 3: exack coming up. So there's a lot of people out there,
Speaker 3: of course, suffering from this situation. Again, what we're trying
Speaker 3: to avoid is longer term solutions that cost money in
Speaker 3: the form of interest rates and penalties and taxes and
Speaker 3: so forth.
Speaker 2: Well, and also, as I read this, it's a sort
Speaker 2: of a generational thing too, with certain generations, you know,
Speaker 2: dealing with it or managing it better and others not so.
Speaker 2: Gen Z apparently displayed the strongest growth potential thirty eight
Speaker 2: percent actually building their savings during this period. That's that's
Speaker 2: a good indicator anyway.
Speaker 1: That is a good indicator, and that's a sizable generation.
Speaker 3: Now, what I will say, having talked to you, know
Speaker 3: these are these are my clients kids, and my right
Speaker 3: clients kids are my clients as well. So I frequently
Speaker 3: wind up talking to them even though they're really kind
Speaker 3: of just getting started and so forth. I will say
Speaker 3: that is a much more conservative generation. They've grown up
Speaker 3: pretty much with chaos as opposed to you know, their
Speaker 3: parents and grandparents who started to save their dollars in
Speaker 3: the eighties and nineties where really nothing bad happened for
Speaker 3: twenty years and everybody became addicted to the stock market. Well,
Speaker 3: this generation has seen nothing but chaos, and so they're
Speaker 3: addicted to security. So both groups go too far in
Speaker 3: whatever direction that they're already predilected to. It's my job
Speaker 3: to kind of keep everybody in the middle.
Speaker 2: And that's what the value of a financial planner is,
Speaker 2: to walk through it and evaluate where you are now
Speaker 2: and how you prepare for the future and where you
Speaker 2: will be at that point. Brian James always enjoyed the
Speaker 2: conversations we have, even if they're a little disturbing. Sometimes
Speaker 2: if we get some good news on the horizon, we'll
Speaker 2: have something really positive to talk about next Monday or
Speaker 2: maybe the Monday after that. But have a great week,
Speaker 2: and thanks to the time you spend my listeners and me.
Speaker 2: Brian James appreciate.
Speaker 1: The opportunity and the Mike will be on the whole
Speaker 1: time next week.
Speaker 4: I oh, okay, I hear the words. We'll see what
Speaker 4: happens next week.
Speaker 1: I hear it for you.
Speaker 2: I take care man. It's about eight thirty five. If
Speaker 2: you five. Curiousity Talk Station should be a really fascinating conversation.
Speaker 2: The next guest dustin Dunbar and apparently not your typical
Speaker 2: tale of addiction and recovery. That's described as a hilarious
Speaker 2: and deeply insightful book. It's You're doing Great and other
Speaker 2: lies Alcohol told me. That'll be on next to Hope
Speaker 2: you can stick around.
Speaker 3: This is fifty five krc an iHeartRadio Station.
Speaker 4: Man trouble in the Bedroom.