Managing financial decisions in uncertain times, leveraging a paid-off home, and when NOT to worry about money.
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Would you like an opinion on a financial matter you're dealing with, whether it's about retirement investments, taxes or four one? k. Scott hanson and pat mclain would d like to help you by answering your call to join all words money matters call now at eight three three ninety nine worth that eight three three ninety nine W O R T H.

Welcome to all with money matter. Scott hanson, mclain LED, you are with us, both myself and my co steering both financial advisors certify financial planner charter financial consultant spend our weekdays, some of our weekdays, uh, help people like yourself and broadcast a program on the weekends. Yes, to talk help, you would be your financial advisers on in your ears. I guess I radio .

in your ears. Yeah yeah. See what how we can help add value.

Yeah, real world experience. Would I go type about politics today? Because elections in a couple days .

and i'm sick of .

IT smokes and how many times do I have to put stop by myself on my political texting report junk like what, why and we're going to take about, okay, anyway and you get .

a car and you get a car. The great give away, that's all i'm going to say. I just find the whole thing humorous.

I do. I want to know. I, I can't. Help can help, but i've had conversations with going already worried about the outcome of the election and how their portfolio should be from both sides, from the right in the left clients. Yep, both sides.

And we're actually in the studio the morning after the elections, just in case something goes so strange. Yes, we can put something fresh out.

But I would direct you back to a podcast we had a few weeks ago within that was on our show talking about.

well, Apollo peco was correct as well.

That's right. That's right. A couple we had a couple .

guests step on our on our our website here in our youtube town that we've got.

yes. So I would if you're worried and then and this time it's different. Yes, I know this time it's different. Every time it's different. Every day is different, but there are similarities that run through life, including whether the republican or democrat is in charge.

So okay, so before we take calls, pet, there was an an interesting article in the journal the week or two ago, a boston coach has been a leader in retirement issues. They've got the boston called center for retirement research, which we've done some work with over the years, often on they do a great job of collecting research. And the woman who's LED at the last ever since I can remember alecia mono or mono, I don't know how to practical last name my no disrespect, Sarah elisa, but she's retiring. And the headline of this article, I don't have you read this article I did read.

I didn't know you were going to talk about IT.

She's a retirement authority and still made mistakes. Here's what should do differently. And the thing that kind of shocked to me the most was.

as first of all, was how old he was when he actually retired.

Well.

right.

you know what? That's an interesting point. The woman in charge of retirement research chooses not to retire till she's eighty two.

That's one of the things. But then I thought she's not swing a hammer working on an assembly line. Someone universe, he's in the universe in .

the fink tank. He's ten years think tank at a university .

that some research ten year professor yeah lives .

probably pretty good and she's had some big jobs. He worked sistine secretary to the treasury department during the bill clinton SHE had twenty years at the federal reserve bank of boston. But the thing that was I found the most surprising. SHE mentioned a few mistakes he had made over the years. But you got eighty two SHE.

You got time to time to make mistakes.

what? SHE has no financial advisor. Like many people, SHE lacks the time and interest to manage money.

He says SHE relies on occasional advice from her son, who works at a financial firm. Every now and then he tells me to send him his acid aloe casion. Then he tells me how to adjust that.

If I had to figure out what to invest, and I have no clue, people have busy ized. Retirement planning should not be something they have to put a lot of effort into. Yet he chose, and SHE mentioned several mistakes we made over the years. And I just so strange.

Well, Scott, think about this. Here's a lady that has probably spoken at a thousand conferences with financial advisers. I don't know White higher if finding a advisor after going to one of .

those conferences. I fair ough. So we h no.

no. There are some great, there are some great, great, funny and advisers out there. I would love to believe that our firm is one of those, right? yeah. Educated client first.

A A system and structure that forces is you to put the client interest first. People, when human nature can get in the way.

products that are appropriated all times the best use of technology in the new, new products that have become available the last ten years. But that's not what most financial advisors look like.

Okay, but SHE ended. She's at a point SHE could back good from bad. Fair enough. And there's you've certainly meet plenty of oh, I remember her to other talk and a guy at a conference and I thought to myself I should have him in my finish adviser that that is knows more than I do the space. But I just remember that and clearly the kind of person who not only understand it's just such a great communicator as well, but when you've got somebody who they dedicate their career, they're in financial markets, their career retirement advice, and he touched with the mistake he made. And SHE relies upon a family member who works for a financial firm.

whatever that, whatever that means. There's lots of flavors and desire.

Asset allocation period. Ally, as all two of my .

good news advisors, not me, not me, they were using me and I said, you know, I think that it's time in your life that you actually just separate me from your finances. And I think we .

discuss the discover which school they will show. Yeah, we can talk about IT again. OK ve seen my form through this part. I'm very long time we had this conversing. That's a you up and what you did, but fair and up, but you need some guy .

in the .

way type like the long guy in this industry. The more convinced I of the value that we provide, clients like I think an adviser, good advice worth every penny they charged, I really believe that deliver way more value. But there must be so many in act or unethical advisers out there when you've got someone in charge of a retirement senator that chooses to avoid the whole industry.

Yes, it's prety amazing. Maybe he never thought he was gonna tired though.

We still have to manage your money of a fd responsibility to yourself. I would. They actually, in dear air for sure, is the right turn that you have a stewardship .

to treat yourself in your ears.

Yeah, what's your money ah got .

go somewhere to go somewhere even if you is a not profit just going to arb an on profit I don't know, but .

point understand point anyway. But IT look, if you're looking for an advice that there are couple couple things that are really low hanging, super simple, super, super simple. I like the first thing is all you have to do is google broker check and .

look at their background.

Google broker check is going to bring you to website. You put the person's name in. It'll give you the background if they're license, what licenses they have, what their employment history has been.

how long we've .

had the yeah and if there's been any Marks on there .

yeah have .

been a for cause somewhere. Has there been yeah whatever is right there and. This is what, six years ago in north the coal for a, this is a guy used to live in the same neighborhood I live with with him.

My kids were born, lived to listen a quarter mile for me. I knew this guy not really that well, and he was first name and I recognized his wife and see them around town. The kids are roughly the same age and soccer, whatever, and say, I and he's it's .

the same way you ve got all of your friends is their parents.

So he's he's in prison now for embassy ment, and he stolen money from seniors letter in the court for me. Okay, he had dropped his life. He was, he was a some sort of financial plan has specialized in with teachers. Tell texas fer unities that was what he was doing. And then he dropped his licenses completely, had no license and had just kind of a fake business.

And that would have been so easy for .

anyone all they would have to .

do low hanging.

That's what I mean, if they would have just simply said before I move for, let me just do a quick check on the firm and you can do that for all worth or any form you work with .

check or any of the advisers could check on my adviser.

what's my adviser?

What kind of history? Second thing you should do.

I look at their education and then and then the interview and then .

sit down with the adviser and asked some questions .

and or her questions. Him.

them, questions. They.

them. okay.

The questions that it's a relationship and you're going .

to be working .

with this person and it's if they they're come across pushy or trying to sell you things and you just kind of slow down if they're asking questions about what you're trying to achieve and what asset you have and how their position, right? They don't go. They don't go right to the solution, right? And often times, there's a plan associated which is, well, here's an idea, here's an idea. But we really need to take a look at the big picture and that's what a good financial advisor or does exactly they don't go to product or solutions immediately. They say what we should let's think yeah and .

ask pRobing questions. I get advise, ask pRobing questions because all financial plane is really help is shepey your assets in such a matter to help accomplish your objectives in life? And sometimes if she's getting some clarity on what IT is you want these .

dollars to do for. And it's not just asset allocation .

as that was well, he did list a few mistakes. That and it's not just as in allocation is not just as and .

it's hard. I take i've had two friends of my say, I don't know why I am bonds mean and you've got .

a short memory. Yeah, right. Well, look at this market right now. IT almost feels like a milk tup. Now we have some days down here there, but it's maybe you look at the returns year for the year.

Oh, that was the point I said, well, you don't have to own bonds. You can own stocks. You can have one hundred percent stocks. I have clients that have almost one hundred percent equities, but they know we've discussed the downside and we've discussed the upsides.

and it's not a bad exercise to go through and say, here's my account, here's my live savings. What does this look like with a twenty five percent downs n in the stock market? There are tools that can simply do that for ah we use those tools with their clients today. Like what like this is what you should expect.

Yes, what is that? The east called the life boat, Ricky, mr.

He's still out there, could do to was he was gentleman, is good at he would train advisors how to communicate well to clients sick with IT. Essentially the hardest part about investing is not picking the investment. It's the investor, yes, making poor choices act and emotionally forgetting why they own bonds in a photo flow because they just we had the worst year and a and one hundred years.

yes, but like .

literally the worst year like hundred years.

And large cap can do no wrong. Large cap growth can do no wrong.

Us stocks, why have anything else?

Yes.

but no IT really is. I think I can be a useful exercises to go through. And and if you don't need your money for many years, great. You've got the time to write these things out and maybe .

it's the appropriately thing for you if you don't need the money.

That's right. My four one k and fifty eight my four one k one hundred percent stocks. Yes, I don't plan. Attach entire requirement .

of distributions as as is mine.

Anyway, let's take some calls if you want to join us excited email questions at money matters that come and that's pretty the simple way questions that money matters to com or call us at eight, three, three, ninety nine worth we're talking with Jamie. Jamie with all with money matters .

that we're wonderful.

You don't jammy.

Well um thanks for taking my call. yes. Um I wanted to go over my financial situation and kind of ask for your recommendation about what you would do as far as where you can take cash from moving forward.

Um so my situation is i've been unemployed for two and a half years, the first two of those being purposely I was taking craic parent. And then for the last half, the last six months i've actually been now bad parent has disease. So I now have fared to look for a job, but it's been really hard and I haven't been able to find um the appropriate to for what i'm looking for. So what that mean said I wanted to go over my financial situation and then kind of you do.

how old are you, Jimmy?

And forty nine.

okay. And you have any kids at home, anything?

I have one daughter who just started a and are .

you helping pay for that college?

And ten fifty percent.

okay. And are you married or single .

and single? Um so I have three neutral funds that told about one hundred and eighty two thousand and then I have about twenty thousand dollars in cash. Um I don't have any need debt and um my credit scores high is over eight hundred and I do my house and its worth um IT was assessed about at um a couple months ago about one point two million.

So i'm wondering in the situation because my house is my biggest ask no. And so obviously i'm in a position now my daughters at school should should I sell? I certainly could sell you know, with i'm not.

where do you live? Whatever gives masses? And he is one point two million dollars a tiny little house where you are or is a big, huge house like around the country. Some places you get to mention for one point to some places you get a closet for .

one point to it's about twenty, twenty five hundred square feet in the native land. So it's it's okay. So but but my my question is is is you know if I move, i'll probably be buying a condo that's probably eight hundred thousand dollars, and I don't know if that makes sense.

And so but where do I get that available cash? Because now I need some cash. So do I continue pulling from that twenty thousand that i've been living off of? Or should I get a credit line off of .

my house? How did you manage to pay that house off? Was that just hide discipline over the years to do in here are some money um yeah.

I was two parent OK.

okay.

And what if you ve got the .

job you are looking for? What kind of pay range is said?

Um like two fifty.

And why do you think you haven't been able to? Is that is a geography that is stops you from getting this job. Is that the fact that even out of the marketplace for a while.

what what it's it's probably a combination of that. I've been out of the marketplace, but more than that is that it's it's a very high level executive position. So there's not a time of them out there.

Yeah well, this hundred eighty two thousand dollars in three mutual funds are those inside iras are the outside of these are in for a case how .

those held is okay.

So essentially position sugar to give you up twenty grand left of cash and you're think and oh like.

yeah i'm i'm getting really nervous like.

well, you get access. I don't work too much, you remember but and also if I think about where you are at the stage in life, your one child, just one after college, so it's a really new life experience for you. And you do just lost your final parents.

Sounds like six months ago, so I lost, I have one .

OK lost apparent. And see you ve got a lot kind of personally going on that sometimes, sometimes we don't make the best emotions, but best decisions when we've got other emotions driving us. So I get a perfect world, we would say, what want I just stick in the house for while to see what what happens.

But here we're a situation where we run a short of cash. Have you have you asked about a line of credit? You've got so much the chAllenge.

You have no income. Yeah, that's the that's the issue. Do you expect an inheritance?

I do .

what .

will probably be pretty hefty.

what's pretty healthy.

Um several million probably .

okay in are there multiple .

beneficiaries to the estate?

yes.

yes. Your cut you believe would be several million.

yes.

And do you expect that you're going to the the the the the the parents still alive, you'll be taking care them sometime in the .

near future?

Um possibly yes. Would you move you doing okay now but you know you never know.

would you move for work?

I will diss.

So have you thought about having IT? I mean I mean if you step back this from like you you left the workplace to take care of your your mother in her last years, right, two years in your life and then SHE passes and you're haven't trouble getting back to the position you were before, right? You got you have a short term financial crash.

That's all. It's a short term thing. You've got assets in your home, obviously, and you're going in I mean, what about just having a conversation with your father about bo shocked? I I know this sounds so strange.

but and I don't want to get into the leave here, but this is the case of louder abuse. And my father no longer speaks to me because A A family number has taken control of this assets and there are all frozen now. And it's very.

very much of OK.

I'd sell a house.

but the problem, how long if you have the house, how emotionally attached you to this out? Ten years?

Yeah and now actually twelve years.

i'd tell the .

house i'm just a toy. Interesting, when you do this over a call, we don't have a chance to get to know you that well, right? So I like to put people a pitch like, you're my sister, you're my Younger sister. Like what advice would I? And IT would be pretty clear.

Like sell the house. I'd sell the house and rent till I got a new job and see where it's at.

My biggest concern was selling the house. Is that where I live? Where I live is an extreme markable place, like location, location, location and IT will only go up and up and up. And so my biggest concern is, is that I sell this, I make a rh decision. And you know, if I had held on to IT, IT just would be more of, you know, and asked for me, okay.

well, that the problem is, is that you may not people to hang on to IT unless you have another choice, which is you could take a lower paying job. That isn't one that you necessarily want. Yeah I mean, that is absolute choice. You could take a if you're making two fifty, you could take a job that you're american, one hundred grand or one hundred and twenty five ground and stay in that house.

But you really can't, to be honest. So I mean, like my my skill set is, is at an executive level and no one wants to to hire someone an executive level for A A lower position because they despite you won't see in that role.

If if if that's the case, then then the the houses you're talking about a possible opportunity cost, that's what you're talking about.

The reason the house is worth one point two million today, location, location, location is in part because people believe that it's a great location. It's going to do well long term, which but not IT, might have already been bid up in Price. In other words, maybe maybe they return going for world is only going to be three or four percent a year.

Yes, we don't know nobody. I mean, if you were going from maple soria a year ago, you would be saying the same thing and I would not have vent true.

Yeah, I know things change.

but so you're thinking about long term, but you asked a short term question.

I know, right.

I mean the other the other option is you you you take money from me, R I R A, you pay and early with throng penalty. You don't have any tax blinken this year?

Yes, I wouldn't wear. I did that.

I would definite do rough conversions this year. You have no other income, right?

Well, no, actually that I do have available cash in my mutual fun. I twenty eight thousand years yeah.

that's ck in last very .

long yeah no.

So you can run that for another couple .

months and then in fifty thousand and .

at another fifteen thousand .

for so in an another. So i'm mutual fun with one hundred and ninety thousand and that thirty available.

I understand that in an irrational rect.

I believe .

I not you are I did.

but and not what I believe that to be.

Okay yeah, that I was you you could take that money out of the irs. And you basically because have no income, you just pay.

The panel behind IT IT says, R, B, C, insured deposit.

就是 yeah that does the most OK yeah OK。 So the first stay available, the money out of the iron sell the house .

if I could get a credit line against my home because I have so much equity and I would you recommend doing that.

that would be the place I would go, but would be difficult for you to get a credit line because you have no income to pay IT. So not only do they want to know how much jacquard do you have in your home, don't don't how they want to know how you going to pay IT back.

They need a conform. They need alone in good standing.

Yeah.

so close the the the options, right? Sell the house rent for a while, by the way, makes you mobile. If you really said that you're gone to take a job, you're going to end up having to sell that house anyway.

And you can then the whole country .

you can the whole country is where you can work.

What would you guys think about renting .

the house you turn in around? And renting the house to someone .

else is just an option.

something I will well, how much did you get for?

I don't know. That's something i'm not sure. I I think I probably could get twenty six thousand a month.

And how much could you print something for yourself? I mean, I exposed short term, you going to get a rent at someone, at least the house for a year, and then you go and find an apartment for couple two thousand, three thousand weeks and months live on this spread. Yeah.

I probably could could find something for three thousand dollars that's .

an option.

Give you more time, then you're gonna go time to sign least somewhere in the apartment, which is going to make you stuck in that region as well.

But I have to do that anyway. If I was renting when I or no.

Don't know.

but if you were my little sister, I sell the house. Yeah, I would .

agree with that on them because, okay, one more question then.

So i'm telling the house, do I do I do IT now? Or do I wait for the spring because .

you you need to sell IT now you need the money?

yeah. okay.

So it's it's a desirable area, then I imagine things you're selling that doesn't really matter. So the whole concept of weight to the spring got.

A good friend that .

move in now is his oldest daughters and eighth grade like not the ideal time, but sometimes that's what he has to happen. So the houses on the market lets for the thing move in his kids, right? So obviously, like at the spring time is the best time for families and stuff, assuming that there's a family by now.

but there are not home sales are down three and a head percent this year from last.

So is that all or even the Price?

No, no, the number sales. So appreciate, appreciate the go as that all. Yeah, I saw this morning.

I think it's much more than that.

Home sales. I might be wrong.

I think you're wrong. I look IT up. No, I mean, I was I mean, if you look at some of these businesses that let live off home sales, whether it's mortgage, industry title insurance, there there s go companies that be the moving companies.

We're not the moving companies. Home sales on track for the worst year since existing home sales in september fell three and eight percent from a year early.

You think a bit more than that when you no .

more the the the title and an esco that all that is they're supported by the refinance industry as well. What refinance what they .

that's my point.

right? They were, which is, by the way, i've read a great article about title insurance cy other day, which is always perplexed to me, always perplex to me.

our title insurance industry.

I don't have title .

insurance on my four one k understand what my savings account.

but didn't we just pay for a title searching? And now you want me to ensure IT in case you miss something to the rest of the world .

is good if you can get IT.

Yes, that is right. There has been a massive consolidate and and so well.

even just the whole real state commission that the whole thing is in the Price and change.

it's pretty arcane related the rest of the world, although the rest the world.

the rest of the deal. Okay.

I pressure .

you in sandtown. There's no thailand. I prety .

sure that someone tells you what you get to own here. Let's when I was placed, al riding through vietnam. So we were, I did a trip down the make on dota.

really. Yeah, I didn't heard about .

your trip of h. So we still started in cambodia, and we took a boat down the make on delta. But most days we would take a smaller boat, go to share with these bicycles and just ride around in these little villages.

just dirt roads, gravel roads.

mostly, yes, yeah, mostly. So there like, you know, mountain bike sort of thing, but the the even the houses were just like, well, who's and like they just take IT they they just like here, we're going to do IT here. But the thing that was perplexing most to me is these little villages with the speakers on the polls are, say, talking all day long, all day long.

And i'm like, what do they say? They they don't really say anything into the guide where there's say in something and they say, well, the crop is bountiful, life is good all day long. In these speakers and these little village .

they are message is a positive encouragement stuff all day. Oh my gosh, I drive me crazy. What do you have a bad day?

Just one like, I just want to sit in my my misery for a moment. Let me please. They're not you're .

not going to go out and through x at the speaker. That's what you're not onna deal.

Well, there's one of the benefits of doing some trouble, particular in poor countries, is just IT reminds you of of how so much the world is and how so many people in the world live oh and is just an attitude .

our worst is Better than most.

I took my when my son and will get back because like I took my son when he was in eight, going into eighth grade, between seven and eighth grade, I went down to south of brazil to work in a favilla for a week.

It's a favilla.

It's the slums there. So the favelas, they're created there, a common vader. So there there's a empty plata land.

They come in the middle night and start building. And if they get built far enough along, which isn't n't much, I forget what I was. You get a toilet in there, something that front, then you have claimed to the property.

No title on turn now.

no title answer. So you there's these high rises, literally in a business district, high rises and then they'll be a couple of lots words you would think that be more high rises that are just slums for well as and and you worked .

in .

him yeah we work as a church doing. They had an outreach for the kids there.

Do you help them build in the end of the night? So they create me for baLance.

I mean, my part of my objectivity, my son, to show my son like, this is life. And actually I will go to cost like, but I remember we were driving around, get the tour of the polo, and we are hearing about all the, hear about all the crime. And that a terrible crime.

The drug lodge ran everything. And there was the high rise brother. There was a little a high rise, brother guys down, but so we we pull over to get dinner somewhere.

And my sons gets out the courses. I'm not feeling too good. I said, little car taxis now, too much information.

I 想 玩 just like， just kind of blue is mine like so much for a .

little bubble that what he grew up and yeah, this is the world's son for a lot of the population and know, I don't know ever talk about this. I've brought IT abbe. It's like, you know, the funny thing about and we're going to talk page the funny thing about money.

There's never quite enough, right? I've yet to have a client say, Scott, quick growing IT that's too much. It's like whatever is would always like a little bit more. And I think the one thing that's healthy, what you go to experience things like this, it's just kind of reminder that we actually have enough. Most of us yeah have enough.

not as much as we want.

but and not as much as we want but but not enough. Certainly, that's pretty very good here. And despite of the craziness with the political environment.

still great, still unbelievable. It's still great right in is they said the elon mask, you're the richest man in the world and he said, no, I think putneys. And he's right.

He's right. I guess when you could just send in the army and take over parts of the world, let's talk with we're talk with pam. Pam, here with all words, money matters.

Hi I pam. Hi that cat.

Thanks for taking my call. Yeah glad here.

So um i'm seventy two. I'm still working two part time jobs. Um i've lost my savings five times for various reasons. Um lost a medical expenses in that sort of thing. So um I am still working because I have this fearfulness that i'm not gonna have money to support myself as I age and need more care.

Is that a valid fear?

Yes, I mean i've had some serious cancer diagnosis and back problems um but my one of my family members said, well, you know, you're not enjoying life, you're not doing anything, you're not going on vacation. You're not you buy a starbuck because I like get the string kle hold on the money that I do have my assets. And so he said we should take out a reverse mortgage.

Okay.

I don't like that. I've had three friends that did that and ended up with um disasters. And then they had nothing because they had to use the money for the health disasters that they had. And of course, then they don't have their home design their home no fort, so they don't have an um real date to fall back on.

Okay.

so so walk us through what your assets are.

okay? Um my total .

my total assets .

with my income right now and that uh is about nine hundred hundred and sixty thousand dollars.

Does that include .

your home or no my home is a probably worth one point two. Maybe if I put some money into IT um my income.

what what are you are on what you on the house.

my house paid off, I don't money .

on any and where's the other roughly million dollars in nine sixty?

Um that's in stocks and investments okay and .

how much you earning at your job?

Um on my two jobs I make about fifty eight thousand a year now they're physical job. So you know whether I can keep doing this for very much long gry I don't know and then I early cause around forty nine thousand and that everything that I have long time insurance, which you know is extremely expensive um and so it's my insurance and charming and .

what you getting in your social security .

benefit um i'm getting. So I had to apply for early because I work twenty years for a company and they let me go two weeks before I would qualified for my pension. So they wrap me at my pension. Um so right now I am looking at up on my Candy spread sheet. I'm getting around twelve hundred dollars on myself of security and so .

does that is that included in your fifty eight thousand dollars a year in income? Yes and you have night that you say you included this fourteen thousand four hundred dollars a year and that so yeah your your from your jobs you're making forty four, forty three thousand dollars a year is yeah okay.

Have you ever taken any money out of this nine hundred and sixty thousand dollars you have in savings?

No, no, I, i'm, i'm so I took care of my parents, both my parents, for ten years. And so that really whatever savings I had, that just took everything and know, trust me, I would, I would do that in a hard be again but um as you know, ten years of take .

care of do really enjoy your jobs. Do they give you a lot of purpose and meaning and one of them.

yes, one of them yes, the other one know that what they're physically demanding jobs.

the one the one that you like, tell why you like IT well IT.

I I work as a personal system dog Walker for a woman who is 呃 mely disabled from stroke and so I really feel like i'm helping someone who .

yeah what you make .

that job um that the well depends because sometimes she's um SHE varies the things that he has me do。 But it's about maybe fifteen hundred thousand a months.

eight thousand if you want a lot. Actually, if elan must give you a check for million dollars for a petition, i'm just if you came into a chunk of cash, if you came into chunk ka cash, yeah let's assume you let's if you have heard in a million box today or one a lot of you whatever, would you continue these jobs?

No.

you would. I maybe, maybe.

maybe the one that I like, I would then I would recommend you quit .

the job you don't like and continue to do the job you do like and start take a little bit income from this, you two million doll of assets.

you do not need to reverse mortgage. Number one, no.

just flat out.

flout IT and wonderful.

Well, be a very, very bad idea for a you need to start.

Do you think .

that .

I should take any kind of other equity out of?

It's no thing actually out. Well, all that is you can borrow and you pledge your house as collateral. So if you don't make good and make making paying them a long back, they take your house. But even this whole conceptive EQ, you're distant on the equity and taking some equity out IT doesn't.

You have nine hundred and sixty thousand dollars of assets that two years ago wasn't nine hundred and sixty. What was the value of the two years ago?

Well, let's to say because we were we still coming out of a pandemic.

and my I know, but I was I was a lot.

I would, yes, I would recommend two things here. One is I would make sure that nine sixty of the proper location for you at your age, at a time when you're probably going to start taking some income from that, right? Secondly.

next year, yeah, next year, I have to take and come out of an annuity. So I don't have a choice.

So I and I I would quit the job you don't like and take a set up a monthly income for, however, used the structure from that nine sixty that drops into your checking account each month to replace the pay that you've been on the job that you hate that physically demanded.

That's right. I would do two thousand hours a month if you do two thousand dollars a month, right in the numbers you've share with us between social security and the the dog walking personal assistant between those two, that income is proximate thirty two thousand dollars a year. If I two thousand hours a month out of that nine hundred and sixty thousand, the distribution right is two point four percent, two point five percent a year.

It's going to continue to grow.

It's going to continue to grow over the long term, and you will have the same amount of money coming in. Yeah, that's what I would do immediately. Like, I would even wait.

You wait.

No, i'd quit a job tomorrow.

Maybe get my weekend to notice.

Kills the boss to go stuff IT more.

Haven't been a boss for many, many years.

I I did quit three hours before my shift, didn't recounter when I was in high school because the manager was such a jerk and I had IT like I could and I I can't go into .

one more shift. Or you seem to you have let that go. The manager be that just got you. He doesn't seem to bother you anymore.

He he would ridiculous.

Kay, we know this. We, this is an ongoing. We've heard about this guy so many times.

I feel like I know him. I keep trying .

to find like there to tell me so can well.

everything is that you're boss and you're a good boss, then you have no patience with bad bosses. So.

well, mean, I couldn't. Bad is in the eye of the beholder. So don't ask anyone that has ever worked for me. So I would, I would give my notice on that job. I started distribution and I would i'd sit have the financial .

that you very worried about you. I don't know. You have a good financial adviser and do run in a plan. You can see where you'd I have .

a good financial adviser and and you know and we mean every quarter and i'm gonna ET him next week and just you know have a furgit discussion with him. But um i'm i'm I think i'm i'm just um because .

I lost my .

pension and money from medical build and different things in my life. I'm a little .

you've got long term current turns, right, pam. So yes.

something to have like about eight thousand dollars a year .

now understand that's what the premiums are.

but you've got that in place. You've got two million dollars of assets.

You're fine too if you .

line IT till take the seventy year old women in the united states on, line them up. You at about .

ten percent.

top two, three percent, maybe single seventy .

two year old women.

Yeah, a million box and savings in a housework, the million dollars. IT may not feel that too.

that which is, which is why you worry about IT. But you you're fine, start when you sit down with your advisor. Just say, what do you think about me quitting this one job I really don't enjoy and starting the distribution of two thousand hours a months out of my assets and you'll be good to go.

yeah OK all right.

And listen, if you show me someone that doesn't worry about money and i'll show you someone that doesn't have any.

yeah, yeah, I know, I know, I know IT comes with .

the territory. You didn't worry about that. You wouldn't have any.

That's right. That's right. But you know, I like I look at my asset and I think, well, twenty years ago, I would have felt like I was rich. Now in this economy and everything.

I I bet you that IT was two million dollars, you would feel the same way.

Well.

probably I have clients. I have clients .

with ten million dollars that they sounds just like.

you know, the reason we ask if you like your job, if you said like both, your jobs would say, who cares about travel? Obviously, you do what you want to do, but if you're not liking one of the jobs .

is too physically demand and then and actually, and it's okay to take even a little bit more money out of that. If you came to me instead, I want to take four thousand dollars amount of five thousand dollars of the months. I say, sure, right. Four thousand hours a month out of that account is a little bit over five percent distribution. You're seventy two years of age.

yeah. So is time to go on a vacation. Well.

that's what you want to do. You're not get any Younger right now. Get that life. We don't know how many years we've got, and we don't know how many years of good health we have. So appreciate you call.

leave this conversation smiling.

I want to have any other advice he talks to SHE has an advisory SHE means the quarter basis. He buys the same conversations or SHE has the same conversations with her. SHE calls us on the show.

I want to SHE calls on the show. Money is a really interesting thing. yes.

What scares as as you data though? You show me who somebody doesn't worry about money and i'll show you somebody didn't have money. We've worked a lot thirty years ago.

We start working in the century by the phone company of the time, was having these downsized and they were downsized by offering pension bouts and and make these tremendous enhancements to people's pensions. And so some people say, well, what a great opportunity. I'm going to leave this job.

Go watch somewhere else going to take that pension throat to an ira. Let IT grow. And that worked out extremely, wolf them.

But you can tell, pat, if you remember in the first minute, I can tell someone had any money saved if they had no worries that that's right come in and laughed in and they don't have like this is going to be hard for me the ones that came and completely White scared, they're the ones that have the savings. That's yeah right. I'm not make I mean, that's exactly what is .

sleep in the house. I grew up in the yeah I mean, not like my dad at all. Not like my parents even a little when IT comes to money.

I'm not oh, i'm not either, not, not even why would you be .

like my parents?

I had my part, but my parents divorce when I was Young in both three marriage. I actually, I kind of two two different families of examples that I can look.

Yes, but your step that is super conservative is first dollar. Yes, yes.

but and IT my mom's eighty five SHE still saves every month. I asked her what for SHE doesn't have an answer. SHE just feels good, Better if she's taken some money and put in inside.

Scott is who knows how IT works? I don't know. And there's five civilians in my family and none of a street money like my parents, like my father in.

And how did .

your father treat money you like to spend IT?

My dad is, last years was he was widows and pretty simple life style. But he would say Scott doesn't just feel like everything's free, like what he said. I go to the supermarket, I can pick out anything to eat wonderful produce. I put in a basket, I got there, I give this little card, I walk out is free.

I say, dad, you realize there's a finite number of times you could go into the grocery store because there needs to be something to back up that card.

But no.

maybe, I guess, but that .

sound like he said.

I figure always have something on my check in account when I die. So yeah.

that sounds like he was right.

Fortunately, he didn't have big needs. He wouldn't know fani thing. So he avoided those. No, that was this kind of secret. Some ways he had more financial security than I have .

because he didn't worry about.

He had no worries and had a very modest lifetime.

Le, yeah, and he was a funny guy. You not trying to be funny. It's a funny guy, right? yeah.

Remember I what? I went to the museum we were in the Martin luther king. See him in lana.

He was with me. You were, we were on a business strip. You invited them. We were the weekend, and he had a camera with him. And as we were walking, I was freed out because he would set the camera down.

And I like, this guy is going to lose the camera and then he's like, walk twenty or thirty feet, the camera be sitting on the counter and I would just go pick the camera up and then Carry IT. And then he turned around, like, did someone see my camera? And I think I have IT and IT happened to like .

how the world is in that losses.

He did. He lost his keys up on that trade.

pretty ent.

He was in the gym. We were used at a gym, the hotel, and he put his keys. And someone else is shaken .

up picking their issues.

They that they were his. Y my father, yeah, I want, I love the guy.

but we took him on the trip. The only time I took up, he stood up in the middle like, this is amazing. Yeah, to get a crash IT.

Like we are teaching advisers, we are doing anything .

for any to go go. We are quick. So I had a treated in business that when I was still, I was still living in hoa, was like one thousand or something going to junior college part time running this treatment business that I I managed to buy with no money down.

I paid a percentage of revenue. And then I saw that a years later for cash. I worked pretty well for me, but I ran at that in my bedroom. And I I was back, back the day when there was to answer machines. So I don't answer machine itself.

I don't answer machine if someone called when I was able to pick up the call and I say, dad never touched my phone, please it's and so every once a while like that, i'm china act like a professional business. My mAiling address was the po box, but I was like, forty eight of a good time when A P, O, I try to make a look like a real business. Nineteen kid, yes. String IT together.

That's funny. Anyway.

you want to let our all of our listers know about our youtube channel. Briefly mentioned last week with um we've got we've got a pretty robust youtube channel who doesn't anymore whatever that come much. But on youtube, I mean, go watch the show, you get the full shows there.

But there's also video clips of interactions with similar colors of if you kind of look for certain type of thing, you can walk, view that. And then also some other video productions of that we have done along away, right, a different things, what that has to do with the election and what might have with the markets or saving for retirement or social security. We've got a lot of the other videos on those space topics that you can find.

Anyway, the great being here with you and have part of if you find these podcast helpful, please forward on to somebody that you know that could benefit from IT as well. Appreciate that. And we'll see next week, the Scott hanson that my claim for all its money matters.

This program has been brought to about all worth financial, a registered investment advisory firm. Any ideas presented during this program are not intended to provide specific financial advice. You should consult your own financial tax consulting or estate planning attorney to conduct your own due dilly gent.