12.2.22: Audio automatically transcribed by Sonix

12.2.22: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to The Buckeye Advisor with your host, Woody Bowling. Woody is a fiduciary licensed financial advisor and Medicare expert who always places your needs first. Woody works hard each day to educate Americans like you on how to reach the financial freedom they've worked so hard for. And he can help you, too. So now let's start the show. Here's Woody Bowling

Woody Bowling:
Good morning, everyone. This is Woody Bowling. I am The Buckeye Advisor, and I hope that I am the person you expected to hear because that's why you're tuning in to the radio this morning here on 94.5 FM. The Answer. Dayton, Ohio. Welcome to everyone. And we would be remiss if we didn't immediately acknowledge and welcome our partner in crime and co-host producer Mr. Matt McClure. Matt, good morning and welcome back. We missed you.

Producer:
Thank you, Woody. I missed being around, too. You know, I had to get to get away a little bit. And I went to Vegas and I came back without losing the house. So that is always a good, good thing.

Woody Bowling:
Any time you can get to lost wages. With course is the other name for Las Vegas and still have all your clothing on your back and a place to lay your head, that's a good thing. So glad to have you back. We want to welcome everyone in, whether you're out shopping this morning, grocery shopping on your way to a football or basketball game with the kids, grandkids, whatever it may be. Thanks for taking your time to listen to us. Also, if you're listening on the podcast, we appreciate it because certainly our podcast listenership is growing and we appreciate everybody. And it's certainly convenient, Matt, to be able to listen to The Buckeye Advisor anytime, anywhere. You get your podcast or simply go to our website, TheBuckeyeAdvisor.com and that's advisor with an OR and they can listen to any episode they want to listen to for their listening enjoyment, right?

Producer:
That's right. I mean hours and hours of great information and entertainment because you know, we like to have fun here too on The Buckeye Advisor and you also you'll get to have fun ride along with us. You'll of course, hear a little bit more fun coming up with our dad joke of the week, which is, I think, everyone's favorite part of the show. You know, there's there's the there's the financial stuff, there's the life stuff that we talk about and all the important stuff. But there's the fun stuff, too, and that's definitely a big part of it. And our dad joke of the week and we've also got our Quote of the week in just a few minutes. We've got New Year's resolutions that we can help you keep. We've got some information about what retirees fear the most as well. Cost cutter. A lot of great stuff coming up, but I know what do you want it to really remind folks as we start off here about something that we've been mentioning here over the past several weeks on the show, but the deadline is coming up for Medicare for the annual enrollment period, really just a few days now for folks to kind of get it in gear.

Woody Bowling:
Well, you are exactly right, Matt. The annual enrollment period is ending Wednesday, Wednesday, December 7th. It's crazy how quickly it's gone by over this last six weeks or so. Just flown by. As always. We've been on the air now a little over six months, excited about that. So yet it's not quite too late. There's still a couple of days left, you know, So if people haven't made any selections by this time, it's not too late. But if you want a last minute consultation about your Medicare situation or, you know, someone you know or love or yourself is turning 65 in the next few months, now is a great time to get ahead of the game before you apply for Medicare, talk with me. I'll walk you through the process. We'll talk about the different ways to do Medicare and what situation will be best for you and your own unique situation. So that's what it's all about. Matt We come up with individual solutions for each person that we work with. We love what we do. We're independent, we're a fiduciary advisor on the financial side. So I love helping people. But I would also like to mention, unfortunately, that Ohio State did lose to the team up north. Big bummer for us Buckeye fans two years in a row. And I will say this outplayed and out coached and I think losing with class is important. As much as we like to win, not everybody can do that.

Producer:
Yeah, you know that's right you got to take the wins and but don't be a sore loser when that happens as well and you know that's that is a bummer there in the Buckeye State for the Buckeyes to lose like like that and especially, as you said, two years in a row to some some team up north that we won't mention at this point. But yeah, just a rough week. But but as you say, hey, top five still so you're in position to sneak in there if somebody in that top four. Loses a game here.

Woody Bowling:
Yeah. And, you know, that's what we know can happen being in the top five. I think if one of the top four is easily could happen with a loss and then we're going to be in and then maybe we get a second chance at those Wolverines. But let's get into the show. Let's tell everybody, let's educate some people. Let's get them excited about the future. 2023 is right around the corner, believe it or not. And I think we've got some great stuff to share today along with our other episodes in future episodes to help people learn how to manage their situation and take control.

Producer:
And now for some financial wisdom, it's time for the Quote of the Week.

Producer:
And this week's words of financial wisdom come from somebody you may have heard of a guy who knows a thing or two about money himself, Dave Ramsey. And those words are, quote, You must gain control over your money or the lack of it will forever control you. Boy, that sounds like me and my twenties right there and part of my thirties as well.

Woody Bowling:
I think it defines most people. And Dave Ramsey has gotten rich. I mean, not just a little, but very rich, giving people advice. And a lot of it is common sense. And but, you know, he does make sense. And I agree with probably about 70, 75% of what Dave Ramsey says and does regarding money management. Get rid of your high-interest rate debt first and work on it. Bring it down slowly but surely, and then you can pay for things with cash and you're not inundated with revolving credit card debt or super expensive things. I don't necessarily agree on trying to buy a house with no mortgage. I mean, at today's with the inflationary pressures of the last few years, you know, home values are at their all-time highest, although they're moderating a little bit. So, Matt, it's difficult to pay cash when the average home is 350 grand. So, look, let's be realistic. Mortgage money, even though it's still in the high sixties, 7% range, it's still on a historical basis, very cheap.

Producer:
That's very true. And, you know, I mean, you look back over the years, we've seen interest rates much higher than where we are right now. We've just been sort of in this state of really enjoying that know interest rate that that federal benchmark interest rate of at or near zero for so, so long. And credit was really cheap for a long time. And now that it's not the case we're realizing how how good we had it there for about a decade or so.

Woody Bowling:
Yeah I mean, it's so true. And look, Matt, I mean, we you know, we've been talking about people that, look, if you're in that retirement red zone area five years before retirement, I'll even go back a couple more years, seven years, ten years before retirement. We're going to talk about things today and in all of our episodes that potentially can help you improve your situation towards retirement, improve your situation today and now. So, you know, all these things can come together and work as one. That's the goal. So or if you're five or six, seven years into your retirement, maybe you need a checkup, maybe a little retirement red zone checkup and something we do or say that's not the usual jargon or the usual methods that some people use, you know, we can be helpful. And that's what we hope. And that's why we don't charge anything to talk to people and give them the benefit of our wisdom and consultation skills and then really see if we can find a solution that's going to work for them.

Producer:
Yeah, and that really is the point here, folks, is getting a personalized plan for you because no two people have the exact same financial situation, you know, and you can get that free consultation, by the way by heading on over to TheBuckeyeAdvisor.com that is TheBuckeyeAdvisor.com and that's advisor at the end by the way and you can also call Woody at 937 974 6201. The number one more time 937 974 6201. Well you mentioned it a few minutes ago what he it is just around the corner 2023 is what we're talking about. Yeah it's kind of hard to believe where has the year gone? But we've got some New Year's resolutions that you can start thinking about that we want to kind of go over here for all of our listeners to really help them and and sort of maybe refocus their thinking as we get into 2023 coming up really here in just a few weeks. Let's start out going through these New Year's resolutions that I know you what we can help our listeners keep.

Woody Bowling:
Yeah. Matt. I mean, we think these things are important things to, you know, I think a lot can be said for making a list. I try to do it daily if things that I need to get done or try to get done during each day, and then I can roll it over to the next day. But I can tell you, when you write goals down, it makes a huge difference in your ability and willingness sometimes to accomplish those goals. I mean, people say, you know, I'd like to do this and I'd like to do that. But look, my my thought would be, write it down. Take action. And each day and each week and each month hold yourself accountable because accountability starts when you look in the mirror. So, you know, number one on the list, be calculate your net worth. And a lot of people, again, you know, they try to avoid especially couples with the financial stuff. You find one spouse or the other usually holds the purse strings and tries to be the gatekeeper to the finances of the family, so to speak. And, you know, it really starts with a conversation. If it's you or you and a spouse looking yourself in the mirror or looking with your spouse in a conversation that's civil, hopefully about where we stand. Do we owe how much do we owe on our house? How much do we owe on credit card bills? What kind of big expenditures do we need do If you have a lot of credit card debt, does it make sense now that interest rates have gone up? Does it make sense to consider a home equity line of credit that still is reasonably priced and much better than a 25 or 30% credit card interest rate? So and you can't deduct that credit card interest for many years now.

Woody Bowling:
So might be something to consider. Calculate your net worth, do your total assets, write them down, subtract your liabilities. That's all the mortgages, loan debts, credit card debts that you owe, student loans. If you have some and you know you want to create a clear picture of your net worth, what does it mean, really? It's just so you kind of keep track of it. And, you know, net worth actually is the term millionaire comes from, you know, so you can have a million in the bank, but if you owe 500,000 on your house, you know, it all boils down to what's your definition, right? So the net worth is number one. Number two, check up on your retirement accounts. I mean, we want people to look at that stuff, right, Matt? Just don't put your head in the sand because so many people still working have been in the same program with their 41k plan for ten, 15, 20 years without any. Tweaking, I'm going to say, because, you know, you need to make adjustments along the way. Especially Matt, I run into people that are in target date funds and those are notoriously underperforming where people could get in other parts of their 401. K plan offerings. So I've helped several people straighten that out, get out of those target funds and you can go different ways and I think you can really enhance your performance up until retirement.

Producer:
And that's so important to just be actively involved in your retirement planning, even though you may have set up your retirement accounts or your employer may have set up your retirement account, you know, you're speaking of a 401 K years ago and you think, okay, you know, I've got funds going in there and I'm sure it's fine. You know, a lot of people are kind of that way, but not necessarily go in there. There could be some things that you could be doing better. And that's where working with someone like you comes in handy. As you said, you know what, you've already helped a lot of people do that very thing. And so when we talk about New Year's resolutions, we can help you keep here. That's a that's a big one.

Woody Bowling:
It is. You know, we want people to feel like this. Matt What I run into people is they say, well, I'm I think that might be a silly question or a dumb question or why do I want to bother someone with that? Look, none of those questions are dumb or irrelevant. If it's a question that you have about your financial future, ask it. You know, ask an advisor, find a fiduciary advisor, preferably someone like myself, preferably myself. That's why we're here to educate the public and also work with new clients. So that's the goal of the show. Number three on the list would be update your savings goals. You know, realistically, you know, when Warren Buffett says don't save what is left after spending, but spend what is left after saving. I mean, we talked about that a few shows back, Matt, and that's what we want. You've got to set commit to things where you pay yourself a reasonable amount to save. And also there's no almost about it. You've got to treat that systematic savings plan just like a bill. You've got to treat it just like your mortgage or your car payment that you pay every month. You've got to commit the first week of every month or whatever it is, or maybe it's twice a month. You move a certain amount of money from your savings into some investment accounts. A Roth IRA. If you're under 50, the maximum Roth is 6000 this year. If you're over 50, you can go up to 7000 for your Roth. So different things that you can do commit to savings. Very important.

Producer:
Yeah, that's right. And I'm a big believer to what he in in if you can and it's an it can be a very easy thing to do automate as much as you can like as you say kind of make it like a like a bill. Well like with me, I know that I have automatic payments set up for a bunch of my different bills, you know, like maybe the power bill, for example, or the cable, the Internet, the cell phone, all of that stuff just automatically comes out on its due date, first month, 15th, the month, whatever. We'll do that same kind of thing. Maybe on the day that if you have direct deposit, the day that that cheque gets direct deposited each month, just make that automated, set an amount and have it automatically go into a savings account that you have. That's, you know, that you can then put it in whatever your retirement investment account might be so that, you know, it's something that you can set up and make it even easier for yourself so you don't even have to really think about it.

Woody Bowling:
I couldn't have said it better. I mean, I do it myself on certain bills and I also do it myself on savings as well into my own investment accounts. So to me it's already money spent, but it's spent on my retirement future. And you know, for all of our listeners that don't understand, there's two sides of our business. One is the investment advisory side. As a Series 65 licensed financial advisor, I can help people with 41k rollovers, Roth IRA conversions, traditional IRAs, second opinions on all those things. We use TD Ameritrade as our custodian of client funds, one of the best in the world, best and biggest in the world. They do a phenomenal job and we actually Matt link client checking account or savings account with their TD Ameritrade account, whether it's a Roth, whether it's a traditional IRA or whether it's just an investment plan investment account. We link those so the money can be transferred and we can set it up, as you said, automatically, once a month on a certain day. And you know, we can move money at the click of a few, a few clicks of the mouse and the money can be there. Or on the flip side, we can also help clients with their income retirement distribution strategies. I do a lot of that for folks as well. So a few clicks of the mouth and we're going to be strategically set where we can move money from the TD Ameritrade account on that side into the client's checking account to provide them with a monthly income to supplement any pension, Social Security and all that good stuff. So it's a very cool thing to have this automation process. And you know, you couldn't have said it any better.

Producer:
Well, and it's a very important thing. And also you talk about making sure that you have a plan in you mentioned a minute ago, making a list while this is is kind of falls along those same lines. Make a plan to pay off debts. That's the number for New Year's resolution that we can help folks with. And that's so important. Like, you know, you can say all day long, okay, I want to be debt free or I want to have everything paid off, but the house or whatever your goal is. But then you've got to make that roadmap on how are you going to get there?

Woody Bowling:
Very true. And look, you know, a certain amount. Not everyone. It's not always easy to be completely debt free, especially when it comes to a mortgage and a car, because, you know, if you've got that ten, 12 year old car, you got it paid off after four or five years, finally. And then what happens? You start spending money on the car, right? Because you've got things breaking and parts you need to replace. But that's just life. So we can't get away from that. So look. Get some sort of a plan. Start with the high interest rate stuff first. Chop that, chop that, chop that until it's down and gone. And then be liberal. Don't be as liberal about opening up new credit cards, all kinds of things, because those things can affect your credit score. So make a plan to pay off your debts. Stick to it. I can help you do that. We can give you strategies that work for us and for our clients. You know, number five on our list, Matt, rebalance your portfolio. And people don't realize that even though in theory, their portfolios are supposed to be set up a certain way, a percentage in large cap growth, a percentage in small cap, medium cap or technology or financial or retail, all those different parts of the market.

Woody Bowling:
So one of the cool things that we do with several of our tactical money management strategies at Brookstone Capital Management, who is the RIA firm that I use several of our strategies, we automatically rebalance quarterly and we do the work for you. There's no charge for that. It's all included in our fee structure that we've already established from the start. So, you know, the way our fee structure is set up, when you do better, you know we're going to do better and that's a fair way to do it. So when you get that automatic rebalancing every three months, it's a load off your shoulders. You don't have to worry about one dominating another and then being stuck in a tailspin when one segment or one part of the market is not doing well, we're going to automatically kick those stocks or ETFs out of the model mix, and we're going to pick up new ones to replace it because we've got certain criteria that are nonemotional criteria. They're very rules based and facts based, and that's what we do. So it takes the burden off you as a client to have to to have to worry about that. Should I rebalance it? What are they doing? You know.

Producer:
Yeah, you know, it's going to be done. It's part of the deal going in. And so that's really, really important and it really helps folks a lot. I can imagine they're number six on this list. Woody is paid down your credit cards. You know, we talk about high interest debt. Those are some of the biggest right there.

Woody Bowling:
Yeah, no doubt. And a lot of people I will say this, they have good intentions. They they get different credit cards for different reasons. The problem is people have a tendency to jump from card to card. Oh my God, I love this. I get points for this. I get gas points. You know, I get airline miles. I get this and I get that. Well, the problem is. In most cases, you've got to charge a lot of things and a lot of money on that card to really get it to benefit you in a worthwhile way. All right. So if you have the ability to charge two grand, three grand a month and then pay it back off at the end, no problem. But if you can't, don't jump from card to card. Be careful, because they're not going to credit. The purchases and the points until you make payments anyways. So if you charge three grand but you only pay back 500, you're not going to get all the points anyways until you make more payments. So be careful. Pay those balances down. Also have an emergency fund. Matt, we've talked about this time at different times on the show. We like to have at least a 3 to 6 month cash reserves on hand in the bank so you can get to it if you need to and you never know.

Woody Bowling:
People get laid off. Still, the economy, the unemployment rates are still somewhat steady, but now a lot of firms, especially big tech firms, are laying people off. The Fed's kind of excited about that in some warped kind of way. And, you know, this been a difficult year in the market. So the returns on stocks have been down this year, 16 to 18 20%, up to 25% of various times of the year. So it's been a tough year. 2022 is almost over, but we think the Federal Reserve is going to stop raising rates hopefully by the end of first quarter next year. Historically, when that happens, the market is poised for a positive upswing. So that's kind of what we're waiting on. But in the meanwhile, get rid of that credit card debt. And I mentioned a little bit before about your credit report and your credit score. Number seven on our list, Matt, is review that credit report, Credit Karma, and there's lots of other places that are free sites to help you see your credit report, understand it, monitor it. And they do a great job. And they, you know, naturally, Matt, they're free because they're trying to their sponsors are trying to get you to get their credit card or take out a personal loan with them. Yeah, that.

Producer:
Absolutely are you know, they they aren't in business to to give things away, you know. So they've got to make they've got to make money somehow. But for you, the consumer, the good thing is, is that you can get that credit report absolutely free. Just be careful and don't don't fall into the the trap of their creative marketing and advertising and all of the above there. But yeah, reviewing your credit, you're very, very important and you know you could find there's no telling what you could find on there. If you find something that is incorrect, that is some information that you know, an account that you didn't open or something that had been reported that you were 90 days late or something and you've never been late with a bill in your life. Those are things to watch out for that can really hurt your score. And so just keep an eye on that because when you need credit, you're going to want that credit report to be correct. You're going to want your score to be as high as you possibly can, can get it. Well, it's just about time here for us to actually take our first break of the show, first half of the show, just about over and done with here. This is The Buckeye Advisor. TheBuckeyeAdvisor.com is the website. And you can also call Woody at 9379746201. We're going to continue our list just one more. We got eight New Year's resolutions that we can help you keep. And we've got number eight coming up after the break. And we also have our dad Joke of the week. Stick around for that. You'll find out what this last tip is for the new Year coming up right after this.

Producer:
You're listening to The Buckeye Advisor. To schedule your free no obligation consultation with Woody. Visit TheBuckeyeAdvisor.com. Miss part of today's show? The Buckeye advisor is available wherever you listen to podcasts and online at TheBuckeyeAdvisor.com.

Producer:
Welcome back to the Buckeye Advisor. I'm Matt McClure. And no, I'm not The Buckeye Advisor, but I know the guy. His name is Woody Bowling. He's right here with me on the air and on our podcast at the Buckeye Advisor dot com. We've got so much more coming up in this show. But first, I can't think it's everybody's favorite part of the show.

Producer:
Oh, sure, you can handle ghost peppers. You choose scorpions like Skittles. But can you stomach the dad joke of the week?

Producer:
Yes, that's right. I know. It's my favorite part of the show anyway. Lay it on us, Woody. What's the dad joke this week?

Woody Bowling:
All right, Matt, I hope you're sitting down. I believe you are. So what did one plate say to the other?

Producer:
Oh, I don't know. What did one plate say to the other?

Woody Bowling:
Tonight. Dinner's on me. I love it. Free of charge. The listeners, I'm sure, are all applauding wherever they are at right now, in their cars, in their homes, wherever traveling. Hopefully we made you smile just a little bit. We like to have fun here at the Buckeye Advisor. And in real life, we do business, but we also like to have a great relationship with our clients and that is a very solid dad joke for this week's episode, if I do say so myself.

Producer:
It absolutely is. And as always, folks, the dad joke is provided free of charge, just like our complimentary consultations, which we'll talk about here in just a few minutes. But we have been going through what you know, and we've been talking about how the new year is not that far away anymore. It is actually just around the corner and a couple of weeks, really. But we've been talking about these New Year's resolutions that we can actually help listeners keep. Right. So we've been through a lot of them. And, you know, there's some some really great info here on and I'll just sort of recap really quickly, calculate your net worth, check up on your retirement accounts, update your savings goals, make a plan to pay off debts, rebalance your portfolio, pay down your credit cards, review your credit report. And if you're just tuning in to the show, we go into a lot of detail about that in the first half. So check us out at the Buckeye Advisors or wherever you get your podcasts as well. Just search for The Buckeye Advisor and you can go back and listen to the whole thing because there's some really great info there in the first part of our show this week. But now it's time for the very last one, and this is number eight on the list of New Year's resolutions we've got to share and it's review your life insurance needs. I think that one might be one that kind of falls under the radar for a lot of people.

Woody Bowling:
It really does. You know, and I will say this, today's life insurance is not your father's life insurance or your grandfather's. It's very different. They the competition among life insurance companies. And I work with several. The reason I do that is because of the competition and the fact that they keep coming up with new, creative, unique ways, especially that we can help clients, especially if you're in your forties and fifties and you're in decent health without any super duper bad health issues or chronic really bad issues. I mean, so other than that, you know, these insurance companies are looking for the right client and this can help you build a bridge to retirement. And so occasionally I run into people that, hey, look, I'm making a pretty solid income. I want to do something. I've heard you talk about tax free income and retirement. How can I do that? And so look, a great way to do it if you don't have a huge lump sum today, but you want to build up to that, these index universal life policies that I work with are phenomenal tools to help people get there. I'm working with a couple right now. She's 45, he's 51. Both are in pretty doggone good health. Matt We're doing them. You know, they're willing to spend X number of dollars per month to invest in that life insurance policy for the next ten years, and then they're going to stop. So after that ten year period, that money is going to go back into their monthly budget. In the meanwhile, they are investing like crazy in this. And the index universal life policy is going to get credited yearly annually based on an index. And there are several indexes to choose.

Woody Bowling:
But on average there, this particular index is going to return around 6%. Historically 5.9, seven, 6% all round it up safely, I think. And look, these folks are going to look at based on historical performance and values. They're going to be in the ballpark of an additional 3000 to 3500 a month and tax free income at retirement. So what they're effectively doing is they are kicking Uncle Sam out of retirement because they're able to and the husband is self employed. They run a business together, by the way. So that's even more cost effective and. Tax effective because they are willing to, you know, to do this hard for ten years and the budget allows it. And there's a lot of folks out there probably that are listening today. You might be a first time listener or a 10th time listener. So maybe, you know, somebody in their forties, fifties and they don't have a pile of money saved yet or they don't have a41k they can dump into for the next 2025 years. This is a very effective strategy. Life insurance that gets under the radar coverage because most advisors don't talk about it. Your regular stockbrokers and financial advisors, they're never ever, I promise you going to bring this up as a strategy at all. It just won't happen. So using the insurance side of my business and the investment advisory side of my business together to blend different strategies, it's a home run. I mean, we talk about batting averages with our right or wrong every week. But look, it is a home run for clients to build on a tax strategy where Uncle Sam gets kicked to the curb. That makes me very happy.

Producer:
Yeah, it makes a lot of people happy there. And yeah, you're your feet are going to touch all the bases as you as you round him for this one because it's definitely a home run for you if you take advantage of something like that and you know, like you say, it's all about what fits best into your particular situation. And that might just be absolutely perfect for a lot of the folks who are listening out there. And so really, what what's the bottom line here when we're talking about these New Year's resolutions, Wrap this all up in a in a nice bow for us, I would say and this is just this just me. I would say the bottom line is that our listeners, all you great folks out there who are listening right now, whether you're at home or in the car on the way to the Home Depot or wherever you're going this week, my advice to you and the bottom line for me would be call Woody Bowling. That's that's my advice.

Woody Bowling:
I love your advice. I'm telling all the listeners to listen to you. Matt McClure So, you know, if I had to sum it up, you need a comprehensive strategy and you need an advisor that's willing to tackle all the different areas. And most advisors just want to know how much money someone has and if it meets their threshold, they will talk to you face to face. If it doesn't, you're going to get a phone representative and that's how you're going to get. And so, look, if you're working with an advisor at a bank or a credit union next week, that advisor could be off to a different bank and a different credit union. I've seen it. I've seen it with clients that work with me on their Medicare. Many of my clients work with me on Medicare, life insurance and investments, all different things. So and there's some folks that I work with, but we just do life insurance for now because we're working towards, you know, the quote unquote pot of gold later on. So you need an advisor that's willing and able, not only willing, but able to navigate those different areas that are involved in estate planning, financial planning, insurance planning all rolled into one. And that's that's what you got when you get The Buckeye Advisor. I mean, that's what I do and that's I love it.

Producer:
Yeah. And you can tell just just listening to you talk about it is a great thing because you can tell how much you love it there. And something I think that our listeners will love is that full free retirement plan consultation here that are we're offering. Just to the listeners of The Buckeye Advisor. We'll tell you how you can get it in just a second. But what's that initial contact sort of like what he let our listeners know.

Woody Bowling:
Who said free Matt did you make that up just now.

Producer:
And that's what that's what I was told. I just work here

Woody Bowling:
Exactly. And I told you that. So actually we do not charge for that initial consultation. We just want to get to know you, who you are, where you live, your family history, your job history will kind of know where you want to be, where you're at right now versus where you want to be five, ten, 15, 20 years down the road. Do you have children that are going to get your assets and your are they going to be your beneficiaries? Is it a spouse? Is it grandchildren? Do you want to help grandchildren pay for college or school? So different things. I mean, you know, ultimately the first session is just going to be a get to know you gather information, make a lot of good notes, and then I'm going to go back and do homework, you know, much like college, except with this homework, it applies to actually real life and to my client situation. And, you know, as we mentioned, sometimes everybody has their own unique set of circumstances that life has dealt them. And that's what's fun about it. Everybody's different. And so when you got to come up with a solution, it's not a one size fits all.

Woody Bowling:
Believe me, things change. And even once we get a plan set up on the second or third get together, that might require some changing down the road. It probably will require some changing down the road. So our goal is to find people, if you have assets today to help you strategize and income for the future and income for retirement. It may not focus on the big number of assets that you have at the end of the road, but how much income can we get out of those assets? And also, do you want to take some of that? Risk that's in the market that you need for a certain amount of growth. But also do we want to reduce that risk with taking some of the assets off the table and putting it in something like a fixed indexed annuity that's going to principle protect a portion of your money, but also give you market like growth when the market goes up. So, you know, we've got different solutions and they're not one size fits all.

Producer:
Yeah, absolutely. It's all personalized for you folks. And if you would like that free consultation and it is free, you can go to The Buckeye Advisor. That's TheBuckeyeAdvisor.com and that's advisor with an R by the way. Or you can call Woody at 937 974 6201. That's 937 974 6201. Well you know Woody, we're talking about the new year coming right around the corner. But not all that long ago. We had Halloween, the scary time in the year. And there's something today that we wanted to talk about and really kind of the biggest fear of retirees here. And we've actually seen this in a few surveys that retirees fear the most in retirement, the thing that they fear the most, running out of money and even more than death itself, You know, I mean, that's come up in a couple of different surveys and studies that we've seen. So what what are some of the big reasons that people would fear running out of money? Obviously, you know, because because they would be broke if they run out of money. That's the big thing. But why, I guess, is the bigger question here, what or what are some ways that people could actually run out of money in retirement?

Woody Bowling:
Well, you know, that's a a huge topic. And, you know, my overarching thought would be in the media and in politics, fear sells. And they try to drive people's behavior by using fear tactics to make them afraid of the future, to make them afraid of the present, and to make them feel like, hey, I can save you because I'm a politician. And if you agree with me, I'm going to work on your behalf, which is a pile of crap if you ask me from most politicians. Sorry for the language there. But anyways, look, people as they get older, there are different ways where you may not necessarily run out of money, but where you're going to lose a lot of spending power. And that's important because we've seen inflation this year crazy between eight and 9% and and more at different times depending on which month. So Social Security cutbacks that's been talked about for the last 1520 years because in 1940 there were 40 workers per retiree. Guess how many there are today, Matt? There's only three workers per retiree, and that is expected to drop to 2 to 1 by the year 2050. So Social Security check cutbacks that is mentioned often by politicians and they try to use it to stoke fear in people that are on Social Security or will be on it in the future.

Woody Bowling:
So, look, it's going to have to be addressed at some point. That's going to be a political football that no one wants to hold. So that's to be determined. Could it happen? It could. Will it happen? I don't know. I don't think they're going to let that happen. But you know, another way, not only with Social Security cutbacks, number one, but number two would be tax increases. If most people we talk about we've talked about it here on the show, we're at 31 trillion and counting in debt, national debt. How much longer can they do that? How much longer can we issue IOUs on the good, full faith of the US government and all that happy stuff? Tax increases, they're going to go up. It's just a matter of how much and when We know the current tax system reverts back at the end of 2025 on the sunset provision. So that's another thing. And Matt, what else have we talked about a lot on the show this year? Inflation, 14.6% cost of living increases for retirees over the last two years. Matt That's a large, large number.

Producer:
Yeah. The dollar just does not go as far as it used to. And that's the bottom line with inflation is it just everything is costing more. And especially, you know, I mean even things like if you go to the grocery store, the price of eggs has just really skyrocket. That was the one that got me was the egg prices. I mean, it used to be able to go to the grocery store and get like the store brand eggs. Like, I don't I don't have to have fancy pants, eggs, you know, that are from chickens that were massaged twice daily or, you know, whatever the fancy ones are. But I don't have to do that. But, you know, just the regular store brand eggs. I mean, I it was like 330 something the other day when it used to be like a buck 25. Like, I mean, it's just it's kind of ridiculous how much the egg prices have have gone up. A lot of that, you know, has to do with overall inflation. A lot has to do with like bird flu and all this. Bottom line is we're feeling it in our pockets, in our wallets and our pocketbooks and whatever. We carry our money and we're feeling it. Those those. Things are getting lighter and we don't have as much money to go around.

Woody Bowling:
My response to you to that would be exactly.

Producer:
Hey, that's like a that's like a free dad joke today.

Woody Bowling:
It is a free dad joke built in. But, you know, and people of all ages are feeling the the effects of inflation. So it's just not retirees. It's everybody. But, you know, so even people in their twenties, thirties, they're seeing prices higher than they've ever seen in their life. And they're like, oh, this is what inflation feels like. This is the result of numerous policy changes going green prematurely and not dipping our toe in the water. But let's try to jump off the high dive cliff into green energy. So look, lots of policy comes into that. And you know, another thing mad this year that has made the impact of inflation worse is stock market underperformance. So, you know, we've said it before, the stock market has a great history. 75, 80, 85 years of historically performing in a good fashion. But we need to make sure the listeners know if you've been around a little bit, you know, it just doesn't go up every year or seven or 8% and you can count on it like clockwork. It's doesn't go up like in a linear fashion. In 2000, it was off 9.1%.

Woody Bowling:
We're talking about the S&P 502,001. It was off just under 12%, 2000, two down 22%. This is the dot com bubble that happened back then. So look, that's a 42 to 45% reduction, 2008. A few years later, during the subprime mortgage crash, 37%. It was down in that year, calendar year 2008. But guess what? From peak in October of 2007 to trough the lowest point in March of 2009, it was down 55%. So 37 is a scary number, but the true number from high to low over a 16 month period, 18 month period was 55%. Wow. So and again, this year between when you measure it and whether you're talking S&P or NASDAQ, you know, look, you're down 16 to 30%. And if you're an individual stocks and you chose the wrong stocks, you could be down 50, 60, 70. My goodness. I mean, Tesla stock has been getting crushed this year. Facebook stock's way down. Disney's down 37%. So, look, if you're an individual stocks, you can reap some rewards. But there's also major risk involved and associated with that.

Producer:
Yeah. And one thing I think people really are going to be fearful of as a thing that might lead them to running out of money and retirement is health care expenses. You know, health care is not necessarily cheap in this country or almost anywhere in the civilized world when you get right down to it. But especially here, I feel like, you know, prescription drug prices keep going up and all of these things. That's a real concern.

Woody Bowling:
It is. And, you know, with the with the Medicare side of my business, if people are on Medicare, I try to help them there. I actually have a couple of options that I can help people on that are either self employed or they're in between jobs. And maybe they want to talk about role in their 401. K over and they're going to take a few months to search a different position because employers are still looking for good people. You know, there are some insurance, health insurance options that I do have I can help people with if they're in their forties, fifties and early sixties before Medicare starts. And so that's another thing I can help our listeners do, and we appreciate the listeners. And so, you know, health care, big one, you know, part of balancing your portfolio with a fixed indexed annuity. You know, we talk about our book that we use our our colleague has written, it's called Annuity 360. We can send that book out to you if you want to take a look at it. It's your A to Z. Very easy read on understanding annuities and the fixed indexed annuities that we talk about that we use every week with clients that help protect a portion of their portfolio.

Woody Bowling:
And look, nobody's mad when they don't lose a penny when the market's down 20%, right? So that's what we want. We want to protect assets, but we want to grow and we want to look at everything under one umbrella to make sure they all impact each other in the proper way. And, you know, one last thing we want to touch on is if you've got to care for a loved one so a parent has to move in with you and you've got to quit your job or you've got to cut back on your job, those things can take big chunks of time, money and emotional draining. And one other one that we should mention is probably a nursing home. Happens every day. People are like, I don't plan on going to a nursing home. Well, Matt, I can tell you, if you surveyed 100 people that's in a nursing home, 100 of them or their family will tell you they didn't plan on going in a nursing home. Yeah.

Producer:
That's very true. I mean, you never know what's going to happen. You know, when I was a kid in a teenager, my my grandmother was in the nursing home and it just sort of happened very suddenly, Like she lived with us in the house. And next thing you know, you know, a couple of things happened. And then she was in the nursing home for the last couple of years of her life. And so that's something that you never know if it's going to come your way. So you've got to be able to be planned, you know, properly for that. And if you would like to get in touch with Woody, folks, go to TheBuckeyeAdvisor.com. That's The Buckeye Advisor dot com.

Producer:
It's this week in history.

Producer:
So this week in history, we've got some interesting stuff that happened. And the first one that we want to mention, December 3rd, 1948, English singer songwriter and TV personality Ozzy Osbourne was born. You know, you might remember him from the Black Sabbath days when he was the lead vocalist for that heavy metal band back in the seventies. Crazy Train was one of those songs. You know, I still remember I you know, I'm in Atlanta and I'm from Atlanta. They used to play that song when Chipper Jones would come to bat for the Braves back in the day, they played a little Ozzie Osborne there. So that was that was kind of cool. But, you know, he went on to become really a successful solo artist and had that, you know, The Osbournes reality TV show that kind of made him find new fame and the rest of his family, too, with all their shenanigans. So that's that.

Woody Bowling:
One, I think. I think I think the television show definitely sprang him into a whole new light as far as different fans and a completely different fan base. You know, the next one we want to talk about in This Week in History, December 4th, 1954, the first ever Burger King opened in Miami, Florida. It was originally founded as Insta burger and is headquartered in Miami-Dade County, Florida. Burger King now has over 18,000 stores in over 100 different company countries excuse me. And they still say, I think occasionally have it your way. And that is what they are known for doing, fixing a burger your way and at The Buckeye Advisor. We want people to feel like they're having it their way as well. Right. We can tie that together. We're going to come up with some plans and some strategies that make sense for people, and then we're going to try to put together and come together as one with an agreement of which strategies, if all we want to put into place. And, you know, that's part of the whole combination of finding the right strategies. Everybody agrees we put them in place and then we go, But we're going to monitor those as we go and, you know, super happy. For all the listeners that join us each week. This episode is getting close to wrapping up, isn't it?

Producer:
Yeah, that's right. Just really a few seconds left here, but folks, if you want to have it your way and, you know, talk to Woody Bowling and come to that agreement and work on a financial plan for your future. And in a retirement plan for your future, go to TheBuckeyeAdvisor.com Or you can call Woody at 937 974 6201. Well, Woody, that is just about all the time we have for this week's show, but I have enjoyed it once again. I love being back, of course, from a couple of weeks away, but I appreciate you. I know all the listeners do as well, and we'll see you next time. Woody.

Woody Bowling:
Yeah, we appreciate the listeners and we are so blessed to be on this station and on the podcast. So thanks to everybody for listening. We'll see you again next week. And don't forget to call with any questions you've got and we'll be here to Answer those.

Producer:
Thanks for listening to The Buckeye Advisor. You deserve to work with an experienced and licensed expert who will strategically work to protect and grow your hard-earned assets to schedule your free no-obligation consultation with Woody. Visit TheBuckeyeAdvisor.com or pick up the phone and call 937 974 6201. That's 937 974 6201.

Producer:
Investment Advisory Services offer through Brookstone Capital Management LLC BCM a registered Investment Advisor. BCM and the Buckeye Advisor are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investments involve risk and, unless otherwise stated are not guaranteed. Past performance cannot be used as an indicator to determine future results.

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