Truths In The Financial World

Financial Symphony
Saturday, January 6th

Truths in the financial world and answer to listener question.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

No financial symphony. For the helping you can. Harmonious financial plan and getting your portfolio in two weeks so sit back while always strike up the the financial simple it's starts now. Thanks so much for joining us this week on the financial symphony out Walter Sorrell joined by your local financial maestro Richard future rally right here in the Charlotte metro area at Carolina retirement resources with offices and hundreds ill and in Rock Hill. You can reach Richard at any point time during our show today at 806465996. Again that's 800. 6465996. Richard happy 2018 tee and that. But the New Year's off to a great start now happy new year Q and as well Walter you know looking forward to our show today we have a lot of interesting topics to discuss or talk about. You know why not start off the new year in a truthful way we'll talk about some of the financial truths the things in the financial world that we can state our knowledge in a with some confidence and why we need to be aware of these truths in the financial world would get into that. A little bit later on in today's program but. It's always a great way to start off the year with questions from our listeners and let's jump right into a couple dear Richard if he'd like to. Submit a question by the way at any point I'm not only during our show today with throughout the year. You can do that by going to financial symphony. Dot com that's financial symphony dot com Helen in Charlotte has the first question of the year she says my husband's military pension. Is a very nice monthly benefit Richard Burton after he dies I don't get a penny. In retrospect this was a mistake but it's nothing we can do about it to change it now how to we address this problem. Moving forward when you know one of the crucial but frequently overlooked aspects of income planning. You know evolves make him provisions for your surviving spouse they'll want to put the proper. Plan in place for your wife could do have dire consequences down the road. You know in this situation Helen not only will you lose your husband's pension. But shall also lose one Social Security check and some tax deductions as well also Helen. If you're gonna see your retirement income drop. But your taxes won't go as well. Your best option is to consider a life insurance contract recovered he comes shortfall for your kind you know after your husband's death. It may not be the cheapest solution but as it's much better than the alternative. You know so let's assume you'll lose two dollars more per month and you come upon your husband's pass and that's 24000 dollars a year. Assuming your age 65 that your husband's death. I'm I'm gonna save us 300000 dollar death benefit would likely be sufficient. To replace that lost income. And if you position those funds properly. Then most of that income should be tax free if your husband is sixty. And he's a nonsmoker here in North Carolina. You know your prior looking at around 15200. Dollars a month for a twenty year level term life insurance contract. You know you can also work consider allocating some of your retirement savings to a fixed indexed annuity. And then use that a new you can dream to replace the lost income upon his passing and that would require a little bit more funds about a 150000. Of your savings. Or more to meet your need dependent on your age. To be more definitive however. You know my advice would be to get a complete comprehensive financial review as everyone's situation is definitely different. So give me a call I'll make time enough on my calendar complete this review for you with no obligation. And again that number to call to reach Richard future rally to have a conversation like that if you're a similar situation to Alan. Is 806465996. That's 80646. 5996. Searchers can up you walk through that decision making process the C Webb might be. The best decision for you moving forward 8064659. 96 this is the financial symphony were taking your questions on today show to get things started. Howard in hunter's bill has another good one force Richard Howard says. I've always been told to buy low and sell hide it seems like the market is really high right now in a kidding coward so I guess. I should be selling but my advisor hasn't mentioned anything about that. Should I just keep riding this wave up you know that's that that's what. Those depend questions you know some advisors you know they prefer to. Use a strategic asset allocation model. And other advisors prefer a tactical asset allocation model and and other happy advisors that did do both. You know strategic asset allocation. That calls first set and target allocations and and periodically rebalance in the portfolio. Back to those targets as investment returns will unnaturally skews the original asset allocation percentages. You know the concept is akin to a buy and hold strategy rather than an active trade in their perch of course the strategic asset allocation targets may change. Over time measure gold needs a time horizons change. On the other hand you know what tactical asset allocation allows for. You know a range of profanity is in each asset class there a minimum and maximum acceptable parameters dependent on your risk profile. Thus a minor reform. Market timing is somewhat possible since the advisor can move to the higher end of the Marines when stocks are expect to do better. And to lower end when the economic outlook is look in the bleak. You know regardless. With a diversified portfolio. You know you should rebalance. That portfolio or stay within the confines of your risk tolerance. It also periodically. Howard you should compare your investment portfolio with. Your ideal asset allocation then make changes by selling and buying shares of investments. To realign your portfolio to desired target. You know and if you're retired. And your plan is structured to include safe money strategies. And growth money strategies it might make sense to lock in some of those games in your growth money strategy and move them. To a safe money sure you so if you are sixty years of age. You might wanna maintain a 6040 split between state money. And risk money strategy so. You know my approach sure Howard simply seeks to preserve and grow wealth across all markets cycles. You are focused on strategies that manage risk and attempt to avoid significant draw downs but in attempting to avoid large losses. What I do is I utilized. Strategies that emphasize. A lower correlation to overall market. You can both strategic and tactical strategy that in just market conditions. With this approach you can continue to ride the market higher until you can't. So you might wanna consider getting a second opinion and find out you know what trolls roam maximum loss potential may be. And if it's too high. You know you wanna consider tomorrow Turner's but overall I think that the flight capital from Asia and Europe will continue to be US stock market. I had this time my IQ we anticipate the market to continue. In an upward trajectory. It's a great question Howard it's on a lot of people's minds and it's something that. We're gonna continue to watch certainly overtime and you wanna be aware of that if you prepare for. Not only your near term financial future but as you think long term as well and about retirement. In the market plays a big role NC wanna make sure that you have the proper allocations and making the proper decisions. With your overall plan because all of these things work not to use say yes symphony pun here but they work in concert with one another. Since got to make sure that you're financial elements are all working together. A great question Howard thank you for that one again numbered called reach Richard culturally if you wanna ask a question one on one. With the Richard and talk to about a situation that you might be going through 806465996. That's 8064659. 961. More question here on the request line Richard it's from Gilda in Fort Mill. Gilda says it just received a large amount of cash from my mom's a state after the sale of her house. I'm hesitant to invest this in the market because it seems that I'd be buying higher right now how should I handle. These funds but a great question about the market here Richard but from a different perspective. That's true. Let's keep in mind that the market is definitely at its highest level I mean his record highs. And while there's no guarantee that market highs will hold. Everyone with money in the market is enjoying strong returns. You know however many of you aren't sure where there now maybe your break time to be invest in the market. You know why put your money in now if the market's gonna come down tomorrow there may make sense I understand that. You know this tends to be a risky line I think end in my opinion. After Roland you're always waiting for the perfect moment to invest. You know that might never come I had I know a lot of individuals that were frightened out of the market after 2008. And they missed this run up in the market and just stay there she'll have the Balkans or assets in cash. You know the age old advice is that timeout in the market is better than time in the market. But does that logic still apply when markers right in this kind of high. And for me the answer is yes if you're investing for long term especially yes. You know say five years or more I would recommend dollar cost averaging in intra quality dividend paying stocks fielder. As this approach will give some insulation against an abrupt swing in the market. I would recommend that you invest a certain amount per month over the next six months has this approach will take your emotions out of the process. And finally invest in these funds in the stock market. That's not your only option you know there are insurance products that protect her shavers from market losses you have two big growth tax deferred. And they provide guaranteed income for life so. If you're looking for a safe money strategies that gives you some specific guarantees you know insurance product might be your doing your best choice. You know these products use what they call index and to grow your money in our index and allow Germany to grow when the market is up. But to protect your money when the market drops you know the work he can do as a juror per cent greater return. In your return is never negatives so there's no risk of loss on it ideally I think depending on your specific situation. You might find that a combination of both investment strategies are safe money strategies and a group money strategy may be your best option. You know the stock market has performed well over time you don't presently stock market volatility is low. Don't bond yields are low relative to restore values global economic signals are generally positive. Central banks worldwide are still accommodative and cautious about the tighten up the money supply. You know this among other factors sets up well for stocks. However every investor should go in with a understand and then nothing lasts forever and periods of weakness will happen at some point in the future. More importantly to build any thing you need to have three things you need to have a plan he need to have a process and you need the help of financial professionals. You know it's my belief. That you deserve to secure independent retirement and that's why offer free consultation to our radio listeners to help keep them on that path. Don't call us in the next fifteen minutes and you have at least 200000 dollar safe retirement. I'll offer you this free consultation to help you determine how prepared you are to handle retirement pitfalls like inflation. Health emergencies. Stock market volatility and taxation. You know you've worked hard for your money so all work just as hard to help you protect and grow it. You know there are a wide variety of tools services available in the market marketplace in the financial world. You know I'll show you how harsh those tools and services to create a plan this tailored just for you. And I'll show you how to achieve a lifetime of security. Thanks to a lifetime of income from go ahead and give us a comb next fifteen minutes and put together with you to get you on that road to financial security dependence. Here's remembered called reach Richard future rallied to take advantage of the complimentary financial review. 806465996. Again that number to call us toll free 80646. 5996. Richard is local right here in the Charlotte metro area he has offices and hunters hill ended Rock Hill as well. So it's convenient to come by to a no matter the side of the border here on and say hello and talk about your financial situation with Richard. Get that complementary review of your plan by dialing now 8064659. 9060 talk about what you're looking to improve financially and maybe Richard will be able to point held some areas where. Yet even realize that you need to have more solid work better planning some of the things that often people overlook when it comes to the planning process. Richard is seen it time and time again and knows where to find those things in nature that you are all set. It's although making sure that your money lasts as long as you do that you get through retirement securely and without worry and frustration. And Richard can put together the plan that helps you accomplish those kinds of goals. The number to call to start that conversation with Richard again toll free call and if the complimentary room meeting when you come in 80646. 5996. That's 80646. 59 96 called out don't procrastinate get 2018 off to a good start. With a complimentary review with Richard and his team at Carolina retirement resources 8064659. 96. They're they're much more coming up on today's program the fact we talking about some of the truth. In the financial world the things that we can really state with confidence and how they play a role in your financial plan that's coming up on the financial symphony. We all see the finished product of the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. Like you don't often see is what it takes to get to that stage. Hours and hours of practice the traveling the critics see improvement. All those little details happen in the background without us noticing and you know what's your financial maestro put together a financial plan for you in much the same way they make that process. Easy for you on the surface. And you'll get tomorrow we'll get the finished product. You're playing now. They don't forget about the all important each killed in Africa and going on in the background to wrap your financial masterpiece. And remember your plan should be in the beauty come visit with your financial my stroke Richard drilling and serving as Charlotte metro area. Call 80646. 99680646. KB 996. Yeah. This part of the financial symphony we call in the news and this is where I get to ask for your future rattling your local financial maestro about something that's been making a lot of buzz may be in good news and world. Over the last couple of weeks and Richard we would be way. Off the mark if we didn't talk about. Did coin so. Obviously that's dominated a lot of headlines recently what's the deal with bitcoin. Is it worth paying attention to or is it just a passing fad. Yeah there's a lot of hype concerned big car and I have a lot of people asking me about bitcoin. And down you know they're surprised when I tell them that I don't involve myself in bitcoin. One of the things that concerns me is is that there's every indication that the governments are regulators. Tax authorities are moving in for what I call a crypto kill. You know the iris was successful in getting in a federal court recently. To order of one of the largest bitcoin exchanges to hand over certain customer information including names. I addresses Social Security numbers are more you know as the exchanges don't keep this information. You know they're guilty of anti money laundering violations and all the accounts can be frozen. In fact we've seen where banks are actually freeze and assets at this time with respect to big corn is well. You know if these changes do have the information and a guy handed over the RS. And the iris will likely be contacting you. But I don't think the Irish have stopped there they'll play hardball to get bitcoin customers to reveal names of counter parties. They were both its take on big corn is that you know it's an effective way of transferring money but but that is a terrible investments. They've acted as if it's really not an investment in oil bitcoin is a form of money just like dollars euros yens or pounds. But when buyers of a big coins say is that it went up 1000 dollars. You know from a thousand dollars to 4000 dollars you know it's not really a return on investment. It shows a change in the exchange rate you know so you know governments. Let's face it they don't like competition especially when it comes to money you know I prefer the old monetary standbys of gold so over. You know at least would gold and silver when the lights go out you still have to golden silver. Not so much with electronic currency so. In a stick in the sound investment decisions especially retirement. You know that's extremely important you know if you wanna gamble a little bit he got some extra cash you know go ahead but don't do understand that this is a very risky. Move on your part in and chances are that it's a little bit too late to get involved you're probably gonna end up lose in that that money that you put to work great in big going. And I could be wrong it's possible but I'm just not really comfortable. With the crypto currency because this noon. I'm more excited about the block chief technology and the possible investments associated with that I don't own any big corn and I don't recommend them to my client summer reasons have to do would bubble dynamics. And the potential for fraud you know so it if you're concerned. Or your interest did and you're not really sure which direction to go you know if you like to have a couple interceptions sit down talk with me about your options in the marketplace. You know let's just say take a look at chief or some alternatives that would work for you or not. You know maybe I can make a recommendation with respect to how much you should allocate too big corn so that you don't. All pure world or harm your retirement income portfolio again if you have any questions about how bitcoin would fit into your portfolio just give Richard a call at 800. 6465996. Again that's 80646. 5996. It's certainly an interesting item that's been in the news lately and if there's anything that ever. Pops up in the financial news that makes you scratch your head or wonder or. You have concerns about your own plan it's not always worthwhile to reach out to Richard future rally again at 800. 64659. 96 that's 806465996. And you can look at sort of you know what's happening in the news the moves of the the news the world and how it might impact your plan or. How your plan is built to last against the whims of the markets in the news I can go both Wendy's and Richard can help you with guidance there. One more time that number to call is 8064659. 96 there's more coming up on today's edition of the financial something statement. It's remarkable sometimes the emotions and feelings music brings to our daily lives. It was there for graduation. On her wedding day. And sometimes even residents on our darkest days. So as you look back on life and remember the music strikes or take a moment to look forward to your retirement. Live at any time ripe with uncertainty. Oh will be a time eventually. If you're in a spot now where you don't think your current plan deserve that kind of celebration when you reach retirement. Think it's time to get a second opinion. Come visit with your financial my strength Richard materially. Serving the Charlotte metro area. Call 806465996. 806465996. I know it's only rock and roll. And retirement. But I like it. They sing for the financial symphony. Thanks for joining us so much on the financial symphony today Walters horrible here with the addition driving the bus. Richard good drilling is the one helping us understand the financial landscape a little bit better he is an investment. You can reach out to Richard pitcher rally and request a review of your financial plan by calling 800. 6465996. Again that's 8064659. 96 we have some funny answering some of your questions earlier on in the show but now let's talk about some. Financial truths Richard these are some of the things that we can. State with confidence about the financial world and I wanna know why these truths are so important to remember as we planned for our financial future and for retirement in so. First and foremost reduce don't throw it out there you know it's a truth that watching television especially business TV your financial television shows. It can be your biggest. Enemy even if it's a big resource for where you get financial information why is that the case Richard. I am come on I mean just because someone's on TV. You know and they say you should buy or sell something you know it doesn't necessarily make it right. In all financial total program Walter they're more about entertainment for profit. Than anything else and they're not perfect you know sometimes they get it wrong and a big way you know for example remember Jim Kramer he's the host of mad money on CNBC. You know he addressed a viewer's concern over Bear Stearns liquidity problems. And he responded by adamantly claiming that Bear Stearns was not trouble he said that more than likely they would be taken over. And that you shouldn't be you don't move your money from Bear Stearns well. You know that was march 1 2008 and three days later Bear Stearns stock fell 92% on the news. Of the Fed bailout and a two dollar per share takeover by JPMorgan Chase. He also that that's what I call about getting something wrong and a big way. You know shall remember who we don't retreat in stocks you know doesn't qualify. As a financial plan you know when you implement a financial plan. That plan takes into consideration your personal financial situation in your time horizon and your risk tolerance in much much more. You know before putting your savings to work for you. I trained professional will take the time to identify your financial goals and then develop recommendations to address those goals. Financial plan and and retirement income plan and you know it's a process in your current financial scanners. You know matters are great deal so how do you manage your finances while accumulating massive retirements. You know it's fundamentally different and when you take distributions are retirements so. Dependent on where you are chronologically. The type of advice from the type of investment recommend it will be different. So you know worker with a financial professional. To implement a financial plan you know it's one of the smartest decisions you can make. The peace of mind that come with working with someone you can trust and who has your best interest from senators invaluable. You want to work with a financial professionals who understand journeys and can connect you to the resources you need. Not take the advice from someone on TV for entertainment purposes. Yet just got to be aware then remember that who went entertainment enters the equation. You know we're talking about financial truths but when entertainment enters the equation some of the truth some of the accuracy some of the angles. And which people are approaching the information obviously is gonna get distorted filtered changed a little densely got to take everything with a huge. Grain of salt and definitely keep that mind try to embody the fact that TV can be. Your biggest enemy even though it can also still be a good resource to get information you just after remember where the biases are and now operate from there. Another big financial truth Richard would be when it comes to emotions and this is very true. They are rarely your friend when making financial decisions and we talk all the time on the show about the dangers of emotional decision making and that's why it's one of the financial truths we need to be aware. That's for sure you know let's face it emotions play a very important role and everything that we do. Especially when it comes to Macon decisions and all walks of life. There with respect your money you're three emotions that drive individual financial decisions and their fear anger and grief you know and financial decisions. Yeah these can be some of the most emotionally charged decisions that you make in your life. Especially in retirement that's where. And new knowledge is as brie brought to bear new strategies. For how to handle retirement. Income planning. You know so there's a lot of emotions or go into that process. And they need to be attained you know studies have shown that losses are twice as powerful psychologically is gains. And that people would rather avoid a lost and acquire game. This is known those lost her version and also version is a very powerful force when it comes to your finances. You know the prudent approach is to recognize that retirement represents a fundamental change your life. You know it's very important that you transition from that accumulation phase. When you were working in and trying to accumulate as many assets as part for retirement to a portfolio that is sure sure. To generate your require Ernie coming maintain your lifestyle for the entirety of your retirement years. Unfortunately these emotions. They often have a destructive. Rather than a constructive impact on your portfolio. Failed with fortress like inflation. Market volatility. And low entries working against you. Know when what to do with your statement has never been more important. And the difference between making a good decision and a bad decision has never had such a dramatic impact on how are you retire. The question is can you or should you put your money to work for you in retirement to question then becomes how to do show. They'll all boils down the fact that all the pieces of your financial puzzle need to sit together. So what I'd like to do is just offer you the opportunity to come in for complete financial review. And I'll offer this review for free to all listeners who have at least you're now more save for retirement. I won't do is I'll I'll talk you through all of those different pieces of the puzzle. Your puzzle that you need to consider for instance you know how much risk you take in your portfolio. And is that amount of risk appropriate for your age after the return that your guess. You know how much do you pay any fees and commissions which are current plan. And more about the tax implications of your savings you know is there a way to save money in taxes down the road by playing proactively today. Haven't income plan in place to be sure that you aren't in danger of running out of money if you end up live in thirty or more years in retirement. Do you have a plan to address inflation in future decades as the costs and continues to rise. You know obviously there's a lot that we need to discuss and we found that most people just haven't planned for early enough to address these issues. Again this review is complementary care anyone who has at least 200000 or save for retirement. But the calendar does fill up quickly so go ahead and give us a call right now so that we can be sure to get a spot reserved for years. If you're tired of financial sales pitches and would just like to get a plan put together some and is gonna help you better prepare. For your financial future this is your opportunity to set up a time to meet. For a review and he can get that review complimentary by calling now not procrastinating making the choice. The year 2018 to get off to the right start. 806465990. Six's your numbered called reach Richard that's 8064659. 96. You wanna play and that is going to be customized to your individual needs goals and walks in retirement. You also want a plan that's comprehensive make sure that no stone is left unturned. And the best part of all you want a plan that's complementary. At no cost to use of the you can see a true evaluation of what the plane's going to do for you how it's gonna get you from point a to point B we call that the three c.'s customized comprehensive and complementary you can get that kind of plan with Richard pitcher rally by calling 800. 64659. 96 right now in requesting a time to meet for a complementary review. He is an investment advisor it Carolina retirement resources serving you in the Charlotte metro area. Richard has offices in Rock Hill into hundreds Phyllis well. The number to call is 80646. 5996. Call right now for that complementary review. 806465996. And stay with us there's more coming up on today's program we're talking about the financial truths. TV can be your biggest enemy emotions are rarely your best friend when making financial decisions. Those are the ones we've covered so far what other financial truths are there we'll find out coming up. Wherever you go there I had. Following. Their team still thinking alone continuously nibbling away your hard work and did he. PE. Don't be afraid of hidden fees in your portfolio. Come in to meet with their financial maestro for review of all the fees in your current plan. Let's see if we can eliminate those pesky. Okay. I'm. Come visit with your financial maestro and Richard that you really serving the Charlotte metro area. Call 806 point six 996806465996. It's time for a fireside chats. As we get to know your local financial symphony maestro. This part of the show is called getting to know you where we ask Richard future rally kind of a random question each week do you to learn all about the financial advisor on the show what's your morning routine of look like take us inside the first few hours of your day. First few hours that's a lot okay our first time I did the first ten minutes OK he had very good putts that not that. We'll listen you know first thing I do is I look for pearl. He's she's our smaller cap and I put her in the bedroom shut the door and I go get Max who's been outside all night. And I see him then I'd take my nutrients and make cup of coffee. I checked financials are checking emails review my schedule for the day. You told us about the ground animals but what about the burden here need to be taken care of the European medicines. That it takes care of themselves pregnant. As a simple morning routine nice a nice way to start today. Yeah pretty confident we'll we'll blitzer sharing them with us Richard we always appreciate your willingness team. Play along with the are getting today segment here on the that's Richards morning routines and we'll get back to the financial talk coming up next right here on financial center. The financial symphony is reaching its crescendo. Your local financial maestro and coming up next. This is the financial symphony the show that helps to better prepare for your financial future animal control. Joined by Richard naturally today. He's the investment advisory Carolina retirement resources serving you in the Charlotte metro area. With a offices in hunter's bill ended Rock Hill as well you can reach Richard by calling. 806465996. If you have questions. About the financial world and would like to ask them to Richard. One on one you can do that again by calling 806465996. We've been talking about some of the financial truths. Those things that we can state with confidence about the financial landscape. On today's program and here's another one for you Richard. The market always of moves. In cycles OK well maybe that's an obvious truth in the financial world but if we truly remember that as we're planning for our financial future. What should that help us accomplish in and didn't. Well you know when you have retire preservation of your capital preservation of your assets. Becomes more important strategy then actual continued accumulation of your asses even though you want accumulation. He's just adept at preservation strategy used for accumulation is very very important with respect to preservation. Ellison the market can't and it and it certainly won't go up forever. It never does sound like the weather in the market experiences highs and lows sunny days as close gloomy days in the forecast you know I can change at any given time so. Even so the stock market has rewarded investors for the with long term growth not short term but long term growth before most retirees. You know a realistic time horizon would be about 1020 years you know not necessarily more than a century. And history confirms. That the stock Mark Hurd it does ensure the long periods of high returns. Followed by a lengthy periods of lower ones you know that upward trend is a little bit longer. Than the downward trend because when Fehr should stand in market can drop. Precipitously very very quickly. You know these periods or called secular trends. And there are two types of secular trends want is a secular bull market. Or an upward trend in market which occurs. With each successive high point becoming higher than the previous one. A secular bear market were downward trend in market occurs when the trend does not rise above. The previous high and in the past 121 years there have been five bull markets and for bear markets. And investment strategies that work in a bull market you know they may not be so effective in a bear market so have a thorough understanding of these trends. The current market environment in this will help you better prepared. For your financial goals now and in retirement so in retirement. You know you don't wanna be greedy you don't wanna change too hard after those returns. Remember you can't control full return you can control full risk but you can't control who returned. It's a great point and something that we can definitely remember the market always moves in cycles and so that kind of goes hand in hand with. Looking at the market is when it comes to risk because there's inherent risk in the market Richard and always remember this and other financial truth you probably aren't. As risk tolerant as you think you are in other words Richard I guess we're saying that. You probably think you can take a lot of risks and that you'd be able to handle it emotionally hate those emotions coming back into play here. As we talked about earlier but most people overestimate how much they have the stomach for risk. That's certainly true. That there can be a common mistake. You know the greatest risk to use. The individual when investment and market. Don't it's not found in any given portfolio were in the advice of any advise her. The risk it has the potential to do the most harm. Is something that all of us must fight in our own journey of investment. It doesn't come from without comes from within the greatest risk to you when investing as your own overconfidence. You know when I asked prospects. Think clients if they could stand at 25% drop in their portfolio. Many immediately answer yes absolutely no problem however when you experience a real loss of 25%. And you start to she goes real dollar dream in the way one by one you know fear and panic takes hold and suddenly you're singing quite a different tune. When you're over confidence is shattered. You tend to turn to erratic behavior the anxiety prompt you to begin selling that market lows so you know you when your emotions. Are your greatest risk when invested in the market. No listen it's easy to say you have moderate to high risk tolerance when the market is trying to enough real simple. But if your tolerance changes when the market is going down and your counsel loses value. And you didn't really have a high risk tolerance to begin with. When we all know the story of the course and hair you know the Taurus and the hair agreed to a race thinking that he cannot possibly be beaten. They hair takes his time stopping to relax takes a few naps along the way before he knows it though the quarters has passed him and ends up winning the race. You know most of us think that take away from this parable is slow and steady wins the race. But the real takeaways is that overconfidence loses the race and other words change and returns and losing the race. You know the market's gonna have its ups and downs and door nose down time Jew be challenged. But if your portfolio wished were true properly and your focus is on risk management you'll weathered the storm. Being prepared for both good and bad economic conditions user and balanced approach we use a race of retirement. Winning the race a retirement something we all want to accomplish Richard but in order to get there we've got to remember these. Financial truths and let me throw one more at you before we wrap up the show for today. And that's the fact that there is no. Magic bullet what we mean by and a magic bullet and the fact that there is not. As for me it means that there's no single financial product that will solve all your retirement investment goals you know for most. You know successful management of your savings requires a combination of different financial products and strategies. And most financial product and they have their pros and cons. And that are that that's science of income planning and investment management. You know it's a balancing act of those pros and cons to ensure success in both good and bad economic times and I think that's key. You know have a mass success in both good and bad economic times you don't want to get to and hammered with financial product if you focus on having a plan. And they get help find in the products for strategies that fit that plan. And don't forget. You know most advisors. Or don't agree that the strategies that work for you while you were saving for retirement may not work as well in retirement because retirement. Represents a fundamental change your life and yours aliens won't be needed to create reliable income that will last a lifetime so guilty game changes. The moment you leave the retirement party and it changes because of something known as volatility you know volatility. We're first to the changes in value of your savings that are directly tied to the performance of the stock market. In other words the ups and downs in the market. They you know that's what the market does you know it goes up it goes down it goes down. Early it goes down later goes flat it means the market does a number different things and number different times of you know time and is it could be a problem but the point is. Is that the effects of volatility. Nearly as much greater when you're taken income from your savings. And it is when you're working to save his career and you know when you were saving for retirement market downturn three do sure savings. But they didn't affect your income. But in retirement. All or portion of your income is generated from your savings and the impact of market volatility specifically those downturns. May be greater now remember you know completely avoid in the stock market is not a solution for most of you. Especially if you're gonna keep pace with inflation. And retain the opportunity for growth during periods of good economic times since as we can't predict when the market will go up or go down it's important to have a plan to generate reliable and predictable income. While you do risk management strategies that will limit our exposure income and savings. Are to market volatility you know on this requires a financial plan. That is structured differently than the planned use well shaven for reconnaissance. You know there's all sorts of advice floating around when it comes to plan for retirement but but none at all advice is created equal. At some of it is just plain wrong even so an objective review of your retirement plan is crucial since the decisions you make in years immediately before and after. May have irreversible consequences. To succeed and retirement mean and you don't run out of money you need a retirement plan that incorporates a combination of different financial products and strategies. And this is why I'm very passionate about you being well prepared for retirement. And I'd like to extend an opportunity here right now to help you be sure that your well prepared. I'm off on a couple of very funny to review can anyone who calls the next fifteen minutes and has at least 200000 or save for retirement. I'll talk about your retirement income needs where that income is gonna come from. How you'll outpace inflation pay as little as possible taxes and make sure that you don't outlive your money. Now you might say I don't really have to call in the next fifteen minutes and yes it's true you could probably take care of it next week or next month. But here's the deal. I think coaching people on retirement plan for a long time and I've learned and it's really easy to procrastinating get distracted. So if you don't start the process now here's a very good chance that you're not gonna do it at all. So the first coach and I'm gonna give you was to encourage you to take the first step right now. For almost everybody that's the harder pork from there it's not a painful process sort you're ready to finally get a plan in place. Give us a call right now and this is the number to dial once again it's 800. 6465996. Again that's 800. 6465996. The Petit touch with investment advisor Richard future rally at Carolina. Retirement resources if you're ready for a proper plan. To get you where you want to be financially to get you from point eight appoint beat. And give you a bit more peace of mind of the more understanding of what's happening inside your plan Richard can help guide you down that path. Path all you have to do is dial 8064659. 96 to start the conversation again that's 8064659. 96 Richard has offices conveniently located in hunter's bill Indian rock feels so it's easy to come in say hello and have that talk about your plan. Get a complimentary review when you call right now 80646. 5996. Have you been relying a little bit too much on TV for your financial information did you. Think that there was a magic bullet in the financial world war do you think that your really really risk tolerant but after hearing our discussion of think well maybe I'm not. As such tolerant to the wrist. As I once thought I was those might be some signs that it's worth coming yet. For a review of your financial plan each week we have folks calling in to the show and now asking Richard their questions and coming in for reviews of their plans if you'd like to take advantage of that opportunity as well. Richard will set aside time on the counter to meet with you again the number is 806465996. That's 80646. 5996. Richard thank you for the help is always on today's program glad you're 28 penis off to a good start to handle all the port to another show with an excellent thank you offered. We appreciate it is always that's Richard culturally your local financial maestro. Thank you so much for joining us we'll talk again next time on the financial symphony. Information is for administrative purposes only. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.