You Only Live Once

SPEAKER_00 0:05

You're gonna do a really great financial future. Tom and Don are talking real money.

Spend Your Money

SPEAKER_01 0:12

Tom, you're elderly. Spend your damn money. You're you are. Face it. I know you hate it. I hate it too. I was just having this discussion with my wife this morning. She's going, I'm old. I said, Yes, you're old. Get over it.

SPEAKER_02 0:26

You know when I when I really feel it? I I so you know this so well because every day, all the day there's the pain of that. But the but when I see the pictures, for example, yesterday, um, as you know, I went into the lake at 59 degrees.

SPEAKER_01 0:42

Uh we shot the water still 59 degrees in June.

unknown 0:46

No.

SPEAKER_02 0:47

But it's fed from springs above or something. But um, when I got out, my wife shot a video because we wanted to prove to my daughter because the challenge was you're gonna go in. So this was shot in May. So I told her, I go in every May. Well, blah, blah. Anyway, so I saw the video and I'm looking going, Who's the old guy? It's like, uh, that's you, sir. It's painful, man. Painful. So yeah, I know. Spend your money, you're old, because uh you can't take it with you.

SPEAKER_01 1:13

Yeah, and that's a thing uh these days. It really is. A lot of folks who have been very successful earners and savers and investors are getting into retirement and they're afraid to spend, Tom. Now you understand this because you're one of them.

SPEAKER_02 1:34

I know. Uh uh, you know, I uh you trust me, you're not the only one saying this in my ear. I got other people.

SPEAKER_01 1:40

I think you probably have one other person particularly.

SPEAKER_02 1:43

Yeah, the the the younger, because she knows we're getting ready to spend a lot on her education, which is which is great because she's we saved a lot. We've got we're in good.

SPEAKER_01 1:51

You find twenty-nine most of that, though. Well, not most.

SPEAKER_02 1:54

It's about half.

SPEAKER_01 1:55

Well, that's still a lot.

SPEAKER_02 1:58

It's about a quarter of retirees who say they are not confident that they have enough money. So that means 75% believe they are, right? Have enough money. And these things change. I personally, this you took this next year during a bear market, you're gonna get the opposite, my take. Oh, running out of money, it's not gonna last, right? Right. Uh, but everybody basically in retirement, because we talk to a lot of people, has well, you know FOMO, right? Fear of missing out.

SPEAKER_01 2:26

Right.

SPEAKER_02 2:27

How about fear of running out? Full full row. Foro. Oh my gosh.

SPEAKER_01 2:32

Another four there's fear of losing out. That's folo, fear. Fear of running out, fear of missing out. Yep. Oh my gosh.

SPEAKER_02 2:41

Anyway, so uh let's talk, let's let's unpack this a little bit.

SPEAKER_01 2:45

Fear of dying out.

SPEAKER_02 2:46

Yeah, well, you can you can pretty much check that box, it's coming. Um, but why? Why are people who have saved in some cases millions? Right. And that's a lot of our audience. They've saved a lot of our audience. I get it. They they're worried. Why are they worried? Because, well, like everybody, how long am I gonna live? How much is healthcare gonna be? How's the economy? How's the market? Am I gonna make you know 10% a year every year? No, you're not. Um, to get over it. And and still, you and I have had this discussion. We have different feelings about it, but basically, everybody I talk to one-on-one says, I want to leave something to my kids.

SPEAKER_01 3:27

The ingrates. Why would you want to do that?

SPEAKER_02 3:29

You already left something. Did they earn it? Well, kinda, in my case, because they had to be around me all these years.

SPEAKER_01 3:36

Well, but they also got the benefit of that, too. There was your wisdom and your charming personality.

SPEAKER_02 3:43

Wow.

SPEAKER_01 3:43

That's what I meant. I didn't mean the fact that you make good money.

SPEAKER_02 3:46

Oh, I thought it was just about the fact that the lights are still on.

SPEAKER_01 3:50

Um I appreciate it.

SPEAKER_02 3:54

This is a fascinating topic, though, because for most people that we talk to, because people who haven't saved anything generally don't call us because there's not that much to talk about. It happens sometimes. I get calls from people who are fifty-five and they're saying, What should I do? And I say, put your head down, get to work, save this much, invest it properly, and give yourself a shot at you know 70. It does happen. So you shouldn't give up.

SPEAKER_01 4:16

By the way, by the way, it can happen. Absolutely. It's just more work if you wait longer, but it still can be done. I had to start over at 50.

SPEAKER_02 4:26

You know that. Well, we both kind of did. Yeah.

SPEAKER_01 4:28

I mean, it was uh it was in our fifties.

SPEAKER_02 4:31

Gave away a lot of money to somebody else, had to start over, blah, blah, blah. It was not pretty.

SPEAKER_01 4:36

So But but i it it's the folks who are are in their sixties or their seventies now who are putting off spending for what?

SPEAKER_02 4:48

Well, uh for the aforementioned worries about health care, whether the market's going to provide, et cetera. It's six of ten people who have five hundred thousand or more saved that a decade later still have basically all that money. They haven't spent it. And and we do encourage people, you've come to my office, I've talked to you, to spend your money. Um, I think the other part is of this that I see, and maybe this is part of my problem, is I I think I'm gonna live forever because the only reality I know is the one with me in it. So I'm like, well, I'll spend it later.

SPEAKER_01 5:18

Oh, I thought of another OLO that goes with this. Yeah, please. When it comes to your money, remember, you truly do. We talked about this with photo. YOLO, you only live once.

SPEAKER_02 5:31

Yeah, that's a good point.

SPEAKER_01 5:33

You don't get a second chance to spend the money, and I'm telling you. When you're in your nineties, m most of us. I mean, okay, there may be the the amazing uh exception to the rule, but most of us are gonna barely be getting up out of our wheeling chair. I know I visited my mother in the nursing home. They're all these 90 your 90 somethings are they're they're not spending it except on health care.

SPEAKER_02 6:02

Yeah. So healthcare, that that that's an issue and that should be

Fear of Running Out

SPEAKER_02 6:06

put into your plan. But here's the part that's perhaps more fascinating. It it turns out that um when they test people about all these kinds of things, when they they they sit down and they they say, What about this? What about that? Retirees in an experiment spent less than they could afford, preferring to live off Social Security, dividends, and interest rather than dipping into the principle of their savings. So if you get if you're getting money from Social Security, which if you're retired, I hope you are, although depends on your plan. If you have a pension as well, people have a tendency to feel good because that's that's a regular paycheck. That's just like the old days, right? When I was working, I'm getting these checks, they're coming into my account, I'm spending that money.

SPEAKER_01 6:44

People have interest and dividends feel like paycheck in there.

SPEAKER_02 6:48

Exactly. So there's a guaranteed nature of all that. Um, and it feels like, as I said, like a paycheck. When it comes to taking money out of your accounts and spending it, um, people just they they they blanch at it. They it it it's upsetting to them because it's like, well, wait a minute. That's money, those are my savings. I don't want and I used to talk to my mom about this, about she didn't want to touch the principal. And I always said, Well, let's just go through the fan. You got lawyer, lawyer, college professor, and I'm the black sheep as the you know, financial advisor. Um, you know, so they're all look like they're gonna be okay. So really leaving money to others is not necessary, but she ended up dying, and yes, leaving money to others and not in the middle of the year.

SPEAKER_01 7:32

But it wasn't millions, it wasn't seven figures.

SPEAKER_02 7:35

No, it wasn't seven figures. Nope, it wasn't.

SPEAKER_01 7:37

I think seven figures is counterproductive. Leaving your kids a few hundred thousand. Okay, there's no way. I I joke about spending the last dollar, but the reality is there's there's no way you can really do that effectively.

SPEAKER_02 7:50

You raised a very good point, though. You raised a very good point around how long we get. Um people have a tendency to put these things like spending on vacations, like doing things that they wanted to do because they think I'll do it tomorrow. Um you may not have tomorrow. Right. As painful as that is, but when you get to like 70, uh, you know, how many more years are you gonna want to go on a plane? I just ran into a relative who told me I'm never gonna go to Europe again. He's 81 or something. He said, I just don't, I don't, I don't like it. I don't like getting on the plane sitting there for 12 hours, it's not comfortable, and I don't want to do it. I don't want to judge around. Yeah. You don't even like flying to Seattle.

SPEAKER_01 8:30

No, not unless I'm in the front of the bus.

SPEAKER_02 8:34

And even then I don't like it all that much. Well, travel is not what it once was. But let's talk about some of the things that might make it easier for you to spend, right?

SPEAKER_01 8:43

Okay. Okay. Give me some ideas.

SPEAKER_02 8:44

Well, okay, the first one is one that we have mentioned a few times. Having a plan, running the numbers, and see if it all works.

SPEAKER_01 8:52

Because well, because the plan, when it becomes when you codify the process, for example, the taking money from both your income stream and your principal or the gains of your principal, uh, if you codify that, then it feels more like a paycheck and less like I'm I'm I'm I'm cashing up my nest egg.

SPEAKER_02 9:14

Yeah, couldn't agree more. Uh and so yeah, having, and by the way, you can do this on your own. We've talked about this. You can go to Bolden, there's other planning sites where you can do it on your own. I personally, because I I guess because I'm in the industry and I've seen people even who are doing their own planning, having a third party that looks at it and says, Yeah, that works, no, that doesn't, that can give you a lot of permission, right? Because they've looked at the numbers, they said, You're you're you're gonna be okay,

Make Retirement Spending Easier

SPEAKER_02 9:42

quit worrying so much about this.

SPEAKER_01 9:43

And spend your and you've got somebody else to blame if it goes wrong.

SPEAKER_02 9:46

Yeah. I hadn't thought that through, but that's good. How soon till I retire? Is that like tomorrow? Uh so uh here's another one. Um having a set amount of here's the way I I want to do it in retirement. Having the Social Security income, and in my case, because I probably will still have other income before these, the required minimum distributions. When you add that to Social Security, I want that to pay the data to the bills.

SPEAKER_01 10:13

So Social Security and the RMDs to pay the bills.

SPEAKER_02 10:17

To pay the bills, right? That that's it. And then what you could do is then you have this hopefully other savings. I'm gonna have it, Don's got it, hopefully you've got it. I don't know if you're gonna have to do that. That's where you can say that's where you can say I'm gonna take money from that on a you know fixed or flexible amount, right? A percentage, to do the other stuff I want to do for as long as I want to do it. That I think is a reasonable strategy that people could live with, and it will allow them to spend more than a lot of time.

SPEAKER_01 10:44

So what you're saying basically is the premise behind the flexible withdrawal strategy. You're using the required minimum distributions and maybe the income from your bonds and your dividends and your social security to pay the bills. And if you want to do something good and the portfolio's doing all right, you splurge.

SPEAKER_02 11:06

Yeah.

SPEAKER_01 11:06

I think you want to do something special.

SPEAKER_02 11:08

JP Morgan found that uh people with comparable levels of total wealth, 60 percent, 60 to 80 percent of that wealth coming from guaranteed sources of income. In other words, like I just mentioned, Social Security, pensions, that kind of thing, they're more comfortable spending money because they know they have this regular amount coming in from a sort of guaranteed by the way, pensions aren't always guaranteed because we've seen places where they didn't get paid forever.

SPEAKER_01 11:34

Would that be one of those cases where maybe, and we're not big fans, but where maybe a single premium income annuity might make sense?

SPEAKER_02 11:43

I think so.

SPEAKER_01 11:44

Because it's because then that's the giving, again, saying here's that income. That's right. And now that other money, not for a hundred percent of your money, but for a portion of it, to get that that guaranteed to get that psychological income stream at a level you feel comfortable with.

SPEAKER_02 11:59

Totally agree. And this is a plain vanilla, low fee, not no building. Joint life. Yeah, it's not gonna be complicated. It's easy, it's it's there, and you're gonna get it. So it would be in that case, then your uh Social Security income, I guess you could throw in your RMDs there, and then that immediate annuity that is supplying the regular and the so that comes in, the bills get paid, maybe there's a little bit less left to do something else on top of that. But it but it gives you permission, I think, to spend that money. And we know that people who are getting that regular income just feel better about things. They don't they don't worry about uh you know drawing down their portfolio as much. We have other people, by the way, that have no we had a guy who retired a few years ago and he's been spending like crazy. So it does happen. But most people are very careful about these things. Most.

Health Care and Spending

SPEAKER_01 12:47

Well, and we're you have to remember one of the things we panic about is the fact that we're going to be spending so much on health care, on on advanced care, on uh nursing care. But remember, you're also going to be spending less on other expenses when you get to that point. So it may not be as ponderous as an added expense as you think it is. And that's something, again, a good plan can sort of inform by looking at what all of these costs might be in retirement and uh then sort of guessing a bit.

SPEAKER_02 13:22

Yeah, there's a bit of that. Here's the other part of this that I think most people struggle with. They have a tendency to get shut down by recency bias. Whatever's happened in the last six months or a year, especially with their money, they have a tendency to extrapolate that. That's gonna keep happening, right? Both the spending side, the market, blah, blah, blah. Can't make anything in bonds, I remember a few years ago, et cetera, et cetera. That's gonna continue forever. Nothing continues forever. You need to look at retirement as a 20 to 30 year situation, right? As uh project it and not get worried. This I see this a lot where people retire, market goes down a little bit. Oh, I'm gonna shut down my distributions. I'm not gonna do that this year, I'm not gonna do that. Remember, this is gonna go on for a long time. So you can't just say the last six months are going to equal what the retirement's going to look like. Yes, so having the plan can give you permission. I love sort of the fixed income sources, and maybe you're right, Don, you include an annuity there that pays the regular bills because that gives you the comfort of knowing that everything's taken care of.

SPEAKER_01 14:21

And then I spiel I spoke blasphemy almost. Which was? I said annuity.

SPEAKER_02 14:26

I yeah, I know. You're gonna we're gonna take you out back and give you the lash after this, and you'll well deserve it. Don is now, for those of you who don't know, in addition to a great author, he sells annuities on Sunday, so you've got to call a special number for that.

SPEAKER_01 14:38

Uh fixed indexed annuities.

SPEAKER_02 14:41

Fixed indexed annuities. So those things can help, but at the end of the day, it this is um this is not easy for most people that have been savers because it's just a mentality. It it's just who you are. You've always been my dad was relatively cheap. I mean, he wore the same pair of tennis shoes for 25 years, etc. He drove Chevrolet Vega. I mean, a doctor driving around.

SPEAKER_01 15:06

No, he was he was a depression baby.

SPEAKER_02 15:08

He was, yeah. So most of those people are gone now. Most, not all, but pretty much. Well, we just looked up the number of a living U.S. World War II veterans.

SPEAKER_01 15:17

It isn't very many.

SPEAKER_02 15:18

It's tiny, tiny, tiny out of the 1.6 million that served.

SPEAKER_01 15:21

So it's larger than the number of Civil War veterans left, though.

SPEAKER_02 15:25

Which is you're more interested in because they might buy your book.

SPEAKER_01 15:28

Maybe just insane.

SPEAKER_02 15:29

Which I still love.

SPEAKER_01 15:31

Sales haven't been as you know, they haven't been blockbuster, but they've been good. They've been good.

SPEAKER_02 15:35

Telling you what, you should read it. So three or four, three or four a day. Have the plan, consider the way to pay the regular bills, and think of this in a long-term nature. This is not something that's going to be the next year or two, and in my case, even longer, because my wife's younger, I expect her to live longer. She's going to need the money for a whole bunch more after I'm gone. And she is the spender in the household. And yes, regularly she does say, you should just why are you being so cheap about things? You know, you got the money. And my take is, yeah, but healthcare markets.

SPEAKER_01 16:07

You're going to be on a spending spree with her on this uh European vacation, you and Chevy Chase and the family.

SPEAKER_02 16:15

God, we hope we're not going to reenact that

Summer Questions Slow Down

SPEAKER_02 16:18

debacle. So anyway, those are good things.

SPEAKER_01 16:20

It is, by the way, it is the warm season of the year, even though the water is still cold for Tom anyway. And you know, it's funny thing about the warm season, the world tends to slow down. And we've mentioned this every summer. The world slows down. And the number of questions we receive at talkingrealmoney.com slows down a little bit. Really? Which is why our new thing that we started a few months ago when we killed the radio show has also waned along with it. And that's Tom's calls with you. His conversations with you have waned because the number of typed up questions has fallen pretty precipitously. So uh if you want those to come back anytime soon, you need to start asking some questions. And you need to go to talkingrealmoney.com to do that and just go to that button that says ask a question. It's right there at the top of the page. Just ask a question, type them up. If it's a if it's an appropriate one, Tom's gonna get on the phone with you and we'll use it in the show. Otherwise, he's just going to turn them into bits of pulped tree and uh under under incandescent, old-fashioned incandescent Edison bulbs, because he's a Luddite.

SPEAKER_02 17:34

Those are new bulbs there. Come on.

SPEAKER_01 17:35

Are you sure?

SPEAKER_02 17:36

I don't know. I'm not sure.

SPEAKER_01 17:37

You actually have LEDs now.

SPEAKER_02 17:39

You know, and thanks to you, I just got off a call where a guy who called me technologically challenged. I said, you can't say that in our first conversation. That's like a third conversation kind of thing. But you are. Okay, I guess so. I don't know where these slides came back. So sorry facing up.

SPEAKER_01 17:53

I hate to do this to you, but you don't. That's not the point. You don't hate to ask the question.

Roth for Daughter

SPEAKER_01 17:59

Uh so What's the question? This means the show will be shorter, so that's good.

SPEAKER_02 18:03

Hopefully, we'll hopefully we'll have a good answer. And in this case, uh hopefully have a solution, because this question comes from saline, Michigan. Do you like that? Saline solution. Uh Eric writes Oh, saline, like saline like salty. Yeah, right. Yeah. Okay. So hopefully we'll have a solution. Um thank you. That was a real stretch for a joke. But aren't they all? Hi, found you guys four months ago and have listened to every episode since. So thank you for that.

SPEAKER_01 18:29

We we appreciate that. You only have about 1,800 back to go.

SPEAKER_02 18:33

You got a little catching up to do, as they say. My question about setting up a Roth for my 19-year-old daughter with her summer job money. By the way, interesting aside, I just read in the Wall Street Journal that summer jobs this year are really tough for teenagers, hard to find one. So um, my daughter, of course, has been working very hard at the local pizza place, but hopefully uh it works out for your daughter.

SPEAKER_01 18:54

I was thinking about it It's all your fault because you mow your own darn lawn. You don't let the neighborhood kids do it. See, you're hurting the economy.

SPEAKER_02 19:01

Taking everybody down with it. Uh my thinking is opening it at M1 Finance with 25% in each of the following. A V L C, which is the Avantis Large Cap, A V U V, which is the Avantus US small cap value, AVIV, which is the international, and A V D S, which is another, they think it's the international small.

SPEAKER_03 19:22

Yeah.

SPEAKER_02 19:22

Um, question Is M1 a good choice? I like their easy rebalance tool for my daughter. And would you change any of the four ETFs? Truly open to your advice, not just looking for assistance that I know what I'm doing. Thank you so much for all you do, guys. You guys do.

SPEAKER_01 19:37

Here's the thing. I think you're making unless this is a learning experience, unless that was the the intent, you're making this too hard for a small account. It's a small account. Thank you. It should just be A V G E or A V G V.

SPEAKER_02 19:56

Yeah. E or V at the end, or because we love them equally, uh like your children, uh D F A W would be.

SPEAKER_01 20:04

Or D F A W and And then the the the rebalancing becomes truly automatic. You don't even have to think about it. And given the size of this, I don't see a bit unless you want to increase the international allocation.

SPEAKER_02 20:21

Because you're getting less than 40 percent, right?

SPEAKER_01 20:23

Yeah, it's a 30-something percent uh with Avantis and DFW. I think DFW is a little higher, DFAW is a little higher than Avantis, a little. But they're both in that thirties range. Unless you wanted to go 50-50 like I like. I like 50-50.

SPEAKER_02 20:38

Paul, by the way, Paul Merriman still does 50-50, so you guys are in the same asset allocation pool.

SPEAKER_01 20:45

So that would be the only reason to do this other allocation. The force the fore fund. And the thing you're missing with the fore fund, well, you're missing a few things, but the thing you're really missing is emerging. You got no emerging.

SPEAKER_02 20:58

Which I know Don't get mad, but it's been a hot asset class the last year or something.

SPEAKER_01 21:03

Well, and that's the thing, is that it becomes a hot asset class when you least expect it will be.

SPEAKER_02 21:08

You're too late.

SPEAKER_01 21:09

You just want to always be there. We're never telling you to time it and to try to be in the right place at the right time. You just always want to be there because being there means you get to pro you get to take advantage of the good times, which are unpredictable. Trevor Burrus, Jr.

SPEAKER_02 21:24

Yeah. You don't know when they're gonna show up. It's like the US small cap value premium. It just uh all of a sudden it's there one day and then it's gone, but you gotta be in it all the time.

SPEAKER_01 21:32

Well, we went through over a decade on this show where people were saying, Why are we buying value stocks? They're not doing anything. Why are we buying small? They're not doing anything. Because they don't always do things.

SPEAKER_02 21:44

You gotta be patient. So and I don't know M1, I know Paul Merriman. Paul loves M1, but I don't I don't know what the costs are associated with that.

SPEAKER_01 21:53

There's no costs.

SPEAKER_02 21:54

Okay.

SPEAKER_01 21:54

So you can buy you can buy those funds the same as you could go buy anything else today. It's just a much smaller custodian.

SPEAKER_02 22:00

So um that would be keep it simple. Yep.

SPEAKER_01 22:03

Be more maybe a little more diversified and again um And the auto rebalance in this case i again if the goal is to get more international exposure then the auto rebalance at M1 would make sense.

SPEAKER_02 22:15

And I think with AVGE, is it rebalanced like every day? Yeah, it's always rebalancing. Okay.

SPEAKER_01 22:22

So money comes in, they're constantly rebalancing as money's coming in.

SPEAKER_02 22:25

There you go. So I think Eric that would be the simpler one, and I hope that's the right solution for Saline, Michigan.

SPEAKER_01 22:30

It's a decent solution.

unknown 22:32

Okay.

SPEAKER_01 22:32

But it's not salty.

SPEAKER_02 22:34

Sorry about that. I'm sorry.

SPEAKER_01 22:36

You're not feeling salty in Saline.

529s and Roths

SPEAKER_01 22:40

Let's see. Oh, one other thing we wanted to do. Yeah, speaking of no speaking of uh Roth IRAs. One of the big advantages to 529 plans is the silly little thing, which which is a good thing.

SPEAKER_02 22:51

It's silly.

SPEAKER_01 22:52

It is silly. It makes no sense.

SPEAKER_02 22:53

Trevor Burrus, Jr.

SPEAKER_01 22:54

529s were designed originally to just be for education and their usage has expanded. Trevor Burrus You can use it for almost anything. But then they added the Roth conversion. If the account is held for 15 years, then the money's conversion, just Roth dope contribution. Well they can be moved into a Roth. They can become Roth they can become Roth contributions and maintain their tax-free status, which is a lovely benefit. Yeah. But there's that 15-year holding period.

SPEAKER_02 23:30

So that means that would you have to have the Roth set up at a very early age for a young person to be able to take it out and move it to a Roth 529, pardon me, very young, so that you can take it out and move it to a five uh Roth IRA, pardon me. I know I'll get this right eventually, uh, when they're in their twenties, hopefully. Right.

SPEAKER_01 23:49

So if they're if they're twenty-one years old and they've got a job and they want to move money from their 529 into the Roth, that money needed to be put into the Roth, the money that they'd be moving when they were six.

SPEAKER_02 23:59

Yeah.

SPEAKER_01 24:00

It had to have been there for when they were six. But what if you give the because you're allowed to change the beneficiary of a plan. What if you decide, well, it I'm giving it to the six-year-old, but ten years later you go, you know what, I think I'm gonna give it to this three-year-old that was just. Or I'm gonna give it to this ten-year-old of the for this other, you know, this other grandkid, because I don't like this kid anymore. Uh they're a deadbeat. Whatever. Uh what happens to that 15-year holding period?

SPEAKER_02 24:30

Does it start over again?

SPEAKER_01 24:33

We don't know.

SPEAKER_02 24:35

This is one of those things again where we have to figure it out.

SPEAKER_01 24:39

This is where our government sort of spaces out. They write these and and if you've ever seen a printed bill from Congress, they they are literally usually inches thick. And in all of those inches of paper, literally it looks like a ream or two of paper. Nowhere in there did somebody think, well, what if you change beneficiaries? Does the 15-year holding period have to restart? Wait, so there's not an inch thick one on that as well? No, they haven't determined that yet. They're saying they're supposed to determine that soon, but they haven't. So you want to if to be safe, if you want a kid to convert and you've got like 12 years already, or 10 years, or whatever, don't change the beneficiary just yet. It's gonna make it. Leave it alone, or you may restart the clock. We do not know, but you might restart the clock. Don't do it.

SPEAKER_02 25:36

Yeah. It's that thick. I it fascinating. I was watching a uh documentary on the first world war because I don't know much about it. My wife asked me a question. I was like, I don't really know that. She goes, Well, you know everything. I not that. So they're famously when the US Army was tasked with I think attacking Bretton Woods, one of the big battles of World War II, World War I, pardon me. The French had a 600-page battle plan for the attack. By the way, they also had a 400-page uh plan for being going on the defensive. So I guess he went to the biggest.

SPEAKER_01 26:10

Wonder that war dragged dragged on for years and years and years.

SPEAKER_02 26:15

You just go that direction and kill anybody in your way. But anyway. So yeah, that's ridiculous. But be I I agree with you. Be conservative there so it all works out.

SPEAKER_01 26:24

If if the goal you got this extra money and you're going, I want that kid to convert to be able to put that in a Roth, well, don't change beneficiaries on them. You could really could. Maybe it won't. We don't know. Literally, we don't know. But it's important for you to know that we don't know so you don't know, so that you know what you don't

Questions and Book Plug

SPEAKER_01 26:42

want to do.

SPEAKER_02 26:43

I have to write that down and then read it a couple times and make sure I got that straight. But it sounds good.

SPEAKER_01 26:48

Yeah. If you have any questions for us, send them in. Talkingrealmoney.com, hit the uh ask a question button. Or if you like, speak them. Just click the mic in the lower right hand corner. Those will go on the Friday QA podcasts that I do. And if you want to have a meeting with one of our 100% fiduciary advisors, which includes Tom, by the way, just because he likes doing them, you go to talkingrealmoney.com and you click on the button that says meet an advisor, and you can meet with an advisor at no cost. And they're not gonna try and sell you anything. You're just gonna get to get some information for nothing. So go do that. And um anything else you want to plug while we're here. Shameless plug.

SPEAKER_02 27:29

Yeah, I do. Yeah. I will say it again. I've said it several times. I've read it, I bought a bunch of copies to give to my friends. Read, purchase first, then read the line uncrossed. Purchase first, then read. That might be my suggestion. Uh, I'm sure there's bootleg copies up there you couldn't have to pay anything for, but let's line Don's pocket a little bit just to be sure. Are there bootleg copies already? Probably. Probably not. I haven't looked. Used. I should go put mine up. Used copy of lost.

SPEAKER_01 27:57

My pocket doesn't line all that much. I think the hardcover gives me five dollars and fifty cents. Okay. And the Kendall book gives me about three bucks.

SPEAKER_02 28:05

We were just we were just saying something about saving money in your retirement. I mean spending money in retirement. Go free. Feel free. Go crazy. Go on and have a big cup of coffee or something.

SPEAKER_01 28:14

Um and um be feel free to leave a review. Love it or hate it. Hopefully you love it, but leave a review on Amazon because those do uh help people find things. Did we cover everything?

SPEAKER_02 28:27

I think we covered everything today.

SPEAKER_01 28:28

Thank you all for being there. We really do appreciate you, and we hope you'll tell some friends or ten. And be here almost every day, even though it's summer and we don't have as many questions, because even if you don't ask questions, we well, we'll try to be here, except when on vacation, talking real money.

SPEAKER_00 28:47

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