What Can We Learn About Financial Planning From Beethoven

Financial Symphony
Saturday, August 4th

Amswers to your retirement questions, and what can we learn about financial planning from Beethoven.

00:44:07

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

The following is a sponsored program on WBT. No financial symphony. To the helping you can. Harmonious financial plan and getting your portfolio in two so sit back while always strike up the the financial sympathy starts now. Hello and welcome to the financial symphony this is Mark Killian here alongside Richard culturally investment advisor representative. At Carolina retirement resources. Right here in the Charlotte metro area thank you so much for tuning into the program today. We got a great show lined up for you if you've got questions or concerns about your retirement journey give Richard a call 806465996. Get yourself on the appointment calendar no cost or obligation to talk and Richard. At Carolina retirement resources he's got an office in hunter's bill North Carolina. As well as one in Rock Hill South Carolina and a great great resource to tap into again 80646. 59 and 96 Mets 806465996. Richard welcome and sir how are you today room great market so. I'm doing pretty well I'm glad to hear that your doing good death if you're run around catch and now doing some things that they do some errands or whatever. We certainly appreciate a few minutes here with us and again jot this number now if you don't have time -- Colorado way and talk with Richard about your retirement plans 806465996. Richard can certainly help you make sure you're gonna get 2 AM through retirement. Let's let go and do our normal thing here on the show Richard let's hit some email questions from around the area. And now see what Clinton TK has got to say. He says Richard tell myself that once I hit a million dollars in my portfolio. I move a lot of money to cash. But I'm at the millions now think I can push it a little bit and get to one point two before I make that move what's your thoughts on this match. Pretty normal response. You know I'm gonna say it depends you know are you still in the accumulation phase. And save for retirement or are you close to retirement and in need of a plan to generate income to replace your work from paycheck you know my advice. Would be different dependent on where your hat in your retirement life cycle in other words. Your asset allocation. Needs to change over time so you know your age. Your risk tolerance those are two key variables that would determine appropriate asset allocation. Asset allocation is supposed to limit the downside by expert in risk around so that when some master classes falter. Other rise or shows thinking goes. But you know in the 20082009. Market rout. Even the most diversified portfolio took a beating has all last week classes sank in tandem and it took a number of years. Thereafter for you to recoup those losses so you know Wall Street teaches that the main difference between an aggressive allocation and conservative allocation. A really comes down to a balanced between stocks and bonds you know there's a little difference between the stock portfolio that twentysomething and and data for retiree other than the amount of stocks each owned but again. This approach faltered in the 20082009. Market downturns to listen. Everyone should have an emergency fund because no return should comment happy expensive your peace of mind. You know this emergency fund should be cash money in your savings account where you know would save and available. This phone isn't about growth so leave it there for a rainy day and just be done with it without said I would recommend creating a balanced pool. Bill that provides both safety and growth and the reason is that a portfolio declined early in return make can be devastating for many years to come because. You exacerbate portfolio losses when you're taken we're brawl on to provide long term stability. Consider allocating some of your assets into a safe money strategies to funnier spend an in retirement and then the rest can be invested for growth in the second strategy. Taken this approach ensure you maintain a comparable lifestyle Doran bad economic times it also gave your growth strategy that time it needs. To ride out any economic storm. Well certainly a great question a lot of good information there are firmer Richard here on the program for you cliff. I get as you said you know not every one you know you're not alone in that bottom a lot of people think that's a good idea to do and the idea would be to sedan is certainly talk with a professional to make sure that whatever approach you take is going to be the right one for you and your portfolio. Giver to the call 806465996. Ian in Charlotte says Richard I'm turning 65 and a little bit confused on the Medicare. I have an appointment next week to meet with my insurance agent and I was wondering if you might shed some light on what if any concerns I should be made aware of. Your good company in many Americans find themselves confused or overwhelmed by Medicare. And even Medicare supplements you know but you don't want to put their car before proportional. Let's take a little moment here and review manicure basics first and your original Medicare consistent part a and part B. They are provided to you by the federal government in fact human role in these two parts and only these two Porsche through Social Security Office. Part eight is your hospital coverage this coverage page for your room and board in the hospital. And provide some level of skilled nurse and if needed part B is your outpatient coverage in this covered pretty much everything else you know doctor visits equipment lab work surgeries. Diagnostic tests. Part B seizure drug coverage you know this is a former C car and which will allow you to purchase sure prescriptions at a much lower price the retail. And you're eligible for all three parts of Medicare on the first day of the month could you turn 65 now Medicare doesn't cover. All your health care expenses so it's a good idea to purchase a Medicare supplement. To close that gap and Medicare supplement insurance policies are identified. By letters a through and and every policy is standardized meaning and they provide the same basic benefits. No matter which insurance company sells or so the difference comes down to cost. And then customer service so Medicare supplement coverage. Usually has a higher monthly premium. But could result in lower out of pocket expenses than some Medicare Advantage plans. Medicare Advantage plans on the other hand generally cost less. I cover more services which can be better option dependent on your budget and while original Medicare doesn't wish recovered based on preexisting conditions. The rules are different for Medicare supplement insurance so private insurers can turn down your application because of a disability you're pre existing condition. Especially if you don't sign up Doran you're open enrollment period where there is no underwriting and everybody qualify as. After your open enrollment period however. Coverage can be denied so it's important that you choose wisely so. If you would like to meet with someone I trust with my clients and get a second opinion give me a call and I'll provide you with that individuals contact information. And it's 806465996806465996. They easier for the question we certainly appreciate that. And I named Richard to call and he can get on the right path 806465996. Read over State's bill now this kind of funny here Richard because I have uncle named red in and come over which is not war. Yeah although he didn't have red hair so I never really understood that when but he went red says that I've never worried too much about the market when I was working Richard but now and I'm retired. My stomach well it just gets that not every time I watched the Dow move around. Should I just move everything out to cast so I don't worry so much a cash questions today. Hey you know. One thing I've always told my client is is that to watch the market every day you probably shouldn't be in the market sick at that point but they are I think you're right to question. Whether keep in a 100% of your retirement savings in the market. Now that you retired is is the right thing to do or not it's obvious that at some point. This bull run that started in 2009 will end. And if history is any guide. You know 50%. 60% drop like the one from late 2007 Q early 2009. Is certainly not outside the realm of possibility. But even knowing that I don't think the answers to move all your statements and cash. Instead of worrying about the market shift her focus to create and retirement strategy. That you can live with and all sorts of market conditions and by that I mean create a combination of strategies that will provide you with reliable income. And the group that you seek. You know in retirement when the most important considerations. Is how you create your retirement patriarch. You know this is an area of retirement plan initially get the most attention as your focus your retirement should no longer be to maximize well. But on sustain in the desired income. This will require retirement plan that is structured differently than the planned to use while you were saved for retirement you know in retirement. It's extremely important to avoid large launchers which means tilt to your asset allocation. Again away from wealth accumulate into one focused on preservation and income. But you still need a strategy to help you maintain your purchase power over retirement. Second blast into your nineties in on many cases this will require use of different financial products to retain as much opportunity and flexibility as possible. He take a balanced approach which will allow you relax and enjoy your retirement and ensure that your prepare for both good and bad economic conditions. So to control your concerns about the financial markets you want a huge risk management strategies that minimize losses. And then let you choose how expose your income is too volatility. Completely ignoring the financial markets is certainly not the solution especially if you're gonna keep pace with inflation retaining opportunity for growth. An additional income Dorn periods of good economic times so. Move and all your Saban used cash isn't a good idea because you must decide when to go to cash. They need to decide when to reinvest. You know that's a. Feel folks when you invest in the market a correction. Or a ten to 90% drop in the market value it's healthy in the long term but painful and a short term. All markets correct but if you have a plan in place that ensures income for the entirety of your retirement years. Then your concerns about your growth portfolio dropped and should be minimal as it's a long term strategy. And just like if someone has to obsess about short term profits it's also one wise to obsess about short term losses. The key is to have a plan in place that allows you to time. To benefit over the long term showed all boils down to the fact that all the peoples of your financial puzzle need to fit together so I'd like to offer you the opportunity cumin for complete financial review. And I'll offer this review for free to all listeners who have at least 200000 dollars saved for retirement. I'll talk you through the different total peace is that you need to consider bill for instance. How much risk you take in your portfolio. And is that amount of risk appropriate for your age and for the return mature get it. And what about tax implications on your statements he's their way to save money in taxes down the road by planned and proactively today. And do you have an income plan in place to be sure that you aren't in danger run out of money if you end up live and thirty or more your retirement. Do you have a plan to address inflation in future decades as the cost of everything continue to rise. Obviously there's a lot that we need to discuss. And I found that most people just haven't planned for early enough to address all these issues. Again this review is complementary to anyone who has at least 200000 dollars saved for retirement. But the calendar does Philip quickly so go ahead and give me a call right now so that you can be sure to get a spot reserved for you. 806. Or 659. And 96. That's 806465996. Get yourself on the women's calendar which Pritchard who drilling. At Carolina retirement resources into every opportunity to take advantage go ahead and get that a spot reserved and come on and talk about your specific unique situation. With Richard which really we certainly appreciate the question this week here on programs that ground there's much more come today. It's time for another musical connection. We're we blend the worlds of music and finance together. Here is a friend of the show financial advisor and musician mark Gloria we have Iran's style that's. Time now for another musical connection and on the financial symphony and we're talking about Beethoven. Ludwick Von Beethoven. The greatest composer who ever lived according to some people. Or we can learn about financial planning from the life of Beethoven that's what mark Lloyd is all about he's gonna tell you. I'm mark even after Beethoven went deaf he was almost completely deaf at the age of 27. Mini was completely dead by the time he was thirty. He continued trying to conduct many of the symphony city Britain and had a lot of trouble as one might expect the death conductor to have. The story goes at the end of the premiere of his ninth symphony he thought it'd been a total disaster. And remain facing the orchestra but this faced is buried in his hands. And one of The Sopranos soloists. Had to turn Beethoven around so that he can see death generous applause of the audience. Which. He couldn't hear they loved it but he didn't know it until he turned around. Wow what we learn from that I did not know that story now I just look that up when I was little research on Beethoven and I think it's just amazing. So wouldn't have worked at the songs that are roll over Beethoven was turnaround Beethoven's. That's what I could hearings let's hear it. I just took her sweet story can be allowed butchered it I'm sorry this change the mood completely and it. But I'll be me gosh I mean he turns around he finds out that everybody is just absolutely loving what we do is dead. But he didn't know that before. He was so he he didn't realize. It sounded the way it did because he was deaf yeah. And he just automatically assumed. That it and it was it was brilliant right there exactly so think about this what about our retirement plan. You know there's a lot of people right now that come in from the show how long of this of this. When I'm able to say you know you're a lot better shape than you realize. Think about it. You know I there's no way I act and retirees no way I thought about it I can never retire Ike I have not save enough money. I was a late saver. You know I just wasted so much money there's no way I can retire. And then we sit down there we plug all the information into you know into the software and and we're looking at how things are the strategies that are put in place. And maybe maybe we can get by with a little tweak here a little tweak there. But it's amazing Ron in a lot of cases there are a lot better shape than they are they thought everything was doom and gloom and we were able to share with the folks. That is not. You know so here's the bottom line. That you've got to feel confident in the ability of the people that are analyzing your retirement plan. And sitting down without advisor to get a true plan in place doesn't have to be an unpleasant exercise. That many people think that it is it can actually be quite liberating and exciting. You know I had this 11 lady and I know I've shared her story with evil four around the video Brenda Brenda came into one of our offices and and she says Marcus Houston I'm 64 years old. In a perfect world of the retire at 65 but I just don't see it play you know might my job is okay I enjoy my job. But I I this that there's no way with what I got here that I am going to be able to retire. And I sat down us of okay Brenda deal tell me how much you're spending and and we sat down and work through her budget that would her lifestyle expenses were that includes going out to eat that includes. You know her bills that includes or lodging and includes everything. Her taxes and we sat down and we looked at what your Social Security was going to be. And she was one of the blessed ones it was going to be a real small pension you know by 400 dollar amount but there was some extra income coming in about four dollars a month. And then I sat there I looked I did an analysis over portfolio and here was the bad news. The portfolio. Wasn't performing okay. So we were able to fix that real easy and here's the really good news we were able to set it up and away where we brought the risk down. The potential performance was up we put some guaranteed interest rate in the air where we knew what it was gone earn some contractual guarantee interest rate. Where we could turn on some low income to supplement her Social Security in this little pension. And can I tell you that she was able to retire she moved to the West Coast. And she was able to live next to her kids or her family was aware her grandkids were. Cost of living was even a little bit more. And it was all because you know she's fault per short it was no way she could make it at all because she picked up the phone and she came in. To have an analysis done and she was liberated afterwards that he was able to have a plan and she retired on her terms. I'm telling you what I love her story I love that situation and there's countless folks that we have helped do just that but it took you want. One. They had to pick up the phone and make a phone call. And go to the next step which is setting up an appointment so Ron shared with the folks how they can connect with us. Just to get the following call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now and take advantage 806465996. Much like the musicians nineteen hits mistakes and their instruments or analyzing the acoustics of early in the forum performance. Your financial maestro nineteen to a financial planed to adapt to the ever changing financial world don't settle for an advisor who offers us sales pitch. And also plans to make sure you hit all the right notes in your financial plan. Come visit with your financial maestro of Richard Richard Elliott and setting the Charlotte metro area call 806465996. 806465996. It's time for a fireside chats as we get to know you're a local financial symphony maestro. Well it's getting to know you time here on the financial assemblyman Richard pitcher LE we're gonna stuff away from the financial cheddar for just a moment or two. And get to know Richard outside the financial realm easily ask a random question here on the program and this is a pretty good when this week's Irish or be curious to see your response. If you could call up anybody in the world and have a one hour conversation one of them who might beat. When I'm missing my dad did he he passed away about thirty years ago and although I technically knew him my left on the young Asian. And we weren't really close at that time anywhere is 1819 years old and yeah I thought I'd like to have that conversation was thin and dangerous share what's happening in my life over the last thirty years and you know have a meet my wife who had met in prefer to meet him. And you know I have some unanswered questions that would be nice to address if I had that opportunity so they would be my dad's. You know it's funny say that I'm right there with you my dad passed away when I was 23 and about 24 years ago now. And yeah I never really got to see me be you know crew to man and all those kinds of things so that's the first thought I saw what I love when I read this question as well. You know who might have been I think for a lot of us that might be a family member that which you know we obviously knew but just I would love to talk with them again -- comrade there with you Richard so that's a question this week ask yourself who might you wanna call up and talked with for an hour if you could. It's certainly a provocative thought to think about to have a good one hour conversation with someone passed both president just anywhere in the world. This isn't getting to know you hear on the financial symphony will be right back with more program after this. Johnny cashes estate was approached by an advertising companies asking permission to use the ring of fire on an ad for him right greens. The request was freaky. On a similar note here the financial symphony we requested that Johnny Cash the state allow us to use Folsom prison blues is our theme song. That request was also reviews. But keep listening anyway. You're back you're with us on the financial symphony with Richard culturally joining us once again here on the program. He is an investment advisor representative at Carolina retirement resources. Right here in the Charlotte metro area great great resource to tap into a few questions and concerns about your retirement journey give him a call 80646. 5996. You can get yourself on the all important calendar for no cost or obligation consultation with Richard. And just talk about your specific situation 80646159. And 96 is offices and hunter's bill North Carolina. And Rock Hill South Carolina and Richard lets us see if we can take some lessons from the world of medicine here this week on the program. If we take a look at the in the world of medicine there's usually some Kelly correlations I think we can find. We can apply to our financial life and I think certainly as we age there is a correlations kind of become even more evident right. We need to you know may be to get those check a little bit more periodically things of that nature even if you feel fine it's a good idea to get those checkups. Italian almost. People. You don't go to a doctor for a routine physical every year and NN though doctors generally recommend that you do so right and they don't do because they do you feel bad or they feel fit. But because they wanna stay on top of any problems that might not be happening here in the same way. Everything might feel fine in your financial life for some time to Korea lecture Erica could be helpful for pointing out problems that you don't seek common. He don't remember the ultimate purpose of a portfolio checked up is to bring your investments into line with your financial goals. That's why it's critical that you create a plan that includes clear financial goals. Because inevitably goes gold will determine which financial products are your best interest so you can invest in the stocks for let's say the last five years you've probably enjoyed watching your account balanced tick up. You know with dividend reinvested the SP 500 is gain more than 200% since the lows. That bear market back in march of 2009. But those good returns could have created a risk and that risk is complacency it's easy to lose track of your risk lol or get comfortable when the marketers generally going up. But that may not be a good idea because when the market conditions change he might have wished you'd been more attentive. So it's critical to perform regular check ups to refresh your strategy your asset allocation and your individual holdings. And if you're still shaven toward your goal to save them towards retirement. You know you can make plans about strategic ways to put your money work for you on the other hand if you're living off the portfolio. You can evaluate your income potential of your holdings. Or how much you may need to allocate to majoring companies. You're checked out is a great time to reconsider your asset allocation. As a starting point checked to make sure that the target you've set for your favors matches your risk tolerance it matches the present economic realities. And it also matches your time horizon if you haven't reviewed your portfolio for awhile there's a good chance that your asset allocation could have drifted from your original allocation. At times that can have risked your portfolio which might cause your portfolio to experience larger losses. Then your comparable with in the event of a down market so for example if you're near retirement. You may wanna protect against near term volatility by construction of more balanced plan so you haven't had a check up for quite some time. It's time to make that a priority. Yet you know it's always a good idea to get those check ups on our health and so why not get those checkups on our wealth. And as I was saying as we're aging and our portfolios aging the same kind of thing you wanna make sure that. That's your portal is allocated really for the time of life insurance are getting this periodic check up certainly a good idea. We're trying to CES and correlations here from the worlds of medicine in the world finding info on the financial symphony would Richard which really today. 806465996. You know sometimes Richard we all catch a little bug and announced. And the over the counter medicine they may work from time to time but every now and again you gotta go into the doctor get that prescription going to need some a little bit more punch. And you know when you take a holistic approach to care for your body which you're dealing measure recognizing the value. A focus in on your whole person whole body. Rather than focusing on a specific illness were specific organ dysfunction. You know the goal is to achieve maximum will be and where everything is function in the very best as possible and different illnesses require different treatment protocol and many times you're capable of treating yourself you know a lot of people they get your feet go get the all shelter plop plop fizz is and who invest their in their approach to taking care of that issue. But if the cold more it becomes worse. Or becomes pneumonia then more than likely you'll need an antibiotic to address the problem. And you can't get there by yourself so similarly in your financial laughter a lot of things you can do yourself. With the equivalent of over the commerce solutions. He could balance your checkbook you can manager household budget. You can even pick these investments your 401K without professional help but sometimes you might encounter an issue where you need professional guidance like how to handle tricky tax situation. How to best use your statements to create retirement income for yourself. Or what to do when inheritance she just received you know holistic financial plan and is the process of pursuing your life goals through proper management of your resources. Like gold can include buying a home haven for your child's education plan for retirement or leaving a legacy. And holistic retirement plan recognizes. That your savings won't be the only thing you need to consider when it's time to retire you know retirement. It's complex puzzle of both personal and financial goals. Each of which impacts the other you know when you're contemplating retirement especially when retirement is imminent. You must make a lot of decisions and one of the most important considerations is how you create your retirement Patriot Act the challenges. How to create income. From your retirement savings is such a way. As to ensure that your money last as long as you do the question on the mind of many of you approach to retirement. Or for those of you who have recently retired is how to do that. And you do it with a financial prescription from a financial professional specific to your financial objectives. This is unique to each family to whether you're wealthier have urged that prescription should alleviate your concerns about the potential about living your income. You know world subject to same unpredictable economic diseases that may arise in a retirement that could last twenty to thirty years so. All of you need to ensure that your financial plan is healthy. And that preventative measures are taken to avoid financial disease socially if you cannot. Accurately predict what is gonna happen and you need to prepare for both good and bad economic environment. And to help you get prepared I'm offering you the opportunity to receive a comprehensive financial plan. And a portfolio review for free if you call in the next fifteen minutes and have at least 200000 dollar face retirement. So if you meet those qualifications here's what you can expect. First our review your financial portfolio to determine how much risk taken and whether or not that amount of risk is appropriate for your age and for the return mature actually again. Along Tanglewood it's caution you work with your current planner or advisor and I'll show you how to protect your investments to keep more of your money in your counts. Next our performer tax analysis to show you how you could possibly read future taxes and increase your cash flow in short. I'll provide you with a holistic financial plan that pulled all the peaceful than your funny proposal together. To take the guesswork out of financial plan for you so for all the caller who call the next fifteen minutes mark. Hum offer comprehensive financial review of there were often for no obligation. And I got to do is pick up the phone and call 806465996. As Richard says it's complementary and there's no obligation. So go ahead and had to get that check that going on your wealth and stop his talking bridge through to really Carolina retirement resources. 806465996. And it's 806465996. To reserve your spot. This is the financial stimulus project. Drilling a few more to come after the. 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. In the meantime ripe with uncertainty. A will be a time of Julie. 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 806465996806465996. We all see the finished product to the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. What you don't often see is what it took to get to that stage. Hours and hours of practice been traveling the critics see improvement. All those little details have been in the background without us noticing and you know what's your financial maestro which together a financial plan for you in much the same plane naming the 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 these children in Africa and going on in the background to address your financial masterpiece. And remember your player should be in the beauty come visit with your financial my stroke Richard drilling and serving as Charlotte metro area. Call 806465996. 80646. KB 996. Yeah. Traveling. Post time for in the news here on the financial symphony like to grab a headliner a topic that's making its way around news program you know wins and toss now to Richard give his take on your own program 806465996. If you've got your own questions you might talk Richard about but four. In the news today Richard. The price of oil has been arising of course we're seeing an out of gas pumps one yet again right so. At what point do you see your do you think this could become a problem for the economy again gasoline prices typically rises as summer approaches but I I think it's really important that people are recognized. That you don't oil is a global market you know it gets pumping shipped around the world and so supplies around the world effective global price of oil. And in global oil stocks have dropped to a three year low hunt the last time I took a peek. And the other part of the equation is that the global economy shift and higher council the facts or figures of the global economy world. The more oil that is used up in that total US oil production. Fortunately stood at record cars you know in fact total US oil production has already surpassed. That of OPEC's leading producer Saudi Arabia and and where we're on track to topple rusher and become the world's largest crude oil producer is early is later this year. You know that's impressive you know so that's that's my love about technology technology always seems to improve. The overall situation so. If we got a lot of oil here at home I guess the question newswire gas prices so I'm not expect. That well. That's because there were exported on that oil you know so when oil prices climbed it has the cost of doing business side beat the increases are generally thought to increase inflation and reduce economic growth. In terms of inflation oil prices directly affect the price of goods made with petroleum products you know gold. And oil have they had a direct correlation seems like when oil goes up gold goes up. But on a personal note you you know you can offset the increase of prices going get an exposure companies in the oil gas and consumable fuel under trees. Energy equipment service industries things like that. This is the best solution to a higher oil prices moving forward. Yes that means that it's time to review your asset allocation and make any necessary adjustments if you call on next fifteen minutes. I'd be happy to our review your portfolio. Our review the allocation that you presently have and I'll be happy to do that for you at no cost and determine if you're positioned to take advantage of these rise in oil prices so good Hindus call right now. Yeah 806465996. Take advantage give that review from Richard. And I gets up on the calendar 8064659. 96 this is the financial symphony with Richard which really will be back before after this 80646. Wherever you go there yeah. Following. Their team still thinking alone continuously nibbling away your hard work. Did he. Need. 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. Yeah okay. I'm. Come visit with your financial maestro and Richardson to LE sipping the Charlotte metro area. Call 806 point 65996. 806465996. Timing is everything. In music as well as in life. Having the right tempo and rhythm helps all the musicians in the connector locked into place and ensures the smooth and steady performance. The same can be said for your financial future where timing is everything. Having the right person to guide you through your financial concerto can make all the difference timing. And tempo in life in music and in retirement. Is everything. Come visit with your financial my stroke Richard Richard Allen. Tipping the Charlotte metro area. Call 806465996. 806465996. Did you house produce more milk when listening to relaxing music. That's according to a study conducted in England in 2001. And recorded by the BBC yeah. Did you also know that people achieve a higher level of financial satisfaction while listening to the financial symphony. I was never recorded by the BP primarily because we made it up but keep listening anyway. Are you back here whether it's on the financial simply cruising down the homestretch here today on the program with Richard culturally investment advisor representative. At Carolina retirement resources. Right here in the Charlotte metro area you can call 806465996. And get yourself on the calendar commence that don't talk Richard about your situation no cost or obligation to discuss your retirement journey. In that make sure this can be on the right path towards retirement 806465996. Is that number calling an 80646. 5996. Right here in the Charlotte metro area. Richard and I were discussing lessons from the world of medicine earlier here on the program if you just happen to be tuning in with a sand. Or we continue won't that conversation with some more thoughts here from the world of medicine. Sir Richard just like you know doctors have different personalities. The financial world sees that as well with some difference this realities. From financial planners correct. That's true you know dependent on your medical needs. You know you might need a doctor within a certain specialty if you're on middle aged man with heart trouble you know you wouldn't visiting gone. I now that's you know this and if you need shoulder surgery you wouldn't go see an oncologist or respiratory specialist but it but it seems that. You know in the funny world we sometimes lose sight of the fact that certain advisors might have different specialties. You know some advisors my specializing young families. Whose primary concerns are paying off debt saving for college and get stored and invest in. And other advisors have developed a completely different specialty work with retirees. To help them make sure they don't run out of money before they die. And no one who does what can be a daunting experience as as that term financial advisor. He's very generic you know many other retirees who visited with me you know McCain and with wealth accumulation portfolios you know these are portfolios. That are designed for accumulation. Which is exactly what you want if you're still working and receiving a paycheck and retirement is let's say you know more than twenty years away. You know this is by your does not specialize in retirement income plan. And if they were retirement specialists your portfolio reflecting you know retirement. Is all about income and and it all your portfolios designed to do is increase well. If that's the focus then you don't have a retirement income plan you have a wealth accumulation portfolio. And that wealth accumulation Corel photo cannot guarantee income for the entirety of your retirement years counsel from a financial point of view. There are two distinct phases in retirement the phase in which you were working as Saban is the accumulation things. When you retire and begin taken income from your savings that's called the distribution space. This is important because when you save for retirement market downturn reduce your assets. But they don't affect your income but he retirement all or portion of your income is generated by your statements and the impact of market downturns can be greater. Do you know what type of financial specialist is managing your retirement savings. If not get a review of your portfolio as soon as possible remember knowledge is power only if you take action. Yeah no absolutely got to be able to take the action in order to find out the answers that are looking for. To get that knowledge and of course you know Richard sometimes you may get some information when years you're talking with a doctor. And you're you know not to be fond of what they had to say and you wanna get that second opinion. Not maybe because you think they told you wrong but just because you need that you know reaffirmation maybe in your own mind. That this is the correct diagnoses. Or just for the sake of just won a second opinion to make sure everything is on the up and up. So in the financial world certainly a second opinion can be helpful as well. My earlier no doubt that if you receive a disturbed and diagnosis let's say. You know it makes sense to get a second opinion I mean doctors are humans and go ahead and confirm the diagnosis forget another perspective. On the recommended treatment protocol. In order financial world. You might hear an opinion from one advisor and you might not be sure you really get the best advice for you. Or if you just being given a sales pitch you know sometimes that happens you're not really sure that's the case or not in on a case that you don't get in the second opinion doesn't hurt. In general you understand the value of obtaining a second opinion on who think most of us do. Whether it's for health our families are career doesn't matter. When we reach virtually auctions gather that information and get second opinions don't we tend to have more peace of mind a better understanding of the situation. And potentially. Adult decisions that would develop a better outcome so why don't you treat your finances the same way if we shake out a second opinion when our money management. We could see the same benefits as in other areas of our life and aboard repeating past financial mistakes there are many reasons you avoid getting a second opinion. Such as being comparable with your current advisors fear of making changes. Not knowing where store or simply put you change offer another day. Or we assume that if we can do what we're doing it'll eventually work out by your finances are in terror grow to your goals and dreams especially in retirement. So why don't many of you she has been worthwhile to get a second opinion. Listen while many of you today are quite confident about your retirement and financial future. In most cases you're not truly prepared. To me this indicates that many of you may have a financial plan. But you letting gathered dust without reviewing their modifying it or to see how each aspect of the plan could be improved. Experts recommend that you should regularly requests second opinions on your portfolios. You'll financial planning can be complicated and overwhelming. To make the best decisions possible. And create a financial plan to help to feel secure confident it's important work with a qualified and experienced financial professional and at this time I'd like to offer you the opportunity to get a second opinion. It's important to me that our community is well prepared for retirement and I wanna extend an opportunity here right now and help make sure that you are well prepared. Hum offered a top Marie financial review you if you call the next fifteen minutes and have at least 200000 dollars saved for retirement. I'll talk about your retirement income knees where that income is gonna come from how he'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 need to call next fifteen minutes and yes that's true he could probably take care of it next week or even next month. But here's the deal I've been coaching people on retirement plan for a long time. And I've learned that it's easy to procrastinate or get distracted so if you don't start the process now. There's a very good chance that you're not gonna do it at all so the first coach and then I'm gonna give you is to encourage you to take that first step right now. For almost everybody that's the hardest par from there it's not a painful process so if you're ready to finally get a plan in place go ahead and give us a call right now. And that number is 806461599600000080646. 5996. To get yourself on the appointment calendar you know we always hear healthy wealthy wise you know making sure we take care for health and her wealth. So certainly it's a great opportunity command and sit down and talk with Richard culturally about the health of your retirement plan 806465996. That's 806465996. To talk with Richard coach early investment advisor representative at Carolina retirement resources. Right here in the Charlotte metro area from his office and hunters or North Carolina and miraculous South Carolina. As always Richard thank you for being on financial simply we appreciate your time in your list of everything thank you mark and we'll do it all again next time to make sure you tune in for more. Here on the financial symphony with the Richards who through round. Information is for illustrated purposes only. And does not constitute tax investment or legal advice. Always consult with a qualified investment legal or tax professional. Before taking any action investment advisory services offered through Brookstone capital management LL CBC him. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.
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